Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 27, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2020 | |
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 | 25,713,408 | |
Entity Central Index Key | 0000721994 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 69,106 | $ 68,605 |
Short-term investments | 59,975 | 30,776 |
Total cash and cash equivalents | 129,081 | 99,381 |
Securities available-for-sale (carried at fair value) | 644,034 | 608,233 |
Real estate mortgage loans held-for-sale | 10,097 | 4,527 |
Loans, net of allowance for loan losses of $60,747 and $50,652 | 4,529,177 | 4,015,176 |
Land, premises and equipment, net | 60,309 | 60,365 |
Bank owned life insurance | 84,919 | 83,848 |
Federal Reserve and Federal Home Loan Bank stock | 13,772 | 13,772 |
Accrued interest receivable | 18,447 | 15,391 |
Goodwill | 4,970 | 4,970 |
Other assets | 56,302 | 41,082 |
Total assets | 5,551,108 | 4,946,745 |
LIABILITIES | ||
Noninterest bearing deposits | 1,420,853 | 983,307 |
Interest bearing deposits | 3,347,101 | 3,150,512 |
Total deposits | 4,767,954 | 4,133,819 |
Federal Home Loan Bank advances | 75,000 | 170,000 |
Miscellaneous borrowings | 10,500 | 0 |
Total borrowings | 85,500 | 170,000 |
Accrued interest payable | 6,303 | 11,604 |
Other liabilities | 54,512 | 33,222 |
Total liabilities | 4,914,269 | 4,348,645 |
STOCKHOLDERS' EQUITY | ||
Common stock: 90,000,000 shares authorized, no par value 25,708,915 shares issued and 25,236,371 outstanding as of September 30, 2020 25,623,016 shares issued and 25,444,275 outstanding as of December 31, 2019 | 114,011 | 114,858 |
Retained earnings | 512,041 | 475,247 |
Accumulated other comprehensive income | 25,224 | 12,059 |
Treasury stock at cost (472,544 shares as of September 30, 2020, 178,741 shares as of December 31, 2019) | (14,526) | (4,153) |
Total stockholders' equity | 636,750 | 598,011 |
Noncontrolling interest | 89 | 89 |
Total equity | 636,839 | 598,100 |
Total liabilities and equity | $ 5,551,108 | $ 4,946,745 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
CONSOLIDATED BALANCE SHEETS | ||
Valuation allowance | $ 60,747 | $ 50,652 |
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) | 25,708,915 | 25,623,016 |
Common stock, shares outstanding (in shares) | 25,236,371 | 25,444,275 |
Treasury stock, at cost | 472,544 | 178,741 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest and fees on loans | ||||
Taxable | $ 42,056 | $ 50,139 | $ 130,759 | $ 149,094 |
Tax exempt | 104 | 234 | 542 | 720 |
Interest and dividends on securities | ||||
Taxable | 1,577 | 2,209 | 5,419 | 6,956 |
Tax exempt | 2,198 | 1,819 | 6,237 | 5,171 |
Other interest income | 44 | 368 | 292 | 957 |
Total interest income | 45,979 | 54,769 | 143,249 | 162,898 |
Interest on deposits | 5,941 | 14,692 | 24,324 | 44,131 |
Interest on borrowings | ||||
Short-term | 51 | 113 | 458 | 1,295 |
Long-term | 74 | 419 | 172 | 1,307 |
Total interest expense | 6,066 | 15,224 | 24,954 | 46,733 |
NET INTEREST INCOME | 39,913 | 39,545 | 118,295 | 116,165 |
Provision for loan losses | 1,750 | 1,000 | 13,850 | 2,985 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 38,163 | 38,545 | 104,445 | 113,180 |
NONINTEREST INCOME | ||||
Wealth advisory fees | 1,930 | 1,736 | 5,594 | 5,002 |
Investment brokerage fees | 421 | 386 | 1,148 | 1,300 |
Service charges on deposit accounts | 2,491 | 3,654 | 7,452 | 12,791 |
Loan and service fees | 2,637 | 2,518 | 7,470 | 7,403 |
Merchant card fee income | 670 | 690 | 1,933 | 1,982 |
Bank owned life insurance income | 932 | 515 | 1,476 | 1,246 |
Interest rate swap fee income | 2,143 | 77 | 4,105 | 847 |
Mortgage banking income | 1,005 | 636 | 2,945 | 1,256 |
Net securities gains | 314 | 6 | 363 | 94 |
Other income | 572 | 547 | 2,575 | 1,957 |
Total noninterest income | 13,115 | 10,765 | 35,061 | 33,878 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 12,706 | 12,478 | 35,696 | 36,539 |
Net occupancy expense | 1,404 | 1,351 | 4,336 | 4,000 |
Equipment costs | 1,369 | 1,385 | 4,216 | 4,143 |
Data processing fees and supplies | 3,025 | 2,620 | 8,736 | 7,619 |
Corporate and business development | 586 | 999 | 2,324 | 3,376 |
FDIC insurance and other regulatory fees | 554 | (249) | 1,224 | 566 |
Professional fees | 1,306 | 1,479 | 3,506 | 3,487 |
Other expense | 2,175 | 2,674 | 6,255 | 7,572 |
Total noninterest expense | 23,125 | 22,737 | 66,293 | 67,302 |
INCOME BEFORE INCOME TAX EXPENSE | 28,153 | 26,573 | 73,213 | 79,756 |
Income tax expense | 5,377 | 5,119 | 13,468 | 14,907 |
NET INCOME | $ 22,776 | $ 21,454 | $ 59,745 | $ 64,849 |
BASIC WEIGHTED AVERAGE COMMON SHARES | 25,418,712 | 25,622,338 | 25,484,329 | 25,576,740 |
BASIC EARNINGS PER COMMON SHARE | $ 0.89 | $ 0.84 | $ 2.34 | $ 2.54 |
DILUTED WEIGHTED AVERAGE COMMON SHARES | 25,487,302 | 25,796,696 | 25,618,401 | 25,745,029 |
DILUTED EARNINGS PER COMMON SHARE | $ 0.89 | $ 0.83 | $ 2.33 | $ 2.52 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net income | $ 22,776 | $ 21,454 | $ 59,745 | $ 64,849 |
Change in securities available-for-sale: | ||||
Unrealized holding gain on securities available-for-sale arising during the period | 789 | 4,979 | 16,848 | 24,832 |
Reclassification adjustment for net gains included in net income | (314) | (6) | (363) | (94) |
Net securities gain activity during the period | 475 | 4,973 | 16,485 | 24,738 |
Tax effect | (101) | (1,044) | (3,462) | (5,196) |
Net of tax amount | 374 | 3,929 | 13,023 | 19,542 |
Defined benefit pension plans: | ||||
Amortization of net actuarial loss | 63 | 51 | 189 | 154 |
Net gain activity during the period | 63 | 51 | 189 | 154 |
Tax effect | (15) | (13) | (47) | (38) |
Net of tax amount | 48 | 38 | 142 | 116 |
Total other comprehensive income, net of tax | 422 | 3,967 | 13,165 | 19,658 |
Comprehensive income | $ 23,198 | $ 25,421 | $ 72,910 | $ 84,507 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Retained EarningsAdoption of ASU 2017-08Revision of Prior Period, Adjustment | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders' EquityAdoption of ASU 2017-08Revision of Prior Period, Adjustment | Total Stockholders' Equity | Noncontrolling Interest | Adoption of ASU 2017-08Revision of Prior Period, Adjustment | Total |
Balance at Dec. 31, 2018 | $ 112,383 | $ 419,179 | $ (6,191) | $ (3,756) | $ 521,615 | $ 89 | $ 521,704 | |||
Balance (in shares) at Dec. 31, 2018 | 25,128,773 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income | 64,849 | 64,849 | 64,849 | |||||||
Other comprehensive income, net of tax | 19,658 | 19,658 | 19,658 | |||||||
Cash dividends declared | (21,965) | (21,965) | (21,965) | |||||||
Cashless exercise of warrants | $ 0 | 0 | 0 | |||||||
Cashless exercise of warrants (in shares) | 224,066 | |||||||||
Treasury shares purchased under deferred directors' plan | $ 461 | (461) | 0 | 0 | ||||||
Treasury shares purchased under deferred directors' plan (in shares) | (10,356) | |||||||||
Treasury shares sold and distributed under deferred directors' plan | $ (118) | 118 | 0 | 0 | ||||||
Treasury shares sold and distributed under deferred directors' plan (in shares) | 5,699 | |||||||||
Stock activity under equity compensation plans | $ (2,109) | (2,109) | (2,109) | |||||||
Stock activity under equity compensation plans (in shares) | 97,218 | |||||||||
Stock based compensation expense | $ 3,626 | 3,626 | 3,626 | |||||||
Balance at Sep. 30, 2019 | $ 114,243 | 460,736 | 13,467 | (4,099) | 584,347 | 89 | 584,436 | |||
Balance (in shares) at Sep. 30, 2019 | 25,445,400 | |||||||||
Balance at Jun. 30, 2019 | $ 112,689 | 446,969 | 9,500 | (3,884) | 565,274 | 89 | 565,363 | |||
Balance (in shares) at Jun. 30, 2019 | 25,442,300 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income | 21,454 | 21,454 | 21,454 | |||||||
Other comprehensive income, net of tax | 3,967 | 3,967 | 3,967 | |||||||
Cash dividends declared | (7,687) | (7,687) | (7,687) | |||||||
Treasury shares purchased under deferred directors' plan | $ 215 | 0 | (215) | 0 | 0 | |||||
Treasury shares purchased under deferred directors' plan (in shares) | (4,700) | |||||||||
Stock activity under equity compensation plans | $ (20) | (20) | (20) | |||||||
Stock activity under equity compensation plans (in shares) | 7,800 | |||||||||
Stock based compensation expense | $ 1,359 | 1,359 | 1,359 | |||||||
Balance at Sep. 30, 2019 | $ 114,243 | 460,736 | 13,467 | (4,099) | 584,347 | 89 | 584,436 | |||
Balance (in shares) at Sep. 30, 2019 | 25,445,400 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Cumulative period adjustment made to retained earnings | $ (1,327) | $ (1,327) | $ (1,327) | |||||||
Cumulative period adjustment made to retained earnings | 475,247 | |||||||||
Balance at Dec. 31, 2019 | $ 114,858 | 475,247 | 12,059 | (4,153) | 598,011 | 89 | $ 598,100 | |||
Balance (in shares) at Dec. 31, 2019 | 25,444,275 | 25,444,275 | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income | 59,745 | 59,745 | $ 59,745 | |||||||
Other comprehensive income, net of tax | 13,165 | 13,165 | 13,165 | |||||||
Cash dividends declared | (22,951) | (22,951) | (22,951) | |||||||
Treasury shares purchased under share repurchase plan | $ 0 | (10,012) | (10,012) | (10,012) | ||||||
Treasury shares purchased under share repurchase plan (in shares) | (289,101) | |||||||||
Treasury shares purchased under deferred directors' plan | $ 480 | (480) | 0 | 0 | ||||||
Treasury shares purchased under deferred directors' plan (in shares) | (10,450) | |||||||||
Treasury shares sold and distributed under deferred directors' plan | $ (119) | 119 | 0 | 0 | ||||||
Treasury shares sold and distributed under deferred directors' plan (in shares) | 5,748 | |||||||||
Stock activity under equity compensation plans | $ (2,030) | (2,030) | (2,030) | |||||||
Stock activity under equity compensation plans (in shares) | 85,899 | |||||||||
Stock based compensation expense | $ 822 | 822 | 822 | |||||||
Balance at Sep. 30, 2020 | $ 114,011 | 512,041 | 25,224 | (14,526) | 636,750 | 89 | $ 636,839 | |||
Balance (in shares) at Sep. 30, 2020 | 25,236,371 | 25,236,371 | ||||||||
Balance at Jun. 30, 2020 | $ 113,424 | 496,891 | 24,802 | (14,314) | 620,803 | 89 | $ 620,892 | |||
Balance (in shares) at Jun. 30, 2020 | 25,233,280 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income | 22,776 | 22,776 | 22,776 | |||||||
Other comprehensive income, net of tax | 422 | 422 | 422 | |||||||
Cash dividends declared | (7,626) | (7,626) | (7,626) | |||||||
Treasury shares purchased under deferred directors' plan | $ 212 | (212) | 0 | 0 | ||||||
Treasury shares purchased under deferred directors' plan (in shares) | (4,709) | |||||||||
Stock activity under equity compensation plans | $ 0 | 0 | 0 | |||||||
Stock activity under equity compensation plans (in shares) | 7,800 | |||||||||
Stock based compensation expense | $ 375 | 375 | 375 | |||||||
Balance at Sep. 30, 2020 | $ 114,011 | $ 512,041 | $ 25,224 | $ (14,526) | $ 636,750 | $ 89 | $ 636,839 | |||
Balance (in shares) at Sep. 30, 2020 | 25,236,371 | 25,236,371 | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Cumulative period adjustment made to retained earnings | $ 512,041 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | ||||
Cash dividends declared, per share | $ 0.30 | $ 0.30 | $ 0.90 | $ 0.86 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 59,745 | $ 64,849 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation | 4,477 | 4,428 |
Provision for loan losses | 13,850 | 2,985 |
Amortization of loan servicing rights | 563 | 368 |
Net change in loan servicing rights valuation allowance | 628 | 0 |
Loans originated for sale, including participations | (93,805) | (43,510) |
Net gain on sales of loans | (3,286) | (1,312) |
Proceeds from sale of loans, including participations | 90,568 | 39,013 |
Net (gain) loss on sales of premises and equipment | 82 | (2) |
Net gain on sales and calls of securities available-for-sale | (363) | (94) |
Net securities amortization | 3,021 | 2,917 |
Stock based compensation expense | 822 | 3,626 |
Earnings on life insurance | (1,476) | (1,246) |
Gain on life insurance | (576) | (841) |
Tax benefit of stock award issuances | (71) | (529) |
Net change: | ||
Interest receivable and other assets | (3,987) | (5,416) |
Interest payable and other liabilities | (8,927) | 6,638 |
Total adjustments | 1,520 | 7,025 |
Net cash from operating activities | 61,265 | 71,874 |
Cash flows from investing activities: | ||
Proceeds from sale of securities available-for-sale | 6,413 | 38,544 |
Proceeds from maturities, calls and principal paydowns of securities available-for-sale | 69,259 | 50,959 |
Purchases of securities available-for-sale | (89,934) | (91,704) |
Purchase of life insurance | (361) | (5,492) |
Net increase in total loans | (527,886) | (109,286) |
Proceeds from sales of land, premises and equipment | 651 | 14 |
Purchases of land, premises and equipment | (5,154) | (5,974) |
Proceeds from life insurance | 1,285 | 1,483 |
Net cash from investing activities | (545,727) | (121,456) |
Cash flows from financing activities: | ||
Net increase in total deposits | 634,135 | 239,325 |
Net increase in short-term borrowings | 10,500 | (75,555) |
Payments on short-term FHLB borrowings | (170,000) | (170,000) |
Proceeds from long-term FHLB borrowings | 75,000 | 0 |
Common dividends paid | (22,938) | (21,952) |
Preferred dividends paid | (13) | (13) |
Payments related to equity incentive plans | (2,030) | (2,109) |
Purchase of treasury stock | (10,492) | (461) |
Net cash from financing activities | 514,162 | (30,765) |
Net change in cash and cash equivalents | 29,700 | (80,347) |
Cash and cash equivalents at beginning of the period | 99,381 | 216,922 |
Cash and cash equivalents at end of the period | 129,081 | 136,575 |
Cash paid during the period for: | ||
Interest | 30,255 | 45,066 |
Income taxes | 14,380 | 14,825 |
Supplemental non-cash disclosures: | ||
Loans transferred to other real estate owned | 35 | 0 |
Securities purchases payable | 7,712 | 4,892 |
Right-of-use assets obtained in exchange for lease liabilities | $ 0 | $ 5,483 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2020 | |
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | NOTE 1. BASIS OF PRESENTATION This report is filed for Lakeland Financial Corporation (the "Company"), which has two wholly owned subsidiaries, Lake City Bank (the "Bank") and LCB Risk Management, a captive insurance company. 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 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 and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for any subsequent reporting periods, including the year ending December 31, 2020. The Company’s 2019 Annual Report on Form 10-K should be read in conjunction with these statements. Adoption of New Accounting Standards In January 2017, the FASB issued ASU No. 2017-04 "Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment." These amendments eliminate Step 2 from the goodwill impairment test. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The Company adopted this new accounting standard on January 1, 2020. Adopting this standard did not have an impact on the Company's financial condition or results of operations. In August 2018, the FASB issued ASU No. 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement." These amendments modify the disclosure requirements in Topic 820 as follows: Removals: the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. Modifications: for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee's assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and the amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Additions: the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The guidance is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should all be applied prospectively for only the most recent interim or annual period presented in the initial year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted ASU 2018-13 on January 1, 2020 and it did not have a material impact on its financial condition or results of operations. In August 2018, the FASB issued ASU No. 2018-15 “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350- 40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” These amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contact with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by these amendments. Early adoption is permitted. The Company adopted ASU 2018-15 on January 1, 2020 and it did not have a material impact on its financial condition or results of operations. Newly Issued But Not Yet Effective Accounting Standards In June 2016, the FASB issued guidance related to credit losses on financial instruments. This update, commonly referred to as the current expected credit losses methodology (“CECL”), will change the accounting for credit losses on loans and debt securities. Under the new guidance, the Company’s measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. For loans, this measurement will take place at the time the financial asset is first added to the balance sheet and periodically thereafter. This differs significantly from the “incurred loss” model previously required, but still permitted, under GAAP, which delays recognition until it is probable a loss has been incurred. In addition, the guidance will modify the other-than-temporary impairment model for available-for-sale debt securities to require an allowance for credit impairment instead of a direct write-down, which will allow for reversal of credit impairments in future periods. This guidance is effective, subject to optional delay discussed below, for the Company for fiscal years beginning after December 15, 2019, including interim periods in those fiscal years. During 2019, the Company implemented the CECL methodology and ran it concurrently with the historical incurred method. Under a provision provided by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Company elected to delay the adoption of FASB’s new rule covering the CECL standard until the earlier of the termination date of the national emergency declared by President Trump under the National Emergencies Act on March 13, 2020, related to the Coronavirus Disease 2019 (“COVID-19”) outbreak, and December 31, 2020. Once the delay provision is terminated, adoption will be retroactive to January 1, 2020 and the Company’s day one adjustment to the allowance for credit losses will be an increase of $7.67 million with an offset net of taxes, to stockholders’ equity. Upon adoption of this standard, the calculation will require approval by the loan review committee and board of directors in accordance with the Company’s internal controls over financial reporting. Additionally, the Company has evaluated the need to recognize an allowance for credit impairment for available-for-sale debt securities. The impact on available-for-sale debt securities is subject to a limitation, which is based on the fair value of the debt securities. When evaluating the credit quality of our existing portfolio, the Company does not expect the allowance for credit impairment for available-for-sale securities to be significant. The Company will not recast quarterly provision expense during 2020 under the CECL standard. The impact of CECL on the Company’s 2020 financial statements will be reflected with the cumulative effect adjustment to the allowance for credit losses on January 1, 2020 and an annual provision expense for the year ended December 31, 2020. The future impact of CECL on the Company’s allowance for credit losses and provision expense subsequent to the initial adoption will depend on changes in the loan portfolio, economic conditions and refinements to key assumptions including economic forecasting and qualitative factors. In August 2018, the FASB issued ASU 2018-14 "Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans." The ASU updates the annual disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans by adding, clarifying and removing certain disclosures. These amendments are effective for fiscal years ending after December 15, 2020, for public business entities, and are to be applied on a retrospective basis to all periods presented. Management has reviewed the standard and does not anticipate ASU 2018-14 will have a material impact on its financial statements. In December 2019, the FASB issued ASU 2019-12 "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." These amendments remove specific exceptions to the general principles in Topic 740 in GAAP. It eliminates the need for an organization to analyze whether the following apply in a given period: exception to the incremental approach for intraperiod tax allocation; exceptions to accounting for basis differences where there are ownership changes in foreign investments; and exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. It also improves financial statement preparers' application of income tax- related guidance and simplifies GAAP for: franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacts changes in tax laws in interim periods. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company is assessing ASU 2019-12 and its impact on its financial statements. On March 12, 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (“ASC 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASC 848 contains optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The Company has formed a cross-functional working group to lead the transition from LIBOR to a planned adoption of reference rates based on the Secured Overnight Financing Rate (“SOFR”). The Company has identified loans that will renew prior to 2021 and will obtain updated reference rate language at the time of renewal. Loans maturing after 2021 will need loan modifications and fallback language has been implemented for newly originated loans. Additionally, management is utilizing the timeline guidance published by the Alternative Reference Rates Committee to develop internal milestones during this transitional period. The Company is currently evaluating the International Swaps and Derivatives Association Fallback Protocol that was released on October 23, 2020. The guidance under ASC-848 will be available for a limited time, generally through December 31, 2022. The Company expects to adopt the LIBOR transition relief allowed under this standard. Reclassifications 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 | 9 Months Ended |
Sep. 30, 2020 | |
SECURITIES | |
SECURITIES | NOTE 2. SECURITIES Information related to the fair value and amortized cost of securities available-for-sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income is provided in the tables below. Gross Gross Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gain Losses Value September 30, 2020 U.S. government sponsored agencies $ 10,000 $ 26 $ 0 $ 10,026 Mortgage-backed securities: residential 238,062 10,232 (28) 248,266 Mortgage-backed securities: commercial 38,026 1,135 0 39,161 State and municipal securities 324,237 22,533 (189) 346,581 Total $ 610,325 $ 33,926 $ (217) $ 644,034 December 31, 2019 Mortgage-backed securities: residential $ 283,817 $ 4,751 $ (387) $ 288,181 Mortgage-backed securities: commercial 36,712 262 (2) 36,972 State and municipal securities 270,480 12,828 (228) 283,080 Total $ 591,009 $ 17,841 $ (617) $ 608,233 Information regarding the fair value and amortized cost of available-for-sale debt securities by maturity as of September 30, 2020 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. Amortized Fair (dollars in thousands) Cost Value Due in one year or less $ 2,436 $ 2,454 Due after one year through five years 14,118 14,541 Due after five years through ten years 29,681 31,773 Due after ten years 288,002 307,839 334,237 356,607 Mortgage-backed securities 276,088 287,427 Total debt securities $ 610,325 $ 644,034 Securities proceeds, gross gains and gross losses are presented below. Three months ended September 30, Nine months ended September 30, (dollars in thousands) 2020 2019 2020 2019 Sales of securities available-for-sale Proceeds $ 5,265 $ 12,725 $ 6,413 $ 38,544 Gross gains 314 13 363 151 Gross losses 0 (7) 0 (57) Number of securities 12 6 15 31 In accordance with ASU No. 2017-08, 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 carrying values of $400.7 million and $59.3 million were pledged as of September 30, 2020 and December 31, 2019, respectively, as collateral for borrowings from the Federal Home Loan Bank and for other purposes as permitted or required by law. Information regarding securities with unrealized losses as of September 30, 2020 and December 31, 2019 is presented below. 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 Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Value Losses Value Losses Value Losses September 30, 2020 Mortgage-backed securities: residential $ 0 $ 0 $ 4,135 $ 28 $ 4,135 $ 28 Mortgage-backed securities: commercial 7 0 0 0 7 0 State and municipal securities 21,135 189 0 0 21,135 189 Total temporarily impaired $ 21,142 $ 189 $ 4,135 $ 28 $ 25,277 $ 217 December 31, 2019 Mortgage-backed securities: residential $ 23,436 $ 112 $ 14,174 $ 275 $ 37,610 $ 387 Mortgage-backed securities: commercial 4,591 2 0 0 4,591 2 State and municipal securities 14,188 228 0 0 14,188 228 Total temporarily impaired $ 42,215 $ 342 $ 14,174 $ 275 $ 56,389 $ 617 The total number of securities with unrealized losses as of September 30, 2020 and December 31, 2019 is presented below. Less than 12 months 12 months or more Total September 30, 2020 Mortgage-backed securities: residential 0 2 2 Mortgage-backed securities: commercial 1 0 1 State and municipal securities 17 0 17 Total temporarily impaired 18 2 20 December 31, 2019 Mortgage-backed securities: residential 7 6 13 Mortgage-backed securities: commercial 1 0 1 State and municipal securities 11 0 11 Total temporarily impaired 19 6 25 The following factors are considered in determining whether or not the impairment of these securities is other-than-temporary. In making this determination, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer, as well as the underlying fundamentals of the relevant market and the outlook for such market in the near future. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. Credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. As of September 30, 2020, and December 31, 2019, all of the securities in the Company’s portfolio were backed by the U.S. government, government agencies, government sponsored entities or were A-rated or better, except for certain non-local or local municipal securities, which are not rated. For the government, government agency, government-sponsored entity and municipal securities, management did not believe that there would be credit losses or that full principal would not be received. Management considers the unrealized losses on these securities to be primarily interest rate driven and does not expect material losses given current market conditions unless the securities are sold. However, at this time management does not have the intent to sell, and it is more likely than not that the Company will not be required to sell these securities before the recovery of their amortized cost basis. |
LOANS
LOANS | 9 Months Ended |
Sep. 30, 2020 | |
LOANS | |
LOANS | NOTE 3. LOANS September 30, December 31, (dollars in thousands) 2020 2019 Commercial and industrial loans: Working capital lines of credit loans $ 592,560 12.9 % $ 709,849 17.5 % Non-working capital loans 1,256,853 27.3 717,019 17.6 Total commercial and industrial loans 1,849,413 40.2 1,426,868 35.1 Commercial real estate and multi-family residential loans: Construction and land development loans 393,101 8.5 287,641 7.1 Owner occupied loans 619,820 13.5 573,665 14.1 Nonowner occupied loans 567,674 12.3 571,364 14.0 Multifamily loans 279,713 6.1 240,652 5.9 Total commercial real estate and multi-family residential loans 1,860,308 40.4 1,673,322 41.1 Agri-business and agricultural loans: Loans secured by farmland 150,503 3.2 174,380 4.3 Loans for agricultural production 187,651 4.1 205,151 5.0 Total agri-business and agricultural loans 338,154 7.3 379,531 9.3 Other commercial loans 97,533 2.1 112,302 2.8 Total commercial loans 4,145,408 90.0 3,592,023 88.3 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 170,671 3.7 177,227 4.4 Open end and junior lien loans 170,867 3.7 186,552 4.6 Residential construction and land development loans 11,012 0.3 12,966 0.3 Total consumer 1-4 family mortgage loans 352,550 7.7 376,745 9.3 Other consumer loans 105,285 2.3 98,617 2.4 Total consumer loans 457,835 10.0 475,362 11.7 Subtotal 4,603,243 100.0 % 4,067,385 100.0 % Less: Allowance for loan losses (60,747) (50,652) Net deferred loan fees (13,319) (1,557) Loans, net $ 4,529,177 $ 4,015,176 The recorded investment in loans does not include accrued interest. The Company had $197,000 in residential real estate loans in the process of foreclosure as of September 30, 2020, compared to $1.6 million as of December 31, 2019. |
ALLOWANCE FOR LOAN LOSSES AND C
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | 9 Months Ended |
Sep. 30, 2020 | |
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | |
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | NOTE 4. ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY The following tables present the activity in the allowance for loan losses by portfolio segment for the three-month periods ended September 30, 2020 and 2019: Commercial Real Estate Commercial and Agri-business Consumer and Multifamily and Other 1-4 Family Other (dollars in thousands) Industrial Residential Agricultural Commercial Mortgage Consumer Unallocated Total Three Months Ended September 30, 2020 Beginning balance, July 1 $ 26,744 $ 21,063 $ 3,408 $ 542 $ 3,434 $ 774 $ 3,054 $ 59,019 Provision for loan losses 1,574 175 (314) 30 (50) 237 98 1,750 Loans charged-off (6) 0 0 0 (70) (229) 0 (305) Recoveries 51 177 3 0 4 48 0 283 Net loans charged-off 45 177 3 0 (66) (181) 0 (22) Ending balance $ 28,363 $ 21,415 $ 3,097 $ 572 $ 3,318 $ 830 $ 3,152 $ 60,747 Commercial Real Estate Commercial and Agri-business Consumer and Multifamily and Other 1-4 Family Other (dollars in thousands) Industrial Residential Agricultural Commercial Mortgage Consumer Unallocated Total Three Months Ended September 30, 2019 Beginning balance, July 1 $ 25,024 $ 15,492 $ 3,906 $ 355 $ 2,153 $ 289 $ 3,345 $ 50,564 Provision for loan losses 943 474 (4) 28 (93) 67 (415) 1,000 Loans charged-off (1,123) 0 0 0 (23) (75) 0 (1,221) Recoveries 133 44 2 0 83 23 0 285 Net loans charged-off (990) 44 2 0 60 (52) 0 (936) Ending balance $ 24,977 $ 16,010 $ 3,904 $ 383 $ 2,120 $ 304 $ 2,930 $ 50,628 The following tables present the activity in the allowance for loan losses by portfolio segment for the nine-month periods ended September 30, 2020 and 2019: Commercial Real Estate Commercial and Agri-business Consumer and Multifamily and Other 1-4 Family Other (dollars in thousands) Industrial Residential Agricultural Commercial Mortgage Consumer Unallocated Total Nine Months Ended September 30, 2020 Beginning balance, January 1 $ 25,789 $ 15,796 $ 3,869 $ 447 $ 2,086 $ 345 $ 2,320 $ 50,652 Provision for loan losses 6,264 5,312 (780) 125 1,298 799 832 13,850 Loans charged-off (4,037) 0 0 0 (83) (445) 0 (4,565) Recoveries 347 307 8 0 17 131 0 810 Net loans charged-off (3,690) 307 8 0 (66) (314) 0 (3,755) Ending balance $ 28,363 $ 21,415 $ 3,097 $ 572 $ 3,318 $ 830 $ 3,152 $ 60,747 Commercial Real Estate Commercial and Agri-business Consumer and Multifamily and Other 1-4 Family Other (dollars in thousands) Industrial Residential Agricultural Commercial Mortgage Consumer Unallocated Total Nine Months Ended September 30, 2019 Beginning balance, January 1 $ 22,518 $ 15,393 $ 4,305 $ 368 $ 2,292 $ 283 $ 3,294 $ 48,453 Provision for loan losses 3,260 461 (407) 15 (172) 192 (364) 2,985 Loans charged-off (1,223) 0 0 0 (110) (256) 0 (1,589) Recoveries 422 156 6 0 110 85 0 779 Net loans charged-off (801) 156 6 0 0 (171) 0 (810) Ending balance $ 24,977 $ 16,010 $ 3,904 $ 383 $ 2,120 $ 304 $ 2,930 $ 50,628 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2020 and December 31, 2019: Commercial Real Estate Commercial and Agri-business Consumer and Multifamily and Other 1-4 Family Other (dollars in thousands) Industrial Residential Agricultural Commercial Mortgage Consumer Unallocated Total September 30, 2020 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 6,345 $ 1,313 $ 64 $ 0 $ 328 $ 0 $ 0 $ 8,050 Collectively evaluated for impairment 22,018 20,102 3,033 572 2,990 830 3,152 52,697 Total ending allowance balance $ 28,363 $ 21,415 $ 3,097 $ 572 $ 3,318 $ 830 $ 3,152 $ 60,747 Loans: Loans individually evaluated for impairment $ 13,591 $ 6,030 $ 428 $ 0 $ 2,437 $ 0 $ 0 $ 22,486 Loans collectively evaluated for impairment 1,824,156 1,851,790 337,736 97,428 351,287 105,041 0 4,567,438 Total ending loans balance $ 1,837,747 $ 1,857,820 $ 338,164 $ 97,428 $ 353,724 $ 105,041 $ 0 $ 4,589,924 Commercial Real Estate Commercial and Agri-business Consumer and Multifamily and Other 1-4 Family Other (dollars in thousands) Industrial Residential Agricultural Commercial Mortgage Consumer Unallocated Total December 31, 2019 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 9,324 $ 538 $ 90 $ 0 $ 426 $ 6 $ 0 $ 10,384 Collectively evaluated for impairment 16,465 15,258 3,779 447 1,660 339 2,320 40,268 Total ending allowance balance $ 25,789 $ 15,796 $ 3,869 $ 447 $ 2,086 $ 345 $ 2,320 $ 50,652 Loans: Loans individually evaluated for impairment $ 19,580 $ 4,998 $ 445 $ 0 $ 2,789 $ 17 $ 0 $ 27,829 Loans collectively evaluated for impairment 1,407,246 1,665,842 379,186 112,166 375,210 98,349 0 4,037,999 Total ending loans balance $ 1,426,826 $ 1,670,840 $ 379,631 $ 112,166 $ 377,999 $ 98,366 $ 0 $ 4,065,828 The following table presents loans individually evaluated for impairment by class of loans as of September 30, 2020: Unpaid Allowance for Principal Recorded Loan Losses (dollars in thousands) Balance Investment Allocated With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 2,053 $ 174 $ 0 Non-working capital loans 3,070 974 0 Commercial real estate and multi-family residential loans: Owner occupied loans 2,039 2,039 0 Agri-business and agricultural loans: Loans secured by farmland 603 283 0 Consumer 1‑4 family loans: Closed end first mortgage loans 339 258 0 Open end and junior lien loans 91 64 0 Residential construction loans 25 25 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 877 876 444 Non-working capital loans 12,252 11,567 5,901 Commercial real estate and multi-family residential loans: Owner occupied loans 3,990 3,991 1,313 Agri-business and agricultural loans: Loans secured by farmland 145 145 64 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 1,468 1,470 293 Open end and junior lien loans 621 620 35 Total $ 27,573 $ 22,486 $ 8,050 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2019: Unpaid Allowance for Principal Recorded Loan Losses (dollars in thousands) Balance Investment Allocated With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 22 $ 22 $ 0 Non-working capital loans 2,130 735 0 Commercial real estate and multi-family residential loans: Owner occupied loans 3,189 3,010 0 Agri-business and agricultural loans: Loans secured by farmland 603 283 0 Loans for ag production 15 15 0 Consumer 1‑4 family loans: Closed end first mortgage loans 411 330 0 Open end and junior lien loans 121 121 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 6,214 6,214 3,089 Non-working capital loans 13,230 12,609 6,235 Commercial real estate and multi-family residential loans: Owner occupied loans 1,988 1,988 538 Agri-business and agricultural loans: Loans secured by farmland 147 147 90 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 1,643 1,646 363 Open end and junior lien loans 641 640 53 Residential construction loans 51 52 10 Other consumer loans 17 17 6 Total $ 30,422 $ 27,829 $ 10,384 The following table presents loans individually evaluated for impairment by class of loans as of and for the three-month period ended September 30, 2020: Cash Basis Average Interest Interest Recorded Income Income (dollars in thousands) Investment Recognized Recognized With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 174 $ 0 $ 0 Non-working capital loans 995 5 5 Commercial real estate and multi-family residential loans: Owner occupied loans 2,054 4 4 Agri-business and agricultural loans: Loans secured by farmland 283 0 0 Consumer 1‑4 family loans: Closed end first mortgage loans 274 0 0 Open end and junior lien loans 54 0 0 Residential construction loans 8 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 1,546 0 0 Non-working capital loans 11,970 63 63 Commercial real estate and multi-family residential loans: Owner occupied loans 3,994 0 0 Agri-business and agricultural loans: Loans secured by farmland 146 0 0 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 1,520 9 9 Open end and junior lien loans 648 0 0 Residential construction loans 35 0 0 Total $ 23,701 $ 81 $ 81 The following table presents loans individually evaluated for impairment by class of loans as of and for the three-month period ended September 30, 2019: Cash Basis Average Interest Interest Recorded Income Income (dollars in thousands) Investment Recognized Recognized With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 165 $ 2 $ 2 Non-working capital loans 1,394 1 1 Commercial real estate and multi-family residential loans: Owner occupied loans 3,266 7 7 Agri-business and agricultural loans: Loans secured by farmland 283 0 0 Consumer 1‑4 family loans: Closed end first mortgage loans 211 0 0 Open end and junior lien loans 137 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 6,313 0 0 Non-working capital loans 12,088 96 96 Commercial real estate and multi-family residential loans: Owner occupied loans 1,676 8 8 Agri-business and agricultural loans: Loans secured by farmland 147 0 0 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 1,625 10 9 Open end and junior lien loans 433 0 0 Total $ 27,738 $ 124 $ 123 The following table presents loans individually evaluated for impairment by class of loans as of and for the nine-month period ended September 30, 2020: Cash Basis Average Interest Interest Recorded Income Income (dollars in thousands) Investment Recognized Recognized With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 442 $ 0 $ 0 Non-working capital loans 766 16 16 Commercial real estate and multi-family residential loans: Owner occupied loans 2,101 13 13 Agri-business and agricultural loans: Loans secured by farmland 283 0 0 Consumer 1-4 family loans: Closed end first mortgage loans 304 2 2 Open end and junior lien loans 63 0 0 Residential construction loans 3 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 3,001 0 0 Non-working capital loans 11,763 216 216 Commercial real estate and multi-family residential loans: Owner occupied loans 3,034 30 30 Agri-business and agricultural loans: Loans secured by farmland 147 0 0 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 1,589 28 28 Open end and junior lien loans 642 0 0 Residential construction loans 46 0 0 Total $ 24,184 $ 305 $ 305 The following table presents loans individually evaluated for impairment by class of loans as of and for the nine-month period ended September 30, 2019: Cash Basis Average Interest Interest Recorded Income Income (dollars in thousands) Investment Recognized Recognized With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 203 $ 7 $ 8 Non-working capital loans 1,292 39 29 Commercial real estate and multi-family residential loans: Owner occupied loans 2,112 28 28 Agri-business and agricultural loans: Loans secured by farmland 283 0 0 Consumer 1-4 family loans: Closed end first mortgage loans 251 2 3 Open end and junior lien loans 141 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 6,375 143 81 Non-working capital loans 11,536 355 326 Commercial real estate and multi-family residential loans: Owner occupied loans 1,840 37 31 Agri-business and agricultural loans: Loans secured by farmland 147 3 1 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 1,634 35 34 Open end and junior lien loans 145 0 0 Other consumer loans 24 2 1 Total $ 25,983 $ 651 $ 542 The following table presents the aging of the recorded investment in past due loans as of September 30, 2020 by class of loans: Greater than 30 ‑ 89 90 Days Total Past Loans Not Days Past Due and (dollars in thousands) Past Due Past Due Due Nonaccrual Nonaccrual Total Commercial and industrial loans: Working capital lines of credit loans $ 591,549 $ 41 $ 0 $ 1,050 $ 1,091 $ 592,640 Non-working capital loans 1,239,596 3 0 5,508 5,511 1,245,107 Commercial real estate and multi-family residential loans: Construction and land development loans 392,078 0 0 0 0 392,078 Owner occupied loans 614,264 0 0 5,143 5,143 619,407 Nonowner occupied loans 567,009 18 0 0 18 567,027 Multifamily loans 279,308 0 0 0 0 279,308 Agri-business and agricultural loans: Loans secured by farmland 150,020 0 0 428 428 150,448 Loans for agricultural production 187,716 0 0 0 0 187,716 Other commercial loans 97,428 0 0 0 0 97,428 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 168,835 813 19 640 1,472 170,307 Open end and junior lien loans 171,669 99 0 684 783 172,452 Residential construction loans 10,940 0 0 25 25 10,965 Other consumer loans 104,905 136 0 0 136 105,041 Total $ 4,575,317 $ 1,110 $ 19 $ 13,478 $ 14,607 $ 4,589,924 The following table presents the aging of the recorded investment in past due loans as of December 31, 2019 by class of loans: Greater than 30‑89 90 Days Total Past Loans Not Days Past Due and (dollars in thousands) Past Due Past Due Due Nonaccrual Nonaccrual Total Commercial and industrial loans: Working capital lines of credit loans $ 703,737 $ 10 $ 0 $ 6,236 $ 6,246 $ 709,983 Non-working capital loans 710,557 4 0 6,282 6,286 716,843 Commercial real estate and multi-family residential loans: Construction and land development loans 286,534 0 0 0 0 286,534 Owner occupied loans 569,303 0 0 4,056 4,056 573,359 Nonowner occupied loans 570,687 0 0 0 0 570,687 Multifamily loans 240,260 0 0 0 0 240,260 Agri-business and agricultural loans: Loans secured by farmland 173,959 0 0 430 430 174,389 Loans for agricultural production 205,228 0 0 14 14 205,242 Other commercial loans 112,166 0 0 0 0 112,166 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 174,902 1,099 45 827 1,971 176,873 Open end and junior lien loans 187,255 188 0 761 949 188,204 Residential construction loans 12,870 0 0 52 52 12,922 Other consumer loans 98,176 173 0 17 190 98,366 Total $ 4,045,634 $ 1,474 $ 45 $ 18,675 $ 20,194 $ 4,065,828 Troubled Debt Restructurings: Troubled debt restructured loans are included in the totals for impaired loans. The Company has allocated $4.7 million and $2.5 million of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of September 30, 2020 and December 31, 2019, respectively. The Company is not committed to lend additional funds to debtors whose loans have been modified in a troubled debt restructuring. September 30 December 31 (dollars in thousands) 2020 2019 Accruing troubled debt restructured loans $ 5,658 $ 5,909 Nonaccrual troubled debt restructured loans 6,547 3,188 Total troubled debt restructured loans $ 12,205 $ 9,097 During the three months ended September 30, 2020, no loans were modified as troubled debt restructurings. During the nine months ended September 30, 2020, certain loans were modified as troubled debt restructurings. The modified terms of these loans include one or a combination of the following: inadequate compensation for the terms of the restructure or renewal; a modification of the repayment terms which delays principal repayment for some period; or renewal terms offered to borrowers in financial distress where no additional credit enhancements were obtained at the time of renewal. The following table presents loans by class modified as new troubled debt restructurings that occurred during the nine months ended September 30, 2020: Modified Repayment Terms Pre-Modification Post-Modification Extension Outstanding Outstanding Period or Number of Recorded Recorded Number of Range (dollars in thousands) Loans Investment Investment Loans (in months) Troubled Debt Restructurings Commercial and industrial loans: Working capital lines of credit loans 1 $ 250 $ 315 1 0 Non-working capital loans 2 4,288 3,691 2 0 Commercial real estate and multi-family residential loans: Owner occupied loans 1 1,528 1,527 1 0 Total 4 $ 6,066 $ 5,533 4 0 For the three-month period ending September 30, 2020, the commercial and industrial loans and the commercial real estate and multi-family residential loan troubled debt restructurings described above increased the allowance for loan losses by $63,000, and no charge-offs were recorded. For the nine-month period ended September 30, 2020, the troubled debt restructurings described above increased the allowance for loan losses by $2.4 million, and charge-offs of $666,000 were recorded. As of September 30, 2020, total deferrals attributed to COVID-19 were $158.4 million representing 102 borrowers. This represented 3.4% of the total loan portfolio. Of that total 71 were commercial loan borrowers representing $155.2 million in loans, or 3.7%, of commercial loans and 31 were retail loan borrowers representing $3.3 million, or 0.9%, of total retail loans. The majority of all loan deferrals were for a period of 90 days. Of the total commercial deferrals attributed to COVID-19, $15.3 million represented a first deferral action, $116.2 million represented a second deferral action and $23.7 million represented a third deferral action. Two borrowers represented 84% of the third deferral population and were commercial real estate nonowner occupied loans supported by adequate collateral and personal guarantors and consist of loans to the hotel and accommodation industry. All COVID-19 related loan deferrals remain on accrual status, as each deferral is evaluated individually, and management has determined that all contractual cashflows are collectable at this time. In accordance with Section 4013 of the CARES Act and the March 22, 2020 Joint Interagency Regulatory Guidance, these were not considered to be troubled debt restructurings and were excluded from the table above. During the three months ended September 30, 2019, no loans were modified as troubled debt restructurings. During the nine months ending September 30, 2019, certain loans were modified as troubled debt restructurings. The modified terms of these loans include one or a combination of the following: inadequate compensation for the terms of the restructure or renewal; a modification of the repayment terms which delays principal repayment for some period; or renewal terms offered to borrowers in financial distress where no additional credit enhancements were obtained at the time of renewal. Additional concessions were granted to borrowers with previously identified troubled debt restructured loans during the period. One of the loans is for a commercial real estate building where the cash flow does not support the loan with a recorded investment of $533,000. The other loan is for commercial and industrial non-working capital purposes and this borrower had a recorded investment of $70,000 that was subsequently paid off prior to March 31, 2019. These concessions are not included in table below. The following table presents loans by class modified as new troubled debt restructurings that occurred during the nine months ended September 30, 2019: Modified Repayment Terms Pre-Modification Post-Modification Extension Outstanding Outstanding Period or Number of Recorded Recorded Number of Range (dollars in thousands) Loans Investment Investment Loans (in months) Troubled Debt Restructurings Commercial and industrial loans: Working capital lines of credit loans 1 35 35 1 0 Total 1 $ 35 $ 35 1 0 For the three-month and nine-month periods ending September 30, 2019, the troubled debt restructurings described above did not impact the allowance for loan losses and no charge-offs were recorded. 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. Substandard. Doubtful. Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be “Pass” rated loans with the exception of consumer troubled debt restructurings 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. As of September 30, 2020, $557.9 million in PPP loans were included in the "Pass" category of loans. These loans were included in this risk rating category because they are fully guaranteed by the SBA. As of September 30, 2020, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Special Not (dollars in thousands) Pass Mention Substandard Doubtful Rated Total Commercial and industrial loans: Working capital lines of credit loans $ 526,206 $ 47,016 $ 19,159 $ 0 $ 259 $ 592,640 Non-working capital loans 1,195,861 25,294 18,747 0 5,205 1,245,107 Commercial real estate and multi-family residential loans: Construction and land development loans 392,078 0 0 0 0 392,078 Owner occupied loans 579,800 27,945 11,662 0 0 619,407 Nonowner occupied loans 560,424 6,603 0 0 0 567,027 Multifamily loans 279,308 0 0 0 0 279,308 Agri-business and agricultural loans: Loans secured by farmland 139,013 10,778 657 0 0 150,448 Loans for agricultural production 136,682 51,034 0 0 0 187,716 Other commercial loans 97,428 0 0 0 0 97,428 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 42,213 0 1,728 0 126,366 170,307 Open end and junior lien loans 9,058 0 684 0 162,710 172,452 Residential construction loans 0 0 25 0 10,940 10,965 Other consumer loans 37,042 0 0 0 67,999 105,041 Total $ 3,995,113 $ 168,670 $ 52,662 $ 0 $ 373,479 $ 4,589,924 As of December 31, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Special Not (dollars in thousands) Pass Mention Substandard Doubtful Rated Total Commercial and industrial loans: Working capital lines of credit loans $ 631,728 $ 40,551 $ 37,278 $ 0 $ 426 $ 709,983 Non-working capital loans 673,370 18,782 19,381 0 5,310 716,843 Commercial real estate and multi-family residential loans: Construction and land development loans 286,534 0 0 0 0 286,534 Owner occupied loans 535,496 14,804 23,059 0 0 573,359 Nonowner occupied loans 569,315 781 591 0 0 570,687 Multifamily loans 240,260 0 0 0 0 240,260 Agri-business and agricultural loans: Loans secured by farmland 165,005 7,952 1,432 0 0 174,389 Loans for agricultural production 191,489 13,738 15 0 0 205,242 Other commercial loans 112,166 0 0 0 0 112,166 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 47,405 0 1,976 0 127,492 176,873 Open end and junior lien loans 10,845 0 762 0 176,597 188,204 Residential construction loans 0 0 51 0 12,871 12,922 Other consumer loans 27,250 0 17 0 71,099 98,366 Total $ 3,490,863 $ 96,608 $ 84,562 $ 0 $ 393,795 $ 4,065,828 |
BORROWINGS
BORROWINGS | 9 Months Ended |
Sep. 30, 2020 | |
BORROWINGS | |
BORROWINGS | NOTE 5. BORROWINGS For the periods ended September 30, 2020 and December 31, 2019, the Company had advances outstanding from the Federal Home Loan Bank (“FHLB”) in the amount of $75.0 million and $170.0 million, respectively. The outstanding FHLB advance at September 30, 2020 is a ten-year fixed-rate putable advance with a rate of 0.39 % and is due on March 4, 2030. The outstanding FHLB advance at December 31, 2019 was a short-term fixed rate advance with a rate of 1.61 % and was due on January 7, 2020. All FHLB notes require monthly interest payments and are secured by residential real estate loans and securities. On August 2, 2019 the holding company entered into an unsecured revolving credit agreement with another financial institution allowing the Company to borrow up to $30.0 million. Funds provided under the agreement may be used to repurchase shares of the Company’s common stock under the share repurchase program, which was authorized by the Company’s board of directors on January 14, 2020, and for other general corporate purposes. The Company had drawn $10.5 million on this line at a rate of Prime minus 150 basis points, or 1.75%, as of September 30, 2020. The line matured on July 31, 2020, and was renewed with a new maturity of July 30, 2021. There were no amounts drawn against this line as of December 31, 2019. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 9 Months Ended |
Sep. 30, 2020 | |
FAIR VALUE DISCLOSURES | |
FAIR VALUE DISCLOSURES | NOTE 6. 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 Level 2 Level 3 The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Securities The Company’s Finance Department, which is responsible for all accounting and SEC 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 government treasuries Mortgage banking derivative Interest rate swap derivatives Impaired loans Mortgage servicing rights Other real estate owned Real estate mortgage loans held- for- sale The table below presents the balances of assets measured at fair value on a recurring basis: September 30, 2020 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 at Fair Value Assets: U.S. government sponsored agencies $ 0 $ 10,026 $ 0 $ 10,026 Mortgage-backed securities: residential 0 248,266 0 248,266 Mortgage-backed securities: commercial 0 39,161 0 39,161 State and municipal securities 0 346,436 145 346,581 Total Securities 0 643,889 145 644,034 Mortgage banking derivative 0 1,075 0 1,075 Interest rate swap derivative 0 25,184 0 25,184 Total assets $ 0 $ 670,148 $ 145 $ 670,293 Liabilities: Mortgage banking derivative 0 41 0 41 Interest rate swap derivative 0 25,203 0 25,203 Total liabilities $ 0 $ 25,244 $ 0 $ 25,244 December 31, 2019 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 at Fair Value Assets: Mortgage-backed securities: residential $ 0 $ 288,181 $ 0 $ 288,181 Mortgage-backed securities: commercial 0 36,972 0 36,972 State and municipal securities 0 282,935 145 283,080 Total Securities 0 608,088 145 608,233 Mortgage banking derivative 0 198 0 198 Interest rate swap derivative 0 7,263 0 7,263 Total assets $ 0 $ 615,549 $ 145 $ 615,694 Liabilities: Mortgage banking derivative 0 14 0 14 Interest rate swap derivative 0 7,860 0 7,860 Total liabilities $ 0 $ 7,874 $ 0 $ 7,874 The fair value of Level 3 available-for-sale securities was immaterial and thus did not require additional recurring fair value disclosure. The table below presents the balances of assets measured at fair value on a nonrecurring basis: September 30, 2020 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 at Fair Value Assets Impaired loans: Commercial and industrial loans: Working capital lines of credit loans $ 0 $ 0 $ 432 $ 432 Non-working capital loans 0 0 5,666 5,666 Commercial real estate and multi-family residential loans: Owner occupied loans 0 0 2,678 2,678 Agri-business and agricultural loans: Loans secured by farmland 0 0 81 81 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 0 0 393 393 Open end and junior lien loans 0 0 585 585 Total impaired loans $ 0 $ 0 $ 9,835 $ 9,835 Other real estate owned 0 0 0 0 Mortgage servicing rights, net of valuation allowance 0 3,565 0 3,565 Total assets $ 0 $ 3,565 $ 9,835 $ 13,400 December 31, 2019 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 at Fair Value Assets Impaired loans: Commercial and industrial loans: Working capital lines of credit loans $ 0 $ 0 $ 3,126 $ 3,126 Non-working capital loans 0 0 6,374 6,374 Commercial real estate and multi-family residential loans: Construction and land development loans 0 0 43 43 Owner occupied loans 0 0 1,449 1,449 Agri-business and agricultural loans: Loans secured by farmland 0 0 57 57 Other commercial loans 0 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 0 0 474 474 Open end and junior lien loans 0 0 587 587 Other consumer loans 0 0 11 11 Total impaired loans $ 0 $ 0 $ 12,121 $ 12,121 Other real estate owned 0 0 0 0 Total assets $ 0 $ 0 $ 12,121 $ 12,121 The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at September 30, 2020: (dollars in thousands) Fair Value Valuation Methodology Unobservable Inputs Average Range of Inputs Impaired loans: Commercial and industrial $ 6,098 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 44 % 21% - 100% Impaired loans: Commercial real estate 2,678 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 33 % 10% - 75% Impaired loans: Agribusiness and agricultural 81 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 44 % Impaired loans: Consumer 1-4 family mortgage 978 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 10 % 6% - 17% 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, 2019: (dollars in thousands) Fair Value Valuation Methodology Unobservable Inputs Average Range of Inputs Impaired loans: Commercial and industrial $ 9,500 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 53 % 1%-100% Impaired loans: Commercial real estate 1,492 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 27 % 7%-61% Impaired loans: Agribusiness and agricultural 57 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 61 % Impaired loans: Consumer 1-4 family mortgage 1,061 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 14 % 5%-100% Impaired loans: Other consumer 11 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 36 % Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a gross carrying amount of $17.7 million, with a valuation allowance of $7.8 million at September 30, 2020. The change in the fair value of impaired loans resulted in increases in the provision for loan losses of $542,000 and decreases of $100,000, respectively, in the nine months and three months ended September 30, 2020. At September 30, 2019, impaired loans had a gross carrying amount of $20.4 million, with a valuation allowance of $10.1 million. The change in the fair value of impaired loans resulted in increases in the provision for loan losses of $600,000 and $500,000, respectively, over the nine months and three months ended September 30, 2019. The following table contains the estimated fair values and the related carrying values of the Company’s financial instruments. Items which are not financial instruments are not included. September 30, 2020 Carrying Estimated Fair Value (dollars in thousands) Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 129,081 $ 126,364 $ 2,717 $ 0 $ 129,081 Securities available-for-sale 644,034 0 643,889 145 644,034 Real estate mortgages held-for-sale 10,097 0 10,543 0 10,543 Loans, net 4,529,177 0 0 4,491,862 4,491,862 Federal Reserve and Federal Home Loan Bank Stock 13,772 N/A N/A N/A N/A Accrued interest receivable 18,447 0 3,535 14,912 18,447 Financial Liabilities: Certificates of deposit (1,213,390) 0 (1,223,667) 0 (1,223,667) All other deposits (3,554,564) (3,554,564) 0 0 (3,554,564) Other short-term borrowings (10,500) 0 (10,500) 0 (10,500) Federal Home Loan Bank advances (75,000) 0 (69,066) 0 (69,066) Standby letters of credit (657) 0 0 (657) (657) Accrued interest payable (6,303) (56) (6,247) 0 (6,303) December 31, 2019 Carrying Estimated Fair Value (dollars in thousands) Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 99,381 $ 96,603 $ 2,778 $ 0 $ 99,381 Securities available-for-sale 608,233 0 608,088 145 608,233 Real estate mortgages held-for-sale 4,527 0 4,614 0 4,614 Loans, net 4,015,176 0 0 3,979,006 3,979,006 Federal Reserve and Federal Home Loan Bank Stock 13,772 N/A N/A N/A N/A Accrued interest receivable 15,391 0 3,729 11,662 15,391 Financial Liabilities: Certificates of deposit (1,192,067) 0 (1,202,060) 0 (1,202,060) All other deposits (2,941,752) (2,941,752) 0 0 (2,941,752) Federal Home Loan Bank advances (170,000) 0 (169,998) 0 (169,998) Standby letters of credit (915) 0 0 (915) (915) Accrued interest payable (11,604) (102) (11,502) 0 (11,604) |
OFFSETTING ASSETS AND LIABILITI
OFFSETTING ASSETS AND LIABILITIES | 9 Months Ended |
Sep. 30, 2020 | |
OFFSETTING ASSETS AND LIABILITIES | |
OFFSETTING ASSETS AND LIABILITIES | NOTE 7. 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 September 30, 2020 and December 31, 2019. September 30, 2020 Gross Gross Amounts Net Amounts Gross Amounts Not Amounts of Offset in the presented in Offset in the Statement Recognized Statement of the Statement of Financial Position Assets/ Financial of Financial Financial Cash Collateral Net (dollars in thousands) Liabilities Position Position Instruments Position Amount Assets Interest Rate Swap Derivatives $ 25,184 $ 0 $ 25,184 $ 0 $ 0 $ 25,184 Total Assets $ 25,184 $ 0 $ 25,184 $ 0 $ 0 $ 25,184 Liabilities Interest Rate Swap Derivatives $ 25,203 $ 0 $ 25,203 $ 0 $ (25,480) $ (277) Total Liabilities $ 25,203 $ 0 $ 25,203 $ 0 $ (25,480) $ (277) December 31, 2019 Gross Gross Amounts Net Amounts Gross Amounts Not Amounts of Offset in the presented in Offset in the Statement Recognized Statement of the Statement of Financial Position Assets/ Financial of Financial Financial Cash Collateral Net (dollars in thousands) Liabilities Position Position Instruments Position Amount Assets Interest Rate Swap Derivatives $ 7,263 $ 0 $ 7,263 $ 0 $ 0 $ 7,263 Total Assets $ 7,263 $ 0 $ 7,263 $ 0 $ 0 $ 7,263 Liabilities Interest Rate Swap Derivatives $ 7,860 $ 0 $ 7,860 $ 0 $ (7,560) $ 300 Total Liabilities $ 7,860 $ 0 $ 7,860 $ 0 $ (7,560) $ 300 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 | 9 Months Ended |
Sep. 30, 2020 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | NOTE 8. 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Weighted average shares outstanding for basic earnings per common share 25,418,712 25,622,338 25,484,329 25,576,740 Dilutive effect of stock options, awards and warrants 68,590 174,358 134,072 168,289 Weighted average shares outstanding for diluted earnings per common share 25,487,302 25,796,696 25,618,401 25,745,029 Basic earnings per common share $ 0.89 $ 0.84 $ 2.34 $ 2.54 Diluted earnings per common share $ 0.89 $ 0.83 $ 2.33 $ 2.52 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Sep. 30, 2020 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 9. 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 September 30, 2020 and 2019: Unrealized Gains and Defined (Losses) on Benefit Available- Pension for-Sales Gains (dollars in thousands) Securities (Losses) Total Balance at July 1, 2020 $ 26,256 $ (1,454) $ 24,802 Other comprehensive income before reclassification 688 0 688 Amounts reclassified from accumulated other comprehensive income (loss) (314) 48 (266) Net current period other comprehensive income 374 48 422 Balance at September 30, 2020 $ 26,630 $ (1,406) $ 25,224 Unrealized Gains and Defined (Losses) on Benefit Available- Pension for-Sales Gains (dollars in thousands) Securities (Losses) Total Balance at July 1, 2019 $ 10,818 $ (1,318) $ 9,500 Other comprehensive income before reclassification 3,934 0 3,934 Amounts reclassified from accumulated other comprehensive income (loss) (6) 39 33 Net current period other comprehensive income 3,928 39 3,967 Balance at September 30, 2019 $ 14,746 $ (1,279) $ 13,467 The following tables summarize the changes within each classification of accumulated other comprehensive income (loss) for the nine months ended September 30, 2020 and 2019: Unrealized Gains and Defined (Losses) on Benefit Available- Pension for-Sales Gains (dollars in thousands) Securities (Losses) Total Balance at January 1, 2020 $ 13,607 $ (1,548) $ 12,059 Other comprehensive income before reclassification 13,386 0 13,386 Amounts reclassified from accumulated other comprehensive income (loss) (363) 142 (221) Net current period other comprehensive income 13,023 142 13,165 Balance at September 30, 2020 $ 26,630 $ (1,406) $ 25,224 Unrealized Gains and Defined (Losses) on Benefit Available- Pension for-Sales Gains (dollars in thousands) Securities (Losses) Total Balance at January 1, 2019 $ (4,796) $ (1,395) $ (6,191) Other comprehensive income before reclassification 19,636 0 19,636 Amounts reclassified from accumulated other comprehensive income (loss) (94) 116 22 Net current period other comprehensive income 19,542 116 19,658 Balance at September 30, 2019 $ 14,746 $ (1,279) $ 13,467 Reclassifications out of accumulated comprehensive income for the three months ended September 30, 2020 are as follows: Details about Amount Affected Line Item Accumulated Other Reclassified From in the Statement Comprehensive Accumulated Other Where Net Income Components Comprehensive Income Income is Presented (dollars in thousands) Unrealized gains and losses on available-for-sale securities $ 314 Net securities gains Tax effect (66) Income tax expense Subtotal 248 Net of tax Amortization of defined benefit pension items (63) Other expense Tax effect 15 Income tax expense Subtotal (48) Net of tax Total reclassifications for the period $ 200 Net income Reclassifications out of accumulated comprehensive income for the three months ended September 30, 2019 are as follows: Details about Amount Affected Line Item Accumulated Other Reclassified From in the Statement Comprehensive Accumulated Other Where Net Income Components Comprehensive Income Income is Presented (dollars in thousands) Unrealized gains and losses on available-for-sale securities $ 6 Net securities gains Tax effect (1) Income tax expense Subtotal 5 Net of tax Amortization of defined benefit pension items (51) Other expense Tax effect 13 Income tax expense Subtotal (38) Net of tax Total reclassifications for the period $ (33) Net income Reclassifications out of accumulated comprehensive income for the nine months ended September 30, 2020 are as follows: Details about Amount Affected Line Item Accumulated Other Reclassified From in the Statement Comprehensive Accumulated Other Where Net Income Components Comprehensive Income Income is Presented (dollars in thousands) Unrealized gains and losses on available-for-sale securities $ 363 Net securities gains Tax effect (76) Income tax expense Subtotal 287 Net of tax Amortization of defined benefit pension items (189) Other expense Tax effect 47 Income tax expense Subtotal (142) Net of tax Total reclassifications for the period $ 145 Net income Reclassifications out of accumulated comprehensive income for the nine months ended September 30, 2019 are as follows: Details about Amount Affected Line Item Accumulated Other Reclassified From in the Statement Comprehensive Accumulated Other Where Net Income Components Comprehensive Income Income is Presented (dollars in thousands) Unrealized gains and losses on available-for-sale securities $ 94 Net securities gains Tax effect (20) Income tax expense Subtotal 74 Net of tax Amortization of defined benefit pension items (154) Other expense Tax effect 38 Income tax expense Subtotal (116) Net of tax Total reclassifications for the period $ (42) Net income |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2020 | |
LEASES | |
LEASES | NOTE 10. LEASES The Company leases certain office facilities under long-term operating lease agreements. The leases expire at various dates through 2029 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 practical expedient of the standard. The following is a maturity analysis of the operating lease liabilities as of September 30, 2020: Operating lease Years ending December 31, (in thousands) Obligation 2020 $ 142 2021 581 2022 595 2023 606 2024 622 2025 and thereafter 2,873 Total undiscounted lease payments 5,419 Less imputed interest (635) Lease liability $ 4,784 Right-of-use asset $ 4,784 Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Lease cost Operating lease cost $ 141 $ 128 $ 402 $ 372 Short-term lease cost 6 6 18 18 Total lease cost $ 147 $ 134 $ 420 $ 390 Other information Operating cash outflows from operating leases $ 402 Weighted-average remaining lease term - operating leases 9.1 years Weighted average discount rate - operating leases 2.8 % |
COVID-19 AND CURRENT ECONOMIC C
COVID-19 AND CURRENT ECONOMIC CONDITIONS | 9 Months Ended |
Sep. 30, 2020 | |
COVID-19 AND CURRENT ECONOMIC CONDITIONS | |
COVID-19 AND CURRENT ECONOMIC CONDITIONS | NOTE 11. COVID-19 AND CURRENT ECONOMIC CONDITIONS As of October 21, 2020, total COVID-19 related deferrals were $110.5 million, representing 63 borrowers, or 2.4% of the total loan portfolio. Of that total, 37 were commercial loan borrowers representing $107.5 million in loans, or 2.5% of total commercial loans. 26 were retail loan borrowers representing $3.0 million, or 0.8% of total retail loans. Of the total commercial deferrals, $8.1 million represented a first deferral action, $69.8 million represented a second deferral action and $29.7 million represented a third deferral action. The fair value of certain assets could be impacted by the effects of COVID-19. The carrying value of loans, goodwill, right-of-use lease assets, other real estate owned and mortgage servicing rights could decrease resulting in future impairment losses. Management will continue to evaluate current economic conditions to determine if a triggering event would impact the current valuations for these assets. The extent of COVID-19’s effect on the Company’s operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic, and when state and local economies will return to operational norms, all of which are uncertain and difficult to predict considering the rapidly evolving landscape. As a result, it is not currently possible to ascertain the overall impact of COVID-19 on the Company’s business. However, if the pandemic continues to evolve into a prolonged worldwide health crisis, the disease could have a material adverse effect on the Company’s business, results of operations, financial condition, liquidity and cash flows. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
BASIS OF PRESENTATION | |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In January 2017, the FASB issued ASU No. 2017-04 "Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment." These amendments eliminate Step 2 from the goodwill impairment test. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The Company adopted this new accounting standard on January 1, 2020. Adopting this standard did not have an impact on the Company's financial condition or results of operations. In August 2018, the FASB issued ASU No. 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement." These amendments modify the disclosure requirements in Topic 820 as follows: Removals: the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. Modifications: for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee's assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and the amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Additions: the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The guidance is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should all be applied prospectively for only the most recent interim or annual period presented in the initial year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted ASU 2018-13 on January 1, 2020 and it did not have a material impact on its financial condition or results of operations. In August 2018, the FASB issued ASU No. 2018-15 “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350- 40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” These amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contact with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by these amendments. Early adoption is permitted. The Company adopted ASU 2018-15 on January 1, 2020 and it did not have a material impact on its financial condition or results of operations. |
Newly Issued But Not Yet Effective Accounting Standards | Newly Issued But Not Yet Effective Accounting Standards In June 2016, the FASB issued guidance related to credit losses on financial instruments. This update, commonly referred to as the current expected credit losses methodology (“CECL”), will change the accounting for credit losses on loans and debt securities. Under the new guidance, the Company’s measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. For loans, this measurement will take place at the time the financial asset is first added to the balance sheet and periodically thereafter. This differs significantly from the “incurred loss” model previously required, but still permitted, under GAAP, which delays recognition until it is probable a loss has been incurred. In addition, the guidance will modify the other-than-temporary impairment model for available-for-sale debt securities to require an allowance for credit impairment instead of a direct write-down, which will allow for reversal of credit impairments in future periods. This guidance is effective, subject to optional delay discussed below, for the Company for fiscal years beginning after December 15, 2019, including interim periods in those fiscal years. During 2019, the Company implemented the CECL methodology and ran it concurrently with the historical incurred method. Under a provision provided by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Company elected to delay the adoption of FASB’s new rule covering the CECL standard until the earlier of the termination date of the national emergency declared by President Trump under the National Emergencies Act on March 13, 2020, related to the Coronavirus Disease 2019 (“COVID-19”) outbreak, and December 31, 2020. Once the delay provision is terminated, adoption will be retroactive to January 1, 2020 and the Company’s day one adjustment to the allowance for credit losses will be an increase of $7.67 million with an offset net of taxes, to stockholders’ equity. Upon adoption of this standard, the calculation will require approval by the loan review committee and board of directors in accordance with the Company’s internal controls over financial reporting. Additionally, the Company has evaluated the need to recognize an allowance for credit impairment for available-for-sale debt securities. The impact on available-for-sale debt securities is subject to a limitation, which is based on the fair value of the debt securities. When evaluating the credit quality of our existing portfolio, the Company does not expect the allowance for credit impairment for available-for-sale securities to be significant. The Company will not recast quarterly provision expense during 2020 under the CECL standard. The impact of CECL on the Company’s 2020 financial statements will be reflected with the cumulative effect adjustment to the allowance for credit losses on January 1, 2020 and an annual provision expense for the year ended December 31, 2020. The future impact of CECL on the Company’s allowance for credit losses and provision expense subsequent to the initial adoption will depend on changes in the loan portfolio, economic conditions and refinements to key assumptions including economic forecasting and qualitative factors. In August 2018, the FASB issued ASU 2018-14 "Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans." The ASU updates the annual disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans by adding, clarifying and removing certain disclosures. These amendments are effective for fiscal years ending after December 15, 2020, for public business entities, and are to be applied on a retrospective basis to all periods presented. Management has reviewed the standard and does not anticipate ASU 2018-14 will have a material impact on its financial statements. In December 2019, the FASB issued ASU 2019-12 "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." These amendments remove specific exceptions to the general principles in Topic 740 in GAAP. It eliminates the need for an organization to analyze whether the following apply in a given period: exception to the incremental approach for intraperiod tax allocation; exceptions to accounting for basis differences where there are ownership changes in foreign investments; and exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. It also improves financial statement preparers' application of income tax- related guidance and simplifies GAAP for: franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacts changes in tax laws in interim periods. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company is assessing ASU 2019-12 and its impact on its financial statements. On March 12, 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (“ASC 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASC 848 contains optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The Company has formed a cross-functional working group to lead the transition from LIBOR to a planned adoption of reference rates based on the Secured Overnight Financing Rate (“SOFR”). The Company has identified loans that will renew prior to 2021 and will obtain updated reference rate language at the time of renewal. Loans maturing after 2021 will need loan modifications and fallback language has been implemented for newly originated loans. Additionally, management is utilizing the timeline guidance published by the Alternative Reference Rates Committee to develop internal milestones during this transitional period. The Company is currently evaluating the International Swaps and Derivatives Association Fallback Protocol that was released on October 23, 2020. The guidance under ASC-848 will be available for a limited time, generally through December 31, 2022. The Company expects to adopt the LIBOR transition relief allowed under this standard. |
Reclassifications | Reclassifications 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 (Tables)
SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
SECURITIES | |
Schedule of Available-For-Sale Securities | Information related to the fair value and amortized cost of securities available-for-sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income is provided in the tables below. Gross Gross Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gain Losses Value September 30, 2020 U.S. government sponsored agencies $ 10,000 $ 26 $ 0 $ 10,026 Mortgage-backed securities: residential 238,062 10,232 (28) 248,266 Mortgage-backed securities: commercial 38,026 1,135 0 39,161 State and municipal securities 324,237 22,533 (189) 346,581 Total $ 610,325 $ 33,926 $ (217) $ 644,034 December 31, 2019 Mortgage-backed securities: residential $ 283,817 $ 4,751 $ (387) $ 288,181 Mortgage-backed securities: commercial 36,712 262 (2) 36,972 State and municipal securities 270,480 12,828 (228) 283,080 Total $ 591,009 $ 17,841 $ (617) $ 608,233 |
Schedule of Available-For-Sale Securities By Maturity | Information regarding the fair value and amortized cost of available-for-sale debt securities by maturity as of September 30, 2020 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. Amortized Fair (dollars in thousands) Cost Value Due in one year or less $ 2,436 $ 2,454 Due after one year through five years 14,118 14,541 Due after five years through ten years 29,681 31,773 Due after ten years 288,002 307,839 334,237 356,607 Mortgage-backed securities 276,088 287,427 Total debt securities $ 610,325 $ 644,034 |
Schedule of Sales of Securities Available For Sale | Securities proceeds, gross gains and gross losses are presented below. Three months ended September 30, Nine months ended September 30, (dollars in thousands) 2020 2019 2020 2019 Sales of securities available-for-sale Proceeds $ 5,265 $ 12,725 $ 6,413 $ 38,544 Gross gains 314 13 363 151 Gross losses 0 (7) 0 (57) Number of securities 12 6 15 31 |
Schedule of Available-For-Sale Securities Continuous Unrealized Loss Position | Information regarding securities with unrealized losses as of September 30, 2020 and December 31, 2019 is presented below. 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 Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Value Losses Value Losses Value Losses September 30, 2020 Mortgage-backed securities: residential $ 0 $ 0 $ 4,135 $ 28 $ 4,135 $ 28 Mortgage-backed securities: commercial 7 0 0 0 7 0 State and municipal securities 21,135 189 0 0 21,135 189 Total temporarily impaired $ 21,142 $ 189 $ 4,135 $ 28 $ 25,277 $ 217 December 31, 2019 Mortgage-backed securities: residential $ 23,436 $ 112 $ 14,174 $ 275 $ 37,610 $ 387 Mortgage-backed securities: commercial 4,591 2 0 0 4,591 2 State and municipal securities 14,188 228 0 0 14,188 228 Total temporarily impaired $ 42,215 $ 342 $ 14,174 $ 275 $ 56,389 $ 617 |
Schedule of Quantitative Disclosure of Available-For-Sale Securities | The total number of securities with unrealized losses as of September 30, 2020 and December 31, 2019 is presented below. Less than 12 months 12 months or more Total September 30, 2020 Mortgage-backed securities: residential 0 2 2 Mortgage-backed securities: commercial 1 0 1 State and municipal securities 17 0 17 Total temporarily impaired 18 2 20 December 31, 2019 Mortgage-backed securities: residential 7 6 13 Mortgage-backed securities: commercial 1 0 1 State and municipal securities 11 0 11 Total temporarily impaired 19 6 25 |
LOANS (Tables)
LOANS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
LOANS | |
Schedule of Loans | September 30, December 31, (dollars in thousands) 2020 2019 Commercial and industrial loans: Working capital lines of credit loans $ 592,560 12.9 % $ 709,849 17.5 % Non-working capital loans 1,256,853 27.3 717,019 17.6 Total commercial and industrial loans 1,849,413 40.2 1,426,868 35.1 Commercial real estate and multi-family residential loans: Construction and land development loans 393,101 8.5 287,641 7.1 Owner occupied loans 619,820 13.5 573,665 14.1 Nonowner occupied loans 567,674 12.3 571,364 14.0 Multifamily loans 279,713 6.1 240,652 5.9 Total commercial real estate and multi-family residential loans 1,860,308 40.4 1,673,322 41.1 Agri-business and agricultural loans: Loans secured by farmland 150,503 3.2 174,380 4.3 Loans for agricultural production 187,651 4.1 205,151 5.0 Total agri-business and agricultural loans 338,154 7.3 379,531 9.3 Other commercial loans 97,533 2.1 112,302 2.8 Total commercial loans 4,145,408 90.0 3,592,023 88.3 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 170,671 3.7 177,227 4.4 Open end and junior lien loans 170,867 3.7 186,552 4.6 Residential construction and land development loans 11,012 0.3 12,966 0.3 Total consumer 1-4 family mortgage loans 352,550 7.7 376,745 9.3 Other consumer loans 105,285 2.3 98,617 2.4 Total consumer loans 457,835 10.0 475,362 11.7 Subtotal 4,603,243 100.0 % 4,067,385 100.0 % Less: Allowance for loan losses (60,747) (50,652) Net deferred loan fees (13,319) (1,557) Loans, net $ 4,529,177 $ 4,015,176 |
ALLOWANCE FOR LOAN LOSSES AND_2
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | |
In Allowance For Loan Losses and Recorded Investment In Loans By Portfolio Segment | The following tables present the activity in the allowance for loan losses by portfolio segment for the three-month periods ended September 30, 2020 and 2019: Commercial Real Estate Commercial and Agri-business Consumer and Multifamily and Other 1-4 Family Other (dollars in thousands) Industrial Residential Agricultural Commercial Mortgage Consumer Unallocated Total Three Months Ended September 30, 2020 Beginning balance, July 1 $ 26,744 $ 21,063 $ 3,408 $ 542 $ 3,434 $ 774 $ 3,054 $ 59,019 Provision for loan losses 1,574 175 (314) 30 (50) 237 98 1,750 Loans charged-off (6) 0 0 0 (70) (229) 0 (305) Recoveries 51 177 3 0 4 48 0 283 Net loans charged-off 45 177 3 0 (66) (181) 0 (22) Ending balance $ 28,363 $ 21,415 $ 3,097 $ 572 $ 3,318 $ 830 $ 3,152 $ 60,747 Commercial Real Estate Commercial and Agri-business Consumer and Multifamily and Other 1-4 Family Other (dollars in thousands) Industrial Residential Agricultural Commercial Mortgage Consumer Unallocated Total Three Months Ended September 30, 2019 Beginning balance, July 1 $ 25,024 $ 15,492 $ 3,906 $ 355 $ 2,153 $ 289 $ 3,345 $ 50,564 Provision for loan losses 943 474 (4) 28 (93) 67 (415) 1,000 Loans charged-off (1,123) 0 0 0 (23) (75) 0 (1,221) Recoveries 133 44 2 0 83 23 0 285 Net loans charged-off (990) 44 2 0 60 (52) 0 (936) Ending balance $ 24,977 $ 16,010 $ 3,904 $ 383 $ 2,120 $ 304 $ 2,930 $ 50,628 The following tables present the activity in the allowance for loan losses by portfolio segment for the nine-month periods ended September 30, 2020 and 2019: Commercial Real Estate Commercial and Agri-business Consumer and Multifamily and Other 1-4 Family Other (dollars in thousands) Industrial Residential Agricultural Commercial Mortgage Consumer Unallocated Total Nine Months Ended September 30, 2020 Beginning balance, January 1 $ 25,789 $ 15,796 $ 3,869 $ 447 $ 2,086 $ 345 $ 2,320 $ 50,652 Provision for loan losses 6,264 5,312 (780) 125 1,298 799 832 13,850 Loans charged-off (4,037) 0 0 0 (83) (445) 0 (4,565) Recoveries 347 307 8 0 17 131 0 810 Net loans charged-off (3,690) 307 8 0 (66) (314) 0 (3,755) Ending balance $ 28,363 $ 21,415 $ 3,097 $ 572 $ 3,318 $ 830 $ 3,152 $ 60,747 Commercial Real Estate Commercial and Agri-business Consumer and Multifamily and Other 1-4 Family Other (dollars in thousands) Industrial Residential Agricultural Commercial Mortgage Consumer Unallocated Total Nine Months Ended September 30, 2019 Beginning balance, January 1 $ 22,518 $ 15,393 $ 4,305 $ 368 $ 2,292 $ 283 $ 3,294 $ 48,453 Provision for loan losses 3,260 461 (407) 15 (172) 192 (364) 2,985 Loans charged-off (1,223) 0 0 0 (110) (256) 0 (1,589) Recoveries 422 156 6 0 110 85 0 779 Net loans charged-off (801) 156 6 0 0 (171) 0 (810) Ending balance $ 24,977 $ 16,010 $ 3,904 $ 383 $ 2,120 $ 304 $ 2,930 $ 50,628 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2020 and December 31, 2019: Commercial Real Estate Commercial and Agri-business Consumer and Multifamily and Other 1-4 Family Other (dollars in thousands) Industrial Residential Agricultural Commercial Mortgage Consumer Unallocated Total September 30, 2020 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 6,345 $ 1,313 $ 64 $ 0 $ 328 $ 0 $ 0 $ 8,050 Collectively evaluated for impairment 22,018 20,102 3,033 572 2,990 830 3,152 52,697 Total ending allowance balance $ 28,363 $ 21,415 $ 3,097 $ 572 $ 3,318 $ 830 $ 3,152 $ 60,747 Loans: Loans individually evaluated for impairment $ 13,591 $ 6,030 $ 428 $ 0 $ 2,437 $ 0 $ 0 $ 22,486 Loans collectively evaluated for impairment 1,824,156 1,851,790 337,736 97,428 351,287 105,041 0 4,567,438 Total ending loans balance $ 1,837,747 $ 1,857,820 $ 338,164 $ 97,428 $ 353,724 $ 105,041 $ 0 $ 4,589,924 Commercial Real Estate Commercial and Agri-business Consumer and Multifamily and Other 1-4 Family Other (dollars in thousands) Industrial Residential Agricultural Commercial Mortgage Consumer Unallocated Total December 31, 2019 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 9,324 $ 538 $ 90 $ 0 $ 426 $ 6 $ 0 $ 10,384 Collectively evaluated for impairment 16,465 15,258 3,779 447 1,660 339 2,320 40,268 Total ending allowance balance $ 25,789 $ 15,796 $ 3,869 $ 447 $ 2,086 $ 345 $ 2,320 $ 50,652 Loans: Loans individually evaluated for impairment $ 19,580 $ 4,998 $ 445 $ 0 $ 2,789 $ 17 $ 0 $ 27,829 Loans collectively evaluated for impairment 1,407,246 1,665,842 379,186 112,166 375,210 98,349 0 4,037,999 Total ending loans balance $ 1,426,826 $ 1,670,840 $ 379,631 $ 112,166 $ 377,999 $ 98,366 $ 0 $ 4,065,828 |
Loans individually evaluated for impairment | The following table presents loans individually evaluated for impairment by class of loans as of September 30, 2020: Unpaid Allowance for Principal Recorded Loan Losses (dollars in thousands) Balance Investment Allocated With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 2,053 $ 174 $ 0 Non-working capital loans 3,070 974 0 Commercial real estate and multi-family residential loans: Owner occupied loans 2,039 2,039 0 Agri-business and agricultural loans: Loans secured by farmland 603 283 0 Consumer 1‑4 family loans: Closed end first mortgage loans 339 258 0 Open end and junior lien loans 91 64 0 Residential construction loans 25 25 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 877 876 444 Non-working capital loans 12,252 11,567 5,901 Commercial real estate and multi-family residential loans: Owner occupied loans 3,990 3,991 1,313 Agri-business and agricultural loans: Loans secured by farmland 145 145 64 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 1,468 1,470 293 Open end and junior lien loans 621 620 35 Total $ 27,573 $ 22,486 $ 8,050 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2019: Unpaid Allowance for Principal Recorded Loan Losses (dollars in thousands) Balance Investment Allocated With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 22 $ 22 $ 0 Non-working capital loans 2,130 735 0 Commercial real estate and multi-family residential loans: Owner occupied loans 3,189 3,010 0 Agri-business and agricultural loans: Loans secured by farmland 603 283 0 Loans for ag production 15 15 0 Consumer 1‑4 family loans: Closed end first mortgage loans 411 330 0 Open end and junior lien loans 121 121 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 6,214 6,214 3,089 Non-working capital loans 13,230 12,609 6,235 Commercial real estate and multi-family residential loans: Owner occupied loans 1,988 1,988 538 Agri-business and agricultural loans: Loans secured by farmland 147 147 90 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 1,643 1,646 363 Open end and junior lien loans 641 640 53 Residential construction loans 51 52 10 Other consumer loans 17 17 6 Total $ 30,422 $ 27,829 $ 10,384 The following table presents loans individually evaluated for impairment by class of loans as of and for the three-month period ended September 30, 2020: Cash Basis Average Interest Interest Recorded Income Income (dollars in thousands) Investment Recognized Recognized With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 174 $ 0 $ 0 Non-working capital loans 995 5 5 Commercial real estate and multi-family residential loans: Owner occupied loans 2,054 4 4 Agri-business and agricultural loans: Loans secured by farmland 283 0 0 Consumer 1‑4 family loans: Closed end first mortgage loans 274 0 0 Open end and junior lien loans 54 0 0 Residential construction loans 8 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 1,546 0 0 Non-working capital loans 11,970 63 63 Commercial real estate and multi-family residential loans: Owner occupied loans 3,994 0 0 Agri-business and agricultural loans: Loans secured by farmland 146 0 0 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 1,520 9 9 Open end and junior lien loans 648 0 0 Residential construction loans 35 0 0 Total $ 23,701 $ 81 $ 81 The following table presents loans individually evaluated for impairment by class of loans as of and for the three-month period ended September 30, 2019: Cash Basis Average Interest Interest Recorded Income Income (dollars in thousands) Investment Recognized Recognized With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 165 $ 2 $ 2 Non-working capital loans 1,394 1 1 Commercial real estate and multi-family residential loans: Owner occupied loans 3,266 7 7 Agri-business and agricultural loans: Loans secured by farmland 283 0 0 Consumer 1‑4 family loans: Closed end first mortgage loans 211 0 0 Open end and junior lien loans 137 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 6,313 0 0 Non-working capital loans 12,088 96 96 Commercial real estate and multi-family residential loans: Owner occupied loans 1,676 8 8 Agri-business and agricultural loans: Loans secured by farmland 147 0 0 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 1,625 10 9 Open end and junior lien loans 433 0 0 Total $ 27,738 $ 124 $ 123 |
Aging of the Recorded Investment in Past Due Loans | Cash Basis Average Interest Interest Recorded Income Income (dollars in thousands) Investment Recognized Recognized With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 442 $ 0 $ 0 Non-working capital loans 766 16 16 Commercial real estate and multi-family residential loans: Owner occupied loans 2,101 13 13 Agri-business and agricultural loans: Loans secured by farmland 283 0 0 Consumer 1-4 family loans: Closed end first mortgage loans 304 2 2 Open end and junior lien loans 63 0 0 Residential construction loans 3 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 3,001 0 0 Non-working capital loans 11,763 216 216 Commercial real estate and multi-family residential loans: Owner occupied loans 3,034 30 30 Agri-business and agricultural loans: Loans secured by farmland 147 0 0 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 1,589 28 28 Open end and junior lien loans 642 0 0 Residential construction loans 46 0 0 Total $ 24,184 $ 305 $ 305 The following table presents loans individually evaluated for impairment by class of loans as of and for the nine-month period ended September 30, 2019: Cash Basis Average Interest Interest Recorded Income Income (dollars in thousands) Investment Recognized Recognized With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 203 $ 7 $ 8 Non-working capital loans 1,292 39 29 Commercial real estate and multi-family residential loans: Owner occupied loans 2,112 28 28 Agri-business and agricultural loans: Loans secured by farmland 283 0 0 Consumer 1-4 family loans: Closed end first mortgage loans 251 2 3 Open end and junior lien loans 141 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 6,375 143 81 Non-working capital loans 11,536 355 326 Commercial real estate and multi-family residential loans: Owner occupied loans 1,840 37 31 Agri-business and agricultural loans: Loans secured by farmland 147 3 1 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 1,634 35 34 Open end and junior lien loans 145 0 0 Other consumer loans 24 2 1 Total $ 25,983 $ 651 $ 542 The following table presents the aging of the recorded investment in past due loans as of September 30, 2020 by class of loans: Greater than 30 ‑ 89 90 Days Total Past Loans Not Days Past Due and (dollars in thousands) Past Due Past Due Due Nonaccrual Nonaccrual Total Commercial and industrial loans: Working capital lines of credit loans $ 591,549 $ 41 $ 0 $ 1,050 $ 1,091 $ 592,640 Non-working capital loans 1,239,596 3 0 5,508 5,511 1,245,107 Commercial real estate and multi-family residential loans: Construction and land development loans 392,078 0 0 0 0 392,078 Owner occupied loans 614,264 0 0 5,143 5,143 619,407 Nonowner occupied loans 567,009 18 0 0 18 567,027 Multifamily loans 279,308 0 0 0 0 279,308 Agri-business and agricultural loans: Loans secured by farmland 150,020 0 0 428 428 150,448 Loans for agricultural production 187,716 0 0 0 0 187,716 Other commercial loans 97,428 0 0 0 0 97,428 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 168,835 813 19 640 1,472 170,307 Open end and junior lien loans 171,669 99 0 684 783 172,452 Residential construction loans 10,940 0 0 25 25 10,965 Other consumer loans 104,905 136 0 0 136 105,041 Total $ 4,575,317 $ 1,110 $ 19 $ 13,478 $ 14,607 $ 4,589,924 The following table presents the aging of the recorded investment in past due loans as of December 31, 2019 by class of loans: Greater than 30‑89 90 Days Total Past Loans Not Days Past Due and (dollars in thousands) Past Due Past Due Due Nonaccrual Nonaccrual Total Commercial and industrial loans: Working capital lines of credit loans $ 703,737 $ 10 $ 0 $ 6,236 $ 6,246 $ 709,983 Non-working capital loans 710,557 4 0 6,282 6,286 716,843 Commercial real estate and multi-family residential loans: Construction and land development loans 286,534 0 0 0 0 286,534 Owner occupied loans 569,303 0 0 4,056 4,056 573,359 Nonowner occupied loans 570,687 0 0 0 0 570,687 Multifamily loans 240,260 0 0 0 0 240,260 Agri-business and agricultural loans: Loans secured by farmland 173,959 0 0 430 430 174,389 Loans for agricultural production 205,228 0 0 14 14 205,242 Other commercial loans 112,166 0 0 0 0 112,166 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 174,902 1,099 45 827 1,971 176,873 Open end and junior lien loans 187,255 188 0 761 949 188,204 Residential construction loans 12,870 0 0 52 52 12,922 Other consumer loans 98,176 173 0 17 190 98,366 Total $ 4,045,634 $ 1,474 $ 45 $ 18,675 $ 20,194 $ 4,065,828 |
Troubled Debt Restructuring | September 30 December 31 (dollars in thousands) 2020 2019 Accruing troubled debt restructured loans $ 5,658 $ 5,909 Nonaccrual troubled debt restructured loans 6,547 3,188 Total troubled debt restructured loans $ 12,205 $ 9,097 |
Loans by Class Modified as Troubled Debt Restructurings | The following table presents loans by class modified as new troubled debt restructurings that occurred during the nine months ended September 30, 2020: Modified Repayment Terms Pre-Modification Post-Modification Extension Outstanding Outstanding Period or Number of Recorded Recorded Number of Range (dollars in thousands) Loans Investment Investment Loans (in months) Troubled Debt Restructurings Commercial and industrial loans: Working capital lines of credit loans 1 $ 250 $ 315 1 0 Non-working capital loans 2 4,288 3,691 2 0 Commercial real estate and multi-family residential loans: Owner occupied loans 1 1,528 1,527 1 0 Total 4 $ 6,066 $ 5,533 4 0 The following table presents loans by class modified as new troubled debt restructurings that occurred during the nine months ended September 30, 2019: Modified Repayment Terms Pre-Modification Post-Modification Extension Outstanding Outstanding Period or Number of Recorded Recorded Number of Range (dollars in thousands) Loans Investment Investment Loans (in months) Troubled Debt Restructurings Commercial and industrial loans: Working capital lines of credit loans 1 35 35 1 0 Total 1 $ 35 $ 35 1 0 |
Credit Quality Indicators | Special Not (dollars in thousands) Pass Mention Substandard Doubtful Rated Total Commercial and industrial loans: Working capital lines of credit loans $ 526,206 $ 47,016 $ 19,159 $ 0 $ 259 $ 592,640 Non-working capital loans 1,195,861 25,294 18,747 0 5,205 1,245,107 Commercial real estate and multi-family residential loans: Construction and land development loans 392,078 0 0 0 0 392,078 Owner occupied loans 579,800 27,945 11,662 0 0 619,407 Nonowner occupied loans 560,424 6,603 0 0 0 567,027 Multifamily loans 279,308 0 0 0 0 279,308 Agri-business and agricultural loans: Loans secured by farmland 139,013 10,778 657 0 0 150,448 Loans for agricultural production 136,682 51,034 0 0 0 187,716 Other commercial loans 97,428 0 0 0 0 97,428 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 42,213 0 1,728 0 126,366 170,307 Open end and junior lien loans 9,058 0 684 0 162,710 172,452 Residential construction loans 0 0 25 0 10,940 10,965 Other consumer loans 37,042 0 0 0 67,999 105,041 Total $ 3,995,113 $ 168,670 $ 52,662 $ 0 $ 373,479 $ 4,589,924 Special Not (dollars in thousands) Pass Mention Substandard Doubtful Rated Total Commercial and industrial loans: Working capital lines of credit loans $ 631,728 $ 40,551 $ 37,278 $ 0 $ 426 $ 709,983 Non-working capital loans 673,370 18,782 19,381 0 5,310 716,843 Commercial real estate and multi-family residential loans: Construction and land development loans 286,534 0 0 0 0 286,534 Owner occupied loans 535,496 14,804 23,059 0 0 573,359 Nonowner occupied loans 569,315 781 591 0 0 570,687 Multifamily loans 240,260 0 0 0 0 240,260 Agri-business and agricultural loans: Loans secured by farmland 165,005 7,952 1,432 0 0 174,389 Loans for agricultural production 191,489 13,738 15 0 0 205,242 Other commercial loans 112,166 0 0 0 0 112,166 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 47,405 0 1,976 0 127,492 176,873 Open end and junior lien loans 10,845 0 762 0 176,597 188,204 Residential construction loans 0 0 51 0 12,871 12,922 Other consumer loans 27,250 0 17 0 71,099 98,366 Total $ 3,490,863 $ 96,608 $ 84,562 $ 0 $ 393,795 $ 4,065,828 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
FAIR VALUE DISCLOSURES | |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The table below presents the balances of assets measured at fair value on a recurring basis: September 30, 2020 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 at Fair Value Assets: U.S. government sponsored agencies $ 0 $ 10,026 $ 0 $ 10,026 Mortgage-backed securities: residential 0 248,266 0 248,266 Mortgage-backed securities: commercial 0 39,161 0 39,161 State and municipal securities 0 346,436 145 346,581 Total Securities 0 643,889 145 644,034 Mortgage banking derivative 0 1,075 0 1,075 Interest rate swap derivative 0 25,184 0 25,184 Total assets $ 0 $ 670,148 $ 145 $ 670,293 Liabilities: Mortgage banking derivative 0 41 0 41 Interest rate swap derivative 0 25,203 0 25,203 Total liabilities $ 0 $ 25,244 $ 0 $ 25,244 December 31, 2019 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 at Fair Value Assets: Mortgage-backed securities: residential $ 0 $ 288,181 $ 0 $ 288,181 Mortgage-backed securities: commercial 0 36,972 0 36,972 State and municipal securities 0 282,935 145 283,080 Total Securities 0 608,088 145 608,233 Mortgage banking derivative 0 198 0 198 Interest rate swap derivative 0 7,263 0 7,263 Total assets $ 0 $ 615,549 $ 145 $ 615,694 Liabilities: Mortgage banking derivative 0 14 0 14 Interest rate swap derivative 0 7,860 0 7,860 Total liabilities $ 0 $ 7,874 $ 0 $ 7,874 |
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis | The fair value of Level 3 available-for-sale securities was immaterial and thus did not require additional recurring fair value disclosure. The table below presents the balances of assets measured at fair value on a nonrecurring basis: September 30, 2020 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 at Fair Value Assets Impaired loans: Commercial and industrial loans: Working capital lines of credit loans $ 0 $ 0 $ 432 $ 432 Non-working capital loans 0 0 5,666 5,666 Commercial real estate and multi-family residential loans: Owner occupied loans 0 0 2,678 2,678 Agri-business and agricultural loans: Loans secured by farmland 0 0 81 81 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 0 0 393 393 Open end and junior lien loans 0 0 585 585 Total impaired loans $ 0 $ 0 $ 9,835 $ 9,835 Other real estate owned 0 0 0 0 Mortgage servicing rights, net of valuation allowance 0 3,565 0 3,565 Total assets $ 0 $ 3,565 $ 9,835 $ 13,400 December 31, 2019 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 at Fair Value Assets Impaired loans: Commercial and industrial loans: Working capital lines of credit loans $ 0 $ 0 $ 3,126 $ 3,126 Non-working capital loans 0 0 6,374 6,374 Commercial real estate and multi-family residential loans: Construction and land development loans 0 0 43 43 Owner occupied loans 0 0 1,449 1,449 Agri-business and agricultural loans: Loans secured by farmland 0 0 57 57 Other commercial loans 0 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 0 0 474 474 Open end and junior lien loans 0 0 587 587 Other consumer loans 0 0 11 11 Total impaired loans $ 0 $ 0 $ 12,121 $ 12,121 Other real estate owned 0 0 0 0 Total assets $ 0 $ 0 $ 12,121 $ 12,121 |
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 September 30, 2020: (dollars in thousands) Fair Value Valuation Methodology Unobservable Inputs Average Range of Inputs Impaired loans: Commercial and industrial $ 6,098 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 44 % 21% - 100% Impaired loans: Commercial real estate 2,678 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 33 % 10% - 75% Impaired loans: Agribusiness and agricultural 81 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 44 % Impaired loans: Consumer 1-4 family mortgage 978 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 10 % 6% - 17% 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, 2019: (dollars in thousands) Fair Value Valuation Methodology Unobservable Inputs Average Range of Inputs Impaired loans: Commercial and industrial $ 9,500 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 53 % 1%-100% Impaired loans: Commercial real estate 1,492 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 27 % 7%-61% Impaired loans: Agribusiness and agricultural 57 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 61 % Impaired loans: Consumer 1-4 family mortgage 1,061 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 14 % 5%-100% Impaired loans: Other consumer 11 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 36 % |
Schedule of Fair Values and the Related Carrying Values of Financial Instruments | The following table contains the estimated fair values and the related carrying values of the Company’s financial instruments. Items which are not financial instruments are not included. September 30, 2020 Carrying Estimated Fair Value (dollars in thousands) Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 129,081 $ 126,364 $ 2,717 $ 0 $ 129,081 Securities available-for-sale 644,034 0 643,889 145 644,034 Real estate mortgages held-for-sale 10,097 0 10,543 0 10,543 Loans, net 4,529,177 0 0 4,491,862 4,491,862 Federal Reserve and Federal Home Loan Bank Stock 13,772 N/A N/A N/A N/A Accrued interest receivable 18,447 0 3,535 14,912 18,447 Financial Liabilities: Certificates of deposit (1,213,390) 0 (1,223,667) 0 (1,223,667) All other deposits (3,554,564) (3,554,564) 0 0 (3,554,564) Other short-term borrowings (10,500) 0 (10,500) 0 (10,500) Federal Home Loan Bank advances (75,000) 0 (69,066) 0 (69,066) Standby letters of credit (657) 0 0 (657) (657) Accrued interest payable (6,303) (56) (6,247) 0 (6,303) December 31, 2019 Carrying Estimated Fair Value (dollars in thousands) Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 99,381 $ 96,603 $ 2,778 $ 0 $ 99,381 Securities available-for-sale 608,233 0 608,088 145 608,233 Real estate mortgages held-for-sale 4,527 0 4,614 0 4,614 Loans, net 4,015,176 0 0 3,979,006 3,979,006 Federal Reserve and Federal Home Loan Bank Stock 13,772 N/A N/A N/A N/A Accrued interest receivable 15,391 0 3,729 11,662 15,391 Financial Liabilities: Certificates of deposit (1,192,067) 0 (1,202,060) 0 (1,202,060) All other deposits (2,941,752) (2,941,752) 0 0 (2,941,752) Federal Home Loan Bank advances (170,000) 0 (169,998) 0 (169,998) Standby letters of credit (915) 0 0 (915) (915) Accrued interest payable (11,604) (102) (11,502) 0 (11,604) |
OFFSETTING ASSETS AND LIABILI_2
OFFSETTING ASSETS AND LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 and December 31, 2019. September 30, 2020 Gross Gross Amounts Net Amounts Gross Amounts Not Amounts of Offset in the presented in Offset in the Statement Recognized Statement of the Statement of Financial Position Assets/ Financial of Financial Financial Cash Collateral Net (dollars in thousands) Liabilities Position Position Instruments Position Amount Assets Interest Rate Swap Derivatives $ 25,184 $ 0 $ 25,184 $ 0 $ 0 $ 25,184 Total Assets $ 25,184 $ 0 $ 25,184 $ 0 $ 0 $ 25,184 Liabilities Interest Rate Swap Derivatives $ 25,203 $ 0 $ 25,203 $ 0 $ (25,480) $ (277) Total Liabilities $ 25,203 $ 0 $ 25,203 $ 0 $ (25,480) $ (277) December 31, 2019 Gross Gross Amounts Net Amounts Gross Amounts Not Amounts of Offset in the presented in Offset in the Statement Recognized Statement of the Statement of Financial Position Assets/ Financial of Financial Financial Cash Collateral Net (dollars in thousands) Liabilities Position Position Instruments Position Amount Assets Interest Rate Swap Derivatives $ 7,263 $ 0 $ 7,263 $ 0 $ 0 $ 7,263 Total Assets $ 7,263 $ 0 $ 7,263 $ 0 $ 0 $ 7,263 Liabilities Interest Rate Swap Derivatives $ 7,860 $ 0 $ 7,860 $ 0 $ (7,560) $ 300 Total Liabilities $ 7,860 $ 0 $ 7,860 $ 0 $ (7,560) $ 300 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
EARNINGS PER SHARE | |
Schedule of Weighted Average Number of Shares | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Weighted average shares outstanding for basic earnings per common share 25,418,712 25,622,338 25,484,329 25,576,740 Dilutive effect of stock options, awards and warrants 68,590 174,358 134,072 168,289 Weighted average shares outstanding for diluted earnings per common share 25,487,302 25,796,696 25,618,401 25,745,029 Basic earnings per common share $ 0.89 $ 0.84 $ 2.34 $ 2.54 Diluted earnings per common share $ 0.89 $ 0.83 $ 2.33 $ 2.52 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |
Schedule of Changes in Accumulated Other Comprehensive Income | The following tables summarize the changes within each classification of accumulated other comprehensive income (loss) for the three months ended September 30, 2020 and 2019: Unrealized Gains and Defined (Losses) on Benefit Available- Pension for-Sales Gains (dollars in thousands) Securities (Losses) Total Balance at July 1, 2020 $ 26,256 $ (1,454) $ 24,802 Other comprehensive income before reclassification 688 0 688 Amounts reclassified from accumulated other comprehensive income (loss) (314) 48 (266) Net current period other comprehensive income 374 48 422 Balance at September 30, 2020 $ 26,630 $ (1,406) $ 25,224 Unrealized Gains and Defined (Losses) on Benefit Available- Pension for-Sales Gains (dollars in thousands) Securities (Losses) Total Balance at July 1, 2019 $ 10,818 $ (1,318) $ 9,500 Other comprehensive income before reclassification 3,934 0 3,934 Amounts reclassified from accumulated other comprehensive income (loss) (6) 39 33 Net current period other comprehensive income 3,928 39 3,967 Balance at September 30, 2019 $ 14,746 $ (1,279) $ 13,467 The following tables summarize the changes within each classification of accumulated other comprehensive income (loss) for the nine months ended September 30, 2020 and 2019: Unrealized Gains and Defined (Losses) on Benefit Available- Pension for-Sales Gains (dollars in thousands) Securities (Losses) Total Balance at January 1, 2020 $ 13,607 $ (1,548) $ 12,059 Other comprehensive income before reclassification 13,386 0 13,386 Amounts reclassified from accumulated other comprehensive income (loss) (363) 142 (221) Net current period other comprehensive income 13,023 142 13,165 Balance at September 30, 2020 $ 26,630 $ (1,406) $ 25,224 Unrealized Gains and Defined (Losses) on Benefit Available- Pension for-Sales Gains (dollars in thousands) Securities (Losses) Total Balance at January 1, 2019 $ (4,796) $ (1,395) $ (6,191) Other comprehensive income before reclassification 19,636 0 19,636 Amounts reclassified from accumulated other comprehensive income (loss) (94) 116 22 Net current period other comprehensive income 19,542 116 19,658 Balance at September 30, 2019 $ 14,746 $ (1,279) $ 13,467 |
Schedule of reclassification Accumulated Other Comprehensive Income | Reclassifications out of accumulated comprehensive income for the three months ended September 30, 2020 are as follows: Details about Amount Affected Line Item Accumulated Other Reclassified From in the Statement Comprehensive Accumulated Other Where Net Income Components Comprehensive Income Income is Presented (dollars in thousands) Unrealized gains and losses on available-for-sale securities $ 314 Net securities gains Tax effect (66) Income tax expense Subtotal 248 Net of tax Amortization of defined benefit pension items (63) Other expense Tax effect 15 Income tax expense Subtotal (48) Net of tax Total reclassifications for the period $ 200 Net income Reclassifications out of accumulated comprehensive income for the three months ended September 30, 2019 are as follows: Details about Amount Affected Line Item Accumulated Other Reclassified From in the Statement Comprehensive Accumulated Other Where Net Income Components Comprehensive Income Income is Presented (dollars in thousands) Unrealized gains and losses on available-for-sale securities $ 6 Net securities gains Tax effect (1) Income tax expense Subtotal 5 Net of tax Amortization of defined benefit pension items (51) Other expense Tax effect 13 Income tax expense Subtotal (38) Net of tax Total reclassifications for the period $ (33) Net income Reclassifications out of accumulated comprehensive income for the nine months ended September 30, 2020 are as follows: Details about Amount Affected Line Item Accumulated Other Reclassified From in the Statement Comprehensive Accumulated Other Where Net Income Components Comprehensive Income Income is Presented (dollars in thousands) Unrealized gains and losses on available-for-sale securities $ 363 Net securities gains Tax effect (76) Income tax expense Subtotal 287 Net of tax Amortization of defined benefit pension items (189) Other expense Tax effect 47 Income tax expense Subtotal (142) Net of tax Total reclassifications for the period $ 145 Net income Reclassifications out of accumulated comprehensive income for the nine months ended September 30, 2019 are as follows: Details about Amount Affected Line Item Accumulated Other Reclassified From in the Statement Comprehensive Accumulated Other Where Net Income Components Comprehensive Income Income is Presented (dollars in thousands) Unrealized gains and losses on available-for-sale securities $ 94 Net securities gains Tax effect (20) Income tax expense Subtotal 74 Net of tax Amortization of defined benefit pension items (154) Other expense Tax effect 38 Income tax expense Subtotal (116) Net of tax Total reclassifications for the period $ (42) Net income |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
LEASES | |
Schedule of Maturity Analysis of the Operating Lease Liabilities | Operating lease Years ending December 31, (in thousands) Obligation 2020 $ 142 2021 581 2022 595 2023 606 2024 622 2025 and thereafter 2,873 Total undiscounted lease payments 5,419 Less imputed interest (635) Lease liability $ 4,784 Right-of-use asset $ 4,784 |
Schedule of Lease Cost | Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Lease cost Operating lease cost $ 141 $ 128 $ 402 $ 372 Short-term lease cost 6 6 18 18 Total lease cost $ 147 $ 134 $ 420 $ 390 Other information Operating cash outflows from operating leases $ 402 Weighted-average remaining lease term - operating leases 9.1 years Weighted average discount rate - operating leases 2.8 % |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($)subsidiary | Dec. 31, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle | ||
Number of wholly owned subsidiaries | subsidiary | 2 | |
Cumulative period adjustment made to retained earnings | $ | $ 512,041 | $ 475,247 |
SECURITIES - Summary of Availab
SECURITIES - Summary of Available For Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Information related to available for sale securities | ||
Amortized Cost | $ 610,325 | $ 591,009 |
Gross Unrealized Gain | 33,926 | 17,841 |
Gross Unrealized Losses | (217) | (617) |
Fair Value | 644,034 | 608,233 |
U.S. government sponsored agencies | ||
Information related to available for sale securities | ||
Amortized Cost | 10,000 | |
Gross Unrealized Gain | 26 | |
Gross Unrealized Losses | 0 | |
Fair Value | 10,026 | |
Mortgage-backed securities residential [Member] | ||
Information related to available for sale securities | ||
Amortized Cost | 238,062 | 283,817 |
Gross Unrealized Gain | 10,232 | 4,751 |
Gross Unrealized Losses | (28) | (387) |
Fair Value | 248,266 | 288,181 |
Mortgage-backed securities commercial [Member] | ||
Information related to available for sale securities | ||
Amortized Cost | 38,026 | 36,712 |
Gross Unrealized Gain | 1,135 | 262 |
Gross Unrealized Losses | 0 | (2) |
Fair Value | 39,161 | 36,972 |
State and Municipal Securities [Member] | ||
Information related to available for sale securities | ||
Amortized Cost | 324,237 | 270,480 |
Gross Unrealized Gain | 22,533 | 12,828 |
Gross Unrealized Losses | (189) | (228) |
Fair Value | $ 346,581 | $ 283,080 |
SECURITIES - Schedule of Availa
SECURITIES - Schedule of Available For Sale Securities By Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Maturities of Available-for-sale Debt Securities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 2,436 | |
Amortized Cost, Due after one year through five years | 14,118 | |
Amortized Cost, Due after five years through ten years | 29,681 | |
Amortized Cost, Due after ten years | 288,002 | |
Amortized Cost, Available for sale securities with maturities amortized cost | 334,237 | |
Amortized Cost, Mortgage-backed securities | 276,088 | |
Amortized Cost, Total debt securities | 610,325 | $ 591,009 |
Fair Value, Due in one year or less | 2,454 | |
Fair Value, Due after one year through five years | 14,541 | |
Fair Value, Due after five years through ten years | 31,773 | |
Fair Value, Due after ten years | 307,839 | |
Fair Value, Available for sale securities with maturities fair value | 356,607 | |
Fair Value, Mortgage-backed securities | 287,427 | |
Fair Value, Total debt securities | $ 644,034 | $ 608,233 |
SECURITIES - Schedule of Sales
SECURITIES - Schedule of Sales of Securities Available For Sale (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Sales of securities available-for-sale | ||||
Proceeds | $ 5,265 | $ 12,725 | $ 6,413 | $ 38,544 |
Gross gains | 314 | 13 | 363 | 151 |
Gross losses | $ 0 | $ (7) | $ 0 | $ (57) |
Number of securities | 12 | 6 | 15 | 31 |
SECURITIES - Schedule of Avai_2
SECURITIES - Schedule of Available For Sale of Securities Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Securities with unrealized losses [Abstract] | ||
Less than 12 months, Fair Value | $ 21,142 | $ 42,215 |
12 months or more, Fair value | 4,135 | 14,174 |
Total Fair value | 25,277 | 56,389 |
Less than 12 Months, Unrealized Losses | 189 | 342 |
12 Months or more, Unrealized Losses | 28 | 275 |
Total Unrealized Losses | 217 | 617 |
Mortgage-backed securities residential [Member] | ||
Securities with unrealized losses [Abstract] | ||
Less than 12 months, Fair Value | 0 | 23,436 |
12 months or more, Fair value | 4,135 | 14,174 |
Total Fair value | 4,135 | 37,610 |
Less than 12 Months, Unrealized Losses | 0 | 112 |
12 Months or more, Unrealized Losses | 28 | 275 |
Total Unrealized Losses | 28 | 387 |
Mortgage-backed securities commercial [Member] | ||
Securities with unrealized losses [Abstract] | ||
Less than 12 months, Fair Value | 7 | 4,591 |
12 months or more, Fair value | 0 | 0 |
Total Fair value | 7 | 4,591 |
Less than 12 Months, Unrealized Losses | 0 | 2 |
12 Months or more, Unrealized Losses | 0 | 0 |
Total Unrealized Losses | 0 | 2 |
State and Municipal Securities [Member] | ||
Securities with unrealized losses [Abstract] | ||
Less than 12 months, Fair Value | 21,135 | 14,188 |
12 months or more, Fair value | 0 | 0 |
Total Fair value | 21,135 | 14,188 |
Less than 12 Months, Unrealized Losses | 189 | 228 |
12 Months or more, Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ 189 | $ 228 |
SECURITIES - Quantitative Discl
SECURITIES - Quantitative Disclosure of Available For Sale of Securities (Details) | Sep. 30, 2020 | Dec. 31, 2019 |
Number of securities with unrealized losses [Abstract] | ||
Number of available-for-sale securities in unrealized loss positions, less than 12 months | 18 | 19 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 2 | 6 |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 20 | 25 |
Mortgage-backed securities residential [Member] | ||
Number of securities with unrealized losses [Abstract] | ||
Number of available-for-sale securities in unrealized loss positions, less than 12 months | 0 | 7 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 2 | 6 |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 2 | 13 |
Mortgage-backed securities commercial [Member] | ||
Number of securities with unrealized losses [Abstract] | ||
Number of available-for-sale securities in unrealized loss positions, less than 12 months | 1 | 1 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 0 | 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 1 | 1 |
State and Municipal Securities [Member] | ||
Number of securities with unrealized losses [Abstract] | ||
Number of available-for-sale securities in unrealized loss positions, less than 12 months | 17 | 11 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 0 | 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 17 | 11 |
SECURITIES - Additional Informa
SECURITIES - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Information related to available for sale securities | ||
Available-for-sale Securities pledged as collateral | $ 400.7 | $ 59.3 |
LOANS - Total Loans Outstanding
LOANS - Total Loans Outstanding (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 4,603,243 | $ 4,067,385 | ||||
Percentage of Subtotal | 100.00% | 100.00% | ||||
Less: Allowance for loan losses | $ (60,747) | $ (50,652) | $ (59,019) | $ (50,628) | $ (50,564) | $ (48,453) |
Net deferred loan fees | (13,319) | (1,557) | ||||
Loans, net | 4,529,177 | 4,015,176 | ||||
Commercial Portfolio Segment | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 4,145,408 | $ 3,592,023 | ||||
Percentage of Total commercial loans | 90.00% | 88.30% | ||||
Other consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 105,285 | $ 98,617 | ||||
Other Commercial Loans | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Percentage of Total consumer loans | 2.30% | 2.40% | ||||
Consumer Loan | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 457,835 | $ 475,362 | ||||
Commercial Loan | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Percentage of Total consumer loans | 10.00% | 11.70% | ||||
Commercial and Industrial Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 1,849,413 | $ 1,426,868 | ||||
Percentage of Total commercial loans | 40.20% | 35.10% | ||||
Less: Allowance for loan losses | $ (28,363) | $ (25,789) | (26,744) | (24,977) | (25,024) | (22,518) |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | Commercial Portfolio Segment | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 592,560 | $ 709,849 | ||||
Percentage of Total commercial loans | 12.90% | 17.50% | ||||
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | Commercial Portfolio Segment | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 1,256,853 | $ 717,019 | ||||
Percentage of Total commercial loans | 27.30% | 17.60% | ||||
Commercial Real Estate and Multi-family Residential Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 1,860,308 | $ 1,673,322 | ||||
Percentage of Total commercial loans | 40.40% | 41.10% | ||||
Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 393,101 | $ 287,641 | ||||
Percentage of Total commercial loans | 8.50% | 7.10% | ||||
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 619,820 | $ 573,665 | ||||
Percentage of Total commercial loans | 13.50% | 14.10% | ||||
Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 567,674 | $ 571,364 | ||||
Percentage of Total commercial loans | 12.30% | 14.00% | ||||
Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 279,713 | $ 240,652 | ||||
Percentage of Total commercial loans | 6.10% | 5.90% | ||||
Agri-business and Agricultural Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 338,154 | $ 379,531 | ||||
Percentage of Total commercial loans | 7.30% | 9.30% | ||||
Less: Allowance for loan losses | $ (3,097) | $ (3,869) | $ (3,408) | $ (3,904) | $ (3,906) | $ (4,305) |
Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland | Commercial Portfolio Segment | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 150,503 | $ 174,380 | ||||
Percentage of Total commercial loans | 3.20% | 4.30% | ||||
Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production | Commercial Portfolio Segment | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 187,651 | $ 205,151 | ||||
Percentage of Total commercial loans | 4.10% | 5.00% | ||||
Other Commercial Loans | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 97,533 | $ 112,302 | ||||
Percentage of Total commercial loans | 2.10% | 2.80% | ||||
Total Consumer 1 To 4 Family Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 352,550 | $ 376,745 | ||||
Percentage of Total commercial loans | 7.70% | 9.30% | ||||
Total Consumer 1 To 4 Family Mortgage Loans | Closed End First Mortgage Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 170,671 | $ 177,227 | ||||
Percentage of Total commercial loans | 3.70% | 4.40% | ||||
Total Consumer 1 To 4 Family Mortgage Loans | Open End And Junior Lien Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 170,867 | $ 186,552 | ||||
Percentage of Total commercial loans | 3.70% | 4.60% | ||||
Total Consumer 1 To 4 Family Mortgage Loans | Residential Construction and Land Development Loans | ||||||
Accounts, Notes, Loans and Financing Receivable | ||||||
Total Commercial And Consumer Loans | $ 11,012 | $ 12,966 | ||||
Percentage of Total commercial loans | 0.30% | 0.30% |
LOANS - Additional Information
LOANS - Additional Information (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
LOANS | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 197,000 | $ 1,600,000 |
ALLOWANCE FOR LOAN LOSSES AND_3
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY - Allowance for loan losses by portfolio segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Allowance for Credit Losses | ||||
Beginning balance | $ 59,019 | $ 50,564 | $ 50,652 | $ 48,453 |
Provision for loan losses | 1,750 | 1,000 | 13,850 | 2,985 |
Loans charged-off | (305) | (1,221) | (4,565) | (1,589) |
Recoveries | 283 | 285 | 810 | 779 |
Net loans charged-off | (22) | (936) | (3,755) | (810) |
Ending balance | 60,747 | 50,628 | 60,747 | 50,628 |
Commercial and Industrial Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Beginning balance | 26,744 | 25,024 | 25,789 | 22,518 |
Provision for loan losses | 1,574 | 943 | 6,264 | 3,260 |
Loans charged-off | (6) | (1,123) | (4,037) | (1,223) |
Recoveries | 51 | 133 | 347 | 422 |
Net loans charged-off | 45 | (990) | (3,690) | (801) |
Ending balance | 28,363 | 24,977 | 28,363 | 24,977 |
Commercial Real Estate and Multi-family Residential Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Beginning balance | 21,063 | 15,492 | 15,796 | 15,393 |
Provision for loan losses | 175 | 474 | 5,312 | 461 |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries | 177 | 44 | 307 | 156 |
Net loans charged-off | 177 | 44 | 307 | 156 |
Ending balance | 21,415 | 16,010 | 21,415 | 16,010 |
Agri-business and Agricultural Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Beginning balance | 3,408 | 3,906 | 3,869 | 4,305 |
Provision for loan losses | (314) | (4) | (780) | (407) |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries | 3 | 2 | 8 | 6 |
Net loans charged-off | 3 | 2 | 8 | 6 |
Ending balance | 3,097 | 3,904 | 3,097 | 3,904 |
Other Commercial | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Beginning balance | 542 | 355 | 447 | 368 |
Provision for loan losses | 30 | 28 | 125 | 15 |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net loans charged-off | 0 | 0 | 0 | 0 |
Ending balance | 572 | 383 | 572 | 383 |
Consumer 1-4 Family Mortgage Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Beginning balance | 3,434 | 2,153 | 2,086 | 2,292 |
Provision for loan losses | (50) | (93) | 1,298 | (172) |
Loans charged-off | (70) | (23) | (83) | (110) |
Recoveries | 4 | 83 | 17 | 110 |
Net loans charged-off | (66) | 60 | (66) | 0 |
Ending balance | 3,318 | 2,120 | 3,318 | 2,120 |
Other Consumer | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Beginning balance | 774 | 289 | 345 | 283 |
Provision for loan losses | 237 | 67 | 799 | 192 |
Loans charged-off | (229) | (75) | (445) | (256) |
Recoveries | 48 | 23 | 131 | 85 |
Net loans charged-off | (181) | (52) | (314) | (171) |
Ending balance | 830 | 304 | 830 | 304 |
Unallocated | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Beginning balance | 3,054 | 3,345 | 2,320 | 3,294 |
Provision for loan losses | 98 | (415) | 832 | (364) |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net loans charged-off | 0 | 0 | 0 | 0 |
Ending balance | $ 3,152 | $ 2,930 | $ 3,152 | $ 2,930 |
ALLOWANCE FOR LOAN LOSSES AND_4
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY - Balance In The Allowance For Loan Losses And The Recorded Investment In Loans By Portfolio Management (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | $ 8,050 | $ 10,384 | ||||
Collectively evaluated for impairment | 52,697 | 40,268 | ||||
Total ending allowance balance | 60,747 | $ 59,019 | 50,652 | $ 50,628 | $ 50,564 | $ 48,453 |
Loans: | ||||||
Loans individually evaluated for impairment | 22,486 | 27,829 | ||||
Loans collectively evaluated for impairment | 4,567,438 | 4,037,999 | ||||
Total ending loans balance | 4,589,924 | 4,065,828 | ||||
Commercial and Industrial Loans [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 6,345 | 9,324 | ||||
Collectively evaluated for impairment | 22,018 | 16,465 | ||||
Total ending allowance balance | 28,363 | 26,744 | 25,789 | 24,977 | 25,024 | 22,518 |
Loans: | ||||||
Loans individually evaluated for impairment | 13,591 | 19,580 | ||||
Loans collectively evaluated for impairment | 1,824,156 | 1,407,246 | ||||
Total ending loans balance | 1,837,747 | 1,426,826 | ||||
Commercial Real Estate and Multi-family Residential Loans [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 1,313 | 538 | ||||
Collectively evaluated for impairment | 20,102 | 15,258 | ||||
Total ending allowance balance | 21,415 | 21,063 | 15,796 | 16,010 | 15,492 | 15,393 |
Loans: | ||||||
Loans individually evaluated for impairment | 6,030 | 4,998 | ||||
Loans collectively evaluated for impairment | 1,851,790 | 1,665,842 | ||||
Total ending loans balance | 1,857,820 | 1,670,840 | ||||
Agri-business and Agricultural Loans [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 64 | 90 | ||||
Collectively evaluated for impairment | 3,033 | 3,779 | ||||
Total ending allowance balance | 3,097 | 3,408 | 3,869 | 3,904 | 3,906 | 4,305 |
Loans: | ||||||
Loans individually evaluated for impairment | 428 | 445 | ||||
Loans collectively evaluated for impairment | 337,736 | 379,186 | ||||
Total ending loans balance | 338,164 | 379,631 | ||||
Other Commercial | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 572 | 447 | ||||
Total ending allowance balance | 572 | 542 | 447 | 383 | 355 | 368 |
Loans: | ||||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 97,428 | 112,166 | ||||
Total ending loans balance | 97,428 | 112,166 | ||||
Consumer 1-4 Family Mortgage Loans [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 328 | 426 | ||||
Collectively evaluated for impairment | 2,990 | 1,660 | ||||
Total ending allowance balance | 3,318 | 3,434 | 2,086 | 2,120 | 2,153 | 2,292 |
Loans: | ||||||
Loans individually evaluated for impairment | 2,437 | 2,789 | ||||
Loans collectively evaluated for impairment | 351,287 | 375,210 | ||||
Total ending loans balance | 353,724 | 377,999 | ||||
Other Consumer | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 0 | 6 | ||||
Collectively evaluated for impairment | 830 | 339 | ||||
Total ending allowance balance | 830 | 774 | 345 | 304 | 289 | 283 |
Loans: | ||||||
Loans individually evaluated for impairment | 0 | 17 | ||||
Loans collectively evaluated for impairment | 105,041 | 98,349 | ||||
Total ending loans balance | 105,041 | 98,366 | ||||
Unallocated | ||||||
Ending allowance balance attributable to loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 3,152 | 2,320 | ||||
Total ending allowance balance | 3,152 | $ 3,054 | 2,320 | $ 2,930 | $ 3,345 | $ 3,294 |
Loans: | ||||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 0 | 0 | ||||
Total ending loans balance | $ 0 | $ 0 |
ALLOWANCE FOR LOAN LOSSES AND_5
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY - Loans Individually Evaluated For Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Loans Individually Evaluated for Impairment [Abstract] | |||||
Unpaid Principal Balance | $ 27,573 | $ 27,573 | $ 30,422 | ||
Recorded Investment | 22,486 | 22,486 | 27,829 | ||
Allowance for Loan Losses Allocated | 8,050 | 8,050 | 10,384 | ||
Average Recorded Investment with an allowance recorded | $ 27,738 | ||||
Average Recorded Investment | 23,701 | 24,184 | $ 25,983 | ||
Interest Income Recognized with an allowance recorded | 124 | 305 | |||
Interest Income Recognized | 81 | 651 | |||
Cash Basis Interest Income Recognized | 81 | 123 | 305 | 542 | |
Commercial and Industrial Loans [Member] | |||||
Loans Individually Evaluated for Impairment [Abstract] | |||||
Allowance for Loan Losses Allocated | 6,345 | 6,345 | 9,324 | ||
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | |||||
Loans Individually Evaluated for Impairment [Abstract] | |||||
Unpaid principal balance with no related allowance recorded | 2,053 | 2,053 | 22 | ||
Unpaid principal balance with an allowance recorded | 877 | 877 | 6,214 | ||
Recorded Investment with no related allowance recorded | 174 | 174 | 22 | ||
Recorded investment with an allowance recorded | 876 | 876 | 6,214 | ||
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | 0 | ||
Allowance for loans losses allocated with an allowance recorded | 444 | 444 | 3,089 | ||
Average Recorded Investment with no related allowance recorded | 174 | 165 | 442 | 203 | |
Average Recorded Investment with an allowance recorded | 1,546 | 6,313 | 3,001 | 6,375 | |
Interest Income Recognized with no related allowance recorded | 0 | 2 | 0 | 7 | |
Interest Income Recognized with an allowance recorded | 0 | 0 | 0 | 143 | |
Cash basis interest income recognized with no related allowance recorded | 0 | 2 | 0 | 8 | |
Cash basis interest income recognized with an allowance recorded | 0 | 0 | 0 | 81 | |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | |||||
Loans Individually Evaluated for Impairment [Abstract] | |||||
Unpaid principal balance with no related allowance recorded | 3,070 | 3,070 | 2,130 | ||
Unpaid principal balance with an allowance recorded | 12,252 | 12,252 | 13,230 | ||
Recorded Investment with no related allowance recorded | 974 | 974 | 735 | ||
Recorded investment with an allowance recorded | 11,567 | 11,567 | 12,609 | ||
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | 0 | ||
Allowance for loans losses allocated with an allowance recorded | 5,901 | 5,901 | 6,235 | ||
Average Recorded Investment with no related allowance recorded | 995 | 1,394 | 766 | 1,292 | |
Average Recorded Investment with an allowance recorded | 11,970 | 12,088 | 11,763 | 11,536 | |
Interest Income Recognized with no related allowance recorded | 5 | 1 | 16 | 39 | |
Interest Income Recognized with an allowance recorded | 63 | 96 | 216 | 355 | |
Cash basis interest income recognized with no related allowance recorded | 5 | 1 | 16 | 29 | |
Cash basis interest income recognized with an allowance recorded | 63 | 96 | 216 | 326 | |
Commercial Real Estate and Multi-family Residential Loans [Member] | |||||
Loans Individually Evaluated for Impairment [Abstract] | |||||
Allowance for Loan Losses Allocated | 1,313 | 1,313 | 538 | ||
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | |||||
Loans Individually Evaluated for Impairment [Abstract] | |||||
Unpaid principal balance with no related allowance recorded | 2,039 | 2,039 | 3,189 | ||
Unpaid principal balance with an allowance recorded | 3,990 | 3,990 | 1,988 | ||
Recorded Investment with no related allowance recorded | 2,039 | 2,039 | 3,010 | ||
Recorded investment with an allowance recorded | 3,991 | 3,991 | 1,988 | ||
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | 0 | ||
Allowance for loans losses allocated with an allowance recorded | 1,313 | 1,313 | 538 | ||
Average Recorded Investment with no related allowance recorded | 2,054 | 3,266 | 2,101 | 2,112 | |
Average Recorded Investment with an allowance recorded | 3,994 | 1,676 | 3,034 | 1,840 | |
Interest Income Recognized with no related allowance recorded | 4 | 7 | 13 | 28 | |
Interest Income Recognized with an allowance recorded | 0 | 8 | 30 | 37 | |
Cash basis interest income recognized with no related allowance recorded | 4 | 7 | 13 | 28 | |
Cash basis interest income recognized with an allowance recorded | 0 | 8 | 30 | 31 | |
Agri-business and Agricultural Loans [Member] | |||||
Loans Individually Evaluated for Impairment [Abstract] | |||||
Allowance for Loan Losses Allocated | 64 | 64 | 90 | ||
Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland | |||||
Loans Individually Evaluated for Impairment [Abstract] | |||||
Unpaid principal balance with no related allowance recorded | 603 | 603 | 603 | ||
Unpaid principal balance with an allowance recorded | 145 | 145 | 147 | ||
Recorded Investment with no related allowance recorded | 283 | 283 | 283 | ||
Recorded investment with an allowance recorded | 145 | 145 | 147 | ||
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | 0 | ||
Allowance for loans losses allocated with an allowance recorded | 64 | 64 | 90 | ||
Average Recorded Investment with no related allowance recorded | 283 | 283 | 283 | 283 | |
Average Recorded Investment with an allowance recorded | 146 | 147 | 147 | 147 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | 0 | 0 | |
Interest Income Recognized with an allowance recorded | 0 | 0 | 0 | 3 | |
Cash basis interest income recognized with no related allowance recorded | 0 | 0 | 0 | 0 | |
Cash basis interest income recognized with an allowance recorded | 0 | 0 | 0 | 1 | |
Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production | |||||
Loans Individually Evaluated for Impairment [Abstract] | |||||
Unpaid principal balance with no related allowance recorded | 15 | ||||
Recorded Investment with no related allowance recorded | 15 | ||||
Allowance for loan losses allocated with no related allowance recorded | 0 | ||||
Consumer 1-4 Family Mortgage Loans [Member] | |||||
Loans Individually Evaluated for Impairment [Abstract] | |||||
Allowance for Loan Losses Allocated | 328 | 328 | 426 | ||
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | |||||
Loans Individually Evaluated for Impairment [Abstract] | |||||
Unpaid principal balance with no related allowance recorded | 339 | 339 | 411 | ||
Unpaid principal balance with an allowance recorded | 1,468 | 1,468 | 1,643 | ||
Recorded Investment with no related allowance recorded | 258 | 258 | 330 | ||
Recorded investment with an allowance recorded | 1,470 | 1,470 | 1,646 | ||
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | 0 | ||
Allowance for loans losses allocated with an allowance recorded | 293 | 293 | 363 | ||
Average Recorded Investment with no related allowance recorded | 274 | 211 | 304 | 251 | |
Average Recorded Investment with an allowance recorded | 1,520 | 1,625 | 1,589 | 1,634 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | 2 | 2 | |
Interest Income Recognized with an allowance recorded | 9 | 10 | 28 | 35 | |
Cash basis interest income recognized with no related allowance recorded | 0 | 0 | 2 | 3 | |
Cash basis interest income recognized with an allowance recorded | 9 | 9 | 28 | 34 | |
Consumer 1-4 Family Mortgage Loans [Member] | Open End and Junior Lien Loans | |||||
Loans Individually Evaluated for Impairment [Abstract] | |||||
Unpaid principal balance with no related allowance recorded | 91 | 91 | 121 | ||
Unpaid principal balance with an allowance recorded | 621 | 621 | 641 | ||
Recorded Investment with no related allowance recorded | 64 | 64 | 121 | ||
Recorded investment with an allowance recorded | 620 | 620 | 640 | ||
Allowance for loan losses allocated with no related allowance recorded | 0 | 0 | 0 | ||
Allowance for loans losses allocated with an allowance recorded | 35 | 145 | 35 | 145 | 53 |
Average Recorded Investment with no related allowance recorded | 54 | 137 | 63 | 141 | |
Average Recorded Investment with an allowance recorded | 648 | 433 | 642 | ||
Interest Income Recognized with no related allowance recorded | 0 | 0 | 0 | 0 | |
Interest Income Recognized with an allowance recorded | 0 | 0 | 0 | 0 | |
Cash basis interest income recognized with no related allowance recorded | 0 | 0 | 0 | 0 | |
Cash basis interest income recognized with an allowance recorded | 0 | $ 0 | 0 | 0 | |
Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | |||||
Loans Individually Evaluated for Impairment [Abstract] | |||||
Unpaid principal balance with an allowance recorded | 25 | 25 | 51 | ||
Recorded investment with an allowance recorded | 25 | 25 | 52 | ||
Allowance for loans losses allocated with an allowance recorded | 0 | 0 | 10 | ||
Average Recorded Investment with no related allowance recorded | 8 | 3 | |||
Average Recorded Investment with an allowance recorded | 35 | 46 | |||
Interest Income Recognized with no related allowance recorded | 0 | 0 | |||
Interest Income Recognized with an allowance recorded | 0 | 0 | |||
Cash basis interest income recognized with no related allowance recorded | 0 | 0 | |||
Cash basis interest income recognized with an allowance recorded | $ 0 | $ 0 | |||
Consumer 1-4 Family Mortgage Loans [Member] | Other Consumer Loans [Member] | |||||
Loans Individually Evaluated for Impairment [Abstract] | |||||
Unpaid principal balance with an allowance recorded | 17 | ||||
Recorded investment with an allowance recorded | 17 | ||||
Allowance for loans losses allocated with an allowance recorded | $ 6 | ||||
Average Recorded Investment with an allowance recorded | 24 | ||||
Interest Income Recognized with an allowance recorded | 2 | ||||
Cash basis interest income recognized with an allowance recorded | $ 1 |
ALLOWANCE FOR LOAN LOSSES AND_6
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY - Aging Of The Recorded Investment In Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | $ 4,575,317 | $ 4,045,634 |
Nonaccrual | 13,478 | 18,675 |
Total Past Due and Nonaccrual | 14,607 | 20,194 |
Total ending loans balance | 4,589,924 | 4,065,828 |
Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 1,110 | 1,474 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 19 | 45 |
Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 174,902 | |
Nonaccrual | 827 | |
Total Past Due and Nonaccrual | 1,971 | |
Total ending loans balance | 176,873 | |
Closed End First Mortgage Loans [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 1,099 | |
Closed End First Mortgage Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 45 | |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total ending loans balance | 1,837,747 | 1,426,826 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 591,549 | 703,737 |
Nonaccrual | 1,050 | 6,236 |
Total Past Due and Nonaccrual | 1,091 | 6,246 |
Total ending loans balance | 592,640 | 709,983 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 41 | 10 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 1,239,596 | 710,557 |
Nonaccrual | 5,508 | 6,282 |
Total Past Due and Nonaccrual | 5,511 | 6,286 |
Total ending loans balance | 1,245,107 | 716,843 |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 3 | 4 |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Commercial Real Estate and Multi-family Residential Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total ending loans balance | 1,857,820 | 1,670,840 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 392,078 | 286,534 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccrual | 0 | 0 |
Total ending loans balance | 392,078 | 286,534 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 614,264 | 569,303 |
Nonaccrual | 5,143 | 4,056 |
Total Past Due and Nonaccrual | 5,143 | 4,056 |
Total ending loans balance | 619,407 | 573,359 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 567,009 | 570,687 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccrual | 18 | 0 |
Total ending loans balance | 567,027 | 570,687 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 18 | 0 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 279,308 | 240,260 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccrual | 0 | 0 |
Total ending loans balance | 279,308 | 240,260 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Agri-business and Agricultural Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total ending loans balance | 338,164 | 379,631 |
Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 150,020 | 173,959 |
Nonaccrual | 428 | 430 |
Total Past Due and Nonaccrual | 428 | 430 |
Total ending loans balance | 150,448 | 174,389 |
Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 187,716 | 205,228 |
Nonaccrual | 0 | 14 |
Total Past Due and Nonaccrual | 0 | 14 |
Total ending loans balance | 187,716 | 205,242 |
Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Agri-business and Agricultural Loans [Member] | Other Commercial Loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 97,428 | 112,166 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccrual | 0 | 0 |
Total ending loans balance | 97,428 | 112,166 |
Agri-business and Agricultural Loans [Member] | Other Commercial Loans | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Agri-business and Agricultural Loans [Member] | Other Commercial Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Consumer 1-4 Family Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total ending loans balance | 353,724 | 377,999 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 168,835 | |
Nonaccrual | 640 | |
Total Past Due and Nonaccrual | 1,472 | |
Total ending loans balance | 170,307 | 176,873 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 813 | |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 19 | |
Consumer 1-4 Family Mortgage Loans [Member] | Open End and Junior Lien Loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 171,669 | 187,255 |
Nonaccrual | 684 | 761 |
Total Past Due and Nonaccrual | 783 | 949 |
Total ending loans balance | 172,452 | 188,204 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End and Junior Lien Loans | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 99 | 188 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End and Junior Lien Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 10,940 | 12,870 |
Nonaccrual | 25 | 52 |
Total Past Due and Nonaccrual | 25 | 52 |
Total ending loans balance | 10,965 | 12,922 |
Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Consumer 1-4 Family Mortgage Loans [Member] | Other consumer loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loans Not Past Due | 104,905 | 98,176 |
Nonaccrual | 0 | 17 |
Total Past Due and Nonaccrual | 136 | 190 |
Total ending loans balance | 105,041 | 98,366 |
Consumer 1-4 Family Mortgage Loans [Member] | Other consumer loans | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 136 | 173 |
Consumer 1-4 Family Mortgage Loans [Member] | Other consumer loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | $ 0 | $ 0 |
ALLOWANCE FOR LOAN LOSSES AND_7
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY - Troubled Debt Restructuring (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | ||
Accruing troubled debt restructured loans | $ 5,658 | $ 5,909 |
Nonaccrual troubled debt restructured loans | 6,547 | 3,188 |
Total troubled debt restructured loans | $ 12,205 | $ 9,097 |
ALLOWANCE FOR LOAN LOSSES AND_8
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY - Loans By Class Modified As Troubled Debt Restructuring (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | |
Financing Receivable, Modifications | ||
Pre-Modification Outstanding Recorded Investment | $ | $ 6,066 | $ 35 |
Post-Modification Outstanding Recorded Investment | $ | $ 5,533 | $ 35 |
Extension period for modified repayment terms | 0 months | 0 months |
Modified Repayment Terms | ||
Financing Receivable, Modifications | ||
Number of Loans | loan | 4 | 1 |
All Modifications [Member] | ||
Financing Receivable, Modifications | ||
Number of Loans | loan | 4 | 1 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Modifications | ||
Pre-Modification Outstanding Recorded Investment | $ | $ 250 | $ 35 |
Post-Modification Outstanding Recorded Investment | $ | $ 315 | $ 35 |
Extension period for modified repayment terms | 0 months | 0 months |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | Modified Repayment Terms | ||
Financing Receivable, Modifications | ||
Number of Loans | loan | 1 | 1 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | All Modifications [Member] | ||
Financing Receivable, Modifications | ||
Number of Loans | loan | 1 | 1 |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Modifications | ||
Pre-Modification Outstanding Recorded Investment | $ | $ 4,288 | |
Post-Modification Outstanding Recorded Investment | $ | $ 3,691 | |
Extension period for modified repayment terms | 0 months | |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | Modified Repayment Terms | ||
Financing Receivable, Modifications | ||
Number of Loans | loan | 2 | |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | All Modifications [Member] | ||
Financing Receivable, Modifications | ||
Number of Loans | loan | 2 | |
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Modifications | ||
Pre-Modification Outstanding Recorded Investment | $ | $ 1,528 | |
Post-Modification Outstanding Recorded Investment | $ | $ 1,527 | |
Extension period for modified repayment terms | 0 months | |
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | Modified Repayment Terms | ||
Financing Receivable, Modifications | ||
Number of Loans | loan | 1 | |
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | All Modifications [Member] | ||
Financing Receivable, Modifications | ||
Number of Loans | loan | 1 |
ALLOWANCE FOR LOAN LOSSES AND_9
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment | ||
Total ending loans balance | $ 4,589,924 | $ 4,065,828 |
Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 176,873 | |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 1,837,747 | 1,426,826 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 592,640 | 709,983 |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 1,245,107 | 716,843 |
Commercial Real Estate and Multi-family Residential Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 1,857,820 | 1,670,840 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 392,078 | 286,534 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 619,407 | 573,359 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 567,027 | 570,687 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 279,308 | 240,260 |
Agri-business and Agricultural Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 338,164 | 379,631 |
Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 150,448 | 174,389 |
Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 187,716 | 205,242 |
Agri-business and Agricultural Loans [Member] | Other Commercial Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 97,428 | 112,166 |
Consumer 1-4 Family Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 353,724 | 377,999 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 170,307 | 176,873 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End And Junior Lien Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 172,452 | 188,204 |
Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 10,965 | 12,922 |
Consumer 1-4 Family Mortgage Loans [Member] | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 105,041 | 98,366 |
Pass | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 3,995,113 | 3,490,863 |
Pass | Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 526,206 | 631,728 |
Pass | Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 1,195,861 | 673,370 |
Pass | Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 392,078 | 286,534 |
Pass | Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 579,800 | 535,496 |
Pass | Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 560,424 | 569,315 |
Pass | Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 279,308 | 240,260 |
Pass | Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 139,013 | 165,005 |
Pass | Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 136,682 | 191,489 |
Pass | Agri-business and Agricultural Loans [Member] | Other Commercial Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 97,428 | 112,166 |
Pass | Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 42,213 | 47,405 |
Pass | Consumer 1-4 Family Mortgage Loans [Member] | Open End And Junior Lien Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 9,058 | 10,845 |
Pass | Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Pass | Consumer 1-4 Family Mortgage Loans [Member] | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 37,042 | 27,250 |
Special Mention | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 168,670 | 96,608 |
Special Mention | Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 47,016 | 40,551 |
Special Mention | Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 25,294 | 18,782 |
Special Mention | Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Special Mention | Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 27,945 | 14,804 |
Special Mention | Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 6,603 | 781 |
Special Mention | Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Special Mention | Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 10,778 | 7,952 |
Special Mention | Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 51,034 | 13,738 |
Special Mention | Agri-business and Agricultural Loans [Member] | Other Commercial Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Special Mention | Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Special Mention | Consumer 1-4 Family Mortgage Loans [Member] | Open End And Junior Lien Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Special Mention | Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Special Mention | Consumer 1-4 Family Mortgage Loans [Member] | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Substandard | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 52,662 | 84,562 |
Substandard | Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 19,159 | 37,278 |
Substandard | Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 18,747 | 19,381 |
Substandard | Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Substandard | Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 11,662 | 23,059 |
Substandard | Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 591 |
Substandard | Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Substandard | Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 657 | 1,432 |
Substandard | Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 15 |
Substandard | Agri-business and Agricultural Loans [Member] | Other Commercial Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Substandard | Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 1,728 | 1,976 |
Substandard | Consumer 1-4 Family Mortgage Loans [Member] | Open End And Junior Lien Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 684 | 762 |
Substandard | Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 25 | 51 |
Substandard | Consumer 1-4 Family Mortgage Loans [Member] | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 17 |
Doubtful | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Doubtful | Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Doubtful | Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Doubtful | Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Doubtful | Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Doubtful | Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Doubtful | Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Doubtful | Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Doubtful | Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Doubtful | Agri-business and Agricultural Loans [Member] | Other Commercial Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Doubtful | Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Doubtful | Consumer 1-4 Family Mortgage Loans [Member] | Open End And Junior Lien Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Doubtful | Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Doubtful | Consumer 1-4 Family Mortgage Loans [Member] | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Not Rated | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 373,479 | 393,795 |
Not Rated | Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 259 | 426 |
Not Rated | Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 5,205 | 5,310 |
Not Rated | Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Not Rated | Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Not Rated | Commercial Real Estate and Multi-family Residential Loans [Member] | Nonowner Occupied Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Not Rated | Commercial Real Estate and Multi-family Residential Loans [Member] | Multifamily Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Not Rated | Agri-business and Agricultural Loans [Member] | Loans Secured By Farmland | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Not Rated | Agri-business and Agricultural Loans [Member] | Loans For Agricultural Production | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Not Rated | Agri-business and Agricultural Loans [Member] | Other Commercial Loans | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 0 | 0 |
Not Rated | Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 126,366 | 127,492 |
Not Rated | Consumer 1-4 Family Mortgage Loans [Member] | Open End And Junior Lien Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 162,710 | 176,597 |
Not Rated | Consumer 1-4 Family Mortgage Loans [Member] | Residential Construction and Land Development Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | 10,940 | 12,871 |
Not Rated | Consumer 1-4 Family Mortgage Loans [Member] | Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment | ||
Total ending loans balance | $ 67,999 | $ 71,099 |
ALLOWANCE FOR LOAN LOSSES AN_10
ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY - Additional Information (Details) | Oct. 21, 2020USD ($)borrower | Sep. 30, 2020USD ($)borrowerloan | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Troubled Debt Restructuring | |||||||||
Loans Modified In Troubled Debt Restructured Loans | $ 2,400,000 | $ 2,400,000 | |||||||
Valuation allowance | 60,747,000 | 60,747,000 | $ 50,628,000 | $ 59,019,000 | $ 50,652,000 | $ 50,564,000 | $ 48,453,000 | ||
Loan amount of credit quality analysis | 250,000 | ||||||||
Financing receivable, loan portfolio, deferrals, COVID-19 | $ 110,500,000 | $ 158,400,000 | |||||||
Financing receivable, loan portfolio, deferrals, COVID-19, borrowers | borrower | 63 | 102 | |||||||
Financing receivable, loan portfolio, deferrals, COVID-19, percentage of loan portfolio (as a percent) | 2.40% | 3.40% | |||||||
Charge-offs recorded for new troubled debt restructurings | 666,000 | ||||||||
Loans | $ 4,589,924,000 | $ 4,589,924,000 | 4,065,828,000 | ||||||
Loans modified as troubled debt restructurings | loan | 0 | 0 | |||||||
Borrowers percentage | 84 | ||||||||
Pass | |||||||||
Troubled Debt Restructuring | |||||||||
Loans | $ 3,995,113,000 | $ 3,995,113,000 | 3,490,863,000 | ||||||
All Modifications [Member] | |||||||||
Troubled Debt Restructuring | |||||||||
Loans Modified In Troubled Debt Restructured Loans | 4,700,000 | $ 4,700,000 | 2,500,000 | ||||||
Number of Loans | loan | 4 | 1 | |||||||
Commercial and Industrial Loans [Member] | |||||||||
Troubled Debt Restructuring | |||||||||
Valuation allowance | 28,363,000 | $ 28,363,000 | $ 24,977,000 | 26,744,000 | 25,789,000 | 25,024,000 | 22,518,000 | ||
Loans | 1,837,747,000 | 1,837,747,000 | 1,426,826,000 | ||||||
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | |||||||||
Troubled Debt Restructuring | |||||||||
Loans | 1,245,107,000 | 1,245,107,000 | 716,843,000 | ||||||
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | Pass | |||||||||
Troubled Debt Restructuring | |||||||||
Loans | 1,195,861,000 | 1,195,861,000 | 673,370,000 | ||||||
Commercial Real Estate and Multi-family Residential Loans [Member] | |||||||||
Troubled Debt Restructuring | |||||||||
Valuation allowance | 21,415,000 | 21,415,000 | 16,010,000 | 21,063,000 | 15,796,000 | 15,492,000 | 15,393,000 | ||
Loans | 1,857,820,000 | 1,857,820,000 | 1,670,840,000 | ||||||
Agri-business and Agricultural Loans [Member] | |||||||||
Troubled Debt Restructuring | |||||||||
Valuation allowance | 3,097,000 | 3,097,000 | 3,904,000 | 3,408,000 | 3,869,000 | 3,906,000 | 4,305,000 | ||
Loans | 338,164,000 | 338,164,000 | 379,631,000 | ||||||
Consumer 1-4 Family Mortgage Loans [Member] | |||||||||
Troubled Debt Restructuring | |||||||||
Valuation allowance | 3,318,000 | 3,318,000 | $ 2,120,000 | $ 3,434,000 | 2,086,000 | $ 2,153,000 | $ 2,292,000 | ||
Loans | 353,724,000 | 353,724,000 | $ 377,999,000 | ||||||
Commercial Real Estate Building | |||||||||
Troubled Debt Restructuring | |||||||||
Financing Receivable, Modifications, Recorded Investment | $ 533,000 | ||||||||
Commercial and Industrial Nonworking Capital | |||||||||
Troubled Debt Restructuring | |||||||||
Financing Receivable, Modifications, Recorded Investment | $ 70,000 | ||||||||
Commercial Real Estates | |||||||||
Troubled Debt Restructuring | |||||||||
Valuation allowance | 63,000 | 63,000 | |||||||
Commercial Loan | |||||||||
Troubled Debt Restructuring | |||||||||
Financing receivable, loan portfolio, deferrals, COVID-19 | $ 107,500,000 | $ 155,200,000 | |||||||
Financing receivable, loan portfolio, deferrals, COVID-19, borrowers | borrower | 37 | 71 | |||||||
Financing receivable, loan portfolio, deferrals, COVID-19, percentage of loan portfolio (as a percent) | 2.50% | 3.70% | |||||||
Loans under first deferral action | $ 8,100,000 | $ 15,300,000 | |||||||
Loans under second deferral action | 69,800,000 | 116,200,000 | |||||||
Loans under third deferral action | 29,700,000 | 23,700,000 | |||||||
Consumer Loan | |||||||||
Troubled Debt Restructuring | |||||||||
Financing receivable, loan portfolio, deferrals, COVID-19 | $ 3,000,000 | $ 3,300,000 | |||||||
Financing receivable, loan portfolio, deferrals, COVID-19, borrowers | borrower | 26 | 31 | |||||||
Financing receivable, loan portfolio, deferrals, COVID-19, percentage of loan portfolio (as a percent) | 0.80% | 0.90% | |||||||
PPP | Pass | |||||||||
Troubled Debt Restructuring | |||||||||
Loans | $ 557,900,000 | $ 557,900,000 |
BORROWINGS - Long-term Borrowin
BORROWINGS - Long-term Borrowings (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Debt Instrument [Line Items] | |
Long-term Federal Home Loan Bank advances | $ 75 |
Federal Home Loan Bank Advances [Member] | Federal Home Loan Bank Advance, ten-year, putable six-month Bermudan fixed-rate, Due March 4, 2030 | |
Debt Instrument [Line Items] | |
Debt instrument, term | 10 years |
Debt instrument, interest rate, stated percentage (as a percent) | 0.39% |
BORROWINGS - Short-term Borrowi
BORROWINGS - Short-term Borrowings (Details) $ in Millions | Dec. 31, 2019USD ($) |
Short-term Debt [Line Items] | |
Federal Home Loan Bank, advances, maturities summary, due in next twelve months | $ 170 |
Federal Home Loan Bank Advances [Member] | Federal Home Loan Bank of Indianapolis Advance, 1.61%, Due January 7, 2020 | |
Short-term Debt [Line Items] | |
Debt instrument, interest rate, stated percentage (as a percent) | 1.61% |
BORROWINGS - Revolving Credit A
BORROWINGS - Revolving Credit Agreement (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | Aug. 02, 2019 | |
Line of Credit Facility [Line Items] | |||
Long-term line of credit | $ 10,500 | $ 0 | |
Unsecured revolving credit agreement | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 30,000 | ||
Debt instrument, interest rate, stated percentage (as a percent) | 1.75% | ||
Long-term line of credit | $ 10,500 | ||
Unsecured revolving credit agreement | Prime Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, basis spread on variable rate (as a percent) | (1.50%) |
FAIR VALUE - Assets and Liabili
FAIR VALUE - Assets and Liabilities Measured At Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Securities available for sale | $ 644,034 | $ 608,233 |
Mortgage banking derivative | 25,184 | 7,263 |
Liabilities | ||
Mortgage banking derivative | 300 | |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
U.S. government sponsored agency securities | 10,026 | |
Mortgage-backed securities: residential | 248,266 | 288,181 |
Mortgage-backed securities: commercial | 39,161 | 36,972 |
State and municipal securities | 346,581 | 283,080 |
Securities available for sale | 644,034 | 608,233 |
Mortgage banking derivative | 1,075 | 198 |
Interest rate swap derivative | 25,184 | 7,263 |
Total assets | 670,293 | 615,694 |
Liabilities | ||
Mortgage banking derivative | 41 | 14 |
Interest rate swap derivative | 25,203 | 7,860 |
Total liabilities | 25,244 | 7,874 |
Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
U.S. government sponsored agency securities | 0 | |
Mortgage-backed securities: residential | 0 | 0 |
Mortgage-backed securities: commercial | 0 | 0 |
State and municipal securities | 0 | 0 |
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 [Member] | ||
Assets | ||
U.S. government sponsored agency securities | 10,026 | |
Mortgage-backed securities: residential | 248,266 | 288,181 |
Mortgage-backed securities: commercial | 39,161 | 36,972 |
State and municipal securities | 346,436 | 282,935 |
Securities available for sale | 643,889 | 608,088 |
Mortgage banking derivative | 1,075 | 198 |
Interest rate swap derivative | 25,184 | 7,263 |
Total assets | 670,148 | 615,549 |
Liabilities | ||
Mortgage banking derivative | 41 | 14 |
Interest rate swap derivative | 25,203 | 7,860 |
Total liabilities | 25,244 | 7,874 |
Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
U.S. government sponsored agency securities | 0 | |
Mortgage-backed securities: residential | 0 | 0 |
Mortgage-backed securities: commercial | 0 | 0 |
State and municipal securities | 145 | 145 |
Securities available for sale | 145 | 145 |
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total assets | 145 | 145 |
Liabilities | ||
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
FAIR VALUE - Assets Measured at
FAIR VALUE - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights, net of valuation allowance | $ 4,200 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 9,835 | $ 12,121 |
Other real estate owned | 0 | 0 |
Mortgage servicing rights, net of valuation allowance | 3,565 | |
Total assets | 13,400 | 12,121 |
Level 1 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Mortgage servicing rights, net of valuation allowance | 0 | |
Total assets | 0 | 0 |
Level 2 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Mortgage servicing rights, net of valuation allowance | 3,565 | |
Total assets | 3,565 | 0 |
Level 3 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 9,835 | 12,121 |
Other real estate owned | 0 | 0 |
Mortgage servicing rights, net of valuation allowance | 0 | |
Total assets | 9,835 | 12,121 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 432 | 3,126 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | Level 1 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | Level 2 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Commercial and Industrial Loans [Member] | Working Capital Lines of Credit Loans [Member] | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 432 | 3,126 |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 5,666 | 6,374 |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | Level 1 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | Level 2 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Commercial and Industrial Loans [Member] | Non-working Capital Loans [Member] | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 5,666 | 6,374 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 43 | |
Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | Level 1 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | |
Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | Level 2 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | |
Commercial Real Estate and Multi-family Residential Loans [Member] | Construction and Land Development Loans [Member] | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 43 | |
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,678 | 1,449 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | Level 1 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | Level 2 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Owner Occupied Loans [Member] | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,678 | 1,449 |
Agribusiness and Agricultural | Loans Secured By Farmland | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 81 | 57 |
Agribusiness and Agricultural | Loans Secured By Farmland | Level 1 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Agribusiness and Agricultural | Loans Secured By Farmland | Level 2 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Agribusiness and Agricultural | Loans Secured By Farmland | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 81 | 57 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 393 | 474 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Level 1 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Level 2 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Consumer 1-4 Family Mortgage Loans [Member] | Closed End First Mortgage Loans [Member] | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 393 | 474 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End and Junior Lien Loans | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 585 | 587 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End and Junior Lien Loans | Level 1 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End and Junior Lien Loans | Level 2 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Consumer 1-4 Family Mortgage Loans [Member] | Open End and Junior Lien Loans | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 585 | 587 |
Consumer 1-4 Family Mortgage Loans [Member] | Other Consumer Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 11 | |
Consumer 1-4 Family Mortgage Loans [Member] | Other Consumer Loans [Member] | Level 1 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | |
Consumer 1-4 Family Mortgage Loans [Member] | Other Consumer Loans [Member] | Level 2 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | |
Consumer 1-4 Family Mortgage Loans [Member] | Other Consumer Loans [Member] | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 11 |
FAIR VALUE - Valuation Methodol
FAIR VALUE - Valuation Methodology and Unobservable Inputs for Level 3 Assets (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($)item | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | $ 9,835 | $ 12,121 |
Commercial and Industrial Loans [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Valuation Methodology | Collateral based measurements | |
Commercial and Industrial Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Valuation Methodology | Collateral based measurements | |
Unobservable Inputs | Discount to reflect current market conditions and ultimate collectability | Discount to reflect current market conditions and ultimate collectability |
Commercial and Industrial Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | $ 6,098 | $ 9,500 |
Commercial and Industrial Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Minimum | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 21 | 1 |
Commercial and Industrial Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Maximum | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 100 | |
Commercial and Industrial Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Weighted Average | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 44 | 53 |
Commercial Real Estate and Multi-family Residential Loans [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Valuation Methodology | Collateral based measurements | |
Commercial Real Estate and Multi-family Residential Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Valuation Methodology | Collateral based measurements | |
Unobservable Inputs | Discount to reflect current market conditions and ultimate collectability | Discount to reflect current market conditions and ultimate collectability |
Commercial Real Estate and Multi-family Residential Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | $ 2,678 | $ 1,492 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Minimum | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 10 | 7 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Maximum | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 75 | 61 |
Commercial Real Estate and Multi-family Residential Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Weighted Average | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 33 | 27 |
Consumer 1-4 Family Mortgage Loans [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Valuation Methodology | Collateral based measurements | |
Consumer 1-4 Family Mortgage Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Valuation Methodology | Collateral based measurements | |
Unobservable Inputs | Discount to reflect current market conditions and ultimate collectability | Discount to reflect current market conditions and ultimate collectability |
Consumer 1-4 Family Mortgage Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | $ 978 | $ 1,061 |
Consumer 1-4 Family Mortgage Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Minimum | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 6 | 5 |
Consumer 1-4 Family Mortgage Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Maximum | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 17 | 100 |
Consumer 1-4 Family Mortgage Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Weighted Average | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 10 | 14 |
Agribusiness and Agricultural | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Valuation Methodology | Collateral based measurements | |
Agribusiness and Agricultural | Fair Value, Measurements, Nonrecurring [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Valuation Methodology | Collateral based measurements | |
Unobservable Inputs | Discount to reflect current market conditions and ultimate collectability | Discount to reflect current market conditions and ultimate collectability |
Agribusiness and Agricultural | Fair Value, Measurements, Nonrecurring [Member] | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | $ 81 | $ 57 |
Agribusiness and Agricultural | Fair Value, Measurements, Nonrecurring [Member] | Weighted Average | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | 44 | 61 |
Other consumer loans | Fair Value, Measurements, Nonrecurring [Member] | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Valuation Methodology | Collateral based measurements | |
Unobservable Inputs | Discount to reflect current market conditions and ultimate collectability | |
Other consumer loans | Fair Value, Measurements, Nonrecurring [Member] | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Impaired loans | $ 11 | |
Other consumer loans | Fair Value, Measurements, Nonrecurring [Member] | Weighted Average | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Range of Inputs (Average) (in hundredths) | item | 36 |
FAIR VALUE - Estimated Fair Val
FAIR VALUE - Estimated Fair Values And The Related Carrying Values Of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financial Assets: | ||
Cash and cash equivalents | $ 129,081 | $ 99,381 |
Securities available for sale | 644,034 | 608,233 |
Real estate mortgages held for sale | 10,543 | 4,614 |
Loans, net | 4,491,862 | 3,979,006 |
Accrued interest receivable | 18,447 | 15,391 |
Financial Liabilities: | ||
Certificates of deposit | (1,223,667) | (1,202,060) |
All other deposits | (3,554,564) | (2,941,752) |
Federal Home Loan Bank advances | (69,066) | (169,998) |
Other short-term borrowings | (10,500) | |
Standby letters of credit | (657) | (915) |
Accrued interest payable | (6,303) | (11,604) |
Carrying Value [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 129,081 | 99,381 |
Securities available for sale | 644,034 | 608,233 |
Real estate mortgages held for sale | 10,097 | 4,527 |
Loans, net | 4,529,177 | 4,015,176 |
Federal Reserve and Federal Home Loan Bank stock | 13,772 | 13,772 |
Accrued interest receivable | 18,447 | 15,391 |
Financial Liabilities: | ||
Certificates of deposit | (1,213,390) | (1,192,067) |
All other deposits | (3,554,564) | (2,941,752) |
Federal Home Loan Bank advances | (75,000) | (170,000) |
Other short-term borrowings | (10,500) | |
Standby letters of credit | (657) | (915) |
Accrued interest payable | (6,303) | (11,604) |
Level 1 | Estimate of Fair Value Measurement | ||
Financial Assets: | ||
Cash and cash equivalents | 126,364 | 96,603 |
Securities available for sale | 0 | 0 |
Real estate mortgages held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities: | ||
Certificates of deposit | 0 | 0 |
All other deposits | (3,554,564) | (2,941,752) |
Federal Home Loan Bank advances | 0 | 0 |
Other short-term borrowings | 0 | |
Standby letters of credit | 0 | 0 |
Accrued interest payable | (56) | (102) |
Level 2 | Estimate of Fair Value Measurement | ||
Financial Assets: | ||
Cash and cash equivalents | 2,717 | 2,778 |
Securities available for sale | 643,889 | 608,088 |
Real estate mortgages held for sale | 10,543 | 4,614 |
Loans, net | 0 | 0 |
Accrued interest receivable | 3,535 | 3,729 |
Financial Liabilities: | ||
Certificates of deposit | (1,223,667) | (1,202,060) |
All other deposits | 0 | 0 |
Federal Home Loan Bank advances | (69,066) | (169,998) |
Other short-term borrowings | (10,500) | |
Standby letters of credit | 0 | 0 |
Accrued interest payable | (6,247) | (11,502) |
Level 3 | Estimate of Fair Value Measurement | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 145 | 145 |
Real estate mortgages held for sale | 0 | 0 |
Loans, net | 4,491,862 | 3,979,006 |
Accrued interest receivable | 14,912 | 11,662 |
Financial Liabilities: | ||
Certificates of deposit | 0 | 0 |
All other deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Other short-term borrowings | 0 | |
Standby letters of credit | (657) | (915) |
Accrued interest payable | $ 0 | $ 0 |
FAIR VALUE - Additional Informa
FAIR VALUE - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2018 | |
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||||||||
Mortgage servicing rights | $ 4,200,000 | $ 4,200,000 | ||||||
Servicing Asset at Fair Value, Amount | 4,200,000 | $ 4,200,000 | ||||||
Percentage of discount from appraised value (in hundredths) | 3.72% | |||||||
Weighted average maturity of residential mortgages | 20 years | |||||||
Prepayment Speed used in unobservable assumptions | 209 | 118 | ||||||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Qualitative Information | 209 | 118 | ||||||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 9.40% | 9.40% | ||||||
Discount rate used to estimate fair value (in hundredths) | 9.40% | 9.40% | ||||||
Subtotal | 4,603,243,000 | $ 4,603,243,000 | $ 4,067,385,000 | |||||
Valuation allowance | 60,747,000 | $ 50,628,000 | 60,747,000 | $ 50,628,000 | 50,652,000 | $ 59,019,000 | $ 50,564,000 | $ 48,453,000 |
Provision for Loan and Lease Losses | 1,750,000 | 1,000,000 | 13,850,000 | 2,985,000 | ||||
Recoveries | 283,000 | 285,000 | 810,000 | 779,000 | ||||
Loans and Leases Receivable, Gross | 4,603,243,000 | 4,603,243,000 | 4,067,385,000 | |||||
Loans and Leases Receivable, Allowance | 60,747,000 | 50,628,000 | 60,747,000 | 50,628,000 | $ 50,652,000 | $ 59,019,000 | $ 50,564,000 | $ 48,453,000 |
Mortgage servicing rights, fair value | 4,200,000 | 4,200,000 | ||||||
Mortgage servicing rights, impairment | 628,000 | |||||||
Mortgage servicing rights, at amortized cost | 3,600,000 | 3,600,000 | ||||||
Impaired Loans | ||||||||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||||||||
Subtotal | 17,700,000 | 20,400,000 | 17,700,000 | 20,400,000 | ||||
Valuation allowance | 7,800,000 | 10,100,000 | 7,800,000 | 10,100,000 | ||||
Provision for Loan and Lease Losses | 100,000 | 542,000 | ||||||
Recoveries | 500,000 | 600,000 | ||||||
Loans and Leases Receivable, Gross | 17,700,000 | 20,400,000 | 17,700,000 | 20,400,000 | ||||
Loans and Leases Receivable, Allowance | $ 7,800,000 | $ 10,100,000 | 7,800,000 | $ 10,100,000 | ||||
Minimum | ||||||||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||||||||
Amount of variance | $ 100,000 | |||||||
Minimum | Commercial Real Estates | Level 3 | ||||||||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||||||||
Percentage of discount from appraised value (in hundredths) | 0.00% | |||||||
Minimum | Inventory Finished Goods | Level 3 | ||||||||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||||||||
Percentage of discount from appraised value (in hundredths) | 35.00% | |||||||
Minimum | Finished Goods | Level 3 | ||||||||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||||||||
Percentage of discount from appraised value (in hundredths) | 30.00% | |||||||
Minimum | Inventory Work In Process | Level 3 | ||||||||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||||||||
Percentage of discount from appraised value (in hundredths) | 50.00% | |||||||
Minimum | Equipment | Level 3 | ||||||||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||||||||
Percentage of discount from appraised value (in hundredths) | 30.00% | |||||||
Minimum | Marketable Securities | Level 3 | ||||||||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||||||||
Percentage of discount from appraised value (in hundredths) | 10.00% | |||||||
Maximum | Commercial Real Estates | Level 3 | ||||||||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||||||||
Percentage of discount from appraised value (in hundredths) | 50.00% | |||||||
Maximum | Inventory Finished Goods | Level 3 | ||||||||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||||||||
Percentage of discount from appraised value (in hundredths) | 65.00% | |||||||
Maximum | Finished Goods | Level 3 | ||||||||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||||||||
Percentage of discount from appraised value (in hundredths) | 60.00% | |||||||
Maximum | Inventory Work In Process | Level 3 | ||||||||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||||||||
Percentage of discount from appraised value (in hundredths) | 100.00% | |||||||
Maximum | Equipment | Level 3 | ||||||||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||||||||
Percentage of discount from appraised value (in hundredths) | 70.00% | |||||||
Maximum | Marketable Securities | Level 3 | ||||||||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||||||||
Percentage of discount from appraised value (in hundredths) | 30.00% | |||||||
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 | 5.00% | |||||||
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 | 3.00% | |||||||
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 | 1.00% |
OFFSETTING ASSETS AND LIABILI_3
OFFSETTING ASSETS AND LIABILITIES - Schedule of Offsetting of Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Gross Amounts of Recognized Assets | $ 25,184 | $ 7,263 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets presented in the Statement of Financial Position | 25,184 | 7,263 |
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 | 0 |
Net | 25,184 | 7,263 |
Liabilities | ||
Gross Amounts of Recognized Liabilities | 25,203 | 7,860 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities presented in the Statement of Financial Position | 25,203 | 7,860 |
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 | (25,480) | (7,560) |
Net | 300 | |
Net | (277) | |
Interest Rate Swap | ||
Assets | ||
Gross Amounts of Recognized Assets | 25,184 | 7,263 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets presented in the Statement of Financial Position | 25,184 | 7,263 |
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 | 0 |
Net | 25,184 | 7,263 |
Liabilities | ||
Gross Amounts of Recognized Liabilities | 25,203 | 7,860 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities presented in the Statement of Financial Position | 25,203 | 7,860 |
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 | (25,480) | (7,560) |
Net | $ 300 | |
Net | $ (277) |
EARNINGS PER SHARE - Earnings P
EARNINGS PER SHARE - Earnings Per Share Computations (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
EARNINGS PER SHARE | ||||
Weighted average shares outstanding for basic earnings per common share | 25,418,712 | 25,622,338 | 25,484,329 | 25,576,740 |
Dilutive effect of stock options, awards and warrants | 68,590 | 174,358 | 134,072 | 168,289 |
Weighted average shares outstanding for diluted earnings per common share | 25,487,302 | 25,796,696 | 25,618,401 | 25,745,029 |
Basic earnings per common share | $ 0.89 | $ 0.84 | $ 2.34 | $ 2.54 |
Diluted earnings per common share | $ 0.89 | $ 0.83 | $ 2.33 | $ 2.52 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance | $ 620,892 | $ 565,363 | $ 598,100 | $ 521,704 |
Net current period other comprehensive income | 422 | 3,967 | 13,165 | 19,658 |
Balance | 636,839 | 584,436 | 636,839 | 584,436 |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance | 24,802 | 9,500 | 12,059 | (6,191) |
Other comprehensive income before reclassification | 688 | 3,934 | 13,386 | 19,636 |
Amounts reclassified from accumulated other comprehensive income | (266) | 33 | (221) | 22 |
Net current period other comprehensive income | 422 | 3,967 | 13,165 | 19,658 |
Balance | 25,224 | 13,467 | 25,224 | 13,467 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance | 26,256 | 10,818 | 13,607 | (4,796) |
Other comprehensive income before reclassification | 688 | 3,934 | 13,386 | 19,636 |
Amounts reclassified from accumulated other comprehensive income | (314) | (6) | (363) | (94) |
Net current period other comprehensive income | 374 | 3,928 | 13,023 | 19,542 |
Balance | 26,630 | 14,746 | 26,630 | 14,746 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance | (1,454) | (1,318) | (1,548) | (1,395) |
Other comprehensive income before reclassification | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 48 | 39 | 142 | 116 |
Net current period other comprehensive income | 48 | 39 | 142 | 116 |
Balance | $ (1,406) | $ (1,279) | $ (1,406) | $ (1,279) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net securities gains | $ 314 | $ 6 | $ 363 | $ 94 |
Other expense | 2,175 | 2,674 | 6,255 | 7,572 |
Income tax expense | 5,377 | 5,119 | 13,468 | 14,907 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income | 200 | (33) | 145 | (42) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net securities gains | 314 | 6 | 363 | 94 |
Income tax expense | (66) | (1) | (76) | (20) |
Net income | 248 | 5 | 287 | 74 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other expense | (63) | (51) | (189) | (154) |
Income tax expense | 15 | 13 | 47 | 38 |
Net income | $ (48) | $ (38) | $ (142) | $ (116) |
LEASES - Maturity Analysis (Det
LEASES - Maturity Analysis (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2020 | $ 142 |
2021 | 581 |
2022 | 595 |
2023 | 606 |
2024 | 622 |
2025 and thereafter | 2,873 |
Total undiscounted lease payments | 5,419 |
Less imputed interest | (635) |
Lease liability | 4,784 |
Right-of-use asset | $ 4,784 |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Lease cost | ||||
Operating lease cost | $ 141 | $ 128 | $ 402 | $ 372 |
Short-term lease cost | 6 | 6 | 18 | 18 |
Total lease cost | $ 147 | $ 134 | $ 420 | $ 390 |
LEASES - Other Information (Det
LEASES - Other Information (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
LEASES | |
Operating cash outflows from operating leases | $ 402 |
Weighted-average remaining lease term - operating leases | 0 years |
Weighted average discount rate - operating leases | 2.80% |
COVID-19 AND CURRENT ECONOMIC_2
COVID-19 AND CURRENT ECONOMIC CONDITIONS (Details) $ in Millions | Oct. 21, 2020USD ($)borrower | Sep. 30, 2020USD ($)borrower |
Unusual or Infrequent Item, or Both [Line Items] | ||
Financing receivable, loan portfolio, deferrals, COVID-19 | $ 110.5 | $ 158.4 |
Financing receivable, loan portfolio, deferrals, COVID-19, borrowers | borrower | 63 | 102 |
Financing receivable, loan portfolio, deferrals, COVID-19, percentage of loan portfolio (as a percent) | 2.40% | 3.40% |
Commercial Loan | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Financing receivable, loan portfolio, deferrals, COVID-19 | $ 107.5 | $ 155.2 |
Financing receivable, loan portfolio, deferrals, COVID-19, borrowers | borrower | 37 | 71 |
Financing receivable, loan portfolio, deferrals, COVID-19, percentage of loan portfolio (as a percent) | 2.50% | 3.70% |
Loans under first deferral action | $ 8.1 | $ 15.3 |
Loans under second deferral action | 69.8 | 116.2 |
Loans under third deferral action | 29.7 | 23.7 |
Consumer Loan | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Financing receivable, loan portfolio, deferrals, COVID-19 | $ 3 | $ 3.3 |
Financing receivable, loan portfolio, deferrals, COVID-19, borrowers | borrower | 26 | 31 |
Financing receivable, loan portfolio, deferrals, COVID-19, percentage of loan portfolio (as a percent) | 0.80% | 0.90% |