Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 09, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000885275 | |
Entity Registrant Name | WILSON BANK HOLDING CO | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 0-20402 | |
Entity Incorporation, State or Country Code | TN | |
Entity Tax Identification Number | 62-1497076 | |
Entity Address, Address Line One | 623 West Main Street | |
Entity Address, City or Town | Lebanon | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 37087 | |
City Area Code | 615 | |
Local Phone Number | 444-2265 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,778,331 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Loans | $ 3,617,057 | $ 3,595,523 |
Less: Allowance for credit losses | (44,742) | (44,848) |
Net loans | 3,572,315 | 3,550,675 |
Securities available-for-sale, at market (amortized cost $982,687 and $930,439, respectively) | 857,010 | 811,081 |
Loans held for sale | 4,324 | 2,294 |
Interest bearing deposits | 241,369 | 213,701 |
Restricted equity securities | 3,436 | 3,436 |
Federal funds sold | 10,192 | 10,159 |
Total earning assets | 4,688,646 | 4,591,346 |
Cash and due from banks | 22,066 | 28,775 |
Bank premises and equipment, net | 61,924 | 62,398 |
Accrued interest receivable | 16,621 | 15,197 |
Deferred income tax asset | 47,248 | 45,473 |
Bank owned life insurance | 60,070 | 59,645 |
Other assets | 38,907 | 38,837 |
Goodwill | 4,805 | 4,805 |
Total assets | 4,940,287 | 4,846,476 |
Liabilities and Shareholders’ Equity | ||
Noninterest-bearing | 380,694 | 389,725 |
Interest bearing | 937,874 | 934,709 |
Savings and money market accounts | 1,540,531 | 1,476,995 |
Time | 1,588,296 | 1,565,677 |
Total deposits | 4,447,395 | 4,367,106 |
Accrued interest payable and other liabilities | 57,373 | 49,965 |
Total liabilities | 4,504,768 | 4,417,071 |
Shareholders’ equity: | ||
Common stock, $2.00 par value; authorized 50,000,000 shares, issued and outstanding 11,778,331 and 11,686,363 shares, respectively | 23,557 | 23,373 |
Additional paid-in capital | 143,460 | 136,866 |
Retained earnings | 361,253 | 357,260 |
Noncontrolling interest in consolidated subsidiary | 80 | 69 |
Accumulated other comprehensive losses, net of taxes of $32,846 and $31,195 respectively | (92,831) | (88,163) |
Total shareholders’ equity | 435,519 | 429,405 |
Total liabilities and shareholders’ equity | $ 4,940,287 | $ 4,846,476 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale, amortized cost | $ 982,687 | $ 930,439 |
Common stock, par value (in dollars per share) | $ 2 | $ 2 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 11,778,331 | 11,686,363 |
Common stock, shares outstanding (in shares) | 11,778,331 | 11,686,363 |
Accumulated other comprehensive losses, taxes | $ 32,846 | $ 31,195 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income: | ||
Interest and fees on loans | $ 56,417 | $ 43,284 |
Interest and dividends on securities: | ||
Taxable securities | 5,088 | 4,485 |
Exempt from federal income taxes | 431 | 390 |
Interest on loans held for sale | 41 | 71 |
Interest on federal funds sold | 140 | 42 |
Interest on balances held at depository institutions | 2,743 | 586 |
Interest and dividends on restricted securities | 82 | 71 |
Total interest income | 64,942 | 48,929 |
Interest expense: | ||
Interest on negotiable order of withdrawal accounts | 1,803 | 1,260 |
Interest on money market and savings accounts | 8,990 | 5,213 |
Interest on time deposits | 18,572 | 6,987 |
Interest on Federal Home Loan Bank advances | 0 | 2 |
Interest on Federal funds purchased | 0 | 21 |
Interest on finance leases | 16 | 16 |
Total interest expense | 29,381 | 13,499 |
Net interest income before provision for credit losses | 35,561 | 35,430 |
Provision for credit losses - loans | 0 | 1,962 |
Provision for credit losses - off-balance sheet exposures | 0 | (1,278) |
Net interest income after provision for credit losses | 35,561 | 34,746 |
Non-interest income: | ||
Service charges on deposit accounts | 1,971 | 1,868 |
Brokerage income | 1,861 | 1,652 |
Debit and credit card interchange income, net | 1,908 | 1,972 |
Other fees and commissions | 384 | 337 |
Income on BOLI and annuity contracts | 471 | 442 |
Gain on sale of loans | 788 | 730 |
Mortgage servicing income, net | 2 | 3 |
Loss on sale of fixed assets | (201) | (42) |
Loss on sale of other assets | (1) | (1) |
Other income | 35 | 42 |
Total non-interest income | 7,218 | 7,003 |
Non-interest expense: | ||
Salaries and employee benefits | 16,545 | 15,017 |
Occupancy expenses, net | 1,284 | 1,414 |
Advertising & public relations expense | 749 | 768 |
Furniture and equipment expense | 746 | 832 |
Data processing expense | 2,352 | 2,133 |
Directors’ fees | 178 | 144 |
FDIC insurance | 907 | 427 |
Audit, legal & consulting expenses | 376 | 346 |
Other operating expenses | 2,976 | 2,741 |
Total non-interest expense | 26,113 | 23,822 |
Earnings before income taxes | 16,666 | 17,927 |
Income taxes | 3,887 | 4,071 |
Net earnings | 12,779 | 13,856 |
Net loss (earnings) attributable to noncontrolling interest | (11) | (15) |
Net earnings attributable to Wilson Bank Holding Company | $ 12,768 | $ 13,841 |
Weighted average number of common shares outstanding-basic (in shares) | 11,752,067 | 11,543,497 |
Weighted average number of common shares outstanding-diluted (in shares) | 11,781,684 | 11,573,260 |
Basic earnings per common share (in dollars per share) | $ 1.09 | $ 1.2 |
Diluted earnings per common share (in dollars per share) | 1.08 | 1.2 |
Dividends per common share (in dollars per share) | $ 0.75 | $ 0.75 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Losses) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net earnings | $ 12,779 | $ 13,856 |
Other comprehensive earnings (losses): | ||
Unrealized gains (losses) on available-for-sale securities | (6,319) | 22,029 |
Tax effect | 1,651 | (5,758) |
Other comprehensive earnings (losses): | (4,668) | 16,271 |
Comprehensive earnings | 8,111 | 30,127 |
Comprehensive (earnings) losses attributable to noncontrolling interest | (11) | (15) |
Comprehensive earnings attributable to Wilson Bank Holding Company | $ 8,100 | $ 30,112 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | AOCI Attributable to Parent [Member] |
Balance at beginning of period at Dec. 31, 2022 | $ 360,452 | $ 22,944 | $ 122,298 | $ 325,625 | $ 15 | $ (110,430) |
Cash dividends declared | (8,605) | (8,605) | ||||
Issuance of shares of common stock pursuant to dividend reinvestment plan | 6,566 | 194 | 6,372 | |||
Issuance of shares of common stock pursuant to exercise of stock options | 73 | 5 | 68 | |||
Share based compensation expense | 227 | 227 | ||||
Net change in fair value of available-for-sale securities during the year, net of taxes | 16,271 | 16,271 | ||||
Net earnings for the quarter | 13,856 | 13,841 | 15 | |||
Balance at end of period at Mar. 31, 2023 | 388,840 | 23,143 | 128,965 | 330,861 | 30 | (94,159) |
Balance at beginning of period at Dec. 31, 2023 | 429,405 | 23,373 | 136,866 | 357,260 | 69 | (88,163) |
Cash dividends declared | (8,775) | (8,775) | ||||
Issuance of shares of common stock pursuant to dividend reinvestment plan | 6,405 | 179 | 6,226 | |||
Issuance of shares of common stock pursuant to exercise of stock options | 94 | 4 | 90 | |||
Vesting of performance stock units | 1 | (1) | ||||
Share based compensation expense | 279 | 279 | ||||
Net change in fair value of available-for-sale securities during the year, net of taxes | (4,668) | (4,668) | ||||
Net earnings for the quarter | 12,779 | 12,768 | 11 | |||
Balance at end of period at Mar. 31, 2024 | $ 435,519 | $ 23,557 | $ 143,460 | $ 361,253 | $ 80 | $ (92,831) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash dividends declared, per share (in dollars per share) | $ 0.75 | $ 0.75 |
Issuance of shares of common stock pursuant to dividend reinvestment plan, shares (in shares) | 89,580 | 96,762 |
Issuance of shares of common stock, shares (in shares) | 2,019 | 2,600 |
Vesting of performance stock units (in shares) | 369 | |
Net change in fair value of available-for-sale securities during the period, taxes | $ 1,651 | $ 5,758 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING ACTIVITIES | ||
Net earnings | $ 12,779 | $ 13,856 |
Adjustments to reconcile consolidated net earnings to net cash provided by operating activities | ||
Provision for credit losses | 0 | 684 |
Deferred income tax benefit | (124) | (39) |
Depreciation and amortization of premises and equipment | 994 | 1,117 |
Loss on sale of fixed assets | 201 | 42 |
Net amortization of securities | 531 | 716 |
Gains on mortgage loans sold, net | (788) | (730) |
Share-based compensation expense | 185 | 220 |
Loss on sale of other assets | 1 | 1 |
Increase in value of life insurance and annuity contracts | (471) | (442) |
Mortgage loans originated for resale | (14,005) | (20,826) |
Proceeds from sale of mortgage loans | 12,763 | 20,727 |
Right of use asset amortization | 99 | 109 |
Change in | ||
Accrued interest receivable | (1,424) | (533) |
Other assets | (806) | (984) |
Accrued interest payable | 533 | 3,411 |
Other liabilities | 6,529 | 5,305 |
TOTAL ADJUSTMENTS | 4,218 | 8,778 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 16,997 | 22,634 |
INVESTING ACTIVITIES | ||
Purchases | (64,638) | (4,314) |
Maturities, prepayments and calls | 11,859 | 14,362 |
Redemptions of restricted equity securities | 0 | 896 |
Net increase in loans | (21,298) | (114,769) |
Purchase of buildings, leasehold improvements, and equipment | (698) | (874) |
Proceeds from sale of other assets | 25 | 0 |
Redemption of annuity contracts | 292 | 262 |
NET CASH USED IN INVESTING ACTIVITIES | (74,458) | (104,437) |
FINANCING ACTIVITIES | ||
Net change in deposits - non-maturing | 57,670 | (142,941) |
Net change in deposits - time | 22,619 | 299,579 |
Change in escrow balances | 449 | (1,340) |
Repayment of finance lease obligation | (9) | (8) |
Issuance of common stock related to exercise of stock options | 94 | 73 |
Issuance of common stock pursuant to dividend reinvestment plan | 6,405 | 6,566 |
Cash dividends paid on common stock | (8,775) | (8,605) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 78,453 | 153,324 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 20,992 | 71,521 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 252,635 | 104,789 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 273,627 | 176,310 |
Supplemental disclosure of cash flow information: | ||
Interest | 28,848 | 10,088 |
Taxes | 1,441 | 1,320 |
Non-cash investing and financing activities: | ||
Change in fair value of securities available-for-sale, net of tax benefit of $1,651 and tax expense of ($5,758) for the three months ended March 31, 2024 and 2023, respectively | (4,668) | 16,271 |
Non-cash transfers from loans to other assets | $ 39 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Unrealized gain in value of securities available-for-sale, taxes | $ 1,651 | $ (5,758) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 12,768 | $ 13,841 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Nature of Business — Wilson Bank Holding Company (the “Company”) is a bank holding company whose primary business is conducted by its wholly-owned subsidiary, Wilson Bank & Trust (the “Bank”). The Bank is a commercial bank headquartered in Lebanon, Tennessee. The Bank provides a full range of banking services in its primary market areas of Wilson, Davidson, Rutherford, Trousdale, Sumner, Dekalb, Putnam, Smith, Hamilton, and Williamson Counties, Tennessee. On June 1, 2022, the Bank began operations with a newly-formed joint venture, Encompass Home Lending LLC ("Encompass") of which the Bank owns 51 % of the outstanding membership interests. Encompass offers residential mortgage banking services to customers of certain home builders in the Bank's markets as well as other mortgage customers. Basis of Presentation — The accompanying unaudited, consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles. All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods covered by the report have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s consolidated audited financial statements and related notes appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the "SEC") on February 28, 2024 (the "2023 Form 10-K"). These consolidated financial statements include the accounts of the Company, the Bank, and Encompass. Significant intercompany transactions and accounts are eliminated in consolidation. Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the determination of the allowance for credit losses, the valuation of deferred tax assets, determination of any impairment of goodwill or other intangibles, the valuation of other real estate (if any), and the fair value of financial instruments. These financial statements should be read in conjunction with the 2023 Form 10-K. There have been no significant changes to the Company’s significant accounting policies as disclosed in the 2023 Form 10-K. Newly Issued Not Yet Effective Accounting Standards Information about certain recently issued accounting standards updates is presented below. Also refer to Note 1 - Accounting Standards Updates in our 2023 Form 10-K for additional information related to previously issued accounting standards updates. Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative, in October 2023, the Financial Accounting Standards Board ("FASB") issued this pronouncement which incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification. The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Accounting Standards Codification with the SEC’s regulations. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Accounting Standards Codification and not become effective for any entity. The Company does not expect the adoption of ASU 2023-06 to have a material impact on its accounting and disclosures. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , in December 2023, the FASB issued this pronouncement which amends the guidance for income tax disclosures to include certain required disclosures related to tax rate reconciliations, including certain categories of expense requiring disclosure, income taxes paid, including disclosure of taxes paid disaggregated by nation, state, and foreign taxes, and other disclosures for disaggregation of income before income tax expense (or benefit) and income tax expense (or benefit) by domestic and foreign allocation. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. Early adoption is permitted. An entity should apply ASU 2023-09 on a prospective basis once adopted with retrospective application permitted. The Company is assessing ASU 2023-09 and its potential impact on its accounting and disclosures. ASU 2024-02, Codification Improvements: Amendments to Remove References to the Concepts Statements , in March 2024, the FASB issued this pronouncement which contains amendments to the Codification that remove references to various Concepts Statements. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. Early adoption is permitted. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. The Company is assessing ASU 2024-02 and its potential impact on its accounting and disclosures. Recently Adopted Accounting Standards ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In March 2020, the FASB issued this pronouncement and has issued subsequent amendments thereto, which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance was effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued an update to Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting with Accounting Standards Update 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which updated the effective date to be March 12, 2020 through December 31, 2024. The Company implemented a transition plan to identify and modify its loans and other financial instruments, including certain indebtedness, with attributes that are either directly or indirectly influenced by LIBOR. The Company has moved all of its LIBOR-based loans to its preferred replacement index, a Secured Overnight Financing Rate ("SOFR") based index as of March 31, 2024. ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions , in June 2022, the FASB issued this pronouncement which clarifies the guidance in ASC 820 when measuring the fair value of equity securities subject to contractual restrictions that prohibit the sale of an equity security. This update also requires specific disclosures related to these types of securities. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. The adoption of ASU 2022-03 did not have a significant impact on our financial statements. Other than those previously discussed, there were no other recently issued accounting pronouncements that are expected to materially impact the Company. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Note 2. Loans and Allowance for Credit Losses Loans — Loans are reported at their outstanding principal balances less unearned income, the allowance for credit losses and any deferred fees or costs on originated loans. Interest income on loans is accrued based on the principal balance outstanding. Loan origination fees, net of certain loan origination costs, are deferred and recognized as an adjustment to the related loan yield using a method which approximates the interest method. For financial reporting purposes, the Company classifies its loan portfolio based on the underlying collateral utilized to secure each loan. This classification is consistent with that utilized in the Quarterly Report of Condition and Income filed by the Bank with the Federal Deposit Insurance Corporation (“FDIC”). The following schedule details the loans of the Compan y at March 31, 2024 and December 31, 2023: (In Thousands) March 31, 2024 December 31, 2023 Residential 1-4 family real estate $ 969,700 $ 959,218 Commercial and multi-family real estate 1,344,853 1,313,284 Construction, land development and farmland 874,822 901,336 Commercial, industrial and agricultural 121,734 127,659 1-4 family equity lines of credit 214,814 202,731 Consumer and other 103,958 104,373 Total loans before net deferred loan fees 3,629,881 3,608,601 Net deferred loan fees ( 12,824 ) ( 13,078 ) Total loans 3,617,057 3,595,523 Less: Allowance for credit losses ( 44,742 ) ( 44,848 ) Net loans $ 3,572,315 $ 3,550,675 Risk characteristics relevant to each portfolio segment are as follows: Construction, land development and farmland: Loans for non-owner-occupied real estate construction or land development are generally repaid through cash flow related to the operation, sale or refinance of the property. The Company also finances construction loans for owner-occupied properties. A portion of the Company’s construction and land portfolio segment is comprised of loans secured by residential product types (residential land and single-family construction). Construction and land development loans are underwritten utilizing independent appraisal reviews, sensitivity analysis of absorption and lease rates, market sales activity, and financial analysis of the developers and property owners. Construction loans generally rely on estimates of project costs and the anticipated value of the completed project, while the Company strives to ensure the accuracy of these estimates, it is possible for these estimates to be inaccurate. Construction loans often involve the disbursement of substantial funds with repayments substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, the value of the completed project, general economic conditions and the availability of long-term financing. Residential 1-4 family real estate: Residential real estate loans represent loans to consumers or investors to finance a residence. These loans are typically financed on 15 to 30 year amortization terms, but generally with shorter maturities of 5 to 15 years. Many of these loans are extended to borrowers to finance their primary or secondary residence. Loans to an investor secured by a 1-4 family residence will be repaid from either the rental income from the property or from the sale of the property. This loan segment also includes closed-end home equity loans that are secured by a first or second mortgage on the borrower’s residence. This allows customers to borrow against the equity in their home. Loans in this portfolio segment are underwritten and approved based on a number of credit quality criteria including limits on maximum Loan-to-Value ("LTV") ratios, minimum credit scores, and maximum debt to income ratios. Real estate market values as of the time the loan is made directly affect the amount of credit extended and, in addition, changes in these residential property values impact the depth of potential losses in this portfolio segment. 1-4 family equity lines of credit: This loan segment includes open-end home equity loans that are secured by a first or second mortgage on the borrower’s residence. This allows customers to borrow against the equity in their home utilizing a revolving line of credit. These loans are underwritten and approved based on a number of credit quality criteria including limits on maximum LTV ratios, minimum credit scores, and maximum debt to income ratios. Real estate market values as of the time the loan is made directly affect the amount of credit extended and, in addition, changes in these residential property values impact the depth of potential losses in this portfolio segment. Because of the revolving nature of these loans, as well as the fact that many represent second mortgages, this portfolio segment can contain more risk than the amortizing 1-4 family residential real estate loans. Commercial and multi-family real estate: Multi-family and commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type. This diversity helps reduce the Company’s exposure to adverse economic events that affect any single market or industry. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. The Company also utilizes third-party experts to provide insight and guidance about economic conditions and trends affecting the market areas it serves. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied commercial real estate loans. Non-owner occupied commercial real estate loans are loans secured by multifamily and commercial properties where the primary source of repayment is derived from rental income associated with the property (that is, loans for which 50 percent or more of the source of repayment comes from third party, nonaffiliated, rental income) or the proceeds of the sale, refinancing, or permanent financing of the property. These loans are made to finance income-producing properties such as apartment buildings, office and industrial buildings, and retail properties. Owner-occupied commercial real estate loans are loans where the primary source of repayment is the cash flow from the ongoing operations and business activities conducted by the party, or affiliate of the party, who owns the property. Commercial, industrial, and agricultural: The commercial and industrial loan portfolio segment includes commercial and industrial loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases or other expansion projects. Collection risk in this portfolio is driven by the creditworthiness of underlying borrowers, particularly cash flow from customers’ business operations. Commercial and industrial loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower, if any. The cash flows of borrowers, however, may not be as expected and any collateral securing these loans may fluctuate in value. Most commercial and industrial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and usually incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. Consumer: The consumer loan portfolio segment includes non-real estate secured direct loans to consumers for household, family, and other personal expenditures. Consumer loans may be secured or unsecured and are usually structured with short or medium term maturities. These loans are underwritten and approved based on a number of consumer credit quality criteria including limits on maximum LTV ratios on secured consumer loans, minimum credit scores, and maximum debt to income ratios. Many traditional forms of consumer installment credit have standard monthly payments and fixed repayment schedules of one to five years . These loans are made with either fixed or variable interest rates that are based on specific indices. Installment loans fill a variety of needs, such as financing the purchase of an automobile, a boat, a recreational vehicle or other large personal items, or for consolidating debt. These loans may be unsecured or secured by an assignment of title, as in an automobile loan, or by money in a bank account. In addition to consumer installment loans, this portfolio segment also includes secured and unsecured personal lines of credit as well as overdraft protection lines. Loans in this portfolio segment are sensitive to unemployment and other key consumer economic measures. Allowance For Credit Losses ("ACL") - Loans. The allowance for credit losses on loans is a contra-asset valuation account, calculated in accordance with Accounting Standards Codification ("ASC") Topic 326 ("ASC 326") Financial Instruments-Credit Losses, that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The amount of the allowance represents management's best estimate of current expected credit losses on loans considering available information from internal and external sources, relevant to assessing collectability over the loans' contractual terms, adjusted for expected prepayments when appropriate. Relevant available information includes historical credit loss experience, current conditions and reasonable and supportable forecasts. While historical credit loss experience provides the basis for the estimation of expected credit losses, adjustments to historical loss information may be made for differences in current portfolio-specific risk characteristics, environmental conditions or other relevant factors. The allowance for credit losses is measured on a collective basis for portfolios of loans when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Expected credit losses for collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. The Company’s discounted cash flow methodology incorporates a probability of default and loss given default model, as well as expectations of future economic conditions, using reasonable and supportable forecasts. Together, the probability of default and loss given default model with the use of reasonable and supportable forecasts generate estimates for cash flows expected and not expected to be collected over the estimated life of a loan. Estimates of future expected cash flows ultimately reflect assumptions made concerning net credit losses over the life of a loan. The use of reasonable and supportable forecasts requires significant judgment. Management leverages economic projections from reputable and independent third parties to inform and provide its reasonable and supportable economic forecasts. The Company’s model reverts to a straight line basis for purposes of estimating cash flows beyond a period deemed reasonable and supportable. The Company forecasts probability of default and loss given default based on economic forecast scenarios over an eight quarter time period before reverting to a straight line basis for a four quarter time period. The duration of the forecast horizon, the period over which forecasts revert to a straight line basis, the economic forecasts that management utilizes, as well as additional internal and external indicators of economic forecasts that management considers, may change over time depending on the nature and composition of our loan portfolio. Changes in economic forecasts, in conjunction with changes in loan specific attributes, impact a loan’s probability of default and loss given default, which can drive changes in the determination of the ACL. Expectations of future cash flows are discounted at the loan’s effective interest rate. The resulting ACL represents the amount by which a loan’s amortized cost exceeds the net present value of a loan’s discounted cash flows expected to be collected. The ACL is recorded through a charge to provision for credit losses and is reduced by charge-offs, net of recoveries on loans previously charged-off. It is the Company’s policy to charge-off loan balances at the time they have been deemed uncollectible. For segments where the discounted cash flow methodology is not used, a remaining life methodology is utilized. The remaining life method uses an average annual charge-off rate applied to the contractual term, further adjusted for estimated prepayments to determine the unadjusted historical charge-off rate for the remaining balance of assets. The estimated loan losses for all loan segments are adjusted for changes in qualitative factors not inherently considered in the quantitative analyses. The qualitative categories and the measurements used to quantify the risks within each of these categories are subjectively selected by management. The data for each measurement may be obtained from internal or external sources. The current period measurements are evaluated and assigned a factor commensurate with the current level of risk relative to past measurements over time. The resulting qualitative adjustments are applied to the relevant collectively evaluated loan portfolios. These adjustments are based upon the following: 1. Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses. 2. Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments. 3. Changes in the nature and volume of the portfolio and in the terms of loans. 4. Changes in the experience, ability, and depth of lending management and other relevant staff. 5. Changes in the volume and severity of past-due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans. 6. Changes in the quality of the Company's loan review system. 7. Changes in the value of underlying collateral for collateral-dependent loans. 8. The existence and effect of any concentrations of credit, and changes in the level of such concentrations. 9. The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the Company’s existing portfolio. The qualitative allowance allocation, as determined by the processes noted above, is increased or decreased for each loan segment based on the assessment of these various qualitative factors. Loans that do not share similar risk characteristics with the collectively evaluated pools are evaluated on an individual basis and are excluded from the collectively evaluated pools. Individual evaluations are generally performed for loans greater than $500,000 which have experienced significant credit deterioration. Such loans are evaluated for credit losses based on the fair value of collateral. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral, less selling costs. For loans for which foreclosure is not probable, but for which repayment is expected to be provided substantially through the operation or sale of the collateral, the Company has elected the practical expedient under ASC 326 to estimate expected credit losses based on the fair value of collateral, with selling costs considered in the event sale of the collateral is expected. In assessing the adequacy of the allowance for credit losses, the Company considers the results of the Company's ongoing independent loan review process. The Company undertakes this process both to ascertain those loans in the portfolio with elevated credit risk and to assist in its overall evaluation of the risk characteristics of the entire loan portfolio. Its loan review process includes the judgment of management, independent internal loan reviewers and reviews that may have been conducted by third-party reviewers including regulatory examiners. The Company incorporates relevant loan review results in calculating the allowance for credit losses. In accordance with Current Expected Credit Losses ("CECL"), losses are estimated over the remaining contractual terms of loans, adjusted for prepayments and curtailment. The contractual term excludes expected extensions, renewals and modifications. Credit losses are estimated on the amortized cost basis of loans, which includes the principal balance outstanding and deferred loan fees and costs. While management utilizes its best judgment and information available, the ultimate appropriateness of the allowance is dependent upon a variety of factors beyond our control, including the performance of our loan portfolio, the economy, changes in interest rates and the view of the regulatory authorities toward loan classifications. Loans are charged off when management believes that the full collectability of the loan is unlikely. As such, a loan may be partially charged-off after a “confirming event” has occurred which serves to validate that full repayment pursuant to the terms of the loan is unlikely. Transactions in the allowance for credit losses for the three months ended March 31, 2024 and March 31, 2023 are summarized as follows: (In Thousands) Residential Commercial Construction, Commercial, 1-4 family Consumer Total March 31, 2024 Allowance for credit losses - loans: Beginning balance January 1, $ 8,765 17,422 14,027 1,533 1,809 1,292 44,848 Provision for credit losses ( 122 ) 575 ( 674 ) ( 53 ) 14 260 — Charge-offs — — — ( 6 ) — ( 288 ) ( 294 ) Recoveries 18 — 3 5 — 162 188 Ending balance $ 8,661 $ 17,997 $ 13,356 $ 1,479 $ 1,823 $ 1,426 44,742 (In Thousands) Residential Commercial Construction, Commercial, 1-4 family Consumer Total March 31, 2023 Allowance for credit losses - loans: Beginning balance January 1, $ 7,310 15,299 13,305 1,437 1,170 1,292 39,813 Provision 647 387 488 118 54 268 1,962 Charge-offs — — — — — ( 448 ) ( 448 ) Recoveries — — 4 — — 115 119 Ending balance $ 7,957 15,686 13,797 1,555 1,224 1,227 41,446 The following table presents the amortized cost basis of collateral dependent loans at March 31, 2024 and December 31, 2023 which are individually evaluated to determine expected credit losses: In Thousands Real Estate Other Total March 31, 2024 Residential 1-4 family real estate $ 857 — 857 Commercial and multi-family real estate 17,890 — 17,890 Construction, land development and farmland 21,599 — 21,599 Commercial, industrial and agricultural — — — 1-4 family equity lines of credit — — — Consumer and other — — — $ 40,346 — 40,346 In Thousands Real Estate Other Total December 31, 2023 Residential 1-4 family real estate $ 1,949 — 1,949 Commercial and multi-family real estate 2,889 — 2,889 Construction, land development and farmland — — — Commercial, industrial and agricultural — — — 1-4 family equity lines of credit — — — Consumer and other — — — $ 4,838 — 4,838 Loans are placed on nonaccrual status when there is a significant deterioration in the financial condition of the borrower, which often is determined when the principal or interest on the loan is more than 90 days past due, unless the loan is both well-secured and in the process of collection. Generally, all interest accrued but not collected for loans that are placed on nonaccrual status, is reversed against current income. Interest income is subsequently recognized only to the extent cash payments are received while the loan is classified as nonaccrual, but interest income recognition is reviewed on a case-by-case basis. A nonaccrual loan is returned to accruing status once the loan has been brought current and collection is reasonably assured or the loan has been “well-secured” through other techniques. Past due status is determined based on the contractual due date per the underlying loan agreement. The following tables present the Company’s nonaccrual loans and past due loans as of March 31, 2024 and December 31, 2023. Loans on Nonaccrual Status In Thousands March 31, December 31, 2024 2023 Residential 1-4 family real estate $ — $ — Commercial and multi-family real estate — — Construction, land development and farmland — — Commercial, industrial and agricultural — — 1-4 family equity lines of credit — — Consumer and other — — Total $ — $ — Past Due Loans (In thousands) 30-59 Days 60-89 Days Non Accrual Total Non Current Total Loans Recorded March 31, 2024 Residential 1-4 family real estate $ 2,115 325 — 2,440 967,260 969,700 $ — Commercial and multi-family real estate 29 — — 29 1,344,824 1,344,853 — Construction, land development and 2,809 2,679 498 5,986 868,836 874,822 498 Commercial, industrial and agricultural 98 12 — 110 121,624 121,734 — 1-4 family equity lines of credit 395 40 315 750 214,064 214,814 315 Consumer and other 325 118 74 517 103,441 103,958 74 Total $ 5,771 3,174 887 9,832 3,620,049 3,629,881 $ 887 December 31, 2023 Residential 1-4 family real estate $ 1,544 552 1,178 3,274 955,944 959,218 $ 1,178 Commercial and multi-family real estate 5,846 — — 5,846 1,307,438 1,313,284 — Construction, land development and 2,959 1 — 2,960 898,376 901,336 — Commercial, industrial and agricultural 52 — 7 59 127,600 127,659 7 1-4 family equity lines of credit 571 209 106 886 201,845 202,731 106 Consumer and other 350 78 118 546 103,827 104,373 118 Total $ 11,322 840 1,409 13,571 3,595,030 3,608,601 $ 1,409 Loan Modifications to Borrowers Experiencing Financial Difficulty Effective January 1, 2023, we adopted ASU 2022-02 which eliminated the accounting guidance for troubled debt restructurings ("TDRs") and requires disclosures for certain loan modifications when a borrower is experiencing financial difficulty. Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extension, an other-than-insignificant payment delay or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. In some cases, the Company provides multiple types of concessions on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For the loans included in the "combination" columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension, principal forgiveness, an other-than-insignificant payment delay and/or an interest rate reduction. The following tables present the amortized cost basis of loans at March 31, 2024 and March 31, 2023 that were both experiencing financial difficulty and modified during the three months ended March 31, 2024 or three months ended March 31, 2023, by class and type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below. (In Thousands) Principal Payment Term Interest Rate Combination Combination Term Extension and Interest Rate Reduction Total Class of Financing Receivable March 31, 2024 Residential 1-4 family real estate $ — $ — $ — $ — $ — $ — — % Commercial and multi-family real estate — — — — — — — % Construction, land development and — — — — — — — % Commercial, industrial and agricultural — — — — — — — % 1-4 family equity lines of credit — — — — — — — % Consumer and other — — — — — — — % Total $ — $ — $ — $ — $ — $ — — % As evidenced above, no such loans have been modified during the three months ended March 31, 2024. (In Thousands) Principal Payment Term Interest Rate Combination Combination Term Extension and Interest Rate Reduction Total Class of Financing Receivable March 31, 2023 Residential 1-4 family real estate $ — $ 947 $ — $ — $ — $ — 0.11 % Commercial and multi-family real estate — 2,453 — — — — 0.22 % Construction, land development and — — — — — — — % Commercial, industrial and agricultural — — 102 — — — 0.08 % 1-4 family equity lines of credit — — — — — — — % Consumer and other — — — — — — — % Total $ — $ 3,400 $ 102 $ — $ — $ — 0.11 % The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified within the last twelve months as of March 31, 2024 and March 31, 2023: In Thousands 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due March 31, 2024 Residential 1-4 family real estate $ — $ — $ — $ — Commercial and multi-family real estate — — — — Construction, land development and — — — — Commercial, industrial and agricultural — — — — 1-4 family equity lines of credit — — — — Consumer and other — — — — Total $ — $ — $ — $ — In Thousands 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due March 31, 2023 Residential 1-4 family real estate $ — $ — $ — $ — Commercial and multi-family real estate — — — — Construction, land development and — — — — Commercial, industrial and agricultural — — — — 1-4 family equity lines of credit — — — — Consumer and other — — — — Total $ — $ — $ — $ — As evidenced above, no loans that were modified within the twelve months prior to March 31, 2024 or March 31, 2023 were thirty (30) days or more past due at March 31, 2024 or March 31, 2023 , respectively. The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and 2023 (dollars in thousands): Three months Ended March 31, 2024 Principal Weighted-Average Weighted-Average Months of Term Extension Residential 1-4 family real estate $ — — % — Commercial and multi-family real estate — — — Construction, land development and farmland — — — Commercial, industrial and agricultural — — — 1-4 family equity lines of credit — — — Consumer and other — — — Total $ — — % — There were no loan modifications with financial effect during the three months ended March 31, 2024. Three Months Ended March 31, 2023 Principal Weighted-Average Weighted-Average Months of Term Extension Residential 1-4 family real estate $ — — % — Commercial and multi-family real estate — — — Construction, land development and farmland — — — Commercial, industrial and agricultural — — 37 1-4 family equity lines of credit — — — Consumer and other — — — Total $ — — % 37 The following tables present the amortized cost basis of loans that had a payment default during the three months ended March 31, 2024 and 2023 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty: In Thousands Three months Ended March 31, 2024 Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Residential 1-4 family real estate $ — $ — $ — $ — Commercial and multi-family real estate — — — — Construction, land development and — — — — Commercial, industrial and agricultural — — — — 1-4 family equity lines of credit — — — — Consumer and other — — — — Total $ — $ — $ — $ — There were no payment defaults during the three months ended March 31, 2024 on loans as there were no such loans modified in the twelve months prior to March 31, 2024. In Thousands Three Months Ended March 31, 2023 Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Residential 1-4 family real estate $ — $ — $ — $ — Commercial and multi-family real estate — — — — Construction, land development and — — — — Commercial, industrial and agricultural — — — — 1-4 family equity lines of credit — — — — Consumer and other — — — — Total $ — $ — $ — $ — Upon the Company's determination that a modified loan (or a portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged off. Therefore, the amortized costs basis of the loan is reduced by the amount deemed uncollectible and the allowance for credit losses is adjusted by the same amount. There were no consumer mortgage loans in the process of foreclosure as of March 31, 2024 or December 31, 2023. Potential problem loans, which include nonperforming loans, amounted to approximately $ 47.2 million at March 31, 2024 and $ 5.9 million at December 31, 2023. Potential problem loans represent those loans with a well-defined weakness and where information about possible credit problems of borrowers has caused management to have serious doubts about the borrower’s ability to comply with present repayment terms. This definition is believed to be substantially consistent with the standards established by the FDIC, the Bank’s primary federal regulator, for loans classified as special mention, substandard, or doubtful. The following summary presents the Bank's loan balances by primary loan classification and the amount classified within each risk rating category. Pass rated loans include all credits other than those included in special mention, substandard and doubtful which are defined as follows: • Special mention loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s credit position at some future date. • Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. • Doubtful loans have all the characteristics of substandard loans with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The Bank considers all doubtful loans to be collateral dependent and places such loans on nonaccrual status. The table below presents loan balances classified within each risk rating category by primary loan type and based on year of origination as of March 31, 2024: In Thousands 2024 2023 2022 2021 2020 Prior Revolving Loans Total March 31, 2024 Residential 1-4 family real estate Pass $ 39,902 159,784 291,641 235,225 86,633 134,670 16,409 964,264 Special mention — 76 951 — 871 2,325 — 4,223 Substandard — — — 223 — 990 — 1,213 Total Residential 1-4 family real estate $ 39,902 159,860 292,592 235,448 87,504 137,985 16,409 969,700 Residential 1-4 family real estate: Current-period gross charge-offs $ — — — — — — — — Commercial and multi-family real estate Pass $ 16,319 110,267 351,697 380,291 141,491 280,560 46,078 1,326,703 Special mention — — — — 153 17,919 — 18,072 Substandard — — — — — 78 — 78 Total Commercial and multi-family real $ 16,319 110,267 351,697 380,291 141,64 |
Debt Securities
Debt Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities | Note 3. Debt Securities Debt securities have been classified in the consolidated balance sheet according to management’s intent. Debt securities at March 31, 2024 and December 31, 2023 are summarized as follows: March 31, 2024 Securities Available-For-Sale In Thousands Amortized Gross Gross Estimated U.S. Treasury and other U.S. government $ 4,907 — 503 4,404 U.S. Government-sponsored enterprises 174,725 14 24,649 150,090 Mortgage-backed securities 531,118 163 67,892 463,389 Asset-backed securities 49,318 96 930 48,484 Corporate bonds 2,500 — 104 2,396 Obligations of states and political 220,119 196 32,068 188,247 $ 982,687 469 126,146 857,010 December 31, 2023 Securities Available-For-Sale In Thousands Amortized Gross Gross Estimated U.S. Treasury and other U.S. government $ 4,901 — 472 4,429 U.S. Government-sponsored enterprises 167,738 — 23,570 144,168 Mortgage-backed securities 480,759 230 63,959 417,030 Asset-backed securities 51,183 193 1,403 49,973 Corporate bonds 2,500 — 77 2,423 Obligations of states and political 223,358 397 30,697 193,058 $ 930,439 820 120,178 811,081 As of March 31, 2024 , there was no allowance for credit losses on available-for-sale securities. Included in mortgage-backed securities are collateralized mortgage obligations totaling $ 157,839,000 (fair value of $ 136,275,000 ) and $ 145,179,000 (fair value of $ 124,005,000 ) at March 31, 2024 and December 31, 2023, respectively. Securities carried on the balance sheet of approximately $ 524,227,000 (approximate market value of $ 446,060,000 ) and $ 500,046,000 (approximate market value of $ 429,705,000 ) were pledged to secure public deposits and for other purposes as required by law at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024 , there were no holdings of securities of any one issuer, other than U.S. Government and its agencies, in an amount greater than 10% of shareholders' equity. The amortized cost and estimated market value of debt securities at March 31, 2024 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-For-Sale In Thousands Amortized Estimated Due in one year or less $ 492 $ 481 Due after one year through five years 108,578 97,386 Due after five years through ten years 286,206 249,676 Due after ten years 587,411 509,467 $ 982,687 $ 857,010 The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2024 and December 31, 2023. In Thousands, Except Number of Securities Less than 12 Months 12 Months or More Total March 31, 2024 Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized Available-for-Sale Securities: U.S. Treasury and other $ — $ — — $ 4,404 $ 503 2 $ 4,404 $ 503 U.S. Government-sponsored — — — 147,873 24,649 70 147,873 24,649 Mortgage-backed securities 50,119 363 15 378,462 67,529 219 428,581 67,892 Asset-backed securities 11,293 232 5 23,136 698 12 34,429 930 Corporate bonds — — — 2,396 104 1 2,396 104 Obligations of states and 11,852 692 8 165,760 31,376 190 177,612 32,068 $ 73,264 $ 1,287 28 $ 722,031 $ 124,859 494 $ 795,295 $ 126,146 In Thousands, Except Number of Securities Less than 12 Months 12 Months or More Total December 31, 2023 Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized Available-for-Sale Securities: U.S. Treasury and other $ — $ — — $ 4,429 $ 472 2 $ 4,429 $ 472 U.S. Government-sponsored — — — 144,169 23,569 55 144,169 23,569 Mortgage-backed securities 8,889 63 7 390,557 63,897 221 399,446 63,960 Asset-backed securities 2,500 44 1 30,666 1,359 26 33,166 1,403 Corporate bonds — — — 2,423 — — 2,423 77 Obligations of states and 5,375 14 2 171,157 30,683 193 176,532 30,697 $ 16,764 $ 121 10 $ 743,401 $ 120,057 498 $ 760,165 $ 120,178 The applicable date for determining when securities are in an unrealized loss position is March 31, 2024 and December 31, 2023. As such, it is possible that a security had a market value less than its amortized cost on other days during the three months ended March 31, 2024 and the twelve-month period ended December 31, 2023, but is not in the "Investments with an Unrealized Loss of less than 12 months" category above. As shown in the tables above, at March 31, 2024 and December 31, 2023, the Company had unrealized losses of $ 126.1 million and $ 120.2 million on $ 795.3 million and $ 760.2 million, respectively, of securities. As described in Note 1, Summary of Significant Accounting Policies to the consolidated financial statements of the Company included in the 2023 Form 10-K, for any securities classified as available-for-sale that are in an unrealized loss position at the balance sheet date, the Company assesses whether or not it intends to sell the security, or more-likely-than-not will be required to sell the security, before recovery of its amortized cost basis which would require a write-down to fair value through net income. Because the Company currently does not intend to sell those securities that have an unrealized loss at March 31, 2024, and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases, which may be maturity, the Company has determined that no write-down is necessary. In addition, the Company evaluates whether any portion of the decline in fair value is the result of credit deterioration, which would require the recognition of an allowance for credit losses. Such evaluations consider the extent to which the amortized cost of the security exceeds its fair value, changes in credit ratings and any other known adverse conditions related to the specific security. The unrealized losses associated with securities at March 31, 2024 are driven by changes in interest rates and not due to the credit quality of the securities, and accordingly, no allowance for credit losses is considered necessary related to available-for-sale securities at March 31, 2024. These securities will continue to be monitored as a part of the Company's ongoing evaluation of credit quality. Mortgage-Backed Securities At March 31, 2024, approximately 98 % of the mortgage-backed securities held by the Company were issued by U.S. government-sponsored entities and agencies. Because the decline in fair value of these securities is largely attributable to interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is not more likely than not that it will be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired (OTTI) at March 31, 2024. The Company's mortgage-backed securities portfolio includes non-agency collateralized mortgage obligations with a fair value of $ 11.2 million which had unrealized losses of approximately $ 1.5 million at March 31, 2024. These non-agency mortgage-backed securities were rated AAA at March 31, 2024. The Company monitors to ensure it has adequate credit support and as of March 31, 2024, the Company believes there is no OTTI and does not have the intent to sell these securities and it is not more likely than not that it will be required to sell the securities before their anticipated recovery. The issuers continue to make timely principal and interest payments on the bonds. Obligations of States and Political Subdivisions Unrealized losses on municipal bonds have not been recognized into income because the issuers' bonds are of high credit quality (rated A or higher) or the bonds have been refunded, management does not intend to sell the securities and it is not more likely than not that management will be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity. Asset-Backed Securities The Company's asset-backed securities portfolio includes agency and non-agency asset backed and other amortizing debt securities with a fair value of $ 48.5 million which had unrealized losses of approximately $ 0.9 million at March 31, 2024. The Company monitors these securities to ensure it has adequate credit support and as of March 31, 2024, the Company believes there is no OTTI and does not have the intent to sell these securities and it is not more likely than not that it will be required to sell the securities before their anticipated recovery. The issuers continue to make timely principal and interest payments on the bonds. Corporate Bonds The Company's lone corporate debt security with a fair value of $ 2.4 million had an unrealized loss of approximately $ 0.1 million at March 31, 2024. The Company monitors this security to ensure it has adequate credit support and as of March 31, 2024 , the Company believes there is no OTTI and does not have the intent to sell this security and it is not more likely than not that it will be required to sell the security before its anticipated recovery. The issuer continues to make timely principal and interest payments on the bond. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 4. Derivatives Derivatives Designated as Fair Value Hedges The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, the sources and duration of certain balance sheet assets and liabilities. In the normal course of business, the Company also uses derivative financial instruments to add stability to interest income or expense and to manage its exposure to movements in interest rates. The Company does not use derivatives for trading or speculative purposes and only enters into transactions that have a qualifying hedge relationship. The Company's hedging strategies involving interest rate derivatives that are classified as either cash flow hedges or fair value hedges, depending upon the rate characteristic of the hedged item. The Company had previously utilized an interest rate swap designated as a fair value hedge to mitigate the effect of changing interest rates on the fair values of fixed rate loans. The hedging strategy on loans converted the fixed interest rates to variable interest rates tied to the applicable reference rate. During the fourth quarter of 2023 the Company voluntarily terminated the interest rate swap with a notional amount of $ 30.0 million, as the market indicated that rates had peaked, further rate increases were unlikely, and the Company’s balance sheet could support the market’s current demand for fixed rate loans without the interest rate swap. The termination of the fair value hedge resulted in an unrealized gain totaling $ 3,747,000 which is being reclassified to increase interest income through June 30, 2030, the original term of the swap contract. The following table presents the net effects of derivative hedging instruments on the Company's consolidated statements of income for the three months ended March 31, 2024 and 2023. The effects are presented as an increase to income before taxes in the relevant caption of the Company's consolidated statements of income. In Thousands March 31, 2024 March 31, 2023 Location in the Consolidated Statements of Income Interest income Interest and fees on loans $ 381 3 Net increase to income before taxes $ 381 3 Mortgage Banking Derivatives Commitments to fund certain mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third party investors under the Bank's mandatory delivery program are considered derivatives. It is the Company's practice to enter into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in an effort to economically hedge the effect of changes in interest rates resulting from its commitments to fund the loans. At March 31, 2024 and December 31, 2023, the Company had approximately $ 2,889,000 and $ 2,265,000 , respectively, of interest rate lock commitments and approximately $ 3,500,000 and $ 2,500,000 , respectively, of forward commitments for the future delivery of residential mortgage loans. The fair value of these mortgage banking derivatives was reflected by a derivative asset of $ 91,000 and $ 65,000 at March 31, 2024 and December 31, 2023, respectively, and a derivative liability of $ 14,000 and $ 13,000 at March 31, 2024 and December 31, 2023, respectively. Changes in the fair values of these mortgage-banking derivatives are included in net gains on sale of loans. The net gains (losses) relating to free-standing derivative instruments used for risk management is summarized below (in thousands): In Thousands March 31, 2024 March 31, 2023 Interest rate contracts for customers $ 26 147 Forward contracts related to mortgage loans held for sale ( 1 ) ( 105 ) The following table reflects the amount and fair value of mortgage banking derivatives included in the consolidated balance sheet as of March 31, 2024 and December 31, 2023 (in thousands): In Thousands March 31, 2024 December 31, 2023 Notional Fair Notional Fair Included in other assets (liabilities): Interest rate contracts for customers $ 2,889 91 2,265 65 Forward contracts related to mortgage loans 3,500 ( 14 ) 2,500 ( 13 ) |
Mortgage Servicing Rights
Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2024 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Note 5. Mortgage Servicing Rights During the first quarter of 2022, the Company began selling a portfolio of residential mortgage loans to a third party, while retaining the rights to service the loans. Mortgage loans serviced for others are not reported as assets. The principal balances of these loans as of March 31, 2024 and December 31, 2023 are as follows: In Thousands March 31, 2024 December 31, 2023 Mortgage loan portfolios serviced for: FHLMC $ 97,911 $ 99,441 For the three months ended March 31, 2024 and 2023, the change in carrying value of the Company's mortgage servicing rights accounted for under the amortization method was as follows: In Thousands March 31, 2024 March 31, 2023 Balance at beginning of period $ 1,083 $ 1,065 Servicing rights retained from loans sold — 116 Amortization ( 60 ) ( 34 ) Valuation Allowance Provision — — Balance at end of period $ 1,023 1,147 Fair value, end of period $ 1,437 $ 1,335 The key data and assumptions used in estimating the fair value of the Company's mortgage servicing rights as of March 31, 2024 and December 31, 2023 were as follows: March 31, 2024 December 31, 2023 Prepayment speed 7.53 % 7.92 % Weighted-average life (in years) 8.71 8.55 Weighted-average note rate 4.73 % 4.73 % Weighted-average discount rate 9.00 % 9.00 % |
Equity Incentive Plans
Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Note 6. Equity Incentive Plans In April 2009, the Company’s shareholders approved the Wilson Bank Holding Company 2009 Stock Option Plan (the “2009 Stock Option Plan”). The 2009 Stock Option Plan was effective as of April 14, 2009. Under the 2009 Stock Option Plan, awards could be in the form of options to acquire common stock of the Company. Subject to adjustment as provided by the terms of the 2009 Stock Option Plan, the maximum number of shares of common stock with respect to which awards could be granted under the 2009 Stock Option Plan was 100,000 shares. The 2009 Stock Option Plan terminated on April 13, 2019, and no additional awards may be issued under the 2009 Stock Option Plan. The awards granted under the 2009 Stock Option Plan prior to the plan's expiration will remain outstanding until exercised or otherwise terminated. As of March 31, 2024, the Company had outstanding 1,767 options under the 2009 Stock Option Plan with a weighted average exercise price of $ 36.27 . During the second quarter of 2016, the Company’s shareholders approved the Wilson Bank Holding Company 2016 Equity Incentive Plan, which authorizes awards of up to 750,000 shares of common stock. The 2016 Equity Incentive Plan was approved by the Board of Directors and effective as of January 25, 2016 and approved by the Company’s shareholders on April 12, 2016. On September 26, 2016, the Board of Directors approved an amendment and restatement of the 2016 Equity Incentive Plan (as amended and restated the “2016 Equity Incentive Plan”). Except for certain limitations, awards can be in the form of stock options (both incentive stock options and non-qualified stock options), stock appreciation rights, restricted shares and restricted share units, performance awards and other stock-based a wards. As of March 31, 2024, the Company had 164,004 shares remaining available for issuance under the 2016 Equity Incentive Plan. As of March 31, 2024, the Company had outstanding 211,205 options with a weighted average exercise price of $ 57.38 , 155,407 cash-settled stock appreciation rights with a weighted average exercise price of $ 54.87 and 26,871 restricted share awards, restricted share unit awards, and performance share unit awards under the 2016 Equity Incentive Plan. Stock Options and Stock Appreciation Rights As of March 31, 2024, the Company had outstanding 212,972 stock options with a weighted average exercise price of $ 57.21 and 155,407 cash-settled stock appreciation rights with a weighted average exercise price of $ 54.87 . The following table summarizes information about stock options and cash-settled SARs activity for the three months ended March 31, 2024 and 2023 : March 31, 2024 March 31, 2023 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options and SARs outstanding at beginning of period 371,994 $ 56.15 414,778 $ 53.13 Granted 1,667 71.50 — — Exercised ( 3,149 ) 53.39 ( 7,503 ) 44.20 Forfeited or expired ( 2,133 ) 60.46 ( 5,167 ) 60.35 Outstanding at end of period 368,379 $ 56.22 402,108 $ 55.26 Options and SARs exercisable at March 31 211,546 $ 51.77 186,714 $ 48.30 As of March 31, 2024, there was $ 2,885,000 of total unrecognized cost related to non-vested stock options and SARs granted under the Company's equity incentive plans. The cost is expected to be recognized over a weighted-average period of 2.70 years. Time-based Vesting Restricted Shares and Restricted Share Units A summary of restricted share awards and restricted share unit awards activity for the three months ended March 31, 2024 is as follows: Restricted Share Awards Restricted Share Units Shares Weighted Average Grant-Date Fair Value Shares Weighted Average Grant-Date Fair Value Outstanding at December 31, 2023 301 $ 66.70 14,458 $ 69.00 Granted — — 12,207 71.50 Vested — — — — Forfeited — — ( 833 ) 69.00 Outstanding at March 31, 2024 301 $ 66.70 25,832 $ 70.18 The restricted shares and restricted share units vest over various time periods. As of March 31, 2024, there was $ 16,000 of total unrecognized compensation cost related to non-vested restricted share awards. The cost is expected to be expensed over a weighted-average period of 1.64 years. As of March 31, 2024, there was $ 1,470,000 of total unrecognized compensation cost related to non-vested restricted share units. The cost is expected to be expensed over a weighted-average period of 4.50 years. Performance-Based Vesting Restricted Stock Units ("PSUs") The Company awards PSUs to officers and employees of the Bank. Under the terms of the awards, the number of units that will be earned and thereafter settled in shares of the Company's common stock will be based on the employee's performance against certain performance metrics over a fixed three-year performance period. Compensation expense for PSUs is estimated each period based on the fair value of the Company's common stock at the grant date and the most probable outcome of the performance condition, adjusted for the passage of time within the performance period of the awards. The following tables detail the PSUs outstanding at March 31, 2024: Performance Stock Units Outstanding Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 1,107 $ 67.85 Granted — — Vested ( 369 ) 67.85 Forfeited or expired — — Outstanding at March 31, 2024 738 $ 67.85 Grant Year Grant Price Applicable Performance Period Period in which units to be settled PSUs Outstanding 2023 $ 67.85 2023-2025 2024-2026 738 As of March 31, 2024, there was $ 42,000 of total unrecognized compensation cost related to non-vested performance based restricted share units. The cost is expected to be expensed over a weighted-average period of 1.84 years. |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Mar. 31, 2024 | |
Regulated Operations [Abstract] | |
Regulatory Capital | Note 7. Regulatory Capital Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Management believes as of March 31, 2024, the Bank and the Company meet all capital adequacy requirements to which they are subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized, although these terms are not used to represent overall financial condition. If an institution is classified as adequately capitalized or lower, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is growth and expansion, and capital restoration plans are required. As of March 31, 2024 and December 31, 2023 , the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. The Company’s and the Bank’s actual capital amounts and ratios as of March 31, 2024 and December 31, 2023 are presented in the following tables. The capital conservation buffer of 2.5% is not included in the required minimum ratios of the tables presented below. Actual Minimum Capital Adequacy For Classification Under Prompt Corrective Action Plan as Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) March 31, 2024 Total capital to risk weighted assets: Consolidated $ 571,433 14.8 % $ 308,906 8.0 % $ 386,132 10.0 % Wilson Bank 568,159 14.7 308,786 8.0 385,983 10.0 Tier 1 capital to risk weighted assets: Consolidated 523,544 13.6 231,679 6.0 308,905 8.0 Wilson Bank 520,270 13.5 231,590 6.0 308,786 8.0 Common equity Tier 1 capital to risk weighted assets: Consolidated 523,464 13.6 173,759 4.5 N/A N/A Wilson Bank 520,190 13.5 173,693 4.5 250,889 6.5 Tier 1 capital to average assets: Consolidated 523,544 10.5 199,649 4.0 N/A N/A Wilson Bank 520,270 10.4 199,572 4.0 249,465 5.0 Actual Minimum Capital Adequacy For Classification Under Prompt Corrective Action Plan as Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) December 31, 2023 Total capital to risk weighted assets: Consolidated $ 560,757 14.5 % $ 308,449 8.0 % $ 385,562 10.0 % Wilson Bank 559,224 14.5 308,333 8.0 385,417 10.0 Tier 1 capital to risk weighted assets: Consolidated 512,762 13.3 231,337 6.0 308,449 8.0 Wilson Bank 511,229 13.3 231,250 6.0 308,334 8.0 Common equity Tier 1 capital to risk weighted assets: Consolidated 512,693 13.3 173,503 4.5 N/A N/A Wilson Bank 511,160 13.3 173,438 4.5 250,521 6.5 Tier 1 capital to average assets: Consolidated 512,762 10.6 193,564 4.0 N/A N/A Wilson Bank 511,229 10.6 193,492 4.0 241,865 5.0 Dividend Restrictions The Company and the Bank are subject to dividend restrictions set forth by the Tennessee Department of Financial Institutions and federal banking agencies, as applicable. Additional restrictions may be imposed by the Tennessee Department of Financial Institutions and federal banking agencies under the powers granted to them by law. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8. Fair Value Measurements FASB ASC 820, Fair Value Measurements and Disclosures , which defines fair value, establishes a framework for measuring fair value in U.S. GAAP and expands disclosures about fair value measurements. The definition of fair value focuses on the exit price, i.e., the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not the entry price (i.e., the price that would be paid to acquire the asset or received to assume the liability at the measurement date). The statement emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, the fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. Valuation Hierarchy FASB ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. Assets Securities available-for-sale — Where quoted prices are available for identical securities in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include highly liquid government securities and certain other financial products. If quoted market prices are not available, then fair values are estimated by using pricing models that use observable inputs or quoted prices of securities with similar characteristics and are classified within Level 2 of the valuation hierarchy. In certain cases where there is limited activity or less transparency around inputs to the valuation and more complex pricing models or discounted cash flows are used, securities are classified within Level 3 of the valuation hierarchy. Collateral dependent loans – Collateral dependent loans are measured at the fair value of the collateral securing the loan less estimated selling costs. The fair value of real estate collateral is determined based on real estate appraisals which are generally based on recent sales of comparable properties which are then adjusted for property specific factors. Non-real estate collateral is valued based on various sources, including third party asset valuations and internally determined values based on cost adjusted for depreciation and other judgmentally determined discount factors. Collateral dependent loans are classified within Level 3 of the valuation hierarchy due to the unobservable inputs used in determining their fair value such as collateral values and the borrower's underlying financial condition. Other real estate owned — Other real estate owned (“OREO”) represents real estate foreclosed upon by the Company through loan defaults by customers or acquired in lieu of foreclosure. Substantially all of these amounts relate to construction and land development loans, other loans secured by land, and commercial real estate loans for which the Company believes it has adequate collateral. Upon foreclosure, the property is recorded at the lower of cost or fair value, based on appraised value, less selling costs estimated as of the date acquired with any loss recognized as a charge-off through the allowance for credit losses. Additional OREO losses for subsequent valuation downward adjustments are determined on a specific property basis and are included as a component of noninterest expense along with holding costs. Any gains or losses realized at the time of disposal are also reflected in noninterest expense, as applicable. OREO is included in Level 3 of the valuation hierarchy due to the lack of observable market inputs into the determination of fair value. Appraisal values are property-specific and sensitive to the changes in the overall economic environment. Mortgage loans held-for-sale — Mortgage loans held-for-sale are carried at fair value, and are classified within Level 2 of the valuation hierarchy. The fair value of mortgage loans held-for-sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan. Derivative Instruments — The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). Other investments — Included in other investments are investments recorded at fair value primarily in certain nonpublic investments and funds. The valuation of these nonpublic investments requires management judgment due to the absence of observable quoted market prices, inherent lack of liquidity and the long-term nature of such assets. These investments are valued initially based upon transaction price. The carrying values of other investments are adjusted either upwards or downwards from the transaction price to reflect expected exit values as evidenced by financing and sale transactions with third parties. These investments are included in Level 3 of the valuation hierarchy if the entities and funds are not widely traded and the underlying investments are in privately-held and/or start-up companies for which market values are not readily available. The following tables present the financial instruments carried at fair value as of March 31, 2024 and December 31, 2023, by caption on the consolidated balance sheet and by FASB ASC 820 valuation hierarchy (as described above): Assets and Liabilities Measured at Fair Value on a Recurring Basis (In Thousands) Total Carrying Value in the Consolidated Balance Sheet Quoted Market Prices in an Active Market (Level 1) Models with Significant Observable Market Parameters (Level 2) Models with Significant Unobservable Market Parameters (Level 3) March 31, 2024 Investment securities available-for-sale: U.S. Treasury and other U.S. government $ 4,404 $ 4,404 $ — $ — U.S. Government sponsored enterprises 150,090 — 150,090 — Mortgage-backed securities 463,389 — 463,389 — Asset-backed securities 48,484 — 48,484 — Corporate bonds 2,396 — 2,396 — State and municipal securities 188,247 — 188,247 — Total investment securities available-for-sale 857,010 4,404 852,606 — Mortgage loans held for sale 4,324 — 4,324 — Derivative instruments 91 — 91 — Other investments 2,080 — — 2,080 Total assets $ 863,505 $ 4,404 $ 857,021 $ 2,080 Derivative instruments 14 — 14 — Total liabilities $ 14 $ — $ 14 $ — December 31, 2023 Investment securities available-for-sale: U.S. Treasury and other U.S. government $ 4,429 $ 4,429 $ — $ — U.S. Government sponsored enterprises 144,168 — 144,168 — Mortgage-backed securities 417,030 — 417,030 — Asset-backed securities 49,973 — 49,973 — Corporate bonds 2,423 — 2,423 — State and municipal securities 193,058 — 193,058 — Total investment securities available-for-sale 811,081 4,429 806,652 — Mortgage loans held for sale 2,294 — 2,294 — Derivative instruments 65 — 65 — Other investments 2,045 — — 2,045 Total assets $ 815,485 $ 4,429 $ 809,011 $ 2,045 Derivative instruments 13 — 13 — Total liabilities $ 13 $ — $ 13 $ — Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (In Thousands) Total Carrying Value in the Consolidated Balance Sheet Quoted Market Prices in an Active Market (Level 1) Models with Significant Observable Market Parameters (Level 2) Models with Significant Unobservable Market Parameters (Level 3) March 31, 2024 Other real estate owned $ — — — — Collateral dependent loans (¹) 40,346 — — 40,346 Total $ 40,346 — — 40,346 December 31, 2023 Other real estate owned $ — — — — Collateral dependent loans (¹) 4,838 — — 4,838 Total $ 4,838 — — 4,838 (1) As of March 31, 2024 and December 31, 2023 no reserve was recorded on collateral dependent loans. The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2024 and December 31, 2023: Valuation Significant Unobservable Inputs Weighted Average Collateral dependent loans Appraisal Estimated costs to sell 10 % Other real estate owned Appraisal Estimated costs to sell 10 % (1) The fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. In the case of its investment securities portfolio, the Company monitors the valuation technique utilized by various pricing agencies to ascertain when transfers between levels have been affected. The nature of the remaining assets and liabilities is such that transfers in and out of any level are expected to be rare. For the three months ended March 31, 2024 , there were no transfers between Levels 1, 2 or 3. The table below includes a rollforward of the balance sheet amounts for the three months ended March 31, 2024 and 2023 (including the change in fair value) for financial instruments classified by the Company within Level 3 of the valuation hierarchy for assets and liabilities measured at fair value on a recurring basis. When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, since Level 3 financial instruments typically include, in addition to the unobservable or Level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources), the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology (in thousands): For the Three Months Ended March 31, 2024 2023 Other Assets Other Liabilities Other Assets Other Liabilities Fair value, January 1 $ 2,045 — $ 1,965 — Total realized gains (losses) included in income 35 — 42 — Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at March 31 — — — — Purchases, issuances and settlements, net — — — — Transfers out of Level 3 — — — — Fair value, March 31 $ 2,080 — $ 2,007 — Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at March 31 $ 35 — $ 42 — The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments that are not measured at fair value. In cases where quoted market prices or observable components are not available, fair values are based on estimates using discounted cash flow models. Those models are significantly affected by the assumptions used, including the discount rates, estimates of future cash flows and borrower creditworthiness. The fair value estimates presented herein are based on pertinent information available to management as of March 31, 2024 and December 31, 2023. Such amounts have not been revalued for purposes of these consolidated financial statements since those dates and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. Cash and cash equivalents — The carrying amounts of cash and short-term instruments approximate fair values and are classified as Level 1. Loans — The fair value of our loan portfolio includes a credit risk factor in the determination of the fair value of our loans. This credit risk assumption is intended to approximate the fair value that a market participant would realize in a hypothetical orderly transaction. Our loan portfolio is initially fair valued using a segmented approach. We divide our loan portfolio into the following categories: variable rate loans, collateral dependent loans and all other loans. The results are then adjusted to account for credit risk. For variable-rate loans that reprice frequently and have no significant change in credit risk, fair values approximate carrying values. Fair values for collateral dependent loans are estimated using discounted cash flow models or based on the fair value of the underlying collateral. For other loans, fair values are estimated using discounted cash flow models, using current market interest rates offered for loans with similar terms to borrowers of similar credit quality. The values derived from the discounted cash flow approach for each of the above portfolios are then further discounted to incorporate credit risk to determine the exit price. Mortgage servicing rights — The fair value of servicing rights is based on the present value of estimated future cash flows of mortgages sold, stratified by rate and maturity date. Assumptions that are incorporated in the valuation of servicing rights include assumptions about prepayment speeds on mortgages and the cost to service loans. Deposits and Federal Home Loan Bank borrowings — Fair values for deposits and Federal Home Loan Bank borrowings are estimated using discounted cash flow models, using current market interest rates offered on deposits with similar remaining maturities. Off-Balance Sheet Instruments — The fair values of the Company’s off-balance-sheet financial instruments are based on fees charged to enter into similar agreements. However, commitments to extend credit do not represent a significant value to the Company until such commitments are funded. The following table presents the carrying amounts, estimated fair value and placement in the fair valuation hierarchy of the Company’s financial instruments at March 31, 2024 and December 31, 2023. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. Carrying/ Notional Estimated Quote Market Prices in an Active Market Models with Significant Observable Market Parameters Models with Significant Unobservable Market Parameters (in Thousands) Amount Fair Value (¹) (Level 1) (Level 2) (Level 3) March 31, 2024 Financial assets: Cash and cash equivalents $ 273,627 273,627 273,627 — — Loans, net 3,572,315 3,431,193 — — 3,431,193 Mortgage servicing rights 1,023 1,437 — 1,437 — Financial liabilities: Deposits 4,447,395 3,961,521 — — 3,961,521 December 31, 2023 Financial assets: Cash and cash equivalents $ 252,635 252,635 252,635 — — Loans, net 3,550,675 3,372,666 — — 3,372,666 Mortgage servicing rights 1,083 1,398 — 1,398 — Financial liabilities: Deposits 4,367,106 3,885,724 — — 3,885,724 (1) Estimated fair values are consistent with an exit-price concept. The assumptions used to estimate the fair values are intended to approximate those that a market-participant would realize in a hypothetical orderly transaction. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes ASC 740, Income Taxes , defines the threshold for recognizing the benefits of tax return positions in the financial statements as “more-likely-than-not” to be sustained by the taxing authority. This section also provides guidance on the derecognition, measurement and classification of income tax uncertainties, along with any related interest and penalties, and includes guidance concerning accounting for income tax uncertainties in interim periods. As of March 31, 2024 , the Company had no unrecognized tax benefits related to Federal or state income tax matters and does not anticipate any material increase or decrease in unrecognized tax benefits relative to any tax positions taken prior to March 31, 2024. The Company's effective tax rate for the three ended March 31, 2024 was 23.32 % compared to 22.71 % for the same period in 2023 . The difference between the effective tax rate and the federal and state income tax statutory rate of 26.14 % at March 31, 2024 and 2023 is primarily due to investments in bank qualified municipal securities, participation in the Tennessee Community Investment Tax Credit (CITC) program, and tax benefits associated with share-based compensation and bank-owned life insurance, offset in part by the limitation on deductibility of meals and entertainment expense and non-deductible executive compensation. As of and for the three months ended March 31, 2024 , the Company has no t accrued or recognized interest or penalties related to uncertain tax positions. The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company and the Bank fi le consolidated U.S. Federal and State of Tennessee income tax returns. The Company is currently open to audit under the statute of limitations by the State of Tennessee for the years ended December 31, 2020 through 2023 and the IRS for the years ended December 31, 2021 through 2023. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10. Earnings Per Share The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period, adjusted for stock splits. The computation of diluted earnings per share for the Company begins with the basic earnings per share and includes the effect of common shares contingently issuable from stock options, restricted share units and PSUs. The following is a summary of components comprising basic and diluted earnings per share (“EPS”) for the three months ended March 31, 2024 and 2023 : Three Months Ended March 31, 2024 2023 (Dollars in Thousands Except Basic EPS Computation: Numerator – Earnings available to common stockholders $ 12,768 $ 13,841 Denominator – Weighted average number of common 11,752,067 11,543,497 Basic earnings per common share $ 1.09 $ 1.20 Diluted EPS Computation: Numerator – Earnings available to common stockholders $ 12,768 $ 13,841 Denominator – Weighted average number of common 11,752,067 11,543,497 Dilutive effect of stock options, RSUs and PSUs 29,617 29,763 Weighted average diluted common shares outstanding 11,781,684 11,573,260 Diluted earnings per common share $ 1.08 $ 1.20 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 11. Commitments and Contingent Liabilities In the normal course of business, the Bank has entered into off-balance sheet financial instruments which include commitments to extend credit (i.e., including unfunded lines of credit) and standby letters of credit. Commitments to extend credit are usually the result of lines of credit granted to existing borrowers under agreements that the total outstanding indebtedness will not exceed a specific amount during the term of the indebtedness. Typical borrowers are commercial concerns that use lines of credit to supplement their treasury management functions, thus their total outstanding indebtedness may fluctuate during any time period based on the seasonality of their business and the resultant timing of their cash flows. Other typical lines of credit are related to home equity loans granted to consumers. Commitments to extend credit generally have fixed expiration dates or other termination clauses and may require payment of a fee. Standby letters of credit are generally issued on behalf of an applicant (the Bank's customer) to a specifically named beneficiary and are the result of a particular business arrangement that exists between the applicant and the beneficiary. Standby letters of credit have fixed expiration dates and are usually for terms of two years or less unless terminated sooner due to criteria specified in the standby letter of credit. A typical arrangement involves the applicant routinely being indebted to the beneficiary for such items as inventory purchases, insurance, utilities, lease guarantees or other third party commercial transactions. The standby letter of credit would permit the beneficiary to obtain payment from the Bank under certain prescribed circumstances. Subsequently, the Bank would then seek reimbursement from the applicant pursuant to the terms of the standby letter of credit. The Bank follows the same credit policies and underwriting practices when making these commitments as it does for on-balance sheet instruments. Each customer’s creditworthiness is evaluated on a case-by-case basis, and the amount of collateral obtained, if any, is based on management’s credit evaluation of the customer. Collateral held varies but may include cash and cash equivalents, real estate and improvements, marketable securities, accounts receivable, inventory, equipment, and personal property. The contractual amounts of these commitments are not reflected in the consolidated financial statements and would only be reflected if drawn upon. Since many of the commitments are expected to expire without being drawn upon, the contractual amounts do not necessarily represent future cash requirements. However, should the commitments be drawn upon and should our customers default on their resulting obligation to us, the Company’s maximum exposure to credit loss, without consideration of collateral, is represented by the contractual amount of those instruments. A summary of the Company’s total contractual amount for all off-balance sheet commitments at March 31, 2024 is as follows: Commitments to extend credit $ 1,011,265,000 Standby letters of credit $ 109,913,000 Allowance For Credit Losses - Off-Balance-Sheet Credit Exposures. The allowance for credit losses on off-balance-sheet credit exposures is a liability account, calculated in accordance with ASC 326, representing expected credit losses over the contractual period for which we are exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if we have the unconditional right to cancel the obligation. Off-balance-sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit detailed in the table above. For the period of exposure, the estimate of expected credit losses considers both the likelihood that funding will occur and the amount expected to be funded over the estimated remaining life of the commitment or other off-balance-sheet exposure. The likelihood and expected amount of funding are based on historical utilization rates. The amount of the allowance represents management's best estimate of expected credit losses on commitments expected to be funded over the contractual life of the commitment. Estimating credit losses on amounts expected to be funded uses the same methodology as described for loans in Note 2 - Loans and Allowance for Credit Losses as if such commitments were funded. The following table details activity in the allowance for credit losses on off-balance-sheet credit exposures for the three months ended March 31, 2024 and 2023 . (In Thousands) 2024 2023 Beginning balance, January 1 $ 3,147 6,136 Credit loss expense (benefit) — ( 1,278 ) Ending balance, March 31, $ 3,147 4,858 The Bank originates residential mortgage loans, sells them to third-party purchasers, and may or may not retain the servicing rights. These loans are originated internally and are primarily to borrowers in the Company’s geographic market footprint. These sales are typically to investors that follow guidelines of conventional government sponsored entities ("GSE") and the Department of Housing and Urban Development/U.S. Department of Veterans Affairs ("HUD/VA"). Generally, loans held for sale are underwritten by the Company, including HUD/VA loans. In the fourth quarter of 2018, the Bank began to participate in a mandatory delivery program that requires the Bank to deliver a particular volume of mortgage loans by agreed upon dates. A majority of the Bank’s secondary mortgage volume is delivered to the secondary market via mandatory delivery with the remainder done on a best efforts basis. The Bank does not realize any exposure delivery penalties as the mortgage department only bids loans post-closing to ensure that 100 % of the loans are deliverable to the investors. Each purchaser has specific guidelines and criteria for sellers of loans, and the risk of credit loss with regard to the principal amount of the loans sold is generally transferred to the purchasers upon sale. While the loans are sold without recourse, the purchase agreements require the Bank to make certain representations and warranties regarding the existence and sufficiency of file documentation and the absence of fraud by borrowers or other third parties such as appraisers in connection with obtaining the loan. If it is determined that the loans sold were in breach of these representations or warranties or the loan had an early payoff or payment default, the Bank has obligations to either repurchase the loan for the unpaid principal balance and related investor fees or make the purchaser whole for the economic benefits of the loan. To date, repurchase activity pursuant to the terms of these representations and warranties or due to early payoffs or payment defaults has been insignificant and has resulted in insignificant losses to the Company. Based on information currently available, management believes that the Bank does not have significant exposure to contingent losses that may arise relating to the representations and warranties that it has made in connection with its mortgage loan sales or for early payoffs or payment defaults of such mortgage loans. Various legal claims also arise from time to time in the normal course of business. In the opinion of management, the resolution of these claims outstanding at March 31, 2024 will not have a material impact on the Company’s consolidated financial statements. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12. Subsequent Events ASC 855, Subsequent Events, establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. Wilson Bank Holding Company evaluated all events or transactions that occurred after March 31, 2024 , through the date of the issued financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business — Wilson Bank Holding Company (the “Company”) is a bank holding company whose primary business is conducted by its wholly-owned subsidiary, Wilson Bank & Trust (the “Bank”). The Bank is a commercial bank headquartered in Lebanon, Tennessee. The Bank provides a full range of banking services in its primary market areas of Wilson, Davidson, Rutherford, Trousdale, Sumner, Dekalb, Putnam, Smith, Hamilton, and Williamson Counties, Tennessee. On June 1, 2022, the Bank began operations with a newly-formed joint venture, Encompass Home Lending LLC ("Encompass") of which the Bank owns 51 % of the outstanding membership interests. Encompass offers residential mortgage banking services to customers of certain home builders in the Bank's markets as well as other mortgage customers. |
Basis of Presentation | Basis of Presentation — The accompanying unaudited, consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles. All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods covered by the report have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s consolidated audited financial statements and related notes appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the "SEC") on February 28, 2024 (the "2023 Form 10-K"). These consolidated financial statements include the accounts of the Company, the Bank, and Encompass. Significant intercompany transactions and accounts are eliminated in consolidation. |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the determination of the allowance for credit losses, the valuation of deferred tax assets, determination of any impairment of goodwill or other intangibles, the valuation of other real estate (if any), and the fair value of financial instruments. These financial statements should be read in conjunction with the 2023 Form 10-K. There have been no significant changes to the Company’s significant accounting policies as disclosed in the 2023 Form 10-K. |
Newly Issued Not Yet Effective Accounting Standards | Newly Issued Not Yet Effective Accounting Standards Information about certain recently issued accounting standards updates is presented below. Also refer to Note 1 - Accounting Standards Updates in our 2023 Form 10-K for additional information related to previously issued accounting standards updates. Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative, in October 2023, the Financial Accounting Standards Board ("FASB") issued this pronouncement which incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification. The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Accounting Standards Codification with the SEC’s regulations. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Accounting Standards Codification and not become effective for any entity. The Company does not expect the adoption of ASU 2023-06 to have a material impact on its accounting and disclosures. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , in December 2023, the FASB issued this pronouncement which amends the guidance for income tax disclosures to include certain required disclosures related to tax rate reconciliations, including certain categories of expense requiring disclosure, income taxes paid, including disclosure of taxes paid disaggregated by nation, state, and foreign taxes, and other disclosures for disaggregation of income before income tax expense (or benefit) and income tax expense (or benefit) by domestic and foreign allocation. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. Early adoption is permitted. An entity should apply ASU 2023-09 on a prospective basis once adopted with retrospective application permitted. The Company is assessing ASU 2023-09 and its potential impact on its accounting and disclosures. ASU 2024-02, Codification Improvements: Amendments to Remove References to the Concepts Statements , in March 2024, the FASB issued this pronouncement which contains amendments to the Codification that remove references to various Concepts Statements. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. Early adoption is permitted. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. The Company is assessing ASU 2024-02 and its potential impact on its accounting and disclosures. Recently Adopted Accounting Standards ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In March 2020, the FASB issued this pronouncement and has issued subsequent amendments thereto, which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance was effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued an update to Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting with Accounting Standards Update 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which updated the effective date to be March 12, 2020 through December 31, 2024. The Company implemented a transition plan to identify and modify its loans and other financial instruments, including certain indebtedness, with attributes that are either directly or indirectly influenced by LIBOR. The Company has moved all of its LIBOR-based loans to its preferred replacement index, a Secured Overnight Financing Rate ("SOFR") based index as of March 31, 2024. ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions , in June 2022, the FASB issued this pronouncement which clarifies the guidance in ASC 820 when measuring the fair value of equity securities subject to contractual restrictions that prohibit the sale of an equity security. This update also requires specific disclosures related to these types of securities. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. The adoption of ASU 2022-03 did not have a significant impact on our financial statements. Other than those previously discussed, there were no other recently issued accounting pronouncements that are expected to materially impact the Company. |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Loans | The following schedule details the loans of the Compan y at March 31, 2024 and December 31, 2023: (In Thousands) March 31, 2024 December 31, 2023 Residential 1-4 family real estate $ 969,700 $ 959,218 Commercial and multi-family real estate 1,344,853 1,313,284 Construction, land development and farmland 874,822 901,336 Commercial, industrial and agricultural 121,734 127,659 1-4 family equity lines of credit 214,814 202,731 Consumer and other 103,958 104,373 Total loans before net deferred loan fees 3,629,881 3,608,601 Net deferred loan fees ( 12,824 ) ( 13,078 ) Total loans 3,617,057 3,595,523 Less: Allowance for credit losses ( 44,742 ) ( 44,848 ) Net loans $ 3,572,315 $ 3,550,675 |
Summary of Transactions in Allowance for Credit Losses | Transactions in the allowance for credit losses for the three months ended March 31, 2024 and March 31, 2023 are summarized as follows: (In Thousands) Residential Commercial Construction, Commercial, 1-4 family Consumer Total March 31, 2024 Allowance for credit losses - loans: Beginning balance January 1, $ 8,765 17,422 14,027 1,533 1,809 1,292 44,848 Provision for credit losses ( 122 ) 575 ( 674 ) ( 53 ) 14 260 — Charge-offs — — — ( 6 ) — ( 288 ) ( 294 ) Recoveries 18 — 3 5 — 162 188 Ending balance $ 8,661 $ 17,997 $ 13,356 $ 1,479 $ 1,823 $ 1,426 44,742 (In Thousands) Residential Commercial Construction, Commercial, 1-4 family Consumer Total March 31, 2023 Allowance for credit losses - loans: Beginning balance January 1, $ 7,310 15,299 13,305 1,437 1,170 1,292 39,813 Provision 647 387 488 118 54 268 1,962 Charge-offs — — — — — ( 448 ) ( 448 ) Recoveries — — 4 — — 115 119 Ending balance $ 7,957 15,686 13,797 1,555 1,224 1,227 41,446 |
Schedule of Amortized Cost Basis of Collateral Dependent Loans | The following table presents the amortized cost basis of collateral dependent loans at March 31, 2024 and December 31, 2023 which are individually evaluated to determine expected credit losses: In Thousands Real Estate Other Total March 31, 2024 Residential 1-4 family real estate $ 857 — 857 Commercial and multi-family real estate 17,890 — 17,890 Construction, land development and farmland 21,599 — 21,599 Commercial, industrial and agricultural — — — 1-4 family equity lines of credit — — — Consumer and other — — — $ 40,346 — 40,346 In Thousands Real Estate Other Total December 31, 2023 Residential 1-4 family real estate $ 1,949 — 1,949 Commercial and multi-family real estate 2,889 — 2,889 Construction, land development and farmland — — — Commercial, industrial and agricultural — — — 1-4 family equity lines of credit — — — Consumer and other — — — $ 4,838 — 4,838 |
Schedule of Loans on Nonaccrual Status | Loans on Nonaccrual Status In Thousands March 31, December 31, 2024 2023 Residential 1-4 family real estate $ — $ — Commercial and multi-family real estate — — Construction, land development and farmland — — Commercial, industrial and agricultural — — 1-4 family equity lines of credit — — Consumer and other — — Total $ — $ — |
Schedule of Age Analysis of Past Due Loans | (In thousands) 30-59 Days 60-89 Days Non Accrual Total Non Current Total Loans Recorded March 31, 2024 Residential 1-4 family real estate $ 2,115 325 — 2,440 967,260 969,700 $ — Commercial and multi-family real estate 29 — — 29 1,344,824 1,344,853 — Construction, land development and 2,809 2,679 498 5,986 868,836 874,822 498 Commercial, industrial and agricultural 98 12 — 110 121,624 121,734 — 1-4 family equity lines of credit 395 40 315 750 214,064 214,814 315 Consumer and other 325 118 74 517 103,441 103,958 74 Total $ 5,771 3,174 887 9,832 3,620,049 3,629,881 $ 887 December 31, 2023 Residential 1-4 family real estate $ 1,544 552 1,178 3,274 955,944 959,218 $ 1,178 Commercial and multi-family real estate 5,846 — — 5,846 1,307,438 1,313,284 — Construction, land development and 2,959 1 — 2,960 898,376 901,336 — Commercial, industrial and agricultural 52 — 7 59 127,600 127,659 7 1-4 family equity lines of credit 571 209 106 886 201,845 202,731 106 Consumer and other 350 78 118 546 103,827 104,373 118 Total $ 11,322 840 1,409 13,571 3,595,030 3,608,601 $ 1,409 |
Modified Financing Receivables | (In Thousands) Principal Payment Term Interest Rate Combination Combination Term Extension and Interest Rate Reduction Total Class of Financing Receivable March 31, 2024 Residential 1-4 family real estate $ — $ — $ — $ — $ — $ — — % Commercial and multi-family real estate — — — — — — — % Construction, land development and — — — — — — — % Commercial, industrial and agricultural — — — — — — — % 1-4 family equity lines of credit — — — — — — — % Consumer and other — — — — — — — % Total $ — $ — $ — $ — $ — $ — — % (In Thousands) Principal Payment Term Interest Rate Combination Combination Term Extension and Interest Rate Reduction Total Class of Financing Receivable March 31, 2023 Residential 1-4 family real estate $ — $ 947 $ — $ — $ — $ — 0.11 % Commercial and multi-family real estate — 2,453 — — — — 0.22 % Construction, land development and — — — — — — — % Commercial, industrial and agricultural — — 102 — — — 0.08 % 1-4 family equity lines of credit — — — — — — — % Consumer and other — — — — — — — % Total $ — $ 3,400 $ 102 $ — $ — $ — 0.11 % In Thousands 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due March 31, 2024 Residential 1-4 family real estate $ — $ — $ — $ — Commercial and multi-family real estate — — — — Construction, land development and — — — — Commercial, industrial and agricultural — — — — 1-4 family equity lines of credit — — — — Consumer and other — — — — Total $ — $ — $ — $ — In Thousands 30-59 Days Past Due 60-89 Days Past Due Greater Than 89 Days Past Due Total Past Due March 31, 2023 Residential 1-4 family real estate $ — $ — $ — $ — Commercial and multi-family real estate — — — — Construction, land development and — — — — Commercial, industrial and agricultural — — — — 1-4 family equity lines of credit — — — — Consumer and other — — — — Total $ — $ — $ — $ — As evidenced above, no loans that were modified within the twelve months prior to March 31, 2024 or March 31, 2023 were thirty (30) days or more past due at March 31, 2024 or March 31, 2023 , respectively. Three months Ended March 31, 2024 Principal Weighted-Average Weighted-Average Months of Term Extension Residential 1-4 family real estate $ — — % — Commercial and multi-family real estate — — — Construction, land development and farmland — — — Commercial, industrial and agricultural — — — 1-4 family equity lines of credit — — — Consumer and other — — — Total $ — — % — Three Months Ended March 31, 2023 Principal Weighted-Average Weighted-Average Months of Term Extension Residential 1-4 family real estate $ — — % — Commercial and multi-family real estate — — — Construction, land development and farmland — — — Commercial, industrial and agricultural — — 37 1-4 family equity lines of credit — — — Consumer and other — — — Total $ — — % 37 In Thousands Three months Ended March 31, 2024 Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Residential 1-4 family real estate $ — $ — $ — $ — Commercial and multi-family real estate — — — — Construction, land development and — — — — Commercial, industrial and agricultural — — — — 1-4 family equity lines of credit — — — — Consumer and other — — — — Total $ — $ — $ — $ — In Thousands Three Months Ended March 31, 2023 Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Residential 1-4 family real estate $ — $ — $ — $ — Commercial and multi-family real estate — — — — Construction, land development and — — — — Commercial, industrial and agricultural — — — — 1-4 family equity lines of credit — — — — Consumer and other — — — — Total $ — $ — $ — $ — |
Schedule of Loan Portfolio by Risk Rating | The table below presents loan balances classified within each risk rating category by primary loan type and based on year of origination as of March 31, 2024: In Thousands 2024 2023 2022 2021 2020 Prior Revolving Loans Total March 31, 2024 Residential 1-4 family real estate Pass $ 39,902 159,784 291,641 235,225 86,633 134,670 16,409 964,264 Special mention — 76 951 — 871 2,325 — 4,223 Substandard — — — 223 — 990 — 1,213 Total Residential 1-4 family real estate $ 39,902 159,860 292,592 235,448 87,504 137,985 16,409 969,700 Residential 1-4 family real estate: Current-period gross charge-offs $ — — — — — — — — Commercial and multi-family real estate Pass $ 16,319 110,267 351,697 380,291 141,491 280,560 46,078 1,326,703 Special mention — — — — 153 17,919 — 18,072 Substandard — — — — — 78 — 78 Total Commercial and multi-family real $ 16,319 110,267 351,697 380,291 141,644 298,557 46,078 1,344,853 Commercial and multi-family real estate: Current-period gross charge-offs $ — — — — — — — — Construction, land development and Pass $ 36,515 241,798 231,001 87,146 19,043 15,906 221,255 852,664 Special mention — — 20,210 — 1,899 49 — 22,158 Substandard — — — — — — — — Total Construction, land development $ 36,515 241,798 251,211 87,146 20,942 15,955 221,255 874,822 Construction, land development and Current-period gross charge-offs $ — — — — — — — — Commercial, industrial and agricultural Pass $ 2,227 15,061 32,274 6,683 11,322 23,118 30,891 121,576 Special mention 94 14 — 22 16 — 12 158 Substandard — — — — — — — — Total Commercial, industrial and $ 2,321 15,075 32,274 6,705 11,338 23,118 30,903 121,734 Commercial, industrial and agricultural: Current-period gross charge-offs $ — — 6 — — — — 6 1-4 family equity lines of credit Pass $ — — — — — — 213,799 213,799 Special mention — — — — — — 503 503 Substandard — — — — — — 512 512 Total 1-4 family equity lines of credit $ — — — — — — 214,814 214,814 1-4 family equity lines of credit: Current-period gross charge-offs $ — — — — — — — — Consumer and other Pass $ 7,003 24,252 12,814 4,406 13,975 10,759 30,421 103,630 Special mention — 6 67 57 35 17 1 183 Substandard — 32 89 14 10 — — 145 Total Consumer and other $ 7,003 24,290 12,970 4,477 14,020 10,776 30,422 103,958 Consumer and other: Current-period gross charge-offs $ — 56 55 3 — — 174 288 In Thousands 2024 2023 2022 2021 2020 Prior Revolving Loans Total March 31, 2024 Pass $ 101,966 551,162 919,427 713,751 272,464 465,013 558,853 3,582,636 Special mention 94 96 21,228 79 2,974 20,310 516 45,297 Substandard — 32 89 237 10 1,068 512 1,948 Total $ 102,060 551,290 940,744 714,067 275,448 486,391 559,881 3,629,881 In Thousands Revolving 2023 2022 2021 2020 2019 Prior Loans Total December 31, 2023 Residential 1-4 family real estate: Pass $ 165,655 297,535 239,035 89,563 56,092 90,119 16,585 954,584 Special mention 76 859 225 876 137 1,558 — 3,731 Substandard — — — — 128 775 — 903 Total Residential 1-4 family real estate $ 165,731 298,394 239,260 90,439 56,357 92,452 16,585 959,218 Residential 1-4 family real estate: Current-period gross charge-offs $ — — — — — — — — Commercial and multi-family real estate: Pass $ 103,050 321,767 378,418 143,178 91,640 217,645 57,320 1,313,018 Special mention — — 155 — — 31 — 186 Substandard — — — — — 80 — 80 Total Commercial and multi-family real estate $ 103,050 321,767 378,573 143,178 91,640 217,756 57,320 1,313,284 Commercial and multi-family real estate: Current-period gross charge-offs $ — — — — — — — — Construction, land development and farmland: Pass $ 231,337 306,056 99,456 26,710 7,586 10,141 219,999 901,285 Special mention — — — — — 51 — 51 Substandard — — — — — — — — Total Construction, land development and farmland $ 231,337 306,056 99,456 26,710 7,586 10,192 219,999 901,336 Construction, land development and farmland: Current-period gross charge-offs $ — — — — — — — — Commercial, industrial and agricultural: Pass $ 16,811 34,507 7,460 12,272 17,066 7,593 31,832 127,541 Special mention 93 7 6 — — — 12 118 Substandard — — — — — — — — Total Commercial, industrial and agricultural $ 16,904 34,514 7,466 12,272 17,066 7,593 31,844 127,659 Commercial, industrial and agricultural: Current-period gross charge-offs $ — 30 — — — — — 30 1-4 family equity lines of credit: Pass $ — — — — — — 202,189 202,189 Special mention — — — — — — 404 404 Substandard — — — — — — 138 138 Total 1-4 family equity lines of credit $ — — — — — — 202,731 202,731 1-4 family equity lines of credit: Current-period gross charge-offs $ — — — — — — — — Consumer and other: Pass $ 27,998 15,511 5,331 14,497 4,728 6,381 29,638 104,084 Special mention 4 52 57 7 — — — 120 Substandard 51 106 — 11 — 1 — 169 Total Consumer and other $ 28,053 15,669 5,388 14,515 4,728 6,382 29,638 104,373 Consumer and other: Current-period gross charge-offs $ 1,843 213 98 22 — — 151 2,328 In Thousands 2023 2022 2021 2020 2019 Prior Revolving Loans Total December 31, 2023 Pass $ 544,851 $ 975,376 $ 729,700 $ 286,220 $ 177,112 $ 331,879 $ 557,563 3,602,701 Special mention 173 918 443 883 137 1,640 416 4,610 Substandard 51 106 — 11 128 856 138 1,290 Total $ 545,075 976,400 730,143 287,114 177,377 334,375 558,117 3,608,601 |
Debt Securities (Tables)
Debt Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Debt Securities | Debt securities at March 31, 2024 and December 31, 2023 are summarized as follows: March 31, 2024 Securities Available-For-Sale In Thousands Amortized Gross Gross Estimated U.S. Treasury and other U.S. government $ 4,907 — 503 4,404 U.S. Government-sponsored enterprises 174,725 14 24,649 150,090 Mortgage-backed securities 531,118 163 67,892 463,389 Asset-backed securities 49,318 96 930 48,484 Corporate bonds 2,500 — 104 2,396 Obligations of states and political 220,119 196 32,068 188,247 $ 982,687 469 126,146 857,010 December 31, 2023 Securities Available-For-Sale In Thousands Amortized Gross Gross Estimated U.S. Treasury and other U.S. government $ 4,901 — 472 4,429 U.S. Government-sponsored enterprises 167,738 — 23,570 144,168 Mortgage-backed securities 480,759 230 63,959 417,030 Asset-backed securities 51,183 193 1,403 49,973 Corporate bonds 2,500 — 77 2,423 Obligations of states and political 223,358 397 30,697 193,058 $ 930,439 820 120,178 811,081 |
Amortized Cost and Estimated Market Value of Debt Securities by Contractual Maturity | The amortized cost and estimated market value of debt securities at March 31, 2024 by contractual maturity are shown below. Available-For-Sale In Thousands Amortized Estimated Due in one year or less $ 492 $ 481 Due after one year through five years 108,578 97,386 Due after five years through ten years 286,206 249,676 Due after ten years 587,411 509,467 $ 982,687 $ 857,010 |
Gross Unrealized Losses and Fair Value of Investments | The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2024 and December 31, 2023. In Thousands, Except Number of Securities Less than 12 Months 12 Months or More Total March 31, 2024 Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized Available-for-Sale Securities: U.S. Treasury and other $ — $ — — $ 4,404 $ 503 2 $ 4,404 $ 503 U.S. Government-sponsored — — — 147,873 24,649 70 147,873 24,649 Mortgage-backed securities 50,119 363 15 378,462 67,529 219 428,581 67,892 Asset-backed securities 11,293 232 5 23,136 698 12 34,429 930 Corporate bonds — — — 2,396 104 1 2,396 104 Obligations of states and 11,852 692 8 165,760 31,376 190 177,612 32,068 $ 73,264 $ 1,287 28 $ 722,031 $ 124,859 494 $ 795,295 $ 126,146 In Thousands, Except Number of Securities Less than 12 Months 12 Months or More Total December 31, 2023 Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized Available-for-Sale Securities: U.S. Treasury and other $ — $ — — $ 4,429 $ 472 2 $ 4,429 $ 472 U.S. Government-sponsored — — — 144,169 23,569 55 144,169 23,569 Mortgage-backed securities 8,889 63 7 390,557 63,897 221 399,446 63,960 Asset-backed securities 2,500 44 1 30,666 1,359 26 33,166 1,403 Corporate bonds — — — 2,423 — — 2,423 77 Obligations of states and 5,375 14 2 171,157 30,683 193 176,532 30,697 $ 16,764 $ 121 10 $ 743,401 $ 120,057 498 $ 760,165 $ 120,178 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative [Line Items] | |
Schedule of Derivative Instruments, Hedging Instruments on the Company's Consolidated Statements of Income | The following table presents the net effects of derivative hedging instruments on the Company's consolidated statements of income for the three months ended March 31, 2024 and 2023. The effects are presented as an increase to income before taxes in the relevant caption of the Company's consolidated statements of income. In Thousands March 31, 2024 March 31, 2023 Location in the Consolidated Statements of Income Interest income Interest and fees on loans $ 381 3 Net increase to income before taxes $ 381 3 |
Schedule of Amount and Fair Value of Mortgage Banking Derivatives | The following table reflects the amount and fair value of mortgage banking derivatives included in the consolidated balance sheet as of March 31, 2024 and December 31, 2023 (in thousands): In Thousands March 31, 2024 December 31, 2023 Notional Fair Notional Fair Included in other assets (liabilities): Interest rate contracts for customers $ 2,889 91 2,265 65 Forward contracts related to mortgage loans 3,500 ( 14 ) 2,500 ( 13 ) |
Mortgage Banking Derivatives [Member] | |
Derivative [Line Items] | |
Summary of Effects of Fair Value Hedge Relationships in Interest Income on Loans | The net gains (losses) relating to free-standing derivative instruments used for risk management is summarized below (in thousands): In Thousands March 31, 2024 March 31, 2023 Interest rate contracts for customers $ 26 147 Forward contracts related to mortgage loans held for sale ( 1 ) ( 105 ) |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Transfers and Servicing [Abstract] | |
Summary of Principal Balances of Loans | In Thousands March 31, 2024 December 31, 2023 Mortgage loan portfolios serviced for: FHLMC $ 97,911 $ 99,441 |
Summary of Servicing Asset at Amortized Cost | In Thousands March 31, 2024 March 31, 2023 Balance at beginning of period $ 1,083 $ 1,065 Servicing rights retained from loans sold — 116 Amortization ( 60 ) ( 34 ) Valuation Allowance Provision — — Balance at end of period $ 1,023 1,147 Fair value, end of period $ 1,437 $ 1,335 |
Schedule of Assumptions in Estimating the Fair Value of Mortgage Servicing Rights | March 31, 2024 December 31, 2023 Prepayment speed 7.53 % 7.92 % Weighted-average life (in years) 8.71 8.55 Weighted-average note rate 4.73 % 4.73 % Weighted-average discount rate 9.00 % 9.00 % |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Stock Options and Cash-Settled SARs Activity | The following table summarizes information about stock options and cash-settled SARs activity for the three months ended March 31, 2024 and 2023 : March 31, 2024 March 31, 2023 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options and SARs outstanding at beginning of period 371,994 $ 56.15 414,778 $ 53.13 Granted 1,667 71.50 — — Exercised ( 3,149 ) 53.39 ( 7,503 ) 44.20 Forfeited or expired ( 2,133 ) 60.46 ( 5,167 ) 60.35 Outstanding at end of period 368,379 $ 56.22 402,108 $ 55.26 Options and SARs exercisable at March 31 211,546 $ 51.77 186,714 $ 48.30 |
Summary of Restricted Share Awards and Restricted Share Unit Awards Activity | A summary of restricted share awards and restricted share unit awards activity for the three months ended March 31, 2024 is as follows: Restricted Share Awards Restricted Share Units Shares Weighted Average Grant-Date Fair Value Shares Weighted Average Grant-Date Fair Value Outstanding at December 31, 2023 301 $ 66.70 14,458 $ 69.00 Granted — — 12,207 71.50 Vested — — — — Forfeited — — ( 833 ) 69.00 Outstanding at March 31, 2024 301 $ 66.70 25,832 $ 70.18 |
Performance-based Vesting Restricted Stock Units [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Performance-Based Vesting Restricted Stock Units Activity | The following tables detail the PSUs outstanding at March 31, 2024: Performance Stock Units Outstanding Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 1,107 $ 67.85 Granted — — Vested ( 369 ) 67.85 Forfeited or expired — — Outstanding at March 31, 2024 738 $ 67.85 Grant Year Grant Price Applicable Performance Period Period in which units to be settled PSUs Outstanding 2023 $ 67.85 2023-2025 2024-2026 738 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Regulated Operations [Abstract] | |
Summary of Company's and Wilson Banks Actual Capital Amounts and Ratios | Actual Minimum Capital Adequacy For Classification Under Prompt Corrective Action Plan as Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) March 31, 2024 Total capital to risk weighted assets: Consolidated $ 571,433 14.8 % $ 308,906 8.0 % $ 386,132 10.0 % Wilson Bank 568,159 14.7 308,786 8.0 385,983 10.0 Tier 1 capital to risk weighted assets: Consolidated 523,544 13.6 231,679 6.0 308,905 8.0 Wilson Bank 520,270 13.5 231,590 6.0 308,786 8.0 Common equity Tier 1 capital to risk weighted assets: Consolidated 523,464 13.6 173,759 4.5 N/A N/A Wilson Bank 520,190 13.5 173,693 4.5 250,889 6.5 Tier 1 capital to average assets: Consolidated 523,544 10.5 199,649 4.0 N/A N/A Wilson Bank 520,270 10.4 199,572 4.0 249,465 5.0 Actual Minimum Capital Adequacy For Classification Under Prompt Corrective Action Plan as Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) December 31, 2023 Total capital to risk weighted assets: Consolidated $ 560,757 14.5 % $ 308,449 8.0 % $ 385,562 10.0 % Wilson Bank 559,224 14.5 308,333 8.0 385,417 10.0 Tier 1 capital to risk weighted assets: Consolidated 512,762 13.3 231,337 6.0 308,449 8.0 Wilson Bank 511,229 13.3 231,250 6.0 308,334 8.0 Common equity Tier 1 capital to risk weighted assets: Consolidated 512,693 13.3 173,503 4.5 N/A N/A Wilson Bank 511,160 13.3 173,438 4.5 250,521 6.5 Tier 1 capital to average assets: Consolidated 512,762 10.6 193,564 4.0 N/A N/A Wilson Bank 511,229 10.6 193,492 4.0 241,865 5.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Instruments Measured on a Recurring Basis | Assets and Liabilities Measured at Fair Value on a Recurring Basis (In Thousands) Total Carrying Value in the Consolidated Balance Sheet Quoted Market Prices in an Active Market (Level 1) Models with Significant Observable Market Parameters (Level 2) Models with Significant Unobservable Market Parameters (Level 3) March 31, 2024 Investment securities available-for-sale: U.S. Treasury and other U.S. government $ 4,404 $ 4,404 $ — $ — U.S. Government sponsored enterprises 150,090 — 150,090 — Mortgage-backed securities 463,389 — 463,389 — Asset-backed securities 48,484 — 48,484 — Corporate bonds 2,396 — 2,396 — State and municipal securities 188,247 — 188,247 — Total investment securities available-for-sale 857,010 4,404 852,606 — Mortgage loans held for sale 4,324 — 4,324 — Derivative instruments 91 — 91 — Other investments 2,080 — — 2,080 Total assets $ 863,505 $ 4,404 $ 857,021 $ 2,080 Derivative instruments 14 — 14 — Total liabilities $ 14 $ — $ 14 $ — December 31, 2023 Investment securities available-for-sale: U.S. Treasury and other U.S. government $ 4,429 $ 4,429 $ — $ — U.S. Government sponsored enterprises 144,168 — 144,168 — Mortgage-backed securities 417,030 — 417,030 — Asset-backed securities 49,973 — 49,973 — Corporate bonds 2,423 — 2,423 — State and municipal securities 193,058 — 193,058 — Total investment securities available-for-sale 811,081 4,429 806,652 — Mortgage loans held for sale 2,294 — 2,294 — Derivative instruments 65 — 65 — Other investments 2,045 — — 2,045 Total assets $ 815,485 $ 4,429 $ 809,011 $ 2,045 Derivative instruments 13 — 13 — Total liabilities $ 13 $ — $ 13 $ — |
Schedule of Fair Value of Financial Instruments Measured on a Non-recurring Basis | Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (In Thousands) Total Carrying Value in the Consolidated Balance Sheet Quoted Market Prices in an Active Market (Level 1) Models with Significant Observable Market Parameters (Level 2) Models with Significant Unobservable Market Parameters (Level 3) March 31, 2024 Other real estate owned $ — — — — Collateral dependent loans (¹) 40,346 — — 40,346 Total $ 40,346 — — 40,346 December 31, 2023 Other real estate owned $ — — — — Collateral dependent loans (¹) 4,838 — — 4,838 Total $ 4,838 — — 4,838 |
Schedule of Fair Value Assets Measured At Nonrecurring Basis | Valuation Significant Unobservable Inputs Weighted Average Collateral dependent loans Appraisal Estimated costs to sell 10 % Other real estate owned Appraisal Estimated costs to sell 10 % |
Summary of Changes in Fair Value Due to Observable Factors | For the Three Months Ended March 31, 2024 2023 Other Assets Other Liabilities Other Assets Other Liabilities Fair value, January 1 $ 2,045 — $ 1,965 — Total realized gains (losses) included in income 35 — 42 — Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at March 31 — — — — Purchases, issuances and settlements, net — — — — Transfers out of Level 3 — — — — Fair value, March 31 $ 2,080 — $ 2,007 — Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at March 31 $ 35 — $ 42 — |
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments | Carrying/ Notional Estimated Quote Market Prices in an Active Market Models with Significant Observable Market Parameters Models with Significant Unobservable Market Parameters (in Thousands) Amount Fair Value (¹) (Level 1) (Level 2) (Level 3) March 31, 2024 Financial assets: Cash and cash equivalents $ 273,627 273,627 273,627 — — Loans, net 3,572,315 3,431,193 — — 3,431,193 Mortgage servicing rights 1,023 1,437 — 1,437 — Financial liabilities: Deposits 4,447,395 3,961,521 — — 3,961,521 December 31, 2023 Financial assets: Cash and cash equivalents $ 252,635 252,635 252,635 — — Loans, net 3,550,675 3,372,666 — — 3,372,666 Mortgage servicing rights 1,083 1,398 — 1,398 — Financial liabilities: Deposits 4,367,106 3,885,724 — — 3,885,724 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Summary of the Components Comprising Basic and Diluted Earnings Per Share | The following is a summary of components comprising basic and diluted earnings per share (“EPS”) for the three months ended March 31, 2024 and 2023 : Three Months Ended March 31, 2024 2023 (Dollars in Thousands Except Basic EPS Computation: Numerator – Earnings available to common stockholders $ 12,768 $ 13,841 Denominator – Weighted average number of common 11,752,067 11,543,497 Basic earnings per common share $ 1.09 $ 1.20 Diluted EPS Computation: Numerator – Earnings available to common stockholders $ 12,768 $ 13,841 Denominator – Weighted average number of common 11,752,067 11,543,497 Dilutive effect of stock options, RSUs and PSUs 29,617 29,763 Weighted average diluted common shares outstanding 11,781,684 11,573,260 Diluted earnings per common share $ 1.08 $ 1.20 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Total Contractual Amount for All Off-balance Sheet Commitments | A summary of the Company’s total contractual amount for all off-balance sheet commitments at March 31, 2024 is as follows: Commitments to extend credit $ 1,011,265,000 Standby letters of credit $ 109,913,000 |
Schedule of Allowance for Credit Losses on Off-balance-sheet Credit Exposures | The following table details activity in the allowance for credit losses on off-balance-sheet credit exposures for the three months ended March 31, 2024 and 2023 . (In Thousands) 2024 2023 Beginning balance, January 1 $ 3,147 6,136 Credit loss expense (benefit) — ( 1,278 ) Ending balance, March 31, $ 3,147 4,858 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | Jun. 01, 2022 |
Encompass Home Lending, LLC [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 51% |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) Loan | Mar. 31, 2023 Loan | Dec. 31, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans in the process of foreclosure | $ 0 | $ 0 | |
Potential problem loans | $ 47,200,000 | $ 5,900,000 | |
Loans modified within the twelve months prior | Loan | 0 | 0 | |
Minimum | Real Estate Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amortization term | 15 years | ||
Shorter maturity period | 5 years | ||
Minimum | Consumer Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Shorter maturity period | 1 year | ||
Maximum | Real Estate Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amortization term | 30 years | ||
Shorter maturity period | 15 years | ||
Maximum | Consumer Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Shorter maturity period | 5 years |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Schedule of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans before net deferred loan fees | $ 3,629,881 | $ 3,608,601 | ||
Net deferred loan fees | (12,824) | (13,078) | ||
Total loans | 3,617,057 | 3,595,523 | ||
Less: Allowance for credit losses | (44,742) | (44,848) | $ (41,446) | $ (39,813) |
Net loans | 3,572,315 | 3,550,675 | ||
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans before net deferred loan fees | 969,700 | 959,218 | ||
Total loans | 969,700 | 959,218 | ||
Less: Allowance for credit losses | (8,661) | (8,765) | (7,957) | (7,310) |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans before net deferred loan fees | 1,344,853 | 1,313,284 | ||
Total loans | 1,344,853 | 1,313,284 | ||
Less: Allowance for credit losses | (17,997) | (17,422) | (15,686) | (15,299) |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans before net deferred loan fees | 874,822 | 901,336 | ||
Total loans | 874,822 | 901,336 | ||
Less: Allowance for credit losses | (13,356) | (14,027) | (13,797) | (13,305) |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans before net deferred loan fees | 214,814 | 202,731 | ||
Total loans | 214,814 | 202,731 | ||
Less: Allowance for credit losses | (1,823) | (1,809) | (1,224) | (1,170) |
Commercial, Industrial and Agricultural Portfolio | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans before net deferred loan fees | 121,734 | 127,659 | ||
Total loans | 121,734 | 127,659 | ||
Less: Allowance for credit losses | (1,479) | (1,533) | (1,555) | (1,437) |
Consumer Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans before net deferred loan fees | 103,958 | 104,373 | ||
Total loans | 103,958 | 104,373 | ||
Less: Allowance for credit losses | $ (1,426) | $ (1,292) | $ (1,227) | $ (1,292) |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Summary of Transactions in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | $ 44,848 | $ 39,813 | $ 39,813 |
Provision for credit losses - loans | 0 | 1,962 | |
Charge-offs | (294) | (448) | |
Recoveries | 188 | 119 | |
Balance | 44,742 | 41,446 | 44,848 |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | 8,765 | 7,310 | 7,310 |
Provision for credit losses - loans | (122) | 647 | |
Charge-offs | 0 | 0 | 0 |
Recoveries | 18 | 0 | |
Balance | 8,661 | 7,957 | 8,765 |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | 17,422 | 15,299 | 15,299 |
Provision for credit losses - loans | 575 | 387 | |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Balance | 17,997 | 15,686 | 17,422 |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | 14,027 | 13,305 | 13,305 |
Provision for credit losses - loans | (674) | 488 | |
Charge-offs | 0 | 0 | 0 |
Recoveries | 3 | 4 | |
Balance | 13,356 | 13,797 | 14,027 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | 1,809 | 1,170 | 1,170 |
Provision for credit losses - loans | 14 | 54 | |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Balance | 1,823 | 1,224 | 1,809 |
Commercial, Industrial and Agricultural Portfolio [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | 1,533 | 1,437 | 1,437 |
Provision for credit losses - loans | (53) | 118 | |
Charge-offs | (6) | 0 | (30) |
Recoveries | 5 | 0 | |
Balance | 1,479 | 1,555 | 1,533 |
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | 1,292 | 1,292 | 1,292 |
Provision for credit losses - loans | 260 | 268 | |
Charge-offs | (288) | (448) | (2,328) |
Recoveries | 162 | 115 | |
Balance | $ 1,426 | $ 1,227 | $ 1,292 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Schedule of Amortized Cost Basis of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 40,346 | $ 4,838 |
Other Collateral [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 40,346 | 4,838 |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 857 | 1,949 |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Other Collateral [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 857 | 1,949 |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 17,890 | 2,889 |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Other Collateral [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 17,890 | 2,889 |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 21,599 | 0 |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Other Collateral [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 21,599 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Other Collateral [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio [Member] | Other Collateral [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio [Member] | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Other Collateral [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Schedule of Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 0 | $ 0 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 0 | 0 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 0 | 0 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 0 | 0 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 0 | 0 |
Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 0 | $ 0 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Schedule of Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | $ 3,629,881 | $ 3,608,601 |
Recorded Investment Greater Than 89 Days Past Due and Accruing | 887 | 1,409 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 5,771 | 11,322 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 3,174 | 840 |
Non Accrual and Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 887 | 1,409 |
Non Accrual and Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 9,832 | 13,571 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 3,620,049 | 3,595,030 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 969,700 | 959,218 |
Recorded Investment Greater Than 89 Days Past Due and Accruing | 0 | 1,178 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 2,115 | 1,544 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 325 | 552 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | Non Accrual and Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 0 | 1,178 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | Non Accrual and Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 2,440 | 3,274 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 967,260 | 955,944 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 1,344,853 | 1,313,284 |
Recorded Investment Greater Than 89 Days Past Due and Accruing | 0 | 0 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 29 | 5,846 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 0 | 0 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | Non Accrual and Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 0 | 0 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | Non Accrual and Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 29 | 5,846 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 1,344,824 | 1,307,438 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 874,822 | 901,336 |
Recorded Investment Greater Than 89 Days Past Due and Accruing | 498 | 0 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 2,809 | 2,959 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 2,679 | 1 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | Non Accrual and Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 498 | 0 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | Non Accrual and Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 5,986 | 2,960 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 868,836 | 898,376 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 214,814 | 202,731 |
Recorded Investment Greater Than 89 Days Past Due and Accruing | 315 | 106 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 395 | 571 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 40 | 209 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | Non Accrual and Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 315 | 106 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | Non Accrual and Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 750 | 886 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 214,064 | 201,845 |
Commercial, Industrial and Agricultural Portfolio | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 121,734 | 127,659 |
Recorded Investment Greater Than 89 Days Past Due and Accruing | 0 | 7 |
Commercial, Industrial and Agricultural Portfolio | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 98 | 52 |
Commercial, Industrial and Agricultural Portfolio | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 12 | 0 |
Commercial, Industrial and Agricultural Portfolio | Non Accrual and Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 0 | 7 |
Commercial, Industrial and Agricultural Portfolio | Non Accrual and Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 110 | 59 |
Commercial, Industrial and Agricultural Portfolio | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 121,624 | 127,600 |
Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 103,958 | 104,373 |
Recorded Investment Greater Than 89 Days Past Due and Accruing | 74 | 118 |
Consumer Portfolio Segment | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 325 | 350 |
Consumer Portfolio Segment | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 118 | 78 |
Consumer Portfolio Segment | Non Accrual and Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 74 | 118 |
Consumer Portfolio Segment | Non Accrual and Greater Than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | 517 | 546 |
Consumer Portfolio Segment | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans before net deferred loan fees | $ 103,441 | $ 103,827 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Modified Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
30-59 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | $ 0 | $ 0 |
60-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Greater Than 89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | $ 0 | $ 0 |
Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Percentage of financing receivables | 0% | 0.11% |
Weighted average interest rate reduction | 0% | 0% |
Weighted average term extension (Month) | 37 months | |
Principal Forgiveness | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | $ 0 | $ 0 |
Modified loans | 0 | 0 |
Payment Delay | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 3,400 |
Modified loans | 0 | 0 |
Term Extension | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 102 |
Modified loans | 0 | 0 |
Interest Rate Reduction | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Modified loans | 0 | 0 |
Combination Term Extension and Principal Forgiveness | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Combination Term Extension and Interest Rate Reduction | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | 30-59 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | 60-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | Greater Than 89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | Financial Asset, Past Due [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | $ 0 | $ 0 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Percentage of financing receivables | 0% | 0.11% |
Weighted average interest rate reduction | 0% | 0% |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | Principal Forgiveness | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | $ 0 | $ 0 |
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | Payment Delay | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 947 |
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | Term Extension | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | Interest Rate Reduction | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | Combination Term Extension and Principal Forgiveness | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | Combination Term Extension and Interest Rate Reduction | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | 30-59 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | 60-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | Greater Than 89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | Financial Asset, Past Due [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | $ 0 | $ 0 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Percentage of financing receivables | 0% | 0.22% |
Weighted average interest rate reduction | 0% | 0% |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | Principal Forgiveness | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | $ 0 | $ 0 |
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | Payment Delay | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 2,453 |
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | Term Extension | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | Interest Rate Reduction | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | Combination Term Extension and Principal Forgiveness | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | Combination Term Extension and Interest Rate Reduction | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | 30-59 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | 60-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | Greater Than 89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | Financial Asset, Past Due [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | $ 0 | $ 0 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Percentage of financing receivables | 0% | 0% |
Weighted average interest rate reduction | 0% | 0% |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | Principal Forgiveness | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | $ 0 | $ 0 |
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | Payment Delay | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | Term Extension | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | Interest Rate Reduction | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | Combination Term Extension and Principal Forgiveness | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | Combination Term Extension and Interest Rate Reduction | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | 30-59 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | 60-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | Greater Than 89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | Financial Asset, Past Due [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | $ 0 | $ 0 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Percentage of financing receivables | 0% | 0% |
Weighted average interest rate reduction | 0% | 0% |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | Principal Forgiveness | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | $ 0 | $ 0 |
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | Payment Delay | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | Term Extension | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | Interest Rate Reduction | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Modified loans | 0 | 0 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | Combination Term Extension and Principal Forgiveness | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | Combination Term Extension and Interest Rate Reduction | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio | 30-59 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio | 60-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio | Greater Than 89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio | Financial Asset, Past Due [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | $ 0 | $ 0 |
Commercial, Industrial and Agricultural Portfolio | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Percentage of financing receivables | 0% | 0.08% |
Weighted average interest rate reduction | 0% | 0% |
Weighted average term extension (Month) | 37 months | |
Commercial, Industrial and Agricultural Portfolio | Principal Forgiveness | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | $ 0 | $ 0 |
Modified loans | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio | Payment Delay | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Modified loans | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio | Term Extension | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 102 |
Modified loans | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio | Interest Rate Reduction | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Modified loans | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio | Combination Term Extension and Principal Forgiveness | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio | Combination Term Extension and Interest Rate Reduction | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Consumer Portfolio Segment | 30-59 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Consumer Portfolio Segment | 60-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Consumer Portfolio Segment | Greater Than 89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | 0 | 0 |
Consumer Portfolio Segment | Financial Asset, Past Due [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Modified loans | $ 0 | $ 0 |
Consumer Portfolio Segment | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Percentage of financing receivables | 0% | |
Weighted average interest rate reduction | 0% | 0% |
Consumer Portfolio Segment | Principal Forgiveness | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | $ 0 | $ 0 |
Modified loans | 0 | 0 |
Consumer Portfolio Segment | Payment Delay | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Modified loans | 0 | 0 |
Consumer Portfolio Segment | Term Extension | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Modified loans | 0 | 0 |
Consumer Portfolio Segment | Interest Rate Reduction | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Modified loans | 0 | 0 |
Consumer Portfolio Segment | Combination Term Extension and Principal Forgiveness | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | 0 | 0 |
Consumer Portfolio Segment | Combination Term Extension and Interest Rate Reduction | Loans Receivable [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing receivable, modification amount | $ 0 | $ 0 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Loan Portfolio by Risk Rating (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | $ 102,060 | $ 545,075 | |
Originated prior year | 551,290 | 976,400 | |
Originated two years prior year | 940,744 | 730,143 | |
Originated three years prior year | 714,067 | 287,114 | |
Originated four years prior year | 275,448 | 177,377 | |
Prior | 486,391 | 334,375 | |
Revolving loans | 559,881 | 558,117 | |
Loans, before allowance | 3,617,057 | 3,595,523 | |
Current-period gross charge-offs | 294 | $ 448 | |
Loans, gross | 3,629,881 | 3,608,601 | |
Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 39,902 | 165,731 | |
Originated prior year | 159,860 | 298,394 | |
Originated two years prior year | 292,592 | 239,260 | |
Originated three years prior year | 235,448 | 90,439 | |
Originated four years prior year | 87,504 | 56,357 | |
Prior | 137,985 | 92,452 | |
Revolving loans | 16,409 | 16,585 | |
Loans, before allowance | 969,700 | 959,218 | |
Originated current year, charge offs | 0 | 0 | |
Originated prior year, charge offs | 0 | 0 | |
Originated two years prior year, charge offs | 0 | 0 | |
Originated three years prior year, charge offs | 0 | 0 | |
Originated four years prior year, charge offs | 0 | 0 | |
Prior, charge offs | 0 | 0 | |
Revolving loans, charge offs | 0 | 0 | |
Current-period gross charge-offs | 0 | 0 | 0 |
Loans, gross | 969,700 | 959,218 | |
Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 16,319 | 103,050 | |
Originated prior year | 110,267 | 321,767 | |
Originated two years prior year | 351,697 | 378,573 | |
Originated three years prior year | 380,291 | 143,178 | |
Originated four years prior year | 141,644 | 91,640 | |
Prior | 298,557 | 217,756 | |
Revolving loans | 46,078 | 57,320 | |
Loans, before allowance | 1,344,853 | 1,313,284 | |
Originated current year, charge offs | 0 | 0 | |
Originated prior year, charge offs | 0 | 0 | |
Originated two years prior year, charge offs | 0 | 0 | |
Originated three years prior year, charge offs | 0 | 0 | |
Originated four years prior year, charge offs | 0 | 0 | |
Prior, charge offs | 0 | 0 | |
Revolving loans, charge offs | 0 | 0 | |
Current-period gross charge-offs | 0 | 0 | 0 |
Loans, gross | 1,344,853 | 1,313,284 | |
Real Estate Portfolio Segment | Construction, Land Development and Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 36,515 | 231,337 | |
Originated prior year | 241,798 | 306,056 | |
Originated two years prior year | 251,211 | 99,456 | |
Originated three years prior year | 87,146 | 26,710 | |
Originated four years prior year | 20,942 | 7,586 | |
Prior | 15,955 | 10,192 | |
Revolving loans | 221,255 | 219,999 | |
Loans, before allowance | 874,822 | 901,336 | |
Originated current year, charge offs | 0 | 0 | |
Originated prior year, charge offs | 0 | ||
Originated two years prior year, charge offs | 0 | 0 | |
Originated three years prior year, charge offs | 0 | 0 | |
Originated four years prior year, charge offs | 0 | 0 | |
Prior, charge offs | 0 | 0 | |
Revolving loans, charge offs | 0 | 0 | |
Current-period gross charge-offs | 0 | 0 | 0 |
Loans, gross | 874,822 | 901,336 | |
Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans | 214,814 | 202,731 | |
Loans, before allowance | 214,814 | 202,731 | |
Originated current year, charge offs | 0 | 0 | |
Originated prior year, charge offs | 0 | 0 | |
Originated two years prior year, charge offs | 0 | 0 | |
Originated three years prior year, charge offs | 0 | 0 | |
Originated four years prior year, charge offs | 0 | 0 | |
Prior, charge offs | 0 | 0 | |
Revolving loans, charge offs | 0 | 0 | |
Current-period gross charge-offs | 0 | 0 | 0 |
Loans, gross | 214,814 | 202,731 | |
Commercial, Industrial and Agricultural Portfolio | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 2,321 | 16,904 | |
Originated prior year | 15,075 | 34,514 | |
Originated two years prior year | 32,274 | 7,466 | |
Originated three years prior year | 6,705 | 12,272 | |
Originated four years prior year | 11,338 | 17,066 | |
Prior | 23,118 | 7,593 | |
Revolving loans | 30,903 | 31,844 | |
Loans, before allowance | 121,734 | 127,659 | |
Originated current year, charge offs | 0 | 0 | |
Originated prior year, charge offs | 0 | 30 | |
Originated two years prior year, charge offs | 6 | 0 | |
Originated three years prior year, charge offs | 0 | 0 | |
Originated four years prior year, charge offs | 0 | 0 | |
Prior, charge offs | 0 | 0 | |
Revolving loans, charge offs | 0 | 0 | |
Current-period gross charge-offs | 6 | 0 | 30 |
Loans, gross | 121,734 | 127,659 | |
Consumer Portfolio Segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 7,003 | 28,053 | |
Originated prior year | 24,290 | 15,669 | |
Originated two years prior year | 12,970 | 5,388 | |
Originated three years prior year | 4,477 | 14,515 | |
Originated four years prior year | 14,020 | 4,728 | |
Prior | 10,776 | 6,382 | |
Revolving loans | 30,422 | 29,638 | |
Loans, before allowance | 103,958 | 104,373 | |
Originated current year, charge offs | 0 | 1,843 | |
Originated prior year, charge offs | 56 | 213 | |
Originated two years prior year, charge offs | 55 | 98 | |
Originated three years prior year, charge offs | 3 | 22 | |
Originated four years prior year, charge offs | 0 | 0 | |
Prior, charge offs | 0 | 0 | |
Revolving loans, charge offs | 174 | 151 | |
Current-period gross charge-offs | 288 | $ 448 | 2,328 |
Loans, gross | 103,958 | 104,373 | |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 101,966 | 544,851 | |
Originated prior year | 551,162 | 975,376 | |
Originated two years prior year | 919,427 | 729,700 | |
Originated three years prior year | 713,751 | 286,220 | |
Originated four years prior year | 272,464 | 177,112 | |
Prior | 465,013 | 331,879 | |
Revolving loans | 558,853 | 557,563 | |
Loans, gross | 3,582,636 | 3,602,701 | |
Pass | Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 39,902 | 165,655 | |
Originated prior year | 159,784 | 297,535 | |
Originated two years prior year | 291,641 | 239,035 | |
Originated three years prior year | 235,225 | 89,563 | |
Originated four years prior year | 86,633 | 56,092 | |
Prior | 134,670 | 90,119 | |
Revolving loans | 16,409 | 16,585 | |
Loans, before allowance | 964,264 | 954,584 | |
Pass | Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 16,319 | 103,050 | |
Originated prior year | 110,267 | 321,767 | |
Originated two years prior year | 351,697 | 378,418 | |
Originated three years prior year | 380,291 | 143,178 | |
Originated four years prior year | 141,491 | 91,640 | |
Prior | 280,560 | 217,645 | |
Revolving loans | 46,078 | 57,320 | |
Loans, before allowance | 1,326,703 | 1,313,018 | |
Pass | Real Estate Portfolio Segment | Construction, Land Development and Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 36,515 | 231,337 | |
Originated prior year | 241,798 | 306,056 | |
Originated two years prior year | 231,001 | 99,456 | |
Originated three years prior year | 87,146 | 26,710 | |
Originated four years prior year | 19,043 | 7,586 | |
Prior | 15,906 | 10,141 | |
Revolving loans | 221,255 | 219,999 | |
Loans, before allowance | 852,664 | 901,285 | |
Pass | Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans | 213,799 | 202,189 | |
Loans, before allowance | 213,799 | 202,189 | |
Pass | Commercial, Industrial and Agricultural Portfolio | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 2,227 | 16,811 | |
Originated prior year | 15,061 | 34,507 | |
Originated two years prior year | 32,274 | 7,460 | |
Originated three years prior year | 6,683 | 12,272 | |
Originated four years prior year | 11,322 | 17,066 | |
Prior | 23,118 | 7,593 | |
Revolving loans | 30,891 | 31,832 | |
Loans, before allowance | 121,576 | 127,541 | |
Pass | Consumer Portfolio Segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 7,003 | 27,998 | |
Originated prior year | 24,252 | 15,511 | |
Originated two years prior year | 12,814 | 5,331 | |
Originated three years prior year | 4,406 | 14,497 | |
Originated four years prior year | 13,975 | 4,728 | |
Prior | 10,759 | 6,381 | |
Revolving loans | 30,421 | 29,638 | |
Loans, before allowance | 103,630 | 104,084 | |
Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 94 | 173 | |
Originated prior year | 96 | 918 | |
Originated two years prior year | 21,228 | 443 | |
Originated three years prior year | 79 | 883 | |
Originated four years prior year | 2,974 | 137 | |
Prior | 20,310 | 1,640 | |
Revolving loans | 516 | 416 | |
Loans, gross | 45,297 | 4,610 | |
Special Mention | Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 76 | |
Originated prior year | 76 | 859 | |
Originated two years prior year | 951 | 225 | |
Originated three years prior year | 0 | 876 | |
Originated four years prior year | 871 | 137 | |
Prior | 2,325 | 1,558 | |
Revolving loans | 0 | 0 | |
Loans, before allowance | 4,223 | 3,731 | |
Special Mention | Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 155 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 153 | 0 | |
Prior | 17,919 | 31 | |
Revolving loans | 0 | 0 | |
Loans, before allowance | 18,072 | 186 | |
Special Mention | Real Estate Portfolio Segment | Construction, Land Development and Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 20,210 | 0 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 1,899 | 0 | |
Prior | 49 | 51 | |
Revolving loans | 0 | 0 | |
Loans, before allowance | 22,158 | 51 | |
Special Mention | Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans | 503 | 404 | |
Loans, before allowance | 503 | 404 | |
Special Mention | Commercial, Industrial and Agricultural Portfolio | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 94 | 93 | |
Originated prior year | 14 | 7 | |
Originated two years prior year | 0 | 6 | |
Originated three years prior year | 22 | 0 | |
Originated four years prior year | 16 | 0 | |
Prior | 0 | 0 | |
Revolving loans | 12 | 12 | |
Loans, before allowance | 158 | 118 | |
Special Mention | Consumer Portfolio Segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 4 | |
Originated prior year | 6 | 52 | |
Originated two years prior year | 67 | 57 | |
Originated three years prior year | 57 | 7 | |
Originated four years prior year | 35 | 0 | |
Prior | 17 | 0 | |
Revolving loans | 1 | 0 | |
Loans, before allowance | 183 | 120 | |
Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 51 | |
Originated prior year | 32 | 106 | |
Originated two years prior year | 89 | 0 | |
Originated three years prior year | 237 | 11 | |
Originated four years prior year | 10 | 128 | |
Prior | 1,068 | 856 | |
Revolving loans | 512 | 138 | |
Loans, gross | 1,948 | 1,290 | |
Substandard | Real Estate Portfolio Segment | Residential 1-4 Family Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 223 | 0 | |
Originated four years prior year | 0 | 128 | |
Prior | 990 | 775 | |
Revolving loans | 0 | 0 | |
Loans, before allowance | 1,213 | 903 | |
Substandard | Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 78 | 80 | |
Revolving loans | 0 | 0 | |
Loans, before allowance | 78 | 80 | |
Substandard | Real Estate Portfolio Segment | Construction, Land Development and Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans | 0 | 0 | |
Loans, before allowance | 0 | 0 | |
Substandard | Real Estate Portfolio Segment | 1-4 family Equity Lines of Credit | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans | 512 | 138 | |
Loans, before allowance | 512 | 138 | |
Substandard | Commercial, Industrial and Agricultural Portfolio | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 0 | |
Originated prior year | 0 | 0 | |
Originated two years prior year | 0 | 0 | |
Originated three years prior year | 0 | 0 | |
Originated four years prior year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans | 0 | 0 | |
Loans, before allowance | 0 | 0 | |
Substandard | Consumer Portfolio Segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated current year | 0 | 51 | |
Originated prior year | 32 | 106 | |
Originated two years prior year | 89 | 0 | |
Originated three years prior year | 14 | 11 | |
Originated four years prior year | 10 | 0 | |
Prior | 0 | 1 | |
Revolving loans | 0 | 0 | |
Loans, before allowance | $ 145 | $ 169 |
Debt Securities - Summary of De
Debt Securities - Summary of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | ||
Securities, Available-For-Sale, Amortized Cost | $ 982,687 | $ 930,439 |
Securities, Available-For-Sale, Gross Unrealized Gains | 469 | 820 |
Securities, Available-For-Sale, Gross Unrealized Losses | 126,146 | 120,178 |
Securities, Available-For-Sale, Estimated Market Value | 857,010 | 811,081 |
U.S. Treasury and Other U.S. Government Agencies | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities, Available-For-Sale, Amortized Cost | 4,907 | 4,901 |
Securities, Available-For-Sale, Gross Unrealized Gains | 0 | 0 |
Securities, Available-For-Sale, Gross Unrealized Losses | 503 | 472 |
Securities, Available-For-Sale, Estimated Market Value | 4,404 | 4,429 |
U.S. Government-sponsored enterprises (GSEs) | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities, Available-For-Sale, Amortized Cost | 174,725 | 167,738 |
Securities, Available-For-Sale, Gross Unrealized Gains | 14 | 0 |
Securities, Available-For-Sale, Gross Unrealized Losses | 24,649 | 23,570 |
Securities, Available-For-Sale, Estimated Market Value | 150,090 | 144,168 |
Mortgage-Backed Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities, Available-For-Sale, Amortized Cost | 531,118 | 480,759 |
Securities, Available-For-Sale, Gross Unrealized Gains | 163 | 230 |
Securities, Available-For-Sale, Gross Unrealized Losses | 67,892 | 63,959 |
Securities, Available-For-Sale, Estimated Market Value | 463,389 | 417,030 |
Asset-Backed Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities, Available-For-Sale, Amortized Cost | 49,318 | 51,183 |
Securities, Available-For-Sale, Gross Unrealized Gains | 96 | 193 |
Securities, Available-For-Sale, Gross Unrealized Losses | 930 | 1,403 |
Securities, Available-For-Sale, Estimated Market Value | 48,484 | 49,973 |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities, Available-For-Sale, Amortized Cost | 2,500 | 2,500 |
Securities, Available-For-Sale, Gross Unrealized Gains | 0 | 0 |
Securities, Available-For-Sale, Gross Unrealized Losses | 104 | 77 |
Securities, Available-For-Sale, Estimated Market Value | 2,396 | 2,423 |
Obligations of States and Political Subdivisions | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities, Available-For-Sale, Amortized Cost | 220,119 | 223,358 |
Securities, Available-For-Sale, Gross Unrealized Gains | 196 | 397 |
Securities, Available-For-Sale, Gross Unrealized Losses | 32,068 | 30,697 |
Securities, Available-For-Sale, Estimated Market Value | $ 188,247 | $ 193,058 |
Debt Securities - Additional In
Debt Securities - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2024 USD ($) Security | Dec. 31, 2023 USD ($) | |
Investments, Debt and Equity Securities [Line Items] | ||
Allowance for credit losses on available-for-sale securities | $ 0 | |
Amortized Cost | 982,687,000 | $ 930,439,000 |
Total investment securities available-for-sale | 857,010,000 | 811,081,000 |
Unrealized losses | 126,146,000 | 120,178,000 |
Unrealized losses | 795,295,000 | 760,165,000 |
Asset Pledged as Collateral [Member] | Public Deposits and Other Required Purposes [Member] | ||
Investments, Debt and Equity Securities [Line Items] | ||
Amortized Cost | 524,227,000 | 500,046,000 |
Total investment securities available-for-sale | 446,060,000 | 429,705,000 |
Collateralized Mortgage Obligations [Member] | ||
Investments, Debt and Equity Securities [Line Items] | ||
Amortized Cost | 157,839,000 | 145,179,000 |
Total investment securities available-for-sale | 136,275,000 | 124,005,000 |
US Government Sponsored Entities and Agencies [Member] | ||
Investments, Debt and Equity Securities [Line Items] | ||
Total investment securities available-for-sale | 11,200,000 | |
Unrealized losses | $ 1,500,000 | |
Percent of mortgage-backed securities | 98% | |
Asset-backed Securities [Member] | ||
Investments, Debt and Equity Securities [Line Items] | ||
Amortized Cost | $ 49,318,000 | 51,183,000 |
Total investment securities available-for-sale | 48,484,000 | 49,973,000 |
Unrealized losses | 930,000 | 1,403,000 |
Unrealized losses | 34,429,000 | 33,166,000 |
Corporate Debt Securities [Member] | ||
Investments, Debt and Equity Securities [Line Items] | ||
Amortized Cost | 2,500,000 | 2,500,000 |
Total investment securities available-for-sale | 2,396,000 | 2,423,000 |
Unrealized losses | 104,000 | 77,000 |
Unrealized losses | $ 2,396,000 | $ 2,423,000 |
Securities Except U.S. Government and its Agencies [Member] | ||
Investments, Debt and Equity Securities [Line Items] | ||
Number of security holdings greater than 10% percent of shareholders' equity | Security | 0 |
Debt Securities - Amortized Cos
Debt Securities - Amortized Cost and Estimated Market Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Securities, Available-For-Sale, Amortized Cost | $ 492 | |
Due in one year or less, Securities, Available-For-Sale, Estimated Market Value | 481 | |
Due after one year through five years, Securities, Available-For-Sale, Amortized Cost | 108,578 | |
Due after one year through five years, Securities, Available-For-Sale, Estimated Market Value | 97,386 | |
Due after five years through ten years, Securities, Available-For-Sale, Amortized Cost | 286,206 | |
Due after five years through ten years, Securities, Available-For-Sale, Estimated Market Value | 249,676 | |
Due after ten years, Securities, Available-For-Sale, Amortized Cost | 587,411 | |
Due after ten years, Securities, Available-For-Sale, Estimated Market Value | 509,467 | |
Securities, Available-For-Sale, Amortized Cost | 982,687 | $ 930,439 |
Securities, Available-For-Sale, Estimated Market Value | $ 857,010 | $ 811,081 |
Debt Securities - Gross Unreali
Debt Securities - Gross Unrealized Losses and Fair Value of Investments (Details) $ in Thousands | Mar. 31, 2024 USD ($) Security | Dec. 31, 2023 USD ($) Security |
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | $ 73,264 | $ 16,764 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 1,287 | $ 121 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | Security | 28 | 10 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 722,031 | $ 743,401 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 124,859 | $ 120,057 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | Security | 494 | 498 |
Available-for-Sale Securities, Total, Fair Value | $ 795,295 | $ 760,165 |
Available-for-Sale Securities, Total, Unrealized Losses | 126,146 | 120,178 |
U.S. Treasury and Other U.S. Government Agencies [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 0 | $ 0 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | Security | 0 | 0 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 4,404 | $ 4,429 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 503 | $ 472 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | Security | 2 | 2 |
Available-for-Sale Securities, Total, Fair Value | $ 4,404 | $ 4,429 |
Available-for-Sale Securities, Total, Unrealized Losses | 503 | 472 |
U.S. Government-sponsored Enterprises (GSEs) [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 0 | $ 0 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | Security | 0 | 0 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 147,873 | $ 144,169 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 24,649 | $ 23,569 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | Security | 70 | 55 |
Available-for-Sale Securities, Total, Fair Value | $ 147,873 | $ 144,169 |
Available-for-Sale Securities, Total, Unrealized Losses | 24,649 | 23,569 |
Mortgage-backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 50,119 | 8,889 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 363 | $ 63 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | Security | 15 | 7 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 378,462 | $ 390,557 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 67,529 | $ 63,897 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | Security | 219 | 221 |
Available-for-Sale Securities, Total, Fair Value | $ 428,581 | $ 399,446 |
Available-for-Sale Securities, Total, Unrealized Losses | 67,892 | 63,960 |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 11,293 | 2,500 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 232 | $ 44 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | Security | 5 | 1 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 23,136 | $ 30,666 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 698 | $ 1,359 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | Security | 12 | 26 |
Available-for-Sale Securities, Total, Fair Value | $ 34,429 | $ 33,166 |
Available-for-Sale Securities, Total, Unrealized Losses | 930 | 1,403 |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 0 | $ 0 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | Security | 0 | 0 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 2,396 | $ 2,423 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 104 | $ 0 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | Security | 1 | 0 |
Available-for-Sale Securities, Total, Fair Value | $ 2,396 | $ 2,423 |
Available-for-Sale Securities, Total, Unrealized Losses | 104 | 77 |
Obligations of States and Political Subdivisions | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 11,852 | 5,375 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 692 | $ 14 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | Security | 8 | 2 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 165,760 | $ 171,157 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 31,376 | $ 30,683 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | Security | 190 | 193 |
Available-for-Sale Securities, Total, Fair Value | $ 177,612 | $ 176,532 |
Available-for-Sale Securities, Total, Unrealized Losses | $ 32,068 | $ 30,697 |
Derivatives - Additional Inform
Derivatives - Additional Information (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2024 | |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 30,000,000 | |
Unrealized Gain | 3,747,000 | |
Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 2,265,000 | $ 2,889,000 |
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 65,000 | 91,000 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 2,500,000 | 3,500,000 |
Derivative, Fair Value, Net | $ 13,000 | $ 14,000 |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Instruments, Hedging Instruments on the Company's Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Interest income | $ 381 | $ 3 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and fees on loans | Interest and fees on loans |
Derivatives - Schedule of Net G
Derivatives - Schedule of Net Gains (Losses) Relating to Free-standing Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Net gains (losses) | $ 26 | $ 147 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Net gains (losses) | $ (1) | $ (105) |
Derivatives - Schedule of Amoun
Derivatives - Schedule of Amount and Fair Value of Mortgage Banking Derivatives (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Derivative, amount | $ 30,000,000 | |
Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, amount | $ 2,889,000 | 2,265,000 |
Derivative, net | 91,000 | 65,000 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, amount | 3,500,000 | 2,500,000 |
Derivative, net | $ (14,000) | $ (13,000) |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Principal Balances of Loans (Details)) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Transfers and Servicing [Abstract] | ||
FHLMC | $ 97,911 | $ 99,441 |
Mortgage Servicing Rights - S_2
Mortgage Servicing Rights - Summary of Servicing Asset at Amortized Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Transfers and Servicing [Abstract] | ||
Balance at beginning of period | $ 1,083 | $ 1,065 |
Servicing rights retained from loans sold | 0 | 116 |
Amortization | (60) | (34) |
Valuation Allowance Provision | 0 | 0 |
Balance at end of period | 1,023 | 1,147 |
Fair value, end of period | $ 1,437 | $ 1,335 |
Mortgage Servicing Rights - Sch
Mortgage Servicing Rights - Schedule of Assumptions in Estimating the Fair Value of Mortgage Servicing Rights (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Transfers and Servicing [Abstract] | ||
Prepayment speed | 7.53% | 7.92% |
Weighted-average life (in years) | 8 years 8 months 15 days | 8 years 6 months 18 days |
Weighted-average note rate | 4.73% | 4.73% |
Weighted-average discount rate | 9% | 9% |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) | 3 Months Ended | ||||||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Apr. 30, 2019 | Apr. 13, 2019 | Jun. 30, 2016 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of option outstanding | 212,972 | ||||||
Options outstanding, weighted average exercise price | $ 57.21 | ||||||
Stock Appreciation Rights (SARs) | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of non-option outstanding | 155,407 | ||||||
Non-options outstanding, weighted average exercise price | $ 54.87 | ||||||
Stock Options and Stock Appreciation Rights | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of option outstanding | 368,379 | 371,994 | 402,108 | 414,778 | |||
Options outstanding, weighted average exercise price | $ 56.22 | $ 56.15 | $ 55.26 | $ 53.13 | |||
Total unrecognized compensation cost | $ 2,885,000 | ||||||
weighted-average period of recognized | 2 years 8 months 12 days | ||||||
Restricted Share Awards | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of non-option outstanding | 301 | 301 | |||||
Non-options outstanding, weighted average exercise price | $ 66.7 | $ 66.7 | |||||
Total unrecognized compensation cost | $ 16,000 | ||||||
weighted-average period of recognized | 1 year 7 months 20 days | ||||||
Restricted Share Units | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of non-option outstanding | 25,832 | 14,458 | |||||
Non-options outstanding, weighted average exercise price | $ 70.18 | $ 69 | |||||
Total unrecognized compensation cost | $ 1,470,000 | ||||||
weighted-average period of recognized | 4 years 6 months | ||||||
Performance-Based Vesting Restricted Stock Units | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of non-option outstanding | 738 | 1,107 | |||||
Non-options outstanding, weighted average exercise price | $ 67.85 | $ 67.85 | |||||
Total unrecognized compensation cost | $ 42,000 | ||||||
weighted-average period of recognized | 1 year 10 months 2 days | ||||||
The 2009 Stock Option Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of Shares Authorized | 100,000 | ||||||
Number of shares available for grant | 0 | ||||||
Number of option outstanding | 1,767 | ||||||
Options outstanding, weighted average exercise price | $ 36.27 | ||||||
The 2016 Equity Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of Shares Authorized | 750,000 | ||||||
Number of shares available for grant | 164,004 | ||||||
Number of option outstanding | 211,205 | ||||||
Options outstanding, weighted average exercise price | $ 57.38 | ||||||
The 2016 Equity Incentive Plan [Member] | Stock Appreciation Rights (SARs) | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of non-option outstanding | 155,407 | ||||||
Non-options outstanding, weighted average exercise price | $ 54.87 | ||||||
The 2016 Equity Incentive Plan [Member] | Restricted Share Awards, Restricted Share Unit Awards, And Performance Share Unit Awards | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of non-option outstanding | 26,871 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Stock Options and Cash-Settled SARs Activity (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | ||
Exercised (in shares) | (2,019) | (2,600) |
Outstanding at end of period (in shares) | 212,972 | |
Weighted Average Exercise Price | ||
Outstanding at end of period (in dollars per share) | $ 57.21 | |
Stock Options and Stock Appreciation Rights | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | ||
Options and SARs outstanding at beginning of period (in shares) | 371,994 | 414,778 |
Granted (in shares) | 1,667 | 0 |
Exercised (in shares) | (3,149) | (7,503) |
Forfeited or expired (in shares) | (2,133) | (5,167) |
Outstanding at end of period (in shares) | 368,379 | 402,108 |
Options and SARs exercisable at March 31 (in shares) | 211,546 | 186,714 |
Weighted Average Exercise Price | ||
Options and SARs outstanding at beginning of period (in dollars per share) | $ 56.15 | $ 53.13 |
Granted, Weighted Average Exercise Price (in dollars per share) | 71.5 | 0 |
Exercised, Weighted Average Exercise Price (in dollars per share) | 53.39 | 44.2 |
Forfeited or expired, Weighted Average Exercise Price (in dollars per share) | 60.46 | 60.35 |
Outstanding at end of period (in dollars per share) | 56.22 | 55.26 |
Options and SARs exercisable at March 31 (in dollars per share) | $ 51.77 | $ 48.3 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Restricted Share Awards and Restricted Share Unit Awards Activity (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Restricted Share Awards | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding, shares (in shares) | shares | 301 |
Granted , shares (in shares) | shares | 0 |
Vested, shares (in shares) | shares | 0 |
Forfeited, shares (in shares) | shares | 0 |
Outstanding, shares (in shares) | shares | 301 |
Weighted Average Grant-Date Fair Value | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 66.7 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 66.7 |
Restricted Share Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding, shares (in shares) | shares | 14,458 |
Granted , shares (in shares) | shares | 12,207 |
Vested, shares (in shares) | shares | 0 |
Forfeited, shares (in shares) | shares | (833) |
Outstanding, shares (in shares) | shares | 25,832 |
Weighted Average Grant-Date Fair Value | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 69 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 71.5 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 69 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 70.18 |
Equity Incentive Plans - Summ_3
Equity Incentive Plans - Summary of Performance-Based Vesting Restricted Stock Units Activity (Details) - Performance-Based Vesting Restricted Stock Units | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding, shares (in shares) | shares | 1,107 |
Granted , shares (in shares) | shares | 0 |
Vested, shares (in shares) | shares | (369) |
Forfeited or expired, shares (in shares) | shares | 0 |
Outstanding, shares (in shares) | shares | 738 |
Weighted Average Grant-Date Fair Value | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 67.85 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 67.85 |
Forfeited or expired, weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | 67.85 |
Grant price (in dollars per share) | $ / shares | $ 67.85 |
PSU outstanding (in shares) | shares | 738 |
Regulatory Capital - Summary of
Regulatory Capital - Summary of Company's and Wilson Banks Actual Capital Amounts and Ratios (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk weighted assets actual amount | $ 571,433 | $ 560,757 |
Total capital to risk weighted assets actual ratio | 0.148 | 0.145 |
Total capital to risk weighted assets regulatory minimum capital requirement amount | $ 308,906 | $ 308,449 |
Total capital to risk weighted assets regulatory minimum capital requirement ratio | 0.08 | 0.08 |
Total capital to risk weighted assets well capitalized amount | $ 386,132 | $ 385,562 |
Total capital to risk weighted assets regulatory minimum capital requirement well capitalized ratio | 0.10 | 0.10 |
Tier 1 capital to risk weighted assets actual amount | $ 523,544 | $ 512,762 |
Tier 1 capital to risk weighted assets actual ratio | 0.136 | 0.133 |
Tier 1 capital to risk weighted assets regulatory minimum capital requirement amount | $ 231,679 | $ 231,337 |
Tier 1 capital to risk weighted assets regulatory minimum capital requirement ratio | 0.06 | 0.06 |
Tier 1 capital to risk well capitalized amount | $ 308,905 | $ 308,449 |
Tier 1 capital to risk weighted assets regulatory well capitalized ratio | 0.08 | 0.08 |
Common equity Tier 1 capital to risk weighted assets actual amount | $ 523,464 | $ 512,693 |
Common equity Tier 1 capital to risk weighted assets actual ratio | 0.136 | 0.133 |
Common equity Tier 1 capital to risk weighted assets regulatory minimum capital requirement amount | $ 173,759 | $ 173,503 |
Common equity Tier 1 capital to risk weighted assets regulatory minimum capital requirement ratio | 0.045 | 0.045 |
Tier 1 capital to average assets actual amount | $ 523,544 | $ 512,762 |
Tier 1 capital to average assets actual ratio | 0.105 | 0.106 |
Tier 1 capital to average assets regulatory minimum capital requirement amount | $ 199,649 | $ 193,564 |
Tier 1 capital to average assets regulatory minimum capital requirement ratio (as a percent) | 0.04 | 0.04 |
Wilson Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk weighted assets actual amount | $ 568,159 | $ 559,224 |
Total capital to risk weighted assets actual ratio | 0.147 | 0.145 |
Total capital to risk weighted assets regulatory minimum capital requirement amount | $ 308,786 | $ 308,333 |
Total capital to risk weighted assets regulatory minimum capital requirement ratio | 0.08 | 0.08 |
Total capital to risk weighted assets well capitalized amount | $ 385,983 | $ 385,417 |
Total capital to risk weighted assets regulatory minimum capital requirement well capitalized ratio | 0.10 | 0.10 |
Tier 1 capital to risk weighted assets actual amount | $ 520,270 | $ 511,229 |
Tier 1 capital to risk weighted assets actual ratio | 0.135 | 0.133 |
Tier 1 capital to risk weighted assets regulatory minimum capital requirement amount | $ 231,590 | $ 231,250 |
Tier 1 capital to risk weighted assets regulatory minimum capital requirement ratio | 0.06 | 0.06 |
Tier 1 capital to risk well capitalized amount | $ 308,786 | $ 308,334 |
Tier 1 capital to risk weighted assets regulatory well capitalized ratio | 0.08 | 0.08 |
Common equity Tier 1 capital to risk weighted assets actual amount | $ 520,190 | $ 511,160 |
Common equity Tier 1 capital to risk weighted assets actual ratio | 0.135 | 0.133 |
Common equity Tier 1 capital to risk weighted assets regulatory minimum capital requirement amount | $ 173,693 | $ 173,438 |
Common equity Tier 1 capital to risk weighted assets regulatory minimum capital requirement ratio | 0.045 | 0.045 |
Common equity Tier 1 capital to risk weighted assets regulatory well capitalized | $ 250,889 | $ 250,521 |
Common equity Tier 1 capital to risk weighted assets well capitalized ratio | 0.065 | 0.065 |
Tier 1 capital to average assets actual amount | $ 520,270 | $ 511,229 |
Tier 1 capital to average assets actual ratio | 0.104 | 0.106 |
Tier 1 capital to average assets regulatory minimum capital requirement amount | $ 199,572 | $ 193,492 |
Tier 1 capital to average assets regulatory minimum capital requirement ratio (as a percent) | 0.04 | 0.04 |
Tier 1 capital to average assets well capitalized | $ 249,465 | $ 241,865 |
Tier 1 capital to average assets well capitalized ratio | 0.05 | 0.05 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Financial Instruments Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | $ 857,010 | $ 811,081 |
U.S. Treasury and Other U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 4,404 | 4,429 |
U.S. Government-sponsored Enterprises (GSEs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 150,090 | 144,168 |
Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 463,389 | 417,030 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 48,484 | 49,973 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 2,396 | 2,423 |
States and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 188,247 | 193,058 |
Fair Value, Recurring [Member] | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 857,010 | 811,081 |
Mortgage loans held for sale | 4,324 | 2,294 |
Derivative instruments | 91 | 65 |
Other investments | 2,080 | 2,045 |
Total assets | 863,505 | 815,485 |
Derivative instruments | 14 | 13 |
Total liabilities | 14 | 13 |
Fair Value, Recurring [Member] | Carrying Value | U.S. Treasury and Other U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 4,404 | 4,429 |
Fair Value, Recurring [Member] | Carrying Value | U.S. Government-sponsored Enterprises (GSEs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 150,090 | 144,168 |
Fair Value, Recurring [Member] | Carrying Value | Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 463,389 | 417,030 |
Fair Value, Recurring [Member] | Carrying Value | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 48,484 | 49,973 |
Fair Value, Recurring [Member] | Carrying Value | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 2,396 | 2,423 |
Fair Value, Recurring [Member] | Carrying Value | States and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 188,247 | 193,058 |
Fair Value, Recurring [Member] | Fair Value | Quoted Market Prices in an Active Market (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 4,404 | 4,429 |
Mortgage loans held for sale | 0 | 0 |
Derivative instruments | 0 | 0 |
Other investments | 0 | 0 |
Total assets | 4,404 | 4,429 |
Derivative instruments | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value | Quoted Market Prices in an Active Market (Level 1) [Member] | U.S. Treasury and Other U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 4,404 | 4,429 |
Fair Value, Recurring [Member] | Fair Value | Quoted Market Prices in an Active Market (Level 1) [Member] | U.S. Government-sponsored Enterprises (GSEs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value | Quoted Market Prices in an Active Market (Level 1) [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value | Quoted Market Prices in an Active Market (Level 1) [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value | Quoted Market Prices in an Active Market (Level 1) [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value | Quoted Market Prices in an Active Market (Level 1) [Member] | States and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value | Models with Significant Observable Market Parameters (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 852,606 | 806,652 |
Mortgage loans held for sale | 4,324 | 2,294 |
Derivative instruments | 91 | 65 |
Other investments | 0 | 0 |
Total assets | 857,021 | 809,011 |
Derivative instruments | 14 | 13 |
Total liabilities | 14 | 13 |
Fair Value, Recurring [Member] | Fair Value | Models with Significant Observable Market Parameters (Level 2) [Member] | U.S. Treasury and Other U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value | Models with Significant Observable Market Parameters (Level 2) [Member] | U.S. Government-sponsored Enterprises (GSEs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 150,090 | 144,168 |
Fair Value, Recurring [Member] | Fair Value | Models with Significant Observable Market Parameters (Level 2) [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 463,389 | 417,030 |
Fair Value, Recurring [Member] | Fair Value | Models with Significant Observable Market Parameters (Level 2) [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 48,484 | 49,973 |
Fair Value, Recurring [Member] | Fair Value | Models with Significant Observable Market Parameters (Level 2) [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 2,396 | 2,423 |
Fair Value, Recurring [Member] | Fair Value | Models with Significant Observable Market Parameters (Level 2) [Member] | States and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 188,247 | 193,058 |
Fair Value, Recurring [Member] | Fair Value | Models with Significant Unobservable Market Parameters (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Derivative instruments | 0 | 0 |
Other investments | 2,080 | 2,045 |
Total assets | 2,080 | 2,045 |
Derivative instruments | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value | Models with Significant Unobservable Market Parameters (Level 3) [Member] | U.S. Treasury and Other U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value | Models with Significant Unobservable Market Parameters (Level 3) [Member] | U.S. Government-sponsored Enterprises (GSEs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value | Models with Significant Unobservable Market Parameters (Level 3) [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value | Models with Significant Unobservable Market Parameters (Level 3) [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value | Models with Significant Unobservable Market Parameters (Level 3) [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value | Models with Significant Unobservable Market Parameters (Level 3) [Member] | States and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available-for-sale | $ 0 | $ 0 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Fair Value of Financial Instruments Measured on a Non-recurring Basis (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Reported Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other real estate owned | $ 0 | $ 0 | |
Collateral dependent loans | [1] | 40,346 | 4,838 |
Total assets | 40,346 | 4,838 | |
Estimate of Fair Value Measurement [Member] | Quoted Market Prices in an Active Market (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other real estate owned | 0 | 0 | |
Collateral dependent loans | [1] | 0 | 0 |
Total assets | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other real estate owned | 0 | 0 | |
Collateral dependent loans | [1] | 0 | 0 |
Total assets | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other real estate owned | 0 | 0 | |
Collateral dependent loans | [1] | 40,346 | 4,838 |
Total assets | $ 40,346 | $ 4,838 | |
[1] As of March 31, 2024 and December 31, 2023 no reserve was recorded on collateral dependent loans. |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Fair Value of Financial Instruments Measured on a Non-recurring Basis (Parenthetical) (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Valuation allowance | $ 44,742,000 | $ 44,848,000 | $ 41,446,000 | $ 39,813,000 |
Collateral Pledged [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Valuation allowance | $ 0 | $ 0 |
Fair Value Measurements - Sch_4
Fair Value Measurements - Schedule of Fair Value Assets Measured At Nonrecurring Basis (Details) - Fair Value, Nonrecurring - Measurement Input, Discount Rate [Member] - Fair Value, Inputs, Level 3 [Member] - Weighted Average [Member] | Mar. 31, 2024 | [1] |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 0.10 | |
Other real estate owned | 0.10 | |
[1] The fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value Due to Observable Factors (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, other assets | $ 2,045 | $ 1,965 |
Total realized gains (losses) included in income, other assets | 35 | 42 |
Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held, other assets | 0 | 0 |
Purchases, issuances and settlements, net, other assets | 0 | 0 |
Transfers out of Level 3, other assets | 0 | 0 |
Fair value, other assets | 2,080 | 2,007 |
Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at June 30 | 35 | 42 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, other liabilities | 0 | 0 |
Total realized gains (losses) included in income, other liabilities | 0 | 0 |
Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held, other liabilities | 0 | 0 |
Purchases, issuances and settlements, net, other liabilities | 0 | 0 |
Transfers out of Level 3, other liabilities | 0 | 0 |
Fair value, other liabilities | 0 | 0 |
Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at June 30 | $ 0 | $ 0 |
Fair Value Measurements - Sch_5
Fair Value Measurements - Schedule of Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 273,627 | $ 252,635 | |
Loans, net | 3,572,315 | 3,550,675 | |
Mortgage servicing rights | 1,023 | 1,083 | |
Deposits | 4,447,395 | 4,367,106 | |
Estimate of Fair Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | [1] | 273,627 | 252,635 |
Loans, net | [1] | 3,431,193 | 3,372,666 |
Mortgage servicing rights | [1] | 1,437 | 1,398 |
Deposits | [1] | 3,961,521 | 3,885,724 |
Estimate of Fair Value Measurement [Member] | Quoted Market Prices in an Active Market (Level 1) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 273,627 | 252,635 | |
Loans, net | 0 | 0 | |
Mortgage servicing rights | 0 | ||
Deposits | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Models with Significant Observable Market Parameters (Level 2) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Loans, net | 0 | 0 | |
Mortgage servicing rights | 1,437 | 1,398 | |
Deposits | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Models with Significant Unobservable Market Parameters (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Loans, net | 3,431,193 | 3,372,666 | |
Mortgage servicing rights | 0 | ||
Deposits | $ 3,961,521 | $ 3,885,724 | |
[1] Estimated fair values are consistent with an exit-price concept. The assumptions used to estimate the fair values are intended to approximate those that a market-participant would realize in a hypothetical orderly transaction. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits | $ 0 | |
Effective tax rate | 23.32% | 22.71% |
Reconciliation between effective tax rate and federal and state income tax statutory rate | 26.14% | 26.14% |
Accrued or recognized interest or penalties related to uncertain tax positions | $ 0 | |
Federal | Internal Revenue Service (IRS) | ||
Income Tax Contingency [Line Items] | ||
Open tax year | 2019 2020 2021 2022 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of the Components Comprising Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic EPS Computation: | ||
Numerator – Earnings available to common stockholders | $ 12,768 | $ 13,841 |
Denominator -- Weighted average number of common shares outstanding | 11,752,067 | 11,543,497 |
Basic earnings per common share | $ 1.09 | $ 1.2 |
Diluted EPS Computation: | ||
Numerator – Earnings available to common stockholders | $ 12,768 | $ 13,841 |
Denominator -- Weighted average number of common shares outstanding | 11,752,067 | 11,543,497 |
Dilutive effect of stock options, RSUs and PSUs | 29,617 | 29,763 |
Weighted average diluted common shares outstanding | 11,781,684 | 11,573,260 |
Diluted earnings per common share | $ 1.08 | $ 1.2 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingent Liabilities [Line Items] | |
Percentage of loans deliverable | 100% |
Standby Letters of Credit | |
Commitments and Contingent Liabilities [Line Items] | |
Debt instrument, term | 2 years |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Schedule Of Total Contractual Amount for All Off-balance Sheet Commitments (Details) | Mar. 31, 2024 USD ($) |
Standby Letters of Credit | |
Contingencies Line Items | |
Commitments | $ 109,913,000 |
Commitments to Extend Credit | |
Contingencies Line Items | |
Commitments | $ 1,011,265,000 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities - Schedule Of Allowance For Credit Losses On Off-balance-sheet Credit Exposures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commitments and Contingent Liabilities [Line Items] | ||
Beginning balance | $ 3,147 | $ 6,136 |
Credit loss expense (benefit) | 0 | (1,278) |
Ending balance | $ 3,147 | $ 4,858 |