Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 06, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Civista Bancshares, Inc. | |
Entity Central Index Key | 0000944745 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 15,695,997 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-36192 | |
Entity Tax Identification Number | 34-1558688 | |
Entity Incorporation, State or Country Code | OH | |
Entity Address, Address Line One | 100 East Water Street | |
Entity Address, City or Town | Sandusky | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44870 | |
City Area Code | 419 | |
Local Phone Number | 625-4121 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common | |
Trading Symbol | CIVB | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from financial institutions | $ 50,316 | $ 43,361 |
Investments in time deposits | 1,472 | 1,477 |
Securities available-for-sale | 593,487 | 615,402 |
Equity securities | 2,021 | 2,190 |
Loans held for sale | 1,589 | 683 |
Loans, net of allowance for credit losses of $35,280 and $28,511 | 2,719,610 | 2,518,155 |
Other securities | 34,224 | 33,585 |
Premises and equipment, net | 58,989 | 64,018 |
Accrued interest receivable | 11,489 | 11,178 |
Goodwill | 125,078 | 125,695 |
Other intangible assets, net | 9,920 | 10,759 |
Bank owned life insurance | 54,053 | 53,543 |
Swap assets | 19,784 | 16,579 |
Deferred taxes | 25,112 | 16,009 |
Other assets | 25,772 | 25,196 |
Total assets | 3,732,916 | 3,537,830 |
Deposits | ||
Noninterest-bearing | 802,614 | 896,333 |
Interest-bearing | 1,993,129 | 1,723,651 |
Total deposits | 2,795,743 | 2,619,984 |
Short-term Federal Home Loan Bank advances | 431,500 | 393,700 |
Securities sold under agreement to repurchase | 0 | 25,143 |
Long-term Federal Home Loan Bank advances | 2,573 | 3,578 |
Subordinated debentures | 103,921 | 103,799 |
Other borrowings | 10,964 | 15,516 |
Swap liabilities | 19,784 | 16,579 |
Securities purchased payable | 1,755 | 1,338 |
Tax refunds in process | 493 | 278 |
Accrued expenses and other liabilities | 33,438 | 23,080 |
Total liabilities | 3,400,171 | 3,202,995 |
SHAREHOLDERS’ EQUITY | ||
Common shares, no par value, 40,000,000 shares authorized, 19,288,674 shares issued at September 30, 2023 and 19,231,061 shares issued at December 31, 2022, including Treasury shares | 310,975 | 310,182 |
Retained earnings | 176,644 | 156,492 |
Treasury shares, 3,592,677 common shares at September 30, 2023 and 3,502,827 common shares at December 31, 2022, at cost | (75,412) | (73,794) |
Accumulated other comprehensive loss | (79,462) | (58,045) |
Total shareholders’ equity | 332,745 | 334,835 |
Total liabilities and shareholders’ equity | $ 3,732,916 | $ 3,537,830 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 35,280 | $ 28,511 |
Common stock, no par value | $ 0 | $ 0 |
Common shares, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 19,288,674 | 19,231,061 |
Treasury shares, common shares | 3,592,677 | 3,502,827 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest and dividend income | ||||
Loans, including fees | $ 39,732 | $ 27,176 | $ 114,108 | $ 70,065 |
Taxable securities | 2,999 | 2,936 | 8,817 | 6,431 |
Tax-exempt securities | 2,336 | 1,998 | 6,917 | 5,669 |
Deposits in other banks | 719 | 423 | 818 | 1,098 |
Total interest and dividend income | 45,786 | 32,533 | 130,660 | 83,263 |
Interest expense | ||||
Deposits | 9,584 | 936 | 20,350 | 2,351 |
Federal Home Loan Bank advances | 3,261 | 181 | 10,668 | 564 |
Subordinated debentures | 1,239 | 975 | 3,606 | 2,701 |
Securities sold under agreements to repurchase and other | 198 | 2 | 592 | 8 |
Total interest expense | 14,282 | 2,094 | 35,216 | 5,624 |
Net interest income | 31,504 | 30,439 | 95,444 | 77,639 |
Provision for credit losses | 630 | 300 | 2,111 | 1,000 |
Net interest income after provision for loan losses | 30,874 | 30,139 | 93,333 | 76,639 |
Noninterest income | ||||
Service charges | 1,853 | 1,885 | 5,457 | 5,004 |
Net gain on sale of securities | 4 | 10 | ||
Net gain (loss) on equity securities | 69 | (133) | (169) | (44) |
Net gain on sale of loans and leases | 787 | 637 | 2,033 | 2,146 |
ATM/Interchange fees | 1,424 | 1,394 | 4,227 | 3,990 |
Wealth management fees | 1,197 | 1,208 | 3,570 | 3,713 |
Lease revenue and residual income | 1,913 | 6,160 | ||
Bank owned life insurance | 266 | 255 | 830 | 732 |
Tax refund processing fees | 2,375 | 2,375 | ||
Swap fees | 21 | 198 | ||
Other | 595 | 484 | 3,661 | 1,086 |
Total noninterest income | 8,125 | 5,734 | 28,342 | 19,012 |
Noninterest expense | ||||
Compensation expense | 14,054 | 12,484 | 44,137 | 36,654 |
Net occupancy expense | 1,368 | 1,252 | 4,096 | 3,428 |
Equipment expense | 2,687 | 637 | 8,214 | 1,694 |
Contracted data processing | 651 | 846 | 1,730 | 1,899 |
FDIC assessment | 438 | 170 | 1,215 | 568 |
State franchise tax | 590 | 629 | 1,770 | 1,848 |
Professional services | 1,010 | 1,335 | 3,804 | 3,593 |
Amortization of intangible assets | 398 | 456 | 1,195 | 890 |
ATM/Interchange expense | 619 | 604 | 1,814 | 1,659 |
Marketing | 497 | 372 | 1,542 | 1,069 |
Software maintenance expense | 1,052 | 942 | 2,989 | 2,440 |
Other operating expenses | 3,388 | 2,828 | 9,792 | 7,450 |
Total noninterest expense | 26,752 | 22,555 | 82,298 | 63,192 |
Income before taxes | 12,247 | 13,318 | 39,377 | 32,459 |
Income tax expense | 1,860 | 2,206 | 6,068 | 5,180 |
Net Income | $ 10,387 | $ 11,112 | $ 33,309 | $ 27,279 |
Earnings per common share, basic | $ 0.66 | $ 0.72 | $ 2.12 | $ 1.82 |
Earnings per common share, diluted | $ 0.66 | $ 0.72 | $ 2.12 | $ 1.82 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 10,387 | $ 11,112 | $ 33,309 | $ 27,279 |
Other comprehensive income (loss): | ||||
Unrealized holding (losses) on available-for-sale securities | (30,058) | (29,926) | (27,217) | (99,837) |
Tax effect | 6,366 | 6,300 | 5,800 | 21,043 |
Reclassification of gains recognized in net income | (4) | (10) | ||
Tax effect | 2 | |||
Pension liability adjustment | 69 | 208 | ||
Tax effect | (15) | (44) | ||
Total other comprehensive (loss) | (23,692) | (23,576) | (21,417) | (78,638) |
Comprehensive income (loss) | $ (13,305) | $ (12,464) | $ 11,892 | $ (51,359) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Shares [Member] | Common Shares [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accumulated Earnings [Member] | Accumulated Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Earnings [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Treasury Shares [Member] | Treasury Shares [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] |
Beginning balance at Dec. 31, 2021 | $ 355,212 | $ 277,741 | $ 125,558 | $ (56,907) | $ 8,820 | |||||||
Balance, shares at Dec. 31, 2021 | 14,954,200 | |||||||||||
Net income | 27,279 | 27,279 | ||||||||||
Other comprehensive loss | (78,638) | (78,638) | ||||||||||
Stock-based compensation | 652 | $ 652 | ||||||||||
Stock-based compensation, shares | 36,860 | |||||||||||
Stock issued for acquisition of Comunibanc Corp. | 21,122 | $ 21,122 | ||||||||||
Stock issued for acquisition of Comunibanc Corp, shares | 984,723 | |||||||||||
Common stock dividends ($0.15, $0.14, $0.29 and $0.28 per share for three and six months ended June 30, 2023 and 2022) | (6,291) | (6,291) | ||||||||||
Purchase of common stock | (16,734) | (16,734) | ||||||||||
Purchase of common stock, shares | (740,238) | |||||||||||
Ending balance at Sep. 30, 2022 | 302,602 | $ 299,515 | 146,546 | (73,641) | (69,818) | |||||||
Balance, shares at Sep. 30, 2022 | 15,235,545 | |||||||||||
Beginning balance at Jun. 30, 2022 | 302,062 | $ 278,240 | 137,592 | (67,528) | (46,242) | |||||||
Balance, shares at Jun. 30, 2022 | 14,537,433 | |||||||||||
Net income | 11,112 | 11,112 | ||||||||||
Other comprehensive loss | (23,576) | (23,576) | ||||||||||
Stock-based compensation | 153 | $ 153 | ||||||||||
Stock issued for acquisition of Comunibanc Corp. | 21,122 | $ 21,122 | ||||||||||
Stock issued for acquisition of Comunibanc Corp, shares | 984,723 | |||||||||||
Common stock dividends ($0.15, $0.14, $0.29 and $0.28 per share for three and six months ended June 30, 2023 and 2022) | (2,158) | (2,158) | ||||||||||
Purchase of common stock | (6,113) | (6,113) | ||||||||||
Purchase of common stock, shares | (286,611) | |||||||||||
Ending balance at Sep. 30, 2022 | 302,602 | $ 299,515 | 146,546 | (73,641) | (69,818) | |||||||
Balance, shares at Sep. 30, 2022 | 15,235,545 | |||||||||||
Beginning balance at Dec. 31, 2022 | 334,835 | $ (6,069) | $ 328,766 | $ 310,182 | $ 310,182 | 156,492 | $ (6,069) | $ 150,423 | (73,794) | $ (73,794) | (58,045) | $ (58,045) |
Balance, shares at Dec. 31, 2022 | 15,728,234 | 15,728,234 | ||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | |||||||||||
Net income | 33,309 | 33,309 | ||||||||||
Other comprehensive loss | (21,417) | (21,417) | ||||||||||
Stock-based compensation | 793 | $ 793 | ||||||||||
Stock-based compensation, shares | 57,613 | |||||||||||
Common stock dividends ($0.15, $0.14, $0.29 and $0.28 per share for three and six months ended June 30, 2023 and 2022) | (7,088) | (7,088) | ||||||||||
Purchase of common stock | (1,618) | (1,618) | ||||||||||
Purchase of common stock, shares | (89,850) | |||||||||||
Ending balance at Sep. 30, 2023 | 332,745 | $ 310,975 | 176,644 | (75,412) | (79,462) | |||||||
Balance, shares at Sep. 30, 2023 | 15,695,997 | |||||||||||
Beginning balance at Jun. 30, 2023 | 349,876 | $ 310,784 | 168,777 | (73,915) | (55,770) | |||||||
Balance, shares at Jun. 30, 2023 | 15,780,227 | |||||||||||
Net income | 10,387 | 10,387 | ||||||||||
Other comprehensive loss | (23,692) | (23,692) | ||||||||||
Stock-based compensation | 191 | $ 191 | ||||||||||
Stock-based compensation, shares | (84,230) | |||||||||||
Common stock dividends ($0.15, $0.14, $0.29 and $0.28 per share for three and six months ended June 30, 2023 and 2022) | (2,520) | (2,520) | ||||||||||
Purchase of common stock | (1,497) | (1,497) | ||||||||||
Ending balance at Sep. 30, 2023 | $ 332,745 | $ 310,975 | $ 176,644 | $ (75,412) | $ (79,462) | |||||||
Balance, shares at Sep. 30, 2023 | 15,695,997 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Earnings [Member] | ||||
Common stock dividends per share | $ 0.15 | $ 0.14 | $ 0.29 | $ 0.28 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $ 60,593 | $ 27,421 |
Cash flows used for investing activities: | ||
Maturities, paydowns and calls of investments in time deposits | 245 | |
Proceeds from sale of time certificates | 742 | |
Maturities, paydowns and calls of securities, available-for-sale | 7,907 | 36,910 |
Purchases of securities, available-for-sale | (13,241) | (117,974) |
Proceeds from sale of securities available-for-sale | 0 | 57,322 |
Purchase of other securities | (27,890) | (1,606) |
Redemption of other securities | 27,251 | 1,592 |
Purchase of equity securities | (1,000) | |
Net change in loans | (208,689) | (158,909) |
Acquisition, net of cash acquired | (21,870) | |
Premises and equipment purchases | (2,164) | (3,208) |
Net cash used for investing activities | (216,826) | (207,756) |
Cash flows from financing activities: | ||
Repayment of long-term FHLB advances | (1,005) | (89,983) |
Net change in short-term FHLB advances | 37,800 | 55,000 |
Repayment of other borrowings | (15,516) | |
Increase in deposits | 175,758 | 20,358 |
Decrease in securities sold under repurchase agreements | (25,143) | (5,340) |
Purchase of treasury shares | (1,618) | (16,734) |
Common dividends paid | (7,088) | (6,291) |
Net cash provided by (used for) financing activities | 163,188 | (42,990) |
Increase (decrease) in cash and cash equivalents | 6,955 | (223,325) |
Cash and cash equivalents at beginning of period | 43,361 | 264,239 |
Cash and cash equivalents at end of period | 50,316 | 40,914 |
Cash paid during the period for: | ||
Interest | 26,393 | 4,969 |
Income taxes | 7,333 | 3,737 |
Supplemental cash flow information: | ||
Change in fair value of swap asset | (3,205) | (7,376) |
Change in fair value of swap liability | 3,205 | 7,376 |
Securities purchased not settled | $ 1,753 | 2,611 |
The Company purchased all of the capital stock of Comunibanc Corp. for $46,090 on July 1, 2022. In conjunction with the acquisition, liabilities were assumed as follows: | ||
Fair value of assets acquired | 340,649 | |
Less: common stock issued | 21,122 | |
Cash paid for the capital stock | 24,968 | |
Liabilities assumed | $ 294,559 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Thousands | Jul. 01, 2022 USD ($) |
Statement of Cash Flows [Abstract] | |
Noncash or Part Noncash Acquisition, Consideration Paid | $ 46,090 |
Consolidated Financial Statemen
Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidated Financial Statements | (1) Cons olidated Financial Statements Nature of Operations and Principles of Consolidation : Civista Bancshares, Inc. (CBI) is an Ohio corporation and a registered financial holding company. The Consolidated Financial Statements include the accounts of CBI and its wholly-owned direct and indirect subsidiaries: Civista Bank (Civista), First Citizens Insurance Agency, Inc. (FCIA), Water Street Properties, Inc. (Water St.), CIVB Risk Management, Inc. (CRMI) and First Citizens Investments, Inc. (FCI). Civista provides financial services through its offices in the Ohio counties of Erie, Crawford, Champaign, Franklin, Logan, Madison, Summit, Huron, Ottawa, Richland, Montgomery, Henry, Wood and Cuyahoga, in the Indiana counties of Dearborn and Ripley and in the Kentucky county of Kenton. Its primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are residential mortgage, commercial, and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets and commercial and residential real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. Financial instruments that potentially represent concentrations of credit risk include deposit accounts in other financial institutions that are in excess of federally insured limits. In October of 2022, Civista acquired Vision Financial Group (VFG) as a wholly-owned subsidiary engaging in general equipment leasing and financing, headquartered in Pittsburgh, Pennsylvania. As of August 31, 2023, VFG was merged into Civista and now operates as a division and has been rebranded as Civista Leasing and Finance (CLF). FCIA is wholly-owned by CBI and was formed to allow the Company to participate in commission revenue generated through its third-party insurance agreement. Water St. is wholly-owned by CBI and was formed to hold properties repossessed by CBI subsidiaries. CRMI is a captive insurance company that is wholly-owned by CBI and allows CBI and its subsidiaries to insure against certain risks unique to their operations. The operations of CRMI are located in Wilmington, Delaware. FCI is wholly-owned by Civista and holds and manages its securities portfolio. The operations of FCI are located in Wilmington, Delaware. The above companies together are referred to as the “Company.” Intercompany balances and transactions are eliminated in consolidation. Management considers the Company to operate primarily in one reportable segment, banking. The Consolidated Financial Statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company’s financial position as of September 30, 2023 and its results of operations and changes in cash flows for the periods ended September 30, 2023 and 2022 have been made. The accompanying Unaudited Consolidated Financial Statements have been prepared in accordance with instructions of Form 10-Q, and therefore certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been omitted. The results of operations for the period ended September 30, 2023 are not necessarily indicative of the operating results for the full year. Reference is made to the accounting policies of the Company described in the notes to the audited financial statements contained in the Company’s 2022 annual report. The Company has consistently followed these policies in preparing this Form 10-Q. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 10,387 | $ 11,112 | $ 33,309 | $ 27,279 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
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 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | (2) Significant Accounting Policies Allowance for Credit Losses: On January 1, 2023 , the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") . ASU 2016-13 introduces a new credit loss methodology, Current Expected Credit Losses ("CECL"), which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. ASU 2016-13 amends guidance on reporting credit losses for financial assets held at amortized cost basis and available for sale debt securities. ASU 2016-13 eliminates the probable initial recognition threshold previously required under Generally Accepted Accounting Principles ("GAAP") and instead, requires an entity to reflect its current estimate of all expected credit losses based on historical experience, current conditions and reasonable and supportable forecasts. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the reserve for credit losses. In addition, entities need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. The Company adopted Accounting Standards Certification ("ASC") 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for the periods beginning after January 1, 2023 are presented under Accounting Standards Codification (“ASC”) 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company adopted ASC 326 using the prospective transition approach for purchased credit deteriorated ("PCD") financial assets that were previously classified as purchased credit impaired ("PCI") and accounted for under ASC 310-30. In accordance with ASC 326, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2023, the amortized cost basis of the PCD assets was adjusted to reflect the addition of $ 1,668 to the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at the effective interest rate as of January 1, 2023. The adoption of CECL resulted in an increase to our total allowance for credit losses (“ACL”) on loans held for investment of $ 4.3 million, an increase in allowance for credit losses on unfunded loan commitments of $ 3.4 million, a reclassification of PCI discount from loans to the ACL of $ 1.7 million, and an increase in deferred tax asset of $ 1.6 million. The Company also recorded a net reduction of retained earnings of $ 6.1 million upon adoption. The allowance for credit losses is evaluated on a regular basis and established through charges to earnings in the form of a provision for credit losses. When a loan or portion of a loan is determined to be uncollectible, the portion deemed uncollectible is charged against the allowance and subsequent recoveries, if any, are credited to the allowance. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. Portfolio Segmentation (“Pooled Loans”) Portfolio segmentation is defined as the pooling of loans based upon similar risk characteristics such that quantitative methodologies and qualitative adjustment factors for estimating the allowance for credit losses are constructed for each segment. The Company has identified eight portfolio segments of loans including Commercial & Agriculture, Commercial Real Estate – Owner Occupied, Commercial Real Estate – Non-Owner Occupied, Residential Real Estate, Real Estate Construction, Farm Real Estate, Lease Financing Receivable and Consumer and Other Loans. The allowance for credit losses for Pooled Loans is estimated based upon periodic review of the collectability of the loans quantitatively correlating historical loan experience with reasonable and supportable forecasts using forward looking information. The Company utilized a discounted cash flow (DCF) method to estimate the quantitative portion of the allowance for credit losses for loans evaluated on a collective pooled basis. For each segment, a loss driver analysis (LDA) was performed in order to identify appropriate loss drivers and create a regression model for use in forecasting cash flows. The LDA utilized the Company’s own Federal Financial Institutions Examination Council’s (“FFIEC”) Call Report data for all segments except indirect auto and all new and unknown values. Peer data was incorporated into the analysis for all segments except indirect auto and all new and unknown values. The Company has established a one-year reasonable and supportable forecast period with a one-year straight-line reversion to the long-term historical average. The Company’s policy is to utilize its own data, which includes loan-level loss data from March 31, 2004 through December 31, 2019 and from December 31, 2021 through June 30, 2022, whenever possible. The two-year period from December 31, 2019 to December 31, 2021 was excluded due to modeling errors stemming from the impact of the COVID-19 pandemic. Peer data is utilized when there are not sufficient defaults for a satisfactory sound calculation, or if the Company does not have its own loan-level detail reflecting similar economic conditions as the forecasted loss drivers. Key inputs into the DCF model include loan-level detail, including the amortized cost basis of individual loans, payment structure, loss history, and forecasted loss drivers. The Company uses the central tendency midpoint seasonally adjusted forecasts from the Federal Open Market Committee (FOMC). Other key assumptions include the probability of default (PD), loss given default (LGD), and prepayment/curtailment rates. When possible, the Company utilizes its own PDs for the reasonable and supportable forecast period. When it is not possible to use the Company’s own PDs, the LDA is utilized to determine PDs based on the forecasted economic factors. In all cases, the LDA is then utilized to determine the long-term historical average, which is reached over the reversion period. When possible, the Company utilizes its own LGDs for the reasonable and supportable forecast period. When it is not possible to use the Company’s own LGDs, the LGD is derived using a method referred to as Frye Jacobs. The Frye Jacobs method is a mathematical formula that traces the relationship between LGD and PD over time and projects the LGD based on the level of PD forecasted. In all cases, the Frye Jacobs method is utilized to calculate LGDs during the reversion period and long-term historical average. Prepayment and curtailment rates were calculated based on the Company’s own data utilizing a one-year average. When the discounted cash flow method is used to determine the allowance for credit losses, management incorporates expected prepayments to determine the effective interest rate utilized to discount expected cash flow. Adjustments to the quantitative evaluation may be made to account for differences in current or expected qualitative risk characteristics such as changes in: underwriting standards, changes in the value of underlying collateral dependent loans, the existence and effect of portfolio concentration, delinquency level, regulatory environment, economic conditions, Company management and the status of portfolio administration including the Company’s loan review function. Purchased Credit Deteriorated (PCD) Loans The Company has purchased loans, some of which have shown evidence of credit deterioration since origination. Upon adoption of ASC 326, the Company elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. Loans are only removed from the existing pools if they are written off, paid off, or sold. Upon adoption of ASC 326, the allowance for credit losses was determined for each pool and added to the pool's carrying amount to establish a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis is the noncredit premium or discount which will be amortized into interest income over the remaining life of the pool. Changes to the allowance for credit losses after adoption are recorded through provision expense. Individually Evaluated Loans The Company establishes a specific reserve for individually evaluated loans which do not share similar risk characteristics with the loans included in the forecasted allowance for credit losses. These individually evaluated loans are removed from the pooling approach discussed above for the forecasted allowance for credit losses, and include nonaccrual loans, loan and lease modifications experiencing financial difficulty, and other loans deemed appropriate by management. Available for Sale (“AFS”) Debt Securities For AFS securities in an unrealized loss position, we first assess whether (i) we intend to sell, or (ii) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either case is affirmative, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither case is affirmative, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Adjustments to the allowance are reported in our income statement as a component of credit loss expense. AFS securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by management or when either of the aforementioned criteria regarding intent or requirement to sell is met. Accrued Interest Receivable Upon adoption of ASU 2016-13 and its related amendments on January 1, 2023, the Company made the following elections regarding accrued interest receivable: • Presenting accrued interest receivable balances separately within another line item on the statement of financial condition. • Excluding accrued interest receivable that is included in the amortized cost of financing receivables and debt securities from related disclosure requirements. • Continuing our policy to write off accrued interest receivable by reversing interest income. For both commercial and consumer loans, the writ e off typically occurs upon becoming 90 days past due. H istorically, the Company has not experienced uncollectible accrued interest receivable on its investment securities. However, the Company would generally write off accrued interest receivable by reversing interest income if the Company does not reasonably expect to receive payments. Due to the timely manner in which accrued interest receivables are written off, the amounts of such write offs are immaterial. • Not measuring an allowance for credit losses for accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner, as described above. Reserve for Unfunded Commitments The reserve for unfunded commitments (the “Unfunded Reserve”) represents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit. No allowance is recognized if the Company has the unconditional right to cancel the obligation. The Company is defining unconditionally cancelable in its literal sense, meaning that a commitment may be cancelled by the Company for any, or for no reason whatsoever. However, the Company in its business dealings, has no practical history of unconditionally canceling commitments. Commitments are not typically cancelled until a default or a defined condition occurs. Being that its historical practice has been to not cancel credit commitments unconditionally, the Company has made the decision to reserve for Unfunded Commitments. The Unfunded Reserve is recognized as a liability (included within other liabilities in the Consolidated Balance Sheets), with adjustments to the reserve recognized as a provision for credit loss expense in the Consolidated Statements of Operations. The Unfunded Reserve is determined by estimating expected future fundings, under each segment, and applying the expected loss rates. Expected future fundings over the estimated life of commitments are based on historical averages of funding rates (i.e., the likelihood of draws taken). To estimate future fundings on unfunded balances, current funding rates are compared to historical funding rates. Estimate of credit losses are determined using the same loss rates as funded loans. Revisions: An immaterial revision has been made to the Consolidated Financial Statements for a change in the fair market value of loans for the period ended December 31, 2022, as set forth in Note 13 herein. This revision did not have a significant impact on the affected financial statement line item or total assets, equity or net income. Use of Estimates : To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in financial statements and the disclosures provided, and future results could differ. The allowance for credit losses, consideration of impairment of goodwill, fair values of financial instruments, deferred taxes, swap assets/liabilities and pension obligations are particularly subject to change. Adoption of New Accounting Standards: In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The ASU introduces a new credit loss methodology, CECL, which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. Since its original issuance in 2016, the FASB has issued several updates to the original ASU. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity securities and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. The methodology replaces the multiple existing impairment methods under prior GAAP, which generally require that a loss be incurred before it is recognized. For available-for-sale securities where fair value is less than cost, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk. On January 1, 2023, the Company adopted the guidance prospectively with a cumulative adjustment to retained earnings. The Company has not restated comparative information for 2022 and, therefore, the comparative information for 2022 is reported under the old model and is not comparable to the information presented for 2023. At adoption, the Company recognized an incremental allowance for credit losses on its loans to customers of $ 4.3 million, a liability for off-balance sheet unfunded commitments of $ 3.4 million and a reclassification of the discount on PCI loans to the ACL of $ 1.7 million. Additionally, the Company recorded a $ 6.1 million after tax decrease in retained earnings associated with the increased estimated credit losses. The “Day 1” impact of CECL adoption is summarized below: CECL Adoption Impact of CECL Adoption Adopting ASC 326 - December 31, 2022 Impact PCD Loans January 1, 2023 Allowance for Credit Losses: Commercial & Agriculture $ 3,011 $ 429 $ 390 $ 3,830 Commercial Real Estate: Owner Occupied 4,565 1,075 179 5,819 Non-Owner Occupied 14,138 ( 2,847 ) — 11,291 Residential Real Estate 3,145 2,762 386 6,293 Real Estate Construction 2,293 1,502 — 3,795 Farm Real Estate 291 ( 28 ) — 263 Lease Financing Receivable 429 1,743 635 2,807 Consumer and Other 98 201 78 377 Unallocated 541 ( 541 ) — — Total Allowance for Credit Losses $ 28,511 $ 4,296 $ 1,668 $ 34,475 Reserve for Unfunded Commitments — 3,386 — 3,386 Total Reserve for Credit Losses $ 28,511 $ 7,682 $ 1,668 $ 37,861 Retained Earnings Total Pre-tax Impact $ ( 7,682 ) Tax Effect 1,613 Decrease to Retained Earnings $ ( 6,069 ) The Company did not record an allowance for available-for-sale securities on Day 1 as the investment portfolio consists primarily of debt securities explicitly or implicitly backed by the U.S. Government for which credit risk is deemed minimal. The impact going forward will depend on the composition, characteristics, and credit quality of the securities portfolio as well as the economic conditions at future reporting periods. On January 1, 2023 , the Company adopted ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. A public business entity that is an SEC filer, such as the Company, was to adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. In November 2019, however, the FASB issued ASU 2019-10, Financial Instruments ‒ Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) , which deferred the effective date for ASC 350, Intangibles – Goodwill and Other , for SEC filers that were eligible to be smaller reporting companies as of November 15, 2019, such as the Company, to fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The adoption of the ASU provisions did no t have a significant impact on the Company's Consolidated Financial Statements. On January 1, 2023 , the Company adopted ASU 2022-02 , Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02") . ASU 2022-02 eliminates the recognition and measurement guidance for troubled debt restructurings and requires enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. This ASU also requires enhanced disclosure for loans that have been charged off. The adoption of ASU 2022-02 provisions did no t have a significant impact on the Company’s Consolidated Financial Statements. Effect of Newly Issued but Not Yet Effective Accounting Standards: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The Update is designed to provide relief from the accounting analysis and impacts that may otherwise be required for modifications to agreements necessitated by reference rate reform. The Update also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022; however, a deferral of the implementation of reference rate reform was issued in December of 2022, which extends the implementation to December 31, 2024. The Company is working through this transition via a multi-disciplinary project team. We are still evaluating the impact the change from LIBOR to a benchmark like SOFR or Prime Rate will have on our financial condition, results of operations or cash flows. Other recent ASU’s issued by the FASB did not, or are not believed by management to have, a material effect on the Company’s present or future Consolidated Financial Statements. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | (3) Securities The amortized cost and fair market value of available-for-sale securities and the related gross unrealized gains and losses recognized were as follows: September 30, 2023 Amortized Gross Gross Fair Value U.S. Treasury securities and obligations of U.S. government $ 77,081 $ 192 $ ( 5,978 ) $ 71,295 Obligations of states and political subdivisions 360,019 45 ( 49,529 ) 310,535 Mortgage-backed securities in government sponsored entities 250,503 5 ( 38,851 ) 211,657 Total debt securities $ 687,603 $ 242 $ ( 94,358 ) $ 593,487 December 31, 2022 Amortized Gross Gross Fair Value U.S. Treasury securities and obligations of U.S. government $ 66,495 $ 20 $ ( 5,486 ) $ 61,029 Obligations of states and political subdivisions 350,104 784 ( 33,640 ) 317,248 Mortgage-backed securities in government sponsored entities 265,752 15 ( 28,642 ) 237,125 Total debt securities $ 682,351 $ 819 $ ( 67,768 ) $ 615,402 The amortized cost and fair value of securities at September 30, 2023, by contractual maturity, is shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Available for sale Amortized Fair Due in one year or less $ 6,195 $ 6,149 Due after one year through five years 76,198 69,124 Due after five years through ten years 38,390 35,162 Due after ten years 316,317 271,395 Mortgage-backed securities 250,503 211,657 Total securities available-for-sale $ 687,603 $ 593,487 Proceeds from sales of securities available-for-sale, gross unrealized gains and gross realized losses were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Sale proceeds $ — $ 57,322 $ — $ 57,322 Gross realized gains — — — — Gross realized losses — — — — Gains (losses) from securities called or settled by the issuer — 4 — 10 Securities were pledged to secure public deposits, other deposits and liabilities as required by law. The carrying value of pledged securities was approximately $ 210,369 and $ 218,344 as of September 30, 2023 and December 31, 2022, respectively. The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2023 and December 31, 2022: September 30, 2023 12 Months or less More than 12 months Total Description of Securities Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of $ 715 $ ( 3 ) $ 59,404 $ ( 5,975 ) $ 60,119 $ ( 5,978 ) Obligations of states and political subdivisions 143,524 ( 7,518 ) 155,603 ( 42,011 ) 299,127 ( 49,529 ) Mortgage-backed securities in gov’t sponsored entities 21,364 ( 1,784 ) 189,711 ( 37,067 ) 211,075 ( 38,851 ) Total temporarily impaired $ 165,603 $ ( 9,305 ) $ 404,718 $ ( 85,053 ) $ 570,321 $ ( 94,358 ) December 31, 2022 12 Months or less More than 12 months Total Description of Securities Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of $ 21,042 $ ( 880 ) $ 39,567 $ ( 4,606 ) $ 60,609 $ ( 5,486 ) Obligations of states and political subdivisions 169,594 ( 13,016 ) 73,967 ( 20,624 ) 243,561 ( 33,640 ) Mortgage-backed securities in gov’t sponsored entities 111,639 ( 4,713 ) 124,622 ( 23,929 ) 236,261 ( 28,642 ) Total temporarily impaired $ 302,275 $ ( 18,609 ) $ 238,156 $ ( 49,159 ) $ 540,431 $ ( 67,768 ) At September 30, 2023, there were a tot al of 574 sec urities in the portfolio with unrealized losses mainly due to higher current market rates when compared to the time of purchase. Unrealized losses on securities have not been recognized into income because the issuers’ securities are of high credit quality, management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value is largely due to currently higher market rates when compared to the time of purchase. The fair value is expected to recover as the securities approach their maturity date or reset date. The Company does not intend to sell until recovery and does not believe selling will be required before recovery. The following table presents the net gains and losses on equity investments recognized in earnings for the three- and nine-months ended September 30, 2023 and 2022 and the portion of unrealized gains and losses for the period that relates to equity investments held at September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net gains (losses) recognized on equity securities $ 69 $ ( 133 ) $ ( 169 ) $ ( 44 ) Less: Net losses realized on the sale of — — — — Unrealized gains (losses) recognized on equity $ 69 $ ( 133 ) $ ( 169 ) $ ( 44 ) |
Loans
Loans | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Loans | (4) Loans Loan balances were as follows: September 30, 2023 December 31, 2022 Commercial & Agriculture $ 301,877 $ 278,595 Commercial Real Estate- Owner Occupied 375,851 371,147 Commercial Real Estate- Non-Owner Occupied 1,102,932 1,018,736 Residential Real Estate 614,304 552,781 Real Estate Construction 269,291 243,127 Farm Real Estate 24,109 24,708 Lease Financing Receivable 48,259 36,797 Consumer and Other 18,267 20,775 Total loans 2,754,890 2,546,666 Allowance for credit losses ( 35,280 ) ( 28,511 ) Net loans $ 2,719,610 $ 2,518,155 Included in Commercial & Agriculture loans above are $ 399 and $ 566 of Paycheck Protection Program (“PPP”) loans as of September 30, 2023 and December 31, 2022, respectively. Included in total loans above are net deferred loan fees of $ 2,542 and $ 1,652 at September 30, 2023 and December 31, 2022, respectively. The Company elected to exclude accrued interest receivable from the amortized cost basis of loans disclosed throughout this Note 4 and Note 5 (Allowance for Credit Losses). As of September 30, 2023 and December 31, 2022, accrued interest receivable totaled $ 11,489 and $ 11,178 , respectively, and is included in the accrued interest receivable line item on the Company's Consolidated Balance Sheet. |
Allowance for Credit Losses
Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2023 | |
Text Block [Abstract] | |
Allowance for Credit Losses | (5) Allowance for Credit Losses As previously mentioned in Note 2 Significant Accounting Policies , the Company’s January 1, 2023, adoption of ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments,” resulted in a significant change to our methodology for estimating the ACL since December 31, 2022. As a result of this adoption, the Company recorded a $ 5,193 in crease to the ACL as a cumulative-effect adjustment on January 1, 2023. The following table presents, by portfolio segment, the changes in the ACL for the three- and nine-months ended September 30, 2023 and 2022. Allowance for credit losses: For the three months ended September 30, 2023 Beginning balance Charge-offs Recoveries Provision Ending Balance Commercial & Agriculture $ 5,540 $ ( 614 ) $ 84 $ 146 $ 5,156 Commercial Real Estate: Owner Occupied 5,531 — — ( 50 ) 5,481 Non-Owner Occupied 11,646 — 9 ( 100 ) 11,555 Residential Real Estate 6,515 ( 1 ) 64 253 6,831 Real Estate Construction 3,447 — 4 288 3,739 Farm Real Estate 243 — — ( 16 ) 227 Lease Financing Receivables 1,947 — — ( 115 ) 1,832 Consumer and Other 272 ( 51 ) 6 21 248 Unallocated 8 — — 203 211 Total $ 35,149 $ ( 666 ) $ 167 $ 630 $ 35,280 For the three months ended September 30, 2023 , the Company provided $ 630 to the allowance for credit losses, as compared to a provision of $ 300 for the three months ended September 30, 2022. The increase in the reserves was principally related to loan growth during the quarter. Allowance for credit losses: For the three months ended September 30, 2022 Beginning balance Charge-offs Recoveries Provision Ending Balance Commercial & Agriculture $ 2,790 $ ( 22 ) $ 12 $ ( 51 ) $ 2,729 Commercial Real Estate: Owner Occupied 4,729 — 15 182 4,926 Non-Owner Occupied 14,711 — 16 ( 300 ) 14,427 Residential Real Estate 2,859 ( 39 ) 64 152 3,036 Real Estate Construction 1,969 — — 44 2,013 Farm Real Estate 236 — 1 14 251 Consumer and Other 130 ( 13 ) 4 21 142 Unallocated 11 — — 238 249 Total $ 27,435 $ ( 74 ) $ 112 $ 300 $ 27,773 For the three months ended September 30, 2022 , the Company provided $ 300 to the allowance for credit losses. The provision in the third quarter of 2022 reflected the Company’s strong loan growth during the quarter. Our credit quality metrics remained stable despite the ongoing headwinds of the challenging international, national, regional and local economic conditions. While COVID-19 vaccinations and improved treatments had created a level of optimism, there remained caution due to the lingering concerns over potential infection spikes. We remained cautious given the level of classified loans in the portfolio, particularly loans to borrowers in the hotel industry as well as the challenges businesses face in today’s environment. As of September 30, 2022 economic impacts related to the COVID-19 pandemic had improved somewhat, but continued concerns lingered due to the disruption of supply chains, additional employee costs, higher challenges throughout our footprint, rising inflationary pressures and the prospects of recession. During the three months ended September 30, 2022, the allowance for Commercial & Agriculture loans decreased due to a decrease in general reserves required for this type as a result of a decrease in Commercial & Agriculture loan balances during the quarter. The result was represented as a decrease in the provision. The allowance for Commercial Real Estate – Owner Occupied loans increased due to an increase in general reserves required for this type as a result of increased loan balances. The result was represented as an increase in the provision. The allowance for Commercial Real Estate – Non-Owner Occupied loans decreased due to a decrease in risk rated loans and lower loss rates, offset by an increase in general reserves required as a result of an increase in loan balances. This was represented as a decrease in the provision. The allowance for Residential Real Estate loans increased due to an increase in general reserves required for this type as a result of increased loan balances. The result was represented by an increase in the provision. The allowance for Real Estate Construction loans increased due to an increase in loan balances. This was represented as an increase in the provision. Management feels that the unallocated amount is appropriate and within the relevant range for the allowance that is reflective of the risk in the portfolio at September 30, 2022. Allowance for credit losses: For the nine months ended September 30, 2023 Beginning balance CECL Adoption Day 1 Impact Impact of Adopting ASC 326 - PCD Loans 1 Charge-offs Recoveries Provision Ending Balance Commercial & Agriculture $ 3,011 $ 429 $ — $ ( 754 ) $ 131 $ 2,339 $ 5,156 Commercial Real Estate: Owner Occupied 4,565 1,075 19 — — ( 178 ) 5,481 Non-Owner Occupied 14,138 ( 2,847 ) — — 25 239 11,555 Residential Real Estate 3,145 2,762 166 ( 12 ) 118 652 6,831 Real Estate Construction 2,293 1,502 — — 13 ( 69 ) 3,739 Farm Real Estate 291 ( 28 ) — — — ( 36 ) 227 Lease Financing Receivables 429 1,743 635 — — ( 975 ) 1,832 Consumer and Other 98 201 77 ( 89 ) 33 ( 72 ) 248 Unallocated 541 ( 541 ) — — — 211 211 Total $ 28,511 $ 4,296 $ 897 $ ( 855 ) $ 320 $ 2,111 $ 35,280 1 Day 1 impact of $ 1,668 , of adopting ASC 326-PCD loans was netted by changes in estimates of $ 771 . For the nine months ended September 30, 2023 , the Company provided $ 2,111 to the allowance for credit losses, as compared to a provision of $ 1,000 for the nine months ended September 30, 2022 . Upon adoption of CECL on January 1, 2023, we recorded an increase in the allowance for credit losses of $ 5,193 in the first quarter of 2023. The increase in the reserves was principally related to loan growth during the quarter. Allowance for credit losses: For the nine months ended September 30, 2022 Beginning balance Charge-offs Recoveries Provision Ending Balance Commercial & Agriculture $ 2,600 $ ( 22 ) $ 16 $ 135 $ 2,729 Commercial Real Estate: Owner Occupied 4,464 — 42 420 4,926 Non-Owner Occupied 13,860 — 68 499 14,427 Residential Real Estate 2,597 ( 97 ) 140 396 3,036 Real Estate Construction 1,810 — — 203 2,013 Farm Real Estate 287 — 5 ( 41 ) 251 Consumer and Other 176 ( 45 ) 25 ( 14 ) 142 Unallocated 847 — — ( 598 ) 249 Total $ 26,641 $ ( 164 ) $ 296 $ 1,000 $ 27,773 For the nine months ended September 30, 2022 , the Company provided $ 1,000 to the allowance for loan losses. During the nine months ended September 30, 2022, The increase in provision was due to the strong loan growth during the first nine months of 2022. In addition, the challenges of the international, national, regional,and local economic conditions, particularly inflation, have taken greater focus from the prior economic shutdown and restrictions in response to the COVID-19 pandemic. Despite these concerns our portfolio quality has remained stable overall with decreases in criticized loans. We continue to be optimistic that asset quality will continue to remain strong despite ongoing headwinds. While we remain cautious given the impact of inflation on all of our borrowers, we are encouraged by strong loan growth. Management felt that the unallocated amount was appropriate and within the relevant range for the allowance that was reflective of the risk in the portfolio at September 30, 2022. The following tables present, by portfolio segment, the allocation of the allowance for credit losses and related loan balances as of December 31, 2022. December 31, 2022 Loans acquired Loans individually Loans collectively Total Allowance for credit losses: Commercial & Agriculture $ 6 $ — $ 3,005 $ 3,011 Commercial Real Estate: Owner Occupied 3 6 4,556 4,565 Non-Owner Occupied — — 14,138 14,138 Residential Real Estate — 1 3,144 3,145 Real Estate Construction — — 2,293 2,293 Farm Real Estate — — 291 291 Consumer and Other — — 98 98 Lease Financing Receivables — — 429 429 Unallocated — — 541 541 Total $ 9 $ 7 $ 28,495 $ 28,511 Outstanding loan balances: Commercial & Agriculture $ 863.00 $ — $ 277,732 $ 278,595 Commercial Real Estate: Owner Occupied 1,988 232 368,927 371,147 Non-Owner Occupied 119 — 1,018,617 1,018,736 Residential Real Estate 1,414 392 550,975 552,781 Real Estate Construction — — 243,127 243,127 Farm Real Estate — — 24,708 24,708 Lease Financing Receivables — — 36,797 36,797 Consumer and Other 1 — 20,774 20,775 Total $ 4,385 $ 624 $ 2,541,657 $ 2,546,666 The following tables present credit exposures by internally assigned risk grades as of September 30, 2023 and December 31, 2022. The risk rating analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled or at all. The Company’s internal credit risk grading system is based on experiences with similarly graded loans. The Company’s internally assigned risk grades are as follows: • Pass – loans which are protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral. • Special Mention – loans where a potential weakness or risk exists, which could cause a more serious problem if not corrected. • Substandard – loans that have a well-defined weakness based on objective evidence and are characterized by the distinct possibility that Civista will sustain some loss if the deficiencies are not corrected. • Doubtful – loans classified as doubtful have all the weaknesses inherent in a substandard asset. In addition, these weaknesses make collection or liquidation in full highly questionable and improbable, based on existing circumstances. • Loss – loans classified as a loss are considered uncollectible, or of such value that continuance as an asset is not warranted. Based on the most recent analysis performed, the risk category of loans, by type and year of originations, at September 30, 2023, is as follows: Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Converted September 30, 2023 2023 2022 2021 2020 2019 Prior Loans to Term Total Commercial & Agriculture Pass $ 60,223 $ 72,407 $ 46,378 $ 12,263 $ 7,418 $ 15,439 $ 79,760 $ — $ 293,888 Special Mention 906 — 340 1,797 — 113 176 — 3,332 Substandard 408 — 62 117 283 195 3,592 — 4,657 Doubtful — — — — — — — — — Total Commercial & Agriculture $ 61,537 $ 72,407 $ 46,780 $ 14,177 $ 7,701 $ 15,747 $ 83,528 $ — $ 301,877 Commercial & Agriculture: Current-period gross charge-offs $ — $ 673 $ — $ — $ — $ 81 $ — $ — $ 754 Commercial Real Estate - Owner Occupied Pass $ 28,733 $ 81,961 $ 67,764 $ 57,827 $ 30,558 $ 96,394 $ 6,488 $ — $ 369,725 Special Mention 529 219 745 294 3,098 287 — — 5,172 Substandard — — — — — 954 — — 954 Doubtful — — — — — — — — — Total Commercial Real Estate - Owner Occupied $ 29,262 $ 82,180 $ 68,509 $ 58,121 $ 33,656 $ 97,635 $ 6,488 $ — $ 375,851 Commercial Real Estate - Owner Occupied: Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Non-Owner Occupied Pass $ 118,399 $ 261,880 $ 195,881 $ 138,388 $ 121,917 $ 219,770 $ 23,446 $ — $ 1,079,681 Special Mention — 5,816 6,227 — - 7,373 277 — 19,693 Substandard — — — — 129 3,429 — — 3,558 Doubtful — — — — — — — — — Total Commercial Real Estate - Non-Owner Occupied $ 118,399 $ 267,696 $ 202,108 $ 138,388 $ 122,046 $ 230,572 $ 23,723 $ — $ 1,102,932 Commercial Real Estate - Non-Owner Occupied: Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential Real Estate Pass $ 62,756 $ 106,652 $ 95,914 $ 73,032 $ 35,184 $ 80,593 $ 153,753 $ — $ 607,884 Special Mention — - 224 98 — 250 55 — 627 Substandard — 352 442 85 583 3,049 1,282 — 5,793 Doubtful — — — — — — — — — Total Residential Real Estate $ 62,756 $ 107,004 $ 96,580 $ 73,215 $ 35,767 $ 83,892 $ 155,090 $ — $ 614,304 Residential Real Estate: Current-period gross charge-offs $ — $ — $ — $ — $ — $ 12 $ — $ — $ 12 Real Estate Construction Pass $ 62,658 $ 137,265 $ 31,871 $ 15,563 $ 2,678 $ 2,708 $ 12,271 $ — $ 265,014 Special Mention — 1,129 926 2,019 — — — — 4,074 Substandard — — 42 — 161 — — — 203 Doubtful — — — — — — — — — Total Real Estate Construction $ 62,658 $ 138,394 $ 32,839 $ 17,582 $ 2,839 $ 2,708 $ 12,271 $ — $ 269,291 Real Estate Construction: Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Farm Real Estate Pass $ 816 $ 987 $ 2,309 $ 4,552 $ 806 $ 13,295 $ 1,161 $ — $ 23,926 Special Mention — — — — — 183 — — 183 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total Farm Real Estate $ 816 $ 987 $ 2,309 $ 4,552 $ 806 $ 13,478 $ 1,161 $ — $ 24,109 Farm Real Estate: Current-period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Lease Financing Receivables Pass $ 21,794 $ 14,071 $ 6,605 $ 3,754 $ 1,964 $ 18 $ — $ — $ 48,206 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — 53 — — — — — 53 Total Lease Financing Receivables $ 21,794 $ 14,071 $ 6,658 $ 3,754 $ 1,964 $ 18 $ — $ — $ 48,259 Lease Financing Receivables: Current-period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer and Other Pass $ 5,014 $ 4,741 $ 4,103 $ 1,875 $ 639 $ 322 $ 1,536 $ — $ 18,230 Special Mention — — — — — — — — — Substandard — — 14 17 — 6 — — 37 Doubtful — — — — — — — — — Total Consumer and Other $ 5,014 $ 4,741 $ 4,117 $ 1,892 $ 639 $ 328 $ 1,536 $ — $ 18,267 Consumer and Other: Current-period charge-offs $ 1 $ 27 $ 40 $ 6 $ 10 $ — $ 5 $ — $ 89 Total Loans $ 362,236 $ 687,480 $ 459,900 $ 311,681 $ 205,418 $ 444,378 $ 283,797 $ — $ 2,754,890 Total Loans: Current-period charge-offs $ 1 $ 700 $ 40 $ 6 $ 10 $ 93 $ 5 $ — $ 855 Prior to the adoption of CECL, Residential Real Estate, Real Estate Construction and Consumer and Other loans are not risk-graded, except when collateral is used for a business purpose. Only those loans that have been risk rated as of December 31, 2022 are included below. December 31, 2022 Pass Special Mention Substandard Doubtful Ending Balance Commercial & Agriculture $ 273,291 $ 2,558 $ 2,746 $ — $ 278,595 Commercial Real Estate: Owner Occupied 367,652 734 2,761 — 371,147 Non-Owner Occupied 1,003,942 10,947 3,847 — 1,018,736 Residential Real Estate 114,021 183 5,787 — 119,991 Real Estate Construction 198,734 — 221 — 198,955 Farm Real Estate 24,283 379 46 — 24,708 Lease Financing Receivables 36,223 — 401 173 36,797 Consumer and Other 839 — 163 — 1,002 Total $ 2,018,985 $ 14,801 $ 15,972 $ 173 $ 2,049,931 The following tables present performing and nonperforming loans based solely on payment activity for the period ended December 31, 2022 that were not assigned an internal risk grade. December 31, 2022 Residential Real Estate Consumer Total Performing $ 432,790 $ 44,172 $ 19,773 $ 496,735 Nonperforming — — — — Total $ 432,790 $ 44,172 $ 19,773 $ 496,735 The following tables include an aging analysis of the recorded investment of past due loans outstanding as of September 30, 2023 and December 31, 2022. September 30, 2023 30-59 60-89 90 Days Total Past Current Total Loans Past Due Commercial & Agriculture $ 834 $ 1,284 $ 1,469 $ 3,587 $ 298,290 $ 301,877 $ — Commercial Real Estate: Owner Occupied 87 — 34 121 375,730 375,851 — Non-Owner Occupied — — — — 1,102,932 1,102,932 — Residential Real Estate 731 791 1,812 3,334 610,970 614,304 — Real Estate Construction — — — — 269,291 269,291 — Farm Real Estate — — — — 24,109 24,109 — Lease Financing Receivables 237 52 653 942 47,317 48,259 — Consumer and Other 156 59 9 224 18,043 18,267 — Total $ 2,045 $ 2,186 $ 3,977 $ 8,208 $ 2,746,682 $ 2,754,890 $ — December 31, 2022 30-59 60-89 90 Days Total Past Current Purchased Total Loans Past Due Commercial & Agriculture $ 247 $ 78 $ 534 $ 859 $ 276,873 $ 863 $ 278,595 $ — Commercial Real Estate: Owner Occupied 21 13 76 110 369,049 1,988 371,147 — Non-Owner Occupied — — 1,164 1,164 1,017,453 119 1,018,736 — Residential Real Estate 3,133 857 1,107 5,097 546,270 1,414 552,781 — Real Estate Construction — — 219 219 242,908 — 243,127 — Farm Real Estate 7 — — 7 24,701 — 24,708 — Lease Financing Receivables 1,040 — 341 1,381 35,416 — 36,797 — Consumer and Other 293 49 74 416 20,358 1 20,775 — Total $ 4,741 $ 997 $ 3,515 $ 9,253 $ 2,533,028 $ 4,385 $ 2,546,666 $ — The following table presents loans on nonaccrual status as of September 30, 2023. September 30, 2023 Nonaccrual loans with a related ACL Nonaccrual loans without a related ACL Total Nonaccrual loans Interest Income Recognized Commercial & Agriculture $ 362 $ 1,294 $ 1,656 $ — Commercial Real Estate: Owner Occupied — 270 270 3 Non-Owner Occupied 306 899 1,205 — Residential Real Estate — 4,391 4,391 13 Real Estate Construction — 203 203 — Farm Real Estate — — — — Lease Financing Receivables 151 794 945 — Consumer and Other — 43 43 — Total $ 819 $ 7,894 $ 8,713 $ 16 The following table presents loans on nonaccrual status as of December 31, 2022, excluding PCI loans. December 31, 2022 Commercial & Agriculture $ 774 Commercial Real Estate: Owner Occupied 386 Non-Owner Occupied 1,109 Residential Real Estate 3,926 Real Estate Construction 221 Farm Real Estate — Lease Financing Receivables — Consumer and Other 91 Total $ 6,507 Nonaccrual Loans: Loans are considered for nonaccrual status upon reaching 90 days delinquency, unless the loan is well secured and in the process of collection, although the Company may be receiving partial payments of interest and partial repayments of principal on such loans. When a loan is placed on nonaccrual status, previously accrued but unpaid interest is deducted from interest income. Payments received on nonaccrual loans are applied to the unpaid principal balance. A loan may be returned to accruing status only if one of two conditions are met: the loan is well-secured and none of the principal and interest has been past due for a minimum of 90 days or the principal and interest payments are reasonably assured and a sustained period of performance has occurred, generally six months. Modifications to Borrowers Experiencing Financial Difficulty: From time to time, the Company may modify certain loans to borrowers who are experiencing financial difficulty. In some cases, these modifications result in new loans. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, interest rate reduction, term extension, other-than-significant payment delay or a combination thereof, among other things. During the nine months ended September 30, 2023, there were no modifications of loans to borrowers experiencing financial difficulty. Individually Evaluated Loans: Larger ( greater than $350 ) Commercial & Agricultural and Commercial Real Estate loan relationships, and Residential Real Estate and Consumer loans that are part of a larger relationship are tested for impairment on a quarterly basis. These loans are analyzed to determine if it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. If management determines that the value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. The Company’s policy for recognizing interest income on impaired loans does not differ from its overall policy for interest recognition. The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related allowance for credit losses allocated to these loans. September 30, 2023 Real Estate Other Allowance for Credit Losses Commercial & Agriculture $ — $ 4,846 $ 408 Commercial Real Estate: Owner Occupied — — — Non-Owner Occupied 1,205 — 306 Residential Real Estate — — — Real Estate Construction — — — Farm Real Estate — — — Lease Financing Receivables — 525 150 Consumer and Other — — — Total $ 1,205 $ 5,371 $ 864 Collateral-dependent loans consist primarily of Residential Real Estate, Commercial Real Estate and Commercial and Agricultural loans. These loans are individually evaluated when foreclosure is probable or when the repayment of the loan is expected to be provided substantially through the operation or sale of the underlying collateral. In the case of Commercial and Agricultural loans secured by equipment, the fair value of the collateral is estimated by third-party valuation experts. Loan balances are charged down to the underlying collateral value when they are deemed uncollectible. Note that the Company did not elect to use the collateral maintenance agreement practical expedient available under CECL. The following table includes the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount, if applicable, as of December 31, 2022, excluding PCI loans. December 31, 2022 Recorded Unpaid Related Average Recorded Interest With no related allowance recorded: Commercial & Agriculture $ — $ — $ 86 $ 3 Commercial Real Estate: Owner Occupied 82 82 192 22 Non-Owner Occupied — — 35 1 Residential Real Estate 385 410 595 33 Farm Real Estate — — 381 14 Total 467 492 1,289 73 With an allowance recorded: Commercial & Agriculture — — $ — — — Commercial Real Estate: Owner Occupied 150 150 6 214 — Residential Real Estate 7 11 1 19 — Lease Financing Receivables — — — — — Consumer and Other — — — — — Total 157 161 7 233 — Total: Commercial & Agriculture — — — 86 3 Commercial Real Estate: Owner Occupied 232 232 6 406 22 Non-Owner Occupied — — — 35 1 Residential Real Estate 392 421 1 614 33 Lease Financing Receivables — — — 381 14 Consumer and Other — — — — — Total $ 624 $ 653 $ 7 $ 1,522 $ 73 The following tables include the average recorded investment and interest income recognized for impaired financing receivables for the three and nine-month periods ended September 30, 2022. September 30, 2022 For the three months ended Average Interest Commercial & Agriculture $ 172 $ — Commercial Real Estate—Owner Occupied 504 3 Commercial Real Estate—Non-Owner Occupied 70 — Residential Real Estate 503 9 Real Estate Construction — — Farm Real Estate 247 2 Lease Financing Receivables — — Consumer and Other — — Total $ 1,496 $ 14 September 30, 2022 For the nine months ended Average Interest Commercial & Agriculture $ 86 $ — Commercial Real Estate—Owner Occupied 349 10 Commercial Real Estate—Non-Owner Occupied 35 — Residential Real Estate 516 19 Real Estate Construction — — Farm Real Estate 381 14 Lease Financing Receivables — — Consumer and Other — — Total $ 1,367 $ 43 Changes in the accretable yield for PCI loans as of September 30, 2022 were as follows, since acquisition: For the (In Thousands) Balance at beginning of period $ 216 Acquisition of PCI loans — Accretion ( 7 ) Transfer from non-accretable to accretable 7 Balance at end of period $ 216 The Company has acquired loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. Upon the Company's adoption of ASU 2016-13, remaining credit-related discount on these assets were re-classified to the ACL. The Company elected the prospective transition approach and all loans previously considered PCI are now classified as PCD. The remaining non-credit discount will continue to be accreted into income over the remaining lives of the assets. The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30 as of December 31, 2022: At December 31, 2022 Acquired Loans with (In Thousands) Outstanding balance $ 5,220 Carrying amount 4,386 There was no allowance for loan losses recorded for acquired loans with or without specific evidence of deterioration in credit quality as of December 31, 2022. Foreclosed Assets Held For Sale Foreclosed assets acquired in settlement of loans are carried at fair value less estimated costs to sell and are included in Other assets on the Consolidated Balance Sheet. As of September 30, 2023 and December 31, 2022 there were no foreclosed assets included in Other assets. Allowance for Credit Losses on Off-Balance-Sheet Credit Exposures The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk from a contractual obligation to extend credit. The allowance for credit losses on off-balance-sheet credit exposures is adjusted as a provision for credit loss expense recognized within other non-interest expense on the Consolidated Statements of Operations. The estimated credit loss includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The estimate of expected credit loss is based on the historical loss rate for the loan class in which the loan commitments would be classified as if funded. The following table lists the allowance for credit losses on off-balance sheet credit exposures as of September 30, 2023: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Beginning of Period $ 3,851 — — — CECL adoption adjustments — — 3,386 — Charge-offs — — — — Recoveries — — — — Provision 130 — 595 — End of Period $ 3,981 — $ 3,981 — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | (6) Accumulated Other Comprehensive Income (Loss) The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax for the three-month periods ended September 30, 2023 and September 30, 2022. For the Three-Month Period Ended For the Three-Month Period Ended September 30, 2023(a) September 30, 2022(a) Unrealized Defined Total (a) Unrealized Defined Total (a) Beginning balance $ ( 50,496 ) $ ( 5,274 ) $ ( 55,770 ) $ ( 40,497 ) $ ( 5,745 ) $ ( 46,242 ) Other comprehensive loss before reclassifications ( 23,692 ) — ( 23,692 ) ( 23,626 ) — ( 23,626 ) Amounts reclassified from accumulated other — — — ( 4 ) 54 50 Net current-period other comprehensive income (loss) ( 23,692 ) — ( 23,692 ) ( 23,630 ) 54 ( 23,576 ) Ending balance $ ( 74,188 ) $ ( 5,274 ) $ ( 79,462 ) $ ( 64,127 ) $ ( 5,691 ) $ ( 69,818 ) (a) Amounts in parentheses indicate debits on the Consolidated Balance Sheets. The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three-month periods ended September 30, 2023 and September 30, 2022. Amount Reclassified from Details about Accumulated Other For the Three For the Three Affected Line Item in the Unrealized gains (losses) on available-for-sale securities $ — $ 4 Net gain on sale Tax effect — — Income tax expense — 4 Amortization of defined benefit pension items Actuarial gains/(losses) (b) — ( 69 ) Other operating expenses Tax effect — 15 Income tax expense — ( 54 ) Total reclassifications for the period $ — $ ( 50 ) (a) Amounts in parentheses indicate expenses/losses and other amounts indicate income/benefit. (b) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax for the nine month periods ended September 30, 2023 and September 30, 2022. For the Nine-Month Period Ended For the Nine-Month Period Ended September 30, 2023(a) September 30, 2022(a) Unrealized Defined Total (a) Unrealized Defined Total (a) Beginning balance $ ( 52,771 ) $ ( 5,274 ) $ ( 58,045 ) $ 14,675 $ ( 5,855 ) $ 8,820 Other comprehensive loss before reclassifications ( 21,417 ) — ( 21,417 ) ( 78,794 ) — ( 78,794 ) Amounts reclassified from accumulated other — — — ( 8 ) 164 156 Net current-period other comprehensive income (loss) ( 21,417 ) — ( 21,417 ) ( 78,802 ) 164 ( 78,638 ) Ending balance $ ( 74,188 ) $ ( 5,274 ) $ ( 79,462 ) $ ( 64,127 ) $ ( 5,691 ) $ ( 69,818 ) (a) Amounts in parentheses indicate debits on the Consolidated Balance Sheets The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the nine month periods ended September 30, 2023 and September 30, 2022. Amount Reclassified from Details about Accumulated Other For the Nine For the Nine Affected Line Item in the Unrealized gains (losses) on available-for-sale securities $ — $ 10 Net gain on sale Tax effect — ( 2 ) Income tax expense — 8 Amortization of defined benefit pension items Actuarial gains/(losses) (b) — ( 208 ) Other operating expenses Tax effect — 44 Income tax expense — ( 164 ) Total reclassifications for the period $ — $ ( 156 ) (a) Amounts in parentheses indicate expenses/losses and other amounts indicate income/benefit. (b) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | (7) Goodwill and Intangible Assets The carrying amount of goodwill has decreased $ 617 since December 31, 2022 as a result of adjustments to estimated fair values of the assets acquired and liabilities assumed since the date of acquisition. The balance of goodwill was $ 125,078 at September 30, 2023 and $ 125,695 at December 31, 2022. Acquired intangible assets, other than goodwill, as of September 30, 2023 and December 31, 2022 were as follows: September 30, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Amortized intangible assets: Core deposit intangibles $ 12,952 $ 6,078 $ 6,874 $ 12,953 $ 4,883 $ 8,070 Total amortized intangible assets $ 12,952 $ 6,078 $ 6,874 $ 12,953 $ 4,883 $ 8,070 Aggregate core deposit intangible amortization expense was $ 398 , and $ 456 , for the three-months ended September 30, 2023 and 2022, respectively. Aggregate core deposit intangible amortization expense was $ 1,195 and $ 890 for the nine-months ended September 30, 2023 and September 30, 2022, respectively. Activity for mortgage servicing rights (MSRs) and the related valuation allowance for the three- and nine- months ended September 30, 2023 and September 30, 2022 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Loan Servicing Rights: Balance at Beginning of Period $ 3,056 $ 2,664 $ 2,689 $ 2,642 Additions 76 91 600 317 Additions from acquisition — 419 — 419 Disposals — — — — Amortized to expense ( 86 ) ( 95 ) ( 243 ) ( 299 ) Other charges — — — — Change in valuation allowance — — — — Balance at End of Period $ 3,046 $ 3,079 $ 3,046 $ 3,079 Valuation allowance: Balance at Beginning of Period $ — $ — $ — $ — Additions expensed — — — — Reductions credited to operations — — — — Direct write-offs — — — — Balance at End of Period $ — $ — $ — $ — Estimated amortization expense for each of the next five years and thereafter is as follows: MSRs Core deposit Total 2023 $ 43 $ 384 $ 427 2024 171 1,489 1,660 2025 170 1,312 1,482 2026 168 1,193 1,361 2027 163 1,071 1,234 Thereafter 2,331 1,425 3,756 $ 3,046 $ 6,874 $ 9,920 |
Short-Term and Other Borrowings
Short-Term and Other Borrowings | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Short-Term and Other Borrowings | (8) Short-Term and Other Borrowings Short-term and other borrowings, which consist of federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings, are summarized as follows: At September 30, 2023 At December 31, 2022 Federal Funds Short-term Federal Funds Short-term Outstanding balance $ — $ 431,500 $ — $ 393,700 Interest rate on balance — 5.45 % — 4.24 % Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 2022 2022 2023 2023 2022 2022 Federal Funds Short-term Federal Funds Short-term Federal Funds Short-term Federal Funds Short-term Maximum indebtedness $ — $ 431,500 $ — $ 56,000 $ — $ 540,000 $ — $ 56,000 Average balance — 233,547 — 6,713 — 282,214 — 2,380 Average rate paid — 5.51 % — 2.84 % — 5.03 % — 2.75 % Average balance during the period represents daily averages. Average rate paid represents interest expense divided by the related average balances. Short-term borrowings and federal funds purchased transactions can range from overnight to six months in maturity. The average maturity was one day at September 30, 2023. Securities sold under agreements to repurchase are used to facilitate the needs of our customers as well as to facilitate our short-term funding needs. Securities sold under repurchase agreements are carried at the amount of cash received in association with the agreement. We continuously monitor the collateral levels and may be required, from time to time, to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. The following table presents detail regarding the securities pledged as collateral under repurchase agreements as of September 30, 2023 and December 31, 2022. All of the repurchase agreements are overnight agreements. As of July 2023, the Company no longer offers repurchase agreements. September 30, 2023 December 31, 2022 Securities pledged for repurchase agreements: U.S. Treasury securities $ — $ 25,143 Obligations of U.S. government agencies — — Total securities pledged $ — $ 25,143 Gross amount of recognized liabilities for repurchase $ — $ 25,143 Amounts related to agreements not included in offsetting $ — $ — |
Earnings per Common Share
Earnings per Common Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | (9) Earnings per Common Share The Company has granted restricted stock awards with non-forfeitable rights (with respect to dividends), which are considered participating securities. Accordingly, earnings per common share is computed using the two-class method as required by ASC 260-10-45. Basic earnings per common share are computed as net income available to common shareholders divided by the weighted average number of common shares outstanding during the period, which excludes the participating securities. Diluted earnings per common share include the dilutive effect, if any, of additional potential common shares issuable under the Company’s equity incentive plan, computed using the treasury stock method. The Company had no dilutive securities for the three-months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Basic Net income $ 10,387 $ 11,112 $ 33,309 $ 27,279 Less allocation of earnings and dividends to participating securities 388 52 1,220 123 Net income available to common shareholders—basic $ 9,999 $ 11,060 $ 32,089 $ 27,156 Weighted average common shares outstanding 15,735,007 15,394,898 15,747,648 14,974,862 Less average participating securities 588,715 71,604 576,902 67,323 Weighted average number of shares outstanding used in the calculation of basic earnings per common share 15,146,292 15,323,294 15,170,746 14,907,539 Earnings per common share: Basic $ 0.66 $ 0.72 $ 2.12 $ 1.82 Diluted 0.66 0.72 2.12 1.82 |
Commitments, Contingencies and
Commitments, Contingencies and Off-Balance Sheet Risk | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Off-Balance Sheet Risk | (10) Commitments, Contingencies and Off-Balance Sheet Risk Some financial instruments, such as loan commitments, credit lines, letters of credit and overdraft protection, are issued to meet customers’ financing needs. These are agreements to provide credit or to support the credit of others, as long as the conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Off-balance-sheet risk of credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, including obtaining collateral at exercise of commitment. The contractual amounts of financial instruments with off-balance-sheet risk were as follows at September 30, 2023 and December 31, 2022: Contract Amount September 30, 2023 December 31, 2022 Fixed Rate Variable Fixed Rate Variable Commitment to extend credit: Lines of credit and construction loans $ 62,910 $ 692,184 $ 42,184 $ 599,185 Overdraft protection 10 45,606 10 45,182 Letters of credit 875 424 960 630 $ 63,795 $ 738,214 $ 43,154 $ 644,997 Commitments to make loans are generally made for a period of one year or less. Fixed rate loan commitments included in the table above had interest rates ranging from 2.66 % to 14.00 % at September 30, 2023 and from 3.25 % to 8.00 % at December 31, 2022 . Maturities extend up to 30 years. Civista is required to maintain certain reserve balances on hand in accordance with the Federal Reserve Board requirements. No reserve balance was maintained, or required to be maintained, in accordance with such requirements at September 30, 2023 and December 31, 2022 . |
Pension Information
Pension Information | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Pension Information | (11) Pension Information The Company sponsors a pension plan which is a noncontributory defined benefit retirement plan. Annual payments, subject to the maximum amount deductible for federal income tax purposes, are made to a pension trust fund. In 2006, the Company amended the pension plan to provide that no employee could be added as a participant to the pension plan after December 31, 2006. In 2014, the Company amended the pension plan again to provide that no additional benefits would accrue beyond April 30, 2014. Net periodic pension cost was as follows: Three months ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Service cost $ — $ — $ — $ — Interest cost 125 103 376 310 Expected return on plan assets ( 132 ) ( 144 ) ( 397 ) ( 432 ) Other components — 69 — 208 Net periodic pension cost $ ( 7 ) $ 28 $ ( 21 ) $ 86 The Company does no t expect to make any contribution to its pension plan in 2023 . The Company made no contribution to its pension plan in 2022 . |
Equity Incentive Plan
Equity Incentive Plan | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plan | (12) Equity Incentive Plan At the Company’s 2014 annual meeting, the shareholders adopted the Company’s 2014 Incentive Plan (“2014 Incentive Plan”). The 2014 Incentive Plan authorizes the Company to grant options, stock awards, stock units and other awards for up to 375,000 common shares of the Company. There were 60,049 common shares available for future grants under this plan at September 30, 2023. No options were granted under the 2014 Incentive Plan during the nine- months ended September 30, 2023 and 2022. Each year, the Board of Directors has awarded restricted common shares to senior officers of the Company. The restricted shares vest ratably over a three-year or five-year period following the grant date. The product of the number of restricted shares granted and the grant date market price of the Company’s common shares determines the fair value of restricted shares awarded under the Company’s 2014 Incentive Plan. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period for the entire award. The Company classifies share-based compensation for employees with “Compensation expense” in the Consolidated Statements of Operations. The following is a summary of the Company’s outstanding restricted common shares and changes therein for the three- and nine-month periods ended September 30, 2023: Three months ended Nine Months Ended September 30, 2023 September 30, 2023 Number of Weighted Number of Weighted Nonvested at beginning of period 88,422 $ 21.98 70,096 $ 21.88 Granted — — 47,536 21.85 Vested — — ( 27,470 ) 21.52 Forfeited — — ( 1,740 ) 21.74 Nonvested at end of period 88,422 $ 21.98 88,422 $ 21.98 The following is a summary of the status of the Company’s outstanding restricted common shares as of September 30, 2023: At September 30, 2023 Date of Award Shares Remaining Expense Remaining Vesting March 14, 2019 1,924 $ 9 0.25 March 14, 2020 4,265 51 1.25 March 3, 2021 7,776 103 2.25 March 3, 2021 6,793 33 0.25 March 3, 2022 9,554 177 3.25 March 3, 2022 11,261 160 1.25 March 14, 2023 17,103 296 4.25 March 14, 2023 29,746 466 2.25 88,422 $ 1,295 2.37 The Company recorded $ 191 and $ 153 of share-based compensation expense during the three months ended September 30, 2023 and 2022, respectively. At September 30, 2023 , the total compensation cost related to unvested awards not yet recognized was $ 1,296 , which was expected to be recognized over the weighted average remaining life of the grants of 2.37 years. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | (13) Fair Value Measurement The Company uses a fair value hierarchy to measure fair value. This hierarchy describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices for identical assets in active markets that are identifiable on the measurement date; Level 2: Significant other observable inputs, such as quoted prices for similar assets, quoted prices in markets that are not active and other inputs that are observable or can be corroborated by observable market data; and Level 3: Significant unobservable inputs that reflect the Company’s own view about the assumptions that market participants would use in pricing an asset. Debt securities: The fair values of securities available-for-sale are determined by matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). Equity securities: The Company’s equity securities are not actively traded in an open market. The fair value of these equity securities available-for-sale not actively traded in an open market is determined by using market data inputs for similar securities that are observable (Level 2 inputs). The fair value of the swap asset/liability: The fair value of the swap asset and liability is based on an external derivative model using data inputs based on similar transactions as of the valuation date and classified Level 2. The changes in fair value of these assets/liabilities had no impact on net income or comprehensive income. Mortgage servicing rights: Mortgage servicing rights do not trade in an active market with readily observable market data. As a result, the Company estimates the fair value of mortgage servicing rights by using a discounted cash flow model to calculate the present value of estimated future net servicing income. The Company stratifies its mortgage servicing portfolio on the basis of loan type. The assumptions used in the discounted cash flow model are those that the Company believes market participants would use in estimating future net servicing income. Significant assumptions in the valuation of mortgage servicing rights include estimated loan repayment rates, the discount rate, servicing costs, and the timing of cash flows, among other factors. Mortgage servicing rights are classified as Level 3 measurements due to the use of significant unobservable inputs, as well as significant management judgment and estimation. Assets and liabilities measured at fair value are summarized in the tables below. Fair Value Measurements at September 30, 2023 Using: Assets: (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: Securities available-for-sale U.S. Treasury securities and obligations of U.S. $ — $ 71,295 $ — Obligations of states and political subdivisions — 310,535 — Mortgage-backed securities in government sponsored — 211,657 — Total securities available-for-sale — 593,487 — Equity securities — 2,021 — Swap asset — 19,784 — Liabilities measured at fair value on a recurring basis: Swap liability $ — $ 19,784 $ — Assets measured at fair value on a nonrecurring basis: Mortgage servicing rights $ — $ — $ 3,046 Fair Value Measurements at December 31, 2022 Using: Assets: (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: Securities available-for-sale U.S. Treasury securities and obligations of U.S. $ — $ 61,029 $ — Obligations of states and political subdivisions — 317,248 — Mortgage-backed securities in government — 237,125 — Total securities available-for-sale — 615,402 — Equity securities — 2,190 — Swap asset — 16,579 — Liabilities measured at fair value on a recurring Swap liability — 16,579 — Assets measured at fair value on a nonrecurring Mortgage servicing rights $ — $ — $ 2,689 The following tables present quantitative information about the Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a nonrecurring basis as of September 30, 2023 and December 31, 2022. Quantitative Information about Level 3 Fair Value Measurements September 30, 2023 Fair Value Valuation Technique Unobservable Input Range Weighted Average Mortgage Servicing $ 3,046 Discounted Cash Flow Constant Prepayment 4.3 % - 10.4 % 6 % Discount Rate 12 % 12 % Quantitative Information about Level 3 Fair Value Measurements December 31, 2022 Fair Value Valuation Technique Unobservable Input Range Weighted Average Mortgage Servicing $ 2,689 Discounted Cash Flow Constant Prepayment 5 % - 20 % 7 % Discount Rate 12 % 12 % The carrying amount and fair values of financial instruments not measured at fair value on a recurring or nonrecurring basis at September 30, 2023 were as follows: September 30, 2023 Carrying Total Level 1 Level 2 Level 3 Financial Assets: Cash and due from financial institutions $ 50,316 $ 50,316 $ 50,316 $ — $ — Other securities 34,224 34,224 34,224 — — Loans, held for sale 1,589 1,589 1,589 — — Loans, net of allowance 2,719,610 2,627,715 — — 2,627,715 Bank owned life insurance 54,053 54,053 54,053 — — Accrued interest receivable 11,489 11,489 11,489 — — Financial Liabilities: Nonmaturing deposits 2,139,757 2,139,782 2,139,782 — — Time deposits 655,986 653,827 — — 653,827 Short-term FHLB advances 431,500 430,534 430,534 — — Long-term FHLB advances 2,573 2,543 — — 2,543 Other borrowings 10,964 10,964 — — 10,964 Securities sold under agreement to repurchase — — — — — Subordinated debentures 103,921 99,264 — — 99,264 Accrued interest payable — — — — — The carrying amount and fair values of financial instruments not measured at fair value on a recurring or nonrecurring basis at December 31, 2022 were as follows: December 31, 2022 Carrying Total Level 1 Level 2 Level 3 Financial Assets: Cash and due from financial institutions $ 43,361 $ 43,361 $ 43,361 $ — $ — Other securities 33,585 33,585 33,585 — — Loans, held for sale 683 698 698 — — Loans, net of allowance 2,518,155 2,427,291 — — 2,427,291 Bank owned life insurance 53,543 53,543 53,543 — — Accrued interest receivable 11,178 11,178 11,178 — — Financial Liabilities: Nonmaturing deposits 2,300,215 2,300,215 2,300,215 — — Time deposits 319,769 318,886 — — 318,886 Short-term FHLB advances 393,700 393,247 393,247 — — Long-term FHLB advances 3,578 3,534 — — 3,534 Securities sold under agreement to repurchase 25,143 25,143 25,143 — — Subordinated debentures 103,799 98,513 — — 98,513 Other borrowings 15,516 15,806 — — 15,806 Accrued interest payable 668 668 668 — — An immaterial revision has been made to the fair market value of loans for the period ended December 31, 2022. This revision did not have a significant impact on the financial statement line item affected or total assets, equity or net income. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | (14) Derivatives To accommodate customer need and to support the Company’s asset/liability positioning, on occasion we enter into interest rate swaps with a customer and a bank counterparty. The interest rate swaps are free-standing derivatives and are recorded at fair value. The Company enters into a floating rate loan and a fixed rate swap with our customer. Simultaneously, the Company enters into an offsetting fixed rate swap with a bank counterparty. In connection with each swap transaction, the Company agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed interest rate. At the same time, the Company agrees to pay a bank counterparty the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. These transactions allow the Company’s customer to effectively convert variable rate loans to fixed rate loans. Since the Company acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts offset each other and do not significantly impact the Company’s results of operations. None of the Company’s derivatives are designated as hedging instruments. The Company presents derivative positions net on the balance sheet for customers and financial institution counterparty positions subject to master netting arrangements. The following table reflects the derivatives recorded on the balance sheet: September 30, 2023 December 31, 2022 Notional Fair Value Notional Fair Value Included in other assets: Interest rate swaps with loan customers in an $ 2,250 $ 11 $ 6,980 $ 269 Counterparty positions with financial institutions 207,225 19,773 212,570 16,310 Total included in other assets $ 19,784 $ 16,579 Included in accrued expenses and other liabilities: Interest rate swaps with loan customers in a $ 204,975 $ 19,784 $ 205,590 $ 16,579 Counterparty positions with financial institutions — — — — Total included in accrued expenses and $ 19,784 $ 16,579 Gross notional positions with customers $ 207,225 $ 212,570 Gross notional positions with financial institution $ 207,225 $ 212,570 The presentation for derivatives for the current and prior periods was revised to present derivative positions net for customer positions. Fair value of swap assets and liabilities for the prior period was not impacted. The effect of swap fair value changes on the Consolidated Statement of Operations are as follows: Location of Amount of Gain or (Loss) Derivatives Gain or (Loss) Recognized in Not Designated Recognized in Income on Derivatives as Hedging Instruments Income on Derivative September 30, 2023 September 30, 2022 Interest rate swaps related to customer loans Other income $ — $ — Total $ — $ — The Company monitors and controls all derivative products with a comprehensive Board of Director approved commercial loan swap policy. All interest rate swap transactions must be approved in advance by the Lenders Loan Committee or the Directors Loan Committee of the Board of Directors. The Company classifies changes in fair value of derivatives in other noninterest income in the Consolidated Statements of Operation. At September 30, 2023 and December 31, 2022 , the Company did no t have any cash or securities pledged for collateral on its interest rate swaps with third party financial institutions. Cash pledged for collateral on interest rate swaps is classified as restricted cash on the Consolidated Balance Sheet. |
Qualified Affordable Housing Pr
Qualified Affordable Housing Project Investments | 9 Months Ended |
Sep. 30, 2023 | |
Federal Home Loan Banks [Abstract] | |
Qualified Affordable Housing Project Investments | (15) Qualified Affordable Housing Project Investments The Company invests in certain qualified affordable housing projects. At September 30, 2023 and December 31, 2022, the balance of the Company's investments in qualified affordable housing projects was $ 13,401 and $ 14,149 , respectively. These balances are reflected in the Other assets line on the Consolidated Balance Sheet. The unfunded commitments related to the investments in qualified affordable housing projects totaled $ 3,913 and $ 5,634 at September 30, 2023 and December 31, 2022, respectively. These balances are reflected in the Accrued expenses and other liabilities line on the Consolidated Balance Sheet. During the three months ended September 30, 2023 and 2022, the Company recognized amortization expense with respect to its investments in qualified affordable housing projects of $ 252 and $ 239 , respectively, offset by tax credits and other benefits from its investments in affordable housing tax credits of $ 426 and $ 396 , respectively. During the three- and nine-months ended September 30, 2023 and 2022 , the Company did no t incur any impairment losses related to its investments in qualified affordable housing projects. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | (16) Revenue Recognition The Company accounts for revenues from contracts with customers under ASC 606, Revenue from Contracts with Customers . Revenue associated with financial instruments, including revenue from loans and securities, are outside the scope of ASC 606 and accounted for under other existing GAAP. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, financial guarantees, derivatives, and certain credit card fees are also not in scope of the guidance. Noninterest revenue streams in-scope of ASC 606 are discussed below. Service Charges Service charges consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, and other deposit account related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts. ATM/Interchange Fees Fees, exchange, and other service charges are primarily comprised of debit and credit card income, ATM fees and other service charges. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as Mastercard. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. The Company’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. Wealth Management Fees Wealth management fees are primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received in the following month through a direct charge to customers’ accounts. The Company does not earn performance-based incentives. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. Tax Refund Processing Fees The Company facilitates the payment of federal and state income tax refunds in partnership with a third-party vendor. Refund Transfers (“RTs”) are fee-based products whereby a tax refund is issued to the taxpayer after the Company has received the refund from the federal or state government. As part of this agreement the Company earns fee income, the majority of which is received in the first quarter of the year. The Company’s fee income revenue is recognized based on the estimated percent of business completed by each date. Other Other noninterest income consists of other recurring revenue streams such as check order fees, wire transfer fees, safety deposit box rental fees, item processing fees and other miscellaneous revenue streams. Check order income mainly represents fees charged to customers for checks. Wire transfer fees represent revenue from processing wire transfers. Safe deposit box rental fees are charged to the customer on an annual basis and recognized upon receipt of payment. The Company determined that since rentals and renewals occur fairly consistently over time, revenue is recognized on a basis consistent with the duration of the performance obligation. Item processing fee income represents fees charged to other financial institutions for processing their transactions. Payment is typically received in the following month. The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three- and nine-months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Noninterest Income In-scope of Topic 606: Service charges $ 1,853 $ 1,885 $ 5,457 $ 5,004 ATM/Interchange fees 1,424 1,394 4,227 3,990 Wealth management fees 1,197 1,208 3,570 3,713 Tax refund processing fees — — 2,375 2,375 Other 646 274 3,500 574 Noninterest Income (in-scope of Topic 606) 5,120 4,761 19,129 15,656 Noninterest Income (out-of-scope of Topic 606) 3,005 973 9,213 3,356 Total Noninterest Income $ 8,125 $ 5,734 $ 28,342 $ 19,012 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Allowance for Loan Losses | Allowance for Credit Losses: On January 1, 2023 , the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") . ASU 2016-13 introduces a new credit loss methodology, Current Expected Credit Losses ("CECL"), which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. ASU 2016-13 amends guidance on reporting credit losses for financial assets held at amortized cost basis and available for sale debt securities. ASU 2016-13 eliminates the probable initial recognition threshold previously required under Generally Accepted Accounting Principles ("GAAP") and instead, requires an entity to reflect its current estimate of all expected credit losses based on historical experience, current conditions and reasonable and supportable forecasts. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the reserve for credit losses. In addition, entities need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. The Company adopted Accounting Standards Certification ("ASC") 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for the periods beginning after January 1, 2023 are presented under Accounting Standards Codification (“ASC”) 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company adopted ASC 326 using the prospective transition approach for purchased credit deteriorated ("PCD") financial assets that were previously classified as purchased credit impaired ("PCI") and accounted for under ASC 310-30. In accordance with ASC 326, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2023, the amortized cost basis of the PCD assets was adjusted to reflect the addition of $ 1,668 to the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at the effective interest rate as of January 1, 2023. The adoption of CECL resulted in an increase to our total allowance for credit losses (“ACL”) on loans held for investment of $ 4.3 million, an increase in allowance for credit losses on unfunded loan commitments of $ 3.4 million, a reclassification of PCI discount from loans to the ACL of $ 1.7 million, and an increase in deferred tax asset of $ 1.6 million. The Company also recorded a net reduction of retained earnings of $ 6.1 million upon adoption. The allowance for credit losses is evaluated on a regular basis and established through charges to earnings in the form of a provision for credit losses. When a loan or portion of a loan is determined to be uncollectible, the portion deemed uncollectible is charged against the allowance and subsequent recoveries, if any, are credited to the allowance. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. Portfolio Segmentation (“Pooled Loans”) Portfolio segmentation is defined as the pooling of loans based upon similar risk characteristics such that quantitative methodologies and qualitative adjustment factors for estimating the allowance for credit losses are constructed for each segment. The Company has identified eight portfolio segments of loans including Commercial & Agriculture, Commercial Real Estate – Owner Occupied, Commercial Real Estate – Non-Owner Occupied, Residential Real Estate, Real Estate Construction, Farm Real Estate, Lease Financing Receivable and Consumer and Other Loans. The allowance for credit losses for Pooled Loans is estimated based upon periodic review of the collectability of the loans quantitatively correlating historical loan experience with reasonable and supportable forecasts using forward looking information. The Company utilized a discounted cash flow (DCF) method to estimate the quantitative portion of the allowance for credit losses for loans evaluated on a collective pooled basis. For each segment, a loss driver analysis (LDA) was performed in order to identify appropriate loss drivers and create a regression model for use in forecasting cash flows. The LDA utilized the Company’s own Federal Financial Institutions Examination Council’s (“FFIEC”) Call Report data for all segments except indirect auto and all new and unknown values. Peer data was incorporated into the analysis for all segments except indirect auto and all new and unknown values. The Company has established a one-year reasonable and supportable forecast period with a one-year straight-line reversion to the long-term historical average. The Company’s policy is to utilize its own data, which includes loan-level loss data from March 31, 2004 through December 31, 2019 and from December 31, 2021 through June 30, 2022, whenever possible. The two-year period from December 31, 2019 to December 31, 2021 was excluded due to modeling errors stemming from the impact of the COVID-19 pandemic. Peer data is utilized when there are not sufficient defaults for a satisfactory sound calculation, or if the Company does not have its own loan-level detail reflecting similar economic conditions as the forecasted loss drivers. Key inputs into the DCF model include loan-level detail, including the amortized cost basis of individual loans, payment structure, loss history, and forecasted loss drivers. The Company uses the central tendency midpoint seasonally adjusted forecasts from the Federal Open Market Committee (FOMC). Other key assumptions include the probability of default (PD), loss given default (LGD), and prepayment/curtailment rates. When possible, the Company utilizes its own PDs for the reasonable and supportable forecast period. When it is not possible to use the Company’s own PDs, the LDA is utilized to determine PDs based on the forecasted economic factors. In all cases, the LDA is then utilized to determine the long-term historical average, which is reached over the reversion period. When possible, the Company utilizes its own LGDs for the reasonable and supportable forecast period. When it is not possible to use the Company’s own LGDs, the LGD is derived using a method referred to as Frye Jacobs. The Frye Jacobs method is a mathematical formula that traces the relationship between LGD and PD over time and projects the LGD based on the level of PD forecasted. In all cases, the Frye Jacobs method is utilized to calculate LGDs during the reversion period and long-term historical average. Prepayment and curtailment rates were calculated based on the Company’s own data utilizing a one-year average. When the discounted cash flow method is used to determine the allowance for credit losses, management incorporates expected prepayments to determine the effective interest rate utilized to discount expected cash flow. Adjustments to the quantitative evaluation may be made to account for differences in current or expected qualitative risk characteristics such as changes in: underwriting standards, changes in the value of underlying collateral dependent loans, the existence and effect of portfolio concentration, delinquency level, regulatory environment, economic conditions, Company management and the status of portfolio administration including the Company’s loan review function. Purchased Credit Deteriorated (PCD) Loans The Company has purchased loans, some of which have shown evidence of credit deterioration since origination. Upon adoption of ASC 326, the Company elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. Loans are only removed from the existing pools if they are written off, paid off, or sold. Upon adoption of ASC 326, the allowance for credit losses was determined for each pool and added to the pool's carrying amount to establish a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis is the noncredit premium or discount which will be amortized into interest income over the remaining life of the pool. Changes to the allowance for credit losses after adoption are recorded through provision expense. Individually Evaluated Loans The Company establishes a specific reserve for individually evaluated loans which do not share similar risk characteristics with the loans included in the forecasted allowance for credit losses. These individually evaluated loans are removed from the pooling approach discussed above for the forecasted allowance for credit losses, and include nonaccrual loans, loan and lease modifications experiencing financial difficulty, and other loans deemed appropriate by management. Available for Sale (“AFS”) Debt Securities For AFS securities in an unrealized loss position, we first assess whether (i) we intend to sell, or (ii) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either case is affirmative, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither case is affirmative, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Adjustments to the allowance are reported in our income statement as a component of credit loss expense. AFS securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by management or when either of the aforementioned criteria regarding intent or requirement to sell is met. Accrued Interest Receivable Upon adoption of ASU 2016-13 and its related amendments on January 1, 2023, the Company made the following elections regarding accrued interest receivable: • Presenting accrued interest receivable balances separately within another line item on the statement of financial condition. • Excluding accrued interest receivable that is included in the amortized cost of financing receivables and debt securities from related disclosure requirements. • Continuing our policy to write off accrued interest receivable by reversing interest income. For both commercial and consumer loans, the writ e off typically occurs upon becoming 90 days past due. H istorically, the Company has not experienced uncollectible accrued interest receivable on its investment securities. However, the Company would generally write off accrued interest receivable by reversing interest income if the Company does not reasonably expect to receive payments. Due to the timely manner in which accrued interest receivables are written off, the amounts of such write offs are immaterial. • Not measuring an allowance for credit losses for accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner, as described above. Reserve for Unfunded Commitments The reserve for unfunded commitments (the “Unfunded Reserve”) represents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit. No allowance is recognized if the Company has the unconditional right to cancel the obligation. The Company is defining unconditionally cancelable in its literal sense, meaning that a commitment may be cancelled by the Company for any, or for no reason whatsoever. However, the Company in its business dealings, has no practical history of unconditionally canceling commitments. Commitments are not typically cancelled until a default or a defined condition occurs. Being that its historical practice has been to not cancel credit commitments unconditionally, the Company has made the decision to reserve for Unfunded Commitments. The Unfunded Reserve is recognized as a liability (included within other liabilities in the Consolidated Balance Sheets), with adjustments to the reserve recognized as a provision for credit loss expense in the Consolidated Statements of Operations. The Unfunded Reserve is determined by estimating expected future fundings, under each segment, and applying the expected loss rates. Expected future fundings over the estimated life of commitments are based on historical averages of funding rates (i.e., the likelihood of draws taken). To estimate future fundings on unfunded balances, current funding rates are compared to historical funding rates. Estimate of credit losses are determined using the same loss rates as funded loans. |
Revisions | Revisions: An immaterial revision has been made to the Consolidated Financial Statements for a change in the fair market value of loans for the period ended December 31, 2022, as set forth in Note 13 herein. This revision did not have a significant impact on the affected financial statement line item or total assets, equity or net income. |
Use of Estimates | Use of Estimates : To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in financial statements and the disclosures provided, and future results could differ. The allowance for credit losses, consideration of impairment of goodwill, fair values of financial instruments, deferred taxes, swap assets/liabilities and pension obligations are particularly subject to change. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards: In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The ASU introduces a new credit loss methodology, CECL, which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. Since its original issuance in 2016, the FASB has issued several updates to the original ASU. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity securities and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. The methodology replaces the multiple existing impairment methods under prior GAAP, which generally require that a loss be incurred before it is recognized. For available-for-sale securities where fair value is less than cost, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk. On January 1, 2023, the Company adopted the guidance prospectively with a cumulative adjustment to retained earnings. The Company has not restated comparative information for 2022 and, therefore, the comparative information for 2022 is reported under the old model and is not comparable to the information presented for 2023. At adoption, the Company recognized an incremental allowance for credit losses on its loans to customers of $ 4.3 million, a liability for off-balance sheet unfunded commitments of $ 3.4 million and a reclassification of the discount on PCI loans to the ACL of $ 1.7 million. Additionally, the Company recorded a $ 6.1 million after tax decrease in retained earnings associated with the increased estimated credit losses. The “Day 1” impact of CECL adoption is summarized below: CECL Adoption Impact of CECL Adoption Adopting ASC 326 - December 31, 2022 Impact PCD Loans January 1, 2023 Allowance for Credit Losses: Commercial & Agriculture $ 3,011 $ 429 $ 390 $ 3,830 Commercial Real Estate: Owner Occupied 4,565 1,075 179 5,819 Non-Owner Occupied 14,138 ( 2,847 ) — 11,291 Residential Real Estate 3,145 2,762 386 6,293 Real Estate Construction 2,293 1,502 — 3,795 Farm Real Estate 291 ( 28 ) — 263 Lease Financing Receivable 429 1,743 635 2,807 Consumer and Other 98 201 78 377 Unallocated 541 ( 541 ) — — Total Allowance for Credit Losses $ 28,511 $ 4,296 $ 1,668 $ 34,475 Reserve for Unfunded Commitments — 3,386 — 3,386 Total Reserve for Credit Losses $ 28,511 $ 7,682 $ 1,668 $ 37,861 Retained Earnings Total Pre-tax Impact $ ( 7,682 ) Tax Effect 1,613 Decrease to Retained Earnings $ ( 6,069 ) The Company did not record an allowance for available-for-sale securities on Day 1 as the investment portfolio consists primarily of debt securities explicitly or implicitly backed by the U.S. Government for which credit risk is deemed minimal. The impact going forward will depend on the composition, characteristics, and credit quality of the securities portfolio as well as the economic conditions at future reporting periods. On January 1, 2023 , the Company adopted ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. A public business entity that is an SEC filer, such as the Company, was to adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. In November 2019, however, the FASB issued ASU 2019-10, Financial Instruments ‒ Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) , which deferred the effective date for ASC 350, Intangibles – Goodwill and Other , for SEC filers that were eligible to be smaller reporting companies as of November 15, 2019, such as the Company, to fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The adoption of the ASU provisions did no t have a significant impact on the Company's Consolidated Financial Statements. On January 1, 2023 , the Company adopted ASU 2022-02 , Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02") . ASU 2022-02 eliminates the recognition and measurement guidance for troubled debt restructurings and requires enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. This ASU also requires enhanced disclosure for loans that have been charged off. The adoption of ASU 2022-02 provisions did no t have a significant impact on the Company’s Consolidated Financial Statements. |
Effect of Newly Issued but Not Yet Effective Accounting Standards | Effect of Newly Issued but Not Yet Effective Accounting Standards: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The Update is designed to provide relief from the accounting analysis and impacts that may otherwise be required for modifications to agreements necessitated by reference rate reform. The Update also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022; however, a deferral of the implementation of reference rate reform was issued in December of 2022, which extends the implementation to December 31, 2024. The Company is working through this transition via a multi-disciplinary project team. We are still evaluating the impact the change from LIBOR to a benchmark like SOFR or Prime Rate will have on our financial condition, results of operations or cash flows. Other recent ASU’s issued by the FASB did not, or are not believed by management to have, a material effect on the Company’s present or future Consolidated Financial Statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Impact of CECL Adoption | The “Day 1” impact of CECL adoption is summarized below: CECL Adoption Impact of CECL Adoption Adopting ASC 326 - December 31, 2022 Impact PCD Loans January 1, 2023 Allowance for Credit Losses: Commercial & Agriculture $ 3,011 $ 429 $ 390 $ 3,830 Commercial Real Estate: Owner Occupied 4,565 1,075 179 5,819 Non-Owner Occupied 14,138 ( 2,847 ) — 11,291 Residential Real Estate 3,145 2,762 386 6,293 Real Estate Construction 2,293 1,502 — 3,795 Farm Real Estate 291 ( 28 ) — 263 Lease Financing Receivable 429 1,743 635 2,807 Consumer and Other 98 201 78 377 Unallocated 541 ( 541 ) — — Total Allowance for Credit Losses $ 28,511 $ 4,296 $ 1,668 $ 34,475 Reserve for Unfunded Commitments — 3,386 — 3,386 Total Reserve for Credit Losses $ 28,511 $ 7,682 $ 1,668 $ 37,861 Retained Earnings Total Pre-tax Impact $ ( 7,682 ) Tax Effect 1,613 Decrease to Retained Earnings $ ( 6,069 ) |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Available for Sale Securities | The amortized cost and fair market value of available-for-sale securities and the related gross unrealized gains and losses recognized were as follows: September 30, 2023 Amortized Gross Gross Fair Value U.S. Treasury securities and obligations of U.S. government $ 77,081 $ 192 $ ( 5,978 ) $ 71,295 Obligations of states and political subdivisions 360,019 45 ( 49,529 ) 310,535 Mortgage-backed securities in government sponsored entities 250,503 5 ( 38,851 ) 211,657 Total debt securities $ 687,603 $ 242 $ ( 94,358 ) $ 593,487 December 31, 2022 Amortized Gross Gross Fair Value U.S. Treasury securities and obligations of U.S. government $ 66,495 $ 20 $ ( 5,486 ) $ 61,029 Obligations of states and political subdivisions 350,104 784 ( 33,640 ) 317,248 Mortgage-backed securities in government sponsored entities 265,752 15 ( 28,642 ) 237,125 Total debt securities $ 682,351 $ 819 $ ( 67,768 ) $ 615,402 |
Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities at September 30, 2023, by contractual maturity, is shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Available for sale Amortized Fair Due in one year or less $ 6,195 $ 6,149 Due after one year through five years 76,198 69,124 Due after five years through ten years 38,390 35,162 Due after ten years 316,317 271,395 Mortgage-backed securities 250,503 211,657 Total securities available-for-sale $ 687,603 $ 593,487 |
Proceeds from Sales of Securities Available-for-Sale, Gross Unrealized Gains and Gross Realized Losses | Proceeds from sales of securities available-for-sale, gross unrealized gains and gross realized losses were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Sale proceeds $ — $ 57,322 $ — $ 57,322 Gross realized gains — — — — Gross realized losses — — — — Gains (losses) from securities called or settled by the issuer — 4 — 10 |
Gross Unrealized Losses and Fair Value, Aggregated by Investment Category | The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2023 and December 31, 2022: September 30, 2023 12 Months or less More than 12 months Total Description of Securities Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of $ 715 $ ( 3 ) $ 59,404 $ ( 5,975 ) $ 60,119 $ ( 5,978 ) Obligations of states and political subdivisions 143,524 ( 7,518 ) 155,603 ( 42,011 ) 299,127 ( 49,529 ) Mortgage-backed securities in gov’t sponsored entities 21,364 ( 1,784 ) 189,711 ( 37,067 ) 211,075 ( 38,851 ) Total temporarily impaired $ 165,603 $ ( 9,305 ) $ 404,718 $ ( 85,053 ) $ 570,321 $ ( 94,358 ) December 31, 2022 12 Months or less More than 12 months Total Description of Securities Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of $ 21,042 $ ( 880 ) $ 39,567 $ ( 4,606 ) $ 60,609 $ ( 5,486 ) Obligations of states and political subdivisions 169,594 ( 13,016 ) 73,967 ( 20,624 ) 243,561 ( 33,640 ) Mortgage-backed securities in gov’t sponsored entities 111,639 ( 4,713 ) 124,622 ( 23,929 ) 236,261 ( 28,642 ) Total temporarily impaired $ 302,275 $ ( 18,609 ) $ 238,156 $ ( 49,159 ) $ 540,431 $ ( 67,768 ) |
Schedule of Net Gains and Losses on Equity Investments Recognized in Earnings and Portion of Unrealized Gains and Losses for Period that Relates to Equity Investments | The following table presents the net gains and losses on equity investments recognized in earnings for the three- and nine-months ended September 30, 2023 and 2022 and the portion of unrealized gains and losses for the period that relates to equity investments held at September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net gains (losses) recognized on equity securities $ 69 $ ( 133 ) $ ( 169 ) $ ( 44 ) Less: Net losses realized on the sale of — — — — Unrealized gains (losses) recognized on equity $ 69 $ ( 133 ) $ ( 169 ) $ ( 44 ) |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Loan Balances | Loan balances were as follows: September 30, 2023 December 31, 2022 Commercial & Agriculture $ 301,877 $ 278,595 Commercial Real Estate- Owner Occupied 375,851 371,147 Commercial Real Estate- Non-Owner Occupied 1,102,932 1,018,736 Residential Real Estate 614,304 552,781 Real Estate Construction 269,291 243,127 Farm Real Estate 24,109 24,708 Lease Financing Receivable 48,259 36,797 Consumer and Other 18,267 20,775 Total loans 2,754,890 2,546,666 Allowance for credit losses ( 35,280 ) ( 28,511 ) Net loans $ 2,719,610 $ 2,518,155 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Text Block [Abstract] | |
Changes in the Allowance for Loan Losses | The following table presents, by portfolio segment, the changes in the ACL for the three- and nine-months ended September 30, 2023 and 2022. Allowance for credit losses: For the three months ended September 30, 2023 Beginning balance Charge-offs Recoveries Provision Ending Balance Commercial & Agriculture $ 5,540 $ ( 614 ) $ 84 $ 146 $ 5,156 Commercial Real Estate: Owner Occupied 5,531 — — ( 50 ) 5,481 Non-Owner Occupied 11,646 — 9 ( 100 ) 11,555 Residential Real Estate 6,515 ( 1 ) 64 253 6,831 Real Estate Construction 3,447 — 4 288 3,739 Farm Real Estate 243 — — ( 16 ) 227 Lease Financing Receivables 1,947 — — ( 115 ) 1,832 Consumer and Other 272 ( 51 ) 6 21 248 Unallocated 8 — — 203 211 Total $ 35,149 $ ( 666 ) $ 167 $ 630 $ 35,280 Allowance for credit losses: For the three months ended September 30, 2022 Beginning balance Charge-offs Recoveries Provision Ending Balance Commercial & Agriculture $ 2,790 $ ( 22 ) $ 12 $ ( 51 ) $ 2,729 Commercial Real Estate: Owner Occupied 4,729 — 15 182 4,926 Non-Owner Occupied 14,711 — 16 ( 300 ) 14,427 Residential Real Estate 2,859 ( 39 ) 64 152 3,036 Real Estate Construction 1,969 — — 44 2,013 Farm Real Estate 236 — 1 14 251 Consumer and Other 130 ( 13 ) 4 21 142 Unallocated 11 — — 238 249 Total $ 27,435 $ ( 74 ) $ 112 $ 300 $ 27,773 December 31, 2022 Loans acquired Loans individually Loans collectively Total Allowance for credit losses: Commercial & Agriculture $ 6 $ — $ 3,005 $ 3,011 Commercial Real Estate: Owner Occupied 3 6 4,556 4,565 Non-Owner Occupied — — 14,138 14,138 Residential Real Estate — 1 3,144 3,145 Real Estate Construction — — 2,293 2,293 Farm Real Estate — — 291 291 Consumer and Other — — 98 98 Lease Financing Receivables — — 429 429 Unallocated — — 541 541 Total $ 9 $ 7 $ 28,495 $ 28,511 Outstanding loan balances: Commercial & Agriculture $ 863.00 $ — $ 277,732 $ 278,595 Commercial Real Estate: Owner Occupied 1,988 232 368,927 371,147 Non-Owner Occupied 119 — 1,018,617 1,018,736 Residential Real Estate 1,414 392 550,975 552,781 Real Estate Construction — — 243,127 243,127 Farm Real Estate — — 24,708 24,708 Lease Financing Receivables — — 36,797 36,797 Consumer and Other 1 — 20,774 20,775 Total $ 4,385 $ 624 $ 2,541,657 $ 2,546,666 |
Credit Exposures by Internally Assigned Grades | Based on the most recent analysis performed, the risk category of loans, by type and year of originations, at September 30, 2023, is as follows: Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Converted September 30, 2023 2023 2022 2021 2020 2019 Prior Loans to Term Total Commercial & Agriculture Pass $ 60,223 $ 72,407 $ 46,378 $ 12,263 $ 7,418 $ 15,439 $ 79,760 $ — $ 293,888 Special Mention 906 — 340 1,797 — 113 176 — 3,332 Substandard 408 — 62 117 283 195 3,592 — 4,657 Doubtful — — — — — — — — — Total Commercial & Agriculture $ 61,537 $ 72,407 $ 46,780 $ 14,177 $ 7,701 $ 15,747 $ 83,528 $ — $ 301,877 Commercial & Agriculture: Current-period gross charge-offs $ — $ 673 $ — $ — $ — $ 81 $ — $ — $ 754 Commercial Real Estate - Owner Occupied Pass $ 28,733 $ 81,961 $ 67,764 $ 57,827 $ 30,558 $ 96,394 $ 6,488 $ — $ 369,725 Special Mention 529 219 745 294 3,098 287 — — 5,172 Substandard — — — — — 954 — — 954 Doubtful — — — — — — — — — Total Commercial Real Estate - Owner Occupied $ 29,262 $ 82,180 $ 68,509 $ 58,121 $ 33,656 $ 97,635 $ 6,488 $ — $ 375,851 Commercial Real Estate - Owner Occupied: Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Non-Owner Occupied Pass $ 118,399 $ 261,880 $ 195,881 $ 138,388 $ 121,917 $ 219,770 $ 23,446 $ — $ 1,079,681 Special Mention — 5,816 6,227 — - 7,373 277 — 19,693 Substandard — — — — 129 3,429 — — 3,558 Doubtful — — — — — — — — — Total Commercial Real Estate - Non-Owner Occupied $ 118,399 $ 267,696 $ 202,108 $ 138,388 $ 122,046 $ 230,572 $ 23,723 $ — $ 1,102,932 Commercial Real Estate - Non-Owner Occupied: Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential Real Estate Pass $ 62,756 $ 106,652 $ 95,914 $ 73,032 $ 35,184 $ 80,593 $ 153,753 $ — $ 607,884 Special Mention — - 224 98 — 250 55 — 627 Substandard — 352 442 85 583 3,049 1,282 — 5,793 Doubtful — — — — — — — — — Total Residential Real Estate $ 62,756 $ 107,004 $ 96,580 $ 73,215 $ 35,767 $ 83,892 $ 155,090 $ — $ 614,304 Residential Real Estate: Current-period gross charge-offs $ — $ — $ — $ — $ — $ 12 $ — $ — $ 12 Real Estate Construction Pass $ 62,658 $ 137,265 $ 31,871 $ 15,563 $ 2,678 $ 2,708 $ 12,271 $ — $ 265,014 Special Mention — 1,129 926 2,019 — — — — 4,074 Substandard — — 42 — 161 — — — 203 Doubtful — — — — — — — — — Total Real Estate Construction $ 62,658 $ 138,394 $ 32,839 $ 17,582 $ 2,839 $ 2,708 $ 12,271 $ — $ 269,291 Real Estate Construction: Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Farm Real Estate Pass $ 816 $ 987 $ 2,309 $ 4,552 $ 806 $ 13,295 $ 1,161 $ — $ 23,926 Special Mention — — — — — 183 — — 183 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total Farm Real Estate $ 816 $ 987 $ 2,309 $ 4,552 $ 806 $ 13,478 $ 1,161 $ — $ 24,109 Farm Real Estate: Current-period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Lease Financing Receivables Pass $ 21,794 $ 14,071 $ 6,605 $ 3,754 $ 1,964 $ 18 $ — $ — $ 48,206 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — 53 — — — — — 53 Total Lease Financing Receivables $ 21,794 $ 14,071 $ 6,658 $ 3,754 $ 1,964 $ 18 $ — $ — $ 48,259 Lease Financing Receivables: Current-period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer and Other Pass $ 5,014 $ 4,741 $ 4,103 $ 1,875 $ 639 $ 322 $ 1,536 $ — $ 18,230 Special Mention — — — — — — — — — Substandard — — 14 17 — 6 — — 37 Doubtful — — — — — — — — — Total Consumer and Other $ 5,014 $ 4,741 $ 4,117 $ 1,892 $ 639 $ 328 $ 1,536 $ — $ 18,267 Consumer and Other: Current-period charge-offs $ 1 $ 27 $ 40 $ 6 $ 10 $ — $ 5 $ — $ 89 Total Loans $ 362,236 $ 687,480 $ 459,900 $ 311,681 $ 205,418 $ 444,378 $ 283,797 $ — $ 2,754,890 Total Loans: Current-period charge-offs $ 1 $ 700 $ 40 $ 6 $ 10 $ 93 $ 5 $ — $ 855 Prior to the adoption of CECL, Residential Real Estate, Real Estate Construction and Consumer and Other loans are not risk-graded, except when collateral is used for a business purpose. Only those loans that have been risk rated as of December 31, 2022 are included below. December 31, 2022 Pass Special Mention Substandard Doubtful Ending Balance Commercial & Agriculture $ 273,291 $ 2,558 $ 2,746 $ — $ 278,595 Commercial Real Estate: Owner Occupied 367,652 734 2,761 — 371,147 Non-Owner Occupied 1,003,942 10,947 3,847 — 1,018,736 Residential Real Estate 114,021 183 5,787 — 119,991 Real Estate Construction 198,734 — 221 — 198,955 Farm Real Estate 24,283 379 46 — 24,708 Lease Financing Receivables 36,223 — 401 173 36,797 Consumer and Other 839 — 163 — 1,002 Total $ 2,018,985 $ 14,801 $ 15,972 $ 173 $ 2,049,931 |
Performing and Nonperforming Loans | December 31, 2022 Residential Real Estate Consumer Total Performing $ 432,790 $ 44,172 $ 19,773 $ 496,735 Nonperforming — — — — Total $ 432,790 $ 44,172 $ 19,773 $ 496,735 |
Aging Analysis of Past Due Loans | The following tables include an aging analysis of the recorded investment of past due loans outstanding as of September 30, 2023 and December 31, 2022. September 30, 2023 30-59 60-89 90 Days Total Past Current Total Loans Past Due Commercial & Agriculture $ 834 $ 1,284 $ 1,469 $ 3,587 $ 298,290 $ 301,877 $ — Commercial Real Estate: Owner Occupied 87 — 34 121 375,730 375,851 — Non-Owner Occupied — — — — 1,102,932 1,102,932 — Residential Real Estate 731 791 1,812 3,334 610,970 614,304 — Real Estate Construction — — — — 269,291 269,291 — Farm Real Estate — — — — 24,109 24,109 — Lease Financing Receivables 237 52 653 942 47,317 48,259 — Consumer and Other 156 59 9 224 18,043 18,267 — Total $ 2,045 $ 2,186 $ 3,977 $ 8,208 $ 2,746,682 $ 2,754,890 $ — December 31, 2022 30-59 60-89 90 Days Total Past Current Purchased Total Loans Past Due Commercial & Agriculture $ 247 $ 78 $ 534 $ 859 $ 276,873 $ 863 $ 278,595 $ — Commercial Real Estate: Owner Occupied 21 13 76 110 369,049 1,988 371,147 — Non-Owner Occupied — — 1,164 1,164 1,017,453 119 1,018,736 — Residential Real Estate 3,133 857 1,107 5,097 546,270 1,414 552,781 — Real Estate Construction — — 219 219 242,908 — 243,127 — Farm Real Estate 7 — — 7 24,701 — 24,708 — Lease Financing Receivables 1,040 — 341 1,381 35,416 — 36,797 — Consumer and Other 293 49 74 416 20,358 1 20,775 — Total $ 4,741 $ 997 $ 3,515 $ 9,253 $ 2,533,028 $ 4,385 $ 2,546,666 $ — |
Summary of Nonaccrual Loans Excluding PCI Loans | The following table presents loans on nonaccrual status as of September 30, 2023. September 30, 2023 Nonaccrual loans with a related ACL Nonaccrual loans without a related ACL Total Nonaccrual loans Interest Income Recognized Commercial & Agriculture $ 362 $ 1,294 $ 1,656 $ — Commercial Real Estate: Owner Occupied — 270 270 3 Non-Owner Occupied 306 899 1,205 — Residential Real Estate — 4,391 4,391 13 Real Estate Construction — 203 203 — Farm Real Estate — — — — Lease Financing Receivables 151 794 945 — Consumer and Other — 43 43 — Total $ 819 $ 7,894 $ 8,713 $ 16 The following table presents loans on nonaccrual status as of December 31, 2022, excluding PCI loans. December 31, 2022 Commercial & Agriculture $ 774 Commercial Real Estate: Owner Occupied 386 Non-Owner Occupied 1,109 Residential Real Estate 3,926 Real Estate Construction 221 Farm Real Estate — Lease Financing Receivables — Consumer and Other 91 Total $ 6,507 |
Schedule of Amortized Cost Basis of Collateral Dependent Loans Individually Evaluated Expected Credit Losses and Related Allowance for Credit Losses | The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related allowance for credit losses allocated to these loans. September 30, 2023 Real Estate Other Allowance for Credit Losses Commercial & Agriculture $ — $ 4,846 $ 408 Commercial Real Estate: Owner Occupied — — — Non-Owner Occupied 1,205 — 306 Residential Real Estate — — — Real Estate Construction — — — Farm Real Estate — — — Lease Financing Receivables — 525 150 Consumer and Other — — — Total $ 1,205 $ 5,371 $ 864 |
Impaired Loans Excluding PCI Loans | The following table includes the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount, if applicable, as of December 31, 2022, excluding PCI loans. December 31, 2022 Recorded Unpaid Related Average Recorded Interest With no related allowance recorded: Commercial & Agriculture $ — $ — $ 86 $ 3 Commercial Real Estate: Owner Occupied 82 82 192 22 Non-Owner Occupied — — 35 1 Residential Real Estate 385 410 595 33 Farm Real Estate — — 381 14 Total 467 492 1,289 73 With an allowance recorded: Commercial & Agriculture — — $ — — — Commercial Real Estate: Owner Occupied 150 150 6 214 — Residential Real Estate 7 11 1 19 — Lease Financing Receivables — — — — — Consumer and Other — — — — — Total 157 161 7 233 — Total: Commercial & Agriculture — — — 86 3 Commercial Real Estate: Owner Occupied 232 232 6 406 22 Non-Owner Occupied — — — 35 1 Residential Real Estate 392 421 1 614 33 Lease Financing Receivables — — — 381 14 Consumer and Other — — — — — Total $ 624 $ 653 $ 7 $ 1,522 $ 73 The following tables include the average recorded investment and interest income recognized for impaired financing receivables for the three and nine-month periods ended September 30, 2022. September 30, 2022 For the three months ended Average Interest Commercial & Agriculture $ 172 $ — Commercial Real Estate—Owner Occupied 504 3 Commercial Real Estate—Non-Owner Occupied 70 — Residential Real Estate 503 9 Real Estate Construction — — Farm Real Estate 247 2 Lease Financing Receivables — — Consumer and Other — — Total $ 1,496 $ 14 September 30, 2022 For the nine months ended Average Interest Commercial & Agriculture $ 86 $ — Commercial Real Estate—Owner Occupied 349 10 Commercial Real Estate—Non-Owner Occupied 35 — Residential Real Estate 516 19 Real Estate Construction — — Farm Real Estate 381 14 Lease Financing Receivables — — Consumer and Other — — Total $ 1,367 $ 43 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Accretion Table Text Block | Changes in the accretable yield for PCI loans as of September 30, 2022 were as follows, since acquisition: For the (In Thousands) Balance at beginning of period $ 216 Acquisition of PCI loans — Accretion ( 7 ) Transfer from non-accretable to accretable 7 Balance at end of period $ 216 |
Schedule of Loans Acquired and Accounted | The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30 as of December 31, 2022: At December 31, 2022 Acquired Loans with (In Thousands) Outstanding balance $ 5,220 Carrying amount 4,386 |
Schedule Of Allowance For Credit Losses On Off-balance Sheet Credit Exposures | The following table lists the allowance for credit losses on off-balance sheet credit exposures as of September 30, 2023: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Beginning of Period $ 3,851 — — — CECL adoption adjustments — — 3,386 — Charge-offs — — — — Recoveries — — — — Provision 130 — 595 — End of Period $ 3,981 — $ 3,981 — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Changes in Each Component of Accumulated Other Comprehensive Income (Loss), Net of Tax | The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax for the three-month periods ended September 30, 2023 and September 30, 2022. For the Three-Month Period Ended For the Three-Month Period Ended September 30, 2023(a) September 30, 2022(a) Unrealized Defined Total (a) Unrealized Defined Total (a) Beginning balance $ ( 50,496 ) $ ( 5,274 ) $ ( 55,770 ) $ ( 40,497 ) $ ( 5,745 ) $ ( 46,242 ) Other comprehensive loss before reclassifications ( 23,692 ) — ( 23,692 ) ( 23,626 ) — ( 23,626 ) Amounts reclassified from accumulated other — — — ( 4 ) 54 50 Net current-period other comprehensive income (loss) ( 23,692 ) — ( 23,692 ) ( 23,630 ) 54 ( 23,576 ) Ending balance $ ( 74,188 ) $ ( 5,274 ) $ ( 79,462 ) $ ( 64,127 ) $ ( 5,691 ) $ ( 69,818 ) (a) Amounts in parentheses indicate debits on the Consolidated Balance Sheets. The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax for the nine month periods ended September 30, 2023 and September 30, 2022. For the Nine-Month Period Ended For the Nine-Month Period Ended September 30, 2023(a) September 30, 2022(a) Unrealized Defined Total (a) Unrealized Defined Total (a) Beginning balance $ ( 52,771 ) $ ( 5,274 ) $ ( 58,045 ) $ 14,675 $ ( 5,855 ) $ 8,820 Other comprehensive loss before reclassifications ( 21,417 ) — ( 21,417 ) ( 78,794 ) — ( 78,794 ) Amounts reclassified from accumulated other — — — ( 8 ) 164 156 Net current-period other comprehensive income (loss) ( 21,417 ) — ( 21,417 ) ( 78,802 ) 164 ( 78,638 ) Ending balance $ ( 74,188 ) $ ( 5,274 ) $ ( 79,462 ) $ ( 64,127 ) $ ( 5,691 ) $ ( 69,818 ) (a) Amounts in parentheses indicate debits on the Consolidated Balance Sheets |
Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss) | The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three-month periods ended September 30, 2023 and September 30, 2022. Amount Reclassified from Details about Accumulated Other For the Three For the Three Affected Line Item in the Unrealized gains (losses) on available-for-sale securities $ — $ 4 Net gain on sale Tax effect — — Income tax expense — 4 Amortization of defined benefit pension items Actuarial gains/(losses) (b) — ( 69 ) Other operating expenses Tax effect — 15 Income tax expense — ( 54 ) Total reclassifications for the period $ — $ ( 50 ) (a) Amounts in parentheses indicate expenses/losses and other amounts indicate income/benefit. (b) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the nine month periods ended September 30, 2023 and September 30, 2022. Amount Reclassified from Details about Accumulated Other For the Nine For the Nine Affected Line Item in the Unrealized gains (losses) on available-for-sale securities $ — $ 10 Net gain on sale Tax effect — ( 2 ) Income tax expense — 8 Amortization of defined benefit pension items Actuarial gains/(losses) (b) — ( 208 ) Other operating expenses Tax effect — 44 Income tax expense — ( 164 ) Total reclassifications for the period $ — $ ( 156 ) (a) Amounts in parentheses indicate expenses/losses and other amounts indicate income/benefit. (b) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Intangible Assets, Other than Goodwill | Acquired intangible assets, other than goodwill, as of September 30, 2023 and December 31, 2022 were as follows: September 30, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Amortized intangible assets: Core deposit intangibles $ 12,952 $ 6,078 $ 6,874 $ 12,953 $ 4,883 $ 8,070 Total amortized intangible assets $ 12,952 $ 6,078 $ 6,874 $ 12,953 $ 4,883 $ 8,070 |
Schedule of Mortgage Servicing Rights (MSRs) and Related Valuation Allowance | Activity for mortgage servicing rights (MSRs) and the related valuation allowance for the three- and nine- months ended September 30, 2023 and September 30, 2022 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Loan Servicing Rights: Balance at Beginning of Period $ 3,056 $ 2,664 $ 2,689 $ 2,642 Additions 76 91 600 317 Additions from acquisition — 419 — 419 Disposals — — — — Amortized to expense ( 86 ) ( 95 ) ( 243 ) ( 299 ) Other charges — — — — Change in valuation allowance — — — — Balance at End of Period $ 3,046 $ 3,079 $ 3,046 $ 3,079 Valuation allowance: Balance at Beginning of Period $ — $ — $ — $ — Additions expensed — — — — Reductions credited to operations — — — — Direct write-offs — — — — Balance at End of Period $ — $ — $ — $ — |
Schedule of Estimated Amortization Expense | Estimated amortization expense for each of the next five years and thereafter is as follows: MSRs Core deposit Total 2023 $ 43 $ 384 $ 427 2024 171 1,489 1,660 2025 170 1,312 1,482 2026 168 1,193 1,361 2027 163 1,071 1,234 Thereafter 2,331 1,425 3,756 $ 3,046 $ 6,874 $ 9,920 |
Short-Term and Other Borrowin_2
Short-Term and Other Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Federal Funds Purchased, Securities Sold Under Agreements to Repurchase and Other Short-term Borrowings | Short-term and other borrowings, which consist of federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings, are summarized as follows: At September 30, 2023 At December 31, 2022 Federal Funds Short-term Federal Funds Short-term Outstanding balance $ — $ 431,500 $ — $ 393,700 Interest rate on balance — 5.45 % — 4.24 % Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 2022 2022 2023 2023 2022 2022 Federal Funds Short-term Federal Funds Short-term Federal Funds Short-term Federal Funds Short-term Maximum indebtedness $ — $ 431,500 $ — $ 56,000 $ — $ 540,000 $ — $ 56,000 Average balance — 233,547 — 6,713 — 282,214 — 2,380 Average rate paid — 5.51 % — 2.84 % — 5.03 % — 2.75 % |
Summary of Securities Pledged as Collateral Under Repurchase Agreements | The following table presents detail regarding the securities pledged as collateral under repurchase agreements as of September 30, 2023 and December 31, 2022. All of the repurchase agreements are overnight agreements. As of July 2023, the Company no longer offers repurchase agreements. September 30, 2023 December 31, 2022 Securities pledged for repurchase agreements: U.S. Treasury securities $ — $ 25,143 Obligations of U.S. government agencies — — Total securities pledged $ — $ 25,143 Gross amount of recognized liabilities for repurchase $ — $ 25,143 Amounts related to agreements not included in offsetting $ — $ — |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Common Share | Diluted earnings per common share include the dilutive effect, if any, of additional potential common shares issuable under the Company’s equity incentive plan, computed using the treasury stock method. The Company had no dilutive securities for the three-months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Basic Net income $ 10,387 $ 11,112 $ 33,309 $ 27,279 Less allocation of earnings and dividends to participating securities 388 52 1,220 123 Net income available to common shareholders—basic $ 9,999 $ 11,060 $ 32,089 $ 27,156 Weighted average common shares outstanding 15,735,007 15,394,898 15,747,648 14,974,862 Less average participating securities 588,715 71,604 576,902 67,323 Weighted average number of shares outstanding used in the calculation of basic earnings per common share 15,146,292 15,323,294 15,170,746 14,907,539 Earnings per common share: Basic $ 0.66 $ 0.72 $ 2.12 $ 1.82 Diluted 0.66 0.72 2.12 1.82 |
Commitments, Contingencies an_2
Commitments, Contingencies and Off-Balance Sheet Risk (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Amounts of Financial Instruments with Off-Balance-Sheet Risk | The contractual amounts of financial instruments with off-balance-sheet risk were as follows at September 30, 2023 and December 31, 2022: Contract Amount September 30, 2023 December 31, 2022 Fixed Rate Variable Fixed Rate Variable Commitment to extend credit: Lines of credit and construction loans $ 62,910 $ 692,184 $ 42,184 $ 599,185 Overdraft protection 10 45,606 10 45,182 Letters of credit 875 424 960 630 $ 63,795 $ 738,214 $ 43,154 $ 644,997 |
Pension Information (Tables)
Pension Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Pension Cost | Net periodic pension cost was as follows: Three months ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Service cost $ — $ — $ — $ — Interest cost 125 103 376 310 Expected return on plan assets ( 132 ) ( 144 ) ( 397 ) ( 432 ) Other components — 69 — 208 Net periodic pension cost $ ( 7 ) $ 28 $ ( 21 ) $ 86 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Company's Outstanding Restricted Common Stock | The following is a summary of the Company’s outstanding restricted common shares and changes therein for the three- and nine-month periods ended September 30, 2023: Three months ended Nine Months Ended September 30, 2023 September 30, 2023 Number of Weighted Number of Weighted Nonvested at beginning of period 88,422 $ 21.98 70,096 $ 21.88 Granted — — 47,536 21.85 Vested — — ( 27,470 ) 21.52 Forfeited — — ( 1,740 ) 21.74 Nonvested at end of period 88,422 $ 21.98 88,422 $ 21.98 The following is a summary of the status of the Company’s outstanding restricted common shares as of September 30, 2023: At September 30, 2023 Date of Award Shares Remaining Expense Remaining Vesting March 14, 2019 1,924 $ 9 0.25 March 14, 2020 4,265 51 1.25 March 3, 2021 7,776 103 2.25 March 3, 2021 6,793 33 0.25 March 3, 2022 9,554 177 3.25 March 3, 2022 11,261 160 1.25 March 14, 2023 17,103 296 4.25 March 14, 2023 29,746 466 2.25 88,422 $ 1,295 2.37 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value | Assets and liabilities measured at fair value are summarized in the tables below. Fair Value Measurements at September 30, 2023 Using: Assets: (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: Securities available-for-sale U.S. Treasury securities and obligations of U.S. $ — $ 71,295 $ — Obligations of states and political subdivisions — 310,535 — Mortgage-backed securities in government sponsored — 211,657 — Total securities available-for-sale — 593,487 — Equity securities — 2,021 — Swap asset — 19,784 — Liabilities measured at fair value on a recurring basis: Swap liability $ — $ 19,784 $ — Assets measured at fair value on a nonrecurring basis: Mortgage servicing rights $ — $ — $ 3,046 Fair Value Measurements at December 31, 2022 Using: Assets: (Level 1) (Level 2) (Level 3) Assets measured at fair value on a recurring basis: Securities available-for-sale U.S. Treasury securities and obligations of U.S. $ — $ 61,029 $ — Obligations of states and political subdivisions — 317,248 — Mortgage-backed securities in government — 237,125 — Total securities available-for-sale — 615,402 — Equity securities — 2,190 — Swap asset — 16,579 — Liabilities measured at fair value on a recurring Swap liability — 16,579 — Assets measured at fair value on a nonrecurring Mortgage servicing rights $ — $ — $ 2,689 |
Quantitative Information about Level 3 Fair Value Measurements | The following tables present quantitative information about the Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a nonrecurring basis as of September 30, 2023 and December 31, 2022. Quantitative Information about Level 3 Fair Value Measurements September 30, 2023 Fair Value Valuation Technique Unobservable Input Range Weighted Average Mortgage Servicing $ 3,046 Discounted Cash Flow Constant Prepayment 4.3 % - 10.4 % 6 % Discount Rate 12 % 12 % Quantitative Information about Level 3 Fair Value Measurements December 31, 2022 Fair Value Valuation Technique Unobservable Input Range Weighted Average Mortgage Servicing $ 2,689 Discounted Cash Flow Constant Prepayment 5 % - 20 % 7 % Discount Rate 12 % 12 % |
Carrying Amount and Fair Value of Financial Instruments Carried at Amortized Cost | The carrying amount and fair values of financial instruments not measured at fair value on a recurring or nonrecurring basis at September 30, 2023 were as follows: September 30, 2023 Carrying Total Level 1 Level 2 Level 3 Financial Assets: Cash and due from financial institutions $ 50,316 $ 50,316 $ 50,316 $ — $ — Other securities 34,224 34,224 34,224 — — Loans, held for sale 1,589 1,589 1,589 — — Loans, net of allowance 2,719,610 2,627,715 — — 2,627,715 Bank owned life insurance 54,053 54,053 54,053 — — Accrued interest receivable 11,489 11,489 11,489 — — Financial Liabilities: Nonmaturing deposits 2,139,757 2,139,782 2,139,782 — — Time deposits 655,986 653,827 — — 653,827 Short-term FHLB advances 431,500 430,534 430,534 — — Long-term FHLB advances 2,573 2,543 — — 2,543 Other borrowings 10,964 10,964 — — 10,964 Securities sold under agreement to repurchase — — — — — Subordinated debentures 103,921 99,264 — — 99,264 Accrued interest payable — — — — — The carrying amount and fair values of financial instruments not measured at fair value on a recurring or nonrecurring basis at December 31, 2022 were as follows: December 31, 2022 Carrying Total Level 1 Level 2 Level 3 Financial Assets: Cash and due from financial institutions $ 43,361 $ 43,361 $ 43,361 $ — $ — Other securities 33,585 33,585 33,585 — — Loans, held for sale 683 698 698 — — Loans, net of allowance 2,518,155 2,427,291 — — 2,427,291 Bank owned life insurance 53,543 53,543 53,543 — — Accrued interest receivable 11,178 11,178 11,178 — — Financial Liabilities: Nonmaturing deposits 2,300,215 2,300,215 2,300,215 — — Time deposits 319,769 318,886 — — 318,886 Short-term FHLB advances 393,700 393,247 393,247 — — Long-term FHLB advances 3,578 3,534 — — 3,534 Securities sold under agreement to repurchase 25,143 25,143 25,143 — — Subordinated debentures 103,799 98,513 — — 98,513 Other borrowings 15,516 15,806 — — 15,806 Accrued interest payable 668 668 668 — — An immaterial revision has been made to the fair market value of loans for the period ended December 31, 2022. This revision did not have a significant impact on the financial statement line item affected or total assets, equity or net income. |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swap Transactions | The following table reflects the derivatives recorded on the balance sheet: September 30, 2023 December 31, 2022 Notional Fair Value Notional Fair Value Included in other assets: Interest rate swaps with loan customers in an $ 2,250 $ 11 $ 6,980 $ 269 Counterparty positions with financial institutions 207,225 19,773 212,570 16,310 Total included in other assets $ 19,784 $ 16,579 Included in accrued expenses and other liabilities: Interest rate swaps with loan customers in a $ 204,975 $ 19,784 $ 205,590 $ 16,579 Counterparty positions with financial institutions — — — — Total included in accrued expenses and $ 19,784 $ 16,579 Gross notional positions with customers $ 207,225 $ 212,570 Gross notional positions with financial institution $ 207,225 $ 212,570 |
Summary of Gain or loss On Derivatives | The effect of swap fair value changes on the Consolidated Statement of Operations are as follows: Location of Amount of Gain or (Loss) Derivatives Gain or (Loss) Recognized in Not Designated Recognized in Income on Derivatives as Hedging Instruments Income on Derivative September 30, 2023 September 30, 2022 Interest rate swaps related to customer loans Other income $ — $ — Total $ — $ — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Noninterest Income Segregated By Revenue Streams In-scope and Out-of-scope of Topic 606 | The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three- and nine-months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Noninterest Income In-scope of Topic 606: Service charges $ 1,853 $ 1,885 $ 5,457 $ 5,004 ATM/Interchange fees 1,424 1,394 4,227 3,990 Wealth management fees 1,197 1,208 3,570 3,713 Tax refund processing fees — — 2,375 2,375 Other 646 274 3,500 574 Noninterest Income (in-scope of Topic 606) 5,120 4,761 19,129 15,656 Noninterest Income (out-of-scope of Topic 606) 3,005 973 9,213 3,356 Total Noninterest Income $ 8,125 $ 5,734 $ 28,342 $ 19,012 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Allowance for credit losses | $ 35,280 | $ 35,149 | $ 28,511 | ||
Allowance for credit losses | $ 5,193 | 4,300 | |||
Unfunded loan commitments | 3,400 | $ 3,400 | |||
Increase in deferred tax assets | 1,600 | ||||
Discount from loans to allowance for credit losses | 1,700 | ||||
Decrease to Retained Earnings | 176,644 | 156,492 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Decrease to Retained Earnings | $ (6,100) | 6,100 | |||
Consumer Loan [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Period past due for accrued interest receivable | 90 days | ||||
ASU 2016-13 [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | ||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 | ||||
Allowance for credit losses | $ 897 | ||||
Unfunded loan commitments | 3,386 | ||||
ASU 2016-13 [Member] | PCD Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Allowance for credit losses | $ 1,668 | ||||
ASU 2017-04 [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | ||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 | ||||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | ||||
ASU 2022-02 [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | ||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 | ||||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Impact of CECL Adoption (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | $ 28,511 | $ 27,773 | $ 27,435 | $ 26,641 | ||
Reserve for Unfunded Commitments | $ 3,400 | $ 3,400 | ||||
Total Reserve for Credit Losses | 35,280 | 28,511 | ||||
Decrease to Retained Earnings | 176,644 | 156,492 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Decrease to Retained Earnings | (6,100) | 6,100 | ||||
ASU 2016-13 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 34,475 | |||||
Reserve for Unfunded Commitments | 3,386 | |||||
Total Reserve for Credit Losses | 37,861 | |||||
ASU 2016-13 [Member] | CECL Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 4,296 | |||||
Reserve for Unfunded Commitments | 3,386 | |||||
Total Reserve for Credit Losses | 7,682 | |||||
Retained Earnings, Total Pre-tax Impact | (7,682) | |||||
Retained Earnings, Tax Effect | 1,613 | |||||
ASU 2016-13 [Member] | CECL Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Decrease to Retained Earnings | (6,069) | |||||
ASU 2016-13 [Member] | PCD Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 1,668 | |||||
Total Reserve for Credit Losses | $ 1,668 | 1,668 | ||||
Commercial and Agriculture [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 3,011 | 2,729 | 2,790 | 2,600 | ||
Commercial and Agriculture [Member] | ASU 2016-13 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 3,830 | |||||
Commercial and Agriculture [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 429 | |||||
Commercial and Agriculture [Member] | ASU 2016-13 [Member] | PCD Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 390 | |||||
Commercial Real Estate Owner Occupied [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 4,565 | 4,926 | 4,729 | 4,464 | ||
Commercial Real Estate Owner Occupied [Member] | ASU 2016-13 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 5,819 | |||||
Commercial Real Estate Owner Occupied [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 1,075 | |||||
Commercial Real Estate Owner Occupied [Member] | ASU 2016-13 [Member] | PCD Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 179 | |||||
Commercial Real Estate Non Owner Occupied [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 14,138 | 14,427 | 14,711 | 13,860 | ||
Commercial Real Estate Non Owner Occupied [Member] | ASU 2016-13 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 11,291 | |||||
Commercial Real Estate Non Owner Occupied [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | (2,847) | |||||
Residential Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 3,145 | 3,036 | 2,859 | 2,597 | ||
Residential Real Estate [Member] | ASU 2016-13 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 6,293 | |||||
Residential Real Estate [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 2,762 | |||||
Residential Real Estate [Member] | ASU 2016-13 [Member] | PCD Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 386 | |||||
Real Estate Construction [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 2,293 | 2,013 | 1,969 | 1,810 | ||
Real Estate Construction [Member] | ASU 2016-13 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 3,795 | |||||
Real Estate Construction [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 1,502 | |||||
Farm Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 291 | 251 | 236 | 287 | ||
Farm Real Estate [Member] | ASU 2016-13 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 263 | |||||
Farm Real Estate [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | (28) | |||||
Lease Financing Receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 429 | |||||
Lease Financing Receivables [Member] | ASU 2016-13 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 2,807 | |||||
Lease Financing Receivables [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 1,743 | |||||
Lease Financing Receivables [Member] | ASU 2016-13 [Member] | PCD Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 635 | |||||
Consumer and Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 98 | 142 | 130 | 176 | ||
Consumer and Other [Member] | ASU 2016-13 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 377 | |||||
Consumer and Other [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 201 | |||||
Consumer and Other [Member] | ASU 2016-13 [Member] | PCD Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | 78 | |||||
Unallocated [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | $ 541 | $ 249 | $ 11 | $ 847 | ||
Unallocated [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Credit Losses | $ (541) |
Securities - Available for Sale
Securities - Available for Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Total securities available for sale | $ 687,603 | $ 682,351 |
Gross Unrealized Gains | 242 | 819 |
Gross Unrealized Losses | (94,358) | (67,768) |
Fair Value | 593,487 | 615,402 |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Total securities available for sale | 77,081 | 66,495 |
Gross Unrealized Gains | 192 | 20 |
Gross Unrealized Losses | (5,978) | (5,486) |
Fair Value | 71,295 | 61,029 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Total securities available for sale | 360,019 | 350,104 |
Gross Unrealized Gains | 45 | 784 |
Gross Unrealized Losses | (49,529) | (33,640) |
Fair Value | 310,535 | 317,248 |
Mortgage-backed Securities in Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Total securities available for sale | 250,503 | 265,752 |
Gross Unrealized Gains | 5 | 15 |
Gross Unrealized Losses | (38,851) | (28,642) |
Fair Value | $ 211,657 | $ 237,125 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 6,195 | |
Amortized Cost, Due after one year through five years | 76,198 | |
Amortized Cost, Due after five years through ten years | 38,390 | |
Amortized Cost, Due after ten years | 316,317 | |
Amortized Cost, Mortgage-backed securities | 250,503 | |
Amortized Cost, Total securities available for sale | 687,603 | $ 682,351 |
Fair Value, Due in one year or less | 6,149 | |
Fair Value, Due after one year through five years | 69,124 | |
Fair Value, Due after five years through ten years | 35,162 | |
Fair Value, Due after ten years | 271,395 | |
Fair Value, Mortgage-backed securities | 211,657 | |
Fair Value, Total securities available for sale | $ 593,487 | $ 615,402 |
Securities - Proceeds from Sale
Securities - Proceeds from Sales of Securities Available-for-Sale, Gross Unrealized Gains and Gross Realized Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Sale proceeds | $ 0 | $ 57,322 | $ 0 | $ 57,322 |
Gross realized gains | 0 | 0 | 0 | 0 |
Gross realized losses | 0 | 0 | 0 | 0 |
Gains (losses) from securities called or settled by the issuer | $ 0 | $ 4 | $ 0 | $ 10 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) Security | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Security | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||||
Proceeds from sale of securities available-for-sale | $ 0 | $ 57,322 | $ 0 | $ 57,322 | |
Carrying value of pledged securities | $ 210,369 | $ 210,369 | $ 218,344 | ||
Number of securities in portfolio with unrealized losses | Security | 574 | 574 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Value, Aggregated by Investment Category (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or less, Fair Value | $ 165,603 | $ 302,275 |
12 Months or less, Unrealized Loss | (9,305) | (18,609) |
More than 12 months, Fair Value | 404,718 | 238,156 |
More than 12 months, Unrealized Loss | (85,053) | (49,159) |
Total Fair Value | 570,321 | 540,431 |
Total Unrealized Loss | (94,358) | (67,768) |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or less, Fair Value | 715 | 21,042 |
12 Months or less, Unrealized Loss | (3) | (880) |
More than 12 months, Fair Value | 59,404 | 39,567 |
More than 12 months, Unrealized Loss | (5,975) | (4,606) |
Total Fair Value | 60,119 | 60,609 |
Total Unrealized Loss | (5,978) | (5,486) |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or less, Fair Value | 143,524 | 169,594 |
12 Months or less, Unrealized Loss | (7,518) | (13,016) |
More than 12 months, Fair Value | 155,603 | 73,967 |
More than 12 months, Unrealized Loss | (42,011) | (20,624) |
Total Fair Value | 299,127 | 243,561 |
Total Unrealized Loss | (49,529) | (33,640) |
Mortgage-backed Securities in Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or less, Fair Value | 21,364 | 111,639 |
12 Months or less, Unrealized Loss | (1,784) | (4,713) |
More than 12 months, Fair Value | 189,711 | 124,622 |
More than 12 months, Unrealized Loss | (37,067) | (23,929) |
Total Fair Value | 211,075 | 236,261 |
Total Unrealized Loss | $ (38,851) | $ (28,642) |
Securities - Schedule of Net Ga
Securities - Schedule of Net Gains and Losses on Equity Investments Recognized in Earnings and Portion of Unrealized Gains and Losses for Period that Relates to Equity Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Net gains (losses) recognized on equity securities during the period | $ 69 | $ (133) | $ (169) | $ (44) |
Less: Net losses realized on the sale of equity securities during the period | 0 | 0 | 0 | 0 |
Unrealized gains (losses) recognized on equity securities held at reporting date | $ 69 | $ (133) | $ (169) | $ (44) |
Loans - Loan Balances (Detail)
Loans - Loan Balances (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 8,208 | $ 9,253 | |
Allowance for credit losses | (35,280) | $ (35,149) | (28,511) |
Net loans | 2,049,931 | ||
Loans Receivable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,754,890 | 2,546,666 | |
Allowance for credit losses | (35,280) | (28,511) | |
Net loans | 2,719,610 | 2,518,155 | |
Commercial and Agriculture [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 3,587 | 859 | |
Allowance for credit losses | (5,156) | (5,540) | (3,011) |
Net loans | 278,595 | ||
Commercial and Agriculture [Member] | Loans Receivable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 301,877 | 278,595 | |
Commercial Real Estate Owner Occupied [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 121 | 110 | |
Allowance for credit losses | (5,481) | (5,531) | (4,565) |
Net loans | 371,147 | ||
Commercial Real Estate Owner Occupied [Member] | Loans Receivable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 375,851 | 371,147 | |
Commercial Real Estate Non Owner Occupied [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,164 | ||
Allowance for credit losses | (11,555) | (11,646) | (14,138) |
Net loans | 1,018,736 | ||
Commercial Real Estate Non Owner Occupied [Member] | Loans Receivable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,102,932 | 1,018,736 | |
Residential Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 3,334 | 5,097 | |
Allowance for credit losses | (6,831) | (6,515) | (3,145) |
Net loans | 119,991 | ||
Residential Real Estate [Member] | Loans Receivable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 614,304 | 552,781 | |
Real Estate Construction [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 219 | ||
Allowance for credit losses | (3,739) | (3,447) | (2,293) |
Net loans | 198,955 | ||
Real Estate Construction [Member] | Loans Receivable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 269,291 | 243,127 | |
Farm Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 7 | ||
Allowance for credit losses | (227) | (243) | (291) |
Net loans | 24,708 | ||
Farm Real Estate [Member] | Loans Receivable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 24,109 | 24,708 | |
Lease Financing Receivable [Member] | Loans Receivable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 48,259 | 36,797 | |
Consumer and Other [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 224 | 416 | |
Allowance for credit losses | (248) | $ (272) | (98) |
Net loans | 1,002 | ||
Consumer and Other [Member] | Loans Receivable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 18,267 | $ 20,775 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 8,208 | $ 9,253 |
Net deferred loan fees | 2,542 | 1,652 |
Accrued interest receivable | 11,489 | 11,178 |
Commercial and Agriculture [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 3,587 | 859 |
Commercial and Agriculture [Member] | Paycheck Protection Program Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 399 | $ 566 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Jan. 01, 2023 | |
Accounts Notes And Loans Receivable [Line Items] | |||||||
Increase in allowance for credit losses | $ 5,193,000 | $ 4,300,000 | |||||
Allowance for credit losses | $ 35,280,000 | 35,280,000 | $ 28,511,000 | ||||
Provision for credit losses | 630,000 | $ 300,000 | $ 2,111,000 | $ 1,000,000 | |||
Number of days reaching where loans are considered for nonaccrual status | 90 days | ||||||
Conditions where loans are considered for nonaccrual status | A loan may be returned to accruing status only if one of two conditions are met: the loan is well-secured and none of the principal and interest has been past due for a minimum of 90 days or the principal and interest payments are reasonably assured and a sustained period of performance has occurred, generally six months. | ||||||
Loans modified as troubled debt restructuring | $ 0 | $ 0 | |||||
Individually evaluated loans | greater than $350 | ||||||
Allowance for loan losses recorded for acquired loans | $ 0 | $ 0 | |||||
ASU 2016-13 [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Allowance for credit losses | $ 37,861,000 | ||||||
ASU 2016-13 [Member] | CECL Loans [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Allowance for credit losses | $ 7,682,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Increase allowance of credit loss | $ 5,193,000 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Schedule of Impact Of CECL Adoption (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | $ 35,149 | $ 28,511 | ||
Charge-offs | (666) | (855) | ||
Recoveries | 167 | 320 | ||
Provision | 630 | 2,111 | ||
Ending Balance | 35,280 | 35,280 | ||
Beginning balance | $ 27,435 | 28,511 | $ 26,641 | |
Charge-offs | (74) | (164) | ||
Recoveries | 112 | 296 | ||
Provision | 630 | 300 | 2,111 | 1,000 |
Ending Balance | 27,773 | 27,773 | ||
ASU 2016-13 [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 897 | |||
ASU 2016-13 [Member] | CECL Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 4,296 | |||
Commercial and Agriculture [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 5,540 | 3,011 | ||
Charge-offs | (614) | (754) | ||
Recoveries | 84 | 131 | ||
Provision | 146 | 2,339 | ||
Ending Balance | 5,156 | 5,156 | ||
Beginning balance | 2,790 | 3,011 | 2,600 | |
Charge-offs | (22) | (22) | ||
Recoveries | 12 | 16 | ||
Provision | (51) | 135 | ||
Ending Balance | 2,729 | 2,729 | ||
Commercial and Agriculture [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 429 | |||
Commercial Real Estate Owner Occupied [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 5,531 | 4,565 | ||
Provision | (50) | (178) | ||
Ending Balance | 5,481 | 5,481 | ||
Beginning balance | 4,729 | 4,565 | 4,464 | |
Recoveries | 15 | 42 | ||
Provision | 182 | 420 | ||
Ending Balance | 4,926 | 4,926 | ||
Commercial Real Estate Owner Occupied [Member] | ASU 2016-13 [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 19 | |||
Commercial Real Estate Owner Occupied [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 1,075 | |||
Commercial Real Estate Non Owner Occupied [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 11,646 | 14,138 | ||
Recoveries | 9 | 25 | ||
Provision | (100) | 239 | ||
Ending Balance | 11,555 | 11,555 | ||
Beginning balance | 14,711 | 14,138 | 13,860 | |
Recoveries | 16 | 68 | ||
Provision | (300) | 499 | ||
Ending Balance | 14,427 | 14,427 | ||
Commercial Real Estate Non Owner Occupied [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | (2,847) | |||
Residential Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 6,515 | 3,145 | ||
Charge-offs | (1) | (12) | ||
Recoveries | 64 | 118 | ||
Provision | 253 | 652 | ||
Ending Balance | 6,831 | 6,831 | ||
Beginning balance | 2,859 | 3,145 | 2,597 | |
Charge-offs | (39) | (97) | ||
Recoveries | 64 | 140 | ||
Provision | 152 | 396 | ||
Ending Balance | 3,036 | 3,036 | ||
Residential Real Estate [Member] | ASU 2016-13 [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 166 | |||
Residential Real Estate [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 2,762 | |||
Real Estate Construction [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 3,447 | 2,293 | ||
Recoveries | 4 | 13 | ||
Provision | 288 | (69) | ||
Ending Balance | 3,739 | 3,739 | ||
Beginning balance | 1,969 | 2,293 | 1,810 | |
Provision | 44 | 203 | ||
Ending Balance | 2,013 | 2,013 | ||
Real Estate Construction [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 1,502 | |||
Farm Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 243 | 291 | ||
Provision | (16) | (36) | ||
Ending Balance | 227 | 227 | ||
Beginning balance | 236 | 291 | 287 | |
Recoveries | 1 | 5 | ||
Provision | 14 | (41) | ||
Ending Balance | 251 | 251 | ||
Farm Real Estate [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | (28) | |||
Lease Financing Receivables [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 1,947 | 429 | ||
Provision | (115) | (975) | ||
Ending Balance | 1,832 | 1,832 | ||
Beginning balance | 429 | |||
Lease Financing Receivables [Member] | ASU 2016-13 [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 635 | |||
Lease Financing Receivables [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 1,743 | |||
Consumer and Other [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 272 | 98 | ||
Charge-offs | (51) | (89) | ||
Recoveries | 6 | 33 | ||
Provision | 21 | (72) | ||
Ending Balance | 248 | 248 | ||
Beginning balance | 130 | 98 | 176 | |
Charge-offs | (13) | (45) | ||
Recoveries | 4 | 25 | ||
Provision | 21 | (14) | ||
Ending Balance | 142 | 142 | ||
Consumer and Other [Member] | ASU 2016-13 [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 77 | |||
Consumer and Other [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 201 | |||
Unallocated [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | 8 | 541 | ||
Provision | 203 | 211 | ||
Ending Balance | $ 211 | 211 | ||
Beginning balance | 11 | 541 | 847 | |
Provision | 238 | (598) | ||
Ending Balance | $ 249 | $ 249 | ||
Unallocated [Member] | ASU 2016-13 [Member] | CECL Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Beginning Balance | $ (541) |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Schedule of Impact Of CECL Adoption (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | |||
Reserve for Credit Losses | $ 35,280 | $ 28,511 | |
ASU 2016-13 [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Reserve for Credit Losses | $ 37,861 | ||
ASU 2016-13 [Member] | PCD Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Reserve for Credit Losses | 1,668 | $ 1,668 | |
Loans and leases receivable allowance, net of change in estimates | $ 771 |
Allowance for Credit Losses - E
Allowance for Credit Losses - Ending Allocation of Allowance for Loan Losses and Loan Balances Outstanding (Detail) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans acquired with credit deterioration | $ 35,280,000 | $ 35,149,000 | $ 28,511,000 | |||
Allowance for loan losses, Individually evaluated for impairment | 7,000 | |||||
Allowance for loan losses, Collectively evaluated for impairment | 28,495,000 | |||||
Allowance for loan losses, Total | 28,511,000 | $ 27,773,000 | $ 27,435,000 | $ 26,641,000 | ||
Outstanding loan balances, Individually evaluated for impairment | 624,000 | |||||
Outstanding loan balances, Collectively evaluated for impairment | 2,541,657,000 | |||||
Outstanding loan balances, Total | 2,754,890,000 | 2,546,666,000 | ||||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans acquired with credit deterioration | 9,000 | |||||
Loan balance of loans acquired with credit deterioration | 4,385,000 | |||||
Commercial and Agriculture [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans acquired with credit deterioration | 5,156,000 | 5,540,000 | 3,011,000 | |||
Allowance for loan losses, Collectively evaluated for impairment | 3,005,000 | |||||
Allowance for loan losses, Total | 3,011,000 | 2,729,000 | 2,790,000 | 2,600,000 | ||
Outstanding loan balances, Collectively evaluated for impairment | 277,732,000 | |||||
Outstanding loan balances, Total | 301,877,000 | 278,595,000 | ||||
Commercial and Agriculture [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans acquired with credit deterioration | 6,000 | |||||
Loan balance of loans acquired with credit deterioration | 863,000 | |||||
Commercial Real Estate Owner Occupied [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans acquired with credit deterioration | 5,481,000 | 5,531,000 | 4,565,000 | |||
Allowance for loan losses, Individually evaluated for impairment | 6,000 | |||||
Allowance for loan losses, Collectively evaluated for impairment | 4,556,000 | |||||
Allowance for loan losses, Total | 4,565,000 | 4,926,000 | 4,729,000 | 4,464,000 | ||
Outstanding loan balances, Individually evaluated for impairment | 232,000 | |||||
Outstanding loan balances, Collectively evaluated for impairment | 368,927,000 | |||||
Outstanding loan balances, Total | 375,851,000 | 371,147,000 | ||||
Commercial Real Estate Owner Occupied [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans acquired with credit deterioration | 3,000 | |||||
Loan balance of loans acquired with credit deterioration | 1,988,000 | |||||
Commercial Real Estate Non Owner Occupied [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans acquired with credit deterioration | 11,555,000 | 11,646,000 | 14,138,000 | |||
Allowance for loan losses, Collectively evaluated for impairment | 14,138,000 | |||||
Allowance for loan losses, Total | 14,138,000 | 14,427,000 | 14,711,000 | 13,860,000 | ||
Outstanding loan balances, Collectively evaluated for impairment | 1,018,617,000 | |||||
Outstanding loan balances, Total | 1,102,932,000 | 1,018,736,000 | ||||
Commercial Real Estate Non Owner Occupied [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan balance of loans acquired with credit deterioration | 119,000 | |||||
Residential Real Estate [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans acquired with credit deterioration | 6,831,000 | 6,515,000 | 3,145,000 | |||
Allowance for loan losses, Individually evaluated for impairment | 1,000 | |||||
Allowance for loan losses, Collectively evaluated for impairment | 3,144,000 | |||||
Allowance for loan losses, Total | 3,145,000 | 3,036,000 | 2,859,000 | 2,597,000 | ||
Outstanding loan balances, Individually evaluated for impairment | 392,000 | |||||
Outstanding loan balances, Collectively evaluated for impairment | 550,975,000 | |||||
Outstanding loan balances, Total | 614,304,000 | 552,781,000 | ||||
Residential Real Estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan balance of loans acquired with credit deterioration | 1,414,000 | |||||
Real Estate Construction [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans acquired with credit deterioration | 3,739,000 | 3,447,000 | 2,293,000 | |||
Allowance for loan losses, Collectively evaluated for impairment | 2,293,000 | |||||
Allowance for loan losses, Total | 2,293,000 | 2,013,000 | 1,969,000 | 1,810,000 | ||
Outstanding loan balances, Collectively evaluated for impairment | 243,127,000 | |||||
Outstanding loan balances, Total | 269,291,000 | 243,127,000 | ||||
Farm Real Estate [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans acquired with credit deterioration | 227,000 | 243,000 | 291,000 | |||
Allowance for loan losses, Collectively evaluated for impairment | 291,000 | |||||
Allowance for loan losses, Total | 291,000 | 251,000 | 236,000 | 287,000 | ||
Outstanding loan balances, Collectively evaluated for impairment | 24,708,000 | |||||
Outstanding loan balances, Total | 24,109,000 | 24,708,000 | ||||
Lease Financing Receivables [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans acquired with credit deterioration | 1,832,000 | 1,947,000 | 429,000 | |||
Allowance for loan losses, Collectively evaluated for impairment | 429,000 | |||||
Allowance for loan losses, Total | 429,000 | |||||
Outstanding loan balances, Collectively evaluated for impairment | 36,797,000 | |||||
Outstanding loan balances, Total | 48,259,000 | 36,797,000 | ||||
Consumer and Other [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans acquired with credit deterioration | 248,000 | 272,000 | 98,000 | |||
Allowance for loan losses, Collectively evaluated for impairment | 98,000 | |||||
Allowance for loan losses, Total | 98,000 | 142,000 | 130,000 | 176,000 | ||
Outstanding loan balances, Collectively evaluated for impairment | 20,774,000 | |||||
Outstanding loan balances, Total | 18,267,000 | 20,775,000 | ||||
Consumer and Other [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan balance of loans acquired with credit deterioration | 1,000 | |||||
Unallocated [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans acquired with credit deterioration | $ 211,000 | $ 8,000 | 541,000 | |||
Allowance for loan losses, Collectively evaluated for impairment | 541,000 | |||||
Allowance for loan losses, Total | $ 541,000 | $ 249,000 | $ 11,000 | $ 847,000 |
Allowance for Credit Losses - B
Allowance for Credit Losses - Based On the Most Recent Analysis Performed, the Risk Category of Loans, By Type and Year of Originations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable Recorded Investment [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss, Total | $ 8,208 | $ 8,208 | $ 9,253 |
Current-period gross charge-offs | 666 | 855 | |
Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 362,236 | 362,236 | |
2022 | 687,480 | 687,480 | |
2021 | 459,900 | 459,900 | |
2020 | 311,681 | 311,681 | |
2019 | 205,418 | 205,418 | |
Prior | 444,378 | 444,378 | |
Revolving Loans | 283,797 | 283,797 | |
Financing Receivable, before Allowance for Credit Loss, Total | 2,754,890 | 2,754,890 | |
2023 | 1 | ||
2022 | 700 | ||
2021 | 40 | ||
2020 | 6 | ||
2019 | 10 | ||
Prior | 93 | ||
Revolving Loans, Charge-offs | 5 | ||
Current-period gross charge-offs | 855 | ||
Commercial And Agriculture [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 3,587 | 3,587 | 859 |
Current-period gross charge-offs | 614 | 754 | |
Commercial And Agriculture [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 61,537 | 61,537 | |
2022 | 72,407 | 72,407 | |
2021 | 46,780 | 46,780 | |
2020 | 14,177 | 14,177 | |
2019 | 7,701 | 7,701 | |
Prior | 15,747 | 15,747 | |
Revolving Loans | 83,528 | 83,528 | |
Financing Receivable, before Allowance for Credit Loss, Total | 301,877 | 301,877 | |
2022 | 673 | ||
Prior | 81 | ||
Current-period gross charge-offs | 754 | ||
Commercial And Agriculture [Member] | Pass [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 60,223 | 60,223 | |
2022 | 72,407 | 72,407 | |
2021 | 46,378 | 46,378 | |
2020 | 12,263 | 12,263 | |
2019 | 7,418 | 7,418 | |
Prior | 15,439 | 15,439 | |
Revolving Loans | 79,760 | 79,760 | |
Financing Receivable, before Allowance for Credit Loss, Total | 293,888 | 293,888 | |
Commercial And Agriculture [Member] | Special Mention [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 906 | 906 | |
2021 | 340 | 340 | |
2020 | 1,797 | 1,797 | |
Prior | 113 | 113 | |
Revolving Loans | 176 | 176 | |
Financing Receivable, before Allowance for Credit Loss, Total | 3,332 | 3,332 | |
Commercial And Agriculture [Member] | Substandard [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 408 | 408 | |
2021 | 62 | 62 | |
2020 | 117 | 117 | |
2019 | 283 | 283 | |
Prior | 195 | 195 | |
Revolving Loans | 3,592 | 3,592 | |
Financing Receivable, before Allowance for Credit Loss, Total | 4,657 | 4,657 | |
Commercial And Agriculture [Member] | Doubtful [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2022 | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 121 | 121 | 110 |
Commercial Real Estate Owner Occupied [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 29,262 | 29,262 | |
2022 | 82,180 | 82,180 | |
2021 | 68,509 | 68,509 | |
2020 | 58,121 | 58,121 | |
2019 | 33,656 | 33,656 | |
Prior | 97,635 | 97,635 | |
Revolving Loans | 6,488 | 6,488 | |
Financing Receivable, before Allowance for Credit Loss, Total | 375,851 | 375,851 | |
Commercial Real Estate Owner Occupied [Member] | Pass [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 28,733 | 28,733 | |
2022 | 81,961 | 81,961 | |
2021 | 67,764 | 67,764 | |
2020 | 57,827 | 57,827 | |
2019 | 30,558 | 30,558 | |
Prior | 96,394 | 96,394 | |
Revolving Loans | 6,488 | 6,488 | |
Financing Receivable, before Allowance for Credit Loss, Total | 369,725 | 369,725 | |
Commercial Real Estate Owner Occupied [Member] | Special Mention [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 529 | 529 | |
2022 | 219 | 219 | |
2021 | 745 | 745 | |
2020 | 294 | 294 | |
2019 | 3,098 | 3,098 | |
Prior | 287 | 287 | |
Financing Receivable, before Allowance for Credit Loss, Total | 5,172 | 5,172 | |
Commercial Real Estate Owner Occupied [Member] | Substandard [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Prior | 954 | 954 | |
Financing Receivable, before Allowance for Credit Loss, Total | 954 | 954 | |
Commercial Real Estate Non Owner Occupied [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,164 | ||
Commercial Real Estate Non Owner Occupied [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 118,399 | 118,399 | |
2022 | 267,696 | 267,696 | |
2021 | 202,108 | 202,108 | |
2020 | 138,388 | 138,388 | |
2019 | 122,046 | 122,046 | |
Prior | 230,572 | 230,572 | |
Revolving Loans | 23,723 | 23,723 | |
Financing Receivable, before Allowance for Credit Loss, Total | 1,102,932 | 1,102,932 | |
Commercial Real Estate Non Owner Occupied [Member] | Pass [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 118,399 | 118,399 | |
2022 | 261,880 | 261,880 | |
2021 | 195,881 | 195,881 | |
2020 | 138,388 | 138,388 | |
2019 | 121,917 | 121,917 | |
Prior | 219,770 | 219,770 | |
Revolving Loans | 23,446 | 23,446 | |
Financing Receivable, before Allowance for Credit Loss, Total | 1,079,681 | 1,079,681 | |
Commercial Real Estate Non Owner Occupied [Member] | Special Mention [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2022 | 5,816 | 5,816 | |
2021 | 6,227 | 6,227 | |
Prior | 7,373 | 7,373 | |
Revolving Loans | 277 | 277 | |
Financing Receivable, before Allowance for Credit Loss, Total | 19,693 | 19,693 | |
Commercial Real Estate Non Owner Occupied [Member] | Substandard [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2019 | 129 | 129 | |
Prior | 3,429 | 3,429 | |
Financing Receivable, before Allowance for Credit Loss, Total | 3,558 | 3,558 | |
Residential Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 3,334 | 3,334 | 5,097 |
Current-period gross charge-offs | 1 | 12 | |
Residential Portfolio Segment [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 62,756 | 62,756 | |
2022 | 107,004 | 107,004 | |
2021 | 96,580 | 96,580 | |
2020 | 73,215 | 73,215 | |
2019 | 35,767 | 35,767 | |
Prior | 83,892 | 83,892 | |
Revolving Loans | 155,090 | 155,090 | |
Financing Receivable, before Allowance for Credit Loss, Total | 614,304 | 614,304 | |
Prior | 12 | ||
Current-period gross charge-offs | 12 | ||
Residential Portfolio Segment [Member] | Pass [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 62,756 | 62,756 | |
2022 | 106,652 | 106,652 | |
2021 | 95,914 | 95,914 | |
2020 | 73,032 | 73,032 | |
2019 | 35,184 | 35,184 | |
Prior | 80,593 | 80,593 | |
Revolving Loans | 153,753 | 153,753 | |
Financing Receivable, before Allowance for Credit Loss, Total | 607,884 | 607,884 | |
Residential Portfolio Segment [Member] | Special Mention [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2021 | 224 | 224 | |
2020 | 98 | 98 | |
Prior | 250 | 250 | |
Revolving Loans | 55 | 55 | |
Financing Receivable, before Allowance for Credit Loss, Total | 627 | 627 | |
Residential Portfolio Segment [Member] | Substandard [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2022 | 352 | 352 | |
2021 | 442 | 442 | |
2020 | 85 | 85 | |
2019 | 583 | 583 | |
Prior | 3,049 | 3,049 | |
Revolving Loans | 1,282 | 1,282 | |
Financing Receivable, before Allowance for Credit Loss, Total | 5,793 | 5,793 | |
Real Estate Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 219 | ||
Real Estate Construction [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 62,658 | 62,658 | |
2022 | 138,394 | 138,394 | |
2021 | 32,839 | 32,839 | |
2020 | 17,582 | 17,582 | |
2019 | 2,839 | 2,839 | |
Prior | 2,708 | 2,708 | |
Revolving Loans | 12,271 | 12,271 | |
Financing Receivable, before Allowance for Credit Loss, Total | 269,291 | 269,291 | |
Real Estate Construction [Member] | Pass [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 62,658 | 62,658 | |
2022 | 137,265 | 137,265 | |
2021 | 31,871 | 31,871 | |
2020 | 15,563 | 15,563 | |
2019 | 2,678 | 2,678 | |
Prior | 2,708 | 2,708 | |
Revolving Loans | 12,271 | 12,271 | |
Financing Receivable, before Allowance for Credit Loss, Total | 265,014 | 265,014 | |
Real Estate Construction [Member] | Special Mention [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2022 | 1,129 | 1,129 | |
2021 | 926 | 926 | |
2020 | 2,019 | 2,019 | |
Financing Receivable, before Allowance for Credit Loss, Total | 4,074 | 4,074 | |
Real Estate Construction [Member] | Substandard [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2021 | 42 | 42 | |
2019 | 161 | 161 | |
Financing Receivable, before Allowance for Credit Loss, Total | 203 | 203 | |
Farm Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 7 | ||
Farm Real Estate [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 816 | 816 | |
2022 | 987 | 987 | |
2021 | 2,309 | 2,309 | |
2020 | 4,552 | 4,552 | |
Prior | 13,478 | 13,478 | |
Revolving Loans | 1,161 | 1,161 | |
Financing Receivable, before Allowance for Credit Loss, Total | 24,109 | 24,109 | |
Farm Real Estate [Member] | Pass [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 816 | 816 | |
2022 | 987 | 987 | |
2021 | 2,309 | 2,309 | |
2020 | 4,552 | 4,552 | |
2019 | 806 | 806 | |
Prior | 13,295 | 13,295 | |
Revolving Loans | 1,161 | 1,161 | |
Financing Receivable, before Allowance for Credit Loss, Total | 23,926 | 23,926 | |
Farm Real Estate [Member] | Special Mention [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Prior | 183 | 183 | |
Financing Receivable, before Allowance for Credit Loss, Total | 183 | 183 | |
Lease Financing Receivables [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 942 | 942 | 1,381 |
Lease Financing Receivables [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 21,794 | 21,794 | |
2022 | 14,071 | 14,071 | |
2021 | 6,658 | 6,658 | |
2020 | 3,754 | 3,754 | |
2019 | 1,964 | 1,964 | |
Prior | 18 | 18 | |
Financing Receivable, before Allowance for Credit Loss, Total | 48,259 | 48,259 | |
Lease Financing Receivables [Member] | Pass [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 21,794 | 21,794 | |
2022 | 14,071 | 14,071 | |
2021 | 6,605 | 6,605 | |
2020 | 3,754 | 3,754 | |
2019 | 1,964 | 1,964 | |
Prior | 18 | 18 | |
Financing Receivable, before Allowance for Credit Loss, Total | 48,206 | 48,206 | |
Lease Financing Receivables [Member] | Doubtful [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2021 | 53 | 53 | |
Financing Receivable, before Allowance for Credit Loss, Total | 53 | 53 | |
Consumer And Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 224 | 224 | $ 416 |
Current-period gross charge-offs | 51 | 89 | |
Consumer And Other [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 5,014 | 5,014 | |
2022 | 4,741 | 4,741 | |
2021 | 4,117 | 4,117 | |
2020 | 1,892 | 1,892 | |
2019 | 639 | 639 | |
Prior | 328 | 328 | |
Revolving Loans | 1,536 | 1,536 | |
Financing Receivable, before Allowance for Credit Loss, Total | 18,267 | 18,267 | |
2023 | 1 | ||
2022 | 27 | ||
2021 | 40 | ||
2020 | 6 | ||
2019 | 10 | ||
Revolving Loans, Charge-offs | 5 | ||
Current-period gross charge-offs | 89 | ||
Consumer And Other [Member] | Pass [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 5,014 | 5,014 | |
2022 | 4,741 | 4,741 | |
2021 | 4,103 | 4,103 | |
2020 | 1,875 | 1,875 | |
2019 | 639 | 639 | |
Prior | 322 | 322 | |
Revolving Loans | 1,536 | 1,536 | |
Financing Receivable, before Allowance for Credit Loss, Total | 18,230 | 18,230 | |
Consumer And Other [Member] | Substandard [Member] | Term Loans Amortized Cost Basis by Origination Year [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2021 | 14 | 14 | |
2020 | 17 | 17 | |
Prior | 6 | 6 | |
Financing Receivable, before Allowance for Credit Loss, Total | $ 37 | $ 37 |
Allowance for Loan Losses - Cre
Allowance for Loan Losses - Credit Exposures by Internally Assigned Grades (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | $ 2,049,931 |
Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 2,018,985 |
Special Mention [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 14,801 |
Substandard [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 15,972 |
Doubtful [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 173 |
Commercial and Agriculture [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 278,595 |
Commercial and Agriculture [Member] | Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 273,291 |
Commercial and Agriculture [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 2,558 |
Commercial and Agriculture [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 2,746 |
Commercial Real Estate Owner Occupied [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 371,147 |
Commercial Real Estate Owner Occupied [Member] | Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 367,652 |
Commercial Real Estate Owner Occupied [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 734 |
Commercial Real Estate Owner Occupied [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 2,761 |
Commercial Real Estate Non Owner Occupied [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 1,018,736 |
Commercial Real Estate Non Owner Occupied [Member] | Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 1,003,942 |
Commercial Real Estate Non Owner Occupied [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 10,947 |
Commercial Real Estate Non Owner Occupied [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 3,847 |
Residential Real Estate [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 119,991 |
Residential Real Estate [Member] | Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 114,021 |
Residential Real Estate [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 183 |
Residential Real Estate [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 5,787 |
Real Estate Construction [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 198,955 |
Real Estate Construction [Member] | Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 198,734 |
Real Estate Construction [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 221 |
Farm Real Estate [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 24,708 |
Farm Real Estate [Member] | Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 24,283 |
Farm Real Estate [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 379 |
Farm Real Estate [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 46 |
Lease Financing Receivables [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 36,797 |
Lease Financing Receivables [Member] | Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 36,223 |
Lease Financing Receivables [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 401 |
Lease Financing Receivables [Member] | Doubtful [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 173 |
Consumer and Other [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 1,002 |
Consumer and Other [Member] | Pass [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | 839 |
Consumer and Other [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Loans with credit exposures as assigned an internal risk grade | $ 163 |
Allowance for Loan Losses - Per
Allowance for Loan Losses - Performing and Nonperforming Loans (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Financing Receivable Recorded Investment [Line Items] | |
Performing | $ 496,735 |
Total | 496,735 |
Residential Real Estate [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Performing | 432,790 |
Total | 432,790 |
Real Estate Construction [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Performing | 44,172 |
Total | 44,172 |
Consumer and Other [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Performing | 19,773 |
Total | $ 19,773 |
Allowance for Loan Losses - Agi
Allowance for Loan Losses - Aging Analysis of Past Due Loans (Detail) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 8,208,000 | $ 9,253,000 |
Total Loans | 2,754,890,000 | 2,546,666,000 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,045,000 | 4,741,000 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,186,000 | 997,000 |
90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,977,000 | 3,515,000 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,746,682,000 | 2,533,028,000 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Purchased Credit-Impaired Loans | 4,385,000 | |
Commercial and Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,587,000 | 859,000 |
Total Loans | 301,877,000 | 278,595,000 |
Commercial and Agriculture [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 834,000 | 247,000 |
Commercial and Agriculture [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,284,000 | 78,000 |
Commercial and Agriculture [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,469,000 | 534,000 |
Commercial and Agriculture [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 298,290,000 | 276,873,000 |
Commercial and Agriculture [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Purchased Credit-Impaired Loans | 863,000 | |
Commercial and Agriculture [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Purchased Credit-Impaired Loans | 863,000 | |
Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 121,000 | 110,000 |
Total Loans | 375,851,000 | 371,147,000 |
Commercial Real Estate Owner Occupied [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 87,000 | 21,000 |
Commercial Real Estate Owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,000 | |
Commercial Real Estate Owner Occupied [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 34,000 | 76,000 |
Commercial Real Estate Owner Occupied [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 375,730,000 | 369,049,000 |
Commercial Real Estate Owner Occupied [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Purchased Credit-Impaired Loans | 1,988,000 | |
Commercial Real Estate Owner Occupied [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Purchased Credit-Impaired Loans | 1,988,000 | |
Commercial Real Estate Non Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,164,000 | |
Total Loans | 1,102,932,000 | 1,018,736,000 |
Commercial Real Estate Non Owner Occupied [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,164,000 | |
Commercial Real Estate Non Owner Occupied [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,102,932,000 | 1,017,453,000 |
Commercial Real Estate Non Owner Occupied [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Purchased Credit-Impaired Loans | 119,000 | |
Commercial Real Estate Non Owner Occupied [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Purchased Credit-Impaired Loans | 119,000 | |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,334,000 | 5,097,000 |
Total Loans | 614,304,000 | 552,781,000 |
Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 731,000 | 3,133,000 |
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 791,000 | 857,000 |
Residential Real Estate [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,812,000 | 1,107,000 |
Residential Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 610,970,000 | 546,270,000 |
Residential Real Estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Purchased Credit-Impaired Loans | 1,414,000 | |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 219,000 | |
Total Loans | 269,291,000 | 243,127,000 |
Real Estate Construction [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 219,000 | |
Real Estate Construction [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 269,291,000 | 242,908,000 |
Farm Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,000 | |
Total Loans | 24,109,000 | 24,708,000 |
Farm Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,000 | |
Farm Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 24,109,000 | 24,701,000 |
Lease Financing Receivables [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 942,000 | 1,381,000 |
Total Loans | 48,259,000 | 36,797,000 |
Lease Financing Receivables [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 237,000 | 1,040,000 |
Lease Financing Receivables [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 52,000 | |
Lease Financing Receivables [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 653,000 | 341,000 |
Lease Financing Receivables [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 35,416,000 | |
Purchased Credit-Impaired Loans | 47,317,000 | |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 224,000 | 416,000 |
Total Loans | 18,267,000 | 20,775,000 |
Consumer and Other [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 156,000 | 293,000 |
Consumer and Other [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 59,000 | 49,000 |
Consumer and Other [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,000 | 74,000 |
Consumer and Other [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 18,043,000 | 20,358,000 |
Consumer and Other [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Purchased Credit-Impaired Loans | $ 1,000 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Nonaccrual Loans Excluding Purchased Credit-Impaired (PCI) Loans (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable Recorded Investment [Line Items] | ||
Nonaccrual loans with a related ACL | $ 819 | |
Nonaccrual loans without a related ACL | 7,894 | |
Total Nonaccrual loans | 8,713 | $ 6,507 |
Interest Income Recognized | 16 | |
Commercial and Agriculture [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Nonaccrual loans with a related ACL | 362 | |
Nonaccrual loans without a related ACL | 1,294 | |
Total Nonaccrual loans | 1,656 | 774 |
Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Nonaccrual loans without a related ACL | 270 | |
Total Nonaccrual loans | 270 | 386 |
Interest Income Recognized | 3 | |
Commercial Real Estate Non Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Nonaccrual loans with a related ACL | 306 | |
Nonaccrual loans without a related ACL | 899 | |
Total Nonaccrual loans | 1,205 | 1,109 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Nonaccrual loans without a related ACL | 4,391 | |
Total Nonaccrual loans | 4,391 | 3,926 |
Interest Income Recognized | 13 | |
Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Nonaccrual loans without a related ACL | 203 | |
Total Nonaccrual loans | 203 | 221 |
Lease Financing Receivables [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Nonaccrual loans with a related ACL | 151 | |
Nonaccrual loans without a related ACL | 794 | |
Total Nonaccrual loans | 945 | |
Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Nonaccrual loans without a related ACL | 43 | |
Total Nonaccrual loans | $ 43 | $ 91 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of Amortized Cost Basis of Collateral Dependent Loans Individually Evaluated Expected Credit Losses and Related Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans individually evaluated for expected credit losses | $ 624 | |
Loans individually evaluated allowance for credit losses | 7 | |
Real Estate Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans individually evaluated for expected credit losses | $ 1,205 | |
Other Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans individually evaluated for expected credit losses | 5,371 | |
Amortized Cost Basis Of Collateral Dependent Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans individually evaluated allowance for credit losses | 864 | |
Commercial and Agriculture [Member] | Other Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans individually evaluated for expected credit losses | 4,846 | |
Commercial and Agriculture [Member] | Amortized Cost Basis Of Collateral Dependent Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans individually evaluated allowance for credit losses | 408 | |
Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans individually evaluated for expected credit losses | 232 | |
Loans individually evaluated allowance for credit losses | 6 | |
Commercial Real Estate Non Owner Occupied [Member] | Real Estate Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans individually evaluated for expected credit losses | 1,205 | |
Commercial Real Estate Non Owner Occupied [Member] | Amortized Cost Basis Of Collateral Dependent Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans individually evaluated allowance for credit losses | 306 | |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans individually evaluated for expected credit losses | 392 | |
Loans individually evaluated allowance for credit losses | $ 1 | |
Lease Financing Receivable [Member] | Other Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans individually evaluated for expected credit losses | 525 | |
Lease Financing Receivable [Member] | Amortized Cost Basis Of Collateral Dependent Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans individually evaluated allowance for credit losses | $ 150 |
Allowance for Loan Losses - Imp
Allowance for Loan Losses - Impaired Loans Excluding PCI Loans - Recorded Investment and Unpaid Principal Balances (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivables, with no related allowance recorded, Recorded Investment | $ 467 | ||
Impaired financing receivables, with no related allowance recorded, Unpaid Principal Balance | 492 | ||
Impaired financing receivables, with no related allowance recorded, Average Recorded Investment | 1,289 | ||
Impaired financing receivables, with no related allowance recorded, Interest Income Recognized | 73 | ||
Impaired financing receivables, with an allowance recorded, Recorded Investment | 157 | ||
Impaired financing receivables, with an allowance recorded, Unpaid Principal Balance | 161 | ||
Impaired financing receivables, with an allowance recorded, Related Allowance | 7 | ||
Impaired financing receivables, with an allowance recorded, Average Recorded Investment | 233 | ||
Impaired financing receivables, Recorded Investment, Total | 624 | ||
Impaired financing receivables, Unpaid Principal Balance, Total | 653 | ||
Impaired financing receivables, Related Allowance, Total | 7 | ||
Impaired financing receivables, Average Recorded Investment, Total | $ 1,496 | $ 1,367 | 1,522 |
Impaired financing receivables, Interest Income Recognized, Total | 14 | 43 | 73 |
Commercial and Agriculture [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivables, with no related allowance recorded, Average Recorded Investment | 86 | ||
Impaired financing receivables, with no related allowance recorded, Interest Income Recognized | 3 | ||
Impaired financing receivables, Average Recorded Investment, Total | 172 | 86 | 86 |
Impaired financing receivables, Interest Income Recognized, Total | 3 | ||
Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivables, with no related allowance recorded, Recorded Investment | 82 | ||
Impaired financing receivables, with no related allowance recorded, Unpaid Principal Balance | 82 | ||
Impaired financing receivables, with no related allowance recorded, Average Recorded Investment | 192 | ||
Impaired financing receivables, with no related allowance recorded, Interest Income Recognized | 22 | ||
Impaired financing receivables, with an allowance recorded, Recorded Investment | 150 | ||
Impaired financing receivables, with an allowance recorded, Unpaid Principal Balance | 150 | ||
Impaired financing receivables, with an allowance recorded, Related Allowance | 6 | ||
Impaired financing receivables, with an allowance recorded, Average Recorded Investment | 214 | ||
Impaired financing receivables, Recorded Investment, Total | 232 | ||
Impaired financing receivables, Unpaid Principal Balance, Total | 232 | ||
Impaired financing receivables, Related Allowance, Total | 6 | ||
Impaired financing receivables, Average Recorded Investment, Total | 504 | 349 | 406 |
Impaired financing receivables, Interest Income Recognized, Total | 3 | 10 | 22 |
Commercial Real Estate Non Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivables, with no related allowance recorded, Average Recorded Investment | 35 | ||
Impaired financing receivables, with no related allowance recorded, Interest Income Recognized | 1 | ||
Impaired financing receivables, Average Recorded Investment, Total | 70 | 35 | 35 |
Impaired financing receivables, Interest Income Recognized, Total | 1 | ||
Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivables, with no related allowance recorded, Recorded Investment | 385 | ||
Impaired financing receivables, with no related allowance recorded, Unpaid Principal Balance | 410 | ||
Impaired financing receivables, with no related allowance recorded, Average Recorded Investment | 595 | ||
Impaired financing receivables, with no related allowance recorded, Interest Income Recognized | 33 | ||
Impaired financing receivables, with an allowance recorded, Recorded Investment | 7 | ||
Impaired financing receivables, with an allowance recorded, Unpaid Principal Balance | 11 | ||
Impaired financing receivables, with an allowance recorded, Related Allowance | 1 | ||
Impaired financing receivables, with an allowance recorded, Average Recorded Investment | 19 | ||
Impaired financing receivables, Recorded Investment, Total | 392 | ||
Impaired financing receivables, Unpaid Principal Balance, Total | 421 | ||
Impaired financing receivables, Related Allowance, Total | 1 | ||
Impaired financing receivables, Average Recorded Investment, Total | 503 | 516 | 614 |
Impaired financing receivables, Interest Income Recognized, Total | 9 | 19 | 33 |
Lease Financing Receivables [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivables, Average Recorded Investment, Total | 381 | ||
Impaired financing receivables, Interest Income Recognized, Total | 14 | ||
Farm Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired financing receivables, with no related allowance recorded, Average Recorded Investment | 381 | ||
Impaired financing receivables, with no related allowance recorded, Interest Income Recognized | $ 14 | ||
Impaired financing receivables, Average Recorded Investment, Total | 247 | 381 | |
Impaired financing receivables, Interest Income Recognized, Total | $ 2 | $ 14 |
Allowance for Loan Losses - I_2
Allowance for Loan Losses - Impaired Loans - Average Recorded Investment and Interest Income Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 1,496 | $ 1,367 | $ 1,522 |
Interest Income Recognized | 14 | 43 | 73 |
Commercial and Agriculture [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 172 | 86 | 86 |
Interest Income Recognized | 3 | ||
Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 504 | 349 | 406 |
Interest Income Recognized | 3 | 10 | 22 |
Commercial Real Estate Non Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 70 | 35 | 35 |
Interest Income Recognized | 1 | ||
Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 503 | 516 | 614 |
Interest Income Recognized | 9 | 19 | 33 |
Farm Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 247 | 381 | |
Interest Income Recognized | $ 2 | $ 14 | |
Lease Financing Receivables [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 381 | ||
Interest Income Recognized | $ 14 |
Allowance for Loan Losses - S_2
Allowance for Loan Losses - Schedule of Changes in Accretable Yield for PCI Loans (Detail) $ in Thousands | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Balance at beginning of period | $ 216 |
Acquisition of PCI loans | 0 |
Accretion | (7) |
Transfer from non-accretable to accretable | 7 |
Balance at end of period | $ 216 |
Allowance for Loan Losses - S_3
Allowance for Loan Losses - Schedule of Loans Acquired and Accounted (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Receivables [Abstract] | |
Outstanding balance | $ 5,220 |
Carrying amount | $ 4,386 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Schedule of allowance for credit losses on off-balance sheet credit exposures (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | |||
Total allowance for credit losses | $ 35,280 | $ 35,149 | $ 28,511 |
Off-Balance Sheet Credit Exposures [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total allowance for credit losses | 3,981 | 3,851 | |
Commercial and Agriculture [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total allowance for credit losses | 5,156 | 5,540 | 3,011 |
Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total allowance for credit losses | 5,481 | 5,531 | 4,565 |
Commercial Real Estate Non Owner Occupied [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total allowance for credit losses | 11,555 | 11,646 | 14,138 |
Real Estate Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total allowance for credit losses | 3,739 | 3,447 | 2,293 |
Farm Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total allowance for credit losses | 227 | 243 | 291 |
Lease Financing Receivables [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total allowance for credit losses | 1,832 | 1,947 | 429 |
Consumer and Other [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total allowance for credit losses | $ 248 | $ 272 | $ 98 |
Allowance for Credit Losses -_4
Allowance for Credit Losses - Schedule Of Allowance For Credit Losses On Off-balance Sheet Credit Exposures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Financing Receivable Recorded Investment [Line Items] | ||
Beginning Balance | $ 35,149 | $ 28,511 |
Charge-offs | 666 | 855 |
Recoveries | 167 | 320 |
Provision | 630 | 2,111 |
Ending Balance | 35,280 | 35,280 |
Off-Balance Sheet Credit Exposures [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Beginning Balance | 3,851 | |
Provision | 130 | 595 |
Ending Balance | $ 3,981 | 3,981 |
Off-Balance Sheet Credit Exposures [Member] | CECL adoption adjustments | ||
Financing Receivable Recorded Investment [Line Items] | ||
Beginning Balance | $ 3,386 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes in Each Component of Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 349,876 | $ 302,062 | $ 334,835 | $ 355,212 |
Total other comprehensive (loss) | (23,692) | (23,576) | (21,417) | (78,638) |
Ending balance | 332,745 | 302,602 | 332,745 | 302,602 |
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (50,496) | (40,497) | (52,771) | 14,675 |
Other comprehensive loss before reclassifications | (23,692) | (23,626) | (21,417) | (78,794) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | (4) | 0 | (8) |
Total other comprehensive (loss) | (23,692) | (23,630) | (21,417) | (78,802) |
Ending balance | (74,188) | (64,127) | (74,188) | (64,127) |
Defined Benefit Pension Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (5,274) | (5,745) | (5,274) | (5,855) |
Other comprehensive loss before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 54 | 0 | 164 |
Total other comprehensive (loss) | 0 | 54 | 0 | 164 |
Ending balance | (5,274) | (5,691) | (5,274) | (5,691) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (55,770) | (46,242) | (58,045) | 8,820 |
Other comprehensive loss before reclassifications | (23,692) | (23,626) | (21,417) | (78,794) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 50 | 0 | 156 |
Total other comprehensive (loss) | (23,692) | (23,576) | (21,417) | (78,638) |
Ending balance | $ (79,462) | $ (69,818) | $ (79,462) | $ (69,818) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other operating expenses | $ (3,388) | $ (2,828) | $ (9,792) | $ (7,450) |
Income tax expense | (1,860) | (2,206) | (6,068) | (5,180) |
Net Income | 10,387 | 11,112 | 33,309 | 27,279 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net Income | 0 | (50) | 0 | (156) |
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized gains (losses) on available-for-sale securities | 0 | 4 | 0 | 10 |
Income tax expense | 0 | 0 | 0 | (2) |
Net Income | 0 | 4 | 0 | 8 |
Accumulated Defined Benefit Plans Adjustment, Actuarial gains/(Losses) [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other operating expenses | 0 | (69) | 0 | (208) |
Income tax expense | 0 | 15 | 0 | 44 |
Net Income | $ 0 | $ (54) | $ 0 | $ (164) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 125,078 | $ 125,078 | $ 125,695 | ||
Amortization of core deposit intangible assets | $ 398 | $ 456 | $ 1,195 | $ 890 | |
Comunibanc Corp and Vision Financial Group Inc [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Amount of goodwill increased from acquisition | $ 617 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Acquired Intangible Assets, Other than Goodwill (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | $ 9,920 | |
Core deposit intangibles [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,952 | $ 12,953 |
Accumulated Amortization | 6,078 | 4,883 |
Net Carrying Amount | $ 6,874 | $ 8,070 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Mortgage Servicing Rights (MSRs) and Related Valuation Allowance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Loan Servicing Rights: | ||||
Balance at Beginning of Period | $ 3,056 | $ 2,664 | $ 2,689 | $ 2,642 |
Additions | 76 | 91 | 600 | 317 |
Additions from acquisition | 419 | 419 | ||
Amortized to expense | (86) | (95) | (243) | (299) |
Balance at End of Period | $ 3,046 | $ 3,079 | $ 3,046 | $ 3,079 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
2023 | $ 427 | |
2024 | 1,660 | |
2025 | 1,482 | |
2026 | 1,361 | |
2027 | 1,234 | |
Thereafter | 3,756 | |
Net Carrying Amount | 9,920 | |
MSRs [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
2023 | 43 | |
2024 | 171 | |
2025 | 170 | |
2026 | 168 | |
2027 | 163 | |
Thereafter | 2,331 | |
Net Carrying Amount | 3,046 | |
Core deposit intangibles [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
2023 | 384 | |
2024 | 1,489 | |
2025 | 1,312 | |
2026 | 1,193 | |
2027 | 1,071 | |
Thereafter | 1,425 | |
Net Carrying Amount | $ 6,874 | $ 8,070 |
Short-Term and Other Borrowin_3
Short-Term and Other Borrowings - Summary of Federal Funds Purchased, Securities Sold Under Agreements to Repurchase and Other Short-term Borrowings (Detail) - Short Term Borrowings, FHLB advances [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Short-term Debt [Line Items] | |||||
Outstanding balance | $ 431,500,000 | $ 431,500,000 | $ 393,700,000 | ||
Interest rate on balance | 5.45% | 5.45% | 4.24% | ||
Maximum indebtedness | $ 431,500,000 | $ 56,000,000 | $ 540,000,000 | $ 56,000,000 | |
Average balance | $ 233,547,000 | $ 6,713,000 | $ 282,214,000 | $ 2,380,000 | |
Average rate paid | 5.51% | 2.84% | 5.03% | 2.75% |
Short-Term and Other Borrowin_4
Short-Term and Other Borrowings - Summary of Securities Pledged as Collateral Under Repurchase Agreements (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Offsetting Liabilities [Line Items] | ||
Total securities pledged | $ 0 | $ 25,143 |
Gross amount of recognized liabilities for repurchase agreements | 0 | 25,143 |
Amounts related to agreements not included in offsetting disclosures above | 0 | 0 |
U.S.Treasury Securities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Total securities pledged | $ 0 | $ 25,143 |
Earnings per Common Share - Add
Earnings per Common Share - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||
Dilutive securities | $ 0 | $ 0 |
Earnings per Common Share - Com
Earnings per Common Share - Computation of Basic and Diluted Earnings per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic | ||||
Net income | $ 10,387 | $ 11,112 | $ 33,309 | $ 27,279 |
Less allocation of earnings and dividends to participating securities | 388 | 52 | 1,220 | 123 |
Net income available to common shareholders—basic | $ 9,999 | $ 11,060 | $ 32,089 | $ 27,156 |
Weighted average common shares outstanding | 15,735,007 | 15,394,898 | 15,747,648 | 14,974,862 |
Less average participating securities | 588,715 | 71,604 | 576,902 | 67,323 |
Weighted average number of shares outstanding used in the calculation of basic earnings per common share | 15,146,292 | 15,323,294 | 15,170,746 | 14,907,539 |
Earnings per common share: | ||||
Basic | $ 0.66 | $ 0.72 | $ 2.12 | $ 1.82 |
Diluted | $ 0.66 | $ 0.72 | $ 2.12 | $ 1.82 |
Commitments, Contingencies an_3
Commitments, Contingencies and Off-Balance-Sheet Risk - Contractual Amounts of Financial Instruments with Off-Balance-Sheet Risk (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | $ 63,795 | $ 43,154 |
Variable Rate | 738,214 | 644,997 |
Lines of Credit and Construction Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 62,910 | 42,184 |
Variable Rate | 692,184 | 599,185 |
Overdraft Protection [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 10 | 10 |
Variable Rate | 45,606 | 45,182 |
Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 875 | 960 |
Variable Rate | $ 424 | $ 630 |
Commitments, Contingencies an_4
Commitments, Contingencies and Off-Balance-Sheet Risk - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Maximum period of commitments to make loans | 1 year | |
Maximum time period of maturities | 30 years | |
Reserve balance under Federal Reserve Board requirements | $ 0 | $ 0 |
Minimum [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Range of fixed interest rate loan commitments | 2.66% | 3.25% |
Maximum [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Range of fixed interest rate loan commitments | 14% | 8% |
Pension Information - Additiona
Pension Information - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Additional benefits under pension plan | $ 0 | |
Expected future employer contributions | $ 0 | |
Employer contributions | $ 0 |
Pension Information - Component
Pension Information - Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 125 | 103 | 376 | 310 |
Expected return on plan assets | (132) | (144) | (397) | (432) |
Other components | 0 | 69 | 208 | |
Net periodic pension cost | $ (7) | $ 28 | $ (21) | $ 86 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected future compensation expense | $ 1,295 | $ 1,295 | |||
Weighted average remaining life of grants related to unvested awards not yet recognized | 2 years 4 months 13 days | ||||
Restricted Stock [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted shares vesting service period | 3 years | ||||
Restricted Stock [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted shares vesting service period | 5 years | ||||
2014 Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares under stock option plan authorized for issuance | 375,000 | ||||
Number of shares available for grant under stock option plan | 60,049 | 60,049 | |||
Options granted | 0 | 0 | |||
Share based compensation expense | $ 191 | $ 153 | |||
Expected future compensation expense | $ 1,296 | $ 1,296 | |||
Weighted average remaining life of grants related to unvested awards not yet recognized | 2 years 4 months 13 days |
Equity Incentive Plan - Summary
Equity Incentive Plan - Summary of Company's Outstanding Restricted Common Stock (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2023 USD ($) $ / shares shares | |
Schedule Of Nonvested Stock Option Activity [Line Items] | ||
Number of Restricted Shares, Granted | 88,422 | |
Expected future remaining compensation expense | $ | $ 1,295 | $ 1,295 |
Expected future compensation expense, restricted shares remaining vesting period | 2 years 4 months 13 days | |
Restricted Shares Awarded on March 14, 2019 [Member] | ||
Schedule Of Nonvested Stock Option Activity [Line Items] | ||
Number of Restricted Shares, Granted | 1,924 | |
Date of Award | Mar. 14, 2019 | |
Expected future remaining compensation expense | $ | 9 | $ 9 |
Expected future compensation expense, restricted shares remaining vesting period | 3 months | |
Restricted Shares Awarded on March 14, 2020 [Member] | ||
Schedule Of Nonvested Stock Option Activity [Line Items] | ||
Number of Restricted Shares, Granted | 4,265 | |
Date of Award | Mar. 14, 2020 | |
Expected future remaining compensation expense | $ | 51 | $ 51 |
Expected future compensation expense, restricted shares remaining vesting period | 1 year 3 months | |
Restricted Shares Awarded on March 3, 2021 [Member] | ||
Schedule Of Nonvested Stock Option Activity [Line Items] | ||
Number of Restricted Shares, Granted | 7,776 | |
Date of Award | Mar. 03, 2021 | |
Expected future remaining compensation expense | $ | 103 | $ 103 |
Expected future compensation expense, restricted shares remaining vesting period | 2 years 3 months | |
Restricted Shares Awarded on March 3, 2021 [Member] | ||
Schedule Of Nonvested Stock Option Activity [Line Items] | ||
Number of Restricted Shares, Granted | 6,793 | |
Date of Award | Mar. 03, 2021 | |
Expected future remaining compensation expense | $ | 33 | $ 33 |
Expected future compensation expense, restricted shares remaining vesting period | 3 months | |
Restricted Shares Awarded on March 3, 2022 [Member] | ||
Schedule Of Nonvested Stock Option Activity [Line Items] | ||
Number of Restricted Shares, Granted | 9,554 | |
Date of Award | Mar. 03, 2022 | |
Expected future remaining compensation expense | $ | 177 | $ 177 |
Expected future compensation expense, restricted shares remaining vesting period | 3 years 3 months | |
Restricted Shares Awarded on March 3, 2022 [Member] | ||
Schedule Of Nonvested Stock Option Activity [Line Items] | ||
Number of Restricted Shares, Granted | 11,261 | |
Date of Award | Mar. 03, 2022 | |
Expected future remaining compensation expense | $ | 160 | $ 160 |
Expected future compensation expense, restricted shares remaining vesting period | 1 year 3 months | |
Restricted Shares Awarded on March 14, 2023 [Member] | ||
Schedule Of Nonvested Stock Option Activity [Line Items] | ||
Number of Restricted Shares, Granted | 17,103 | |
Date of Award | Mar. 14, 2023 | |
Expected future remaining compensation expense | $ | 296 | $ 296 |
Expected future compensation expense, restricted shares remaining vesting period | 4 years 3 months | |
Restricted Shares Awarded on March 14, 2023 [Member] | ||
Schedule Of Nonvested Stock Option Activity [Line Items] | ||
Number of Restricted Shares, Granted | 29,746 | |
Date of Award | Mar. 14, 2023 | |
Expected future remaining compensation expense | $ | $ 466 | $ 466 |
Expected future compensation expense, restricted shares remaining vesting period | 2 years 3 months | |
Restricted Stock [Member] | ||
Schedule Of Nonvested Stock Option Activity [Line Items] | ||
Number of Restricted Shares, Nonvested at beginning of period | 88,422 | 70,096 |
Number of Restricted Shares, Granted | 0 | 47,536 |
Number of Restricted Shares, Vested | 0 | (27,470) |
Number of Restricted Shares, Forfeited | (1,740) | |
Number of Restricted Shares, Nonvested at end of period | 88,422 | 88,422 |
Weighted Average Grant Date Fair Value, Nonvested at beginning of period | $ / shares | $ 21.98 | $ 21.88 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 0 | 21.85 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 0 | 21.52 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 21.74 | |
Weighted Average Grant Date Fair Value, Nonvested at end of period | $ / shares | $ 21.98 | $ 21.98 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 593,487 | $ 615,402 |
Equity securities | 2,021 | 2,190 |
Assets Measured at Fair Value on a Recurring Basis [Member] | (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 593,487 | 615,402 |
Equity securities | 2,021 | 2,190 |
Assets Measured at Fair Value on a Recurring Basis [Member] | (Level 2) [Member] | Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Swap asset | 19,784 | 16,579 |
Swap liability | 19,784 | 16,579 |
Assets Measured at Fair Value on a Recurring Basis [Member] | (Level 2) [Member] | U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 71,295 | 61,029 |
Assets Measured at Fair Value on a Recurring Basis [Member] | (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 310,535 | 317,248 |
Assets Measured at Fair Value on a Recurring Basis [Member] | (Level 2) [Member] | Mortgage-backed Securities in Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 211,657 | 237,125 |
Assets Measured at Fair Value on a Nonrecurring Basis [Member] | (Level 3) [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 3,046 | $ 2,689 |
Fair Value Measurement - Quanti
Fair Value Measurement - Quantitative Information about Level 3 Fair Value Measurements (Detail) - Assets Measured at Fair Value on a Nonrecurring Basis [Member] - (Level 3) [Member] - Mortgage Servicing Rights [Member] $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 3,046 | $ 2,689 |
Valuation Technique | Discounted Cash Flow | Discounted Cash Flow |
Constant Prepayment Rate [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | 4.3 | 5 |
Constant Prepayment Rate [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | 10.4 | 20 |
Constant Prepayment Rate [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | 6 | 7 |
Discount Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | 12 | 12 |
Discount Rate [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | 12 | 12 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Amount and Fair Value of Financial Instruments Not Measured at Fair Value on a Recurring or Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financial Assets: | ||
Cash and due from financial institutions | $ 50,316 | $ 43,361 |
Other securities | 34,224 | 33,585 |
Loans, net of allowance | 2,719,610 | 2,518,155 |
Bank owned life insurance | 54,053 | 53,543 |
Accrued interest receivable | 11,489 | 11,178 |
Financial Liabilities: | ||
Long-term FHLB advances | 2,573 | 3,578 |
Other borrowings | 10,964 | 15,516 |
Securities sold under agreement to repurchase | 0 | 25,143 |
Carrying Amount [Member] | ||
Financial Assets: | ||
Cash and due from financial institutions | 50,316 | 43,361 |
Other securities | 34,224 | 33,585 |
Loans, held for sale | 1,589 | 683 |
Loans, net of allowance | 2,719,610 | 2,518,155 |
Bank owned life insurance | 54,053 | 53,543 |
Accrued interest receivable | 11,489 | 11,178 |
Financial Liabilities: | ||
Nonmaturing deposits | 2,139,757 | 2,300,215 |
Time deposits | 655,986 | 319,769 |
Short-term FHLB advances | 431,500 | 393,700 |
Long-term FHLB advances | 2,573 | 3,578 |
Other borrowings | 10,964 | 15,516 |
Securities sold under agreement to repurchase | 25,143 | |
Subordinated debentures | 103,921 | 103,799 |
Accrued interest payable | 668 | |
Total Fair Value [Member] | ||
Financial Assets: | ||
Cash and due from financial institutions | 50,316 | 43,361 |
Other securities | 34,224 | 33,585 |
Loans, held for sale | 1,589 | 698 |
Loans, net of allowance | 2,627,715 | 2,427,291 |
Bank owned life insurance | 54,053 | 53,543 |
Accrued interest receivable | 11,489 | 11,178 |
Financial Liabilities: | ||
Nonmaturing deposits | 2,139,782 | 2,300,215 |
Time deposits | 653,827 | 318,886 |
Short-term FHLB advances | 430,534 | 393,247 |
Long-term FHLB advances | 2,543 | 3,534 |
Other borrowings | 10,964 | 15,806 |
Securities sold under agreement to repurchase | 25,143 | |
Subordinated debentures | 99,264 | 98,513 |
Accrued interest payable | 668 | |
(Level 1) [Member] | ||
Financial Assets: | ||
Cash and due from financial institutions | 50,316 | 43,361 |
Other securities | 34,224 | 33,585 |
Loans, held for sale | 1,589 | 698 |
Bank owned life insurance | 54,053 | 53,543 |
Accrued interest receivable | 11,489 | 11,178 |
Financial Liabilities: | ||
Nonmaturing deposits | 2,139,782 | 2,300,215 |
Short-term FHLB advances | 430,534 | 393,247 |
Securities sold under agreement to repurchase | 25,143 | |
Accrued interest payable | 668 | |
(Level 3) [Member] | ||
Financial Assets: | ||
Loans, net of allowance | 2,627,715 | 2,427,291 |
Financial Liabilities: | ||
Time deposits | 653,827 | 318,886 |
Long-term FHLB advances | 2,543 | 3,534 |
Other borrowings | 10,964 | 15,806 |
Subordinated debentures | $ 99,264 | $ 98,513 |
Derivatives - Summary of Intere
Derivatives - Summary of Interest Rate Swap Transactions (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Derivatives Fair Value [Line Items] | ||
Swap assets | $ 19,784 | $ 16,579 |
Accrued Liabilities and Other Liabilities | 19,784 | 16,579 |
Long [Member] | Interest Rate Swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Interest Rate Swaps With Loan Customers In An Asset Position Notional Amount | 2,250 | 6,980 |
Fair Value Of Interest Rate Swaps With Loan Customers In An Asset Position | 11 | 269 |
Short [Member] | Interest Rate Swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Interest Rate Swaps With Loan Customers In A Liability Position Notional Amount | 204,975 | 205,590 |
Fair Value Of Interest Rate Swaps With Loan Customers In A Liability Position | 19,784 | 16,579 |
Short [Member] | Financial Institutions [Member] | ||
Derivatives Fair Value [Line Items] | ||
Counterparty Positions With Financial Institutions In An Asset Position Notional Amount | 207,225 | 212,570 |
Fair Value Of Counterparty Positions With Financial Institutions In An Asset Position | $ 19,773 | $ 16,310 |
Derivatives - Summary Of Gross
Derivatives - Summary Of Gross Notional Amount Derivatives (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Customers [Member] | ||
Derivative, Notional Amount | $ 207,225 | $ 212,570 |
Financial Institutions [Member] | ||
Derivative, Notional Amount | $ 207,225 | $ 212,570 |
Derivatives - Summary of Gain o
Derivatives - Summary of Gain or loss On Derivatives (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 0 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 0 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other | Other |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Collateral Pledged [Member] | ||
Derivatives Fair Value [Line Items] | ||
Cash and securities at fair value pledged for collateral | $ 0 | $ 0 |
Cash and Cash Equivalents [Member] | ||
Derivatives Fair Value [Line Items] | ||
Cash and securities at fair value pledged for collateral | $ 0 | $ 0 |
Qualified Affordable Housing _2
Qualified Affordable Housing Project Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Investments in Affordable Housing Projects [Abstract] | |||||
Investment for qualified affordable housing projects included in other assets | $ 13,401,000 | $ 13,401,000 | $ 14,149,000 | ||
Unfunded commitments related to the investments in qualified affordable housing projects | 3,913,000 | 3,913,000 | $ 5,634,000 | ||
Recognized amortization expense | 252,000 | $ 239,000 | |||
Recognized tax credits and other benefits from its investment in affordable housing tax credits | 426,000 | 396,000 | |||
Impairment losses related to its investments in qualified affordable housing projects | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Noninterest Income Segregated By Revenue Streams In-scope and Out-of-scope of Topic 606 (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Noninterest Income | ||||
Service charges | $ 1,853 | $ 1,885 | $ 5,457 | $ 5,004 |
ATM/Interchange fees | 1,424 | 1,394 | 4,227 | 3,990 |
Wealth management fees | 1,197 | 1,208 | 3,570 | 3,713 |
Tax refund processing fees | 2,375 | 2,375 | ||
Other | 646 | 274 | 3,500 | 574 |
Noninterest Income (in-scope of Topic 606) | 5,120 | 4,761 | 19,129 | 15,656 |
Noninterest Income (out-of-scope of Topic 606) | 3,005 | 973 | 9,213 | 3,356 |
Total noninterest income | $ 8,125 | $ 5,734 | $ 28,342 | $ 19,012 |