(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
(Registrant’s Telephone Number, Including Area Code) | ||||||||||||||
N/A (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | ☒ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging Growth Company |
PAGE | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
(Unaudited) | (Audited) | ||||||||||
Assets | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest-earning deposits | |||||||||||
Cash and cash equivalents | |||||||||||
Certificates of deposit in other banks | |||||||||||
Securities available for sale (“AFS”), at fair value | |||||||||||
Other investments | |||||||||||
Loans held for sale | |||||||||||
Loans | |||||||||||
Allowance for credit losses - loans (“ACL-Loans”) | ( | ( | |||||||||
Loans, net | |||||||||||
Premises and equipment, net | |||||||||||
Bank owned life insurance (“BOLI”) | |||||||||||
Goodwill and other intangibles, net | |||||||||||
Accrued interest receivable and other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Liabilities: | |||||||||||
Noninterest-bearing demand deposits | $ | $ | |||||||||
Interest-bearing deposits | |||||||||||
Total deposits | |||||||||||
Short-term borrowings | |||||||||||
Long-term borrowings | |||||||||||
Accrued interest payable and other liabilities | |||||||||||
Total liabilities | |||||||||||
Stockholders’ Equity: | |||||||||||
Common stock | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss) | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ | |||||||||
Preferred shares authorized (no par value) | |||||||||||
Preferred shares issued and outstanding | |||||||||||
Common shares authorized (par value $ | |||||||||||
Common shares outstanding | |||||||||||
Common shares issued |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Interest income: | |||||||||||
Loans, including loan fees | $ | $ | |||||||||
Investment securities: | |||||||||||
Taxable | |||||||||||
Tax-exempt | |||||||||||
Other interest income | |||||||||||
Total interest income | |||||||||||
Interest expense: | |||||||||||
Deposits | |||||||||||
Short-term borrowings | |||||||||||
Long-term borrowings | |||||||||||
Total interest expense | |||||||||||
Net interest income | |||||||||||
Provision for credit losses | |||||||||||
Net interest income after provision for credit losses | |||||||||||
Noninterest income: | |||||||||||
Trust services fee income | |||||||||||
Brokerage fee income | |||||||||||
Mortgage income, net | |||||||||||
Service charges on deposit accounts | |||||||||||
Card interchange income | |||||||||||
BOLI income | |||||||||||
Asset gains (losses), net | ( | ||||||||||
Other income | |||||||||||
Total noninterest income | |||||||||||
Noninterest expense: | |||||||||||
Personnel | |||||||||||
Occupancy, equipment and office | |||||||||||
Business development and marketing | |||||||||||
Data processing | |||||||||||
Intangibles amortization | |||||||||||
FDIC assessments | |||||||||||
Other expense | |||||||||||
Total noninterest expense | |||||||||||
Income before income tax expense | |||||||||||
Income tax expense | |||||||||||
Net income | |||||||||||
Less: Net income attributable to noncontrolling interest | |||||||||||
Net income attributable to Nicolet Bankshares, Inc. | $ | $ | |||||||||
Earnings per common share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Weighted average common shares outstanding: | |||||||||||
Basic | |||||||||||
Diluted |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net income | $ | $ | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Unrealized gains (losses) on securities AFS: | |||||||||||
Net unrealized holding gains (losses) | ( | ||||||||||
Net realized (gains) losses included in income | |||||||||||
Income tax (expense) benefit | ( | ||||||||||
Total other comprehensive income (loss) | ( | ||||||||||
Comprehensive income | $ | $ |
Nicolet Bankshares, Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interest | Total | ||||||||||||||||||||||||||||||
Balances at December 31, 2020 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||
Net income, three months ended March 31, 2021 | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Exercise of stock options, net | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | |||||||||||||||||||||||||||||||
Purchase and retirement of common stock | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Balances at March 31, 2021 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Balances at December 31, 2019 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||
Net income, three months ended March 31, 2020 | — | — | — | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Exercise of stock options, net | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | |||||||||||||||||||||||||||||||
Purchase and retirement of common stock | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Distribution to noncontrolling interest | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Adoption of new accounting pronouncement | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Balances at March 31, 2020 | $ | $ | $ | $ | $ | $ |
(In thousands) | Three Months Ended March 31, | ||||||||||
2021 | 2020 | ||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, amortization, and accretion | |||||||||||
Provision for credit losses | |||||||||||
Increase in cash surrender value of life insurance | ( | ( | |||||||||
Stock-based compensation expense | |||||||||||
Asset (gains) losses, net | ( | ||||||||||
Gain on sale of loans held for sale, net | ( | ( | |||||||||
Proceeds from sale of loans held for sale | |||||||||||
Origination of loans held for sale | ( | ( | |||||||||
Net change in: | |||||||||||
Accrued interest receivable and other assets | ( | ||||||||||
Accrued interest payable and other liabilities | |||||||||||
Net cash provided by (used in) operating activities | |||||||||||
Cash Flows From Investing Activities: | |||||||||||
Net (increase) decrease in loans | ( | ( | |||||||||
Net (increase) decrease in certificates of deposit in other banks | |||||||||||
Purchases of securities AFS | ( | ( | |||||||||
Proceeds from calls and maturities of securities AFS | |||||||||||
Purchases of other investments | ( | ( | |||||||||
Proceeds from sales of other investments | |||||||||||
Net (increase) decrease in premises and equipment | ( | ( | |||||||||
Net (increase) decrease in other real estate and other assets | |||||||||||
Net cash provided by (used in) investing activities | ( | ( | |||||||||
Cash Flows From Financing Activities: | |||||||||||
Net increase (decrease) in deposits | ( | ||||||||||
Net increase in short-term borrowings | |||||||||||
Proceeds from long-term borrowings | |||||||||||
Repayments of long-term borrowings | ( | ( | |||||||||
Purchase and retirement of common stock | ( | ( | |||||||||
Proceeds from issuance of common stock | |||||||||||
Proceeds from exercise of stock options | |||||||||||
Distribution to noncontrolling interest | ( | ||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents: | |||||||||||
Beginning | |||||||||||
Ending * | $ | $ | |||||||||
Supplemental Disclosures of Cash Flow Information: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for taxes | |||||||||||
Transfer of loans and bank premises to other real estate owned | |||||||||||
Capitalized mortgage servicing rights | |||||||||||
Three Months Ended March 31, | |||||||||||
(In thousands, except per share data) | 2021 | 2020 | |||||||||
Net income attributable to Nicolet Bankshares, Inc. | $ | $ | |||||||||
Weighted average common shares outstanding | |||||||||||
Effect of dilutive common stock awards | |||||||||||
Diluted weighted average common shares outstanding | |||||||||||
Basic earnings per common share* | $ | $ | |||||||||
Diluted earnings per common share* | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Dividend yield | % | % | |||||||||
Expected volatility | % | % | |||||||||
Risk-free interest rate | % | % | |||||||||
Expected average life | |||||||||||
Weighted average per share fair value of options | $ | $ |
Stock Options | Option Shares Outstanding | Weighted Average Exercise Price | Weighted Average Remaining Life (Years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||||
Outstanding - December 31, 2020 | $ | |||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Exercise of stock options * | ( | |||||||||||||||||||||||||
Forfeited | ||||||||||||||||||||||||||
Outstanding - March 31, 2021 | $ | $ | ||||||||||||||||||||||||
Exercisable - March 31, 2021 | $ | $ |
Restricted Stock | Weighted Average Grant Date Fair Value | Restricted Shares Outstanding | ||||||||||||
Outstanding - December 31, 2020 | $ | |||||||||||||
Granted | ||||||||||||||
Vested * | ( | |||||||||||||
Forfeited | ||||||||||||||
Outstanding - March 31, 2021 | $ |
March 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Fair Value as % of Total | ||||||||||||||||||||||||
U.S. government agency securities | $ | $ | $ | $ | % | ||||||||||||||||||||||||
State, county and municipals | % | ||||||||||||||||||||||||||||
Mortgage-backed securities | % | ||||||||||||||||||||||||||||
Corporate debt securities | % | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | % |
December 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Fair Value as % of Total | ||||||||||||||||||||||||
U.S. government agency securities | $ | $ | $ | $ | % | ||||||||||||||||||||||||
State, county and municipals | % | ||||||||||||||||||||||||||||
Mortgage-backed securities | % | ||||||||||||||||||||||||||||
Corporate debt securities | % | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | % |
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||
($ in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | ||||||||||||||||||||||||||||||||||
U.S. government agency securities | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
State, county and municipals | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||
($ in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | ||||||||||||||||||||||||||||||||||
State, county and municipals | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
March 31, 2021 | |||||||||||
(in thousands) | Amortized Cost | Fair Value | |||||||||
Due in less than one year | $ | $ | |||||||||
Due in one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
Mortgage-backed securities | |||||||||||
Securities AFS | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(in thousands) | Amount | % of Total | Amount | % of Total | |||||||||||||||||||
Commercial & industrial | $ | % | $ | % | |||||||||||||||||||
Paycheck Protection Program (“PPP”) loans | |||||||||||||||||||||||
Owner-occupied commercial real estate (“CRE”) | |||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||
CRE investment | |||||||||||||||||||||||
Construction & land development | |||||||||||||||||||||||
Residential construction | |||||||||||||||||||||||
Residential first mortgage | |||||||||||||||||||||||
Residential junior mortgage | |||||||||||||||||||||||
Retail & other | |||||||||||||||||||||||
Loans | % | % | |||||||||||||||||||||
Less allowance for credit losses - Loans (“ACL-Loans”) | |||||||||||||||||||||||
Loans, net | $ | $ | |||||||||||||||||||||
Allowance for credit losses - Loans to loans | % | % |
Three Months Ended | Year Ended | ||||||||||||||||
(in thousands) | March 31, 2021 | March 31, 2020 | December 31, 2020 | ||||||||||||||
Beginning balance | $ | $ | $ | ||||||||||||||
Adoption of CECL | — | ||||||||||||||||
Initial PCD ACL | — | ||||||||||||||||
Total impact for adoption of CECL | — | ||||||||||||||||
Provision for credit losses | |||||||||||||||||
Charge-offs | ( | ( | ( | ||||||||||||||
Recoveries | |||||||||||||||||
Net (charge-offs) recoveries | ( | ( | ( | ||||||||||||||
Ending balance | $ | $ | $ |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial & industrial | Owner- occupied CRE | Agricultural | CRE investment | Construction & land development | Residential construction | Residential first mortgage | Residential junior mortgage | Retail & other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
ACL-Loans * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
As % of ACL-Loans | % | % | % | % | % | % | % | % | % | % |
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial & industrial | Owner- occupied CRE | Agricultural | CRE investment | Construction & land development | Residential construction | Residential first mortgage | Residential junior mortgage | Retail & other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
ACL-Loans * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of CECL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial PCD ACL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
As % of ACL-Loans | % | % | % | % | % | % | % | % | % | % |
March 31, 2021 | Collateral Type | ||||||||||||||||||||||
(in thousands) | Real Estate | Other Business Assets | Total | Without an Allowance | With an Allowance | Allowance Allocation | |||||||||||||||||
Commercial & industrial | $ | $ | $ | $ | $ | $ | |||||||||||||||||
PPP loans | |||||||||||||||||||||||
Owner-occupied CRE | |||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||
CRE investment | |||||||||||||||||||||||
Construction & land development | |||||||||||||||||||||||
Residential construction | |||||||||||||||||||||||
Residential first mortgage | |||||||||||||||||||||||
Residential junior mortgage | |||||||||||||||||||||||
Retail & other | |||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ |
December 31, 2020 | Collateral Type | ||||||||||||||||||||||
(in thousands) | Real Estate | Other Business Assets | Total | Without an Allowance | With an Allowance | Allowance Allocation | |||||||||||||||||
Commercial & industrial | $ | $ | $ | $ | $ | $ | |||||||||||||||||
PPP loans | |||||||||||||||||||||||
Owner-occupied CRE | |||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||
CRE investment | |||||||||||||||||||||||
Construction & land development | |||||||||||||||||||||||
Residential construction | |||||||||||||||||||||||
Residential first mortgage | |||||||||||||||||||||||
Residential junior mortgage | |||||||||||||||||||||||
Retail & other | |||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ |
March 31, 2021 | |||||||||||||||||||||||
(in thousands) | 30-89 Days Past Due (accruing) | 90 Days & Over or nonaccrual | Current | Total | |||||||||||||||||||
Commercial & industrial | $ | $ | $ | $ | |||||||||||||||||||
PPP loans | |||||||||||||||||||||||
Owner-occupied CRE | |||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||
CRE investment | |||||||||||||||||||||||
Construction & land development | |||||||||||||||||||||||
Residential construction | |||||||||||||||||||||||
Residential first mortgage | |||||||||||||||||||||||
Residential junior mortgage | |||||||||||||||||||||||
Retail & other | |||||||||||||||||||||||
Total loans | $ | $ | $ | $ | |||||||||||||||||||
Percent of total loans | % | % | % | % |
December 31, 2020 | |||||||||||||||||||||||
(in thousands) | 30-89 Days Past Due (accruing) | 90 Days & Over or nonaccrual | Current | Total | |||||||||||||||||||
Commercial & industrial | $ | $ | $ | $ | |||||||||||||||||||
PPP loans | |||||||||||||||||||||||
Owner-occupied CRE | |||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||
CRE investment | |||||||||||||||||||||||
Construction & land development | |||||||||||||||||||||||
Residential construction | |||||||||||||||||||||||
Residential first mortgage | |||||||||||||||||||||||
Residential junior mortgage | |||||||||||||||||||||||
Retail & other | |||||||||||||||||||||||
Total loans | $ | $ | $ | $ | |||||||||||||||||||
Percent of total loans | % | % | % | % |
March 31, 2021 | December 31, 2020 | ||||||||||||||||
(in thousands) | Nonaccrual Loans | % of Total | Nonaccrual Loans | % of Total | |||||||||||||
Commercial & industrial | $ | % | $ | % | |||||||||||||
PPP loans | |||||||||||||||||
Owner-occupied CRE | |||||||||||||||||
Agricultural | |||||||||||||||||
CRE investment | |||||||||||||||||
Construction & land development | |||||||||||||||||
Residential construction | |||||||||||||||||
Residential first mortgage | |||||||||||||||||
Residential junior mortgage | |||||||||||||||||
Retail & other | |||||||||||||||||
Nonaccrual loans | $ | % | $ | % | |||||||||||||
Percent of total loans | % | % |
March 31, 2021 | Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving | Revolving to Term | TOTAL | ||||||||||||||||||||
Commercial & industrial (a) | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Owner-occupied CRE | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Agricultural | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
CRE investment | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Construction & land development | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Residential construction | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Residential first mortgage | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Residential junior mortgage | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Retail & other | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2020 | Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving | Revolving to Term | TOTAL | ||||||||||||||||||||
Commercial & industrial (a) | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Owner-occupied CRE | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Agricultural | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
CRE investment | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Construction & land development | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Residential construction | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Residential first mortgage | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Residential junior mortgage | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Retail & other | |||||||||||||||||||||||||||||
Grades 1-4 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Grade 5 | |||||||||||||||||||||||||||||
Grade 6 | |||||||||||||||||||||||||||||
Grade 7 | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ | $ | $ |
March 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Grades 1- 4 | Grade 5 | Grade 6 | Grade 7 | Total | ||||||||||||||||||||||||
Commercial & industrial | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
PPP loans | |||||||||||||||||||||||||||||
Owner-occupied CRE | |||||||||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||||||||
CRE investment | |||||||||||||||||||||||||||||
Construction & land development | |||||||||||||||||||||||||||||
Residential construction | |||||||||||||||||||||||||||||
Residential first mortgage | |||||||||||||||||||||||||||||
Residential junior mortgage | |||||||||||||||||||||||||||||
Retail & other | |||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Percent of total | % | % | % | % | % |
December 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | Grades 1- 4 | Grade 5 | Grade 6 | Grade 7 | Total | ||||||||||||||||||||||||
Commercial & industrial | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
PPP loans | |||||||||||||||||||||||||||||
Owner-occupied CRE | |||||||||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||||||||
CRE investment | |||||||||||||||||||||||||||||
Construction & land development | |||||||||||||||||||||||||||||
Residential construction | |||||||||||||||||||||||||||||
Residential first mortgage | |||||||||||||||||||||||||||||
Residential junior mortgage | |||||||||||||||||||||||||||||
Retail & other | |||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Percent of total | % | % | % | % | % |
Three Months Ended | Year Ended | ||||||||||
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Goodwill | $ | $ | |||||||||
Core deposit intangibles | |||||||||||
Customer list intangibles | |||||||||||
Other intangibles | |||||||||||
Goodwill and other intangibles, net | $ | $ |
Three Months Ended | Year Ended | ||||||||||
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Goodwill: | |||||||||||
Goodwill at beginning of year | $ | $ | |||||||||
Acquisition | |||||||||||
Goodwill at end of period | $ | $ |
Three Months Ended | Year Ended | ||||||||||
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Core deposit intangibles: | |||||||||||
Gross carrying amount | $ | $ | |||||||||
Accumulated amortization | ( | ( | |||||||||
Net book value | $ | $ | |||||||||
Additions during the period | $ | $ | |||||||||
Amortization during the period | $ | $ | |||||||||
Customer list intangibles: | |||||||||||
Gross carrying amount | $ | $ | |||||||||
Accumulated amortization | ( | ( | |||||||||
Net book value | $ | $ | |||||||||
Amortization during the period | $ | $ |
Three Months Ended | Year Ended | ||||||||||
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Mortgage servicing rights ("MSR") asset: | |||||||||||
MSR asset at beginning of year | $ | $ | |||||||||
Capitalized MSR | |||||||||||
MSR asset acquired | |||||||||||
Amortization during the period | ( | ( | |||||||||
MSR asset at end of period | $ | $ | |||||||||
Valuation allowance at beginning of year | $ | ( | $ | ||||||||
Additions | ( | ( | |||||||||
Valuation allowance at end of period | $ | ( | $ | ( | |||||||
MSR asset, net | $ | $ | |||||||||
Fair value of MSR asset at end of period | $ | $ | |||||||||
Residential mortgage loans serviced for others | $ | $ | |||||||||
Net book value of MSR asset to loans serviced for others | % | % |
(in thousands) | Core deposit intangibles | Customer list intangibles | MSR asset | ||||||||||||||
Year ending December 31, | |||||||||||||||||
2021 (remaining nine months) | $ | $ | $ | ||||||||||||||
2022 | |||||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
Thereafter | |||||||||||||||||
Total | $ | $ | $ |
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
FHLB advances | $ | $ | |||||||||
Junior subordinated debentures | |||||||||||
Total long-term borrowings | $ | $ |
Junior Subordinated Debentures | ||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
(in thousands) | Maturity Date | Par | Unamortized Discount | Carrying Value | Carrying Value | |||||||||||||||||||||||||||
2005 Mid-Wisconsin Financial Services, Inc. (1) | 12/15/2035 | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||
2006 Baylake Corp. (2) | 9/30/2036 | ( | ||||||||||||||||||||||||||||||
2004 First Menasha Bancshares, Inc. (3) | 3/17/2034 | ( | ||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ |
(in thousands) | Fair Value Measurements Using | |||||||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
U.S. government agency securities | $ | $ | $ | $ | ||||||||||||||||||||||
State, county and municipals | ||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||
Corporate debt securities | ||||||||||||||||||||||||||
Securities AFS | $ | $ | $ | $ | ||||||||||||||||||||||
Other investments (equity securities) | $ | $ | $ | $ | ||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
U.S. government agency securities | $ | $ | $ | $ | ||||||||||||||||||||||
State, county and municipals | ||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||
Corporate debt securities | ||||||||||||||||||||||||||
Securities AFS | $ | $ | $ | $ | ||||||||||||||||||||||
Other investments (equity securities) | $ | $ | $ | $ |
(in thousands) | Fair Value Measurements Using | |||||||||||||||||||||||||
Measured at Fair Value on a Nonrecurring Basis: | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
Collateral dependent loans | $ | $ | $ | $ | ||||||||||||||||||||||
Other real estate owned (“OREO”) | ||||||||||||||||||||||||||
MSR asset | ||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Collateral dependent loans | $ | $ | $ | $ | ||||||||||||||||||||||
OREO | ||||||||||||||||||||||||||
MSR asset |
March 31, 2021 | ||||||||||||||||||||||||||||||||
(in thousands) | Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Certificates of deposit in other banks | ||||||||||||||||||||||||||||||||
Securities AFS | ||||||||||||||||||||||||||||||||
Other investments, including equity securities | ||||||||||||||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||||||||||||||
Loans, net | ||||||||||||||||||||||||||||||||
BOLI | ||||||||||||||||||||||||||||||||
MSR asset | ||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Long-term borrowings |
December 31, 2020 | ||||||||||||||||||||||||||||||||
(in thousands) | Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Certificates of deposit in other banks | ||||||||||||||||||||||||||||||||
Securities AFS | ||||||||||||||||||||||||||||||||
Other investments, including equity securities | ||||||||||||||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||||||||||||||
Loans, net | ||||||||||||||||||||||||||||||||
BOLI | ||||||||||||||||||||||||||||||||
MSR asset | ||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Long-term borrowings |
At or for the Three Months Ended | |||||||||||||||||||||||||||||
(In thousands, except per share data) | 3/31/2021 | 12/31/2020 | 9/30/2020 | 6/30/2020 | 3/31/2020 | ||||||||||||||||||||||||
Results of operations: | |||||||||||||||||||||||||||||
Interest income | $ | 36,876 | $ | 38,037 | $ | 37,270 | $ | 36,892 | $ | 37,003 | |||||||||||||||||||
Interest expense | 3,235 | 4,019 | 4,710 | 5,395 | 5,740 | ||||||||||||||||||||||||
Net interest income | 33,641 | 34,018 | 32,560 | 31,497 | 31,263 | ||||||||||||||||||||||||
Provision for credit losses | 500 | 1,300 | 3,000 | 3,000 | 3,000 | ||||||||||||||||||||||||
Net interest income after provision for credit losses | 33,141 | 32,718 | 29,560 | 28,497 | 28,263 | ||||||||||||||||||||||||
Noninterest income | 17,126 | 16,879 | 18,691 | 17,471 | 9,585 | ||||||||||||||||||||||||
Noninterest expense | 26,081 | 25,367 | 23,685 | 27,813 | 23,854 | ||||||||||||||||||||||||
Income before income tax expense | 24,186 | 24,230 | 24,566 | 18,155 | 13,994 | ||||||||||||||||||||||||
Income tax expense | 5,947 | 6,145 | 6,434 | 4,576 | 3,321 | ||||||||||||||||||||||||
Net income | 18,239 | 18,085 | 18,132 | 13,579 | 10,673 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interest | — | 98 | 30 | 101 | 118 | ||||||||||||||||||||||||
Net income attributable to Nicolet Bankshares, Inc. | $ | 18,239 | $ | 17,987 | $ | 18,102 | $ | 13,478 | $ | 10,555 | |||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||||||||
Basic | $ | 1.82 | $ | 1.79 | $ | 1.75 | $ | 1.29 | $ | 1.00 | |||||||||||||||||||
Diluted | $ | 1.75 | $ | 1.74 | $ | 1.72 | $ | 1.28 | $ | 0.98 | |||||||||||||||||||
Common Shares: | |||||||||||||||||||||||||||||
Basic weighted average | 9,998 | 10,074 | 10,349 | 10,417 | 10,516 | ||||||||||||||||||||||||
Diluted weighted average | 10,403 | 10,350 | 10,499 | 10,520 | 10,801 | ||||||||||||||||||||||||
Outstanding (period end) | 9,988 | 10,011 | 10,196 | 10,424 | 10,408 | ||||||||||||||||||||||||
Period-End Balances: | |||||||||||||||||||||||||||||
Loans | $ | 2,846,351 | $ | 2,789,101 | $ | 2,908,793 | $ | 2,821,501 | $ | 2,607,424 | |||||||||||||||||||
Allowance for credit losses - loans | 32,626 | 32,173 | 31,388 | 29,130 | 26,202 | ||||||||||||||||||||||||
Securities available-for-sale, at fair value | 558,229 | 539,337 | 535,351 | 510,809 | 511,860 | ||||||||||||||||||||||||
Goodwill and other intangibles, net | 174,501 | 175,353 | 176,213 | 164,094 | 164,974 | ||||||||||||||||||||||||
Total assets | 4,543,804 | 4,551,789 | 4,706,375 | 4,541,228 | 3,732,554 | ||||||||||||||||||||||||
Deposits | 3,900,594 | 3,910,399 | 3,712,808 | 3,537,805 | 3,023,466 | ||||||||||||||||||||||||
Stockholders’ equity | 550,046 | 539,189 | 538,068 | 532,033 | 510,971 | ||||||||||||||||||||||||
Book value per common share | 55.07 | 53.86 | 52.77 | 51.04 | 49.09 | ||||||||||||||||||||||||
Tangible book value per common share (2) | 37.60 | 36.34 | 35.49 | 35.30 | 33.24 | ||||||||||||||||||||||||
Average Balances: | |||||||||||||||||||||||||||||
Loans | $ | 2,825,664 | $ | 2,868,827 | $ | 2,871,256 | $ | 2,823,866 | $ | 2,584,584 | |||||||||||||||||||
Interest-earning assets | 4,089,603 | 4,091,460 | 4,216,106 | 3,917,499 | 3,167,505 | ||||||||||||||||||||||||
Goodwill and other intangibles, net | 174,825 | 175,678 | 169,353 | 164,564 | 165,532 | ||||||||||||||||||||||||
Total assets | 4,514,927 | 4,515,226 | 4,633,359 | 4,310,088 | 3,555,144 | ||||||||||||||||||||||||
Deposits | 3,875,205 | 3,793,430 | 3,636,260 | 3,403,188 | 2,920,071 | ||||||||||||||||||||||||
Interest-bearing liabilities | 2,764,232 | 2,744,578 | 2,933,737 | 2,741,199 | 2,218,592 | ||||||||||||||||||||||||
Stockholders’ equity | 544,541 | 537,920 | 537,826 | 520,177 | 513,558 | ||||||||||||||||||||||||
Financial Ratios: (1) | |||||||||||||||||||||||||||||
Return on average assets | 1.64 | % | 1.58 | % | 1.55 | % | 1.26 | % | 1.19 | % | |||||||||||||||||||
Return on average common equity | 13.58 | 13.30 | 13.39 | 10.42 | 8.27 | ||||||||||||||||||||||||
Return on average tangible common equity (2) | 20.01 | 19.75 | 19.54 | 15.24 | 12.20 | ||||||||||||||||||||||||
Average equity to average assets | 12.06 | 11.91 | 11.61 | 12.07 | 14.45 | ||||||||||||||||||||||||
Stockholders' equity to assets | 12.11 | 11.85 | 11.43 | 11.72 | 13.69 | ||||||||||||||||||||||||
Tangible common equity to tangible assets (2) | 8.60 | 8.31 | 7.99 | 8.41 | 9.70 | ||||||||||||||||||||||||
Net interest margin | 3.31 | 3.29 | 3.06 | 3.21 | 3.94 | ||||||||||||||||||||||||
Net loan charge-offs to average loans | 0.01 | 0.07 | 0.10 | 0.01 | 0.01 | ||||||||||||||||||||||||
Nonperforming loans to total loans | 0.31 | 0.34 | 0.38 | 0.43 | 0.57 | ||||||||||||||||||||||||
Nonperforming assets to total assets | 0.28 | 0.29 | 0.25 | 0.29 | 0.42 | ||||||||||||||||||||||||
Effective tax rate | 24.59 | 25.36 | 26.19 | 25.21 | 23.73 | ||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | |||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Interest-earning assets | |||||||||||||||||||||||||||||||||||
PPP Loans | $ | 206,498 | $ | 3,951 | 7.65 | % | $ | — | $ | — | — | % | |||||||||||||||||||||||
Commercial-based loans ex PPP | 2,125,844 | 24,441 | 4.60 | % | 2,108,402 | 27,892 | 5.23 | % | |||||||||||||||||||||||||||
Retail-based loans | 493,322 | 5,493 | 4.46 | % | 476,182 | 5,916 | 4.97 | % | |||||||||||||||||||||||||||
Total loans, including loan fees (1)(2) | 2,825,664 | 33,885 | 4.80 | % | 2,584,584 | 33,808 | 5.19 | % | |||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
Taxable | 382,455 | 1,814 | 1.90 | % | 327,910 | 2,072 | 2.53 | % | |||||||||||||||||||||||||||
Tax-exempt (2) | 145,887 | 774 | 2.12 | % | 125,910 | 692 | 2.20 | % | |||||||||||||||||||||||||||
Total investment securities | 528,342 | 2,588 | 1.96 | % | 453,820 | 2,764 | 2.44 | % | |||||||||||||||||||||||||||
Other interest-earning assets | 735,597 | 655 | 0.36 | % | 129,101 | 662 | 2.04 | % | |||||||||||||||||||||||||||
Total non-loan earning assets | 1,263,939 | 3,243 | 1.03 | % | 582,921 | 3,426 | 2.35 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 4,089,603 | $ | 37,128 | 3.63 | % | 3,167,505 | $ | 37,234 | 4.66 | % | |||||||||||||||||||||||||
Other assets, net | 425,324 | 387,639 | |||||||||||||||||||||||||||||||||
Total assets | $ | 4,514,927 | $ | 3,555,144 | |||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||||||||
Savings | $ | 535,914 | $ | 80 | 0.06 | % | $ | 351,238 | $ | 305 | 0.35 | % | |||||||||||||||||||||||
Interest-bearing demand | 673,398 | 759 | 0.46 | % | 535,296 | 1,214 | 0.91 | % | |||||||||||||||||||||||||||
Money market accounts ("MMA") | 857,258 | 124 | 0.06 | % | 660,686 | 730 | 0.44 | % | |||||||||||||||||||||||||||
Core time deposits | 329,378 | 878 | 1.08 | % | 427,925 | 1,933 | 1.82 | % | |||||||||||||||||||||||||||
Total interest-bearing core deposits | 2,395,948 | 1,841 | 0.31 | % | 1,975,145 | 4,182 | 0.85 | % | |||||||||||||||||||||||||||
Brokered deposits | 316,589 | 1,081 | 1.38 | % | 158,068 | 775 | 1.97 | % | |||||||||||||||||||||||||||
Total interest-bearing deposits | 2,712,537 | 2,922 | 0.44 | % | 2,133,213 | 4,957 | 0.93 | % | |||||||||||||||||||||||||||
Other interest-bearing liabilities | 51,695 | 313 | 2.42 | % | 85,379 | 783 | 3.64 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 2,764,232 | 3,235 | 0.47 | % | 2,218,592 | 5,740 | 1.04 | % | |||||||||||||||||||||||||||
Noninterest-bearing demand | 1,162,668 | 786,858 | |||||||||||||||||||||||||||||||||
Other liabilities | 43,486 | 36,136 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 544,541 | 513,558 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 4,514,927 | $ | 3,555,144 | |||||||||||||||||||||||||||||||
Net interest income and rate spread | $ | 33,893 | 3.16 | % | $ | 31,494 | 3.62 | % | |||||||||||||||||||||||||||
Tax-equivalent adjustment & net free funds | 252 | 0.15 | % | 231 | 0.32 | % | |||||||||||||||||||||||||||||
Net interest income and net interest margin | $ | 33,641 | 3.31 | % | $ | 31,263 | 3.94 | % | |||||||||||||||||||||||||||
Selected Additional Information: | |||||||||||||||||||||||||||||||||||
Total loans ex PPP | $ | 2,619,166 | $ | 29,934 | 4.57 | % | $ | 2,584,584 | $ | 33,808 | 5.19 | % | |||||||||||||||||||||||
Total interest-earning assets ex PPP | 3,883,105 | 33,177 | 3.42 | % | 3,167,505 | 37,234 | 4.66 | % | |||||||||||||||||||||||||||
Net interest rate spread ex PPP | 2.95 | % | 3.62 | % |
For the Three Months Ended March 31, 2021 Compared to March 31, 2020: | |||||||||||||||||
Increase (Decrease) Due to Changes in | |||||||||||||||||
(in thousands) | Volume | Rate | Net (1) | ||||||||||||||
Interest-earning assets | |||||||||||||||||
PPP Loans | $ | 3,951 | $ | — | $ | 3,951 | |||||||||||
Commercial-based loans ex PPP | (1,329) | (2,122) | (3,451) | ||||||||||||||
Retail-based loans | 205 | (628) | (423) | ||||||||||||||
Total loans, including loan fees (2) (3) | 2,827 | (2,750) | 77 | ||||||||||||||
Investment securities: | |||||||||||||||||
Taxable | 18 | (276) | (258) | ||||||||||||||
Tax-exempt (3) | 107 | (25) | 82 | ||||||||||||||
Total investment securities | 125 | (301) | (176) | ||||||||||||||
Other interest-earning assets | 393 | (400) | (7) | ||||||||||||||
Total non-loan earning assets | 518 | (701) | (183) | ||||||||||||||
Total interest-earning assets | $ | 3,345 | $ | (3,451) | $ | (106) | |||||||||||
Interest-bearing liabilities | |||||||||||||||||
Savings | $ | 107 | $ | (332) | $ | (225) | |||||||||||
Interest-bearing demand | 255 | (710) | (455) | ||||||||||||||
MMA | 166 | (772) | (606) | ||||||||||||||
Core time deposits | (383) | (672) | (1,055) | ||||||||||||||
Total interest-bearing core deposits | 145 | (2,486) | (2,341) | ||||||||||||||
Brokered deposits | 589 | (283) | 306 | ||||||||||||||
Total interest-bearing deposits | 734 | (2,769) | (2,035) | ||||||||||||||
Other interest-bearing liabilities | (176) | (294) | (470) | ||||||||||||||
Total interest-bearing liabilities | 558 | (3,063) | (2,505) | ||||||||||||||
Net interest income | $ | 2,787 | $ | (388) | $ | 2,399 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands) | 2021 | 2020 | $ Change | % Change | |||||||||||||||||||
Trust services fee income | $ | 1,775 | $ | 1,579 | $ | 196 | 12 | % | |||||||||||||||
Brokerage fee income | 2,793 | 2,322 | 471 | 20 | |||||||||||||||||||
Mortgage income, net | 7,230 | 2,327 | 4,903 | 211 | |||||||||||||||||||
Service charges on deposit accounts | 1,091 | 1,225 | (134) | (11) | |||||||||||||||||||
Card interchange income | 1,927 | 1,562 | 365 | 23 | |||||||||||||||||||
BOLI income | 527 | 703 | (176) | (25) | |||||||||||||||||||
Other income | 1,072 | 521 | 551 | 106 | |||||||||||||||||||
Noninterest income without net gains | 16,415 | 10,239 | 6,176 | 60 | |||||||||||||||||||
Asset gains (losses), net | 711 | (654) | 1,365 | N/M | |||||||||||||||||||
Total noninterest income | $ | 17,126 | $ | 9,585 | $ | 7,541 | 79 | % | |||||||||||||||
Trust services fee income & Brokerage fee income combined | $ | 4,568 | $ | 3,901 | $ | 667 | 17 | % | |||||||||||||||
N/M means not meaningful. |
Three Months Ended March 31, | |||||||||||||||||||||||
($ in thousands) | 2021 | 2020 | Change | % Change | |||||||||||||||||||
Personnel | $ | 15,116 | $ | 13,323 | $ | 1,793 | 13 | % | |||||||||||||||
Occupancy, equipment and office | 4,137 | 4,204 | (67) | (2) | |||||||||||||||||||
Business development and marketing | 989 | 1,359 | (370) | (27) | |||||||||||||||||||
Data processing | 2,658 | 2,563 | 95 | 4 | |||||||||||||||||||
Intangibles amortization | 852 | 993 | (141) | (14) | |||||||||||||||||||
FDIC assessments | 595 | — | 595 | N/M | |||||||||||||||||||
Other expense | 1,734 | 1,412 | 322 | 23 | |||||||||||||||||||
Total noninterest expense | $ | 26,081 | $ | 23,854 | $ | 2,227 | 9 | % | |||||||||||||||
Non-personnel expenses | $ | 10,965 | $ | 10,531 | $ | 434 | 4 | % | |||||||||||||||
Average full-time equivalent (“FTE”) employees | 558 | 580 | (22) | (4) | % | ||||||||||||||||||
N/M means not meaningful. |
March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||||||||||||||||||||||||||||
(in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | |||||||||||||||||||||||||||||
Commercial & industrial | $ | 728,498 | 26 | % | $ | 750,718 | 27 | % | $ | 831,257 | 32 | % | |||||||||||||||||||||||
PPP loans | 229,403 | 8 | 186,016 | 7 | — | — | |||||||||||||||||||||||||||||
Owner-occupied CRE | 520,274 | 18 | 521,300 | 19 | 499,705 | 19 | |||||||||||||||||||||||||||||
Agricultural | 107,009 | 4 | 109,629 | 4 | 95,991 | 3 | |||||||||||||||||||||||||||||
Commercial | 1,585,184 | 56 | 1,567,663 | 57 | 1,426,953 | 54 | |||||||||||||||||||||||||||||
CRE investment | 490,053 | 17 | 460,721 | 16 | 448,758 | 17 | |||||||||||||||||||||||||||||
Construction & land development | 137,670 | 5 | 131,283 | 5 | 96,055 | 4 | |||||||||||||||||||||||||||||
Commercial real estate | 627,723 | 22 | 592,004 | 21 | 544,813 | 21 | |||||||||||||||||||||||||||||
Commercial-based loans | 2,212,907 | 78 | 2,159,667 | 78 | 1,971,766 | 75 | |||||||||||||||||||||||||||||
Residential construction | 39,586 | 1 | 41,707 | 1 | 52,945 | 2 | |||||||||||||||||||||||||||||
Residential first mortgage | 456,197 | 16 | 444,155 | 16 | 432,126 | 17 | |||||||||||||||||||||||||||||
Residential junior mortgage | 107,641 | 4 | 111,877 | 4 | 121,105 | 5 | |||||||||||||||||||||||||||||
Residential real estate | 603,424 | 21 | 597,739 | 21 | 606,176 | 24 | |||||||||||||||||||||||||||||
Retail & other | 30,020 | 1 | 31,695 | 1 | 29,482 | 1 | |||||||||||||||||||||||||||||
Retail-based loans | 633,444 | 22 | 629,434 | 22 | 635,658 | 25 | |||||||||||||||||||||||||||||
Total loans | $ | 2,846,351 | 100 | % | $ | 2,789,101 | 100 | % | $ | 2,607,424 | 100 | % | |||||||||||||||||||||||
Total loans ex. PPP loans | $ | 2,616,948 | 92 | % | $ | 2,603,085 | 93 | % | $ | 2,607,424 | 100 | % |
Three Months Ended | Year Ended | ||||||||||||||||
(in thousands) | March 31, 2021 | March 31, 2020 | December 31, 2020 | ||||||||||||||
ACL-Loans: | |||||||||||||||||
Balance at beginning of period | $ | 32,173 | $ | 13,972 | $ | 13,972 | |||||||||||
Adoption of CECL | — | 8,488 | 8,488 | ||||||||||||||
Initial PCD ACL | — | 797 | 797 | ||||||||||||||
Total impact for adoption of CECL | — | 9,285 | 9,285 | ||||||||||||||
Provision for credit losses | 500 | 3,000 | 10,300 | ||||||||||||||
Charge-offs | (94) | (93) | (1,689) | ||||||||||||||
Recoveries | 47 | 38 | 305 | ||||||||||||||
Net (charge-offs) recoveries | (47) | (55) | (1,384) | ||||||||||||||
Balance at end of period | $ | 32,626 | $ | 26,202 | $ | 32,173 | |||||||||||
Net loan (charge-offs) recoveries: | |||||||||||||||||
Commercial & industrial | $ | (13) | $ | 30 | $ | (692) | |||||||||||
Owner-occupied CRE | — | — | (449) | ||||||||||||||
Agricultural | — | — | — | ||||||||||||||
CRE investment | (4) | (20) | (190) | ||||||||||||||
Construction & land development | — | — | — | ||||||||||||||
Residential construction | — | — | — | ||||||||||||||
Residential first mortgage | 10 | 1 | 9 | ||||||||||||||
Residential junior mortgage | 2 | 3 | 67 | ||||||||||||||
Retail & other | (42) | (69) | (129) | ||||||||||||||
Total net (charge-offs) recoveries | $ | (47) | $ | (55) | $ | (1,384) | |||||||||||
Ratios: | |||||||||||||||||
ACL-Loans to total loans | 1.15 | % | 1.00 | % | 1.15 | % | |||||||||||
ACL-Loans to total loans ex. PPP loans | 1.25 | % | 1.00 | % | 1.24 | % | |||||||||||
Net charge-offs to average loans, annualized | 0.01 | % | 0.01 | % | 0.05 | % | |||||||||||
Net charge-offs to average loans ex. PPP loans, annualized | 0.01 | % | 0.01 | % | 0.05 | % |
(in thousands) | March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||
Nonperforming loans: | |||||||||||||||||
Commercial & industrial | $ | 2,842 | $ | 2,646 | $ | 6,050 | |||||||||||
Owner-occupied CRE | 1,563 | 1,869 | 3,837 | ||||||||||||||
Agricultural | 2,087 | 1,830 | 1,801 | ||||||||||||||
Commercial | 6,492 | 6,345 | 11,688 | ||||||||||||||
CRE investment | 1,436 | 1,488 | 1,029 | ||||||||||||||
Construction & land development | 327 | 327 | 533 | ||||||||||||||
Commercial real estate | 1,763 | 1,815 | 1,562 | ||||||||||||||
Commercial-based loans | 8,255 | 8,160 | 13,250 | ||||||||||||||
Residential construction | — | — | — | ||||||||||||||
Residential first mortgage | 527 | 823 | 953 | ||||||||||||||
Residential junior mortgage | 116 | 384 | 566 | ||||||||||||||
Residential real estate | 643 | 1,207 | 1,519 | ||||||||||||||
Retail & other | 67 | 88 | — | ||||||||||||||
Retail-based loans | 710 | 1,295 | 1,519 | ||||||||||||||
Total nonaccrual loans | 8,965 | 9,455 | 14,769 | ||||||||||||||
Accruing loans past due 90 days or more | — | — | — | ||||||||||||||
Total nonperforming loans | $ | 8,965 | $ | 9,455 | $ | 14,769 | |||||||||||
Nonaccrual loans (included above) covered by SBA guarantee | $ | 1,416 | $ | 1,265 | $ | 1,308 | |||||||||||
OREO: | |||||||||||||||||
Commercial real estate owned | $ | 302 | $ | — | $ | — | |||||||||||
Residential real estate owned | — | — | — | ||||||||||||||
Bank property real estate owned | 3,495 | 3,608 | 1,000 | ||||||||||||||
Total OREO | 3,797 | 3,608 | 1,000 | ||||||||||||||
Total nonperforming assets | $ | 12,762 | $ | 13,063 | $ | 15,769 | |||||||||||
Performing troubled debt restructurings | $ | 2,120 | $ | 2,120 | $ | — | |||||||||||
Ratios: | |||||||||||||||||
Nonperforming loans to total loans | 0.31 | % | 0.34 | % | 0.57 | % | |||||||||||
Nonperforming assets to total loans plus OREO | 0.45 | % | 0.47 | % | 0.60 | % | |||||||||||
Nonperforming assets to total assets | 0.28 | % | 0.29 | % | 0.42 | % | |||||||||||
ACL-Loans to nonperforming loans | 364 | % | 340 | % | 177 | % |
March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||||||||||||||||||||||||||||
(in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | |||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 1,216,477 | 31 | % | $ | 1,212,787 | 31 | % | $ | 791,563 | 26 | % | |||||||||||||||||||||||
Money market and interest-bearing demand | 1,576,041 | 40 | % | 1,551,325 | 40 | % | 1,208,024 | 40 | % | ||||||||||||||||||||||||||
Savings | 572,225 | 15 | % | 521,814 | 13 | % | 361,829 | 12 | % | ||||||||||||||||||||||||||
Time | 535,851 | 14 | % | 624,473 | 16 | % | 662,050 | 22 | % | ||||||||||||||||||||||||||
Total deposits | $ | 3,900,594 | 100 | % | $ | 3,910,399 | 100 | % | $ | 3,023,466 | 100 | % | |||||||||||||||||||||||
Brokered transaction accounts | $ | 35,615 | 1 | % | $ | 46,340 | 1 | % | $ | 36,331 | 1 | % | |||||||||||||||||||||||
Brokered and listed time deposits | 225,402 | 6 | % | 278,521 | 7 | % | 245,252 | 8 | % | ||||||||||||||||||||||||||
Total brokered deposits | $ | 261,017 | 7 | % | $ | 324,861 | 8 | % | $ | 281,583 | 9 | % | |||||||||||||||||||||||
Customer transaction accounts | $ | 3,329,128 | 85 | % | $ | 3,239,586 | 83 | % | $ | 2,325,085 | 77 | % | |||||||||||||||||||||||
Customer time deposits | 310,449 | 8 | % | 345,952 | 9 | % | 416,798 | 14 | % | ||||||||||||||||||||||||||
Total customer deposits (core) | $ | 3,639,577 | 93 | % | $ | 3,585,538 | 92 | % | $ | 2,741,883 | 91 | % |
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Commitments to extend credit | $ | 960,788 | $ | 950,287 | |||||||
Financial standby letters of credit | 7,868 | 8,241 | |||||||||
Performance standby letters of credit | 7,757 | 8,366 |
March 31, 2021 | December 31, 2020 | ||||||||||
200 bps decrease in interest rates | (0.4) | % | (0.8) | % | |||||||
100 bps decrease in interest rates | (0.4) | % | (0.8) | % | |||||||
100 bps increase in interest rates | 2.0 | % | 4.0 | % | |||||||
200 bps increase in interest rates | 4.1 | % | 8.1 | % |
At or for the Three Months Ended | At or for the Year Ended | ||||||||||
($ in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Company Stock Repurchases: * | |||||||||||
Common stock repurchased during the period (dollars) | $ | 4,102 | $ | 40,544 | |||||||
Common stock repurchased during the period (full shares) | 56,886 | 646,748 | |||||||||
Company Risk-Based Capital: | |||||||||||
Total risk-based capital | $ | 424,016 | $ | 406,325 | |||||||
Tier 1 risk-based capital | 402,419 | 385,068 | |||||||||
Common equity Tier 1 capital | 378,394 | 361,162 | |||||||||
Total capital ratio | 13.4 | % | 12.9 | % | |||||||
Tier 1 capital ratio | 12.7 | % | 12.2 | % | |||||||
Common equity tier 1 capital ratio | 12.0 | % | 11.4 | % | |||||||
Tier 1 leverage ratio | 9.3 | % | 9.0 | % | |||||||
Bank Risk-Based Capital: | |||||||||||
Total risk-based capital | $ | 360,815 | $ | 351,081 | |||||||
Tier 1 risk-based capital | 339,218 | 329,824 | |||||||||
Common equity Tier 1 capital | 339,218 | 329,824 | |||||||||
Total capital ratio | 11.5 | % | 11.2 | % | |||||||
Tier 1 capital ratio | 10.8 | % | 10.5 | % | |||||||
Common equity tier 1 capital ratio | 10.8 | % | 10.5 | % | |||||||
Tier 1 leverage ratio | 7.8 | % | 7.8 | % | |||||||
* Reflects common stock repurchased under board of director authorizations for the common stock repurchase program. |
Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (b) | ||||||||||||||||||||
(#) | ($) | (#) | (#) | ||||||||||||||||||||
Period | |||||||||||||||||||||||
January 1 – January 31, 2021 | 9,688 | $ | 68.41 | 9,688 | 542,500 | ||||||||||||||||||
February 1 – February 28, 2021 | 50,389 | $ | 72.94 | 43,698 | 498,800 | ||||||||||||||||||
March 1 – March 31, 2021 | 3,716 | $ | 76.80 | 3,500 | 495,300 | ||||||||||||||||||
Total | 63,793 | $ | 72.48 | 56,886 | 495,300 |
Exhibit Number | Description | |||||||
2.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | The XBRL Instance Document does not appear in the Interactive Date File because its XBRL tags are embedded within the Inline XBRL document (2) | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
NICOLET BANKSHARES, INC. | |||||
April 30, 2021 | /s/ Michael E. Daniels | ||||
Michael E. Daniels | |||||
President and Chief Executive Officer | |||||
April 30, 2021 | /s/ Ann K. Lawson | ||||
Ann K. Lawson | |||||
Chief Financial Officer |
April 30, 2021 | /s/ Michael E. Daniels | ||||
Michael E. Daniels | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) |
April 30, 2021 | /s/ Ann K. Lawson | ||||
Ann K. Lawson | |||||
Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |
April 30, 2021 | /s/ Michael E. Daniels | ||||
Michael E. Daniels | |||||
President and Chief Executive Officer |
April 30, 2021 | /s/ Ann K. Lawson | ||||
Ann K. Lawson | |||||
Chief Financial Officer |
Consolidated Balance Sheets - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
|||
---|---|---|---|---|---|
Assets | |||||
Cash and due from banks | $ 61,295,000 | $ 88,460,000 | |||
Interest-earning deposits | 674,559,000 | 714,399,000 | |||
Cash and cash equivalents | 735,854,000 | [1] | 802,859,000 | ||
Certificates of deposit in other banks | 27,296,000 | 29,521,000 | |||
Securities available for sale (“AFS”), at fair value | 558,229,000 | 539,337,000 | |||
Other investments | 28,248,000 | 27,619,000 | |||
Loans held for sale | 16,883,000 | 21,450,000 | |||
Loans | 2,846,351,000 | 2,789,101,000 | |||
Allowance for credit losses - loans (“ACL-Loans”) | (32,626,000) | (32,173,000) | |||
Loans, net | 2,813,725,000 | 2,756,928,000 | |||
Premises and equipment, net | 59,413,000 | 59,944,000 | |||
Bank owned life insurance (“BOLI”) | 83,788,000 | 83,262,000 | |||
Goodwill and other intangibles, net | 174,501,000 | 175,353,000 | |||
Accrued interest receivable and other assets | 45,867,000 | 55,516,000 | |||
Total assets | 4,543,804,000 | 4,551,789,000 | |||
Liabilities: | |||||
Noninterest-bearing demand deposits | 1,216,477,000 | 1,212,787,000 | |||
Interest-bearing deposits | 2,684,117,000 | 2,697,612,000 | |||
Total deposits | 3,900,594,000 | 3,910,399,000 | |||
Short-term borrowings | 0 | 0 | |||
Long-term borrowings | 43,988,000 | 53,869,000 | |||
Accrued interest payable and other liabilities | 49,176,000 | 48,332,000 | |||
Total liabilities | 3,993,758,000 | 4,012,600,000 | |||
Stockholders’ Equity: | |||||
Common stock | 100,000 | 100,000 | |||
Additional paid-in capital | 271,388,000 | 273,390,000 | |||
Retained earnings | 271,191,000 | 252,952,000 | |||
Accumulated other comprehensive income (loss) | 7,367,000 | 12,747,000 | |||
Total stockholders’ equity | 550,046,000 | 539,189,000 | |||
Total liabilities and stockholders’ equity | $ 4,543,804,000 | $ 4,551,789,000 | |||
Preferred shares authorized (no par value) (in shares) | 10,000,000 | 10,000,000 | |||
Preferred shares issued and outstanding (in shares) | 0 | 0 | |||
Common shares authorized (par value $0.01 per share) (in shares) | 30,000,000 | 30,000,000 | |||
Common shares outstanding (in shares) | 9,987,897 | 10,011,342 | |||
Common shares issued (in shares) | 10,002,322 | 10,030,267 | |||
|
Consolidated Balance Sheets (Parentheticals) - $ / shares |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 18,239 | $ 10,673 |
Unrealized gains (losses) on securities AFS: | ||
Net unrealized holding gains (losses) | (7,369) | 4,329 |
Net realized (gains) losses included in income | 0 | 0 |
Income tax (expense) benefit | 1,989 | (1,168) |
Total other comprehensive income (loss) | (5,380) | 3,161 |
Comprehensive income | $ 12,859 | $ 13,834 |
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands |
Total |
Adoption of new accounting pronouncement |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Retained Earnings
Adoption of new accounting pronouncement
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Accumulated Other Comprehensive Income (Loss) |
Non- controlling Interest |
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Beginning Balance at Dec. 31, 2019 | $ 516,990 | $ (6,175) | $ 106 | $ 312,733 | $ 199,005 | $ (6,175) | $ 4,418 | $ 728 |
Comprehensive income: | ||||||||
Net income | 10,673 | 10,555 | 118 | |||||
Other comprehensive income (loss) | 3,161 | 3,161 | ||||||
Stock-based compensation expense | 1,299 | 1,299 | ||||||
Exercise of stock options, net | 851 | 851 | ||||||
Issuance of common stock | 215 | 215 | ||||||
Purchase and retirement of common stock | (15,197) | (2) | (15,195) | |||||
Distribution to noncontrolling interest | (77) | (77) | ||||||
Ending Balance at Mar. 31, 2020 | 511,740 | 104 | 299,903 | 203,385 | 7,579 | 769 | ||
Beginning Balance at Dec. 31, 2020 | 539,189 | 100 | 273,390 | 252,952 | 12,747 | 0 | ||
Comprehensive income: | ||||||||
Net income | 18,239 | 18,239 | ||||||
Other comprehensive income (loss) | (5,380) | (5,380) | ||||||
Stock-based compensation expense | 1,341 | 1,341 | ||||||
Exercise of stock options, net | 1,161 | 1,161 | ||||||
Issuance of common stock | 121 | 121 | ||||||
Purchase and retirement of common stock | (4,625) | (4,625) | ||||||
Ending Balance at Mar. 31, 2021 | $ 550,046 | $ 100 | $ 271,388 | $ 271,191 | $ 7,367 | $ 0 |
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Statement of Cash Flows [Abstract] | ||
Restricted cash pledged as collateral on interest rate swaps | $ 1,900,000 | $ 1,900,000 |
Restricted cash and cash equivalents | $ 0 | $ 0 |
Basis of Presentation |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation General In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the consolidated balance sheets, statements of income, comprehensive income, changes in stockholders’ equity and cash flows of Nicolet Bankshares, Inc. (the “Company” or “Nicolet”) and its subsidiaries, as of and for the periods presented, and all such adjustments are of a normal recurring nature. All material intercompany transactions and balances have been eliminated. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the entire year. These interim consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been omitted or abbreviated. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Critical Accounting Policies and Estimates Preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, the allowance for credit losses, valuation of loans in acquisition transactions, useful lives for depreciation and amortization, fair value of financial instruments, impairment calculations, valuation of deferred tax assets, uncertain income tax positions and contingencies. Estimates that are particularly susceptible to significant change for the Company include the determination of the allowance for credit losses, the determination and assessment of deferred tax assets and liabilities, and the valuation of loans acquired in acquisition transactions; therefore, these are critical accounting policies. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: external market factors such as market interest rates and employment rates, changes to operating policies and procedures, changes in applicable banking or tax regulations, and changes to deferred tax estimates. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the consolidated financial statements in any individual reporting period presented. There have been no material changes or developments with respect to the assumptions or methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Reclassifications Certain amounts in the 2020 consolidated financial statements have been reclassified to conform to the 2021 presentation.
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Acquisitions |
3 Months Ended |
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Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Completed Acquisition: Advantage Community Bancshares, Inc. (“Advantage”): On August 21, 2020, Nicolet completed its merger with Advantage, pursuant to the terms of the definitive merger agreement dated March 2, 2020, whereby Advantage merged with and into Nicolet, and Advantage Community Bank, the wholly owned bank subsidiary of Advantage, was merged with and into the Bank. Advantage’s four branches in Dorchester, Edgar, Mosinee, and Wausau opened as Nicolet National Bank branches on August 24, 2020, expanding our presence in Central Wisconsin and the Wausau area. Due to the small size of the transaction, terms of the all-cash deal were not disclosed. Upon consummation, Advantage added total assets of approximately $172 million (representing approximately 4% of Nicolet’s then pre-merger asset size), loans of $88 million, deposits of $141 million, core deposit intangible of $1 million, and goodwill of $12 million.
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Earnings per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Common Share | Earnings per Common Share Basic earnings per common share are calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share are calculated by dividing net income available to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock), if any. Presented below are the calculations for basic and diluted earnings per common share.
*Cumulative quarterly per share performance may not equal annual per share totals due to the effects of the amount and timing of capital increases. When computing earnings per share for an interim period, the denominator is based on the weighted average shares outstanding during the interim period, and not on an annualized weighted average basis. Accordingly, the sum of the earnings per share data for the quarters will not necessarily equal the year to date earnings per share data. For the three months ended March 31, 2021, options to purchase less than 0.1 million shares are excluded from the calculation of diluted earnings per common share as the effect of their exercise would have been anti-dilutive. For the three months ended March 31, 2020, options to purchase approximately 0.1 million shares are excluded from the calculation of diluted earnings per common share as the effect of their exercise would have been anti-dilutive.
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Stock-Based Compensation |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The Company may grant stock options and restricted stock under its stock-based compensation plans to certain officers, employees and directors. These plans are administered by a committee of the Board of Directors, and at March 31, 2021, approximately 1.3 million shares were available for grant under these stock-based compensation plans. A Black-Scholes model is utilized to estimate the fair value of stock option grants, while the market price of the Company’s stock at the date of grant is used to estimate the fair value of restricted stock awards. The weighted average assumptions used in the Black-Scholes model for valuing stock option grants for the three months ended March 31, 2020 were as follows. There were no stock option grants for the three months ended March 31, 2021.
A summary of the Company’s stock option activity is summarized below.
* The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements. For the three months ended March 31, 2021, 5,607 such shares were withheld by the Company. Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock options. The intrinsic value of options exercised for the three months ended March 31, 2021 and 2020 was approximately $1.3 million and $1.8 million, respectively. A summary of the Company’s restricted stock activity is summarized below.
* The terms of the restricted stock agreements permit the surrender of shares to the Company upon vesting in order to satisfy applicable tax withholding requirements at the minimum statutory withholding rate, and accordingly, 1,300 shares were surrendered during the three months ended March 31, 2021. The Company recognized approximately $1.2 million and $1.3 million of stock-based compensation expense (included in personnel on the consolidated statements of income) for the three months ended March 31, 2021 and 2020, respectively, associated with its common stock awards granted to officers and employees. In addition, during first quarter 2021, the Company recognized approximately $0.1 million of director expense (included in other expense on the consolidated statements of income) for a total restricted stock grant of 1,500 shares with immediate vesting to directors. As of March 31, 2021, there was approximately $8.5 million of unrecognized compensation cost related to equity award grants. The cost is expected to be recognized over the remaining vesting period of approximately 2.5 years. The Company recognized a tax benefit of approximately $0.2 million and $0.3 million for the three months ended March 31, 2021 and 2020, respectively, for the tax impact of stock option exercises and vesting of restricted stock.
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Securities Available for Sale |
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Debt Securities, Available-for-sale [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale | Securities Available for Sale Amortized cost and fair value of securities available for sale are summarized as follows.
All mortgage-backed securities included in the table above were issued by U.S. government agencies and corporations. Securities AFS with a fair value of $145 million and $146 million as of March 31, 2021 and December 31, 2020, respectively, were pledged as collateral on public deposits and for other purposes as required or permitted by law. Accrued interest on securities AFS totaled $2.8 million and $2.3 million at March 31, 2021 and December 31, 2020, respectively, and is included in accrued interest receivable and other assets on the consolidated balance sheets. The following table presents gross unrealized losses and the related estimated fair value of securities AFS for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position.
The Company evaluates securities AFS in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. In making this evaluation, management considers the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. As of March 31, 2021 and December 31, 2020, no allowance for credit losses on securities AFS was recognized. The Company does not consider its securities AFS with unrealized losses to be attributable to credit-related factors, as the unrealized losses in each category have occurred as a result of changes in noncredit-related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. Furthermore, the Company does not have the intent to sell any of these securities AFS and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost. The amortized cost and fair value of securities AFS by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; as this is particularly inherent in mortgage-backed securities, these securities are not included in the maturity categories below.
There were no sales of securities AFS for the three months ended March 31, 2021 and March 31, 2020.
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Loans, Allowance for Credit Losses - Loans, and Credit Quality |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Allowance for Credit Losses - Loans, and Credit Quality | Loans, Allowance for Credit Losses - Loans, and Credit Quality The loan composition is summarized as follows.
Accrued interest on loans totaled $7 million at both March 31, 2021 and December 31, 2020, and is included in accrued interest receivable and other assets on the consolidated balance sheets. Allowance for Credit Losses-Loans: The majority of the Company’s loans, commitments, and letters of credit have been granted to customers in the Company’s market area. Although the Company has a diversified loan portfolio, the credit risk in the loan portfolio is largely influenced by general economic conditions and trends of the counties and markets in which the debtors operate, and the resulting impact on the operations of borrowers or on the value of underlying collateral, if any. A roll forward of the allowance for credit losses - loans is summarized as follows.
The following tables present the balance and activity in the ACL-Loans by portfolio segment.
*The PPP loans are fully guaranteed by the SBA; thus, no ACL-Loans has been allocated to these loans.
The ACL-Loans represents management’s estimate of expected credit losses in the Company’s loan portfolio at the balance sheet date. To assess the appropriateness of the ACL-Loans, an allocation methodology is applied by Nicolet which focuses on evaluation of qualitative and environmental factors, including but not limited to: (i) evaluation of facts and issues related to specific loans; (ii) management’s ongoing review and grading of the loan portfolio; (iii) consideration of historical loan loss and delinquency experience on each portfolio segment; (iv) trends in past due and nonperforming loans; (v) the risk characteristics of the various loan segments; (vi) changes in the size and character of the loan portfolio; (vii) concentrations of loans to specific borrowers or industries; (viii) existing economic conditions; (ix) the fair value of underlying collateral; and (x) other qualitative and quantitative factors which could affect expected credit losses. Assessing these numerous factors involves significant judgment. Management allocates the ACL-Loans by pools of risk within each loan portfolio segment. The allocation methodology consists of the following components. First, a specific reserve is established for individually evaluated credit-deteriorated loans, which management defines as nonaccrual credit relationships over $250,000, collateral dependent loans, and other loans with evidence of credit deterioration. The specific reserve in the ACL-Loans for these credit deteriorated loans is equal to the aggregate collateral or discounted cash flow shortfall. Management allocates the ACL-Loans with historical loss rates by loan segment. The loss factors are measured on a quarterly basis and applied to each loan segment based on current loan balances and projected for their expected remaining life. Next, management allocates the ACL-Loans using the qualitative factors mentioned above. Consideration is given to those current qualitative or environmental factors that are likely to cause estimated credit losses as of the evaluation date to differ from the historical loss experience of each loan segment. Lastly, management considers reasonable and supportable forecasts to assess the collectability of future cash flows. A loan is considered to be collateral dependent when, based upon management's assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. For collateral dependent loans, expected credit losses are based on the estimated fair value of the collateral at the balance sheet date, with consideration for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. The following tables present collateral dependent loans by portfolio segment and collateral type, including those loans with and without a related allowance allocation.
Past Due and Nonaccrual Loans: The following tables present past due loans by portfolio segment.
The following table presents nonaccrual loans by portfolio segment. The nonaccrual loans without a related allowance for credit losses have been reflected in the collateral dependent loans table above.
Credit Quality Information: The following tables present total loans by risk categories and year of origination.
(a) For purposes of this table at March 31, 2021, the $229 million net carrying value of PPP loans include $138 million originated in 2021 and $91 million originated in 2020, have a Pass risk grade (Grades 1-4) and have been included with the Commercial & industrial loan category.
(a) For purposes of this table, the $186 million net carrying value of PPP loans at December 31, 2020 were originated in 2020, have a Pass risk grade (Grades 1-4) and have been included with the Commercial & industrial loan category. The following tables present total loans by risk categories.
An internal loan review function rates loans using a grading system based on different risk categories. Loans with a Substandard grade are considered to have a greater risk of loss and may be assigned allocations for loss based on specific review of the weaknesses observed in the individual credits. Such loans are constantly monitored by the loan review function to ensure early identification of any deterioration. A description of the loan risk categories used by the Company follows. Grades 1-4, Pass: Credits exhibit adequate cash flows, appropriate management and financial ratios within industry norms and/or are supported by sufficient collateral. Some credits in these rating categories may require a need for monitoring but elements of concern are not severe enough to warrant an elevated rating. Grade 5, Watch: Credits with this rating are adequately secured and performing but are being monitored due to the presence of various short-term weaknesses which may include unexpected, short-term adverse financial performance, managerial problems, potential impact of a decline in the entire industry or local economy and delinquency issues. Loans to individuals or loans supported by guarantors with marginal net worth or collateral may be included in this rating category. Grade 6, Special Mention: Credits with this rating have potential weaknesses that, without the Company’s attention and correction may result in deterioration of repayment prospects. These assets are considered Criticized Assets. Potential weaknesses may include adverse financial trends for the borrower or industry, repeated lack of compliance with Company requests, increasing debt to net worth, serious management conditions and decreasing cash flow. Grade 7, Substandard: Assets with this rating are characterized by the distinct possibility the Company will sustain some loss if deficiencies are not corrected. All foreclosures, liquidations, and nonaccrual loans are considered to be categorized in this rating, regardless of collateral sufficiency. Troubled Debt Restructurings: At March 31, 2021, there were eight loans classified as troubled debt restructurings with a current outstanding balance of $5.1 million (including $3.0 million on nonaccrual and $2.1 million performing) and pre-modification balance of $5.5 million. In comparison, at December 31, 2020, there were eleven loans classified as troubled debt restructurings with an outstanding balance of $5.5 million (including $3.4 million on nonaccrual and $2.1 million performing) and pre-modification balance of $6.5 million. There were no loans classified as troubled debt restructurings during the previous twelve months that subsequently defaulted during the three months ended March 31, 2021. As of March 31, 2021, there were no commitments to lend additional funds to debtors whose terms have been modified in troubled debt restructurings.
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Goodwill and Other Intangibles and Mortgage Servicing Rights |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangibles and Mortgage Servicing Rights | Goodwill and Other Intangibles and Mortgage Servicing Rights Management periodically reviews the carrying value of its intangible assets to determine if any impairment has occurred, in which case an impairment charge would be recorded as an expense in the period of impairment, or whether changes in circumstances have occurred that would require a revision to the remaining useful life which would impact expense prospectively. In making such determination, management evaluates whether there are any adverse qualitative factors indicating that an impairment may exist, as well as the performance, on an undiscounted basis, of the underlying operations or assets which give rise to the intangible. Management continues to consider the ongoing impacts of the COVID-19 pandemic and related economic uncertainty on the valuation of our franchise, stability of deposits, and of the wealth client base, underlying our goodwill, core deposit intangible, and customer list intangibles, and determined no impairments were indicated. A summary of goodwill and other intangibles was as follows.
Goodwill: A summary of goodwill was as follows. During 2020, goodwill increased due to the Advantage acquisition. See Note 2 for additional information on the Company’s acquisitions.
Other intangible assets: Other intangible assets, consisting of core deposit intangibles and customer list intangibles, are amortized over their estimated finite lives. During 2020, core deposit intangibles increased due to the Advantage acquisition. See Note 2 for additional information on the Company’s acquisitions.
Mortgage servicing rights: Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income, and assessed for impairment at each reporting date, with the amortization recorded in mortgage income, net, in the consolidated statements of income. Mortgage servicing rights are carried at the lower of the initial capitalized amount, net of accumulated amortization, or estimated fair value, and are included in other assets in the consolidated balance sheets. A summary of the changes in the mortgage servicing rights asset was as follows.
The Company periodically evaluates its mortgage servicing rights asset for impairment. At each reporting date, impairment is assessed based on estimated fair value using estimated prepayment speeds of the underlying mortgage loans serviced and stratification based on the risk characteristics of the underlying loans (predominantly loan type and note interest rate). See Note 9 for additional information on the fair value of the MSR asset. The following table shows the estimated future amortization expense for amortizing intangible assets and the MSR asset. The projections are based on existing asset balances, the current interest rate environment and prepayment speeds as of March 31, 2021. The actual amortization expense the Company recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements and events or circumstances that indicate the carrying amount of an asset may not be recoverable.
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Short and Long-Term Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short and Long-Term Borrowings | Short and Long-Term Borrowings Short-Term Borrowings: Short-term borrowings include any borrowing with an original maturity of one year or less. At both March 31, 2021 and December 31, 2020, the Company did not have any outstanding short-term borrowings. Long-Term Borrowings: Long-term borrowings include any borrowing with an original maturity greater than one year. The components of long-term borrowings were as follows.
FHLB Advances: The FHLB advances bear fixed rates, require interest-only monthly payments, and have maturity dates through March 2027. The weighted average rate of the FHLB advances was 0.78% at March 31, 2021 and 0.73% at December 31, 2020. Junior Subordinated Debentures: The following table shows the breakdown of junior subordinated debentures. Interest on all debentures is current. Any applicable discounts (initially recorded to carry an acquired debenture at its then estimated fair value) are being accreted to interest expense over the remaining life of the debentures. All the debentures below are currently callable and may be redeemed in part or in full at par plus any accrued but unpaid interest. At March 31, 2021 and December 31, 2020, $24.0 million and $23.9 million, respectively, qualify as Tier 1 capital.
(1)The debentures, assumed in April 2013 as the result of an acquisition, have a floating rate of the three-month LIBOR plus 1.43%, adjusted quarterly. The interest rates were 1.61% and 1.65% as of March 31, 2021 and December 31, 2020, respectively. (2)The debentures, assumed in April 2016 as a result of an acquisition, have a floating rate of the three-month LIBOR plus 1.35%, adjusted quarterly. The interest rates were 1.55% and 1.59% as of March 31, 2021 and December 31, 2020, respectively. (3)The debentures, assumed in April 2017 as the result of an acquisition, have a floating rate of the three-month LIBOR plus 2.79%, adjusted quarterly. The interest rates were 2.97% and 3.02% as of March 31, 2021 and December 31, 2020, respectively.
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Fair Value Measurements |
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Fair Value Measurements | Fair Value Measurements Fair value represents the estimated price at which an orderly transaction to sell an asset or transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept), and is a market-based measurement versus an entity-specific measurement. The Company records and/or discloses financial instruments on a fair value basis. These financial assets and financial liabilities are measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the assumptions used to determine fair value. These levels are: •Level 1 – quoted market prices in active markets for identical assets or liabilities that a company has the ability to access at the measurement date •Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly •Level 3 – significant unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity In instances where the fair value measurement is based on inputs from different levels, the level within which the entire fair value measurement will be categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. This assessment of the significance of an input requires management judgment. Recurring basis fair value measurements: The following table presents the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented.
The following is a description of the valuation methodologies used by the Company for the securities AFS and equity securities measured at fair value on a recurring basis, noted in the tables above. Where quoted market prices on securities exchanges are available, the investments are classified as Level 1. Level 1 investments primarily include exchange-traded equity securities. If quoted market prices are not available, fair value is generally determined using prices obtained from independent pricing vendors who use pricing models (with typical inputs including benchmark yields, reported trades for similar securities, issuer spreads or relationship to other benchmark quoted securities), or discounted cash flows, and are classified as Level 2. Examples of these investments include U.S. government agency securities, mortgage-backed securities, obligations of state, county and municipals, and certain corporate debt securities. Finally, in certain cases where there is limited activity or less transparency around inputs to the estimated fair value, investments are classified within Level 3 of the hierarchy. Examples of these include private corporate debt securities, which include trust preferred security investments. At March 31, 2021 and December 31, 2020, it was determined that carrying value was the best approximation of fair value for these Level 3 securities, based primarily on the internal analysis on these securities. For the three months ended March 31, 2021 and the year ended December 31, 2020, there have been no changes in the Level 3 securities AFS measured at fair value on a recurring basis. Nonrecurring basis fair value measurements: The following table presents the Company’s assets measured at fair value on a nonrecurring basis, aggregated by level in the fair value hierarchy within which those measurements fall.
The following is a description of the valuation methodologies used by the Company for the items noted in the table above. For collateral dependent loans, expected credit losses are based on the estimated fair value of the collateral at the balance sheet date, with consideration for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. For OREO, the fair value is based upon the estimated fair value of the underlying collateral adjusted for the expected costs to sell. To estimate the fair value of the MSR asset, the underlying serviced loan pools are stratified by interest rate tranche and term of the loan, and a valuation model is used to calculate the present value of the expected future cash flows for each stratum. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as costs to service, a discount rate, ancillary income, default rates and losses, and prepayment speeds. Although some of these assumptions are based on observable market data, other assumptions are based on unobservable estimates of what market participants would use to measure fair value. Financial instruments: The carrying amounts and estimated fair values of the Company’s financial instruments are shown below.
The carrying value of certain assets and liabilities such as cash and cash equivalents, BOLI, nonmaturing deposits, and short-term borrowings, approximate their estimated fair value. For those financial instruments not previously disclosed, the following is a description of the valuation methodologies used. Certificates of deposits in other banks: Fair values are estimated using discounted cash flow analysis based on current interest rates being offered by instruments with similar terms and represents a Level 2 measurement. Other investments: The valuation methodologies utilized for exchange-traded equity securities are discussed under “Recurring basis fair value measurements” above. The carrying amount of Federal Reserve Bank and FHLB stock is a reasonably accepted fair value estimate given their restricted nature. Fair value is the redeemable (carrying) value based on the redemption provisions of the instruments which is considered a Level 2 measurement. The carrying amount of the remaining other investments (particularly common stocks of companies or other banks that are not publicly traded) approximates their fair value, determined primarily by analysis of company financial statements and recent capital issuances of the respective companies or banks, if any, and represents a Level 3 measurement. Loans held for sale: The fair value estimation process for the loans held for sale portfolio is segregated by loan type. The estimated fair value was based on what secondary markets are currently offering for portfolios with similar characteristics and represents a Level 2 measurement. Loans, net: For variable-rate loans that reprice frequently and with no significant change in credit risk or other optionality, fair values are based on carrying values. Fair values for all other loans are estimated by discounting contractual cash flows using estimated market discount rates, which reflect the credit and interest rate risk inherent in the loan. Collateral-dependent impaired loans are included in loans, net. The fair value of loans is considered to be a Level 3 measurement due to internally developed discounted cash flow measurements. Deposits: The fair value of deposits with no stated maturity (such as demand deposits, savings, interest and noninterest checking, and money market accounts) is, by definition, equal to the amount payable on demand at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market place on certificates of similar remaining maturities. Use of internal discounted cash flows provides a Level 3 fair value measurement. Long-term borrowings: The fair value of the FHLB advances is obtained from the FHLB which uses a discounted cash flow analysis based on current market rates of similar maturity debt securities and represents a Level 2 measurement. The fair value of the junior subordinated debentures utilizes a discounted cash flow analysis based on an estimate of current interest rates being offered by instruments with similar terms and credit quality. Since the market for these instruments is limited, the internal evaluation represents a Level 3 measurement. Lending-related commitments and derivative financial instruments: At March 31, 2021 and December 31, 2020, the estimated fair value of letters of credit, interest rate lock commitments on residential mortgage loans, outstanding mandatory commitments to sell residential mortgage loans into the secondary market, and mirror interest rate swap agreements were not significant. Limitations: Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Fair value estimates may not be realizable in an immediate settlement of the instrument. In some instances, there are no quoted market prices for the Company’s various financial instruments, in which case fair values may be based on estimates using present value or other valuation techniques, or based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of the financial instruments, or other factors. Those techniques are significantly affected by the assumptions used, including the discount rate and estimate of future cash flows. Subsequent changes in assumptions could significantly affect the estimates.
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Subsequent Event |
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Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventOn April 12, 2021, Nicolet entered into a definitive merger agreement with Mackinac Financial Corporation (“Mackinac”) pursuant to which Mackinac will merge with and into Nicolet, expanding Nicolet prominently into Northern Michigan and the Upper Peninsula of Michigan. Mackinac shareholders will receive fixed consideration of 0.22 shares of Nicolet common stock and $4.64 in cash for each share of Mackinac common stock owned (approximating a 20% cash and 80% stock split), subject to provisions provided for in the merger agreement. At December 31, 2020, Mackinac had total assets of $1.5 billion, loans of $1.1 billion, deposits of $1.3 billion, and equity of $168 million. The merger is expected to close in the third quarter of 2021, subject to customary closing conditions, including approval by regulators and shareholders of both Mackinac and Nicolet. |
Basis of Presentation (Policies) |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
General | General In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the consolidated balance sheets, statements of income, comprehensive income, changes in stockholders’ equity and cash flows of Nicolet Bankshares, Inc. (the “Company” or “Nicolet”) and its subsidiaries, as of and for the periods presented, and all such adjustments are of a normal recurring nature. All material intercompany transactions and balances have been eliminated. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the entire year. These interim consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been omitted or abbreviated. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
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Critical Accounting Policies and Estimates | Critical Accounting Policies and Estimates Preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, the allowance for credit losses, valuation of loans in acquisition transactions, useful lives for depreciation and amortization, fair value of financial instruments, impairment calculations, valuation of deferred tax assets, uncertain income tax positions and contingencies. Estimates that are particularly susceptible to significant change for the Company include the determination of the allowance for credit losses, the determination and assessment of deferred tax assets and liabilities, and the valuation of loans acquired in acquisition transactions; therefore, these are critical accounting policies. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: external market factors such as market interest rates and employment rates, changes to operating policies and procedures, changes in applicable banking or tax regulations, and changes to deferred tax estimates. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the consolidated financial statements in any individual reporting period presented. There have been no material changes or developments with respect to the assumptions or methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
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Reclassifications | Reclassifications Certain amounts in the 2020 consolidated financial statements have been reclassified to conform to the 2021 presentation.
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Allowance for credit losses - Loans | The ACL-Loans represents management’s estimate of expected credit losses in the Company’s loan portfolio at the balance sheet date. To assess the appropriateness of the ACL-Loans, an allocation methodology is applied by Nicolet which focuses on evaluation of qualitative and environmental factors, including but not limited to: (i) evaluation of facts and issues related to specific loans; (ii) management’s ongoing review and grading of the loan portfolio; (iii) consideration of historical loan loss and delinquency experience on each portfolio segment; (iv) trends in past due and nonperforming loans; (v) the risk characteristics of the various loan segments; (vi) changes in the size and character of the loan portfolio; (vii) concentrations of loans to specific borrowers or industries; (viii) existing economic conditions; (ix) the fair value of underlying collateral; and (x) other qualitative and quantitative factors which could affect expected credit losses. Assessing these numerous factors involves significant judgment. Management allocates the ACL-Loans by pools of risk within each loan portfolio segment. The allocation methodology consists of the following components. First, a specific reserve is established for individually evaluated credit-deteriorated loans, which management defines as nonaccrual credit relationships over $250,000, collateral dependent loans, and other loans with evidence of credit deterioration. The specific reserve in the ACL-Loans for these credit deteriorated loans is equal to the aggregate collateral or discounted cash flow shortfall. Management allocates the ACL-Loans with historical loss rates by loan segment. The loss factors are measured on a quarterly basis and applied to each loan segment based on current loan balances and projected for their expected remaining life. Next, management allocates the ACL-Loans using the qualitative factors mentioned above. Consideration is given to those current qualitative or environmental factors that are likely to cause estimated credit losses as of the evaluation date to differ from the historical loss experience of each loan segment. Lastly, management considers reasonable and supportable forecasts to assess the collectability of future cash flows.
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Earnings per Common Share (Tables) |
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Schedule of basic and diluted earnings per common share | Presented below are the calculations for basic and diluted earnings per common share.
*Cumulative quarterly per share performance may not equal annual per share totals due to the effects of the amount and timing of capital increases. When computing earnings per share for an interim period, the denominator is based on the weighted average shares outstanding during the interim period, and not on an annualized weighted average basis. Accordingly, the sum of the earnings per share data for the quarters will not necessarily equal the year to date earnings per share data.
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Stock-Based Compensation (Tables) |
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Schedule of weighted average assumption for stock option | The weighted average assumptions used in the Black-Scholes model for valuing stock option grants for the three months ended March 31, 2020 were as follows. There were no stock option grants for the three months ended March 31, 2021.
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Schedule of stock options outstanding | A summary of the Company’s stock option activity is summarized below.
* The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements. For the three months ended March 31, 2021, 5,607 such shares were withheld by the Company.
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Schedule of restricted stock awards | A summary of the Company’s restricted stock activity is summarized below.
* The terms of the restricted stock agreements permit the surrender of shares to the Company upon vesting in order to satisfy applicable tax withholding requirements at the minimum statutory withholding rate, and accordingly, 1,300 shares were surrendered during the three months ended March 31, 2021.
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Securities Available for Sale (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Available-for-sale [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amortized cost and fair value of securities available for sale | Amortized cost and fair value of securities available for sale are summarized as follows.
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Schedule of unrealized losses and fair value of securities AFS | The following table presents gross unrealized losses and the related estimated fair value of securities AFS for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position.
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Schedule of amortized cost and fair value classified by contractual maturities | The amortized cost and fair value of securities AFS by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; as this is particularly inherent in mortgage-backed securities, these securities are not included in the maturity categories below.
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Loans, Allowance for Credit Losses - Loans, and Credit Quality (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loan composition by portfolio segment | The loan composition is summarized as follows.
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Schedule of changes in allowance for credit losses by portfolio segment | A roll forward of the allowance for credit losses - loans is summarized as follows.
The following tables present the balance and activity in the ACL-Loans by portfolio segment.
*The PPP loans are fully guaranteed by the SBA; thus, no ACL-Loans has been allocated to these loans.
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Schedule of collateral dependent loans by portfolio segment | The following tables present collateral dependent loans by portfolio segment and collateral type, including those loans with and without a related allowance allocation.
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Schedule of past due loans by portfolio segment | The following tables present past due loans by portfolio segment.
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Schedule of nonaccrual loans by portfolio segment | The following table presents nonaccrual loans by portfolio segment. The nonaccrual loans without a related allowance for credit losses have been reflected in the collateral dependent loans table above.
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Schedule of loans by loan risk categories by portfolio segment | The following tables present total loans by risk categories and year of origination.
(a) For purposes of this table at March 31, 2021, the $229 million net carrying value of PPP loans include $138 million originated in 2021 and $91 million originated in 2020, have a Pass risk grade (Grades 1-4) and have been included with the Commercial & industrial loan category.
(a) For purposes of this table, the $186 million net carrying value of PPP loans at December 31, 2020 were originated in 2020, have a Pass risk grade (Grades 1-4) and have been included with the Commercial & industrial loan category. The following tables present total loans by risk categories.
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Goodwill and Other Intangibles and Mortgage Servicing Rights (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of goodwill and intangible assets | A summary of goodwill and other intangibles was as follows.
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Schedule of goodwill | A summary of goodwill was as follows. During 2020, goodwill increased due to the Advantage acquisition. See Note 2 for additional information on the Company’s acquisitions.
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Schedule of other intangible assets |
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Schedule of mortgage servicing rights | A summary of the changes in the mortgage servicing rights asset was as follows.
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Schedule of estimated future amortization expense for amortizing intangible assets and the MSR asset | The following table shows the estimated future amortization expense for amortizing intangible assets and the MSR asset. The projections are based on existing asset balances, the current interest rate environment and prepayment speeds as of March 31, 2021. The actual amortization expense the Company recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements and events or circumstances that indicate the carrying amount of an asset may not be recoverable.
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Short and Long-Term Borrowings (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of long-term borrowings | The components of long-term borrowings were as follows.
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Schedule of junior subordinated debentures |
(1)The debentures, assumed in April 2013 as the result of an acquisition, have a floating rate of the three-month LIBOR plus 1.43%, adjusted quarterly. The interest rates were 1.61% and 1.65% as of March 31, 2021 and December 31, 2020, respectively. (2)The debentures, assumed in April 2016 as a result of an acquisition, have a floating rate of the three-month LIBOR plus 1.35%, adjusted quarterly. The interest rates were 1.55% and 1.59% as of March 31, 2021 and December 31, 2020, respectively. (3)The debentures, assumed in April 2017 as the result of an acquisition, have a floating rate of the three-month LIBOR plus 2.79%, adjusted quarterly. The interest rates were 2.97% and 3.02% as of March 31, 2021 and December 31, 2020, respectively.
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table presents the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented.
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Schedule of assets measured at fair value on a nonrecurring basis | The following table presents the Company’s assets measured at fair value on a nonrecurring basis, aggregated by level in the fair value hierarchy within which those measurements fall.
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Schedule of estimated fair values of financial instruments | The carrying amounts and estimated fair values of the Company’s financial instruments are shown below.
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Basis of Presentation (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative-effect adjustment to retained earnings | $ 550,046 | $ 539,189 | $ 511,740 | $ 516,990 |
Total impact for adoption of CECL | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative-effect adjustment to retained earnings | (6,175) | |||
Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative-effect adjustment to retained earnings | $ 271,191 | $ 252,952 | $ 203,385 | 199,005 |
Retained Earnings | Total impact for adoption of CECL | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative-effect adjustment to retained earnings | $ (6,175) |
Acquisitions (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Aug. 21, 2020
USD ($)
Branch
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Mar. 31, 2021
USD ($)
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Dec. 31, 2020
USD ($)
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Aug. 20, 2020 |
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Business Acquisition [Line Items] | ||||
Goodwill | $ 0 | $ 11,953 | ||
Advantage Community Bancshares, Inc. | ||||
Business Acquisition [Line Items] | ||||
Number of branches | Branch | 4 | |||
Assets acquired | $ 172,000 | |||
Loans acquired | 88,000 | |||
Deposits acquired | 141,000 | |||
Goodwill | 12,000 | |||
Advantage Community Bancshares, Inc. | Core deposit intangibles | ||||
Business Acquisition [Line Items] | ||||
Intangible assets acquired | $ 1,000 | |||
Advantage Community Bancshares, Inc. | ||||
Business Acquisition [Line Items] | ||||
Percentage of assets represented by acquiree | 0.04 |
Earnings per Common Share - Calculations for basic and diluted earnings (loss) per common share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Earnings Per Share [Abstract] | ||
Net income attributable to Nicolet Bankshares, Inc. | $ 18,239 | $ 10,555 |
Weighted average common shares outstanding (in shares) | 9,997,634 | 10,515,778 |
Effect of dilutive common stock awards (in shares) | 405,000 | 285,000 |
Diluted weighted average common shares outstanding (in shares) | 10,403,309 | 10,800,636 |
Basic earnings per common share (in dollars per share) | $ 1.82 | $ 1.00 |
Diluted earnings per common share (in dollars per share) | $ 1.75 | $ 0.98 |
Earnings per Common Share - Narrative (Details) - shares shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Earnings Per Share [Abstract] | ||
Shares excluded from calculation of earnings per common share (less than in 2021) (in shares) | 0.1 | 0.1 |
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares were available for grant (in shares) | 1,300,000 | |
Stock-based compensation expense | $ 1.2 | $ 1.3 |
Unrecognized compensation cost | $ 8.5 | |
Remaining vesting period over which cost expected to be recognized | 2 years 6 months | |
Tax benefit for impact of share based compensation | $ 0.2 | 0.3 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total intrinsic value of options exercised | $ 1.3 | $ 1.8 |
Stock Options | Stock Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted (in shares) | 0 | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock grant (in shares) | 1,500 | |
Restricted Stock | Director | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 0.1 | |
Restricted stock grant (in shares) | 1,500 |
Stock-Based Compensation - Weighted average assumptions (Details) - Stock Incentive Plan - Stock Options - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected volatility | 0.00% | 25.00% |
Risk-free interest rate | 0.00% | 1.67% |
Expected average life (in years) | 0 years | 7 years |
Weighted average per share fair value of options (in dollars per share) | $ 0 | $ 21.83 |
Stock-Based Compensation - Stock option activity (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
$ / shares
shares
| |
Weighted Average Exercise Price | |
Shares surrendered to satisfy exercise price and/or tax withholding requirements (in shares) | 5,607 |
Stock Incentive Plan | Stock Options | |
Option Shares Outstanding | |
Beginning balance outstanding (in shares) | 1,437,460 |
Granted (in shares) | 0 |
Exercise of stock options (in shares) | (32,672) |
Forfeited (in shares) | 0 |
Ending balance outstanding (in shares) | 1,404,788 |
Weighted Average Exercise Price | |
Beginning balance outstanding (in dollars per share) | $ / shares | $ 50.47 |
Granted (in dollars per share) | $ / shares | 0 |
Exercise of stock options (in dollars per share) | $ / shares | 35.55 |
Forfeited (in dollars per share) | $ / shares | 0 |
Ending balance outstanding (in dollars per share) | $ / shares | $ 50.82 |
Exercisable (in shares) | 779,538 |
Exercisable (in dollars per share) | $ / shares | $ 46.87 |
Weighted average remaining life outstanding (in years) | 6 years 4 months 24 days |
Weighted average remaining life exercisable (in years) | 5 years 10 months 24 days |
Aggregate intrinsic value outstanding | $ | $ 45,872 |
Aggregate intrinsic value exercisable | $ | $ 28,538 |
Stock-Based Compensation - Restricted stock award activity (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
$ / shares
shares
| |
Restricted Shares Outstanding | |
Shares surrendered to satisfy exercise price and/or tax withholding requirements (in shares) | 5,607 |
Restricted Stock | |
Weighted Average Grant Date Fair Value | |
Beginning balance outstanding (in dollars per share) | $ / shares | $ 53.57 |
Granted (in dollars per share) | $ / shares | 72.24 |
Vested (in dollars per share) | $ / shares | 47.23 |
Forfeited (in dollars per share) | $ / shares | 0 |
Ending balance outstanding (in dollars per share) | $ / shares | $ 58.15 |
Restricted Shares Outstanding | |
Beginning balance outstanding (in shares) | 18,925 |
Granted (in shares) | 1,500 |
Vested (in shares) | (6,000) |
Forfeited (in shares) | 0 |
Ending balance outstanding (in shares) | 14,425 |
Shares surrendered to satisfy exercise price and/or tax withholding requirements (in shares) | 1,300 |
Securities Available for Sale - Amortized costs and fair values of debt securities available for sale (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 548,137 | $ 521,876 |
Gross Unrealized Gains | 13,407 | 17,550 |
Gross Unrealized Losses | 3,315 | 89 |
Fair Value | $ 558,229 | $ 539,337 |
Fair Value as % of Total | 100.00% | 100.00% |
U.S. government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 79,139 | $ 63,162 |
Gross Unrealized Gains | 232 | 289 |
Gross Unrealized Losses | 256 | 0 |
Fair Value | $ 79,115 | $ 63,451 |
Fair Value as % of Total | 14.00% | 12.00% |
State, county and municipals | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 226,192 | $ 226,493 |
Gross Unrealized Gains | 3,415 | 5,386 |
Gross Unrealized Losses | 1,935 | 11 |
Fair Value | $ 227,672 | $ 231,868 |
Fair Value as % of Total | 41.00% | 43.00% |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 163,048 | $ 156,148 |
Gross Unrealized Gains | 4,892 | 6,425 |
Gross Unrealized Losses | 1,040 | 78 |
Fair Value | $ 166,900 | $ 162,495 |
Fair Value as % of Total | 30.00% | 30.00% |
Corporate Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 79,758 | $ 76,073 |
Gross Unrealized Gains | 4,868 | 5,450 |
Gross Unrealized Losses | 84 | 0 |
Fair Value | $ 84,542 | $ 81,523 |
Fair Value as % of Total | 15.00% | 15.00% |
Securities Available for Sale - Narrative (Details) - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Securities AFS pledged as collateral | $ 145,000,000 | $ 146,000,000 |
Allowance for credit losses on securities AFS | 0 | 0 |
Available-for-sale Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Accrued interest on securities AFS | $ 2,800,000 | $ 2,300,000 |
Securities Available for Sale - Gross unrealized losses and the related fair value of securities available for sale (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
Security
|
Dec. 31, 2020
USD ($)
Security
|
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 132,050 | $ 15,793 |
Less than 12 months, unrealized losses | 3,311 | 82 |
12 months or more, fair value | 331 | 492 |
12 months or more, unrealized losses | 4 | 7 |
Total, fair value | 132,381 | 16,285 |
Total, unrealized losses | $ 3,315 | $ 89 |
Total, number of securities | Security | 152 | 31 |
U.S. government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 16,263 | |
Less than 12 months, unrealized losses | 256 | |
12 months or more, fair value | 0 | |
12 months or more, unrealized losses | 0 | |
Total, fair value | 16,263 | |
Total, unrealized losses | $ 256 | |
Total, number of securities | Security | 1 | |
State, county and municipals | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 74,338 | $ 5,181 |
Less than 12 months, unrealized losses | 1,935 | 11 |
12 months or more, fair value | 0 | 0 |
12 months or more, unrealized losses | 0 | 0 |
Total, fair value | 74,338 | 5,181 |
Total, unrealized losses | $ 1,935 | $ 11 |
Total, number of securities | Security | 110 | 9 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 39,362 | $ 10,612 |
Less than 12 months, unrealized losses | 1,036 | 71 |
12 months or more, fair value | 331 | 492 |
12 months or more, unrealized losses | 4 | 7 |
Total, fair value | 39,693 | 11,104 |
Total, unrealized losses | $ 1,040 | $ 78 |
Total, number of securities | Security | 40 | 22 |
Corporate Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 2,087 | |
Less than 12 months, unrealized losses | 84 | |
12 months or more, fair value | 0 | |
12 months or more, unrealized losses | 0 | |
Total, fair value | 2,087 | |
Total, unrealized losses | $ 84 | |
Total, number of securities | Security | 1 |
Securities Available for Sale - Amortized cost and fair values of securities available for sale at by contractual maturity (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Amortized Cost | ||
Due in less than one year | $ 91,706 | |
Due in one year through five years | 160,270 | |
Due after five years through ten years | 121,235 | |
Due after ten years | 11,878 | |
Allocated and single maturity date | 385,089 | |
Amortized Cost | 548,137 | $ 521,876 |
Fair Value | ||
Due in less than one year | 92,221 | |
Due in one year through five years | 165,873 | |
Due after five years through ten years | 120,172 | |
Due after ten years | 13,063 | |
Allocated and single maturity date | 391,329 | |
Fair Value | 558,229 | 539,337 |
Mortgage-backed securities | ||
Amortized Cost | ||
Mortgage-backed securities | 163,048 | |
Amortized Cost | 163,048 | 156,148 |
Fair Value | ||
Mortgage-backed securities | 166,900 | |
Fair Value | $ 166,900 | $ 162,495 |
Loans, Allowance for Credit Losses - Loans, and Credit Quality - Summary of loan composition (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 2,846,351 | $ 2,789,101 | ||
Less allowance for credit losses - Loans (“ACL-Loans”) | 32,626 | 32,173 | $ 26,202 | $ 13,972 |
Loans, net | $ 2,813,725 | $ 2,756,928 | ||
Allowance for credit losses - Loans to loans | 1.15% | 1.15% | ||
% of Total | 100.00% | 100.00% | ||
Retail & other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 30,020 | $ 31,695 | ||
Less allowance for credit losses - Loans (“ACL-Loans”) | $ 679 | $ 557 | 344 | |
% of Total | 1.00% | 1.00% | ||
Commercial | Commercial & industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 728,498 | $ 750,718 | ||
Less allowance for credit losses - Loans (“ACL-Loans”) | $ 10,588 | $ 11,644 | 5,471 | |
% of Total | 26.00% | 27.00% | ||
Commercial | Paycheck Protection Program (“PPP”) loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 229,403 | $ 186,016 | ||
% of Total | 8.00% | 7.00% | ||
Commercial | Owner-occupied commercial real estate (“CRE”) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 520,274 | $ 521,300 | ||
Less allowance for credit losses - Loans (“ACL-Loans”) | $ 5,534 | $ 5,872 | 3,010 | |
% of Total | 18.00% | 19.00% | ||
Commercial | Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 107,009 | $ 109,629 | ||
Less allowance for credit losses - Loans (“ACL-Loans”) | $ 1,295 | $ 1,395 | 579 | |
% of Total | 4.00% | 4.00% | ||
Commercial real estate | CRE investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 490,053 | $ 460,721 | ||
Less allowance for credit losses - Loans (“ACL-Loans”) | $ 6,160 | $ 5,441 | 1,600 | |
% of Total | 17.00% | 16.00% | ||
Commercial real estate | Construction & land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 137,670 | $ 131,283 | ||
Less allowance for credit losses - Loans (“ACL-Loans”) | $ 1,232 | $ 984 | 414 | |
% of Total | 5.00% | 5.00% | ||
Residential | Residential first mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 456,197 | $ 444,155 | ||
Less allowance for credit losses - Loans (“ACL-Loans”) | $ 5,322 | $ 4,773 | 1,669 | |
% of Total | 16.00% | 16.00% | ||
Residential | Residential junior mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 107,641 | $ 111,877 | ||
Less allowance for credit losses - Loans (“ACL-Loans”) | $ 1,312 | $ 1,086 | 517 | |
% of Total | 4.00% | 4.00% | ||
Residential | Residential construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 39,586 | $ 41,707 | ||
Less allowance for credit losses - Loans (“ACL-Loans”) | $ 504 | $ 421 | $ 368 | |
% of Total | 1.00% | 1.00% |
Loans, Allowance for Credit Losses - Loans, and Credit Quality - Narrative (Details) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021
USD ($)
Loan
|
Dec. 31, 2020
USD ($)
Loan
|
|
Receivables [Abstract] | ||
Accrued interest on loans | $ 7,000,000 | $ 7,000,000 |
Material loans criteria for ACL-Loans adequacy calculation | $ 250,000 | |
Number of loans classified as troubled debt | Loan | 8 | 11 |
Troubled debt restructuring current outstanding balance | $ 5,100,000 | $ 5,500,000 |
Troubled debt restructurings, current outstanding balance, nonaccrual | 3,000,000.0 | 3,400,000 |
Troubled debt restructurings, current outstanding balance, performing | 2,100,000 | 2,100,000 |
Pre-modification balance | $ 5,500,000 | $ 6,500,000 |
Number of loans classified as troubled debt with subsequent default | Loan | 0 |
Loans, Allowance for Credit Losses - Loans, and Credit Quality - Roll forward of allowance for credit losses-loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 32,173 | $ 13,972 | $ 13,972 |
Provision for credit losses | 500 | 3,000 | 10,300 |
Charge-offs | (94) | (93) | (1,689) |
Recoveries | 47 | 38 | 305 |
Net (charge-offs) recoveries | (47) | (55) | (1,384) |
Ending balance | $ 32,626 | 26,202 | 32,173 |
Total impact for adoption of CECL | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 9,285 | 9,285 | |
Adoption of CECL | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 8,488 | 8,488 | |
Initial PCD ACL | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 797 | $ 797 |
Loans, Allowance for Credit Losses - Loans, and Credit Quality - Activity in ACL-Loans by portfolio segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
ACL-Loans * | |||
Beginning balance | $ 32,173 | $ 13,972 | $ 13,972 |
Provision | 500 | 3,000 | 10,300 |
Charge-offs | (94) | (93) | (1,689) |
Recoveries | 47 | 38 | 305 |
Net (charge-offs) recoveries | (47) | (55) | (1,384) |
Ending balance | $ 32,626 | 26,202 | $ 32,173 |
As % of ACL-Loans | 100.00% | 100.00% | |
Retail & other | |||
ACL-Loans * | |||
Beginning balance | $ 557 | 344 | $ 344 |
Provision | 164 | 208 | |
Charge-offs | (46) | (155) | |
Recoveries | 4 | 26 | |
Net (charge-offs) recoveries | (42) | (129) | |
Ending balance | $ 679 | $ 557 | |
As % of ACL-Loans | 2.00% | 2.00% | |
Commercial | Commercial & industrial | |||
ACL-Loans * | |||
Beginning balance | $ 11,644 | 5,471 | $ 5,471 |
Provision | (1,043) | 3,106 | |
Charge-offs | (44) | (812) | |
Recoveries | 31 | 120 | |
Net (charge-offs) recoveries | (13) | (692) | |
Ending balance | $ 10,588 | $ 11,644 | |
As % of ACL-Loans | 32.00% | 36.00% | |
Commercial | Owner-occupied commercial real estate (“CRE”) | |||
ACL-Loans * | |||
Beginning balance | $ 5,872 | 3,010 | $ 3,010 |
Provision | (338) | 2,062 | |
Charge-offs | 0 | (530) | |
Recoveries | 0 | 81 | |
Net (charge-offs) recoveries | 0 | (449) | |
Ending balance | $ 5,534 | $ 5,872 | |
As % of ACL-Loans | 17.00% | 18.00% | |
Commercial | Agricultural | |||
ACL-Loans * | |||
Beginning balance | $ 1,395 | 579 | $ 579 |
Provision | (100) | 455 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net (charge-offs) recoveries | 0 | 0 | |
Ending balance | $ 1,295 | $ 1,395 | |
As % of ACL-Loans | 4.00% | 4.00% | |
Commercial real estate | CRE investment | |||
ACL-Loans * | |||
Beginning balance | $ 5,441 | 1,600 | $ 1,600 |
Provision | 723 | 2,061 | |
Charge-offs | (4) | (190) | |
Recoveries | 0 | 0 | |
Net (charge-offs) recoveries | (4) | (190) | |
Ending balance | $ 6,160 | $ 5,441 | |
As % of ACL-Loans | 19.00% | 17.00% | |
Commercial real estate | Construction & land development | |||
ACL-Loans * | |||
Beginning balance | $ 984 | 414 | $ 414 |
Provision | 248 | 519 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net (charge-offs) recoveries | 0 | 0 | |
Ending balance | $ 1,232 | $ 984 | |
As % of ACL-Loans | 4.00% | 3.00% | |
Residential | Residential first mortgage | |||
ACL-Loans * | |||
Beginning balance | $ 4,773 | 1,669 | $ 1,669 |
Provision | 539 | 1,809 | |
Charge-offs | 0 | (2) | |
Recoveries | 10 | 11 | |
Net (charge-offs) recoveries | 10 | 9 | |
Ending balance | $ 5,322 | $ 4,773 | |
As % of ACL-Loans | 16.00% | 15.00% | |
Residential | Residential junior mortgage | |||
ACL-Loans * | |||
Beginning balance | $ 1,086 | 517 | $ 517 |
Provision | 224 | 151 | |
Charge-offs | 0 | 0 | |
Recoveries | 2 | 67 | |
Net (charge-offs) recoveries | 2 | 67 | |
Ending balance | $ 1,312 | $ 1,086 | |
As % of ACL-Loans | 4.00% | 4.00% | |
Residential | Residential construction | |||
ACL-Loans * | |||
Beginning balance | $ 421 | 368 | $ 368 |
Provision | 83 | (71) | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net (charge-offs) recoveries | 0 | 0 | |
Ending balance | $ 504 | $ 421 | |
As % of ACL-Loans | 2.00% | 1.00% | |
Adoption of CECL | |||
ACL-Loans * | |||
Beginning balance | 8,488 | $ 8,488 | |
Adoption of CECL | Retail & other | |||
ACL-Loans * | |||
Beginning balance | 134 | 134 | |
Adoption of CECL | Commercial | Commercial & industrial | |||
ACL-Loans * | |||
Beginning balance | 2,962 | 2,962 | |
Adoption of CECL | Commercial | Owner-occupied commercial real estate (“CRE”) | |||
ACL-Loans * | |||
Beginning balance | 1,249 | 1,249 | |
Adoption of CECL | Commercial | Agricultural | |||
ACL-Loans * | |||
Beginning balance | 361 | 361 | |
Adoption of CECL | Commercial real estate | CRE investment | |||
ACL-Loans * | |||
Beginning balance | 1,970 | 1,970 | |
Adoption of CECL | Commercial real estate | Construction & land development | |||
ACL-Loans * | |||
Beginning balance | 51 | 51 | |
Adoption of CECL | Residential | Residential first mortgage | |||
ACL-Loans * | |||
Beginning balance | 1,286 | 1,286 | |
Adoption of CECL | Residential | Residential junior mortgage | |||
ACL-Loans * | |||
Beginning balance | 351 | 351 | |
Adoption of CECL | Residential | Residential construction | |||
ACL-Loans * | |||
Beginning balance | 124 | 124 | |
Initial PCD ACL | |||
ACL-Loans * | |||
Beginning balance | 797 | 797 | |
Initial PCD ACL | Retail & other | |||
ACL-Loans * | |||
Beginning balance | 0 | 0 | |
Initial PCD ACL | Commercial | Commercial & industrial | |||
ACL-Loans * | |||
Beginning balance | 797 | 797 | |
Initial PCD ACL | Commercial | Owner-occupied commercial real estate (“CRE”) | |||
ACL-Loans * | |||
Beginning balance | 0 | 0 | |
Initial PCD ACL | Commercial | Agricultural | |||
ACL-Loans * | |||
Beginning balance | 0 | 0 | |
Initial PCD ACL | Commercial real estate | CRE investment | |||
ACL-Loans * | |||
Beginning balance | 0 | 0 | |
Initial PCD ACL | Commercial real estate | Construction & land development | |||
ACL-Loans * | |||
Beginning balance | 0 | 0 | |
Initial PCD ACL | Residential | Residential first mortgage | |||
ACL-Loans * | |||
Beginning balance | 0 | 0 | |
Initial PCD ACL | Residential | Residential junior mortgage | |||
ACL-Loans * | |||
Beginning balance | 0 | 0 | |
Initial PCD ACL | Residential | Residential construction | |||
ACL-Loans * | |||
Beginning balance | $ 0 | $ 0 |
Loans, Allowance for Credit Losses - Loans, and Credit Quality - Collateral dependent loans by portfolio segment (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 9,356 | $ 8,877 |
Without an Allowance | 6,645 | 7,180 |
With an Allowance | 2,711 | 1,697 |
Allowance Allocation | 957 | 1,244 |
Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 6,244 | 5,885 |
Other Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 3,112 | 2,992 |
Retail & other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Without an Allowance | 0 | 0 |
With an Allowance | 0 | 0 |
Allowance Allocation | 0 | 0 |
Retail & other | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Retail & other | Other Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Commercial | Commercial & industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 2,437 | 2,195 |
Without an Allowance | 401 | 501 |
With an Allowance | 2,036 | 1,694 |
Allowance Allocation | 955 | 1,241 |
Commercial | Commercial & industrial | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Commercial | Commercial & industrial | Other Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 2,437 | 2,195 |
Commercial | PPP loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Without an Allowance | 0 | 0 |
With an Allowance | 0 | 0 |
Allowance Allocation | 0 | 0 |
Commercial | PPP loans | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Commercial | PPP loans | Other Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Commercial | Owner-occupied commercial real estate (“CRE”) | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 3,514 | 3,519 |
Without an Allowance | 3,514 | 3,519 |
With an Allowance | 0 | 0 |
Allowance Allocation | 0 | 0 |
Commercial | Owner-occupied commercial real estate (“CRE”) | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 3,514 | 3,519 |
Commercial | Owner-occupied commercial real estate (“CRE”) | Other Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Commercial | Agricultural | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 1,661 | 1,381 |
Without an Allowance | 986 | 1,378 |
With an Allowance | 675 | 3 |
Allowance Allocation | 2 | 3 |
Commercial | Agricultural | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 986 | 584 |
Commercial | Agricultural | Other Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 675 | 797 |
Commercial real estate | CRE investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 1,436 | 1,474 |
Without an Allowance | 1,436 | 1,474 |
With an Allowance | 0 | 0 |
Allowance Allocation | 0 | 0 |
Commercial real estate | CRE investment | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 1,436 | 1,474 |
Commercial real estate | CRE investment | Other Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Construction & land development | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 308 | 308 |
Without an Allowance | 308 | 308 |
With an Allowance | 0 | 0 |
Allowance Allocation | 0 | 0 |
Commercial real estate | Construction & land development | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 308 | 308 |
Commercial real estate | Construction & land development | Other Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Residential | Residential first mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Without an Allowance | 0 | 0 |
With an Allowance | 0 | 0 |
Allowance Allocation | 0 | 0 |
Residential | Residential first mortgage | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Residential | Residential first mortgage | Other Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Residential | Residential junior mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Without an Allowance | 0 | 0 |
With an Allowance | 0 | 0 |
Allowance Allocation | 0 | 0 |
Residential | Residential junior mortgage | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Residential | Residential junior mortgage | Other Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Residential | Residential construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Without an Allowance | 0 | 0 |
With an Allowance | 0 | 0 |
Allowance Allocation | 0 | 0 |
Residential | Residential construction | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Residential | Residential construction | Other Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans, Allowance for Credit Losses - Loans, and Credit Quality - Summary of loans by past due status (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Current | $ 2,835,159 | $ 2,778,881 |
Total | $ 2,846,351 | $ 2,789,101 |
Percent of current loans | 99.60% | 99.60% |
Percent of total loans | 100.00% | 100.00% |
30-89 Days Past Due (accruing) | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | $ 2,227 | $ 765 |
Percent past due | 0.10% | 0.00% |
90 Days & Over or nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | $ 8,965 | $ 9,455 |
Percent past due | 0.30% | 0.40% |
Retail & other | ||
Financing Receivable, Past Due [Line Items] | ||
Current | $ 29,897 | $ 31,505 |
Total | 30,020 | 31,695 |
Retail & other | 30-89 Days Past Due (accruing) | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 56 | 102 |
Retail & other | 90 Days & Over or nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 67 | 88 |
Commercial | Commercial & industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 725,598 | 748,072 |
Total | 728,498 | 750,718 |
Commercial | Commercial & industrial | 30-89 Days Past Due (accruing) | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 58 | 0 |
Commercial | Commercial & industrial | 90 Days & Over or nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 2,842 | 2,646 |
Commercial | PPP loans | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 229,403 | 186,016 |
Total | 229,403 | 186,016 |
Commercial | PPP loans | 30-89 Days Past Due (accruing) | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial | PPP loans | 90 Days & Over or nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial | Owner-occupied CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 518,635 | 519,431 |
Total | 520,274 | 521,300 |
Commercial | Owner-occupied CRE | 30-89 Days Past Due (accruing) | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 76 | 0 |
Commercial | Owner-occupied CRE | 90 Days & Over or nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 1,563 | 1,869 |
Commercial | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 104,922 | 107,792 |
Total | 107,009 | 109,629 |
Commercial | Agricultural | 30-89 Days Past Due (accruing) | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 7 |
Commercial | Agricultural | 90 Days & Over or nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 2,087 | 1,830 |
Commercial real estate | CRE investment | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 488,617 | 459,233 |
Total | 490,053 | 460,721 |
Commercial real estate | CRE investment | 30-89 Days Past Due (accruing) | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial real estate | CRE investment | 90 Days & Over or nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 1,436 | 1,488 |
Commercial real estate | Construction & land development | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 137,270 | 130,956 |
Total | 137,670 | 131,283 |
Commercial real estate | Construction & land development | 30-89 Days Past Due (accruing) | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 73 | 0 |
Commercial real estate | Construction & land development | 90 Days & Over or nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 327 | 327 |
Residential | Residential first mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 453,738 | 442,719 |
Total | 456,197 | 444,155 |
Residential | Residential first mortgage | 30-89 Days Past Due (accruing) | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 1,932 | 613 |
Residential | Residential first mortgage | 90 Days & Over or nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 527 | 823 |
Residential | Residential junior mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 107,493 | 111,450 |
Total | 107,641 | 111,877 |
Residential | Residential junior mortgage | 30-89 Days Past Due (accruing) | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 32 | 43 |
Residential | Residential junior mortgage | 90 Days & Over or nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 116 | 384 |
Residential | Residential construction | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 39,586 | 41,707 |
Total | 39,586 | 41,707 |
Residential | Residential construction | 30-89 Days Past Due (accruing) | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Residential | Residential construction | 90 Days & Over or nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | $ 0 | $ 0 |
Loans, Allowance for Credit Losses - Loans, and Credit Quality - Nonaccrual loans by portfolio segment (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 8,965 | $ 9,455 |
Percent of total loans | 0.30% | 0.40% |
% of Total | 100.00% | 100.00% |
Retail & other | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 67 | $ 88 |
% of Total | 1.00% | 1.00% |
Commercial | Commercial & industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 2,842 | $ 2,646 |
% of Total | 32.00% | 28.00% |
Commercial | PPP loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 0 | $ 0 |
% of Total | 0.00% | 0.00% |
Commercial | Owner-occupied CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 1,563 | $ 1,869 |
% of Total | 17.00% | 20.00% |
Commercial | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 2,087 | $ 1,830 |
% of Total | 23.00% | 19.00% |
Commercial real estate | CRE investment | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 1,436 | $ 1,488 |
% of Total | 16.00% | 16.00% |
Commercial real estate | Construction & land development | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 327 | $ 327 |
% of Total | 4.00% | 3.00% |
Residential | Residential construction | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 0 | $ 0 |
% of Total | 0.00% | 0.00% |
Residential | Residential first mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 527 | $ 823 |
% of Total | 6.00% | 9.00% |
Residential | Residential junior mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 116 | $ 384 |
% of Total | 1.00% | 4.00% |
Loans, Allowance for Credit Losses - Loans, and Credit Quality - Summary of loans by loan risk categories (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | $ 292,876 | $ 800,139 |
2020/2019 | 696,475 | 400,410 |
2019/2018 | 374,542 | 299,024 |
2018/2017 | 273,389 | 270,810 |
2017/2016 | 251,891 | 153,024 |
Prior | 620,547 | 519,961 |
Revolving | 335,374 | 344,080 |
Revolving to Term | 1,257 | 1,653 |
Total | $ 2,846,351 | $ 2,789,101 |
Percent of total | 100.00% | 100.00% |
Grades 1-4 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 2,717,221 | $ 2,668,095 |
Percent of total | 95.40% | 95.70% |
Grade 5 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 102,926 | $ 78,864 |
Percent of total | 3.60% | 2.80% |
Grade 6 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 4,492 | $ 12,053 |
Percent of total | 0.20% | 0.40% |
Grade 7 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 21,712 | $ 30,089 |
Percent of total | 0.80% | 1.10% |
Retail & other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | $ 2,428 | $ 8,099 |
2020/2019 | 5,398 | 5,213 |
2019/2018 | 4,774 | 1,964 |
2018/2017 | 1,541 | 1,676 |
2017/2016 | 1,567 | 752 |
Prior | 2,011 | 1,389 |
Revolving | 12,301 | 12,602 |
Revolving to Term | 0 | 0 |
Total | 30,020 | 31,695 |
Retail & other | Grades 1-4 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 2,428 | 8,083 |
2020/2019 | 5,381 | 5,213 |
2019/2018 | 4,774 | 1,942 |
2018/2017 | 1,541 | 1,676 |
2017/2016 | 1,567 | 752 |
Prior | 1,961 | 1,339 |
Revolving | 12,301 | 12,602 |
Revolving to Term | 0 | 0 |
Total | 29,953 | 31,607 |
Retail & other | Grade 5 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 0 | 0 |
Retail & other | Grade 6 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 0 | 0 |
Retail & other | Grade 7 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 16 |
2020/2019 | 17 | 0 |
2019/2018 | 0 | 22 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 0 |
Prior | 50 | 50 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 67 | 88 |
Commercial | Commercial & industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 164,239 | 350,093 |
2020/2019 | 249,460 | 125,373 |
2019/2018 | 119,301 | 105,530 |
2018/2017 | 91,969 | 78,532 |
2017/2016 | 72,586 | 23,402 |
Prior | 60,389 | 46,740 |
Revolving | 199,957 | 207,064 |
Revolving to Term | 0 | 0 |
Total | 957,901 | 936,734 |
Commercial | Commercial & industrial | Grades 1-4 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 163,454 | 348,274 |
2020/2019 | 247,363 | 121,989 |
2019/2018 | 115,018 | 98,920 |
2018/2017 | 86,898 | 72,027 |
2017/2016 | 66,632 | 21,613 |
Prior | 56,175 | 39,454 |
Revolving | 192,156 | 183,858 |
Revolving to Term | 0 | 0 |
Total | 927,696 | 886,135 |
Commercial | Commercial & industrial | Grade 5 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 115 | 1,416 |
2020/2019 | 2,012 | 2,239 |
2019/2018 | 3,339 | 4,486 |
2018/2017 | 4,560 | 527 |
2017/2016 | 5,299 | 1,638 |
Prior | 3,821 | 4,151 |
Revolving | 6,216 | 18,994 |
Revolving to Term | 0 | 0 |
Total | 25,362 | 33,451 |
Commercial | Commercial & industrial | Grade 6 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 670 | 69 |
2020/2019 | 65 | 19 |
2019/2018 | 16 | 735 |
2018/2017 | 42 | 5,315 |
2017/2016 | 0 | 29 |
Prior | 57 | 32 |
Revolving | 219 | 1,923 |
Revolving to Term | 0 | 0 |
Total | 1,069 | 8,122 |
Commercial | Commercial & industrial | Grade 7 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 334 |
2020/2019 | 20 | 1,126 |
2019/2018 | 928 | 1,389 |
2018/2017 | 469 | 663 |
2017/2016 | 655 | 122 |
Prior | 336 | 3,103 |
Revolving | 1,366 | 2,289 |
Revolving to Term | 0 | 0 |
Total | 3,774 | 9,026 |
Commercial | Commercial & industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 728,498 | 750,718 |
Commercial | Commercial & industrial | Grades 1-4 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 698,293 | 700,119 |
Commercial | Commercial & industrial | Grade 5 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 25,362 | 33,451 |
Commercial | Commercial & industrial | Grade 6 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,069 | 8,122 |
Commercial | Commercial & industrial | Grade 7 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,774 | 9,026 |
Commercial | Paycheck Protection Program (“PPP”) loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 229,403 | 186,016 |
Commercial | Paycheck Protection Program (“PPP”) loans | Grades 1-4 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 138,000 | 186,000 |
2020/2019 | 91,000 | |
Total | 229,403 | 186,016 |
Commercial | Paycheck Protection Program (“PPP”) loans | Grade 5 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Commercial | Paycheck Protection Program (“PPP”) loans | Grade 6 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Commercial | Paycheck Protection Program (“PPP”) loans | Grade 7 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Commercial | Owner-occupied CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 13,070 | 93,731 |
2020/2019 | 91,311 | 75,327 |
2019/2018 | 77,284 | 79,538 |
2018/2017 | 77,978 | 62,997 |
2017/2016 | 62,175 | 46,144 |
Prior | 197,372 | 162,693 |
Revolving | 1,084 | 870 |
Revolving to Term | 0 | 0 |
Total | 520,274 | 521,300 |
Commercial | Owner-occupied CRE | Grades 1-4 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 13,070 | 90,702 |
2020/2019 | 88,302 | 74,029 |
2019/2018 | 74,839 | 78,013 |
2018/2017 | 76,925 | 52,911 |
2017/2016 | 50,831 | 45,042 |
Prior | 182,221 | 150,624 |
Revolving | 1,084 | 870 |
Revolving to Term | 0 | 0 |
Total | 487,272 | 492,191 |
Commercial | Owner-occupied CRE | Grade 5 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 42 |
2020/2019 | 41 | 623 |
2019/2018 | 1,933 | 1,349 |
2018/2017 | 1,032 | 7,541 |
2017/2016 | 7,828 | 1,102 |
Prior | 11,266 | 5,842 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 22,100 | 16,499 |
Commercial | Owner-occupied CRE | Grade 6 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 21 | 1,710 |
2017/2016 | 2,564 | 0 |
Prior | 51 | 706 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 2,636 | 2,416 |
Commercial | Owner-occupied CRE | Grade 7 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 2,987 |
2020/2019 | 2,968 | 675 |
2019/2018 | 512 | 176 |
2018/2017 | 0 | 835 |
2017/2016 | 952 | 0 |
Prior | 3,834 | 5,521 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 8,266 | 10,194 |
Commercial | Agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 1,463 | 14,753 |
2020/2019 | 14,096 | 5,652 |
2019/2018 | 5,232 | 8,307 |
2018/2017 | 8,064 | 10,353 |
2017/2016 | 10,080 | 4,758 |
Prior | 46,441 | 43,875 |
Revolving | 21,633 | 21,931 |
Revolving to Term | 0 | 0 |
Total | 107,009 | 109,629 |
Commercial | Agricultural | Grades 1-4 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 1,179 | 13,719 |
2020/2019 | 13,801 | 5,652 |
2019/2018 | 5,232 | 7,580 |
2018/2017 | 7,353 | 9,745 |
2017/2016 | 9,551 | 2,613 |
Prior | 34,345 | 32,702 |
Revolving | 21,259 | 21,513 |
Revolving to Term | 0 | 0 |
Total | 92,720 | 93,524 |
Commercial | Agricultural | Grade 5 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 284 | 1,034 |
2020/2019 | 295 | 0 |
2019/2018 | 0 | 701 |
2018/2017 | 685 | 169 |
2017/2016 | 439 | 644 |
Prior | 6,301 | 6,131 |
Revolving | 277 | 356 |
Revolving to Term | 0 | 0 |
Total | 8,281 | 9,035 |
Commercial | Agricultural | Grade 6 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 329 |
2017/2016 | 0 | 390 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 0 | 719 |
Commercial | Agricultural | Grade 7 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 26 |
2018/2017 | 26 | 110 |
2017/2016 | 90 | 1,111 |
Prior | 5,795 | 5,042 |
Revolving | 97 | 62 |
Revolving to Term | 0 | 0 |
Total | 6,008 | 6,351 |
Commercial real estate | CRE investment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 50,949 | 82,518 |
2020/2019 | 83,158 | 78,841 |
2019/2018 | 75,090 | 40,928 |
2018/2017 | 37,811 | 71,723 |
2017/2016 | 65,422 | 33,369 |
Prior | 171,595 | 148,087 |
Revolving | 6,028 | 5,255 |
Revolving to Term | 0 | 0 |
Total | 490,053 | 460,721 |
Commercial real estate | CRE investment | Grades 1-4 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 49,394 | 82,518 |
2020/2019 | 80,566 | 78,841 |
2019/2018 | 73,984 | 40,881 |
2018/2017 | 34,734 | 69,643 |
2017/2016 | 60,858 | 31,541 |
Prior | 143,032 | 137,048 |
Revolving | 6,028 | 5,255 |
Revolving to Term | 0 | 0 |
Total | 448,596 | 445,727 |
Commercial real estate | CRE investment | Grade 5 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 1,555 | 0 |
2020/2019 | 2,592 | 0 |
2019/2018 | 1,106 | 47 |
2018/2017 | 3,077 | 1,284 |
2017/2016 | 3,777 | 1,828 |
Prior | 26,654 | 9,073 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 38,761 | 12,232 |
Commercial real estate | CRE investment | Grade 6 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 796 |
2017/2016 | 787 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 787 | 796 |
Commercial real estate | CRE investment | Grade 7 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 0 |
Prior | 1,909 | 1,966 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 1,909 | 1,966 |
Commercial real estate | Construction & land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 4,931 | 67,578 |
2020/2019 | 77,235 | 31,106 |
2019/2018 | 24,173 | 15,869 |
2018/2017 | 15,183 | 2,749 |
2017/2016 | 2,621 | 2,083 |
Prior | 8,795 | 7,768 |
Revolving | 4,732 | 4,130 |
Revolving to Term | 0 | 0 |
Total | 137,670 | 131,283 |
Commercial real estate | Construction & land development | Grades 1-4 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 4,931 | 67,578 |
2020/2019 | 77,235 | 30,733 |
2019/2018 | 23,800 | 15,209 |
2018/2017 | 14,532 | 2,204 |
2017/2016 | 2,068 | 2,083 |
Prior | 8,450 | 7,266 |
Revolving | 4,279 | 3,675 |
Revolving to Term | 0 | 0 |
Total | 135,295 | 128,748 |
Commercial real estate | Construction & land development | Grade 5 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 373 |
2019/2018 | 373 | 660 |
2018/2017 | 651 | 545 |
2017/2016 | 534 | 0 |
Prior | 22 | 23 |
Revolving | 453 | 455 |
Revolving to Term | 0 | 0 |
Total | 2,033 | 2,056 |
Commercial real estate | Construction & land development | Grade 6 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 0 | 0 |
Commercial real estate | Construction & land development | Grade 7 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 19 | 0 |
Prior | 323 | 479 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 342 | 479 |
Residential | Residential first mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 48,620 | 146,744 |
2020/2019 | 144,134 | 65,375 |
2019/2018 | 59,562 | 42,830 |
2018/2017 | 37,223 | 41,517 |
2017/2016 | 36,215 | 41,647 |
Prior | 130,096 | 105,750 |
Revolving | 342 | 287 |
Revolving to Term | 5 | 5 |
Total | 456,197 | 444,155 |
Residential | Residential junior mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 964 | 4,936 |
2020/2019 | 4,406 | 4,338 |
2019/2018 | 3,997 | 3,663 |
2018/2017 | 3,228 | 1,087 |
2017/2016 | 864 | 869 |
Prior | 3,633 | 3,395 |
Revolving | 89,297 | 91,941 |
Revolving to Term | 1,252 | 1,648 |
Total | 107,641 | 111,877 |
Residential | Grades 1-4 | Residential first mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 48,620 | 146,744 |
2020/2019 | 144,134 | 64,013 |
2019/2018 | 58,206 | 40,388 |
2018/2017 | 34,880 | 41,245 |
2017/2016 | 35,738 | 41,274 |
Prior | 126,739 | 103,094 |
Revolving | 342 | 287 |
Revolving to Term | 5 | 5 |
Total | 448,664 | 437,050 |
Residential | Grades 1-4 | Residential junior mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 964 | 4,936 |
2020/2019 | 4,406 | 4,338 |
2019/2018 | 3,997 | 3,663 |
2018/2017 | 3,228 | 1,060 |
2017/2016 | 838 | 869 |
Prior | 3,553 | 3,131 |
Revolving | 89,255 | 91,816 |
Revolving to Term | 1,252 | 1,648 |
Total | 107,493 | 111,461 |
Residential | Grade 5 | Residential first mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 925 |
2019/2018 | 921 | 2,245 |
2018/2017 | 2,149 | 256 |
2017/2016 | 462 | 364 |
Prior | 2,771 | 1,714 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 6,303 | 5,504 |
Residential | Grade 5 | Residential junior mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 0 |
Prior | 32 | 32 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 32 | 32 |
Residential | Grade 6 | Residential first mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 0 | 0 |
Residential | Grade 6 | Residential junior mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 0 | 0 |
Residential | Grade 7 | Residential first mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 437 |
2019/2018 | 435 | 197 |
2018/2017 | 194 | 16 |
2017/2016 | 15 | 9 |
Prior | 586 | 942 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 1,230 | 1,601 |
Residential | Grade 7 | Residential junior mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 27 |
2017/2016 | 26 | 0 |
Prior | 48 | 232 |
Revolving | 42 | 125 |
Revolving to Term | 0 | 0 |
Total | 116 | 384 |
Residential | Residential construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 6,212 | 31,687 |
2020/2019 | 27,277 | 9,185 |
2019/2018 | 5,129 | 395 |
2018/2017 | 392 | 176 |
2017/2016 | 361 | 0 |
Prior | 215 | 264 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 39,586 | 41,707 |
Residential | Residential construction | Grades 1-4 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 6,212 | 31,687 |
2020/2019 | 27,277 | 9,185 |
2019/2018 | 5,129 | 395 |
2018/2017 | 392 | 121 |
2017/2016 | 307 | 0 |
Prior | 215 | 264 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 39,532 | 41,652 |
Residential | Residential construction | Grade 5 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 55 |
2017/2016 | 54 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 54 | 55 |
Residential | Residential construction | Grade 6 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | 0 | 0 |
Residential | Residential construction | Grade 7 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 0 | 0 |
2020/2019 | 0 | 0 |
2019/2018 | 0 | 0 |
2018/2017 | 0 | 0 |
2017/2016 | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total | $ 0 | $ 0 |
Goodwill and Other Intangibles and Mortgage Servicing Rights - Goodwill and other intangibles (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 163,151 | $ 163,151 | $ 151,198 |
Other intangibles | 11,350 | 12,202 | |
Goodwill and other intangibles, net | 174,501 | 175,353 | |
Core deposit intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Other intangibles | 8,112 | 8,837 | |
Customer list intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Other intangibles | $ 3,238 | $ 3,365 |
Goodwill and Other Intangibles and Mortgage Servicing Rights - Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Goodwill: | ||
Goodwill at beginning of year | $ 163,151 | $ 151,198 |
Acquisition | 0 | 11,953 |
Goodwill at end of period | $ 163,151 | $ 163,151 |
Goodwill and Other Intangibles and Mortgage Servicing Rights - Other intangible assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Net book value | $ 11,350 | $ 12,202 | |
Amortization during the period | 852 | $ 993 | |
Core deposit intangibles: | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 31,715 | 31,715 | |
Accumulated amortization | (23,603) | (22,878) | |
Net book value | 8,112 | 8,837 | |
Additions during the period | 0 | 1,000 | |
Amortization during the period | 725 | 3,060 | |
Customer list intangibles: | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 5,523 | 5,523 | |
Accumulated amortization | (2,285) | (2,158) | |
Net book value | 3,238 | 3,365 | |
Amortization during the period | $ 127 | $ 507 |
Goodwill and Other Intangibles and Mortgage Servicing Rights - Mortgage servicing rights (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Mortgage servicing rights ("MSR") asset: | ||
MSR asset at beginning of year | $ 10,230 | $ 5,919 |
Capitalized MSR | 1,117 | 5,256 |
MSR asset acquired | 0 | 529 |
Amortization during the period | (496) | (1,474) |
MSR asset at end of period | 10,851 | 10,230 |
Valuation Allowance: | ||
Valuation allowance at beginning of year | (1,000) | 0 |
Additions | (500) | (1,000) |
Valuation allowance at end of period | (1,500) | (1,000) |
MSR asset, net | 9,351 | 9,230 |
Fair value of MSR asset at end of period | 10,550 | 9,276 |
Residential mortgage loans serviced for others | $ 1,293,845 | $ 1,250,206 |
Net book value of MSR asset to loans serviced for others | 0.72% | 0.74% |
Goodwill and Other Intangibles and Mortgage Servicing Rights - Estimated future amortization expense (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Net book value | $ 11,350 | $ 12,202 |
Core deposit intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
2021 (remaining nine months) | 1,918 | |
2022 | 2,150 | |
2023 | 1,633 | |
2024 | 1,130 | |
2025 | 670 | |
2026 | 317 | |
Thereafter | 294 | |
Net book value | 8,112 | 8,837 |
Customer list intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
2021 (remaining nine months) | 380 | |
2022 | 507 | |
2023 | 483 | |
2024 | 449 | |
2025 | 449 | |
2026 | 249 | |
Thereafter | 721 | |
Net book value | 3,238 | $ 3,365 |
MSR asset | ||
Finite-Lived Intangible Assets [Line Items] | ||
2021 (remaining nine months) | 1,381 | |
2022 | 1,869 | |
2023 | 1,773 | |
2024 | 1,448 | |
2025 | 961 | |
2026 | 960 | |
Thereafter | 2,459 | |
Net book value | $ 10,851 |
Short and Long-Term Borrowings - Narrative (Details) - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument | ||
Short-term borrowings | $ 0 | $ 0 |
Trust preferred securities qualify as Tier 1 capital | $ 24,000,000.0 | $ 23,900,000 |
FHLB advances | ||
Debt Instrument | ||
FHLB weighted average interest rate | 0.78% | 0.73% |
Short and Long-Term Borrowings - Long-term Borrowings (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument | ||
Long-term borrowings | $ 43,988 | $ 53,869 |
FHLB advances | ||
Debt Instrument | ||
Long-term borrowings | 19,000 | 29,000 |
Junior subordinated debentures | ||
Debt Instrument | ||
Long-term borrowings | $ 24,988 | $ 24,869 |
Short and Long-Term Borrowings - Junior Subordinated Debentures (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Junior Subordinated Debentures | ||
Carrying Value | $ 43,988,000 | $ 53,869,000 |
Junior subordinated debentures | ||
Junior Subordinated Debentures | ||
Par | 32,063,000 | |
Unamortized Discount | (7,075,000) | |
Carrying Value | 24,988,000 | 24,869,000 |
Junior subordinated debentures | 2005 Mid-Wisconsin Financial Services, Inc. | ||
Junior Subordinated Debentures | ||
Par | 10,310,000 | |
Unamortized Discount | (2,923,000) | |
Carrying Value | $ 7,387,000 | $ 7,338,000 |
Effective percentage | 1.61% | 1.65% |
Junior subordinated debentures | 2006 Baylake Corp. | ||
Junior Subordinated Debentures | ||
Par | $ 16,598,000 | |
Unamortized Discount | (3,588,000) | |
Carrying Value | $ 13,010,000 | $ 12,951,000 |
Effective percentage | 1.55% | 1.59% |
Junior subordinated debentures | 2004 First Menasha Bancshares, Inc. | ||
Junior Subordinated Debentures | ||
Par | $ 5,155,000 | |
Unamortized Discount | (564,000) | |
Carrying Value | $ 4,591,000 | $ 4,580,000 |
Effective percentage | 2.97% | 3.02% |
Junior subordinated debentures | London Interbank Offered Rate (LIBOR) | 2005 Mid-Wisconsin Financial Services, Inc. | ||
Junior Subordinated Debentures | ||
Floating interest rate | 1.43% | |
Junior subordinated debentures | London Interbank Offered Rate (LIBOR) | 2006 Baylake Corp. | ||
Junior Subordinated Debentures | ||
Floating interest rate | 1.35% | |
Junior subordinated debentures | London Interbank Offered Rate (LIBOR) | 2004 First Menasha Bancshares, Inc. | ||
Junior Subordinated Debentures | ||
Floating interest rate | 2.79% |
Fair Value Measurements - Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | $ 558,229 | $ 539,337 |
U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 79,115 | 63,451 |
State, county and municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 227,672 | 231,868 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 166,900 | 162,495 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 84,542 | 81,523 |
Recurring basis fair value measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 558,229 | 539,337 |
Recurring basis fair value measurements | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 79,115 | 63,451 |
Recurring basis fair value measurements | State, county and municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 227,672 | 231,868 |
Recurring basis fair value measurements | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 166,900 | 162,495 |
Recurring basis fair value measurements | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 84,542 | 81,523 |
Recurring basis fair value measurements | Other investments (equity securities) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments (equity securities) | 4,190 | 3,567 |
Recurring basis fair value measurements | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 0 | 0 |
Recurring basis fair value measurements | Level 1 | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 0 | 0 |
Recurring basis fair value measurements | Level 1 | State, county and municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 0 | 0 |
Recurring basis fair value measurements | Level 1 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 0 | 0 |
Recurring basis fair value measurements | Level 1 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 0 | 0 |
Recurring basis fair value measurements | Level 1 | Other investments (equity securities) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments (equity securities) | 4,190 | 3,567 |
Recurring basis fair value measurements | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 555,099 | 536,207 |
Recurring basis fair value measurements | Level 2 | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 79,115 | 63,451 |
Recurring basis fair value measurements | Level 2 | State, county and municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 227,672 | 231,868 |
Recurring basis fair value measurements | Level 2 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 166,900 | 162,495 |
Recurring basis fair value measurements | Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 81,412 | 78,393 |
Recurring basis fair value measurements | Level 2 | Other investments (equity securities) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments (equity securities) | 0 | 0 |
Recurring basis fair value measurements | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 3,130 | 3,130 |
Recurring basis fair value measurements | Level 3 | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 0 | 0 |
Recurring basis fair value measurements | Level 3 | State, county and municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 0 | 0 |
Recurring basis fair value measurements | Level 3 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 0 | 0 |
Recurring basis fair value measurements | Level 3 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 3,130 | 3,130 |
Recurring basis fair value measurements | Level 3 | Other investments (equity securities) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments (equity securities) | $ 0 | $ 0 |
Fair Value Measurements - Measured at Fair Value on Nonrecurring Basis (Details) - Measured at Fair Value on a Nonrecurring Basis - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Collateral dependent loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 8,399 | $ 7,633 |
Other real estate owned (“OREO”) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 3,797 | 3,608 |
MSR asset | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 10,550 | 9,276 |
Level 1 | Collateral dependent loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Level 1 | Other real estate owned (“OREO”) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Level 1 | MSR asset | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Level 2 | Collateral dependent loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Level 2 | Other real estate owned (“OREO”) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Level 2 | MSR asset | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Level 3 | Collateral dependent loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 8,399 | 7,633 |
Level 3 | Other real estate owned (“OREO”) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 3,797 | 3,608 |
Level 3 | MSR asset | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 10,550 | $ 9,276 |
Fair Value Measurements - Summary of carrying amounts and estimated fair values of financial instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Financial assets: | ||
Securities AFS | $ 558,229 | $ 539,337 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 735,854 | 802,859 |
Certificates of deposit in other banks | 27,296 | 29,521 |
Securities AFS | 558,229 | 539,337 |
Other investments, including equity securities | 28,248 | 27,619 |
Loans held for sale | 16,883 | 21,450 |
Loans, net | 2,813,725 | 2,756,928 |
BOLI | 83,788 | 83,262 |
MSR asset | 9,351 | 9,230 |
Financial liabilities: | ||
Deposits | 3,900,594 | 3,910,399 |
Long-term borrowings | 43,988 | 53,869 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 735,854 | 802,859 |
Certificates of deposit in other banks | 28,320 | 31,053 |
Securities AFS | 558,229 | 539,337 |
Other investments, including equity securities | 28,248 | 27,619 |
Loans held for sale | 17,383 | 22,329 |
Loans, net | 2,861,528 | 2,834,452 |
BOLI | 83,788 | 83,262 |
MSR asset | 10,550 | 9,276 |
Financial liabilities: | ||
Deposits | 3,906,058 | 3,917,121 |
Long-term borrowings | 43,750 | 53,859 |
Estimated Fair Value | Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 735,854 | 802,859 |
Certificates of deposit in other banks | 0 | 0 |
Securities AFS | 0 | 0 |
Other investments, including equity securities | 4,190 | 3,567 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
BOLI | 83,788 | 83,262 |
MSR asset | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Long-term borrowings | 0 | 0 |
Estimated Fair Value | Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposit in other banks | 28,320 | 31,053 |
Securities AFS | 555,099 | 536,207 |
Other investments, including equity securities | 20,074 | 20,155 |
Loans held for sale | 17,383 | 22,329 |
Loans, net | 0 | 0 |
BOLI | 0 | 0 |
MSR asset | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Long-term borrowings | 19,261 | 29,488 |
Estimated Fair Value | Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposit in other banks | 0 | 0 |
Securities AFS | 3,130 | 3,130 |
Other investments, including equity securities | 3,984 | 3,897 |
Loans held for sale | 0 | 0 |
Loans, net | 2,861,528 | 2,834,452 |
BOLI | 0 | 0 |
MSR asset | 10,550 | 9,276 |
Financial liabilities: | ||
Deposits | 3,906,058 | 3,917,121 |
Long-term borrowings | $ 24,489 | $ 24,371 |
Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Subsequent Event [Line Items] | |||
Assets | $ 4,543,804 | $ 4,551,789 | |
Loans | 2,813,725 | 2,756,928 | |
Deposits | 3,900,594 | 3,910,399 | |
Equity | $ 550,046 | 539,189 | |
Mackinac | |||
Subsequent Event [Line Items] | |||
Assets | 1,500,000 | ||
Loans | 1,100,000 | ||
Deposits | 1,300,000 | ||
Equity | $ 168,000 | ||
Mackinac | Forecast | |||
Subsequent Event [Line Items] | |||
Consideration, shares portion (in shares) | 0.22 | ||
Consideration, cash portion (in dollars per share) | $ 4.64 | ||
Consideration, cash portion, percentage | 20.00% | ||
Consideration, shares portion, percentage | 80.00% |
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