Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | May 02, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-39472 | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 25-1450605 | |
Entity Address, Address Line One | 1 South Second Street | |
Entity Address, Address Line Two | P.O. Box 42 | |
Entity Address, City or Town | Clearfield | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 16830 | |
City Area Code | 814 | |
Local Phone Number | 765-9621 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 21,062,596 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CNB FINANCIAL CORP/PA | |
Entity Central Index Key | 0000736772 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | CCNE | |
Security Exchange Name | NASDAQ | |
Series A Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares (each representing a 1/40th interest in a share of 7.125% Series A Non-Cumulative, perpetual preferred stock) | |
Trading Symbol | CCNEP | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 51,206 | $ 58,884 |
Interest-bearing deposits with Federal Reserve | 132,696 | 43,401 |
Interest-bearing deposits with other financial institutions | 4,691 | 4,000 |
Total cash and cash equivalents | 188,593 | 106,285 |
Debt securities available-for-sale, at fair value (amortized cost of $422,920 and $432,992, respectively) | 368,607 | 371,409 |
Debt securities held-to-maturity, at amortized cost (fair value $371,735 and $367,388, respectively) | 402,300 | 404,765 |
Equity securities | 9,416 | 9,615 |
Loans held for sale | 448 | 231 |
Loans receivable | 4,301,297 | 4,275,178 |
Less: allowance for credit losses | (43,981) | (43,436) |
Net loans receivable | 4,257,316 | 4,231,742 |
FHLB and other restricted stock holdings and investments | 31,194 | 30,715 |
Premises and equipment, net | 70,572 | 68,535 |
Operating lease right-of-use assets | 34,618 | 32,307 |
Bank owned life insurance | 112,287 | 111,523 |
Mortgage servicing rights | 1,738 | 1,804 |
Goodwill and other intangibles | 43,874 | 43,749 |
Core deposit intangible, net | 342 | 364 |
Accrued interest receivable and other assets | 62,029 | 62,135 |
Total Assets | 5,583,334 | 5,475,179 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Noninterest-bearing demand deposits | 810,623 | 898,437 |
Interest-bearing demand deposits | 958,756 | 1,007,202 |
Savings | 2,442,903 | 2,270,337 |
Certificates of deposit | 541,847 | 446,461 |
Total deposits | 4,754,129 | 4,622,437 |
Short-term borrowings | 102,083 | 132,396 |
Subordinated debentures | 20,620 | 20,620 |
Subordinated notes, net of unamortized issuance costs | 84,040 | 83,964 |
Operating lease liabilities | 36,114 | 33,726 |
Accrued interest payable and other liabilities | 39,921 | 51,274 |
Total liabilities | 5,036,907 | 4,944,417 |
Commitments and contingent liabilities | ||
Preferred stock, Series A non-cumulative perpetual, $0 par value; $1,000 liquidation preference; shares authorized 60,375; Shares issued 60,375 at March 31, 2023 and December 31, 2022 | 57,785 | 57,785 |
Common stock, no par value; 50,000,000 shares authorized; Shares issued 21,235,503 at March 31, 2023 and 21,235,503 at December 31, 2022 | 0 | 0 |
Additional paid in capital | 219,561 | 221,553 |
Retained earnings | 318,629 | 306,911 |
Treasury stock, at cost (118,575 shares at March 31, 2023 and 114,157 shares December 31, 2022) | (2,867) | (2,967) |
Accumulated other comprehensive loss | (46,681) | (52,520) |
Total shareholders’ equity | 546,427 | 530,762 |
Total Liabilities and Shareholders’ Equity | 5,583,334 | 5,475,179 |
PPP loans, net of deferred processing fees | ||
ASSETS | ||
Loans receivable | 144 | 159 |
Syndicated loans | ||
ASSETS | ||
Loans receivable | 148,085 | 156,649 |
Loans | ||
ASSETS | ||
Loans receivable | $ 4,153,068 | $ 4,118,370 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Debt securities, available-for-sale, amortized cost | $ 422,920,000 | $ 432,992,000 |
Debt securities held-to-maturity | $ 371,735,000 | $ 367,388,000 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, liquidation preference | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized (in shares) | 60,375 | 60,375 |
Preferred stock, shares issued (in shares) | 60,375 | 60,375 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 21,235,503 | 21,235,503 |
Common stock, shares outstanding (in shares) | 21,235,503 | 21,235,503 |
Treasury Stock, Common, Shares | 118,575 | 114,157 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
INTEREST AND DIVIDEND INCOME: | ||
Interest and fees on loans receivable | $ 62,327 | $ 41,150 |
Processing fees on PPP loans | 1 | 1,237 |
Securities: | ||
Taxable | 4,030 | 3,614 |
Tax-exempt | 197 | 219 |
Dividends | 85 | 34 |
Total interest and dividend income | 66,640 | 46,254 |
INTEREST EXPENSE: | ||
Deposits | 16,699 | 2,706 |
Borrowed funds and finance lease liabilities | 1,263 | 5 |
Subordinated notes and debentures (includes $(45) and $67 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) | 1,039 | 926 |
Total interest expense | 19,001 | 3,637 |
NET INTEREST INCOME | 47,639 | 42,617 |
PROVISION FOR CREDIT LOSS EXPENSE | 1,290 | 1,643 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE | 46,349 | 40,974 |
NON-INTEREST INCOME: | ||
Service charges on deposit accounts | 1,795 | 1,757 |
Other service charges and fees | 631 | 655 |
Wealth and asset management fees | 1,817 | 1,783 |
Net realized gains on available-for-sale securities (includes $22 and $651 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) | 22 | 651 |
Net realized and unrealized losses on equity securities | (286) | (394) |
Mortgage banking | 168 | 475 |
Bank owned life insurance | 764 | 694 |
Card processing and interchange income | 2,059 | 1,809 |
Other non-interest income | 1,072 | 2,224 |
Total non-interest income | 8,042 | 9,654 |
NON-INTEREST EXPENSES: | ||
Compensation and benefits | 17,045 | 16,988 |
Net occupancy expense | 3,566 | 3,230 |
Technology expense | 4,258 | 3,372 |
State and local taxes | 1,050 | 1,048 |
Legal, professional, and examination fees | 845 | 837 |
Advertising | 544 | 620 |
FDIC insurance premiums | 873 | 723 |
Dues and subscriptions | 506 | 600 |
Card processing and interchange expenses | 1,490 | 1,029 |
Other non-interest expenses | 3,813 | 3,445 |
Total non-interest expenses | 33,990 | 31,892 |
INCOME BEFORE INCOME TAXES | 20,401 | 18,736 |
INCOME TAX EXPENSE (includes $14 and $124 income tax expense from reclassification items, respectively) | 3,912 | 3,491 |
NET INCOME | 16,489 | 15,245 |
PREFERRED STOCK DIVIDENDS | 1,075 | 1,075 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 15,414 | $ 14,170 |
Weighted average common shares outstanding for basic earnings per common share (in shares) | 21,042,579 | 16,810,725 |
Weighted average common shares outstanding for diluted earnings per common share (in shares) | 21,077,531 | 16,844,106 |
PER COMMON SHARE DATA: | ||
Basic (in dollars per share) | $ 0.73 | $ 0.84 |
Diluted (in dollars per share) | 0.73 | 0.84 |
Cash dividends per share (in dollars per share) | $ 0.175 | $ 0.175 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements | $ (45) | $ 67 |
Accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities | 22 | 651 |
Income tax expense from reclassification | $ 14 | $ 124 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ 16,489 | $ 15,245 |
Net change in fair value of derivative instruments: | ||
Unrealized gain (loss) on interest rate swaps, net of tax $0 and $(42), respectively | (1) | 158 |
Reclassification adjustment for (gains) losses recognized in earnings, net of tax $9 and $(13), respectively | (36) | 54 |
Net change in fair value of derivative instruments | (37) | 212 |
Net change in debt securities: | ||
Unrealized holding gains (losses) on available-for-sale securities arising during the period, net of tax of $(1,531) and $7,070, respectively | 5,760 | (26,600) |
Amortization of unrealized (gains) losses from held-to-maturity securities, net of tax of $(35) and $14, respectively | 133 | (51) |
Reclassification adjustment for realized losses included in net income, net of tax of $5 and $137, respectively | (17) | (514) |
Net change in debt securities | 5,876 | (27,165) |
Other comprehensive income (loss) | 5,839 | (26,953) |
COMPREHENSIVE INCOME (LOSS) | $ 22,328 | $ (11,708) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gain (loss) on interest rate swaps, tax | $ 0 | $ (42) |
Reclassification adjustment for (gains) losses recognized in earnings, tax | 9 | (13) |
Unrealized gains (losses) on other securities available for sale arising during the period, tax | (1,531) | 7,070 |
Amortization of unrealized (gains) from held-to-maturity securities, tax | (35) | 14 |
Reclassification adjustment for realized gains included in net income, tax | $ 5 | $ 137 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) - USD ($) $ in Thousands | Total | Preferred Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Restricted Stock | Restricted Stock Treasury Stock | Performance Based Restricted Stock Awards | Performance Based Restricted Stock Awards Treasury Stock |
Beginning balance at Dec. 31, 2021 | $ 442,847 | $ 57,785 | $ 127,351 | $ 260,582 | $ (2,477) | $ (394) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 15,245 | 15,245 | ||||||||
Other comprehensive loss | (26,953) | (26,953) | ||||||||
Restricted stock award grants | 0 | (976) | 976 | |||||||
Performance based restricted stock award grants | 0 | (173) | 173 | |||||||
Stock-based compensation expense | 501 | 501 | ||||||||
Purchase of treasury stock | (1,342) | (1,342) | ||||||||
Purchase of treasury stock for the purpose of tax withholding | $ (202) | $ (202) | $ (126) | $ (126) | ||||||
Preferred cash dividend declared | (1,075) | (1,075) | ||||||||
Cash dividends declared | (2,960) | (2,960) | ||||||||
Ending balance at Mar. 31, 2022 | 425,935 | 57,785 | 126,703 | 271,792 | (2,998) | (27,347) | ||||
Beginning balance at Dec. 31, 2022 | 530,762 | 57,785 | 221,553 | 306,911 | (2,967) | (52,520) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 16,489 | 16,489 | ||||||||
Other comprehensive loss | 5,839 | 5,839 | ||||||||
Forfeiture of restricted stock award grants | 0 | 50 | (50) | |||||||
Restricted stock award grants | 0 | (2,547) | 2,547 | |||||||
Performance based restricted stock award grants | 0 | (111) | 111 | |||||||
Stock-based compensation expense | 616 | 616 | ||||||||
Purchase of treasury stock | (2,405) | (2,405) | ||||||||
Purchase of treasury stock for the purpose of tax withholding | $ (89) | $ (89) | $ (14) | $ (14) | ||||||
Preferred cash dividend declared | (1,075) | (1,075) | ||||||||
Cash dividends declared | (3,696) | (3,696) | ||||||||
Ending balance at Mar. 31, 2023 | $ 546,427 | $ 57,785 | $ 219,561 | $ 318,629 | $ (2,867) | $ (46,681) |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Forfeiture of restricted stock award grants (in shares) | 2,061 | |
Restricted stock award grants (in shares) | 97,859 | 56,159 |
Performance-based restricted stock award (in shares) | 4,118 | 11,895 |
Purchase of treasury stock (in shares) | 100,000 | 50,166 |
Cash dividends declared (in dollars per share) | $ 0.175 | $ 0.175 |
Restricted Stock | ||
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (in shares) | 3,750 | 7,546 |
Performance Based Restricted Stock Awards | ||
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (in shares) | 584 | 4,706 |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 16,489 | $ 15,245 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Provision for credit loss expense | 1,290 | 1,643 |
Depreciation and amortization of premises and equipment, operating leases assets, core deposit intangible, and mortgage servicing rights | 1,923 | 1,758 |
Accretion of securities, deferred loan fees and costs, net yield and credit mark on acquired loans, and unearned income | (1,334) | (985) |
Net amortization of deferred costs on borrowings | 76 | 75 |
Accretion of deferred PPP processing fees | (1) | (1,237) |
Net realized gains on sales of available-for-sale securities | (22) | (651) |
Net realized and unrealized losses on equity securities | 286 | 394 |
Gain on sale of loans held for sale | (92) | (724) |
Proceeds from sale of loans receivable | 2,856 | 9,731 |
Origination of loans held for sale | (3,381) | (15,645) |
Income on bank owned life insurance | (764) | (694) |
Restricted stock compensation expense | 616 | 501 |
Increase in accrued interest receivable and other assets | 277 | (3,102) |
Increase in accrued interest payable, lease liabilities, and other liabilities | (13,405) | (2,521) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 4,814 | 3,788 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities, prepayments and calls of available-for-sale securities | 10,820 | 30,475 |
Proceeds from sales of available-for-sale securities | 9,659 | 22,164 |
Purchase of available-for-sale securities | (10,603) | (30,181) |
Proceeds from maturities, prepayments and calls of held-to-maturity securities | 2,698 | 7,220 |
Purchases of held-to-maturity securities | 0 | (213,853) |
Purchase of equity securities | (87) | (120) |
Proceeds from loans classified as portfolio loans | 4,994 | 0 |
Net increase in loans receivable | (30,101) | (113,804) |
Purchase of FHLB, other equity, and restricted equity interests | (479) | (615) |
Purchase of premises and equipment | (3,382) | (1,874) |
Purchase of other intangible assets | (125) | 0 |
Proceeds from the sale of premises and equipment and foreclosed assets | 0 | 37 |
NET CASH USED BY INVESTING ACTIVITIES | (16,606) | (300,551) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in checking, money market and savings accounts | 36,306 | 23,757 |
Net increase (decrease) in certificates of deposit | 95,386 | (48,513) |
Purchase of treasury stock | (2,508) | (1,670) |
Cash dividends paid, common stock | (3,696) | (2,960) |
Cash dividends paid, preferred stock | (1,075) | (1,075) |
Net change in short-term borrowings | (30,313) | 0 |
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | 94,100 | (30,461) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 82,308 | (327,224) |
CASH AND CASH EQUIVALENTS, Beginning | 106,285 | 732,198 |
CASH AND CASH EQUIVALENTS, Ending | 188,593 | 404,974 |
Cash paid during the period for: | ||
Interest | 17,990 | 3,668 |
Income taxes | 444 | 1,133 |
SUPPLEMENTAL NONCASH DISCLOSURES: | ||
Transfers to other real estate owned | 161 | 0 |
Transfers from loans held for sale to loans held for investment | 538 | 5,600 |
Transfers from loans held for investment to loans held for sale | 166 | 0 |
Transfers from available-for-sale to held-to-maturity | 0 | 101,069 |
Grant of restricted stock awards from treasury stock | 2,547 | 976 |
Grant of performance based restricted stock awards from treasury stock | 111 | 173 |
Restricted stock forfeiture | 50 | 0 |
Lease liabilities arising from obtaining right-of-use assets | $ 2,773 | $ 6,077 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations CNB Financial Corporation (the "Corporation") is headquartered in Clearfield, Pennsylvania, and provides a full range of banking and related services through its wholly owned subsidiary, CNB Bank (the "Bank"). In addition, the Bank provides wealth and asset management services, including the administration of trusts and estates, retirement plans, and other employee benefit plans as well as a full range of wealth management services. The Bank serves individual and corporate customers and is subject to competition from other financial institutions and intermediaries with respect to these services. In addition to the Bank, the Corporation also operates a consumer discount loan and finance business through its wholly owned subsidiary, Holiday Financial Services Corporation ("Holiday"). The Corporation and its other subsidiaries are subject to examination by federal and state regulators. The Corporation’s market area is primarily concentrated in the Central and Northwest regions of the Commonwealth of Pennsylvania, the Central and Northeast regions of the State of Ohio, Western region of the State of New York and the Southwest region of the Commonwealth of Virginia. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared pursuant to rules and regulations of the SEC and in compliance with U.S. generally accepted accounting principles ("GAAP"). Because this report is based on an interim period, certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management of the registrant, the accompanying condensed consolidated financial statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 include all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial condition and the results of operations for the periods presented. The financial performance reported for the Corporation for the three months ended March 31, 2023 is not necessarily indicative of the results to be expected for the full year. This information should be read in conjunction with the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Form 10-K"). Certain amounts appearing in the condensed 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 shareholders’ equity as previously reported. Dollar amounts in tables are stated in thousands, except for per share amounts. Use of Estimates To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the condensed consolidated financial statements and the disclosures provided and future results could differ. Operating Segments While the Corporation's chief operating decision makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Corporation-wide basis, and operating segments are aggregated into one as operating results for all segments are similar. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment. Goodwill Assessment The Corporation's policy is to test goodwill for impairment annually on December 31 or on an interim basis if an event triggering impairment may have occurred. During the period ended March 31, 2023, the economic uncertainty and market volatility resulting from the rising interest rate environment and the recent banking industry stresses resulted in a decrease in the Corporation's stock price and market capitalization. Management believed such a decrease was a triggering indicator requiring an interim goodwill impairment analysis. At March 31, 2023, the Corporation elected to perform a qualitative assessment to determine if it was more likely than not that the fair value exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value exceeded its carrying value, resulting in no impairment. Management will continue to evaluate the economic conditions at future reporting periods for any potential applicable changes. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Adopted in 2022 In December 2022, FASB issued ASU No. 2022-06 - Reference Rate Reform (Topic 848). ASU 2022-06 extends the period of time preparers can utilize the reference rate reform relief guidance provided by ASU 2020-04 and ASU 2021-01, which are discussed above. ASU 2022-06, which was effective upon issuance, defers the sunset date of this prior guidance from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief guidance in Topic 848. ASU 2022-06 did not have a material impact on the Corporation's financial statements and related disclosures. Accounting Standards Adopted in 2023 In October 2021, the FASB issued ASU No. 2021-08, "Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." This ASU requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, "Revenue from Contracts with Customers." ASU 2021-08 was effective for the Corporation on January 1, 2023 and did not have a material impact on its condensed consolidated financial statements and related disclosures. In March 2022, the FASB issued ASU 2022-01, "Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method." Under prior guidance, entities can apply the last-of-layer hedging method to hedge the exposure of a closed portfolio of prepayable financial assets to fair value changes due to changes in interest rates for a portion of the portfolio that is not expected to be affected by prepayments, defaults, and other events affecting the timing and amount of cash flows. ASU 2022-01 expands the last-of-layer method, which permits only one hedge layer, to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. ASU 2022-01 also (i) expands the scope of the portfolio layer method to include non-prepayable financial assets, (ii) specifies eligible hedging instruments in a single-layer hedge, (iii) provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method and (iv) specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. ASU 2022-01 was effective for the Corporation on January 1, 2023 and did not have a material impact on its condensed consolidated financial statements and related disclosures. In March 2022, the FASB issued ASU No. 2022-02, "Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." This ASU eliminates the separate recognition and measurement guidance for Troubled Debt Restructurings ("TDRs") by creditors. The elimination of the TDRs guidance may be adopted prospectively for loan modifications after adoption or on a modified retrospective basis, which would also apply to loans previously modified, resulting in a cumulative effect adjustment to retained earnings in the period of adoption for changes in the allowance for credit losses. ASU 2022-02 was effective for the Corporation on January 1, 2023 and did not have a material impact on its condensed consolidated financial statements and related disclosures. Accounting Pronouncements Pending Adoption In June 2022, FASB issued ASU No. 2022-03, "Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions." In this ASU, a contractual restriction on the sale of an equity security is not considered in measuring the security's fair value. The ASU also requires certain disclosures for equity securities that are subject to contractual restrictions. This guidance is effective for the Corporation on January 1, 2024, with early adoption permitted. The Corporation is evaluating the effect that ASU 2022-03 will have on its consolidated financial statements and related disclosures. In March 2023, FASB issued ASU No. 2023-01, "Leases (Topic 842): Common Control Arrangements." This ASU requires the Corporation to amortize leasehold improvements associated with common control leases over the useful life to the common control group. This guidance is effective for the Corporation on January 1, 2024 with early adoption permitted. The Corporation is evaluating the effect that ASU 2023-01 will have on its consolidated financial statements and related disclosures. In March 2023, FASB issued ASU No. 2023-02, "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." In this ASU, these amendments allow the Corporation to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. This guidance is effective for the Corporation on January 1, 2024 with early adoption permitted. The Corporation is evaluating the effect that ASU 2023-02 will have on its consolidated financial statements and related disclosures. |
SECURITIES
SECURITIES | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES Debt securities available-for-sale ("AFS") at March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 Amortized Unrealized Allowance For Fair Cost Gains Losses Credit Losses Value U.S. Government sponsored entities $ 2,474 $ — $ (86) $ — $ 2,388 State & political subdivisions 111,090 69 (13,921) — 97,238 Residential & multi-family mortgage 247,957 — (34,150) — 213,807 Corporate notes & bonds 48,119 19 (5,329) — 42,809 Pooled SBA 13,280 1 (916) — 12,365 Total $ 422,920 $ 89 $ (54,402) $ — $ 368,607 December 31, 2022 Amortized Unrealized Allowance For Fair Cost Gains Losses Credit Losses Value U.S. Government sponsored entities $ 3,213 $ — $ (84) $ — $ 3,129 State & political subdivisions 112,734 24 (17,095) — 95,663 Residential & multi-family mortgage 256,111 — (38,564) — 217,547 Corporate notes & bonds 47,111 — (4,720) — 42,391 Pooled SBA 13,823 — (1,144) — 12,679 Total $ 432,992 $ 24 $ (61,607) $ — $ 371,409 Debt securities held-to-maturity ("HTM") at March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 Amortized Unrealized Allowance For Fair Cost Gains Losses Credit Losses Value U.S. Government sponsored entities $ 307,750 $ — $ (22,650) $ — $ 285,100 Residential & multi-family mortgage 94,550 — (7,915) — 86,635 Total $ 402,300 $ — $ (30,565) $ — $ 371,735 December 31, 2022 Amortized Unrealized Allowance For Fair Cost Gains Losses Credit Losses Value U.S. Government sponsored entities $ 307,711 $ — $ (27,276) $ — $ 280,435 Residential & multi-family mortgage 97,054 — (10,101) — 86,953 Total $ 404,765 $ — $ (37,377) $ — $ 367,388 The Corporation elected to transfer 74 AFS securities with an aggregate fair value of $213.7 million to a classification of HTM during the twelve months ended December 31, 2022. In accordance with FASB ASC 320-10-55-24, the transfer from AFS to HTM must be recorded at the fair value of the AFS securities at the time of transfer. The net unrealized holding loss of $5.6 million, net of tax, at the date of transfer was retained in accumulated other comprehensive income (loss), with the associated pre-tax amount retained in the carrying value of the HTM securities. Such amounts will be amortized to comprehensive income over the remaining life of the securities. Information pertaining to security sales on AFS securities is as follows: Proceeds Gross Gross Three months ended March 31, 2023 $ 9,659 $ 22 $ — Three months ended March 31, 2022 22,164 651 — The tax provision related to these net realized gains was $5 thousand for the three months ended March 31, 2023 and $137 thousand for the three months ended March 31, 2022, respectively. The table below illustrates the maturity distribution of debt securities at amortized cost and fair value as of March 31, 2023: Available-for-sale Held-to-maturity Amortized Fair Amortized Fair 1 year or less $ 4,174 $ 4,141 $ 10,010 $ 9,828 1 year – 5 years 43,399 41,298 246,949 231,452 5 years – 10 years 90,274 78,510 50,791 43,820 After 10 years 23,836 18,486 — — 161,683 142,435 307,750 285,100 Residential & multi-family mortgage 247,957 213,807 94,550 86,635 Pooled SBA 13,280 12,365 — — Total debt securities $ 422,920 $ 368,607 $ 402,300 $ 371,735 Mortgage securities and pooled SBA securities are not due at a single date; periodic payments are received based on the payment patterns of the underlying collateral. On March 31, 2023 and December 31, 2022, securities carried at $467.2 million and $561.8 million, respectively, were pledged to secure public deposits and for other purposes as provided by law. At March 31, 2023 and December 31, 2022, there were no holdings of securities of any one issuer, other than the U.S. Government sponsored entities, in an amount greater than 10% of shareholders’ equity. The Corporation’s residential and multi-family mortgage securities are issued by government sponsored entities. AFS debt securities with unrealized losses at March 31, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: March 31, 2023 Less than 12 Months 12 Months or More Total Description of Securities Fair Unrealized Fair Unrealized Fair Unrealized U.S. Government sponsored entities $ 2,388 $ (86) $ — $ — $ 2,388 $ (86) State & political subdivisions 9,958 (88) 78,035 (13,833) 87,993 (13,921) Residential & multi-family mortgage 17,227 (568) 196,478 (33,582) 213,705 (34,150) Corporate notes and bonds 24,380 (3,013) 17,410 (2,316) 41,790 (5,329) Pooled SBA 596 (6) 11,638 (910) 12,234 (916) $ 54,549 $ (3,761) $ 303,561 $ (50,641) $ 358,110 $ (54,402) December 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. Government sponsored entities $ 3,129 $ (84) $ — $ — $ 3,129 $ (84) State & political subdivisions 34,667 (1,887) 54,546 (15,208) 89,213 (17,095) Residential & multi-family mortgage 48,996 (3,122) 168,551 (35,442) 217,547 (38,564) Corporate notes and bonds 31,730 (3,403) 10,661 (1,317) 42,391 (4,720) Pooled SBA 5,107 (314) 7,572 (830) 12,679 (1,144) $ 123,629 $ (8,810) $ 241,330 $ (52,797) $ 364,959 $ (61,607) HTM debt securities with unrealized losses at March 31, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: March 31, 2023 Less than 12 Months 12 Months or More Total Description of Securities Fair Unrealized Fair Unrealized Fair Unrealized U.S. Government sponsored entities $ — $ — $ 285,100 $ (22,650) $ 285,100 $ (22,650) Residential & multi-family mortgage 1,404 (209) 85,231 (7,706) 86,635 (7,915) $ 1,404 $ (209) $ 370,331 $ (30,356) $ 371,735 $ (30,565) December 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. Government sponsored entities $ 143,556 $ (10,063) $ 136,879 $ (17,213) $ 280,435 $ (27,276) Residential & multi-family mortgage 24,132 (2,253) 62,821 (7,848) 86,953 (10,101) $ 167,688 $ (12,316) $ 199,700 $ (25,061) $ 367,388 $ (37,377) At March 31, 2023 and December 31, 2022, management performed an assessment for possible impairment related to credit losses of the Corporation’s debt securities, relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. Based on the results of the assessment, management believes there is no credit related impairment of these debt securities at March 31, 2023 and December 31, 2022. For the securities that comprise corporate notes and bonds and the securities that are issued by state and political subdivisions, management monitors publicly available financial information, such as filings with the Securities and Exchange Commission, in order to evaluate the securities for potential credit impairment. For financial institution issuers, management monitors information from quarterly “call” report filings that are used to generate Uniform Bank Performance Reports. All other securities that were in an unrealized loss position at the balance sheet date were reviewed by management, and issuer-specific documents were reviewed as appropriate given the following considerations; the financial condition and near-term prospects of the issuer and whether downgrades by bond rating agencies have occurred, the length of time and extent to which fair value has been less than cost, and whether management does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. As of March 31, 2023 and December 31, 2022, management concluded the debt securities described in the previous paragraphs were not impaired for reasons due to credit quality for the following reasons: • There is no indication of any significant deterioration of the creditworthiness of the institutions that issued the securities. • All contractual interest payments on the securities have been received as scheduled, and no information has come to management’s attention through the processes previously described which would lead to a conclusion that future contractual payments will not be timely received. • The unrealized losses were deemed to be temporary changes in value related to market movements in interest yields. The Corporation does not intend to sell and it is not more likely than not that it will be required to sell the securities in an unrealized loss position before recovery of its amortized cost basis. Equity securities at March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 December 31, 2022 Corporate equity securities $ 5,843 $ 6,973 Mutual funds 2,101 1,406 Money market funds 765 479 Corporate notes 707 757 Total $ 9,416 $ 9,615 |
LOANS RECEIVABLE AND ALLOWANCE
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES | LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES Total net loans receivable at March 31, 2023 and December 31, 2022 are summarized as follows: March 31, 2023 Percentage December 31, 2022 Percentage Farmland $ 34,080 0.8 % $ 32,168 0.8 % Owner-occupied, nonfarm nonresidential properties 478,465 11.1 % 468,493 11.0 % Agricultural production and other loans to farmers 1,057 — % 1,198 — % Commercial and Industrial 753,437 17.5 % 791,911 18.5 % Obligations (other than securities and leases) of states and political subdivisions 138,897 3.2 % 145,345 3.4 % Other loans 22,340 0.5 % 24,710 0.6 % Other construction loans and all land development and other land loans 435,241 10.1 % 446,685 10.5 % Multifamily (5 or more) residential properties 265,034 6.2 % 257,696 6.0 % Non-owner occupied, nonfarm nonresidential properties 841,486 19.6 % 795,315 18.6 % 1-4 Family Construction 54,804 1.3 % 51,171 1.2 % Home equity lines of credit 124,308 2.9 % 124,892 2.9 % Residential Mortgages secured by first liens 949,691 22.1 % 942,531 22.0 % Residential Mortgages secured by junior liens 79,125 1.8 % 74,638 1.7 % Other revolving credit plans 38,241 0.9 % 36,372 0.9 % Automobile 24,706 0.6 % 21,806 0.5 % Other consumer 48,009 1.1 % 49,144 1.1 % Credit cards 12,122 0.3 % 10,825 0.3 % Overdrafts 254 — % 278 — % Total loans receivable $ 4,301,297 100.0 % $ 4,275,178 100.0 % Less: Allowance for credit losses (43,981) (43,436) Loans receivable, net $ 4,257,316 $ 4,231,742 Net deferred loan origination fees included in the above table $ 4,198 $ 4,463 The Corporation’s outstanding loans receivable and related unfunded commitments are primarily concentrated within Central and Northwest Pennsylvania, Central and Northeast Ohio, Western New York and Southwest Virginia. The Bank attempts to limit concentrations within specific industries by utilizing dollar limitations to single industries or customers, and by entering into participation agreements with third parties. Collateral requirements are established based on management’s assessment of the customer. The Corporation maintains lending policies to control the quality of the loan portfolio. These policies delegate the authority to extend loans under specific guidelines and underwriting standards. These policies are prepared by the Corporation’s management and reviewed and approved annually by the Corporation’s Board of Directors. Syndicated loans, net of deferred fees and costs, are included in the commercial and industrial classification and totaled $148.1 million and $156.6 million as of March 31, 2023 and December 31, 2022, respectively. Transactions in the allowance for credit losses for the three months ended March 31, 2023 were as follows: Beginning (Charge-offs) Recoveries Provision (Benefit) for Credit Losses on Loans Receivable (1) Ending Allowance Farmland $ 159 $ — $ — $ (30) $ 129 Owner-occupied, nonfarm nonresidential properties 2,905 (26) 8 (341) 2,546 Agricultural production and other loans to farmers 6 — — (3) 3 Commercial and Industrial 9,766 (46) 145 (922) 8,943 Obligations (other than securities and leases) of states and political subdivisions 1,863 — — (15) 1,848 Other loans 456 — — 138 594 Other construction loans and all land development and other land loans 3,253 — — 141 3,394 Multifamily (5 or more) residential properties 2,353 (65) — 247 2,535 Non-owner occupied, nonfarm nonresidential properties 7,653 — — 606 8,259 1-4 Family Construction 327 — — 71 398 Home equity lines of credit 1,173 — 1 (16) 1,158 Residential Mortgages secured by first liens 8,484 (7) — 374 8,851 Residential Mortgages secured by junior liens 1,035 — — 240 1,275 Other revolving credit plans 722 (22) 5 125 830 Automobile 271 (5) — 64 330 Other consumer 2,665 (540) 43 393 2,561 Credit cards 67 (62) 1 67 73 Overdrafts 278 (160) 44 92 254 Total $ 43,436 $ (933) $ 247 $ 1,231 $ 43,981 (1) Excludes provision for credit losses related to unfunded commitments. Note 9, "Off-Balance Sheet Commitments and Contingencies," in the condensed consolidated financial statements provides more detail concerning the provision for credit losses related to unfunded commitments of the Corporation. Transactions in the allowance for credit losses for the three months ended March 31, 2022 were as follows: Beginning (Charge-offs) Recoveries Provision (Benefit) for Credit Losses on Loans Receivable (1) Ending Allowance Farmland $ 151 $ — $ — $ 35 $ 186 Owner-occupied, nonfarm nonresidential properties 3,339 (21) 7 270 3,595 Agricultural production and other loans to farmers 9 — — 1 10 Commercial and Industrial 8,837 (71) 78 246 9,090 Obligations (other than securities and leases) of states and political subdivisions 1,649 — — 179 1,828 Other loans 149 — — (6) 143 Other construction loans and all land development and other land loans 2,198 — — (148) 2,050 Multifamily (5 or more) residential properties 2,289 — — (53) 2,236 Non-owner occupied, nonfarm nonresidential properties 6,481 — — (70) 6,411 1-4 Family Construction 158 — — 52 210 Home equity lines of credit 1,169 — 8 4 1,181 Residential Mortgages secured by first liens 6,943 (47) 12 (3) 6,905 Residential Mortgages secured by junior liens 546 — — 6 552 Other revolving credit plans 528 (26) 6 39 547 Automobile 263 (7) — (2) 254 Other consumer 2,546 (401) 22 402 2,569 Credit cards 92 (14) 4 21 103 Overdrafts 241 (119) 41 84 247 Total loans $ 37,588 $ (706) $ 178 $ 1,057 $ 38,117 (1) Excludes provision for credit losses related to unfunded commitments. Note 9, "Off-Balance Sheet Commitments and Contingencies," in the condensed consolidated financial statements provides more detail concerning the provision for credit losses related to unfunded commitments of the Corporation. The Corporation's allowance for credit losses is influenced by loan volumes, risk rating migration, delinquency status and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. For the three months ended March 31, 2023, the allowance for credit losses increased due to the growth in the Corporation's loan portfolio, including growth in new market areas. This was partially offset by improvements in the Corporation's historical loss rates, as well as the impact of net charge-offs. There is still a significant amount of uncertainty related to the domestic and global economy, continued supply chain challenges, persistent inflation and the COVID-19 pandemic. Management will continue to proactively evaluate its estimate of expected credit losses as new information becomes available. Provision for credit losses was $1.3 million for the three months ended March 31, 2023, compared to $1.6 million for the three months ended March 31, 2022. Included in the provision for credit losses for the three months ended March 31, 2023 was $59 thousand related to the allowance for unfunded commitments compared to a $586 thousand provision towards the allowance for unfunded commitments for the three months ended March 31, 2022. The following tables presents the amortized cost basis of loans receivable on nonaccrual status and loans receivable past due over 89 days still accruing as of March 31, 2023 and December 31, 2022, respectively: March 31, 2023 Nonaccrual Nonaccrual With No Allowance for Credit Loss Loans Receivable Past Due over 89 Days Still Accruing Farmland $ 1,000 $ 1,000 $ 992 Owner-occupied, nonfarm nonresidential properties 2,215 2,153 — Commercial and Industrial 5,152 2,059 — Other construction loans and all land development and other land loans 545 545 — Multifamily (5 or more) residential properties 972 343 — Non-owner occupied, nonfarm nonresidential properties 5,481 2,633 — Home equity lines of credit 525 525 — Residential Mortgages secured by first liens 4,327 3,891 — Residential Mortgages secured by junior liens 97 97 — Other revolving credit plans 41 41 — Automobile 15 15 — Other consumer 619 619 — Credit cards — — 83 Total $ 20,989 $ 13,921 $ 1,075 December 31, 2022 Nonaccrual Nonaccrual With No Allowance for Credit Loss Loans Receivable Past Due over 89 Days Still Accruing Farmland $ 1,011 $ 1,011 $ 994 Owner-occupied, nonfarm nonresidential properties 2,055 1,987 — Commercial and Industrial 5,485 2,366 71 Other construction loans and all land development and other land loans 567 567 — Multifamily (5 or more) residential properties 1,066 423 — Non-owner occupied, nonfarm nonresidential properties 5,081 2,665 — Home equity lines of credit 475 475 — Residential Mortgages secured by first liens 4,329 3,882 48 Residential Mortgages secured by junior liens 91 91 — Other revolving credit plans 26 26 — Automobile 19 19 — Other consumer 781 781 — Credit cards — — 8 Total $ 20,986 $ 14,293 $ 1,121 All payments received while on nonaccrual status are applied against the principal balance of the loan. The Corporation does not recognize interest income while a loan is on nonaccrual status. The following table presents the amortized cost basis of loans receivable that are individually evaluated and collateral-dependent by class of loans as of March 31, 2023: Real Estate Collateral Non-Real Estate Collateral Farmland $ 829 — Owner-occupied, nonfarm nonresidential properties 1,053 4 Commercial and Industrial — 1,826 Other construction loans and all land development and other land loans 480 — Multifamily (5 or more) residential properties 972 — Non-owner occupied, nonfarm nonresidential properties 5,185 — Home equity lines of credit 331 — Residential Mortgages secured by first liens 1,133 — Total $ 9,983 $ 1,830 The following table presents the amortized cost basis of loans receivable that are individually evaluated and collateral-dependent by class of loans as of December 31, 2022: Real Estate Collateral Non-Real Estate Collateral Farmland $ 829 $ — Owner-occupied, nonfarm nonresidential properties 1,296 4 Commercial and Industrial — 1,904 Other construction loans and all land development and other land loans 501 — Multifamily (5 or more) residential properties 1,066 — Non-owner occupied, nonfarm nonresidential properties 5,874 — Home equity lines of credit 335 — Residential Mortgages secured by first liens 1,150 — Total $ 11,051 $ 1,908 The following table presents the aging of the amortized cost basis in past-due loans receivable as of March 31, 2023 by class of loans: 30 - 59 60 - 89 Greater Than 89 Total Past Due Loans Receivable Not Past Due Total Farmland $ 185 $ — $ 1,124 $ 1,309 $ 32,771 $ 34,080 Owner-occupied, nonfarm nonresidential properties 1,508 24 287 1,819 476,646 478,465 Agricultural production and other loans to farmers — — — — 1,057 1,057 Commercial and Industrial — 213 230 443 752,994 753,437 Obligations (other than securities and leases) of states and political subdivisions — — — — 138,897 138,897 Other loans — — — — 22,340 22,340 Other construction loans and all land development and other land loans 171 1,538 — 1,709 433,532 435,241 Multifamily (5 or more) residential properties — — 25 25 265,009 265,034 Non-owner occupied, nonfarm nonresidential properties 222 — 685 907 840,579 841,486 1-4 Family Construction — — — — 54,804 54,804 Home equity lines of credit 217 — 89 306 124,002 124,308 Residential Mortgages secured by first liens 1,501 777 1,500 3,778 945,913 949,691 Residential Mortgages secured by junior liens — — 51 51 79,074 79,125 Other revolving credit plans 38 26 19 83 38,158 38,241 Automobile 57 — — 57 24,649 24,706 Other consumer 310 189 384 883 47,126 48,009 Credit cards 22 20 83 125 11,997 12,122 Overdrafts — — — — 254 254 Total $ 4,231 $ 2,787 $ 4,477 $ 11,495 $ 4,289,802 $ 4,301,297 The following table presents the aging of the amortized cost basis in past-due loans receivable as of December 31, 2022 by class of loans: 30 - 59 60 - 89 Greater Than 89 Total Past Due Loans Receivable Not Past Due Total Farmland $ — $ — $ 1,136 $ 1,136 $ 31,032 $ 32,168 Owner-occupied, nonfarm nonresidential properties 185 27 734 946 467,547 468,493 Agricultural production and other loans to farmers — — — — 1,198 1,198 Commercial and Industrial 246 93 611 950 790,961 791,911 Obligations (other than securities and leases) of states and political subdivisions — — — — 145,345 145,345 Other loans — — — — 24,710 24,710 Other construction loans and all land development and other land loans 1,522 — 501 2,023 444,662 446,685 Multifamily (5 or more) residential properties 706 — 90 796 256,900 257,696 Non-owner occupied, nonfarm nonresidential properties 113 60 879 1,052 794,263 795,315 1-4 Family Construction — — — — 51,171 51,171 Home equity lines of credit 203 10 49 262 124,630 124,892 Residential Mortgages secured by first liens 1,302 538 1,775 3,615 938,916 942,531 Residential Mortgages secured by junior liens 5 — 51 56 74,582 74,638 Other revolving credit plans 65 27 — 92 36,280 36,372 Automobile 36 — — 36 21,770 21,806 Other consumer 361 188 473 1,022 48,122 49,144 Credit cards 196 18 8 222 10,603 10,825 Overdrafts — — — — 278 278 Total $ 4,940 $ 961 $ 6,307 $ 12,208 $ 4,262,970 $ 4,275,178 Loan Modifications The Corporation adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measure of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. Occasionally, the Corporation modifies loans to borrowers in financial distress by providing principal forgiveness, term extension, an other-than-insignificant payment delay or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. In some cases, the Corporation provides multiple types of concessions on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For the loans included in the “combination” columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension, principal forgiveness, an other-than-insignificant payment delay and/or an interest rate reduction. The following table presents the amortized cost basis of loans at March 31, 2023 that were both experiencing financial difficulty and modified during the three months ended March 31, 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below: Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Combination Payment Delay and Term Extension Total Class of Financing Receivable Owner-occupied, nonfarm nonresidential properties $ — $ 98 $ — $ — $ — — % Commercial and Industrial — 2,573 612 371 122 0.5 Other construction loans and all land development and other land loans — 1,538 — — — 0.4 Non-owner occupied, nonfarm nonresidential properties — — 1,562 — — 0.2 Total $ — $ 4,209 $ 2,174 $ 371 $ 122 0.2 % The Corporation has no further loan commitments to customers whose loan receivables are included in the previous table. The Corporation closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified during the three months ended March 31, 2023: 30 - 59 60 - 89 Greater Than 89 Total Past Due Owner-occupied, nonfarm nonresidential properties $ 98 $ — $ — $ 98 Other construction loans and all land development and other land loans — 1,538 — 1,538 Total $ 98 $ 1,538 $ — $ 1,636 The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2023: Principal Forgiveness Term Extension Interest Rate Reduction Commercial and Industrial $ — 0.97 0.5 % Non-owner occupied, nonfarm nonresidential properties — 0.50 — Total $ — 0.65 0.5 % There were no modified loans and leases that had a payment default during the three months ended March 31, 2023 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty. If the Corporation determines that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off and the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. Troubled Debt Restructurings Prior to the Adoption of ASU 2022-02 As of December 31, 2022, the terms of certain loans were modified as TDRs. The modification of the terms of such loans included either or both of the following: a reduction of the stated interest rate of the loan; or an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk. The Corporation had an amortized cost in TDRs of $12.4 million as of December 31, 2022. The Corporation has allocated $2.2 million of allowance for those loans as of December 31, 2022. There was one loan modified as a TDR during the three months ended March 31, 2022: Three Months Ended March 31, 2022 Number of Pre-Modification Post-Modification Type of Modification Non-owner occupied, nonfarm nonresidential properties 1 $ 1,784 $ 1,784 Modify Rate and Extend Amortization Total loans 1 $ 1,784 $ 1,784 The TDR described above increased the allowance for credit losses by an immaterial amount for the three months ended March 31, 2022. A loan receivable is considered to be in payment default once it is 90 days contractually past due under the modified terms. There were no loans modified as TDRs for which there was a payment default within a twelve-month cycle following the modification during the three months ended March 31, 2022. There were no principal balances forgiven in connection with the loans restructurings. As discussed above, effective for January 1, 2023, the Corporation adopted prospectively Accounting Standard Update 2022-02, which eliminated the separate recognition and measurement guidance for TDRs by creditors. Credit Quality Indicators The Corporation categorizes loans receivable into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Corporation analyzes loans individually to classify the loans as to credit risk. The Corporation uses the following definitions for risk ratings: Special Mention: A loan classified as special mention has a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Corporation’s credit position at some future date. Substandard: A loan classified as substandard is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. The loan has a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. A substandard loan is characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected. Doubtful: A loan classified as doubtful has all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following tables represent the Corporation's commercial credit risk profile by risk rating. Loans receivable not rated as special mention, substandard, or doubtful are considered to be pass rated loans. March 31, 2023 Non-Pass Rated Pass Special Mention Substandard Doubtful Total Non-Pass Total Farmland $ 31,639 $ 1,441 $ 1,000 $ — $ 2,441 $ 34,080 Owner-occupied, nonfarm nonresidential properties 443,727 27,718 7,020 — 34,738 478,465 Agricultural production and other loans to farmers 1,057 — — — — 1,057 Commercial and Industrial 714,047 18,506 19,598 1,286 39,390 753,437 Obligations (other than securities and leases) of states and political subdivisions 138,897 — — — — 138,897 Other loans 22,340 — — — — 22,340 Other construction loans and all land development and other land loans 430,118 3,040 2,083 — 5,123 435,241 Multifamily (5 or more) residential properties 263,557 — 1,477 — 1,477 265,034 Non-owner occupied, nonfarm nonresidential properties 819,238 1,942 20,306 — 22,248 841,486 Total $ 2,864,620 $ 52,647 $ 51,484 $ 1,286 $ 105,417 $ 2,970,037 December 31, 2022 Non-Pass Rated Pass Special Mention Substandard Doubtful Total Non-Pass Total Farmland $ 29,706 $ 1,450 $ 1,012 $ — $ 2,462 $ 32,168 Owner-occupied, nonfarm nonresidential properties 433,467 27,796 7,230 — 35,026 468,493 Agricultural production and other loans to farmers 1,198 — — — — 1,198 Commercial and Industrial 765,821 14,740 10,037 1,313 26,090 791,911 Obligations (other than securities and leases) of states and political subdivisions 145,345 — — — — 145,345 Other loans 24,710 — — — — 24,710 Other construction loans and all land development and other land loans 443,300 1,296 2,089 — 3,385 446,685 Multifamily (5 or more) residential properties 256,120 510 1,066 — 1,576 257,696 Non-owner occupied, nonfarm nonresidential properties 772,450 2,791 20,074 — 22,865 795,315 Total $ 2,872,117 $ 48,583 $ 41,508 $ 1,313 $ 91,404 $ 2,963,521 The following tables detail the amortized cost of loans receivable, by year of origination (for term loans) and by risk grade within each portfolio segment as of March 31, 2023. Current period originations may include modifications. Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Farmland Risk rating Pass $ 2,521 $ 12,052 $ 7,506 $ 1,531 $ 864 $ 6,719 $ 446 $ — $ 31,639 Special mention — — — — — 1,441 — — 1,441 Substandard — — 347 — — 653 — — 1,000 Total $ 2,521 $ 12,052 $ 7,853 $ 1,531 $ 864 $ 8,813 $ 446 $ — $ 34,080 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Owner-occupied, nonfarm nonresidential properties Risk rating Pass $ 25,539 $ 115,564 $ 112,643 $ 47,101 $ 53,801 $ 81,445 $ 7,634 $ — $ 443,727 Special mention — 3,826 — 15,165 863 4,785 3,079 — 27,718 Substandard — — — 340 1,803 4,877 — — 7,020 Total $ 25,539 $ 119,390 $ 112,643 $ 62,606 $ 56,467 $ 91,107 $ 10,713 $ — $ 478,465 Current period gross write offs $ — $ — $ — $ — $ — $ 26 $ — $ — $ 26 Agricultural production and other loans to farmers Risk rating Pass $ — $ 47 $ 134 $ 77 $ 37 $ 176 $ 586 $ — $ 1,057 Special mention — — — — — — — — — Substandard — — — — — — — — — Total $ — $ 47 $ 134 $ 77 $ 37 $ 176 $ 586 $ — $ 1,057 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and Industrial Risk rating Pass $ 32,586 $ 161,387 $ 195,788 $ 47,017 $ 14,068 $ 21,422 $ 241,779 $ — $ 714,047 Special mention — 418 425 6,666 248 33 10,716 — 18,506 Substandard — 7,257 4,591 662 367 1,318 5,403 — 19,598 Doubtful (1) — — 1,286 — — — — — 1,286 Total $ 32,586 $ 169,062 $ 202,090 $ 54,345 $ 14,683 $ 22,773 $ 257,898 $ — $ 753,437 Current period gross write offs $ — $ — $ — $ — $ — $ — $ 46 $ — $ 46 Obligations (other than securities and leases) of states and political subdivisions Risk rating Pass $ 4,367 $ 18,004 $ 32,739 $ 12,923 $ 4,522 $ 61,993 $ 4,349 $ — $ 138,897 Special mention — — — — — — — — — Substandard — — — — — — — — — Total $ 4,367 $ 18,004 $ 32,739 $ 12,923 $ 4,522 $ 61,993 $ 4,349 $ — $ 138,897 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Other loans Risk rating Pass $ 53 $ 12,358 $ 5,342 $ 2,165 $ 349 $ — $ 2,073 $ — $ 22,340 Special mention — — — — — — — — — Substandard — — — — — — — — — Total $ 53 $ 12,358 $ 5,342 $ 2,165 $ 349 $ — $ 2,073 $ — $ 22,340 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — (1) Consists of one loan relationship originated in 2015 and modified in 2021. The modification met the requirements to disclose the loan relationship as a new loan during 2021. Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Other construction loans and all land development and other land loans Risk rating Pass $ 28,853 $ 243,719 $ 84,462 $ 53,929 $ 6,738 $ 1,620 $ 10,797 $ — $ 430,118 Special mention — 3,040 — — — — — — 3,040 Substandard — — 480 — 1,538 — 65 — 2,083 Total $ 28,853 $ 246,759 $ 84,942 $ 53,929 $ 8,276 $ 1,620 $ 10,862 $ — $ 435,241 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Multifamily (5 or more) residential properties Risk rating Pass $ 9,491 $ 116,809 $ 47,242 $ 46,246 $ 11,454 $ 30,054 $ 2,261 $ — $ 263,557 Special mention — — — — — — — — — Substandard — 629 — — — 848 — — 1,477 Total $ 9,491 $ 117,438 $ 47,242 $ 46,246 $ 11,454 $ 30,902 $ 2,261 $ — $ 265,034 Current period gross write offs $ — $ — $ — $ — $ — $ 65 $ — $ — $ 65 Non-owner occupied, nonfarm nonresidential properties Risk rating Pass $ 82,060 $ 328,110 $ 150,844 $ 50,011 $ 57,170 $ 145,602 $ 5,441 $ — $ 819,238 Special mention — 355 — — 159 986 442 — 1,942 Substandard — 2,182 1,281 — 4,034 10,755 2,054 — 20,306 Total $ 82,060 $ 330,647 $ 152,125 $ 50,011 $ 61,363 $ 157,343 $ 7,937 $ — $ 841,486 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — The following tables detail the amortized cost of loans receivable, by year of origination (for term loans) and by risk grade within each portfolio segment as of December 31, 2022. Current period originations may include modifications. Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Farmland Risk rating Pass $ 12,321 $ 7,635 $ 1,536 $ 871 $ 3,277 $ 3,523 $ 543 $ — $ 29,706 Special mention — — — — — 1,450 — — 1,450 Substandard — 347 — — 142 523 — — 1,012 Total $ 12,321 $ 7,982 $ 1,536 $ 871 $ 3,419 $ 5,496 $ 543 $ — $ 32,168 Owner-occupied, nonfarm nonresidential properties Risk rating Pass $ 116,701 $ 113,575 $ 50,226 $ 55,040 $ 25,327 $ 60,810 $ 11,788 $ — $ 433,467 Special mention 3,402 — 15,613 872 4,097 814 2,998 — 27,796 Substandard — — 355 1,864 862 4,149 — — 7,230 Total $ 120,103 $ 113,575 $ 66,194 $ 57,776 $ 30,286 $ 65,773 $ 14,786 $ — $ 468,493 Agricultural production and other loans to farmers Risk rating Pass $ 105 $ 140 $ 80 $ 42 $ 179 $ — $ 652 $ — $ 1,198 Special mention — — — — — — — — — Substandard — — — — — — — — — Total $ 105 $ 140 $ 80 $ 42 $ 179 $ — $ 652 $ — $ 1,198 Commercial and Industrial Risk rating Pass $ 195,955 $ 213,433 $ 51,695 $ 16,730 $ 9,051 $ 19,116 $ 259,841 $ — $ 765,821 Special mention 241 — 6,691 273 81 45 7,409 — 14,740 Substandard 299 1,809 689 379 324 913 5,624 — 10,037 Doubtful (1) — 1,313 — — — — — — 1,313 Total $ 196,495 $ 216,555 $ 59,075 $ 17,382 $ 9,456 $ 20,074 $ 272,874 $ — $ 791,911 Obligations (other than securities and leases) of states and political subdivisions Risk rating Pass $ 20,840 $ 37,527 $ 13,868 $ 4,584 $ 13,518 $ 50,050 $ 4,958 $ — $ 145,345 Special mention — — — — — — — — — Substandard — — — — — — — — — Total $ 20,840 $ 37,527 $ 13,868 $ 4,584 $ 13,518 $ 50,050 $ 4,958 $ — $ 145,345 Other loans Risk rating Pass $ 14,248 $ 5,358 $ 2,278 $ 363 $ — $ — $ 2,463 $ — $ 24,710 Special mention — — — — — — — — — Substandard — — — — — — — — — Total $ 14,248 $ 5,358 $ 2,278 $ 363 $ — $ — $ 2,463 $ — $ 24,710 (1) Consists of one loan relationship originated in 2015 and modified in 2021. The modification met the requirements to disclose the loan relationship as a new loan during 2021. Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Other construction loans and all land development and other land loans Risk rating Pass $ 272,118 $ 86,894 $ 56,782 $ 6,918 $ 8,644 $ 916 $ 11,028 $ — $ 443,300 Special mention 1,296 — — — — — — — 1,296 Substandard — 2,023 — — — — 66 — 2,089 Total $ 273,414 $ 88,917 $ 56,782 $ 6,918 $ 8,644 $ 916 $ 11,094 $ — $ 446,685 Multifamily (5 or more) residential properties Risk rating Pass $ 114,454 $ 49,794 $ 46,784 $ 11,854 $ 6,764 $ 23,841 $ 2,629 $ — $ 256,120 Special mention — — — — — 510 — — 510 Substandard 643 — — — 333 90 — — 1,066 Total $ 115,097 $ 49,794 $ 46,784 $ 11,854 $ 7,097 $ 24,441 $ 2,629 $ — $ 257,696 Non-owner occupied, nonfarm nonresidential properties Risk rating Pass $ 339,151 $ 153,613 $ 51,709 $ 66,592 $ 45,211 $ 107,988 $ 8,186 $ — $ 772,450 Special mention — 488 — 273 498 1,068 464 — 2,791 Substandard 2,227 800 — 4,090 1,314 9,587 2,056 — 20,074 Total $ 341,378 $ 154,901 $ 51,709 $ 70,955 $ 47,023 $ 118,643 $ 10,706 $ — $ 795,315 The Corporation considers the performance of the loan portfolio and its impact on the allowance for credit losses. For 1-4 family construction, home equity lines of credit, residential mortgages secured by first liens, residential mortgages secured by junior liens, automobile, credit cards, other revolving credit plans and other consumer segments, the Corporation evaluates credit quality based on the performance status of the loan, which was previously presented, and by payment activity. Nonperforming loans include loans receivable on nonaccrual status and loans receivable past due over 89 days and still accruing interest. March 31, 2023 December 31, 2022 Performing Nonperforming Total Performing Nonperforming Total 1-4 Family Construction $ 54,804 $ — $ 54,804 $ 51,171 $ — $ 51,171 Home equity lines of credit 123,783 525 124,308 124,417 475 124,892 Residential Mortgages secured by first liens 945,364 4,327 949,691 938,154 4,377 942,531 Residential Mortgages secured by junior liens 79,028 97 79,125 74,547 91 74,638 Other revolving credit plans 38,200 41 38,241 36,346 26 36,372 Automobile 24,691 15 24,706 21,787 19 21,806 Other consumer 47,390 619 48,009 48,363 781 49,144 Total $ 1,313,260 $ 5,624 $ 1,318,884 $ 1,294,785 $ 5,769 $ 1,300,554 The following tables detail the amortized cost of loans receivable, by year of origination (for term loans) and by payment activity within each portfolio segment as of March 31, 2023. Current period originations may include modifications. Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total 1-4 Family Construction Payment performance Performing $ 3,242 $ 33,078 $ 14,202 $ 2,623 $ 736 $ 61 $ 862 $ — $ 54,804 Nonperforming — — — — — — — — — Total $ 3,242 $ 33,078 $ 14,202 $ 2,623 $ 736 $ 61 $ 862 $ — $ 54,804 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Home equity lines of credit Payment performance Performing $ 4,235 $ 34,955 $ 13,286 $ 11,614 $ 8,112 $ 38,650 $ 8,487 $ 4,444 $ 123,783 Nonperforming — — — — — 16 — 509 525 Total $ 4,235 $ 34,955 $ 13,286 $ 11,614 $ 8,112 $ 38,666 $ 8,487 $ 4,953 $ 124,308 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential mortgages secured by first lien Payment performance Performing $ 30,741 $ 227,287 $ 218,134 $ 156,198 $ 89,310 $ 220,960 $ 2,734 $ — $ 945,364 Nonperforming 70 — 840 195 568 2,465 189 — 4,327 Total $ 30,811 $ 227,287 $ 218,974 $ 156,393 $ 89,878 $ 223,425 $ 2,923 $ — $ 949,691 Current period gross write offs $ — $ — $ — $ — $ — $ 7 $ — $ — $ 7 Residential mortgages secured by junior liens Payment performance Performing $ 6,614 $ 31,176 $ 16,534 $ 8,055 $ 4,753 $ 10,715 $ 1,181 $ — $ 79,028 Nonperforming — — — — — 54 43 — 97 Total $ 6,614 $ 31,176 $ 16,534 $ 8,055 $ 4,753 $ 10,769 $ 1,224 $ — $ 79,125 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Other revolving credit plans Payment performance Performing $ 2,437 $ 10,519 $ 2,683 $ 7,908 $ 2,441 $ 12,212 $ — $ — $ 38,200 Nonperforming — — 15 — 3 23 — — 41 Total $ 2,437 $ 10,519 $ 2,698 $ 7,908 $ 2,444 $ 12,235 $ — $ — $ 38,241 Current period gross write offs $ — $ — $ 5 $ — $ — $ 17 $ — $ — $ 22 Automobile Payment performance Performing $ 5,411 $ 9,363 $ 4,026 $ 2,502 $ 1,983 $ 1,406 $ — $ — $ 24,691 Nonperforming — — — 9 5 1 — — 15 Total $ 5,4 |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
LEASES | LEASES Operating lease assets represent the Corporation's right to use an underlying asset during the lease term and operating lease liabilities represent the Corporation's obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents the Corporation's incremental borrowing rate at the lease commencement date. Operating lease cost, which is comprised of amortization of the operating lease asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term, and is recorded in net occupancy expense in the condensed consolidated statements of income. The Corporation leases certain full-service branch offices, land, and equipment. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Most leases include one or more options to renew and the exercise of the lease renewal options are at the Corporation's sole discretion. The Corporation includes lease extension and termination options in the lease term if, after considering relevant economic factors, it is reasonably certain the Corporation will exercise the option. Certain lease agreements of the Corporation include rental payments adjusted periodically for changes in the consumer price index. Leases Classification March 31, 2023 December 31, 2022 Assets: Operating lease assets Operating lease assets $ 34,618 $ 32,307 Finance lease assets Premises and equipment, net (1) 268 286 Total leased assets $ 34,886 $ 32,593 Liabilities: Operating lease liabilities Operating lease liabilities $ 36,114 $ 33,726 Finance lease liabilities Accrued interest payable and other liabilities 361 383 Total leased liabilities $ 36,475 $ 34,109 (1) Finance lease assets are recorded net of accumulated amortization of $948 thousand as of March 31, 2023 and $930 thousand as of December 31, 2022. The components of the Corporation's net lease expense for the three months ended March 31, 2023 and 2022, respectively, were as follows: Three Months Ended March 31, Lease Cost Classification 2023 2022 Operating lease cost Net occupancy expense $ 697 $ 492 Variable lease cost Net occupancy expense 22 13 Finance lease cost: Amortization of leased assets Net occupancy expense 18 18 Interest on lease liabilities Interest expense - borrowed funds 4 5 Sublease income (1) Net occupancy expense (23) (17) Net lease cost $ 718 $ 511 (1) Sublease income excludes rental income from owned properties. The following table sets forth future minimum rental payments under noncancellable leases with initial terms in excess of one year as of March 31, 2023: Maturity of Lease Liabilities as of March 31, 2023 Operating Leases (1) Finance Leases Total 2023 $ 1,873 $ 79 $ 1,952 2024 2,456 105 2,561 2025 2,458 105 2,563 2026 2,409 105 2,514 2027 2,353 — 2,353 After 2027 46,603 — 46,603 Total lease payments 58,152 394 58,546 Less: Interest 22,038 33 22,071 Present value of lease liabilities $ 36,114 $ 361 $ 36,475 (1) Operating lease payments include payments related to options to extend lease terms that are reasonably certain of being exercised and exclude $5.8 million of legally binding minimum lease payments for leases signed, but not yet commenced. Lease terms and discount rates related to the Corporation's lease liabilities as of March 31, 2023 and December 31, 2022 were as follows: Lease Term and Discount Rate March 31, 2023 December 31, 2022 Weighted-average remaining lease term (years) Operating leases 23.5 23.9 Finance leases 3.7 4.0 Weighted-average discount rate Operating leases 3.94 % 3.83 % Finance leases 4.49 % 4.49 % Other information related to the Corporation's lease liabilities as of March 31, 2023 and 2022, respectively, was as follows: Other Information March 31, 2023 March 31, 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 307 $ 283 |
LEASES | LEASES Operating lease assets represent the Corporation's right to use an underlying asset during the lease term and operating lease liabilities represent the Corporation's obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents the Corporation's incremental borrowing rate at the lease commencement date. Operating lease cost, which is comprised of amortization of the operating lease asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term, and is recorded in net occupancy expense in the condensed consolidated statements of income. The Corporation leases certain full-service branch offices, land, and equipment. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Most leases include one or more options to renew and the exercise of the lease renewal options are at the Corporation's sole discretion. The Corporation includes lease extension and termination options in the lease term if, after considering relevant economic factors, it is reasonably certain the Corporation will exercise the option. Certain lease agreements of the Corporation include rental payments adjusted periodically for changes in the consumer price index. Leases Classification March 31, 2023 December 31, 2022 Assets: Operating lease assets Operating lease assets $ 34,618 $ 32,307 Finance lease assets Premises and equipment, net (1) 268 286 Total leased assets $ 34,886 $ 32,593 Liabilities: Operating lease liabilities Operating lease liabilities $ 36,114 $ 33,726 Finance lease liabilities Accrued interest payable and other liabilities 361 383 Total leased liabilities $ 36,475 $ 34,109 (1) Finance lease assets are recorded net of accumulated amortization of $948 thousand as of March 31, 2023 and $930 thousand as of December 31, 2022. The components of the Corporation's net lease expense for the three months ended March 31, 2023 and 2022, respectively, were as follows: Three Months Ended March 31, Lease Cost Classification 2023 2022 Operating lease cost Net occupancy expense $ 697 $ 492 Variable lease cost Net occupancy expense 22 13 Finance lease cost: Amortization of leased assets Net occupancy expense 18 18 Interest on lease liabilities Interest expense - borrowed funds 4 5 Sublease income (1) Net occupancy expense (23) (17) Net lease cost $ 718 $ 511 (1) Sublease income excludes rental income from owned properties. The following table sets forth future minimum rental payments under noncancellable leases with initial terms in excess of one year as of March 31, 2023: Maturity of Lease Liabilities as of March 31, 2023 Operating Leases (1) Finance Leases Total 2023 $ 1,873 $ 79 $ 1,952 2024 2,456 105 2,561 2025 2,458 105 2,563 2026 2,409 105 2,514 2027 2,353 — 2,353 After 2027 46,603 — 46,603 Total lease payments 58,152 394 58,546 Less: Interest 22,038 33 22,071 Present value of lease liabilities $ 36,114 $ 361 $ 36,475 (1) Operating lease payments include payments related to options to extend lease terms that are reasonably certain of being exercised and exclude $5.8 million of legally binding minimum lease payments for leases signed, but not yet commenced. Lease terms and discount rates related to the Corporation's lease liabilities as of March 31, 2023 and December 31, 2022 were as follows: Lease Term and Discount Rate March 31, 2023 December 31, 2022 Weighted-average remaining lease term (years) Operating leases 23.5 23.9 Finance leases 3.7 4.0 Weighted-average discount rate Operating leases 3.94 % 3.83 % Finance leases 4.49 % 4.49 % Other information related to the Corporation's lease liabilities as of March 31, 2023 and 2022, respectively, was as follows: Other Information March 31, 2023 March 31, 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 307 $ 283 |
DEPOSITS
DEPOSITS | 3 Months Ended |
Mar. 31, 2023 | |
Deposits [Abstract] | |
DEPOSITS | DEPOSITS The following table reflects time certificates of deposit accounts included in total deposits and their remaining maturities at March 31, 2023: Time deposits maturing: 2023 $ 280,848 2024 197,693 2025 43,106 2026 8,982 2027 7,238 Thereafter 3,980 $ 541,847 Certificates of deposits of $250 thousand or more totaled $143.7 million and $135.4 million at March 31, 2023 and December 31, 2022, respectively. The Corporation had $153.6 million in brokered deposits as of March 31, 2023 compared to $24.1 million at December 31, 2022. In addition, the Corporation had $193.1 million and $4.6 million in reciprocal deposits at March 31, 2023 and December 31, 2022, respectively. |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS At March 31, 2023 and December 31, 2022, the Corporation had available one $10.0 million unsecured line of credit with an unaffiliated institution. Borrowings under the line of credit bear interest at a variable rate equal to SOFR plus 2.85%. There were no borrowings under the line of credit at March 31, 2023 and December 31, 2022. FHLB Borrowings The Bank has the ability to borrow funds from the Federal Home Loan Bank ("FHLB"). The Bank maintains a $250.0 million line-of-credit (Open Repo Plus) with the FHLB which is a revolving term commitment available on an overnight basis. The term of this commitment may not exceed 364 days and it reprices daily at market rates. Under terms of a blanket collateral agreement with the FHLB, the line-of-credit and long term advances are secured by FHLB stock and the Bank pledges its single-family residential mortgage loan portfolio, certain commercial real estate loans, and certain agriculture real estate loans as security for any advances. Total loans receivable pledged to the FHLB at March 31, 2023, and December 31, 2022 was $1.6 billion. The Bank could obtain advances of up to approximately $804.9 million from the FHLB at March 31, 2023 and $757.8 million at December 31, 2022. At March 31, 2023 and December 31, 2022, outstanding advances from the FHLB were as follows. March 31, 2023 December 31, 2022 Open Repo borrowing at an interest rate of 5.15% and 4.45% at March 31, 2023 and December 31, 2022, respectfully. The maximum amount of the Open Repo borrowing available is $250,000. $ 102,083 $ 132,396 Total $ 102,083 $ 132,396 At March 31, 2023 and December 31, 2022, municipal deposit letters of credit issued by the FHLB on behalf of the Bank naming applicable municipalities as beneficiaries were $153.0 million and $75.5 million, respectively. The letters of credit were utilized in place of securities pledged to the municipalities for their deposits maintained at the Bank. Other Borrowings At March 31, 2023 and December 31, 2022, the Bank had no outstanding borrowings from unaffiliated institutions under overnight borrowing agreements. Subordinated Debentures In 2007, the Corporation issued two $10.0 million floating rate trust preferred securities as part of a pooled offering of such securities. The interest rate on each offering is determined quarterly and floats based on the three-month LIBOR plus 1.55%. The all-in rate was 6.42% at March 31, 2023 and 6.32% at December 31, 2022. The Corporation issued subordinated debentures to the trusts in exchange for the proceeds of the offerings, which debentures represent the sole assets of the trusts. The subordinated debentures must be redeemed no later than 2037. The Corporation may redeem the debentures, in whole or in part, at face value at any time. The Corporation has the option to defer interest payments from time to time for a period not to exceed five Subordinated Notes In June 2021, the Corporation sold $85.0 million aggregate principal amount of its fixed-to-floating rate subordinated notes to eligible purchasers in a private offering in reliance on the exemption from the registration requirements of Section 4(a)(2) of the Securities Act and the provisions of Rule 506 of Regulation D thereunder. The notes will mature in June 2031, and initially bear interest at a fixed rate of 3.25% per annum, payable semi-annually in arrears, to, but excluding, June 15, 2026, and thereafter to, but excluding, the maturity date or earlier redemption, the interest rate will reset quarterly to an interest rate per annum equal to the then current three-month average Secured Overnight Financing Rate plus 2.58%. The net proceeds from the sale were approximately $83.5 million, after deducting offering expenses. These subordinated notes were designed to qualify as Tier 2 capital under the Federal Reserve’s capital guidelines and were given an investment grade rating of BBB- by Kroll Bond Rating Agency. The unamortized debt issuance costs were $1.0 million and $1.0 million as of March 31, 2023 and December 31, 2022, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Some of the Corporation's directors, executive officers, and their related interests had transactions with the Bank in the ordinary course of business. All loan and deposit transactions were made on substantially the same terms, such as interest rates and collateral, as those prevailing at the time for comparable transactions. In the opinion of management, these transactions do not involve more than the normal risk of collectability nor do they present other unfavorable features. It is anticipated that similar transactions will be entered into in the future. Loans to principal officers, directors, and their affiliates during the three months ended March 31, 2023 were as follows: Beginning balance $ 44,998 New loans and advances 2,273 Effect of changes in composition of related parties (491) Repayments (6,142) Ending balance $ 40,638 Deposits from directors, executive officers, and their affiliates were $13.8 million and $13.7 million at March 31, 2023 and December 31, 2022, respectively. |
OFF-BALANCE SHEET COMMITMENTS A
OFF-BALANCE SHEET COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
OFF-BALANCE SHEET COMMITMENTS AND CONTINGENCIES | OFF-BALANCE SHEET COMMITMENTS AND CONTINGENCIES Financial Instruments with Off-Balance Sheet Risk The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the condensed consolidated balance sheets. The Corporation's exposure to credit loss in the event of nonperformance by the other party of the financial instrument for commitments to extend credit and standby letters of credit is represented by the contract or notional amount of those instruments. The Corporation uses the same credit policies for underwriting all loans, including these commitments and conditional obligations. As of March 31, 2023 and December 31, 2022, the Corporation did not own or trade other financial instruments with significant off-balance sheet risk including derivatives such as futures, forwards, option contracts and the like, although such instruments may be appropriate to use in the future to manage interest rate risk. See Note 12, “Derivative Instruments,” for a description of interest rate derivatives entered into by the Corporation. Standby letters of credit are conditional commitments issued by the Corporation to guarantee the performance of a customer to a third party. The contract or notional amount of these instruments reflects the maximum amount of future payments that the Corporation could be required to pay under the guarantees if there were a total default by the guaranteed parties, without consideration for possible recoveries under recourse provisions or from collateral held or pledged. In addition, many of these commitments are expected to expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements. The Corporation's maximum obligation to extend credit for loan commitments (unfunded loans and unused lines of credit) and standby letters of credit outstanding as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 December 31, 2022 Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to extended credit $ 110,088 $ 488,102 $ 126,594 $ 441,008 Unused lines of credit 9,488 772,226 7,444 725,277 Standby letters of credit 16,023 3,837 16,124 1,603 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Corporation evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral that is held varies but may include securities, accounts receivable, inventory, property, plant and equipment, and residential and income-producing commercial properties. Allowance for Credit Losses on Unfunded Loan Commitments The Corporation maintains an allowance for credit losses on unfunded commercial lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for credit losses for loans receivable, modified to take into account the probability of a draw-down on the commitment. The provision for credit losses on unfunded loan commitments is included in the provision for credit losses on the Corporation's condensed consolidated statements of income. The allowance for unfunded commitments is included in other liabilities in the condensed consolidated balance sheets. Note 4, "Loans Receivable and Allowance for Credit Losses," in the condensed consolidated financial statements provides more detail concerning the provision for credit losses related to the loan portfolio of the Corporation. The following table presents activity in the allowance for credit losses on unfunded loan commitments for the three months ended March 31, 2023 and 2022, respectively: Three Months Ended March 31, 2023 2022 Beginning balance $ 603 $ — Provision for credit losses on unfunded loan commitments (1) 59 586 Ending balance $ 662 $ 586 (1) Excludes provision for credit losses related to the loan portfolio. Other Off-Balance Sheet Commitments The Corporation makes investments in limited partnerships, including certain small business investment corporations and low income housing partnerships. Capital contributions for investments in small business companies ("SBIC") and other limited partnerships, reported in FHLB and other restricted stock holdings and investments on the condensed consolidated balance sheet, as of March 31, 2023 and December 31, 2022 were $18.4 million and $17.0 million, respectively. Unfunded capital commitments in investments in SBIC's and other limited partnerships totaled $7.1 million and $5.5 million as of March 31, 2023 and December 31, 2022, respectively. These investments are accounted for under the equity method of accounting. Qualified Affordable Housing Project Investments The carrying value of investments in the low income housing partnerships, reported in FHLB and other restricted stock holdings and investments on the consolidated balance sheet, as of March 31, 2023 and December 31, 2022 were $4.3 million and $4.5 million, respectively. The related amortization for the three months ended March 31, 2023 and 2022 was $186 thousand and $198 thousand, respectively. Unfunded commitments, reported in accrued interest payable and other liabilities on the condensed consolidated balance sheets, as of March 31, 2023 and December 31, 2022 were $834 thousand and $1.0 million, respectively. Litigation The Corporation is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations and cash flows of the Corporation. |
STOCK COMPENSATION
STOCK COMPENSATION | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK COMPENSATION | STOCK COMPENSATION The Corporation has a stock incentive plan, which is administered by a committee of the Board of Directors and which permits the Corporation to provide various types of stock-based compensation to its key employees, directors, and/or consultants, including time-based and performance-based shares of restricted stock. The Corporation maintains the CNB Financial Corporation 2019 Omnibus Incentive Plan (the "2019 Stock Incentive Plan"), which was approved by the Corporation’s shareholders and became effective on April 16, 2019. The 2019 Stock Incentive Plan provides for up to 507,671 shares of common stock to be awarded in the form of nonqualified options or restricted stock. For key employees, the vesting of time-based restricted stock is one-third, one-fourth, or one-fifth of the granted restricted shares per year, beginning one year after the grant date, with 100% vesting on the third, fourth or fifth anniversary of the grant date, respectively. Stock compensation received by non-employee directors vests immediately. At March 31, 2023, there was no unrecognized compensation cost related to stock-based compensation awarded under this plan and, except for the time-based and performance-based restricted stock awards disclosed below and in previous filings, no other stock-based compensation was granted during the three month period ended March 31, 2023 and 2022. Compensation expense for the restricted stock awards is recognized over the requisite service period based on the fair value of the shares at the date of grant on a straight-line basis. Non-vested restricted stock awards are recorded as a reduction of additional paid-in-capital in shareholders’ equity until earned. Compensation expense resulting from time-based, performance-based and director restricted stock awards was $616 thousand for the three months ended March 31, 2023, and $501 thousand for the three months ended March 31, 2022, respectively. The total income tax benefit related to the recognized compensation cost of vested restricted stock awards was $129 thousand for the three months ended March 31, 2023, and $105 thousand for the three months ended March 31, 2022, respectively. A summary of changes in time-based unvested restricted stock awards for the three months ended March 31, 2023 follows: Shares Per Share Weighted Average Grant Date Fair Value Unvested at beginning of period 69,746 $ 25.21 Granted 83,349 24.12 Forfeited (2,061) 24.34 Vested (24,446) 25.38 Unvested at end of period 126,588 $ 24.47 The above table excludes 14,510 shares in restricted stock awards that were granted at a weighted average fair value of $24.12 and immediately vested. As of March 31, 2023 and December 31, 2022, there was $2.9 million and $1.2 million of total unrecognized compensation cost related to unvested restricted stock awards, respectively. The fair value of shares vested was $970 thousand during the three months ended March 31, 2023 and $985 thousand during the three months ended March 31, 2022. In addition to the time-based restricted stock disclosed above, the Corporation’s Board of Directors grants performance-based restricted stock awards (“PBRSAs”) to key employees. The number of PBRSAs will depend on certain performance conditions earned over a three year period and are also subject to service-based vesting. In 2023, awards with a maximum of 17,817 shares in aggregate were granted to key employees. In 2022, awards with a maximum of 13,761 shares in aggregate were granted to key employees. In 2021, awards with a maximum of 18,210 shares in aggregate were granted to key employees. In 2022, the 2020 PBRSAs were fully earned and in 2023, 4,118 shares were fully distributed. The fair value of the shares distributed in 2023 was $99 thousand. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Basic earnings per common share is computed by dividing net income, excluding net earnings allocated to participating securities, by the weighted average number of shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted average number of shares determined for the basic computation plus the dilutive effect of potential common shares issuable under certain stock compensation plans. For the three months ended March 31, 2023 and 2022, there were no outstanding stock options to include in the diluted earnings per common share calculations. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per common share pursuant to the two-class method. The Corporation has determined that its outstanding unvested time-based stock awards are participating securities. The computation of basic and diluted earnings per common share is shown below: Three Months Ended March 31, 2023 2022 Basic earnings per common share computation: Net income per condensed consolidated statements of income $ 15,414 $ 14,170 Net earnings allocated to participating securities (78) (63) Net earnings allocated to common stock $ 15,336 $ 14,107 Distributed earnings allocated to common stock $ 3,673 $ 2,944 Undistributed earnings allocated to common stock 11,663 11,163 Net earnings allocated to common stock $ 15,336 $ 14,107 Weighted average common shares outstanding, including shares considered participating securities 21,143 16,883 Less: Average participating securities (100) (72) Weighted average shares 21,043 16,811 Basic earnings per common share $ 0.73 $ 0.84 Diluted earnings per common share computation: Net earnings allocated to common stock $ 15,336 $ 14,107 Weighted average common shares outstanding for basic earnings per common share 21,043 16,811 Add: Dilutive effect of stock compensation 35 33 Weighted average shares and dilutive potential common shares 21,078 16,844 Diluted earnings per common share $ 0.73 $ 0.84 |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS On September 7, 2018, the Corporation executed an interest rate swap agreement with a 5-year term and an effective date of September 15, 2018 in order to hedge cash flows associated with $10.0 million of a subordinated trust preferred security that was issued by the Corporation during 2007 and elected cash flow hedge accounting for the agreement. The Corporation’s objective in using this derivative is to add stability to interest expense and to manage its exposure to interest rate risk. The interest rate swap involves the receipt of variable-rate amounts in exchange for fixed-rate payments from September 15, 2018 to September 15, 2023 without the exchange of the underlying notional amount. At March 31, 2023, the variable rate on the subordinated trust preferred security was 6.42% (LIBOR plus 155 basis points) and the Corporation was paying 4.53% (2.98% fixed rate plus 155 basis points). As of March 31, 2023 and December 31, 2022, no derivatives were designated as fair value hedges or hedges of net investments in foreign operations. Additionally, the Corporation does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges. The following tables provide information about the amounts and locations of activity related to the interest rate swaps designated as cash flow hedges within the Corporation’s condensed consolidated balance sheets and statements of income as of March 31, 2023 and December 31, 2022 and for the three months ended March 31, 2023 and 2022: Fair value as of Balance Sheet March 31, 2023 December 31, 2022 Interest rate contracts Accrued interest receivable (payable) and $ 104 $ 150 For the Three Months (a) (b) (c) (d) (e) Interest rate contracts $ (37) Interest expense – $ (45) Other $ — For the Three Months (a) (b) (c) (d) (e) Interest rate contracts $ 212 Interest expense – $ (67) Other $ — (a) Amount of Gain or (Loss) Recognized in Other Comprehensive Loss on Derivative (Effective Portion), net of tax (b) Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (c) Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (d) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) (e) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amounts reported in accumulated other comprehensive income (loss) related to the interest rate swap will be reclassified to interest income as interest payments are made on the subordinated notes and debentures. Such amounts reclassified from accumulated other comprehensive income (loss) to interest income in the next twelve months are expected to be $189 thousand. As of March 31, 2023 and December 31, 2022, a cash collateral balance in the amount of $200 thousand was maintained with a counterparty to the interest rate swaps. These balances are included in interest-bearing deposits with other banks on the condensed consolidated balance sheets. The Corporation entered into certain interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Corporation enters into an interest rate swap with a customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each swap transaction, the Corporation agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. Concurrently, the Corporation agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows the Corporation’s customers to effectively convert a variable rate loan to a fixed rate. Because the Corporation acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts offset each other and do not impact the Corporation’s results of operations. The Corporation pledged cash collateral to another financial institution with a balance $173 thousand as of March 31, 2023 and December 31, 2022. This balance is included in interest-bearing deposits with other banks on the condensed consolidated balance sheets. The Corporation may require its customers to post cash or securities as collateral on its program of back-to-back swaps depending upon the specific facts and circumstances surrounding each loan and individual swap. In addition, certain language is included in the International Swaps and Derivatives Association agreement and loan documents where, in default situations, the Corporation is permitted to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. The Corporation may be required to post additional collateral to swap counterparties in the future in proportion to potential increases in unrealized loss positions. The following table provides information about the amounts and locations of activity related to the back-to-back interest rate swaps within the Corporation’s condensed consolidated balance sheet as of March 31, 2023 and December 31, 2022: Notional Weighted Weighted Weighted Average Fair March 31, 2023 3rd Party interest rate swaps $ 31,074 4.68 4.12 % 1 month LIBOR + 1.67% $ 1,234 (a) Customer interest rate swaps (31,074) 4.68 4.12 % 1 month LIBOR + 1.67% (1,234) (b) December 31, 2022 3rd Party interest rate swaps $ 31,417 4.9 4.12 % 1 month LIBOR + 1.68% $ 1,700 (a) Customer interest rate swaps (31,417) 4.9 4.12 % 1 month LIBOR + 1.68% (1,700) (b) (a) Reported in accrued interest receivable and other assets within the condensed consolidated balance sheets (b) Reported in accrued interest payable and other liabilities within the condensed consolidated balance sheets Risk Participation Agreements |
FAIR VALUE
FAIR VALUE | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an 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. The following three levels of inputs are used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Corporation used the following methods and significant assumptions to estimate fair value: Investment Securitie s: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2), using matrix pricing. Matrix pricing is a mathematical technique commonly used to price debt securities that are not actively traded, values debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Loans Held for Sale : Loans held for sale are carried at the lower of cost or fair value, which is evaluated on a loan-level basis. The fair value of loans held for sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors (Level 2). Derivatives : The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). The Corporation's derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices, and indices to generate continuous yield or pricing curves, prepayment rates, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions, and third-party pricing services. Individually Evaluated Loans : The fair value of individually evaluated loans with specific allocations of the allowance for credit losses is generally based on recent real estate appraisals prepared by third-parties. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Management also adjusts appraised values based on the length of time that has passed since the appraisal date and other factors. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower's financial statements, or aging reports, adjusted or discounted based on management's historical knowledge, changes in market conditions from the time of the valuation, and management's expertise and knowledge of the client and client's business, resulting in a Level 3 fair value classification. Individually evaluated loans are evaluated on a quarterly basis for additional impairment and adjusted in accordance with the allowance policy. Assets and liabilities measured at fair value on a recurring basis are as follows at March 31, 2023 and December 31, 2022: Fair Value Measurements at March 31, 2023 Using: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Securities Available-For-Sale: U.S. Government sponsored entities $ 2,388 $ — $ 2,388 $ — States and political subdivisions 97,238 — 97,238 — Residential and multi-family mortgage 213,807 — 213,807 — Corporate notes and bonds 42,809 — 42,809 — Pooled SBA 12,365 — 12,365 — Total Securities Available-For-Sale $ 368,607 $ — $ 368,607 $ — Interest Rate swaps $ 1,338 $ — $ 1,338 $ — Equity Securities: Corporate equity securities $ 5,843 $ 5,843 $ — $ — Mutual funds 2,101 2,101 — — Money market funds 765 765 — — Corporate notes 707 707 — — Total Equity Securities $ 9,416 $ 9,416 $ — $ — Liabilities: Interest Rate Swaps $ (1,234) $ — $ (1,234) $ — Fair Value Measurements at December 31, 2022 Using: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Securities Available-For-Sale: U.S. Government sponsored entities $ 3,129 $ — $ 3,129 $ — States and political subdivisions 95,663 — 95,663 — Residential and multi-family mortgage 217,547 — 217,547 — Corporate notes and bonds 42,391 — 42,391 — Pooled SBA 12,679 — 12,679 — Total Securities Available-For-Sale $ 371,409 $ — $ 371,409 $ — Interest Rate swaps $ 1,850 $ — $ 1,850 $ — Equity Securities: Corporate equity securities $ 6,973 $ 6,973 $ — $ — Mutual funds 1,406 1,406 — — Money market funds 479 479 — — Corporate notes 757 757 — — Total Equity Securities $ 9,615 $ 9,615 $ — $ — Liabilities: Interest Rate Swaps $ (1,700) $ — $ (1,700) $ — Assets and liabilities measured at fair value on a non-recurring basis are as follows at March 31, 2023 and December 31, 2022: Fair Value Measurements at March 31, 2023 Using Description Total Quoted Prices in Significant Other Significant Assets: Collateral-dependent loans receivable: Farmland $ 829 $ — $ — $ 829 Owner-occupied, nonfarm nonresidential properties 1,053 — — 1,053 Commercial and industrial 1,426 — — 1,426 Other construction loans and all land development loans and other land loans 480 — — 480 Multifamily (5 or more) residential properties 519 — — 519 Non-owner occupied, nonfarm nonresidential 4,348 — — 4,348 Home equity lines of credit 331 — — 331 Residential Mortgages secured by first liens 931 — — 931 Fair Value Measurements at December 31, 2022 Using Description Total Quoted Prices in Significant Other Significant Assets: Collateral-dependent loans receivable: Farmland $ 829 $ — $ — $ 829 Owner-occupied, nonfarm nonresidential properties 1,071 — — 1,071 Commercial and industrial 1,631 — — 1,631 Other construction loans and all land development loans and other land loans 501 — — 501 Multifamily (5 or more) residential properties 613 — — 613 Non-owner occupied, nonfarm nonresidential 3,867 — — 3,867 Home equity lines of credit 335 — — 335 Residential mortgages secured by first liens 944 — — 944 A loan is considered to be a collateral dependent loan when, based on current information and events, the Corporation expects repayment of the financial assets to be provided substantially through the operation or sale of the collateral and the Corporation has determined that the borrower is experiencing financial difficulty as of the measurement date. The allowance for credit losses is measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the underlying fair value of the loan’s collateral. For real estate loans, fair value of the loan’s collateral is determined by third-party appraisals, which are then adjusted for the estimated selling and closing costs related to liquidation of the collateral. For this asset class, the actual valuation methods (income, sales comparable, or cost) vary based on the status of the project or property. For example, land is generally based on the sales comparable method while construction is based on the income and/or sales comparable methods. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. The Corporation reviews the third-party appraisal for appropriateness and may adjust the value downward to consider selling and closing costs. For non-real estate loans, fair value of the loan’s collateral may be determined using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business. The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2023: Fair Valuation Unobservable Inputs Range Collateral-dependent loans receivable: Farmland $ 829 Valuation of third party appraisal on underlying collateral Loss severity rates 27% (27%) Owner-occupied, nonfarm nonresidential properties 1,053 Valuation of third party appraisal on underlying collateral Loss severity rates 32%-100% (36%) Commercial and industrial 1,426 Valuation of third party appraisal on underlying collateral Loss severity rates 3%-50% (37%) Other construction loans and all land development loans and other land loans 480 Valuation of third party appraisal on underlying collateral Loss severity rates 42% (42%) Multifamily (5 or more) residential properties 519 Valuation of third party appraisal on underlying collateral Loss severity rates 25%-35% (26%) Non-owner occupied, nonfarm nonresidential 4,348 Valuation of third party appraisal on underlying collateral Loss severity rates 32%-40% (35%) Home equity lines of credit 331 Valuation of third party appraisal on underlying collateral Loss severity rates 15%-22% (16%) Residential Mortgages secured by first liens 931 Valuation of third party appraisal on underlying collateral Loss severity rates 22%-36% (29%) The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2022: Fair Valuation Unobservable Inputs Range Collateral-dependent loans receivable: Farmland $ 829 Valuation of third party appraisal on underlying collateral Loss severity rates 20% (20%) Owner-occupied, nonfarm nonresidential properties 1,071 Valuation of third party appraisal on underlying collateral Loss severity rates 25%-100% (29%) Commercial and industrial 1,631 Valuation of third party appraisal on underlying collateral Loss severity rates 3%-49% (23%) Other construction loans and all land development loans and other land loans 501 Valuation of third party appraisal on underlying collateral Loss severity rates 33% (33%) Multifamily (5 or more) residential properties 613 Valuation of third party appraisal on underlying collateral Loss severity rates 19%-25% (23%) Non-owner occupied, nonfarm nonresidential 3,867 Valuation of third party appraisal on underlying collateral Loss severity rates 15%-53% (35%) Home equity lines of credit 335 Valuation of third party appraisal on underlying collateral Loss severity rates 15% (15%) Residential mortgages secured by first liens 944 Valuation of third party appraisal on underlying collateral Loss severity rates 15%-27% (21%) Fair Value of Financial Instruments The following table presents the carrying amount and fair value of financial instruments at March 31, 2023: Carrying Fair Value Measurement Using: Total Amount Level 1 Level 2 Level 3 Fair Value ASSETS Cash and cash equivalents $ 188,593 $ 188,593 $ — $ — $ 188,593 Debt securities available-for-sale 368,607 — 368,607 — 368,607 Debt securities held-to-maturity 402,300 — 371,735 — 371,735 Equity securities 9,416 9,416 — — 9,416 Loans held for sale 448 — 449 — 449 Net loans receivable 4,257,316 — — 4,155,403 4,155,403 FHLB and other restricted stock holdings and investments 31,194 n/a n/a n/a n/a Interest rate swaps 1,338 — 1,338 — 1,338 Accrued interest receivable 19,691 — 2,928 16,763 19,691 LIABILITIES Deposits $ (4,754,129) $ (4,212,282) $ (542,415) $ — $ (4,754,697) Short-term borrowings (102,083) — (102,083) — (102,083) Subordinated notes and debentures (104,660) — (122,427) — (122,427) Interest rate swaps (1,234) — (1,234) — (1,234) Accrued interest payable (2,850) — (2,850) — (2,850) The following table presents the carrying amount and fair value of financial instruments at December 31, 2022: Carrying Fair Value Measurement Using: Total Amount Level 1 Level 2 Level 3 Fair Value ASSETS Cash and cash equivalents $ 106,285 $ 106,285 $ — $ — $ 106,285 Debt securities available-for-sale 371,409 — 371,409 — 371,409 Debt securities held-to-maturity 404,765 — 367,388 — 367,388 Equity securities 9,615 9,615 — — 9,615 Loans held for sale 231 — 231 — 231 Net loans receivable 4,231,742 — — 4,157,843 4,157,843 FHLB and other restricted stock holdings and investments 30,715 n/a n/a n/a n/a Interest rate swaps 1,850 — 1,850 — 1,850 Accrued interest receivable 20,194 — 2,867 17,327 20,194 LIABILITIES Deposits $ (4,622,437) $ (4,175,976) $ (445,788) $ — $ (4,621,764) Short-term borrowings (132,396) — (132,396) — (132,396) Subordinated notes and debentures (104,584) — (117,378) — (117,378) Interest rate swaps (1,700) — (1,700) — (1,700) Accrued interest payable (1,839) — (1,839) — (1,839) While estimates of fair value are based on management’s judgment of the most appropriate factors as of the balance sheet dates, there is no assurance that the estimated fair values would have been realized if the assets had been disposed of or the liabilities settled at that date, since market values may differ depending on various circumstances. The estimated fair values would also not apply to subsequent dates. The fair value of other equity interests is based on the net asset values provided by the underlying investment partnership. ASU 2015-7 removes the requirement to categorize within the fair value hierarchy all investments measured using the net asset value per share practical expedient and related disclosures. In addition, other assets and liabilities that are not financial instruments, such as premises and equipment, are not included in the disclosures. Also, non-financial assets such as, among other things, the estimated earnings power of core deposits, the earnings potential of trust accounts, the trained workforce, and customer goodwill, which typically are not recognized on the balance sheet, may have value but are not included in the fair value disclosures. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS All of the Corporation’s revenue from contracts with customers in the scope of ASC 606 is recognized within Non-Interest Income. The following table presents the Corporation's Non-Interest Income by revenue stream and reportable segment for the three months ended March 31, 2023 and 2022. Items outside the scope of ASC 606 are noted as such. Three Months Ended March 31, 2023 2022 Non-interest Income Service charges on deposit accounts $ 1,795 $ 1,757 Wealth and asset management fees 1,817 1,783 Mortgage banking (1) 168 475 Card processing and interchange income 2,059 1,809 Net gains on sales of securities (1) 22 651 Other income 2,181 3,179 Total non-interest income $ 8,042 $ 9,654 (1) Not within scope of ASU 2014-9 Management determined that the primary sources of revenue emanating from interest and dividend income on loans receivable and investment securities along with non-interest revenue resulting from security gains, loan servicing, gains on the sale of loans receivable, commitment fees, fees from financial guarantees, certain credit card fees, gains (losses) on sale of other real estate owned not financed by the Corporation, is not within the scope of ASU 2014-9. The types of non-interest income within the scope of the standard that are material to the condensed consolidated financial statements are services charges on deposit accounts, wealth and asset management fee income, card processing and interchange income, and other income. Service charges on deposit accounts : The Corporation earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed, as that is the point in time the Corporation fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Corporation satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Services charges on deposits are withdrawn from the customer’s account balance. Wealth and asset management fees : The Corporation earns wealth and asset management fees from its contracts with trust and brokerage customers to manage assets for investment, and/or to transact on their accounts. These fees are primarily earned over time as the Corporation provides the contracted monthly or quarterly services and are generally assessed based on a tiered scale of the market value of assets under management at month end. Fees for these services are billed to customers on a monthly or quarterly basis and are recorded as revenue at the end of the period for which the wealth and asset management services have been performed. Other performance obligations, such as the delivery of account statements to customers, are generally considered immaterial to the overall transaction price. Card processing and interchange income : The Corporation earns interchange fees from check card and credit card transactions conducted through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Other income : The Corporation's other income includes sources such as bank owned life insurance, changes in fair value and realized gains on sales of trading securities, certain service fees, gains (losses) on sales of fixed assets, and gains (losses) on sale of other real estate owned. The service fees are recognized in the same manner as the service charges mentioned above. While gains (losses) on the sale of other real estate owned are within the scope of ASU 2014-9 if financed by the Corporation, the Corporation does not finance the sale of transactions. The revenue on the sale is recorded upon the transfer of control of the property to the buyer and the other real estate owned asset is derecognized. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared pursuant to rules and regulations of the SEC and in compliance with U.S. generally accepted accounting principles ("GAAP"). Because this report is based on an interim period, certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. |
Use of Estimates | Use of Estimates To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the condensed consolidated financial statements and the disclosures provided and future results could differ. |
Operating Segments | Operating Segments While the Corporation's chief operating decision makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Corporation-wide basis, and operating segments are aggregated into one as operating results for all segments are similar. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment. |
Goodwill Assessment | Goodwill Assessment The Corporation's policy is to test goodwill for impairment annually on December 31 or on an interim basis if an event triggering impairment may have occurred. During the period ended March 31, 2023, the economic uncertainty and market volatility resulting from the rising interest rate environment and the recent banking industry stresses resulted in a decrease in the Corporation's stock price and market capitalization. Management believed such a decrease was a triggering indicator requiring an interim goodwill impairment analysis. At March 31, 2023, the Corporation elected to perform a qualitative assessment to determine if it was more likely than not that the fair value exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value exceeded its carrying value, resulting in no impairment. Management will continue to evaluate the economic conditions at future reporting periods for any potential applicable changes. |
Accounting Pronouncements Adopted in 2021 and Accounting Pronouncements Pending Adoption | Accounting Standards Adopted in 2022 In December 2022, FASB issued ASU No. 2022-06 - Reference Rate Reform (Topic 848). ASU 2022-06 extends the period of time preparers can utilize the reference rate reform relief guidance provided by ASU 2020-04 and ASU 2021-01, which are discussed above. ASU 2022-06, which was effective upon issuance, defers the sunset date of this prior guidance from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief guidance in Topic 848. ASU 2022-06 did not have a material impact on the Corporation's financial statements and related disclosures. Accounting Standards Adopted in 2023 In October 2021, the FASB issued ASU No. 2021-08, "Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." This ASU requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, "Revenue from Contracts with Customers." ASU 2021-08 was effective for the Corporation on January 1, 2023 and did not have a material impact on its condensed consolidated financial statements and related disclosures. In March 2022, the FASB issued ASU 2022-01, "Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method." Under prior guidance, entities can apply the last-of-layer hedging method to hedge the exposure of a closed portfolio of prepayable financial assets to fair value changes due to changes in interest rates for a portion of the portfolio that is not expected to be affected by prepayments, defaults, and other events affecting the timing and amount of cash flows. ASU 2022-01 expands the last-of-layer method, which permits only one hedge layer, to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. ASU 2022-01 also (i) expands the scope of the portfolio layer method to include non-prepayable financial assets, (ii) specifies eligible hedging instruments in a single-layer hedge, (iii) provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method and (iv) specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. ASU 2022-01 was effective for the Corporation on January 1, 2023 and did not have a material impact on its condensed consolidated financial statements and related disclosures. In March 2022, the FASB issued ASU No. 2022-02, "Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." This ASU eliminates the separate recognition and measurement guidance for Troubled Debt Restructurings ("TDRs") by creditors. The elimination of the TDRs guidance may be adopted prospectively for loan modifications after adoption or on a modified retrospective basis, which would also apply to loans previously modified, resulting in a cumulative effect adjustment to retained earnings in the period of adoption for changes in the allowance for credit losses. ASU 2022-02 was effective for the Corporation on January 1, 2023 and did not have a material impact on its condensed consolidated financial statements and related disclosures. Accounting Pronouncements Pending Adoption In June 2022, FASB issued ASU No. 2022-03, "Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions." In this ASU, a contractual restriction on the sale of an equity security is not considered in measuring the security's fair value. The ASU also requires certain disclosures for equity securities that are subject to contractual restrictions. This guidance is effective for the Corporation on January 1, 2024, with early adoption permitted. The Corporation is evaluating the effect that ASU 2022-03 will have on its consolidated financial statements and related disclosures. In March 2023, FASB issued ASU No. 2023-01, "Leases (Topic 842): Common Control Arrangements." This ASU requires the Corporation to amortize leasehold improvements associated with common control leases over the useful life to the common control group. This guidance is effective for the Corporation on January 1, 2024 with early adoption permitted. The Corporation is evaluating the effect that ASU 2023-01 will have on its consolidated financial statements and related disclosures. In March 2023, FASB issued ASU No. 2023-02, "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." In this ASU, these amendments allow the Corporation to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. This guidance is effective for the Corporation on January 1, 2024 with early adoption permitted. The Corporation is evaluating the effect that ASU 2023-02 will have on its consolidated financial statements and related disclosures. |
SECURITIES (Tables)
SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | Debt securities available-for-sale ("AFS") at March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 Amortized Unrealized Allowance For Fair Cost Gains Losses Credit Losses Value U.S. Government sponsored entities $ 2,474 $ — $ (86) $ — $ 2,388 State & political subdivisions 111,090 69 (13,921) — 97,238 Residential & multi-family mortgage 247,957 — (34,150) — 213,807 Corporate notes & bonds 48,119 19 (5,329) — 42,809 Pooled SBA 13,280 1 (916) — 12,365 Total $ 422,920 $ 89 $ (54,402) $ — $ 368,607 December 31, 2022 Amortized Unrealized Allowance For Fair Cost Gains Losses Credit Losses Value U.S. Government sponsored entities $ 3,213 $ — $ (84) $ — $ 3,129 State & political subdivisions 112,734 24 (17,095) — 95,663 Residential & multi-family mortgage 256,111 — (38,564) — 217,547 Corporate notes & bonds 47,111 — (4,720) — 42,391 Pooled SBA 13,823 — (1,144) — 12,679 Total $ 432,992 $ 24 $ (61,607) $ — $ 371,409 Information pertaining to security sales on AFS securities is as follows: Proceeds Gross Gross Three months ended March 31, 2023 $ 9,659 $ 22 $ — Three months ended March 31, 2022 22,164 651 — |
Schedule of Debt Securities Held-to-maturities | Debt securities held-to-maturity ("HTM") at March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 Amortized Unrealized Allowance For Fair Cost Gains Losses Credit Losses Value U.S. Government sponsored entities $ 307,750 $ — $ (22,650) $ — $ 285,100 Residential & multi-family mortgage 94,550 — (7,915) — 86,635 Total $ 402,300 $ — $ (30,565) $ — $ 371,735 December 31, 2022 Amortized Unrealized Allowance For Fair Cost Gains Losses Credit Losses Value U.S. Government sponsored entities $ 307,711 $ — $ (27,276) $ — $ 280,435 Residential & multi-family mortgage 97,054 — (10,101) — 86,953 Total $ 404,765 $ — $ (37,377) $ — $ 367,388 HTM debt securities with unrealized losses at March 31, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: March 31, 2023 Less than 12 Months 12 Months or More Total Description of Securities Fair Unrealized Fair Unrealized Fair Unrealized U.S. Government sponsored entities $ — $ — $ 285,100 $ (22,650) $ 285,100 $ (22,650) Residential & multi-family mortgage 1,404 (209) 85,231 (7,706) 86,635 (7,915) $ 1,404 $ (209) $ 370,331 $ (30,356) $ 371,735 $ (30,565) December 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. Government sponsored entities $ 143,556 $ (10,063) $ 136,879 $ (17,213) $ 280,435 $ (27,276) Residential & multi-family mortgage 24,132 (2,253) 62,821 (7,848) 86,953 (10,101) $ 167,688 $ (12,316) $ 199,700 $ (25,061) $ 367,388 $ (37,377) |
Schedule of Maturity Distribution of Debt Securities at Amortized Cost and Fair Value | The table below illustrates the maturity distribution of debt securities at amortized cost and fair value as of March 31, 2023: Available-for-sale Held-to-maturity Amortized Fair Amortized Fair 1 year or less $ 4,174 $ 4,141 $ 10,010 $ 9,828 1 year – 5 years 43,399 41,298 246,949 231,452 5 years – 10 years 90,274 78,510 50,791 43,820 After 10 years 23,836 18,486 — — 161,683 142,435 307,750 285,100 Residential & multi-family mortgage 247,957 213,807 94,550 86,635 Pooled SBA 13,280 12,365 — — Total debt securities $ 422,920 $ 368,607 $ 402,300 $ 371,735 |
Available-for-sale Securities with Unrealized Loss Position | AFS debt securities with unrealized losses at March 31, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: March 31, 2023 Less than 12 Months 12 Months or More Total Description of Securities Fair Unrealized Fair Unrealized Fair Unrealized U.S. Government sponsored entities $ 2,388 $ (86) $ — $ — $ 2,388 $ (86) State & political subdivisions 9,958 (88) 78,035 (13,833) 87,993 (13,921) Residential & multi-family mortgage 17,227 (568) 196,478 (33,582) 213,705 (34,150) Corporate notes and bonds 24,380 (3,013) 17,410 (2,316) 41,790 (5,329) Pooled SBA 596 (6) 11,638 (910) 12,234 (916) $ 54,549 $ (3,761) $ 303,561 $ (50,641) $ 358,110 $ (54,402) December 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. Government sponsored entities $ 3,129 $ (84) $ — $ — $ 3,129 $ (84) State & political subdivisions 34,667 (1,887) 54,546 (15,208) 89,213 (17,095) Residential & multi-family mortgage 48,996 (3,122) 168,551 (35,442) 217,547 (38,564) Corporate notes and bonds 31,730 (3,403) 10,661 (1,317) 42,391 (4,720) Pooled SBA 5,107 (314) 7,572 (830) 12,679 (1,144) $ 123,629 $ (8,810) $ 241,330 $ (52,797) $ 364,959 $ (61,607) |
Trading Securities | Equity securities at March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 December 31, 2022 Corporate equity securities $ 5,843 $ 6,973 Mutual funds 2,101 1,406 Money market funds 765 479 Corporate notes 707 757 Total $ 9,416 $ 9,615 |
LOANS RECEIVABLE AND ALLOWANC_2
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Net Loans | Total net loans receivable at March 31, 2023 and December 31, 2022 are summarized as follows: March 31, 2023 Percentage December 31, 2022 Percentage Farmland $ 34,080 0.8 % $ 32,168 0.8 % Owner-occupied, nonfarm nonresidential properties 478,465 11.1 % 468,493 11.0 % Agricultural production and other loans to farmers 1,057 — % 1,198 — % Commercial and Industrial 753,437 17.5 % 791,911 18.5 % Obligations (other than securities and leases) of states and political subdivisions 138,897 3.2 % 145,345 3.4 % Other loans 22,340 0.5 % 24,710 0.6 % Other construction loans and all land development and other land loans 435,241 10.1 % 446,685 10.5 % Multifamily (5 or more) residential properties 265,034 6.2 % 257,696 6.0 % Non-owner occupied, nonfarm nonresidential properties 841,486 19.6 % 795,315 18.6 % 1-4 Family Construction 54,804 1.3 % 51,171 1.2 % Home equity lines of credit 124,308 2.9 % 124,892 2.9 % Residential Mortgages secured by first liens 949,691 22.1 % 942,531 22.0 % Residential Mortgages secured by junior liens 79,125 1.8 % 74,638 1.7 % Other revolving credit plans 38,241 0.9 % 36,372 0.9 % Automobile 24,706 0.6 % 21,806 0.5 % Other consumer 48,009 1.1 % 49,144 1.1 % Credit cards 12,122 0.3 % 10,825 0.3 % Overdrafts 254 — % 278 — % Total loans receivable $ 4,301,297 100.0 % $ 4,275,178 100.0 % Less: Allowance for credit losses (43,981) (43,436) Loans receivable, net $ 4,257,316 $ 4,231,742 Net deferred loan origination fees included in the above table $ 4,198 $ 4,463 |
Schedule of Allowance for Loan Losses | Transactions in the allowance for credit losses for the three months ended March 31, 2023 were as follows: Beginning (Charge-offs) Recoveries Provision (Benefit) for Credit Losses on Loans Receivable (1) Ending Allowance Farmland $ 159 $ — $ — $ (30) $ 129 Owner-occupied, nonfarm nonresidential properties 2,905 (26) 8 (341) 2,546 Agricultural production and other loans to farmers 6 — — (3) 3 Commercial and Industrial 9,766 (46) 145 (922) 8,943 Obligations (other than securities and leases) of states and political subdivisions 1,863 — — (15) 1,848 Other loans 456 — — 138 594 Other construction loans and all land development and other land loans 3,253 — — 141 3,394 Multifamily (5 or more) residential properties 2,353 (65) — 247 2,535 Non-owner occupied, nonfarm nonresidential properties 7,653 — — 606 8,259 1-4 Family Construction 327 — — 71 398 Home equity lines of credit 1,173 — 1 (16) 1,158 Residential Mortgages secured by first liens 8,484 (7) — 374 8,851 Residential Mortgages secured by junior liens 1,035 — — 240 1,275 Other revolving credit plans 722 (22) 5 125 830 Automobile 271 (5) — 64 330 Other consumer 2,665 (540) 43 393 2,561 Credit cards 67 (62) 1 67 73 Overdrafts 278 (160) 44 92 254 Total $ 43,436 $ (933) $ 247 $ 1,231 $ 43,981 (1) Excludes provision for credit losses related to unfunded commitments. Note 9, "Off-Balance Sheet Commitments and Contingencies," in the condensed consolidated financial statements provides more detail concerning the provision for credit losses related to unfunded commitments of the Corporation. Transactions in the allowance for credit losses for the three months ended March 31, 2022 were as follows: Beginning (Charge-offs) Recoveries Provision (Benefit) for Credit Losses on Loans Receivable (1) Ending Allowance Farmland $ 151 $ — $ — $ 35 $ 186 Owner-occupied, nonfarm nonresidential properties 3,339 (21) 7 270 3,595 Agricultural production and other loans to farmers 9 — — 1 10 Commercial and Industrial 8,837 (71) 78 246 9,090 Obligations (other than securities and leases) of states and political subdivisions 1,649 — — 179 1,828 Other loans 149 — — (6) 143 Other construction loans and all land development and other land loans 2,198 — — (148) 2,050 Multifamily (5 or more) residential properties 2,289 — — (53) 2,236 Non-owner occupied, nonfarm nonresidential properties 6,481 — — (70) 6,411 1-4 Family Construction 158 — — 52 210 Home equity lines of credit 1,169 — 8 4 1,181 Residential Mortgages secured by first liens 6,943 (47) 12 (3) 6,905 Residential Mortgages secured by junior liens 546 — — 6 552 Other revolving credit plans 528 (26) 6 39 547 Automobile 263 (7) — (2) 254 Other consumer 2,546 (401) 22 402 2,569 Credit cards 92 (14) 4 21 103 Overdrafts 241 (119) 41 84 247 Total loans $ 37,588 $ (706) $ 178 $ 1,057 $ 38,117 (1) Excludes provision for credit losses related to unfunded commitments. Note 9, "Off-Balance Sheet Commitments and Contingencies," in the condensed consolidated financial statements provides more detail concerning the provision for credit losses related to unfunded commitments of the Corporation. |
Schedule of Nonaccrual Loans and Loans Receivable Past Due over 90 Days Still Accruing Interest by Class of Loans | The following tables presents the amortized cost basis of loans receivable on nonaccrual status and loans receivable past due over 89 days still accruing as of March 31, 2023 and December 31, 2022, respectively: March 31, 2023 Nonaccrual Nonaccrual With No Allowance for Credit Loss Loans Receivable Past Due over 89 Days Still Accruing Farmland $ 1,000 $ 1,000 $ 992 Owner-occupied, nonfarm nonresidential properties 2,215 2,153 — Commercial and Industrial 5,152 2,059 — Other construction loans and all land development and other land loans 545 545 — Multifamily (5 or more) residential properties 972 343 — Non-owner occupied, nonfarm nonresidential properties 5,481 2,633 — Home equity lines of credit 525 525 — Residential Mortgages secured by first liens 4,327 3,891 — Residential Mortgages secured by junior liens 97 97 — Other revolving credit plans 41 41 — Automobile 15 15 — Other consumer 619 619 — Credit cards — — 83 Total $ 20,989 $ 13,921 $ 1,075 December 31, 2022 Nonaccrual Nonaccrual With No Allowance for Credit Loss Loans Receivable Past Due over 89 Days Still Accruing Farmland $ 1,011 $ 1,011 $ 994 Owner-occupied, nonfarm nonresidential properties 2,055 1,987 — Commercial and Industrial 5,485 2,366 71 Other construction loans and all land development and other land loans 567 567 — Multifamily (5 or more) residential properties 1,066 423 — Non-owner occupied, nonfarm nonresidential properties 5,081 2,665 — Home equity lines of credit 475 475 — Residential Mortgages secured by first liens 4,329 3,882 48 Residential Mortgages secured by junior liens 91 91 — Other revolving credit plans 26 26 — Automobile 19 19 — Other consumer 781 781 — Credit cards — — 8 Total $ 20,986 $ 14,293 $ 1,121 |
Schedule of Aging of Recorded Investment in Past Due Loans | The following table presents the amortized cost basis of loans receivable that are individually evaluated and collateral-dependent by class of loans as of March 31, 2023: Real Estate Collateral Non-Real Estate Collateral Farmland $ 829 — Owner-occupied, nonfarm nonresidential properties 1,053 4 Commercial and Industrial — 1,826 Other construction loans and all land development and other land loans 480 — Multifamily (5 or more) residential properties 972 — Non-owner occupied, nonfarm nonresidential properties 5,185 — Home equity lines of credit 331 — Residential Mortgages secured by first liens 1,133 — Total $ 9,983 $ 1,830 The following table presents the amortized cost basis of loans receivable that are individually evaluated and collateral-dependent by class of loans as of December 31, 2022: Real Estate Collateral Non-Real Estate Collateral Farmland $ 829 $ — Owner-occupied, nonfarm nonresidential properties 1,296 4 Commercial and Industrial — 1,904 Other construction loans and all land development and other land loans 501 — Multifamily (5 or more) residential properties 1,066 — Non-owner occupied, nonfarm nonresidential properties 5,874 — Home equity lines of credit 335 — Residential Mortgages secured by first liens 1,150 — Total $ 11,051 $ 1,908 The following table presents the aging of the amortized cost basis in past-due loans receivable as of March 31, 2023 by class of loans: 30 - 59 60 - 89 Greater Than 89 Total Past Due Loans Receivable Not Past Due Total Farmland $ 185 $ — $ 1,124 $ 1,309 $ 32,771 $ 34,080 Owner-occupied, nonfarm nonresidential properties 1,508 24 287 1,819 476,646 478,465 Agricultural production and other loans to farmers — — — — 1,057 1,057 Commercial and Industrial — 213 230 443 752,994 753,437 Obligations (other than securities and leases) of states and political subdivisions — — — — 138,897 138,897 Other loans — — — — 22,340 22,340 Other construction loans and all land development and other land loans 171 1,538 — 1,709 433,532 435,241 Multifamily (5 or more) residential properties — — 25 25 265,009 265,034 Non-owner occupied, nonfarm nonresidential properties 222 — 685 907 840,579 841,486 1-4 Family Construction — — — — 54,804 54,804 Home equity lines of credit 217 — 89 306 124,002 124,308 Residential Mortgages secured by first liens 1,501 777 1,500 3,778 945,913 949,691 Residential Mortgages secured by junior liens — — 51 51 79,074 79,125 Other revolving credit plans 38 26 19 83 38,158 38,241 Automobile 57 — — 57 24,649 24,706 Other consumer 310 189 384 883 47,126 48,009 Credit cards 22 20 83 125 11,997 12,122 Overdrafts — — — — 254 254 Total $ 4,231 $ 2,787 $ 4,477 $ 11,495 $ 4,289,802 $ 4,301,297 The following table presents the aging of the amortized cost basis in past-due loans receivable as of December 31, 2022 by class of loans: 30 - 59 60 - 89 Greater Than 89 Total Past Due Loans Receivable Not Past Due Total Farmland $ — $ — $ 1,136 $ 1,136 $ 31,032 $ 32,168 Owner-occupied, nonfarm nonresidential properties 185 27 734 946 467,547 468,493 Agricultural production and other loans to farmers — — — — 1,198 1,198 Commercial and Industrial 246 93 611 950 790,961 791,911 Obligations (other than securities and leases) of states and political subdivisions — — — — 145,345 145,345 Other loans — — — — 24,710 24,710 Other construction loans and all land development and other land loans 1,522 — 501 2,023 444,662 446,685 Multifamily (5 or more) residential properties 706 — 90 796 256,900 257,696 Non-owner occupied, nonfarm nonresidential properties 113 60 879 1,052 794,263 795,315 1-4 Family Construction — — — — 51,171 51,171 Home equity lines of credit 203 10 49 262 124,630 124,892 Residential Mortgages secured by first liens 1,302 538 1,775 3,615 938,916 942,531 Residential Mortgages secured by junior liens 5 — 51 56 74,582 74,638 Other revolving credit plans 65 27 — 92 36,280 36,372 Automobile 36 — — 36 21,770 21,806 Other consumer 361 188 473 1,022 48,122 49,144 Credit cards 196 18 8 222 10,603 10,825 Overdrafts — — — — 278 278 Total $ 4,940 $ 961 $ 6,307 $ 12,208 $ 4,262,970 $ 4,275,178 |
Schedule of Restructured in Troubled Debt | The following table presents the amortized cost basis of loans at March 31, 2023 that were both experiencing financial difficulty and modified during the three months ended March 31, 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below: Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Combination Payment Delay and Term Extension Total Class of Financing Receivable Owner-occupied, nonfarm nonresidential properties $ — $ 98 $ — $ — $ — — % Commercial and Industrial — 2,573 612 371 122 0.5 Other construction loans and all land development and other land loans — 1,538 — — — 0.4 Non-owner occupied, nonfarm nonresidential properties — — 1,562 — — 0.2 Total $ — $ 4,209 $ 2,174 $ 371 $ 122 0.2 % 30 - 59 60 - 89 Greater Than 89 Total Past Due Owner-occupied, nonfarm nonresidential properties $ 98 $ — $ — $ 98 Other construction loans and all land development and other land loans — 1,538 — 1,538 Total $ 98 $ 1,538 $ — $ 1,636 The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2023: Principal Forgiveness Term Extension Interest Rate Reduction Commercial and Industrial $ — 0.97 0.5 % Non-owner occupied, nonfarm nonresidential properties — 0.50 — Total $ — 0.65 0.5 % There was one loan modified as a TDR during the three months ended March 31, 2022: Three Months Ended March 31, 2022 Number of Pre-Modification Post-Modification Type of Modification Non-owner occupied, nonfarm nonresidential properties 1 $ 1,784 $ 1,784 Modify Rate and Extend Amortization Total loans 1 $ 1,784 $ 1,784 |
Schedule of Credit Risk Profile by Risk Rating | The following tables represent the Corporation's commercial credit risk profile by risk rating. Loans receivable not rated as special mention, substandard, or doubtful are considered to be pass rated loans. March 31, 2023 Non-Pass Rated Pass Special Mention Substandard Doubtful Total Non-Pass Total Farmland $ 31,639 $ 1,441 $ 1,000 $ — $ 2,441 $ 34,080 Owner-occupied, nonfarm nonresidential properties 443,727 27,718 7,020 — 34,738 478,465 Agricultural production and other loans to farmers 1,057 — — — — 1,057 Commercial and Industrial 714,047 18,506 19,598 1,286 39,390 753,437 Obligations (other than securities and leases) of states and political subdivisions 138,897 — — — — 138,897 Other loans 22,340 — — — — 22,340 Other construction loans and all land development and other land loans 430,118 3,040 2,083 — 5,123 435,241 Multifamily (5 or more) residential properties 263,557 — 1,477 — 1,477 265,034 Non-owner occupied, nonfarm nonresidential properties 819,238 1,942 20,306 — 22,248 841,486 Total $ 2,864,620 $ 52,647 $ 51,484 $ 1,286 $ 105,417 $ 2,970,037 December 31, 2022 Non-Pass Rated Pass Special Mention Substandard Doubtful Total Non-Pass Total Farmland $ 29,706 $ 1,450 $ 1,012 $ — $ 2,462 $ 32,168 Owner-occupied, nonfarm nonresidential properties 433,467 27,796 7,230 — 35,026 468,493 Agricultural production and other loans to farmers 1,198 — — — — 1,198 Commercial and Industrial 765,821 14,740 10,037 1,313 26,090 791,911 Obligations (other than securities and leases) of states and political subdivisions 145,345 — — — — 145,345 Other loans 24,710 — — — — 24,710 Other construction loans and all land development and other land loans 443,300 1,296 2,089 — 3,385 446,685 Multifamily (5 or more) residential properties 256,120 510 1,066 — 1,576 257,696 Non-owner occupied, nonfarm nonresidential properties 772,450 2,791 20,074 — 22,865 795,315 Total $ 2,872,117 $ 48,583 $ 41,508 $ 1,313 $ 91,404 $ 2,963,521 |
Schedule of Amortized Cost of Loans, by Year of Origination | The following tables detail the amortized cost of loans receivable, by year of origination (for term loans) and by risk grade within each portfolio segment as of March 31, 2023. Current period originations may include modifications. Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Farmland Risk rating Pass $ 2,521 $ 12,052 $ 7,506 $ 1,531 $ 864 $ 6,719 $ 446 $ — $ 31,639 Special mention — — — — — 1,441 — — 1,441 Substandard — — 347 — — 653 — — 1,000 Total $ 2,521 $ 12,052 $ 7,853 $ 1,531 $ 864 $ 8,813 $ 446 $ — $ 34,080 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Owner-occupied, nonfarm nonresidential properties Risk rating Pass $ 25,539 $ 115,564 $ 112,643 $ 47,101 $ 53,801 $ 81,445 $ 7,634 $ — $ 443,727 Special mention — 3,826 — 15,165 863 4,785 3,079 — 27,718 Substandard — — — 340 1,803 4,877 — — 7,020 Total $ 25,539 $ 119,390 $ 112,643 $ 62,606 $ 56,467 $ 91,107 $ 10,713 $ — $ 478,465 Current period gross write offs $ — $ — $ — $ — $ — $ 26 $ — $ — $ 26 Agricultural production and other loans to farmers Risk rating Pass $ — $ 47 $ 134 $ 77 $ 37 $ 176 $ 586 $ — $ 1,057 Special mention — — — — — — — — — Substandard — — — — — — — — — Total $ — $ 47 $ 134 $ 77 $ 37 $ 176 $ 586 $ — $ 1,057 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and Industrial Risk rating Pass $ 32,586 $ 161,387 $ 195,788 $ 47,017 $ 14,068 $ 21,422 $ 241,779 $ — $ 714,047 Special mention — 418 425 6,666 248 33 10,716 — 18,506 Substandard — 7,257 4,591 662 367 1,318 5,403 — 19,598 Doubtful (1) — — 1,286 — — — — — 1,286 Total $ 32,586 $ 169,062 $ 202,090 $ 54,345 $ 14,683 $ 22,773 $ 257,898 $ — $ 753,437 Current period gross write offs $ — $ — $ — $ — $ — $ — $ 46 $ — $ 46 Obligations (other than securities and leases) of states and political subdivisions Risk rating Pass $ 4,367 $ 18,004 $ 32,739 $ 12,923 $ 4,522 $ 61,993 $ 4,349 $ — $ 138,897 Special mention — — — — — — — — — Substandard — — — — — — — — — Total $ 4,367 $ 18,004 $ 32,739 $ 12,923 $ 4,522 $ 61,993 $ 4,349 $ — $ 138,897 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Other loans Risk rating Pass $ 53 $ 12,358 $ 5,342 $ 2,165 $ 349 $ — $ 2,073 $ — $ 22,340 Special mention — — — — — — — — — Substandard — — — — — — — — — Total $ 53 $ 12,358 $ 5,342 $ 2,165 $ 349 $ — $ 2,073 $ — $ 22,340 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — (1) Consists of one loan relationship originated in 2015 and modified in 2021. The modification met the requirements to disclose the loan relationship as a new loan during 2021. Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Other construction loans and all land development and other land loans Risk rating Pass $ 28,853 $ 243,719 $ 84,462 $ 53,929 $ 6,738 $ 1,620 $ 10,797 $ — $ 430,118 Special mention — 3,040 — — — — — — 3,040 Substandard — — 480 — 1,538 — 65 — 2,083 Total $ 28,853 $ 246,759 $ 84,942 $ 53,929 $ 8,276 $ 1,620 $ 10,862 $ — $ 435,241 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Multifamily (5 or more) residential properties Risk rating Pass $ 9,491 $ 116,809 $ 47,242 $ 46,246 $ 11,454 $ 30,054 $ 2,261 $ — $ 263,557 Special mention — — — — — — — — — Substandard — 629 — — — 848 — — 1,477 Total $ 9,491 $ 117,438 $ 47,242 $ 46,246 $ 11,454 $ 30,902 $ 2,261 $ — $ 265,034 Current period gross write offs $ — $ — $ — $ — $ — $ 65 $ — $ — $ 65 Non-owner occupied, nonfarm nonresidential properties Risk rating Pass $ 82,060 $ 328,110 $ 150,844 $ 50,011 $ 57,170 $ 145,602 $ 5,441 $ — $ 819,238 Special mention — 355 — — 159 986 442 — 1,942 Substandard — 2,182 1,281 — 4,034 10,755 2,054 — 20,306 Total $ 82,060 $ 330,647 $ 152,125 $ 50,011 $ 61,363 $ 157,343 $ 7,937 $ — $ 841,486 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — The following tables detail the amortized cost of loans receivable, by year of origination (for term loans) and by risk grade within each portfolio segment as of December 31, 2022. Current period originations may include modifications. Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Farmland Risk rating Pass $ 12,321 $ 7,635 $ 1,536 $ 871 $ 3,277 $ 3,523 $ 543 $ — $ 29,706 Special mention — — — — — 1,450 — — 1,450 Substandard — 347 — — 142 523 — — 1,012 Total $ 12,321 $ 7,982 $ 1,536 $ 871 $ 3,419 $ 5,496 $ 543 $ — $ 32,168 Owner-occupied, nonfarm nonresidential properties Risk rating Pass $ 116,701 $ 113,575 $ 50,226 $ 55,040 $ 25,327 $ 60,810 $ 11,788 $ — $ 433,467 Special mention 3,402 — 15,613 872 4,097 814 2,998 — 27,796 Substandard — — 355 1,864 862 4,149 — — 7,230 Total $ 120,103 $ 113,575 $ 66,194 $ 57,776 $ 30,286 $ 65,773 $ 14,786 $ — $ 468,493 Agricultural production and other loans to farmers Risk rating Pass $ 105 $ 140 $ 80 $ 42 $ 179 $ — $ 652 $ — $ 1,198 Special mention — — — — — — — — — Substandard — — — — — — — — — Total $ 105 $ 140 $ 80 $ 42 $ 179 $ — $ 652 $ — $ 1,198 Commercial and Industrial Risk rating Pass $ 195,955 $ 213,433 $ 51,695 $ 16,730 $ 9,051 $ 19,116 $ 259,841 $ — $ 765,821 Special mention 241 — 6,691 273 81 45 7,409 — 14,740 Substandard 299 1,809 689 379 324 913 5,624 — 10,037 Doubtful (1) — 1,313 — — — — — — 1,313 Total $ 196,495 $ 216,555 $ 59,075 $ 17,382 $ 9,456 $ 20,074 $ 272,874 $ — $ 791,911 Obligations (other than securities and leases) of states and political subdivisions Risk rating Pass $ 20,840 $ 37,527 $ 13,868 $ 4,584 $ 13,518 $ 50,050 $ 4,958 $ — $ 145,345 Special mention — — — — — — — — — Substandard — — — — — — — — — Total $ 20,840 $ 37,527 $ 13,868 $ 4,584 $ 13,518 $ 50,050 $ 4,958 $ — $ 145,345 Other loans Risk rating Pass $ 14,248 $ 5,358 $ 2,278 $ 363 $ — $ — $ 2,463 $ — $ 24,710 Special mention — — — — — — — — — Substandard — — — — — — — — — Total $ 14,248 $ 5,358 $ 2,278 $ 363 $ — $ — $ 2,463 $ — $ 24,710 (1) Consists of one loan relationship originated in 2015 and modified in 2021. The modification met the requirements to disclose the loan relationship as a new loan during 2021. Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Other construction loans and all land development and other land loans Risk rating Pass $ 272,118 $ 86,894 $ 56,782 $ 6,918 $ 8,644 $ 916 $ 11,028 $ — $ 443,300 Special mention 1,296 — — — — — — — 1,296 Substandard — 2,023 — — — — 66 — 2,089 Total $ 273,414 $ 88,917 $ 56,782 $ 6,918 $ 8,644 $ 916 $ 11,094 $ — $ 446,685 Multifamily (5 or more) residential properties Risk rating Pass $ 114,454 $ 49,794 $ 46,784 $ 11,854 $ 6,764 $ 23,841 $ 2,629 $ — $ 256,120 Special mention — — — — — 510 — — 510 Substandard 643 — — — 333 90 — — 1,066 Total $ 115,097 $ 49,794 $ 46,784 $ 11,854 $ 7,097 $ 24,441 $ 2,629 $ — $ 257,696 Non-owner occupied, nonfarm nonresidential properties Risk rating Pass $ 339,151 $ 153,613 $ 51,709 $ 66,592 $ 45,211 $ 107,988 $ 8,186 $ — $ 772,450 Special mention — 488 — 273 498 1,068 464 — 2,791 Substandard 2,227 800 — 4,090 1,314 9,587 2,056 — 20,074 Total $ 341,378 $ 154,901 $ 51,709 $ 70,955 $ 47,023 $ 118,643 $ 10,706 $ — $ 795,315 The following tables detail the amortized cost of loans receivable, by year of origination (for term loans) and by payment activity within each portfolio segment as of March 31, 2023. Current period originations may include modifications. Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total 1-4 Family Construction Payment performance Performing $ 3,242 $ 33,078 $ 14,202 $ 2,623 $ 736 $ 61 $ 862 $ — $ 54,804 Nonperforming — — — — — — — — — Total $ 3,242 $ 33,078 $ 14,202 $ 2,623 $ 736 $ 61 $ 862 $ — $ 54,804 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Home equity lines of credit Payment performance Performing $ 4,235 $ 34,955 $ 13,286 $ 11,614 $ 8,112 $ 38,650 $ 8,487 $ 4,444 $ 123,783 Nonperforming — — — — — 16 — 509 525 Total $ 4,235 $ 34,955 $ 13,286 $ 11,614 $ 8,112 $ 38,666 $ 8,487 $ 4,953 $ 124,308 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential mortgages secured by first lien Payment performance Performing $ 30,741 $ 227,287 $ 218,134 $ 156,198 $ 89,310 $ 220,960 $ 2,734 $ — $ 945,364 Nonperforming 70 — 840 195 568 2,465 189 — 4,327 Total $ 30,811 $ 227,287 $ 218,974 $ 156,393 $ 89,878 $ 223,425 $ 2,923 $ — $ 949,691 Current period gross write offs $ — $ — $ — $ — $ — $ 7 $ — $ — $ 7 Residential mortgages secured by junior liens Payment performance Performing $ 6,614 $ 31,176 $ 16,534 $ 8,055 $ 4,753 $ 10,715 $ 1,181 $ — $ 79,028 Nonperforming — — — — — 54 43 — 97 Total $ 6,614 $ 31,176 $ 16,534 $ 8,055 $ 4,753 $ 10,769 $ 1,224 $ — $ 79,125 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Other revolving credit plans Payment performance Performing $ 2,437 $ 10,519 $ 2,683 $ 7,908 $ 2,441 $ 12,212 $ — $ — $ 38,200 Nonperforming — — 15 — 3 23 — — 41 Total $ 2,437 $ 10,519 $ 2,698 $ 7,908 $ 2,444 $ 12,235 $ — $ — $ 38,241 Current period gross write offs $ — $ — $ 5 $ — $ — $ 17 $ — $ — $ 22 Automobile Payment performance Performing $ 5,411 $ 9,363 $ 4,026 $ 2,502 $ 1,983 $ 1,406 $ — $ — $ 24,691 Nonperforming — — — 9 5 1 — — 15 Total $ 5,411 $ 9,363 $ 4,026 $ 2,511 $ 1,988 $ 1,407 $ — $ — $ 24,706 Current period gross write offs $ — $ 5 $ — $ — $ — $ — $ — $ — $ 5 Other consumer Payment performance Performing $ 6,186 $ 22,750 $ 10,041 $ 4,565 $ 1,961 $ 1,887 $ — $ — $ 47,390 Nonperforming — 403 112 41 14 49 — — 619 Total $ 6,186 $ 23,153 $ 10,153 $ 4,606 $ 1,975 $ 1,936 $ — $ — $ 48,009 Current period gross write offs $ — $ 279 $ 199 $ 47 $ 12 $ 3 $ — $ — $ 540 The following tables detail the amortized cost of loans receivable, by year of origination (for term loans) and by payment activity within each portfolio segment as of December 31, 2022. Current period originations may include modifications. Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total 1-4 Family Construction Payment performance Performing $ 30,451 $ 16,360 $ 2,577 $ 752 $ 62 $ — $ 969 $ — $ 51,171 Nonperforming — — — — — — — — — Total $ 30,451 $ 16,360 $ 2,577 $ 752 $ 62 $ — $ 969 $ — $ 51,171 Home equity lines of credit Payment performance Performing $ 34,738 $ 13,654 $ 12,903 $ 8,587 $ 7,924 $ 38,127 $ 8,484 $ — $ 124,417 Nonperforming — — — 10 — 465 — — 475 Total $ 34,738 $ 13,654 $ 12,903 $ 8,597 $ 7,924 $ 38,592 $ 8,484 $ — $ 124,892 Residential mortgages secured by first lien Payment performance Performing $ 229,842 $ 222,522 $ 159,651 $ 91,238 $ 49,587 $ 181,939 $ 3,375 $ — $ 938,154 Nonperforming — 771 273 581 416 2,150 186 — 4,377 Total $ 229,842 $ 223,293 $ 159,924 $ 91,819 $ 50,003 $ 184,089 $ 3,561 $ — $ 942,531 Residential mortgages secured by junior liens Payment performance Performing $ 31,837 $ 17,163 $ 8,326 $ 4,956 $ 3,073 $ 8,395 $ 797 $ — $ 74,547 Nonperforming — — — — — 47 44 — 91 Total $ 31,837 $ 17,163 $ 8,326 $ 4,956 $ 3,073 $ 8,442 $ 841 $ — $ 74,638 Other revolving credit plans Payment performance Performing $ 10,778 $ 2,820 $ 7,911 $ 2,264 $ 2,265 $ 10,308 $ — $ — $ 36,346 Nonperforming — — — 4 14 8 — — 26 Total $ 10,778 $ 2,820 $ 7,911 $ 2,268 $ 2,279 $ 10,316 $ — $ — $ 36,372 Automobile Payment performance Performing $ 10,146 $ 4,637 $ 2,945 $ 2,349 $ 1,117 $ 593 $ — $ — $ 21,787 Nonperforming — — 10 7 2 — — — 19 Total $ 10,146 $ 4,637 $ 2,955 $ 2,356 $ 1,119 $ 593 $ — $ — $ 21,806 Other consumer Payment performance Performing $ 26,699 $ 12,120 $ 5,333 $ 2,176 $ 776 $ 1,259 $ — $ — $ 48,363 Nonperforming 403 220 85 22 6 45 — — 781 Total $ 27,102 $ 12,340 $ 5,418 $ 2,198 $ 782 $ 1,304 $ — $ — $ 49,144 March 31, 2023 December 31, 2022 Credit card Payment performance Performing $ 12,039 $ 10,817 Nonperforming 83 8 Total $ 12,122 $ 10,825 Current period gross write offs $ 62 |
Schedule of Recorded Investment in Residential, Consumer and Credit Card Loans Based on Payment Activity | The Corporation considers the performance of the loan portfolio and its impact on the allowance for credit losses. For 1-4 family construction, home equity lines of credit, residential mortgages secured by first liens, residential mortgages secured by junior liens, automobile, credit cards, other revolving credit plans and other consumer segments, the Corporation evaluates credit quality based on the performance status of the loan, which was previously presented, and by payment activity. Nonperforming loans include loans receivable on nonaccrual status and loans receivable past due over 89 days and still accruing interest. March 31, 2023 December 31, 2022 Performing Nonperforming Total Performing Nonperforming Total 1-4 Family Construction $ 54,804 $ — $ 54,804 $ 51,171 $ — $ 51,171 Home equity lines of credit 123,783 525 124,308 124,417 475 124,892 Residential Mortgages secured by first liens 945,364 4,327 949,691 938,154 4,377 942,531 Residential Mortgages secured by junior liens 79,028 97 79,125 74,547 91 74,638 Other revolving credit plans 38,200 41 38,241 36,346 26 36,372 Automobile 24,691 15 24,706 21,787 19 21,806 Other consumer 47,390 619 48,009 48,363 781 49,144 Total $ 1,313,260 $ 5,624 $ 1,318,884 $ 1,294,785 $ 5,769 $ 1,300,554 |
Schedule of Holiday's Loan Portfolio Included in Consumer and Residential Loans | Holiday’s loan portfolio, included in other consumer loans above, is summarized as follows at March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Gross other consumer $ 29,908 $ 31,821 Less: other consumer unearned discounts (5,459) (5,972) Total other consumer loans, net of unearned discounts $ 24,449 $ 25,849 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule Of Operating And Finance Lease Liabilities | Leases Classification March 31, 2023 December 31, 2022 Assets: Operating lease assets Operating lease assets $ 34,618 $ 32,307 Finance lease assets Premises and equipment, net (1) 268 286 Total leased assets $ 34,886 $ 32,593 Liabilities: Operating lease liabilities Operating lease liabilities $ 36,114 $ 33,726 Finance lease liabilities Accrued interest payable and other liabilities 361 383 Total leased liabilities $ 36,475 $ 34,109 (1) Finance lease assets are recorded net of accumulated amortization of $948 thousand as of March 31, 2023 and $930 thousand as of December 31, 2022. |
Schedule Of Lease Cost | The components of the Corporation's net lease expense for the three months ended March 31, 2023 and 2022, respectively, were as follows: Three Months Ended March 31, Lease Cost Classification 2023 2022 Operating lease cost Net occupancy expense $ 697 $ 492 Variable lease cost Net occupancy expense 22 13 Finance lease cost: Amortization of leased assets Net occupancy expense 18 18 Interest on lease liabilities Interest expense - borrowed funds 4 5 Sublease income (1) Net occupancy expense (23) (17) Net lease cost $ 718 $ 511 (1) Sublease income excludes rental income from owned properties. |
Schedule of Finance Lease, Liability, Maturity | The following table sets forth future minimum rental payments under noncancellable leases with initial terms in excess of one year as of March 31, 2023: Maturity of Lease Liabilities as of March 31, 2023 Operating Leases (1) Finance Leases Total 2023 $ 1,873 $ 79 $ 1,952 2024 2,456 105 2,561 2025 2,458 105 2,563 2026 2,409 105 2,514 2027 2,353 — 2,353 After 2027 46,603 — 46,603 Total lease payments 58,152 394 58,546 Less: Interest 22,038 33 22,071 Present value of lease liabilities $ 36,114 $ 361 $ 36,475 (1) Operating lease payments include payments related to options to extend lease terms that are reasonably certain of being exercised and exclude $5.8 million of legally binding minimum lease payments for leases signed, but not yet commenced. |
Summary of Minimum Annual Rental Commitments Under Operating Lease | The following table sets forth future minimum rental payments under noncancellable leases with initial terms in excess of one year as of March 31, 2023: Maturity of Lease Liabilities as of March 31, 2023 Operating Leases (1) Finance Leases Total 2023 $ 1,873 $ 79 $ 1,952 2024 2,456 105 2,561 2025 2,458 105 2,563 2026 2,409 105 2,514 2027 2,353 — 2,353 After 2027 46,603 — 46,603 Total lease payments 58,152 394 58,546 Less: Interest 22,038 33 22,071 Present value of lease liabilities $ 36,114 $ 361 $ 36,475 (1) Operating lease payments include payments related to options to extend lease terms that are reasonably certain of being exercised and exclude $5.8 million of legally binding minimum lease payments for leases signed, but not yet commenced. |
Schedule of Weighted Average Lease Term and Discount Rate | Lease terms and discount rates related to the Corporation's lease liabilities as of March 31, 2023 and December 31, 2022 were as follows: Lease Term and Discount Rate March 31, 2023 December 31, 2022 Weighted-average remaining lease term (years) Operating leases 23.5 23.9 Finance leases 3.7 4.0 Weighted-average discount rate Operating leases 3.94 % 3.83 % Finance leases 4.49 % 4.49 % Other information related to the Corporation's lease liabilities as of March 31, 2023 and 2022, respectively, was as follows: Other Information March 31, 2023 March 31, 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 307 $ 283 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Deposits [Abstract] | |
Summary of Time Certificates of Deposit Accounts Included in Total Deposits and Their Remaining Maturities | The following table reflects time certificates of deposit accounts included in total deposits and their remaining maturities at March 31, 2023: Time deposits maturing: 2023 $ 280,848 2024 197,693 2025 43,106 2026 8,982 2027 7,238 Thereafter 3,980 $ 541,847 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Advances From Federal Home Loan Banks | At March 31, 2023 and December 31, 2022, outstanding advances from the FHLB were as follows. March 31, 2023 December 31, 2022 Open Repo borrowing at an interest rate of 5.15% and 4.45% at March 31, 2023 and December 31, 2022, respectfully. The maximum amount of the Open Repo borrowing available is $250,000. $ 102,083 $ 132,396 Total $ 102,083 $ 132,396 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Loans to principal officers, directors, and their affiliates during the three months ended March 31, 2023 were as follows: Beginning balance $ 44,998 New loans and advances 2,273 Effect of changes in composition of related parties (491) Repayments (6,142) Ending balance $ 40,638 |
OFF-BALANCE SHEET COMMITMENTS_2
OFF-BALANCE SHEET COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Off-Balance Sheet Risks | The Corporation's maximum obligation to extend credit for loan commitments (unfunded loans and unused lines of credit) and standby letters of credit outstanding as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 December 31, 2022 Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to extended credit $ 110,088 $ 488,102 $ 126,594 $ 441,008 Unused lines of credit 9,488 772,226 7,444 725,277 Standby letters of credit 16,023 3,837 16,124 1,603 |
Allowance For Credit Losses | The following table presents activity in the allowance for credit losses on unfunded loan commitments for the three months ended March 31, 2023 and 2022, respectively: Three Months Ended March 31, 2023 2022 Beginning balance $ 603 $ — Provision for credit losses on unfunded loan commitments (1) 59 586 Ending balance $ 662 $ 586 (1) Excludes provision for credit losses related to the loan portfolio. |
STOCK COMPENSATION (Tables)
STOCK COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Changes in Unvested Restricted Stock Awards | A summary of changes in time-based unvested restricted stock awards for the three months ended March 31, 2023 follows: Shares Per Share Weighted Average Grant Date Fair Value Unvested at beginning of period 69,746 $ 25.21 Granted 83,349 24.12 Forfeited (2,061) 24.34 Vested (24,446) 25.38 Unvested at end of period 126,588 $ 24.47 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The computation of basic and diluted earnings per common share is shown below: Three Months Ended March 31, 2023 2022 Basic earnings per common share computation: Net income per condensed consolidated statements of income $ 15,414 $ 14,170 Net earnings allocated to participating securities (78) (63) Net earnings allocated to common stock $ 15,336 $ 14,107 Distributed earnings allocated to common stock $ 3,673 $ 2,944 Undistributed earnings allocated to common stock 11,663 11,163 Net earnings allocated to common stock $ 15,336 $ 14,107 Weighted average common shares outstanding, including shares considered participating securities 21,143 16,883 Less: Average participating securities (100) (72) Weighted average shares 21,043 16,811 Basic earnings per common share $ 0.73 $ 0.84 Diluted earnings per common share computation: Net earnings allocated to common stock $ 15,336 $ 14,107 Weighted average common shares outstanding for basic earnings per common share 21,043 16,811 Add: Dilutive effect of stock compensation 35 33 Weighted average shares and dilutive potential common shares 21,078 16,844 Diluted earnings per common share $ 0.73 $ 0.84 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Amounts and Locations of Activity Related to Interest Rate Swaps Designated as Cash Flow Hedges Within Corporation's Consolidated Balance Sheet and Statement of Income | The following tables provide information about the amounts and locations of activity related to the interest rate swaps designated as cash flow hedges within the Corporation’s condensed consolidated balance sheets and statements of income as of March 31, 2023 and December 31, 2022 and for the three months ended March 31, 2023 and 2022: Fair value as of Balance Sheet March 31, 2023 December 31, 2022 Interest rate contracts Accrued interest receivable (payable) and $ 104 $ 150 For the Three Months (a) (b) (c) (d) (e) Interest rate contracts $ (37) Interest expense – $ (45) Other $ — For the Three Months (a) (b) (c) (d) (e) Interest rate contracts $ 212 Interest expense – $ (67) Other $ — (a) Amount of Gain or (Loss) Recognized in Other Comprehensive Loss on Derivative (Effective Portion), net of tax (b) Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (c) Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (d) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) (e) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) |
Schedule of Amounts and Locations of Activity Related to Back-to-back Interest Rate Swaps Within Corporation's Consolidated Balance Sheet | The following table provides information about the amounts and locations of activity related to the back-to-back interest rate swaps within the Corporation’s condensed consolidated balance sheet as of March 31, 2023 and December 31, 2022: Notional Weighted Weighted Weighted Average Fair March 31, 2023 3rd Party interest rate swaps $ 31,074 4.68 4.12 % 1 month LIBOR + 1.67% $ 1,234 (a) Customer interest rate swaps (31,074) 4.68 4.12 % 1 month LIBOR + 1.67% (1,234) (b) December 31, 2022 3rd Party interest rate swaps $ 31,417 4.9 4.12 % 1 month LIBOR + 1.68% $ 1,700 (a) Customer interest rate swaps (31,417) 4.9 4.12 % 1 month LIBOR + 1.68% (1,700) (b) (a) Reported in accrued interest receivable and other assets within the condensed consolidated balance sheets (b) Reported in accrued interest payable and other liabilities within the condensed consolidated balance sheets |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are as follows at March 31, 2023 and December 31, 2022: Fair Value Measurements at March 31, 2023 Using: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Securities Available-For-Sale: U.S. Government sponsored entities $ 2,388 $ — $ 2,388 $ — States and political subdivisions 97,238 — 97,238 — Residential and multi-family mortgage 213,807 — 213,807 — Corporate notes and bonds 42,809 — 42,809 — Pooled SBA 12,365 — 12,365 — Total Securities Available-For-Sale $ 368,607 $ — $ 368,607 $ — Interest Rate swaps $ 1,338 $ — $ 1,338 $ — Equity Securities: Corporate equity securities $ 5,843 $ 5,843 $ — $ — Mutual funds 2,101 2,101 — — Money market funds 765 765 — — Corporate notes 707 707 — — Total Equity Securities $ 9,416 $ 9,416 $ — $ — Liabilities: Interest Rate Swaps $ (1,234) $ — $ (1,234) $ — Fair Value Measurements at December 31, 2022 Using: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Total (Level 1) (Level 2) (Level 3) Assets: Securities Available-For-Sale: U.S. Government sponsored entities $ 3,129 $ — $ 3,129 $ — States and political subdivisions 95,663 — 95,663 — Residential and multi-family mortgage 217,547 — 217,547 — Corporate notes and bonds 42,391 — 42,391 — Pooled SBA 12,679 — 12,679 — Total Securities Available-For-Sale $ 371,409 $ — $ 371,409 $ — Interest Rate swaps $ 1,850 $ — $ 1,850 $ — Equity Securities: Corporate equity securities $ 6,973 $ 6,973 $ — $ — Mutual funds 1,406 1,406 — — Money market funds 479 479 — — Corporate notes 757 757 — — Total Equity Securities $ 9,615 $ 9,615 $ — $ — Liabilities: Interest Rate Swaps $ (1,700) $ — $ (1,700) $ — |
Schedule of Assets and Liabilities Measured at Fair Value on Non-recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis are as follows at March 31, 2023 and December 31, 2022: Fair Value Measurements at March 31, 2023 Using Description Total Quoted Prices in Significant Other Significant Assets: Collateral-dependent loans receivable: Farmland $ 829 $ — $ — $ 829 Owner-occupied, nonfarm nonresidential properties 1,053 — — 1,053 Commercial and industrial 1,426 — — 1,426 Other construction loans and all land development loans and other land loans 480 — — 480 Multifamily (5 or more) residential properties 519 — — 519 Non-owner occupied, nonfarm nonresidential 4,348 — — 4,348 Home equity lines of credit 331 — — 331 Residential Mortgages secured by first liens 931 — — 931 Fair Value Measurements at December 31, 2022 Using Description Total Quoted Prices in Significant Other Significant Assets: Collateral-dependent loans receivable: Farmland $ 829 $ — $ — $ 829 Owner-occupied, nonfarm nonresidential properties 1,071 — — 1,071 Commercial and industrial 1,631 — — 1,631 Other construction loans and all land development loans and other land loans 501 — — 501 Multifamily (5 or more) residential properties 613 — — 613 Non-owner occupied, nonfarm nonresidential 3,867 — — 3,867 Home equity lines of credit 335 — — 335 Residential mortgages secured by first liens 944 — — 944 |
Schedule of Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Non Recurring Basis | The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2023: Fair Valuation Unobservable Inputs Range Collateral-dependent loans receivable: Farmland $ 829 Valuation of third party appraisal on underlying collateral Loss severity rates 27% (27%) Owner-occupied, nonfarm nonresidential properties 1,053 Valuation of third party appraisal on underlying collateral Loss severity rates 32%-100% (36%) Commercial and industrial 1,426 Valuation of third party appraisal on underlying collateral Loss severity rates 3%-50% (37%) Other construction loans and all land development loans and other land loans 480 Valuation of third party appraisal on underlying collateral Loss severity rates 42% (42%) Multifamily (5 or more) residential properties 519 Valuation of third party appraisal on underlying collateral Loss severity rates 25%-35% (26%) Non-owner occupied, nonfarm nonresidential 4,348 Valuation of third party appraisal on underlying collateral Loss severity rates 32%-40% (35%) Home equity lines of credit 331 Valuation of third party appraisal on underlying collateral Loss severity rates 15%-22% (16%) Residential Mortgages secured by first liens 931 Valuation of third party appraisal on underlying collateral Loss severity rates 22%-36% (29%) The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2022: Fair Valuation Unobservable Inputs Range Collateral-dependent loans receivable: Farmland $ 829 Valuation of third party appraisal on underlying collateral Loss severity rates 20% (20%) Owner-occupied, nonfarm nonresidential properties 1,071 Valuation of third party appraisal on underlying collateral Loss severity rates 25%-100% (29%) Commercial and industrial 1,631 Valuation of third party appraisal on underlying collateral Loss severity rates 3%-49% (23%) Other construction loans and all land development loans and other land loans 501 Valuation of third party appraisal on underlying collateral Loss severity rates 33% (33%) Multifamily (5 or more) residential properties 613 Valuation of third party appraisal on underlying collateral Loss severity rates 19%-25% (23%) Non-owner occupied, nonfarm nonresidential 3,867 Valuation of third party appraisal on underlying collateral Loss severity rates 15%-53% (35%) Home equity lines of credit 335 Valuation of third party appraisal on underlying collateral Loss severity rates 15% (15%) Residential mortgages secured by first liens 944 Valuation of third party appraisal on underlying collateral Loss severity rates 15%-27% (21%) |
Schedule of Carrying Amount and Fair Value of Financial Instruments | The following table presents the carrying amount and fair value of financial instruments at March 31, 2023: Carrying Fair Value Measurement Using: Total Amount Level 1 Level 2 Level 3 Fair Value ASSETS Cash and cash equivalents $ 188,593 $ 188,593 $ — $ — $ 188,593 Debt securities available-for-sale 368,607 — 368,607 — 368,607 Debt securities held-to-maturity 402,300 — 371,735 — 371,735 Equity securities 9,416 9,416 — — 9,416 Loans held for sale 448 — 449 — 449 Net loans receivable 4,257,316 — — 4,155,403 4,155,403 FHLB and other restricted stock holdings and investments 31,194 n/a n/a n/a n/a Interest rate swaps 1,338 — 1,338 — 1,338 Accrued interest receivable 19,691 — 2,928 16,763 19,691 LIABILITIES Deposits $ (4,754,129) $ (4,212,282) $ (542,415) $ — $ (4,754,697) Short-term borrowings (102,083) — (102,083) — (102,083) Subordinated notes and debentures (104,660) — (122,427) — (122,427) Interest rate swaps (1,234) — (1,234) — (1,234) Accrued interest payable (2,850) — (2,850) — (2,850) The following table presents the carrying amount and fair value of financial instruments at December 31, 2022: Carrying Fair Value Measurement Using: Total Amount Level 1 Level 2 Level 3 Fair Value ASSETS Cash and cash equivalents $ 106,285 $ 106,285 $ — $ — $ 106,285 Debt securities available-for-sale 371,409 — 371,409 — 371,409 Debt securities held-to-maturity 404,765 — 367,388 — 367,388 Equity securities 9,615 9,615 — — 9,615 Loans held for sale 231 — 231 — 231 Net loans receivable 4,231,742 — — 4,157,843 4,157,843 FHLB and other restricted stock holdings and investments 30,715 n/a n/a n/a n/a Interest rate swaps 1,850 — 1,850 — 1,850 Accrued interest receivable 20,194 — 2,867 17,327 20,194 LIABILITIES Deposits $ (4,622,437) $ (4,175,976) $ (445,788) $ — $ (4,621,764) Short-term borrowings (132,396) — (132,396) — (132,396) Subordinated notes and debentures (104,584) — (117,378) — (117,378) Interest rate swaps (1,700) — (1,700) — (1,700) Accrued interest payable (1,839) — (1,839) — (1,839) |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue Derived From Contracts With Customers | The following table presents the Corporation's Non-Interest Income by revenue stream and reportable segment for the three months ended March 31, 2023 and 2022. Items outside the scope of ASC 606 are noted as such. Three Months Ended March 31, 2023 2022 Non-interest Income Service charges on deposit accounts $ 1,795 $ 1,757 Wealth and asset management fees 1,817 1,783 Mortgage banking (1) 168 475 Card processing and interchange income 2,059 1,809 Net gains on sales of securities (1) 22 651 Other income 2,181 3,179 Total non-interest income $ 8,042 $ 9,654 (1) Not within scope of ASU 2014-9 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended |
Mar. 31, 2023 segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
SECURITIES - Securities Availab
SECURITIES - Securities Available for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Total debt securities | $ 422,920 | $ 432,992 |
Unrealized Gains | 89 | 24 |
Unrealized Losses | (54,402) | (61,607) |
Allowance For Credit Losses | 0 | 0 |
Debt securities available-for-sale | 368,607 | 371,409 |
U.S. Government sponsored entities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total debt securities | 2,474 | 3,213 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (86) | (84) |
Allowance For Credit Losses | 0 | 0 |
Debt securities available-for-sale | 2,388 | 3,129 |
States and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total debt securities | 111,090 | 112,734 |
Unrealized Gains | 69 | 24 |
Unrealized Losses | (13,921) | (17,095) |
Allowance For Credit Losses | 0 | 0 |
Debt securities available-for-sale | 97,238 | 95,663 |
Residential & multi-family mortgage | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total debt securities | 247,957 | 256,111 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (34,150) | (38,564) |
Allowance For Credit Losses | 0 | 0 |
Debt securities available-for-sale | 213,807 | 217,547 |
Corporate notes & bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total debt securities | 48,119 | 47,111 |
Unrealized Gains | 19 | 0 |
Unrealized Losses | (5,329) | (4,720) |
Allowance For Credit Losses | 0 | 0 |
Debt securities available-for-sale | 42,809 | 42,391 |
Pooled SBA | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total debt securities | 13,280 | 13,823 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | (916) | (1,144) |
Allowance For Credit Losses | 0 | 0 |
Debt securities available-for-sale | $ 12,365 | $ 12,679 |
SECURITIES - Securities Held-to
SECURITIES - Securities Held-to-Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Total debt securities | $ 402,300 | $ 404,765 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (30,565) | (37,377) |
Allowance For Credit Losses | 0 | 0 |
Debt securities held-to-maturity | 371,735 | 367,388 |
U.S. Government sponsored entities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total debt securities | 307,750 | 307,711 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (22,650) | (27,276) |
Allowance For Credit Losses | 0 | 0 |
Debt securities held-to-maturity | 285,100 | 280,435 |
Residential & multi-family mortgage | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total debt securities | 94,550 | 97,054 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (7,915) | (10,101) |
Allowance For Credit Losses | 0 | 0 |
Debt securities held-to-maturity | $ 86,635 | $ 86,953 |
SECURITIES - Additional Informa
SECURITIES - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) security | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) security | |
Debt and Equity Securities, FV-NI [Line Items] | |||
Number of securities transferred | security | 74 | ||
Transfer of debt securities, fair value | $ 213,700 | ||
Net unrealized holding gain (loss) | $ 5,600 | ||
Reclassification adjustment for realized gains included in net income, tax | $ 5 | $ 137 | |
Number of securities holdings | security | 0 | 0 | |
Shareholders equity, percentage | 10% | 10% | |
Collateral Pledged | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Securities pledged to public deposits | $ 467,200 | $ 561,800 |
SECURITIES - Information Pertai
SECURITIES - Information Pertaining to Security Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds | $ 9,659 | $ 22,164 |
Gross Gains | 22 | 651 |
Gross Losses | $ 0 | $ 0 |
SECURITIES - Schedule of Contra
SECURITIES - Schedule of Contractual Maturity of Securities Available for Sale, Excluding Equity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
1 year or less | $ 4,174 | |
1 year – 5 years | 43,399 | |
5 years – 10 years | 90,274 | |
After 10 years | 23,836 | |
Total, Amortized Cost | 161,683 | |
Total debt securities | 422,920 | |
Fair Value | ||
1 year or less | 4,141 | |
1 year – 5 years | 41,298 | |
5 years – 10 years | 78,510 | |
After 10 years | 18,486 | |
Total, Fair Value | 142,435 | |
Total debt securities | 368,607 | $ 371,409 |
Amortized Cost | ||
1 year or less | 10,010 | |
1 year – 5 years | 246,949 | |
5 years – 10 years | 50,791 | |
After 10 years | 0 | |
Total, Amortized Cost | 307,750 | |
Total debt securities | 402,300 | 404,765 |
Fair Value | ||
1 year or less | 9,828 | |
1 year – 5 years | 231,452 | |
5 years – 10 years | 43,820 | |
After 10 years | 0 | |
Total, Fair Value | 285,100 | |
Total debt securities | 371,735 | 367,388 |
Residential & multi-family mortgage | ||
Amortized Cost | ||
Mortgage & asset backed securities, Amortized Cost | 247,957 | |
Fair Value | ||
Mortgage & asset backed securities, Fair Value | 213,807 | |
Total debt securities | 213,807 | 217,547 |
Amortized Cost | ||
Mortgage & asset backed securities, Amortized Cost | 94,550 | |
Fair Value | ||
Mortgage & asset backed securities, Fair Value | 86,635 | |
Total debt securities | 86,635 | 86,953 |
Pooled SBA | ||
Amortized Cost | ||
Mortgage & asset backed securities, Amortized Cost | 13,280 | |
Fair Value | ||
Mortgage & asset backed securities, Fair Value | 12,365 | |
Total debt securities | 12,365 | $ 12,679 |
Amortized Cost | ||
Mortgage & asset backed securities, Amortized Cost | 0 | |
Fair Value | ||
Mortgage & asset backed securities, Fair Value | $ 0 |
SECURITIES - Securities with Un
SECURITIES - Securities with Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Less than 12 Months | ||
Fair Value | $ 54,549 | $ 123,629 |
Unrealized Loss | (3,761) | (8,810) |
12 Months or More | ||
Fair Value | 303,561 | 241,330 |
Unrealized Loss | (50,641) | (52,797) |
Fair Value | 358,110 | 364,959 |
Unrealized Loss | (54,402) | (61,607) |
U.S. Government sponsored entities | ||
Less than 12 Months | ||
Fair Value | 2,388 | 3,129 |
Unrealized Loss | (86) | (84) |
12 Months or More | ||
Fair Value | 0 | 0 |
Unrealized Loss | 0 | 0 |
Fair Value | 2,388 | 3,129 |
Unrealized Loss | (86) | (84) |
States and political subdivisions | ||
Less than 12 Months | ||
Fair Value | 9,958 | 34,667 |
Unrealized Loss | (88) | (1,887) |
12 Months or More | ||
Fair Value | 78,035 | 54,546 |
Unrealized Loss | (13,833) | (15,208) |
Fair Value | 87,993 | 89,213 |
Unrealized Loss | (13,921) | (17,095) |
Residential & multi-family mortgage | ||
Less than 12 Months | ||
Fair Value | 17,227 | 48,996 |
Unrealized Loss | (568) | (3,122) |
12 Months or More | ||
Fair Value | 196,478 | 168,551 |
Unrealized Loss | (33,582) | (35,442) |
Fair Value | 213,705 | 217,547 |
Unrealized Loss | (34,150) | (38,564) |
Corporate notes | ||
Less than 12 Months | ||
Fair Value | 24,380 | 31,730 |
Unrealized Loss | (3,013) | (3,403) |
12 Months or More | ||
Fair Value | 17,410 | 10,661 |
Unrealized Loss | (2,316) | (1,317) |
Fair Value | 41,790 | 42,391 |
Unrealized Loss | (5,329) | (4,720) |
Pooled SBA | ||
Less than 12 Months | ||
Fair Value | 596 | 5,107 |
Unrealized Loss | (6) | (314) |
12 Months or More | ||
Fair Value | 11,638 | 7,572 |
Unrealized Loss | (910) | (830) |
Fair Value | 12,234 | 12,679 |
Unrealized Loss | $ (916) | $ (1,144) |
SECURITIES - Held-to-maturity D
SECURITIES - Held-to-maturity Debt Securities with Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Less than 12 Months | ||
Fair Value | $ 1,404 | $ 167,688 |
Unrealized Loss | (209) | (12,316) |
12 Months or More | ||
Fair Value | 370,331 | 199,700 |
Unrealized Loss | (30,356) | (25,061) |
Fair Value | 371,735 | 367,388 |
Unrealized Loss | (30,565) | (37,377) |
U.S. Government sponsored entities | ||
Less than 12 Months | ||
Fair Value | 0 | 143,556 |
Unrealized Loss | 0 | (10,063) |
12 Months or More | ||
Fair Value | 285,100 | 136,879 |
Unrealized Loss | (22,650) | (17,213) |
Fair Value | 285,100 | 280,435 |
Unrealized Loss | (22,650) | (27,276) |
Residential & multi-family mortgage | ||
Less than 12 Months | ||
Fair Value | 1,404 | 24,132 |
Unrealized Loss | (209) | (2,253) |
12 Months or More | ||
Fair Value | 85,231 | 62,821 |
Unrealized Loss | (7,706) | (7,848) |
Fair Value | 86,635 | 86,953 |
Unrealized Loss | $ (7,915) | $ (10,101) |
SECURITIES - Trading Securities
SECURITIES - Trading Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | $ 9,416 | $ 9,615 |
Corporate equity securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 5,843 | 6,973 |
Mutual funds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 2,101 | 1,406 |
Money market funds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 765 | 479 |
Corporate notes | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | $ 707 | $ 757 |
LOANS RECEIVABLE AND ALLOWANC_3
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Net Loans (Details) $ in Thousands | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 4,301,297 | $ 4,275,178 | ||
Less: allowance for credit losses | (43,981) | (43,436) | $ (38,117) | $ (37,588) |
Net loans receivable | 4,257,316 | 4,231,742 | ||
Net deferred loan origination fees included in the above table | $ 4,198 | $ 4,463 | ||
Percentage of Total | 1 | 1 | ||
Farmland | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 34,080 | $ 32,168 | ||
Less: allowance for credit losses | $ (129) | $ (159) | (186) | (151) |
Percentage of Total | 0.008 | 0.008 | ||
Owner-occupied, nonfarm nonresidential properties | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 478,465 | $ 468,493 | ||
Less: allowance for credit losses | $ (2,546) | $ (2,905) | (3,595) | (3,339) |
Percentage of Total | 0.111 | 0.110 | ||
Agricultural production and other loans to farmers | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 1,057 | $ 1,198 | ||
Less: allowance for credit losses | $ (3) | $ (6) | (10) | (9) |
Percentage of Total | 0 | 0 | ||
Commercial and Industrial | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 753,437 | $ 791,911 | ||
Less: allowance for credit losses | $ (8,943) | $ (9,766) | (9,090) | (8,837) |
Percentage of Total | 0.175 | 0.185 | ||
Obligations (other than securities and leases) of states and political subdivisions | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 138,897 | $ 145,345 | ||
Less: allowance for credit losses | $ (1,848) | $ (1,863) | (1,828) | (1,649) |
Percentage of Total | 0.032 | 0.034 | ||
Other loans | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 22,340 | $ 24,710 | ||
Less: allowance for credit losses | $ (594) | $ (456) | (143) | (149) |
Percentage of Total | 0.005 | 0.006 | ||
Other construction loans and all land development and other land loans | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 435,241 | $ 446,685 | ||
Less: allowance for credit losses | $ (3,394) | $ (3,253) | (2,050) | (2,198) |
Percentage of Total | 0.101 | 0.105 | ||
Multifamily (5 or more) residential properties | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 265,034 | $ 257,696 | ||
Less: allowance for credit losses | $ (2,535) | $ (2,353) | (2,236) | (2,289) |
Percentage of Total | 0.062 | 0.060 | ||
Non-owner occupied, nonfarm nonresidential properties | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 841,486 | $ 795,315 | ||
Less: allowance for credit losses | $ (8,259) | $ (7,653) | (6,411) | (6,481) |
Percentage of Total | 0.196 | 0.186 | ||
1-4 Family Construction | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 54,804 | $ 51,171 | ||
Less: allowance for credit losses | $ (398) | $ (327) | (210) | (158) |
Percentage of Total | 0.013 | 0.012 | ||
Home equity lines of credit | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 124,308 | $ 124,892 | ||
Less: allowance for credit losses | $ (1,158) | $ (1,173) | (1,181) | (1,169) |
Percentage of Total | 0.029 | 0.029 | ||
Residential Mortgages secured by first liens | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 949,691 | $ 942,531 | ||
Less: allowance for credit losses | $ (8,851) | $ (8,484) | (6,905) | (6,943) |
Percentage of Total | 0.221 | 0.220 | ||
Residential Mortgages secured by junior liens | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 79,125 | $ 74,638 | ||
Less: allowance for credit losses | $ (1,275) | $ (1,035) | (552) | (546) |
Percentage of Total | 0.018 | 0.017 | ||
Other revolving credit plans | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 38,241 | $ 36,372 | ||
Less: allowance for credit losses | $ (830) | $ (722) | (547) | (528) |
Percentage of Total | 0.009 | 0.009 | ||
Automobile | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 24,706 | $ 21,806 | ||
Less: allowance for credit losses | $ (330) | $ (271) | (254) | (263) |
Percentage of Total | 0.006 | 0.005 | ||
Other consumer | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 48,009 | $ 49,144 | ||
Less: allowance for credit losses | $ (2,561) | $ (2,665) | (2,569) | (2,546) |
Percentage of Total | 0.011 | 0.011 | ||
Credit cards | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 12,122 | $ 10,825 | ||
Less: allowance for credit losses | $ (73) | $ (67) | (103) | (92) |
Percentage of Total | 0.003 | 0.003 | ||
Overdrafts | ||||
Loan Portfolio By Loan Grade [Line Items] | ||||
Loans receivable | $ 254 | $ 278 | ||
Less: allowance for credit losses | $ (254) | $ (278) | $ (247) | $ (241) |
Percentage of Total | 0 | 0 |
LOANS RECEIVABLE AND ALLOWANC_4
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) loan | Dec. 31, 2022 USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans receivable | $ 4,301,297,000 | $ 4,275,178,000 | |
Provision for credit loss expense | 1,290,000 | $ 1,643,000 | |
Allowance for unfunded commitments | $ 59,000 | $ 586,000 | |
Amortized cost in troubled debt restructurings | 12,400,000 | ||
Financing receivable, troubled debt restructuring, allowance for loans | 2,200,000 | ||
Financing receivable, modifications, number of contracts | loan | 1 | ||
Minimum period to be considered for loan to have defaulted | 90 days | ||
Loans modified as troubled debt restructuring with subsequent defaults | $ 0 | ||
Loans modified as troubled debt restructuring with subsequent defaults | loan | 0 | ||
Principal balances forgiven in connection with loan restructuring | 0 | ||
Syndicated loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans receivable | 148,085,000 | 156,649,000 | |
Commercial and Industrial | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans receivable | 753,437,000 | 791,911,000 | |
Commercial and Industrial | Syndicated loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans receivable | $ 148,100,000 | $ 156,600,000 |
LOANS RECEIVABLE AND ALLOWANC_5
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | $ 43,436 | $ 37,588 |
(Charge-offs) | (933) | (706) |
Recoveries | 247 | 178 |
PROVISION FOR CREDIT LOSS EXPENSE | 1,231 | 1,057 |
Ending Allowance | 43,981 | 38,117 |
Farmland | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 159 | 151 |
(Charge-offs) | 0 | 0 |
Recoveries | 0 | 0 |
PROVISION FOR CREDIT LOSS EXPENSE | (30) | 35 |
Ending Allowance | 129 | 186 |
Owner-occupied, nonfarm nonresidential properties | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 2,905 | 3,339 |
(Charge-offs) | (26) | (21) |
Recoveries | 8 | 7 |
PROVISION FOR CREDIT LOSS EXPENSE | (341) | 270 |
Ending Allowance | 2,546 | 3,595 |
Agricultural production and other loans to farmers | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 6 | 9 |
(Charge-offs) | 0 | 0 |
Recoveries | 0 | 0 |
PROVISION FOR CREDIT LOSS EXPENSE | (3) | 1 |
Ending Allowance | 3 | 10 |
Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 9,766 | 8,837 |
(Charge-offs) | (46) | (71) |
Recoveries | 145 | 78 |
PROVISION FOR CREDIT LOSS EXPENSE | (922) | 246 |
Ending Allowance | 8,943 | 9,090 |
Obligations (other than securities and leases) of states and political subdivisions | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 1,863 | 1,649 |
(Charge-offs) | 0 | 0 |
Recoveries | 0 | 0 |
PROVISION FOR CREDIT LOSS EXPENSE | (15) | 179 |
Ending Allowance | 1,848 | 1,828 |
Other loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 456 | 149 |
(Charge-offs) | 0 | 0 |
Recoveries | 0 | 0 |
PROVISION FOR CREDIT LOSS EXPENSE | 138 | (6) |
Ending Allowance | 594 | 143 |
Other construction loans and all land development and other land loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 3,253 | 2,198 |
(Charge-offs) | 0 | 0 |
Recoveries | 0 | 0 |
PROVISION FOR CREDIT LOSS EXPENSE | 141 | (148) |
Ending Allowance | 3,394 | 2,050 |
Multifamily (5 or more) residential properties | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 2,353 | 2,289 |
(Charge-offs) | (65) | 0 |
Recoveries | 0 | 0 |
PROVISION FOR CREDIT LOSS EXPENSE | 247 | (53) |
Ending Allowance | 2,535 | 2,236 |
Non-owner occupied, nonfarm nonresidential properties | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 7,653 | 6,481 |
(Charge-offs) | 0 | 0 |
Recoveries | 0 | 0 |
PROVISION FOR CREDIT LOSS EXPENSE | 606 | (70) |
Ending Allowance | 8,259 | 6,411 |
1-4 Family Construction | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 327 | 158 |
(Charge-offs) | 0 | 0 |
Recoveries | 0 | 0 |
PROVISION FOR CREDIT LOSS EXPENSE | 71 | 52 |
Ending Allowance | 398 | 210 |
Home equity lines of credit | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 1,173 | 1,169 |
(Charge-offs) | 0 | 0 |
Recoveries | 1 | 8 |
PROVISION FOR CREDIT LOSS EXPENSE | (16) | 4 |
Ending Allowance | 1,158 | 1,181 |
Residential Mortgages secured by first liens | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 8,484 | 6,943 |
(Charge-offs) | (7) | (47) |
Recoveries | 0 | 12 |
PROVISION FOR CREDIT LOSS EXPENSE | 374 | (3) |
Ending Allowance | 8,851 | 6,905 |
Residential Mortgages secured by junior liens | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 1,035 | 546 |
(Charge-offs) | 0 | 0 |
Recoveries | 0 | 0 |
PROVISION FOR CREDIT LOSS EXPENSE | 240 | 6 |
Ending Allowance | 1,275 | 552 |
Other revolving credit plans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 722 | 528 |
(Charge-offs) | (22) | (26) |
Recoveries | 5 | 6 |
PROVISION FOR CREDIT LOSS EXPENSE | 125 | 39 |
Ending Allowance | 830 | 547 |
Automobile | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 271 | 263 |
(Charge-offs) | (5) | (7) |
Recoveries | 0 | 0 |
PROVISION FOR CREDIT LOSS EXPENSE | 64 | (2) |
Ending Allowance | 330 | 254 |
Other consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 2,665 | 2,546 |
(Charge-offs) | (540) | (401) |
Recoveries | 43 | 22 |
PROVISION FOR CREDIT LOSS EXPENSE | 393 | 402 |
Ending Allowance | 2,561 | 2,569 |
Credit cards | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 67 | 92 |
(Charge-offs) | (62) | (14) |
Recoveries | 1 | 4 |
PROVISION FOR CREDIT LOSS EXPENSE | 67 | 21 |
Ending Allowance | 73 | 103 |
Overdrafts | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Allowance | 278 | 241 |
(Charge-offs) | (160) | (119) |
Recoveries | 44 | 41 |
PROVISION FOR CREDIT LOSS EXPENSE | 92 | 84 |
Ending Allowance | $ 254 | $ 247 |
LOANS RECEIVABLE AND ALLOWANC_6
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Nonaccrual Loans and Loans Receivable Past Due over 89 Days Still Accruing Interest by Class of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 20,989 | $ 20,986 |
Nonaccrual With No Allowance for Credit Loss | 13,921 | 14,293 |
Loans Receivable Past Due over 89 Days Still Accruing | 1,075 | 1,121 |
Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 1,000 | 1,011 |
Nonaccrual With No Allowance for Credit Loss | 1,000 | 1,011 |
Loans Receivable Past Due over 89 Days Still Accruing | 992 | 994 |
Owner-occupied, nonfarm nonresidential properties | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 2,215 | 2,055 |
Nonaccrual With No Allowance for Credit Loss | 2,153 | 1,987 |
Loans Receivable Past Due over 89 Days Still Accruing | 0 | 0 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 5,152 | 5,485 |
Nonaccrual With No Allowance for Credit Loss | 2,059 | 2,366 |
Loans Receivable Past Due over 89 Days Still Accruing | 0 | 71 |
Other construction loans and all land development and other land loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 545 | 567 |
Nonaccrual With No Allowance for Credit Loss | 545 | 567 |
Loans Receivable Past Due over 89 Days Still Accruing | 0 | 0 |
Multifamily (5 or more) residential properties | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 972 | 1,066 |
Nonaccrual With No Allowance for Credit Loss | 343 | 423 |
Loans Receivable Past Due over 89 Days Still Accruing | 0 | 0 |
Non-owner occupied, nonfarm nonresidential properties | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 5,481 | 5,081 |
Nonaccrual With No Allowance for Credit Loss | 2,633 | 2,665 |
Loans Receivable Past Due over 89 Days Still Accruing | 0 | 0 |
Home equity lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 525 | 475 |
Nonaccrual With No Allowance for Credit Loss | 525 | 475 |
Loans Receivable Past Due over 89 Days Still Accruing | 0 | 0 |
Residential Mortgages secured by first liens | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 4,327 | 4,329 |
Nonaccrual With No Allowance for Credit Loss | 3,891 | 3,882 |
Loans Receivable Past Due over 89 Days Still Accruing | 0 | 48 |
Residential Mortgages secured by junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 97 | 91 |
Nonaccrual With No Allowance for Credit Loss | 97 | 91 |
Loans Receivable Past Due over 89 Days Still Accruing | 0 | 0 |
Other revolving credit plans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 41 | 26 |
Nonaccrual With No Allowance for Credit Loss | 41 | 26 |
Loans Receivable Past Due over 89 Days Still Accruing | 0 | 0 |
Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 15 | 19 |
Nonaccrual With No Allowance for Credit Loss | 15 | 19 |
Loans Receivable Past Due over 89 Days Still Accruing | 0 | 0 |
Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 619 | 781 |
Nonaccrual With No Allowance for Credit Loss | 619 | 781 |
Loans Receivable Past Due over 89 Days Still Accruing | 0 | 0 |
Credit cards | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Nonaccrual With No Allowance for Credit Loss | 0 | 0 |
Loans Receivable Past Due over 89 Days Still Accruing | $ 83 | $ 8 |
LOANS RECEIVABLE AND ALLOWANC_7
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Amortized Cost Basis of Collateral-Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | $ 9,983 | $ 11,051 |
Non-Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | 1,830 | 1,908 |
Farmland | Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | 829 | 829 |
Farmland | Non-Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | 0 | 0 |
Owner-occupied, nonfarm nonresidential properties | Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | 1,053 | 1,296 |
Owner-occupied, nonfarm nonresidential properties | Non-Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | 4 | 4 |
Commercial and Industrial | Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | 0 | 0 |
Commercial and Industrial | Non-Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | 1,826 | 1,904 |
Other construction loans and all land development and other land loans | Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | 480 | 501 |
Other construction loans and all land development and other land loans | Non-Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | 0 | 0 |
Multifamily (5 or more) residential properties | Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | 972 | 1,066 |
Multifamily (5 or more) residential properties | Non-Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | 0 | 0 |
Non-owner occupied, nonfarm nonresidential properties | Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | 5,185 | 5,874 |
Non-owner occupied, nonfarm nonresidential properties | Non-Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | 0 | 0 |
Home equity lines of credit | Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | 331 | 335 |
Home equity lines of credit | Non-Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | 0 | 0 |
Residential Mortgages secured by first liens | Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | 1,133 | 1,150 |
Residential Mortgages secured by first liens | Non-Real Estate Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized cost basis of collateral-dependent loans | $ 0 | $ 0 |
LOANS RECEIVABLE AND ALLOWANC_8
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Aging of Recorded Investment in Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | $ 4,301,297 | $ 4,275,178 |
30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 4,231 | 4,940 |
60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 2,787 | 961 |
Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 4,477 | 6,307 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 11,495 | 12,208 |
Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 4,289,802 | 4,262,970 |
Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 34,080 | 32,168 |
Farmland | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 185 | 0 |
Farmland | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Farmland | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,124 | 1,136 |
Farmland | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,309 | 1,136 |
Farmland | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 32,771 | 31,032 |
Owner-occupied, nonfarm nonresidential properties | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 478,465 | 468,493 |
Owner-occupied, nonfarm nonresidential properties | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,508 | 185 |
Owner-occupied, nonfarm nonresidential properties | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 24 | 27 |
Owner-occupied, nonfarm nonresidential properties | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 287 | 734 |
Owner-occupied, nonfarm nonresidential properties | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,819 | 946 |
Owner-occupied, nonfarm nonresidential properties | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 476,646 | 467,547 |
Agricultural production and other loans to farmers | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,057 | 1,198 |
Agricultural production and other loans to farmers | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Agricultural production and other loans to farmers | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Agricultural production and other loans to farmers | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Agricultural production and other loans to farmers | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Agricultural production and other loans to farmers | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,057 | 1,198 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 753,437 | 791,911 |
Commercial and Industrial | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 246 |
Commercial and Industrial | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 213 | 93 |
Commercial and Industrial | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 230 | 611 |
Commercial and Industrial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 443 | 950 |
Commercial and Industrial | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 752,994 | 790,961 |
Obligations (other than securities and leases) of states and political subdivisions | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 138,897 | 145,345 |
Obligations (other than securities and leases) of states and political subdivisions | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Obligations (other than securities and leases) of states and political subdivisions | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Obligations (other than securities and leases) of states and political subdivisions | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Obligations (other than securities and leases) of states and political subdivisions | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Obligations (other than securities and leases) of states and political subdivisions | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 138,897 | 145,345 |
Other loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 22,340 | 24,710 |
Other loans | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Other loans | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Other loans | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Other loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Other loans | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 22,340 | 24,710 |
Other construction loans and all land development and other land loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 435,241 | 446,685 |
Other construction loans and all land development and other land loans | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 171 | 1,522 |
Other construction loans and all land development and other land loans | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,538 | 0 |
Other construction loans and all land development and other land loans | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 501 |
Other construction loans and all land development and other land loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,709 | 2,023 |
Other construction loans and all land development and other land loans | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 433,532 | 444,662 |
Multifamily (5 or more) residential properties | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 265,034 | 257,696 |
Multifamily (5 or more) residential properties | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 706 |
Multifamily (5 or more) residential properties | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Multifamily (5 or more) residential properties | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 25 | 90 |
Multifamily (5 or more) residential properties | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 25 | 796 |
Multifamily (5 or more) residential properties | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 265,009 | 256,900 |
Non-owner occupied, nonfarm nonresidential properties | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 841,486 | 795,315 |
Non-owner occupied, nonfarm nonresidential properties | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 222 | 113 |
Non-owner occupied, nonfarm nonresidential properties | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 60 |
Non-owner occupied, nonfarm nonresidential properties | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 685 | 879 |
Non-owner occupied, nonfarm nonresidential properties | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 907 | 1,052 |
Non-owner occupied, nonfarm nonresidential properties | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 840,579 | 794,263 |
1-4 Family Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 54,804 | 51,171 |
1-4 Family Construction | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
1-4 Family Construction | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
1-4 Family Construction | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
1-4 Family Construction | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
1-4 Family Construction | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 54,804 | 51,171 |
Home equity lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 124,308 | 124,892 |
Home equity lines of credit | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 217 | 203 |
Home equity lines of credit | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 10 |
Home equity lines of credit | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 89 | 49 |
Home equity lines of credit | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 306 | 262 |
Home equity lines of credit | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 124,002 | 124,630 |
Residential Mortgages secured by first liens | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 949,691 | 942,531 |
Residential Mortgages secured by first liens | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,501 | 1,302 |
Residential Mortgages secured by first liens | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 777 | 538 |
Residential Mortgages secured by first liens | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,500 | 1,775 |
Residential Mortgages secured by first liens | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 3,778 | 3,615 |
Residential Mortgages secured by first liens | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 945,913 | 938,916 |
Residential Mortgages secured by junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 79,125 | 74,638 |
Residential Mortgages secured by junior liens | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 5 |
Residential Mortgages secured by junior liens | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Residential Mortgages secured by junior liens | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 51 | 51 |
Residential Mortgages secured by junior liens | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 51 | 56 |
Residential Mortgages secured by junior liens | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 79,074 | 74,582 |
Other revolving credit plans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 38,241 | 36,372 |
Other revolving credit plans | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 38 | 65 |
Other revolving credit plans | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 26 | 27 |
Other revolving credit plans | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 19 | 0 |
Other revolving credit plans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 83 | 92 |
Other revolving credit plans | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 38,158 | 36,280 |
Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 24,706 | 21,806 |
Automobile | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 57 | 36 |
Automobile | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Automobile | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Automobile | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 57 | 36 |
Automobile | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 24,649 | 21,770 |
Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 48,009 | 49,144 |
Other consumer | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 310 | 361 |
Other consumer | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 189 | 188 |
Other consumer | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 384 | 473 |
Other consumer | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 883 | 1,022 |
Other consumer | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 47,126 | 48,122 |
Credit cards | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 12,122 | 10,825 |
Credit cards | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 22 | 196 |
Credit cards | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 20 | 18 |
Credit cards | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 83 | 8 |
Credit cards | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 125 | 222 |
Credit cards | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 11,997 | 10,603 |
Overdrafts | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 254 | 278 |
Overdrafts | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Overdrafts | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Overdrafts | Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Overdrafts | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Overdrafts | Loans Receivable Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | $ 254 | $ 278 |
LOANS RECEIVABLE AND ALLOWANC_9
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Amortized Cost Basis (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, interest rate reduction (in percent) | 0.20% |
Principal Forgiveness | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | $ 0 |
Payment Delay | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | 4,209 |
Term Extension | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | 2,174 |
Interest Rate Reduction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | $ 371 |
Financing receivable, interest rate reduction (in percent) | 0.50% |
Combination Payment Delay and Term Extension | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | $ 122 |
Owner-occupied, nonfarm nonresidential properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, interest rate reduction (in percent) | 0% |
Owner-occupied, nonfarm nonresidential properties | Principal Forgiveness | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | $ 0 |
Owner-occupied, nonfarm nonresidential properties | Payment Delay | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | 98 |
Owner-occupied, nonfarm nonresidential properties | Term Extension | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | 0 |
Owner-occupied, nonfarm nonresidential properties | Interest Rate Reduction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | 0 |
Owner-occupied, nonfarm nonresidential properties | Combination Payment Delay and Term Extension | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | $ 0 |
Commercial and Industrial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, interest rate reduction (in percent) | 0.50% |
Commercial and Industrial | Principal Forgiveness | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | $ 0 |
Commercial and Industrial | Payment Delay | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | 2,573 |
Commercial and Industrial | Term Extension | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | 612 |
Commercial and Industrial | Interest Rate Reduction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | $ 371 |
Financing receivable, interest rate reduction (in percent) | 0.50% |
Commercial and Industrial | Combination Payment Delay and Term Extension | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | $ 122 |
Other construction loans and all land development and other land loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, interest rate reduction (in percent) | 0.40% |
Other construction loans and all land development and other land loans | Principal Forgiveness | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | $ 0 |
Other construction loans and all land development and other land loans | Payment Delay | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | 1,538 |
Other construction loans and all land development and other land loans | Term Extension | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | 0 |
Other construction loans and all land development and other land loans | Interest Rate Reduction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | 0 |
Other construction loans and all land development and other land loans | Combination Payment Delay and Term Extension | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | $ 0 |
Non-owner occupied, nonfarm nonresidential properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, interest rate reduction (in percent) | 0.20% |
Non-owner occupied, nonfarm nonresidential properties | Principal Forgiveness | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | $ 0 |
Non-owner occupied, nonfarm nonresidential properties | Payment Delay | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | 0 |
Non-owner occupied, nonfarm nonresidential properties | Term Extension | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | 1,562 |
Non-owner occupied, nonfarm nonresidential properties | Interest Rate Reduction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | $ 0 |
Financing receivable, interest rate reduction (in percent) | 0% |
Non-owner occupied, nonfarm nonresidential properties | Combination Payment Delay and Term Extension | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified accumulated | $ 0 |
LOANS RECEIVABLE AND ALLOWAN_10
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Performance Of Loans Modified (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
30 - 59 Days Past Due | |
Financing Receivable, Past Due [Line Items] | |
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | $ 98 |
60 - 89 Days Past Due | |
Financing Receivable, Past Due [Line Items] | |
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | 1,538 |
Greater Than 89 Days Past Due | |
Financing Receivable, Past Due [Line Items] | |
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | 0 |
Total Past Due | |
Financing Receivable, Past Due [Line Items] | |
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | 1,636 |
Owner-occupied, nonfarm nonresidential properties | 30 - 59 Days Past Due | |
Financing Receivable, Past Due [Line Items] | |
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | 98 |
Owner-occupied, nonfarm nonresidential properties | 60 - 89 Days Past Due | |
Financing Receivable, Past Due [Line Items] | |
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | 0 |
Owner-occupied, nonfarm nonresidential properties | Greater Than 89 Days Past Due | |
Financing Receivable, Past Due [Line Items] | |
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | 0 |
Owner-occupied, nonfarm nonresidential properties | Total Past Due | |
Financing Receivable, Past Due [Line Items] | |
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | 98 |
Other construction loans and all land development and other land loans | 30 - 59 Days Past Due | |
Financing Receivable, Past Due [Line Items] | |
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | 0 |
Other construction loans and all land development and other land loans | 60 - 89 Days Past Due | |
Financing Receivable, Past Due [Line Items] | |
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | 1,538 |
Other construction loans and all land development and other land loans | Greater Than 89 Days Past Due | |
Financing Receivable, Past Due [Line Items] | |
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | 0 |
Other construction loans and all land development and other land loans | Total Past Due | |
Financing Receivable, Past Due [Line Items] | |
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | $ 1,538 |
LOANS RECEIVABLE AND ALLOWAN_11
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Financial Effect Of Loan Modifications (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, interest rate reduction (in percent) | 0.20% |
Principal Forgiveness | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified increase decrease from modification | $ 0 |
Term Extension | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, modified, weighted average term extension (in years) | 7 months 24 days |
Interest Rate Reduction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, interest rate reduction (in percent) | 0.50% |
Commercial and Industrial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, interest rate reduction (in percent) | 0.50% |
Commercial and Industrial | Principal Forgiveness | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified increase decrease from modification | $ 0 |
Commercial and Industrial | Term Extension | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, modified, weighted average term extension (in years) | 11 months 19 days |
Commercial and Industrial | Interest Rate Reduction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, interest rate reduction (in percent) | 0.50% |
Non-owner occupied, nonfarm nonresidential properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, interest rate reduction (in percent) | 0.20% |
Non-owner occupied, nonfarm nonresidential properties | Principal Forgiveness | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable excluding accrued interest modified increase decrease from modification | $ 0 |
Non-owner occupied, nonfarm nonresidential properties | Term Extension | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, modified, weighted average term extension (in years) | 6 months |
Non-owner occupied, nonfarm nonresidential properties | Interest Rate Reduction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, interest rate reduction (in percent) | 0% |
LOANS RECEIVABLE AND ALLOWAN_12
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Restructured in Troubled Debt (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,784 |
Post-Modification Outstanding Recorded Investment | $ 1,784 |
Non-owner occupied, nonfarm nonresidential properties | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,784 |
Post-Modification Outstanding Recorded Investment | $ 1,784 |
LOANS RECEIVABLE AND ALLOWAN_13
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Credit Risk Profile By Risk Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | $ 4,301,297 | $ 4,275,178 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2,864,620 | 2,872,117 |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 52,647 | 48,583 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 51,484 | 41,508 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,286 | 1,313 |
Total Non-Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 105,417 | 91,404 |
Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2,970,037 | 2,963,521 |
Farmland | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 34,080 | 32,168 |
Farmland | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 31,639 | 29,706 |
Farmland | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,441 | 1,450 |
Farmland | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,000 | 1,012 |
Farmland | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Farmland | Total Non-Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2,441 | 2,462 |
Farmland | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 34,080 | 32,168 |
Owner-occupied, nonfarm nonresidential properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 478,465 | 468,493 |
Owner-occupied, nonfarm nonresidential properties | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 443,727 | 433,467 |
Owner-occupied, nonfarm nonresidential properties | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 27,718 | 27,796 |
Owner-occupied, nonfarm nonresidential properties | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 7,020 | 7,230 |
Owner-occupied, nonfarm nonresidential properties | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Owner-occupied, nonfarm nonresidential properties | Total Non-Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 34,738 | 35,026 |
Owner-occupied, nonfarm nonresidential properties | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 478,465 | 468,493 |
Agricultural production and other loans to farmers | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,057 | 1,198 |
Agricultural production and other loans to farmers | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,057 | 1,198 |
Agricultural production and other loans to farmers | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Agricultural production and other loans to farmers | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Agricultural production and other loans to farmers | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Agricultural production and other loans to farmers | Total Non-Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Agricultural production and other loans to farmers | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,057 | 1,198 |
Commercial and Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 753,437 | 791,911 |
Commercial and Industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 714,047 | 765,821 |
Commercial and Industrial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 18,506 | 14,740 |
Commercial and Industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 19,598 | 10,037 |
Commercial and Industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,286 | 1,313 |
Commercial and Industrial | Total Non-Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 39,390 | 26,090 |
Commercial and Industrial | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 753,437 | 791,911 |
Obligations (other than securities and leases) of states and political subdivisions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 138,897 | 145,345 |
Obligations (other than securities and leases) of states and political subdivisions | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 138,897 | 145,345 |
Obligations (other than securities and leases) of states and political subdivisions | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Obligations (other than securities and leases) of states and political subdivisions | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Obligations (other than securities and leases) of states and political subdivisions | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Obligations (other than securities and leases) of states and political subdivisions | Total Non-Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Obligations (other than securities and leases) of states and political subdivisions | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 138,897 | 145,345 |
Other loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 22,340 | 24,710 |
Other loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 22,340 | 24,710 |
Other loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Other loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Other loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Other loans | Total Non-Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Other loans | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 22,340 | 24,710 |
Other construction loans and all land development and other land loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 435,241 | 446,685 |
Other construction loans and all land development and other land loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 430,118 | 443,300 |
Other construction loans and all land development and other land loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 3,040 | 1,296 |
Other construction loans and all land development and other land loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2,083 | 2,089 |
Other construction loans and all land development and other land loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Other construction loans and all land development and other land loans | Total Non-Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 5,123 | 3,385 |
Other construction loans and all land development and other land loans | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 435,241 | 446,685 |
Multifamily (5 or more) residential properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 265,034 | 257,696 |
Multifamily (5 or more) residential properties | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 263,557 | 256,120 |
Multifamily (5 or more) residential properties | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 510 |
Multifamily (5 or more) residential properties | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,477 | 1,066 |
Multifamily (5 or more) residential properties | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Multifamily (5 or more) residential properties | Total Non-Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,477 | 1,576 |
Multifamily (5 or more) residential properties | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 265,034 | 257,696 |
Non-owner occupied, nonfarm nonresidential properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 841,486 | 795,315 |
Non-owner occupied, nonfarm nonresidential properties | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 819,238 | 772,450 |
Non-owner occupied, nonfarm nonresidential properties | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,942 | 2,791 |
Non-owner occupied, nonfarm nonresidential properties | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 20,306 | 20,074 |
Non-owner occupied, nonfarm nonresidential properties | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Non-owner occupied, nonfarm nonresidential properties | Total Non-Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 22,248 | 22,865 |
Non-owner occupied, nonfarm nonresidential properties | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | $ 841,486 | $ 795,315 |
LOANS RECEIVABLE AND ALLOWAN_14
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Risk Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 4,301,297 | $ 4,275,178 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,864,620 | 2,872,117 |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 52,647 | 48,583 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 51,484 | 41,508 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,286 | 1,313 |
Farmland | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,521 | 12,321 |
One fiscal year before current year | 12,052 | 7,982 |
Two fiscal years before current year | 7,853 | 1,536 |
Three fiscal years before current year | 1,531 | 871 |
Four fiscal years before current year | 864 | 3,419 |
More than four fiscal years before current year | 8,813 | 5,496 |
Revolving Loans Amortized Cost Basis | 446 | 543 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 34,080 | 32,168 |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 0 | |
Farmland | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,521 | 12,321 |
One fiscal year before current year | 12,052 | 7,635 |
Two fiscal years before current year | 7,506 | 1,536 |
Three fiscal years before current year | 1,531 | 871 |
Four fiscal years before current year | 864 | 3,277 |
More than four fiscal years before current year | 6,719 | 3,523 |
Revolving Loans Amortized Cost Basis | 446 | 543 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 31,639 | 29,706 |
Farmland | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One fiscal year before current year | 0 | 0 |
Two fiscal years before current year | 0 | 0 |
Three fiscal years before current year | 0 | 0 |
Four fiscal years before current year | 0 | 0 |
More than four fiscal years before current year | 1,441 | 1,450 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 1,441 | 1,450 |
Farmland | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One fiscal year before current year | 0 | 347 |
Two fiscal years before current year | 347 | 0 |
Three fiscal years before current year | 0 | 0 |
Four fiscal years before current year | 0 | 142 |
More than four fiscal years before current year | 653 | 523 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 1,000 | 1,012 |
Farmland | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Owner-occupied, nonfarm nonresidential properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 25,539 | 120,103 |
One fiscal year before current year | 119,390 | 113,575 |
Two fiscal years before current year | 112,643 | 66,194 |
Three fiscal years before current year | 62,606 | 57,776 |
Four fiscal years before current year | 56,467 | 30,286 |
More than four fiscal years before current year | 91,107 | 65,773 |
Revolving Loans Amortized Cost Basis | 10,713 | 14,786 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 478,465 | 468,493 |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 26 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 26 | |
Owner-occupied, nonfarm nonresidential properties | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 25,539 | 116,701 |
One fiscal year before current year | 115,564 | 113,575 |
Two fiscal years before current year | 112,643 | 50,226 |
Three fiscal years before current year | 47,101 | 55,040 |
Four fiscal years before current year | 53,801 | 25,327 |
More than four fiscal years before current year | 81,445 | 60,810 |
Revolving Loans Amortized Cost Basis | 7,634 | 11,788 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 443,727 | 433,467 |
Owner-occupied, nonfarm nonresidential properties | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 3,402 |
One fiscal year before current year | 3,826 | 0 |
Two fiscal years before current year | 0 | 15,613 |
Three fiscal years before current year | 15,165 | 872 |
Four fiscal years before current year | 863 | 4,097 |
More than four fiscal years before current year | 4,785 | 814 |
Revolving Loans Amortized Cost Basis | 3,079 | 2,998 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 27,718 | 27,796 |
Owner-occupied, nonfarm nonresidential properties | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One fiscal year before current year | 0 | 0 |
Two fiscal years before current year | 0 | 355 |
Three fiscal years before current year | 340 | 1,864 |
Four fiscal years before current year | 1,803 | 862 |
More than four fiscal years before current year | 4,877 | 4,149 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 7,020 | 7,230 |
Owner-occupied, nonfarm nonresidential properties | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Agricultural production and other loans to farmers | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 105 |
One fiscal year before current year | 47 | 140 |
Two fiscal years before current year | 134 | 80 |
Three fiscal years before current year | 77 | 42 |
Four fiscal years before current year | 37 | 179 |
More than four fiscal years before current year | 176 | 0 |
Revolving Loans Amortized Cost Basis | 586 | 652 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 1,057 | 1,198 |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 0 | |
Agricultural production and other loans to farmers | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 105 |
One fiscal year before current year | 47 | 140 |
Two fiscal years before current year | 134 | 80 |
Three fiscal years before current year | 77 | 42 |
Four fiscal years before current year | 37 | 179 |
More than four fiscal years before current year | 176 | 0 |
Revolving Loans Amortized Cost Basis | 586 | 652 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 1,057 | 1,198 |
Agricultural production and other loans to farmers | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One fiscal year before current year | 0 | 0 |
Two fiscal years before current year | 0 | 0 |
Three fiscal years before current year | 0 | 0 |
Four fiscal years before current year | 0 | 0 |
More than four fiscal years before current year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 0 | 0 |
Agricultural production and other loans to farmers | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One fiscal year before current year | 0 | 0 |
Two fiscal years before current year | 0 | 0 |
Three fiscal years before current year | 0 | 0 |
Four fiscal years before current year | 0 | 0 |
More than four fiscal years before current year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 0 | 0 |
Agricultural production and other loans to farmers | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Commercial and Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 32,586 | 196,495 |
One fiscal year before current year | 169,062 | 216,555 |
Two fiscal years before current year | 202,090 | 59,075 |
Three fiscal years before current year | 54,345 | 17,382 |
Four fiscal years before current year | 14,683 | 9,456 |
More than four fiscal years before current year | 22,773 | 20,074 |
Revolving Loans Amortized Cost Basis | 257,898 | 272,874 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 753,437 | 791,911 |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 46 | |
Revolving Loans Converted to Term | 0 | |
Total | 46 | |
Commercial and Industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 32,586 | 195,955 |
One fiscal year before current year | 161,387 | 213,433 |
Two fiscal years before current year | 195,788 | 51,695 |
Three fiscal years before current year | 47,017 | 16,730 |
Four fiscal years before current year | 14,068 | 9,051 |
More than four fiscal years before current year | 21,422 | 19,116 |
Revolving Loans Amortized Cost Basis | 241,779 | 259,841 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 714,047 | 765,821 |
Commercial and Industrial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 241 |
One fiscal year before current year | 418 | 0 |
Two fiscal years before current year | 425 | 6,691 |
Three fiscal years before current year | 6,666 | 273 |
Four fiscal years before current year | 248 | 81 |
More than four fiscal years before current year | 33 | 45 |
Revolving Loans Amortized Cost Basis | 10,716 | 7,409 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 18,506 | 14,740 |
Commercial and Industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 299 |
One fiscal year before current year | 7,257 | 1,809 |
Two fiscal years before current year | 4,591 | 689 |
Three fiscal years before current year | 662 | 379 |
Four fiscal years before current year | 367 | 324 |
More than four fiscal years before current year | 1,318 | 913 |
Revolving Loans Amortized Cost Basis | 5,403 | 5,624 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 19,598 | 10,037 |
Commercial and Industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One fiscal year before current year | 0 | 1,313 |
Two fiscal years before current year | 1,286 | 0 |
Three fiscal years before current year | 0 | 0 |
Four fiscal years before current year | 0 | 0 |
More than four fiscal years before current year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 1,286 | 1,313 |
Obligations (other than securities and leases) of states and political subdivisions | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 4,367 | 20,840 |
One fiscal year before current year | 18,004 | 37,527 |
Two fiscal years before current year | 32,739 | 13,868 |
Three fiscal years before current year | 12,923 | 4,584 |
Four fiscal years before current year | 4,522 | 13,518 |
More than four fiscal years before current year | 61,993 | 50,050 |
Revolving Loans Amortized Cost Basis | 4,349 | 4,958 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 138,897 | 145,345 |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 0 | |
Obligations (other than securities and leases) of states and political subdivisions | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 4,367 | 20,840 |
One fiscal year before current year | 18,004 | 37,527 |
Two fiscal years before current year | 32,739 | 13,868 |
Three fiscal years before current year | 12,923 | 4,584 |
Four fiscal years before current year | 4,522 | 13,518 |
More than four fiscal years before current year | 61,993 | 50,050 |
Revolving Loans Amortized Cost Basis | 4,349 | 4,958 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 138,897 | 145,345 |
Obligations (other than securities and leases) of states and political subdivisions | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One fiscal year before current year | 0 | 0 |
Two fiscal years before current year | 0 | 0 |
Three fiscal years before current year | 0 | 0 |
Four fiscal years before current year | 0 | 0 |
More than four fiscal years before current year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 0 | 0 |
Obligations (other than securities and leases) of states and political subdivisions | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One fiscal year before current year | 0 | 0 |
Two fiscal years before current year | 0 | 0 |
Three fiscal years before current year | 0 | 0 |
Four fiscal years before current year | 0 | 0 |
More than four fiscal years before current year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 0 | 0 |
Obligations (other than securities and leases) of states and political subdivisions | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Other loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 53 | 14,248 |
One fiscal year before current year | 12,358 | 5,358 |
Two fiscal years before current year | 5,342 | 2,278 |
Three fiscal years before current year | 2,165 | 363 |
Four fiscal years before current year | 349 | 0 |
More than four fiscal years before current year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 2,073 | 2,463 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 22,340 | 24,710 |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 0 | |
Other loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 53 | 14,248 |
One fiscal year before current year | 12,358 | 5,358 |
Two fiscal years before current year | 5,342 | 2,278 |
Three fiscal years before current year | 2,165 | 363 |
Four fiscal years before current year | 349 | 0 |
More than four fiscal years before current year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 2,073 | 2,463 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 22,340 | 24,710 |
Other loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One fiscal year before current year | 0 | 0 |
Two fiscal years before current year | 0 | 0 |
Three fiscal years before current year | 0 | 0 |
Four fiscal years before current year | 0 | 0 |
More than four fiscal years before current year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 0 | 0 |
Other loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One fiscal year before current year | 0 | 0 |
Two fiscal years before current year | 0 | 0 |
Three fiscal years before current year | 0 | 0 |
Four fiscal years before current year | 0 | 0 |
More than four fiscal years before current year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 0 | 0 |
Other loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Other construction loans and all land development and other land loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 28,853 | 273,414 |
One fiscal year before current year | 246,759 | 88,917 |
Two fiscal years before current year | 84,942 | 56,782 |
Three fiscal years before current year | 53,929 | 6,918 |
Four fiscal years before current year | 8,276 | 8,644 |
More than four fiscal years before current year | 1,620 | 916 |
Revolving Loans Amortized Cost Basis | 10,862 | 11,094 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 435,241 | 446,685 |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 0 | |
Other construction loans and all land development and other land loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 28,853 | 272,118 |
One fiscal year before current year | 243,719 | 86,894 |
Two fiscal years before current year | 84,462 | 56,782 |
Three fiscal years before current year | 53,929 | 6,918 |
Four fiscal years before current year | 6,738 | 8,644 |
More than four fiscal years before current year | 1,620 | 916 |
Revolving Loans Amortized Cost Basis | 10,797 | 11,028 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 430,118 | 443,300 |
Other construction loans and all land development and other land loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 1,296 |
One fiscal year before current year | 3,040 | 0 |
Two fiscal years before current year | 0 | 0 |
Three fiscal years before current year | 0 | 0 |
Four fiscal years before current year | 0 | 0 |
More than four fiscal years before current year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 3,040 | 1,296 |
Other construction loans and all land development and other land loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One fiscal year before current year | 0 | 2,023 |
Two fiscal years before current year | 480 | 0 |
Three fiscal years before current year | 0 | 0 |
Four fiscal years before current year | 1,538 | 0 |
More than four fiscal years before current year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 65 | 66 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 2,083 | 2,089 |
Other construction loans and all land development and other land loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Multifamily (5 or more) residential properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 9,491 | 115,097 |
One fiscal year before current year | 117,438 | 49,794 |
Two fiscal years before current year | 47,242 | 46,784 |
Three fiscal years before current year | 46,246 | 11,854 |
Four fiscal years before current year | 11,454 | 7,097 |
More than four fiscal years before current year | 30,902 | 24,441 |
Revolving Loans Amortized Cost Basis | 2,261 | 2,629 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 265,034 | 257,696 |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 65 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 65 | |
Multifamily (5 or more) residential properties | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 9,491 | 114,454 |
One fiscal year before current year | 116,809 | 49,794 |
Two fiscal years before current year | 47,242 | 46,784 |
Three fiscal years before current year | 46,246 | 11,854 |
Four fiscal years before current year | 11,454 | 6,764 |
More than four fiscal years before current year | 30,054 | 23,841 |
Revolving Loans Amortized Cost Basis | 2,261 | 2,629 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 263,557 | 256,120 |
Multifamily (5 or more) residential properties | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One fiscal year before current year | 0 | 0 |
Two fiscal years before current year | 0 | 0 |
Three fiscal years before current year | 0 | 0 |
Four fiscal years before current year | 0 | 0 |
More than four fiscal years before current year | 0 | 510 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 0 | 510 |
Multifamily (5 or more) residential properties | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 643 |
One fiscal year before current year | 629 | 0 |
Two fiscal years before current year | 0 | 0 |
Three fiscal years before current year | 0 | 0 |
Four fiscal years before current year | 0 | 333 |
More than four fiscal years before current year | 848 | 90 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 1,477 | 1,066 |
Multifamily (5 or more) residential properties | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Non-owner occupied, nonfarm nonresidential properties | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 82,060 | 341,378 |
One fiscal year before current year | 330,647 | 154,901 |
Two fiscal years before current year | 152,125 | 51,709 |
Three fiscal years before current year | 50,011 | 70,955 |
Four fiscal years before current year | 61,363 | 47,023 |
More than four fiscal years before current year | 157,343 | 118,643 |
Revolving Loans Amortized Cost Basis | 7,937 | 10,706 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 841,486 | 795,315 |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 0 | |
Non-owner occupied, nonfarm nonresidential properties | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 82,060 | 339,151 |
One fiscal year before current year | 328,110 | 153,613 |
Two fiscal years before current year | 150,844 | 51,709 |
Three fiscal years before current year | 50,011 | 66,592 |
Four fiscal years before current year | 57,170 | 45,211 |
More than four fiscal years before current year | 145,602 | 107,988 |
Revolving Loans Amortized Cost Basis | 5,441 | 8,186 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 819,238 | 772,450 |
Non-owner occupied, nonfarm nonresidential properties | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One fiscal year before current year | 355 | 488 |
Two fiscal years before current year | 0 | 0 |
Three fiscal years before current year | 0 | 273 |
Four fiscal years before current year | 159 | 498 |
More than four fiscal years before current year | 986 | 1,068 |
Revolving Loans Amortized Cost Basis | 442 | 464 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 1,942 | 2,791 |
Non-owner occupied, nonfarm nonresidential properties | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 2,227 |
One fiscal year before current year | 2,182 | 800 |
Two fiscal years before current year | 1,281 | 0 |
Three fiscal years before current year | 0 | 4,090 |
Four fiscal years before current year | 4,034 | 1,314 |
More than four fiscal years before current year | 10,755 | 9,587 |
Revolving Loans Amortized Cost Basis | 2,054 | 2,056 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 20,306 | 20,074 |
Non-owner occupied, nonfarm nonresidential properties | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 0 | $ 0 |
LOANS RECEIVABLE AND ALLOWAN_15
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Recorded Investment in Residential, Consumer and Credit Card Loans Based on Payment Activity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | $ 4,257,316 | $ 4,231,742 |
Loans receivable | 4,301,297 | 4,275,178 |
1-4 Family Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 54,804 | 51,171 |
Total | 0 | |
Home equity lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 124,308 | 124,892 |
Total | 0 | |
Residential Mortgages secured by first liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 949,691 | 942,531 |
Total | 7 | |
Residential Mortgages secured by junior liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 79,125 | 74,638 |
Total | 0 | |
Other revolving credit plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 38,241 | 36,372 |
Total | 22 | |
Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 24,706 | 21,806 |
Total | 5 | |
Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 48,009 | 49,144 |
Total | 540 | |
Credit Card Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 12,122 | 10,825 |
Total | 62 | |
Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 1,313,260 | 1,294,785 |
Loans receivable | 1,313,260 | 1,294,785 |
Performing | 1-4 Family Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 51,171 | |
Loans receivable | 54,804 | 51,171 |
Performing | Home equity lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 124,417 | |
Loans receivable | 123,783 | 124,417 |
Performing | Residential Mortgages secured by first liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 938,154 | |
Loans receivable | 945,364 | 938,154 |
Performing | Residential Mortgages secured by junior liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 74,547 | |
Loans receivable | 79,028 | 74,547 |
Performing | Other revolving credit plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 36,346 | |
Loans receivable | 38,200 | 36,346 |
Performing | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 21,787 | |
Loans receivable | 24,691 | 21,787 |
Performing | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 48,363 | |
Loans receivable | 47,390 | 48,363 |
Performing | Credit Card Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 12,039 | 10,817 |
Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 5,624 | 5,769 |
Loans receivable | 5,624 | 5,769 |
Nonperforming | 1-4 Family Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 0 | |
Loans receivable | 0 | 0 |
Nonperforming | Home equity lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 475 | |
Loans receivable | 525 | 475 |
Nonperforming | Residential Mortgages secured by first liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 4,377 | |
Loans receivable | 4,327 | 4,377 |
Nonperforming | Residential Mortgages secured by junior liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 91 | |
Loans receivable | 97 | 91 |
Nonperforming | Other revolving credit plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 26 | |
Loans receivable | 41 | 26 |
Nonperforming | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 19 | |
Loans receivable | 15 | 19 |
Nonperforming | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 781 | |
Loans receivable | 619 | 781 |
Nonperforming | Credit Card Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 83 | 8 |
Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 1,318,884 | 1,300,554 |
Loans receivable | 1,318,884 | 1,300,554 |
Total | 1-4 Family Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 54,804 | 51,171 |
Loans receivable | 54,804 | 51,171 |
Total | Home equity lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 124,308 | 124,892 |
Loans receivable | 124,308 | 124,892 |
Total | Residential Mortgages secured by first liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 949,691 | 942,531 |
Loans receivable | 949,691 | 942,531 |
Total | Residential Mortgages secured by junior liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 79,125 | 74,638 |
Loans receivable | 79,125 | 74,638 |
Total | Other revolving credit plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 38,241 | 36,372 |
Loans receivable | 38,241 | 36,372 |
Total | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 24,706 | 21,806 |
Loans receivable | 24,706 | 21,806 |
Total | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 48,009 | 49,144 |
Loans receivable | $ 48,009 | $ 49,144 |
LOANS RECEIVABLE AND ALLOWAN_16
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Nonperforming Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 4,301,297 | $ 4,275,178 |
1-4 Family Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 3,242 | 30,451 |
2022 | 33,078 | 16,360 |
2021 | 14,202 | 2,577 |
2020 | 2,623 | 752 |
2019 | 736 | 62 |
Prior | 61 | 0 |
Revolving Loans Amortized Cost Basis | 862 | 969 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 54,804 | 51,171 |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 0 | |
Home equity lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 4,235 | 34,738 |
2022 | 34,955 | 13,654 |
2021 | 13,286 | 12,903 |
2020 | 11,614 | 8,597 |
2019 | 8,112 | 7,924 |
Prior | 38,666 | 38,592 |
Revolving Loans Amortized Cost Basis | 8,487 | 8,484 |
Revolving Loans Converted to Term | 4,953 | 0 |
Total | 124,308 | 124,892 |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 0 | |
Residential Mortgages secured by first liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 30,811 | 229,842 |
2022 | 227,287 | 223,293 |
2021 | 218,974 | 159,924 |
2020 | 156,393 | 91,819 |
2019 | 89,878 | 50,003 |
Prior | 223,425 | 184,089 |
Revolving Loans Amortized Cost Basis | 2,923 | 3,561 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 949,691 | 942,531 |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 7 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 7 | |
Residential Mortgages secured by junior liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 6,614 | 31,837 |
2022 | 31,176 | 17,163 |
2021 | 16,534 | 8,326 |
2020 | 8,055 | 4,956 |
2019 | 4,753 | 3,073 |
Prior | 10,769 | 8,442 |
Revolving Loans Amortized Cost Basis | 1,224 | 841 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 79,125 | 74,638 |
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 0 | |
Other revolving credit plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 2,437 | 10,778 |
2022 | 10,519 | 2,820 |
2021 | 2,698 | 7,911 |
2020 | 7,908 | 2,268 |
2019 | 2,444 | 2,279 |
Prior | 12,235 | 10,316 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 38,241 | 36,372 |
2023 | 0 | |
2022 | 0 | |
2021 | 5 | |
2020 | 0 | |
2019 | 0 | |
Prior | 17 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 22 | |
Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 5,411 | 10,146 |
2022 | 9,363 | 4,637 |
2021 | 4,026 | 2,955 |
2020 | 2,511 | 2,356 |
2019 | 1,988 | 1,119 |
Prior | 1,407 | 593 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 24,706 | 21,806 |
2023 | 0 | |
2022 | 5 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 5 | |
Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 6,186 | 27,102 |
2022 | 23,153 | 12,340 |
2021 | 10,153 | 5,418 |
2020 | 4,606 | 2,198 |
2019 | 1,975 | 782 |
Prior | 1,936 | 1,304 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 48,009 | 49,144 |
2023 | 0 | |
2022 | 279 | |
2021 | 199 | |
2020 | 47 | |
2019 | 12 | |
Prior | 3 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term | 0 | |
Total | 540 | |
Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,313,260 | 1,294,785 |
Performing | 1-4 Family Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 3,242 | 30,451 |
2022 | 33,078 | 16,360 |
2021 | 14,202 | 2,577 |
2020 | 2,623 | 752 |
2019 | 736 | 62 |
Prior | 61 | 0 |
Revolving Loans Amortized Cost Basis | 862 | 969 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 54,804 | 51,171 |
Performing | Home equity lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 4,235 | 34,738 |
2022 | 34,955 | 13,654 |
2021 | 13,286 | 12,903 |
2020 | 11,614 | 8,587 |
2019 | 8,112 | 7,924 |
Prior | 38,650 | 38,127 |
Revolving Loans Amortized Cost Basis | 8,487 | 8,484 |
Revolving Loans Converted to Term | 4,444 | 0 |
Total | 123,783 | 124,417 |
Performing | Residential Mortgages secured by first liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 30,741 | 229,842 |
2022 | 227,287 | 222,522 |
2021 | 218,134 | 159,651 |
2020 | 156,198 | 91,238 |
2019 | 89,310 | 49,587 |
Prior | 220,960 | 181,939 |
Revolving Loans Amortized Cost Basis | 2,734 | 3,375 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 945,364 | 938,154 |
Performing | Residential Mortgages secured by junior liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 6,614 | 31,837 |
2022 | 31,176 | 17,163 |
2021 | 16,534 | 8,326 |
2020 | 8,055 | 4,956 |
2019 | 4,753 | 3,073 |
Prior | 10,715 | 8,395 |
Revolving Loans Amortized Cost Basis | 1,181 | 797 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 79,028 | 74,547 |
Performing | Other revolving credit plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 2,437 | 10,778 |
2022 | 10,519 | 2,820 |
2021 | 2,683 | 7,911 |
2020 | 7,908 | 2,264 |
2019 | 2,441 | 2,265 |
Prior | 12,212 | 10,308 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 38,200 | 36,346 |
Performing | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 5,411 | 10,146 |
2022 | 9,363 | 4,637 |
2021 | 4,026 | 2,945 |
2020 | 2,502 | 2,349 |
2019 | 1,983 | 1,117 |
Prior | 1,406 | 593 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 24,691 | 21,787 |
Performing | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 6,186 | 26,699 |
2022 | 22,750 | 12,120 |
2021 | 10,041 | 5,333 |
2020 | 4,565 | 2,176 |
2019 | 1,961 | 776 |
Prior | 1,887 | 1,259 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 47,390 | 48,363 |
Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 5,624 | 5,769 |
Nonperforming | 1-4 Family Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 0 | 0 |
Nonperforming | Home equity lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 10 |
2019 | 0 | 0 |
Prior | 16 | 465 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 509 | 0 |
Total | 525 | 475 |
Nonperforming | Residential Mortgages secured by first liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 70 | 0 |
2022 | 0 | 771 |
2021 | 840 | 273 |
2020 | 195 | 581 |
2019 | 568 | 416 |
Prior | 2,465 | 2,150 |
Revolving Loans Amortized Cost Basis | 189 | 186 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 4,327 | 4,377 |
Nonperforming | Residential Mortgages secured by junior liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 54 | 47 |
Revolving Loans Amortized Cost Basis | 43 | 44 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 97 | 91 |
Nonperforming | Other revolving credit plans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 15 | 0 |
2020 | 0 | 4 |
2019 | 3 | 14 |
Prior | 23 | 8 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 41 | 26 |
Nonperforming | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 10 |
2020 | 9 | 7 |
2019 | 5 | 2 |
Prior | 1 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 15 | 19 |
Nonperforming | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 403 |
2022 | 403 | 220 |
2021 | 112 | 85 |
2020 | 41 | 22 |
2019 | 14 | 6 |
Prior | 49 | 45 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | $ 619 | $ 781 |
LOANS RECEIVABLE AND ALLOWAN_17
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Recorded Investment in Residential, Consumer and Credit Card Loans Based on Payment Activity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | $ 4,257,316 | $ 4,231,742 |
Credit Card Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 12,122 | 10,825 |
Total | 62 | |
Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 1,313,260 | 1,294,785 |
Performing | Credit Card Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 12,039 | 10,817 |
Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | 5,624 | 5,769 |
Nonperforming | Credit Card Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net loans receivable | $ 83 | $ 8 |
LOANS RECEIVABLE AND ALLOWAN_18
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Holiday's Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | $ 4,301,297 | $ 4,275,178 |
Net loans receivable | 4,257,316 | 4,231,742 |
Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 48,009 | 49,144 |
Holiday Financial Services Corporation | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 29,908 | 31,821 |
Less: other consumer unearned discounts | (5,459) | (5,972) |
Net loans receivable | $ 24,449 | $ 25,849 |
LEASES - Additional Information
LEASES - Additional Information (Details) | Mar. 31, 2023 renewal |
Leases [Abstract] | |
Number of renewal options (at least) | 1 |
LEASES - Schedule of Operating
LEASES - Schedule of Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Operating lease assets | $ 34,618 | $ 32,307 |
Finance lease assets | 268 | 286 |
Total leased assets | 34,886 | 32,593 |
Liabilities: | ||
Operating lease liabilities | 36,114 | 33,726 |
Finance lease liabilities | 361 | 383 |
Total leased liabilities | $ 36,475 | $ 34,109 |
Premises and equipment, net | Premises and equipment, net | Premises and equipment, net |
Accrued interest payable and other liabilities | Accrued interest payable and other liabilities | Accrued interest payable and other liabilities |
Finance lease, net of accumulated amortization | $ 948 | $ 930 |
LEASES - Schedule of Lease Cost
LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 697 | $ 492 |
Variable lease cost | 22 | 13 |
Finance lease cost: | ||
Amortization of leased assets | 18 | 18 |
Borrowed funds and finance lease liabilities | 4 | 5 |
Sublease income | (23) | (17) |
Net lease cost | $ 718 | $ 511 |
LEASES - Schedule of Maturity o
LEASES - Schedule of Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2023 | $ 1,873 | |
2024 | 2,456 | |
2025 | 2,458 | |
2026 | 2,409 | |
2027 | 2,353 | |
After 2027 | 46,603 | |
Total lease payments | 58,152 | |
Less: Interest | 22,038 | |
Operating lease liabilities | 36,114 | $ 33,726 |
Finance Leases | ||
2023 | 79 | |
2024 | 105 | |
2025 | 105 | |
2026 | 105 | |
2027 | 0 | |
After 2027 | 0 | |
Total lease payments | 394 | |
Less: Interest | 33 | |
Present value of lease liabilities | 361 | $ 383 |
Total | ||
2023 | 1,952 | |
2024 | 2,561 | |
2025 | 2,563 | |
2026 | 2,514 | |
2027 | 2,353 | |
After 2027 | 46,603 | |
Total lease payments | 58,546 | |
Less: Interest | 22,071 | |
Present value of lease liabilities | 36,475 | |
Minimum payments lease | $ 5,800 |
LEASES - Schedule of Weighted A
LEASES - Schedule of Weighted Average Lease Term and Discount Rate (Details) | Mar. 31, 2023 | Dec. 31, 2022 |
Weighted-average remaining lease term (years) | ||
Operating leases | 23 years 6 months | 23 years 10 months 24 days |
Finance leases | 3 years 8 months 12 days | 4 years |
Weighted-average discount rate | ||
Operating leases | 3.94% | 3.83% |
Finance leases | 4.49% | 4.49% |
LEASES - Other Information (Det
LEASES - Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 307 | $ 283 |
DEPOSITS - Schedule of Deposit
DEPOSITS - Schedule of Deposit Maturities (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Deposits [Abstract] | |
2023 | $ 280,848 |
2024 | 197,693 |
2025 | 43,106 |
2026 | 8,982 |
2027 | 7,238 |
Thereafter | 3,980 |
Total | $ 541,847 |
DEPOSITS - Additional Informati
DEPOSITS - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Certificates of deposit of $250 thousand or more | $ 143.7 | $ 135.4 |
Brokered deposits | 153.6 | 24.1 |
Reciprocal deposits | $ 193.1 | $ 4.6 |
BORROWINGS (Details)
BORROWINGS (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 USD ($) | Mar. 31, 2023 USD ($) agreement | Dec. 31, 2022 USD ($) agreement | Dec. 31, 2007 security | Mar. 31, 2007 USD ($) | |
Debt Instrument [Line Items] | |||||
Prepayments of the FHLB borrowings | $ 1,600,000,000 | $ 1,600,000,000 | |||
Remaining borrowing capacity | 804,900,000 | 757,800,000 | |||
Naming applicable municipalities as beneficiaries | 153,000,000 | 75,500,000 | |||
Unamortized debt issuance costs | 1,000,000 | $ 1,000,000 | |||
Federal Home Loan Bank, Advances, Open Repo Borrowings | |||||
Debt Instrument [Line Items] | |||||
Federal home loan balance | $ 250,000,000 | ||||
Commitment term | 364 days | ||||
Subordinated Debt | |||||
Debt Instrument [Line Items] | |||||
Number of preferred trust securities | security | 2 | ||||
Floating rate trust preferred securities | $ 10,000,000 | ||||
Effective percentage | 6.42% | 6.32% | |||
Trust preferred securities, interest payment deferment period | 5 years | ||||
Subordinated Debt | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Line of credit, basis spread on variable rate | 1.55% | ||||
Notes Maturing In June 2031 | Subordinated Debt | |||||
Debt Instrument [Line Items] | |||||
Floating rate trust preferred securities | $ 85,000,000 | ||||
Interest rate, percentage | 3.25% | ||||
Proceeds from issuance of subordinated notes, net of issuance costs | $ 83,500,000 | ||||
Notes Maturing In June 2031 | Subordinated Debt | SOFR | |||||
Debt Instrument [Line Items] | |||||
Line of credit, basis spread on variable rate | 2.58% | ||||
Line of Credit | Unsecured Debt | |||||
Debt Instrument [Line Items] | |||||
Number of unsecured lines of credit issued | agreement | 1 | 1 | |||
Pledge on certain loan amount | $ 10,000,000 | $ 10,000,000 | |||
Line of credit, outstanding amount | $ 0 | 0 | |||
Line of Credit | Unsecured Debt | SOFR | |||||
Debt Instrument [Line Items] | |||||
Line of credit, basis spread on variable rate | 2.85% | ||||
Line of Credit | Overnight Borrowing Agreements | |||||
Debt Instrument [Line Items] | |||||
Line of credit, outstanding amount | $ 0 | $ 0 |
BORROWINGS - Schedule of Debt (
BORROWINGS - Schedule of Debt (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Advance from Federal Home Loan Bank | $ 102,083,000 | $ 132,396,000 |
Federal Home Loan Bank, Advances, Open Repo Borrowings | ||
Debt Instrument [Line Items] | ||
Interest rate (percent) | 5.15% | 4.45% |
Maximum amount of Open Repo borrowing available | $ 250,000,000 | |
Advance from Federal Home Loan Bank | $ 102,083,000 | $ 132,396,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction Loans To Principal Officers, Directors and Their Affiliates [Roll Forward] | ||
Beginning balance | $ 40,638 | $ 44,998 |
New loans and advances | 2,273 | |
Effect of changes in composition of related parties | (491) | |
Repayments | (6,142) | |
Ending balance | 40,638 | |
Related party deposit liabilities | $ 13,800 | $ 13,700 |
OFF-BALANCE SHEET COMMITMENTS_3
OFF-BALANCE SHEET COMMITMENTS AND CONTINGENCIES - Schedule of Off-Balance Sheet Risks (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments to extended credit | Fixed Rate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks, amount, liability | $ 110,088 | $ 126,594 |
Commitments to extended credit | Variable Rate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks, amount, liability | 488,102 | 441,008 |
Unused lines of credit | Fixed Rate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks, amount, liability | 9,488 | 7,444 |
Unused lines of credit | Variable Rate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks, amount, liability | 772,226 | 725,277 |
Standby letters of credit | Fixed Rate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks, amount, liability | 16,023 | 16,124 |
Standby letters of credit | Variable Rate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks, amount, liability | $ 3,837 | $ 1,603 |
OFF-BALANCE SHEET COMMITMENTS_4
OFF-BALANCE SHEET COMMITMENTS AND CONTINGENCIES - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward] | ||
Beginning balance | $ 603 | $ 0 |
Provision for credit losses on unfunded loan commitments | 59 | 586 |
Ending balance | $ 662 | $ 586 |
OFF-BALANCE SHEET COMMITMENTS_5
OFF-BALANCE SHEET COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Amortization | $ 186 | $ 198 | |
Capital Contributions, Small Business Investment Corporation | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Capital contributions | 18,400 | $ 17,000 | |
Small Business Investment Corporations | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Capital contributions | 7,100 | 5,500 | |
Capital Contributions, Low Income Housing Partnerships | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Capital contributions | 4,300 | 4,500 | |
Low Income Housing Partnerships | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Capital contributions | $ 834 | $ 1,000 |
STOCK COMPENSATION - Additional
STOCK COMPENSATION - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of nonqualified options or restricted stock for key employees and independent director (in shares) | 507,671 | |||
Unrecognized compensation cost related to nonvested stock options granted | $ 0 | |||
Shares, granted (in shares) | 0 | 0 | ||
Compensation expense | $ 616,000 | $ 501,000 | ||
Fair value of shares vesting during period | $ 970,000 | 985,000 | ||
Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock incentive plan, vesting per year | 33% | |||
Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock incentive plan, vesting per year | 25% | |||
Tranche Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock incentive plan, vesting per year | 20% | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Income tax benefit from share-based compensation | $ 129,000 | $ 105,000 | ||
Granted (in shares) | 83,349 | |||
Weighted average grant (in dollars per share) | $ 24.12 | |||
Unrecognized compensation cost related to nonvested restricted stock | $ 2,900,000 | $ 1,200,000 | ||
Shares vested (in shares) | 24,446 | |||
Performance Based Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of shares vesting during period | $ 99,000 | |||
Shares vested (in shares) | 4,118 | |||
Performance Based Restricted Stock Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares, granted (in shares) | 17,817 | 13,761 | 18,210 | |
Award vesting period | 3 years | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 14,510 | |||
Weighted average grant (in dollars per share) | $ 24.12 | |||
Key Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Starting period of vesting of stock based award | 1 year | |||
Aggregate percentage of stock based awards to be matured | 100% |
STOCK COMPENSATION - Schedule o
STOCK COMPENSATION - Schedule of Changes in Unvested Restricted Stock Awards (Details) - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Shares | |
Unvested at beginning of period (in shares) | shares | 69,746 |
Granted (in shares) | shares | 83,349 |
Forfeited (in shares) | shares | (2,061) |
Vested (in shares) | shares | (24,446) |
Unvested at end of period (in shares) | shares | 126,588 |
Per Share Weighted Average Grant Date Fair Value | |
Unvested at beginning of period (in dollars per share) | $ / shares | $ 25.21 |
Granted (in dollars per share) | $ / shares | 24.12 |
Forfeited (in dollars per shares) | $ / shares | 24.34 |
Vested (in dollars per share) | $ / shares | 25.38 |
Unvested at end of period (in dollars per share) | $ / shares | $ 24.47 |
EARNINGS PER COMMON SHARE - Add
EARNINGS PER COMMON SHARE - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Antidilutive shares excluded from the diluted earnings per share calculations (in shares) | 0 | 0 |
EARNINGS PER COMMON SHARE - Com
EARNINGS PER COMMON SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Basic earnings per common share computation: | ||
Net income per condensed consolidated statements of income | $ 15,414 | $ 14,170 |
Net earnings allocated to participating securities | (78) | (63) |
Net earnings allocated to common stock | $ 15,336 | $ 14,107 |
Weighted average common shares outstanding, including shares considered participating securities (in shares) | 21,143,000 | 16,883,000 |
Less: Average participating securities (in shares) | (100,000) | (72,000) |
Weighted average shares (in shares) | 21,042,579 | 16,810,725 |
Basic earnings per common share (in dollar per share) | $ 0.73 | $ 0.84 |
Diluted earnings per common share computation: | ||
Net earnings allocated to common stock | $ 15,336 | $ 14,107 |
Weighted average common shares outstanding for basic earnings per common share (in shares) | 21,042,579 | 16,810,725 |
Add: Dilutive effects of stock compensation (in shares) | 35,000 | 33,000 |
Weighted average shares and dilutive potential common shares (in shares) | 21,077,531 | 16,844,106 |
Diluted earnings per common share (in dollar per share) | $ 0.73 | $ 0.84 |
Distributed earnings allocated to common stock | ||
Basic earnings per common share computation: | ||
Net earnings allocated to common stock | $ 3,673 | $ 2,944 |
Undistributed earnings allocated to common stock | ||
Basic earnings per common share computation: | ||
Net earnings allocated to common stock | $ 11,663 | $ 11,163 |
DERIVATIVE INSTRUMENTS - Additi
DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Sep. 07, 2018 | Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | |||
Derivatives designated as fair value hedges | $ 0 | $ 0 | |
Accumulated other comprehensive loss estimated | 189,000 | ||
Collateral amount for counterparty interest rate swap | $ 200,000 | 200,000 | |
2.98% Fixed Rate Plus 155 Basis Points | |||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | |||
Interest rate being paid by the corporation | 4.53% | ||
Interest Rate Swaps | |||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | |||
Cash collateral pledged | $ 173,000 | 173,000 | |
Risk Participation Agreement | |||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | |||
Notional amount | $ 14,000,000 | $ 0 | |
Unsecured Debt | |||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | |||
Term of contract | 5 years | ||
Cash flow hedges | $ 10,000,000 | ||
Unsecured Debt | LIBOR Plus 155 Basis Points | |||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | |||
Variable interest rate on subordinate debt | 6.42% | ||
Unsecured Debt | 2.98% Fixed Rate Plus 155 Basis Points | |||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | |||
Weighted average fixed Rate | 2.98% | ||
Unsecured Debt | LIBOR | LIBOR Plus 155 Basis Points | |||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | |||
Basis spread on variable rate | 1.55% | ||
Unsecured Debt | LIBOR | 2.98% Fixed Rate Plus 155 Basis Points | |||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | |||
Basis spread on variable rate | 1.55% |
DERIVATIVE INSTRUMENTS - Amount
DERIVATIVE INSTRUMENTS - Amounts and Locations of Activity Related to Interest Rate Swaps Designated as Cash Flow Hedges within Corporation's Consolidated Balance Sheet and Statement of Income (Details) - Interest Rate Swaps - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Derivative [Line Items] | |||
Interest rate contracts | $ (37) | $ 212 | |
Interest expense – subordinated notes and debentures | |||
Derivative [Line Items] | |||
Other income | (45) | (67) | |
Other income | |||
Derivative [Line Items] | |||
Other income | 0 | $ 0 | |
Accrued interest receivable (payable) and other assets ( liabilities) | |||
Derivative [Line Items] | |||
Accrued interest receivable (payable) and other assets ( liabilities) | $ 104 | $ 150 |
DERIVATIVE INSTRUMENTS - Amou_2
DERIVATIVE INSTRUMENTS - Amounts and Locations of Activity Related to Back-to-Back Interest Rate Swaps within Corporation's Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
3rd Party interest rate swaps | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Notional Amount | $ 31,074 | $ 31,417 |
Weighted Average Maturity (in years) | 4 years 8 months 4 days | 4 years 10 months 24 days |
Weighted Average Fixed Rate | 4.12% | 4.12% |
Fair Value | $ 1,234 | $ 1,700 |
Customer interest rate swaps | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Derivative Liability, Notional Amount | $ (31,074) | $ (31,417) |
Weighted Average Maturity (in years) | 4 years 8 months 4 days | 4 years 10 months 24 days |
Weighted Average Fixed Rate | 4.12% | 4.12% |
Fair Value | $ (1,234) | $ (1,700) |
LIBOR | 3rd Party interest rate swaps | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Basis spread on variable rate | 1.67% | 1.68% |
LIBOR | Customer interest rate swaps | ||
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ||
Basis spread on variable rate | 1.67% | 1.68% |
FAIR VALUE - Assets and Liabili
FAIR VALUE - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | $ 368,607 | $ 371,409 |
Fair Value Measurement on Recurring Basis | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 368,607 | 371,409 |
Interest Rate swaps | 1,338 | 1,850 |
Equity Securities: | ||
Total Equity Securities | 9,416 | 9,615 |
Liabilities: | ||
Interest Rate Swaps | (1,234) | (1,700) |
Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 0 | 0 |
Interest Rate swaps | 0 | 0 |
Equity Securities: | ||
Total Equity Securities | 9,416 | 9,615 |
Liabilities: | ||
Interest Rate Swaps | 0 | 0 |
Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 368,607 | 371,409 |
Interest Rate swaps | 1,338 | 1,850 |
Equity Securities: | ||
Total Equity Securities | 0 | 0 |
Liabilities: | ||
Interest Rate Swaps | (1,234) | (1,700) |
Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 0 | 0 |
Interest Rate swaps | 0 | 0 |
Equity Securities: | ||
Total Equity Securities | 0 | 0 |
Liabilities: | ||
Interest Rate Swaps | 0 | 0 |
U.S. Government sponsored entities | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 2,388 | 3,129 |
U.S. Government sponsored entities | Fair Value Measurement on Recurring Basis | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 2,388 | 3,129 |
U.S. Government sponsored entities | Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 0 | 0 |
U.S. Government sponsored entities | Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 2,388 | 3,129 |
U.S. Government sponsored entities | Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 0 | 0 |
States and political subdivisions | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 97,238 | 95,663 |
States and political subdivisions | Fair Value Measurement on Recurring Basis | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 97,238 | 95,663 |
States and political subdivisions | Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 0 | 0 |
States and political subdivisions | Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 97,238 | 95,663 |
States and political subdivisions | Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 0 | 0 |
Residential and multi-family mortgage | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 213,807 | 217,547 |
Residential and multi-family mortgage | Fair Value Measurement on Recurring Basis | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 213,807 | 217,547 |
Residential and multi-family mortgage | Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 0 | 0 |
Residential and multi-family mortgage | Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 213,807 | 217,547 |
Residential and multi-family mortgage | Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 0 | 0 |
Corporate notes and bonds | Fair Value Measurement on Recurring Basis | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 42,809 | 42,391 |
Corporate notes and bonds | Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 0 | 0 |
Corporate notes and bonds | Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 42,809 | 42,391 |
Corporate notes and bonds | Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 0 | 0 |
Pooled SBA | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 12,365 | 12,679 |
Pooled SBA | Fair Value Measurement on Recurring Basis | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 12,365 | 12,679 |
Pooled SBA | Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 0 | 0 |
Pooled SBA | Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 12,365 | 12,679 |
Pooled SBA | Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Securities Available-For-Sale: | ||
Total Securities Available-For-Sale | 0 | 0 |
Corporate equity securities | Fair Value Measurement on Recurring Basis | ||
Equity Securities: | ||
Total Equity Securities | 5,843 | 6,973 |
Corporate equity securities | Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Equity Securities: | ||
Total Equity Securities | 5,843 | 6,973 |
Corporate equity securities | Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Equity Securities: | ||
Total Equity Securities | 0 | 0 |
Corporate equity securities | Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Equity Securities: | ||
Total Equity Securities | 0 | 0 |
Mutual funds | Fair Value Measurement on Recurring Basis | ||
Equity Securities: | ||
Total Equity Securities | 2,101 | 1,406 |
Mutual funds | Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Equity Securities: | ||
Total Equity Securities | 2,101 | 1,406 |
Mutual funds | Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Equity Securities: | ||
Total Equity Securities | 0 | 0 |
Mutual funds | Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Equity Securities: | ||
Total Equity Securities | 0 | 0 |
Money market funds | Fair Value Measurement on Recurring Basis | ||
Equity Securities: | ||
Total Equity Securities | 765 | 479 |
Money market funds | Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Equity Securities: | ||
Total Equity Securities | 765 | 479 |
Money market funds | Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Equity Securities: | ||
Total Equity Securities | 0 | 0 |
Money market funds | Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Equity Securities: | ||
Total Equity Securities | 0 | 0 |
Corporate notes | Fair Value Measurement on Recurring Basis | ||
Equity Securities: | ||
Total Equity Securities | 707 | 757 |
Corporate notes | Fair Value Measurement on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Equity Securities: | ||
Total Equity Securities | 707 | 757 |
Corporate notes | Fair Value Measurement on Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Equity Securities: | ||
Total Equity Securities | 0 | 0 |
Corporate notes | Fair Value Measurement on Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Equity Securities: | ||
Total Equity Securities | $ 0 | $ 0 |
FAIR VALUE - Assets and Liabi_2
FAIR VALUE - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Farmland | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | $ 829 | |
Farmland | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | $ 0 | 0 |
Farmland | Significant Other Observable Inputs (Level 2) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 0 | 0 |
Farmland | Significant Unobservable Inputs (Level 3) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 829 | 829 |
Owner-occupied, nonfarm nonresidential properties | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 1,071 | |
Owner-occupied, nonfarm nonresidential properties | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 0 | 0 |
Owner-occupied, nonfarm nonresidential properties | Significant Other Observable Inputs (Level 2) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 0 | 0 |
Owner-occupied, nonfarm nonresidential properties | Significant Unobservable Inputs (Level 3) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 1,053 | 1,071 |
Commercial and Industrial | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 1,631 | |
Commercial and Industrial | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 0 | 0 |
Commercial and Industrial | Significant Other Observable Inputs (Level 2) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 0 | 0 |
Commercial and Industrial | Significant Unobservable Inputs (Level 3) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 1,426 | 1,631 |
Other construction loans and all land development and other land loans | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 480 | 501 |
Other construction loans and all land development and other land loans | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 0 | 0 |
Other construction loans and all land development and other land loans | Significant Other Observable Inputs (Level 2) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 0 | 0 |
Other construction loans and all land development and other land loans | Significant Unobservable Inputs (Level 3) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 480 | 501 |
Multifamily (5 or more) residential properties | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 613 | |
Multifamily (5 or more) residential properties | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 0 | 0 |
Multifamily (5 or more) residential properties | Significant Other Observable Inputs (Level 2) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 0 | 0 |
Multifamily (5 or more) residential properties | Significant Unobservable Inputs (Level 3) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 519 | 613 |
Non-owner occupied, nonfarm nonresidential properties | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 3,867 | |
Non-owner occupied, nonfarm nonresidential properties | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 0 | 0 |
Non-owner occupied, nonfarm nonresidential properties | Significant Other Observable Inputs (Level 2) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 0 | 0 |
Non-owner occupied, nonfarm nonresidential properties | Significant Unobservable Inputs (Level 3) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 4,348 | 3,867 |
Home equity lines of credit | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 335 | |
Home equity lines of credit | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 0 | 0 |
Home equity lines of credit | Significant Other Observable Inputs (Level 2) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 0 | 0 |
Home equity lines of credit | Significant Unobservable Inputs (Level 3) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 331 | 335 |
Residential Mortgages secured by first liens | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 944 | |
Residential Mortgages secured by first liens | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 0 | 0 |
Residential Mortgages secured by first liens | Significant Other Observable Inputs (Level 2) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | 0 | 0 |
Residential Mortgages secured by first liens | Significant Unobservable Inputs (Level 3) | ||
Impaired Loans [Abstract] | ||
Obligations (other than securities and leases) of states and political subdivisions | $ 931 | $ 944 |
FAIR VALUE - Quantitative Infor
FAIR VALUE - Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Non Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - Significant Unobservable Inputs (Level 3) $ in Thousands | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Farmland | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 829 | $ 829 |
Farmland | Maximum | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.27 | 0.20 |
Farmland | Weighted Average | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.27 | 0.20 |
Owner-occupied, nonfarm nonresidential properties | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 1,053 | $ 1,071 |
Owner-occupied, nonfarm nonresidential properties | Minimum | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.32 | 0.25 |
Owner-occupied, nonfarm nonresidential properties | Maximum | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 1 | 1 |
Owner-occupied, nonfarm nonresidential properties | Weighted Average | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.36 | 0.29 |
Commercial and Industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 1,426 | $ 1,631 |
Commercial and Industrial | Minimum | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.03 | 0.03 |
Commercial and Industrial | Maximum | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.50 | 0.49 |
Commercial and Industrial | Weighted Average | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.37 | 0.23 |
Other construction loans and all land development and other land loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 480 | $ 501 |
Other construction loans and all land development and other land loans | Maximum | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.42 | 0.33 |
Other construction loans and all land development and other land loans | Weighted Average | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.42 | 0.33 |
Multifamily (5 or more) residential properties | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 519 | $ 613 |
Multifamily (5 or more) residential properties | Minimum | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.25 | 0.19 |
Multifamily (5 or more) residential properties | Maximum | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.35 | 0.25 |
Multifamily (5 or more) residential properties | Weighted Average | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.26 | 0.23 |
Non-owner occupied, nonfarm nonresidential properties | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 4,348 | $ 3,867 |
Non-owner occupied, nonfarm nonresidential properties | Minimum | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.32 | 0.15 |
Non-owner occupied, nonfarm nonresidential properties | Maximum | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.40 | 0.53 |
Non-owner occupied, nonfarm nonresidential properties | Weighted Average | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.35 | 0.35 |
Home equity lines of credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 335 | |
Home equity lines of credit | Minimum | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.15 | |
Home equity lines of credit | Maximum | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.22 | 0.15 |
Home equity lines of credit | Weighted Average | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.16 | 0.15 |
Residential Mortgages secured by first liens | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 931 | $ 944 |
Residential Mortgages secured by first liens | Minimum | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.22 | 0.15 |
Residential Mortgages secured by first liens | Maximum | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.36 | 0.27 |
Residential Mortgages secured by first liens | Weighted Average | Measurement Input, Loss Severity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation technique | 0.29 | 0.21 |
FAIR VALUE - Carrying Amount an
FAIR VALUE - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Debt securities available-for-sale | $ 368,607 | $ 371,409 |
Debt securities held-to-maturity | 371,735 | 367,388 |
Carrying Amount | ||
ASSETS | ||
Cash and cash equivalents | 188,593 | 106,285 |
Debt securities available-for-sale | 368,607 | 371,409 |
Debt securities held-to-maturity | 402,300 | 404,765 |
Equity securities | 9,416 | 9,615 |
Loans held for sale | 448 | 231 |
Net loans receivable | 4,257,316 | 4,231,742 |
FHLB and other restricted stock holdings and investments | 31,194 | 30,715 |
Interest rate swaps | 1,338 | 1,850 |
Accrued interest receivable | 19,691 | 20,194 |
LIABILITIES | ||
Deposits | (4,754,129) | (4,622,437) |
Short-term borrowings | (102,083) | (132,396) |
Subordinated notes and debentures | (104,660) | (104,584) |
Interest rate swaps | (1,234) | (1,700) |
Accrued interest payable | (2,850) | (1,839) |
Total Fair Value | ||
ASSETS | ||
Cash and cash equivalents | 188,593 | 106,285 |
Debt securities available-for-sale | 368,607 | 371,409 |
Debt securities held-to-maturity | 371,735 | 367,388 |
Equity securities | 9,416 | 9,615 |
Loans held for sale | 449 | 231 |
Net loans receivable | 4,155,403 | 4,157,843 |
Interest rate swaps | 1,338 | 1,850 |
Accrued interest receivable | 19,691 | 20,194 |
LIABILITIES | ||
Deposits | (4,754,697) | (4,621,764) |
Short-term borrowings | (102,083) | (132,396) |
Subordinated notes and debentures | (122,427) | (117,378) |
Interest rate swaps | (1,234) | (1,700) |
Accrued interest payable | (2,850) | (1,839) |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Total Fair Value | ||
ASSETS | ||
Cash and cash equivalents | 188,593 | 106,285 |
Debt securities available-for-sale | 0 | 0 |
Debt securities held-to-maturity | 0 | 0 |
Equity securities | 9,416 | 9,615 |
Loans held for sale | 0 | 0 |
Net loans receivable | 0 | 0 |
Interest rate swaps | 0 | 0 |
Accrued interest receivable | 0 | 0 |
LIABILITIES | ||
Deposits | (4,212,282) | (4,175,976) |
Short-term borrowings | 0 | 0 |
Subordinated notes and debentures | 0 | 0 |
Interest rate swaps | 0 | 0 |
Accrued interest payable | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Total Fair Value | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available-for-sale | 368,607 | 371,409 |
Debt securities held-to-maturity | 371,735 | 367,388 |
Equity securities | 0 | 0 |
Loans held for sale | 449 | 231 |
Net loans receivable | 0 | 0 |
Interest rate swaps | 1,338 | 1,850 |
Accrued interest receivable | 2,928 | 2,867 |
LIABILITIES | ||
Deposits | (542,415) | (445,788) |
Short-term borrowings | (102,083) | (132,396) |
Subordinated notes and debentures | (122,427) | (117,378) |
Interest rate swaps | (1,234) | (1,700) |
Accrued interest payable | (2,850) | (1,839) |
Significant Unobservable Inputs (Level 3) | Total Fair Value | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available-for-sale | 0 | 0 |
Debt securities held-to-maturity | 0 | 0 |
Equity securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans receivable | 4,155,403 | 4,157,843 |
Interest rate swaps | 0 | 0 |
Accrued interest receivable | 16,763 | 17,327 |
LIABILITIES | ||
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Subordinated notes and debentures | 0 | 0 |
Interest rate swaps | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Non-interest Income | ||
Service charges on deposit accounts | $ 1,795 | $ 1,757 |
Wealth and asset management fees | 1,817 | 1,783 |
Mortgage banking | 168 | 475 |
Card processing and interchange income | 2,059 | 1,809 |
Net gains on sales of securities | 22 | 651 |
Other income | 2,181 | 3,179 |
Total non-interest income | $ 8,042 | $ 9,654 |