Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000835324 | ||
Entity Registrant Name | Stock Yards Bancorp, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 1-13661 | ||
Entity Incorporation, State or Country Code | KY | ||
Entity Tax Identification Number | 61-1137529 | ||
Entity Address, Address Line One | 1040 East Main Street | ||
Entity Address, City or Town | Louisville | ||
Entity Address, State or Province | KY | ||
Entity Address, Postal Zip Code | 40206 | ||
City Area Code | 502 | ||
Local Phone Number | 582-2571 | ||
Title of 12(b) Security | Common stock, no par value | ||
Trading Symbol | SYBT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,670,011,989 | ||
Entity Common Stock, Shares Outstanding | 29,261,261 | ||
Auditor Name | FORVIS, LLP | ||
Auditor Firm ID | 686 | ||
Auditor Location | Indianapolis, Indiana |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets | |||
Cash and due from banks | $ 82,515 | $ 62,304 | |
Federal funds sold and interest bearing due from banks | 84,852 | 898,888 | |
Total cash and cash equivalents | 167,367 | 961,192 | |
Mortgage loans held for sale, at fair value | 2,606 | 8,614 | |
Available for sale debt securities (amortized cost of $1,297,977 in 2022 and $1,190,379 in 2021, respectively) | 1,144,617 | 1,180,298 | |
Held to maturity debt securities (fair value of $431,833 in 2022 and $0 in 2021, respectively) | 473,217 | 0 | |
Federal Home Loan Bank stock, at cost | 10,928 | 9,376 | |
Loans | [1] | 5,205,918 | 4,169,303 |
Allowance for credit losses on loans | 73,531 | 53,898 | |
Net loans | 5,132,387 | 4,115,405 | |
Premises and equipment, net | 101,612 | 76,894 | |
Premises held for sale | 2,644 | 0 | |
Bank owned life insurance | 84,674 | 53,073 | |
Accrued interest receivable | 22,157 | 13,745 | |
Goodwill | 194,074 | 135,830 | |
Other assets | 134,988 | 86,002 | |
Total assets | 7,496,261 | 6,646,025 | |
Liabilities | |||
Non-interest bearing | 1,950,198 | 1,755,754 | |
Interest bearing | 4,441,054 | 4,031,760 | |
Total deposits | 6,391,252 | 5,787,514 | |
Securities sold under agreements to repurchase | 133,342 | 75,466 | |
Federal funds purchased | 8,789 | 10,374 | |
Subordinated debentures | 26,343 | 0 | |
Federal Home Loan Bank advances | 50,000 | 0 | |
Accrued interest payable | 660 | 300 | |
Other liabilities | 125,443 | 96,502 | |
Total liabilities | 6,735,829 | 5,970,156 | |
Commitments and contingent liabilities (Footnote 21) | |||
Stockholders’ equity | |||
Preferred stock, no par value. Authorized 1,000,000 shares; no shares issued or outstanding | 0 | 0 | |
Common stock, no par value. Authorized 40,000,000 shares; issued and outstanding 29,259,000 and 26,596,000 shares in 2022 and 2021, respectively | 58,367 | 49,501 | |
Additional paid-in capital | 377,703 | 243,107 | |
Retained earnings | 439,898 | 391,201 | |
Accumulated other comprehensive loss | (115,536) | (7,940) | |
Total stockholders’ equity | 760,432 | 675,869 | |
Total liabilities and equity | 7,496,261 | 6,646,025 | |
Core Deposits [Member] | |||
Assets | |||
Intangible | 14,958 | 5,596 | |
Customer Lists [Member] | |||
Assets | |||
Intangible | $ 10,032 | $ 0 | |
[1]Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Available for sale debt securities, amortized cost | $ 1,297,977 | $ 1,190,379 |
Held to maturity debt securities, fair value | $ 431,833 | $ 0 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 29,259,000 | 26,596,000 |
Common stock, shares outstanding (in shares) | 29,259,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Interest income: | ||||
Loans, including fees | $ 216,138 | $ 164,073 | $ 137,699 | |
Federal funds sold and interest bearing due from banks | 6,018 | 645 | 738 | |
Mortgage loans held for sale | 190 | 249 | 533 | |
Federal Home Loan Bank stock | 505 | 262 | 253 | |
Investment securities: | ||||
Taxable | 27,302 | 11,575 | 8,432 | |
Tax-exempt | 1,499 | 272 | 216 | |
Total interest income | 251,652 | 177,076 | 147,871 | |
Interest expense: | ||||
Deposits | 16,412 | 5,627 | 10,478 | |
Securities sold under agreements to repurchase | 567 | 24 | 37 | |
Federal funds purchased and other short-term borrowing | 154 | 14 | 35 | |
Subordinated debentures | 1,124 | 0 | 0 | |
Federal Home Loan Bank advances | 12 | 337 | 1,400 | |
Total interest expense | 18,269 | 6,002 | 11,950 | |
Net interest income | 233,383 | 171,074 | 135,921 | |
Provision for credit losses | 10,257 | (753) | 18,418 | |
Net interest income after provision expense | 223,126 | 171,827 | 117,503 | |
Non-interest income: | ||||
Mortgage banking income | [1] | 3,210 | 4,724 | 6,155 |
Bank owned life insurance | [1] | 1,597 | 914 | 693 |
Gain (loss) on sale of premises and equipment | [1] | 4,369 | (78) | 150 |
Total non-interest income | 89,149 | 65,850 | 51,899 | |
Non-interest expenses: | ||||
Compensation | 86,640 | 63,034 | 51,368 | |
Employee benefits | 16,568 | 13,479 | 11,064 | |
Net occupancy and equipment | 14,298 | 9,688 | 8,182 | |
Technology and communication | 14,897 | 11,145 | 8,732 | |
Debit and credit card processing | 5,909 | 4,494 | 2,606 | |
Marketing and business development | 5,005 | 4,150 | 2,383 | |
Postage, printing and supplies | 3,354 | 2,213 | 1,778 | |
Legal and professional | 2,943 | 2,583 | 2,392 | |
FDIC insurance | 2,758 | 1,847 | 1,217 | |
Amortization of investments in tax credit partnerships | 353 | 367 | 3,096 | |
Capital and deposit based taxes | 2,621 | 2,090 | 4,386 | |
Merger expenses | 19,500 | 19,025 | 0 | |
Federal Home Loans Bank early termination penalty | 0 | 474 | 0 | |
Intangible amortization | 5,544 | 770 | 323 | |
Loss on disposition of LFA | 870 | 0 | 0 | |
Other | 10,531 | 6,921 | 4,132 | |
Total non-interest expenses | 191,791 | 142,280 | 101,659 | |
Income before income tax expense | 120,484 | 95,397 | 67,743 | |
Income tax expense | 27,190 | 20,752 | 8,874 | |
Net income | 93,294 | 74,645 | 58,869 | |
Less income attributed to non-controlling interest | 322 | 0 | 0 | |
Net income available to stockholders | $ 92,972 | $ 74,645 | $ 58,869 | |
Net income per share - basic (in dollars per share) | $ 3.24 | $ 3 | $ 2.61 | |
Net income per share - diluted (in dollars per share) | $ 3.21 | $ 2.97 | $ 2.59 | |
Weighted average outstanding shares: | ||||
Basic (in shares) | 28,672 | 24,898 | 22,563 | |
Diluted (in shares) | 28,922 | 25,156 | 22,768 | |
Fiduciary and Trust [Member] | ||||
Non-interest income: | ||||
Non-interest income | $ 36,111 | $ 27,613 | $ 23,406 | |
Deposit Account [Member] | ||||
Non-interest income: | ||||
Non-interest income | 8,286 | 5,852 | 4,161 | |
Credit and Debit Card [Member] | ||||
Non-interest income: | ||||
Non-interest income | 18,623 | 13,456 | 8,480 | |
Treasury Management [Member] | ||||
Non-interest income: | ||||
Non-interest income | 8,590 | 6,912 | 5,407 | |
Investment Advisory, Management and Administrative Service [Member] | ||||
Non-interest income: | ||||
Non-interest income | 3,063 | 2,553 | 1,775 | |
Product and Service, Other [Member] | ||||
Non-interest income: | ||||
Non-interest income | $ 5,300 | $ 3,904 | $ 1,672 | |
[1]Outside of the scope of ASC 606. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 93,294 | $ 74,645 | $ 58,869 |
Other comprehensive income (loss): | |||
Change in unrealized gain (loss) on AFS debt securities | (143,314) | (22,337) | 10,831 |
Change in fair value of derivatives used in cash flow hedge | 0 | 159 | (109) |
Minimum pension liability adjustment | 521 | 216 | (103) |
Total other comprehensive income (loss) before income tax effect | (142,793) | (21,962) | 10,619 |
Tax effect | (35,197) | (5,281) | 2,555 |
Total other comprehensive income (loss), net of tax | (107,596) | (16,681) | 8,064 |
Comprehensive income (loss) | (14,302) | 57,964 | 66,933 |
Less comprehensive income attributed to non-controlling interest | 322 | 0 | 0 |
Comprehensive income (loss) available to stockholders | $ (14,624) | $ 57,964 | $ 66,933 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 22,604 | |||||||||||||
Balance at Dec. 31, 2019 | $ 0 | $ 0 | $ (8,823) | $ 0 | $ (8,823) | $ 0 | $ (8,823) | $ 36,207 | $ 35,714 | $ 333,699 | $ 677 | $ 406,297 | $ 0 | $ 406,297 |
Net income | 0 | 0 | 58,869 | 0 | 58,869 | 0 | 58,869 | |||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 8,064 | 8,064 | 0 | 8,064 | |||||||
Stock compensation expense | $ 0 | 3,262 | 0 | 0 | 3,262 | 0 | 3,262 | |||||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations (in shares) | 93 | |||||||||||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations | $ 306 | 3,035 | (5,831) | 0 | (2,490) | 0 | (2,490) | |||||||
Cash dividends declared | $ 0 | 0 | (24,478) | 0 | (24,478) | 0 | (24,478) | |||||||
Shares cancelled (in shares) | (5) | |||||||||||||
Shares cancelled | $ (13) | (125) | 138 | 0 | 0 | 0 | 0 | |||||||
Balance (in shares) at Dec. 31, 2020 | 22,692 | |||||||||||||
Balance at Dec. 31, 2020 | $ 36,500 | 41,886 | 353,574 | 8,741 | 440,701 | 0 | 440,701 | |||||||
Net income | 0 | 0 | 74,645 | 0 | 74,645 | 0 | 74,645 | |||||||
Other comprehensive income (loss) | 0 | 0 | 0 | (16,681) | (16,681) | 0 | (16,681) | |||||||
Stock compensation expense | $ 0 | 4,565 | 0 | 0 | 4,565 | 0 | 4,565 | |||||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations (in shares) | 101 | |||||||||||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations | $ 334 | 4,841 | (9,001) | 0 | (3,826) | 0 | (3,826) | |||||||
Cash dividends declared | $ 0 | 0 | (28,205) | 0 | (28,205) | 0 | (28,205) | |||||||
Shares cancelled (in shares) | (5) | |||||||||||||
Shares cancelled | $ (15) | (173) | 188 | 0 | 0 | 0 | 0 | |||||||
Stock issued for acquisition (in shares) | 3,808 | |||||||||||||
Stock issued for acquisition | $ 12,682 | 191,988 | 0 | 0 | 204,670 | 0 | 204,670 | |||||||
Balance (in shares) at Dec. 31, 2021 | 26,596 | |||||||||||||
Balance at Dec. 31, 2021 | $ 49,501 | 243,107 | 391,201 | (7,940) | 675,869 | 0 | 675,869 | |||||||
Net income | 0 | 0 | 92,972 | 0 | 92,972 | 322 | 93,294 | |||||||
Other comprehensive income (loss) | 0 | 0 | 0 | (107,596) | (107,596) | 0 | (107,596) | |||||||
Stock compensation expense | $ 0 | 4,394 | 0 | 0 | 4,394 | 0 | 4,394 | |||||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations (in shares) | 109 | |||||||||||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations | $ 364 | 6,221 | (11,119) | 0 | (4,534) | 0 | (4,534) | |||||||
Cash dividends declared | $ 0 | 0 | (33,311) | 0 | (33,311) | 0 | (33,311) | |||||||
Shares cancelled (in shares) | (10) | |||||||||||||
Shares cancelled | $ (37) | (533) | 298 | 0 | (272) | 0 | (272) | |||||||
Stock issued for acquisition (in shares) | 2,564 | |||||||||||||
Stock issued for acquisition | $ 8,539 | 125,286 | 0 | 0 | 133,825 | 0 | 133,825 | |||||||
Non-controlling interest of acquired entity | 0 | 0 | 0 | 0 | 0 | 3,094 | 3,094 | |||||||
Distributions to non-controlling interest | 0 | 0 | 0 | 0 | 0 | (322) | (322) | |||||||
Disposition of non-controlling interest | $ 0 | (772) | (143) | 0 | (915) | (3,094) | (4,009) | |||||||
Balance (in shares) at Dec. 31, 2022 | 29,259 | |||||||||||||
Balance at Dec. 31, 2022 | $ 58,367 | $ 377,703 | $ 439,898 | $ (115,536) | $ 760,432 | $ 0 | $ 760,432 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retained Earnings [Member] | |||
Cash dividends declared, per share (in dollars per share) | $ 1.10 | $ 1.08 | |
Cash dividends declared, per share (in dollars per share) | $ 1.14 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash flows from operating activities: | ||||
Net income | $ 93,294 | $ 74,645 | $ 58,869 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for credit losses | 10,257 | (753) | 18,418 | |
Depreciation, amortization and accretion, net | 20,658 | 11,329 | 9,743 | |
Deferred income tax expense (benefit) | 1,823 | 5,401 | (7,508) | |
Gain on sale of mortgage loans held for sale | (521) | (3,602) | (4,713) | |
Origination of mortgage loans held for sale | (135,045) | (157,304) | (258,525) | |
Proceeds from sale of mortgage loans held for sale | 145,133 | 177,910 | 249,439 | |
Bank owned life insurance income | [1] | (1,597) | (914) | (693) |
(Gain)/loss on the disposal of premises and equipment | [1] | (4,369) | 78 | (150) |
(Gain)/loss on the sale of other real estate owned | (46) | (163) | 73 | |
Loss on disposition of LFA | 870 | 0 | 0 | |
Stock compensation expense | 4,394 | 4,565 | 3,262 | |
Excess tax benefit from share-based compensation arrangements | (1,713) | (1,482) | (452) | |
Net change in accrued interest receivable and other assets | (14,137) | 4,007 | (20,880) | |
Net change in accrued interest payable and other liabilities | (10,259) | (11,617) | 30,242 | |
Net cash provided by operating activities | 108,742 | 102,100 | 77,125 | |
Cash flows from investing activities: | ||||
Purchases of available for sale debt securities | (196,488) | (504,777) | (455,368) | |
Proceeeds from sales of acquired available for sale debt securities | 2,111 | 91,214 | 0 | |
Proceeds from maturities and paydowns of available for sale debt securities | 169,499 | 210,052 | 348,736 | |
Purchases of held to maturity debt securities | (459,183) | 0 | 0 | |
Proceeds from maturities and paydowns of held to maturity debt securities | 145,902 | 0 | 0 | |
Purchase of bank owned life insurance | (30,000) | 0 | 0 | |
Proceeds from redemption of Federal Home Loan Bank stock | 2,883 | 8,980 | 0 | |
Proceeds from the disposition of LFA | 4,993 | 0 | 0 | |
Proceeds from the sale of held for investment loans | 0 | 0 | 2,794 | |
Net change in non-PPP loans | (423,622) | (342,468) | (144,353) | |
Purchase of loans from broker | (82,074) | 0 | 0 | |
Purchases of premises and equipment | (18,441) | (4,581) | (5,458) | |
Proceeds from sale or disposal of premises and equipment | 24,732 | 0 | 1,240 | |
Other investment activities | (3,502) | (5,181) | (2,381) | |
Proceeds from sales of other real estate owned | 7,168 | 919 | 258 | |
Cash for acquisition, net of cash acquired | 349,456 | 24,981 | 0 | |
Net cash used in investing activities | (384,425) | (78,874) | (804,718) | |
Cash flows from financing activities: | ||||
Net change in deposits | (515,669) | 759,752 | 854,618 | |
Net change in securities sold under agreements to repurchase and federal funds purchased | (9,929) | 15,037 | 16,661 | |
Proceeds from Federal Home Loan Bank advances | 50,000 | 30,000 | 100,000 | |
Repayments of Federal Home Loan Bank advances | 0 | (152,744) | (148,495) | |
Repayment of acquired line of credit | (3,200) | 0 | 0 | |
Repurchase of common stock | (4,534) | (3,618) | (2,265) | |
Share repurchases related to compensation plans | (272) | (208) | (224) | |
Cash disbursements to non-controlling interest | (322) | 0 | 0 | |
Disposition of LFA | (915) | 0 | 0 | |
Cash dividends paid | (33,301) | (28,198) | (24,481) | |
Net cash provided by financing activities | (518,142) | 620,021 | 795,814 | |
Net change in cash and cash equivalents | (793,825) | 643,247 | 68,221 | |
Beginning cash and cash equivalents | 961,192 | 317,945 | 249,724 | |
Ending cash and cash equivalents | 167,367 | 961,192 | 317,945 | |
Supplemental cash flow information: | ||||
Interest paid | 17,909 | 6,093 | 12,199 | |
Income tax paid, net of refunds | 20,892 | 14,259 | 12,468 | |
Cash paid for operating lease liabilities | 3,833 | 2,568 | 2,218 | |
Supplemental non-cash activity: | ||||
Unfunded commitments in tax credit investments | 6,517 | 5,217 | 8,958 | |
Loans purchased and not settled | 0 | 0 | 5,000 | |
Due to broker | 22,245 | 20,998 | 0 | |
Dividends payable to stockholders | 230 | 220 | 213 | |
Loans transferred to OREO | 587 | 7,136 | 119 | |
Premises and equipment transferred to premises held for sale | 21,662 | 0 | 0 | |
Fair value of assets acquired | 1,403,509 | 1,389,327 | 0 | |
Cash paid in acquisition | 30,994 | 28,276 | 0 | |
Common stock issued in acquisition | 133,825 | 204,670 | 0 | |
Non-controlling interest of acquired entity | 3,094 | 0 | 0 | |
Total consideration paid | 167,913 | 232,946 | 0 | |
Liabilities assumed | 1,235,596 | 1,156,381 | 0 | |
Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | ||||
Cash flows from investing activities: | ||||
Net change in PPP loans | $ 122,141 | $ 441,987 | $ (550,186) | |
[1]Outside of the scope of ASC 606. |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 Summary of Significant Accounting Policies Nature of Operations Established in 1904, 73 Bancorp is divided into two Commercial Banking provides a full range of loan and deposit products to individual consumers and businesses in all its markets through retail lending, mortgage banking, deposit services, online banking, mobile banking, private banking, commercial lending, commercial real estate lending, leasing, treasury management services, merchant services, international banking, correspondent banking and other banking services. The Bank also offers securities brokerage services via its banking center network through an arrangement with a third WM&T provides investment management, financial & retirement planning and trust & estate services, as well as retirement plan management for businesses and corporations in all markets in which Bancorp operates. The magnitude of WM&T revenue distinguishes Bancorp from other community banks of similar asset size. The Captive, a wholly owned subsidiary of the Company, is a Nevada-based captive insurance company that provides insurance against certain risks unique to operations of the Company and its subsidiaries for which insurance may not 831 831 not $2,450,000, As a result of its acquisition of CB on March 7, 2022, Also as a result of its acquisition of Commonwealth Bancshares, Inc., Bancorp acquired a 60% interest in LFA, which is based in Bowling Green, Kentucky and provides wealth management services. LFA is consolidated into the Company. The non-controlling interest within the consolidated financial statements represents the interest in LFA not December 31, 2022, December 31, 2022. Critical Accounting Policies and Estimates may not Bancorp’s accounting policies are fundamental to understanding management’s discussion and analysis of our results of operations and financial condition. At December 31, 2022 2021, Accounting for Business Acquisitions 805, Business Combinations Identifiable assets acquired, liabilities assumed, and any non-controlling interest in acquirees are generally recognized at their acquisition-date (“day-one”) fair values based on the requirements of ASC Topic 820, Fair Value Measurements and Disclosures. one one one one one may one Acquisition related costs are expensed as incurred unless those costs are related to issuing debt or equity securities used to finance the acquisition. Cash and Cash Equivalents Mortgage Loans Held for Sale and Mortgage Banking Activities March 31, 2022, March 31, 2022 Commitments to fund mortgage loans (“interest rate lock commitments”) to be sold into the secondary market and non-exchange traded mandatory forward sales contracts (“forward contracts”) for the future delivery of these mortgage loans or the purchase of TBA securities are accounted for as free-standing derivatives. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the Bank enters into the derivative. Generally, the Bank enters into forward contracts for the future delivery of mortgage loans or the purchase of TBA securities when interest rate lock commitments are entered into in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these mortgage derivatives are included in net gains on sales of loans, which is a component of Mortgage banking income on the income statement. Mortgage loans held for sale are generally sold with the MSRs retained. When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded as component of Mortgage banking income. Fair value is based on the market prices for comparable mortgage servicing contracts when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method, which requires servicing rights to be amortized into Mortgage banking income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Amortization of MSRs are initially set at seven A primary factor influencing the fair value is the estimated life of the underlying serviced loans. The estimated life of the serviced loans is significantly influenced by market interest rates. During a period of declining interest rates, the fair value of the MSRs generally decline due to higher expected prepayments within the portfolio. Alternatively, during a period of rising interest rates, the fair value of MSRs generally will increase, as prepayments on the underlying loans would be expected to decline. Loan servicing income is reported on the income statement as a component of Mortgage banking income. Loan servicing income is recorded as loan payments are collected and includes servicing fees from investors and certain charges collected from borrowers. The fees are based on a contractual percentage of the outstanding principal, or a fixed amount per loan, and are recorded as income when earned. Late fees and ancillary fees related to loan servicing are considered nominal. Debt Securities not Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. Amortization of premiums and discounts are recognized in interest income over the period to maturity using the interest method, except for premiums on callable debt securities, which are amortized to their earliest call date. Bancorp has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and reports accrued interest separately in the consolidated balance sheets. A debt security is placed on non-accrual status at the time any principal or interest payments become more than 90 no December 31, 2022 2021. ACL – AFS Debt Securities not December 31, 2022 December 31, 2021, may not no In evaluating AFS debt securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, Bancorp considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. There were no December 31, 2022 December 31, 2021, Changes in the ACL for AFS debt securities are recorded as expense. Losses are charged against the ACL for AFS debt securities when management believes the uncollectability of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. ACL – HTM Debt Securities December 31, 2022 December 31, 2021, December 31, 2022 December 31, 2021, FHLB Stock may Loans Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income over the life of the loan without anticipating prepayments. Loans are considered past due or delinquent when the contractual principal and/or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. The accrual of interest income on loans is typically discontinued at the time the loan is 90 no 120 not not Acquired loans are recorded at fair value at the date of acquisition based on a DCF methodology that considers various factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not may Loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered PCD loans. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial ACL is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial ACL is added to the purchase price, there is no Acquired loans are determined by Bancorp to have more-than-insignificant deterioration in credit quality since origination if any of the following designations apply, listed in order of priority as follows: Loans individually analyzed by Bancorp and determined to have a collateral or cash flow deficiency resulting in a full or partial allocation for loss, loans placed on non-accrual status by the acquired institution, loans identified as TDRs by the acquired institution, loans that have received a partial charge off by the acquired institution, loans risk-rated below a “pass” grade by the acquired institution and any loans past due 59 For acquired loans not The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. Bancorp adopted ASC 326, Financial Instruments Credit Losses January 1, 2020 Bancorp adopted ASC 326 310 30. not January 1, 2020, third 2020. The following table summarizes the impact of the adoption of ASC 326 January 1, 2020: January 1, 2020 (in thousands) As reported under ASC 326 Pre-ASC 326 Adoption Impact of Adoption (1) Allowance for credit losses on loans: Commercial real estate - non-owner occupied $ 8,333 $ 5,235 $ 3,098 Commercial real estate - owner occupied 6,219 3,327 2,892 Total commercial real estate 14,552 8,562 5,990 Commercial and industrial - term 7,147 6,782 365 Commercial and industrial - line of credit 4,129 5,657 (1,528 ) Total commercial and industrial 11,276 12,439 (1,163 ) Residential real estate - owner occupied 2,713 1,527 1,186 Residential real estate - non-owner occupied 1,376 947 429 Total residential real estate 4,089 2,474 1,615 Construction and land development 5,161 2,105 3,056 Home equity lines of credit 842 728 114 Consumer 398 100 298 Leases 233 237 (4 ) Credit cards 96 146 (50 ) Total allowance for credit losses on loans $ 36,647 $ 26,791 $ 9,856 Total allowance for credit losses on off-balance sheet exposures $ 3,850 $ 350 $ 3,500 ( 1 The impact of the ASC 326 ACL – Loans Bancorp estimates the ACL on loans based on the underlying assets’ amortized cost basis, which is the amount at which the receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, and net deferred fees or costs, collection of payment, and partial charge-offs. In the event that collection of principal becomes uncertain, Bancorp has policies in place to reverse accrued interest in a timely manner. Therefore, Bancorp has made a policy election to exclude accrued interest from the measurement of the ACL on loans. Expected credit losses are reflected in the ACL on loans through a charge to provision for credit losses on loans. When Bancorp deems all or a portion of a financial asset to be uncollectible, the appropriate amount is written-off and the ACL on loans is reduced by the same amount. Bancorp applies judgment to determine when a financial asset is deemed uncollectible; however, generally speaking, an asset will be considered uncollectible no Bancorp’s methodologies for estimating the ACL on loans consider available relevant information about the collectability of cash flows, including information about past events, current conditions and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable to the identified pools of financial assets with similar risk characteristics for which the historical loss experience was observed. Bancorp’s methodologies may no Loans are predominantly segmented by FDIC Call Report Codes into loan pools that have similar risk characteristics, similar collateral type and are assumed to pose consistent risk of loss to Bancorp. Bancorp has identified the following pools of financial assets with similar risk characteristics for measuring expected credit losses: Commercial Real Estate Owner Occupied Commercial Real Estate Non-Owner Occupied five Construction and Land Development third may Commercial and Industrial Residential Real Estate first Home Equity Lines of Credit Consumer may Leases Credit Cards Bancorp measures expected credit losses for its loan portfolio segments as follows: Loan Portfolio Segment ACL Methodology Commercial real estate - non-owner occupied Discounted cash flow Commercial real estate - owner occupied Discounted cash flow Commercial and industrial - term Static pool Commercial and industrial - line of credit Static pool Residential real estate - owner occupied Discounted cash flow Residential real estate - non-owner occupied Discounted cash flow Construction and land development Static pool Home equity lines of credit Static pool Consumer Static pool Leases Static pool Credit cards Static pool Based on the 100% not Discounted Cash flow Method Bancorp uses regression analysis on historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers. For all loan pools utilizing the DCF method, management utilizes a forecasted unemployment rate as its primary loss driver, as this was determined to best correlate to historical losses. With regard to the DCF model and the adoption of CECL effective January 1, 2020, four eight one March 31, 2020. June 30, 2020, four June 30, 2021. September 30, 2021 December 31, 2022, four The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level NPV of expected cash flows. An ACL is established for the difference between the instrument’s NPV and amortized cost basis. Static Pool Method Collateral Dependent Loans not may zero not A loan that has been modified or renewed is considered a TDR when two 1 2 not may Premises and Equipment three Premises held for sale are also carried at cost, less accumulated depreciation and amortization. Premises held for sale represent properties owned by Bancorp that are currently listed for sale due mainly to location overlap and/or lack of necessity stemming from acquisition-related activity. Goodwill and Other Intangible Assets not Bancorp has selected September 30 Currently, goodwill recorded on Bancorp’s consolidated balance sheets is attributed mainly to the Commercial Banking segment, while a portion is also attributed to the WM&T segment. Goodwill related to the KSB acquisition is deductible for tax purposes, as it was structured as an asset sale/338 not December 31, 2022 December 31, 2021 not Other intangible assets consist of CDI and CLI assets arising from business acquisitions. The CDI and CLI assets represent customer relationships associated with acquired deposit portfolios and WM&T businesses, respectively. CDI and CLI assets are initially measured at fair value and then amortized on an accelerated method over their estimated useful lives. Other Assets OREO is initially recorded at fair value, less estimated costs to sell, establishing a new cost basis for the asset. OREO is subsequently carried at the lower of cost or estimated fair value minus estimated selling costs. In certain situations, improvements to prepare assets for sale are capitalized if those costs increase the estimated fair value of the asset. Expenses incurred in maintaining assets, write downs to reflect subsequent declines in value, and realized gains or losses are reflected in the results of operations and are included in non-interest income and/or expense. Off-Balance Sheet Credit Exposures not Bancorp records an ACL for off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to credit loss expense for off-balance sheet credit exposures included in provision for credit losses for off-balance sheet credit exposures on Bancorp’s consolidated statements of income. The ACL for off-balance sheet credit exposures is estimated by loan portfolio segment at each balance sheet date under the current CECL model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur and is included in other liabilities on Bancorp’s consolidated balance sheets. Derivatives For derivatives designated as cash flow hedges, the effective portion of changes in fair value of the derivative is initially reported in OCI and subsequently reclassified to interest income or expense when the hedged transaction affects earnings, while the ineffective portion of changes in fair value of derivative, if any, is recognized immediately in other noninterest income. Bancorp assesses the effectiveness of each hedging relationship by comparing cumulative changes in cash flows of the derivative hedging instrument with cumulative changes in cash flows of the designated hedged item or transaction. No Periodically, Bancorp enters into an interest rate swap transaction with a borrower, who desires to hedge exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. Because of matching terms of offsetting contracts and collateral provisions mitigating any non-performance risk, changes in fair value subsequent to initial recognition have an insignificant effect on earnings. Because these derivative instruments have not Bancorp had no December 31, 2022 December 31, 2021. not Interest Rate Swaps Transfers of Financial Assets not Stock-Based Compensation Income Taxes A tax position is recognized as a benefit only if it is “more-likely-than- not” 50% not not” no Bancorp recognizes interest and/or penalties related to income tax matters in income tax expense, if any. Bancorp periodically invests in certain partnerships with customers that yield historic tax credits, accounted for using the flow through method, which approximates the equity method. Also, low-income housing tax credits, as well as tax-deductible losses, are accounted for using the effective yield method for older transactions or proportional amortization method for more recent transactions. The tax benefit of these investments exceeds the amortization expense associated with them, resulting in a positive impact on net income. Net Income Per Share Comprehensive Income (Loss) Loss Contingencies not Restrictions on Cash and Cash Equivalents March 26, 2020, 0% 19 0% December 31, 2022. The Company’s insurance captive maintains cash reserves to cover insurable claims. Reserves were maintained at a minimum of $200,000 as of December 31, 2022 2021. Dividend Restriction may Fair Value of Financial Instruments Assets and Liabilities Measured and Reported at Fair Value Revenue from Contracts with Customers not 606. 606 Segment Information two Reclassifications no Adoption of New Accounting Guidance No. 2020 04, 848 Facilitation of the Effects of Reference Rate Reform on Financial Reporting March 2020. ● A change in a contract’s reference interest rate would be accounted for as a continuation of that contract rather than as the creation of a new one ● When updating its hedging strategies in response to reference rate reform, an entity would be allowed to preserve its hedge accounting. The guidance is applicable only to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued. Because the guidance is meant to help entities through the transition period, it will be in effect for a limited time and will not December 31, 2022, December 31, 2022, March 12, 2020 December 31, 2022. In May 2020, January 1, 2021. Accounting Standards Updates not not In June 2022, 2022 03, Fair Value Measurement (Topic 820 2022 03 not 1 2 3 2022 03 December 15, 2023. 2022 03 not In March 2022, 2022 02, Financial Instruments Credit Losses (Topic 326 2022 02 310 40, Receivables Troubled Debt Restructurings by Creditors 2016 13, Financial Instruments Credit Losses (Topic 326 2022 02 326 20, Financial Instruments Credit Losses Measured at Amortized Cost. December 15, 2022 not In March 2020, 2020 04, Reference Rate Reform (Topic 848 January 2021, 2021 01, 848 December 2022, 2022 06, 848. 848 may 848 December 31, 2022 December 31, 2024. 2020 04, 2021 01 2022 06, not |
Note 2 - Cash and Due From Bank
Note 2 - Cash and Due From Banks | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Restrictions on Cash and Due from Banks Disclosure [Text Block] | ( 2 Cash and Due from Banks At December 31, 2022 2021, $250,000 December 31, 2022 December 31, 2021, not Bancorp has historically been required to maintain an average reserve balance in cash or with the FRB relating to customer deposits. However, effective March 26, 2020, 0% 19 0% December 31, 2022. |
Note 3 - Bank Acquisitions
Note 3 - Bank Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 3 Bank Acquisitions Commonwealth Bancshares, Inc. On March 7, 2022, Effective December 31, 2022, 12 The following table provides a summary of the fair value of the assets acquired and liabilities assumed by Bancorp as of the acquisition date, the previously reported preliminary fair value adjustments necessary to adjust those acquired assets and assumed liabilities to fair value, final provisional period adjustments to those previously reported preliminary values, and the final fair values of those assets and liabilities as recorded by Bancorp. As Recorded Fair Value Classification Provisional Period As Recorded (in thousands) By CB Adjustments (1) Adjustments (2) Adjustments (1) by Bancorp Assets aquired: Cash and due from banks $ 380,450 $ — $ — $ — $ 380,450 Mortgage loans held for sale 3,559 — — — 3,559 Available for sale debt securities 247,209 (416 ) a (161,819 ) — 84,974 Held to maturity debt securities (2) — — a 161,819 — 161,819 Federal Home Loan Bank stock, at cost 4,436 — — — 4,436 Loans 645,551 (13,147 ) b — — 632,404 Allowance for credits losses on loans (16,102 ) 6,152 c — — (9,950 ) Net loans 629,449 (6,995 ) — — 622,454 Premises and equipment, net 28,784 4,009 d — — 32,793 Accrued interest receivable 1,973 — — — 1,973 Goodwill 5,412 (5,412 ) e — — — Core deposit intangible — 12,724 f — — 12,724 Customer list intangibles — 14,360 g — — 14,360 Mortgage servicing rights 9,387 3,289 h — — 12,676 Deferred income taxes, net — (3,727 ) i — — (3,727 ) Other assets 9,389 (1,065 ) j — — 8,324 Total assets acquired $ 1,320,048 $ 16,767 $ - $ - $ 1,336,815 Liabilities assumed: Deposits: Non-interest bearing $ 302,098 $ — $ — $ — $ 302,098 Interest bearing 818,334 371 k — — 818,705 Total deposits 1,120,432 371 — — 1,120,803 SSUAR 66,220 — — — 66,220 Subordinated debentures 26,806 (794 ) l — — 26,012 Line of credit 3,200 — — — 3,200 Accrued interest payable 243 — — — 243 Other liabilities 17,822 1,296 m — — 19,118 Total liabilities assumed 1,234,723 873 — — 1,235,596 Net assets acquired $ 85,325 $ 15,894 $ - $ - $ 101,219 Consideration for common stock $ 133,825 Cash consideration paid 30,994 Noncontrolling interest of acquired entity 3,094 Total consideration $ 167,913 Goodwill $ 66,694 ( 1 See the following page for explanations of individual fair value/provisional period adjustments. ( 2 As of acquisition date, securities with a fair value of $162 million were classified by Bancorp as HTM. Explanation of fair value/provisional period adjustments a. Adjustment to investment securities based on Bancorp’s evaluation of the acquired portfolio. b. Adjustments to loans to reflect estimated fair value adjustments, including the following: (in thousands) Fair value adjustment - acquired non PCD loans $ (9,216 ) Fair value adjustment - acquired PCD loans (4,094 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge 163 Net loan fair value adjustments $ (13,147 ) c. The net adjustment to allowance for credit losses includes the following: (in thousands) Reversal of historical CB ACL for loans $ (16,102 ) Estimate of lifetime credit losses for PCD loans 9,950 Net change in ACL for loans $ (6,152 ) d. Adjustment to premises and equipment to reflect the estimated fair value of acquired premises and equipment and right of use assets. e. Elimination of the historical CB goodwill. f. Calculation of CDI related to the acquisition. g. Calculation of CLI related to the acquisition. h. Adjustment to reflect the estimated fair value of MSRs. i. Adjustment to net DTAs associated with the effects of the purchase accounting adjustments. j. Adjustment to other assets to reflect the estimated fair value of prepaid and other assets. k. Adjustment to deposits to reflect the estimated fair value of time deposits in interest rates, which was based on an analysis of market interest rates and maturity dates at the time of acquisition. l. Adjustment to reflect the estimated fair value of subordinated debentures for differences in interest rates, which was based primarily on an analysis of market interest rates and maturity dates at the time of acquisition. m. Adjustment to other liabilities to establish the reserve for unfunded loan commitments under CECL, operating lease liabilities and various accrual adjustments. Goodwill of approximately $67 million, which is the excess of the acquisition consideration over the fair value of net assets acquired, was recorded in the CB acquisition and is the result of expected operational synergies and other factors. This goodwill is attributable to the Company’s Commercial Banking and Wealth Management & Trust segments. Goodwill related to the CB acquisition is not Loans acquired that were not Total revenue, defined as net interest income and non-interest income, attributed to CB totaled approximately $38.6 million for the year ended December 31, 2022, The following unaudited pro forma condensed combined financial information presents the results of operations of Bancorp, including the effects of the purchase accounting adjustments and acquisition expenses, had the CB acquisition taken place at the beginning of the period. Further, the pro forma condensed combined financial information presented below for the year ended December 31, 2021 May 31, 2021, (in thousands, except per share data) Years ended December 31, 2022 2021 Net interest income $ 238,416 $ 218,376 Provision for credit losses (1) 5,828 (7,667 ) Non-interest income 92,089 123,530 Non-interest expense (2) 182,783 200,941 Income before taxes 141,894 148,632 Income tax expense 32,212 31,443 Net income 109,682 117,189 Less net income attributed to noncontrolling interest 337 362 Net income available to stockholders $ 109,345 $ 116,827 Earnings per share Basic $ 3.75 $ 4.02 Diluted 3.72 3.99 Basic weighted average shares outstanding 29,122 29,037 Diluted weighted average shares outstanding 29,386 29,295 ( 1 December 31, 2022. December 31, 2021. ( 2 December 31, 2022. December 31, 2021. Kentucky Bancshares, Inc. On May 31, 2021, 11 Effective March 31, 2022, 12 The following table provides a summary of the fair value of the assets acquired and liabilities assumed by Bancorp as of the acquisition date, the previously reported preliminary fair value adjustments necessary to adjust those acquired assets and assumed liabilities to fair value, final provisional period adjustments to those previously reported preliminary values, and the final fair values of those assets and liabilities as recorded by Bancorp. As Recorded Fair Value Provisional Period As Recorded (in thousands) By KB Adjustments (1) Adjustments (1) by Bancorp Assets aquired: Cash and due from banks $ 53,257 $ — $ — $ 53,257 Mortgage loans held for sale 3,071 — — 3,071 Available for sale debt securities 396,157 (295 ) a — 395,862 Federal Home Loan Bank stock, at cost 7,072 — — 7,072 Loans 755,932 (757 ) b — 755,175 Allowance for credits losses on loans (9,491 ) 2,734 c — (6,757 ) Net loans 746,441 1,977 — 748,418 Premises and equipment, net 27,401 (6,361 ) d — 21,040 Bank owned life insurance 18,909 — — 18,909 Accrued interest receivable 4,939 — — 4,939 Goodwill 14,001 (14,001 ) e — — Core deposit intangible — 3,404 f 999 f 4,403 Other real estate owned 674 (123 ) g — 551 Mortgage servicing rights 1,628 34 h — 1,662 Deferred income taxes, net 1,856 715 i (230 ) i 2,341 Other assets 6,421 (1,866 ) j (70 ) j 4,485 Total assets acquired $ 1,281,827 $ (16,516 ) $ 699 $ 1,266,010 Liabilities assumed: Deposits: Non-interest bearing $ 359,544 $ — $ — $ 359,544 Interest bearing 678,528 1,146 k — 679,674 Total deposits 1,038,072 1,146 — 1,039,218 Securities sold under agreements to repurchase 11,360 — — 11,360 Federal Home Loan Bank advances 88,581 2,490 l — 91,071 Accrued interest payable 505 — — 505 Other liabilities 16,231 (2,004 ) m — 14,227 Total liabilities assumed 1,154,749 1,632 — 1,156,381 Net assets acquired $ 127,078 $ (18,148 ) $ 699 $ 109,629 Consideration for common stock $ 204,670 Cash consideration paid 28,276 Total consideration $ 232,946 Goodwill $ 123,317 ( 1 See the following page for explanations of individual fair value/provisional period adjustments. Explanation of fair value/provisional period adjustments a. Adjustment based on Bancorp’s evaluation of the acquired investment portfolio. Bancorp sold approximately $91 million in AFS debt securities shortly after acquisition. b. Adjustments to loans to reflect estimated fair value adjustments, including the following: (in thousands) Fair value adjustment - acquired non PCD loans $ 228 Fair value adjustment - acquired PCD loans (735 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge (250 ) Net loan fair value adjustments $ (757 ) c. The net adjustment to allowance for credit losses includes the following: (in thousands) Reversal of historical KB ACL for loans $ 9,491 Estimate of lifetime credit losses for PCD loans (6,757 ) Net change in ACL for loans $ 2,734 d. Adjustment to premises and equipment to reflect the estimated fair value of acquired premises and equipment and right of use assets. e. Elimination of the historical KB goodwill. f. Calculation of CDI related to the acquisition. During the third 2021, g. Adjustment to reflect the estimated fair value of other real estate owned. h. Adjustment to reflect the estimated fair value of MSRs. i. Adjustment to net DTAs associated with the effects of the purchase accounting adjustments. j. Adjustment to other assets to reflect the estimated fair value of prepaid and other assets. During the third 2021, k. Adjustment to deposits to reflect the estimated fair value of time deposits in interest rates, which was based on an analysis of market interest rates and maturity dates at the time of acquisition. l. Adjustment to reflect the estimated fair value of FHLB advances for differences in interest rates, which was based primarily on an analysis of current market interest rates and maturity dates. All KB FHLB advances were paid off immediately after acquisition. m. Adjustment to other liabilities to establish the reserve for unfunded loan commitments under CECL, operating lease liabilities and various accrual adjustments. Goodwill of approximately $123 million, which is the excess of the acquisition consideration over the fair value of net assets acquired, was recorded in the KB acquisition and is the result of expected operational synergies and other factors. This goodwill is all attributable to the Company’s Commercial Banking segment. Goodwill related to the KB acquisition is not Loans acquired that were not Total revenue, defined as net interest income and non-interest income, attributed to KB totaled approximately $27.0 million for the year ended December 31, 2021, The following unaudited pro forma condensed combined financial information presents the results of operations of Bancorp, including the effects of the purchase accounting adjustments and acquisition expenses, had the KB acquisition taken place at the beginning of 2021: (in thousands, except per share data) Years ended December 31, 2021 Net interest income $ 185,708 Provision for credit losses (1) (7,967 ) Non-interest income 72,308 Non-interest expense (2) 140,508 Income before taxes 125,475 Income tax expense 26,406 Net income 99,069 Earnings per share Basic $ 3.74 Diluted 3.70 Basic weighted average shares outstanding 26,522 Diluted weighted average shares outstanding 26,780 ( 1 December 31, 2021. ( 2 December 31, 2021. |
Note 4 - Investment Securities
Note 4 - Investment Securities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ( 4 Investment Securities Debt securities purchased in which Bancorp has the intent and ability to hold to their maturity are classified as HTM securities. All other investment securities are classified as AFS securities. AFS Debt Securities The following table summarizes the amortized cost, unrealized gains and losses, and fair value of Bancorp’s AFS debt securities portfolio: (in thousands) Amortized Unrealized December 31, 2022 cost Gains Losses Fair value U.S. Treasury and other U.S. Government obligations $ 122,966 $ - $ (7,927 ) $ 115,039 Government sponsored enterprise obligations 149,773 290 (6,437 ) 143,626 Mortgage backed securities - government agencies 874,265 58 (121,585 ) 752,738 Obligations of states and political subdivisions 145,016 1 (17,418 ) 127,599 Other 5,957 - (342 ) 5,615 Total available for sale debt securities $ 1,297,977 $ 349 $ (153,709 ) $ 1,144,617 December 31, 2021 U.S. Treasury and other U.S. Government obligations $ 123,753 $ - $ (1,252 ) $ 122,501 Government sponsored enterprise obligations 132,760 2,497 (236 ) 135,021 Mortgage backed securities - government agencies 857,283 2,495 (13,154 ) 846,624 Obligations of states and political subdivisions 75,488 289 (702 ) 75,075 Other 1,095 - (18 ) 1,077 Total available for sale debt securities $ 1,190,379 $ 5,281 $ (15,362 ) $ 1,180,298 HTM Debt Securities The following table summarizes the amortized cost, unrecognized gains and losses, and fair value of Bancorp’s HTM debt securities portfolio: (in thousands) Carrying Unrecognized December 31, 2022 value Gains Losses Fair value U.S. Treasury and other U.S. Government obligations $ 217,794 $ - $ (9,166 ) $ 208,628 Government sponsored enterprise obligations 27,507 - (2,559 ) 24,948 Mortgage backed securities - government agencies 227,916 - (29,659 ) 198,257 Total available for sale debt securities $ 473,217 $ - $ (41,384 ) $ 431,833 Bancorp elected to classify a portion of securities purchased and acquired during the first 2022 December 31, 2021. All investment securities classified as HTM by Bancorp as of December 31, 2022 December 31, 2022. December 31, 2022, Debt Securities by Contractual Maturity A summary of AFS and HTM debt securities by contractual maturity as of December 31, 2022 AFS Debt Securities HTM Debt Securities (in thousands) Amortized cost Fair value Carrying value Fair value Due within one year $ 38,868 $ 38,329 $ 15,029 $ 14,796 Due after one year but within five years 154,801 145,075 203,384 194,412 Due after five years but within 10 years 68,137 60,473 26,278 23,767 Due after 10 years 161,906 148,002 610 601 Mortgage backed securities - government agencies 874,265 752,738 227,916 198,257 Total available for sale debt securities $ 1,297,977 $ 1,144,617 $ 473,217 $ 431,833 Actual maturities may may At December 31, 2022 2021, no one 10% Accrued interest on the AFS and HTM securities portfolios totaled $4 million and $2 million at December 31, 2022, December 31, 2021. December 31, 2021. AFS debt securities totaling $247 million were acquired on March 7, 2022, AFS debt securities totaling $396 million were acquired on May 31, 2021 Securities with a carrying value of $1.1 billion and $879 million were pledged at December 31, 2022 2021, December 31, 2021 December 31, 2022 Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability, Bancorp has concluded that it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. As such, no allowance or impairment was recorded with respect to investment securities as of December 31, 2022. Unrealized and Unrecognized Loss Analysis on Debt Securities Debt securities with unrealized and unrecognized losses at December 31, 2022 December 31, 2021, AFS Debt Securities Less than 12 months 12 months or more Total (in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2022 value losses value losses value losses U.S. Treasury and other U.S. Government obligations $ 3,025 $ (57 ) $ 111,966 $ (7,870 ) $ 114,991 $ (7,927 ) Government sponsored enterprise obligations 99,785 (3,553 ) 22,484 (2,884 ) 122,269 (6,437 ) Mortgage-backed securities - government agencies 180,263 (11,114 ) 567,988 (110,471 ) 748,251 (121,585 ) Obligations of states and political subdivisions 64,165 (3,763 ) 56,864 (13,655 ) 121,029 (17,418 ) Other 4,865 (213 ) 749 (129 ) 5,614 (342 ) Total AFS debt securities $ 352,103 $ (18,700 ) $ 760,051 $ (135,009 ) $ 1,112,154 $ (153,709 ) December 31, 2021 U.S. Treasury and other U.S. Government obligations $ 122,501 $ (1,252 ) $ - $ - $ 122,501 $ (1,252 ) Government sponsored enterprise obligations 23,789 (223 ) 447 (13 ) 24,236 (236 ) Mortgage-backed securities - government agencies 615,130 (10,027 ) 102,637 (3,127 ) 717,767 (13,154 ) Obligations of states and political subdivisions 46,493 (686 ) 484 (16 ) 46,977 (702 ) Other 957 (18 ) - - 957 (18 ) Total AFS debt securities $ 808,870 $ (12,206 ) $ 103,568 $ (3,156 ) $ 912,438 $ (15,362 ) HTM Debt Securities Less than 12 months 12 months or more Total (in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized December 31, 2022 value losses value losses value losses U.S. Treasury and other U.S. Government obligations $ 208,628 $ (9,166 ) $ - $ - $ 208,628 $ (9,166 ) Government sponsored enterprise obligations 24,948 (2,559 ) - - 24,948 (2,559 ) Mortgage-backed securities - government agencies 198,257 (29,659 ) - - 198,257 (29,659 ) Total HTM debt securities $ 431,833 $ (41,384 ) $ - $ - $ 431,833 $ (41,384 ) Applicable dates for determining when securities are in an unrealized loss position are December 31, 2022 2021, 12 not Less than 12 For debt securities with unrealized and unrecognized loss positions, Bancorp evaluates the securities to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or non-credit related factors. Any impairment that is not may not no In evaluating debt securities in unrealized and unrecognized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, Bancorp considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. Unrealized and unrecognized losses on Bancorp’s investment securities portfolio have not December 31, 2022 December 31, 2021, December 31, 2022 December 31, 2021. no December 31, 2022 December 31, 2021. |
Note 5 - Loans and ACL for Loan
Note 5 - Loans and ACL for Loans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 5 Loans and ACL for Loans Composition of loans by class follows: December 31, (in thousands) 2022 2021 Commercial real estate - non-owner occupied $ 1,397,346 $ 1,128,244 Commercial real estate - owner occupied 834,629 678,405 Total commercial real estate 2,231,975 1,806,649 Commercial and industrial - term 765,163 596,710 Commercial and industrial - term - PPP 18,593 140,734 Commercial and industrial - lines of credit 465,813 370,312 Total commercial and industrial 1,249,569 1,107,756 Residential real estate - owner occupied 591,515 400,695 Residential real estate - non-owner occupied 313,248 281,018 Total residential real estate 904,763 681,713 Construction and land development 445,690 299,206 Home equity lines of credit 200,725 138,976 Consumer 139,461 104,294 Leases 13,322 13,622 Credit cards 20,413 17,087 Total loans (1) $ 5,205,918 $ 4,169,303 ( 1 As a result of the CB acquisition on March 7, 2022, May 31, 2021. Fees and costs of originating loans are deferred at origination and amortized over the life of the loan. Loan balances reported herein include deferred loan origination fees, net of deferred loan costs. At December 31, 2022 2021, Bancorp’s credit exposure is diversified with secured and unsecured loans to individuals and businesses. No 10% Bancorp occasionally enters into loan participation agreements with other banks in the ordinary course of business to diversify credit risk. For certain sold participation loans, Bancorp has retained effective control of the loans, typically by restricting the participating institutions from pledging or selling their share of the loan without permission from Bancorp. GAAP requires the participated portion of these loans to be recorded as secured borrowings. The participated portions of these loans are included in the C&I totals above with a corresponding liability reflected in other liabilities. At both December 31, 2022 2021, Accrued interest on loans, which is excluded from the amortized cost of loans, totaled $17 million and $11 million at December 31, 2022 2021, Loans with carrying amounts of $2.77 billion and $2.20 billion were pledged to secure FHLB borrowing capacity at December 31, 2022 December 31, 2021, Loans to directors and their related interests, including loans to companies for which directors are principal owners and executive officers are presented in the following table: Years ended December 31, (in thousands) 2022 2021 Balance at beginning of period $ 53,574 $ 43,091 Effect of change in composition of directors and executive officers 1,124 240 New term loans 15,000 5,000 Repayment of term loans (1,588 ) (3,671 ) Changes in balances of revolving lines of credit 10,575 8,914 Balance at end of period $ 78,685 $ 53,574 PCD Loans In connection with the acquisitions of CB on March 7, 2022, May 31, 2021, no 326, Financial Instruments Credit Losses. The fair value of acquired loans recorded at the time of acquisition is based upon several factors, including the timing and payment of expected cash flows, as adjusted for estimated credit losses and prepayments, and then discounting these cash flows using comparable market rates. The resulting fair value adjustment is recorded in the form of a premium or discount to the unpaid principal balance of the respective loans. As it relates to acquired loans that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination (“PCD”), the net premium or net discount is adjusted to reflect Bancorp’s allowance for credit losses recorded for PCD loans at the time of acquisition, and the remaining fair value adjustment is accreted or amortized into interest income over the remaining life of the respective loans. As it relates to loans not no Bancorp purchased loans through the acquisitions of CB and KB for which there was, at the time of acquisition, more-than-insignificant deterioration of credit quality since origination. The carrying amount of loans acquired and classified as PCD was as follows at the respective acquisition dates: CB KB (in thousands) March 7, 2022 May 31, 2021 Purchase price of PCD loans at acquisition $ 88,549 $ 32,765 ACL for loans at acquisition (9,950 ) (6,757 ) Non-credit discount at acquisition (4,094 ) (735 ) Fair value of PCD loans at acquisition $ 74,505 $ 25,273 At December 31, 2022, December 31, 2022 2021, ACL for Loans The table below reflects activity in the ACL related to loans: (in thousands) Year ended December 31, 2022 Beginning Balance Initial ACL for PCD Loans Provision for Credit Losses on Loans Charge-offs Recoveries Ending Balance Commercial real estate - non-owner occupied $ 15,960 $ 3,508 $ 3,173 $ (37 ) $ 37 $ 22,641 Commercial real estate - owner occupied 9,595 2,121 (1,061 ) (41 ) 213 10,827 Total commercial real estate 25,555 5,629 2,112 (78 ) 250 33,468 Commercial and industrial - term 8,577 1,358 2,497 (724 ) 1,283 12,991 Commercial and industrial - lines of credit 4,802 1,874 (87 ) (200 ) - 6,389 Total commercial and industrial 13,379 3,232 2,410 (924 ) 1,283 19,380 Residential real estate - owner occupied 4,316 590 1,777 (30 ) 64 6,717 Residential real estate - non-owner occupied 3,677 - (75 ) (27 ) 22 3,597 Total residential real estate 7,993 590 1,702 (57 ) 86 10,314 Construction and land development 4,789 419 2,050 (72 ) - 7,186 Home equity lines of credit 1,044 2 567 - - 1,613 Consumer 772 78 750 (1,080 ) 638 1,158 Leases 204 - (3 ) - - 201 Credit cards 162 - 94 (96 ) 51 211 Total $ 53,898 $ 9,950 $ 9,682 $ (2,307 ) $ 2,308 $ 73,531 (in thousands) Year ended December 31, 2021 Beginning Balance Initial ACL for PCD Loans Provision for Credit Losses on Loans Charge-offs Recoveries Ending Balance Commercial real estate - non-owner occupied $ 19,396 $ 1,491 $ (2,031 ) $ (3,065 ) $ 169 $ 15,960 Commercial real estate - owner occupied 6,983 2,112 1,826 (1,909 ) 583 9,595 Total commercial real estate 26,379 3,603 (205 ) (4,974 ) 752 25,555 Commercial and industrial - term 8,970 1,022 (112 ) (1,337 ) 34 8,577 Commercial and industrial - lines of credit 3,614 1,755 (567 ) - - 4,802 Total commercial and industrial 12,584 2,777 (679 ) (1,337 ) 34 13,379 Residential real estate - owner occupied 3,389 142 1,134 (383 ) 34 4,316 Residential real estate - non-owner occupied 1,818 88 1,766 - 5 3,677 Total residential real estate 5,207 230 2,900 (383 ) 39 7,993 Construction and land development 6,119 - (1,333 ) - 3 4,789 Home equity lines of credit 895 147 1 - 1 1,044 Consumer 340 - 743 (987 ) 676 772 Leases 261 - (57 ) - - 204 Credit cards 135 - 27 - - 162 Total $ 51,920 $ 6,757 $ 1,397 $ (7,681 ) $ 1,505 $ 53,898 (in thousands) Year ended December 31, 2020 Beginning Balance Impact of Adopting ASC 326 Initial ACL for PCD loans Provision for Credit Losses on Loans Charge-offs Recoveries Ending Balance Commercial real estate - non-owner occupied $ 5,235 $ 2,946 $ 152 $ 11,194 $ (143 ) $ 12 $ 19,396 Commercial real estate - owner occupied 3,327 1,542 1,350 2,115 (1,351 ) - 6,983 Total commercial real estate 8,562 4,488 1,502 13,309 (1,494 ) 12 26,379 Commercial and industrial - term 6,782 365 - 1,832 (18 ) 9 8,970 Commercial and industrial - lines of credit 5,657 (1,528 ) - (515 ) - - 3,614 Total commercial and industrial 12,439 (1,163 ) - 1,317 (18 ) 9 12,584 Residential real estate - owner occupied 1,527 1,087 99 737 (79 ) 18 3,389 Residential real estate - non-owner occupied 947 429 - 442 (2 ) 2 1,818 Total residential real estate 2,474 1,516 99 1,179 (81 ) 20 5,207 Construction and land development 2,105 3,056 - 902 - 56 6,119 Home equity lines of credit 728 114 - 53 - - 895 Consumer 100 264 34 91 (508 ) 359 340 Leases 237 (4 ) - 28 - - 261 Credit cards 146 (50 ) - 39 - - 135 Total $ 26,791 $ 8,221 $ 1,635 $ 16,918 $ (2,101 ) $ 456 $ 51,920 The following tables present the amortized cost basis of non-performing loans and the amortized cost basis of loans on non-accrual status for which there was no December 31, 2022 2021: (in thousands) December 31, 2022 Non-accrual Loans With No Recorded ACL Total Non-accrual Troubled Debt Restructurings (1) Past Due 90-Days- or-More and Still Accruing Interest Commercial real estate - non-owner occupied $ — $ 7,707 $ — $ 78 Commercial real estate - owner occupied 1,370 2,525 — — Total commercial real estate 1,370 10,232 — 78 Commercial and industrial - term 403 1,182 — 259 Commercial and industrial - PPP — 21 — 28 Commercial and industrial - lines of credit 273 348 — 300 Total commercial and industrial 676 1,551 — 587 Residential real estate - owner occupied 249 1,801 — — Residential real estate - non-owner occupied — 219 — 220 Total residential real estate 249 2,020 — 220 Construction and land development — — — — Home equity lines of credit — 205 — — Consumer — 234 — — Leases — — — — Credit cards — — — 7 Total $ 2,295 $ 14,242 $ — $ 892 ( 1 not Non-accrual Loans Past Due 90-Days- (in thousands) With No Total Troubled Debt or-More and Still December 31, 2021 Recorded ACL Non-accrual Restructurings (1) Accruing Interest Commercial real estate - non-owner occupied $ 486 $ 720 $ — $ — Commercial real estate - owner occupied 665 1,748 — — Total commercial real estate 1,151 2,468 — — Commercial and industrial - term 419 670 12 — Commercial and industrial - PPP — — — 592 Commercial and industrial - lines of credit — 228 — 56 Total commercial and industrial 419 898 12 648 Residential real estate - owner occupied 805 1,997 — 36 Residential real estate - non-owner occupied — 293 — — Total residential real estate 805 2,290 — 36 Construction and land development — — — — Home equity lines of credit — 646 — — Consumer — 410 — — Leases — — — — Credit cards — — — — Total $ 2,375 $ 6,712 $ 12 $ 684 ( 1 not For the years ended December 31, 2022 2021, For the years ended December 31, 2022 2021, The following table presents the amortized cost basis and ACL allocated for collateral dependent loans, which are individually evaluated to determine expected credit losses: (in thousands) December 31, 2022 Real Estate Accounts Receivable / Equipment Other Total ACL Allocation Commercial real estate - non-owner occupied $ 14,764 $ - $ - $ 14,764 $ 2,652 Commercial real estate - owner occupied 4,415 - - 4,415 846 Total commercial real estate 19,179 - - 19,179 3,498 Commercial and industrial - term 39 2,207 - 2,246 1,205 Commercial and industrial - lines of credit 422 2,821 - 3,243 761 Total commercial and industrial 461 5,028 - 5,489 1,966 Residential real estate - owner occupied 2,199 - - 2,199 222 Residential real estate - non-owner occupied 415 - - 415 116 Total residential real estate 2,614 - - 2,614 338 Construction and land development - - - - - Home equity lines of credit 205 - - 205 - Consumer - - 219 219 20 Leases - - - - - Credit cards - - - - - Total collateral dependent loans $ 22,459 $ 5,028 $ 219 $ 27,706 $ 5,822 (in thousands) December 31, 2021 Real Estate Accounts Receivable / Equipment Other Total ACL Allocation Commercial real estate - non-owner occupied $ 720 $ - $ - $ 720 $ - Commercial real estate - owner occupied 7,652 - - 7,652 1,652 Total commercial real estate 8,372 - - 8,372 1,652 Commercial and industrial - term - 598 - 598 - Commercial and industrial - lines of credit - 200 - 200 - Total commercial and industrial - 798 - 798 - Residential real estate - owner occupied 1,997 - - 1,997 - Residential real estate - non-owner occupied 502 - - 502 116 Total residential real estate 2,499 - - 2,499 116 Construction and land development - - - - - Home equity lines of credit 646 - - 646 - Consumer - - 247 247 - Leases - - - - - Credit cards - - - - - Total collateral dependent loans $ 11,517 $ 798 $ 247 $ 12,562 $ 1,768 There have been no The following tables present the aging of contractually past due loans by portfolio class: (in thousands) 30-59 days 60-89 days 90 or more Total Total December 31, 2022 Current Past Due Past Due Days Past Due Past Due Loans Commercial real estate - non-owner occupied $ 1,393,016 $ 3,404 $ 460 $ 466 $ 4,330 $ 1,397,346 Commercial real estate - owner occupied 831,731 225 2,592 81 2,898 834,629 Total commercial real estate 2,224,747 3,629 3,052 547 7,228 2,231,975 Commercial and industrial - term 763,793 157 292 921 1,370 765,163 Commercial and industrial - term - PPP 17,719 748 77 49 874 18,593 Commercial and industrial - lines of credit 464,494 389 300 630 1,319 465,813 Total commercial and industrial 1,246,006 1,294 669 1,600 3,563 1,249,569 Residential real estate - owner occupied 587,830 1,613 974 1,098 3,685 591,515 Residential real estate - non-owner occupied 312,249 373 331 295 999 313,248 Total residential real estate 900,079 1,986 1,305 1,393 4,684 904,763 Construction and land development 445,618 — 72 — 72 445,690 Home equity lines of credit 200,036 566 40 83 689 200,725 Consumer 138,846 342 85 188 615 139,461 Leases 13,322 — — — — 13,322 Credit cards 20,401 3 2 7 12 20,413 Total $ 5,189,055 $ 7,820 $ 5,225 $ 3,818 $ 16,863 $ 5,205,918 (in thousands) 30-59 days 60-89 days 90 or more Total Total December 31, 2021 Current Past Due Past Due Days Past Due Past Due Loans Commercial real estate - non-owner occupied $ 1,127,448 $ - $ 81 $ 715 $ 796 $ 1,128,244 Commercial real estate - owner occupied 677,231 360 327 487 1,174 678,405 Total commercial real estate 1,804,679 360 408 1,202 1,970 1,806,649 Commercial and industrial - term 595,070 1,032 44 564 1,640 596,710 Commercial and industrial - term - PPP 139,718 128 296 592 1,016 140,734 Commercial and industrial - lines of credit 369,963 271 22 56 349 370,312 Total commercial and industrial 1,104,751 1,431 362 1,212 3,005 1,107,756 Residential real estate - owner occupied 397,415 1,399 137 1,744 3,280 400,695 Residential real estate - non-owner occupied 280,257 403 258 100 761 281,018 Total residential real estate 677,672 1,802 395 1,844 4,041 681,713 Construction and land development 299,206 — — — — 299,206 Home equity lines of credit 138,141 279 47 509 835 138,976 Consumer 103,109 724 102 359 1,185 104,294 Leases 13,622 — — — — 13,622 Credit cards 17,087 — — — — 17,087 Total $ 4,158,267 $ 4,596 $ 1,314 $ 5,126 $ 11,036 $ 4,169,303 Loan Risk Ratings Consistent with regulatory guidance, Bancorp categorizes loans into credit risk rating categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information and current economic trends. Pass-rated loans include all risk-rated loans other than those classified as OAEM, substandard, and doubtful, which are defined below: OAEM may Substandard not Substandard non-performing 90 Doubtful Management considers the guidance in ASC 310 20 not December 31, 2022, (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2022 2022 2021 2020 2019 2018 Prior cost basis Total Commercial real estate - non-owner occupied: Risk rating Pass $ 338,460 $ 380,612 $ 264,833 $ 128,407 $ 76,359 $ 139,095 $ 24,875 $ 1,352,641 OAEM - 2,006 - 3,534 - 5,414 - 10,954 Substandard 1,381 1,012 3,744 19,574 - 233 100 26,044 Substandard non-performing - - - - - 7,707 - 7,707 Doubtful - - - - - - - - Total Commercial real estate non-owner occupied $ 339,841 $ 383,630 $ 268,577 $ 151,515 $ 76,359 $ 152,449 $ 24,975 $ 1,397,346 Commercial real estate - owner occupied: Risk rating Pass $ 165,711 $ 202,599 $ 194,052 $ 104,148 $ 60,899 $ 74,356 $ 13,062 $ 814,827 OAEM 2,895 1,777 4,540 1,891 676 216 510 12,505 Substandard - 1,152 - 1,623 1,928 69 - 4,772 Substandard non-performing 1,533 911 - - - 81 - 2,525 Doubtful - - - - - - - - Total Commercial real estate owner occupied $ 170,139 $ 206,439 $ 198,592 $ 107,662 $ 63,503 $ 74,722 $ 13,572 $ 834,629 Commercial and industrial - term: Risk rating Pass $ 357,470 $ 210,906 $ 90,063 $ 39,068 $ 29,901 $ 27,354 $ - $ 754,762 OAEM 3,835 2,935 - 303 1,426 - - 8,499 Substandard 178 - - 201 - 341 - 720 Substandard non-performing 539 39 486 101 17 - - 1,182 Doubtful - - - - - - - - Total Commercial and industrial - term $ 362,022 $ 213,880 $ 90,549 $ 39,673 $ 31,344 $ 27,695 $ - $ 765,163 Commercial and industrial - PPP Risk rating Pass $ - $ 14,212 $ 4,047 $ - $ - $ - $ - $ 18,259 OAEM - - 313 - - - - 313 Substandard - - - - - - - - Substandard non-performing - - 21 - - - - 21 Doubtful - - - - - - - - Total Commercial and industrial - PPP $ - $ 14,212 $ 4,381 $ - $ - $ - $ - $ 18,593 (continued) (continued) (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2022 2022 2021 2020 2019 2018 Prior cost basis Total Commercial and industrial -lines of credit Risk rating Pass $ 54,948 $ 13,999 $ 991 $ 9,179 $ 1,188 $ 1,033 $ 367,688 $ 449,026 OAEM - - - - - 366 12,491 12,857 Substandard - - 905 1,915 - - 762 3,582 Substandard non-performing - - - 273 - - 75 348 Doubtful - - - - - - - - Total Commercial and industrial - lines of credit $ 54,948 $ 13,999 $ 1,896 $ 11,367 $ 1,188 $ 1,399 $ 381,016 $ 465,813 Residential real estate -owner occupied Risk rating Pass $ 188,765 $ 189,007 $ 96,818 $ 28,316 $ 15,281 $ 70,556 $ - $ 588,743 OAEM 360 96 - 70 - - - 526 Substandard 18 - 10 - 140 277 - 445 Substandard non-performing 65 191 70 292 122 1,061 - 1,801 Doubtful - - - - - - - - Total Residential real estate -owner occupied $ 189,208 $ 189,294 $ 96,898 $ 28,678 $ 15,543 $ 71,894 $ - $ 591,515 Residential real estate -non-owner occupied Risk rating Pass $ 97,313 $ 83,458 $ 55,787 $ 34,304 $ 19,300 $ 21,720 $ - $ 311,882 OAEM 15 - 115 271 124 290 - 815 Substandard - - - - - 332 - 332 Substandard non-performing 86 21 - - - 112 - 219 Doubtful - - - - - - - - Total Residential real estate -non-owner occupied $ 97,414 $ 83,479 $ 55,902 $ 34,575 $ 19,424 $ 22,454 $ - $ 313,248 Construction and land development Risk rating Pass $ 257,559 $ 99,204 $ 45,427 $ 580 $ 5,959 $ 1,123 $ 30,378 $ 440,230 OAEM - - - - - - 999 999 Substandard 4,461 - - - - - - 4,461 Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Construction and land development $ 262,020 $ 99,204 $ 45,427 $ 580 $ 5,959 $ 1,123 $ 31,377 $ 445,690 Home equity lines of credit Risk rating Pass $ - $ - $ - $ - $ - $ - $ 200,481 $ 200,481 OAEM - - - - - - - - Substandard - - - - - - 39 39 Substandard non-performing - - - - - - 205 205 Doubtful - - - - - - - - Total Home equity lines of credit $ - $ - $ - $ - $ - $ - $ 200,725 $ 200,725 (continued) (continued) (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2022 2022 2021 2020 2019 2018 Prior cost basis Total Consumer Risk rating Pass $ 27,308 $ 18,396 $ 5,536 $ 5,450 $ 2,270 $ 1,621 $ 78,646 $ 139,227 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing 21 56 40 62 9 31 15 234 Doubtful - - - - - - - - Total Consumer $ 27,329 $ 18,452 $ 5,576 $ 5,512 $ 2,279 $ 1,652 $ 78,661 $ 139,461 Leases Risk rating Pass $ 4,643 $ 4,344 $ 2,589 $ 535 $ 576 $ 635 $ - $ 13,322 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Leases $ 4,643 $ 4,344 $ 2,589 $ 535 $ 576 $ 635 $ - $ 13,322 Credit cards Risk rating Pass $ - $ - $ - $ - $ - $ - $ 20,413 $ 20,413 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Credit cards $ - $ - $ - $ - $ - $ - $ 20,413 $ 20,413 Total loans Risk rating Pass $ 1,492,177 $ 1,216,737 $ 760,143 $ 349,987 $ 211,733 $ 337,493 $ 735,543 $ 5,103,813 OAEM 7,105 6,814 4,968 6,069 2,226 6,286 14,000 47,468 Substandard 6,038 2,164 4,659 23,313 2,068 1,252 901 40,395 Substandard non-performing 2,244 1,218 617 728 148 8,992 295 14,242 Doubtful - - - - - - - - Total Loans $ 1,507,564 $ 1,226,933 $ 770,387 $ 380,097 $ 216,175 $ 354,023 $ 750,739 $ 5,205,918 As of December 31, 2021, (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2021 2021 2020 2019 2018 2017 Prior cost basis Total Commercial real estate - non-owner occupied: Risk rating Pass $ 381,014 $ 298,177 $ 134,286 $ 86,638 $ 85,110 $ 81,635 $ 19,465 $ 1,086,325 OAEM 3,186 2,666 19,784 - 353 1,619 248 27,856 Substandard 4,174 1,440 - - - 7,629 100 13,343 Substandard non-performing - 39 78 - 592 11 - 720 Doubtful - - - - - - - - Total Commercial real estate non-owner occupied $ 388,374 $ 302,322 $ 154,148 $ 86,638 $ 86,055 $ 90,894 $ 19,813 $ 1,128,244 Commercial real estate - owner occupied: Risk rating Pass $ 203,545 $ 192,322 $ 91,078 $ 75,062 $ 33,713 $ 44,364 $ 9,236 $ 649,320 OAEM 1,681 1,480 3,568 469 1,506 124 570 9,398 Substandard 5,051 3,605 5,985 1,275 627 - 1,396 17,939 Substandard non-performing 1,259 - - - 32 457 - 1,748 Doubtful - - - - - - - - Total Commercial real estate owner occupied $ 211,536 $ 197,407 $ 100,631 $ 76,806 $ 35,878 $ 44,945 $ 11,202 $ 678,405 Commercial and industrial - term: Risk rating Pass $ 283,150 $ 143,211 $ 58,988 $ 52,388 $ 26,081 $ 24,421 $ - $ 588,239 OAEM 738 86 254 3,382 8 - - 4,468 Substandard 170 42 2,667 176 111 167 - 3,333 Substandard non-performing - 543 72 55 - - - 670 Doubtful - - - - - - - - Total Commercial and industrial -term $ 284,058 $ 143,882 $ 61,981 $ 56,001 $ 26,200 $ 24,588 $ - $ 596,710 Commercial and industrial - PPP Risk rating Pass $ 128,409 $ 12,325 $ - $ - $ - $ - $ - $ 140,734 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Commercial and industrial - PPP $ 128,409 $ 12,325 $ - $ - $ - $ - $ - $ 140,734 (continued) (continued) (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2021 2021 2020 2019 2018 2017 Prior cost basis Total Commercial and industrial - lines of credit Risk rating Pass $ 33,875 $ 8,352 $ 11,103 $ 1,039 $ 207 $ 193 $ 303,682 $ 358,451 OAEM - - - - - - 6,355 6,355 Substandard - - 1,916 - 1,549 - 1,813 5,278 Substandard non-performing - - - - - - 228 228 Doubtful - - - - - - - - Total Commercial and industrial - lines of credit $ 33,875 $ 8,352 $ 13,019 $ 1,039 $ 1,756 $ 193 $ 312,078 $ 370,312 Residential real estate - owner occupied Risk rating Pass $ 176,487 $ 99,936 $ 31,327 $ 17,259 $ 16,599 $ 56,639 $ - $ 398,247 OAEM 101 - 174 - - - - 275 Substandard - - - - 108 68 - 176 Substandard non-performing 164 103 136 230 714 650 - 1,997 Doubtful - - - - - - - - Total Residential real estate - owner occupied $ 176,752 $ 100,039 $ 31,637 $ 17,489 $ 17,421 $ 57,357 $ - $ 400,695 Residential real estate - non-owner occupied Risk rating Pass $ 94,482 $ 78,785 $ 46,177 $ 27,494 $ 16,171 $ 15,909 $ - $ 279,018 OAEM 352 126 281 132 - 462 - 1,353 Substandard - - - - - 354 - 354 Substandard non-performing 103 - 45 28 - 117 - 293 Doubtful - - - - - - - - Total Residential real estate - non-owner occupied $ 94,937 $ 78,911 $ 46,503 $ 27,654 $ 16,171 $ 16,842 $ - $ 281,018 Construction and land development Risk rating Pass $ 160,696 $ 99,699 $ 16,665 $ 6,262 $ 1,890 $ 1,156 $ 12,736 $ 299,104 OAEM - - - - 102 - - 102 Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Construction and land development $ 160,696 $ 99,699 $ 16,665 $ 6,262 $ 1,992 $ 1,156 $ 12,736 $ 299,206 Home equity lines of credit Risk rating Pass $ - $ - $ - $ - $ - $ - $ 138,239 $ 138,239 OAEM - - - - - - 91 91 Substandard - - - - - - - - Substandard non-performing - - - - - - 646 646 Doubtful - - - - - - - - Total Home equity lines of credit $ - $ - $ - $ - $ - $ - $ 138,976 $ 138,976 (continued) (continued) (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2021 2021 2020 2019 2018 2017 Prior cost basis Total Consumer Risk rating Pass $ 23,866 $ 9,316 $ 5,014 $ 1,260 $ 555 $ 646 $ 63,227 $ 103,884 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing 55 304 30 11 - 4 6 410 Doubtful - - - - - - - - Total Consumer $ 23,921 $ 9,620 $ 5,044 $ 1,271 $ 555 $ 650 $ 63,233 $ 104,294 Leases Risk rating Pass $ 5,375 $ 3,596 $ 1,375 $ 1,331 $ 406 $ 1,539 $ - $ 13,622 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Leases $ 5,375 $ 3,596 $ 1,375 $ 1,331 $ 406 $ 1,539 $ - $ 13,622 Credit cards Risk rating Pass $ - $ - $ - $ - $ - $ - $ 17,087 $ 17,087 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Credit cards $ - $ - $ - $ - $ - $ - $ 17,087 $ 17,087 Total loans Risk rating Pass $ 1,490,899 $ 945,719 $ 396,013 $ 268,733 $ 180,732 $ 226,502 $ 563,672 $ 4,072,270 OAEM 6,058 4,358 24,061 3,983 1,969 2,205 7,264 49,898 Substandard 9,395 5,087 10,568 1,451 2,395 8,218 3,309 40,423 Substandard non-performing 1,581 989 361 324 1,338 1,239 880 6,712 Doubtful - - - - - - - - Total Loans $ 1,507,933 $ 956,153 $ 431,003 $ 274,491 $ 186,434 $ 238,164 $ 575,125 $ 4,169,303 For certain loan classes, such as credit cards, credit quality is evaluated based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in credit cards based on payment activity: (in thousands) December 31, 2022 2021 Credit cards Performing $ 20,413 $ 17,087 Non-performing — — Total credit cards $ 20,413 $ 17,087 Troubled Debt Restructurings Detail of outstanding TDRs included in total non-performing loans follows: December 31, 2022 December 31, 2021 Specific Additional Specific Additional reserve commitment reserve commitment (in thousands) Balance allocation to lend Balance allocation to lend Commercial real estate - owner occupied $ 850 $ 202 $ — $ 950 $ 202 $ — Commercial and industrial - term — — — 12 12 — Total TDRs $ 850 $ 202 $ — $ 962 $ 214 $ — At December 31, 2022, December 31, 2021, December 31, 2022. During the year ended December 31, 2022, 12 90 December 31, 2021, December 31, 2021. December 31, 2021. December 31, 2022. At December 31, 2022 December 31, 2021, |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment and Premises Held for Sale | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 6 Premises and Equipment and Premises Held for Sale A summary of premises and equipment follows: December 31, (in thousands) 2022 2021 Land $ 23,011 $ 15,981 Buildings and improvements 72,322 61,908 Furniture and equipment 25,367 22,420 Construction in progress 1,660 2,723 Right-of-use operating lease asset 19,694 14,958 Total 142,054 117,990 Accumulated depreciation and amortization (40,442 ) (41,096 ) Total premises and equipment $ 101,612 $ 76,894 Depreciation expense related to premises and equipment was $6.5 million in 2022, 2021 2020, Premises and equipment are presented on the consolidated balance sheets net of related depreciation on the respective assets as well as fair value adjustments associated with purchase accounting. Premises and equipment increased $25 million between December 31, 2021 December 31, 2022, 15 four 2021 19 73 In addition to the premises and equipment detailed above, premises held for sale totaling $2.6 million are also recorded on Bancorp’s consolidated balance sheets as of December 31, 2022, three one one Bancorp has operating leases for various branch locations with terms ranging from approximately eight five four 2022 seven 2021 12 not Balance sheet, income statement, and cash flow detail regarding operating leases follows: December 31, (dollars in thousands) 2022 2021 Balance Sheet Operating lease right-of-use asset $ 19,694 $ 14,958 Operating lease liability 21,008 16,408 Weighted average remaining lease term (years) 9.0 9.4 Weighted average discount rate 2.57 % 3.02 % Maturities of lease liabilities: One year or less $ 3,453 $ 2,634 Year two 3,293 2,673 Year three 2,739 2,408 Year four 2,339 1,924 Year five 2,245 1,608 Greater than five years 9,559 7,699 Total lease payments $ 23,628 $ 18,946 Less imputed interest 2,620 2,538 Total $ 21,008 $ 16,408 Years ended December 31, (in thousands) 2022 2021 2020 Income Statement Components of lease expense: Operating lease cost $ 3,077 $ 2,239 $ 1,896 Variable lease cost 237 227 180 Less sublease income 96 95 54 Total lease cost $ 3,218 $ 2,371 $ 2,022 Years ended December 31, (in thousands) 2022 2021 2020 Cash flow Statement Supplemental cash flow information: Operating cash flows from operating leases $ 3,833 $ 2,568 $ 2,218 As of December 31, 2022 not |
Note 7 - Goodwill
Note 7 - Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | ( 7 Goodwill As of December 31, 2022, December 31, 2022. December 31, 2022, 12 The composition of goodwill is presented by respective acquisition and acquisition year below: December 31, December 31, (in thousands) 2022 2021 Commonwealth Bancshares (2022) $ 58,244 $ — Kentucky Bancshares (2021) 123,317 123,317 King Southern Bancorp (2019) 11,831 11,831 Austin State Bank (1996) 682 682 Total $ 194,074 $ 135,830 Note: The acquisition of The Bank Oldham County in 2013 GAAP requires that goodwill and intangible assets with indefinite useful lives not September 30 At September 30, 2022, not not not Changes in the carrying value of goodwill follows: Years ended December 31, (in thousands) 2022 2021 2020 Balance at beginning of period $ 135,830 $ 12,513 $ 12,513 Goodwill recorded from acquisitions 66,694 124,016 — Provisional period adjustments — (699 ) — Disposition of LFA (8,450 ) — — Impairment — — — Balance at end of period $ 194,074 $ 135,830 $ 12,513 |
Note 8 - Core Deposit and Custo
Note 8 - Core Deposit and Customer List Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | ( 8 Core Deposit and Customer List Intangible Assets Bancorp recorded CDI assets of $13 million, $4 million, $2 million and $3 million in association with the acquisition of CB in 2022, 2021, 2019 2013, Changes in the net carrying amount of CDI assets follow: Years ended December 31, (in thousands) 2022 2021 2020 Balance at beginning of period $ 5,596 $ 1,962 $ 2,285 Additions from acquisitions 12,724 3,404 — Provisional period adjustments — 999 — Amortized to expense (3,362 ) (769 ) (323 ) Balance at end of period $ 14,958 $ 5,596 $ 1,962 As a result of the CB acquisition, Bancorp also recorded intangible assets totaling $14 million associated with the customer lists of the acquired WM&T and LFA businesses. Of this total, $12 million was recorded for WM&T and $2 million was recorded for LFA. Similar to CDI assets, these intangibles also amortize over their estimated useful lives. No December 31, 2021 2020. As previously noted, Bancorp’s interest in LFA was sold effective December 31, 2022. December 31, 2022. The carrying amount of the CLI assets follows: Year ended December 31, (in thousands) 2022 Balance at beginning of period $ - Additions from acquisitions 14,360 Provisional period adjustments — Disposition of LFA (2,146 ) Amortized to expense (2,182 ) Balance at end of period $ 10,032 Future CDI and CLI amortization expense is estimated as follows: (in thousands) CDI CLI 2023 $ 3,015 $ 1,672 2024 2,686 1,520 2025 2,375 1,368 2026 2,063 1,216 2027 1,752 1,064 2028 1,339 912 2029 888 760 2030 576 608 2031 264 456 2032 - 304 2033 - 152 Total future expense $ 14,958 $ 10,032 |
Note 9 - Other Assets
Note 9 - Other Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | ( 9 Other Assets A summary of major components of other assets follows: December 31, (in thousands) 2022 2021 Cash surrender value of life insurance other than BOLI $ 15,496 $ 17,875 Net deferred tax asset 54,145 24,340 Investments in tax credit partnerships 13,969 11,084 Swap assets 10,727 3,148 Prepaid assets 5,721 4,469 Trust fee receivable 3,354 2,868 Mortgage servicing rights 15,219 4,528 Other real estate owned 677 7,212 Other 15,680 10,478 Total other assets $ 134,988 $ 86,002 Bancorp maintains life insurance policies other than BOLI in conjunction with its non-qualified defined benefit retirement and non-qualified compensation plans. Bancorp enters into interest rate swap transactions with borrowers who desire to hedge exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. These are undesignated derivative instruments and are recognized on the balance sheet at fair value. For additional information, see the footnote titled “ Interest Rate Swaps. For additional information related to MSRs, see the footnote titled “ Mortgage Banking Activities. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 10 Income Taxes Components of income tax expense (benefit) from operations follows: Years Ended December 31, (in thousands) 2022 2021 2020 Current income tax expense: Federal $ 22,405 $ 13,292 $ 15,474 State 2,962 2,059 908 Total current income tax expense 25,367 15,351 16,382 Deferred income tax expense (benefit): Federal (513 ) 3,318 (5,398 ) State 2,336 2,176 (2,082 ) Total deferred income tax expense (benefit) 1,823 5,494 (7,480 ) Change in valuation allowance - (93 ) (28 ) Total income tax expense $ 27,190 $ 20,752 $ 8,874 Components of income tax (benefit) expense recorded directly to stockholders’ equity were as follows: Years Ended December 31, (in thousands) 2022 2021 2020 Unrealized gain (loss) on securities available for sale $ (35,323 ) $ (5,371 ) $ 2,607 Unrealized gain (loss) on derivatives - 38 (27 ) Minimum pension liability adjustment 126 52 (25 ) Total income tax (benefit) expense recorded directly to stockholders' equity $ (35,197 ) $ (5,281 ) $ 2,555 An analysis of the difference between statutory and ETRs from operations follows: Years Ended December 31, 2022 2021 2020 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 3.5 3.5 0.8 Excess tax benefits from stock-based compensation arrangements (1.0 ) (1.1 ) (0.7 ) Change in cash surrender value of life insurance 0.2 (0.8 ) (0.8 ) Tax credits (0.2 ) (0.3 ) (5.5 ) Kentucky state income tax enactments — — (2.2 ) Tax exempt interest income (0.6 ) (0.4 ) (0.3 ) Non-deductible merger expenses 0.1 0.4 — Insurance captive (0.3 ) (0.2 ) — Amortization of investment in tax credit partnerships 0.1 0.1 1.0 Other, net (0.2 ) (0.4 ) (0.2 ) Effective tax rate 22.6 % 21.8 % 13.1 % Current state income tax expense for 2022 2021 2021, The state of Kentucky passed legislation in 2019 2021 GAAP provides guidance on financial statement recognition and measurement of tax positions taken, or expected to be taken, in tax returns. If recognized, tax benefits would reduce tax expense and accordingly, increase net income. The amount of unrecognized tax benefits may December 31, 2022 December 31, 2021, 2018 2017. The effects of temporary differences that gave rise to significant portions of DTAs and DTLs follows: December 31, (in thousands) 2022 2021 Deferred tax assets: Allowance for credit losses $ 18,099 $ 13,354 Deferred compensation 6,349 6,245 Operating lease liability 5,066 3,951 State net operating loss 540 2,217 Deferred PPP loan fees 77 1,186 Accrued expenses 4,605 3,345 Investments in tax credit partnerships 215 747 Interest rate swaps 6 — Securities 35,935 1,171 Acquired loan fair value adjustments 3,506 808 Other assets — 343 Write-downs and costs associated with other real estate owned 21 21 Total deferred tax assets 74,419 33,388 Deferred tax liabilities: Right-of-use operating lease asset 4,848 3,706 Property and equipment 2,395 970 Loan costs 1,272 968 Mortgage servicing rights 3,712 1,088 Leases 170 221 Core deposit intangibles 3,399 1,077 Customer list intangibles 2,469 — Other liabilities 2,009 1,018 Total deferred tax liabilities 20,274 9,048 Net deferred tax asset $ 54,145 $ 24,340 A valuation allowance is recognized for a DTA if, based on the weight of available evidence, it is more likely than not not not December 31, 2022. Realization of DTAs associated with investment in tax credit partnerships is dependent upon generating sufficient taxable capital gain income prior to their expiration. No valuation allowance was recorded as of both December 31, 2022 2021 may not 2021 2020. 2040. |
Note 11 - Deposits
Note 11 - Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | ( 11 Deposits The composition of deposits follows: December 31, (in thousands) 2022 2021 Non-interest bearing demand deposits $ 1,950,198 $ 1,755,754 Interest bearing deposits: Interest bearing demand 2,308,960 2,131,928 Savings 535,903 415,258 Money market 1,124,100 1,050,352 Time deposit accounts of $250,000 or more 97,638 89,745 Other time deposits 374,453 344,477 Total time deposits(1) 472,091 434,222 Total interest bearing deposits 4,441,054 4,031,760 Total deposits $ 6,391,252 $ 5,787,514 ( 1 Includes $599,000 and $5 million in brokered deposits as of December 31, 2022 2021, Deposits totaling $1.12 billion were assumed on March 7, 2022 May 31, 2021 Interest expense related to certificates of deposit and other time deposits in denominations of $250,000 December 31, 2022, 2021 2020, At December 31, 2022, (in thousands) 2023 $ 334,504 2024 94,138 2025 24,212 2026 8,924 2027 10,121 Beyond five years 192 Total time deposits $ 472,091 Deposits of directors and their associates, including deposits of companies for which directors are principal owners, and executive officers were $59 million and $104 million at December 31, 2022 2021, At December 31, 2022 2021, |
Note 12 - Securities Sold Under
Note 12 - Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | ( 12 Securities Sold Under Agreements to Repurchase SSUAR represent a funding source of Bancorp and are used by commercial customers in conjunction with collateralized corporate cash management accounts. Such repurchase agreements are considered financing agreements and mature within one December 31, 2022, Information regarding SSUAR follows: December 31, (dollars in thousands) 2022 2021 Outstanding balance at end of period $ 133,342 $ 75,466 Weighted average interest rate at end of period 1.64 % 0.04 % Years Ended December 31, (dollars in thousands) 2022 2021 2020 Average outstanding balance during the period $ 122,154 $ 62,534 $ 40,363 Average interest rate during the period 0.46 % 0.04 % 0.09 % Maximum outstanding at any month end during the period $ 161,512 $ 81,964 $ 47,979 SSUAR totaling $66 million were assumed on March 7, 2022 May 31, 2021 |
Note 13 - Subordinated Debentur
Note 13 - Subordinated Debentures | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 13 Subordinated Debentures As a result of its acquisition of Commonwealth Bancshares, Inc. on March 7, 2022, not January 1, 2023 December 31, 2022. (dollars in thousands) Face Value Carrying Value Origination Date Maturity Date Interest Rate Commonwealth Statutory Trust III $ 3,093 $ 3,040 12/19/2003 1/7/2034 LIBOR + 2.85% Commonwealth Statutory Trust IV 12,372 12,158 12/15/2005 12/30/2035 LIBOR + 1.35% Commonwealth Statutory Trust V 11,341 11,145 6/28/2007 9/15/2037 LIBOR + 1.40% Total $ 26,806 $ 26,343 As part of the purchase accounting adjustments associated with the CB acquisition, the carrying values of the subordinated notes were adjusted to fair value at acquisition date. The related discounts on the subordinated notes are amortized and recognized as a component of interest expense in Bancorp’s consolidated financial statements. |
Note 14 - FHLB Advances and Oth
Note 14 - FHLB Advances and Other Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | ( 14 FHLB Advances and Other Borrowings FHLB advances outstanding at December 31, 2022 one 2022 January 2023. At December 31, 2021, May 31, 2021 The elective pay offs noted above were made in the first second 2021. first 2021, second 2021, 2.03%, Information regarding FHLB advances follows: December 31, (dollars in thousands) 2022 2021 Outstanding balance at end of period $ 50,000 $ - Weighted average interest rate at end of period 4.37 % - % FHLB advances are collateralized by certain CRE and residential real estate mortgage loans under blanket mortgage collateral pledge agreements, as well as a portion Bancorp’s PPP loan portfolio and FHLB stock. Bancorp views these advances as an effective lower-costing alternative to brokered deposits to fund loan growth. At December 31, 2022 December 31, 2021, Bancorp also had $80 million FFP lines available from correspondent banks at both December 31, 2022 December 31, 2021, December 31, 2022, first 2022 |
Note 15 - Accumulated Other Com
Note 15 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ( 15 Accumulated Other Comprehensive Income (Loss) The following table illustrates activity within the balances in AOCI by component: Net unrealized Net unrealized Minimum gains (losses) gains (losses) pension on available for sale on cash liability (in thousands) debt securities flow hedges adjustment Total Balance, January 1, 2020 $ 1,085 $ (39 ) $ (369 ) $ 677 Net current period other comprehensive income (loss) 8,224 (82 ) (78 ) 8,064 Balance, December 31, 2020 $ 9,309 $ (121 ) $ (447 ) $ 8,741 Balance, January 1, 2021 $ 9,309 $ (121 ) $ (447 ) $ 8,741 Net current period other comprehensive income (loss) (16,966 ) 121 164 (16,681 ) Balance, December 31, 2021 $ (7,657 ) $ - $ (283 ) $ (7,940 ) Balance, January 1, 2022 $ (7,657 ) $ - $ (283 ) $ (7,940 ) Net current period other comprehensive income (loss) (107,991 ) - 395 (107,596 ) Balance, December 31, 2022 $ (115,648 ) $ - $ 112 $ (115,536 ) |
Note 16 - Preferred Stock
Note 16 - Preferred Stock | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | ( 16 Preferred Stock Bancorp has one None |
Note 17 - Net Income Per Share
Note 17 - Net Income Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 17 Net Income per Share The following table reflects net income (numerator) and average shares outstanding (denominator) for basic and diluted net income per share computations: (in thousands, except per share data) Years Ended December 31 , 2022 2021 2020 Net income available to stockholders $ 92,972 $ 74,645 $ 58,869 Weighted average shares outstanding - basic 28,672 24,898 22,563 Dilutive shares 250 258 205 Weighted average shares outstanding - diluted 28,922 25,156 22,768 Net income per share - basic $ 3.24 $ 3.00 $ 2.61 Net income per share - diluted $ 3.21 $ 2.97 $ 2.59 Certain SARs that were excluded from the EPS calculation because their impact was antidilutive follows: Years Ended December 31, (shares in thousands) 2022 2021 2020 Antidilutive SARs 1 — 202 |
Note 18 - Employee Benefit Plan
Note 18 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 18 Employee Benefit Plans Bancorp has a combined employee stock ownership and defined contribution plan. The plan is available to all employees meeting certain eligibility requirements. In general, for employees who work more than 1,000 2022, 2021, 2020 December 31, 2022 2021, In addition, Bancorp has non-qualified plans into which directors and certain senior officers may 2022, 2021 2020, December 31, 2022 2021, Bancorp sponsors an unfunded, non-qualified, defined benefit retirement plan for two key officers (one current officer and one retired officer), and has no December 31 December 31, 2022 December 31, 2021, December 31, 2022 2021. Benefits expected to be paid in future periods follows: (in thousands) 2023 $ — 2024 137 2025 137 2026 219 2027 219 2028 and thereafter 2,566 Total future payments $ 3,278 Expected benefits to be paid are based on the same assumptions used to measure Bancorp’s benefit obligation at December 31, 2022. no |
Note 19 - Stock-based Compensat
Note 19 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 19 Stock-Based Compensation The fair value of all stock-based awards granted, net of estimated forfeitures, is recognized as compensation expense over the respective service period. At Bancorp's 2015 2015 2005 2015 2018 December 31, 2022, 2005 April 2015 2025. 2015 no SAR Grants ten Fair values of SARs are estimated at the date of grant using the Black-Scholes option pricing model, a leading formula for calculating such value. The model requires the input of assumptions, changes to which can materially affect the fair value estimate. The following assumptions were used in SAR valuations at the grant date in each year: 2022 2021 2020 Dividend yield 2.38 % 2.52 % 2.51 % Expected volatility 25.43 % 25.19 % 20.87 % Risk free interest rate 1.98 % 1.22 % 1.25 % Expected life of SARs (in years) 7.1 7.1 7.1 Dividend yield and expected volatility are based on historical information for Bancorp corresponding to the expected life of SARs granted. Expected volatility is the volatility of underlying shares for the expected term calculated on a monthly basis. The risk free interest rate is the implied yield currently available on U.S. Treasury issues with a remaining term equal to the expected life of the awards. The expected life of SARs is based on actual experience of past like-term SARs. Bancorp evaluates historical exercise and post-vesting termination behavior when determining the expected life. RSA Grants five 2015, PSU Grants three January 1 first not one 2022, 2021 2020, RSU Grants In the first 2022 2021, Bancorp utilized cash of $233,000 and $208,000 during 2022 2021, Bancorp has recognized stock-based compensation expense for SARs, RSAs, and PSUs within compensation expense, and RSUs for directors within other non-interest expense, as follows: Year Ended December 31, 2022 (in thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 376 $ 1,373 $ 332 $ 2,313 $ 4,394 Deferred tax benefit (79 ) (289 ) (70 ) (486 ) (924 ) Total net expense $ 297 $ 1,084 $ 262 $ 1,827 $ 3,470 Year Ended December 31, 2021 (in thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 352 $ 1,288 $ 312 $ 2,613 $ 4,565 Deferred tax benefit (74 ) (271 ) (66 ) (549 ) (960 ) Total net expense $ 278 $ 1,017 $ 246 $ 2,064 $ 3,605 Year Ended December 31, 2020 (in thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 352 $ 1,346 $ 270 $ 1,294 $ 3,262 Deferred tax benefit (74 ) (283 ) (57 ) (272 ) (686 ) Total net expense $ 278 $ 1,063 $ 213 $ 1,022 $ 2,576 Detail of unrecognized stock-based compensation expense follows: (in thousands) Year Ended Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total 2023 $ 315 $ 1,181 $ 2 $ 1,555 $ 3,053 2024 209 959 — 854 2,022 2025 150 729 — — 879 2026 92 415 — — 507 2027 14 45 — — 59 Total estimated expense $ 780 $ 3,329 $ 2 $ 2,409 $ 6,520 The following table summarizes SARs Weighted Weighted Weighted average average Aggregate average remaining Exercise exercise intrinsic fair contractual (in thousands, except per share and years) SARs price price value(1) value life (in years) Outstanding, January 1, 2020 641 $14.02 - $40.00 $ 25.06 $ 10,250 $ 4.10 5.3 Granted 48 37.30 - 37.30 37.30 154 5.80 Exercised (96 ) 14.02 - 25.76 16.33 2,401 2.88 Forfeited — — — — — Outstanding, December 31, 2020 593 $15.24 - $40.00 $ 27.47 $ 7,706 $ 4.44 5.1 Outstanding, January 1, 2021 593 $15.24 - $40.00 $ 27.47 $ 7,706 $ 4.44 5.1 Granted 30 47.17 - 50.71 50.48 — 9.69 Exercised (108 ) 15.24 - 19.37 16.40 4,239 2.85 Forfeited — — — — — Outstanding, December 31, 2021 515 $15.24 - $50.71 $ 31.16 $ 16,854 $ 5.08 5.1 Outstanding, January 1, 2022 515 $15.24 - $50.71 $ 31.16 $ 16,854 $ 5.08 5.1 Granted 34 47.17 - 74.92 55.45 — 12.07 Exercised (114 ) 15.24 - 40.00 21.55 5,258 3.63 Forfeited — — — — — Outstanding, December 31, 2022 435 $19.37 - $74.92 $ 35.60 $ 12,784 $ 6.02 5.1 Vested and exercisable 307 $19.37 - $50.71 $ 31.81 $ 10,181 $ 5.06 4.2 Unvested 128 35.90 - 74.92 44.69 2,603 8.32 5.9 Outstanding, December 31, 2022 435 $19.37 - $74.92 $ 35.60 $ 12,784 $ 6.02 5.1 Vested in the current year 54 $15.24 - $50.71 $ 39.36 $ 1,384 $ 6.50 ( 1 SARs outstanding and exercisable by expiration year and weighted average exercise price follows: (in thousands, except per share data) Expiration Year SARs Outstanding SARs Exercisable Weighted Average Exercise Price 2023 - - $ - 2024 27 27 19.38 2025 39 39 23.02 2026 76 76 25.76 2027 40 40 40.00 2028 95 76 37.84 2029 47 26 37.06 2030 46 17 37.30 2031 31 6 50.48 2032 34 — 55.45 435 307 $ 35.60 The following table summarizes activity for RSAs Weighted average cost (in thousands, except per share data) RSAs at grant date Unvested at January 1, 2020 108 $ 34.31 Shares awarded 36 39.30 Restrictions lapsed and shares vested (41 ) 32.38 Shares forfeited (4 ) 36.63 Unvested at December 31, 2020 99 $ 36.85 Unvested at January 1, 2021 99 $ 36.85 Shares awarded 39 46.90 Restrictions lapsed and shares vested (34 ) 35.48 Shares forfeited (5 ) 40.81 Unvested at December 31, 2021 99 $ 41.07 Unvested at January 1, 2022 99 $ 41.07 Shares awarded 35 58.47 Restrictions lapsed and shares vested (32 ) 40.39 Shares forfeited (6 ) 47.49 Unvested at December 31, 2022 96 $ 47.26 Shares expected to be awarded for PSUs three January 1 Grant Year Vesting Period in Years Fair Value Shares Expected to be Awarded 2020 3 $ 32.27 65,111 2021 3 44.44 47,280 2022 3 48.48 51,929 All Bancorp equity compensation plans have been approved by shareholders. The following table provides detail of the number of shares to be issued upon exercise of outstanding stock-based awards and remaining shares available for future issuance under Bancorp’s equity compensation plan as of December 31, 2022. Number of Shares shares to be Weighted available for issued upon average future Plan category (in thousands) exercising/vesting exercise price issuance (a) Equity compensation plans approved by security holders: Stock Appreciation Rights (b) (b) 282 Restricted Stock Awards 96 N/A (a) Restricted Stock Units 5 N/A (a) Performance Stock Units (c) N/A (a) Total shares 101 282 (a) Under the 2015 (b) At December 31, 2022, (c) The number of shares to be issued is dependent upon Bancorp achieving certain predefined performance targets and ranges from zero shares to approximately 164,000 shares. As of December 31, 2022, |
Note 20 - Dividends
Note 20 - Dividends | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Restrictions on Dividends, Loans and Advances [Text Block] | ( 20 Dividends Bancorp’s principal source of cash revenue is dividends paid to it as the sole shareholder of the Bank. At any balance sheet date, the Bank’s regulatory dividend restriction represents the Bank’s net income of the current year plus the prior two December 31, 2022, may |
Note 21 - Commitments and Conti
Note 21 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 21 Commitments and Contingent Liabilities As of December 31, 2022 2021, not December 31, (in thousands) 2022 2021 Commercial and industrial $ 784,429 $ 625,858 Construction and development 449,028 292,351 Home equity lines of credit 358,610 247,885 Credit cards 64,231 40,471 Overdrafts 57,193 51,104 Letters of credit 34,704 30,779 Other 93,419 76,721 Future loan commitments 221,973 325,983 Total off balance sheet commitments to extend credit $ 2,063,587 $ 1,691,152 Commitments to extend credit are an agreement to lend to a customer either unsecured or secured, as long as collateral is available as agreed upon and there is no not may At December 31, 2022 December 31, 2021, December 31, 2022, Standby letters of credit are conditional commitments issued by Bancorp to guarantee the performance of a customer to a first one two Certain commercial customers require confirmation of Bancorp’s letters of credit by other banks since Bancorp does not one one six December 31, 2022, No As of December 31, 2022, not |
Note 22 - Assets and Liabilitie
Note 22 - Assets and Liabilities Measured and Reported at Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 22 Assets and Liabilities Measured and Reported at Fair Value Fair value represents the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three may Level 1 Level 2 1 not Level 3 Authoritative guidance requires maximization of use of observable inputs and minimization of use of unobservable inputs in fair value measurements. Where there exists limited or no may not Bancorp used the following methods and significant assumptions to estimate fair value of each type of financial instrument: AFS debt securities - 2 1 Mortgage loans held for sale 2 Mortgage banking derivatives not 2 Interest rate swap agreements 2 Carrying values of assets measured at fair value on a recurring basis follows: Fair Value Measurements Using: Total December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Available for sale debt securities: U.S. Treasury and other U.S. Government obligations $ 115,039 $ — $ — $ 115,039 Government sponsored enterprise obligations — 143,626 — 143,626 Mortgage backed securities - government agencies — 752,738 — 752,738 Obligations of states and political subdivisions — 127,599 — 127,599 Other — 5,615 — 5,615 Total available for sale debt securities 115,039 1,029,578 — 1,144,617 Mortgage loans held for sale — 2,606 — 2,606 Rate lock loan commitments — 137 — 137 Mandatory forward contracts — 47 — 47 Interest rate swaps — 10,727 — 10,727 Total assets $ 115,039 $ 1,043,095 $ — $ 1,158,134 Liabilities: Interest rate swaps $ — $ 10,737 $ — $ 10,737 Fair Value Measurements Using: Total December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Available for sale debt securities: U.S. Treasury and other U.S. government obligations $ 122,501 $ — $ — $ 122,501 Government sponsored enterprise obligations — 135,021 — 135,021 Mortgage backed securities - government agencies — 846,624 — 846,624 Obligations of states and political subdivisions — 75,075 — 75,075 Other — 1,077 — 1,077 Total available for sale debt securities 122,501 1,057,797 — 1,180,298 Interest rate swaps — 3,148 — 3,148 Total assets $ 122,501 $ 1,060,945 $ — $ 1,183,446 Liabilities: Interest rate swaps $ — $ 3,162 $ — $ 3,162 Bancorp had no 3 December 31, 2022 2021. no 3 2022 2021. For the securities portfolio, Bancorp monitors the valuation technique used by pricing agencies to ascertain when transfers between levels have occurred. The nature of other assets and liabilities measured at fair value is such that transfers in and out of any level are expected to be rare. For the year ended December 31, 2022, no 1, 2, 3. Discussion of assets measured at fair value on a non-recurring basis follows: Collateral dependent loans third may no one three third may OREO third may none three Below are carrying values of assets measured at fair value on a non-recurring basis: Losses recorded for (in thousands) Fair Value Measurement Using: the year ended December 31, 2022 Level 1 Level 2 Level 3 Total Fair Value December 31, 2022 Collateral dependent loans $ — $ — $ 20,637 $ 20,637 $ 303 Other real estate owned — — 677 677 — Losses recorded for (in thousands) Fair Value Measurement Using: the year ended December 31, 2021 Level 1 Level 2 Level 3 Total Fair Value December 31, 2021 Collateral dependent loans $ — $ — $ 4,487 $ 4,487 $ 891 Other real estate owned — — 7,212 7,212 17 Losses recorded for (in thousands) Fair Value Measurement Using: the year ended December 31, 2020 Level 1 Level 2 Level 3 Total Fair Value December 31, 2020 Collateral dependent loans $ — $ — $ 7,546 $ 7,546 $ 59 Other real estate owned — — 281 281 52 There were no liabilities measured at fair value on a non-recurring basis at December 31, 2022 December 31, 2021. For Level 3 December 31, 2022 (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Weighted Average Discount Collateral dependent loans $ 20,637 Appraisal Appraisal discounts 23.3 % Other real estate owned 677 Appraisal Appraisal discounts 65.6 December 31, 2021 (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Weighted Average Discount Impaired loans - collateral dependent $ 4,487 Appraisal Appraisal discounts 41.1 % Other real estate owned 7,212 Appraisal Appraisal discounts 31.6 |
Note 23 - Disclosure of Financi
Note 23 - Disclosure of Financial Instruments Not Reported at Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 23 Disclosure of Financial Instruments Not GAAP requires disclosure of the fair value of financial assets and liabilities, including those financial assets and financial liabilities that are not not Carrying Fair Value Measurements Using: December 31, 2022 (in thousands) amount Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 167,367 $ 167,367 $ 167,367 $ — $ — HTM debt securities 473,217 431,833 — 431,833 — Federal Home Loan Bank stock 10,928 10,928 — 10,928 — Loans, net 5,132,387 4,914,770 — — 4,914,770 Accrued interest receivable 22,157 22,157 22,157 — — Liabilities Non-interest bearing deposits $ 1,950,198 $ 1,950,198 $ 1,950,198 $ — $ — Transaction deposits 3,968,963 3,968,963 — 3,968,963 — Time deposits 472,091 459,467 — 459,467 — Securities sold under agreement to repurchase 133,342 133,342 — 133,342 — Federal funds purchased 8,789 8,789 — 8,789 — Subordinated debentures 26,343 26,460 — 26,460 — FHLB advances 50,000 50,000 — 50,000 — Accrued interest payable 660 660 660 — — Carrying Fair Value Measurements Using: December 31, 2021 (in thousands) amount Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 961,192 $ 961,192 $ 961,192 $ — $ — Mortgage loans held for sale 8,614 8,818 — 8,818 — Federal Home Loan Bank stock 9,376 9,376 — 9,376 — Loans, net 4,115,405 4,129,091 — — 4,129,091 Accrued interest receivable 13,745 13,745 13,745 — — Liabilities Non-interest bearing deposits $ 1,755,754 $ 1,755,754 $ 1,755,754 $ — $ — Transaction deposits 3,597,538 3,597,538 — 3,597,538 — Time deposits 434,222 433,813 — 433,813 — Securities sold under agreement to repurchase 75,466 75,466 — 75,466 — Federal funds purchased 10,374 10,374 — 10,374 — Accrued interest payable 300 300 300 — — Fair value estimates are made at a specific point in time based on relevant market information and information about financial instruments. Because no may not |
Note 24 - Mortgage Banking Acti
Note 24 - Mortgage Banking Activities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements for Mortgage Companies Disclosure [Text Block] | ( 24 Mortgage Banking Activities Mortgage banking activities primarily include residential mortgage originations and servicing. Effective March 31, 2022, December 31, 2021 Activity for mortgage loans held for sale, at fair value, was as follows: Years ended December 31, (in thousands) 2022 2021 2020 Balance, beginning of period: $ 8,614 $ 22,547 $ 8,748 Origination of mortgage loans held for sale 129,193 157,304 258,525 Loans held for sale acquired 3,559 3,071 - Proceeds from the sale of mortgage loans held for sale (139,281 ) (177,910 ) (249,439 ) Net gain on sale of mortgage loans held for sale 521 3,602 4,713 Balance, end of period $ 2,606 $ 8,614 $ 22,547 The following table represents the components of Mortgage banking income: Years ended December 31, (in thousands) 2022 2021 2020 Net gain realized on sale of mortgage loans held for sale $ 521 $ 3,602 $ 4,713 Net change in fair value recognized on loans held for sale - - - Net change in fair value recognized on rate lock loan commitments 1,821 - - Net change in fair value recognized on forward contracts (1,102 ) - - Net gain recognized 1,240 3,602 4,713 Net loan servicing income 4,200 1,448 922 Amortization of mortgage servicing rights (3,072 ) (1,092 ) (446 ) Change in mortgage servicing rights valuation allowance - - - Net servicing income recognized 1,128 356 476 Other mortgage banking income 842 766 966 Total mortgage banking income $ 3,210 $ 4,724 $ 6,155 Activity for capitalized mortgage servicing rights was as follows: Years ended December 31, (in thousands) 2022 2021 2020 Balance, beginning of period $ 4,528 $ 2,710 $ 1,372 MSRs acquired 12,676 1,662 — Additions for mortgage loans sold 1,087 1,248 1,784 Amortization (3,072 ) (1,092 ) (446 ) Impairment — — — Balance, end of period $ 15,219 $ 4,528 $ 2,710 MSRs, a component of other assets, are initially recognized at fair value when mortgage loans are sold with servicing retained. The MSRs are amortized in proportion to and over the period of estimated net servicing income, considering appropriate prepayment assumptions. MSRs are evaluated quarterly for impairment by comparing carrying value to fair value. Fair value is based on a valuation model that calculates the PV of estimated net servicing income. The model incorporates assumptions that market participants would use in estimating future net servicing income, such as estimated prepayment speeds and discount rates. The estimated fair value of MSRs at December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021, Total outstanding principal balances of loans serviced for others were $2.08 billion and $698 million at December 31, 2022 December 31, 2021, Mortgage banking derivatives used in the ordinary course of business consist primarily of mandatory forward sales contracts and interest rate lock loan commitments. Mandatory forward contracts represent future loan commitments to deliver loans at a specified price and date and are used to manage interest rate risk on loan commitments and mortgage loans held for sale. Interest rate lock loan commitments represent commitments to fund loans at a specific rate. These derivatives involve underlying items, such as interest rates, and are designed to transfer risk. Substantially all of these instruments expire within 90 not Mandatory forward contracts also contain an element of risk in that the counterparties may not not The Bank is exposed to interest rate risk on loans held for sale and rate lock loan commitments. As market interest rates fluctuate, the fair value of mortgage loans held for sale and rate lock commitments will decline or increase. To offset this interest rate risk the Bank enters into derivatives, such as mandatory forward contracts to sell loans. The fair value of these mandatory forward contracts will fluctuate as market interest rates fluctuate, and the change in the value of these instruments is expected to largely, though not The following table includes the notional amounts and fair values of mortgage loans held for sale and mortgage banking derivatives: December 31, 2022 (in thousands) Notional Amount Fair Value Included in Mortgage loans held for sale: Mortgage loans held for sale, at fair value $ 2,548 $ 2,606 Included in other assets: Rate lock loan commitments $ 5,599 $ 137 Mandatory forward contracts 6,581 47 |
Note 25 - Interest Rate Swaps
Note 25 - Interest Rate Swaps | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ( 25 Interest Rate Swaps Periodically, Bancorp enters into interest rate swap transactions with borrowers who desire to hedge exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. These are undesignated derivative instruments and are recognized on the balance sheet at fair value. Because of matching terms of offsetting contracts and collateral provisions mitigating any non-performance risk, changes in fair value subsequent to initial recognition have an insignificant effect on earnings. Exchanges of cash flows related to undesignated interest rate swap agreements were offsetting and therefore had little effect on Bancorp’s earnings or cash flows. Interest rate swap agreements derive their value from underlying interest rates. These transactions involve both credit and market risk. Notional amounts are amounts on which calculations, payments and the value of the derivative are based. Notional amounts do not not Bancorp had outstanding undesignated interest rate swap contracts as follows: Receiving Paying December 31, December 31, December 31, December 31, (dollars in thousands) 2022 2021 2022 2021 Notional amount $ 132,831 $ 123,983 $ 132,831 $ 123,983 Weighted average maturity (years) 7.1 7.2 7.1 7.2 Fair value $ 10,727 $ 3,148 $ 10,737 $ 3,162 |
Note 26 - Regulatory Matters
Note 26 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | ( 26 Regulatory Matters Bancorp and the Bank are subject to capital regulations in accordance with Basel III, as administered by banking regulators. Regulatory agencies measure capital adequacy within a framework that makes capital requirements, in part, dependent on the individual risk profiles of financial institutions. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on Bancorp’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Holding Company and the Bank must meet specific capital guidelines that involve quantitative measures of Bancorp’s assets, liabilities and certain off-balance sheet items, as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators regarding components, risk weightings and other factors. Banking regulators have categorized the Bank as well-capitalized. To meet the definition of well-capitalized, a bank must have a minimum 6.5% Common Equity Tier 1 1 1 Additionally, in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, Bancorp and the Bank must hold a 2.5% capital conservation buffer composed of Common Equity Tier 1 1 1 December 31, 2022, 1 1 As a result of the CB acquisition, Bancorp became the 100% successor owner of the following unconsolidated trust subsidiaries: Commonwealth Statutory Trust III, Commonwealth Statutory Trust IV and Commonwealth Statutory Trust V. The sole assets of the trust subsidiaries represent the proceeds of offerings loaned in exchange for subordinated debentures with similar terms to the TPS. The TPS are treated as part of Tier 1 December 31, 2022, Bancorp continues to exceed the regulatory requirements for all calculations. Bancorp and the Bank intend to maintain a capital position that meets or exceeds the “well-capitalized” requirements as defined by the FRB and the FDIC, in addition to the capital conservation buffer. The following table sets forth consolidated Bancorp’s and the Bank’s risk based capital amounts and ratios: (dollars in thousands) Actual Minimum for adequately capitalized Minimum for well capitalized December 31, 2022 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (1) Consolidated $ 762,956 12.54 % $ 486,841 8.00 % NA NA Bank 732,688 12.08 485,314 8.00 $ 606,643 10.00 % Common equity tier 1 risk-based capital (1) Consolidated 672,045 11.47 273,848 4.50 NA NA Bank 667,777 11.01 272,989 4.50 394,318 6.50 Tier 1 risk-based capital (1) Consolidated 698,045 11.04 365,131 6.00 NA NA Bank 667,777 11.01 363,986 6.00 485,314 8.00 Leverage Consolidated 698,045 9.33 299,329 4.00 NA NA Bank 667,777 8.95 298,600 4.00 373,250 5.00 (dollars in thousands) Actual Minimum for adequately capitalized Minimum for well capitalized December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (1) Consolidated $ 596,411 12.79 % $ 372,929 8.00 % NA NA Bank 577,078 12.42 371,809 8.00 $ 464,761 10.00 % Common equity tier 1 risk-based capital (1) Consolidated 556,590 11.94 209,772 4.50 NA NA Bank 537,257 11.56 209,142 4.50 302,095 6.50 Tier 1 risk-based capital (1) Consolidated 556,590 11.94 279,696 6.00 NA NA Bank 537,257 11.56 278,857 6.00 371,809 8.00 Leverage Consolidated 556,590 8.86 251,348 4.00 NA NA Bank 537,257 8.57 250,871 4.00 313,588 5.00 ( 1 Ratio is computed in relation to risk-weighted assets. NA Regulatory framework does not well-capitalized for holding companies. |
Note 27 - Stock Yards Bancorp,
Note 27 - Stock Yards Bancorp, Inc. (Parent Company Only) | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ( 27 Stock Yards Bancorp, Inc. (parent company only) Condensed Balance Sheets December 31, (in thousands) 2022 2021 Assets Cash on deposit with subsidiary bank $ 8,683 $ 3,489 Investment in and receivable from subsidiaries 759,939 658,901 Other assets 18,664 13,917 Total assets $ 787,286 $ 676,307 Liabilities and stockholders' equity Other liabilities $ 26,854 $ 438 Total stockholders’ equity 760,432 675,869 Total liabilities and stockholders equity $ 787,286 $ 676,307 Condensed Statements of Income Years ended December 31, (in thousands) 2022 2021 2020 Income - dividends and interest from subsidiaries $ 45,076 $ 62,941 $ 18,050 Other income 1 1 1 Less expenses 8,415 7,534 3,909 Income before income taxes and equity in undistributed net income of subsidiary 36,662 55,408 14,142 Income tax benefit (3,780 ) (2,957 ) (1,749 ) Income before equity in undistributed net income of subsidiary 40,442 58,365 15,891 Equity in undistributed net income of subsidiary 52,852 16,280 42,978 Net income 93,294 74,645 58,869 Less income attributed to non-controlling interest 322 — — Net income available to stockholders $ 92,972 $ 74,645 $ 58,869 Comprehensive income (loss) $ (14,624 ) $ 57,964 $ 66,933 Condensed Statements of Cash Flows Years ended December 31 (in thousands) 2022 2021 2020 Operating activities Net income available to stockholders $ 92,972 $ 74,645 $ 58,869 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (52,852 ) (16,280 ) (42,978 ) Decrease (increase) in receivable from subsidiaries 6,812 — — Stock compensation expense 4,394 4,565 3,262 Excess tax benefits from stock- based compensation arrangements (1,713 ) (1,482 ) (452 ) Loss on disposition of LFA 870 — — Change in other assets (6,350 ) (2,685 ) (1,356 ) Change in other liabilities (400 ) 40 17 Net cash provided by operating activities 43,733 58,803 17,362 Investing activities Purchase of AFS equity security — (120 ) — Proceeds from disposition of LFA 4,993 — — Cash for acquisition (30,994 ) (28,276 ) — Net cash used in investing activities (26,001 ) (28,396 ) — Financing activities Repurchase of common stock (4,533 ) (3,618 ) (2,265 ) Share repurchases related to compensation plans (272 ) (208 ) (224 ) Subordinated debentures acquired 26,806 — — Cash disbursements to non-controlling interest (322 ) — — Disposition of LFA (915 ) — — Cash dividends paid (33,302 ) (28,198 ) (24,481 ) Net cash used in financing activities (12,538 ) (32,024 ) (26,970 ) Net increase (decrease) in cash 5,194 (1,617 ) (9,608 ) Cash at beginning of year 3,489 5,106 14,714 Cash at end of year $ 8,683 $ 3,489 $ 5,106 |
Note 28 - Segments
Note 28 - Segments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 28 Segments Bancorp’s principal activities include commercial banking and WM&T. Commercial banking provides a full range of loan and deposit products to individual consumers and businesses. Commercial banking also includes Bancorp’s mortgage banking and investment products sales activity. WM&T provides investment management, financial & retirement planning and trust & estate services, as well as retirement plan management for businesses and corporations in all markets in which Bancorp operates. The magnitude of WM&T revenue distinguishes Bancorp from other community banks of similar asset size. Financial information for each business segment reflects that which is specifically identifiable or allocated based on an internal allocation method. Income taxes are allocated based on the effective federal income tax rate adjusted for any tax-exempt activity. All tax-exempt activity and provision have been allocated fully to the commercial banking segment. Measurement of performance of business segments is based on the management structure of Bancorp and is not not The majority of the net assets of Bancorp are involved in the commercial banking segment. As of December 31, 2022, not Selected financial information by business segment follows: Commercial As of and for the Year ended December 31, 2022 (in thousands) Banking WM&T Total Net interest income $ 232,971 $ 412 $ 233,383 Provision for credit losses 10,257 — 10,257 Wealth management and trust services — 36,111 36,111 All other non-interest income 53,038 — 53,038 Non-interest expenses 170,348 21,443 191,791 Income before income tax expense 105,404 15,080 120,484 Income tax expense 23,917 3,273 27,190 Net income 81,487 11,807 93,294 Less income attributable to NCI 322 — 322 Net income attributable to stockholders $ 81,165 $ 11,807 $ 92,972 Total assets $ 7,459,312 $ 36,949 $ 7,496,261 Commercial As of and for the Year ended December 31, 2021 (in thousands) Banking WM&T Total Net interest income $ 170,775 $ 299 $ 171,074 Provision for credit losses (753 ) — (753 ) Wealth management and trust services — 27,613 27,613 All other non-interest income 38,237 — 38,237 Non-interest expenses 128,091 14,189 142,280 Income before income tax expense 81,674 13,723 95,397 Income tax expense 17,774 2,978 20,752 Net income $ 63,900 $ 10,745 $ 74,645 Total assets $ 6,641,916 $ 4,109 $ 6,646,025 Commercial As of and for the Year ended December 31, 2020 (in thousands) Banking WM&T Total Net interest income $ 135,587 $ 334 $ 135,921 Provision for credit losses 18,418 — 18,418 Wealth management and trust services — 23,406 23,406 All other non-interest income 28,493 — 28,493 Non-interest expenses 88,820 12,839 101,659 Income before income tax expense 56,842 10,901 67,743 Income tax expense 6,508 2,366 8,874 Net income $ 50,334 $ 8,535 $ 58,869 Total assets $ 4,604,998 $ 3,631 $ 4,608,629 |
Note 29 - Quarterly Operating R
Note 29 - Quarterly Operating Results (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | ( 29 Quarterly Operating Results (unaudited) A summary of quarterly operating results follows: 2022 (dollars in thousands except per share data) 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 75,150 $ 67,410 $ 59,108 $ 49,984 Interest expense 9,887 5,034 2,124 1,224 Net interest income 65,263 62,376 56,984 48,760 Provision for credit losses 3,375 4,803 (200 ) 2,279 Net interest income after provision 61,888 57,573 57,184 46,481 Non-interest income 23,142 24,864 21,940 19,203 Non-interest expenses 45,946 44,873 44,675 56,297 Income before income taxes 39,084 37,564 34,449 9,387 Income tax expense 9,174 9,024 7,547 1,445 Net income $ 29,910 $ 28,540 $ 26,902 $ 7,942 Less income attributed to noncontrolling interest 93 85 108 36 Net income available to stockholders $ 29,817 $ 28,455 $ 26,794 $ 7,906 Basic earnings per share $ 1.02 $ 0.98 $ 0.92 $ 0.29 Diluted earnings per share $ 1.01 $ 0.97 $ 0.91 $ 0.29 2021 (dollars in thousands except per share data) 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 47,508 $ 46,948 $ 43,102 $ 39,518 Interest expense 1,326 1,465 1,518 1,693 Net interest income 46,182 45,483 41,584 37,825 Provision for credit losses (1,900 ) (1,525 ) 4,147 (1,475 ) Net interest income after provision 48,082 47,008 37,437 39,300 Non-interest income 18,604 17,614 15,788 13,844 Non-interest expenses 34,572 34,558 48,177 24,973 Income before income taxes 32,114 30,064 5,048 28,171 Income tax expense 7,525 6,902 864 5,461 Net income $ 24,589 $ 23,162 $ 4,184 $ 22,710 Basic earnings per share $ 0.93 $ 0.87 $ 0.17 $ 1.00 Diluted earnings per share $ 0.92 $ 0.87 $ 0.17 $ 0.99 2020 (dollars in thousands except per share data) 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 38,339 $ 36,144 $ 36,506 $ 36,882 Interest expense 2,087 2,449 2,978 4,436 Net interest income 36,252 33,695 33,528 32,446 Provision for credit losses 500 4,968 7,025 5,925 Net interest income after provision 35,752 28,727 26,503 26,521 Non-interest income 13,698 13,043 12,622 12,536 Non-interest expenses 29,029 25,646 23,409 23,575 Income before income taxes 20,421 16,124 15,716 15,482 Income tax expense 2,685 1,591 2,348 2,250 Net income $ 17,736 $ 14,533 $ 13,368 $ 13,232 Basic earnings per share $ 0.79 $ 0.64 $ 0.59 $ 0.59 Diluted earnings per share $ 0.78 $ 0.64 $ 0.59 $ 0.58 Note: The sum of EPS of each of the quarter may not s consolidated financial statements due to rounding. |
Note 30 - Revenue From Contract
Note 30 - Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 30 Revenue from Contracts with Customers All of Bancorp’s revenue from contracts with customers in the scope of ASC 606 606 Year Ended December 31, 2022 (in thousands) Commercial WM&T Total Wealth management and trust services $ — $ 36,111 $ 36,111 Deposit service charges 8,286 — 8,286 Debit and credit card income 18,623 — 18,623 Treasury management fees 8,590 — 8,590 Mortgage banking income (1) 3,210 — 3,210 Net investment product sales commissions and fees 3,063 — 3,063 Bank owned life insurance (1) 1,597 — 1,597 Gain (loss) on sale of premises and equipment (1) 4,369 — 4,369 Other (2) 5,300 — 5,300 Total non-interest income $ 53,038 $ 36,111 $ 89,149 Year Ended December 31, 2021 (in thousands) Commercial WM&T Total Wealth management and trust services $ — $ 27,613 $ 27,613 Deposit service charges 5,852 — 5,852 Debit and credit card income 13,456 — 13,456 Treasury management fees 6,912 — 6,912 Mortgage banking income (1) 4,724 — 4,724 Net investment product sales commissions and fees 2,553 — 2,553 Bank owned life insurance (1) 914 — 914 Gain (loss) on sale of premises and equipment (1) (78 ) — (78 ) Other (2) 3,904 — 3,904 Total non-interest income $ 38,237 $ 27,613 $ 65,850 Year Ended December 31, 2020 (in thousands) Commercial WM&T Total Wealth management and trust services $ — $ 23,406 $ 23,406 Deposit service charges 4,161 — 4,161 Debit and credit card income 8,480 — 8,480 Treasury management fees 5,407 — 5,407 Mortgage banking income (1) 6,155 — 6,155 Net investment product sales commissions and fees 1,775 — 1,775 Bank owned life insurance (1) 693 — 693 Gain (loss) on sale of premises and equipment (1) 150 — 150 Other (2) 1,672 — 1,672 Total non-interest income $ 28,493 $ 23,406 $ 51,899 ( 1 606. ( 2 606, Bancorp’s revenue on the consolidated statement of income is categorized by product type, which effectively depicts how the nature, timing and extent of cash flows are affected by economic factors. Revenue sources within the scope of ASC 606 Bancorp earns fees from its deposit customers for transaction-based, account management and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payments fees and ACH fees, are recognized at the time the transaction is executed, as that is when the company fulfills the performance obligation. Account management fees are earned over the course of a month and charged in the month in which the services are provided. Treasury management transaction fees are recognized at the time the transaction is executed, as that is when the company fulfills the performance obligation. Account analysis fees are earned over the course of a month and charged in the month in which the services are provided. Treasury management fees are withdrawn from customers’ account balances. WM&T provides customers fiduciary and investment management services as agreed upon in asset management contracts. The contracts require WM&T to provide a series of distinct services for which fees are earned over time. The contracts are cancellable upon demand with fees typically based upon the asset value of investments. Revenue is accrued and recognized monthly based upon month-end asset values and collected from the customer predominately in the following month except for a small percentage of fees collected quarterly. Incentive compensation related to WM&T activities is considered a cost of obtaining the contract. Contracts between WM&T and customers do not none December 31, 2022 December 31, 2021, Investment products sales commissions and fees represent the Bank’s share of transaction fees and wrap fees resulting from investment services and programs provided through an agent relationship with a third third not December 31, 2022 2021. Debit and credit card revenue primarily consists of debit and credit card interchange income. Interchange income represents fees assessed within the payment card system for acceptance of card-based transactions. Interchange fees are assessed as the performance obligation is satisfied, which is at the point in time the card transaction is authorized. Revenue is collected and recognized daily through the payment network settlement process. Bancorp did not 606, December 31, 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Nature of Operations Established in 1904, 73 Bancorp is divided into two Commercial Banking provides a full range of loan and deposit products to individual consumers and businesses in all its markets through retail lending, mortgage banking, deposit services, online banking, mobile banking, private banking, commercial lending, commercial real estate lending, leasing, treasury management services, merchant services, international banking, correspondent banking and other banking services. The Bank also offers securities brokerage services via its banking center network through an arrangement with a third WM&T provides investment management, financial & retirement planning and trust & estate services, as well as retirement plan management for businesses and corporations in all markets in which Bancorp operates. The magnitude of WM&T revenue distinguishes Bancorp from other community banks of similar asset size. The Captive, a wholly owned subsidiary of the Company, is a Nevada-based captive insurance company that provides insurance against certain risks unique to operations of the Company and its subsidiaries for which insurance may not 831 831 not $2,450,000, As a result of its acquisition of CB on March 7, 2022, Also as a result of its acquisition of Commonwealth Bancshares, Inc., Bancorp acquired a 60% interest in LFA, which is based in Bowling Green, Kentucky and provides wealth management services. LFA is consolidated into the Company. The non-controlling interest within the consolidated financial statements represents the interest in LFA not December 31, 2022, December 31, 2022. |
Use of Estimates, Policy [Policy Text Block] | Critical Accounting Policies and Estimates may not Bancorp’s accounting policies are fundamental to understanding management’s discussion and analysis of our results of operations and financial condition. At December 31, 2022 2021, |
Business Combinations Policy [Policy Text Block] | Accounting for Business Acquisitions 805, Business Combinations Identifiable assets acquired, liabilities assumed, and any non-controlling interest in acquirees are generally recognized at their acquisition-date (“day-one”) fair values based on the requirements of ASC Topic 820, Fair Value Measurements and Disclosures. one one one one one may one Acquisition related costs are expensed as incurred unless those costs are related to issuing debt or equity securities used to finance the acquisition. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents |
Financing Receivable, Held-for-sale [Policy Text Block] | Mortgage Loans Held for Sale and Mortgage Banking Activities March 31, 2022, March 31, 2022 Commitments to fund mortgage loans (“interest rate lock commitments”) to be sold into the secondary market and non-exchange traded mandatory forward sales contracts (“forward contracts”) for the future delivery of these mortgage loans or the purchase of TBA securities are accounted for as free-standing derivatives. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the Bank enters into the derivative. Generally, the Bank enters into forward contracts for the future delivery of mortgage loans or the purchase of TBA securities when interest rate lock commitments are entered into in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these mortgage derivatives are included in net gains on sales of loans, which is a component of Mortgage banking income on the income statement. Mortgage loans held for sale are generally sold with the MSRs retained. When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded as component of Mortgage banking income. Fair value is based on the market prices for comparable mortgage servicing contracts when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method, which requires servicing rights to be amortized into Mortgage banking income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Amortization of MSRs are initially set at seven A primary factor influencing the fair value is the estimated life of the underlying serviced loans. The estimated life of the serviced loans is significantly influenced by market interest rates. During a period of declining interest rates, the fair value of the MSRs generally decline due to higher expected prepayments within the portfolio. Alternatively, during a period of rising interest rates, the fair value of MSRs generally will increase, as prepayments on the underlying loans would be expected to decline. Loan servicing income is reported on the income statement as a component of Mortgage banking income. Loan servicing income is recorded as loan payments are collected and includes servicing fees from investors and certain charges collected from borrowers. The fees are based on a contractual percentage of the outstanding principal, or a fixed amount per loan, and are recorded as income when earned. Late fees and ancillary fees related to loan servicing are considered nominal. |
Investment, Policy [Policy Text Block] | Debt Securities not Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. Amortization of premiums and discounts are recognized in interest income over the period to maturity using the interest method, except for premiums on callable debt securities, which are amortized to their earliest call date. Bancorp has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and reports accrued interest separately in the consolidated balance sheets. A debt security is placed on non-accrual status at the time any principal or interest payments become more than 90 no December 31, 2022 2021. ACL – AFS Debt Securities not December 31, 2022 December 31, 2021, may not no In evaluating AFS debt securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, Bancorp considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. There were no December 31, 2022 December 31, 2021, Changes in the ACL for AFS debt securities are recorded as expense. Losses are charged against the ACL for AFS debt securities when management believes the uncollectability of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. ACL – HTM Debt Securities December 31, 2022 December 31, 2021, December 31, 2022 December 31, 2021, |
Federal Home Loan Bank Stock [Policy Text Block] | FHLB Stock may |
Financing Receivable [Policy Text Block] | Loans Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income over the life of the loan without anticipating prepayments. Loans are considered past due or delinquent when the contractual principal and/or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. The accrual of interest income on loans is typically discontinued at the time the loan is 90 no 120 not not Acquired loans are recorded at fair value at the date of acquisition based on a DCF methodology that considers various factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not may Loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered PCD loans. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial ACL is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial ACL is added to the purchase price, there is no Acquired loans are determined by Bancorp to have more-than-insignificant deterioration in credit quality since origination if any of the following designations apply, listed in order of priority as follows: Loans individually analyzed by Bancorp and determined to have a collateral or cash flow deficiency resulting in a full or partial allocation for loss, loans placed on non-accrual status by the acquired institution, loans identified as TDRs by the acquired institution, loans that have received a partial charge off by the acquired institution, loans risk-rated below a “pass” grade by the acquired institution and any loans past due 59 For acquired loans not The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. Bancorp adopted ASC 326, Financial Instruments Credit Losses January 1, 2020 Bancorp adopted ASC 326 310 30. not January 1, 2020, third 2020. The following table summarizes the impact of the adoption of ASC 326 January 1, 2020: January 1, 2020 (in thousands) As reported under ASC 326 Pre-ASC 326 Adoption Impact of Adoption (1) Allowance for credit losses on loans: Commercial real estate - non-owner occupied $ 8,333 $ 5,235 $ 3,098 Commercial real estate - owner occupied 6,219 3,327 2,892 Total commercial real estate 14,552 8,562 5,990 Commercial and industrial - term 7,147 6,782 365 Commercial and industrial - line of credit 4,129 5,657 (1,528 ) Total commercial and industrial 11,276 12,439 (1,163 ) Residential real estate - owner occupied 2,713 1,527 1,186 Residential real estate - non-owner occupied 1,376 947 429 Total residential real estate 4,089 2,474 1,615 Construction and land development 5,161 2,105 3,056 Home equity lines of credit 842 728 114 Consumer 398 100 298 Leases 233 237 (4 ) Credit cards 96 146 (50 ) Total allowance for credit losses on loans $ 36,647 $ 26,791 $ 9,856 Total allowance for credit losses on off-balance sheet exposures $ 3,850 $ 350 $ 3,500 ( 1 The impact of the ASC 326 ACL – Loans Bancorp estimates the ACL on loans based on the underlying assets’ amortized cost basis, which is the amount at which the receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, and net deferred fees or costs, collection of payment, and partial charge-offs. In the event that collection of principal becomes uncertain, Bancorp has policies in place to reverse accrued interest in a timely manner. Therefore, Bancorp has made a policy election to exclude accrued interest from the measurement of the ACL on loans. Expected credit losses are reflected in the ACL on loans through a charge to provision for credit losses on loans. When Bancorp deems all or a portion of a financial asset to be uncollectible, the appropriate amount is written-off and the ACL on loans is reduced by the same amount. Bancorp applies judgment to determine when a financial asset is deemed uncollectible; however, generally speaking, an asset will be considered uncollectible no Bancorp’s methodologies for estimating the ACL on loans consider available relevant information about the collectability of cash flows, including information about past events, current conditions and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable to the identified pools of financial assets with similar risk characteristics for which the historical loss experience was observed. Bancorp’s methodologies may no Loans are predominantly segmented by FDIC Call Report Codes into loan pools that have similar risk characteristics, similar collateral type and are assumed to pose consistent risk of loss to Bancorp. Bancorp has identified the following pools of financial assets with similar risk characteristics for measuring expected credit losses: Commercial Real Estate Owner Occupied Commercial Real Estate Non-Owner Occupied five Construction and Land Development third may Commercial and Industrial Residential Real Estate first Home Equity Lines of Credit Consumer may Leases Credit Cards Bancorp measures expected credit losses for its loan portfolio segments as follows: Loan Portfolio Segment ACL Methodology Commercial real estate - non-owner occupied Discounted cash flow Commercial real estate - owner occupied Discounted cash flow Commercial and industrial - term Static pool Commercial and industrial - line of credit Static pool Residential real estate - owner occupied Discounted cash flow Residential real estate - non-owner occupied Discounted cash flow Construction and land development Static pool Home equity lines of credit Static pool Consumer Static pool Leases Static pool Credit cards Static pool Based on the 100% not Discounted Cash flow Method Bancorp uses regression analysis on historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers. For all loan pools utilizing the DCF method, management utilizes a forecasted unemployment rate as its primary loss driver, as this was determined to best correlate to historical losses. With regard to the DCF model and the adoption of CECL effective January 1, 2020, four eight one March 31, 2020. June 30, 2020, four June 30, 2021. September 30, 2021 December 31, 2022, four The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level NPV of expected cash flows. An ACL is established for the difference between the instrument’s NPV and amortized cost basis. Static Pool Method Collateral Dependent Loans not may zero not A loan that has been modified or renewed is considered a TDR when two 1 2 not may |
Property, Plant and Equipment, Impairment [Policy Text Block] | Premises and Equipment three Premises held for sale are also carried at cost, less accumulated depreciation and amortization. Premises held for sale represent properties owned by Bancorp that are currently listed for sale due mainly to location overlap and/or lack of necessity stemming from acquisition-related activity. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets not Bancorp has selected September 30 Currently, goodwill recorded on Bancorp’s consolidated balance sheets is attributed mainly to the Commercial Banking segment, while a portion is also attributed to the WM&T segment. Goodwill related to the KSB acquisition is deductible for tax purposes, as it was structured as an asset sale/338 not December 31, 2022 December 31, 2021 not Other intangible assets consist of CDI and CLI assets arising from business acquisitions. The CDI and CLI assets represent customer relationships associated with acquired deposit portfolios and WM&T businesses, respectively. CDI and CLI assets are initially measured at fair value and then amortized on an accelerated method over their estimated useful lives. |
Other Assets [Policy Text Block] | Other Assets OREO is initially recorded at fair value, less estimated costs to sell, establishing a new cost basis for the asset. OREO is subsequently carried at the lower of cost or estimated fair value minus estimated selling costs. In certain situations, improvements to prepare assets for sale are capitalized if those costs increase the estimated fair value of the asset. Expenses incurred in maintaining assets, write downs to reflect subsequent declines in value, and realized gains or losses are reflected in the results of operations and are included in non-interest income and/or expense. |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-Balance Sheet Credit Exposures not Bancorp records an ACL for off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to credit loss expense for off-balance sheet credit exposures included in provision for credit losses for off-balance sheet credit exposures on Bancorp’s consolidated statements of income. The ACL for off-balance sheet credit exposures is estimated by loan portfolio segment at each balance sheet date under the current CECL model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur and is included in other liabilities on Bancorp’s consolidated balance sheets. |
Derivatives, Policy [Policy Text Block] | Derivatives For derivatives designated as cash flow hedges, the effective portion of changes in fair value of the derivative is initially reported in OCI and subsequently reclassified to interest income or expense when the hedged transaction affects earnings, while the ineffective portion of changes in fair value of derivative, if any, is recognized immediately in other noninterest income. Bancorp assesses the effectiveness of each hedging relationship by comparing cumulative changes in cash flows of the derivative hedging instrument with cumulative changes in cash flows of the designated hedged item or transaction. No Periodically, Bancorp enters into an interest rate swap transaction with a borrower, who desires to hedge exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. Because of matching terms of offsetting contracts and collateral provisions mitigating any non-performance risk, changes in fair value subsequent to initial recognition have an insignificant effect on earnings. Because these derivative instruments have not Bancorp had no December 31, 2022 December 31, 2021. not Interest Rate Swaps |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets not |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation |
Income Tax, Policy [Policy Text Block] | Income Taxes A tax position is recognized as a benefit only if it is “more-likely-than- not” 50% not not” no Bancorp recognizes interest and/or penalties related to income tax matters in income tax expense, if any. Bancorp periodically invests in certain partnerships with customers that yield historic tax credits, accounted for using the flow through method, which approximates the equity method. Also, low-income housing tax credits, as well as tax-deductible losses, are accounted for using the effective yield method for older transactions or proportional amortization method for more recent transactions. The tax benefit of these investments exceeds the amortization expense associated with them, resulting in a positive impact on net income. |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Share |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) |
Loss Contingency [Policy Text Block] | Loss Contingencies not |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restrictions on Cash and Cash Equivalents March 26, 2020, 0% 19 0% December 31, 2022. The Company’s insurance captive maintains cash reserves to cover insurable claims. Reserves were maintained at a minimum of $200,000 as of December 31, 2022 2021. |
Policyholders' Dividend [Policy Text Block] | Dividend Restriction may |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Assets and Liabilities Measured and Reported at Fair Value |
Segment Reporting, Policy [Policy Text Block] | Segment Information two |
Revenue [Policy Text Block] | Revenue from Contracts with Customers not 606. 606 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications no |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Guidance No. 2020 04, 848 Facilitation of the Effects of Reference Rate Reform on Financial Reporting March 2020. ● A change in a contract’s reference interest rate would be accounted for as a continuation of that contract rather than as the creation of a new one ● When updating its hedging strategies in response to reference rate reform, an entity would be allowed to preserve its hedge accounting. The guidance is applicable only to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued. Because the guidance is meant to help entities through the transition period, it will be in effect for a limited time and will not December 31, 2022, December 31, 2022, March 12, 2020 December 31, 2022. In May 2020, January 1, 2021. Accounting Standards Updates not not In June 2022, 2022 03, Fair Value Measurement (Topic 820 2022 03 not 1 2 3 2022 03 December 15, 2023. 2022 03 not In March 2022, 2022 02, Financial Instruments Credit Losses (Topic 326 2022 02 310 40, Receivables Troubled Debt Restructurings by Creditors 2016 13, Financial Instruments Credit Losses (Topic 326 2022 02 326 20, Financial Instruments Credit Losses Measured at Amortized Cost. December 15, 2022 not In March 2020, 2020 04, Reference Rate Reform (Topic 848 January 2021, 2021 01, 848 December 2022, 2022 06, 848. 848 may 848 December 31, 2022 December 31, 2024. 2020 04, 2021 01 2022 06, not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | January 1, 2020 (in thousands) As reported under ASC 326 Pre-ASC 326 Adoption Impact of Adoption (1) Allowance for credit losses on loans: Commercial real estate - non-owner occupied $ 8,333 $ 5,235 $ 3,098 Commercial real estate - owner occupied 6,219 3,327 2,892 Total commercial real estate 14,552 8,562 5,990 Commercial and industrial - term 7,147 6,782 365 Commercial and industrial - line of credit 4,129 5,657 (1,528 ) Total commercial and industrial 11,276 12,439 (1,163 ) Residential real estate - owner occupied 2,713 1,527 1,186 Residential real estate - non-owner occupied 1,376 947 429 Total residential real estate 4,089 2,474 1,615 Construction and land development 5,161 2,105 3,056 Home equity lines of credit 842 728 114 Consumer 398 100 298 Leases 233 237 (4 ) Credit cards 96 146 (50 ) Total allowance for credit losses on loans $ 36,647 $ 26,791 $ 9,856 Total allowance for credit losses on off-balance sheet exposures $ 3,850 $ 350 $ 3,500 |
Note 3 - Bank Acquisitions (Tab
Note 3 - Bank Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | As Recorded Fair Value Classification Provisional Period As Recorded (in thousands) By CB Adjustments (1) Adjustments (2) Adjustments (1) by Bancorp Assets aquired: Cash and due from banks $ 380,450 $ — $ — $ — $ 380,450 Mortgage loans held for sale 3,559 — — — 3,559 Available for sale debt securities 247,209 (416 ) a (161,819 ) — 84,974 Held to maturity debt securities (2) — — a 161,819 — 161,819 Federal Home Loan Bank stock, at cost 4,436 — — — 4,436 Loans 645,551 (13,147 ) b — — 632,404 Allowance for credits losses on loans (16,102 ) 6,152 c — — (9,950 ) Net loans 629,449 (6,995 ) — — 622,454 Premises and equipment, net 28,784 4,009 d — — 32,793 Accrued interest receivable 1,973 — — — 1,973 Goodwill 5,412 (5,412 ) e — — — Core deposit intangible — 12,724 f — — 12,724 Customer list intangibles — 14,360 g — — 14,360 Mortgage servicing rights 9,387 3,289 h — — 12,676 Deferred income taxes, net — (3,727 ) i — — (3,727 ) Other assets 9,389 (1,065 ) j — — 8,324 Total assets acquired $ 1,320,048 $ 16,767 $ - $ - $ 1,336,815 Liabilities assumed: Deposits: Non-interest bearing $ 302,098 $ — $ — $ — $ 302,098 Interest bearing 818,334 371 k — — 818,705 Total deposits 1,120,432 371 — — 1,120,803 SSUAR 66,220 — — — 66,220 Subordinated debentures 26,806 (794 ) l — — 26,012 Line of credit 3,200 — — — 3,200 Accrued interest payable 243 — — — 243 Other liabilities 17,822 1,296 m — — 19,118 Total liabilities assumed 1,234,723 873 — — 1,235,596 Net assets acquired $ 85,325 $ 15,894 $ - $ - $ 101,219 Consideration for common stock $ 133,825 Cash consideration paid 30,994 Noncontrolling interest of acquired entity 3,094 Total consideration $ 167,913 Goodwill $ 66,694 As Recorded Fair Value Provisional Period As Recorded (in thousands) By KB Adjustments (1) Adjustments (1) by Bancorp Assets aquired: Cash and due from banks $ 53,257 $ — $ — $ 53,257 Mortgage loans held for sale 3,071 — — 3,071 Available for sale debt securities 396,157 (295 ) a — 395,862 Federal Home Loan Bank stock, at cost 7,072 — — 7,072 Loans 755,932 (757 ) b — 755,175 Allowance for credits losses on loans (9,491 ) 2,734 c — (6,757 ) Net loans 746,441 1,977 — 748,418 Premises and equipment, net 27,401 (6,361 ) d — 21,040 Bank owned life insurance 18,909 — — 18,909 Accrued interest receivable 4,939 — — 4,939 Goodwill 14,001 (14,001 ) e — — Core deposit intangible — 3,404 f 999 f 4,403 Other real estate owned 674 (123 ) g — 551 Mortgage servicing rights 1,628 34 h — 1,662 Deferred income taxes, net 1,856 715 i (230 ) i 2,341 Other assets 6,421 (1,866 ) j (70 ) j 4,485 Total assets acquired $ 1,281,827 $ (16,516 ) $ 699 $ 1,266,010 Liabilities assumed: Deposits: Non-interest bearing $ 359,544 $ — $ — $ 359,544 Interest bearing 678,528 1,146 k — 679,674 Total deposits 1,038,072 1,146 — 1,039,218 Securities sold under agreements to repurchase 11,360 — — 11,360 Federal Home Loan Bank advances 88,581 2,490 l — 91,071 Accrued interest payable 505 — — 505 Other liabilities 16,231 (2,004 ) m — 14,227 Total liabilities assumed 1,154,749 1,632 — 1,156,381 Net assets acquired $ 127,078 $ (18,148 ) $ 699 $ 109,629 Consideration for common stock $ 204,670 Cash consideration paid 28,276 Total consideration $ 232,946 Goodwill $ 123,317 |
Schedule of Business Acquisitions by Acquisition, Loans Fair Value Adjustment [Table Text Block] | (in thousands) Fair value adjustment - acquired non PCD loans $ (9,216 ) Fair value adjustment - acquired PCD loans (4,094 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge 163 Net loan fair value adjustments $ (13,147 ) (in thousands) Fair value adjustment - acquired non PCD loans $ 228 Fair value adjustment - acquired PCD loans (735 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge (250 ) Net loan fair value adjustments $ (757 ) |
Schedule of Business Acquisitions by Acquisition, Allowance for Credit Losses Adjustments [Table Text Block] | (in thousands) Reversal of historical CB ACL for loans $ (16,102 ) Estimate of lifetime credit losses for PCD loans 9,950 Net change in ACL for loans $ (6,152 ) (in thousands) Reversal of historical KB ACL for loans $ 9,491 Estimate of lifetime credit losses for PCD loans (6,757 ) Net change in ACL for loans $ 2,734 |
Business Acquisition, Pro Forma Information [Table Text Block] | (in thousands, except per share data) Years ended December 31, 2022 2021 Net interest income $ 238,416 $ 218,376 Provision for credit losses (1) 5,828 (7,667 ) Non-interest income 92,089 123,530 Non-interest expense (2) 182,783 200,941 Income before taxes 141,894 148,632 Income tax expense 32,212 31,443 Net income 109,682 117,189 Less net income attributed to noncontrolling interest 337 362 Net income available to stockholders $ 109,345 $ 116,827 Earnings per share Basic $ 3.75 $ 4.02 Diluted 3.72 3.99 Basic weighted average shares outstanding 29,122 29,037 Diluted weighted average shares outstanding 29,386 29,295 (in thousands, except per share data) Years ended December 31, 2021 Net interest income $ 185,708 Provision for credit losses (1) (7,967 ) Non-interest income 72,308 Non-interest expense (2) 140,508 Income before taxes 125,475 Income tax expense 26,406 Net income 99,069 Earnings per share Basic $ 3.74 Diluted 3.70 Basic weighted average shares outstanding 26,522 Diluted weighted average shares outstanding 26,780 |
Note 4 - Investment Securities
Note 4 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | (in thousands) Amortized Unrealized December 31, 2022 cost Gains Losses Fair value U.S. Treasury and other U.S. Government obligations $ 122,966 $ - $ (7,927 ) $ 115,039 Government sponsored enterprise obligations 149,773 290 (6,437 ) 143,626 Mortgage backed securities - government agencies 874,265 58 (121,585 ) 752,738 Obligations of states and political subdivisions 145,016 1 (17,418 ) 127,599 Other 5,957 - (342 ) 5,615 Total available for sale debt securities $ 1,297,977 $ 349 $ (153,709 ) $ 1,144,617 December 31, 2021 U.S. Treasury and other U.S. Government obligations $ 123,753 $ - $ (1,252 ) $ 122,501 Government sponsored enterprise obligations 132,760 2,497 (236 ) 135,021 Mortgage backed securities - government agencies 857,283 2,495 (13,154 ) 846,624 Obligations of states and political subdivisions 75,488 289 (702 ) 75,075 Other 1,095 - (18 ) 1,077 Total available for sale debt securities $ 1,190,379 $ 5,281 $ (15,362 ) $ 1,180,298 |
Debt Securities, Held-to-Maturity [Table Text Block] | (in thousands) Carrying Unrecognized December 31, 2022 value Gains Losses Fair value U.S. Treasury and other U.S. Government obligations $ 217,794 $ - $ (9,166 ) $ 208,628 Government sponsored enterprise obligations 27,507 - (2,559 ) 24,948 Mortgage backed securities - government agencies 227,916 - (29,659 ) 198,257 Total available for sale debt securities $ 473,217 $ - $ (41,384 ) $ 431,833 |
Investments Classified by Contractual Maturity Date [Table Text Block] | AFS Debt Securities HTM Debt Securities (in thousands) Amortized cost Fair value Carrying value Fair value Due within one year $ 38,868 $ 38,329 $ 15,029 $ 14,796 Due after one year but within five years 154,801 145,075 203,384 194,412 Due after five years but within 10 years 68,137 60,473 26,278 23,767 Due after 10 years 161,906 148,002 610 601 Mortgage backed securities - government agencies 874,265 752,738 227,916 198,257 Total available for sale debt securities $ 1,297,977 $ 1,144,617 $ 473,217 $ 431,833 |
Schedule of Unrealized Loss on Investments [Table Text Block] | AFS Debt Securities Less than 12 months 12 months or more Total (in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2022 value losses value losses value losses U.S. Treasury and other U.S. Government obligations $ 3,025 $ (57 ) $ 111,966 $ (7,870 ) $ 114,991 $ (7,927 ) Government sponsored enterprise obligations 99,785 (3,553 ) 22,484 (2,884 ) 122,269 (6,437 ) Mortgage-backed securities - government agencies 180,263 (11,114 ) 567,988 (110,471 ) 748,251 (121,585 ) Obligations of states and political subdivisions 64,165 (3,763 ) 56,864 (13,655 ) 121,029 (17,418 ) Other 4,865 (213 ) 749 (129 ) 5,614 (342 ) Total AFS debt securities $ 352,103 $ (18,700 ) $ 760,051 $ (135,009 ) $ 1,112,154 $ (153,709 ) December 31, 2021 U.S. Treasury and other U.S. Government obligations $ 122,501 $ (1,252 ) $ - $ - $ 122,501 $ (1,252 ) Government sponsored enterprise obligations 23,789 (223 ) 447 (13 ) 24,236 (236 ) Mortgage-backed securities - government agencies 615,130 (10,027 ) 102,637 (3,127 ) 717,767 (13,154 ) Obligations of states and political subdivisions 46,493 (686 ) 484 (16 ) 46,977 (702 ) Other 957 (18 ) - - 957 (18 ) Total AFS debt securities $ 808,870 $ (12,206 ) $ 103,568 $ (3,156 ) $ 912,438 $ (15,362 ) HTM Debt Securities Less than 12 months 12 months or more Total (in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized December 31, 2022 value losses value losses value losses U.S. Treasury and other U.S. Government obligations $ 208,628 $ (9,166 ) $ - $ - $ 208,628 $ (9,166 ) Government sponsored enterprise obligations 24,948 (2,559 ) - - 24,948 (2,559 ) Mortgage-backed securities - government agencies 198,257 (29,659 ) - - 198,257 (29,659 ) Total HTM debt securities $ 431,833 $ (41,384 ) $ - $ - $ 431,833 $ (41,384 ) |
Note 5 - Loans and ACL for Lo_2
Note 5 - Loans and ACL for Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, (in thousands) 2022 2021 Commercial real estate - non-owner occupied $ 1,397,346 $ 1,128,244 Commercial real estate - owner occupied 834,629 678,405 Total commercial real estate 2,231,975 1,806,649 Commercial and industrial - term 765,163 596,710 Commercial and industrial - term - PPP 18,593 140,734 Commercial and industrial - lines of credit 465,813 370,312 Total commercial and industrial 1,249,569 1,107,756 Residential real estate - owner occupied 591,515 400,695 Residential real estate - non-owner occupied 313,248 281,018 Total residential real estate 904,763 681,713 Construction and land development 445,690 299,206 Home equity lines of credit 200,725 138,976 Consumer 139,461 104,294 Leases 13,322 13,622 Credit cards 20,413 17,087 Total loans (1) $ 5,205,918 $ 4,169,303 |
Schedule of Loans and Leases Receivable, Related Parties [Table Text Block] | Years ended December 31, (in thousands) 2022 2021 Balance at beginning of period $ 53,574 $ 43,091 Effect of change in composition of directors and executive officers 1,124 240 New term loans 15,000 5,000 Repayment of term loans (1,588 ) (3,671 ) Changes in balances of revolving lines of credit 10,575 8,914 Balance at end of period $ 78,685 $ 53,574 |
Purchased Financial Assets with Credit Deterioration [Table Text Block] | CB KB (in thousands) March 7, 2022 May 31, 2021 Purchase price of PCD loans at acquisition $ 88,549 $ 32,765 ACL for loans at acquisition (9,950 ) (6,757 ) Non-credit discount at acquisition (4,094 ) (735 ) Fair value of PCD loans at acquisition $ 74,505 $ 25,273 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (in thousands) Year ended December 31, 2022 Beginning Balance Initial ACL for PCD Loans Provision for Credit Losses on Loans Charge-offs Recoveries Ending Balance Commercial real estate - non-owner occupied $ 15,960 $ 3,508 $ 3,173 $ (37 ) $ 37 $ 22,641 Commercial real estate - owner occupied 9,595 2,121 (1,061 ) (41 ) 213 10,827 Total commercial real estate 25,555 5,629 2,112 (78 ) 250 33,468 Commercial and industrial - term 8,577 1,358 2,497 (724 ) 1,283 12,991 Commercial and industrial - lines of credit 4,802 1,874 (87 ) (200 ) - 6,389 Total commercial and industrial 13,379 3,232 2,410 (924 ) 1,283 19,380 Residential real estate - owner occupied 4,316 590 1,777 (30 ) 64 6,717 Residential real estate - non-owner occupied 3,677 - (75 ) (27 ) 22 3,597 Total residential real estate 7,993 590 1,702 (57 ) 86 10,314 Construction and land development 4,789 419 2,050 (72 ) - 7,186 Home equity lines of credit 1,044 2 567 - - 1,613 Consumer 772 78 750 (1,080 ) 638 1,158 Leases 204 - (3 ) - - 201 Credit cards 162 - 94 (96 ) 51 211 Total $ 53,898 $ 9,950 $ 9,682 $ (2,307 ) $ 2,308 $ 73,531 (in thousands) Year ended December 31, 2021 Beginning Balance Initial ACL for PCD Loans Provision for Credit Losses on Loans Charge-offs Recoveries Ending Balance Commercial real estate - non-owner occupied $ 19,396 $ 1,491 $ (2,031 ) $ (3,065 ) $ 169 $ 15,960 Commercial real estate - owner occupied 6,983 2,112 1,826 (1,909 ) 583 9,595 Total commercial real estate 26,379 3,603 (205 ) (4,974 ) 752 25,555 Commercial and industrial - term 8,970 1,022 (112 ) (1,337 ) 34 8,577 Commercial and industrial - lines of credit 3,614 1,755 (567 ) - - 4,802 Total commercial and industrial 12,584 2,777 (679 ) (1,337 ) 34 13,379 Residential real estate - owner occupied 3,389 142 1,134 (383 ) 34 4,316 Residential real estate - non-owner occupied 1,818 88 1,766 - 5 3,677 Total residential real estate 5,207 230 2,900 (383 ) 39 7,993 Construction and land development 6,119 - (1,333 ) - 3 4,789 Home equity lines of credit 895 147 1 - 1 1,044 Consumer 340 - 743 (987 ) 676 772 Leases 261 - (57 ) - - 204 Credit cards 135 - 27 - - 162 Total $ 51,920 $ 6,757 $ 1,397 $ (7,681 ) $ 1,505 $ 53,898 (in thousands) Year ended December 31, 2020 Beginning Balance Impact of Adopting ASC 326 Initial ACL for PCD loans Provision for Credit Losses on Loans Charge-offs Recoveries Ending Balance Commercial real estate - non-owner occupied $ 5,235 $ 2,946 $ 152 $ 11,194 $ (143 ) $ 12 $ 19,396 Commercial real estate - owner occupied 3,327 1,542 1,350 2,115 (1,351 ) - 6,983 Total commercial real estate 8,562 4,488 1,502 13,309 (1,494 ) 12 26,379 Commercial and industrial - term 6,782 365 - 1,832 (18 ) 9 8,970 Commercial and industrial - lines of credit 5,657 (1,528 ) - (515 ) - - 3,614 Total commercial and industrial 12,439 (1,163 ) - 1,317 (18 ) 9 12,584 Residential real estate - owner occupied 1,527 1,087 99 737 (79 ) 18 3,389 Residential real estate - non-owner occupied 947 429 - 442 (2 ) 2 1,818 Total residential real estate 2,474 1,516 99 1,179 (81 ) 20 5,207 Construction and land development 2,105 3,056 - 902 - 56 6,119 Home equity lines of credit 728 114 - 53 - - 895 Consumer 100 264 34 91 (508 ) 359 340 Leases 237 (4 ) - 28 - - 261 Credit cards 146 (50 ) - 39 - - 135 Total $ 26,791 $ 8,221 $ 1,635 $ 16,918 $ (2,101 ) $ 456 $ 51,920 (in thousands) December 31, 2022 Real Estate Accounts Receivable / Equipment Other Total ACL Allocation Commercial real estate - non-owner occupied $ 14,764 $ - $ - $ 14,764 $ 2,652 Commercial real estate - owner occupied 4,415 - - 4,415 846 Total commercial real estate 19,179 - - 19,179 3,498 Commercial and industrial - term 39 2,207 - 2,246 1,205 Commercial and industrial - lines of credit 422 2,821 - 3,243 761 Total commercial and industrial 461 5,028 - 5,489 1,966 Residential real estate - owner occupied 2,199 - - 2,199 222 Residential real estate - non-owner occupied 415 - - 415 116 Total residential real estate 2,614 - - 2,614 338 Construction and land development - - - - - Home equity lines of credit 205 - - 205 - Consumer - - 219 219 20 Leases - - - - - Credit cards - - - - - Total collateral dependent loans $ 22,459 $ 5,028 $ 219 $ 27,706 $ 5,822 (in thousands) December 31, 2021 Real Estate Accounts Receivable / Equipment Other Total ACL Allocation Commercial real estate - non-owner occupied $ 720 $ - $ - $ 720 $ - Commercial real estate - owner occupied 7,652 - - 7,652 1,652 Total commercial real estate 8,372 - - 8,372 1,652 Commercial and industrial - term - 598 - 598 - Commercial and industrial - lines of credit - 200 - 200 - Total commercial and industrial - 798 - 798 - Residential real estate - owner occupied 1,997 - - 1,997 - Residential real estate - non-owner occupied 502 - - 502 116 Total residential real estate 2,499 - - 2,499 116 Construction and land development - - - - - Home equity lines of credit 646 - - 646 - Consumer - - 247 247 - Leases - - - - - Credit cards - - - - - Total collateral dependent loans $ 11,517 $ 798 $ 247 $ 12,562 $ 1,768 |
Financing Receivable, Nonaccrual [Table Text Block] | (in thousands) December 31, 2022 Non-accrual Loans With No Recorded ACL Total Non-accrual Troubled Debt Restructurings (1) Past Due 90-Days- or-More and Still Accruing Interest Commercial real estate - non-owner occupied $ — $ 7,707 $ — $ 78 Commercial real estate - owner occupied 1,370 2,525 — — Total commercial real estate 1,370 10,232 — 78 Commercial and industrial - term 403 1,182 — 259 Commercial and industrial - PPP — 21 — 28 Commercial and industrial - lines of credit 273 348 — 300 Total commercial and industrial 676 1,551 — 587 Residential real estate - owner occupied 249 1,801 — — Residential real estate - non-owner occupied — 219 — 220 Total residential real estate 249 2,020 — 220 Construction and land development — — — — Home equity lines of credit — 205 — — Consumer — 234 — — Leases — — — — Credit cards — — — 7 Total $ 2,295 $ 14,242 $ — $ 892 Non-accrual Loans Past Due 90-Days- (in thousands) With No Total Troubled Debt or-More and Still December 31, 2021 Recorded ACL Non-accrual Restructurings (1) Accruing Interest Commercial real estate - non-owner occupied $ 486 $ 720 $ — $ — Commercial real estate - owner occupied 665 1,748 — — Total commercial real estate 1,151 2,468 — — Commercial and industrial - term 419 670 12 — Commercial and industrial - PPP — — — 592 Commercial and industrial - lines of credit — 228 — 56 Total commercial and industrial 419 898 12 648 Residential real estate - owner occupied 805 1,997 — 36 Residential real estate - non-owner occupied — 293 — — Total residential real estate 805 2,290 — 36 Construction and land development — — — — Home equity lines of credit — 646 — — Consumer — 410 — — Leases — — — — Credit cards — — — — Total $ 2,375 $ 6,712 $ 12 $ 684 |
Financing Receivable, Past Due [Table Text Block] | (in thousands) 30-59 days 60-89 days 90 or more Total Total December 31, 2022 Current Past Due Past Due Days Past Due Past Due Loans Commercial real estate - non-owner occupied $ 1,393,016 $ 3,404 $ 460 $ 466 $ 4,330 $ 1,397,346 Commercial real estate - owner occupied 831,731 225 2,592 81 2,898 834,629 Total commercial real estate 2,224,747 3,629 3,052 547 7,228 2,231,975 Commercial and industrial - term 763,793 157 292 921 1,370 765,163 Commercial and industrial - term - PPP 17,719 748 77 49 874 18,593 Commercial and industrial - lines of credit 464,494 389 300 630 1,319 465,813 Total commercial and industrial 1,246,006 1,294 669 1,600 3,563 1,249,569 Residential real estate - owner occupied 587,830 1,613 974 1,098 3,685 591,515 Residential real estate - non-owner occupied 312,249 373 331 295 999 313,248 Total residential real estate 900,079 1,986 1,305 1,393 4,684 904,763 Construction and land development 445,618 — 72 — 72 445,690 Home equity lines of credit 200,036 566 40 83 689 200,725 Consumer 138,846 342 85 188 615 139,461 Leases 13,322 — — — — 13,322 Credit cards 20,401 3 2 7 12 20,413 Total $ 5,189,055 $ 7,820 $ 5,225 $ 3,818 $ 16,863 $ 5,205,918 (in thousands) 30-59 days 60-89 days 90 or more Total Total December 31, 2021 Current Past Due Past Due Days Past Due Past Due Loans Commercial real estate - non-owner occupied $ 1,127,448 $ - $ 81 $ 715 $ 796 $ 1,128,244 Commercial real estate - owner occupied 677,231 360 327 487 1,174 678,405 Total commercial real estate 1,804,679 360 408 1,202 1,970 1,806,649 Commercial and industrial - term 595,070 1,032 44 564 1,640 596,710 Commercial and industrial - term - PPP 139,718 128 296 592 1,016 140,734 Commercial and industrial - lines of credit 369,963 271 22 56 349 370,312 Total commercial and industrial 1,104,751 1,431 362 1,212 3,005 1,107,756 Residential real estate - owner occupied 397,415 1,399 137 1,744 3,280 400,695 Residential real estate - non-owner occupied 280,257 403 258 100 761 281,018 Total residential real estate 677,672 1,802 395 1,844 4,041 681,713 Construction and land development 299,206 — — — — 299,206 Home equity lines of credit 138,141 279 47 509 835 138,976 Consumer 103,109 724 102 359 1,185 104,294 Leases 13,622 — — — — 13,622 Credit cards 17,087 — — — — 17,087 Total $ 4,158,267 $ 4,596 $ 1,314 $ 5,126 $ 11,036 $ 4,169,303 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2022 2022 2021 2020 2019 2018 Prior cost basis Total Commercial real estate - non-owner occupied: Risk rating Pass $ 338,460 $ 380,612 $ 264,833 $ 128,407 $ 76,359 $ 139,095 $ 24,875 $ 1,352,641 OAEM - 2,006 - 3,534 - 5,414 - 10,954 Substandard 1,381 1,012 3,744 19,574 - 233 100 26,044 Substandard non-performing - - - - - 7,707 - 7,707 Doubtful - - - - - - - - Total Commercial real estate non-owner occupied $ 339,841 $ 383,630 $ 268,577 $ 151,515 $ 76,359 $ 152,449 $ 24,975 $ 1,397,346 Commercial real estate - owner occupied: Risk rating Pass $ 165,711 $ 202,599 $ 194,052 $ 104,148 $ 60,899 $ 74,356 $ 13,062 $ 814,827 OAEM 2,895 1,777 4,540 1,891 676 216 510 12,505 Substandard - 1,152 - 1,623 1,928 69 - 4,772 Substandard non-performing 1,533 911 - - - 81 - 2,525 Doubtful - - - - - - - - Total Commercial real estate owner occupied $ 170,139 $ 206,439 $ 198,592 $ 107,662 $ 63,503 $ 74,722 $ 13,572 $ 834,629 Commercial and industrial - term: Risk rating Pass $ 357,470 $ 210,906 $ 90,063 $ 39,068 $ 29,901 $ 27,354 $ - $ 754,762 OAEM 3,835 2,935 - 303 1,426 - - 8,499 Substandard 178 - - 201 - 341 - 720 Substandard non-performing 539 39 486 101 17 - - 1,182 Doubtful - - - - - - - - Total Commercial and industrial - term $ 362,022 $ 213,880 $ 90,549 $ 39,673 $ 31,344 $ 27,695 $ - $ 765,163 Commercial and industrial - PPP Risk rating Pass $ - $ 14,212 $ 4,047 $ - $ - $ - $ - $ 18,259 OAEM - - 313 - - - - 313 Substandard - - - - - - - - Substandard non-performing - - 21 - - - - 21 Doubtful - - - - - - - - Total Commercial and industrial - PPP $ - $ 14,212 $ 4,381 $ - $ - $ - $ - $ 18,593 (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2022 2022 2021 2020 2019 2018 Prior cost basis Total Commercial and industrial -lines of credit Risk rating Pass $ 54,948 $ 13,999 $ 991 $ 9,179 $ 1,188 $ 1,033 $ 367,688 $ 449,026 OAEM - - - - - 366 12,491 12,857 Substandard - - 905 1,915 - - 762 3,582 Substandard non-performing - - - 273 - - 75 348 Doubtful - - - - - - - - Total Commercial and industrial - lines of credit $ 54,948 $ 13,999 $ 1,896 $ 11,367 $ 1,188 $ 1,399 $ 381,016 $ 465,813 Residential real estate -owner occupied Risk rating Pass $ 188,765 $ 189,007 $ 96,818 $ 28,316 $ 15,281 $ 70,556 $ - $ 588,743 OAEM 360 96 - 70 - - - 526 Substandard 18 - 10 - 140 277 - 445 Substandard non-performing 65 191 70 292 122 1,061 - 1,801 Doubtful - - - - - - - - Total Residential real estate -owner occupied $ 189,208 $ 189,294 $ 96,898 $ 28,678 $ 15,543 $ 71,894 $ - $ 591,515 Residential real estate -non-owner occupied Risk rating Pass $ 97,313 $ 83,458 $ 55,787 $ 34,304 $ 19,300 $ 21,720 $ - $ 311,882 OAEM 15 - 115 271 124 290 - 815 Substandard - - - - - 332 - 332 Substandard non-performing 86 21 - - - 112 - 219 Doubtful - - - - - - - - Total Residential real estate -non-owner occupied $ 97,414 $ 83,479 $ 55,902 $ 34,575 $ 19,424 $ 22,454 $ - $ 313,248 Construction and land development Risk rating Pass $ 257,559 $ 99,204 $ 45,427 $ 580 $ 5,959 $ 1,123 $ 30,378 $ 440,230 OAEM - - - - - - 999 999 Substandard 4,461 - - - - - - 4,461 Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Construction and land development $ 262,020 $ 99,204 $ 45,427 $ 580 $ 5,959 $ 1,123 $ 31,377 $ 445,690 Home equity lines of credit Risk rating Pass $ - $ - $ - $ - $ - $ - $ 200,481 $ 200,481 OAEM - - - - - - - - Substandard - - - - - - 39 39 Substandard non-performing - - - - - - 205 205 Doubtful - - - - - - - - Total Home equity lines of credit $ - $ - $ - $ - $ - $ - $ 200,725 $ 200,725 (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2022 2022 2021 2020 2019 2018 Prior cost basis Total Consumer Risk rating Pass $ 27,308 $ 18,396 $ 5,536 $ 5,450 $ 2,270 $ 1,621 $ 78,646 $ 139,227 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing 21 56 40 62 9 31 15 234 Doubtful - - - - - - - - Total Consumer $ 27,329 $ 18,452 $ 5,576 $ 5,512 $ 2,279 $ 1,652 $ 78,661 $ 139,461 Leases Risk rating Pass $ 4,643 $ 4,344 $ 2,589 $ 535 $ 576 $ 635 $ - $ 13,322 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Leases $ 4,643 $ 4,344 $ 2,589 $ 535 $ 576 $ 635 $ - $ 13,322 Credit cards Risk rating Pass $ - $ - $ - $ - $ - $ - $ 20,413 $ 20,413 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Credit cards $ - $ - $ - $ - $ - $ - $ 20,413 $ 20,413 Total loans Risk rating Pass $ 1,492,177 $ 1,216,737 $ 760,143 $ 349,987 $ 211,733 $ 337,493 $ 735,543 $ 5,103,813 OAEM 7,105 6,814 4,968 6,069 2,226 6,286 14,000 47,468 Substandard 6,038 2,164 4,659 23,313 2,068 1,252 901 40,395 Substandard non-performing 2,244 1,218 617 728 148 8,992 295 14,242 Doubtful - - - - - - - - Total Loans $ 1,507,564 $ 1,226,933 $ 770,387 $ 380,097 $ 216,175 $ 354,023 $ 750,739 $ 5,205,918 (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2021 2021 2020 2019 2018 2017 Prior cost basis Total Commercial real estate - non-owner occupied: Risk rating Pass $ 381,014 $ 298,177 $ 134,286 $ 86,638 $ 85,110 $ 81,635 $ 19,465 $ 1,086,325 OAEM 3,186 2,666 19,784 - 353 1,619 248 27,856 Substandard 4,174 1,440 - - - 7,629 100 13,343 Substandard non-performing - 39 78 - 592 11 - 720 Doubtful - - - - - - - - Total Commercial real estate non-owner occupied $ 388,374 $ 302,322 $ 154,148 $ 86,638 $ 86,055 $ 90,894 $ 19,813 $ 1,128,244 Commercial real estate - owner occupied: Risk rating Pass $ 203,545 $ 192,322 $ 91,078 $ 75,062 $ 33,713 $ 44,364 $ 9,236 $ 649,320 OAEM 1,681 1,480 3,568 469 1,506 124 570 9,398 Substandard 5,051 3,605 5,985 1,275 627 - 1,396 17,939 Substandard non-performing 1,259 - - - 32 457 - 1,748 Doubtful - - - - - - - - Total Commercial real estate owner occupied $ 211,536 $ 197,407 $ 100,631 $ 76,806 $ 35,878 $ 44,945 $ 11,202 $ 678,405 Commercial and industrial - term: Risk rating Pass $ 283,150 $ 143,211 $ 58,988 $ 52,388 $ 26,081 $ 24,421 $ - $ 588,239 OAEM 738 86 254 3,382 8 - - 4,468 Substandard 170 42 2,667 176 111 167 - 3,333 Substandard non-performing - 543 72 55 - - - 670 Doubtful - - - - - - - - Total Commercial and industrial -term $ 284,058 $ 143,882 $ 61,981 $ 56,001 $ 26,200 $ 24,588 $ - $ 596,710 Commercial and industrial - PPP Risk rating Pass $ 128,409 $ 12,325 $ - $ - $ - $ - $ - $ 140,734 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Commercial and industrial - PPP $ 128,409 $ 12,325 $ - $ - $ - $ - $ - $ 140,734 (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2021 2021 2020 2019 2018 2017 Prior cost basis Total Commercial and industrial - lines of credit Risk rating Pass $ 33,875 $ 8,352 $ 11,103 $ 1,039 $ 207 $ 193 $ 303,682 $ 358,451 OAEM - - - - - - 6,355 6,355 Substandard - - 1,916 - 1,549 - 1,813 5,278 Substandard non-performing - - - - - - 228 228 Doubtful - - - - - - - - Total Commercial and industrial - lines of credit $ 33,875 $ 8,352 $ 13,019 $ 1,039 $ 1,756 $ 193 $ 312,078 $ 370,312 Residential real estate - owner occupied Risk rating Pass $ 176,487 $ 99,936 $ 31,327 $ 17,259 $ 16,599 $ 56,639 $ - $ 398,247 OAEM 101 - 174 - - - - 275 Substandard - - - - 108 68 - 176 Substandard non-performing 164 103 136 230 714 650 - 1,997 Doubtful - - - - - - - - Total Residential real estate - owner occupied $ 176,752 $ 100,039 $ 31,637 $ 17,489 $ 17,421 $ 57,357 $ - $ 400,695 Residential real estate - non-owner occupied Risk rating Pass $ 94,482 $ 78,785 $ 46,177 $ 27,494 $ 16,171 $ 15,909 $ - $ 279,018 OAEM 352 126 281 132 - 462 - 1,353 Substandard - - - - - 354 - 354 Substandard non-performing 103 - 45 28 - 117 - 293 Doubtful - - - - - - - - Total Residential real estate - non-owner occupied $ 94,937 $ 78,911 $ 46,503 $ 27,654 $ 16,171 $ 16,842 $ - $ 281,018 Construction and land development Risk rating Pass $ 160,696 $ 99,699 $ 16,665 $ 6,262 $ 1,890 $ 1,156 $ 12,736 $ 299,104 OAEM - - - - 102 - - 102 Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Construction and land development $ 160,696 $ 99,699 $ 16,665 $ 6,262 $ 1,992 $ 1,156 $ 12,736 $ 299,206 Home equity lines of credit Risk rating Pass $ - $ - $ - $ - $ - $ - $ 138,239 $ 138,239 OAEM - - - - - - 91 91 Substandard - - - - - - - - Substandard non-performing - - - - - - 646 646 Doubtful - - - - - - - - Total Home equity lines of credit $ - $ - $ - $ - $ - $ - $ 138,976 $ 138,976 (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2021 2021 2020 2019 2018 2017 Prior cost basis Total Consumer Risk rating Pass $ 23,866 $ 9,316 $ 5,014 $ 1,260 $ 555 $ 646 $ 63,227 $ 103,884 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing 55 304 30 11 - 4 6 410 Doubtful - - - - - - - - Total Consumer $ 23,921 $ 9,620 $ 5,044 $ 1,271 $ 555 $ 650 $ 63,233 $ 104,294 Leases Risk rating Pass $ 5,375 $ 3,596 $ 1,375 $ 1,331 $ 406 $ 1,539 $ - $ 13,622 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Leases $ 5,375 $ 3,596 $ 1,375 $ 1,331 $ 406 $ 1,539 $ - $ 13,622 Credit cards Risk rating Pass $ - $ - $ - $ - $ - $ - $ 17,087 $ 17,087 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Credit cards $ - $ - $ - $ - $ - $ - $ 17,087 $ 17,087 Total loans Risk rating Pass $ 1,490,899 $ 945,719 $ 396,013 $ 268,733 $ 180,732 $ 226,502 $ 563,672 $ 4,072,270 OAEM 6,058 4,358 24,061 3,983 1,969 2,205 7,264 49,898 Substandard 9,395 5,087 10,568 1,451 2,395 8,218 3,309 40,423 Substandard non-performing 1,581 989 361 324 1,338 1,239 880 6,712 Doubtful - - - - - - - - Total Loans $ 1,507,933 $ 956,153 $ 431,003 $ 274,491 $ 186,434 $ 238,164 $ 575,125 $ 4,169,303 |
Financinng Receivable, Schedule of Payment Activity [Table Text Block] | (in thousands) December 31, 2022 2021 Credit cards Performing $ 20,413 $ 17,087 Non-performing — — Total credit cards $ 20,413 $ 17,087 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | December 31, 2022 December 31, 2021 Specific Additional Specific Additional reserve commitment reserve commitment (in thousands) Balance allocation to lend Balance allocation to lend Commercial real estate - owner occupied $ 850 $ 202 $ — $ 950 $ 202 $ — Commercial and industrial - term — — — 12 12 — Total TDRs $ 850 $ 202 $ — $ 962 $ 214 $ — |
Note 6 - Premises and Equipme_2
Note 6 - Premises and Equipment and Premises Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, (in thousands) 2022 2021 Land $ 23,011 $ 15,981 Buildings and improvements 72,322 61,908 Furniture and equipment 25,367 22,420 Construction in progress 1,660 2,723 Right-of-use operating lease asset 19,694 14,958 Total 142,054 117,990 Accumulated depreciation and amortization (40,442 ) (41,096 ) Total premises and equipment $ 101,612 $ 76,894 |
Detail Regarding Operating Leases of Lessee [Table Text Block] | December 31, (dollars in thousands) 2022 2021 Balance Sheet Operating lease right-of-use asset $ 19,694 $ 14,958 Operating lease liability 21,008 16,408 Weighted average remaining lease term (years) 9.0 9.4 Weighted average discount rate 2.57 % 3.02 % Maturities of lease liabilities: One year or less $ 3,453 $ 2,634 Year two 3,293 2,673 Year three 2,739 2,408 Year four 2,339 1,924 Year five 2,245 1,608 Greater than five years 9,559 7,699 Total lease payments $ 23,628 $ 18,946 Less imputed interest 2,620 2,538 Total $ 21,008 $ 16,408 Years ended December 31, (in thousands) 2022 2021 2020 Income Statement Components of lease expense: Operating lease cost $ 3,077 $ 2,239 $ 1,896 Variable lease cost 237 227 180 Less sublease income 96 95 54 Total lease cost $ 3,218 $ 2,371 $ 2,022 Years ended December 31, (in thousands) 2022 2021 2020 Cash flow Statement Supplemental cash flow information: Operating cash flows from operating leases $ 3,833 $ 2,568 $ 2,218 |
Note 7 - Goodwill (Tables)
Note 7 - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | December 31, December 31, (in thousands) 2022 2021 Commonwealth Bancshares (2022) $ 58,244 $ — Kentucky Bancshares (2021) 123,317 123,317 King Southern Bancorp (2019) 11,831 11,831 Austin State Bank (1996) 682 682 Total $ 194,074 $ 135,830 Years ended December 31, (in thousands) 2022 2021 2020 Balance at beginning of period $ 135,830 $ 12,513 $ 12,513 Goodwill recorded from acquisitions 66,694 124,016 — Provisional period adjustments — (699 ) — Disposition of LFA (8,450 ) — — Impairment — — — Balance at end of period $ 194,074 $ 135,830 $ 12,513 |
Note 8 - Core Deposit and Cus_2
Note 8 - Core Deposit and Customer List Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Years ended December 31, (in thousands) 2022 2021 2020 Balance at beginning of period $ 5,596 $ 1,962 $ 2,285 Additions from acquisitions 12,724 3,404 — Provisional period adjustments — 999 — Amortized to expense (3,362 ) (769 ) (323 ) Balance at end of period $ 14,958 $ 5,596 $ 1,962 Year ended December 31, (in thousands) 2022 Balance at beginning of period $ - Additions from acquisitions 14,360 Provisional period adjustments — Disposition of LFA (2,146 ) Amortized to expense (2,182 ) Balance at end of period $ 10,032 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) CDI CLI 2023 $ 3,015 $ 1,672 2024 2,686 1,520 2025 2,375 1,368 2026 2,063 1,216 2027 1,752 1,064 2028 1,339 912 2029 888 760 2030 576 608 2031 264 456 2032 - 304 2033 - 152 Total future expense $ 14,958 $ 10,032 |
Note 9 - Other Assets (Tables)
Note 9 - Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | December 31, (in thousands) 2022 2021 Cash surrender value of life insurance other than BOLI $ 15,496 $ 17,875 Net deferred tax asset 54,145 24,340 Investments in tax credit partnerships 13,969 11,084 Swap assets 10,727 3,148 Prepaid assets 5,721 4,469 Trust fee receivable 3,354 2,868 Mortgage servicing rights 15,219 4,528 Other real estate owned 677 7,212 Other 15,680 10,478 Total other assets $ 134,988 $ 86,002 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, (in thousands) 2022 2021 2020 Current income tax expense: Federal $ 22,405 $ 13,292 $ 15,474 State 2,962 2,059 908 Total current income tax expense 25,367 15,351 16,382 Deferred income tax expense (benefit): Federal (513 ) 3,318 (5,398 ) State 2,336 2,176 (2,082 ) Total deferred income tax expense (benefit) 1,823 5,494 (7,480 ) Change in valuation allowance - (93 ) (28 ) Total income tax expense $ 27,190 $ 20,752 $ 8,874 |
Schedule of Income Tax Expense Benefit, Recorded Directly to Stockholders Equity [Table Text Block] | Years Ended December 31, (in thousands) 2022 2021 2020 Unrealized gain (loss) on securities available for sale $ (35,323 ) $ (5,371 ) $ 2,607 Unrealized gain (loss) on derivatives - 38 (27 ) Minimum pension liability adjustment 126 52 (25 ) Total income tax (benefit) expense recorded directly to stockholders' equity $ (35,197 ) $ (5,281 ) $ 2,555 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2022 2021 2020 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 3.5 3.5 0.8 Excess tax benefits from stock-based compensation arrangements (1.0 ) (1.1 ) (0.7 ) Change in cash surrender value of life insurance 0.2 (0.8 ) (0.8 ) Tax credits (0.2 ) (0.3 ) (5.5 ) Kentucky state income tax enactments — — (2.2 ) Tax exempt interest income (0.6 ) (0.4 ) (0.3 ) Non-deductible merger expenses 0.1 0.4 — Insurance captive (0.3 ) (0.2 ) — Amortization of investment in tax credit partnerships 0.1 0.1 1.0 Other, net (0.2 ) (0.4 ) (0.2 ) Effective tax rate 22.6 % 21.8 % 13.1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, (in thousands) 2022 2021 Deferred tax assets: Allowance for credit losses $ 18,099 $ 13,354 Deferred compensation 6,349 6,245 Operating lease liability 5,066 3,951 State net operating loss 540 2,217 Deferred PPP loan fees 77 1,186 Accrued expenses 4,605 3,345 Investments in tax credit partnerships 215 747 Interest rate swaps 6 — Securities 35,935 1,171 Acquired loan fair value adjustments 3,506 808 Other assets — 343 Write-downs and costs associated with other real estate owned 21 21 Total deferred tax assets 74,419 33,388 Deferred tax liabilities: Right-of-use operating lease asset 4,848 3,706 Property and equipment 2,395 970 Loan costs 1,272 968 Mortgage servicing rights 3,712 1,088 Leases 170 221 Core deposit intangibles 3,399 1,077 Customer list intangibles 2,469 — Other liabilities 2,009 1,018 Total deferred tax liabilities 20,274 9,048 Net deferred tax asset $ 54,145 $ 24,340 |
Note 11 - Deposits (Tables)
Note 11 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | December 31, (in thousands) 2022 2021 Non-interest bearing demand deposits $ 1,950,198 $ 1,755,754 Interest bearing deposits: Interest bearing demand 2,308,960 2,131,928 Savings 535,903 415,258 Money market 1,124,100 1,050,352 Time deposit accounts of $250,000 or more 97,638 89,745 Other time deposits 374,453 344,477 Total time deposits(1) 472,091 434,222 Total interest bearing deposits 4,441,054 4,031,760 Total deposits $ 6,391,252 $ 5,787,514 |
Time Deposit Maturities [Table Text Block] | (in thousands) 2023 $ 334,504 2024 94,138 2025 24,212 2026 8,924 2027 10,121 Beyond five years 192 Total time deposits $ 472,091 |
Note 12 - Securities Sold Und_2
Note 12 - Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Short-Term Debt [Table Text Block] | December 31, (dollars in thousands) 2022 2021 Outstanding balance at end of period $ 133,342 $ 75,466 Weighted average interest rate at end of period 1.64 % 0.04 % Years Ended December 31, (dollars in thousands) 2022 2021 2020 Average outstanding balance during the period $ 122,154 $ 62,534 $ 40,363 Average interest rate during the period 0.46 % 0.04 % 0.09 % Maximum outstanding at any month end during the period $ 161,512 $ 81,964 $ 47,979 |
Note 13 - Subordinated Debent_2
Note 13 - Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (dollars in thousands) Face Value Carrying Value Origination Date Maturity Date Interest Rate Commonwealth Statutory Trust III $ 3,093 $ 3,040 12/19/2003 1/7/2034 LIBOR + 2.85% Commonwealth Statutory Trust IV 12,372 12,158 12/15/2005 12/30/2035 LIBOR + 1.35% Commonwealth Statutory Trust V 11,341 11,145 6/28/2007 9/15/2037 LIBOR + 1.40% Total $ 26,806 $ 26,343 |
Note 14 - FHLB Advances and O_2
Note 14 - FHLB Advances and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Maturities and Average Effective Interest Rates of Federal Home Loan Bank Advances Disclosure [Table Text Block] | December 31, (dollars in thousands) 2022 2021 Outstanding balance at end of period $ 50,000 $ - Weighted average interest rate at end of period 4.37 % - % |
Note 15 - Accumulated Other C_2
Note 15 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Net unrealized Net unrealized Minimum gains (losses) gains (losses) pension on available for sale on cash liability (in thousands) debt securities flow hedges adjustment Total Balance, January 1, 2020 $ 1,085 $ (39 ) $ (369 ) $ 677 Net current period other comprehensive income (loss) 8,224 (82 ) (78 ) 8,064 Balance, December 31, 2020 $ 9,309 $ (121 ) $ (447 ) $ 8,741 Balance, January 1, 2021 $ 9,309 $ (121 ) $ (447 ) $ 8,741 Net current period other comprehensive income (loss) (16,966 ) 121 164 (16,681 ) Balance, December 31, 2021 $ (7,657 ) $ - $ (283 ) $ (7,940 ) Balance, January 1, 2022 $ (7,657 ) $ - $ (283 ) $ (7,940 ) Net current period other comprehensive income (loss) (107,991 ) - 395 (107,596 ) Balance, December 31, 2022 $ (115,648 ) $ - $ 112 $ (115,536 ) |
Note 17 - Net Income Per Share
Note 17 - Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands, except per share data) Years Ended December 31 , 2022 2021 2020 Net income available to stockholders $ 92,972 $ 74,645 $ 58,869 Weighted average shares outstanding - basic 28,672 24,898 22,563 Dilutive shares 250 258 205 Weighted average shares outstanding - diluted 28,922 25,156 22,768 Net income per share - basic $ 3.24 $ 3.00 $ 2.61 Net income per share - diluted $ 3.21 $ 2.97 $ 2.59 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Years Ended December 31, (shares in thousands) 2022 2021 2020 Antidilutive SARs 1 — 202 |
Note 18 - Employee Benefit Pl_2
Note 18 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Expected Benefit Payments [Table Text Block] | (in thousands) 2023 $ — 2024 137 2025 137 2026 219 2027 219 2028 and thereafter 2,566 Total future payments $ 3,278 |
Note 19 - Stock-based Compens_2
Note 19 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award Fair Value Assumptions and Methodology [Table Text Block] | 2022 2021 2020 Dividend yield 2.38 % 2.52 % 2.51 % Expected volatility 25.43 % 25.19 % 20.87 % Risk free interest rate 1.98 % 1.22 % 1.25 % Expected life of SARs (in years) 7.1 7.1 7.1 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2022 (in thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 376 $ 1,373 $ 332 $ 2,313 $ 4,394 Deferred tax benefit (79 ) (289 ) (70 ) (486 ) (924 ) Total net expense $ 297 $ 1,084 $ 262 $ 1,827 $ 3,470 Year Ended December 31, 2021 (in thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 352 $ 1,288 $ 312 $ 2,613 $ 4,565 Deferred tax benefit (74 ) (271 ) (66 ) (549 ) (960 ) Total net expense $ 278 $ 1,017 $ 246 $ 2,064 $ 3,605 Year Ended December 31, 2020 (in thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 352 $ 1,346 $ 270 $ 1,294 $ 3,262 Deferred tax benefit (74 ) (283 ) (57 ) (272 ) (686 ) Total net expense $ 278 $ 1,063 $ 213 $ 1,022 $ 2,576 |
Share-Based Payment Arrangement, Nonvested Award, Cost [Table Text Block] | (in thousands) Year Ended Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total 2023 $ 315 $ 1,181 $ 2 $ 1,555 $ 3,053 2024 209 959 — 854 2,022 2025 150 729 — — 879 2026 92 415 — — 507 2027 14 45 — — 59 Total estimated expense $ 780 $ 3,329 $ 2 $ 2,409 $ 6,520 |
Share-Based Payment Arrangement, Option and Stock Appreciation Rights, Activity [Table Text Block] | Weighted Weighted Weighted average average Aggregate average remaining Exercise exercise intrinsic fair contractual (in thousands, except per share and years) SARs price price value(1) value life (in years) Outstanding, January 1, 2020 641 $14.02 - $40.00 $ 25.06 $ 10,250 $ 4.10 5.3 Granted 48 37.30 - 37.30 37.30 154 5.80 Exercised (96 ) 14.02 - 25.76 16.33 2,401 2.88 Forfeited — — — — — Outstanding, December 31, 2020 593 $15.24 - $40.00 $ 27.47 $ 7,706 $ 4.44 5.1 Outstanding, January 1, 2021 593 $15.24 - $40.00 $ 27.47 $ 7,706 $ 4.44 5.1 Granted 30 47.17 - 50.71 50.48 — 9.69 Exercised (108 ) 15.24 - 19.37 16.40 4,239 2.85 Forfeited — — — — — Outstanding, December 31, 2021 515 $15.24 - $50.71 $ 31.16 $ 16,854 $ 5.08 5.1 Outstanding, January 1, 2022 515 $15.24 - $50.71 $ 31.16 $ 16,854 $ 5.08 5.1 Granted 34 47.17 - 74.92 55.45 — 12.07 Exercised (114 ) 15.24 - 40.00 21.55 5,258 3.63 Forfeited — — — — — Outstanding, December 31, 2022 435 $19.37 - $74.92 $ 35.60 $ 12,784 $ 6.02 5.1 Vested and exercisable 307 $19.37 - $50.71 $ 31.81 $ 10,181 $ 5.06 4.2 Unvested 128 35.90 - 74.92 44.69 2,603 8.32 5.9 Outstanding, December 31, 2022 435 $19.37 - $74.92 $ 35.60 $ 12,784 $ 6.02 5.1 Vested in the current year 54 $15.24 - $50.71 $ 39.36 $ 1,384 $ 6.50 |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights, Award Expiration Period [Table Text Block] | (in thousands, except per share data) Expiration Year SARs Outstanding SARs Exercisable Weighted Average Exercise Price 2023 - - $ - 2024 27 27 19.38 2025 39 39 23.02 2026 76 76 25.76 2027 40 40 40.00 2028 95 76 37.84 2029 47 26 37.06 2030 46 17 37.30 2031 31 6 50.48 2032 34 — 55.45 435 307 $ 35.60 |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted average cost (in thousands, except per share data) RSAs at grant date Unvested at January 1, 2020 108 $ 34.31 Shares awarded 36 39.30 Restrictions lapsed and shares vested (41 ) 32.38 Shares forfeited (4 ) 36.63 Unvested at December 31, 2020 99 $ 36.85 Unvested at January 1, 2021 99 $ 36.85 Shares awarded 39 46.90 Restrictions lapsed and shares vested (34 ) 35.48 Shares forfeited (5 ) 40.81 Unvested at December 31, 2021 99 $ 41.07 Unvested at January 1, 2022 99 $ 41.07 Shares awarded 35 58.47 Restrictions lapsed and shares vested (32 ) 40.39 Shares forfeited (6 ) 47.49 Unvested at December 31, 2022 96 $ 47.26 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Grant Year Vesting Period in Years Fair Value Shares Expected to be Awarded 2020 3 $ 32.27 65,111 2021 3 44.44 47,280 2022 3 48.48 51,929 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares to be Issued Upon Exercise and Remaining Shares Available for Future Issuance [Table Text Block] | Number of Shares shares to be Weighted available for issued upon average future Plan category (in thousands) exercising/vesting exercise price issuance (a) Equity compensation plans approved by security holders: Stock Appreciation Rights (b) (b) 282 Restricted Stock Awards 96 N/A (a) Restricted Stock Units 5 N/A (a) Performance Stock Units (c) N/A (a) Total shares 101 282 |
Note 21 - Commitments and Con_2
Note 21 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Off Balance Sheet Commitments to Extend Credit [Table Text Block] | December 31, (in thousands) 2022 2021 Commercial and industrial $ 784,429 $ 625,858 Construction and development 449,028 292,351 Home equity lines of credit 358,610 247,885 Credit cards 64,231 40,471 Overdrafts 57,193 51,104 Letters of credit 34,704 30,779 Other 93,419 76,721 Future loan commitments 221,973 325,983 Total off balance sheet commitments to extend credit $ 2,063,587 $ 1,691,152 |
Note 22 - Assets and Liabilit_2
Note 22 - Assets and Liabilities Measured and Reported at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using: Total December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Available for sale debt securities: U.S. Treasury and other U.S. Government obligations $ 115,039 $ — $ — $ 115,039 Government sponsored enterprise obligations — 143,626 — 143,626 Mortgage backed securities - government agencies — 752,738 — 752,738 Obligations of states and political subdivisions — 127,599 — 127,599 Other — 5,615 — 5,615 Total available for sale debt securities 115,039 1,029,578 — 1,144,617 Mortgage loans held for sale — 2,606 — 2,606 Rate lock loan commitments — 137 — 137 Mandatory forward contracts — 47 — 47 Interest rate swaps — 10,727 — 10,727 Total assets $ 115,039 $ 1,043,095 $ — $ 1,158,134 Liabilities: Interest rate swaps $ — $ 10,737 $ — $ 10,737 Fair Value Measurements Using: Total December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Available for sale debt securities: U.S. Treasury and other U.S. government obligations $ 122,501 $ — $ — $ 122,501 Government sponsored enterprise obligations — 135,021 — 135,021 Mortgage backed securities - government agencies — 846,624 — 846,624 Obligations of states and political subdivisions — 75,075 — 75,075 Other — 1,077 — 1,077 Total available for sale debt securities 122,501 1,057,797 — 1,180,298 Interest rate swaps — 3,148 — 3,148 Total assets $ 122,501 $ 1,060,945 $ — $ 1,183,446 Liabilities: Interest rate swaps $ — $ 3,162 $ — $ 3,162 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Losses recorded for (in thousands) Fair Value Measurement Using: the year ended December 31, 2022 Level 1 Level 2 Level 3 Total Fair Value December 31, 2022 Collateral dependent loans $ — $ — $ 20,637 $ 20,637 $ 303 Other real estate owned — — 677 677 — Losses recorded for (in thousands) Fair Value Measurement Using: the year ended December 31, 2021 Level 1 Level 2 Level 3 Total Fair Value December 31, 2021 Collateral dependent loans $ — $ — $ 4,487 $ 4,487 $ 891 Other real estate owned — — 7,212 7,212 17 Losses recorded for (in thousands) Fair Value Measurement Using: the year ended December 31, 2020 Level 1 Level 2 Level 3 Total Fair Value December 31, 2020 Collateral dependent loans $ — $ — $ 7,546 $ 7,546 $ 59 Other real estate owned — — 281 281 52 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | December 31, 2022 (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Weighted Average Discount Collateral dependent loans $ 20,637 Appraisal Appraisal discounts 23.3 % Other real estate owned 677 Appraisal Appraisal discounts 65.6 December 31, 2021 (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Weighted Average Discount Impaired loans - collateral dependent $ 4,487 Appraisal Appraisal discounts 41.1 % Other real estate owned 7,212 Appraisal Appraisal discounts 31.6 |
Note 23 - Disclosure of Finan_2
Note 23 - Disclosure of Financial Instruments Not Reported at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Fair Value Measurements Using: December 31, 2022 (in thousands) amount Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 167,367 $ 167,367 $ 167,367 $ — $ — HTM debt securities 473,217 431,833 — 431,833 — Federal Home Loan Bank stock 10,928 10,928 — 10,928 — Loans, net 5,132,387 4,914,770 — — 4,914,770 Accrued interest receivable 22,157 22,157 22,157 — — Liabilities Non-interest bearing deposits $ 1,950,198 $ 1,950,198 $ 1,950,198 $ — $ — Transaction deposits 3,968,963 3,968,963 — 3,968,963 — Time deposits 472,091 459,467 — 459,467 — Securities sold under agreement to repurchase 133,342 133,342 — 133,342 — Federal funds purchased 8,789 8,789 — 8,789 — Subordinated debentures 26,343 26,460 — 26,460 — FHLB advances 50,000 50,000 — 50,000 — Accrued interest payable 660 660 660 — — Carrying Fair Value Measurements Using: December 31, 2021 (in thousands) amount Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 961,192 $ 961,192 $ 961,192 $ — $ — Mortgage loans held for sale 8,614 8,818 — 8,818 — Federal Home Loan Bank stock 9,376 9,376 — 9,376 — Loans, net 4,115,405 4,129,091 — — 4,129,091 Accrued interest receivable 13,745 13,745 13,745 — — Liabilities Non-interest bearing deposits $ 1,755,754 $ 1,755,754 $ 1,755,754 $ — $ — Transaction deposits 3,597,538 3,597,538 — 3,597,538 — Time deposits 434,222 433,813 — 433,813 — Securities sold under agreement to repurchase 75,466 75,466 — 75,466 — Federal funds purchased 10,374 10,374 — 10,374 — Accrued interest payable 300 300 300 — — |
Note 24 - Mortgage Banking Ac_2
Note 24 - Mortgage Banking Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disclosure of Long-Lived Assets Held-for-sale [Table Text Block] | Years ended December 31, (in thousands) 2022 2021 2020 Balance, beginning of period: $ 8,614 $ 22,547 $ 8,748 Origination of mortgage loans held for sale 129,193 157,304 258,525 Loans held for sale acquired 3,559 3,071 - Proceeds from the sale of mortgage loans held for sale (139,281 ) (177,910 ) (249,439 ) Net gain on sale of mortgage loans held for sale 521 3,602 4,713 Balance, end of period $ 2,606 $ 8,614 $ 22,547 |
Interest and Other Income [Table Text Block] | Years ended December 31, (in thousands) 2022 2021 2020 Net gain realized on sale of mortgage loans held for sale $ 521 $ 3,602 $ 4,713 Net change in fair value recognized on loans held for sale - - - Net change in fair value recognized on rate lock loan commitments 1,821 - - Net change in fair value recognized on forward contracts (1,102 ) - - Net gain recognized 1,240 3,602 4,713 Net loan servicing income 4,200 1,448 922 Amortization of mortgage servicing rights (3,072 ) (1,092 ) (446 ) Change in mortgage servicing rights valuation allowance - - - Net servicing income recognized 1,128 356 476 Other mortgage banking income 842 766 966 Total mortgage banking income $ 3,210 $ 4,724 $ 6,155 |
Changes in Carrying Amount of MSRs [Table Text Block] | Years ended December 31, (in thousands) 2022 2021 2020 Balance, beginning of period $ 4,528 $ 2,710 $ 1,372 MSRs acquired 12,676 1,662 — Additions for mortgage loans sold 1,087 1,248 1,784 Amortization (3,072 ) (1,092 ) (446 ) Impairment — — — Balance, end of period $ 15,219 $ 4,528 $ 2,710 |
Mortgage Loans Held for Sale and Mortgage Banking Derivatives [Table Text Block] | December 31, 2022 (in thousands) Notional Amount Fair Value Included in Mortgage loans held for sale: Mortgage loans held for sale, at fair value $ 2,548 $ 2,606 Included in other assets: Rate lock loan commitments $ 5,599 $ 137 Mandatory forward contracts 6,581 47 |
Note 25 - Interest Rate Swaps (
Note 25 - Interest Rate Swaps (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Not Designated as Hedging Instrument [Member] | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | Receiving Paying December 31, December 31, December 31, December 31, (dollars in thousands) 2022 2021 2022 2021 Notional amount $ 132,831 $ 123,983 $ 132,831 $ 123,983 Weighted average maturity (years) 7.1 7.2 7.1 7.2 Fair value $ 10,727 $ 3,148 $ 10,737 $ 3,162 |
Note 26 - Regulatory Matters (T
Note 26 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | (dollars in thousands) Actual Minimum for adequately capitalized Minimum for well capitalized December 31, 2022 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (1) Consolidated $ 762,956 12.54 % $ 486,841 8.00 % NA NA Bank 732,688 12.08 485,314 8.00 $ 606,643 10.00 % Common equity tier 1 risk-based capital (1) Consolidated 672,045 11.47 273,848 4.50 NA NA Bank 667,777 11.01 272,989 4.50 394,318 6.50 Tier 1 risk-based capital (1) Consolidated 698,045 11.04 365,131 6.00 NA NA Bank 667,777 11.01 363,986 6.00 485,314 8.00 Leverage Consolidated 698,045 9.33 299,329 4.00 NA NA Bank 667,777 8.95 298,600 4.00 373,250 5.00 (dollars in thousands) Actual Minimum for adequately capitalized Minimum for well capitalized December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (1) Consolidated $ 596,411 12.79 % $ 372,929 8.00 % NA NA Bank 577,078 12.42 371,809 8.00 $ 464,761 10.00 % Common equity tier 1 risk-based capital (1) Consolidated 556,590 11.94 209,772 4.50 NA NA Bank 537,257 11.56 209,142 4.50 302,095 6.50 Tier 1 risk-based capital (1) Consolidated 556,590 11.94 279,696 6.00 NA NA Bank 537,257 11.56 278,857 6.00 371,809 8.00 Leverage Consolidated 556,590 8.86 251,348 4.00 NA NA Bank 537,257 8.57 250,871 4.00 313,588 5.00 |
Note 27 - Stock Yards Bancorp_2
Note 27 - Stock Yards Bancorp, Inc. (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, (in thousands) 2022 2021 Assets Cash on deposit with subsidiary bank $ 8,683 $ 3,489 Investment in and receivable from subsidiaries 759,939 658,901 Other assets 18,664 13,917 Total assets $ 787,286 $ 676,307 Liabilities and stockholders' equity Other liabilities $ 26,854 $ 438 Total stockholders’ equity 760,432 675,869 Total liabilities and stockholders equity $ 787,286 $ 676,307 |
Condensed Income Statement [Table Text Block] | Years ended December 31, (in thousands) 2022 2021 2020 Income - dividends and interest from subsidiaries $ 45,076 $ 62,941 $ 18,050 Other income 1 1 1 Less expenses 8,415 7,534 3,909 Income before income taxes and equity in undistributed net income of subsidiary 36,662 55,408 14,142 Income tax benefit (3,780 ) (2,957 ) (1,749 ) Income before equity in undistributed net income of subsidiary 40,442 58,365 15,891 Equity in undistributed net income of subsidiary 52,852 16,280 42,978 Net income 93,294 74,645 58,869 Less income attributed to non-controlling interest 322 — — Net income available to stockholders $ 92,972 $ 74,645 $ 58,869 Comprehensive income (loss) $ (14,624 ) $ 57,964 $ 66,933 |
Condensed Cash Flow Statement [Table Text Block] | Years ended December 31 (in thousands) 2022 2021 2020 Operating activities Net income available to stockholders $ 92,972 $ 74,645 $ 58,869 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (52,852 ) (16,280 ) (42,978 ) Decrease (increase) in receivable from subsidiaries 6,812 — — Stock compensation expense 4,394 4,565 3,262 Excess tax benefits from stock- based compensation arrangements (1,713 ) (1,482 ) (452 ) Loss on disposition of LFA 870 — — Change in other assets (6,350 ) (2,685 ) (1,356 ) Change in other liabilities (400 ) 40 17 Net cash provided by operating activities 43,733 58,803 17,362 Investing activities Purchase of AFS equity security — (120 ) — Proceeds from disposition of LFA 4,993 — — Cash for acquisition (30,994 ) (28,276 ) — Net cash used in investing activities (26,001 ) (28,396 ) — Financing activities Repurchase of common stock (4,533 ) (3,618 ) (2,265 ) Share repurchases related to compensation plans (272 ) (208 ) (224 ) Subordinated debentures acquired 26,806 — — Cash disbursements to non-controlling interest (322 ) — — Disposition of LFA (915 ) — — Cash dividends paid (33,302 ) (28,198 ) (24,481 ) Net cash used in financing activities (12,538 ) (32,024 ) (26,970 ) Net increase (decrease) in cash 5,194 (1,617 ) (9,608 ) Cash at beginning of year 3,489 5,106 14,714 Cash at end of year $ 8,683 $ 3,489 $ 5,106 |
Note 28 - Segments (Tables)
Note 28 - Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Commercial As of and for the Year ended December 31, 2022 (in thousands) Banking WM&T Total Net interest income $ 232,971 $ 412 $ 233,383 Provision for credit losses 10,257 — 10,257 Wealth management and trust services — 36,111 36,111 All other non-interest income 53,038 — 53,038 Non-interest expenses 170,348 21,443 191,791 Income before income tax expense 105,404 15,080 120,484 Income tax expense 23,917 3,273 27,190 Net income 81,487 11,807 93,294 Less income attributable to NCI 322 — 322 Net income attributable to stockholders $ 81,165 $ 11,807 $ 92,972 Total assets $ 7,459,312 $ 36,949 $ 7,496,261 Commercial As of and for the Year ended December 31, 2021 (in thousands) Banking WM&T Total Net interest income $ 170,775 $ 299 $ 171,074 Provision for credit losses (753 ) — (753 ) Wealth management and trust services — 27,613 27,613 All other non-interest income 38,237 — 38,237 Non-interest expenses 128,091 14,189 142,280 Income before income tax expense 81,674 13,723 95,397 Income tax expense 17,774 2,978 20,752 Net income $ 63,900 $ 10,745 $ 74,645 Total assets $ 6,641,916 $ 4,109 $ 6,646,025 Commercial As of and for the Year ended December 31, 2020 (in thousands) Banking WM&T Total Net interest income $ 135,587 $ 334 $ 135,921 Provision for credit losses 18,418 — 18,418 Wealth management and trust services — 23,406 23,406 All other non-interest income 28,493 — 28,493 Non-interest expenses 88,820 12,839 101,659 Income before income tax expense 56,842 10,901 67,743 Income tax expense 6,508 2,366 8,874 Net income $ 50,334 $ 8,535 $ 58,869 Total assets $ 4,604,998 $ 3,631 $ 4,608,629 |
Note 29 - Quarterly Operating_2
Note 29 - Quarterly Operating Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2022 (dollars in thousands except per share data) 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 75,150 $ 67,410 $ 59,108 $ 49,984 Interest expense 9,887 5,034 2,124 1,224 Net interest income 65,263 62,376 56,984 48,760 Provision for credit losses 3,375 4,803 (200 ) 2,279 Net interest income after provision 61,888 57,573 57,184 46,481 Non-interest income 23,142 24,864 21,940 19,203 Non-interest expenses 45,946 44,873 44,675 56,297 Income before income taxes 39,084 37,564 34,449 9,387 Income tax expense 9,174 9,024 7,547 1,445 Net income $ 29,910 $ 28,540 $ 26,902 $ 7,942 Less income attributed to noncontrolling interest 93 85 108 36 Net income available to stockholders $ 29,817 $ 28,455 $ 26,794 $ 7,906 Basic earnings per share $ 1.02 $ 0.98 $ 0.92 $ 0.29 Diluted earnings per share $ 1.01 $ 0.97 $ 0.91 $ 0.29 2021 (dollars in thousands except per share data) 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 47,508 $ 46,948 $ 43,102 $ 39,518 Interest expense 1,326 1,465 1,518 1,693 Net interest income 46,182 45,483 41,584 37,825 Provision for credit losses (1,900 ) (1,525 ) 4,147 (1,475 ) Net interest income after provision 48,082 47,008 37,437 39,300 Non-interest income 18,604 17,614 15,788 13,844 Non-interest expenses 34,572 34,558 48,177 24,973 Income before income taxes 32,114 30,064 5,048 28,171 Income tax expense 7,525 6,902 864 5,461 Net income $ 24,589 $ 23,162 $ 4,184 $ 22,710 Basic earnings per share $ 0.93 $ 0.87 $ 0.17 $ 1.00 Diluted earnings per share $ 0.92 $ 0.87 $ 0.17 $ 0.99 2020 (dollars in thousands except per share data) 4th quarter 3rd quarter 2nd quarter 1st quarter Interest income $ 38,339 $ 36,144 $ 36,506 $ 36,882 Interest expense 2,087 2,449 2,978 4,436 Net interest income 36,252 33,695 33,528 32,446 Provision for credit losses 500 4,968 7,025 5,925 Net interest income after provision 35,752 28,727 26,503 26,521 Non-interest income 13,698 13,043 12,622 12,536 Non-interest expenses 29,029 25,646 23,409 23,575 Income before income taxes 20,421 16,124 15,716 15,482 Income tax expense 2,685 1,591 2,348 2,250 Net income $ 17,736 $ 14,533 $ 13,368 $ 13,232 Basic earnings per share $ 0.79 $ 0.64 $ 0.59 $ 0.59 Diluted earnings per share $ 0.78 $ 0.64 $ 0.59 $ 0.58 |
Note 30 - Revenue From Contra_2
Note 30 - Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2022 (in thousands) Commercial WM&T Total Wealth management and trust services $ — $ 36,111 $ 36,111 Deposit service charges 8,286 — 8,286 Debit and credit card income 18,623 — 18,623 Treasury management fees 8,590 — 8,590 Mortgage banking income (1) 3,210 — 3,210 Net investment product sales commissions and fees 3,063 — 3,063 Bank owned life insurance (1) 1,597 — 1,597 Gain (loss) on sale of premises and equipment (1) 4,369 — 4,369 Other (2) 5,300 — 5,300 Total non-interest income $ 53,038 $ 36,111 $ 89,149 Year Ended December 31, 2021 (in thousands) Commercial WM&T Total Wealth management and trust services $ — $ 27,613 $ 27,613 Deposit service charges 5,852 — 5,852 Debit and credit card income 13,456 — 13,456 Treasury management fees 6,912 — 6,912 Mortgage banking income (1) 4,724 — 4,724 Net investment product sales commissions and fees 2,553 — 2,553 Bank owned life insurance (1) 914 — 914 Gain (loss) on sale of premises and equipment (1) (78 ) — (78 ) Other (2) 3,904 — 3,904 Total non-interest income $ 38,237 $ 27,613 $ 65,850 Year Ended December 31, 2020 (in thousands) Commercial WM&T Total Wealth management and trust services $ — $ 23,406 $ 23,406 Deposit service charges 4,161 — 4,161 Debit and credit card income 8,480 — 8,480 Treasury management fees 5,407 — 5,407 Mortgage banking income (1) 6,155 — 6,155 Net investment product sales commissions and fees 1,775 — 1,775 Bank owned life insurance (1) 693 — 693 Gain (loss) on sale of premises and equipment (1) 150 — 150 Other (2) 1,672 — 1,672 Total non-interest income $ 28,493 $ 23,406 $ 51,899 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||||||
Jan. 01, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 07, 2022 USD ($) | Dec. 31, 2019 USD ($) | ||
Number of Operating Segments | 2 | ||||||
Gain (Loss) on Disposition of Business | $ (870,000) | $ 0 | $ 0 | ||||
Mortgage Servicing Rights, Amortization Period (Year) | 7 years | ||||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Total | $ 3,800,000 | 2,600,000 | |||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Ending Balance | 0 | 0 | |||||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | 1,800,000 | 0 | |||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Ending Balance | 0 | 0 | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | 439,898,000 | 391,201,000 | |||||
Loans and Leases Receivable, Allowance, Impact of Accounting Policy Adoption | $ 8,221,000 | ||||||
Off-Balance Sheet, Credit Loss, Liability, Ending Balance | $ 3,850,000 | $ 350,000 | |||||
Cash Reserve Deposit Required and Made | $ 200,000 | $ 200,000 | |||||
Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||||
Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | ||||||
Transfer of Loans From Purchased Credit Impaired to Purchased Credit Deteriorated [Member] | |||||||
Loans and Leases Receivable, Net Amount, Total | 1,600,000 | ||||||
Accounting Standards Update 2016-13 [Member] | |||||||
Retained Earnings (Accumulated Deficit), Ending Balance | 8,800,000 | ||||||
Loans and Leases Receivable, Allowance, Impact of Accounting Policy Adoption | 8,200,000 | ||||||
Off-Balance Sheet, Credit Loss, Liability, Ending Balance | [1] | 3,500,000 | |||||
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 2,900,000 | ||||||
Landmark Financial Advisors, LLC (LFA) [Member] | |||||||
Gain (Loss) on Disposition of Business | $ (870,000) | ||||||
Commonwealth [Member] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||||
Off-Balance Sheet, Credit Loss, Liability, Ending Balance | $ 500,000 | ||||||
Landmark Financial Advisors, LLC (LFA) [Member] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 60% | ||||||
[1]The impact of the ASC 326 adoption on the ACL on loans reflects $8.2 million related to the transition from the incurred loss ACL model to the CECL ACL model and $1.6 million related to the transition from PCI to PCD methodology as defined in thestandard. |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Impact of Adoption of Accounting Policy (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Allowance for credit losses on loans | $ 51,920 | $ 36,647 | $ 26,791 | |
Total allowance for credit losses on off-balance sheet exposures | 3,850 | 350 | ||
Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses on loans | [1] | 9,856 | ||
Total allowance for credit losses on off-balance sheet exposures | [1] | 3,500 | ||
Home Equity Line of Credit [Member] | ||||
Allowance for credit losses on loans | 895 | 842 | 728 | |
Home Equity Line of Credit [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses on loans | [1] | 114 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Allowance for credit losses on loans | 26,379 | 14,552 | 8,562 | |
Commercial Real Estate Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses on loans | [1] | 5,990 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||||
Allowance for credit losses on loans | 19,396 | 8,333 | 5,235 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses on loans | [1] | 3,098 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Allowance for credit losses on loans | 6,983 | 6,219 | 3,327 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses on loans | [1] | 2,892 | ||
Commercial and Industrial Portfolio Segment [Member] | Term, Excluding PPP [Member] | ||||
Allowance for credit losses on loans | 7,147 | 6,782 | ||
Commercial and Industrial Portfolio Segment [Member] | Term, Excluding PPP [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses on loans | [1] | 365 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | ||||
Allowance for credit losses on loans | 3,614 | 4,129 | 5,657 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses on loans | [1] | (1,528) | ||
Total Commercial and Industrial Portfolio Segment [Member] | ||||
Allowance for credit losses on loans | 12,584 | 11,276 | 12,439 | |
Total Commercial and Industrial Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses on loans | [1] | (1,163) | ||
Residential Real Estate Portfolio Segment [Member] | ||||
Allowance for credit losses on loans | 5,207 | 4,089 | 2,474 | |
Residential Real Estate Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses on loans | [1] | 1,615 | ||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||||
Allowance for credit losses on loans | 1,818 | 1,376 | 947 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses on loans | [1] | 429 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Allowance for credit losses on loans | 3,389 | 2,713 | 1,527 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses on loans | [1] | 1,186 | ||
Construction and Development [Member] | ||||
Allowance for credit losses on loans | 6,119 | 5,161 | 2,105 | |
Construction and Development [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses on loans | [1] | 3,056 | ||
Consumer Portfolio Segment [Member] | ||||
Allowance for credit losses on loans | 340 | 398 | 100 | |
Consumer Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses on loans | [1] | 298 | ||
Finance Leases Portfolio Segment [Member] | ||||
Allowance for credit losses on loans | $ 261 | 233 | 237 | |
Finance Leases Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses on loans | [1] | (4) | ||
Commercial Portfolio Segment [Member] | ||||
Allowance for credit losses on loans | 96 | $ 146 | ||
Commercial Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Allowance for credit losses on loans | [1] | $ (50) | ||
[1]The impact of the ASC 326 adoption on the ACL on loans reflects $8.2 million related to the transition from the incurred loss ACL model to the CECL ACL model and $1.6 million related to the transition from PCI to PCD methodology as defined in thestandard. |
Note 2 - Cash and Due From Ba_2
Note 2 - Cash and Due From Banks (Details Textual) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Cash, Uninsured Amount | $ 8 | $ 92 |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock, Total | $ 76 | $ 811 |
Note 3 - Bank Acquisitions (Det
Note 3 - Bank Acquisitions (Details Textual) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 07, 2022 USD ($) | May 31, 2021 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |||
Business Combination, Consideration Transferred, Total | $ 167,913,000 | $ 232,946,000 | $ 0 | |||||||
Debt Securities, Held-to-Maturity, Fair Value, Total | 431,833,000 | 0 | ||||||||
Goodwill, Ending Balance | 194,074,000 | 135,830,000 | 12,513,000 | $ 12,513,000 | ||||||
Business Combination, Acquisition Related Costs | 19,500,000 | 19,025,000 | 0 | |||||||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 91,000,000 | $ 2,000,000 | $ 91,000,000 | 2,111,000 | 91,214,000 | $ 0 | ||||
Commonwealth [Member] | ||||||||||
Business Combination, Consideration Transferred, Total | $ 167,913,000 | |||||||||
Number of Branches | 15 | |||||||||
Debt Securities, Held-to-Maturity, Fair Value, Total | $ 162,000,000 | |||||||||
Goodwill, Ending Balance | 67,000,000 | 58,244,000 | 0 | |||||||
Business Combination, Acquired Receivable, Fair Value | 540,000,000 | |||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 549,000,000 | |||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 38,600,000 | |||||||||
Commonwealth [Member] | Merger Related Credit Loss [Member] | ||||||||||
Business Combination, Acquisition Related Costs | 4,400,000 | 7,400,000 | ||||||||
Commonwealth [Member] | Pre-tax Merger Expenses [Member] | ||||||||||
Business Combination, Acquisition Related Costs | 24,100,000 | 18,500,000 | ||||||||
Commonwealth [Member] | Jefferson County in Kentucky [Member] | ||||||||||
Number of Branches | 9 | |||||||||
Commonwealth [Member] | Shelby County in Kentucky [Member] | ||||||||||
Number of Branches | 4 | |||||||||
Commonwealth [Member] | Northern Kentucky [Member] | ||||||||||
Number of Branches | 2 | |||||||||
Kentucky Bancshares [Member] | ||||||||||
Business Combination, Consideration Transferred, Total | $ 232,946,000 | |||||||||
Goodwill, Ending Balance | $ 123,317,000 | 123,317,000 | ||||||||
Business Combination, Acquired Receivable, Fair Value | 724,000,000 | |||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 723,000,000 | |||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 27,000,000 | |||||||||
Number of Branches Acquired | 19 | |||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | [1],[2] | $ 999,000 | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Prepaid and Other Assets | $ (70,000) | [2],[3] | (70,000) | |||||||
Kentucky Bancshares [Member] | Core Deposits [Member] | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 999,000 | |||||||||
Kentucky Bancshares [Member] | Merger Related Credit Loss [Member] | ||||||||||
Business Combination, Acquisition Related Costs | 7,400,000 | |||||||||
Kentucky Bancshares [Member] | Pre-tax Merger Expenses [Member] | ||||||||||
Business Combination, Acquisition Related Costs | $ 18,100,000 | |||||||||
[1]Calculation of CDI related to the acquisition. During the third quarter of 2021, a provisional period adjustment of $999,000 was recorded based on revised inputs used in the CDI calculation.[2]See the following page for explanations or individual fair value and provisional period adjustments.[3]Adjustment to other assets to reflect the estimated fair value of prepaid and other assets. During the third quarter of 2021, a provisional period adjustment of $70,000 was recorded for the write off of miscellaneous mortgage servicing fees. |
Note 3 - Bank Acquisitions - Su
Note 3 - Bank Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) | 12 Months Ended | ||||||||
Mar. 07, 2022 | May 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 01, 2021 | Dec. 31, 2019 | |||
Goodwill, Ending Balance | $ 194,074,000 | $ 135,830,000 | $ 12,513,000 | $ 12,513,000 | |||||
Cash consideration paid | 30,994,000 | 28,276,000 | 0 | ||||||
Business Combination, Consideration Transferred, Total | 167,913,000 | 232,946,000 | 0 | ||||||
Goodwill | 66,694,000 | 124,016,000 | 0 | ||||||
Cash paid in acquisition | 30,994,000 | 28,276,000 | 0 | ||||||
Total consideration paid | 167,913,000 | 232,946,000 | $ 0 | ||||||
Commonwealth [Member] | |||||||||
Mortgage loans held for sale | $ 3,559,000 | ||||||||
Available for sale debt securities | 84,974,000 | ||||||||
Held to maturity debt securities | [1] | 161,819,000 | |||||||
Federal Home Loan Bank stock, at cost | 4,436,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Gross | 632,404,000 | ||||||||
Allowance for credits losses on loans | (9,950,000) | ||||||||
Net loans | 622,454,000 | ||||||||
Premises and equipment, net | 32,793,000 | ||||||||
Accrued interest receivable | 1,973,000 | ||||||||
Goodwill, Ending Balance | 67,000,000 | 58,244,000 | 0 | ||||||
Mortgage servicing rights | 12,676,000 | ||||||||
Deferred income taxes, net | (3,727,000) | ||||||||
Other assets | 8,324,000 | ||||||||
Total assets acquired | 1,336,815,000 | ||||||||
Non-interest bearing | 302,098,000 | ||||||||
Interest bearing | 818,705,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 1,120,803,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Securities Sold under Repurchase Agreement | 66,220,000 | ||||||||
Subordinated debentures | 26,012,000 | ||||||||
Line of credit | 3,200,000 | ||||||||
Accrued interest payable | 243,000 | ||||||||
Other liabilities | 19,118,000 | ||||||||
Total liabilities assumed | 1,235,596,000 | ||||||||
Net assets acquired | 101,219,000 | ||||||||
Consideration for common stock | 133,825,000 | ||||||||
Cash consideration paid | 30,994,000 | ||||||||
Noncontrolling interest of acquired entity | 3,094,000 | ||||||||
Business Combination, Consideration Transferred, Total | 167,913,000 | ||||||||
Goodwill | 66,694,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 247,000,000 | ||||||||
Deferred income taxes, net | 3,727,000 | ||||||||
Consideration for common stock | 133,825,000 | ||||||||
Cash paid in acquisition | 30,994,000 | ||||||||
Total consideration paid | 167,913,000 | ||||||||
Commonwealth [Member] | Core Deposits [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 12,724,000 | ||||||||
Commonwealth [Member] | Customer Lists [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 14,360,000 | ||||||||
Commonwealth [Member] | Cash [Member] | |||||||||
Cash and due from banks | 380,450,000 | ||||||||
Commonwealth [Member] | As Recorded By Acquiree [Member] | |||||||||
Mortgage loans held for sale | 3,559,000 | ||||||||
Available for sale debt securities | 247,209,000 | ||||||||
Held to maturity debt securities | [1] | 0 | |||||||
Federal Home Loan Bank stock, at cost | 4,436,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Gross | 645,551,000 | ||||||||
Allowance for credits losses on loans | (16,102,000) | ||||||||
Net loans | 629,449,000 | ||||||||
Premises and equipment, net | 28,784,000 | ||||||||
Accrued interest receivable | 1,973,000 | ||||||||
Goodwill, Ending Balance | 5,412,000 | ||||||||
Mortgage servicing rights | 9,387,000 | ||||||||
Deferred income taxes, net | 0 | ||||||||
Other assets | 9,389,000 | ||||||||
Total assets acquired | 1,320,048,000 | ||||||||
Non-interest bearing | 302,098,000 | ||||||||
Interest bearing | 818,334,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 1,120,432,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Securities Sold under Repurchase Agreement | 66,220,000 | ||||||||
Subordinated debentures | 26,806,000 | ||||||||
Line of credit | 3,200,000 | ||||||||
Accrued interest payable | 243,000 | ||||||||
Other liabilities | 17,822,000 | ||||||||
Total liabilities assumed | 1,234,723,000 | ||||||||
Net assets acquired | 85,325,000 | ||||||||
Deferred income taxes, net | 0 | ||||||||
Commonwealth [Member] | As Recorded By Acquiree [Member] | Core Deposits [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | ||||||||
Commonwealth [Member] | As Recorded By Acquiree [Member] | Customer Lists [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | ||||||||
Commonwealth [Member] | As Recorded By Acquiree [Member] | Cash [Member] | |||||||||
Cash and due from banks | 380,450,000 | ||||||||
Commonwealth [Member] | As Adjusted By Acquirer [Member] | |||||||||
Mortgage loans held for sale | [2] | 0 | |||||||
Available for sale debt securities | [2],[3] | (416,000) | |||||||
Held to maturity debt securities | [1],[2],[3] | 0 | |||||||
Federal Home Loan Bank stock, at cost | [2] | 0 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Gross | [2],[4] | (13,147,000) | |||||||
Allowance for credits losses on loans | [2],[5] | 6,152,000 | |||||||
Net loans | [2] | (6,995,000) | |||||||
Premises and equipment, net | [2],[6] | 4,009,000 | |||||||
Accrued interest receivable | [2] | 0 | |||||||
Goodwill, Ending Balance | [2],[7] | (5,412,000) | |||||||
Mortgage servicing rights | [2],[8] | 3,289,000 | |||||||
Deferred income taxes, net | [2],[9] | (3,727,000) | |||||||
Other assets | [2],[10] | (1,065,000) | |||||||
Total assets acquired | [2] | 16,767,000 | |||||||
Non-interest bearing | [2] | 0 | |||||||
Interest bearing | [2],[11] | 371,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | [2] | 371,000 | |||||||
Subordinated debentures | [2],[12] | (794,000) | |||||||
Line of credit | [2] | 0 | |||||||
Accrued interest payable | [2] | 0 | |||||||
Other liabilities | [2],[13] | 1,296,000 | |||||||
Total liabilities assumed | [2] | 873,000 | |||||||
Net assets acquired | [2] | 15,894,000 | |||||||
Deferred income taxes, net | [2],[9] | 3,727,000 | |||||||
Commonwealth [Member] | As Adjusted By Acquirer [Member] | Core Deposits [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2],[14] | 12,724,000 | |||||||
Commonwealth [Member] | As Adjusted By Acquirer [Member] | Customer Lists [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2],[15] | 14,360,000 | |||||||
Commonwealth [Member] | As Adjusted By Acquirer [Member] | Cash [Member] | |||||||||
Cash and due from banks | [2] | 0 | |||||||
Commonwealth [Member] | Classification Adjustments [Member] | |||||||||
Available for sale debt securities | [1] | (161,819,000) | |||||||
Held to maturity debt securities | [1] | $ 161,819,000 | |||||||
Kentucky Bancshares [Member] | |||||||||
Mortgage loans held for sale | $ 3,071,000 | ||||||||
Federal Home Loan Bank stock, at cost | 7,072,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Gross | 755,175,000 | ||||||||
Allowance for credits losses on loans | (6,757) | $ (6,757,000) | |||||||
Net loans | 748,418,000 | ||||||||
Premises and equipment, net | 21,040,000 | ||||||||
Accrued interest receivable | 4,939,000 | ||||||||
Goodwill, Ending Balance | $ 123,317,000 | 123,317,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,403,000 | ||||||||
Mortgage servicing rights | 1,662,000 | ||||||||
Deferred income taxes, net | (2,341,000) | ||||||||
Other assets | 4,485,000 | ||||||||
Total assets acquired | 1,266,010,000 | ||||||||
Non-interest bearing | 359,544,000 | ||||||||
Interest bearing | 679,674,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 1,039,218,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Securities Sold under Repurchase Agreement | 11,360,000 | ||||||||
Accrued interest payable | 505,000 | ||||||||
Other liabilities | 14,227,000 | ||||||||
Total liabilities assumed | 1,156,381,000 | ||||||||
Net assets acquired | 109,629,000 | ||||||||
Consideration for common stock | 204,670,000 | ||||||||
Cash consideration paid | 28,276,000 | ||||||||
Business Combination, Consideration Transferred, Total | 232,946,000 | ||||||||
Goodwill | 123,317,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 395,862,000 | ||||||||
Bank owned life insurance | 18,909,000 | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | [16],[17] | 999,000 | |||||||
Other real estate owned | 551,000 | ||||||||
Deferred income taxes, net | 2,341,000 | ||||||||
Deferred income taxes, net | [9],[17] | (230,000) | |||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Prepaid and Other Assets | (70,000) | [17],[18] | (70,000) | ||||||
Total assets acquired, adjustment | [17] | 699,000 | |||||||
Federal Home Loan Bank advances | 91,071,000 | ||||||||
Consideration for common stock | 204,670,000 | ||||||||
Cash paid in acquisition | 28,276,000 | ||||||||
Total consideration paid | 232,946,000 | ||||||||
Kentucky Bancshares [Member] | Core Deposits [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,000,000 | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $ 999,000 | ||||||||
Kentucky Bancshares [Member] | Cash [Member] | |||||||||
Cash and due from banks | 53,257,000 | ||||||||
Kentucky Bancshares [Member] | As Recorded By Acquiree [Member] | |||||||||
Mortgage loans held for sale | 3,071,000 | ||||||||
Federal Home Loan Bank stock, at cost | 7,072,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Gross | 755,932,000 | ||||||||
Allowance for credits losses on loans | (9,491) | (9,491,000) | |||||||
Net loans | 746,441,000 | ||||||||
Premises and equipment, net | 27,401,000 | ||||||||
Accrued interest receivable | 4,939,000 | ||||||||
Goodwill, Ending Balance | 14,001,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | ||||||||
Mortgage servicing rights | 1,628,000 | ||||||||
Deferred income taxes, net | (1,856,000) | ||||||||
Other assets | 6,421,000 | ||||||||
Total assets acquired | 1,281,827,000 | ||||||||
Non-interest bearing | 359,544,000 | ||||||||
Interest bearing | 678,528,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 1,038,072,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Securities Sold under Repurchase Agreement | 11,360,000 | ||||||||
Accrued interest payable | 505,000 | ||||||||
Other liabilities | 16,231,000 | ||||||||
Total liabilities assumed | 1,154,749,000 | ||||||||
Net assets acquired | 127,078,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 396,157,000 | ||||||||
Bank owned life insurance | 18,909,000 | ||||||||
Other real estate owned | 674,000 | ||||||||
Deferred income taxes, net | 1,856,000 | ||||||||
Federal Home Loan Bank advances | 88,581,000 | ||||||||
Kentucky Bancshares [Member] | As Recorded By Acquiree [Member] | Cash [Member] | |||||||||
Cash and due from banks | 53,257,000 | ||||||||
Kentucky Bancshares [Member] | As Adjusted By Acquirer [Member] | |||||||||
Mortgage loans held for sale | [17] | 0 | |||||||
Federal Home Loan Bank stock, at cost | [17] | 0 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Gross | (757,000) | [17],[19] | (757,000) | ||||||
Allowance for credits losses on loans | 2,734 | [17],[20] | $ 2,734,000 | ||||||
Net loans | [17] | 1,977,000 | |||||||
Premises and equipment, net | [6],[17] | (6,361,000) | |||||||
Accrued interest receivable | [17] | 0 | |||||||
Goodwill, Ending Balance | [17],[21] | (14,001,000) | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [16],[17] | 3,404,000 | |||||||
Mortgage servicing rights | [17],[22] | 34,000 | |||||||
Deferred income taxes, net | [9],[17] | (715,000) | |||||||
Other assets | [17],[18] | (1,866,000) | |||||||
Total assets acquired | [17] | (16,516,000) | |||||||
Non-interest bearing | [17] | 0 | |||||||
Interest bearing | [11],[17] | 1,146,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | [17] | 1,146,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Securities Sold under Repurchase Agreement | [17] | 0 | |||||||
Accrued interest payable | [17] | 0 | |||||||
Other liabilities | [17],[23] | (2,004,000) | |||||||
Total liabilities assumed | [17] | 1,632,000 | |||||||
Net assets acquired | [17] | (18,148,000) | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | [17],[24] | (295,000) | |||||||
Bank owned life insurance | [17] | 0 | |||||||
Other real estate owned | [17],[25] | (123,000) | |||||||
Deferred income taxes, net | [9],[17] | 715,000 | |||||||
Federal Home Loan Bank advances | [17],[26] | 2,490,000 | |||||||
Kentucky Bancshares [Member] | As Adjusted By Acquirer [Member] | Cash [Member] | |||||||||
Cash and due from banks | [17] | $ 0 | |||||||
[1]As of acquisition date, securities with a fair value of $162 million were classified by Bancorp as HTM.[2]See the following page for explanations for individual fair value adjustments[3]Adjustment to investment securities based on Bancorp’s evaluation of the acquired portfolio.[4]Adjustments to loans to reflect estimated fair value adjustments, including the following: (in thousands) Fair value adjustment - acquired non PCD loans $ (9,216 ) Fair value adjustment - acquired PCD loans (4,094 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge 163 Net loan fair value adjustments $ (13,147 )[5]The net adjustment to allowance for credit losses includes the following: (in thousands) Reversal of historical CB allowance for credit losses on loans $ (16,102 ) Estimate of lifetime credit losses for PCD loans 9,950 Net change in allowance for credit losses $ (6,152 )[6]Adjustment to premises and equipment to reflect the estimated fair value of acquired premises and equipment and right of use assets.[7]Elimination of the historical CB goodwill.[8]Adjustment to reflect the estimated fair value of MSRs.[9]Adjustment to net DTAs associated with the effects of the purchase accounting adjustments.[10]Adjustment to other assets to reflect the estimated fair value of prepaid and other assets.[11]Adjustment to deposits to reflect the estimated fair value of time deposits in interest rates, which was based on an analysis of market interest rates and maturity dates at the time of acquisition.[12]Adjustment to reflect the estimated fair value of subordinated debentures for differences in interest rates, which was based primarily on an analysis of market interest rates and maturity dates at the time of acquisition.[13]Adjustment to other liabilities to establish the reserve for unfunded loan commitments under CECL, operating lease liabilities and various accrual adjustments.[14]Calculation of CDI related to the acquisition.[15]Calculation of CLI related to the acquisition.[16]Calculation of CDI related to the acquisition. During the third quarter of 2021, a provisional period adjustment of $999,000 was recorded based on revised inputs used in the CDI calculation.[17]See the following page for explanations or individual fair value and provisional period adjustments.[18]Adjustment to other assets to reflect the estimated fair value of prepaid and other assets. During the third quarter of 2021, a provisional period adjustment of $70,000 was recorded for the write off of miscellaneous mortgage servicing fees.[19]Adjustments to loans to reflect estimated fair value adjustments, including the following: (in thousands) Fair value adjustment - acquired non PCD loans $ 228 Fair value adjustment - acquired PCD loans (735 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge (250 ) Net loan fair value adjustments $ (757 )[20]The net adjustment to allowance for credit losses includes the following: (in thousands) Reversal of historical KB allowance for credit losses on loans $ 9,491 Estimate of lifetime credit losses for PCD loans (6,757 ) Net change in allowance for credit losses $ 2,734[21]Elimination of the historical KB goodwill.[22]Adjustment to reflect the estimated fair value of mortgage servicing rights.[23]Adjustment to other liabilities to establish the reserve for unfunded loan commitments under CECL and various accrual adjustments.[24]Adjustment based on Bancorp’s evaluation of the acquired investment portfolio. Bancorp sold approximately $91 million in AFS debt securities shortly after acquisition.[25]Adjustment to reflect the estimated fair value of other real estate owned.[26]Adjustment to reflect the estimated fair value of Federal Home Loan Bank advances for differences in interest rates, which was based primarily on an analysis of current market interest rates and maturity dates. All KB FHLB advances were paid off immediately upon acquisition. |
Note 3 - Bank Acquisitions - Lo
Note 3 - Bank Acquisitions - Loans Fair Value Adjustment (Details) - USD ($) $ in Thousands | Mar. 07, 2022 | Jun. 01, 2021 | May 31, 2021 | ||
Commonwealth [Member] | |||||
Net loan fair value adjustments | $ 632,404 | ||||
Commonwealth [Member] | As Adjusted By Acquirer [Member] | |||||
Fair value adjustment - acquired non PCD loans | (9,216) | ||||
Fair value adjustment - acquired PCD loans | (4,094) | ||||
Eliminate unrecognized loan fees on acquired loans and fair value hedge | 163 | ||||
Net loan fair value adjustments | [1],[2] | $ (13,147) | |||
Kentucky Bancshares [Member] | |||||
Net loan fair value adjustments | $ 755,175 | ||||
Kentucky Bancshares [Member] | As Adjusted By Acquirer [Member] | |||||
Fair value adjustment - acquired non PCD loans | $ 228 | ||||
Fair value adjustment - acquired PCD loans | (735) | ||||
Eliminate unrecognized loan fees on acquired loans and fair value hedge | (250) | ||||
Net loan fair value adjustments | $ (757) | $ (757) | [3],[4] | ||
[1]Adjustments to loans to reflect estimated fair value adjustments, including the following: (in thousands) Fair value adjustment - acquired non PCD loans $ (9,216 ) Fair value adjustment - acquired PCD loans (4,094 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge 163 Net loan fair value adjustments $ (13,147 )[2]See the following page for explanations for individual fair value adjustments[3]Adjustments to loans to reflect estimated fair value adjustments, including the following: (in thousands) Fair value adjustment - acquired non PCD loans $ 228 Fair value adjustment - acquired PCD loans (735 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge (250 ) Net loan fair value adjustments $ (757 )[4]See the following page for explanations or individual fair value and provisional period adjustments. |
Note 3 - Bank Acquisitions - Ne
Note 3 - Bank Acquisitions - Net Adjustments to Allowance for Credit Losses (Details) - USD ($) | Mar. 07, 2022 | Jun. 01, 2021 | May 31, 2021 | ||
Commonwealth [Member] | |||||
Allowance for credits losses on loans | $ (9,950,000) | ||||
Allowance for credits losses on loans | 9,950,000 | ||||
Commonwealth [Member] | As Recorded By Acquiree [Member] | |||||
Allowance for credits losses on loans | (16,102,000) | ||||
Allowance for credits losses on loans | 16,102,000 | ||||
Commonwealth [Member] | As Adjusted By Acquirer [Member] | |||||
Allowance for credits losses on loans | [1],[2] | 6,152,000 | |||
Allowance for credits losses on loans | [1],[2] | $ (6,152,000) | |||
Kentucky Bancshares [Member] | |||||
Allowance for credits losses on loans | $ (6,757,000) | $ (6,757) | |||
Allowance for credits losses on loans | 6,757,000 | 6,757 | |||
Kentucky Bancshares [Member] | As Recorded By Acquiree [Member] | |||||
Allowance for credits losses on loans | (9,491,000) | (9,491) | |||
Allowance for credits losses on loans | 9,491,000 | 9,491 | |||
Kentucky Bancshares [Member] | As Adjusted By Acquirer [Member] | |||||
Allowance for credits losses on loans | 2,734,000 | 2,734 | [3],[4] | ||
Allowance for credits losses on loans | $ (2,734,000) | $ (2,734) | [3],[4] | ||
[1]See the following page for explanations for individual fair value adjustments[2]The net adjustment to allowance for credit losses includes the following: (in thousands) Reversal of historical CB allowance for credit losses on loans $ (16,102 ) Estimate of lifetime credit losses for PCD loans 9,950 Net change in allowance for credit losses $ (6,152 )[3]See the following page for explanations or individual fair value and provisional period adjustments.[4]The net adjustment to allowance for credit losses includes the following: (in thousands) Reversal of historical KB allowance for credit losses on loans $ 9,491 Estimate of lifetime credit losses for PCD loans (6,757 ) Net change in allowance for credit losses $ 2,734 |
Note 3 - Bank Acquisitions - Un
Note 3 - Bank Acquisitions - Unaudited Pro Forma Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Commonwealth [Member] | |||
Net interest income | $ 238,416 | $ 218,376 | |
Provision for credit losses | [1] | 5,828 | (7,667) |
Non-interest income | 92,089 | 123,530 | |
Non-interest expense | [2] | 182,783 | 200,941 |
Income before taxes | 141,894 | 148,632 | |
Income tax expense | 32,212 | 31,443 | |
Net income | 109,682 | 117,189 | |
Less net income attributed to noncontrolling interest | 337 | 362 | |
Net income available to stockholders | $ 109,345 | $ 116,827 | |
Basic (in dollars per share) | $ 3.75 | $ 4.02 | |
Diluted (in dollars per share) | $ 3.72 | $ 3.99 | |
Basic weighted average shares outstanding (in shares) | 29,122 | 29,037 | |
Diluted weighted average shares outstanding (in shares) | 29,386 | 29,295 | |
Kentucky Bancshares [Member] | |||
Net interest income | $ 185,708 | ||
Provision for credit losses | [3] | (7,967) | |
Non-interest income | 72,308 | ||
Non-interest expense | [4] | 140,508 | |
Income before taxes | 125,475 | ||
Income tax expense | 26,406 | ||
Net income | $ 99,069 | ||
Basic (in dollars per share) | $ 3.74 | ||
Diluted (in dollars per share) | $ 3.70 | ||
Basic weighted average shares outstanding (in shares) | 26,522 | ||
Diluted weighted average shares outstanding (in shares) | 26,780 | ||
[1]Excludes $4.4 million in merger related credit loss expense for the year ended December 31, 2022. Excludes $7.4 million in merger related credit loss expense for the year ended December 31, 2021.[2]Excludes $24.1 million in pre-tax merger expenses for the year ended December 31, 2022. Excludes $18.5 million in pre-tax merger expenses for the year ended December 31, 2021.[3]Excludes $7.4 million in merger related credit loss expense for the year ended December 31, 2021.[4]Excludes $18.1 million in pre-tax merger expenses for the year ended December 31, 2021. |
Note 4 - Investment Securitie_2
Note 4 - Investment Securities (Details Textual) | 3 Months Ended | 12 Months Ended | |||||
May 31, 2021 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 07, 2022 USD ($) | |
Debt Securities, Held-to-Maturity, Number of Securities | 0 | ||||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Ending Balance | $ 0 | $ 0 | |||||
Debt Securities, Held-to-Maturity, Nonaccrual | 0 | ||||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Total | 3,800,000 | 2,600,000 | |||||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | 1,800,000 | 0 | |||||
Debt Securities, Available-for-sale, Number of Positions Sold | 3 | 86 | |||||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 91,000,000 | $ 2,000,000 | $ 91,000,000 | 2,111,000 | 91,214,000 | $ 0 | |
Debt Securities, Available-for-Sale, Gain (Loss), Total | $ (92,000) | $ (295,000) | |||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Ending Balance | $ 0 | $ 0 | |||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 547 | 227 | |||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Percentage | 98% | 79% | |||||
Collateral Pledged [Member] | |||||||
Debt Securities, Available-for-Sale, Restricted | $ 1,100,000,000 | $ 879,000,000 | |||||
Commonwealth [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | $ 247,000,000 | ||||||
Kentucky Bancshares [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | $ 395,862,000 | ||||||
Other Assets [Member] | |||||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Total | 4,000,000 | 3,000,000 | |||||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | $ 2,000,000 | $ 0 |
Note 4 - Investment Securitie_3
Note 4 - Investment Securities - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities available-for-sale, amortized cost | $ 1,297,977 | $ 1,190,379 |
Securities available-for-sale, unrealized gains | 349 | 5,281 |
Securities available-for-sale, unrealized losses | (153,709) | (15,362) |
Securities available-for-sale, fair value | 1,144,617 | 1,180,298 |
US Treasury Securities and US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 122,966 | 123,753 |
Securities available-for-sale, unrealized gains | 0 | 0 |
Securities available-for-sale, unrealized losses | (7,927) | (1,252) |
Securities available-for-sale, fair value | 115,039 | 122,501 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 149,773 | 132,760 |
Securities available-for-sale, unrealized gains | 290 | 2,497 |
Securities available-for-sale, unrealized losses | (6,437) | (236) |
Securities available-for-sale, fair value | 143,626 | 135,021 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available-for-sale, amortized cost | 874,265 | 857,283 |
Securities available-for-sale, unrealized gains | 58 | 2,495 |
Securities available-for-sale, unrealized losses | (121,585) | (13,154) |
Securities available-for-sale, fair value | 752,738 | 846,624 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 145,016 | 75,488 |
Securities available-for-sale, unrealized gains | 1 | 289 |
Securities available-for-sale, unrealized losses | (17,418) | (702) |
Securities available-for-sale, fair value | 127,599 | 75,075 |
Other Debt Obligations [Member] | ||
Securities available-for-sale, amortized cost | 5,957 | 1,095 |
Securities available-for-sale, unrealized gains | 0 | 0 |
Securities available-for-sale, unrealized losses | (342) | (18) |
Securities available-for-sale, fair value | $ 5,615 | $ 1,077 |
Note 4 - Investment Securitie_4
Note 4 - Investment Securities - Held to Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities held-to-maturity, carrying value | $ 473,217 | $ 0 |
Securities held-to-maturity, gains | 0 | |
Securities held-to-maturity, losses | (41,384) | |
Debt Securities, Held-to-Maturity, Fair Value, Total | 431,833 | $ 0 |
US Treasury Securities and US Government Agencies Debt Securities [Member] | ||
Securities held-to-maturity, carrying value | 217,794 | |
Securities held-to-maturity, gains | 0 | |
Securities held-to-maturity, losses | (9,166) | |
Debt Securities, Held-to-Maturity, Fair Value, Total | 208,628 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities held-to-maturity, carrying value | 27,507 | |
Securities held-to-maturity, gains | 0 | |
Securities held-to-maturity, losses | (2,559) | |
Debt Securities, Held-to-Maturity, Fair Value, Total | 24,948 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities held-to-maturity, carrying value | 227,916 | |
Securities held-to-maturity, gains | 0 | |
Securities held-to-maturity, losses | (29,659) | |
Debt Securities, Held-to-Maturity, Fair Value, Total | $ 198,257 |
Note 4 - Investment Securitie_5
Note 4 - Investment Securities - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Due within one year, AFS, amortized cost | $ 38,868 | |
Due within one year, AFS, fair value | 38,329 | |
Due within one year, HTM, carrying value | 15,029 | |
Due within one year, HTM, fair value | 14,796 | |
Due after one year but within five years, AFS, amortized cost | 154,801 | |
Due after one year but within five years, AFS, fair value | 145,075 | |
Due after one year but within five years, HTM, carrying value | 203,384 | |
Due after one year but within five years, HTM, fair value | 194,412 | |
Due after five years but within 10 years, AFS, amortized cost | 68,137 | |
Due after five years but within 10 years, AFS, fair value | 60,473 | |
Due after five years but within 10 years, HTM, carrying value | 26,278 | |
Due after five years but within 10 years, HTM, fair value | 23,767 | |
Due after 10 years, AFS, amortized cost | 161,906 | |
Due after 10 years, AFS, fair value | 148,002 | |
Due after 10 years, HTM, carrying value | 610 | |
Due after 10 years, HTM, fair value | 601 | |
Mortgage-backed securities – government agencies, AFS, amortized cost | 874,265 | |
Mortgage-backed securities – government agencies, AFS, fair value | 752,738 | |
Mortgage backed securities - government agencies, HTM, carrying value | 227,916 | |
Mortgage backed securities - government agencies, HTM, fair value | 198,257 | |
Total available for sale debt securities, amortized cost | 1,297,977 | $ 1,190,379 |
Total available for sale debt securities, fair value | 1,144,617 | 1,180,298 |
Total held to maturity debt securities, carrying value | 473,217 | |
Total held to maturity debt securities, fair value | $ 431,833 | $ 0 |
Note 4 - Investment Securitie_6
Note 4 - Investment Securities - Securities With Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities available-for-sale, less than 12 months, fair value | $ 352,103 | $ 808,870 |
Securities available-for-sale, less than 12 months, unrealized losses | (18,700) | (12,206) |
Securities available-for-sale, 12 months or more, fair value | 760,051 | 103,568 |
Securities available-for-sale, 12 months or more, unrealized losses | (135,009) | (3,156) |
Securities available-for-sale, fair value | 1,112,154 | 912,438 |
Securities available-for-sale, unrealized losses | (153,709) | (15,362) |
Securities HTM, less than 12 months, fair value | 431,833 | |
Securities HTM, less than 12 months, unrealized losses | (41,384) | |
Securities HTM, 12 months or more, fair value | 0 | |
Securities HTM, 12 months or more, unrealized losses | 0 | |
Securities HTM, fair value | 431,833 | |
Securities HTM, unrealized losses | (41,384) | |
US Treasury Securities and US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 3,025 | 122,501 |
Securities available-for-sale, less than 12 months, unrealized losses | (57) | (1,252) |
Securities available-for-sale, 12 months or more, fair value | 111,966 | 0 |
Securities available-for-sale, 12 months or more, unrealized losses | (7,870) | 0 |
Securities available-for-sale, fair value | 114,991 | 122,501 |
Securities available-for-sale, unrealized losses | (7,927) | (1,252) |
Securities HTM, less than 12 months, fair value | 208,628 | |
Securities HTM, less than 12 months, unrealized losses | (9,166) | |
Securities HTM, 12 months or more, fair value | 0 | |
Securities HTM, 12 months or more, unrealized losses | 0 | |
Securities HTM, fair value | 208,628 | |
Securities HTM, unrealized losses | (9,166) | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 99,785 | 23,789 |
Securities available-for-sale, less than 12 months, unrealized losses | (3,553) | (223) |
Securities available-for-sale, 12 months or more, fair value | 22,484 | 447 |
Securities available-for-sale, 12 months or more, unrealized losses | (2,884) | (13) |
Securities available-for-sale, fair value | 122,269 | 24,236 |
Securities available-for-sale, unrealized losses | (6,437) | (236) |
Securities HTM, less than 12 months, fair value | 24,948 | |
Securities HTM, less than 12 months, unrealized losses | (2,559) | |
Securities HTM, 12 months or more, fair value | 0 | |
Securities HTM, 12 months or more, unrealized losses | 0 | |
Securities HTM, fair value | 24,948 | |
Securities HTM, unrealized losses | (2,559) | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 180,263 | 615,130 |
Securities available-for-sale, less than 12 months, unrealized losses | (11,114) | (10,027) |
Securities available-for-sale, 12 months or more, fair value | 567,988 | 102,637 |
Securities available-for-sale, 12 months or more, unrealized losses | (110,471) | (3,127) |
Securities available-for-sale, fair value | 748,251 | 717,767 |
Securities available-for-sale, unrealized losses | (121,585) | (13,154) |
Securities HTM, less than 12 months, fair value | 198,257 | |
Securities HTM, less than 12 months, unrealized losses | (29,659) | |
Securities HTM, 12 months or more, fair value | 0 | |
Securities HTM, 12 months or more, unrealized losses | 0 | |
Securities HTM, fair value | 198,257 | |
Securities HTM, unrealized losses | (29,659) | |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 64,165 | 46,493 |
Securities available-for-sale, less than 12 months, unrealized losses | (3,763) | (686) |
Securities available-for-sale, 12 months or more, fair value | 56,864 | 484 |
Securities available-for-sale, 12 months or more, unrealized losses | (13,655) | (16) |
Securities available-for-sale, fair value | 121,029 | 46,977 |
Securities available-for-sale, unrealized losses | (17,418) | (702) |
Other Debt Obligations [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 4,865 | 957 |
Securities available-for-sale, less than 12 months, unrealized losses | (213) | (18) |
Securities available-for-sale, 12 months or more, fair value | 749 | 0 |
Securities available-for-sale, 12 months or more, unrealized losses | (129) | 0 |
Securities available-for-sale, fair value | 5,614 | 957 |
Securities available-for-sale, unrealized losses | $ (342) | $ (18) |
Note 5 - Loans and ACL for Lo_3
Note 5 - Loans and ACL for Loans (Details Textual) | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2022 USD ($) | Mar. 07, 2022 USD ($) | May 31, 2021 USD ($) | ||
Loans and Leases Receivable, Deferred Expense (Income) | $ 1,000,000 | $ 6,000,000 | ||||
Continuing Involvement with Transferred Financial Assets, Principal Amount Outstanding | 5,000,000 | 5,000,000 | ||||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 17,000,000 | 11,000,000 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | [1] | 5,205,918,000 | 4,169,303,000 | |||
Financing Receivable, after Allowance for Credit Loss, Total | 5,132,387,000 | 4,115,405,000 | ||||
Financing Receivable, Purchased with Credit Deterioration, Interest Income | 5,200,000 | 647,000 | ||||
Financing Receivable, Nonaccrual, Interest Income | $ 0 | $ 0 | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 2 | ||||
Financing Receivable, Troubled Debt Restructuring | $ 850,000 | $ 962,000 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | |||||
Mortgage Loans in Process of Foreclosure, Amount | $ 317,000 | 917,000 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 2,231,975,000 | $ 1,806,649,000 | ||||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 | ||||
Financing Receivable, Troubled Debt Restructuring | $ 850,000 | $ 950,000 | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | 2,000,000 | |||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 950,000 | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total | 548,000 | |||||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Troubled Debt Restructuring | 12,000 | |||||
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | 2,770,000,000 | $ 2,200,000,000 | ||||
Commonwealth [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Gross | $ 632,404,000 | |||||
Kentucky Bancshares [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Gross | $ 755,175,000 | |||||
Kentucky Bancshares [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 64,000,000 | $ 13,000,000 | ||||
[1]Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs. |
Note 5 - Loans and ACL for Lo_4
Note 5 - Loans and ACL for Loans - Loans by Loan Portfolio Class (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans | [1] | $ 5,205,918 | $ 4,169,303 |
Home Equity Line of Credit [Member] | |||
Loans | 200,725 | 138,976 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 2,231,975 | 1,806,649 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Loans | 1,397,346 | 1,128,244 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Loans | 834,629 | 678,405 | |
Commercial and Industrial Portfolio Segment [Member] | Term, Excluding PPP [Member] | |||
Loans | 765,163 | 596,710 | |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | |||
Loans | 765,163 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | |||
Loans | 18,593 | 140,734 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | |||
Loans | 465,813 | 370,312 | |
Total Commercial and Industrial Portfolio Segment [Member] | |||
Loans | 1,249,569 | 1,107,756 | |
Residential Real Estate Portfolio Segment [Member] | |||
Loans | 904,763 | 681,713 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Loans | 313,248 | 281,018 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Loans | 591,515 | 400,695 | |
Construction and Development [Member] | |||
Loans | 445,690 | 299,206 | |
Consumer Portfolio Segment [Member] | |||
Loans | 139,461 | 104,294 | |
Finance Leases Portfolio Segment [Member] | |||
Loans | 13,322 | 13,622 | |
Credit Cards [Member] | |||
Loans | $ 20,413 | $ 17,087 | |
[1]Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs. |
Note 5 - Loans and ACL for Lo_5
Note 5 - Loans and ACL for Loans - Loans to Directors and Their Associates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance at beginning of period | $ 53,574 | $ 43,091 |
Effect of change in composition of directors and executive officers | 1,124 | 240 |
New term loans | 15,000 | 5,000 |
Repayment of term loans | (1,588) | (3,671) |
Changes in balances of revolving lines of credit | 10,575 | 8,914 |
Balance at end of period | $ 78,685 | $ 53,574 |
Note 5 - Loans and ACL for Lo_6
Note 5 - Loans and ACL for Loans - PCD Loans (Details) - USD ($) $ in Thousands | Mar. 07, 2022 | May 31, 2021 |
Commonwealth [Member] | ||
Purchase price of PCD loans at acquisition | $ 88,549 | |
ACL for loans at acquisition | (9,950) | |
Non-credit discount at acquisition | (4,094) | |
Fair value of PCD loans at acquisition | $ 74,505 | |
Kentucky Bancshares [Member] | ||
Purchase price of PCD loans at acquisition | $ 32,765 | |
ACL for loans at acquisition | (6,757) | |
Non-credit discount at acquisition | (735) | |
Fair value of PCD loans at acquisition | $ 25,273 |
Note 5 - Loans and ACL for Lo_7
Note 5 - Loans and ACL for Loans - Allowance for Loan Losses by Portfolio Segment and Based on Impairment Evaluation Method (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Jan. 01, 2020 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning balance | $ 53,898 | $ 51,920 | $ 53,898 | $ 51,920 | ||||||||||||
Initial Allowance on PCD Loans | 9,950 | 6,757 | $ 1,635 | |||||||||||||
Provision for credit losses | 9,682 | 1,397 | ||||||||||||||
Charge-offs | (2,307) | (7,681) | ||||||||||||||
Recoveries | 2,308 | 1,505 | 456 | |||||||||||||
Ending balance | $ 73,531 | $ 53,898 | $ 51,920 | 73,531 | 53,898 | 51,920 | ||||||||||
Beginning balance | $ 26,791 | 51,920 | $ 26,791 | 51,920 | 26,791 | |||||||||||
Impact of adoption | 8,221 | |||||||||||||||
Provision for credit losses | 3,375 | $ 4,803 | $ (200) | 2,279 | (1,900) | $ (1,525) | $ 4,147 | (1,475) | 500 | $ 4,968 | $ 7,025 | 5,925 | 16,918 | |||
Charge-offs | (2,101) | |||||||||||||||
Ending balance | 36,647 | 51,920 | 51,920 | |||||||||||||
Loans, individually evaluated for impairment | 27,706 | 12,562 | 27,706 | 12,562 | ||||||||||||
Allowance for loans, individually evaluated for impairment | 5,822 | 1,768 | 5,822 | 1,768 | ||||||||||||
Real Estate [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 22,459 | 11,517 | 22,459 | 11,517 | ||||||||||||
Accounts Receivable and Equipment [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 5,028 | 798 | 5,028 | 798 | ||||||||||||
Other Collateral [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 219 | 247 | 219 | 247 | ||||||||||||
Home Equity Line of Credit [Member] | ||||||||||||||||
Beginning balance | 1,044 | 895 | 1,044 | 895 | ||||||||||||
Initial Allowance on PCD Loans | 2 | 147 | 0 | |||||||||||||
Provision for credit losses | 567 | 1 | ||||||||||||||
Charge-offs | 0 | 0 | ||||||||||||||
Recoveries | 0 | 1 | 0 | |||||||||||||
Ending balance | 1,613 | 1,044 | 895 | 1,613 | 1,044 | 895 | ||||||||||
Beginning balance | 728 | 895 | 728 | 895 | 728 | |||||||||||
Impact of adoption | 114 | |||||||||||||||
Provision for credit losses | 53 | |||||||||||||||
Charge-offs | 0 | |||||||||||||||
Ending balance | 842 | 895 | 895 | |||||||||||||
Loans, individually evaluated for impairment | 205 | 646 | 205 | 646 | ||||||||||||
Allowance for loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Home Equity Line of Credit [Member] | Real Estate [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 205 | 646 | 205 | 646 | ||||||||||||
Home Equity Line of Credit [Member] | Accounts Receivable and Equipment [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Home Equity Line of Credit [Member] | Other Collateral [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Commercial Real Estate Portfolio Segment [Member] | ||||||||||||||||
Beginning balance | 25,555 | 26,379 | 25,555 | 26,379 | ||||||||||||
Initial Allowance on PCD Loans | 5,629 | 3,603 | 1,502 | |||||||||||||
Provision for credit losses | 2,112 | (205) | ||||||||||||||
Charge-offs | (78) | (4,974) | ||||||||||||||
Recoveries | 250 | 752 | 12 | |||||||||||||
Ending balance | 33,468 | 25,555 | 26,379 | 33,468 | 25,555 | 26,379 | ||||||||||
Beginning balance | 8,562 | 26,379 | 8,562 | 26,379 | 8,562 | |||||||||||
Impact of adoption | 4,488 | |||||||||||||||
Provision for credit losses | 13,309 | |||||||||||||||
Charge-offs | (1,494) | |||||||||||||||
Ending balance | 14,552 | 26,379 | 26,379 | |||||||||||||
Loans, individually evaluated for impairment | 19,179 | 8,372 | 19,179 | 8,372 | ||||||||||||
Allowance for loans, individually evaluated for impairment | 3,498 | 1,652 | 3,498 | 1,652 | ||||||||||||
Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 19,179 | 8,372 | 19,179 | 8,372 | ||||||||||||
Commercial Real Estate Portfolio Segment [Member] | Accounts Receivable and Equipment [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Commercial Real Estate Portfolio Segment [Member] | Other Collateral [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||||||||||||||||
Beginning balance | 15,960 | 19,396 | 15,960 | 19,396 | ||||||||||||
Initial Allowance on PCD Loans | 3,508 | 1,491 | 152 | |||||||||||||
Provision for credit losses | 3,173 | (2,031) | ||||||||||||||
Charge-offs | (37) | (3,065) | ||||||||||||||
Recoveries | 37 | 169 | 12 | |||||||||||||
Ending balance | 22,641 | 15,960 | 19,396 | 22,641 | 15,960 | 19,396 | ||||||||||
Beginning balance | 5,235 | 19,396 | 5,235 | 19,396 | 5,235 | |||||||||||
Impact of adoption | 2,946 | |||||||||||||||
Provision for credit losses | 11,194 | |||||||||||||||
Charge-offs | (143) | |||||||||||||||
Ending balance | 8,333 | 19,396 | 19,396 | |||||||||||||
Loans, individually evaluated for impairment | 14,764 | 720 | 14,764 | 720 | ||||||||||||
Allowance for loans, individually evaluated for impairment | 2,652 | 0 | 2,652 | 0 | ||||||||||||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Real Estate [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 14,764 | 720 | 14,764 | 720 | ||||||||||||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Accounts Receivable and Equipment [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Other Collateral [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||||||||||||||
Beginning balance | 9,595 | 6,983 | 9,595 | 6,983 | ||||||||||||
Initial Allowance on PCD Loans | 2,121 | 2,112 | 1,350 | |||||||||||||
Provision for credit losses | (1,061) | 1,826 | ||||||||||||||
Charge-offs | (41) | (1,909) | ||||||||||||||
Recoveries | 213 | 583 | 0 | |||||||||||||
Ending balance | 10,827 | 9,595 | 6,983 | 10,827 | 9,595 | 6,983 | ||||||||||
Beginning balance | 3,327 | 6,983 | 3,327 | 6,983 | 3,327 | |||||||||||
Impact of adoption | 1,542 | |||||||||||||||
Provision for credit losses | 2,115 | |||||||||||||||
Charge-offs | (1,351) | |||||||||||||||
Ending balance | 6,219 | 6,983 | 6,983 | |||||||||||||
Loans, individually evaluated for impairment | 4,415 | 7,652 | 4,415 | 7,652 | ||||||||||||
Allowance for loans, individually evaluated for impairment | 846 | 1,652 | 846 | 1,652 | ||||||||||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Real Estate [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 4,415 | 7,652 | 4,415 | 7,652 | ||||||||||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Accounts Receivable and Equipment [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Other Collateral [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Commercial and Industrial Portfolio Segment [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 5,489 | 798 | 5,489 | 798 | ||||||||||||
Allowance for loans, individually evaluated for impairment | 1,966 | 0 | 1,966 | 0 | ||||||||||||
Commercial and Industrial Portfolio Segment [Member] | Real Estate [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 461 | 0 | 461 | 0 | ||||||||||||
Commercial and Industrial Portfolio Segment [Member] | Accounts Receivable and Equipment [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 5,028 | 798 | 5,028 | 798 | ||||||||||||
Commercial and Industrial Portfolio Segment [Member] | Other Collateral [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | ||||||||||||||||
Beginning balance | 8,577 | 8,970 | 8,577 | 8,970 | ||||||||||||
Initial Allowance on PCD Loans | 1,358 | 1,022 | 0 | |||||||||||||
Provision for credit losses | 2,497 | (112) | ||||||||||||||
Charge-offs | (724) | (1,337) | ||||||||||||||
Recoveries | 1,283 | 34 | 9 | |||||||||||||
Ending balance | 12,991 | 8,577 | 8,970 | 12,991 | 8,577 | 8,970 | ||||||||||
Beginning balance | 6,782 | 8,970 | 6,782 | 8,970 | 6,782 | |||||||||||
Impact of adoption | 365 | |||||||||||||||
Provision for credit losses | 1,832 | |||||||||||||||
Charge-offs | (18) | |||||||||||||||
Ending balance | 8,970 | 8,970 | ||||||||||||||
Loans, individually evaluated for impairment | 2,246 | 598 | 2,246 | 598 | ||||||||||||
Allowance for loans, individually evaluated for impairment | 1,205 | 0 | 1,205 | 0 | ||||||||||||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Real Estate [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 39 | 0 | 39 | 0 | ||||||||||||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Accounts Receivable and Equipment [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 2,207 | 598 | 2,207 | 598 | ||||||||||||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Other Collateral [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | ||||||||||||||||
Beginning balance | 4,802 | 3,614 | 4,802 | 3,614 | ||||||||||||
Initial Allowance on PCD Loans | 1,874 | 1,755 | 0 | |||||||||||||
Provision for credit losses | (87) | (567) | ||||||||||||||
Charge-offs | (200) | 0 | ||||||||||||||
Recoveries | 0 | 0 | 0 | |||||||||||||
Ending balance | 6,389 | 4,802 | 3,614 | 6,389 | 4,802 | 3,614 | ||||||||||
Beginning balance | 5,657 | 3,614 | 5,657 | 3,614 | 5,657 | |||||||||||
Impact of adoption | (1,528) | |||||||||||||||
Provision for credit losses | (515) | |||||||||||||||
Charge-offs | 0 | |||||||||||||||
Ending balance | 4,129 | 3,614 | 3,614 | |||||||||||||
Loans, individually evaluated for impairment | 3,243 | 200 | 3,243 | 200 | ||||||||||||
Allowance for loans, individually evaluated for impairment | 761 | 0 | 761 | 0 | ||||||||||||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Real Estate [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 422 | 0 | 422 | 0 | ||||||||||||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Accounts Receivable and Equipment [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 2,821 | 200 | 2,821 | 200 | ||||||||||||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Other Collateral [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Total Commercial and Industrial Portfolio Segment [Member] | ||||||||||||||||
Beginning balance | 13,379 | 12,584 | 13,379 | 12,584 | ||||||||||||
Initial Allowance on PCD Loans | 3,232 | 2,777 | 0 | |||||||||||||
Provision for credit losses | 2,410 | (679) | ||||||||||||||
Charge-offs | (924) | (1,337) | ||||||||||||||
Recoveries | 1,283 | 34 | 9 | |||||||||||||
Ending balance | 19,380 | 13,379 | 12,584 | 19,380 | 13,379 | 12,584 | ||||||||||
Beginning balance | 12,439 | 12,584 | 12,439 | 12,584 | 12,439 | |||||||||||
Impact of adoption | (1,163) | |||||||||||||||
Provision for credit losses | 1,317 | |||||||||||||||
Charge-offs | (18) | |||||||||||||||
Ending balance | 11,276 | 12,584 | 12,584 | |||||||||||||
Residential Real Estate Portfolio Segment [Member] | ||||||||||||||||
Beginning balance | 7,993 | 5,207 | 7,993 | 5,207 | ||||||||||||
Initial Allowance on PCD Loans | 590 | 230 | 99 | |||||||||||||
Provision for credit losses | 1,702 | 2,900 | ||||||||||||||
Charge-offs | (57) | (383) | ||||||||||||||
Recoveries | 86 | 39 | 20 | |||||||||||||
Ending balance | 10,314 | 7,993 | 5,207 | 10,314 | 7,993 | 5,207 | ||||||||||
Beginning balance | 2,474 | 5,207 | 2,474 | 5,207 | 2,474 | |||||||||||
Impact of adoption | 1,516 | |||||||||||||||
Provision for credit losses | 1,179 | |||||||||||||||
Charge-offs | (81) | |||||||||||||||
Ending balance | 4,089 | 5,207 | 5,207 | |||||||||||||
Loans, individually evaluated for impairment | 2,614 | 2,499 | 2,614 | 2,499 | ||||||||||||
Allowance for loans, individually evaluated for impairment | 338 | 116 | 338 | 116 | ||||||||||||
Residential Real Estate Portfolio Segment [Member] | Real Estate [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 2,614 | 2,499 | 2,614 | 2,499 | ||||||||||||
Residential Real Estate Portfolio Segment [Member] | Accounts Receivable and Equipment [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Residential Real Estate Portfolio Segment [Member] | Other Collateral [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||||||||||||||||
Beginning balance | 3,677 | 1,818 | 3,677 | 1,818 | ||||||||||||
Initial Allowance on PCD Loans | 0 | 88 | 0 | |||||||||||||
Provision for credit losses | (75) | 1,766 | ||||||||||||||
Charge-offs | (27) | 0 | ||||||||||||||
Recoveries | 22 | 5 | 2 | |||||||||||||
Ending balance | 3,597 | 3,677 | 1,818 | 3,597 | 3,677 | 1,818 | ||||||||||
Beginning balance | 947 | 1,818 | 947 | 1,818 | 947 | |||||||||||
Impact of adoption | 429 | |||||||||||||||
Provision for credit losses | 442 | |||||||||||||||
Charge-offs | (2) | |||||||||||||||
Ending balance | 1,376 | 1,818 | 1,818 | |||||||||||||
Loans, individually evaluated for impairment | 415 | 502 | 415 | 502 | ||||||||||||
Allowance for loans, individually evaluated for impairment | 116 | 116 | 116 | 116 | ||||||||||||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Real Estate [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 415 | 502 | 415 | 502 | ||||||||||||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Accounts Receivable and Equipment [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Other Collateral [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||||||||||||||
Beginning balance | 4,316 | 3,389 | 4,316 | 3,389 | ||||||||||||
Initial Allowance on PCD Loans | 590 | 142 | 99 | |||||||||||||
Provision for credit losses | 1,777 | 1,134 | ||||||||||||||
Charge-offs | (30) | (383) | ||||||||||||||
Recoveries | 64 | 34 | 18 | |||||||||||||
Ending balance | 6,717 | 4,316 | 3,389 | 6,717 | 4,316 | 3,389 | ||||||||||
Beginning balance | 1,527 | 3,389 | 1,527 | 3,389 | 1,527 | |||||||||||
Impact of adoption | 1,087 | |||||||||||||||
Provision for credit losses | 737 | |||||||||||||||
Charge-offs | (79) | |||||||||||||||
Ending balance | 2,713 | 3,389 | 3,389 | |||||||||||||
Loans, individually evaluated for impairment | 2,199 | 1,997 | 2,199 | 1,997 | ||||||||||||
Allowance for loans, individually evaluated for impairment | 222 | 0 | 222 | 0 | ||||||||||||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Real Estate [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 2,199 | 1,997 | 2,199 | 1,997 | ||||||||||||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Accounts Receivable and Equipment [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Other Collateral [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Construction and Development [Member] | ||||||||||||||||
Beginning balance | 4,789 | 6,119 | 4,789 | 6,119 | ||||||||||||
Initial Allowance on PCD Loans | 419 | 0 | 0 | |||||||||||||
Provision for credit losses | 2,050 | (1,333) | ||||||||||||||
Charge-offs | (72) | 0 | ||||||||||||||
Recoveries | 0 | 3 | 56 | |||||||||||||
Ending balance | 7,186 | 4,789 | 6,119 | 7,186 | 4,789 | 6,119 | ||||||||||
Beginning balance | 2,105 | 6,119 | 2,105 | 6,119 | 2,105 | |||||||||||
Impact of adoption | 3,056 | |||||||||||||||
Provision for credit losses | 902 | |||||||||||||||
Charge-offs | 0 | |||||||||||||||
Ending balance | 5,161 | 6,119 | 6,119 | |||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Allowance for loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Construction and Development [Member] | Real Estate [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Construction and Development [Member] | Accounts Receivable and Equipment [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Construction and Development [Member] | Other Collateral [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Consumer Portfolio Segment [Member] | ||||||||||||||||
Beginning balance | 772 | 340 | 772 | 340 | ||||||||||||
Initial Allowance on PCD Loans | 78 | 0 | 34 | |||||||||||||
Provision for credit losses | 750 | 743 | ||||||||||||||
Charge-offs | (1,080) | (987) | ||||||||||||||
Recoveries | 638 | 676 | 359 | |||||||||||||
Ending balance | 1,158 | 772 | 340 | 1,158 | 772 | 340 | ||||||||||
Beginning balance | 100 | 340 | 100 | 340 | 100 | |||||||||||
Impact of adoption | 264 | |||||||||||||||
Provision for credit losses | 91 | |||||||||||||||
Charge-offs | (508) | |||||||||||||||
Ending balance | 398 | 340 | 340 | |||||||||||||
Loans, individually evaluated for impairment | 219 | 247 | 219 | 247 | ||||||||||||
Allowance for loans, individually evaluated for impairment | 20 | 0 | 20 | 0 | ||||||||||||
Consumer Portfolio Segment [Member] | Real Estate [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Consumer Portfolio Segment [Member] | Accounts Receivable and Equipment [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Consumer Portfolio Segment [Member] | Other Collateral [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 219 | 247 | 219 | 247 | ||||||||||||
Finance Leases Portfolio Segment [Member] | ||||||||||||||||
Beginning balance | 204 | 261 | 204 | 261 | ||||||||||||
Initial Allowance on PCD Loans | 0 | 0 | 0 | |||||||||||||
Provision for credit losses | (3) | (57) | ||||||||||||||
Charge-offs | 0 | 0 | ||||||||||||||
Recoveries | 0 | 0 | 0 | |||||||||||||
Ending balance | 201 | 204 | 261 | 201 | 204 | 261 | ||||||||||
Beginning balance | 237 | 261 | 237 | 261 | 237 | |||||||||||
Impact of adoption | (4) | |||||||||||||||
Provision for credit losses | 28 | |||||||||||||||
Charge-offs | 0 | |||||||||||||||
Ending balance | 233 | 261 | 261 | |||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Allowance for loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Finance Leases Portfolio Segment [Member] | Real Estate [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Finance Leases Portfolio Segment [Member] | Accounts Receivable and Equipment [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Finance Leases Portfolio Segment [Member] | Other Collateral [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Commercial Portfolio Segment [Member] | ||||||||||||||||
Beginning balance | 146 | 146 | 146 | |||||||||||||
Ending balance | 96 | |||||||||||||||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | ||||||||||||||||
Beginning balance | $ 162 | 135 | 162 | 135 | ||||||||||||
Initial Allowance on PCD Loans | 0 | 0 | 0 | |||||||||||||
Provision for credit losses | 94 | 27 | ||||||||||||||
Charge-offs | (96) | 0 | ||||||||||||||
Recoveries | 51 | 0 | 0 | |||||||||||||
Ending balance | 211 | 162 | 135 | 211 | 162 | 135 | ||||||||||
Beginning balance | $ 146 | $ 135 | $ 146 | 135 | 146 | |||||||||||
Impact of adoption | (50) | |||||||||||||||
Provision for credit losses | 39 | |||||||||||||||
Charge-offs | 0 | |||||||||||||||
Ending balance | $ 135 | $ 135 | ||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Allowance for loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Real Estate [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Accounts Receivable and Equipment [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||||||||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Other Collateral [Member] | ||||||||||||||||
Loans, individually evaluated for impairment | $ 0 | $ 0 | $ 0 | $ 0 |
Note 5 - Loans and ACL for Lo_8
Note 5 - Loans and ACL for Loans - Non-accrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Non-accrual with no allowance | $ 2,295 | $ 2,375 | |
Non-accrual loans | 14,242 | 6,712 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 12 |
Past due 90-days-or-more and still accruing interest | 892 | 684 | |
Home Equity Line of Credit [Member] | |||
Non-accrual with no allowance | 0 | 0 | |
Non-accrual loans | 205 | 646 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 0 | 0 | |
Credit Cards [Member] | |||
Non-accrual with no allowance | 0 | 0 | |
Non-accrual loans | 0 | 0 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 7 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Non-accrual with no allowance | 1,370 | 1,151 | |
Non-accrual loans | 10,232 | 2,468 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 78 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Non-accrual with no allowance | 0 | 486 | |
Non-accrual loans | 7,707 | 720 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 78 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Non-accrual with no allowance | 1,370 | 665 | |
Non-accrual loans | 2,525 | 1,748 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 0 | 0 | |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | |||
Non-accrual with no allowance | 403 | 419 | |
Non-accrual loans | 1,182 | 670 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 12 |
Past due 90-days-or-more and still accruing interest | 259 | 0 | |
Commercial and Industrial Portfolio Segment [Member] | PPP Loans [Member] | |||
Non-accrual with no allowance | 0 | 0 | |
Non-accrual loans | 21 | 0 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 28 | 592 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | |||
Non-accrual with no allowance | 273 | 0 | |
Non-accrual loans | 348 | 228 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 300 | 56 | |
Total Commercial and Industrial Portfolio Segment [Member] | |||
Non-accrual with no allowance | 676 | 419 | |
Non-accrual loans | 1,551 | 898 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 12 |
Past due 90-days-or-more and still accruing interest | 587 | 648 | |
Residential Real Estate Portfolio Segment [Member] | |||
Non-accrual with no allowance | 249 | 805 | |
Non-accrual loans | 2,020 | 2,290 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 220 | 36 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Non-accrual with no allowance | 0 | 0 | |
Non-accrual loans | 219 | 293 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 220 | 0 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Non-accrual with no allowance | 249 | 805 | |
Non-accrual loans | 1,801 | 1,997 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 0 | 36 | |
Construction and Development [Member] | |||
Non-accrual with no allowance | 0 | 0 | |
Non-accrual loans | 0 | 0 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Non-accrual with no allowance | 0 | 0 | |
Non-accrual loans | 234 | 410 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 0 | 0 | |
Finance Leases Portfolio Segment [Member] | |||
Non-accrual with no allowance | 0 | 0 | |
Non-accrual loans | 0 | 0 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | $ 0 | $ 0 | |
[1]Does not included TDRs captured in the non-accrual column. |
Note 5 - Loans and ACL for Lo_9
Note 5 - Loans and ACL for Loans - Aging of the Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans | [1] | $ 5,205,918 | $ 4,169,303 |
Financial Asset, Not Past Due [Member] | |||
Loans | 5,189,055 | 4,158,267 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 7,820 | 4,596 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 5,225 | 1,314 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 3,818 | 5,126 | |
Financial Asset, Past Due [Member] | |||
Loans | 16,863 | 11,036 | |
Home Equity Line of Credit [Member] | |||
Loans | 200,725 | 138,976 | |
Home Equity Line of Credit [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 200,036 | 138,141 | |
Home Equity Line of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 566 | 279 | |
Home Equity Line of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 40 | 47 | |
Home Equity Line of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 83 | 509 | |
Home Equity Line of Credit [Member] | Financial Asset, Past Due [Member] | |||
Loans | 689 | 835 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 2,231,975 | 1,806,649 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 2,224,747 | 1,804,679 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 3,629 | 360 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 3,052 | 408 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 547 | 1,202 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 7,228 | 1,970 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Loans | 1,397,346 | 1,128,244 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 1,393,016 | 1,127,448 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 3,404 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 460 | 81 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 466 | 715 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, Past Due [Member] | |||
Loans | 4,330 | 796 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Loans | 834,629 | 678,405 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 831,731 | 677,231 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 225 | 360 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 2,592 | 327 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 81 | 487 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, Past Due [Member] | |||
Loans | 2,898 | 1,174 | |
Commercial and Industrial Portfolio Segment [Member] | Term, Excluding PPP [Member] | |||
Loans | 765,163 | 596,710 | |
Commercial and Industrial Portfolio Segment [Member] | Term, Excluding PPP [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 763,793 | 595,070 | |
Commercial and Industrial Portfolio Segment [Member] | Term, Excluding PPP [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 157 | 1,032 | |
Commercial and Industrial Portfolio Segment [Member] | Term, Excluding PPP [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 292 | 44 | |
Commercial and Industrial Portfolio Segment [Member] | Term, Excluding PPP [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 921 | 564 | |
Commercial and Industrial Portfolio Segment [Member] | Term, Excluding PPP [Member] | Financial Asset, Past Due [Member] | |||
Loans | 1,370 | 1,640 | |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | |||
Loans | 765,163 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | |||
Loans | 18,593 | 140,734 | |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Financial Asset, Not Past Due [Member] | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | |||
Loans | 17,719 | 139,718 | |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | |||
Loans | 748 | 128 | |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | |||
Loans | 77 | 296 | |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | |||
Loans | 49 | 592 | |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Financial Asset, Past Due [Member] | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | |||
Loans | 874 | 1,016 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | |||
Loans | 465,813 | 370,312 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 464,494 | 369,963 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 389 | 271 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 300 | 22 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 630 | 56 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Financial Asset, Past Due [Member] | |||
Loans | 1,319 | 349 | |
Total Commercial and Industrial Portfolio Segment [Member] | |||
Loans | 1,249,569 | 1,107,756 | |
Total Commercial and Industrial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 1,246,006 | 1,104,751 | |
Total Commercial and Industrial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 1,294 | 1,431 | |
Total Commercial and Industrial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 669 | 362 | |
Total Commercial and Industrial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 1,600 | 1,212 | |
Total Commercial and Industrial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 3,563 | 3,005 | |
Residential Real Estate Portfolio Segment [Member] | |||
Loans | 904,763 | 681,713 | |
Residential Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 900,079 | 677,672 | |
Residential Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 1,986 | 1,802 | |
Residential Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 1,305 | 395 | |
Residential Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 1,393 | 1,844 | |
Residential Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 4,684 | 4,041 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Loans | 313,248 | 281,018 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 312,249 | 280,257 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 373 | 403 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 331 | 258 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 295 | 100 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, Past Due [Member] | |||
Loans | 999 | 761 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Loans | 591,515 | 400,695 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 587,830 | 397,415 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 1,613 | 1,399 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 974 | 137 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 1,098 | 1,744 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, Past Due [Member] | |||
Loans | 3,685 | 3,280 | |
Construction and Development [Member] | |||
Loans | 445,690 | 299,206 | |
Construction and Development [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 445,618 | 299,206 | |
Construction and Development [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Construction and Development [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 72 | 0 | |
Construction and Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Construction and Development [Member] | Financial Asset, Past Due [Member] | |||
Loans | 72 | 0 | |
Consumer Portfolio Segment [Member] | |||
Loans | 139,461 | 104,294 | |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 138,846 | 103,109 | |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 342 | 724 | |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 85 | 102 | |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 188 | 359 | |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 615 | 1,185 | |
Finance Leases Portfolio Segment [Member] | |||
Loans | 13,322 | 13,622 | |
Finance Leases Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 13,322 | 13,622 | |
Finance Leases Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Finance Leases Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Finance Leases Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Finance Leases Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | |||
Loans | 20,413 | 17,087 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 20,401 | 17,087 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 3 | 0 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 2 | 0 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 7 | 0 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Financial Asset, Past Due [Member] | |||
Loans | $ 12 | $ 0 | |
[1]Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs. |
Note 5 - Loans and ACL for L_10
Note 5 - Loans and ACL for Loans - Internally Assigned Risk Grades of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Current Fiscal Year | $ 1,507,564 | $ 1,507,933 | |
Fiscal Year before Current Fiscal Year | 1,226,933 | 956,153 | |
Two Years before Current Fiscal Year | 770,387 | 431,003 | |
Three Years before Current Fiscal Year | 380,097 | 274,491 | |
Four Years before Current Fiscal Year | 216,175 | 186,434 | |
More than Five Years before Current Fiscal Year | 354,023 | 238,164 | |
Revolving | 750,739 | 575,125 | |
Loans | [1] | 5,205,918 | 4,169,303 |
Revolving, Converted to Term Loan | 4,169,303 | ||
Pass [Member] | |||
Current Fiscal Year | 1,492,177 | 1,490,899 | |
Fiscal Year before Current Fiscal Year | 1,216,737 | 945,719 | |
Two Years before Current Fiscal Year | 760,143 | 396,013 | |
Three Years before Current Fiscal Year | 349,987 | 268,733 | |
Four Years before Current Fiscal Year | 211,733 | 180,732 | |
More than Five Years before Current Fiscal Year | 337,493 | 226,502 | |
Revolving | 735,543 | 563,672 | |
Loans | 5,103,813 | ||
Revolving, Converted to Term Loan | 4,072,270 | ||
Special Mention [Member] | |||
Current Fiscal Year | 7,105 | 6,058 | |
Fiscal Year before Current Fiscal Year | 6,814 | 4,358 | |
Two Years before Current Fiscal Year | 4,968 | 24,061 | |
Three Years before Current Fiscal Year | 6,069 | 3,983 | |
Four Years before Current Fiscal Year | 2,226 | 1,969 | |
More than Five Years before Current Fiscal Year | 6,286 | 2,205 | |
Revolving | 14,000 | 7,264 | |
Loans | 47,468 | ||
Revolving, Converted to Term Loan | 49,898 | ||
Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 6,038 | 9,395 | |
Fiscal Year before Current Fiscal Year | 2,164 | 5,087 | |
Two Years before Current Fiscal Year | 4,659 | 10,568 | |
Three Years before Current Fiscal Year | 23,313 | 1,451 | |
Four Years before Current Fiscal Year | 2,068 | 2,395 | |
More than Five Years before Current Fiscal Year | 1,252 | 8,218 | |
Revolving | 901 | 3,309 | |
Loans | 40,395 | ||
Revolving, Converted to Term Loan | 40,423 | ||
Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 2,244 | 1,581 | |
Fiscal Year before Current Fiscal Year | 1,218 | 989 | |
Two Years before Current Fiscal Year | 617 | 361 | |
Three Years before Current Fiscal Year | 728 | 324 | |
Four Years before Current Fiscal Year | 148 | 1,338 | |
More than Five Years before Current Fiscal Year | 8,992 | 1,239 | |
Revolving | 295 | 880 | |
Loans | 14,242 | ||
Revolving, Converted to Term Loan | 6,712 | ||
Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 2,231,975 | 1,806,649 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Current Fiscal Year | 339,841 | 388,374 | |
Fiscal Year before Current Fiscal Year | 383,630 | 302,322 | |
Two Years before Current Fiscal Year | 268,577 | 154,148 | |
Three Years before Current Fiscal Year | 151,515 | 86,638 | |
Four Years before Current Fiscal Year | 76,359 | 86,055 | |
More than Five Years before Current Fiscal Year | 152,449 | 90,894 | |
Revolving | 24,975 | 19,813 | |
Loans | 1,397,346 | 1,128,244 | |
Revolving, Converted to Term Loan | 1,128,244 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Pass [Member] | |||
Current Fiscal Year | 338,460 | 381,014 | |
Fiscal Year before Current Fiscal Year | 380,612 | 298,177 | |
Two Years before Current Fiscal Year | 264,833 | 134,286 | |
Three Years before Current Fiscal Year | 128,407 | 86,638 | |
Four Years before Current Fiscal Year | 76,359 | 85,110 | |
More than Five Years before Current Fiscal Year | 139,095 | 81,635 | |
Revolving | 24,875 | 19,465 | |
Loans | 1,352,641 | ||
Revolving, Converted to Term Loan | 1,086,325 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Special Mention [Member] | |||
Current Fiscal Year | 0 | 3,186 | |
Fiscal Year before Current Fiscal Year | 2,006 | 2,666 | |
Two Years before Current Fiscal Year | 0 | 19,784 | |
Three Years before Current Fiscal Year | 3,534 | 0 | |
Four Years before Current Fiscal Year | 0 | 353 | |
More than Five Years before Current Fiscal Year | 5,414 | 1,619 | |
Revolving | 0 | 248 | |
Loans | 10,954 | ||
Revolving, Converted to Term Loan | 27,856 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 1,381 | 4,174 | |
Fiscal Year before Current Fiscal Year | 1,012 | 1,440 | |
Two Years before Current Fiscal Year | 3,744 | 0 | |
Three Years before Current Fiscal Year | 19,574 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 233 | 7,629 | |
Revolving | 100 | 100 | |
Loans | 26,044 | ||
Revolving, Converted to Term Loan | 13,343 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 39 | |
Two Years before Current Fiscal Year | 0 | 78 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 592 | |
More than Five Years before Current Fiscal Year | 7,707 | 11 | |
Revolving | 0 | 0 | |
Loans | 7,707 | ||
Revolving, Converted to Term Loan | 720 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Current Fiscal Year | 170,139 | 211,536 | |
Fiscal Year before Current Fiscal Year | 206,439 | 197,407 | |
Two Years before Current Fiscal Year | 198,592 | 100,631 | |
Three Years before Current Fiscal Year | 107,662 | 76,806 | |
Four Years before Current Fiscal Year | 63,503 | 35,878 | |
More than Five Years before Current Fiscal Year | 74,722 | 44,945 | |
Revolving | 13,572 | 11,202 | |
Loans | 834,629 | 678,405 | |
Revolving, Converted to Term Loan | 678,405 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Pass [Member] | |||
Current Fiscal Year | 165,711 | 203,545 | |
Fiscal Year before Current Fiscal Year | 202,599 | 192,322 | |
Two Years before Current Fiscal Year | 194,052 | 91,078 | |
Three Years before Current Fiscal Year | 104,148 | 75,062 | |
Four Years before Current Fiscal Year | 60,899 | 33,713 | |
More than Five Years before Current Fiscal Year | 74,356 | 44,364 | |
Revolving | 13,062 | 9,236 | |
Loans | 814,827 | ||
Revolving, Converted to Term Loan | 649,320 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Special Mention [Member] | |||
Current Fiscal Year | 2,895 | 1,681 | |
Fiscal Year before Current Fiscal Year | 1,777 | 1,480 | |
Two Years before Current Fiscal Year | 4,540 | 3,568 | |
Three Years before Current Fiscal Year | 1,891 | 469 | |
Four Years before Current Fiscal Year | 676 | 1,506 | |
More than Five Years before Current Fiscal Year | 216 | 124 | |
Revolving | 510 | 570 | |
Loans | 12,505 | ||
Revolving, Converted to Term Loan | 9,398 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 5,051 | |
Fiscal Year before Current Fiscal Year | 1,152 | 3,605 | |
Two Years before Current Fiscal Year | 0 | 5,985 | |
Three Years before Current Fiscal Year | 1,623 | 1,275 | |
Four Years before Current Fiscal Year | 1,928 | 627 | |
More than Five Years before Current Fiscal Year | 69 | 0 | |
Revolving | 0 | 1,396 | |
Loans | 4,772 | ||
Revolving, Converted to Term Loan | 17,939 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 1,533 | 1,259 | |
Fiscal Year before Current Fiscal Year | 911 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 32 | |
More than Five Years before Current Fiscal Year | 81 | 457 | |
Revolving | 0 | 0 | |
Loans | 2,525 | ||
Revolving, Converted to Term Loan | 1,748 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | |||
Current Fiscal Year | 33,875 | ||
Fiscal Year before Current Fiscal Year | 8,352 | ||
Two Years before Current Fiscal Year | 13,019 | ||
Three Years before Current Fiscal Year | 1,039 | ||
Four Years before Current Fiscal Year | 1,756 | ||
More than Five Years before Current Fiscal Year | 193 | ||
Revolving | 312,078 | ||
Loans | 465,813 | 370,312 | |
Revolving, Converted to Term Loan | 370,312 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Pass [Member] | |||
Current Fiscal Year | 54,948 | 33,875 | |
Fiscal Year before Current Fiscal Year | 13,999 | 8,352 | |
Two Years before Current Fiscal Year | 991 | 11,103 | |
Three Years before Current Fiscal Year | 9,179 | 1,039 | |
Four Years before Current Fiscal Year | 1,188 | 207 | |
More than Five Years before Current Fiscal Year | 1,033 | 193 | |
Revolving | 367,688 | 303,682 | |
Loans | 449,026 | ||
Revolving, Converted to Term Loan | 358,451 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Special Mention [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 366 | 0 | |
Revolving | 12,491 | 6,355 | |
Loans | 12,857 | ||
Revolving, Converted to Term Loan | 6,355 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 905 | 1,916 | |
Three Years before Current Fiscal Year | 1,915 | 0 | |
Four Years before Current Fiscal Year | 0 | 1,549 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 762 | 1,813 | |
Loans | 3,582 | ||
Revolving, Converted to Term Loan | 5,278 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 273 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 75 | 228 | |
Loans | 348 | ||
Revolving, Converted to Term Loan | 228 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | |||
Current Fiscal Year | 362,022 | 284,058 | |
Fiscal Year before Current Fiscal Year | 213,880 | 143,882 | |
Two Years before Current Fiscal Year | 90,549 | 61,981 | |
Three Years before Current Fiscal Year | 39,673 | 56,001 | |
Four Years before Current Fiscal Year | 31,344 | 26,200 | |
More than Five Years before Current Fiscal Year | 27,695 | 24,588 | |
Revolving | 0 | 0 | |
Loans | 765,163 | ||
Revolving, Converted to Term Loan | 596,710 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Pass [Member] | |||
Current Fiscal Year | 357,470 | 283,150 | |
Fiscal Year before Current Fiscal Year | 210,906 | 143,211 | |
Two Years before Current Fiscal Year | 90,063 | 58,988 | |
Three Years before Current Fiscal Year | 39,068 | 52,388 | |
Four Years before Current Fiscal Year | 29,901 | 26,081 | |
More than Five Years before Current Fiscal Year | 27,354 | 24,421 | |
Revolving | 0 | 0 | |
Loans | 754,762 | ||
Revolving, Converted to Term Loan | 588,239 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Special Mention [Member] | |||
Current Fiscal Year | 3,835 | 738 | |
Fiscal Year before Current Fiscal Year | 2,935 | 86 | |
Two Years before Current Fiscal Year | 0 | 254 | |
Three Years before Current Fiscal Year | 303 | 3,382 | |
Four Years before Current Fiscal Year | 1,426 | 8 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 8,499 | ||
Revolving, Converted to Term Loan | 4,468 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 178 | 170 | |
Fiscal Year before Current Fiscal Year | 0 | 42 | |
Two Years before Current Fiscal Year | 0 | 2,667 | |
Three Years before Current Fiscal Year | 201 | 176 | |
Four Years before Current Fiscal Year | 0 | 111 | |
More than Five Years before Current Fiscal Year | 341 | 167 | |
Revolving | 0 | 0 | |
Loans | 720 | ||
Revolving, Converted to Term Loan | 3,333 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 539 | 0 | |
Fiscal Year before Current Fiscal Year | 39 | 543 | |
Two Years before Current Fiscal Year | 486 | 72 | |
Three Years before Current Fiscal Year | 101 | 55 | |
Four Years before Current Fiscal Year | 17 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 1,182 | ||
Revolving, Converted to Term Loan | 670 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | PPP Loans [Member] | |||
Current Fiscal Year | 0 | 128,409 | |
Fiscal Year before Current Fiscal Year | 14,212 | 12,325 | |
Two Years before Current Fiscal Year | 4,381 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 18,593 | ||
Revolving, Converted to Term Loan | 140,734 | ||
Commercial and Industrial Portfolio Segment [Member] | PPP Loans [Member] | Pass [Member] | |||
Current Fiscal Year | 0 | 128,409 | |
Fiscal Year before Current Fiscal Year | 14,212 | 12,325 | |
Two Years before Current Fiscal Year | 4,047 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 18,259 | ||
Revolving, Converted to Term Loan | 140,734 | ||
Commercial and Industrial Portfolio Segment [Member] | PPP Loans [Member] | Special Mention [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 313 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 313 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | PPP Loans [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | PPP Loans [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 21 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 21 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | PPP Loans [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Consumer Portfolio Segment [Member] | |||
Current Fiscal Year | 27,329 | 23,921 | |
Fiscal Year before Current Fiscal Year | 18,452 | 9,620 | |
Two Years before Current Fiscal Year | 5,576 | 5,044 | |
Three Years before Current Fiscal Year | 5,512 | 1,271 | |
Four Years before Current Fiscal Year | 2,279 | 555 | |
More than Five Years before Current Fiscal Year | 1,652 | 650 | |
Revolving | 78,661 | 63,233 | |
Loans | 139,461 | 104,294 | |
Revolving, Converted to Term Loan | 104,294 | ||
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Current Fiscal Year | 27,308 | 23,866 | |
Fiscal Year before Current Fiscal Year | 18,396 | 9,316 | |
Two Years before Current Fiscal Year | 5,536 | 5,014 | |
Three Years before Current Fiscal Year | 5,450 | 1,260 | |
Four Years before Current Fiscal Year | 2,270 | 555 | |
More than Five Years before Current Fiscal Year | 1,621 | 646 | |
Revolving | 78,646 | 63,227 | |
Loans | 139,227 | ||
Revolving, Converted to Term Loan | 103,884 | ||
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 21 | 55 | |
Fiscal Year before Current Fiscal Year | 56 | 304 | |
Two Years before Current Fiscal Year | 40 | 30 | |
Three Years before Current Fiscal Year | 62 | 11 | |
Four Years before Current Fiscal Year | 9 | 0 | |
More than Five Years before Current Fiscal Year | 31 | 4 | |
Revolving | 15 | 6 | |
Loans | 234 | ||
Revolving, Converted to Term Loan | 410 | ||
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial and Industrial Loans [Member] | Lines of Credit [Member] | |||
Current Fiscal Year | 54,948 | ||
Fiscal Year before Current Fiscal Year | 13,999 | ||
Two Years before Current Fiscal Year | 1,896 | ||
Three Years before Current Fiscal Year | 11,367 | ||
Four Years before Current Fiscal Year | 1,188 | ||
More than Five Years before Current Fiscal Year | 1,399 | ||
Revolving | 381,016 | ||
Loans | 465,813 | ||
Residential Real Estate Portfolio Segment [Member] | |||
Loans | 904,763 | 681,713 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Current Fiscal Year | 97,414 | 94,937 | |
Fiscal Year before Current Fiscal Year | 83,479 | 78,911 | |
Two Years before Current Fiscal Year | 55,902 | 46,503 | |
Three Years before Current Fiscal Year | 34,575 | 27,654 | |
Four Years before Current Fiscal Year | 19,424 | 16,171 | |
More than Five Years before Current Fiscal Year | 22,454 | 16,842 | |
Revolving | 0 | 0 | |
Loans | 313,248 | 281,018 | |
Revolving, Converted to Term Loan | 281,018 | ||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Pass [Member] | |||
Current Fiscal Year | 97,313 | 94,482 | |
Fiscal Year before Current Fiscal Year | 83,458 | 78,785 | |
Two Years before Current Fiscal Year | 55,787 | 46,177 | |
Three Years before Current Fiscal Year | 34,304 | 27,494 | |
Four Years before Current Fiscal Year | 19,300 | 16,171 | |
More than Five Years before Current Fiscal Year | 21,720 | 15,909 | |
Revolving | 0 | 0 | |
Loans | 311,882 | ||
Revolving, Converted to Term Loan | 279,018 | ||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Special Mention [Member] | |||
Current Fiscal Year | 15 | 352 | |
Fiscal Year before Current Fiscal Year | 0 | 126 | |
Two Years before Current Fiscal Year | 115 | 281 | |
Three Years before Current Fiscal Year | 271 | 132 | |
Four Years before Current Fiscal Year | 124 | 0 | |
More than Five Years before Current Fiscal Year | 290 | 462 | |
Revolving | 0 | 0 | |
Loans | 815 | ||
Revolving, Converted to Term Loan | 1,353 | ||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 332 | 354 | |
Revolving | 0 | 0 | |
Loans | 332 | ||
Revolving, Converted to Term Loan | 354 | ||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 86 | 103 | |
Fiscal Year before Current Fiscal Year | 21 | 0 | |
Two Years before Current Fiscal Year | 0 | 45 | |
Three Years before Current Fiscal Year | 0 | 28 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 112 | 117 | |
Revolving | 0 | 0 | |
Loans | 219 | ||
Revolving, Converted to Term Loan | 293 | ||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Current Fiscal Year | 189,208 | 176,752 | |
Fiscal Year before Current Fiscal Year | 189,294 | 100,039 | |
Two Years before Current Fiscal Year | 96,898 | 31,637 | |
Three Years before Current Fiscal Year | 28,678 | 17,489 | |
Four Years before Current Fiscal Year | 15,543 | 17,421 | |
More than Five Years before Current Fiscal Year | 71,894 | 57,357 | |
Revolving | 0 | 0 | |
Loans | 591,515 | 400,695 | |
Revolving, Converted to Term Loan | 400,695 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Pass [Member] | |||
Current Fiscal Year | 188,765 | 176,487 | |
Fiscal Year before Current Fiscal Year | 189,007 | 99,936 | |
Two Years before Current Fiscal Year | 96,818 | 31,327 | |
Three Years before Current Fiscal Year | 28,316 | 17,259 | |
Four Years before Current Fiscal Year | 15,281 | 16,599 | |
More than Five Years before Current Fiscal Year | 70,556 | 56,639 | |
Revolving | 0 | 0 | |
Loans | 588,743 | ||
Revolving, Converted to Term Loan | 398,247 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Special Mention [Member] | |||
Current Fiscal Year | 360 | 101 | |
Fiscal Year before Current Fiscal Year | 96 | 0 | |
Two Years before Current Fiscal Year | 0 | 174 | |
Three Years before Current Fiscal Year | 70 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 526 | ||
Revolving, Converted to Term Loan | 275 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 18 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 10 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 140 | 108 | |
More than Five Years before Current Fiscal Year | 277 | 68 | |
Revolving | 0 | 0 | |
Loans | 445 | ||
Revolving, Converted to Term Loan | 176 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 65 | 164 | |
Fiscal Year before Current Fiscal Year | 191 | 103 | |
Two Years before Current Fiscal Year | 70 | 136 | |
Three Years before Current Fiscal Year | 292 | 230 | |
Four Years before Current Fiscal Year | 122 | 714 | |
More than Five Years before Current Fiscal Year | 1,061 | 650 | |
Revolving | 0 | 0 | |
Loans | 1,801 | ||
Revolving, Converted to Term Loan | 1,997 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Finance Leases Portfolio Segment [Member] | |||
Current Fiscal Year | 4,643 | 5,375 | |
Fiscal Year before Current Fiscal Year | 4,344 | 3,596 | |
Two Years before Current Fiscal Year | 2,589 | 1,375 | |
Three Years before Current Fiscal Year | 535 | 1,331 | |
Four Years before Current Fiscal Year | 576 | 406 | |
More than Five Years before Current Fiscal Year | 635 | 1,539 | |
Revolving | 0 | 0 | |
Loans | 13,322 | 13,622 | |
Revolving, Converted to Term Loan | 13,622 | ||
Finance Leases Portfolio Segment [Member] | Pass [Member] | |||
Current Fiscal Year | 4,643 | 5,375 | |
Fiscal Year before Current Fiscal Year | 4,344 | 3,596 | |
Two Years before Current Fiscal Year | 2,589 | 1,375 | |
Three Years before Current Fiscal Year | 535 | 1,331 | |
Four Years before Current Fiscal Year | 576 | 406 | |
More than Five Years before Current Fiscal Year | 635 | 1,539 | |
Revolving | 0 | 0 | |
Loans | 13,322 | ||
Revolving, Converted to Term Loan | 13,622 | ||
Finance Leases Portfolio Segment [Member] | Special Mention [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Finance Leases Portfolio Segment [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Finance Leases Portfolio Segment [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Finance Leases Portfolio Segment [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 20,413 | 17,087 | |
Loans | 20,413 | 17,087 | |
Revolving, Converted to Term Loan | 17,087 | ||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Performing Financial Instruments [Member] | |||
Loans | 20,413 | 17,087 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Pass [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 20,413 | 17,087 | |
Loans | 20,413 | ||
Revolving, Converted to Term Loan | 17,087 | ||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Special Mention [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Construction and Development [Member] | |||
Current Fiscal Year | 262,020 | 160,696 | |
Fiscal Year before Current Fiscal Year | 99,204 | 99,699 | |
Two Years before Current Fiscal Year | 45,427 | 16,665 | |
Three Years before Current Fiscal Year | 580 | 6,262 | |
Four Years before Current Fiscal Year | 5,959 | 1,992 | |
More than Five Years before Current Fiscal Year | 1,123 | 1,156 | |
Revolving | 31,377 | 12,736 | |
Loans | 445,690 | 299,206 | |
Revolving, Converted to Term Loan | 299,206 | ||
Construction and Development [Member] | Pass [Member] | |||
Current Fiscal Year | 257,559 | 160,696 | |
Fiscal Year before Current Fiscal Year | 99,204 | 99,699 | |
Two Years before Current Fiscal Year | 45,427 | 16,665 | |
Three Years before Current Fiscal Year | 580 | 6,262 | |
Four Years before Current Fiscal Year | 5,959 | 1,890 | |
More than Five Years before Current Fiscal Year | 1,123 | 1,156 | |
Revolving | 30,378 | 12,736 | |
Loans | 440,230 | ||
Revolving, Converted to Term Loan | 299,104 | ||
Construction and Development [Member] | Special Mention [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 102 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 999 | 0 | |
Loans | 999 | ||
Revolving, Converted to Term Loan | 102 | ||
Construction and Development [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 4,461 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 4,461 | ||
Revolving, Converted to Term Loan | 0 | ||
Construction and Development [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Construction and Development [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Home Equity Line of Credit [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 200,725 | 138,976 | |
Loans | 200,725 | ||
Revolving, Converted to Term Loan | 138,976 | ||
Home Equity Line of Credit [Member] | Pass [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 200,481 | 138,239 | |
Loans | 200,481 | ||
Revolving, Converted to Term Loan | 138,239 | ||
Home Equity Line of Credit [Member] | Substandard [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 39 | 0 | |
Loans | 39 | ||
Revolving, Converted to Term Loan | 0 | ||
Home Equity Line of Credit [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 205 | 646 | |
Loans | 205 | ||
Revolving, Converted to Term Loan | 646 | ||
Home Equity Line of Credit [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Home Equity Line of Credit [Member] | OAEM [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 91 | |
Loans | $ 0 | ||
Revolving, Converted to Term Loan | $ 91 | ||
[1]Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs. |
Note 5 - Loans and ACL for L_11
Note 5 - Loans and ACL for Loans - Credit Card Loan Payment Activity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans | [1] | $ 5,205,918 | $ 4,169,303 |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | |||
Loans | 20,413 | 17,087 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Performing Financial Instruments [Member] | |||
Loans | 20,413 | 17,087 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | $ 0 | $ 0 | |
[1]Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs. |
Note 5 - Loans and ACL for L_12
Note 5 - Loans and ACL for Loans - Outstanding TDRs (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Balance, TDR | $ 850,000 | $ 962,000 |
Specific Reserve Allocation | 202,000 | 214,000 |
Additional Commitment to Lend | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Balance, TDR | 850,000 | 950,000 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||
Balance, TDR | 850,000 | 950,000 |
Specific Reserve Allocation | 202,000 | 202,000 |
Additional Commitment to Lend | 0 | 0 |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | ||
Balance, TDR | 0 | 12,000 |
Specific Reserve Allocation | 0 | 12,000 |
Additional Commitment to Lend | $ 0 | $ 0 |
Note 6 - Premises and Equipme_3
Note 6 - Premises and Equipment and Premises Held for Sale (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 6.5 | $ 4.8 | $ 4.4 |
Property, Plant and Equipment, Additions | 25 | ||
Assets Held-for-sale, Not Part of Disposal Group, Total | $ 2.6 | ||
Minimum [Member] | |||
Lessor, Operating Lease, Term of Contract (Month) | 8 months | ||
Maximum [Member] | |||
Lessor, Operating Lease, Term of Contract (Month) | 17 years |
Note 6 - Premises and Equipme_4
Note 6 - Premises and Equipment and Premises Held for Sale - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Premises and equipment, gross | $ 142,054 | $ 117,990 |
Accumulated depreciation and amortization | (40,442) | (41,096) |
Total premises and equipment | 101,612 | 76,894 |
Premises and Equipment, Net [Member] | ||
Right-of-use operating lease asset | 19,694 | 14,958 |
Land [Member] | ||
Premises and equipment, gross | 23,011 | 15,981 |
Building and Building Improvements [Member] | ||
Premises and equipment, gross | 72,322 | 61,908 |
Furniture and Equipment [Member] | ||
Premises and equipment, gross | 25,367 | 22,420 |
Construction in Progress [Member] | ||
Premises and equipment, gross | $ 1,660 | $ 2,723 |
Note 6 - Premises and Equipme_5
Note 6 - Premises and Equipment and Premises Held for Sale - Balance Sheet, Income Statement, and Cash Flow Detail Regarding Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted average remaining lease term (years) (Year) | 9 years | 9 years 4 months 24 days | |
Weighted average discount rate | 2.57% | 3.02% | |
One year or less | $ 3,453 | $ 2,634 | |
Year two | 3,293 | 2,673 | |
Year three | 2,739 | 2,408 | |
Year four | 2,339 | 1,924 | |
Year five | 2,245 | 1,608 | |
Greater than five years | 9,559 | 7,699 | |
Total lease payments | 23,628 | 18,946 | |
Less imputed interest | 2,620 | 2,538 | |
Operating lease cost | 3,077 | 2,239 | $ 1,896 |
Variable lease cost | 237 | 227 | 180 |
Less sublease income | 96 | 95 | 54 |
Total lease cost | 3,218 | 2,371 | 2,022 |
Cash paid for operating lease liabilities | 3,833 | 2,568 | $ 2,218 |
Premises and Equipment, Net [Member] | |||
Right-of-use operating lease asset | 19,694 | 14,958 | |
Other Liabilities [Member] | |||
Operating lease liability | $ 21,008 | $ 16,408 |
Note 7 - Goodwill (Details Text
Note 7 - Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 07, 2022 | Dec. 31, 2019 | |
Goodwill, Ending Balance | $ 194,074 | $ 135,830 | $ 12,513 | $ 12,513 | |
Goodwill, Written off Related to Sale of Business Unit | 8,450 | 0 | $ 0 | ||
Landmark Financial Advisors, LLC (LFA) [Member] | |||||
Goodwill, Written off Related to Sale of Business Unit | 8,500 | ||||
Commonwealth [Member] | |||||
Goodwill, Ending Balance | 58,244 | $ 0 | $ 67,000 | ||
Commercial Banking [Member] | |||||
Goodwill, Ending Balance | 172,000 | ||||
WM&T [Member] | |||||
Goodwill, Ending Balance | $ 22,000 |
Note 7 - Goodwill - Carrying Va
Note 7 - Goodwill - Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 07, 2022 | May 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill | $ 194,074 | $ 135,830 | $ 12,513 | ||
Balance at beginning of period | 135,830 | 12,513 | 12,513 | ||
Goodwill recorded from acquisitions | 66,694 | 124,016 | 0 | ||
Provisional period adjustments | 0 | (699) | 0 | ||
Disposition of LFA | (8,450) | 0 | 0 | ||
Impairment | 0 | 0 | 0 | ||
Balance at end of period | 194,074 | 135,830 | $ 12,513 | ||
Commonwealth [Member] | |||||
Goodwill | $ 67,000 | 58,244 | 0 | ||
Balance at beginning of period | 0 | ||||
Goodwill recorded from acquisitions | 66,694 | ||||
Balance at end of period | $ 67,000 | 58,244 | 0 | ||
Kentucky Bancshares [Member] | |||||
Goodwill | 123,317 | 123,317 | |||
Balance at beginning of period | 123,317 | ||||
Goodwill recorded from acquisitions | $ 123,317 | ||||
Balance at end of period | 123,317 | 123,317 | |||
King Southern Bancorp [Member] | |||||
Goodwill | 11,831 | 11,831 | |||
Balance at beginning of period | 11,831 | ||||
Balance at end of period | 11,831 | 11,831 | |||
Austin State Bank [Member] | |||||
Goodwill | 682 | 682 | |||
Balance at beginning of period | 682 | ||||
Balance at end of period | $ 682 | $ 682 |
Note 8 - Core Deposit and Cus_3
Note 8 - Core Deposit and Customer List Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 07, 2022 | May 31, 2021 | May 01, 2019 | Dec. 31, 2013 | |
Gain (Loss) on Disposition of Business | $ (870,000) | $ 0 | $ 0 | ||||
Landmark Financial Advisors, LLC (LFA) [Member] | |||||||
Gain (Loss) on Disposition of Business | $ (870,000) | ||||||
Kentucky Bancshares [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 4,403,000 | ||||||
Core Deposits [Member] | Commonwealth [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 12,724,000 | ||||||
Core Deposits [Member] | Kentucky Bancshares [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 4,000,000 | ||||||
Core Deposits [Member] | King Bancorp Inc. [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,000,000 | ||||||
Core Deposits [Member] | THE BANCorp [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,000,000 | ||||||
Customer Lists [Member] | Commonwealth [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 14,360,000 | ||||||
Customer Lists [Member] | WM&T [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 12,000,000 | ||||||
Customer Lists [Member] | Landmark Financial Advisors, LLC (LFA) [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,000,000 |
Note 8 - Core Deposit and Cus_4
Note 8 - Core Deposit and Customer List Intangible Assets - Changes in the Net Carrying Amount of Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amortized to expense | $ (5,544) | $ (770) | $ (323) |
Core Deposits [Member] | |||
Balance at beginning of period | 5,596 | 1,962 | 2,285 |
Additions from acquisitions | 12,724 | 3,404 | 0 |
Provisional period adjustments | 0 | 999 | 0 |
Amortized to expense | (3,362) | (769) | (323) |
Balance at end of period | 14,958 | 5,596 | $ 1,962 |
Customer Lists [Member] | |||
Balance at beginning of period | 0 | ||
Additions from acquisitions | 14,360 | ||
Provisional period adjustments | 0 | ||
Amortized to expense | (2,182) | ||
Balance at end of period | 10,032 | $ 0 | |
Disposition of LFA | $ (2,146) |
Note 8 - Core Deposit and Cus_5
Note 8 - Core Deposit and Customer List Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Core Deposits [Member] | ||||
2023 | $ 3,015 | |||
2024 | 2,686 | |||
2025 | 2,375 | |||
2026 | 2,063 | |||
2027 | 1,752 | |||
2028 | 1,339 | |||
2029 | 888 | |||
2030 | 576 | |||
2031 | 264 | |||
2032 | 0 | |||
2033 | 0 | |||
Total future expense | 14,958 | $ 5,596 | $ 1,962 | $ 2,285 |
Customer Lists [Member] | ||||
2023 | 1,672 | |||
2024 | 1,520 | |||
2025 | 1,368 | |||
2026 | 1,216 | |||
2027 | 1,064 | |||
2028 | 912 | |||
2029 | 760 | |||
2030 | 608 | |||
2031 | 456 | |||
2032 | 304 | |||
2033 | 152 | |||
Total future expense | $ 10,032 | $ 0 |
Note 9 - Other Assets - Summary
Note 9 - Other Assets - Summary of Major Components of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash surrender value of life insurance other than BOLI | $ 15,496 | $ 17,875 | ||
Net deferred tax asset | 54,145 | 24,340 | ||
Investments in tax credit partnerships | 13,969 | 11,084 | ||
Swap assets | 10,727 | 3,148 | ||
Prepaid assets | 5,721 | 4,469 | ||
Trust fee receivable | 3,354 | 2,868 | ||
Mortgage servicing rights | 15,219 | 4,528 | $ 2,710 | $ 1,372 |
Other real estate owned | 677 | 7,212 | ||
Other | 15,680 | 10,478 | ||
Total other assets | $ 134,988 | $ 86,002 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 0 |
Operating Loss Carryforwards | $ 14,000 | |
Domestic Tax Authority [Member] | ||
Open Tax Year | 2018 2019 2020 2021 2022 | |
State and Local Jurisdiction [Member] | ||
Open Tax Year | 2017 2018 2019 2020 2021 2022 |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Income Tax Expense (Benefit) from Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal | $ 22,405 | $ 13,292 | $ 15,474 | ||||||||||||
State | 2,962 | 2,059 | 908 | ||||||||||||
Total current income tax expense | 25,367 | 15,351 | 16,382 | ||||||||||||
Federal | (513) | 3,318 | (5,398) | ||||||||||||
State | 2,336 | 2,176 | (2,082) | ||||||||||||
Total deferred income tax expense (benefit) | 1,823 | 5,494 | (7,480) | ||||||||||||
Change in valuation allowance | 0 | (93) | (28) | ||||||||||||
Total income tax expense | $ 9,174 | $ 9,024 | $ 7,547 | $ 1,445 | $ 7,525 | $ 6,902 | $ 864 | $ 5,461 | $ 2,685 | $ 1,591 | $ 2,348 | $ 2,250 | $ 27,190 | $ 20,752 | $ 8,874 |
Note 10 - Income Taxes - Comp_2
Note 10 - Income Taxes - Components of Income Tax (Benefit) Expense Recorded Directly to Stockholders' Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unrealized gain (loss) on securities available for sale | $ (35,323) | $ (5,371) | $ 2,607 |
Unrealized gain (loss) on derivatives | 0 | 38 | (27) |
Minimum pension liability adjustment | 126 | 52 | (25) |
Total income tax (benefit) expense recorded directly to stockholders' equity | $ (35,197) | $ (5,281) | $ 2,555 |
Note 10 - Income Taxes - Differ
Note 10 - Income Taxes - Difference Between Statutory and Effective Tax Rates (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. federal statutory income tax rate | 21% | 21% | 21% |
State income taxes, net of federal benefit | 3.50% | 3.50% | 0.80% |
Excess tax benefits from stock-based compensation arrangements | (1.00%) | (1.10%) | (0.70%) |
Change in cash surrender value of life insurance | 0.20% | (0.80%) | (0.80%) |
Tax credits | (0.20%) | (0.30%) | (5.50%) |
Kentucky state income tax enactments | 0% | 0% | (2.20%) |
Tax exempt interest income | (0.60%) | (0.40%) | (0.30%) |
Non-deductible merger expenses | 0.10% | 0.40% | 0% |
Insurance captive | (0.30%) | (0.20%) | 0% |
Amortization of investment in tax credit partnerships | 0.10% | 0.10% | 1% |
Other, net | (0.20%) | (0.40%) | (0.20%) |
Effective tax rate | 22.60% | 21.80% | 13.10% |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance for credit losses | $ 18,099 | $ 13,354 |
Deferred compensation | 6,349 | 6,245 |
Operating lease liability | 5,066 | 3,951 |
State net operating loss | 540 | 2,217 |
Deferred PPP loan fees | 77 | 1,186 |
Accrued expenses | 4,605 | 3,345 |
Investments in tax credit partnerships | 215 | 747 |
Interest rate swaps | 6 | 0 |
Securities | 35,935 | 1,171 |
Acquired loan fair value adjustments | 3,506 | 808 |
Other assets | 0 | 343 |
Write-downs and costs associated with other real estate owned | 21 | 21 |
Total deferred tax assets | 74,419 | 33,388 |
Right-of-use operating lease asset | 4,848 | 3,706 |
Property and equipment | 2,395 | 970 |
Loan costs | 1,272 | 968 |
Mortgage servicing rights | 3,712 | 1,088 |
Leases | 170 | 221 |
Other liabilities | 2,009 | 1,018 |
Total deferred tax liabilities | 20,274 | 9,048 |
Net deferred tax asset | 54,145 | 24,340 |
Core Deposits [Member] | ||
Intangibles | 3,399 | 1,077 |
Customer Lists [Member] | ||
Intangibles | $ 2,469 | $ 0 |
Note 11 - Deposits (Details Tex
Note 11 - Deposits (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 07, 2022 | May 31, 2021 | |
Interest-Bearing Domestic Deposit, Brokered | $ 599,000 | $ 5,000,000 | |||
Interest Expense, Time Deposits, 250,000 or More | 472,000 | 464,000 | $ 888,000 | ||
Related Party Deposit Liabilities | 59,000,000 | 104,000,000 | |||
Deposit Liabilities Reclassified as Loans Receivable | $ 913,000 | $ 612,000 | |||
Commonwealth [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | $ 1,120,803,000 | ||||
Kentucky Bancshares [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | $ 1,039,218,000 |
Note 11 - Deposits - Compositio
Note 11 - Deposits - Composition of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Non-interest bearing demand deposits | $ 1,950,198 | $ 1,755,754 | |
Interest bearing demand | 2,308,960 | 2,131,928 | |
Savings | 535,903 | 415,258 | |
Money market | 1,124,100 | 1,050,352 | |
Time deposit accounts of $250,000 or more | 97,638 | 89,745 | |
Other time deposits | [1] | 374,453 | 344,477 |
Total time deposits | 472,091 | 434,222 | |
Total interest bearing deposits | 4,441,054 | 4,031,760 | |
Total deposits | $ 6,391,252 | $ 5,787,514 | |
[1]Includes $599,000 and $5 million in brokered deposits as of December 31, 2022 and 2021, respectively. |
Note 11 - Deposits - Maturities
Note 11 - Deposits - Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 334,504 | |
2024 | 94,138 | |
2025 | 24,212 | |
2026 | 8,924 | |
2027 | 10,121 | |
Beyond five years | 192 | |
Total time deposits | $ 472,091 | $ 434,222 |
Note 12 - Securities Sold Und_3
Note 12 - Securities Sold Under Agreements to Repurchase (Details Textual) - USD ($) $ in Thousands | Mar. 07, 2022 | May 31, 2021 |
Commonwealth [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Securities Sold under Repurchase Agreement | $ 66,220 | |
Kentucky Bancshares [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Securities Sold under Repurchase Agreement | $ 11,360 |
Note 12 - Securities Sold Und_4
Note 12 - Securities Sold Under Agreements to Repurchase - Securities Sold Under Agreements to Repurchase (Details) - Securities Sold under Agreements to Repurchase [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding balance at end of period | $ 133,342 | $ 75,466 | |
Weighted average interest rate at end of period | 1.64% | 0.04% | |
Average outstanding balance during the period | $ 122,154 | $ 62,534 | $ 40,363 |
Average interest rate during the period | 0.46% | 0.04% | 0.09% |
Maximum outstanding at any month end during the period | $ 161,512 | $ 81,964 | $ 47,979 |
Note 13 - Subordinated Debent_3
Note 13 - Subordinated Debentures (Details Textual) | Mar. 07, 2022 |
Commonwealth [Member] | |
Business Acquisition, Percentage of Voting Interests Acquired | 100% |
Note 13 - Subordinated Debent_4
Note 13 - Subordinated Debentures - Subordinated Notes (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Face Value | $ 26,806 |
Carrying value | 26,343 |
Commonwealth Statutory Trust III [Member] | |
Face Value | 3,093 |
Carrying value | $ 3,040 |
Commonwealth Statutory Trust III [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Index | 2.85% |
Commonwealth Statutory Trust IV [Member] | |
Face Value | $ 12,372 |
Carrying value | $ 12,158 |
Commonwealth Statutory Trust IV [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Index | 1.35% |
Commonwealth Statutory Trust V [Member] | |
Face Value | $ 11,341 |
Carrying value | $ 11,145 |
Commonwealth Statutory Trust V [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Index | 1.40% |
Note 14 - FHLB Advances and O_3
Note 14 - FHLB Advances and Other Borrowings (Details Textual) - USD ($) | 3 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | May 31, 2021 | |
Advance from Federal Home Loan Bank, Total | $ 50,000,000 | $ 0 | ||
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate at Period End | 2.03% | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 1,360,000,000 | 1,000,000,000 | ||
Unsecured Borrowing Line [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000,000 | |||
Correspondent Banks [Member] | ||||
Federal Funds Corresponding Banks Maximum Amount Available | $ 80,000,000 | $ 80,000,000 | ||
The Federal Home Loan Bank Advances [Member] | ||||
Repayments of Long-term Debt, Total | $ 14,000,000 | |||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 474,000 | |||
Kentucky Bancshares [Member] | ||||
Advance from Federal Home Loan Bank, Total | $ 91,000,000 |
Note 14 - FHLB Advances and O_4
Note 14 - FHLB Advances and Other Borrowings - Contractual Maturities and Average Effective Rates of Outstanding Advances (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Advance from Federal Home Loan Bank, Total | $ 50,000 | $ 0 |
Weighted average interest rate at end of period | 4.37% | 0% |
Note 15 - Accumulated Other C_3
Note 15 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 675,869 | ||
Balance | 760,432 | $ 675,869 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Balance | (7,657) | 9,309 | $ 1,085 |
Net current period other comprehensive income (loss) | (107,991) | (16,966) | 8,224 |
Balance | (115,648) | (7,657) | 9,309 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Balance | 0 | (121) | (39) |
Net current period other comprehensive income (loss) | 0 | 121 | (82) |
Balance | 0 | 0 | (121) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (283) | (447) | (369) |
Net current period other comprehensive income (loss) | 395 | 164 | (78) |
Balance | 112 | (283) | (447) |
AOCI Attributable to Parent [Member] | |||
Balance | (7,940) | 8,741 | 677 |
Net current period other comprehensive income (loss) | (107,596) | (16,681) | 8,064 |
Balance | $ (115,536) | $ (7,940) | $ 8,741 |
Note 16 - Preferred Stock (Deta
Note 16 - Preferred Stock (Details Textual) - $ / shares $ / shares in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred Stock, No Par Value (in dollars per share) | $ 0 | $ 0 |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 |
Note 17 - Net Income Per Shar_2
Note 17 - Net Income Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income available to stockholders | $ 29,817 | $ 28,455 | $ 26,794 | $ 7,906 | $ 24,589 | $ 23,162 | $ 4,184 | $ 22,710 | $ 17,736 | $ 14,533 | $ 13,368 | $ 13,232 | $ 92,972 | $ 74,645 | $ 58,869 |
Weighted average shares outstanding - basic (in shares) | 28,672 | 24,898 | 22,563 | ||||||||||||
Dilutive shares (in shares) | 250 | 258 | 205 | ||||||||||||
Weighted average shares outstanding - diluted (in shares) | 28,922 | 25,156 | 22,768 | ||||||||||||
Net income per share - basic (in dollars per share) | $ 1.02 | $ 0.98 | $ 0.92 | $ 0.29 | $ 0.93 | $ 0.87 | $ 0.17 | $ 1 | $ 0.79 | $ 0.64 | $ 0.59 | $ 0.59 | $ 3.24 | $ 3 | $ 2.61 |
Net income per share - diluted (in dollars per share) | $ 1.01 | $ 0.97 | $ 0.91 | $ 0.29 | $ 0.92 | $ 0.87 | $ 0.17 | $ 0.99 | $ 0.78 | $ 0.64 | $ 0.59 | $ 0.58 | $ 3.21 | $ 2.97 | $ 2.59 |
Note 17 - Net Income Per Shar_3
Note 17 - Net Income Per Share - Antidilutive SARs (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock Appreciation Rights (SARs) [Member] | |||
Antidilutive SARs (in shares) | 1 | 0 | 202 |
Note 18 - Employee Benefit Pl_3
Note 18 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6% | ||
Defined Benefit Plan, Employer Additional Contribution of Stock, Percent | 2% | ||
Defined Contribution Plan, Cost | $ 4,200,000 | $ 3,300,000 | $ 2,900,000 |
Defined Contribution Plan, Shares, Held in Employee Stock Ownership and Profit Sharing Plan (in shares) | 423,000 | 445,000 | |
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 221,000 | $ 224,000 | $ 214,000 |
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 11,200,000 | 10,800,000 | |
Defined Benefit Plan, Number of Employees Covered | 2 | ||
Defined Benefit Plan, Number of Retired Employees Covered | 1 | ||
Defined Benefit Plan, Number of Present Employees Covered | 1 | ||
Deferred Compensation Arrangement with Individual, Requisite Service Period (Year) | 25 years | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 2,300,000 | $ 2,100,000 |
Note 18 - Employee Benefit Pl_4
Note 18 - Employee Benefit Plans - Benefits Expected to Be Paid (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 0 |
2024 | 137 |
2025 | 137 |
2026 | 219 |
2027 | 219 |
2028 and thereafter | 2,566 |
Total future payments | $ 3,278 |
Note 19 - Stock-based Compens_3
Note 19 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 500,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 282,000 | |||||||
Proceeds (Used for) and Received from Settlement of Stock Awards | $ 233,000 | $ 208,000 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 101,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expected Shares to be Awarded (in shares) | 164,000 | |||||||
Stock Appreciation Rights (SARs) [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | [1] | 282,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 34,000 | 30,000 | 48,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 435,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Exercise Price (in dollars per share) | $ 35.60 | |||||||
Stock Appreciation Rights (SARs) [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Exercise Price (in dollars per share) | 19.37 | $ 15.24 | $ 15.24 | $ 14.02 | ||||
Stock Appreciation Rights (SARs) [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Exercise Price (in dollars per share) | $ 74.92 | $ 50.71 | $ 40 | $ 40 | ||||
Stock Appreciation Rights (SARs) [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20% | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 35,000 | 39,000 | 36,000 | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 96,000 | |||||||
Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||
Sharebased Compensation Arrangement by Share-based Payment Award Post Vesting Holding Period (Year) | 1 year | |||||||
Share-based Compensation Arrangement by Share-based Payment Award Liquidity Discount | 5.80% | 6.10% | 4.40% | |||||
Performance Shares [Member] | Minimum [Member] | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 0 | |||||||
Performance Shares [Member] | Maximum [Member] | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 164,000 | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 5,000 | |||||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 12 months | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 5,410 | 7,758 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Fair Value Granted | $ 350,000 | $ 315,000 | ||||||
[1]Under the 2015 Omnibus Equity Compensation Plan, shares of stock are authorized for issuance as incentive and non-qualified stock options, SARs, RSAs, and RSUs. |
Note 19 - Stock-based Compens_4
Note 19 - Stock-based Compensation - Fair Value Assumptions (Details) - Stock Appreciation Rights (SARs) [Member] | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividend yield | 2.38% | 2.52% | 2.51% |
Expected volatility | 25.43% | 25.19% | 20.87% |
Risk free interest rate | 1.98% | 1.22% | 1.25% |
Expected life of SARs (in years) (Year) | 7 years 1 month 6 days | 7 years 1 month 6 days | 7 years 1 month 6 days |
Note 19 - Stock-based Compens_5
Note 19 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expense | $ 4,394 | $ 4,565 | $ 3,262 |
Deferred tax benefit | (924) | (960) | (686) |
Total net expense | 3,470 | 3,605 | 2,576 |
Stock Appreciation Rights (SARs) [Member] | |||
Expense | 376 | 352 | 352 |
Deferred tax benefit | (79) | (74) | (74) |
Total net expense | 297 | 278 | 278 |
Restricted Stock [Member] | |||
Expense | 1,373 | 1,288 | 1,346 |
Deferred tax benefit | (289) | (271) | (283) |
Total net expense | 1,084 | 1,017 | 1,063 |
Restricted Stock Units (RSUs) [Member] | |||
Expense | 332 | 312 | 270 |
Deferred tax benefit | (70) | (66) | (57) |
Total net expense | 262 | 246 | 213 |
Performance Shares [Member] | |||
Expense | 2,313 | 2,613 | 1,294 |
Deferred tax benefit | (486) | (549) | (272) |
Total net expense | $ 1,827 | $ 2,064 | $ 1,022 |
Note 19 - Stock-based Compens_6
Note 19 - Stock-based Compensation - Unrecognized Stock-based Compensation Expense (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 3,053 |
2024 | 2,022 |
2025 | 879 |
2026 | 507 |
2027 | 59 |
Total estimated expense | 6,520 |
Stock Appreciation Rights (SARs) [Member] | |
2023 | 315 |
2024 | 209 |
2025 | 150 |
2026 | 92 |
2027 | 14 |
Total estimated expense | 780 |
Restricted Stock [Member] | |
2023 | 1,181 |
2024 | 959 |
2025 | 729 |
2026 | 415 |
2027 | 45 |
Total estimated expense | 3,329 |
Restricted Stock Units (RSUs) [Member] | |
2023 | 2 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Total estimated expense | 2 |
Performance Shares [Member] | |
2023 | 1,555 |
2024 | 854 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Total estimated expense | $ 2,409 |
Note 19 - Stock-based Compens_7
Note 19 - Stock-based Compensation - SARs Activity (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Unvested (in shares) | 515 | 593 | 641 | ||
Outstanding, aggregate intrinsic value | [1] | $ 12,784 | $ 16,854 | $ 7,706 | $ 10,250 |
Unvested, grant date weighted average cost (in dollars per share) | $ 5.08 | $ 4.44 | $ 4.10 | ||
Outstanding, weighted average remaining contractual life (Year) | 5 years 1 month 6 days | 5 years 1 month 6 days | 5 years 1 month 6 days | 5 years 3 months 18 days | |
Awarded (in shares) | 34 | 30 | 48 | ||
Granted, aggregate intrinsic value | [1] | $ 0 | $ 0 | $ 154 | |
Fair value at grant date (in dollars per share) | $ 12.07 | $ 9.69 | $ 5.80 | ||
Exercised (in shares) | (114) | (108) | (96) | ||
Exercised, aggregate intrinsic value | [1] | $ 5,258 | $ 4,239 | $ 2,401 | |
Exercised weighted average fair value (in dollars per share) | $ 3.63 | $ 2.85 | $ 2.88 | ||
Forfeited (in shares) | 0 | 0 | 0 | ||
Unvested, grant date weighted average cost (in dollars per share) | $ 6.02 | $ 5.08 | $ 4.44 | $ 4.10 | |
Forfeited (in shares) | 0 | 0 | 0 | ||
Unvested (in shares) | 435 | 515 | 593 | 641 | |
Outstanding, exercise price (in dollars per share) | $ 35.60 | ||||
Outstanding, weighted average fair value (in dollars per share) | $ 6.02 | $ 5.08 | $ 4.44 | $ 4.10 | |
Vested and exercisable (in shares) | 307 | ||||
Vested and exercisable, aggregate intrinsic value | [1] | $ 10,181 | |||
Vested and exercisable, weighted average fair value (in dollars per share) | $ 5.06 | ||||
Vested and exercisable, weighted average remaining contractual life (Year) | 4 years 2 months 12 days | ||||
Unvested (in shares) | 128 | ||||
Unvested, aggregate intrinsic value | [1] | $ 2,603 | |||
Unvested, weighted average fair value (in dollars per share) | $ 8.32 | ||||
Unvested, weighted average remaining contractual life (Year) | 5 years 10 months 24 days | ||||
Outstanding (in shares) | 435 | 515 | 593 | 641 | |
Outstanding, exercise price (in dollars per share) | $ 35.60 | ||||
Vested in the current year (in shares) | 54 | ||||
Vested in the current year, aggregate intrinsic value | [1] | $ 1,384 | |||
Vested in the current year (in dollars per share) | $ 6.50 | ||||
Minimum [Member] | |||||
Outstanding, exercise price (in dollars per share) | 15.24 | $ 15.24 | $ 14.02 | ||
Granted, exercise price (in dollars per share) | 47.17 | 47.17 | 37.30 | ||
Exercised, exercise price (in dollars per share) | 15.24 | 15.24 | 14.02 | ||
Outstanding, exercise price (in dollars per share) | 19.37 | 15.24 | 15.24 | $ 14.02 | |
Vested and exercisable, exercise price (in dollars per share) | 19.37 | ||||
Unvested, exercise price (in dollars per share) | 35.90 | ||||
Outstanding, exercise price (in dollars per share) | 19.37 | 15.24 | 15.24 | 14.02 | |
Vested in the current year, exercise price (in dollars per share) | 15.24 | ||||
Maximum [Member] | |||||
Outstanding, exercise price (in dollars per share) | 50.71 | 40 | 40 | ||
Granted, exercise price (in dollars per share) | 74.92 | 50.71 | 37.30 | ||
Exercised, exercise price (in dollars per share) | 40 | 19.37 | 25.76 | ||
Outstanding, exercise price (in dollars per share) | 74.92 | 50.71 | 40 | 40 | |
Vested and exercisable, exercise price (in dollars per share) | 50.71 | ||||
Unvested, exercise price (in dollars per share) | 74.92 | ||||
Outstanding, exercise price (in dollars per share) | 74.92 | 50.71 | 40 | 40 | |
Vested in the current year, exercise price (in dollars per share) | 50.71 | ||||
Weighted Average [Member] | |||||
Outstanding, exercise price (in dollars per share) | 31.16 | 27.47 | 25.06 | ||
Granted, exercise price (in dollars per share) | 55.45 | 50.48 | 37.30 | ||
Exercised, exercise price (in dollars per share) | 21.55 | 16.40 | 16.33 | ||
Outstanding, exercise price (in dollars per share) | 35.60 | 31.16 | 27.47 | 25.06 | |
Vested and exercisable, exercise price (in dollars per share) | 31.81 | ||||
Unvested, exercise price (in dollars per share) | 44.69 | ||||
Outstanding, exercise price (in dollars per share) | 35.60 | $ 31.16 | $ 27.47 | $ 25.06 | |
Vested in the current year, exercise price (in dollars per share) | $ 39.36 | ||||
[1]Aggregate intrinsic value for SARs is defined as the amount by which the current market price of the underlying stock exceeds the exercise or grant price. |
Note 19 - Stock-based Compens_8
Note 19 - Stock-based Compensation - Options and SARS Outstanding (Details) shares in Thousands | Dec. 31, 2022 $ / shares shares |
Number of SARs outstanding (in shares) | 435 |
SARs exercisable (in shares) | 307 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 35.60 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2023 [Member] | |
Number of SARs outstanding (in shares) | 0 |
SARs exercisable (in shares) | 0 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 0 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2024 [Member] | |
Number of SARs outstanding (in shares) | 27 |
SARs exercisable (in shares) | 27 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 19.38 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2025 [Member] | |
Number of SARs outstanding (in shares) | 39 |
SARs exercisable (in shares) | 39 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 23.02 |
Stock Options and Stock Appreciation Rights SARs Expiring in 2026 [Member] | |
Number of SARs outstanding (in shares) | 76 |
SARs exercisable (in shares) | 76 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 25.76 |
Stock Appreciation Rights SARs Expiring in 2027 [Member] | |
Number of SARs outstanding (in shares) | 40 |
SARs exercisable (in shares) | 40 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 40 |
Stock Appreciation Rights SARs Expiring in 2028 [Member] | |
Number of SARs outstanding (in shares) | 95 |
SARs exercisable (in shares) | 76 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 37.84 |
Stock Appreciation Rights SARs Expiring in 2029 [Member] | |
Number of SARs outstanding (in shares) | 47 |
SARs exercisable (in shares) | 26 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 37.06 |
Stock Appreciation Rights SARs Expiring In 2030 [Member] | |
Number of SARs outstanding (in shares) | 46 |
SARs exercisable (in shares) | 17 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 37.30 |
Stock Appreciation Rights SARs Expiring In 2031 [Member] | |
Number of SARs outstanding (in shares) | 31 |
SARs exercisable (in shares) | 6 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 50.48 |
Stock Appreciation Rights SARs Expiring In 2032 [Member] | |
Number of SARs outstanding (in shares) | 34 |
SARs exercisable (in shares) | 0 |
Weighted average exercise price of SARs outstanding (in dollars per share) | $ / shares | $ 55.45 |
Note 19 - Stock-based Compens_9
Note 19 - Stock-based Compensation - Restricted Stock (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unvested (in shares) | 99 | 99 | 108 |
Unvested, grant date weighted average cost (in dollars per share) | $ 41.07 | $ 36.85 | $ 34.31 |
Awarded (in shares) | 35 | 39 | 36 |
Fair value at grant date (in dollars per share) | $ 58.47 | $ 46.90 | $ 39.30 |
Restrictions lapsed and shares vested (in shares) | (32) | (34) | (41) |
Restrictions lapsed and shares vested, grant date weighted average cost (in dollars per share) | $ 40.39 | $ 35.48 | $ 32.38 |
Forfeited (in shares) | (6) | (5) | (4) |
Shares forfeited, grant date weighted average cost (in dollars per share) | $ 47.49 | $ 40.81 | $ 36.63 |
Unvested (in shares) | 96 | 99 | 99 |
Unvested, grant date weighted average cost (in dollars per share) | $ 47.26 | $ 41.07 | $ 36.85 |
Note 19 - Stock-based Compen_10
Note 19 - Stock-based Compensation - Performance-based Restricted Stock Units (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expected shares to be awarded (in shares) | 282,000 | ||
Performance Shares [Member] | |||
Vesting period (Year) | 3 years | ||
Performance Shares [Member] | Executive Officer [Member] | |||
Vesting period (Year) | 3 years | 3 years | 3 years |
Fair value at grant date (in dollars per share) | $ 48.48 | $ 44.44 | $ 32.27 |
Expected shares to be awarded (in shares) | 51,929 | 47,280 | 65,111 |
Note 19 - Share-based Compensat
Note 19 - Share-based Compensation - Number of Shares to Be Issued Upon Exercise of Outstanding Stock-based Awards (Details) | Dec. 31, 2022 shares | |
Expected shares to be awarded (in shares) | 282,000 | |
Number of shares to be issued upon exercise (in shares) | 101,000 | |
Stock Appreciation Rights (SARs) [Member] | ||
Expected shares to be awarded (in shares) | 282,000 | [1] |
Restricted Stock [Member] | ||
Number of shares to be issued upon exercise (in shares) | 96,000 | |
Restricted Stock Units (RSUs) [Member] | ||
Number of shares to be issued upon exercise (in shares) | 5,000 | |
[1]Under the 2015 Omnibus Equity Compensation Plan, shares of stock are authorized for issuance as incentive and non-qualified stock options, SARs, RSAs, and RSUs. |
Note 20 - Dividends (Details Te
Note 20 - Dividends (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Regulatory Dividend Restrictions, Period Considered for Deduction of Dividend Already Paid for, Net Income (Year) | 2 years |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 110 |
Note 21 - Commitments and Con_3
Note 21 - Commitments and Contingent Liabilities (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Mar. 07, 2022 | Dec. 31, 2021 | Jan. 01, 2020 | Dec. 31, 2019 | |
Off-Balance Sheet, Credit Loss, Liability, Ending Balance | $ 3,850,000 | $ 350,000 | |||
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | $ 575,000 | ||||
Standby Letters of Credit [Member] | Minimum [Member] | |||||
Guarantee Obligations, Agreement Term (Month) | 1 month | ||||
Standby Letters of Credit [Member] | Maximum [Member] | |||||
Guarantee Obligations, Agreement Term (Month) | 2 months | ||||
Performance Guarantee [Member] | |||||
Guarantee Obligation, Estimated Payment Under Default on Contract | $ 3,000,000 | ||||
Commonwealth [Member] | |||||
Off-Balance Sheet, Credit Loss, Liability, Ending Balance | $ 500,000 | ||||
Other Liabilities [Member] | |||||
Off-Balance Sheet, Credit Loss, Liability, Ending Balance | $ 4,500,000 | $ 3,500,000 |
Note 21 - Commitments and Con_4
Note 21 - Commitments and Contingent Liabilities - Off Balance Sheet Commitments to Extend Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Off balance sheet commitments to extend credit | $ 2,063,587 | $ 1,691,152 |
Commercial and Industrial Loans [Member] | ||
Off balance sheet commitments to extend credit | 784,429 | 625,858 |
Construction and Development [Member] | ||
Off balance sheet commitments to extend credit | 449,028 | 292,351 |
Home Equity Loans [Member] | ||
Off balance sheet commitments to extend credit | 358,610 | 247,885 |
Credit Cards [Member] | ||
Off balance sheet commitments to extend credit | 64,231 | 40,471 |
Overdrafts [Member] | ||
Off balance sheet commitments to extend credit | 57,193 | 51,104 |
Letters of Credit [Member] | ||
Off balance sheet commitments to extend credit | 34,704 | 30,779 |
Other Off Balance Sheet Commitments [Member] | ||
Off balance sheet commitments to extend credit | 93,419 | 76,721 |
Future Loan Commitments [Member] | ||
Off balance sheet commitments to extend credit | $ 221,973 | $ 325,983 |
Note 22 - Assets and Liabilit_3
Note 22 - Assets and Liabilities Measured and Reported at Fair Value (Details Textual) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value, Nonrecurring [Member] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Selling and Closing Costs [Member] | Minimum [Member] | ||
Impaired Loans, Measurement Input | 0.08 | |
Other Real Estate Owned, Measurement Input | 0.08 | |
Selling and Closing Costs [Member] | Maximum [Member] | ||
Impaired Loans, Measurement Input | 0.10 | |
Other Real Estate Owned, Measurement Input | 0.10 |
Note 22 - Assets and Liabilit_4
Note 22 - Assets and Liabilities Measured and Reported at Fair Value - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities available-for-sale | $ 1,144,617 | $ 1,180,298 |
Derivative | 10,727 | 3,148 |
US Treasury Securities and US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale | 115,039 | 122,501 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale | 143,626 | 135,021 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available-for-sale | 752,738 | 846,624 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale | 127,599 | 75,075 |
Other Debt Obligations [Member] | ||
Securities available-for-sale | 5,615 | 1,077 |
Fair Value, Recurring [Member] | ||
Securities available-for-sale | 1,144,617 | 1,180,298 |
Mortgage loans held for sale | 2,606 | |
Interest rate swaps | 10,727 | 3,148 |
Total assets | 1,158,134 | 1,183,446 |
Interest rate swaps | 10,737 | 3,162 |
Fair Value, Recurring [Member] | Rate Lock Loan Commitments [Member] | ||
Derivative | 137 | |
Fair Value, Recurring [Member] | Mandatory Forward Contract [Member] | ||
Derivative | 47 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 115,039 | 122,501 |
Mortgage loans held for sale | 0 | |
Interest rate swaps | 0 | 0 |
Total assets | 115,039 | 122,501 |
Interest rate swaps | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Rate Lock Loan Commitments [Member] | ||
Derivative | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mandatory Forward Contract [Member] | ||
Derivative | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 1,029,578 | 1,057,797 |
Mortgage loans held for sale | 2,606 | |
Interest rate swaps | 10,727 | 3,148 |
Total assets | 1,043,095 | 1,060,945 |
Interest rate swaps | 10,737 | 3,162 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Rate Lock Loan Commitments [Member] | ||
Derivative | 137 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mandatory Forward Contract [Member] | ||
Derivative | 47 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Mortgage loans held for sale | 0 | |
Interest rate swaps | 0 | 0 |
Total assets | 0 | 0 |
Interest rate swaps | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Rate Lock Loan Commitments [Member] | ||
Derivative | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mandatory Forward Contract [Member] | ||
Derivative | 0 | |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Securities available-for-sale | 115,039 | |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 115,039 | |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 0 | |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | |
Fair Value, Recurring [Member] | US Treasury Securities and US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale | 122,501 | |
Fair Value, Recurring [Member] | US Treasury Securities and US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 122,501 | |
Fair Value, Recurring [Member] | US Treasury Securities and US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 0 | |
Fair Value, Recurring [Member] | US Treasury Securities and US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale | 143,626 | 135,021 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 143,626 | 135,021 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available-for-sale | 752,738 | 846,624 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 752,738 | 846,624 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale | 127,599 | 75,075 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 127,599 | 75,075 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | ||
Securities available-for-sale | 5,615 | 1,077 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 5,615 | 1,077 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | $ 0 | $ 0 |
Note 22 - Assets and Liabilit_5
Note 22 - Assets and Liabilities Measured and Reported at Fair Value - Assets Measured at Fair Value on a Non-recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other real estate owned, gain (loss) | $ 46 | $ 163 | $ (73) |
Fair Value, Nonrecurring [Member] | |||
Collateral dependent loans, fair value | 0 | 0 | 0 |
Collateral dependent loans | 303 | 891 | 59 |
Other real estate owned, fair value | 0 | 0 | 0 |
Other real estate owned, gain (loss) | 0 | 17 | 52 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Collateral dependent loans, fair value | 0 | 0 | 0 |
Other real estate owned, fair value | 0 | 0 | 0 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Collateral dependent loans, fair value | 20,637 | 4,487 | 7,546 |
Other real estate owned, fair value | 677 | 7,212 | 281 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Collateral dependent loans, fair value | 20,637 | 4,487 | 7,546 |
Other real estate owned, fair value | $ 677 | $ 7,212 | $ 281 |
Note 22 - Assets and Liabilit_6
Note 22 - Assets and Liabilities Measured and Reported at Fair Value - Significant Unobservable Inputs (Details) - Appraisal Discount Method [Member] - Fair Value, Inputs, Level 3 [Member] - Impaired Loans [Member] $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Collateral dependent loans, fair value | $ 20,637 | $ 4,487 |
Other real estate owned, fair value | $ 677 | $ 7,212 |
Weighted Average [Member] | ||
Impaired Loans, Measurement Input | 0.233 | 0.411 |
Other Real Estate Owned, Measurement Input | 0.656 | 0.316 |
Note 23 - Disclosure of Finan_3
Note 23 - Disclosure of Financial Instruments Not Reported at Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 167,367 | $ 961,192 |
Accrued interest receivable | 22,157 | 13,745 |
Non-interest bearing | 1,950,198 | 1,755,754 |
Time deposits | 472,091 | 434,222 |
Accrued interest payable | 660 | 300 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 167,367 | 961,192 |
HTM debt securities | 473,217 | |
Federal Home Loan Bank stock | 10,928 | 9,376 |
Loans, net | 5,132,387 | 4,115,405 |
Accrued interest receivable | 22,157 | 13,745 |
Non-interest bearing | 1,950,198 | 1,755,754 |
Transaction deposits | 3,968,963 | 3,597,538 |
Time deposits | 472,091 | 434,222 |
Securities sold under agreement to repurchase | 133,342 | 75,466 |
Federal funds purchased | 8,789 | 10,374 |
Subordinated debentures | 26,343 | |
FHLB advances | 50,000 | |
Accrued interest payable | 660 | 300 |
Mortgage loans held for sale | 8,614 | |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 167,367 | 961,192 |
HTM debt securities | 431,833 | |
Federal Home Loan Bank stock | 10,928 | 9,376 |
Loans, net | 4,914,770 | 4,129,091 |
Accrued interest receivable | 22,157 | 13,745 |
Non-interest bearing | 1,950,198 | 1,755,754 |
Transaction deposits | 3,968,963 | 3,597,538 |
Time deposits | 459,467 | 433,813 |
Securities sold under agreement to repurchase | 133,342 | 75,466 |
Federal funds purchased | 8,789 | 10,374 |
Subordinated debentures | 26,460 | |
FHLB advances | 50,000 | |
Accrued interest payable | 660 | 300 |
Mortgage loans held for sale | 8,818 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 167,367 | 961,192 |
HTM debt securities | 0 | |
Federal Home Loan Bank stock | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 22,157 | 13,745 |
Non-interest bearing | 1,950,198 | 1,755,754 |
Transaction deposits | 0 | 0 |
Time deposits | 0 | 0 |
Securities sold under agreement to repurchase | 0 | 0 |
Federal funds purchased | 0 | 0 |
Subordinated debentures | 0 | |
FHLB advances | 0 | |
Accrued interest payable | 660 | 300 |
Mortgage loans held for sale | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
HTM debt securities | 431,833 | |
Federal Home Loan Bank stock | 10,928 | 9,376 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Non-interest bearing | 0 | 0 |
Transaction deposits | 3,968,963 | 3,597,538 |
Time deposits | 459,467 | 433,813 |
Securities sold under agreement to repurchase | 133,342 | 75,466 |
Federal funds purchased | 8,789 | 10,374 |
Subordinated debentures | 26,460 | |
FHLB advances | 50,000 | |
Accrued interest payable | 0 | 0 |
Mortgage loans held for sale | 8,818 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
HTM debt securities | 0 | |
Federal Home Loan Bank stock | 0 | 0 |
Loans, net | 4,914,770 | 4,129,091 |
Accrued interest receivable | 0 | 0 |
Non-interest bearing | 0 | 0 |
Transaction deposits | 0 | 0 |
Time deposits | 0 | 0 |
Securities sold under agreement to repurchase | 0 | 0 |
Federal funds purchased | 0 | 0 |
Subordinated debentures | 0 | |
FHLB advances | 0 | |
Accrued interest payable | $ 0 | 0 |
Mortgage loans held for sale | $ 0 |
Note 24 - Mortgage Banking Ac_3
Note 24 - Mortgage Banking Activities (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Mar. 07, 2022 | Dec. 31, 2021 | May 31, 2021 |
Principal Amount Outstanding on Loans Managed and Securitized or Asset-Backed Financing Arrangement | $ 2,080,000 | $ 698,000 | ||
Commonwealth [Member] | ||||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-Backed Financing Arrangement | $ 1,480,000 | |||
Mortgage Servicing Rights [Member] | ||||
Servicing Asset at Fair Value, Amount, Ending Balance | 26,000 | 6,000 | ||
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance, Ending Balance | $ 0 | $ 0 | ||
Mortgage Servicing Rights [Member] | Commonwealth [Member] | ||||
Servicing Asset at Fair Value, Amount, Ending Balance | $ 13,000 | |||
Mortgage Servicing Rights [Member] | Kentucky Bancshares [Member] | ||||
Servicing Asset at Fair Value, Amount, Ending Balance | $ 2,000 |
Note 24 - Mortgage Banking Ac_4
Note 24 - Mortgage Banking Activities - Activity in Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, beginning of period: | $ 8,614 | $ 22,547 | $ 8,748 |
Origination of mortgage loans held for sale | 129,193 | 157,304 | 258,525 |
Loans held for sale acquired | 3,559 | 3,071 | 0 |
Proceeds from the sale of mortgage loans held for sale | (139,281) | (177,910) | (249,439) |
Net gain on sale of mortgage loans held for sale | 521 | 3,602 | 4,713 |
Balance, end of period | $ 2,606 | $ 8,614 | $ 22,547 |
Note 24 - Mortgage Banking Ac_5
Note 24 - Mortgage Banking Activities - Mortgage Banking Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net gain on sale of mortgage loans held for sale | $ 521 | $ 3,602 | $ 4,713 |
Net change in fair value recognized on loans held for sale | 0 | 0 | 0 |
Net change in fair value recognized on rate lock loan commitments | 1,821 | 0 | 0 |
Net gain recognized | 1,240 | 3,602 | 4,713 |
Net loan servicing income | 4,200 | 1,448 | 922 |
Amortization | (3,072) | (1,092) | (446) |
Change in mortgage servicing rights valuation allowance | 0 | 0 | 0 |
Net servicing income recognized | 1,128 | 356 | 476 |
Other mortgage banking income | 842 | 766 | 966 |
Total mortgage banking income | 3,210 | 4,724 | 6,155 |
Foreign Exchange Forward [Member] | |||
Net change in fair value recognized on forward contracts | $ (1,102) | $ 0 | $ 0 |
Note 24 - Mortgage Banking Ac_6
Note 24 - Mortgage Banking Activities - Changes in the Net Carrying Amount of MSRs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, beginning of period | $ 4,528 | $ 2,710 | $ 1,372 |
MSRs acquired | 12,676 | 1,662 | 0 |
Additions for mortgage loans sold | 1,087 | 1,248 | 1,784 |
Amortization | (3,072) | (1,092) | (446) |
Balance, end of period | $ 15,219 | $ 4,528 | $ 2,710 |
Note 24 - Mortgage Banking Ac_7
Note 24 - Mortgage Banking Activities - Notional Amounts and Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Mortgage loans held for sale, at fair value | $ 2,548 | |
Mortgage loans held for sale, at fair value | 2,606 | |
Derivative assets | 10,727 | $ 3,148 |
Other Assets [Member] | Rate Lock Loan Commitments [Member] | ||
Derivative, notional amount | 5,599 | |
Derivative assets | 137 | |
Other Assets [Member] | Mandatory Forward Contract [Member] | ||
Derivative, notional amount | 6,581 | |
Derivative assets | $ 47 |
Note 25 - Interest Rate Swaps -
Note 25 - Interest Rate Swaps - Outstanding Undesignated Interest Rate Swap Contracts (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Receiving [Member] | ||
Notional amount | $ 132,831 | $ 123,983 |
Weighted average maturity (Year) | 7 years 1 month 6 days | 7 years 2 months 12 days |
Fair value | $ 10,727 | $ 3,148 |
Paying [Member] | ||
Notional amount | $ 132,831 | $ 123,983 |
Weighted average maturity (Year) | 7 years 1 month 6 days | 7 years 2 months 12 days |
Fair value | $ 10,737 | $ 3,162 |
Note 26 - Regulatory Matters (D
Note 26 - Regulatory Matters (Details Textual) $ in Thousands | Dec. 31, 2022 USD ($) | Mar. 07, 2022 | Dec. 31, 2021 USD ($) | ||
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 0.025 | ||||
Common Equity Tier One Risk Based Capital, Required to Be Well Capitalized to Risk Weighted Assets Including Capital Conservation Buffer | 7% | ||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets Including Capital Conservation Buffer | 8.50% | ||||
Capital Required for Capital Adequacy to Risk Weighted Assets Including Capital Conservation Buffer | 10.50% | ||||
Subordinated Debt, Ending Balance | $ 26,343 | $ 0 | |||
Commonwealth [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||
Subordinated Debt, Ending Balance | $ 26,000 | ||||
Commonwealth Statutory Trust III [Member] | Commonwealth [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||
Commonwealth Statutory Trust IV [Member] | Commonwealth [Member] | |||||
Business Combination, Unconsolidated Trust Subsidiaries Acquired, Percent | 100% | ||||
Commonwealth Statutory Trust V [Member] | Commonwealth [Member] | |||||
Business Combination, Unconsolidated Trust Subsidiaries Acquired, Percent | 100% | ||||
Subsidiaries [Member] | |||||
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.065 | [1] | 0.0650 | ||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | [1] | 0.080 | 0.0800 | ||
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum | [1] | 0.100 | 0.1000 | ||
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.050 | 0.0500 | |||
[1]Ratio is computed in relation to risk-weighted assets. |
Note 26 - Regulatory Matters -
Note 26 - Regulatory Matters - Risk Based Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Total risk-based capital, actual amount | [1] | $ 762,956 | $ 596,411 | |
Total risk-based capital, actual ratio | [1] | 0.1254 | 0.1279 | |
Total risk-based capital, minimum for adequately capitalized amount | [1] | $ 486,841 | $ 372,929 | |
Total risk-based capital, minimum for adequately capitalized ratio | [1] | 0.0800 | 0.0800 | |
Common Equity Tier 1 risk-based capital, actual amount | $ 672,045 | [1] | $ 556,590 | |
Common Equity Tier 1 risk-based capital, actual ratio | 0.1147 | [1] | 0.1194 | |
Common Equity Tier 1 risk-based capital, minimum for adequately capitalized amount | $ 273,848 | [1] | $ 209,772 | |
Common Equity Tier 1 risk-based capital, minimum for adequately capitalized ratio | 0.0450 | [1] | 0.0450 | |
Tier 1 risk-based capital, actual amount | [1] | $ 698,045 | $ 556,590 | |
Tier 1 risk-based capita, actual ratio | [1] | 0.1104 | 0.1194 | |
Tier 1 risk-based capital, minimum for adequately capitalized amount | [1] | $ 365,131 | $ 279,696 | |
Tier 1 risk-based capital, minimum for adequately capitalized ratio | [1] | 0.0600 | 0.0600 | |
Tier 1 risk-based capital, actual amount | [1] | $ 698,045 | $ 556,590 | |
Leverage, actual ratio | 0.0933 | 0.0886 | ||
Leverage, minimum for adequately capitalized amount | $ 299,329 | $ 251,348 | ||
Leverage, minimum for adequately capitalized ratio | 0.0400 | [1] | 0.0400 | |
Leverage, actual amount | $ 556,590 | |||
Subsidiaries [Member] | ||||
Total risk-based capital, actual amount | [1] | $ 732,688 | $ 577,078 | |
Total risk-based capital, actual ratio | [1] | 0.1208 | 0.1242 | |
Total risk-based capital, minimum for adequately capitalized amount | [1] | $ 485,314 | $ 371,809 | |
Total risk-based capital, minimum for adequately capitalized ratio | [1] | 0.0800 | 0.0800 | |
Total risk-based capital, minimum for well capitalized amount | [1] | $ 606,643 | $ 464,761 | |
Total risk-based capital, minimum for well capitalized ratio | [1] | 0.100 | 0.1000 | |
Common Equity Tier 1 risk-based capital, actual amount | $ 667,777 | [1] | $ 537,257 | |
Common Equity Tier 1 risk-based capital, actual ratio | 0.1101 | [1] | 0.1156 | |
Common Equity Tier 1 risk-based capital, minimum for adequately capitalized amount | $ 272,989 | [1] | $ 209,142 | |
Common Equity Tier 1 risk-based capital, minimum for adequately capitalized ratio | 0.0450 | [1] | 0.0450 | |
Common Equity Tier 1 risk-based capital, minimum for well capitalized amount | $ 394,318 | [1] | $ 302,095 | |
Common Equity Tier 1 risk-based capital, minimum for well capitalized ratio | 0.065 | [1] | 0.0650 | |
Tier 1 risk-based capital, actual amount | [1] | $ 667,777 | $ 537,257 | |
Tier 1 risk-based capita, actual ratio | [1] | 0.1101 | 0.1156 | |
Tier 1 risk-based capital, minimum for adequately capitalized amount | [1] | $ 363,986 | $ 278,857 | |
Tier 1 risk-based capital, minimum for adequately capitalized ratio | [1] | 0.0600 | 0.0600 | |
Tier 1 risk-based capital, minimum for well capitalized amount | [1] | $ 485,314 | $ 371,809 | |
Tier 1 risk-based capital, minimum for well capitalized ratio | [1] | 0.080 | 0.0800 | |
Tier 1 risk-based capital, actual amount | [1] | $ 667,777 | $ 537,257 | |
Leverage, actual ratio | 0.0895 | 0.0857 | ||
Leverage, minimum for adequately capitalized amount | $ 298,600 | $ 250,871 | ||
Leverage, minimum for adequately capitalized ratio | 0.0400 | 0.0400 | ||
Leverage, actual amount | $ 667,777 | $ 537,257 | ||
Leverage, minimum for well capitalized amount | $ 373,250 | $ 313,588 | ||
Leverage, minimum for well capitalized ratio | 0.050 | 0.0500 | ||
[1]Ratio is computed in relation to risk-weighted assets. |
Note 27 - Stock Yards Bancorp_3
Note 27 - Stock Yards Bancorp, Inc. (Parent Company Only) - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | |||
Cash on deposit with subsidiary bank | $ 82,515 | $ 62,304 | |
Other assets | 134,988 | 86,002 | |
Total assets | 7,496,261 | 6,646,025 | $ 4,608,629 |
Liabilities and stockholders' equity | |||
Other liabilities | 125,443 | 96,502 | |
Total stockholders’ equity | 760,432 | 675,869 | |
Total liabilities and stockholders’ equity | 7,496,261 | 6,646,025 | |
Parent Company [Member] | |||
Assets | |||
Cash on deposit with subsidiary bank | 8,683 | 3,489 | |
Investment in and receivable from subsidiaries | 759,939 | 658,901 | |
Other assets | 18,664 | 13,917 | |
Total assets | 787,286 | 676,307 | |
Liabilities and stockholders' equity | |||
Other liabilities | 26,854 | 438 | |
Total stockholders’ equity | 760,432 | 675,869 | |
Total liabilities and stockholders’ equity | $ 787,286 | $ 676,307 |
Note 27 - Stock Yards Bancorp_4
Note 27 - Stock Yards Bancorp, Inc. (Parent Company Only) - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income before income taxes and equity in undistributed net income of subsidiary | $ 39,084 | $ 37,564 | $ 34,449 | $ 9,387 | $ 32,114 | $ 30,064 | $ 5,048 | $ 28,171 | $ 20,421 | $ 16,124 | $ 15,716 | $ 15,482 | |||
Income tax benefit | 9,174 | 9,024 | 7,547 | 1,445 | 7,525 | 6,902 | 864 | 5,461 | 2,685 | 1,591 | 2,348 | 2,250 | $ 27,190 | $ 20,752 | $ 8,874 |
Net income | 29,910 | 28,540 | 26,902 | 7,942 | 93,294 | 74,645 | 58,869 | ||||||||
Less income attributed to non-controlling interest | 93 | 85 | 108 | 36 | 322 | 0 | 0 | ||||||||
Net income available to stockholders | $ 29,817 | $ 28,455 | $ 26,794 | $ 7,906 | $ 24,589 | $ 23,162 | $ 4,184 | $ 22,710 | $ 17,736 | $ 14,533 | $ 13,368 | $ 13,232 | 92,972 | 74,645 | 58,869 |
Comprehensive income (loss) | (14,624) | 57,964 | 66,933 | ||||||||||||
Parent Company [Member] | |||||||||||||||
Income - dividends and interest from subsidiaries | 45,076 | 62,941 | 18,050 | ||||||||||||
Other income | 1 | 1 | 1 | ||||||||||||
Less expenses | 8,415 | 7,534 | 3,909 | ||||||||||||
Income before income taxes and equity in undistributed net income of subsidiary | 36,662 | 55,408 | 14,142 | ||||||||||||
Income tax benefit | (3,780) | (2,957) | (1,749) | ||||||||||||
Income before equity in undistributed net income of subsidiary | 40,442 | 58,365 | 15,891 | ||||||||||||
Equity in undistributed net income of subsidiary | 52,852 | 16,280 | 42,978 | ||||||||||||
Net income | 93,294 | 74,645 | 58,869 | ||||||||||||
Less income attributed to non-controlling interest | 322 | 0 | 0 | ||||||||||||
Net income available to stockholders | 92,972 | 74,645 | 58,869 | ||||||||||||
Comprehensive income (loss) | $ (14,624) | $ 57,964 | $ 66,933 |
Note 27 - Stock Yards Bancorp_5
Note 27 - Stock Yards Bancorp, Inc. (Parent Company Only) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income available to stockholders | $ 29,817 | $ 28,455 | $ 26,794 | $ 7,906 | $ 24,589 | $ 23,162 | $ 4,184 | $ 22,710 | $ 17,736 | $ 14,533 | $ 13,368 | $ 13,232 | $ 92,972 | $ 74,645 | $ 58,869 |
Stock compensation expense | 4,394 | 4,565 | 3,262 | ||||||||||||
Excess tax benefits from stock- based compensation arrangements | (1,713) | (1,482) | (452) | ||||||||||||
Loss on disposition of LFA | 870 | 0 | 0 | ||||||||||||
Net cash provided by operating activities | 108,742 | 102,100 | 77,125 | ||||||||||||
Proceeds from disposition of LFA | 4,993 | 0 | 0 | ||||||||||||
Cash for acquisition | 349,456 | 24,981 | 0 | ||||||||||||
Net cash used in investing activities | (384,425) | (78,874) | (804,718) | ||||||||||||
Repurchase of common stock | (4,534) | (3,618) | (2,265) | ||||||||||||
Share repurchases related to compensation plans | (272) | (208) | (224) | ||||||||||||
Cash disbursements to non-controlling interest | (322) | 0 | 0 | ||||||||||||
Disposition of LFA | (915) | 0 | 0 | ||||||||||||
Cash dividends paid | (33,301) | (28,198) | (24,481) | ||||||||||||
Net cash used in financing activities | (518,142) | 620,021 | 795,814 | ||||||||||||
Net increase (decrease) in cash | (793,825) | 643,247 | 68,221 | ||||||||||||
Beginning cash and cash equivalents | 961,192 | 317,945 | 249,724 | 961,192 | 317,945 | 249,724 | |||||||||
Ending cash and cash equivalents | 167,367 | 961,192 | 317,945 | 167,367 | 961,192 | 317,945 | |||||||||
Parent Company [Member] | |||||||||||||||
Net income available to stockholders | 92,972 | 74,645 | 58,869 | ||||||||||||
Equity in undistributed net income of subsidiaries | (52,852) | (16,280) | (42,978) | ||||||||||||
Decrease (increase) in receivable from subsidiaries | 6,812 | 0 | 0 | ||||||||||||
Stock compensation expense | 4,394 | 4,565 | 3,262 | ||||||||||||
Excess tax benefits from stock- based compensation arrangements | (1,713) | (1,482) | (452) | ||||||||||||
Loss on disposition of LFA | 870 | 0 | 0 | ||||||||||||
Change in other assets | (6,350) | (2,685) | (1,356) | ||||||||||||
Change in other liabilities | (400) | 40 | 17 | ||||||||||||
Net cash provided by operating activities | 43,733 | 58,803 | 17,362 | ||||||||||||
Purchase of AFS equity security | 0 | (120) | 0 | ||||||||||||
Proceeds from disposition of LFA | 4,993 | 0 | 0 | ||||||||||||
Cash for acquisition | (30,994) | (28,276) | 0 | ||||||||||||
Net cash used in investing activities | (26,001) | (28,396) | 0 | ||||||||||||
Repurchase of common stock | (4,533) | (3,618) | (2,265) | ||||||||||||
Share repurchases related to compensation plans | (272) | (208) | (224) | ||||||||||||
Subordinated debentures acquired | 26,806 | 0 | 0 | ||||||||||||
Cash disbursements to non-controlling interest | (322) | 0 | 0 | ||||||||||||
Disposition of LFA | (915) | 0 | 0 | ||||||||||||
Cash dividends paid | (33,302) | (28,198) | (24,481) | ||||||||||||
Net cash used in financing activities | (12,538) | (32,024) | (26,970) | ||||||||||||
Net increase (decrease) in cash | 5,194 | (1,617) | (9,608) | ||||||||||||
Beginning cash and cash equivalents | $ 3,489 | $ 5,106 | $ 14,714 | 3,489 | 5,106 | 14,714 | |||||||||
Ending cash and cash equivalents | $ 8,683 | $ 3,489 | $ 5,106 | $ 8,683 | $ 3,489 | $ 5,106 |
Note 28 - Segments (Details Tex
Note 28 - Segments (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Mar. 07, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill, Ending Balance | $ 194,074 | $ 135,830 | $ 12,513 | $ 12,513 | |
Commonwealth [Member] | |||||
Goodwill, Ending Balance | 58,244 | $ 67,000 | $ 0 | ||
Commercial Banking [Member] | |||||
Goodwill, Ending Balance | 172,000 | ||||
WM&T [Member] | |||||
Goodwill, Ending Balance | 22,000 | ||||
Operating Segments [Member] | Commercial Banking [Member] | |||||
Goodwill, Ending Balance | 172,000 | ||||
Operating Segments [Member] | WM&T [Member] | |||||
Goodwill, Ending Balance | $ 22,000 | ||||
Operating Segments [Member] | WM&T [Member] | Commonwealth [Member] | |||||
Goodwill, Ending Balance | $ 67,000 |
Note 28 - Segments - Financial
Note 28 - Segments - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net interest income | $ 65,263 | $ 62,376 | $ 56,984 | $ 48,760 | $ 46,182 | $ 45,483 | $ 41,584 | $ 37,825 | $ 36,252 | $ 33,695 | $ 33,528 | $ 32,446 | $ 233,383 | $ 171,074 | $ 135,921 |
Provision for credit losses | 10,257 | (753) | 18,418 | ||||||||||||
All other non-interest income | 53,038 | 38,237 | 28,493 | ||||||||||||
Non-interest expenses | 45,946 | 44,873 | 44,675 | 56,297 | 34,572 | 34,558 | 48,177 | 24,973 | 29,029 | 25,646 | 23,409 | 23,575 | 191,791 | 142,280 | 101,659 |
Income before income tax expense | 120,484 | 95,397 | 67,743 | ||||||||||||
Income tax expense | 9,174 | 9,024 | 7,547 | 1,445 | 7,525 | 6,902 | 864 | 5,461 | 2,685 | 1,591 | 2,348 | 2,250 | 27,190 | 20,752 | 8,874 |
Net income | 29,910 | 28,540 | 26,902 | 7,942 | 93,294 | 74,645 | 58,869 | ||||||||
Less income attributable to NCI | 93 | 85 | 108 | 36 | 322 | 0 | 0 | ||||||||
Net income attributable to stockholders | 29,817 | $ 28,455 | $ 26,794 | $ 7,906 | 24,589 | $ 23,162 | $ 4,184 | $ 22,710 | 17,736 | $ 14,533 | $ 13,368 | $ 13,232 | 92,972 | 74,645 | 58,869 |
Total assets | 7,496,261 | 6,646,025 | 4,608,629 | 7,496,261 | 6,646,025 | 4,608,629 | |||||||||
Fiduciary and Trust [Member] | |||||||||||||||
Wealth management and trust services | 36,111 | 27,613 | 23,406 | ||||||||||||
Commercial Banking [Member] | |||||||||||||||
Net interest income | 232,971 | 170,775 | 135,587 | ||||||||||||
Provision for credit losses | 10,257 | (753) | 18,418 | ||||||||||||
All other non-interest income | 53,038 | 38,237 | 28,493 | ||||||||||||
Non-interest expenses | 170,348 | 128,091 | 88,820 | ||||||||||||
Income before income tax expense | 105,404 | 81,674 | 56,842 | ||||||||||||
Income tax expense | 23,917 | 17,774 | 6,508 | ||||||||||||
Net income | 81,487 | 63,900 | |||||||||||||
Less income attributable to NCI | 322 | ||||||||||||||
Net income attributable to stockholders | 81,165 | 50,334 | |||||||||||||
Total assets | 7,459,312 | 6,641,916 | 4,604,998 | 7,459,312 | 6,641,916 | 4,604,998 | |||||||||
Commercial Banking [Member] | Fiduciary and Trust [Member] | |||||||||||||||
Wealth management and trust services | 0 | 0 | 0 | ||||||||||||
Investment Management and Trust [Member] | |||||||||||||||
Net interest income | 412 | 299 | 334 | ||||||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||||||
All other non-interest income | 0 | 0 | 0 | ||||||||||||
Non-interest expenses | 21,443 | 14,189 | 12,839 | ||||||||||||
Income before income tax expense | 15,080 | 13,723 | 10,901 | ||||||||||||
Income tax expense | 3,273 | 2,978 | 2,366 | ||||||||||||
Net income | 11,807 | 10,745 | |||||||||||||
Less income attributable to NCI | 0 | ||||||||||||||
Net income attributable to stockholders | 11,807 | 8,535 | |||||||||||||
Total assets | $ 36,949 | $ 4,109 | $ 3,631 | 36,949 | 4,109 | 3,631 | |||||||||
Investment Management and Trust [Member] | Fiduciary and Trust [Member] | |||||||||||||||
Wealth management and trust services | $ 36,111 | $ 27,613 | $ 23,406 |
Note 29 - Quarterly Operating_3
Note 29 - Quarterly Operating Results (Unaudited) - Quarterly Operating Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income | $ 75,150 | $ 67,410 | $ 59,108 | $ 49,984 | $ 47,508 | $ 46,948 | $ 43,102 | $ 39,518 | $ 38,339 | $ 36,144 | $ 36,506 | $ 36,882 | $ 251,652 | $ 177,076 | $ 147,871 |
Interest expense | 9,887 | 5,034 | 2,124 | 1,224 | 1,326 | 1,465 | 1,518 | 1,693 | 2,087 | 2,449 | 2,978 | 4,436 | 18,269 | 6,002 | 11,950 |
Net interest income | 65,263 | 62,376 | 56,984 | 48,760 | 46,182 | 45,483 | 41,584 | 37,825 | 36,252 | 33,695 | 33,528 | 32,446 | 233,383 | 171,074 | 135,921 |
Provision for credit losses | 3,375 | 4,803 | (200) | 2,279 | (1,900) | (1,525) | 4,147 | (1,475) | 500 | 4,968 | 7,025 | 5,925 | 16,918 | ||
Net interest income after provision | 61,888 | 57,573 | 57,184 | 46,481 | 48,082 | 47,008 | 37,437 | 39,300 | 35,752 | 28,727 | 26,503 | 26,521 | 223,126 | 171,827 | 117,503 |
Non-interest income | 23,142 | 24,864 | 21,940 | 19,203 | 18,604 | 17,614 | 15,788 | 13,844 | 13,698 | 13,043 | 12,622 | 12,536 | 89,149 | 65,850 | 51,899 |
Non-interest expenses | 45,946 | 44,873 | 44,675 | 56,297 | 34,572 | 34,558 | 48,177 | 24,973 | 29,029 | 25,646 | 23,409 | 23,575 | 191,791 | 142,280 | 101,659 |
Income before income taxes and equity in undistributed net income of subsidiary | 39,084 | 37,564 | 34,449 | 9,387 | 32,114 | 30,064 | 5,048 | 28,171 | 20,421 | 16,124 | 15,716 | 15,482 | |||
Income tax benefit | 9,174 | 9,024 | 7,547 | 1,445 | 7,525 | 6,902 | 864 | 5,461 | 2,685 | 1,591 | 2,348 | 2,250 | 27,190 | 20,752 | 8,874 |
Net income | 29,910 | 28,540 | 26,902 | 7,942 | 93,294 | 74,645 | 58,869 | ||||||||
Less income attributed to non-controlling interest | 93 | 85 | 108 | 36 | 322 | 0 | 0 | ||||||||
Net income available to stockholders | $ 29,817 | $ 28,455 | $ 26,794 | $ 7,906 | $ 24,589 | $ 23,162 | $ 4,184 | $ 22,710 | $ 17,736 | $ 14,533 | $ 13,368 | $ 13,232 | $ 92,972 | $ 74,645 | $ 58,869 |
Basic earnings per share (in dollars per share) | $ 1.02 | $ 0.98 | $ 0.92 | $ 0.29 | $ 0.93 | $ 0.87 | $ 0.17 | $ 1 | $ 0.79 | $ 0.64 | $ 0.59 | $ 0.59 | $ 3.24 | $ 3 | $ 2.61 |
Diluted earnings per share (in dollars per share) | $ 1.01 | $ 0.97 | $ 0.91 | $ 0.29 | $ 0.92 | $ 0.87 | $ 0.17 | $ 0.99 | $ 0.78 | $ 0.64 | $ 0.59 | $ 0.58 | $ 3.21 | $ 2.97 | $ 2.59 |
Note 30 - Revenue From Contra_3
Note 30 - Revenue From Contracts With Customers (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Trading Activity Charges Reducing Product Sales Commissions and Fees | $ 842,000 | $ 592,000 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | |
Contract with Customer, Liability, Total | 0 | |
Fiduciary and Trust [Member] | ||
Accrued Fees and Other Revenue Receivable | $ 3,400,000 | $ 2,900,000 |
Note 30 - Revenue From Contra_4
Note 30 - Revenue From Contracts With Customers - Revenue by Operating Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Mortgage banking income | [1] | $ 3,210 | $ 4,724 | $ 6,155 | ||||||||||||
Bank owned life insurance | [1] | 1,597 | 914 | 693 | ||||||||||||
Gain (loss) on sale of premises and equipment | [1] | 4,369 | (78) | 150 | ||||||||||||
Other | [2] | 5,300 | 3,904 | 1,672 | ||||||||||||
Non-interest income | $ 23,142 | $ 24,864 | $ 21,940 | $ 19,203 | $ 18,604 | $ 17,614 | $ 15,788 | $ 13,844 | $ 13,698 | $ 13,043 | $ 12,622 | $ 12,536 | 89,149 | 65,850 | 51,899 | |
Commercial Banking [Member] | ||||||||||||||||
Mortgage banking income | [1] | 3,210 | 4,724 | 6,155 | ||||||||||||
Bank owned life insurance | [1] | 1,597 | 914 | 693 | ||||||||||||
Gain (loss) on sale of premises and equipment | [1] | 4,369 | (78) | 150 | ||||||||||||
Other | [2] | 5,300 | 3,904 | 1,672 | ||||||||||||
Non-interest income | 53,038 | 38,237 | 28,493 | |||||||||||||
WM&T [Member] | ||||||||||||||||
Mortgage banking income | [1] | 0 | 0 | 0 | ||||||||||||
Bank owned life insurance | [1] | 0 | 0 | 0 | ||||||||||||
Gain (loss) on sale of premises and equipment | [1] | 0 | 0 | 0 | ||||||||||||
Other | [2] | 0 | 0 | 0 | ||||||||||||
Non-interest income | 36,111 | 27,613 | 23,406 | |||||||||||||
Fiduciary and Trust [Member] | ||||||||||||||||
Non-interest income | 36,111 | 27,613 | 23,406 | |||||||||||||
Fiduciary and Trust [Member] | Commercial Banking [Member] | ||||||||||||||||
Non-interest income | 0 | 0 | 0 | |||||||||||||
Fiduciary and Trust [Member] | WM&T [Member] | ||||||||||||||||
Non-interest income | 36,111 | 27,613 | 23,406 | |||||||||||||
Deposit Account [Member] | ||||||||||||||||
Non-interest income | 8,286 | 5,852 | 4,161 | |||||||||||||
Deposit Account [Member] | Commercial Banking [Member] | ||||||||||||||||
Non-interest income | 8,286 | 5,852 | 4,161 | |||||||||||||
Deposit Account [Member] | WM&T [Member] | ||||||||||||||||
Non-interest income | 0 | 0 | 0 | |||||||||||||
Credit and Debit Card [Member] | ||||||||||||||||
Non-interest income | 18,623 | 13,456 | 8,480 | |||||||||||||
Credit and Debit Card [Member] | Commercial Banking [Member] | ||||||||||||||||
Non-interest income | 18,623 | 13,456 | 8,480 | |||||||||||||
Credit and Debit Card [Member] | WM&T [Member] | ||||||||||||||||
Non-interest income | 0 | 0 | 0 | |||||||||||||
Treasury Management [Member] | ||||||||||||||||
Non-interest income | 8,590 | 6,912 | 5,407 | |||||||||||||
Treasury Management [Member] | Commercial Banking [Member] | ||||||||||||||||
Non-interest income | 8,590 | 6,912 | 5,407 | |||||||||||||
Treasury Management [Member] | WM&T [Member] | ||||||||||||||||
Non-interest income | 0 | 0 | 0 | |||||||||||||
Product Sales Commissions and Fees [Member] | ||||||||||||||||
Non-interest income | 3,063 | 2,553 | 1,775 | |||||||||||||
Product Sales Commissions and Fees [Member] | Commercial Banking [Member] | ||||||||||||||||
Non-interest income | 3,063 | 2,553 | 1,775 | |||||||||||||
Product Sales Commissions and Fees [Member] | WM&T [Member] | ||||||||||||||||
Non-interest income | $ 0 | $ 0 | $ 0 | |||||||||||||
[1]Outside of the scope of ASC 606.[2]Outside of the scope of ASC 606, with the exception of safe deposit fees which were nominal for all periods. |