Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 22, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | FMAO | |
Entity Registrant Name | FARMERS & MERCHANTS BANCORP, INC. | |
Entity Central Index Key | 0000792966 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 13,066,233 | |
Entity File Number | 001-38084 | |
Entity Tax Identification Number | 34-1469491 | |
Entity Address, Address Line One | 307 North Defiance Street | |
Entity Address, City or Town | Archbold | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43502 | |
City Area Code | 419 | |
Local Phone Number | 446-2501 | |
Entity Incorporation, State or Country Code | OH | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, No Par Value | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 112,875 | $ 98,279 |
Federal funds sold | 45,203 | 77,427 |
Total cash and cash equivalents | 158,078 | 175,706 |
Interest-bearing time deposits | 14,622 | 4,653 |
Securities - available-for-sale | 426,717 | 307,812 |
Other securities, at cost | 4,905 | 5,939 |
Loans held for sale | 3,735 | 7,740 |
Loans, net | 1,479,864 | 1,289,318 |
Premises and equipment | 26,476 | 27,063 |
Goodwill | 55,214 | 47,340 |
Mortgage servicing rights | 3,097 | 3,320 |
Other real estate owned | 167 | 71 |
Bank owned life insurance | 27,397 | 25,208 |
Other assets | 18,711 | 15,374 |
Total Assets | 2,218,983 | 1,909,544 |
Deposits | ||
Noninterest-bearing | 438,076 | 351,147 |
Interest-bearing | ||
NOW accounts | 646,237 | 542,317 |
Savings | 529,532 | 455,145 |
Time | 252,383 | 247,553 |
Total deposits | 1,866,228 | 1,596,162 |
Federal funds purchased and securities sold under agreements to repurchase | 29,601 | 30,239 |
Federal Home Loan Bank (FHLB) advances | 17,868 | 17,861 |
Subordinated notes, net of unamortized issuance costs | 34,441 | |
Dividend payable | 2,002 | 1,889 |
Accrued expenses and other liabilities | 14,097 | 14,233 |
Total liabilities | 1,964,237 | 1,660,384 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock - No par value 20,000,000 shares authorized; issued and outstanding 12,230,000 shares 9/30/21 and 12/31/20 | 81,382 | 81,804 |
Treasury stock - 997,680 shares 9/30/21, 1,032,456 shares 12/31/20 | (11,718) | (11,932) |
Retained earnings | 184,181 | 173,591 |
Accumulated other comprehensive income | 901 | 5,697 |
Total stockholders' equity | 254,746 | 249,160 |
Total Liabilities and Stockholders' Equity | $ 2,218,983 | $ 1,909,544 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Common stock, no par value | ||
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 12,230,000 | 12,230,000 |
Common stock, shares outstanding | 12,230,000 | 12,230,000 |
Treasury Stock, shares | 997,680 | 1,032,456 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest Income | ||||
Loans, including fees | $ 18,766 | $ 16,181 | $ 50,637 | $ 48,256 |
Debt securities: | ||||
U.S. Treasury and government agencies | 924 | 761 | 2,532 | 2,674 |
Municipalities | 284 | 279 | 881 | 784 |
Dividends | 44 | 36 | 125 | 107 |
Federal funds sold | 10 | 4 | 21 | 15 |
Other | 94 | 32 | 221 | 194 |
Total interest income | 20,122 | 17,293 | 54,417 | 52,030 |
Interest Expense | ||||
Deposits | 1,221 | 1,864 | 3,837 | 7,019 |
Federal funds purchased and securities sold under agreements to repurchase | 165 | 174 | 494 | 605 |
Borrowed funds | 87 | 231 | 424 | 754 |
Subordinated notes | 199 | 199 | ||
Total interest expense | 1,672 | 2,269 | 4,954 | 8,378 |
Net Interest Income - Before Provision for Loan Losses | 18,450 | 15,024 | 49,463 | 43,652 |
Provision for Loan Losses | 659 | 1,987 | 3,000 | 4,986 |
Net Interest Income After Provision for Loan Losses | 17,791 | 13,037 | 46,463 | 38,666 |
Noninterest Income | ||||
Net gain on sale of loans | 822 | 1,537 | 2,823 | 2,128 |
Net gain on sale of available-for-sale securities | 293 | 270 | ||
Total noninterest income | 4,074 | 4,715 | 13,092 | 11,163 |
Noninterest Expense | ||||
Salaries and wages | 5,442 | 5,102 | 14,423 | 13,420 |
Employee benefits | 1,621 | 1,566 | 5,530 | 4,461 |
Net occupancy expense | 529 | 558 | 1,652 | 1,686 |
Furniture and equipment | 903 | 875 | 2,542 | 2,383 |
Data processing | 1,548 | 490 | 2,481 | 1,340 |
Franchise taxes | 372 | 368 | 1,112 | 1,105 |
ATM expense | 460 | 444 | 1,368 | 1,234 |
Advertising | 439 | 411 | 1,005 | 979 |
Net (gain) loss on sale of other assets owned | 219 | (7) | 421 | (13) |
FDIC assessment | 296 | 194 | 808 | 410 |
Mortgage servicing rights amortization | 285 | 296 | 1,314 | 784 |
Consulting fees | 256 | 205 | 873 | 561 |
Other general and administrative | 1,951 | 1,553 | 6,211 | 4,740 |
Total noninterest expense | 14,321 | 12,055 | 39,740 | 33,090 |
Income Before Income Taxes | 7,544 | 5,697 | 19,815 | 16,739 |
Income Taxes | 1,624 | 1,287 | 4,003 | 3,420 |
Net Income | $ 5,920 | $ 4,410 | $ 15,812 | $ 13,319 |
Basic and Diluted Earnings Per Share | $ 0.53 | $ 0.40 | $ 1.41 | $ 1.20 |
Dividends Declared | $ 0.18 | $ 0.17 | $ 0.52 | $ 0.49 |
Customer Service Fees [Member] | ||||
Noninterest Income | ||||
Noninterest income | $ 2,242 | $ 2,299 | $ 7,254 | $ 6,143 |
Other Service Charges and Fees [Member] | ||||
Noninterest Income | ||||
Noninterest income | $ 1,010 | $ 879 | $ 2,722 | $ 2,622 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net Income | $ 5,920 | $ 4,410 | $ 15,812 | $ 13,319 |
Other Comprehensive Income (Net of Tax): | ||||
Net unrealized gain (loss) on available-for-sale securities | 173 | 639 | (5,778) | 6,298 |
Reclassification adjustment for realized gain on sale of available-for-sale securities | (293) | (270) | ||
Net unrealized gain (loss) on available-for-sale securities | 173 | 639 | (6,071) | 6,028 |
Tax expense (benefit) | 36 | 134 | (1,275) | 1,266 |
Other comprehensive income (loss) | 137 | 505 | (4,796) | 4,762 |
Comprehensive Income | $ 6,057 | $ 4,915 | $ 11,016 | $ 18,081 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes to Stockholder's Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning balance at Dec. 31, 2019 | $ 230,258 | $ 81,535 | $ (12,456) | $ 160,081 | $ 1,098 |
Beginning balance, shares at Dec. 31, 2019 | 11,136,935 | ||||
Net income | 4,105 | 4,105 | |||
Other comprehensive income (loss) | 3,735 | 3,735 | |||
Purchase of treasury stock | (170) | (170) | |||
Purchase of treasury stock, shares | (7,064) | ||||
Issuance of share of restricted stock and forfeiture of share of restricted stock | (1) | $ 11 | (10) | (2) | |
Issuance of share of restricted stock and forfeiture of share of restricted stock, shares | (450) | ||||
Stock-based compensation expense | 298 | $ 298 | |||
Cash dividends declared | (1,768) | (1,768) | |||
Ending balance at Mar. 31, 2020 | 236,457 | $ 81,844 | (12,636) | 162,416 | 4,833 |
Ending balance, shares at Mar. 31, 2020 | 11,129,421 | ||||
Beginning balance at Dec. 31, 2019 | 230,258 | $ 81,535 | (12,456) | 160,081 | 1,098 |
Beginning balance, shares at Dec. 31, 2019 | 11,136,935 | ||||
Net income | 13,319 | ||||
Ending balance at Sep. 30, 2020 | 243,421 | $ 81,577 | (12,397) | 168,381 | 5,860 |
Ending balance, shares at Sep. 30, 2020 | 11,158,701 | ||||
Beginning balance at Mar. 31, 2020 | 236,457 | $ 81,844 | (12,636) | 162,416 | 4,833 |
Beginning balance, shares at Mar. 31, 2020 | 11,129,421 | ||||
Net income | 4,804 | 4,804 | |||
Other comprehensive income (loss) | 522 | 522 | |||
Purchase of treasury stock | (56) | (56) | |||
Purchase of treasury stock, shares | (2,508) | ||||
Stock-based compensation expense | 290 | $ 290 | |||
Director stock award | 48 | 24 | 24 | ||
Director stock awards, shares | 2,112 | ||||
Cash dividends declared | (1,768) | (1,768) | |||
Ending balance at Jun. 30, 2020 | 240,297 | $ 82,134 | (12,668) | 165,476 | 5,355 |
Ending balance, shares at Jun. 30, 2020 | 11,129,025 | ||||
Net income | 4,410 | 4,410 | |||
Other comprehensive income (loss) | 505 | 505 | |||
Purchase of treasury stock | (150) | (150) | |||
Purchase of treasury stock, shares | (6,875) | ||||
Issuance of share of restricted stock and forfeiture of share of restricted stock | 2 | $ (796) | 421 | 377 | |
Issuance of share of restricted stock and forfeiture of share of restricted stock, shares | 36,551 | ||||
Stock-based compensation expense | 239 | $ 239 | |||
Cash dividends declared | (1,882) | (1,882) | |||
Ending balance at Sep. 30, 2020 | 243,421 | $ 81,577 | (12,397) | 168,381 | 5,860 |
Ending balance, shares at Sep. 30, 2020 | 11,158,701 | ||||
Beginning balance at Dec. 31, 2020 | 249,160 | $ 81,804 | (11,932) | 173,591 | 5,697 |
Beginning balance, shares at Dec. 31, 2020 | 11,197,544 | ||||
Net income | 4,909 | 4,909 | |||
Other comprehensive income (loss) | (5,554) | (5,554) | |||
Purchase of treasury stock | (23) | (23) | |||
Purchase of treasury stock, shares | (950) | ||||
Issuance of share of restricted stock and forfeiture of share of restricted stock | $ 1 | (7) | 6 | ||
Issuance of share of restricted stock and forfeiture of share of restricted stock, shares | 150 | ||||
Stock-based compensation expense | 225 | $ 225 | |||
Cash dividends declared | (1,889) | (1,889) | |||
Ending balance at Mar. 31, 2021 | 246,828 | $ 82,030 | (11,962) | 176,617 | 143 |
Ending balance, shares at Mar. 31, 2021 | 11,196,744 | ||||
Beginning balance at Dec. 31, 2020 | 249,160 | $ 81,804 | (11,932) | 173,591 | 5,697 |
Beginning balance, shares at Dec. 31, 2020 | 11,197,544 | ||||
Net income | 15,812 | ||||
Ending balance at Sep. 30, 2021 | 254,746 | $ 81,382 | (11,718) | 184,181 | 901 |
Ending balance, shares at Sep. 30, 2021 | 11,232,320 | ||||
Beginning balance at Mar. 31, 2021 | 246,828 | $ 82,030 | (11,962) | 176,617 | 143 |
Beginning balance, shares at Mar. 31, 2021 | 11,196,744 | ||||
Net income | 4,983 | 4,983 | |||
Other comprehensive income (loss) | 621 | 621 | |||
Purchase of treasury stock | (201) | (201) | |||
Purchase of treasury stock, shares | (8,929) | ||||
Issuance of share of restricted stock and forfeiture of share of restricted stock | $ 58 | (47) | (11) | ||
Issuance of share of restricted stock and forfeiture of share of restricted stock, shares | (1,975) | ||||
Stock-based compensation expense | 171 | $ 171 | |||
Director stock award | 71 | 38 | 33 | ||
Director stock awards, shares | 3,212 | ||||
Cash dividends declared | (1,888) | (1,888) | |||
Ending balance at Jun. 30, 2021 | 250,585 | $ 82,259 | (12,172) | 179,734 | 764 |
Ending balance, shares at Jun. 30, 2021 | 11,189,052 | ||||
Net income | 5,920 | 5,920 | |||
Other comprehensive income (loss) | 137 | 137 | |||
Purchase of treasury stock | (107) | (107) | |||
Purchase of treasury stock, shares | (4,732) | ||||
Issuance of share of restricted stock and forfeiture of share of restricted stock | $ (1,090) | 561 | 529 | ||
Issuance of share of restricted stock and forfeiture of share of restricted stock, shares | 48,000 | ||||
Stock-based compensation expense | 213 | $ 213 | |||
Cash dividends declared | (2,002) | (2,002) | |||
Ending balance at Sep. 30, 2021 | $ 254,746 | $ 81,382 | $ (11,718) | $ 184,181 | $ 901 |
Ending balance, shares at Sep. 30, 2021 | 11,232,320 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes to Stockholder's Equity (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | ||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | |
Cash dividends declared, per share | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.16 |
Common Stock [Member] | |||||
Issuance of shares of restricted stock, Shares | 48,000 | 750 | 36,551 | ||
Issuance of shares of restricted stock, forfeitures | 1,975 | 600 | 450 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | |||||
Net income | $ 15,812 | $ 13,319 | |||
Adjustments to reconcile net income to net cash from operating activities: | |||||
Depreciation | 2,073 | 1,993 | |||
Amortization of premiums on available-for-sale securities, net | 1,598 | 900 | |||
Amortization of servicing rights | $ 285 | $ 296 | 1,314 | 784 | |
Amortization of core deposit intangible | 478 | 546 | |||
Amortization of customer list intangible | 92 | ||||
Net amortization (accretion) of fair value adjustments | (170) | 382 | |||
Amortization of subordinated note issuance costs | 20 | ||||
Stock-based compensation expense | 609 | 827 | |||
Director stock award | 71 | 48 | |||
Deferred income taxes | (3) | ||||
Provision for loan loss | 659 | 1,987 | 3,000 | 4,986 | $ 6,981 |
Gain on sale of loans held for sale | (822) | (1,537) | (2,823) | (2,128) | |
Originations of loans held for sale | (86,720) | (151,477) | |||
Proceeds from sale of loans held for sale | 93,548 | 150,130 | |||
(Gain) loss on sale of other assets owned | 219 | (7) | 421 | (13) | |
Gain on sales of securities available-for-sale | (293) | (270) | |||
Increase in cash surrender value of bank owned life insurance | (475) | (266) | |||
Change in other assets and other liabilities, net | (1,278) | (3,265) | |||
Net cash provided by operating activities | 27,277 | 16,493 | |||
Activity in available-for-sale securities: | |||||
Maturities, prepayments and calls | 41,305 | 67,137 | |||
Sales | 9,291 | 11,843 | |||
Purchases | (146,634) | (110,330) | |||
Activity in other securities, at cost: | |||||
Purchases | (207) | (17) | |||
Proceeds from redemption of FHLB stock | 1,522 | ||||
Change in interest-bearing time deposits | 10,257 | (348) | |||
Proceeds from sale of other assets owned | 196 | 92 | |||
Additions to premises and equipment | (1,418) | (2,407) | |||
Loan originations and principal collections, net | (141,116) | (144,978) | |||
Acquisition of Ossian Financial Services, Inc., net of cash received | 228 | ||||
Net cash used in investing activities | (226,576) | (179,008) | |||
Cash Flows from Financing Activities | |||||
Net change in deposits | 154,042 | 230,359 | |||
Net change in federal funds purchased and securities sold under agreements to repurchase | (638) | (18,214) | |||
Repayment of FHLB advances | (157) | (7,493) | |||
Purchase of treasury stock | (331) | (376) | |||
Proceeds from issuance of subordinated notes | 34,421 | ||||
Cash dividends paid on common stock | (5,666) | (5,304) | |||
Net cash provided by financing activities | 181,671 | 198,972 | |||
Net Increase (Decrease) in Cash and Cash Equivalents | (17,628) | 36,457 | |||
Cash and Cash Equivalents - Beginning of year | 175,706 | 51,296 | 51,296 | ||
Cash and Cash Equivalents - End of period | $ 158,078 | $ 87,753 | 158,078 | 87,753 | $ 175,706 |
Supplemental cash flow information: | |||||
Interest paid | 4,559 | 7,970 | |||
Income taxes paid | 5,100 | 5,016 | |||
Supplemental noncash disclosures: | |||||
Transfer of loans to other real estate owned | 209 | 71 | |||
Cash dividends declared not paid | 2,002 | $ 1,882 | |||
Ossian Financial Services, Inc. [Member] | |||||
Supplemental noncash disclosures: | |||||
Fair value of assets acquired | 137,058 | ||||
Cash paid for the capital stock | 20,001 | ||||
Liabilities assumed | $ 117,057 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Thousands | Apr. 30, 2021USD ($) |
Ossian Financial Services, Inc. [Member] | |
Purchase of assets | $ 20,001 |
Basis of Presentation and Other
Basis of Presentation and Other | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation and Other | NOTE 1 BASIS OF PRESENTATION AND OTHER The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10Q and Rule 10-01 of Regulation S-X; accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2021 are not necessarily indicative of the results that are expected for the year ended December 31, 2021. The condensed consolidated balance sheet of the Company as of December 31, 2020, has been derived from the audited consolidated balance sheet of the Company as of that date. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. The Company recognizes revenues as they are earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. The Company’s principal source of revenue is interest income from loans and investment securities. The Company also earns noninterest income from various banking and financial services offered primarily through Farmers & Merchants State Bank. Interest income is primarily recognized on an accrual basis according to nondiscretionary formulas written in contracts, such as loan agreements or investment security contracts. The Company also earns noninterest income from various banking and financial services provided to business and consumer clients such as deposit account, debit card, and mortgage banking services. Revenue is recorded for noninterest income based on the contractual terms for the service or transaction performed. |
Business Combination and Asset
Business Combination and Asset Purchase | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Business Combination and Asset Purchase | NOTE 2 BUSINESS COMBINATION AND ASSET PURCHASE On April 30, 2021, the Company acquired Ossian Financial Services, Inc., (OSFI), the bank holding company for Ossian State Bank, a community bank based in Ossian, Indiana. Ossian State Bank operated two full-service offices in the northeast Indiana communities of Ossian and Bluffton. Shareholders of OSFI received $67.71 in cash for each share. OSFI had 295,388 shares outstanding on April 30, 2021. Total consideration for the acquisition was approximately $20.0 million in cash. As a result of the acquisition, the Company has increased its deposit base and is working to reduce transaction costs. The Company also expects to reduce costs through economies of scale. In 2020, the Company incurred $42.5 thousand of third-party acquisition-related costs. The expenses recognized in 2020 related to other general and administration expenses of $30.0 thousand and consulting fees of $12.5 thousand. These acquisition expenses were included in the Company’s 2020 consolidated statement of income. In 2021, the Company has incurred additional third-party acquisition-related costs of $2.1 million. These expenses are comprised of employee benefits of $694.1 thousand, data processing costs of $938.9 thousand, consulting fees of $255.2 thousand, ATM expense of $13.8 thousand and other general and administrative expense of $241.3 thousand in the Company’s consolidated statement of income for the nine months ended September 30, 2021. For the quarter ended September 30, 2021, the Company incurred third-party acquisition related costs of $1.2 million. These expenses are comprised of employee benefits of $152.6 thousand, data processing costs of $938.9 thousand, consulting fees of $10.3 thousand, ATM expense of $2.6 thousand and other general and administrative expense of $61.5 thousand in the Company’s consolidated statement of income for the three months ended September 30, 2021. Under the acquisition method of accounting, the total purchase was allocated to net tangible and intangible assets based on their current estimated fair values on the date of acquisition. Of the total purchase price of $ 20.0 million, $ 980.2 thousand has been allocated to core deposit intangible included in other assets and will be amortized over seven years on a straight line basis. Goodwill of $ 7.9 million which resulted from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and Ossian State Bank and is deductible for tax purposes over 15 years . The following table summarizes the consideration paid for Ossian State Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date. Fair Value of Consideration Transferred (In Thousands) Cash $ 20,001 Total $ 20,001 Recognized amounts of identifiable assets acquired and liabilities assumed Assets Cash and cash equivalents $ 20,229 Interest-bearing time deposits 20,226 Securities - available-for-sale 30,243 Other securities, at cost 281 Loans, net 52,403 Premises and equipment 494 Goodwill 7,874 Other assets 5,308 Total Assets Purchased $ 137,058 Liabilities Deposits Noninterest bearing $ 34,509 Interest bearing 81,535 Total deposits 116,044 Accrued expenses and other liabilities 1,013 Total Liabilities Assumed $ 117,057 The fair value of the assets acquired includes loans with a fair value of $52.4 million. The gross principal and contractual interest due under the contracts is $58.6 million, of which $1.1 million is expected to be uncollectible. The loans have a weighted average life of 52 months. The fair value of building and land included in premises and equipment was written down by $596 thousand with $244 thousand attributable to buildings and will be accreted over the useful life of 39 years, The fair value for certificates of deposit incorporates a valuation amount of $59 thousand which will be accreted over 1.4 years. Certain transferred loans evidenced deterioration of credit quality since origination and management deemed it probable, at acquisition, that all contractually required payments would not be collected. Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include information such as past-due and nonaccrual status, borrower credit scores and recent loan to value percentages. Purchased credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality (ASC 310-30) and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for credit losses related to these loans is not carried over and recorded at the acquisition date. Management estimated the cash flows expected to be collected at acquisition using our internal risk models, which incorporate the estimate of current key assumptions, such as default rates, severity and prepayment speeds. The carrying amount of those loans is included in loans, net on the balance sheet at September 30. The amounts of loans at April 30, 2021 and September 30, 2021 are as follows: 2021 (In Thousands) Balance - April 30, 2021 Consumer Real Estate $ 24 Agricultural Real Estate 981 Commercial Real Estate 315 Commercial & Industrial 314 Carrying amount, net of fair value adjustment of $325 $ 1,309 Balance - September 30, 2021 Consumer Real Estate $ 23 Agricultural Real Estate - Commercial Real Estate 234 Commercial & Industrial 293 Carrying amount, net of fair value adjustment of $325 $ 225 Loans acquired during 2021 for which it was probable at acquisition that all contractually required payments would not be collected are as follows: (In Thousands) Contractually required payments receivable at acquisition Consumer Real Estate $ 28 Agricultural Real Estate 1,142 Commercial Real Estate 527 Commercial & Industrial 360 Total required payments receivable $ 2,057 Cash flows expected to be collected at acquisition $ 1,309 Basis in acquired loans at acquisition $ 1,634 During the third quarter, two agricultural real estate purchased credit impaired loans were paid off in full. Changes in accretable yield, or income expected to be collected, are as follows: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (In Thousands) (In Thousands) Beginning Balance $ 733 $ - Additions - 762 Accretion (44 ) (73 ) Reclassification from nonaccretable difference - - Disposals - - Ending Balance $ 689 $ 689 The results of operations of Ossian State Bank have been included in the Company’s consolidated financial statements since the acquisition date of April 30, 2021. The following schedule includes pro-forma results for the three and nine months ended September 30, 2021 and 2020 as if the Ossian State Bank acquisitions had occurred as of the beginning of the comparable prior reporting period. (in thousands of dollars, except per share data) (in thousands of dollars, except per share data) Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Summary of Operations Net Interest Income - Before Provision for Loan Losses $ 18,450 $ 15,909 $ 50,482 $ 46,387 Provision for Loan Losses 659 1,988 3,001 4,989 Net Interest Income After Provision for Loan Losses 17,791 13,921 47,481 41,398 Noninterest Income 4,074 4,814 13,302 11,363 Noninterest Expense 12,880 13,062 38,010 35,666 Income Before Income Taxes 8,985 5,673 22,773 17,095 Income Taxes 1,892 1,093 4,566 3,273 Net Income $ 7,093 $ 4,580 $ 18,207 $ 13,822 Basic and Diluted Earnings Per Share $ 0.63 $ 0.41 $ 1.63 $ 1.24 The pro-forma information includes adjustments for interest income on loans, amortization of intangibles arising from the transaction, interest expense on deposits acquired, premises expense for the branches acquired and the related income tax effects. The pro-forma information for the quarter ended September 30, 2021 includes approximately $348 thousand, net of tax, of operating revenue from Ossian State Bank since January 1, 2021. The pro-forma financial information is presented for informational purposes only and is not indicative of the results of operations that actually would have been achieved had the acquisition been consummated as of that time, nor is it intended to be a projection of future results. On January 1, 2019, the Company acquired Limberlost Bancshares, Inc. (“Limberlost”), the bank holding company for Bank of Geneva, a community bank based in Geneva, Indiana. Bank of Geneva operated six full-service offices in the northeast Indiana communities of Geneva, Berne, Decatur, Monroe, Portland and Monroeville. Shareholders of Limberlost received 1,830 shares of FMAO common stock and $8,465.00 in cash for each share. Limberlost had 1,000 shares outstanding on January 1, 2019. The share price of Farmers & Merchants Bancorp, Inc. (FMAO) stock on January 1, 2019 was $38.49. Total consideration for the acquisition was approximately $78.9 million consisting of $8.5 million in cash and $70.4 million in stock. As a result of the acquisition, the Company has had an opportunity to increase its deposit base and reduce transaction costs. The Company has also reduced costs through economies of scale. Under the acquisition method of accounting, the total purchase was allocated to net tangible and intangible assets based on their current estimated fair values on the date of acquisition. Of the total purchase price of $78.9 million, $3.9 million has been allocated to core deposit intangible included in other assets and is being amortized over seven years on a straight line basis. Goodwill of $43.3 million resulting from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and Bank of Geneva. Of that total amount, none of the purchase price is deductible for tax purposes. Changes in accretable yield, or income expected to be collected, for the three and nine months ended are as follows: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (In Thousands) (In Thousands) (In Thousands) (In Thousands) Beginning Balance $ 1,439 $ 1,871 $ 1,653 $ 2,021 Additions 3 - 8 2 Accretion (108 ) (107 ) (323 ) (321 ) Reclassification from nonaccretable difference - - - 62 Disposals - (5 ) (4 ) (5 ) Ending Balance $ 1,334 $ 1,759 $ 1,334 $ 1,759 As mentioned previously, the acquisition of Bank of Geneva resulted in the recognition of $3.9 million in core deposit intangible assets which is being amortized over its remaining life of 7 years on a straight line basis. The amortization expense for the nine months ended September 30, 2020 was $546 thousand of which $84 thousand was related to the purchase of the Custar office in December of 2013. Of the $653 thousand to be expensed in 2021, $478 thousand has been expensed for the nine months ended September 30, 2021. Annual amortization of core deposit intangible assets is as follows: (In Thousands) (In Thousands) (In Thousands) Geneva Ossian Total 2021 $ 560 $ 93 $ 653 2022 560 140 700 2023 560 140 700 2024 560 140 700 2025 560 140 700 Thereafter - 327 - $ 2,800 $ 980 3,453 On November 16, 2020, FM Investment Services, a division of the Bank, purchased the assets and clients of Adams County Financial Resources (ACFR), a full-service registered investment advisory firm located in Geneva, Indiana. ACFR was founded in 1994 by R. Lee Flueckiger and provides clients and their families with financial confidence through personalized investment planning and services. As of November 30, 2020, ACFR had approximately $83 million of assets under management and over 450 clients. Total consideration for the purchase was $825 thousand which consisted of 40,049 shares of stock. As a result of this purchase, the Company expects an increase to noninterest income of approximately $500 thousand in 2021 with the majority of the income to be recognized in the second half of the year. Under the acquisition method of accounting, the total purchase is allocated to net tangible and intangible assets based on their current estimated fair values on the date of acquisition. Of the total purchase price of $825 thousand, $800 thousand has been allocated to customer list intangible, included in other assets, to be amortized over 6.5 years on a straight line basis. The following table summarizes the consideration paid for ACFR and the amounts of the assets acquired: Fair Value of Consideration Transferred (In Thousands) Common Shares (40,049 shares) $ 825 Total $ 825 Recognized amounts of identifiable assets acquired Assets Premises and equipment $ 25 Customer list intangible 800 Total Assets Purchased $ 825 Of the $123 thousand to be expensed in 2021, $92 thousand has been expensed for the nine months ended September 30, 2021. Annual amortization expense of customer list intangible is as follows: (In Thousands) Adams County Financial Resources 2021 $ 123 2022 123 2023 123 2024 123 2025 123 Thereafter 169 $ 784 |
Securities
Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | NOTE 3 SECURITIES Mortgage-backed securities, as shown in the following tables, are all government sponsored enterprises. The amortized cost and fair value of securities, with gross unrealized gains and losses at September 30, 2021 and December 31, 2020, are as follows: (In Thousands) September 30, 2021 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Available-for-Sale: U.S. Treasury $ 74,347 $ 29 $ (572 ) $ 73,804 U.S. Government agencies 163,771 1,123 (1,698 ) 163,196 Mortgage-backed securities 124,658 1,348 (907 ) 125,099 State and local governments 62,802 2,046 (230 ) 64,618 Total available-for-sale securities $ 425,578 $ 4,546 $ (3,407 ) $ 426,717 (In Thousands) December 31, 2020 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Available-for-Sale: U.S. Treasury $ - $ - $ - $ - U.S. Government agencies 122,514 1,857 (130 ) 124,241 Mortgage-backed securities 110,828 2,228 - 113,056 State and local governments 67,260 3,265 (10 ) 70,515 Total available-for-sale securities $ 300,602 $ 7,350 $ (140 ) $ 307,812 Investment securities will at times depreciate to an unrealized loss position. The Company utilizes the following criteria to assess whether impairment is other than temporary. No one item by itself will necessarily signal that a security should be recognized as an other than temporary impairment. 1. The fair value of the security has significantly declined from book value. 2. A downgrade has occurred that lowered the credit rating to below investment grade (below Baa3 by Moody and BBB – by Standard and Poors.) 3. Dividends have been reduced or eliminated or scheduled interest payments have not been made. 4. The underwater security has longer than 10 years to maturity and the loss position had existed for more than 3 years. 5. Management does not possess both the intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. If the impairment is judged to be other than temporary, the cost basis of the individual security shall be written down to fair value, thereby establishing a new cost basis. The new cost basis shall not be changed for subsequent recoveries in fair value. The amount of the write down shall be included in current earnings as a realized loss. The recovery in fair value, if any, shall be recognized in earnings when the security is sold. The table below is presented by category of security and length of time in a continuous loss position. The Company currently does not hold any securities with other than temporary impairment. Information pertaining to securities with gross unrealized losses at September 30, 2021 and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows: (In Thousands) September 30, 2021 Less Than Twelve Months Twelve Months & Over Total Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized Fair Losses Value Losses Value Losses Value U.S. Treasury $ (572 ) $ 58,913 $ - $ - $ (572 ) $ 58,913 U.S. Government agencies (1,636 ) 107,353 (62 ) 2,443 (1,698 ) 109,796 Mortgage-backed securities (907 ) 57,266 - - (907 ) 57,266 State and local governments (166 ) 11,260 (64 ) 2,503 (230 ) 13,763 Total available-for-sale securities $ (3,281 ) $ 234,792 $ (126 ) $ 4,946 $ (3,407 ) $ 239,738 (In Thousands) December 31, 2020 Less Than Twelve Months Twelve Months & Over Total Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized Fair Losses Value Losses Value Losses Value U.S. Treasury $ - $ - $ - $ - $ - $ - U.S. Government agencies (130 ) 48,331 - - (130 ) 48,331 Mortgage-backed securities - - - - - - State and local governments (10 ) 3,562 - - (10 ) 3,562 Total available-for-sale securities $ (140 ) $ 51,893 $ - $ - $ (140 ) $ 51,893 Unrealized losses on securities have not been recognized into income because the issuers’ bonds are of high credit quality, values have only been impacted by changes in interest rates since the securities were purchased, and the Company has the intent and ability to hold the securities for the foreseeable future. The fair value is expected to recover as the bonds approach the maturity date. Below are the gross realized gains and losses for the three and nine months ended September 30, 2021 and September 30, 2020. Three Months Nine Months (In Thousands) (In Thousands) 2021 2020 2021 2020 Gross realized gains $ - $ - $ 293 $ 270 Gross realized losses - - - - Net realized gains $ - $ - $ 293 $ 270 Tax expense related to net realized gains $ - $ - $ 62 $ 57 The net realized gains on sales and related tax expense is a reclassification out of accumulated other comprehensive income (loss). The net realized gains are included in net gains on sale of available-for-sale securities and the related tax expense is included in income taxes in the condensed consolidated statements of income and comprehensive income (loss). The amortized cost and fair value of debt securities at September 30, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. (In Thousands) Amortized Cost Fair Value One year or less $ 8,867 $ 8,923 After one year through five years 120,220 121,121 After five years through ten years 171,484 171,215 After ten years 349 359 Total $ 300,920 $ 301,618 Mortgage-backed securities 124,658 125,099 Total $ 425,578 $ 426,717 Investments with a carrying value of $77.1 million and $83.2 million at September 30, 2021 and December 31, 2020, respectively, were pledged to secure public deposits and securities sold under repurchase agreements. Other securities include Federal Home Loan Bank of Cincinnati and Indianapolis stock in the amount of $4.5 million as of September 30, 2021 and $5.8 million as of December 31, 2020 in addition to Ohio Equity Fund for Housing Limited Partnership of $357 thousand as of September 30, 2021 and $151 thousand as of December 31, 2020. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans | NOTE 4 LOANS Loan balances as of September 30, 2021 and December 31, 2020 are summarized below: (In Thousands) Loans: September 30, 2021 December 31, 2020 Consumer Real Estate $ 202,454 $ 175,588 Agricultural Real Estate 179,374 189,159 Agricultural 105,580 94,358 Commercial Real Estate 728,852 588,825 Commercial and Industrial 194,767 189,246 Consumer 55,521 52,540 Other 31,096 15,757 1,497,644 1,305,473 Less: Net deferred loan fees and costs (2,082 ) (2,483 ) 1,495,562 1,302,990 Less: Allowance for loan losses (15,698 ) (13,672 ) Loans - Net $ 1,479,864 $ 1,289,318 Other loans primarily fund public improvements in the Bank’s service area. The distribution of fixed rate loans and variable rate loans by major loan category is as follows as of September 30, 2021: (In Thousands) Fixed Variable Consumer Real Estate $ 138,024 $ 64,430 Agricultural Real Estate 108,102 71,272 Agricultural 89,426 16,154 Commercial Real Estate 594,081 134,771 Commercial and Industrial 161,106 33,661 Consumer 51,469 4,052 Other 21,096 10,000 As of September 30, 2021 and December 31, 2020 one to four family residential mortgage loans amounting to $36.5 million and $38.0 million, respectively, have been pledged as security for future loans and existing loans the Bank has received from the Federal Home Loan Bank. Unless listed separately, Other loans are included in the Commercial and Industrial category for the remainder of the tables in this Note 4. The following table represents the contractual aging of the recorded investment (in thousands) in past due loans by portfolio classification of loans as of September 30, 2021 and December 31, 2020, net of deferred loan fees and costs: September 30, 2021 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Financing Receivables Recorded Investment > 90 Days and Accruing Consumer Real Estate $ 175 $ - $ 204 $ 379 $ 201,991 $ 202,370 $ - Agricultural Real Estate 120 - - 120 178,931 179,051 - Agricultural - - 117 117 105,605 105,722 - Commercial Real Estate - - 180 180 727,238 727,418 - Commercial and Industrial 136 199 366 701 224,681 225,382 - Consumer 62 45 - 107 55,512 55,619 - Total $ 493 $ 244 $ 867 $ 1,604 $ 1,493,958 $ 1,495,562 $ - December 31, 2020 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Financing Receivables Recorded Investment > 90 Days and Accruing Consumer Real Estate $ 269 $ 191 $ 1,032 $ 1,492 $ 173,824 $ 175,316 $ - Agricultural Real Estate - - 88 88 188,738 188,826 - Agricultural - - 176 176 94,314 94,490 - Commercial Real Estate - - 185 185 587,469 587,654 - Commercial and Industrial - 750 983 1,733 202,310 204,043 - Consumer 53 - - 53 52,608 52,661 - Total $ 322 $ 941 $ 2,464 $ 3,727 $ 1,299,263 $ 1,302,990 $ - The following table presents the recorded investment in nonaccrual loans by class of loans as of September 30, 2021 and December 31, 2020: (In Thousands) September 30, 2021 December 31, 2020 Consumer Real Estate $ 395 $ 1,546 Agricultural Real Estate 4,568 5,575 Agricultural 117 307 Commercial Real Estate 619 665 Commercial & Industrial 542 1,296 Consumer 7 15 Total $ 6,248 $ 9,404 Following are the characteristics and underwriting criteria for each major type of loan the Bank offers: Consumer Real Estate: Purchase, refinance, or equity financing of one to four family owner occupied dwelling. Success in repayment is subject to borrower’s income, debt level, character in fulfilling payment obligations, employment, and others. Agricultural Real Estate: Purchase of farm real estate or for permanent improvements to the farm real estate. Cash flow from the farm operation is the repayment source and is therefore subject to the financial success of the farm operation. Agricultural: Loans for the production and housing of crops, fruits, vegetables, and livestock or to fund the purchase or re-finance of capital assets such as machinery and equipment and livestock. The production of crops and livestock is especially vulnerable to commodity prices and weather. The vulnerability to commodity prices is offset by the farmer’s ability to hedge their position by the use of various pricing mechanisms. The risk related to weather is often mitigated by requiring crop insurance. Commercial Real Estate: Construction, purchase, and refinance of business purpose real estate. Risks include potential construction delays and overruns, vacancies, collateral value subject to market value fluctuations, interest rate, market demands, borrower’s ability to repay in orderly fashion, and others. The Bank does employ stress testing on higher balance loans to mitigate risk by ensuring the customer’s ability to repay in a changing rate environment before granting loan approval. Commercial and Industrial: Loans to proprietorships, partnerships, limited liability companies or corporations to provide temporary working capital and seasonal loans as well as long term loans for capital asset acquisition. Risks include adequacy of cash flow, reasonableness of projections, financial leverage, economic trends, management ability and estimated capital expenditures during the fiscal year. The Bank does employ stress testing on higher balance loans to mitigate risk by ensuring the customer's ability to repay in a changing rate environment before granting loan approval. Included in commercial loans for 2021 and 2020 are Paycheck Protection Program (PPP) loans, administered by the Small Business Administration (SBA), in the amounts of $9.8 million and $36.2 million, respectively. The PPP provides loans to eligible businesses through financial institutions like the Bank, with loans being eligible for forgiveness of some or all of the principal amount by the SBA if the borrower meets certain requirements. The SBA guarantees repayment of the loans to the Bank if the borrower’s loan is not forgiven and is then not repaid by the customer. Therefore, there is no allowance for loan losses related to these loans. Consumer: Funding for individual and family purposes. Success in repayment is subject to borrower’s income, debt level, character in fulfilling payment obligations, employment, and others. Other: Primarily funds public improvements in the Bank’s service area. Repayment ability is based on the continuance of the taxation revenue as the source of repayment. The Bank uses a nine tier risk rating system to grade its loans. The grade of a loan may change during the life of the loan. The risk ratings are described as follows. 1. Zero (0) Unclassified. Any loan which has not been assigned a classification. 2. One (1) Excellent. Credit to premier customers having the highest credit rating based on an extremely strong financial condition, which compares favorably with industry standards (upper quartile of RMA ratios). Financial statements indicate a sound earnings and financial ratio trend for several years with satisfactory profit margins and excellent liquidity exhibited. Prime credits may also be borrowers with loans fully secured by highly liquid collateral such as traded stocks, bonds, certificates of deposit, savings account, etc. No credit or collateral exceptions exist, and the loan adheres to The Bank's loan policy in every respect. Financing alternatives would be readily available and would qualify for unsecured credit. This rate is summarized by high liquidity, minimum risk, strong ratios, and low handling costs. 3. Two (2) Good. Desirable loans of somewhat less stature than rate 1, but with strong financial statements. Loan supported by financial statements containing strong balance sheets and a history of profitability. Probability of serious financial deterioration is unlikely. Possessing a sound repayment source (and a secondary source), which would allow repayment in a reasonable period of time. Individual loans backed by liquid personal assets, established history and unquestionable character. 4. Three (3) Satisfactory. Satisfactory loans of average or slightly above average risk – having some deficiency or vulnerability to changing economic conditions, but still fully collectible. Projects should normally demonstrate acceptable debt service coverage. There may be some weakness but with offsetting features of other support readily available. Loans that are meeting the terms of repayment. Loans may be rated 3 when there is no recent information on which to base a current risk evaluation and the following conditions apply: At inception, the loan was properly underwritten and did not possess an unwarranted level of credit risk; a. At inception, the loan was secured with collateral possessing a loan-to-value adequate to protect The Bank from loss; b. The loan exhibited two or more years of satisfactory repayment with a reasonable reduction of the principal balance; c. During the period that the loan has been outstanding, there has been no evidence of any credit weakness. Some examples of weakness include slow payment, lack of cooperation by the borrower, breach of loan covenants, or the business is in an industry which is known to be experiencing problems. If any of these credit weaknesses is observed, a lower risk rating is warranted. 5. Four (4) Satisfactory / Monitored. A “4” (Satisfactory/Monitored) risk rating may be established for a loan considered satisfactory but which is of average credit risk due to financial weakness or uncertainty. The loans warrant a higher than average level of monitoring to ensure that weaknesses do not advance. The level of risk in Satisfactory/Monitored classification is considered acceptable and within normal underwriting guidelines, so long as the loan is given management supervision. 6. Five (5) Special Mention. Loans that possess some credit deficiency or potential weakness which deserve close attention, but which do not yet warrant substandard classification. Such loans pose unwarranted financial risk that, if not corrected, could weaken the loan and increase risk in the future. The key distinctions of a 5 (Special Mention) classification are that (1) it is indicative of an unwarranted level of risk, and (2) weaknesses are considered “potential” versus “defined” impairments to the primary source of loan repayment and collateral. 7. Six (6) Substandard. One or more of the following characteristics may be exhibited in loans classified substandard: a. Loans which possess a defined credit weakness and the likelihood that a loan will be paid from the primary source are uncertain. Financial deterioration is underway and very close attention is warranted to ensure that the loan is collected without loss. b. Loans are inadequately protected by the current net worth and paying capacity of the borrower. c. The primary source of repayment is weakened, and The Bank is forced to rely on a secondary source of repayment such as collateral liquidation or guarantees. d. Loans are characterized by the distinct possibility that The Bank will sustain some loss if deficiencies are not corrected. e. Unusual courses of action are needed to maintain a high probability of repayment. f. The borrower is not generating enough cash flow to repay loan principal; however, continues to make interest payments. g. The lender is forced into a subordinate position or unsecured collateral position due to flaws in documentation. h. Loans have been restructured so that payment schedules, terms and collateral represent concessions to the borrower when compared to the normal loan terms. i. The lender is seriously contemplating foreclosure or legal action due to the apparent deterioration in the loan. j. There is significant deterioration in the market conditions and the borrower is highly vulnerable to these conditions. 8. Seven (7) Doubtful. One or more of the following characteristics may be exhibited in loans classified Doubtful: a. Loans have all of the weaknesses of those classified as Substandard. Additionally, however, these weaknesses make collection or liquidation in full based on existing conditions improbable. b. The primary source of repayment is gone, and there is considerable doubt as to the quality of the secondary source of repayment. c. The possibility of loss is high, but, because of certain important pending factors which may strengthen the loan, loss classification is deferred until its exact status is known. A Doubtful classification is established deferring the realization of the loss. 9. Eight (8) Loss. Loans are considered uncollectable and of such little value that continuing to carry them as assets on the institution’s financial statements is not feasible. Loans will be classified Loss when it is neither practical nor desirable to defer writing off or reserving all or a portion of a basically worthless asset, even though partial recovery may be possible at some time in the future. [ Remainder of this page intentionally left blank ] The following table represents the risk category of loans by portfolio class, net of deferred fees and costs, based on the most recent analysis performed as of September 30, 2021 and December 31, 2020: (In Thousands) Agricultural Commercial Commercial Real Estate Agricultural Real Estate and Industrial Other September 30, 2021 1-2 $ 9,647 $ 4,902 $ 11,306 $ 11,867 $ - 3 40,914 25,170 222,396 42,616 10,956 4 110,166 74,802 458,886 134,690 20,140 5 4,638 301 7,872 1,098 - 6 13,686 547 26,958 4,015 - 7 - - - - - 8 - - - - - Total $ 179,051 $ 105,722 $ 727,418 $ 194,286 $ 31,096 Agricultural Commercial Commercial Real Estate Agricultural Real Estate and Industrial Other December 31, 2020 1-2 $ 11,960 $ 5,093 $ 11,001 $ 38,486 $ - 3 38,306 23,779 165,201 26,515 4,651 4 112,465 63,480 396,076 114,108 11,106 5 7,478 1,577 4,010 3,266 - 6 18,617 561 11,366 4,796 - 7 - - - 1,115 - 8 - - - - - Total $ 188,826 $ 94,490 $ 587,654 $ 188,286 $ 15,757 For consumer residential real estate, and other, the Company also evaluates credit quality based on the aging status of the loan, as was previously stated, and by payment activity. The following tables present the recorded investment in those classes based on payment activity and assigned risk grading as of September 30, 2021 and December 31, 2020. (In Thousands) Consumer Consumer Real Estate Real Estate September 30, 2021 December 31, 2020 Grade Pass $ 199,470 $ 171,667 Special Mention (5) 1,687 1,284 Substandard (6) 1,213 2,365 Doubtful (7) - - Total $ 202,370 $ 175,316 (In Thousands) Consumer - Credit Consumer - Other September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Performing $ 3,630 $ 3,660 $ 51,976 $ 48,855 Nonperforming - 10 13 136 Total $ 3,630 $ 3,670 $ 51,989 $ 48,991 Information about impaired loans as of September 30, 2021, December 31, 2020 and September 30, 2020 are as follows: (In Thousands) September 30, 2021 December 31, 2020 September 30, 2020 Impaired loans without a valuation allowance $ 2,461 $ 5,172 $ 5,134 Impaired loans with a valuation allowance 9,388 9,360 10,125 Total impaired loans $ 11,849 $ 14,532 $ 15,259 Valuation allowance related to impaired loans $ 2,400 $ 1,657 $ 1,198 Total non-accrual loans $ 6,248 $ 9,404 $ 7,870 Total loans past-due ninety days or more and still accruing $ - $ - $ - Quarter ended average investment in impaired loans $ 11,639 $ 14,868 $ 13,517 Year to date average investment in impaired loans $ 12,360 $ 10,234 $ 8,613 There were no additional funds available to be advanced in connection with impaired loans as of September 30, 2021. The Bank had approximately $6.0 million of its impaired loans classified as troubled debt restructured (TDR) as of September 30, 2021, $6.5 million as of December 31, 2020 and $6.4 million as of September 30, 2020. Modification programs focused on payment pattern changes and/or modified maturity dates with most receiving a combination of the two concessions. The modifications did not result in the contractual forgiveness of principal. During the third quarter of 2021, one new loan was considered TDR as a result of being in a deficiency balance upon the sale of property. The loan is set for a 3 year term and 10 year amortization. The ALLL includes $1.0 million for the specific allocation on the principal balance of this loan. Year to date 2021, there were two new loans considered TDR with two previously reported TDR loans paid off in June. In the third quarter of 2020, one new loan was considered TDR and was given a rate concession. During the year to date 2020, there were six new loans considered TDR with one of the loans subsequently paid off in May. Interest was paid current at the time of all modifications. The following tables represent three and nine months ended September 30, 2021 and 2020: Pre- Post- Pre- Post- Three Months Number of Modification Modification Nine Months Number of Modification Modification September 30, 2021 Contracts Outstanding Outstanding September 30, 2021 Contracts Outstanding Outstanding (in thousands) Modified in the Recorded Recorded (in thousands) Modified in the Recorded Recorded Troubled Debt Restructurings Last Three Months Investment Investment Troubled Debt Restructurings Last Nine Months Investment Investment Ag Real Estate - $ - $ - Ag Real Estate - $ - $ - Agricultural - - - Agricultural - - - Commercial Real Estate - - - Commercial Real Estate 1 382 382 Commercial and Industrial 1 1,000 1,000 Commercial and Industrial 1 1,000 1,000 Pre- Post- Pre- Post- Three Months Number of Modification Modification Nine Months Number of Modification Modification September 30, 2020 Contracts Outstanding Outstanding September 30, 2020 Contracts Outstanding Outstanding (in thousands) Modified in the Recorded Recorded (in thousands) Modified in the Recorded Recorded Troubled Debt Restructurings Last Three Months Investment Investment Troubled Debt Restructurings Last Nine Months Investment Investment Ag Real Estate - $ - $ - Ag Real Estate 2 $ 5,380 $ 5,380 Agricultural - - - Agricultural 1 164 164 Commercial Real Estate - - - Commercial Real Estate 2 981 981 Commercial and Industrial 1 50 50 Commercial and Industrial 1 50 50 For the three and nine month periods ended September 30, 2021 and 2020, there were no TDRs that subsequently defaulted after modification. For the nine month period ended September 30, 2021, there was one impaired commercial real estate loan of $86 thousand and one impaired commercial loan of $480 thousand that were classified as TDR paid off as well as three impaired commercial loans of $809 thousand that were classified as TDR charged off. There was one impaired commercial real estate loan of $481 thousand that was classified as TDR paid off for the nine month period ended September 30, 2020. For the majority of the Bank’s impaired loans, the Bank will apply the fair value of collateral or use a measurement incorporating the present value of expected future cash flows discounted at the loan’s effective rate of interest. To determine fair value of collateral, collateral asset values securing an impaired loan are periodically evaluated. Maximum time of re-evaluation is every 12 months for chattels and titled vehicles and every two years for real estate. In this process, third party evaluations are obtained. Until such time that updated appraisals are received, the Bank may discount the collateral value used. The Bank uses the following guidelines as stated in policy to determine when to realize a charge-off, whether a partial or full loan balance. A charge-off in whole or in part is realized when unsecured consumer loans, credit card credits and overdraft lines of credit reach 90 days delinquency. At 90 days delinquent, secured consumer loans are charged down to the value of the collateral, if repossession of the collateral is assured and/or in the process of repossession. Consumer mortgage loan deficiencies are charged down upon the sale of the collateral or sooner upon the recognition of collateral deficiency. A broker’s price opinion or appraisal will be completed on all home loans in litigation and any deficiency will be charged off before reaching 150 days delinquent. Commercial and agricultural credits are charged down at 120 days delinquency, unless an established and approved work-out plan is in place or litigation of the credit will likely result in recovery of the loan balance. Upon notification of bankruptcy, unsecured debt is charged off. Additional charge-off may be realized as further unsecured positions are recognized. The following tables present loans individually evaluated for impairment by class of loans for the three and nine months ended September 30, 2021 and September 30, 2020 and for the year ended December 31, 2020. (In Thousands) QTD QTD QTD Interest Three Months Ended September 30, 2021 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 714 $ 714 $ - $ 453 $ 1 $ 3 Agricultural Real Estate 1,207 1,207 - 1,047 19 - Agricultural 130 130 - 130 4 - Commercial Real Estate 180 180 - 2,519 4 1 Commercial and Industrial 215 215 - 525 - 1 Consumer 15 15 - 16 - - With a specific allowance recorded: Consumer Real Estate - - - - - - Agricultural Real Estate 4,844 4,844 636 5,104 4 - Agricultural 117 117 54 117 - - Commercial Real Estate 3,427 3,427 710 1,395 31 - Commercial and Industrial 1,000 1,000 1,000 333 2 - Consumer - - - - - - Totals: Consumer Real Estate $ 714 $ 714 $ - $ 453 $ 1 $ 3 Agricultural Real Estate $ 6,051 $ 6,051 $ 636 $ 6,151 $ 23 $ - Agricultural $ 247 $ 247 $ 54 $ 247 $ 4 $ - Commercial Real Estate $ 3,607 $ 3,607 $ 710 $ 3,914 $ 35 $ 1 Commercial and Industrial $ 1,215 $ 1,215 $ 1,000 $ 858 $ 2 $ 1 Consumer $ 15 $ 15 $ - $ 16 $ - $ - (In Thousands) Interest Year Ended December 31, 2020 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 799 $ 799 $ - $ 738 $ 22 $ 10 Agricultural Real Estate 1,546 1,549 - 729 18 12 Agricultural 291 291 - 392 3 3 Commercial Real Estate 185 185 - 195 13 - Commercial and Industrial 2,328 2,328 - 1,222 26 5 Consumer 23 23 - 16 - - With a specific allowance recorded: Consumer Real Estate 202 202 31 126 - 3 Agricultural Real Estate 5,210 5,210 600 3,175 6 102 Agricultural 176 176 116 188 - - Commercial Real Estate 2,765 2,765 20 2,524 128 - Commercial and Industrial 1,007 1,007 890 916 52 - Consumer - - - 11 1 - Totals: Consumer Real Estate $ 1,001 $ 1,001 $ 31 $ 864 $ 22 $ 13 Agricultural Real Estate $ 6,756 $ 6,759 $ 600 $ 3,904 $ 24 $ 114 Agricultural $ 467 $ 467 $ 116 $ 580 $ 3 $ 3 Commercial Real Estate $ 2,950 $ 2,950 $ 20 $ 2,719 $ 141 $ - Commercial and Industrial $ 3,335 $ 3,335 $ 890 $ 2,138 $ 78 $ 5 Consumer $ 23 $ 23 $ - $ 27 $ 1 $ - (In Thousands) QTD QTD QTD Interest Three Months Ended September 30, 2020 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 780 $ 780 $ - $ 791 $ 41 $ 5 Agricultural Real Estate 1,589 1,589 - 873 2 - Agricultural 533 533 - 375 4 1 Commercial Real Estate 186 186 - 186 1 - Commercial and Industrial 2,021 2,021 - 1,190 5 - Consumer 25 25 - 26 21 - With a specific allowance recorded: Consumer Real Estate 205 205 43 119 8 - Agricultural Real Estate 5,425 5,425 432 5,450 2 - Agricultural 188 188 28 342 3 - Commercial Real Estate 3,033 3,033 44 3,046 - - Commercial and Industrial 1,274 1,274 651 1,119 3 - Consumer - - - - - - Totals: Consumer Real Estate $ 985 $ 985 $ 43 $ 910 $ 49 $ 5 Agricultural Real Estate $ 7,014 $ 7,014 $ 432 $ 6,323 $ 4 $ - Agricultural $ 721 $ 721 $ 28 $ 717 $ 7 $ 1 Commercial Real Estate $ 3,219 $ 3,219 $ 44 $ 3,232 $ 1 $ - Commercial and Industrial $ 3,295 $ 3,295 $ 651 $ 2,309 $ 8 $ - Consumer $ 25 $ 25 $ - $ 26 $ 21 $ - (In Thousands) YTD YTD YTD Interest Nine Months Ended September 30, 2021 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 714 $ 714 $ - $ 485 $ 4 $ 10 Agricultural Real Estate 1,207 1,207 - 1,191 53 - Agricultural 130 130 - 161 8 - Commercial Real Estate 180 180 - 1,768 38 7 Commercial and Industrial 215 215 - 1,206 24 4 Consumer 15 15 - 19 1 - With a specific allowance recorded: Consumer Real Estate - - - - - - Agricultural Real Estate 4,844 4,844 636 5,273 15 - Agricultural 117 117 54 123 4 - Commercial Real Estate 3,427 3,427 710 1,800 58 3 Commercial and Industrial 1,000 1,000 1,000 334 2 - Consumer - - - - - - Totals: Consumer Real Estate $ 714 $ 714 $ - $ 485 $ 4 $ 10 Agricultural Real Estate $ 6,051 $ 6,051 $ 636 $ 6,464 $ 68 $ - Agricultural $ 247 $ 247 $ 54 $ 284 $ 12 $ - Commercial Real Estate $ 3,607 $ 3,607 $ 710 $ 3,568 $ 96 $ 10 Commercial and Industrial $ 1,215 $ 1,215 $ 1,000 $ 1,540 $ 26 $ 4 Consumer $ 15 $ 15 $ - $ 19 $ 1 $ - (In Thousands) YTD YTD YTD Interest Nine Months Ended September 30, 2020 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 780 $ 780 $ - $ 688 $ 120 $ 9 Agricultural Real Estate 1,589 1,589 - 451 6 - Agricultural 533 533 - 367 9 1 Commercial Real Estate 186 186 - 199 3 - Commercial and Industrial 2,021 2,021 - 819 18 - Consumer 25 25 - 21 37 - With a specific allowance recorded: Consumer Real Estate 205 205 43 60 10 - Agricultural Real Estate 5,425 5,425 432 2,475 7 - Agricultural 188 188 28 208 6 - Commercial Real Estate 3,033 3,033 44 2,389 - - Commercial and Industrial 1,274 1,274 651 929 10 - Consumer - - - 7 - - Totals: Consumer Real Estate $ 985 $ 985 $ 43 $ 748 $ 130 $ 9 Agricultural Real Estate $ 7,014 $ 7,014 $ 432 $ 2,926 $ 13 $ - Agricultural $ 721 $ 721 $ 28 $ 575 $ 15 $ 1 Commercial Real Estate $ 3,219 $ 3,219 $ 44 $ 2,588 $ 3 $ - Commercial and Industrial $ 3,295 $ 3,295 $ 651 $ 1,748 $ 28 $ - Consumer $ 25 $ 25 $ - $ 28 $ 37 $ - As of September 30, 2021, the Company had The Allowance for Loan and Lease Losses (ALLL) has a direct impact on the provision expense. An increase in the ALLL is funded through recoveries and provision expense. The following tables summarize the activities in the allowance for credit losses. (In Thousands) Nine Months Ended Twelve Months Ended September 30, 2021 December 31, 2020 Allowance for Loan & Lease Losses Balance at beginning of year $ 13,672 $ 7,228 Provision for loan loss 3,000 6,981 Loans charged off (1,154 ) (720 ) Recoveries 180 183 Allowance for Loan & Lease Losses $ 15,698 $ 13,672 Allowance for Unfunded Loan Commitments & Letters of Credit $ 1,039 $ 641 Total Allowance for Credit Losses $ 16,737 $ 14,313 The Company segregates its ALLL into two reserves: The ALLL and the Allowance for Unfunded Loan Commitments and Letters of Credit (AULC). When combined, these reserves constitute the total Allowance for Credit Losses (ACL). The ALLL does not include an accretable yield of $2.0 million and $1.7 million as of September 30, 2021 and December 31, 2020, respectively nor a nonaccretable yield of $325 thousand as of September 30, 2021 related to the acquisitions of Bank of Geneva in 2019 and Ossian State Bank in 2021 as previously discussed in Note 2. The AULC is reported within other liabilities on the balance sheet while the ALLL is netted within the loans, net asset line. The ACL presented above represents the full amount of reserves available to absorb possible credit losses. [ Remainder of this page intentionally left blank ] The following table breaks down the activity within ACL for each loan portfolio classification and shows the contribution provided by both the recoveries and the provision along with the reduction of the allowance caused by charge-offs. Additional analysis, presented in thousands, related to the allowance for credit losses for the three and nine months ended September 30, 2021 and September 30, 2020 in addition to the ending balances as of December 31, 2020 is as follows: Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total Three Months Ended September 30, 2021 ALLOWANCE FOR CREDIT LOSSES: Beginning balance $ 649 $ 1,217 $ 720 $ 8,831 $ 2,837 $ 613 $ 1,145 $ 220 16,232 Charge Offs (2 ) - (1 ) - (5 ) (95 ) - - (103 ) Recoveries 3 - 1 3 9 39 - - 55 Provision (Credit) 146 (291 ) (33 ) (469 ) 973 49 - 284 659 Other Non-interest expense related to unfunded - - - - - - (106 ) - (106 ) Ending Balance $ 796 $ 926 $ 687 $ 8,365 $ 3,814 $ 606 $ 1,039 $ 504 $ 16,737 Ending balance: individually evaluated for impairment $ - $ 636 $ 54 $ 710 $ 1,000 $ - $ - $ - $ 2,400 Ending balance: collectively evaluated for impairment $ 796 $ 290 $ 633 $ 7,655 $ 2,814 $ 606 $ 1,039 $ 504 $ 14,337 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 202,370 $ 179,051 $ 105,722 $ 727,418 $ 225,382 $ 55,619 $ - $ - $ 1,495,562 Ending balance: individually evaluated for impairment $ 714 $ 6,051 $ 247 $ 3,607 $ 1,215 $ 15 $ - $ - $ 11,849 Ending balance: collectively evaluated for impairment $ 201,595 $ 173,000 $ 105,475 $ 723,577 $ 223,803 $ 55,604 $ - $ - $ 1,483,054 Ending balance: loans acquired with deteriorated credit quality $ 61 $ - $ - $ 234 $ 364 $ - $ - $ - $ 659 December 31, 2020 Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total ALLOWANCE FOR CREDIT LOSSES: Ending Balance $ 633 $ 958 $ 701 $ 7,415 $ 3,346 $ 606 $ 641 $ 13 $ 14,313 Ending balance: individually evaluated for impairment $ 31 $ 600 $ 116 $ 20 $ 890 $ - $ - $ - $ 1,657 Ending balance: collectively evaluated for impairment $ 602 $ 358 $ 585 $ 7,395 $ 2,456 $ 606 $ 641 $ 13 $ 12,656 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 175,316 $ 188,826 $ 94,490 $ 587,654 $ 204,043 $ 52,661 $ - $ - $ 1,302,990 Ending balance: individually evaluated for impairment $ 1,001 $ 6,756 $ 467 $ 2,950 $ 3,335 $ 23 $ - $ - $ 14,532 Ending balance: collectively evaluated for impairment $ 174,273 $ 182,070 $ 94,023 $ 584,704 $ 200,602 $ 52,638 $ - $ - $ 1,288,310 Ending balance: loans acquired with deteriorated credit quality $ 42 $ - $ - $ - $ 106 $ - $ - $ - $ 148 Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total Three Months Ended September 30, 2020 ALLOWANCE FOR CREDIT LOSSES: Beginning balance $ 570 $ 813 $ 1,036 $ 4,458 $ 2,423 $ 561 $ 605 $ 72 $ 10,538 Charge Offs - - - - - (79 ) - - (79 ) Recoveries 2 - - 2 10 28 - - 42 Provision (Credit) (42 ) (51 ) (367 ) 1,275 839 94 - 239 1,987 Other Non-interest expense related to unfunded - - - - - - 28 - 28 Ending Balance $ 530 $ 762 $ 669 $ 5,735 $ 3,272 $ 604 $ 633 $ 311 $ 12,516 Ending balance: individually evaluated for impairment $ 43 $ 432 $ 28 $ 44 $ 651 $ - $ - $ - $ 1,198 Ending balance: collectively evaluated for impairment $ 487 $ 330 $ 641 $ 5,691 $ 2,621 $ 604 $ 633 $ 311 $ 11,318 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 175,595 $ 192,577 $ 103,476 $ 593,936 $ 244,823 $ 53,455 $ - $ - $ 1,363,862 Ending balance: individually evaluated for impairment $ 985 $ 7,014 $ 721 $ 3,219 $ 3,295 $ 25 $ - $ - $ 15,259 Ending balance: collectively evaluated for impairment $ 174,567 $ 185,563 $ 102,755 $ 590,717 $ 241,528 $ 53,339 $ - $ - $ 1,348,469 Ending balance: loans acquired with deteriorated credit quality $ 43 $ - $ - $ - $ - $ 91 $ - $ - $ 134 Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total Nine Months Ended September 30, 2021 ALLOWANCE FOR CREDIT LOSSES: Beginning balance $ 633 $ 958 $ 701 $ 7,415 $ 3,346 $ 606 $ 641 $ 13 $ 14,313 Charge Offs (2 ) - (143 ) - (814 ) (195 ) - - (1,154 ) Recoveries 9 - 7 8 19 137 - - 180 Provision (Credit) 156 (32 ) 122 942 1,263 58 - 491 3,000 Other Non-interest expense related to unfunded - - - - - - 398 - 398 Ending Balance $ 796 $ 926 $ 687 $ 8,365 $ 3,814 $ 606 $ 1,039 $ 504 $ 16,737 Ending bala |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 5 EARNINGS PER SHARE Basic earnings per share are calculated using the two-class method. The two-class method is an earnings allocation formula under which earnings per share is calculated from common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings distributed and undistributed, are allocated to participating securities and common shares based on their respective rights to receive dividends. Unvested share-based payment awards that contain non-forfeitable rights to dividends are considered participating securities (i.e. unvested restricted stock), not subject to performance based measures. Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding. Application of the two-class method for participating securities results in a more dilutive basic earnings per share as the participating securities are allocated the same amount of income as if they are outstanding for purposes of basic earnings per share. There is no additional potential dilution in calculating diluted earnings per share, therefore basic and diluted earnings per share are the same amounts. Other than the restricted stock plan, the Company has no other employee stock based compensation plans. Beginning in 2020, the Compensation Committee of the Company has determined that it is appropriate to award shares of the common stock of the Company to Outside Directors and Employees that are officers of the Company or the Bank who also serve as Directors of the Company and the Bank as a portion of their retainer for services rendered as Directors of the Company and the Bank. The Committee believes that it is appropriate to award the Directors shares equal to a specific dollar amount, rounded to the nearest whole share on an annual basis commencing on June 5, 2020 and thereafter on the first Friday of June in each year. Directors receive a prorated dollar value of shares for a partial year of service. The value for the shares is to be based upon the closing price for shares on June 4, 2020 and thereafter on the first Thursday in June in each year. On June 5, 2020, each Director received approximately $4,000 which equated to 176 shares. On June 4, 2021, ten Directors received approximately $6,000 worth of shares which equated to 272 shares while four Directors received a prorated dollar value of shares. The use of stock for Directors’ retainer, does not have an effect on diluted earnings per share as it is immediately vested. (in thousands of dollars) (in thousands of dollars) Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Earnings per share Net income $ 5,920 $ 4,410 $ 15,812 $ 13,319 Less: distributed earnings allocated to participating securities (20 ) (15 ) (49 ) (41 ) Less: undistributed earnings allocated to participating securities (31 ) (19 ) (77 ) (59 ) Net earnings available to common shareholders $ 5,869 $ 4,376 $ 15,686 $ 13,219 Weighted average common shares outstanding including participating securities 11,209,732 11,142,797 11,199,309 11,135,695 Less: average unvested restricted shares (96,197 ) (83,257 ) (89,075 ) (83,445 ) Weighted average common shares outstanding 11,113,535 11,059,540 11,110,234 11,052,250 Basic and diluted earnings per share $ 0.53 $ 0.40 $ 1.41 $ 1.20 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | NOTE 6 FAIR VALUE OF FINANCIAL INSTRUMENTS Fair values of financial instruments are management's estimate of the values at which the instruments could be exchanged in a transaction between willing parties. These estimates are subjective and may vary significantly from amounts that would be realized in actual transactions. In addition, other significant assets are not considered financial assets including deferred tax assets, premises, equipment and intangibles. Further, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on the fair value estimates and have not been considered in any of the estimates. [ Remainder of this page intentionally left blank ] The estimated fair values, and related carrying or notional amounts, for on and off-balance sheet financial instruments as of September 30, 2021 and December 31, 2020 are reflected below. (In Thousands) September 30, 2021 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 158,078 $ 158,078 $ 158,078 $ - $ - Interest-bearing time deposits 14,622 14,651 - 14,651 - Securities - available-for-sale 426,717 426,717 73,804 349,146 3,767 Other securities 4,905 4,905 - - 4,905 Loans held for sale 3,735 3,735 - - 3,735 Loans, net 1,479,864 1,434,960 - - 1,434,960 Interest receivable 7,401 7,401 - - 7,401 Financial Liabilities: Interest bearing deposits $ 1,175,769 $ 1,175,816 $ - $ - $ 1,175,816 Non-interest bearing deposits 438,076 438,076 - 438,076 - Time deposits 252,383 248,399 - - 248,399 Total Deposits 1,866,228 1,862,291 - 438,076 1,424,215 Federal funds purchased and securities sold under agreement to repurchase 29,601 29,601 - - 29,601 Federal Home Loan Bank advances 17,868 17,869 - - 17,869 Subordinated notes, net of unamortized issuance costs 34,441 35,000 - 35,000 - Interest payable 588 588 - - 588 (In Thousands) December 31, 2020 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 175,706 $ 175,706 $ 175,706 $ - $ - Interest-bearing time deposits 4,653 4,677 - 4,677 - Securities - available-for-sale 307,812 307,812 - 306,250 1,562 Other securities 5,939 5,939 - - 5,939 Loans held for sale 7,740 7,740 - - 7,740 Loans, net 1,289,318 1,261,440 - - 1,261,440 Interest receivable 6,188 6,188 - - 6,188 Financial Liabilities: Interest bearing deposits $ 997,462 $ 1,004,608 $ - $ - $ 1,004,608 Non-interest bearing deposits 351,147 351,147 - 351,147 - Time deposits 247,553 250,135 - - 250,135 Total Deposits 1,596,162 1,605,890 - 351,147 1,254,743 Federal funds purchased and securities sold under agreement to repurchase 30,239 30,239 - - 30,239 Federal Home Loan Bank advances 17,861 17,872 - - 17,872 Subordinated notes, net of unamortized issuance costs - - - - - Interest payable 338 338 - - 338 Fair Value Measurements In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities in active markets that the Company has the ability to access. Available-for-sale securities, when quoted prices are available in an active market, securities are valued using the quoted price and are classified as Level 1. Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals. Available-for-sale securities classified as Level 2 are valued using the prices obtained from an independent pricing service. The prices are not adjusted. Securities of obligations of state and political subdivisions are valued using a type of matrix, or grid, pricing in which securities are benchmarked against the treasury rate based on credit rating. Substantially all assumptions used by the independent pricing service are observable in the marketplace, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset or liability. The Bank holds some local municipals that the Bank evaluates based on the credit strength of the underlying project. The fair value is determined by valuing similar credit payment streams at similar rates. In instances where inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Company's assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset. The following summarizes financial assets measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, segregated by level or the valuation inputs within the fair value hierarchy utilized to measure fair value: Assets and Liabilities Measured at Fair Value on a Recurring Basis (In Thousands) September 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - (Securities Available-for-Sale) U.S. Treasury $ 73,804 $ - $ - U.S. Government agencies - 163,196 - Mortgage-backed securities - 125,099 - State and local governments - 60,851 3,767 Total Securities Available-for-Sale $ 73,804 $ 349,146 $ 3,767 December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - (Securities Available-for-Sale) U.S. Treasury $ - $ - $ - U.S. Government agencies - 124,241 - Mortgage-backed securities - 113,056 - State and local governments - 68,953 1,562 Total Securities Available-for-Sale $ - $ 306,250 $ 1,562 The following tables represent the changes in the Level 3 fair-value category of which unobservable inputs are relied upon as of the three and nine month periods ended September 30, 2021 and September 30, 2020. (In Thousands) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) State and Local Governments Tax-Exempt State and Local Governments Taxable State and Local Governments Total Balance at July 1, 2021 $ 2,410 $ 1,538 $ 3,948 Change in Market Value (9 ) (17 ) (26 ) Purchases - - - Payments & Maturities (155 ) - (155 ) Balance at September 30, 2021 $ 2,246 $ 1,521 $ 3,767 (In Thousands) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) State and Local Governments Tax-Exempt State and Local Governments Taxable State and Local Governments Total Balance at July 1, 2020 $ - $ 1,550 $ 1,550 Change in Market Value - 35 35 Payments & Maturities - - - Balance at September 30, 2020 $ - $ 1,585 $ 1,585 (In Thousands) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) State and Local Governments Tax-Exempt State and Local Governments Taxable State and Local Governments Total Balance at January 1, 2021 $ - $ 1,562 $ 1,562 Change in Market Value (17 ) (41 ) (58 ) . Purchases 2,418 - 2,418 Payments & Maturities (155 ) - (155 ) Balance at September 30, 2021 $ 2,246 $ 1,521 $ 3,767 (In Thousands) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) State and Local Governments Tax-Exempt State and Local Governments Taxable State and Local Governments Total Balance at January 1, 2020 $ - $ 1,490 $ 1,490 Change in Market Value - 95 95 Payments & Maturities - - - Balance at September 30, 2020 $ - $ 1,585 $ 1,585 Most of the Company's available-for-sale securities, including any bonds issued by local municipalities, have CUSIP numbers or have similar characteristics of those in the municipal markets, making them marketable and comparable as Level 2. The Company also has assets that, under certain conditions, are subject to measurement at fair value on a non-recurring basis. At September 30, 2021 and December 31, 2020, such assets consist primarily of collateral dependent impaired loans. Collateral dependent impaired loans categorized as Level 3 assets consist of non-homogeneous loans that are considered impaired. The Company estimates the fair value of the loans based on the present value of expected future cash flows using management's best estimate of key assumptions. These assumptions include future payment ability, timing of payment streams, and estimated realizable values of available collateral (typically based on outside appraisals.) At September 30, 2021 and December 31, 2020, fair value of collateral dependent impaired loans categorized as Level 3 was $6.9 million and $7.7 million, respectively. The specific allocation for impaired loans was $1.3 million and $1.7 million as of September 30, 2021 and December 31, 2020, respectively, which are accounted for in the allowance for loan losses (see Note 4). Other real estate is reported at either the lower of the fair value of the real estate minus the estimated costs to sell the asset or the cost of the asset. The determination of fair value of the real estate relies primarily on appraisals from third parties. If the fair value of the real estate, minus the estimated costs to sell the asset, is less than the asset's cost, the deficiency is recognized as a valuation allowance against the asset through a charge to expense. The valuation allowance is therefore increased or decreased, through charges or credits to expense, for changes in the asset's fair value or estimated selling costs. The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements: (In Thousands) Range Fair Value at (Weighted September 30, 2021 Valuation Technique Unobservable Inputs Average) State and local government $ 3,767 Discounted Cash Flow Credit strength of underlying project or entity / Discount rate 0.34- (0.86%) Collateral dependent impaired loans 6,925 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 34.54-81.41% (32.44%) Other real estate owned - residential 30 Appraisals Discount to reflect current market 0.0- (50.99%) (In Thousands) Range Fair Value at (Weighted December 31, 2020 Valuation Technique Unobservable Inputs Average) State and local government $ 1,562 Discounted Cash Flow Credit strength of underlying project or entity / Discount rate 1.19-1.19% (1.19%) Collateral dependent impaired loans 7,703 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 0.71-100% (17.71%) Other real estate owned - residential - Appraisals Discount to reflect current market — % ( — ) The following table presents impaired loans as recorded at fair value on September 30, 2021 and December 31, 2020: Assets Measured at Fair Value on a Nonrecurring Basis at September 30, 2021 (In Thousands) Balance at September 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent impaired loans $ 6,925 $ - $ - $ 6,925 Other real estate owned - residential 30 - - 30 Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2020 (In Thousands) Balance at December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent impaired loans $ 7,703 $ - $ - $ 7,703 Other real estate owned - residential - - - - |
Federal Funds Purchased and Sec
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | 9 Months Ended |
Sep. 30, 2021 | |
Brokers And Dealers [Abstract] | |
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | NOTE 7 FEDERAL FUNDS PURCHASED AND SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE The Company had no federal funds purchased as of September 30, 2021 and December 31, 2020. During the same time periods, the Company had $29.6 million and $30.2 million in securities sold under agreement to repurchase. September 30, 2021 Remaining Contractual Maturity of the Agreements (In Thousands) Overnight & Continuous Up to 30 days 30-90 Greater Than 90 days Total Repurchase agreements US Treasury & agency securities $ 1,240 $ 2,156 $ 750 $ 25,455 $ 29,601 Total $ 1,240 $ 2,156 $ 750 $ 25,455 $ 29,601 December 31, 2020 Remaining Contractual Maturity of the Agreements (In Thousands) Overnight & Continuous Up to 30 days 30-90 Greater Than 90 days Total Repurchase agreements US Treasury & agency securities $ 1,899 $ - $ 3,900 $ 24,440 $ 30,239 Total $ 1,899 $ - $ 3,900 $ 24,440 $ 30,239 |
Subordinated Notes
Subordinated Notes | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Subordinated Notes | NOTE 8 SUBORDINATED NOTES On July 30, 2021, the Company announced the completion of a private placement of $35 million aggregate principal amount of its 3.25% fixed-to-floating rate subordinated notes due July 30, 2031 (the “Notes”) to various accredited investors (the “Offering”). The price for the Notes was 100% of the principal amount of the Notes. The Notes are intended to qualify as Tier 2 capital for regulatory purposes. The Company intends to use the net proceeds from the Offering for general corporate purposes, including financing acquisitions and organic growth. Interest on the Notes will accrue at a rate equal to (i) 3.25% per annum from the original issue date to, but excluding, the five-year September 30, 2021 December 31, 2020 (In Thousands) Principal Unamortized Note Issuance Costs Principal Unamortized Note Issuance Costs Subordinated Notes $ 35,000 $ (559 ) $ - $ - |
Proposed Business Combination
Proposed Business Combination | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Proposed Business Combination | NOTE 9 PROPOSED BUSINESS COMBINATION On May 4, 2021, the Company announced they have signed an agreement and plan of reorganization and merger (the Agreement) whereby F&M will acquire Perpetual Federal Savings Bank, (“PFSB”), in a stock and cash transaction. PFSB operates one full-service office in Urbana, Ohio. At March 31, 2021, PFSB reported $391 million in total assets, $326 million in loans, $305 million in deposits and $79 million in tangible equity. PFSB is taxed as an S-Corporation. The closing date was October 1, 2021. Subject to the terms of the Agreement, which has been unanimously approved by the Board of Directors of each company, PFSB shareholders will elect to receive either 1.776 shares of FMAO stock or $41.20 per share in cash for each PFSB share owned, subject to adjustment based upon 1,833,999 shares of FMAO to be issued in the merger. At March 31, 2021, PFSB reported 2,470,032 shares of common stock outstanding. Based on FMAO’s closing share price as of May 3, 2021 of $24.22, the implied aggregate acquisition value equals $103.7 million. In 2021, the Company incurred $523.5 thousand of third-party acquisition related costs. These expenses are comprised of consulting fees of $160.8 thousand and other general and administrative expense of $362.7 thousand in the Company’s consolidated statement of income for the nine months ended September 30, 2021. During the most recent quarter, the Company incurred $275.4 thousand of third-party acquisition related costs. These expenses are comprised of consulting fees of $69.0 thousand and other general and administrative expense of $206.3 thousand in the Company’s consolidated statement of income for the three months ended September 30, 2021. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 10 RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13 “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The ASU was effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (i.e., January 1, 2020, for calendar year entities). FASB subsequently approved a delay in adoption for Smaller Reporting Companies. The Company has completed an analysis to determine that it qualifies as a Smaller Reporting Company. As such, adoption can be postponed until periods beginning after December 15, 2022 (i.e., January 1, 2023, for calendar year entities). Early application will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company has contracted with an external advisor and has formed a committee to determine the methodology to be used. Most importantly, the Company is gathering as much data as possible to enable management to review scenarios and determine which calculations will produce the most reliable results. The Company began working with the third-party service provider to review parallel reports starting in June 2019. The Company has not adopted ASU 2016-13 in calendar year 2021 and management is currently evaluating when or if they would elect to early adopt ASU 2016-13. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 10 RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13 “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The ASU was effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (i.e., January 1, 2020, for calendar year entities). FASB subsequently approved a delay in adoption for Smaller Reporting Companies. The Company has completed an analysis to determine that it qualifies as a Smaller Reporting Company. As such, adoption can be postponed until periods beginning after December 15, 2022 (i.e., January 1, 2023, for calendar year entities). Early application will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company has contracted with an external advisor and has formed a committee to determine the methodology to be used. Most importantly, the Company is gathering as much data as possible to enable management to review scenarios and determine which calculations will produce the most reliable results. The Company began working with the third-party service provider to review parallel reports starting in June 2019. The Company has not adopted ASU 2016-13 in calendar year 2021 and management is currently evaluating when or if they would elect to early adopt ASU 2016-13. |
Business Combination and Asse_2
Business Combination and Asset Purchase (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Acquisition [Line Items] | |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized | The following table summarizes the consideration paid for Ossian State Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date. Fair Value of Consideration Transferred (In Thousands) Cash $ 20,001 Total $ 20,001 Recognized amounts of identifiable assets acquired and liabilities assumed Assets Cash and cash equivalents $ 20,229 Interest-bearing time deposits 20,226 Securities - available-for-sale 30,243 Other securities, at cost 281 Loans, net 52,403 Premises and equipment 494 Goodwill 7,874 Other assets 5,308 Total Assets Purchased $ 137,058 Liabilities Deposits Noninterest bearing $ 34,509 Interest bearing 81,535 Total deposits 116,044 Accrued expenses and other liabilities 1,013 Total Liabilities Assumed $ 117,057 |
Summary of Carrying Amount of Loans | The carrying amount of those loans is included in loans, net on the balance sheet at September 30. The amounts of loans at April 30, 2021 and September 30, 2021 are as follows: 2021 (In Thousands) Balance - April 30, 2021 Consumer Real Estate $ 24 Agricultural Real Estate 981 Commercial Real Estate 315 Commercial & Industrial 314 Carrying amount, net of fair value adjustment of $325 $ 1,309 Balance - September 30, 2021 Consumer Real Estate $ 23 Agricultural Real Estate - Commercial Real Estate 234 Commercial & Industrial 293 Carrying amount, net of fair value adjustment of $325 $ 225 |
Summary of Loans Acquired and Contractually Required Payments Receivable | Loans acquired during 2021 for which it was probable at acquisition that all contractually required payments would not be collected are as follows: (In Thousands) Contractually required payments receivable at acquisition Consumer Real Estate $ 28 Agricultural Real Estate 1,142 Commercial Real Estate 527 Commercial & Industrial 360 Total required payments receivable $ 2,057 Cash flows expected to be collected at acquisition $ 1,309 Basis in acquired loans at acquisition $ 1,634 |
Summary of Changes in Accretable Yield or Income Expected to be Collected | Changes in accretable yield, or income expected to be collected, for the three and nine months ended are as follows: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (In Thousands) (In Thousands) (In Thousands) (In Thousands) Beginning Balance $ 1,439 $ 1,871 $ 1,653 $ 2,021 Additions 3 - 8 2 Accretion (108 ) (107 ) (323 ) (321 ) Reclassification from nonaccretable difference - - - 62 Disposals - (5 ) (4 ) (5 ) Ending Balance $ 1,334 $ 1,759 $ 1,334 $ 1,759 |
Schedule of Pro-forma Results | The following schedule includes pro-forma results for the three and nine months ended September 30, 2021 and 2020 as if the Ossian State Bank acquisitions had occurred as of the beginning of the comparable prior reporting period. (in thousands of dollars, except per share data) (in thousands of dollars, except per share data) Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Summary of Operations Net Interest Income - Before Provision for Loan Losses $ 18,450 $ 15,909 $ 50,482 $ 46,387 Provision for Loan Losses 659 1,988 3,001 4,989 Net Interest Income After Provision for Loan Losses 17,791 13,921 47,481 41,398 Noninterest Income 4,074 4,814 13,302 11,363 Noninterest Expense 12,880 13,062 38,010 35,666 Income Before Income Taxes 8,985 5,673 22,773 17,095 Income Taxes 1,892 1,093 4,566 3,273 Net Income $ 7,093 $ 4,580 $ 18,207 $ 13,822 Basic and Diluted Earnings Per Share $ 0.63 $ 0.41 $ 1.63 $ 1.24 |
Schedule of Annual Amortization of Core Deposit Intangible Assets | Annual amortization of core deposit intangible assets is as follows: (In Thousands) (In Thousands) (In Thousands) Geneva Ossian Total 2021 $ 560 $ 93 $ 653 2022 560 140 700 2023 560 140 700 2024 560 140 700 2025 560 140 700 Thereafter - 327 - $ 2,800 $ 980 3,453 |
Customer Lists [Member] | |
Business Acquisition [Line Items] | |
Schedule of Annual Amortization of Core Deposit Intangible Assets | Annual amortization expense of customer list intangible is as follows: (In Thousands) Adams County Financial Resources 2021 $ 123 2022 123 2023 123 2024 123 2025 123 Thereafter 169 $ 784 |
Ossian Financial Services, Inc. [Member] | |
Business Acquisition [Line Items] | |
Summary of Changes in Accretable Yield or Income Expected to be Collected | Changes in accretable yield, or income expected to be collected, are as follows: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (In Thousands) (In Thousands) Beginning Balance $ 733 $ - Additions - 762 Accretion (44 ) (73 ) Reclassification from nonaccretable difference - - Disposals - - Ending Balance $ 689 $ 689 |
Adams County Financial Resources [Member] | |
Business Acquisition [Line Items] | |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized | The following table summarizes the consideration paid for ACFR and the amounts of the assets acquired: Fair Value of Consideration Transferred (In Thousands) Common Shares (40,049 shares) $ 825 Total $ 825 Recognized amounts of identifiable assets acquired Assets Premises and equipment $ 25 Customer list intangible 800 Total Assets Purchased $ 825 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses | The amortized cost and fair value of securities, with gross unrealized gains and losses at September 30, 2021 and December 31, 2020, are as follows (In Thousands) September 30, 2021 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Available-for-Sale: U.S. Treasury $ 74,347 $ 29 $ (572 ) $ 73,804 U.S. Government agencies 163,771 1,123 (1,698 ) 163,196 Mortgage-backed securities 124,658 1,348 (907 ) 125,099 State and local governments 62,802 2,046 (230 ) 64,618 Total available-for-sale securities $ 425,578 $ 4,546 $ (3,407 ) $ 426,717 (In Thousands) December 31, 2020 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Available-for-Sale: U.S. Treasury $ - $ - $ - $ - U.S. Government agencies 122,514 1,857 (130 ) 124,241 Mortgage-backed securities 110,828 2,228 - 113,056 State and local governments 67,260 3,265 (10 ) 70,515 Total available-for-sale securities $ 300,602 $ 7,350 $ (140 ) $ 307,812 |
Gross Unrealized Losses, Aggregated by Investment Category and Length of Time | Information pertaining to securities with gross unrealized losses at September 30, 2021 and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows: (In Thousands) September 30, 2021 Less Than Twelve Months Twelve Months & Over Total Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized Fair Losses Value Losses Value Losses Value U.S. Treasury $ (572 ) $ 58,913 $ - $ - $ (572 ) $ 58,913 U.S. Government agencies (1,636 ) 107,353 (62 ) 2,443 (1,698 ) 109,796 Mortgage-backed securities (907 ) 57,266 - - (907 ) 57,266 State and local governments (166 ) 11,260 (64 ) 2,503 (230 ) 13,763 Total available-for-sale securities $ (3,281 ) $ 234,792 $ (126 ) $ 4,946 $ (3,407 ) $ 239,738 (In Thousands) December 31, 2020 Less Than Twelve Months Twelve Months & Over Total Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized Fair Losses Value Losses Value Losses Value U.S. Treasury $ - $ - $ - $ - $ - $ - U.S. Government agencies (130 ) 48,331 - - (130 ) 48,331 Mortgage-backed securities - - - - - - State and local governments (10 ) 3,562 - - (10 ) 3,562 Total available-for-sale securities $ (140 ) $ 51,893 $ - $ - $ (140 ) $ 51,893 |
Gross Realized Gains and Losses | Below are the gross realized gains and losses for the three and nine months ended September 30, 2021 and September 30, 2020. Three Months Nine Months (In Thousands) (In Thousands) 2021 2020 2021 2020 Gross realized gains $ - $ - $ 293 $ 270 Gross realized losses - - - - Net realized gains $ - $ - $ 293 $ 270 Tax expense related to net realized gains $ - $ - $ 62 $ 57 |
Amortized Cost and Fair Value of Debt Securities, by Contractual Maturity | The amortized cost and fair value of debt securities at September 30, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. (In Thousands) Amortized Cost Fair Value One year or less $ 8,867 $ 8,923 After one year through five years 120,220 121,121 After five years through ten years 171,484 171,215 After ten years 349 359 Total $ 300,920 $ 301,618 Mortgage-backed securities 124,658 125,099 Total $ 425,578 $ 426,717 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans | Loan balances as of September 30, 2021 and December 31, 2020 are summarized below: (In Thousands) Loans: September 30, 2021 December 31, 2020 Consumer Real Estate $ 202,454 $ 175,588 Agricultural Real Estate 179,374 189,159 Agricultural 105,580 94,358 Commercial Real Estate 728,852 588,825 Commercial and Industrial 194,767 189,246 Consumer 55,521 52,540 Other 31,096 15,757 1,497,644 1,305,473 Less: Net deferred loan fees and costs (2,082 ) (2,483 ) 1,495,562 1,302,990 Less: Allowance for loan losses (15,698 ) (13,672 ) Loans - Net $ 1,479,864 $ 1,289,318 |
Distribution of Fixed Rate Loans and Variable Rate Loans by Major Loan Category | The distribution of fixed rate loans and variable rate loans by major loan category is as follows as of September 30, 2021: (In Thousands) Fixed Variable Consumer Real Estate $ 138,024 $ 64,430 Agricultural Real Estate 108,102 71,272 Agricultural 89,426 16,154 Commercial Real Estate 594,081 134,771 Commercial and Industrial 161,106 33,661 Consumer 51,469 4,052 Other 21,096 10,000 |
Contractual Aging of Recorded Investment in Past Due Loans by Portfolio Classification of Loans | The following table represents the contractual aging of the recorded investment (in thousands) in past due loans by portfolio classification of loans as of September 30, 2021 and December 31, 2020, net of deferred loan fees and costs: September 30, 2021 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Financing Receivables Recorded Investment > 90 Days and Accruing Consumer Real Estate $ 175 $ - $ 204 $ 379 $ 201,991 $ 202,370 $ - Agricultural Real Estate 120 - - 120 178,931 179,051 - Agricultural - - 117 117 105,605 105,722 - Commercial Real Estate - - 180 180 727,238 727,418 - Commercial and Industrial 136 199 366 701 224,681 225,382 - Consumer 62 45 - 107 55,512 55,619 - Total $ 493 $ 244 $ 867 $ 1,604 $ 1,493,958 $ 1,495,562 $ - December 31, 2020 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Financing Receivables Recorded Investment > 90 Days and Accruing Consumer Real Estate $ 269 $ 191 $ 1,032 $ 1,492 $ 173,824 $ 175,316 $ - Agricultural Real Estate - - 88 88 188,738 188,826 - Agricultural - - 176 176 94,314 94,490 - Commercial Real Estate - - 185 185 587,469 587,654 - Commercial and Industrial - 750 983 1,733 202,310 204,043 - Consumer 53 - - 53 52,608 52,661 - Total $ 322 $ 941 $ 2,464 $ 3,727 $ 1,299,263 $ 1,302,990 $ - |
Recorded Investment in Nonaccrual Loans by Portfolio Class of Loans | The following table presents the recorded investment in nonaccrual loans by class of loans as of September 30, 2021 and December 31, 2020: (In Thousands) September 30, 2021 December 31, 2020 Consumer Real Estate $ 395 $ 1,546 Agricultural Real Estate 4,568 5,575 Agricultural 117 307 Commercial Real Estate 619 665 Commercial & Industrial 542 1,296 Consumer 7 15 Total $ 6,248 $ 9,404 |
Risk Category of Loans by Portfolio Class | The following table represents the risk category of loans by portfolio class, net of deferred fees and costs, based on the most recent analysis performed as of September 30, 2021 and December 31, 2020: (In Thousands) Agricultural Commercial Commercial Real Estate Agricultural Real Estate and Industrial Other September 30, 2021 1-2 $ 9,647 $ 4,902 $ 11,306 $ 11,867 $ - 3 40,914 25,170 222,396 42,616 10,956 4 110,166 74,802 458,886 134,690 20,140 5 4,638 301 7,872 1,098 - 6 13,686 547 26,958 4,015 - 7 - - - - - 8 - - - - - Total $ 179,051 $ 105,722 $ 727,418 $ 194,286 $ 31,096 Agricultural Commercial Commercial Real Estate Agricultural Real Estate and Industrial Other December 31, 2020 1-2 $ 11,960 $ 5,093 $ 11,001 $ 38,486 $ - 3 38,306 23,779 165,201 26,515 4,651 4 112,465 63,480 396,076 114,108 11,106 5 7,478 1,577 4,010 3,266 - 6 18,617 561 11,366 4,796 - 7 - - - 1,115 - 8 - - - - - Total $ 188,826 $ 94,490 $ 587,654 $ 188,286 $ 15,757 |
Recorded Investment for Consumer Loans, Credit Quality based on Status of Loan and Payment Activity | The following tables present the recorded investment in those classes based on payment activity and assigned risk grading as of September 30, 2021 and December 31, 2020. (In Thousands) Consumer Consumer Real Estate Real Estate September 30, 2021 December 31, 2020 Grade Pass $ 199,470 $ 171,667 Special Mention (5) 1,687 1,284 Substandard (6) 1,213 2,365 Doubtful (7) - - Total $ 202,370 $ 175,316 (In Thousands) Consumer - Credit Consumer - Other September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Performing $ 3,630 $ 3,660 $ 51,976 $ 48,855 Nonperforming - 10 13 136 Total $ 3,630 $ 3,670 $ 51,989 $ 48,991 |
Schedule of Impaired Loans | Information about impaired loans as of September 30, 2021, December 31, 2020 and September 30, 2020 are as follows: (In Thousands) September 30, 2021 December 31, 2020 September 30, 2020 Impaired loans without a valuation allowance $ 2,461 $ 5,172 $ 5,134 Impaired loans with a valuation allowance 9,388 9,360 10,125 Total impaired loans $ 11,849 $ 14,532 $ 15,259 Valuation allowance related to impaired loans $ 2,400 $ 1,657 $ 1,198 Total non-accrual loans $ 6,248 $ 9,404 $ 7,870 Total loans past-due ninety days or more and still accruing $ - $ - $ - Quarter ended average investment in impaired loans $ 11,639 $ 14,868 $ 13,517 Year to date average investment in impaired loans $ 12,360 $ 10,234 $ 8,613 |
Impaired Loans Classified as Troubled Debt Restructured | The following tables represent three and nine months ended September 30, 2021 and 2020: Pre- Post- Pre- Post- Three Months Number of Modification Modification Nine Months Number of Modification Modification September 30, 2021 Contracts Outstanding Outstanding September 30, 2021 Contracts Outstanding Outstanding (in thousands) Modified in the Recorded Recorded (in thousands) Modified in the Recorded Recorded Troubled Debt Restructurings Last Three Months Investment Investment Troubled Debt Restructurings Last Nine Months Investment Investment Ag Real Estate - $ - $ - Ag Real Estate - $ - $ - Agricultural - - - Agricultural - - - Commercial Real Estate - - - Commercial Real Estate 1 382 382 Commercial and Industrial 1 1,000 1,000 Commercial and Industrial 1 1,000 1,000 Pre- Post- Pre- Post- Three Months Number of Modification Modification Nine Months Number of Modification Modification September 30, 2020 Contracts Outstanding Outstanding September 30, 2020 Contracts Outstanding Outstanding (in thousands) Modified in the Recorded Recorded (in thousands) Modified in the Recorded Recorded Troubled Debt Restructurings Last Three Months Investment Investment Troubled Debt Restructurings Last Nine Months Investment Investment Ag Real Estate - $ - $ - Ag Real Estate 2 $ 5,380 $ 5,380 Agricultural - - - Agricultural 1 164 164 Commercial Real Estate - - - Commercial Real Estate 2 981 981 Commercial and Industrial 1 50 50 Commercial and Industrial 1 50 50 |
Loans Individually Evaluated for Impairment by Portfolio Class of Loans | The following tables present loans individually evaluated for impairment by class of loans for the three and nine months ended September 30, 2021 and September 30, 2020 and for the year ended December 31, 2020. (In Thousands) QTD QTD QTD Interest Three Months Ended September 30, 2021 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 714 $ 714 $ - $ 453 $ 1 $ 3 Agricultural Real Estate 1,207 1,207 - 1,047 19 - Agricultural 130 130 - 130 4 - Commercial Real Estate 180 180 - 2,519 4 1 Commercial and Industrial 215 215 - 525 - 1 Consumer 15 15 - 16 - - With a specific allowance recorded: Consumer Real Estate - - - - - - Agricultural Real Estate 4,844 4,844 636 5,104 4 - Agricultural 117 117 54 117 - - Commercial Real Estate 3,427 3,427 710 1,395 31 - Commercial and Industrial 1,000 1,000 1,000 333 2 - Consumer - - - - - - Totals: Consumer Real Estate $ 714 $ 714 $ - $ 453 $ 1 $ 3 Agricultural Real Estate $ 6,051 $ 6,051 $ 636 $ 6,151 $ 23 $ - Agricultural $ 247 $ 247 $ 54 $ 247 $ 4 $ - Commercial Real Estate $ 3,607 $ 3,607 $ 710 $ 3,914 $ 35 $ 1 Commercial and Industrial $ 1,215 $ 1,215 $ 1,000 $ 858 $ 2 $ 1 Consumer $ 15 $ 15 $ - $ 16 $ - $ - (In Thousands) Interest Year Ended December 31, 2020 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 799 $ 799 $ - $ 738 $ 22 $ 10 Agricultural Real Estate 1,546 1,549 - 729 18 12 Agricultural 291 291 - 392 3 3 Commercial Real Estate 185 185 - 195 13 - Commercial and Industrial 2,328 2,328 - 1,222 26 5 Consumer 23 23 - 16 - - With a specific allowance recorded: Consumer Real Estate 202 202 31 126 - 3 Agricultural Real Estate 5,210 5,210 600 3,175 6 102 Agricultural 176 176 116 188 - - Commercial Real Estate 2,765 2,765 20 2,524 128 - Commercial and Industrial 1,007 1,007 890 916 52 - Consumer - - - 11 1 - Totals: Consumer Real Estate $ 1,001 $ 1,001 $ 31 $ 864 $ 22 $ 13 Agricultural Real Estate $ 6,756 $ 6,759 $ 600 $ 3,904 $ 24 $ 114 Agricultural $ 467 $ 467 $ 116 $ 580 $ 3 $ 3 Commercial Real Estate $ 2,950 $ 2,950 $ 20 $ 2,719 $ 141 $ - Commercial and Industrial $ 3,335 $ 3,335 $ 890 $ 2,138 $ 78 $ 5 Consumer $ 23 $ 23 $ - $ 27 $ 1 $ - (In Thousands) QTD QTD QTD Interest Three Months Ended September 30, 2020 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 780 $ 780 $ - $ 791 $ 41 $ 5 Agricultural Real Estate 1,589 1,589 - 873 2 - Agricultural 533 533 - 375 4 1 Commercial Real Estate 186 186 - 186 1 - Commercial and Industrial 2,021 2,021 - 1,190 5 - Consumer 25 25 - 26 21 - With a specific allowance recorded: Consumer Real Estate 205 205 43 119 8 - Agricultural Real Estate 5,425 5,425 432 5,450 2 - Agricultural 188 188 28 342 3 - Commercial Real Estate 3,033 3,033 44 3,046 - - Commercial and Industrial 1,274 1,274 651 1,119 3 - Consumer - - - - - - Totals: Consumer Real Estate $ 985 $ 985 $ 43 $ 910 $ 49 $ 5 Agricultural Real Estate $ 7,014 $ 7,014 $ 432 $ 6,323 $ 4 $ - Agricultural $ 721 $ 721 $ 28 $ 717 $ 7 $ 1 Commercial Real Estate $ 3,219 $ 3,219 $ 44 $ 3,232 $ 1 $ - Commercial and Industrial $ 3,295 $ 3,295 $ 651 $ 2,309 $ 8 $ - Consumer $ 25 $ 25 $ - $ 26 $ 21 $ - (In Thousands) YTD YTD YTD Interest Nine Months Ended September 30, 2021 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 714 $ 714 $ - $ 485 $ 4 $ 10 Agricultural Real Estate 1,207 1,207 - 1,191 53 - Agricultural 130 130 - 161 8 - Commercial Real Estate 180 180 - 1,768 38 7 Commercial and Industrial 215 215 - 1,206 24 4 Consumer 15 15 - 19 1 - With a specific allowance recorded: Consumer Real Estate - - - - - - Agricultural Real Estate 4,844 4,844 636 5,273 15 - Agricultural 117 117 54 123 4 - Commercial Real Estate 3,427 3,427 710 1,800 58 3 Commercial and Industrial 1,000 1,000 1,000 334 2 - Consumer - - - - - - Totals: Consumer Real Estate $ 714 $ 714 $ - $ 485 $ 4 $ 10 Agricultural Real Estate $ 6,051 $ 6,051 $ 636 $ 6,464 $ 68 $ - Agricultural $ 247 $ 247 $ 54 $ 284 $ 12 $ - Commercial Real Estate $ 3,607 $ 3,607 $ 710 $ 3,568 $ 96 $ 10 Commercial and Industrial $ 1,215 $ 1,215 $ 1,000 $ 1,540 $ 26 $ 4 Consumer $ 15 $ 15 $ - $ 19 $ 1 $ - (In Thousands) YTD YTD YTD Interest Nine Months Ended September 30, 2020 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 780 $ 780 $ - $ 688 $ 120 $ 9 Agricultural Real Estate 1,589 1,589 - 451 6 - Agricultural 533 533 - 367 9 1 Commercial Real Estate 186 186 - 199 3 - Commercial and Industrial 2,021 2,021 - 819 18 - Consumer 25 25 - 21 37 - With a specific allowance recorded: Consumer Real Estate 205 205 43 60 10 - Agricultural Real Estate 5,425 5,425 432 2,475 7 - Agricultural 188 188 28 208 6 - Commercial Real Estate 3,033 3,033 44 2,389 - - Commercial and Industrial 1,274 1,274 651 929 10 - Consumer - - - 7 - - Totals: Consumer Real Estate $ 985 $ 985 $ 43 $ 748 $ 130 $ 9 Agricultural Real Estate $ 7,014 $ 7,014 $ 432 $ 2,926 $ 13 $ - Agricultural $ 721 $ 721 $ 28 $ 575 $ 15 $ 1 Commercial Real Estate $ 3,219 $ 3,219 $ 44 $ 2,588 $ 3 $ - Commercial and Industrial $ 3,295 $ 3,295 $ 651 $ 1,748 $ 28 $ - Consumer $ 25 $ 25 $ - $ 28 $ 37 $ - |
Summary of Activities in Allowance for Credit Losses | The following tables summarize the activities in the allowance for credit losses. (In Thousands) Nine Months Ended Twelve Months Ended September 30, 2021 December 31, 2020 Allowance for Loan & Lease Losses Balance at beginning of year $ 13,672 $ 7,228 Provision for loan loss 3,000 6,981 Loans charged off (1,154 ) (720 ) Recoveries 180 183 Allowance for Loan & Lease Losses $ 15,698 $ 13,672 Allowance for Unfunded Loan Commitments & Letters of Credit $ 1,039 $ 641 Total Allowance for Credit Losses $ 16,737 $ 14,313 |
Analysis of Allowance for Credit Losses | Additional analysis, presented in thousands, related to the allowance for credit losses for the three and nine months ended September 30, 2021 and September 30, 2020 in addition to the ending balances as of December 31, 2020 is as follows: Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total Three Months Ended September 30, 2021 ALLOWANCE FOR CREDIT LOSSES: Beginning balance $ 649 $ 1,217 $ 720 $ 8,831 $ 2,837 $ 613 $ 1,145 $ 220 16,232 Charge Offs (2 ) - (1 ) - (5 ) (95 ) - - (103 ) Recoveries 3 - 1 3 9 39 - - 55 Provision (Credit) 146 (291 ) (33 ) (469 ) 973 49 - 284 659 Other Non-interest expense related to unfunded - - - - - - (106 ) - (106 ) Ending Balance $ 796 $ 926 $ 687 $ 8,365 $ 3,814 $ 606 $ 1,039 $ 504 $ 16,737 Ending balance: individually evaluated for impairment $ - $ 636 $ 54 $ 710 $ 1,000 $ - $ - $ - $ 2,400 Ending balance: collectively evaluated for impairment $ 796 $ 290 $ 633 $ 7,655 $ 2,814 $ 606 $ 1,039 $ 504 $ 14,337 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 202,370 $ 179,051 $ 105,722 $ 727,418 $ 225,382 $ 55,619 $ - $ - $ 1,495,562 Ending balance: individually evaluated for impairment $ 714 $ 6,051 $ 247 $ 3,607 $ 1,215 $ 15 $ - $ - $ 11,849 Ending balance: collectively evaluated for impairment $ 201,595 $ 173,000 $ 105,475 $ 723,577 $ 223,803 $ 55,604 $ - $ - $ 1,483,054 Ending balance: loans acquired with deteriorated credit quality $ 61 $ - $ - $ 234 $ 364 $ - $ - $ - $ 659 December 31, 2020 Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total ALLOWANCE FOR CREDIT LOSSES: Ending Balance $ 633 $ 958 $ 701 $ 7,415 $ 3,346 $ 606 $ 641 $ 13 $ 14,313 Ending balance: individually evaluated for impairment $ 31 $ 600 $ 116 $ 20 $ 890 $ - $ - $ - $ 1,657 Ending balance: collectively evaluated for impairment $ 602 $ 358 $ 585 $ 7,395 $ 2,456 $ 606 $ 641 $ 13 $ 12,656 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 175,316 $ 188,826 $ 94,490 $ 587,654 $ 204,043 $ 52,661 $ - $ - $ 1,302,990 Ending balance: individually evaluated for impairment $ 1,001 $ 6,756 $ 467 $ 2,950 $ 3,335 $ 23 $ - $ - $ 14,532 Ending balance: collectively evaluated for impairment $ 174,273 $ 182,070 $ 94,023 $ 584,704 $ 200,602 $ 52,638 $ - $ - $ 1,288,310 Ending balance: loans acquired with deteriorated credit quality $ 42 $ - $ - $ - $ 106 $ - $ - $ - $ 148 Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total Three Months Ended September 30, 2020 ALLOWANCE FOR CREDIT LOSSES: Beginning balance $ 570 $ 813 $ 1,036 $ 4,458 $ 2,423 $ 561 $ 605 $ 72 $ 10,538 Charge Offs - - - - - (79 ) - - (79 ) Recoveries 2 - - 2 10 28 - - 42 Provision (Credit) (42 ) (51 ) (367 ) 1,275 839 94 - 239 1,987 Other Non-interest expense related to unfunded - - - - - - 28 - 28 Ending Balance $ 530 $ 762 $ 669 $ 5,735 $ 3,272 $ 604 $ 633 $ 311 $ 12,516 Ending balance: individually evaluated for impairment $ 43 $ 432 $ 28 $ 44 $ 651 $ - $ - $ - $ 1,198 Ending balance: collectively evaluated for impairment $ 487 $ 330 $ 641 $ 5,691 $ 2,621 $ 604 $ 633 $ 311 $ 11,318 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 175,595 $ 192,577 $ 103,476 $ 593,936 $ 244,823 $ 53,455 $ - $ - $ 1,363,862 Ending balance: individually evaluated for impairment $ 985 $ 7,014 $ 721 $ 3,219 $ 3,295 $ 25 $ - $ - $ 15,259 Ending balance: collectively evaluated for impairment $ 174,567 $ 185,563 $ 102,755 $ 590,717 $ 241,528 $ 53,339 $ - $ - $ 1,348,469 Ending balance: loans acquired with deteriorated credit quality $ 43 $ - $ - $ - $ - $ 91 $ - $ - $ 134 Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total Nine Months Ended September 30, 2021 ALLOWANCE FOR CREDIT LOSSES: Beginning balance $ 633 $ 958 $ 701 $ 7,415 $ 3,346 $ 606 $ 641 $ 13 $ 14,313 Charge Offs (2 ) - (143 ) - (814 ) (195 ) - - (1,154 ) Recoveries 9 - 7 8 19 137 - - 180 Provision (Credit) 156 (32 ) 122 942 1,263 58 - 491 3,000 Other Non-interest expense related to unfunded - - - - - - 398 - 398 Ending Balance $ 796 $ 926 $ 687 $ 8,365 $ 3,814 $ 606 $ 1,039 $ 504 $ 16,737 Ending balance: individually evaluated for impairment $ - $ 636 $ 54 $ 710 $ 1,000 $ - $ - $ - $ 2,400 Ending balance: collectively evaluated for impairment $ 796 $ 290 $ 633 $ 7,655 $ 2,814 $ 606 $ 1,039 $ 504 $ 14,337 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 202,370 $ 179,051 $ 105,722 $ 727,418 $ 225,382 $ 55,619 $ - $ - $ 1,495,562 Ending balance: individually evaluated for impairment $ 714 $ 6,051 $ 247 $ 3,607 $ 1,215 $ 15 $ - $ - $ 11,849 Ending balance: collectively evaluated for impairment $ 201,595 $ 173,000 $ 105,475 $ 723,577 $ 223,803 $ 55,604 $ - $ - $ 1,483,054 Ending balance: loans acquired with deteriorated credit quality $ 61 $ - $ - $ 234 $ 364 $ - $ - $ - $ 659 Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total Nine Months Ended September 30, 2020 ALLOWANCE FOR CREDIT LOSSES: Beginning balance $ 311 $ 314 $ 691 $ 3,634 $ 1,727 $ 551 $ 479 $ - $ 7,707 Charge Offs (35 ) - - (8 ) (165 ) (272 ) - - (480 ) Recoveries 7 - - 7 19 116 - - 149 Provision (Credit) 247 448 (22 ) 2,102 1,691 209 - 311 4,986 Other Non-interest expense related to unfunded - - - - - - 154 - 154 Ending Balance $ 530 $ 762 $ 669 $ 5,735 $ 3,272 $ 604 $ 633 $ 311 $ 12,516 Ending balance: individually evaluated for impairment $ 43 $ 432 $ 28 $ 44 $ 651 $ - $ - $ - $ 1,198 Ending balance: collectively evaluated for impairment $ 487 $ 330 $ 641 $ 5,691 $ 2,621 $ 604 $ 633 $ 311 $ 11,318 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 175,595 $ 192,577 $ 103,476 $ 593,936 $ 244,823 $ 53,455 $ - $ - $ 1,363,862 Ending balance: individually evaluated for impairment $ 985 $ 7,014 $ 721 $ 3,219 $ 3,295 $ 25 $ - $ - $ 15,259 Ending balance: collectively evaluated for impairment $ 174,567 $ 185,563 $ 102,755 $ 590,717 $ 241,528 $ 53,339 $ - $ - $ 1,348,469 Ending balance: loans acquired with deteriorated credit quality $ 43 $ - $ - $ - $ 91 $ - $ - $ 134 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Calculation of Basic Earnings Per Share | (in thousands of dollars) (in thousands of dollars) Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Earnings per share Net income $ 5,920 $ 4,410 $ 15,812 $ 13,319 Less: distributed earnings allocated to participating securities (20 ) (15 ) (49 ) (41 ) Less: undistributed earnings allocated to participating securities (31 ) (19 ) (77 ) (59 ) Net earnings available to common shareholders $ 5,869 $ 4,376 $ 15,686 $ 13,219 Weighted average common shares outstanding including participating securities 11,209,732 11,142,797 11,199,309 11,135,695 Less: average unvested restricted shares (96,197 ) (83,257 ) (89,075 ) (83,445 ) Weighted average common shares outstanding 11,113,535 11,059,540 11,110,234 11,052,250 Basic and diluted earnings per share $ 0.53 $ 0.40 $ 1.41 $ 1.20 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values and Related Carrying or Notional Amounts | The estimated fair values, and related carrying or notional amounts, for on and off-balance sheet financial instruments as of September 30, 2021 and December 31, 2020 are reflected below. (In Thousands) September 30, 2021 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 158,078 $ 158,078 $ 158,078 $ - $ - Interest-bearing time deposits 14,622 14,651 - 14,651 - Securities - available-for-sale 426,717 426,717 73,804 349,146 3,767 Other securities 4,905 4,905 - - 4,905 Loans held for sale 3,735 3,735 - - 3,735 Loans, net 1,479,864 1,434,960 - - 1,434,960 Interest receivable 7,401 7,401 - - 7,401 Financial Liabilities: Interest bearing deposits $ 1,175,769 $ 1,175,816 $ - $ - $ 1,175,816 Non-interest bearing deposits 438,076 438,076 - 438,076 - Time deposits 252,383 248,399 - - 248,399 Total Deposits 1,866,228 1,862,291 - 438,076 1,424,215 Federal funds purchased and securities sold under agreement to repurchase 29,601 29,601 - - 29,601 Federal Home Loan Bank advances 17,868 17,869 - - 17,869 Subordinated notes, net of unamortized issuance costs 34,441 35,000 - 35,000 - Interest payable 588 588 - - 588 (In Thousands) December 31, 2020 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 175,706 $ 175,706 $ 175,706 $ - $ - Interest-bearing time deposits 4,653 4,677 - 4,677 - Securities - available-for-sale 307,812 307,812 - 306,250 1,562 Other securities 5,939 5,939 - - 5,939 Loans held for sale 7,740 7,740 - - 7,740 Loans, net 1,289,318 1,261,440 - - 1,261,440 Interest receivable 6,188 6,188 - - 6,188 Financial Liabilities: Interest bearing deposits $ 997,462 $ 1,004,608 $ - $ - $ 1,004,608 Non-interest bearing deposits 351,147 351,147 - 351,147 - Time deposits 247,553 250,135 - - 250,135 Total Deposits 1,596,162 1,605,890 - 351,147 1,254,743 Federal funds purchased and securities sold under agreement to repurchase 30,239 30,239 - - 30,239 Federal Home Loan Bank advances 17,861 17,872 - - 17,872 Subordinated notes, net of unamortized issuance costs - - - - - Interest payable 338 338 - - 338 |
Financial Assets Measured at Fair Value on Recurring Basis | The following summarizes financial assets measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, segregated by level or the valuation inputs within the fair value hierarchy utilized to measure fair value: Assets and Liabilities Measured at Fair Value on a Recurring Basis (In Thousands) September 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - (Securities Available-for-Sale) U.S. Treasury $ 73,804 $ - $ - U.S. Government agencies - 163,196 - Mortgage-backed securities - 125,099 - State and local governments - 60,851 3,767 Total Securities Available-for-Sale $ 73,804 $ 349,146 $ 3,767 December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - (Securities Available-for-Sale) U.S. Treasury $ - $ - $ - U.S. Government agencies - 124,241 - Mortgage-backed securities - 113,056 - State and local governments - 68,953 1,562 Total Securities Available-for-Sale $ - $ 306,250 $ 1,562 |
Changes in the Level 3 Fair-Value Category of Unobservable Inputs | The following tables represent the changes in the Level 3 fair-value category of which unobservable inputs are relied upon as of the three and nine month periods ended September 30, 2021 and September 30, 2020. (In Thousands) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) State and Local Governments Tax-Exempt State and Local Governments Taxable State and Local Governments Total Balance at July 1, 2021 $ 2,410 $ 1,538 $ 3,948 Change in Market Value (9 ) (17 ) (26 ) Purchases - - - Payments & Maturities (155 ) - (155 ) Balance at September 30, 2021 $ 2,246 $ 1,521 $ 3,767 (In Thousands) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) State and Local Governments Tax-Exempt State and Local Governments Taxable State and Local Governments Total Balance at July 1, 2020 $ - $ 1,550 $ 1,550 Change in Market Value - 35 35 Payments & Maturities - - - Balance at September 30, 2020 $ - $ 1,585 $ 1,585 (In Thousands) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) State and Local Governments Tax-Exempt State and Local Governments Taxable State and Local Governments Total Balance at January 1, 2021 $ - $ 1,562 $ 1,562 Change in Market Value (17 ) (41 ) (58 ) . Purchases 2,418 - 2,418 Payments & Maturities (155 ) - (155 ) Balance at September 30, 2021 $ 2,246 $ 1,521 $ 3,767 (In Thousands) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) State and Local Governments Tax-Exempt State and Local Governments Taxable State and Local Governments Total Balance at January 1, 2020 $ - $ 1,490 $ 1,490 Change in Market Value - 95 95 Payments & Maturities - - - Balance at September 30, 2020 $ - $ 1,585 $ 1,585 |
Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements | The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements: (In Thousands) Range Fair Value at (Weighted September 30, 2021 Valuation Technique Unobservable Inputs Average) State and local government $ 3,767 Discounted Cash Flow Credit strength of underlying project or entity / Discount rate 0.34- (0.86%) Collateral dependent impaired loans 6,925 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 34.54-81.41% (32.44%) Other real estate owned - residential 30 Appraisals Discount to reflect current market 0.0- (50.99%) (In Thousands) Range Fair Value at (Weighted December 31, 2020 Valuation Technique Unobservable Inputs Average) State and local government $ 1,562 Discounted Cash Flow Credit strength of underlying project or entity / Discount rate 1.19-1.19% (1.19%) Collateral dependent impaired loans 7,703 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 0.71-100% (17.71%) Other real estate owned - residential - Appraisals Discount to reflect current market — % ( — ) |
Impaired Loans | The following table presents impaired loans as recorded at fair value on September 30, 2021 and December 31, 2020: Assets Measured at Fair Value on a Nonrecurring Basis at September 30, 2021 (In Thousands) Balance at September 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent impaired loans $ 6,925 $ - $ - $ 6,925 Other real estate owned - residential 30 - - 30 Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2020 (In Thousands) Balance at December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent impaired loans $ 7,703 $ - $ - $ 7,703 Other real estate owned - residential - - - - |
Federal Funds Purchased and S_2
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Brokers And Dealers [Abstract] | |
Schedule of Remaining Contractual Maturity in Repurchase Agreements | September 30, 2021 Remaining Contractual Maturity of the Agreements (In Thousands) Overnight & Continuous Up to 30 days 30-90 Greater Than 90 days Total Repurchase agreements US Treasury & agency securities $ 1,240 $ 2,156 $ 750 $ 25,455 $ 29,601 Total $ 1,240 $ 2,156 $ 750 $ 25,455 $ 29,601 December 31, 2020 Remaining Contractual Maturity of the Agreements (In Thousands) Overnight & Continuous Up to 30 days 30-90 Greater Than 90 days Total Repurchase agreements US Treasury & agency securities $ 1,899 $ - $ 3,900 $ 24,440 $ 30,239 Total $ 1,899 $ - $ 3,900 $ 24,440 $ 30,239 |
Subordinated Notes (Tables)
Subordinated Notes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Subordinated Notes | September 30, 2021 December 31, 2020 (In Thousands) Principal Unamortized Note Issuance Costs Principal Unamortized Note Issuance Costs Subordinated Notes $ 35,000 $ (559 ) $ - $ - |
Business Combination and Asse_3
Business Combination and Asset Purchase - Additional Information (Detail) | Apr. 30, 2021USD ($)Office$ / sharesshares | Nov. 16, 2020USD ($)shares | Jan. 01, 2019USD ($)Office$ / sharesshares | Sep. 30, 2021USD ($)Propertyshares | Sep. 30, 2021USD ($)shares | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)shares | Nov. 30, 2020USD ($)Client |
Business Acquisition [Line Items] | ||||||||
Common stock, shares outstanding | shares | 12,230,000 | 12,230,000 | 12,230,000 | |||||
Business combination, acquisition related costs | $ 1,200,000 | $ 2,100,000 | $ 42,500 | |||||
Recognition of core deposit intangible asset with acquired purchase | $ 3,900,000 | |||||||
Remaining economic useful life | 7 years | |||||||
Goodwill | 55,214,000 | $ 55,214,000 | 47,340,000 | |||||
Goodwill deductible for tax purpose, period | 15 years | |||||||
Fair value of assets acquired | 52,400,000 | 52,400,000 | ||||||
Gross principal and contractual interest | 58,600,000 | 58,600,000 | ||||||
Acquisition expected to be uncollectible | 1,100,000 | $ 1,100,000 | ||||||
Loan receivable weighted average life | 52 months | |||||||
Business combination, premises and equipment written down value | $ 596,000 | |||||||
Business combination, average remaining life | 39 years | |||||||
Fair value for certificate of deposit, valuation amount | $ 59,000 | $ 59,000 | ||||||
Fair value for certificate of deposit, amortization period | 1 year 4 months 24 days | |||||||
Number of agricultural purchased credit impaired loans paid off | Property | 2 | |||||||
Pro-forma operating revenue, net of tax | $ 348,000 | |||||||
Amortization expense | 478,000 | $ 546,000 | ||||||
Amortization expense for 2021 | $ 653,000 | 653,000 | ||||||
Custar [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortization expense | $ 84,000 | |||||||
Building | ||||||||
Business Acquisition [Line Items] | ||||||||
Business combination, premises and equipment written down value | 244,000 | |||||||
Customer Lists [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortization expense | 92,000 | |||||||
Amortization expense for 2021 | 123,000 | 123,000 | ||||||
Other General and Administrative Expenses [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business combination, acquisition related costs | 61,500 | 241,300 | 30,000 | |||||
Consulting Fees [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business combination, acquisition related costs | 10,300 | 255,200 | $ 12,500 | |||||
Employee Benefits [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business combination, acquisition related costs | 152,600 | 694,100 | ||||||
Data Processing Costs [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business combination, acquisition related costs | 938,900 | 938,900 | ||||||
ATM Expense [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business combination, acquisition related costs | 2,600 | 13,800 | ||||||
Ossian State Bank [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of full-service offices | Office | 2 | |||||||
Ossian Financial Services, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash payment for exchange of each share | $ / shares | $ 67.71 | |||||||
Common stock, shares outstanding | shares | 295,388 | |||||||
Total consideration for acquisition | $ 20,001,000 | |||||||
Goodwill | 7,874,000 | |||||||
Cash paid for the capital stock | 20,001,000 | 20,001,000 | ||||||
Amortization expense for 2021 | 93,000 | 93,000 | ||||||
Ossian Financial Services, Inc. [Member] | Core Deposits [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Recognition of core deposit intangible asset with acquired purchase | $ 980,200 | |||||||
Remaining economic useful life | 7 years | |||||||
Bank of Geneva [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of full-service offices | Office | 6 | |||||||
Limberlost Bancshares, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash payment for exchange of each share | $ / shares | $ 8,465 | |||||||
Common stock, shares outstanding | shares | 1,000 | |||||||
Total consideration for acquisition | $ 78,900,000 | |||||||
Goodwill | $ 43,300,000 | |||||||
Common stock issued in exchange of each outstanding share | shares | 1,830,000 | |||||||
Share price | $ / shares | $ 38.49 | |||||||
Cash paid for the capital stock | $ 8,500,000 | |||||||
Stock issued for acquisition | 70,400,000 | |||||||
Limberlost Bancshares, Inc. [Member] | Core Deposits [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Recognition of core deposit intangible asset with acquired purchase | $ 3,900,000 | |||||||
Remaining economic useful life | 7 years | |||||||
Adams County Financial Resources [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total consideration for acquisition | $ 825,000 | |||||||
Common stock issued in exchange of each outstanding share | shares | 40,049 | |||||||
Stock issued for acquisition | $ 825,000 | |||||||
Assets under management amount | $ 83,000,000 | |||||||
Number of clients assets under management | Client | 450 | |||||||
Increase to noninterest income | 500,000 | |||||||
Adams County Financial Resources [Member] | Customer Lists [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Recognition of core deposit intangible asset with acquired purchase | $ 800,000 | |||||||
Remaining economic useful life | 6 years 6 months | |||||||
Amortization expense for 2021 | $ 123,000 | $ 123,000 |
Business Combination and Asse_4
Business Combination and Asset Purchase - Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized (Detail) - USD ($) $ in Thousands | Apr. 30, 2021 | Nov. 16, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||||
Goodwill | $ 55,214 | $ 47,340 | ||
Ossian Financial Services, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 20,001 | $ 20,001 | ||
Total | 20,001 | |||
Assets | ||||
Cash and cash equivalents | 20,229 | |||
Interest-bearing time deposits | 20,226 | |||
Securities - available-for-sale | 30,243 | |||
Other securities, at cost | 281 | |||
Loans, net | 52,403 | |||
Premises and equipment | 494 | |||
Goodwill | 7,874 | |||
Other assets | 5,308 | |||
Total Assets Purchased | 137,058 | |||
Deposits | ||||
Noninterest bearing | 34,509 | |||
Interest bearing | 81,535 | |||
Total deposits | 116,044 | |||
Accrued expenses and other liabilities | 1,013 | |||
Total Liabilities Assumed | $ 117,057 | |||
Adams County Financial Resources [Member] | ||||
Business Acquisition [Line Items] | ||||
Total | $ 825 | |||
Assets | ||||
Premises and equipment | 25 | |||
Customer list intangible | 800 | |||
Total Assets Purchased | 825 | |||
Deposits | ||||
Common Shares (40,049 shares) | $ 825 |
Business Combination and Asse_5
Business Combination and Asset Purchase - Summary of Carrying Amount of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Apr. 30, 2021 |
Business Acquisition [Line Items] | ||
Carrying amount, net of fair value adjustment | $ 225 | $ 1,309 |
Consumer Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Carrying amount, net of fair value adjustment | 23 | 24 |
Agricultural Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Carrying amount, net of fair value adjustment | 981 | |
Commercial Real Estate [Member] | ||
Business Acquisition [Line Items] | ||
Carrying amount, net of fair value adjustment | 234 | 315 |
Commercial and Industrial [Member] | ||
Business Acquisition [Line Items] | ||
Carrying amount, net of fair value adjustment | $ 293 | $ 314 |
Business Combination and Asse_6
Business Combination and Asset Purchase - Summary of Carrying Amount of Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Apr. 30, 2021 |
Business Combinations [Abstract] | ||
Fair value adjustment | $ 325 | $ 325 |
Business Combination and Asse_7
Business Combination and Asset Purchase - Summary of Loans Acquired and Contractually Required Payments Receivable (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Business Acquisition [Line Items] | |
Total required payments receivable | $ 2,057 |
Cash flows expected to be collected at acquisition | 1,309 |
Basis in acquired loans at acquisition | 1,634 |
Consumer Real Estate [Member] | |
Business Acquisition [Line Items] | |
Total required payments receivable | 28 |
Agricultural Real Estate [Member] | |
Business Acquisition [Line Items] | |
Total required payments receivable | 1,142 |
Commercial Real Estate [Member] | |
Business Acquisition [Line Items] | |
Total required payments receivable | 527 |
Commercial and Industrial [Member] | |
Business Acquisition [Line Items] | |
Total required payments receivable | $ 360 |
Business Combination and Asse_8
Business Combination and Asset Purchase - Summary of Changes in Accretable Yield or Income Expected to be Collected (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Business Acquisition [Line Items] | ||||
Beginning Balance | $ 1,439 | $ 1,871 | $ 1,653 | $ 2,021 |
Additions | 3 | 8 | 2 | |
Accretion | (108) | (107) | (323) | (321) |
Reclassification from nonaccretable difference | 62 | |||
Disposals | (5) | (4) | (5) | |
Ending Balance | 1,334 | $ 1,759 | 1,334 | $ 1,759 |
Ossian Financial Services, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Beginning Balance | 733 | |||
Additions | 762 | |||
Accretion | (44) | (73) | ||
Ending Balance | $ 689 | $ 689 |
Business Combination and Asse_9
Business Combination and Asset Purchase - Schedule of Pro-forma Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Summary of Operations | ||||
Net Interest Income - Before Provision for Loan Losses | $ 18,450 | $ 15,909 | $ 50,482 | $ 46,387 |
Provision for Loan Losses | 659 | 1,988 | 3,001 | 4,989 |
Net Interest Income After Provision for Loan Losses | 17,791 | 13,921 | 47,481 | 41,398 |
Noninterest Income | 4,074 | 4,814 | 13,302 | 11,363 |
Noninterest Expense | 12,880 | 13,062 | 38,010 | 35,666 |
Income Before Income Taxes | 8,985 | 5,673 | 22,773 | 17,095 |
Income Taxes | 1,892 | 1,093 | 4,566 | 3,273 |
Net Income | $ 7,093 | $ 4,580 | $ 18,207 | $ 13,822 |
Basic and Diluted Earnings Per Share | $ 0.63 | $ 0.41 | $ 1.63 | $ 1.24 |
Business Combination and Ass_10
Business Combination and Asset Purchase - Schedule of Annual Amortization of Core Deposit Intangible Assets (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Business Acquisition [Line Items] | |
2021 | $ 653 |
2022 | 700 |
2023 | 700 |
2024 | 700 |
2025 | 700 |
Finite-Lived Intangible Assets, Net | 3,453 |
Customer Lists [Member] | |
Business Acquisition [Line Items] | |
2021 | 123 |
Geneva [Member] | |
Business Acquisition [Line Items] | |
2021 | 560 |
2022 | 560 |
2023 | 560 |
2024 | 560 |
2025 | 560 |
Finite-Lived Intangible Assets, Net | 2,800 |
Ossian [Member] | |
Business Acquisition [Line Items] | |
2021 | 93 |
2022 | 140 |
2023 | 140 |
2024 | 140 |
2025 | 140 |
Thereafter | 327 |
Finite-Lived Intangible Assets, Net | 980 |
Adams County Financial Resources [Member] | Customer Lists [Member] | |
Business Acquisition [Line Items] | |
2021 | 123 |
2022 | 123 |
2023 | 123 |
2024 | 123 |
2025 | 123 |
Thereafter | 169 |
Finite-Lived Intangible Assets, Net | $ 784 |
Business Combination and Ass_11
Business Combination and Asset Purchase - Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized (Parenthetical) (Detail) | Nov. 16, 2020shares |
Adams County Financial Resources [Member] | |
Business Acquisition [Line Items] | |
Common stock issued in exchange of each outstanding share | 40,049 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 425,578 | $ 300,602 |
Gross Unrealized Gains | 4,546 | 7,350 |
Gross Unrealized Losses | (3,407) | (140) |
Fair Value | 426,717 | 307,812 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 74,347 | |
Gross Unrealized Gains | 29 | |
Gross Unrealized Losses | (572) | |
Fair Value | 73,804 | |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 163,771 | 122,514 |
Gross Unrealized Gains | 1,123 | 1,857 |
Gross Unrealized Losses | (1,698) | (130) |
Fair Value | 163,196 | 124,241 |
Mortgage-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 124,658 | 110,828 |
Gross Unrealized Gains | 1,348 | 2,228 |
Gross Unrealized Losses | (907) | |
Fair Value | 125,099 | 113,056 |
State and Local Governments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 62,802 | 67,260 |
Gross Unrealized Gains | 2,046 | 3,265 |
Gross Unrealized Losses | (230) | (10) |
Fair Value | $ 64,618 | $ 70,515 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Investments pledged, carrying value | $ 77,100 | $ 83,200 |
Other securities | 4,905 | 5,939 |
Federal Home Loan Bank of Cincinnati and Indianapolis Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Other securities | 4,500 | 5,800 |
Ohio Equity Fund for Housing Limited Partnership [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Other securities | $ 357 | $ 151 |
Minimum [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Underwater security | 10 years | |
Loss position existed | 3 years |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses, Aggregated by Investment Category and Length of Time (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | $ (3,281) | $ (140) |
Fair Value, Less Than Twelve Months | 234,792 | 51,893 |
Gross Unrealized Losses, Twelve Months and Over | (126) | |
Fair Value, Twelve Months and Over | 4,946 | |
Gross Unrealized Losses, Total | (3,407) | (140) |
Fair Value, Total | 239,738 | 51,893 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | (572) | |
Fair Value, Less Than Twelve Months | 58,913 | |
Gross Unrealized Losses, Total | (572) | |
Fair Value, Total | 58,913 | |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | (1,636) | (130) |
Fair Value, Less Than Twelve Months | 107,353 | 48,331 |
Gross Unrealized Losses, Twelve Months and Over | (62) | |
Fair Value, Twelve Months and Over | 2,443 | |
Gross Unrealized Losses, Total | (1,698) | (130) |
Fair Value, Total | 109,796 | 48,331 |
Mortgage-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | (907) | |
Fair Value, Less Than Twelve Months | 57,266 | |
Gross Unrealized Losses, Total | (907) | |
Fair Value, Total | 57,266 | |
State and Local Governments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | (166) | (10) |
Fair Value, Less Than Twelve Months | 11,260 | 3,562 |
Gross Unrealized Losses, Twelve Months and Over | (64) | |
Fair Value, Twelve Months and Over | 2,503 | |
Gross Unrealized Losses, Total | (230) | (10) |
Fair Value, Total | $ 13,763 | $ 3,562 |
Securities - Gross Realized Gai
Securities - Gross Realized Gains and Losses (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Available For Sale Securities Gross Realized Gain Loss [Abstract] | ||
Gross realized gains | $ 293 | $ 270 |
Net realized gains | 293 | 270 |
Tax expense related to net realized gains | $ 62 | $ 57 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Fair Value of Debt Securities, by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Available For Sale Securities Debt Maturities [Abstract] | ||
Amortized Cost, One year or less | $ 8,867 | |
Amortized Cost, After one year through five years | 120,220 | |
Amortized Cost, After five years through ten years | 171,484 | |
Amortized Cost, After ten years | 349 | |
Amortized Cost, Total | 300,920 | |
Amortized Cost, Mortgage-backed securities | 124,658 | |
Amortized Cost | 425,578 | $ 300,602 |
Fair Value, One year or less | 8,923 | |
Fair Value, After one year through five years | 121,121 | |
Fair Value, After five years through ten years | 171,215 | |
Fair Value, After ten years | 359 | |
Fair Value, Total | 301,618 | |
Fair Value, Mortgage-backed securities | 125,099 | |
Total, Fair Value | $ 426,717 | $ 307,812 |
Loans - Loans (Detail)
Loans - Loans (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Loans: | ||||
Loans - Gross | $ 1,497,644,000 | $ 1,305,473,000 | ||
Less: Net deferred loan fees and costs | (2,082,000) | (2,483,000) | ||
Loans after net deferred loan fees and costs | 1,495,562,000 | 1,302,990,000 | $ 1,363,862,000 | |
Less: Allowance for loan losses | (15,698,000) | (13,672,000) | $ (7,228,000) | |
Loans - Net | 1,479,864,000 | 1,289,318,000 | ||
Consumer Real Estate [Member] | ||||
Loans: | ||||
Loans - Gross | 202,454,000 | 175,588,000 | ||
Loans after net deferred loan fees and costs | 202,370,000 | 175,316,000 | 175,595,000 | |
Agricultural Real Estate [Member] | ||||
Loans: | ||||
Loans - Gross | 179,374,000 | 189,159,000 | ||
Loans after net deferred loan fees and costs | 179,051,000 | 188,826,000 | 192,577,000 | |
Agricultural [Member] | ||||
Loans: | ||||
Loans - Gross | 105,580,000 | 94,358,000 | ||
Loans after net deferred loan fees and costs | 105,722,000 | 94,490,000 | 103,476,000 | |
Commercial Real Estate [Member] | ||||
Loans: | ||||
Loans - Gross | 728,852,000 | 588,825,000 | ||
Loans after net deferred loan fees and costs | 727,418,000 | 587,654,000 | 593,936,000 | |
Commercial and Industrial [Member] | ||||
Loans: | ||||
Loans - Gross | 194,767,000 | 189,246,000 | ||
Loans after net deferred loan fees and costs | 194,286,000 | 188,286,000 | ||
Less: Allowance for loan losses | 0 | |||
Consumer [Member] | ||||
Loans: | ||||
Loans - Gross | 55,521,000 | 52,540,000 | ||
Loans after net deferred loan fees and costs | 55,619,000 | 52,661,000 | $ 53,455,000 | |
Other Loan [Member] | ||||
Loans: | ||||
Loans - Gross | 31,096,000 | 15,757,000 | ||
Loans after net deferred loan fees and costs | $ 31,096,000 | $ 15,757,000 |
Loans - Distribution of Fixed R
Loans - Distribution of Fixed Rate Loans and Variable Rate Loans by Major Loan Category (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Consumer Real Estate [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Distribution of fixed rate loans by major loan category, Fixed Rate | $ 138,024 |
Distribution of variable rate loans by major loan category, Variable Rate | 64,430 |
Agricultural Real Estate [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Distribution of fixed rate loans by major loan category, Fixed Rate | 108,102 |
Distribution of variable rate loans by major loan category, Variable Rate | 71,272 |
Agricultural [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Distribution of fixed rate loans by major loan category, Fixed Rate | 89,426 |
Distribution of variable rate loans by major loan category, Variable Rate | 16,154 |
Commercial Real Estate [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Distribution of fixed rate loans by major loan category, Fixed Rate | 594,081 |
Distribution of variable rate loans by major loan category, Variable Rate | 134,771 |
Commercial and Industrial [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Distribution of fixed rate loans by major loan category, Fixed Rate | 161,106 |
Distribution of variable rate loans by major loan category, Variable Rate | 33,661 |
Consumer [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Distribution of fixed rate loans by major loan category, Fixed Rate | 51,469 |
Distribution of variable rate loans by major loan category, Variable Rate | 4,052 |
Other Loan [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Distribution of fixed rate loans by major loan category, Fixed Rate | 21,096 |
Distribution of variable rate loans by major loan category, Variable Rate | $ 10,000 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Residential mortgage loan | $ 36,500,000 | $ 38,000,000 | ||
Loans | 1,497,644,000 | 1,305,473,000 | ||
Allowance for loan losses | 15,698,000 | 13,672,000 | $ 7,228,000 | |
Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 194,767,000 | $ 189,246,000 | ||
Allowance for loan losses | 0 | |||
Commercial and Industrial [Member] | PPP Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 9,800,000 | $ 36,200,000 |
Loans - Contractual Aging of Re
Loans - Contractual Aging of Recorded Investment in Past Due Loans by Portfolio Classification of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | $ 1,495,562 | $ 1,302,990 | $ 1,363,862 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | |
30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 493 | 322 | |
60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 244 | 941 | |
Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 867 | 2,464 | |
Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 1,604 | 3,727 | |
Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 1,493,958 | 1,299,263 | |
Consumer Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 202,370 | 175,316 | 175,595 |
Consumer Real Estate [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 175 | 269 | |
Consumer Real Estate [Member] | 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 191 | ||
Consumer Real Estate [Member] | Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 204 | 1,032 | |
Consumer Real Estate [Member] | Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 379 | 1,492 | |
Consumer Real Estate [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 201,991 | 173,824 | |
Agricultural Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 179,051 | 188,826 | 192,577 |
Agricultural Real Estate [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 120 | ||
Agricultural Real Estate [Member] | Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 88 | ||
Agricultural Real Estate [Member] | Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 120 | 88 | |
Agricultural Real Estate [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 178,931 | 188,738 | |
Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 105,722 | 94,490 | 103,476 |
Agricultural [Member] | Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 117 | 176 | |
Agricultural [Member] | Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 117 | 176 | |
Agricultural [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 105,605 | 94,314 | |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 727,418 | 587,654 | 593,936 |
Commercial Real Estate [Member] | Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 180 | 185 | |
Commercial Real Estate [Member] | Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 180 | 185 | |
Commercial Real Estate [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 727,238 | 587,469 | |
Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 225,382 | 204,043 | 244,823 |
Commercial and Industrial [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 136 | ||
Commercial and Industrial [Member] | 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 199 | 750 | |
Commercial and Industrial [Member] | Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 366 | 983 | |
Commercial and Industrial [Member] | Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 701 | 1,733 | |
Commercial and Industrial [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 224,681 | 202,310 | |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 55,619 | 52,661 | $ 53,455 |
Consumer [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 62 | 53 | |
Consumer [Member] | 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 45 | ||
Consumer [Member] | Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 107 | 53 | |
Consumer [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | $ 55,512 | $ 52,608 |
Loans - Recorded Investment in
Loans - Recorded Investment in Nonaccrual Loans by Portfolio Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment in nonaccrual loans | $ 6,248 | $ 9,404 | $ 7,870 |
Consumer Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment in nonaccrual loans | 395 | 1,546 | |
Agricultural Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment in nonaccrual loans | 4,568 | 5,575 | |
Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment in nonaccrual loans | 117 | 307 | |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment in nonaccrual loans | 619 | 665 | |
Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment in nonaccrual loans | 542 | 1,296 | |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment in nonaccrual loans | $ 7 | $ 15 |
Loans (Tier Risk Rating System)
Loans (Tier Risk Rating System) - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2020 | |
Minimum [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Repayment period of loan with a reasonable reduction of principal balance | 2 years |
Loans - Risk Category of Loans
Loans - Risk Category of Loans by Portfolio Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | $ 1,495,562 | $ 1,302,990 | $ 1,363,862 |
Agricultural Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 179,051 | 188,826 | 192,577 |
Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 105,722 | 94,490 | 103,476 |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 727,418 | 587,654 | $ 593,936 |
Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 194,286 | 188,286 | |
Other Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 31,096 | 15,757 | |
1-2 [Member] | Agricultural Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 9,647 | 11,960 | |
1-2 [Member] | Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 4,902 | 5,093 | |
1-2 [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 11,306 | 11,001 | |
1-2 [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 11,867 | 38,486 | |
3 [Member] | Agricultural Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 40,914 | 38,306 | |
3 [Member] | Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 25,170 | 23,779 | |
3 [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 222,396 | 165,201 | |
3 [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 42,616 | 26,515 | |
3 [Member] | Other Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 10,956 | 4,651 | |
4 [Member] | Agricultural Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 110,166 | 112,465 | |
4 [Member] | Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 74,802 | 63,480 | |
4 [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 458,886 | 396,076 | |
4 [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 134,690 | 114,108 | |
4 [Member] | Other Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 20,140 | 11,106 | |
5 [Member] | Agricultural Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 4,638 | 7,478 | |
5 [Member] | Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 301 | 1,577 | |
5 [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 7,872 | 4,010 | |
5 [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 1,098 | 3,266 | |
6 [Member] | Agricultural Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 13,686 | 18,617 | |
6 [Member] | Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 547 | 561 | |
6 [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 26,958 | 11,366 | |
6 [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | $ 4,015 | 4,796 | |
7 [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | $ 1,115 |
Loans - Recorded Investment for
Loans - Recorded Investment for Consumer Loans, Credit Quality based on Status of Loan and Payment Activity (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | $ 1,495,562 | $ 1,302,990 | $ 1,363,862 |
Performing | 659 | 148 | 134 |
Consumer - Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Performing | 3,630 | 3,670 | |
Consumer - Credit [Member] | Performing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Performing | 3,630 | 3,660 | |
Consumer - Credit [Member] | Nonperforming [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Performing | 10 | ||
Consumer - Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Performing | 51,989 | 48,991 | |
Consumer - Other [Member] | Performing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Performing | 51,976 | 48,855 | |
Consumer - Other [Member] | Nonperforming [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Performing | 13 | 136 | |
Consumer Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 202,370 | 175,316 | 175,595 |
Performing | 61 | 42 | $ 43 |
Pass [Member] | Consumer Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 199,470 | 171,667 | |
5 [Member] | Consumer Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 1,687 | 1,284 | |
6 [Member] | Consumer Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | $ 1,213 | $ 2,365 |
Loans - Schedule of Impaired Lo
Loans - Schedule of Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Receivables [Abstract] | ||||||
Impaired loans without a valuation allowance | $ 2,461 | $ 5,172 | $ 5,134 | $ 2,461 | $ 5,134 | $ 5,172 |
Impaired loans with a valuation allowance | 9,388 | 9,360 | 10,125 | 9,388 | 10,125 | 9,360 |
Total impaired loans | 11,849 | 14,532 | 15,259 | 11,849 | 15,259 | 14,532 |
Valuation allowance related to impaired loans | 2,400 | 1,657 | 1,198 | 2,400 | 1,198 | 1,657 |
Total non-accrual loans | 6,248 | 9,404 | 7,870 | 6,248 | 7,870 | 9,404 |
Total loans past-due ninety days or more and still accruing | 0 | 0 | 0 | 0 | ||
Average investment in impaired loans | $ 11,639 | $ 14,868 | $ 13,517 | $ 12,360 | $ 8,613 | $ 10,234 |
Loans (Impaired Loans) - Additi
Loans (Impaired Loans) - Additional Information (Detail) | Jul. 30, 2021 | Jun. 30, 2021Loan | May 31, 2020Loan | Sep. 30, 2021USD ($)Loan | Sep. 30, 2020USD ($)Loan | Sep. 30, 2021USD ($)ContractLoan | Sep. 30, 2020USD ($)ContractLoan | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Additional funds available to be advanced in connection with impaired loans | $ 0 | $ 0 | |||||||
Impaired loans classified as troubled debt restructured | $ 6,000,000 | $ 6,400,000 | $ 6,000,000 | $ 6,400,000 | $ 6,500,000 | ||||
Number of contracts modified | Loan | 1 | 1 | 2 | 6 | |||||
TDR impaired loans paid off | Loan | 2 | 1 | |||||||
Term of loan | 5 years | 3 years | |||||||
Loan amortization period | 10 years | ||||||||
Allowance for loan losses | $ 15,698,000 | $ 15,698,000 | 13,672,000 | $ 7,228,000 | |||||
TDR loans, subsequently defaulted during the period | 0 | 0 | 0 | ||||||
Maximum time for re-evaluation (in months) | 12 months | ||||||||
Re-evaluation period for real estate | 2 years | ||||||||
Unsecured consumer loans, credit card credits and overdraft lines of credit reach | 90 days | ||||||||
Delinquent period for charging down consumer loans | 90 days | ||||||||
Delinquent period for charging down commercial and agricultural credits | 120 days | ||||||||
Foreclosed residential real estate property | $ 167,000 | $ 167,000 | 71,000 | ||||||
Maximum [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Litigation and any deficiency charged off period | 150 days | ||||||||
Commercial Real Estate [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Impaired loans classified as troubled debt restructured | 86,000 | $ 481,000 | $ 86,000 | $ 481,000 | |||||
Number of contracts modified | Contract | 1 | 2 | |||||||
TDR impaired loans paid off | Loan | 1 | ||||||||
Commercial and Industrial [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Impaired loans classified as troubled debt restructured | 480,000 | $ 480,000 | |||||||
TDR impaired loans paid off | Loan | 1 | ||||||||
Allowance for loan losses | 0 | $ 0 | |||||||
TDR impaired loans charged off | Loan | 3 | ||||||||
TDR impaired loans charged off amount | $ 809,000 | ||||||||
Consumer Real Estate [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Foreclosed residential real estate property | 167,000 | 71,000 | 167,000 | $ 71,000 | 71,000 | ||||
Residential real estate properties foreclosure proceedings | 129,000 | $ 849,000 | $ 129,000 | $ 849,000 | $ 910,000 | ||||
Principal Forgiveness [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Number of contracts modified | Contract | 0 | ||||||||
Specific Allocation on Principal Balance [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan losses | $ 1,000,000 | $ 1,000,000 |
Loans - Impaired Loans Classifi
Loans - Impaired Loans Classified as Troubled Debt Restructured (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)ContractLoan | Sep. 30, 2020USD ($)ContractLoan | Sep. 30, 2021USD ($)ContractLoan | Sep. 30, 2020USD ($)ContractLoan | |
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts Modified in the Last three Months | Loan | 1 | 1 | 2 | 6 |
Agricultural Real Estate [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts Modified in the Last three Months | Contract | 2 | |||
Pre-Modification Outstanding Recorded Investment | $ 5,380 | |||
Post-Modification Outstanding Recorded Investment | $ 5,380 | |||
Agricultural [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts Modified in the Last three Months | Contract | 1 | |||
Pre-Modification Outstanding Recorded Investment | $ 164 | |||
Post-Modification Outstanding Recorded Investment | $ 164 | |||
Commercial Real Estate [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts Modified in the Last three Months | Contract | 1 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 382 | $ 981 | ||
Post-Modification Outstanding Recorded Investment | $ 382 | $ 981 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts Modified in the Last three Months | Contract | 1 | 1 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,000 | $ 50 | $ 1,000 | $ 50 |
Post-Modification Outstanding Recorded Investment | $ 1,000 | $ 50 | $ 1,000 | $ 50 |
Loans - Loans Individually Eval
Loans - Loans Individually Evaluated for Impairment by Portfolio Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | ||||||
With a specific allowance recorded, Recorded Investment | $ 9,388 | $ 9,360 | $ 10,125 | $ 9,388 | $ 10,125 | $ 9,360 |
Related Allowance | 2,400 | 1,657 | 1,198 | 2,400 | 1,198 | 1,657 |
Recorded Investment | 11,849 | 14,532 | 15,259 | 11,849 | 15,259 | 14,532 |
Average Recorded Investment | 11,639 | 14,868 | 13,517 | 12,360 | 8,613 | 10,234 |
With no related allowance recorded, Recorded Investment | 2,461 | 5,172 | 5,134 | 2,461 | 5,134 | 5,172 |
Consumer Real Estate [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
With a specific allowance recorded, Recorded Investment | 202 | 205 | 205 | 202 | ||
With a specific allowance recorded, Unpaid Principal Balance | 202 | 205 | 205 | 202 | ||
Related Allowance | 31 | 43 | 43 | 31 | ||
With a specific allowance recorded, Average Recorded Investment | 119 | 60 | 126 | |||
With a specific allowance recorded, Interest Income Recognized | 8 | 10 | ||||
With a specific allowance recorded, Interest Income Recognized Cash Basis | 3 | |||||
Recorded Investment | 714 | 1,001 | 985 | 714 | 985 | 1,001 |
Unpaid Principal Balance | 714 | 1,001 | 985 | 714 | 985 | 1,001 |
Average Recorded Investment | 453 | 910 | 485 | 748 | 864 | |
Interest Income Recognized | 1 | 49 | 4 | 130 | ||
Interest Income Recognized | 22 | |||||
Interest Income Recognized Cash Basis | 3 | 5 | 10 | 9 | 13 | |
With no related allowance recorded, Recorded Investment | 714 | 799 | 780 | 714 | 780 | 799 |
With no related allowance recorded, Unpaid Principal Balance | 714 | 799 | 780 | 714 | 780 | 799 |
With no related allowance recorded, Average Recorded Investment | 453 | 791 | 485 | 688 | 738 | |
With no related allowance recorded, Interest Income Recognized | 1 | 41 | 4 | 120 | ||
With no related allowance recorded, Interest Income Recognized | 22 | |||||
With no related allowance recorded, Interest Income Recognized Cash Basis | 3 | 5 | 10 | 9 | 10 | |
Agricultural Real Estate [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
With a specific allowance recorded, Recorded Investment | 4,844 | 5,210 | 5,425 | 4,844 | 5,425 | 5,210 |
With a specific allowance recorded, Unpaid Principal Balance | 4,844 | 5,210 | 5,425 | 4,844 | 5,425 | 5,210 |
Related Allowance | 636 | 600 | 432 | 636 | 432 | 600 |
With a specific allowance recorded, Average Recorded Investment | 5,104 | 5,450 | 5,273 | 2,475 | 3,175 | |
With a specific allowance recorded, Interest Income Recognized | 4 | 2 | 15 | 7 | 6 | |
With a specific allowance recorded, Interest Income Recognized Cash Basis | 102 | |||||
Recorded Investment | 6,051 | 6,756 | 7,014 | 6,051 | 7,014 | 6,756 |
Unpaid Principal Balance | 6,051 | 6,759 | 7,014 | 6,051 | 7,014 | 6,759 |
Average Recorded Investment | 6,151 | 6,323 | 6,464 | 2,926 | 3,904 | |
Interest Income Recognized | 23 | 4 | 68 | 13 | 24 | |
Interest Income Recognized Cash Basis | 114 | |||||
With no related allowance recorded, Recorded Investment | 1,207 | 1,546 | 1,589 | 1,207 | 1,589 | 1,546 |
With no related allowance recorded, Unpaid Principal Balance | 1,207 | 1,549 | 1,589 | 1,207 | 1,589 | 1,549 |
With no related allowance recorded, Average Recorded Investment | 1,047 | 873 | 1,191 | 451 | 729 | |
With no related allowance recorded, Interest Income Recognized | 19 | 2 | 53 | 6 | 18 | |
With no related allowance recorded, Interest Income Recognized Cash Basis | 12 | |||||
Agricultural [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
With a specific allowance recorded, Recorded Investment | 117 | 176 | 188 | 117 | 188 | 176 |
With a specific allowance recorded, Unpaid Principal Balance | 117 | 176 | 188 | 117 | 188 | 176 |
Related Allowance | 54 | 116 | 28 | 54 | 28 | 116 |
With a specific allowance recorded, Average Recorded Investment | 117 | 342 | 123 | 208 | 188 | |
With a specific allowance recorded, Interest Income Recognized | 3 | 4 | 6 | |||
Recorded Investment | 247 | 467 | 721 | 247 | 721 | 467 |
Unpaid Principal Balance | 247 | 467 | 721 | 247 | 721 | 467 |
Average Recorded Investment | 247 | 717 | 284 | 575 | 580 | |
Interest Income Recognized | 4 | 7 | 12 | 15 | ||
Interest Income Recognized | 3 | |||||
Interest Income Recognized Cash Basis | 1 | 1 | 3 | |||
With no related allowance recorded, Recorded Investment | 130 | 291 | 533 | 130 | 533 | 291 |
With no related allowance recorded, Unpaid Principal Balance | 130 | 291 | 533 | 130 | 533 | 291 |
With no related allowance recorded, Average Recorded Investment | 130 | 375 | 161 | 367 | 392 | |
With no related allowance recorded, Interest Income Recognized | 4 | 4 | 8 | 9 | ||
With no related allowance recorded, Interest Income Recognized | 3 | |||||
With no related allowance recorded, Interest Income Recognized Cash Basis | 1 | 1 | 3 | |||
Commercial Real Estate [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
With a specific allowance recorded, Recorded Investment | 3,427 | 2,765 | 3,033 | 3,427 | 3,033 | 2,765 |
With a specific allowance recorded, Unpaid Principal Balance | 3,427 | 2,765 | 3,033 | 3,427 | 3,033 | 2,765 |
Related Allowance | 710 | 20 | 44 | 710 | 44 | 20 |
With a specific allowance recorded, Average Recorded Investment | 1,395 | 3,046 | 1,800 | 2,389 | 2,524 | |
With a specific allowance recorded, Interest Income Recognized | 31 | 58 | 128 | |||
With a specific allowance recorded, Interest Income Recognized Cash Basis | 3 | |||||
Recorded Investment | 3,607 | 2,950 | 3,219 | 3,607 | 3,219 | 2,950 |
Unpaid Principal Balance | 3,607 | 2,950 | 3,219 | 3,607 | 3,219 | 2,950 |
Average Recorded Investment | 3,914 | 3,232 | 3,568 | 2,588 | 2,719 | |
Interest Income Recognized | 35 | 1 | 96 | 3 | 141 | |
Interest Income Recognized Cash Basis | 1 | 10 | ||||
With no related allowance recorded, Recorded Investment | 180 | 185 | 186 | 180 | 186 | 185 |
With no related allowance recorded, Unpaid Principal Balance | 180 | 185 | 186 | 180 | 186 | 185 |
With no related allowance recorded, Average Recorded Investment | 2,519 | 186 | 1,768 | 199 | 195 | |
With no related allowance recorded, Interest Income Recognized | 4 | 1 | 38 | 3 | 13 | |
With no related allowance recorded, Interest Income Recognized Cash Basis | 1 | 7 | ||||
Commercial and Industrial [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
With a specific allowance recorded, Recorded Investment | 1,000 | 1,007 | 1,274 | 1,000 | 1,274 | 1,007 |
With a specific allowance recorded, Unpaid Principal Balance | 1,000 | 1,007 | 1,274 | 1,000 | 1,274 | 1,007 |
Related Allowance | 1,000 | 890 | 651 | 1,000 | 651 | 890 |
With a specific allowance recorded, Average Recorded Investment | 333 | 1,119 | 334 | 929 | 916 | |
With a specific allowance recorded, Interest Income Recognized | 2 | 3 | 2 | 10 | 52 | |
Recorded Investment | 1,215 | 3,335 | 3,295 | 1,215 | 3,295 | 3,335 |
Unpaid Principal Balance | 1,215 | 3,335 | 3,295 | 1,215 | 3,295 | 3,335 |
Average Recorded Investment | 858 | 2,309 | 1,540 | 1,748 | 2,138 | |
Interest Income Recognized | 2 | 8 | 26 | 28 | 78 | |
Interest Income Recognized Cash Basis | 1 | 4 | 5 | |||
With no related allowance recorded, Recorded Investment | 215 | 2,328 | 2,021 | 215 | 2,021 | 2,328 |
With no related allowance recorded, Unpaid Principal Balance | 215 | 2,328 | 2,021 | 215 | 2,021 | 2,328 |
With no related allowance recorded, Average Recorded Investment | 525 | 1,190 | 1,206 | 819 | 1,222 | |
With no related allowance recorded, Interest Income Recognized | 5 | 24 | 18 | 26 | ||
With no related allowance recorded, Interest Income Recognized Cash Basis | 1 | 4 | 5 | |||
Consumer [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
With a specific allowance recorded, Average Recorded Investment | 7 | 11 | ||||
With a specific allowance recorded, Interest Income Recognized | 1 | |||||
Recorded Investment | 15 | 23 | 25 | 15 | 25 | 23 |
Unpaid Principal Balance | 15 | 23 | 25 | 15 | 25 | 23 |
Average Recorded Investment | 16 | 26 | 19 | 28 | 27 | |
Interest Income Recognized | 21 | 1 | 37 | |||
Interest Income Recognized | 1 | |||||
With no related allowance recorded, Recorded Investment | 15 | 23 | 25 | 15 | 25 | 23 |
With no related allowance recorded, Unpaid Principal Balance | 15 | $ 23 | 25 | 15 | 25 | 23 |
With no related allowance recorded, Average Recorded Investment | $ 16 | 26 | 19 | 21 | $ 16 | |
With no related allowance recorded, Interest Income Recognized | $ 21 | $ 1 | $ 37 |
Loans - Summary of Activities i
Loans - Summary of Activities in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2019 | |
Allowance for Loan Losses | ||||||||
Balance at beginning of year | $ 13,672 | $ 7,228 | $ 7,228 | |||||
Provision for loan loss | $ 659 | $ 1,987 | 3,000 | 4,986 | 6,981 | |||
Loans charged off | (103) | (79) | (1,154) | (480) | (720) | |||
Recoveries | 55 | 42 | 180 | 149 | 183 | |||
Balance at ending of year | 15,698 | 15,698 | 13,672 | |||||
Allowance for Unfunded Loan Commitments & Letters of Credit | 1,039 | 1,039 | 641 | |||||
Total Allowance for Credit Losses | $ 16,737 | $ 12,516 | $ 16,737 | $ 12,516 | $ 14,313 | $ 16,232 | $ 10,538 | $ 7,707 |
Loans (ALLL) - Additional Infor
Loans (ALLL) - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accretable yield related to acquisition | $ 1,334 | $ 1,759 | $ 1,439 | $ 1,653 | $ 1,871 | $ 2,021 |
Reclassification from nonaccretable difference | $ 62 | |||||
Geneva in 2019 and Ossian State Bank in 2021 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accretable yield related to acquisition | 2,000 | $ 1,700 | ||||
Reclassification from nonaccretable difference | $ 325 |
Loans - Analysis of Allowance f
Loans - Analysis of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | $ 16,232 | $ 10,538 | $ 14,313 | $ 7,707 | $ 7,707 |
Charge Offs | (103) | (79) | (1,154) | (480) | (720) |
Recoveries | 55 | 42 | 180 | 149 | 183 |
Provision (Credit) | 659 | 1,987 | 3,000 | 4,986 | 6,981 |
Other Non-interest expense related to unfunded | (106) | 28 | 398 | 154 | |
Ending Balance | 16,737 | 12,516 | 16,737 | 12,516 | 14,313 |
Ending balance: individually evaluated for impairment | 2,400 | 1,198 | 2,400 | 1,198 | 1,657 |
Ending balance: collectively evaluated for impairment | 14,337 | 11,318 | 14,337 | 11,318 | 12,656 |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
FINANCING RECEIVABLES: | |||||
Loans after net deferred loan fees and costs | 1,495,562 | 1,363,862 | 1,495,562 | 1,363,862 | 1,302,990 |
Ending balance: individually evaluated for impairment | 11,849 | 15,259 | 11,849 | 15,259 | 14,532 |
Ending balance: collectively evaluated for impairment | 1,483,054 | 1,348,469 | 1,483,054 | 1,348,469 | 1,288,310 |
Ending balance: loans acquired with deteriorated credit quality | 659 | 134 | 659 | 134 | 148 |
Consumer Real Estate [Member] | |||||
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | 649 | 570 | 633 | 311 | 311 |
Charge Offs | (2) | (2) | (35) | ||
Recoveries | 3 | 2 | 9 | 7 | |
Provision (Credit) | 146 | (42) | 156 | 247 | |
Ending Balance | 796 | 530 | 796 | 530 | 633 |
Ending balance: individually evaluated for impairment | 43 | 43 | 31 | ||
Ending balance: collectively evaluated for impairment | 796 | 487 | 796 | 487 | 602 |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
FINANCING RECEIVABLES: | |||||
Loans after net deferred loan fees and costs | 202,370 | 175,595 | 202,370 | 175,595 | 175,316 |
Ending balance: individually evaluated for impairment | 714 | 985 | 714 | 985 | 1,001 |
Ending balance: collectively evaluated for impairment | 201,595 | 174,567 | 201,595 | 174,567 | 174,273 |
Ending balance: loans acquired with deteriorated credit quality | 61 | 43 | 61 | 43 | 42 |
Agricultural Real Estate [Member] | |||||
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | 1,217 | 813 | 958 | 314 | 314 |
Provision (Credit) | (291) | (51) | (32) | 448 | |
Ending Balance | 926 | 762 | 926 | 762 | 958 |
Ending balance: individually evaluated for impairment | 636 | 432 | 636 | 432 | 600 |
Ending balance: collectively evaluated for impairment | 290 | 330 | 290 | 330 | 358 |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
FINANCING RECEIVABLES: | |||||
Loans after net deferred loan fees and costs | 179,051 | 192,577 | 179,051 | 192,577 | 188,826 |
Ending balance: individually evaluated for impairment | 6,051 | 7,014 | 6,051 | 7,014 | 6,756 |
Ending balance: collectively evaluated for impairment | 173,000 | 185,563 | 173,000 | 185,563 | 182,070 |
Agricultural [Member] | |||||
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | 720 | 1,036 | 701 | 691 | 691 |
Charge Offs | (1) | (143) | |||
Recoveries | 1 | 7 | |||
Provision (Credit) | (33) | (367) | 122 | (22) | |
Ending Balance | 687 | 669 | 687 | 669 | 701 |
Ending balance: individually evaluated for impairment | 54 | 28 | 54 | 28 | 116 |
Ending balance: collectively evaluated for impairment | 633 | 641 | 633 | 641 | 585 |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
FINANCING RECEIVABLES: | |||||
Loans after net deferred loan fees and costs | 105,722 | 103,476 | 105,722 | 103,476 | 94,490 |
Ending balance: individually evaluated for impairment | 247 | 721 | 247 | 721 | 467 |
Ending balance: collectively evaluated for impairment | 105,475 | 102,755 | 105,475 | 102,755 | 94,023 |
Commercial Real Estate [Member] | |||||
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | 8,831 | 4,458 | 7,415 | 3,634 | 3,634 |
Charge Offs | (8) | ||||
Recoveries | 3 | 2 | 8 | 7 | |
Provision (Credit) | (469) | 1,275 | 942 | 2,102 | |
Ending Balance | 8,365 | 5,735 | 8,365 | 5,735 | 7,415 |
Ending balance: individually evaluated for impairment | 710 | 44 | 710 | 44 | 20 |
Ending balance: collectively evaluated for impairment | 7,655 | 5,691 | 7,655 | 5,691 | 7,395 |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
FINANCING RECEIVABLES: | |||||
Loans after net deferred loan fees and costs | 727,418 | 593,936 | 727,418 | 593,936 | 587,654 |
Ending balance: individually evaluated for impairment | 3,607 | 3,219 | 3,607 | 3,219 | 2,950 |
Ending balance: collectively evaluated for impairment | 723,577 | 590,717 | 723,577 | 590,717 | 584,704 |
Ending balance: loans acquired with deteriorated credit quality | 234 | 234 | |||
Commercial and Industrial [Member] | |||||
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | 2,837 | 2,423 | 3,346 | 1,727 | 1,727 |
Charge Offs | (5) | (814) | (165) | ||
Recoveries | 9 | 10 | 19 | 19 | |
Provision (Credit) | 973 | 839 | 1,263 | 1,691 | |
Ending Balance | 3,814 | 3,272 | 3,814 | 3,272 | 3,346 |
Ending balance: individually evaluated for impairment | 1,000 | 651 | 1,000 | 651 | 890 |
Ending balance: collectively evaluated for impairment | 2,814 | 2,621 | 2,814 | 2,621 | 2,456 |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
FINANCING RECEIVABLES: | |||||
Loans after net deferred loan fees and costs | 225,382 | 244,823 | 225,382 | 244,823 | 204,043 |
Ending balance: individually evaluated for impairment | 1,215 | 3,295 | 1,215 | 3,295 | 3,335 |
Ending balance: collectively evaluated for impairment | 223,803 | 241,528 | 223,803 | 241,528 | 200,602 |
Ending balance: loans acquired with deteriorated credit quality | 364 | 364 | 106 | ||
Consumer [Member] | |||||
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | 613 | 561 | 606 | 551 | 551 |
Charge Offs | (95) | (79) | (195) | (272) | |
Recoveries | 39 | 28 | 137 | 116 | |
Provision (Credit) | 49 | 94 | 58 | 209 | |
Ending Balance | 606 | 604 | 606 | 604 | 606 |
Ending balance: collectively evaluated for impairment | 606 | 604 | 606 | 604 | 606 |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
FINANCING RECEIVABLES: | |||||
Loans after net deferred loan fees and costs | 55,619 | 53,455 | 55,619 | 53,455 | 52,661 |
Ending balance: individually evaluated for impairment | 15 | 25 | 15 | 25 | 23 |
Ending balance: collectively evaluated for impairment | 55,604 | 53,339 | 55,604 | 53,339 | 52,638 |
Ending balance: loans acquired with deteriorated credit quality | 91 | 91 | |||
Unallocated [Member] | |||||
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | 220 | 72 | 13 | ||
Provision (Credit) | 284 | 239 | 491 | 311 | |
Ending Balance | 504 | 311 | 504 | 311 | 13 |
Ending balance: collectively evaluated for impairment | 504 | 311 | 504 | 311 | 13 |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
Unfunded Loan Commitment & Letters of Credit [Member] | |||||
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | 1,145 | 605 | 641 | 479 | 479 |
Other Non-interest expense related to unfunded | (106) | 28 | 398 | 154 | |
Ending Balance | 1,039 | 633 | 1,039 | 633 | 641 |
Ending balance: collectively evaluated for impairment | 1,039 | 633 | 1,039 | 633 | 641 |
Ending balance: loans acquired with deteriorated credit quality | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) | Jun. 04, 2021USD ($)Directorshares | Jun. 05, 2020USD ($)shares |
Earnings Per Share [Abstract] | ||
Number of directors received shares | shares | 272 | 176 |
Number of directors received shares | 10 | |
Number of directors received prorated dollar value of shares | 4 | |
Compensation annual basis committee award | $ | $ 6,000 | $ 4,000 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of Basic Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||||||
Net income | $ 5,920 | $ 4,983 | $ 4,909 | $ 4,410 | $ 4,804 | $ 4,105 | $ 15,812 | $ 13,319 |
Less: distributed earnings allocated to participating securities | (20) | (15) | (49) | (41) | ||||
Less: undistributed earnings allocated to participating securities | (31) | (19) | (77) | (59) | ||||
Net earnings available to common shareholders | $ 5,869 | $ 4,376 | $ 15,686 | $ 13,219 | ||||
Weighted average common shares outstanding including participating securities | 11,209,732 | 11,142,797 | 11,199,309 | 11,135,695 | ||||
Less: average unvested restricted shares | (96,197) | (83,257) | (89,075) | (83,445) | ||||
Weighted average common shares outstanding | 11,113,535 | 11,059,540 | 11,110,234 | 11,052,250 | ||||
Basic and diluted earnings per share | $ 0.53 | $ 0.40 | $ 1.41 | $ 1.20 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Estimated Fair Values and Related Carrying or Notional Amounts (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financial Assets: | ||
Securities - available-for-sale | $ 426,717 | $ 307,812 |
Financial Liabilities: | ||
Subordinated notes, net of unamortized issuance costs | 34,441 | |
Reported Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 158,078 | 175,706 |
Interest-bearing time deposits | 14,622 | 4,653 |
Securities - available-for-sale | 426,717 | 307,812 |
Other securities | 4,905 | 5,939 |
Loans held for sale | 3,735 | 7,740 |
Loans, net | 1,479,864 | 1,289,318 |
Interest receivable | 7,401 | 6,188 |
Financial Liabilities: | ||
Total Deposits | 1,866,228 | 1,596,162 |
Federal funds purchased and securities sold under agreement to repurchase | 29,601 | 30,239 |
Federal Home Loan Bank advances | 17,868 | 17,861 |
Subordinated notes, net of unamortized issuance costs | 34,441 | |
Interest payable | 588 | 338 |
Fair Value [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 158,078 | 175,706 |
Interest-bearing time deposits | 14,651 | 4,677 |
Securities - available-for-sale | 426,717 | 307,812 |
Other securities | 4,905 | 5,939 |
Loans held for sale | 3,735 | 7,740 |
Loans, net | 1,434,960 | 1,261,440 |
Interest receivable | 7,401 | 6,188 |
Financial Liabilities: | ||
Total Deposits | 1,862,291 | 1,605,890 |
Federal funds purchased and securities sold under agreement to repurchase | 29,601 | 30,239 |
Federal Home Loan Bank advances | 17,869 | 17,872 |
Subordinated notes, net of unamortized issuance costs | 35,000 | |
Interest payable | 588 | 338 |
Interest Bearing Deposits [Member] | Reported Value Measurement [Member] | ||
Financial Liabilities: | ||
Total Deposits | 1,175,769 | 997,462 |
Interest Bearing Deposits [Member] | Fair Value [Member] | ||
Financial Liabilities: | ||
Total Deposits | 1,175,816 | 1,004,608 |
Non Interest Bearing Deposits [Member] | Reported Value Measurement [Member] | ||
Financial Liabilities: | ||
Total Deposits | 438,076 | 351,147 |
Non Interest Bearing Deposits [Member] | Fair Value [Member] | ||
Financial Liabilities: | ||
Total Deposits | 438,076 | 351,147 |
Time Deposits [Member] | Reported Value Measurement [Member] | ||
Financial Liabilities: | ||
Total Deposits | 252,383 | 247,553 |
Time Deposits [Member] | Fair Value [Member] | ||
Financial Liabilities: | ||
Total Deposits | 248,399 | 250,135 |
Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 158,078 | 175,706 |
Securities - available-for-sale | 73,804 | |
Level 2 [Member] | ||
Financial Assets: | ||
Interest-bearing time deposits | 14,651 | 4,677 |
Securities - available-for-sale | 349,146 | 306,250 |
Financial Liabilities: | ||
Total Deposits | 438,076 | 351,147 |
Subordinated notes, net of unamortized issuance costs | 35,000 | |
Level 2 [Member] | Non Interest Bearing Deposits [Member] | ||
Financial Liabilities: | ||
Total Deposits | 438,076 | 351,147 |
Level 3 [Member] | ||
Financial Assets: | ||
Securities - available-for-sale | 3,767 | 1,562 |
Other securities | 4,905 | 5,939 |
Loans held for sale | 3,735 | 7,740 |
Loans, net | 1,434,960 | 1,261,440 |
Interest receivable | 7,401 | 6,188 |
Financial Liabilities: | ||
Total Deposits | 1,424,215 | 1,254,743 |
Federal funds purchased and securities sold under agreement to repurchase | 29,601 | 30,239 |
Federal Home Loan Bank advances | 17,869 | 17,872 |
Interest payable | 588 | 338 |
Level 3 [Member] | Interest Bearing Deposits [Member] | ||
Financial Liabilities: | ||
Total Deposits | 1,175,816 | 1,004,608 |
Level 3 [Member] | Time Deposits [Member] | ||
Financial Liabilities: | ||
Total Deposits | $ 248,399 | $ 250,135 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | $ 426,717 | $ 307,812 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 73,804 | |
Level 1 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 73,804 | |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 349,146 | 306,250 |
Level 2 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 349,146 | 306,250 |
Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 3,767 | 1,562 |
Level 3 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 3,767 | 1,562 |
U.S. Treasury [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 73,804 | |
U.S. Treasury [Member] | Level 1 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 73,804 | |
U.S. Government Agencies [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 163,196 | 124,241 |
U.S. Government Agencies [Member] | Level 2 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 163,196 | 124,241 |
Mortgage-backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 125,099 | 113,056 |
Mortgage-backed Securities [Member] | Level 2 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 125,099 | 113,056 |
State and Local Governments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 64,618 | 70,515 |
State and Local Governments [Member] | Level 2 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 60,851 | 68,953 |
State and Local Governments [Member] | Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 3,767 | 1,562 |
State and Local Governments [Member] | Level 3 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | $ 3,767 | $ 1,562 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Changes in the Level 3 Fair Value Category of Unobservable Inputs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
State and Local Governments Tax-Exempt [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | $ 2,410 | $ 0 | $ 0 | $ 0 |
Change in Market Value | (9) | (17) | 0 | |
Purchases | 2,418 | |||
Payments & Maturities | (155) | (155) | 0 | |
Ending Balance | 2,246 | 0 | 2,246 | 0 |
State and Local Governments Taxable[Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 1,538 | 1,550 | 1,562 | 1,490 |
Change in Market Value | (17) | 35 | (41) | 95 |
Payments & Maturities | 0 | |||
Ending Balance | 1,521 | 1,585 | 1,521 | 1,585 |
State and Local Governments [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 3,948 | 1,550 | 1,562 | 1,490 |
Change in Market Value | (26) | 35 | (58) | 95 |
Purchases | 0 | 2,418 | ||
Payments & Maturities | (155) | 0 | (155) | 0 |
Ending Balance | $ 3,767 | $ 1,585 | $ 3,767 | $ 1,585 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Collateral dependent impaired loans categorized as Level 3 | $ 11,849 | $ 14,532 | $ 15,259 |
Specific allocation for collateral dependent impaired loans | 2,400 | 1,657 | $ 1,198 |
Collateral Dependent [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Specific allocation for collateral dependent impaired loans | 1,300 | 1,700 | |
Level 3 [Member] | Collateral Dependent [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Collateral dependent impaired loans categorized as Level 3 | $ 6,900 | $ 7,700 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements (Detail) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | $ 426,717 | $ 307,812 |
State and Local Governments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 64,618 | 70,515 |
Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 3,767 | 1,562 |
Level 3 [Member] | State and Local Governments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | $ 3,767 | $ 1,562 |
Valuation Technique | us-gaap:ValuationTechniqueDiscountedCashFlowMember | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
Unobservable Inputs | us-gaap:MeasurementInputDiscountRateMember | us-gaap:MeasurementInputDiscountRateMember |
Level 3 [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | $ 6,925 | $ 7,703 |
Valuation Technique | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Level 3 [Member] | Other Real Estate Owned-Residential [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | $ 30 | |
Valuation Technique | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Unobservable Inputs | us-gaap:MeasurementInputAppraisedValueMember | us-gaap:MeasurementInputAppraisedValueMember |
Level 3 [Member] | Minimum [Member] | State and Local Governments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Discount rate | 0.34 | 1.19 |
Level 3 [Member] | Minimum [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Discount rate | 34.54 | 0.71 |
Level 3 [Member] | Minimum [Member] | Other Real Estate Owned-Residential [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Discount rate | 0 | |
Level 3 [Member] | Maximum [Member] | State and Local Governments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Discount rate | 1.34 | 1.19 |
Level 3 [Member] | Maximum [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Discount rate | 81.41 | 100 |
Level 3 [Member] | Maximum [Member] | Other Real Estate Owned-Residential [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Discount rate | 7.32 | |
Level 3 [Member] | Weighted Average [Member] | State and Local Governments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Discount rate | 0.86 | 1.19 |
Level 3 [Member] | Weighted Average [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Discount rate | 32.44 | 17.71 |
Level 3 [Member] | Weighted Average [Member] | Other Real Estate Owned-Residential [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Discount rate | 50.99 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Level 3 [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis, Total | $ 6,925 | $ 7,703 |
Other Real Estate Owned-Residential [Member] | Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis, Total | 30 | |
Fair Value on Nonrecurring Basis [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis, Total | 6,925 | 7,703 |
Fair Value on Nonrecurring Basis [Member] | Level 3 [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis, Total | 6,925 | $ 7,703 |
Fair Value on Nonrecurring Basis [Member] | Other Real Estate Owned-Residential [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis, Total | 30 | |
Fair Value on Nonrecurring Basis [Member] | Other Real Estate Owned-Residential [Member] | Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis, Total | $ 30 |
Federal Funds Purchased and S_3
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase - Additional Information (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fees And Commissions Income [Abstract] | ||
Federal funds purchased | $ 0 | $ 0 |
Securities sold under agreements to repurchase | $ 29,600,000 | $ 30,200,000 |
Federal Funds Purchased and S_4
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase - Schedule of Remaining Contractual Maturity in Repurchase Agreements (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements, Remaining contractual maturity of the agreements | $ 29,600 | $ 30,200 |
Total | 29,601 | 30,239 |
Overnight & Continuous [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total | 1,240 | 1,899 |
Up to 30 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total | 2,156 | |
30-90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total | 750 | 3,900 |
Greater Than 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total | 25,455 | 24,440 |
US Treasury & Agency Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements, Remaining contractual maturity of the agreements | 29,601 | 30,239 |
US Treasury & Agency Securities [Member] | Overnight & Continuous [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements, Remaining contractual maturity of the agreements | 1,240 | 1,899 |
US Treasury & Agency Securities [Member] | Up to 30 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements, Remaining contractual maturity of the agreements | 2,156 | |
US Treasury & Agency Securities [Member] | 30-90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements, Remaining contractual maturity of the agreements | 750 | 3,900 |
US Treasury & Agency Securities [Member] | Greater Than 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements, Remaining contractual maturity of the agreements | $ 25,455 | $ 24,440 |
Subordinated Notes - Additional
Subordinated Notes - Additional Information (Detail) - USD ($) $ in Millions | Jul. 30, 2021 | Sep. 30, 2021 |
Debt Instrument [Line Items] | ||
Debt instrument basis points | 2.63% | |
Debt instrument, frequency of periodic payment | semi-annually | |
Debt instrument, term | 5 years | 3 years |
Redemption price of principal amount of notes redeemed | 100.00% | |
Private Placement | ||
Debt Instrument [Line Items] | ||
Subordinated notes | $ 35 | |
Fixed-to-floating interest rate | 3.25% | |
Percentage of notes prices on principal amount | 100.00% |
Subordinated Notes - Schedule o
Subordinated Notes - Schedule of Subordinated Notes (Detail) - Subordinated Notes $ in Thousands | Sep. 30, 2021USD ($) |
Debt Instrument [Line Items] | |
Principal | $ 35,000 |
Unamortized Note Issuance Costs | $ (559) |
Proposed Business Combination -
Proposed Business Combination - Additional Information (Detail) | May 04, 2021$ / sharesshares | May 03, 2021USD ($)$ / shares | Sep. 30, 2021USD ($)Officeshares | Sep. 30, 2021USD ($)Officeshares | Dec. 31, 2020USD ($)shares | Mar. 31, 2021USD ($)shares |
Business Acquisition [Line Items] | ||||||
Common stock shares outstanding | shares | 12,230,000 | 12,230,000 | 12,230,000 | |||
Business combination, acquisition related costs | $ 1,200,000 | $ 2,100,000 | $ 42,500 | |||
Consulting Fees [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, acquisition related costs | 10,300 | 255,200 | 12,500 | |||
Other General and Administrative Expenses [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, acquisition related costs | 61,500 | $ 241,300 | $ 30,000 | |||
Perpetual Federal Savings Bank {Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, date of acquisition agreement | May 4, 2021 | |||||
Assets | $ 391,000,000 | |||||
Loans | 326,000,000 | |||||
Deposits | 305,000,000 | |||||
Tangible equity | $ 79,000,000 | |||||
Business acquisition, expected closing date | Oct. 1, 2021 | |||||
Aggregate cash consideration | $ 103,700,000 | |||||
Stock issuable to PFSB | shares | 1,776 | |||||
Cash payment for exchange of each share | $ / shares | $ 41.20 | |||||
Common stock shares outstanding | shares | 2,470,032 | |||||
Share price | $ / shares | $ 24.22 | |||||
Business acquisition subjected to adjustment based upon shares issued in merger | shares | 1,833,999 | |||||
Business combination, acquisition related costs | 275,400 | $ 523,500 | ||||
Perpetual Federal Savings Bank {Member] | Consulting Fees [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, acquisition related costs | 69,000 | 160,800 | ||||
Perpetual Federal Savings Bank {Member] | Other General and Administrative Expenses [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, acquisition related costs | $ 206,300 | $ 362,700 | ||||
Perpetual Federal Savings Bank {Member] | Urbana Ohio [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of full-service offices | Office | 1 | 1 |