QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
( | ||||||||
(Address of principal executive offices, including zip code) | (Registrant’s telephone number, including area code) |
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 | ☐ | x | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page No. | ||||||||||||||
PART I | ||||||||||||||
Item 1. | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
Part II | ||||||||||||||
Item 1. | ||||||||||||||
Item 1A. | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
Item 5. | ||||||||||||||
Item 6. | ||||||||||||||
ABTW | American Bank and Trust-Wisconsin of Cuba City, Wisconsin | FDIC | Federal Deposit Insurance Corporation | ||||||||
ACL | Allowance for Credit Losses | FHLB | Federal Home Loan Bank | ||||||||
AFS | Available for Sale | FHLBC | Federal Home Loan Bank of Chicago | ||||||||
AOCI | Accumulated Other Comprehensive Income | FHLBDM | Federal Home Loan Bank of Des Moines | ||||||||
ASC | Accounting Standards Codification | FHLMC | Federal Home Loan Mortgage Corporation | ||||||||
ASU | Accounting Standards Update | FNMA | Federal National Mortgage Association | ||||||||
ATM | Automated Teller Machine | FRB | Board of Governors of the Federal Reserve System | ||||||||
ATSB | American Trust & Savings Bank of Dubuque, Iowa | GAAP | U.S. Generally Accepted Accounting Principles | ||||||||
Basel III Rules | A comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013 | GLBA | Gramm-Leach-Bliley Act of 1999 | ||||||||
BHCA | Bank Holding Company Act of 1956, as amended | GNMA | Government National Mortgage Association | ||||||||
BOLI | Bank Owned Life Insurance | HTM | Held to Maturity | ||||||||
CAA | Consolidated Appropriations Act, 2021 | ICS | Insured Cash Sweep | ||||||||
CARES Act | Coronavirus Aid, Relief and Economic Security Act | LIBOR | The London Inter-bank Offered Rate | ||||||||
CDARS | Certificate of Deposit Account Registry Service | MBS | Mortgage-Backed Securities | ||||||||
CECL | Current Expected Credit Loss | OTTI | Other-Than-Temporary Impairment | ||||||||
CMO | Collateralized Mortgage Obligations | PCD | Purchased Financial Assets with Credit Deterioration | ||||||||
COVID-19 | Coronavirus Disease 2019 | PCI | Purchased Credit Impaired | ||||||||
CRA | Community Reinvestment Act | PPP | Paycheck Protection Program | ||||||||
CRE | Commercial Real Estate | ROU | Right-of-Use | ||||||||
DCF | Discounted cash flows | RRE | Residential Real Estate | ||||||||
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | RPA | Credit Risk Participation Agreement | ||||||||
ECL | Expected Credit Losses | SBA | U.S. Small Business Administration | ||||||||
EVE | Economic Value of Equity | SEC | U.S. Securities and Exchange Commission | ||||||||
FASB | Financial Accounting Standards Board | TDR | Troubled Debt Restructuring |
March 31, 2021 | December 31, 2020 | ||||||||||
(unaudited) (dollars in thousands, except per share amounts) | |||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest earning deposits in banks | |||||||||||
Federal funds sold | |||||||||||
Total cash and cash equivalents | |||||||||||
Debt securities available for sale at fair value | |||||||||||
Loans held for sale | |||||||||||
Gross loans held for investment | |||||||||||
Unearned income, net | ( | ( | |||||||||
Loans held for investment, net of unearned income | |||||||||||
Allowance for credit losses | ( | ( | |||||||||
Total loans held for investment, net | |||||||||||
Premises and equipment, net | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Foreclosed assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Noninterest bearing deposits | $ | $ | |||||||||
Interest bearing deposits | |||||||||||
Total deposits | |||||||||||
Short-term borrowings | |||||||||||
Long-term debt | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Shareholders' equity | |||||||||||
Preferred stock, | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock at cost, | ( | ( | |||||||||
Accumulated other comprehensive income | |||||||||||
Total shareholders' equity | |||||||||||
Total liabilities and shareholders' equity | $ | $ |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(unaudited) (dollars in thousands, except per share amounts) | 2021 | 2020 | ||||||||||||
Interest income | ||||||||||||||
Loans, including fees | $ | $ | ||||||||||||
Taxable investment securities | ||||||||||||||
Tax-exempt investment securities | ||||||||||||||
Other | ||||||||||||||
Total interest income | ||||||||||||||
Interest expense | ||||||||||||||
Deposits | ||||||||||||||
Short-term borrowings | ||||||||||||||
Long-term debt | ||||||||||||||
Total interest expense | ||||||||||||||
Net interest income | ||||||||||||||
Credit loss (benefit) expense | ( | |||||||||||||
Net interest income after credit loss (benefit) expense | ||||||||||||||
Noninterest income | ||||||||||||||
Investment services and trust activities | ||||||||||||||
Service charges and fees | ||||||||||||||
Card revenue | ||||||||||||||
Loan revenue | ||||||||||||||
Bank-owned life insurance | ||||||||||||||
Investment securities gains, net | ||||||||||||||
Other | ||||||||||||||
Total noninterest income | ||||||||||||||
Noninterest expense | ||||||||||||||
Compensation and employee benefits | ||||||||||||||
Occupancy expense of premises, net | ||||||||||||||
Equipment | ||||||||||||||
Legal and professional | ||||||||||||||
Data processing | ||||||||||||||
Marketing | ||||||||||||||
Amortization of intangibles | ||||||||||||||
FDIC insurance | ||||||||||||||
Communications | ||||||||||||||
Foreclosed assets, net | ||||||||||||||
Other | ||||||||||||||
Total noninterest expense | ||||||||||||||
Income (loss) before income tax expense | ( | |||||||||||||
Income tax expense (benefit) | ( | |||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||
Per common share information | ||||||||||||||
Earnings (loss) - basic | $ | $ | ( | |||||||||||
Earnings (loss) - diluted | $ | $ | ( | |||||||||||
Dividends paid | $ | $ |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(unaudited) (dollars in thousands) | 2021 | 2020 | ||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||
Unrealized (loss) gain from debt securities available for sale: | ||||||||||||||
Unrealized net holding (loss) gain on debt securities available for sale arising during the period | ( | |||||||||||||
Reclassification adjustment for gains included in net income | ( | ( | ||||||||||||
Income tax benefit (expense) | ( | |||||||||||||
Unrealized net (loss) gain on debt securities available for sale, net of reclassification adjustment | ( | |||||||||||||
Unrealized loss from cash flow hedging instruments: | ||||||||||||||
Unrealized net holding loss in cash flow hedging instruments arising during the period | ( | |||||||||||||
Reclassification adjustment for net gain in cash flow hedging instruments included in income | ( | |||||||||||||
Income tax benefit | ||||||||||||||
Unrealized net losses on cash flow hedge instruments, net of reclassification adjustment | ( | |||||||||||||
Other comprehensive (loss) income, net of tax | ( | |||||||||||||
Comprehensive income | $ | $ |
Common Stock | ||||||||||||||||||||||||||||||||||||||
(unaudited) (dollars in thousands, except per share amounts) | Par Value | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
— | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Acquisition fair value finalization(2) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Release/lapse of restriction on RSUs ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||
Repurchase of common stock ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Dividends paid on common stock ($ | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Release/lapse of restriction on RSUs ( | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||
Repurchase of common stock ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Dividends paid on common stock ($ | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
(unaudited) (dollars in thousands) | 2021 | 2020 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Credit loss (benefit) expense | ( | ||||||||||
Depreciation, amortization, and accretion | ( | ||||||||||
Net loss on sale of premises and equipment | |||||||||||
Share-based compensation | |||||||||||
Net gain on sale or call of debt securities available for sale | ( | ||||||||||
Net gain on sale of foreclosed assets, net | ( | ( | |||||||||
Writedown of foreclosed assets | |||||||||||
Net gain on sale of loans held for sale | ( | ( | |||||||||
Origination of loans held for sale | ( | ( | |||||||||
Proceeds from sales of loans held for sale | |||||||||||
Increase in cash surrender value of bank-owned life insurance | ( | ( | |||||||||
Decrease (increase) in deferred income taxes, net | ( | ||||||||||
Change in: | |||||||||||
Other assets | ( | ||||||||||
Other liabilities | ( | ||||||||||
Net cash provided by operating activities | $ | $ | |||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from sales of debt securities available for sale | $ | $ | |||||||||
Proceeds from maturities and calls of debt securities available for sale | |||||||||||
Purchases of debt securities available for sale | ( | ( | |||||||||
Net decrease in loans held for investment | |||||||||||
Purchases of premises and equipment | ( | ( | |||||||||
Proceeds from sale of foreclosed assets | |||||||||||
Proceeds from sale of premises and equipment | |||||||||||
Net cash (used in) investing activities | $ | ( | $ | ( | |||||||
Cash flows from financing activities: | |||||||||||
Net increase (decrease) in: | |||||||||||
Deposits | $ | $ | |||||||||
Short-term borrowings | ( | ( | |||||||||
Payments of subordinated debt issuance costs | ( | ||||||||||
Payments on finance lease liability | ( | ( | |||||||||
Payments of Federal Home Loan Bank borrowings | ( | ( | |||||||||
Payments of other long-term debt | ( | ||||||||||
Taxes paid relating to the release/lapse of restriction on RSUs | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Repurchase of common stock | ( | ( | |||||||||
Net cash provided by financing activities | $ | $ | |||||||||
Net increase in cash and cash equivalents | $ | $ | |||||||||
Cash and cash equivalents: | |||||||||||
Beginning of Period | |||||||||||
Ending balance | $ | $ |
(unaudited) (dollars in thousands) | Three Months Ended March 31, | ||||||||||
2021 | 2020 | ||||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid during the period for interest | $ | $ | |||||||||
Cash paid during the period for income taxes | |||||||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||
Transfer of loans to foreclosed assets, net | $ | $ | |||||||||
Investment securities purchased but not settled | |||||||||||
As of March 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Loss related to Debt Securities | Fair Value | ||||||||||||||||||||||||
U.S. Government agencies and corporations | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
State and political subdivisions | |||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||
Total debt securities | $ | $ | $ | $ | $ |
As of December 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Loss related to Debt Securities | Fair Value | ||||||||||||||||||||||||
U.S. Government agencies and corporations | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
State and political subdivisions | |||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||
Total debt securities | $ | $ | $ | $ | $ |
As of March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Number of Securities | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||
Available for Sale | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Available for Sale | Number of Securities | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Three Months Ended | |||||||||||
(in thousands) | March 31, 2021 | March 31, 2020 | |||||||||
Proceeds from sales of debt securities available for sale | $ | $ | |||||||||
Gross realized gains from sales of debt securities available for sale | |||||||||||
Gross realized losses from sales of debt securities available for sale | ( | ||||||||||
Net realized gain from sales of debt securities available for sale | $ | $ |
Available For Sale | |||||||||||
(in thousands) | Amortized Cost | Fair Value | |||||||||
Due in one year or less | $ | $ | |||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
$ | $ | ||||||||||
Mortgage-backed securities | |||||||||||
Collateralized mortgage obligations | |||||||||||
Total | $ | $ |
As of | |||||||||||
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Agricultural | $ | $ | |||||||||
Commercial and industrial | |||||||||||
Commercial real estate: | |||||||||||
Construction & development | |||||||||||
Farmland | |||||||||||
Multifamily | |||||||||||
Commercial real estate-other | |||||||||||
Total commercial real estate | |||||||||||
Residential real estate: | |||||||||||
One- to four- family first liens | |||||||||||
One- to four- family junior liens | |||||||||||
Total residential real estate | |||||||||||
Consumer | |||||||||||
Loans held for investment, net of unearned income | |||||||||||
Allowance for credit losses | ( | ( | |||||||||
Total loans held for investment, net | $ | $ |
Age Analysis of Past-Due Financial Assets | 90 Days or More Past Due And Accruing | ||||||||||||||||||||||||||||||||||
(in thousands) | Current | 30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total | ||||||||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||||||||
Agricultural | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
Construction and development | |||||||||||||||||||||||||||||||||||
Farmland | |||||||||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Commercial real estate-other | |||||||||||||||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||
One- to four- family first liens | |||||||||||||||||||||||||||||||||||
One- to four- family junior liens | |||||||||||||||||||||||||||||||||||
Total residential real estate | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Agricultural | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
Construction and development | |||||||||||||||||||||||||||||||||||
Farmland | |||||||||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Commercial real estate-other | |||||||||||||||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||
One- to four- family first liens | |||||||||||||||||||||||||||||||||||
One- to four- family junior liens | |||||||||||||||||||||||||||||||||||
Total residential real estate | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Nonaccrual | Nonaccrual with no Allowance for Credit Losses | 90 Days or More Past Due And Accruing | |||||||||||||||||||||||||||||||||
(in thousands) | March 31, 2021 | December 31, 2020 | March 31, 2021 | December 31, 2020 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||
Agricultural | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
Construction and development | |||||||||||||||||||||||||||||||||||
Farmland | |||||||||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Commercial real estate-other | |||||||||||||||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||
One- to four- family first liens | |||||||||||||||||||||||||||||||||||
One- to four- family junior liens | |||||||||||||||||||||||||||||||||||
Total residential real estate | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Term Loans by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 (in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special mention / watch | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special mention / watch | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
CRE - Construction and development | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special mention / watch | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
CRE - Farmland | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special mention / watch | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
CRE - Multifamily | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special mention / watch | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
CRE - other | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special mention / watch | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
RRE - One- to four- family first liens | |||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
RRE - One- to four- family junior liens | |||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | |||||||||||||||||||||||||||||||||||||||||
Total by Credit Quality Indicator Category | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special mention / watch | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 (in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special mention / watch | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special mention / watch | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
CRE - Construction and development | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special mention / watch | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
CRE - Farmland | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special mention / watch | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
CRE - Multifamily | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special mention / watch | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
CRE - other | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special mention / watch | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
RRE - One- to four- family first liens | |||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
RRE - One- to four- family junior liens | |||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | |||||||||||||||||||||||||||||||||||||||||
Total by Credit Quality Indicator Category | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special mention / watch | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
For the Three Months Ended March 31, 2021 and 2020 | |||||||||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Total | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
Credit loss (benefit) expense(1) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
( | |||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
Credit loss expense(1) | |||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
(1) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss (benefit) expense of $( |
As of March 31, 2021 | |||||||||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Total | |||||||||||||||||||||||||||||
Loans held for investment, net of unearned income | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Total | |||||||||||||||||||||||||||||
Loans held for investment, net of unearned income | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
As of March 31, 2021 | ||||||||||||||||||||||||||||||||
(in thousands) | Primary Type of Collateral | |||||||||||||||||||||||||||||||
Real Estate | Equipment | Other | Total | ACL Allocation | ||||||||||||||||||||||||||||
Agricultural | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and development | ||||||||||||||||||||||||||||||||
Farmland | ||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||
Commercial real estate-other | ||||||||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||
One- to four- family first liens | ||||||||||||||||||||||||||||||||
One- to four- family junior liens | ||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
As of December 31, 2020 | ||||||||||||||||||||||||||||||||
(in thousands) | Primary Type of Collateral | |||||||||||||||||||||||||||||||
Real Estate | Equipment | Other | Total | ACL Allocation | ||||||||||||||||||||||||||||
Agricultural | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Construction and development | ||||||||||||||||||||||||||||||||
Farmland | ||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||
Commercial real estate-other | ||||||||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||
One- to four- family first liens | ||||||||||||||||||||||||||||||||
One- to four- family junior liens | ||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
CONCESSION - Extended maturity date | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Commercial real estate-other | |||||||||||||||||||||||||||||||||||
One- to four- family first liens | |||||||||||||||||||||||||||||||||||
CONCESSION - Other | |||||||||||||||||||||||||||||||||||
Commercial real estate-other | |||||||||||||||||||||||||||||||||||
One- to four- family first liens | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
As of March 31, 2021 | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||||||||||||
(in thousands) | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||||||||
Designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
RPAs - protection sold | ||||||||||||||||||||||||||||||||||||||
RPAs - protection purchased | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Amount of Gain (Loss) Recognized in AOCI on Derivative | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | |||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Interest rate swaps | $ | $ | ( | Interest Expense | $ | $ | |||||||||||||||||||||||
Location and Amount of Gain or Loss Recognized in Income on Fair Value and Cash Flow Hedging Relationships | |||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in thousands) | Interest Income | Other Income | Interest Income | Other Income | |||||||||||||||||||
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded | $ | ( | $ | $ | ( | $ | |||||||||||||||||
The effects of fair value and cash flow hedging: | |||||||||||||||||||||||
Gain (loss) on fair value hedging relationships in subtopic 815-20: | |||||||||||||||||||||||
Interest contracts: | |||||||||||||||||||||||
Hedged items | ( | ||||||||||||||||||||||
Derivative designated as hedging instruments | ( | ||||||||||||||||||||||
Income statement effect of cash flow hedging relationships in subtopic 815-20: | |||||||||||||||||||||||
Interest contracts: | |||||||||||||||||||||||
Amount reclassified from AOCI into income |
Line Item in the Balance Sheet in Which the Hedged Item is Included | Carrying Amount of the Hedged Assets | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset | ||||||||||||
(in thousands) | ||||||||||||||
Loans | $ | $ |
Location in the Consolidated Statements of Income | For the Three Months Ended March 31, | |||||||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||||||||
Interest rate swaps | Other income | $ | ( | $ | ||||||||||||||||
RPAs | Other income | |||||||||||||||||||
Total | $ | ( | $ |
Gross Amounts Not Offset in the Balance Sheet | |||||||||||||||||||||||||||||||||||
(in thousands) | Gross Amounts of Recognized Assets (Liabilities) | Gross Amounts Offset in the Balance Sheet | Net Amounts of Assets (Liabilities) presented in the Balance Sheet | Financial Instruments | Cash Collateral Received (Paid) | Net Assets (Liabilities) | |||||||||||||||||||||||||||||
As of March 31, 2021 | |||||||||||||||||||||||||||||||||||
Asset Derivatives | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Liability Derivatives | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
Asset Derivatives | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Liability Derivatives | ( | ( | ( |
As of March 31, 2021 | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||
Core deposit intangible | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Customer relationship intangible | ( | ( | ||||||||||||||||||||||||||||||||||||
Other | ( | ( | ||||||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Indefinite-lived trade name intangible | $ | $ |
(in thousands) | Core Deposit Intangible | Customer Relationship Intangible | Other | Total | |||||||||||||||||||
Estimated Remaining Amortization Expense for the Year Ending December 31, | |||||||||||||||||||||||
2021 | $ | $ | $ | $ | |||||||||||||||||||
2022 | |||||||||||||||||||||||
2023 | |||||||||||||||||||||||
2024 | |||||||||||||||||||||||
2025 | |||||||||||||||||||||||
Thereafter | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Bank-owned life insurance | $ | $ | |||||||||
Interest receivable | |||||||||||
FHLB stock | |||||||||||
Mortgage servicing rights | |||||||||||
Operating lease right-of-use assets, net | |||||||||||
Federal and state income taxes, deferred | |||||||||||
Derivative assets | |||||||||||
Other receivables/assets | |||||||||||
$ | $ |
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Noninterest bearing deposits | $ | $ | |||||||||
Interest checking deposits | |||||||||||
Money market deposits | |||||||||||
Savings deposits | |||||||||||
Time deposits under $250 | |||||||||||
Time deposits of $250 or more | |||||||||||
Total deposits | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(in thousands) | Weighted Average Rate | Balance | Weighted Average Rate | Balance | ||||||||||||||||||||||
Securities sold under agreements to repurchase | % | $ | % | $ | ||||||||||||||||||||||
Federal Home Loan Bank advances | ||||||||||||||||||||||||||
Total | % | $ | % | $ |
(in thousands) | Face Value | Book Value | Interest Rate | Rate | Maturity Date | Callable Date | ||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
ATBancorp Statutory Trust I | $ | $ | Three-month LIBOR + | % | 06/15/2036 | 06/15/2011 | ||||||||||||||||||||||||||||||||
ATBancorp Statutory Trust II | Three-month LIBOR + | % | 09/15/2037 | 06/15/2012 | ||||||||||||||||||||||||||||||||||
Barron Investment Capital Trust I | Three-month LIBOR + | % | 09/23/2036 | 09/23/2011 | ||||||||||||||||||||||||||||||||||
Central Bancshares Capital Trust II | Three-month LIBOR + | % | 03/15/2038 | 03/15/2013 | ||||||||||||||||||||||||||||||||||
MidWestOne Statutory Trust II | Three-month LIBOR + | % | 12/15/2037 | 12/15/2012 | ||||||||||||||||||||||||||||||||||
Total | $ | $ | ||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
ATBancorp Statutory Trust I | $ | $ | Three-month LIBOR + | % | 06/15/2036 | 06/15/2011 | ||||||||||||||||||||||||||||||||
ATBancorp Statutory Trust II | Three-month LIBOR + | % | 09/15/2037 | 06/15/2012 | ||||||||||||||||||||||||||||||||||
Barron Investment Capital Trust I | Three-month LIBOR + | % | 09/23/2036 | 09/23/2011 | ||||||||||||||||||||||||||||||||||
Central Bancshares Capital Trust II | Three-month LIBOR + | % | 03/15/2038 | 03/15/2013 | ||||||||||||||||||||||||||||||||||
MidWestOne Statutory Trust II | Three-month LIBOR + | % | 12/15/2037 | 12/15/2012 | ||||||||||||||||||||||||||||||||||
Total | $ | $ | ||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(in thousands) | Weighted Average Rate | Balance | Weighted Average Rate | Balance | |||||||||||||||||||
Finance lease payable | % | $ | % | $ | |||||||||||||||||||
FHLB borrowings | |||||||||||||||||||||||
Total | % | $ | % | $ |
(in thousands) | Weighted Average Rate | Amount | ||||||||||||
Due in 2021 | % | $ | ||||||||||||
Due in 2022 | % | |||||||||||||
Due in 2023 | % | |||||||||||||
Due in 2024 | % | |||||||||||||
Total | ||||||||||||||
Valuation adjustment from acquisition accounting | ||||||||||||||
Total | $ |
Three Months Ended March 31, | |||||||||||
(dollars in thousands, except per share amounts) | 2021 | 2020 | |||||||||
Basic Earnings (Loss) Per Share: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Weighted average shares outstanding | |||||||||||
Basic earnings (loss) per common share | $ | $ | ( | ||||||||
Diluted Earnings (Loss) Per Share: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Weighted average shares outstanding, including all dilutive potential shares | |||||||||||
Diluted earnings (loss) per common share | $ | $ | ( |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Dilutive shares (1) | |||||||||||
(1) Dilutive potential shares that were excluded from the computation of diluted earnings per common share for the three months ended March 31, 2020 as a result of the reported net loss available to common shareholders. |
Actual | For Capital Adequacy Purposes With Capital Conservation Buffer(1) | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
At March 31, 2021 | |||||||||||||||||||||||||||||||||||
Consolidated: | |||||||||||||||||||||||||||||||||||
Total capital/risk weighted assets | $ | $ | N/A | N/A | |||||||||||||||||||||||||||||||
Tier 1 capital/risk weighted assets | N/A | N/A | |||||||||||||||||||||||||||||||||
Common equity tier 1 capital/risk weighted assets | N/A | N/A | |||||||||||||||||||||||||||||||||
Tier 1 leverage capital/average assets | N/A | N/A | |||||||||||||||||||||||||||||||||
MidWestOne Bank: | |||||||||||||||||||||||||||||||||||
Total capital/risk weighted assets | $ | $ | $ | ||||||||||||||||||||||||||||||||
Tier 1 capital/risk weighted assets | |||||||||||||||||||||||||||||||||||
Common equity tier 1 capital/risk weighted assets | |||||||||||||||||||||||||||||||||||
Tier 1 leverage capital/average assets | |||||||||||||||||||||||||||||||||||
At December 31, 2020 | |||||||||||||||||||||||||||||||||||
Consolidated: | |||||||||||||||||||||||||||||||||||
Total capital/risk weighted assets | $ | $ | N/A | N/A | |||||||||||||||||||||||||||||||
Tier 1 capital/risk weighted assets | N/A | N/A | |||||||||||||||||||||||||||||||||
Common equity tier 1 capital/risk weighted assets | N/A | N/A | |||||||||||||||||||||||||||||||||
Tier 1 leverage capital/average assets | N/A | N/A | |||||||||||||||||||||||||||||||||
MidWestOne Bank: | |||||||||||||||||||||||||||||||||||
Total capital/risk weighted assets | $ | $ | $ | ||||||||||||||||||||||||||||||||
Tier 1 capital/risk weighted assets | |||||||||||||||||||||||||||||||||||
Common equity tier 1 capital/risk weighted assets | |||||||||||||||||||||||||||||||||||
Tier 1 leverage capital/average assets | |||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Commitments to extend credit | $ | $ | |||||||||
Commitments to sell loans | |||||||||||
Standby letters of credit | |||||||||||
Total | $ | $ |
Fair Value Measurement at March 31, 2021 Using | |||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||||
U.S. Government agencies and corporations | $ | $ | $ | $ | |||||||||||||||||||
State and political subdivisions | |||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative liabilities | $ | $ | $ | $ |
Fair Value Measurement at December 31, 2020 Using | |||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||
U.S. Government agencies and corporations | $ | $ | $ | $ | |||||||||||||||||||
State and political subdivisions | |||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative liabilities | $ | $ | $ | $ |
Fair Value Measurement at March 31, 2021 Using | |||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Collateral dependent individually analyzed loans | $ | $ | $ | $ | |||||||||||||||||||
Foreclosed assets, net | |||||||||||||||||||||||
Fair Value Measurement at December 31, 2020 Using | |||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Collateral dependent individually analyzed loans | $ | $ | $ | $ | |||||||||||||||||||
Foreclosed assets, net |
Fair Value at | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | March 31, 2021 | December 31, 2020 | Valuation Techniques(s) | Unobservable Input | Range of Inputs | Weighted Average | |||||||||||||||||||||||||||||||||||
Collateral dependent individually analyzed loans | $ | $ | Fair value of collateral | Valuation adjustments | % | - | % | % | |||||||||||||||||||||||||||||||||
Foreclosed assets, net | $ | $ | Fair value of collateral | Valuation adjustments | % | - | % | % |
March 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Loans held for investment, net | |||||||||||||||||||||||||||||
Interest receivable | — | ||||||||||||||||||||||||||||
FHLB stock | — | ||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Noninterest bearing deposits | |||||||||||||||||||||||||||||
Interest bearing deposits | |||||||||||||||||||||||||||||
Short-term borrowings | — | ||||||||||||||||||||||||||||
Finance leases payable | |||||||||||||||||||||||||||||
FHLB borrowings | |||||||||||||||||||||||||||||
Junior subordinated notes issued to capital trusts | |||||||||||||||||||||||||||||
Subordinated debentures | |||||||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Loans held for investment, net | |||||||||||||||||||||||||||||
Interest receivable | |||||||||||||||||||||||||||||
FHLB stock | |||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Noninterest bearing deposits | |||||||||||||||||||||||||||||
Interest bearing deposits | |||||||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||
Finance leases payable | |||||||||||||||||||||||||||||
FHLB borrowings | |||||||||||||||||||||||||||||
Junior subordinated notes issued to capital trusts | |||||||||||||||||||||||||||||
Subordinated debentures | |||||||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||
(in thousands) | Classification | March 31, 2021 | December 31, 2020 | |||||||||||||||||
Lease Right-of-Use Assets | ||||||||||||||||||||
Operating lease right-of-use assets | $ | $ | ||||||||||||||||||
Finance lease right-of-use asset | ||||||||||||||||||||
Total right-of-use assets | $ | $ | ||||||||||||||||||
Lease Liabilities | ||||||||||||||||||||
Operating lease liability | $ | $ | ||||||||||||||||||
Finance lease liability | ||||||||||||||||||||
Total lease liabilities | $ | $ | ||||||||||||||||||
Weighted-average remaining lease term | ||||||||||||||||||||
Operating leases | ||||||||||||||||||||
Finance lease | ||||||||||||||||||||
Weighted-average discount rate | ||||||||||||||||||||
Operating leases | % | % | ||||||||||||||||||
Finance lease | % | % |
Three Months Ended | |||||||||||
March 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Lease Costs | |||||||||||
Operating lease cost | $ | $ | |||||||||
Variable lease cost | |||||||||||
Interest on lease liabilities (1) | |||||||||||
Amortization of right-of-use assets | |||||||||||
Net lease cost | $ | $ | |||||||||
Other Information | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | $ | |||||||||
Operating cash flows from finance lease | |||||||||||
Finance cash flows from finance lease | |||||||||||
(in thousands) | Finance Leases | Operating Leases | |||||||||
Twelve Months Ended: | |||||||||||
December 31, 2021 | $ | $ | |||||||||
December 31, 2022 | |||||||||||
December 31, 2023 | |||||||||||
December 31, 2024 | |||||||||||
December 31, 2025 | |||||||||||
Thereafter | |||||||||||
Total undiscounted lease payment | $ | $ | |||||||||
Amounts representing interest | ( | ( | |||||||||
Lease liability | $ | $ |
Balance | % of Total Loans | |||||||||||||
(dollars in thousands) | ||||||||||||||
Non-essential retail | $ | 88,046 | 2.6 | % | ||||||||||
Restaurants | 56,054 | 1.7 | % | |||||||||||
Hotels | 114,390 | 3.4 | % | |||||||||||
CRE - Retail | 191,084 | 5.7 | % | |||||||||||
Arts, entertainment, and gaming | 23,505 | 0.7 | % | |||||||||||
$ | 473,079 | 14.1 | % |
As of or for the Three Months Ended March 31, | |||||||||||
(dollars in thousands, except per share amounts) | 2021 | 2020 | |||||||||
Net Income (Loss) | $ | 21,648 | $ | (1,975) | |||||||
Return on Average Assets | 1.59 | % | (0.17) | % | |||||||
Return on Average Equity | 17.01 | (1.54) | |||||||||
Return on Average Tangible Equity(1) | 21.52 | (0.47) | |||||||||
Efficiency Ratio(1) | 50.77 | 57.67 | |||||||||
Dividend Payout Ratio | 16.67 | (183.33) | |||||||||
Common Equity Ratio | 8.91 | 10.51 | |||||||||
Tangible Common Equity Ratio(1) | 7.52 | 8.11 | |||||||||
Book Value per Share | $ | 32.00 | $ | 31.11 | |||||||
Tangible Book Value per Share(1) | 26.60 | 23.39 | |||||||||
(1) A non-GAAP financial measure. See "Non-GAAP Financial Measures" for a reconciliation to the most comparable GAAP equivalents. |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield/ Cost | Average Balance | Interest Income/ Expense | Average Yield/ Cost | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Loans, including fees (1)(2)(3) | $ | 3,429,746 | $ | 37,073 | 4.38 | % | $ | 3,436,263 | $ | 42,509 | 4.98 | % | |||||||||||||||||||||||
Taxable investment securities | 1,266,714 | 5,093 | 1.63 | 567,001 | 3,717 | 2.64 | |||||||||||||||||||||||||||||
Tax-exempt investment securities (2)(4) | 465,793 | 3,203 | 2.79 | 224,171 | 1,907 | 3.42 | |||||||||||||||||||||||||||||
Total securities held for investment (2) | 1,732,507 | 8,296 | 1.94 | 791,172 | 5,624 | 2.86 | |||||||||||||||||||||||||||||
Other | 36,536 | 14 | 0.16 | 55,833 | 164 | 1.18 | |||||||||||||||||||||||||||||
Total interest earning assets (2) | $ | 5,198,789 | $ | 45,383 | 3.54 | % | $ | 4,283,268 | $ | 48,297 | 4.54 | % | |||||||||||||||||||||||
Other assets | 321,515 | 386,456 | |||||||||||||||||||||||||||||||||
Total assets | $ | 5,520,304 | $ | 4,669,724 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||
Interest checking deposits | $ | 1,349,671 | $ | 991 | 0.30 | % | $ | 965,077 | $ | 1,316 | 0.55 | % | |||||||||||||||||||||||
Money market deposits | 913,087 | 478 | 0.21 | 766,766 | 1,645 | 0.86 | |||||||||||||||||||||||||||||
Savings deposits | 553,824 | 286 | 0.21 | 393,833 | 391 | 0.40 | |||||||||||||||||||||||||||||
Time deposits | 837,460 | 1,853 | 0.90 | 997,136 | 4,597 | 1.85 | |||||||||||||||||||||||||||||
Total interest bearing deposits | 3,654,042 | 3,608 | 0.40 | 3,122,812 | 7,949 | 1.02 | |||||||||||||||||||||||||||||
Short-term borrowings | 175,193 | 128 | 0.30 | 121,942 | 334 | 1.10 | |||||||||||||||||||||||||||||
Long-term debt | 205,971 | 1,851 | 3.64 | 225,587 | 1,716 | 3.06 | |||||||||||||||||||||||||||||
Total borrowed funds | 381,164 | 1,979 | 2.11 | 347,529 | 2,050 | 2.37 | |||||||||||||||||||||||||||||
Total interest bearing liabilities | $ | 4,035,206 | $ | 5,587 | 0.56 | % | $ | 3,470,341 | $ | 9,999 | 1.16 | % | |||||||||||||||||||||||
Noninterest bearing deposits | 919,856 | 637,204 | |||||||||||||||||||||||||||||||||
Other liabilities | 49,003 | 47,010 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 516,239 | 515,169 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 5,520,304 | $ | 4,669,724 | |||||||||||||||||||||||||||||||
Net interest income (2) | $ | 39,796 | $ | 38,298 | |||||||||||||||||||||||||||||||
Net interest spread(2) | 2.98 | % | 3.38 | % | |||||||||||||||||||||||||||||||
Net interest margin(2) | 3.10 | % | 3.60 | % | |||||||||||||||||||||||||||||||
Total deposits(5) | $ | 4,573,898 | $ | 3,608 | 0.32 | % | $ | 3,760,016 | $ | 7,949 | 0.85 | % | |||||||||||||||||||||||
Cost of funds(6) | 0.46 | % | 0.98 | % | |||||||||||||||||||||||||||||||
(1) | Average balance includes nonaccrual loans. | ||||
(2) | Tax equivalent. The federal statutory tax rate utilized was 21%. | ||||
(3) | Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees (costs) were $3.5 million and $(122) thousand for the three months ended March 31, 2021 and March 31, 2020, respectively. Loan purchase discount accretion was $1.1 million and $3.0 million for the three months ended March 31, 2021 and March 31, 2020, respectively. Tax equivalent adjustments were $531 thousand and $497 thousand for the three months ended March 31, 2021 and March 31, 2020, respectively. The federal statutory tax rate utilized was 21%. | ||||
(4) | Interest income includes tax equivalent adjustments of $648 thousand and $395 thousand for the three months ended March 31, 2021 and March 31, 2020, respectively. The federal statutory tax rate utilized was 21%. | ||||
(5) | Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits. | ||||
(6) | Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds. | ||||
Three Months Ended March 31, | |||||||||||||||||
2021 Compared to 2020 Change due to | |||||||||||||||||
Volume | Yield/Cost | Net | |||||||||||||||
(in thousands) | |||||||||||||||||
Increase (decrease) in interest income: | |||||||||||||||||
Loans, including fees (1) | $ | (84) | $ | (5,352) | $ | (5,436) | |||||||||||
Taxable investment securities | 3,206 | (1,830) | 1,376 | ||||||||||||||
Tax-exempt investment securities (1) | 1,701 | (405) | 1,296 | ||||||||||||||
Total securities held for investment (1) | 4,907 | (2,235) | 2,672 | ||||||||||||||
Other | (43) | (107) | (150) | ||||||||||||||
Change in interest income (1) | 4,780 | (7,694) | (2,914) | ||||||||||||||
Increase (decrease) in interest expense: | |||||||||||||||||
Interest checking deposits | 404 | (729) | (325) | ||||||||||||||
Money market deposits | 260 | (1,427) | (1,167) | ||||||||||||||
Savings deposits | 122 | (227) | (105) | ||||||||||||||
Time deposits | (652) | (2,092) | (2,744) | ||||||||||||||
Total interest-bearing deposits | 134 | (4,475) | (4,341) | ||||||||||||||
Short-term borrowings | 103 | (309) | (206) | ||||||||||||||
Long-term debt | (161) | 296 | 135 | ||||||||||||||
Total borrowed funds | (58) | (13) | (71) | ||||||||||||||
Change in interest expense | 76 | (4,488) | (4,412) | ||||||||||||||
Change in net interest income | $ | 4,704 | $ | (3,206) | $ | 1,498 | |||||||||||
Percentage (decrease) increase in net interest income over prior period | 3.9 | % | |||||||||||||||
(1) Tax equivalent, using a federal statutory tax rate of 21%. |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Investment services and trust activities | $ | 2,836 | $ | 2,536 | $ | 300 | 11.8 | % | |||||||||||||||
Service charges and fees | 1,487 | 1,826 | (339) | (18.6) | |||||||||||||||||||
Card revenue | 1,536 | 1,365 | 171 | 12.5 | |||||||||||||||||||
Loan revenue | 4,730 | 1,123 | 3,607 | 321.2 | |||||||||||||||||||
Bank-owned life insurance | 542 | 520 | 22 | 4.2 | |||||||||||||||||||
Investment securities gains, net | 27 | 42 | (15) | (35.7) | |||||||||||||||||||
Other | 666 | 2,743 | (2,077) | (75.7) | |||||||||||||||||||
Total noninterest income | $ | 11,824 | $ | 10,155 | $ | 1,669 | 16.4 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Compensation and employee benefits | $ | 16,917 | $ | 16,617 | $ | 300 | 1.8 | % | |||||||||||||||
Occupancy expense of premises, net | 2,318 | 2,341 | (23) | (1.0) | |||||||||||||||||||
Equipment | 1,793 | 1,880 | (87) | (4.6) | |||||||||||||||||||
Legal and professional | 783 | 1,535 | (752) | (49.0) | |||||||||||||||||||
Data processing | 1,252 | 1,354 | (102) | (7.5) | |||||||||||||||||||
Marketing | 1,006 | 1,062 | (56) | (5.3) | |||||||||||||||||||
Amortization of intangibles | 1,507 | 2,028 | (521) | (25.7) | |||||||||||||||||||
FDIC insurance | 512 | 448 | 64 | 14.3 | |||||||||||||||||||
Communications | 409 | 457 | (48) | (10.5) | |||||||||||||||||||
Foreclosed assets, net | 47 | 138 | (91) | (65.9) | |||||||||||||||||||
Other | 1,156 | 2,141 | (985) | (46.0) | |||||||||||||||||||
Total noninterest expense | $ | 27,700 | $ | 30,001 | $ | (2,301) | (7.7) | % |
(dollars in thousands) | March 31, 2021 | December 31, 2020 | $ Change | % Change | |||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 145,769 | $ | 82,659 | $ | 63,110 | 76.3 | % | |||||||||||||||
Loans held for sale | 58,333 | 59,956 | (1,623) | (2.7) | |||||||||||||||||||
Debt securities available for sale | 1,896,894 | 1,657,381 | 239,513 | 14.5 | |||||||||||||||||||
Loans held for investment, net of unearned income | 3,358,161 | 3,482,223 | (124,062) | (3.6) | |||||||||||||||||||
Allowance for credit losses | (50,650) | (55,500) | 4,850 | (8.7) | |||||||||||||||||||
Total loans held for investment, net | 3,307,511 | 3,426,723 | (119,212) | (3.5) | |||||||||||||||||||
Other assets | 328,805 | 329,929 | (1,124) | (0.3) | |||||||||||||||||||
Total assets | $ | 5,737,312 | $ | 5,556,648 | $ | 180,664 | 3.3 | % | |||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
Total deposits | $ | 4,794,563 | $ | 4,547,049 | $ | 247,514 | 5.4 | % | |||||||||||||||
Total borrowings | 377,481 | 439,480 | (61,999) | (14.1) | |||||||||||||||||||
Other liabilities | 53,948 | 54,869 | (921) | (1.7) | |||||||||||||||||||
Total shareholders' equity | 511,320 | 515,250 | (3,930) | (0.8) | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 5,737,312 | $ | 5,556,648 | $ | 180,664 | 3.3 | % |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(dollars in thousands) | Balance | % of Total | Balance | % of Total | |||||||||||||||||||
U.S. Government agencies and corporations | $ | 340 | — | % | $ | 361 | — | % | |||||||||||||||
States and political subdivisions | 673,923 | 35.5 | 628,346 | 37.9 | |||||||||||||||||||
Mortgage-backed securities | 79,005 | 4.2 | 94,018 | 5.7 | |||||||||||||||||||
Collateralized mortgage obligations | 715,981 | 37.7 | 565,836 | 34.1 | |||||||||||||||||||
Corporate debt securities | 427,645 | 22.5 | 368,820 | 22.3 | |||||||||||||||||||
Fair value of debt securities available for sale | $ | 1,896,894 | 100 | % | $ | 1,657,381 | 100 | % |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(dollars in thousands) | Balance | % of Total | Balance | % of Total | |||||||||||||||||||
Agricultural | $ | 117,099 | 3.5 | % | $ | 116,392 | 3.3 | % | |||||||||||||||
Commercial and industrial | 993,770 | 29.6 | 1,055,488 | 30.3 | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction and development | 164,927 | 4.9 | 181,291 | 5.2 | |||||||||||||||||||
Farmland | 138,199 | 4.1 | 144,970 | 4.2 | |||||||||||||||||||
Multifamily | 261,806 | 7.8 | 256,525 | 7.4 | |||||||||||||||||||
Commercial real estate-other | 1,128,660 | 33.6 | 1,149,575 | 33.0 | |||||||||||||||||||
Total commercial real estate | 1,693,592 | 50.4 | 1,732,361 | 49.8 | |||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||
One- to four-family first liens | 337,408 | 10.0 | 355,684 | 10.2 | |||||||||||||||||||
One- to four-family junior liens | 137,025 | 4.1 | 143,422 | 4.1 | |||||||||||||||||||
Total residential real estate | 474,433 | 14.1 | 499,106 | 14.3 | |||||||||||||||||||
Consumer | 79,267 | 2.4 | 78,876 | 2.3 | |||||||||||||||||||
Loans held for investment, net of unearned income | $ | 3,358,161 | 100.0 | % | $ | 3,482,223 | 100.0 | % | |||||||||||||||
Loans held for sale | $ | 58,333 | $ | 59,956 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | Nonaccrual | 90+ Days Past Due and Still Accruing Interest | Total | Nonaccrual | 90+ Days Past Due and Still Accruing Interest | Total | |||||||||||||||||||||||||||||
Agricultural | $ | 2,824 | $ | — | $ | 2,824 | $ | 2,584 | $ | — | $ | 2,584 | |||||||||||||||||||||||
Commercial and industrial | 6,494 | 6 | 6,500 | 7,326 | 106 | 7,432 | |||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
Construction and development | 619 | — | 619 | 1,145 | — | 1,145 | |||||||||||||||||||||||||||||
Farmland | 10,458 | — | 10,458 | 8,319 | — | 8,319 | |||||||||||||||||||||||||||||
Multifamily | 1,096 | — | 1,096 | 746 | — | 746 | |||||||||||||||||||||||||||||
Commercial real estate-other | 19,695 | — | 19,695 | 19,134 | — | 19,134 | |||||||||||||||||||||||||||||
Total commercial real estate | 31,868 | — | 31,868 | 29,344 | — | 29,344 | |||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||
One- to four- family first liens | 1,863 | 468 | 2,331 | 1,895 | 625 | 2,520 | |||||||||||||||||||||||||||||
One- to four- family junior liens | 747 | 34 | 781 | 722 | — | 722 | |||||||||||||||||||||||||||||
Total residential real estate | 2,610 | 502 | 3,112 | 2,617 | 625 | 3,242 | |||||||||||||||||||||||||||||
Consumer | 78 | — | 78 | 79 | 8 | 87 | |||||||||||||||||||||||||||||
Total | $ | 43,874 | $ | 508 | $ | 44,382 | $ | 41,950 | $ | 739 | $ | 42,689 | |||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Nonaccrual loans held for investment | $ | 43,874 | $ | 41,950 | ||||||||||
Accruing loans contractually past due 90 days or more | 508 | 739 | ||||||||||||
Total nonperforming loans | 44,382 | 42,689 | ||||||||||||
Foreclosed assets, net | 1,487 | 2,316 | ||||||||||||
Total nonperforming assets | $ | 45,869 | $ | 45,005 | ||||||||||
Nonperforming loans ratio (1) | 1.32 | % | 1.23 | % | ||||||||||
Nonperforming assets ratio (2) | 0.80 | % | 0.81 | % | ||||||||||
Performing troubled debt restructured loans held for investment | $ | 2,230 | $ | 2,630 | ||||||||||
(1) Nonperforming loans ratio is calculated as total nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period. | ||||||||||||||
(2) Nonperforming assets ratio is calculated as total nonperforming assets divided by total assets at the end of the period. |
As of March 31, 2021 | As of December 31, 2020 | ||||||||||||||||||||||
(in thousands) | Balance | % of Total | Balance | % of Total | |||||||||||||||||||
Noninterest bearing deposits | $ | 958,526 | 20.0 | % | $ | 910,655 | 20.0 | % | |||||||||||||||
Interest checking deposits | 1,406,070 | 29.4 | 1,351,641 | 29.7 | |||||||||||||||||||
Money market deposits | 950,300 | 19.8 | 918,654 | 20.2 | |||||||||||||||||||
Savings deposits | 580,862 | 12.1 | 529,751 | 11.7 | |||||||||||||||||||
Time deposits under $250 | 558,338 | 11.6 | 581,471 | 12.8 | |||||||||||||||||||
Time deposits of $250 or more | 340,467 | 7.1 | 254,877 | 5.6 | |||||||||||||||||||
Total deposits | $ | 4,794,563 | 100.0 | % | $ | 4,547,049 | 100.0 | % |
(dollars in thousands) | As of March 31, 2021 | As of December 31, 2020 | |||||||||
Cash and due from banks | $ | 57,154 | $ | 65,078 | |||||||
Interest-bearing deposits | 80,924 | 17,409 | |||||||||
Federal funds sold | 7,691 | 172 | |||||||||
Total | $ | 145,769 | $ | 82,659 |
Three Months Ended | ||||||||||||||
Return on Average Tangible Equity | March 31, 2021 | March 31, 2020 | ||||||||||||
(Dollars in thousands) | ||||||||||||||
Net income (loss) | $ | 21,648 | $ | (1,975) | ||||||||||
Intangible amortization, net of tax (1) | 1,130 | 1,521 | ||||||||||||
Tangible net income (loss) | $ | 22,778 | $ | (454) | ||||||||||
Average shareholders' equity | $ | 516,239 | $ | 515,169 | ||||||||||
Average intangible assets, net | (86,961) | (122,948) | ||||||||||||
Average tangible equity | $ | 429,278 | $ | 392,221 | ||||||||||
Return on average equity | 17.01 | % | (1.54) | % | ||||||||||
Return on average tangible equity (2) | 21.52 | % | (0.47) | % | ||||||||||
(1) Computed assuming a combined marginal income tax rate of 25%. | ||||||||||||||
(2) Annualized tangible net income divided by average tangible equity. |
Tangible Common Equity/Tangible Book Value per Share / Tangible Common Equity Ratio | March 31, 2021 | December 31, 2020 | ||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||
Total shareholders’ equity | $ | 511,320 | $ | 515,250 | ||||||||||
Intangible assets, net | (86,212) | (87,719) | ||||||||||||
Tangible common equity | $ | 425,108 | $ | 427,531 | ||||||||||
Total assets | $ | 5,737,312 | $ | 5,556,648 | ||||||||||
Intangible assets, net | (86,212) | (87,719) | ||||||||||||
Tangible assets | $ | 5,651,100 | $ | 5,468,929 | ||||||||||
Book value per share | $ | 32.00 | $ | 32.17 | ||||||||||
Tangible book value per share (1) | $ | 26.60 | $ | 26.69 | ||||||||||
Shares outstanding | 15,981,088 | 16,016,780 | ||||||||||||
Equity to assets ratio | 8.91 | % | 9.27 | % | ||||||||||
Tangible common equity ratio (2) | 7.52 | % | 7.82 | % | ||||||||||
(1) Tangible common equity divided by shares outstanding. | ||||||||||||||
(2) Tangible common equity divided by tangible assets. |
Three Months Ended | ||||||||||||||
Net Interest Margin, Tax Equivalent/Core Net Interest Margin | March 31, 2021 | March 31, 2020 | ||||||||||||
(dollars in thousands) | ||||||||||||||
Net interest income | $ | 38,617 | $ | 37,406 | ||||||||||
Tax equivalent adjustments: | ||||||||||||||
Loans (1) | 531 | 497 | ||||||||||||
Securities (1) | 648 | 395 | ||||||||||||
Net interest income, tax equivalent | $ | 39,796 | $ | 38,298 | ||||||||||
Loan purchase discount accretion | (1,098) | (3,023) | ||||||||||||
Core net interest income | $ | 38,698 | $ | 35,275 | ||||||||||
Net interest margin | 3.01 | % | 3.51 | % | ||||||||||
Net interest margin, tax equivalent (2) | 3.10 | % | 3.60 | % | ||||||||||
Core net interest margin (3) | 3.02 | % | 3.31 | % | ||||||||||
Average interest earning assets | $ | 5,198,789 | $ | 4,283,268 | ||||||||||
(1) The federal statutory tax rate utilized was 21%. | ||||||||||||||
(2) Annualized tax equivalent net interest income divided by average interest earning assets. | ||||||||||||||
(3) Annualized core net interest income divided by average interest earning assets. |
Three Months Ended | ||||||||||||||
Efficiency Ratio | March 31, 2021 | March 31, 2020 | ||||||||||||
(dollars in thousands) | ||||||||||||||
Total noninterest expense | $ | 27,700 | $ | 30,001 | ||||||||||
Amortization of intangibles | (1,507) | (2,028) | ||||||||||||
Merger-related expenses | — | (54) | ||||||||||||
Noninterest expense used for efficiency ratio | $ | 26,193 | $ | 27,919 | ||||||||||
Net interest income, tax equivalent(1) | $ | 39,796 | $ | 38,298 | ||||||||||
Noninterest income | 11,824 | 10,155 | ||||||||||||
Investment security gains, net | (27) | (42) | ||||||||||||
Net revenues used for efficiency ratio | $ | 51,593 | $ | 48,411 | ||||||||||
Efficiency ratio(2) | 50.77 | % | 57.67 | % | ||||||||||
(1) The federal statutory tax rate utilized was 21%. | ||||||||||||||
(2) Noninterest expense adjusted for amortization of intangibles and merger-related expenses divided by the sum of tax equivalent net interest income, noninterest income and net investment securities gains. |
Adjusted Allowance for Credit Losses Ratio | March 31, 2021 | December 31, 2020 | ||||||||||||
(dollars in thousands) | ||||||||||||||
Loans held for investment, net of unearned income | $ | 3,358,161 | $ | 3,482,223 | ||||||||||
PPP loans | (248,682) | (259,260) | ||||||||||||
Core loans | $ | 3,109,479 | $ | 3,222,963 | ||||||||||
Allowance for credit losses | $ | 50,650 | $ | 55,500 | ||||||||||
Allowance for credit losses ratio | 1.51 | % | 1.59 | % | ||||||||||
Adjusted allowance for credit losses ratio (1) | 1.63 | % | 1.72 | % | ||||||||||
(1) Allowance for credit losses divided by core loans. |
Immediate Change in Rates | |||||||||||||||||||||||||||||
(dollars in thousands) | -200 | -100 | +100 | +200 | |||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||
Dollar change | N/A | N/A | $ | 1,257 | $ | 2,052 | |||||||||||||||||||||||
Percent change | N/A | N/A | 0.9 | % | 1.4 | % | |||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Dollar change | N/A | N/A | $ | 2,667 | $ | 4,167 | |||||||||||||||||||||||
Percent change | N/A | N/A | 1.8 | % | 2.8 | % |
Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs(1) | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program | |||||||||||||||||||||||
January 1 - 31, 2021 | 24,450 | $ | 25.64 | 24,450 | $ | 3,744,610 | ||||||||||||||||||||
February 1 - 28, 2021 | 32,398 | 28.04 | 32,398 | 2,836,138 | ||||||||||||||||||||||
March 1 - 31, 2021 | 5,740 | 28.46 | 5,740 | 2,672,772 | ||||||||||||||||||||||
Total | 62,588 | $ | 27.14 | 62,588 | $ | 2,672,772 | ||||||||||||||||||||
Exhibit Number | Description | Incorporated by Reference to: | ||||||||||||
Amended and Restated Articles of Incorporation of MidWestOne Financial Group, Inc. filed with the Secretary of State of the State of Iowa on March 14, 2008 | Exhibit 3.3 to the Company’s Amendment No. 1 to Registration Statement on Form S-4 (File No. 333-147628) filed with the SEC on January 14, 2008 | |||||||||||||
Articles of Amendment (First Amendment) to the Amended and Restated Articles of Incorporation of MidWestOne Financial Group, Inc. filed with the Secretary of State of the State of Iowa on January 23, 2009 | Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on January 23, 2009 | |||||||||||||
Articles of Amendment (Second Amendment) to the Amended and Restated Articles of Incorporation of MidWestOne Financial Group, Inc. filed with the Secretary of State of the State of Iowa on February 4, 2009 (containing the Certificate of Designations for the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series A) | Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 6, 2009 | |||||||||||||
Articles of Amendment (Third Amendment) to the Amended and Restated Articles of Incorporation of MidWestOne Financial Group, Inc., filed with the Secretary of State of the State of Iowa on April 21, 2017 | Exhibit 3.1 to the Company’s Form 10-Q for the quarter ended March 31, 2017, filed with the SEC on May 4, 2017 | |||||||||||||
Third Amended and Restated Bylaws of MidWestOne Financial Group, Inc. | Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on January 25, 2021 | |||||||||||||
Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) | Filed herewith | |||||||||||||
Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) | Filed herewith | |||||||||||||
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||||||||||||
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||||||||||||
101 | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Shareholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | Filed herewith | ||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | Filed herewith | ||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith | ||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | ||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | ||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith | ||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Filed herewith | ||||||||||||
MIDWESTONE FINANCIAL GROUP, INC. | |||||||||||||||||||||||
Dated: | May 6, 2021 | By: | /s/ CHARLES N. FUNK | ||||||||||||||||||||
Charles N. Funk | |||||||||||||||||||||||
Chief Executive Officer | |||||||||||||||||||||||
(Principal Executive Officer) | |||||||||||||||||||||||
By: | /s/ BARRY S. RAY | ||||||||||||||||||||||
Barry S. Ray | |||||||||||||||||||||||
Senior Executive Vice President and Chief Financial Officer | |||||||||||||||||||||||
(Principal Financial and Accounting Officer) |
1) | I have reviewed this Quarterly Report on Form 10-Q of MidWestOne Financial Group, Inc.; | |||||||||||||
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |||||||||||||
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |||||||||||||
4) | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |||||||||||||
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||||||||||||
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||||||||||||
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |||||||||||||
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | |||||||||||||
5) | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | |||||||||||||
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | |||||||||||||
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ CHARLES N. FUNK | |||||
Charles N. Funk | |||||
Chief Executive Officer | |||||
Date: | May 6, 2021 |
1) | I have reviewed this Quarterly Report on Form 10-Q of MidWestOne Financial Group, Inc.; | |||||||||||||
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |||||||||||||
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |||||||||||||
4) | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |||||||||||||
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||||||||||||
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||||||||||||
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |||||||||||||
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | |||||||||||||
5) | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | |||||||||||||
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | |||||||||||||
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ BARRY S. RAY | |||||
Barry S. Ray | |||||
Senior Executive Vice President and Chief Financial Officer | |||||
Date: | May 6, 2021 |
(a) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | |||||||
(b) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of MidWestOne Financial Group, Inc. |
/s/ CHARLES N. FUNK | |||||
Charles N. Funk | |||||
Chief Executive Officer | |||||
Date: | May 6, 2021 |
(a) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | |||||||
(b) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of MidWestOne Financial Group, Inc. |
/s/ BARRY S. RAY | |||||
Barry S. Ray | |||||
Senior Executive Vice President and Chief Financial Officer | |||||
Date: | May 6, 2021 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 16,581,017 | 16,581,017 |
Common stock, shares outstanding (in shares) | 15,981,088 | 16,016,780 |
Treasury stock (in shares) | 599,929 | 564,237 |
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands |
Total |
Cumulative effect adjustment |
[1] | Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Retained Earnings
Cumulative effect adjustment
|
[1] | Treasury Stock |
Accumulated Other Comprehensive Income (Loss) |
||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2019 | $ 508,982 | $ (5,362) | $ 16,581 | $ 297,390 | $ 201,105 | $ (5,362) | $ (10,466) | $ 4,372 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) | (1,975) | (1,975) | ||||||||||||
Other comprehensive (loss) | 2,505 | 2,505 | ||||||||||||
Acquisition fair value finalization | [2] | 2,355 | 2,355 | |||||||||||
Release/lapse of restriction on RSUs | (127) | (679) | 552 | |||||||||||
Repurchase of common stock | (2,604) | (2,604) | ||||||||||||
Share-based compensation | 346 | 346 | ||||||||||||
Dividends paid on common stock | (3,556) | (3,556) | ||||||||||||
Ending balance at Mar. 31, 2020 | $ 500,564 | 16,581 | 299,412 | 190,212 | (12,518) | 6,877 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Accounting standards update | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||||
Beginning balance at Dec. 31, 2020 | $ 515,250 | 16,581 | 300,137 | 188,191 | (14,251) | 24,592 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) | 21,648 | 21,648 | ||||||||||||
Other comprehensive (loss) | (20,552) | (20,552) | ||||||||||||
Release/lapse of restriction on RSUs | (113) | (774) | (11) | 672 | ||||||||||
Repurchase of common stock | (1,699) | (1,699) | ||||||||||||
Share-based compensation | 384 | 384 | ||||||||||||
Dividends paid on common stock | (3,598) | (3,598) | ||||||||||||
Ending balance at Mar. 31, 2021 | $ 511,320 | $ 16,581 | $ 299,747 | $ 206,230 | $ (15,278) | $ 4,040 | ||||||||
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Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Release/lapse of restriction on RSUs (in shares) | 26,896 | 22,946 |
Repurchase of common stock (in shares) | 62,588 | 95,340 |
Dividends paid on common stock (in dollars per share) | $ 0.2250 | $ 0.2200 |
ATBancorp | ||
Goodwill adjustments | $ 2,060 | |
Deferred income taxes | $ 296 |
Summary of Significant Accounting Policies |
3 Months Ended |
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Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Business MidWestOne Financial Group, Inc., an Iowa corporation formed in 1983, is a bank holding company under the BHCA and a financial holding company under the GLBA. Our principal executive offices are located at 102 South Clinton Street, Iowa City, Iowa 52240. The Company owns all of the outstanding common stock of MidWestOne Bank, an Iowa state non-member bank chartered in 1934 with its main office in Iowa City, Iowa. We operate primarily through MidWestOne Bank, our bank subsidiary. Basis of Presentation The accompanying interim condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2020, filed with the SEC on March 11, 2021. Risks and Uncertainties The outbreak of COVID-19 has adversely impacted a broad range of industries in which the Company’s customers operate and could impair their ability to fulfill their financial obligations to the Company. The World Health Organization declared COVID-19 to be a global pandemic, indicating that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The spread of the outbreak has caused significant disruptions in the U.S. economy and has disrupted banking and other financial activity in the areas in which the Company operates. While there has been no material impact to the Company’s employees to date, COVID-19 could also potentially create widespread business continuity issues for the Company. Congress, the President, and the FRB have taken several actions designed to mitigate the economic impact of the pandemic. The CARES Act was signed into law in March 2020 as a $2 trillion legislative package. In addition to the general impact of COVID-19, certain provisions of the CARES Act as well as other recent legislative and regulatory relief efforts are expected to have a material impact on the Company’s operations. On December 27, 2020, a new COVID-19 relief bill was signed into law by President Trump, which includes as part of the bill up to $284.5 billion of a second wave of PPP funding. The American Rescue Plan Act of 2021 was signed into law on March 11, 2021 by President Biden as a $1.9 trillion legislative package, which includes as part of the bill a variety of economic assistance programs for Americans. In addition, on March 30, 2021, President Biden signed into law the PPP Extension Act of 2021, which provided an extension to May 31, 2021 for qualifying businesses to apply for a PPP loan and provided an additional 30 days for the SBA to process pending PPP loan applications. The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. If the global response to contain COVID-19 escalates further or is unsuccessful, the Company could experience a material adverse effect on its business, financial condition, results of operations and cash flows. While it is not possible to know the full universe or extent that the impact of COVID-19, and related measures to curtail its spread or to provide economic assistance to entities and individuals or otherwise stimulate the economy, will have on the Company’s operations, the Company discloses in this report potentially material items of which it is aware at the time this report is filed with the SEC. Financial position and results of operations The Company’s interest income could be reduced due to COVID-19. In accordance with CARES Act provisions and regulatory guidance, the Company is actively working with COVID-19 affected borrowers to defer their payments, interest, and fees. While interest and fees will still accrue to income, through normal GAAP accounting, should eventual credit losses on these deferred payments emerge, interest income and fees accrued would need to be reversed. In such a scenario, interest income in future periods could be negatively impacted. At this time, the Company is unable to project the materiality of such an impact, but recognizes that the breadth of the economic impact of COVID-19 may affect its borrowers’ ability to repay in future periods. Capital and liquidity While the Company believes that it has sufficient capital to withstand an extended economic recession brought about by COVID-19, its reported and regulatory capital ratios could be adversely impacted by further credit losses. The Company relies on cash on hand as well as dividends from its subsidiary bank to service its debt. If the Company’s capital deteriorates such that its subsidiary bank is unable to pay dividends to it for an extended period of time, the Company may not be able to service its debt. If an extended recession causes large numbers of the Company’s deposit customers to withdraw their funds, the Company might become more reliant on volatile or more expensive sources of funding. Asset valuation Currently, the Company does not expect COVID-19 to affect its ability to account timely for the assets on its balance sheet; however, this could change in future periods. While certain valuation assumptions and judgments will change to account for pandemic-related circumstances such as widening credit spreads, the Company does not anticipate significant changes in methodology used to determine the fair value of assets measured in accordance with GAAP. It is possible that the lingering effects of COVID-19 could cause the occurrence of what management would deem to be subsequent triggering events that could, under certain circumstances, cause us to perform a goodwill or intangible asset impairment test and result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its goodwill or intangible assets is impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital, cash flows or liquidity position. Credit The Company is working with customers directly affected by COVID-19. The Company has offered and continues to offer short-term assistance in accordance with regulatory guidelines. As a result of the current economic environment caused by the COVID-19 pandemic, the Company is engaging in more frequent communication with borrowers to better understand their situations and the challenges faced, allowing it to respond proactively as needs and issues arise. Should economic conditions worsen, the Company could experience further increases in its required ACL and record additional credit loss expense. It is possible that the Company’s asset quality measures could worsen in future periods if the effects of COVID-19 are prolonged. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect: (1) the reported amounts of assets and liabilities, (2) the disclosure of contingent assets and liabilities at the date of the financial statements, and (3) the reported amounts of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates. The results for the three months ended March 31, 2021 may not be indicative of results for the year ending December 31, 2021, or for any other period. All significant accounting policies followed in the preparation of the quarterly financial statements are disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 11, 2021. Segment Reporting The Company’s activities are considered to be one reportable segment. The Company is engaged in the business of commercial and retail banking, and trust and investment services, with operations throughout Iowa, the Minneapolis/St. Paul metropolitan area of Minnesota, western Wisconsin, Naples and Fort Myers, Florida, and Denver, Colorado. Substantially all income is derived from a diverse base of commercial, mortgage and retail lending activities, and investments.
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Effect of New Financial Accounting Standards |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Effect of New Financial Accounting Standards | Effect of New Financial Accounting StandardsAccounting Guidance Pending Adoption at March 31, 2021On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASC 848 contains optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. Entities may apply the provision as of the beginning of the reporting period when the election is made until December 31, 2022. The Company is currently evaluating the impact of ASU 2020-04. |
Debt Securities |
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Debt Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities | Debt Securities The amortized cost and fair value of investment debt securities AFS, with gross unrealized gains and losses, were as follows:
Investment securities with a fair value of $516.1 million and $434.7 million at March 31, 2021 and December 31, 2020, respectively, were pledged on public deposits, securities sold under agreements to repurchase and for other purposes, as required or permitted by law. The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2021, aggregated by investment category and length of time in a continuous loss position:
As of March 31, 2021, 145 state and political subdivisions securities with total unrealized losses of $7.7 million were held by the Company. Management evaluated these securities through a process that included consideration of credit agency ratings and payment history. In addition, management may evaluate securities by considering the yield spread to treasury securities and the most recent financial information available. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses. As of March 31, 2021, 8 mortgage-backed securities and 22 collateralized mortgage obligations with unrealized losses totaling $6.4 million were held by the Company. Management evaluated the payment history of these securities. In addition, management considered the implied U.S. government guarantee of these agency securities and the level of credit enhancement for non-agency securities. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses. As of March 31, 2021, 28 corporate debt securities with total unrealized losses of $3.7 million were held by the Company. Management evaluated these securities by considering credit agency ratings and payment history. In addition, management may evaluate securities by considering the yield spread to treasury securities and the most recent financial information available. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses. Accrued interest receivable on available for sale debt securities, which is recorded within 'Other Assets,' totaled $7.8 million at March 31, 2021 and $7.3 million at December 31, 2020 and is excluded from the estimate of credit losses. The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded at December 31, 2020, aggregated by investment category and length of time in a continuous loss position:
Proceeds and gross realized gains and losses on debt securities available for sale for the three months ended March 31, 2021 and 2020 were as follows:
The contractual maturity distribution of investment debt securities at March 31, 2021, is shown below. Expected maturities of MBS and CMO may differ from contractual maturities because the mortgages underlying the securities may be called or prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following summary.
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Loans Receivable and the Allowance for Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable and the Allowance for Credit Losses | Loans Receivable and the Allowance for Credit Losses The composition of loans by class of receivable was as follows:
Loans with unpaid principal in the amount of $835.8 million and $830.2 million at March 31, 2021 and December 31, 2020, respectively, were pledged to the FHLB as collateral for borrowings. Non-accrual and Delinquent Status Loans are placed on non-accrual when (1) payment in full of principal and interest is no longer expected or (2) principal or interest has been in default for 90 days or more unless the loan is both well secured with marketable collateral and in the process of collection. All loans rated doubtful or worse, and certain loans rated substandard, are placed on non-accrual. A non-accrual loan may be restored to an accrual status when (1) all past due principal and interest has been paid (excluding renewals and modifications that involve the capitalizing of interest) or (2) the loan becomes well secured with marketable collateral and is in the process of collection. An established track record of performance is also considered when determining accrual status. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. The following table presents the amortized cost basis of loans based on delinquency status:
The following table presents the amortized cost basis of loans on non-accrual status, and loans past due 90 days or more and still accruing by class of loan as of March 31, 2021 and December 31, 2020:
The interest income recognized on loans that were on nonaccrual for the three months ended March 31, 2021 and the three months ended March 31, 2020 is $236 thousand and $272 thousand, respectively. Credit Quality Information The Company aggregates loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, and other factors. The Company analyzes loans individually to classify the loans as to credit risk. This analysis includes non-homogenous loans, such as agricultural, commercial and industrial, and commercial real estate loans. Loans not meeting the criteria described below that are analyzed individually are considered to be pass-rated. The Company uses the following definitions for risk ratings: Special Mention/Watch - A special mention/watch asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Special mention/watch assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Substandard - Substandard loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. Loss - Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. Homogenous loans, including residential real estate and consumer loans, are not individually risk rated. Instead, these loans are categorized based on performance: performing and nonperforming. Nonperforming loans include those loans on nonaccrual and loans greater than 90 days past due and on accrual. The following table sets forth the amortized cost basis of loans by class of receivable by credit quality indicator and vintage based on the most recent analysis performed, as of March 31, 2021. As of March 31, 2021, there were no 'loss' rated credits.
The following table sets forth the amortized cost basis of loans by class of receivable by credit quality indicator and vintage based on the most recent analysis performed, as of December 31, 2020. As of December 31, 2020, there were no 'loss' rated credits.
Allowance for Credit Losses At March 31, 2021, the economic forecast used by the Company showed the following: (1) Midwest unemployment – slight increase in the next forecasted quarter followed by decreases in the following three forecasted quarters; (2) Year-to-year change in national retail sales - increases over the next four forecasted quarters; (3) Year-to-year change in CRE Index - decreases over the next four forecasted quarters; (4) Year-to-year change in U.S. GDP - increases over the next four forecasted quarters; (5) Year-to-year change in National Home Price Index – increases over the next four forecasted quarters; and (6) Rental Vacancy - an increase over the next two forecasted quarters, followed by a decline in the third and fourth forecasted quarters. Overall, economic forecast loss driver data improved when compared to the previously disclosed fourth quarter of 2020 results. We have made a policy election to report interest receivable as a separate line on the balance sheet. Accrued interest receivable, which is recorded within 'Other Assets', totaled $11.7 million at March 31, 2021 and $14.2 million at December 31, 2020 and is excluded from the estimate of credit losses. The changes in the allowance for credit losses by portfolio segment were as follows:
The composition of allowance for credit losses by portfolio segment based on evaluation method were as follows:
The following table presents the amortized cost basis of collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans:
Troubled Debt Restructurings TDRs totaled $9.9 million and $11.0 million as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, the Company had $7 thousand of commitments to lend additional funds to borrowers with loans classified as TDR. The following table sets forth information on the Company's TDRs by class of financing receivable occurring during the stated periods. TDRs include multiple concessions, and the disclosure classifications in the table are based on the primary concession provided to the borrower.
For the three months ended March 31, 2021 and March 31, 2020, the Company had zero TDRs that redefaulted within 12 months subsequent to restructure. Modifications in response to COVID-19: The Company began offering short-term loan modifications to assist borrowers during the COVID-19 pandemic. The CARES Act, as extended by the Consolidated Appropriation Acts, 2021, along with a joint interagency statement issued by the federal banking agencies provide that short-term modifications made in response to COVID-19 do not need to be accounted for as a TDR. Accordingly, the Company does not account for such loan modifications as TDRs. The Company's loan modifications allow for the initial deferral of three months of principal and/or interest. The deferred interest is due and payable at the end of the deferral period and the deferred principal is due and payable on the maturity date. At March 31, 2021, the outstanding balance of loans modified as a result of the COVID-19 pandemic totaled $16.7 million. The program is ongoing and additional loans continue to be granted deferrals.
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Derivatives, Hedging Activities and Balance Sheet Offsetting |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives, Hedging Activities and Balance Sheet Offsetting | Derivatives, Hedging Activities and Balance Sheet Offsetting The following table presents the total notional amounts and gross fair values of the Company’s derivatives as of the dates indicated. The derivative asset and liability balances are presented on a gross basis, prior to the application of master netting agreements, as included in other assets and other liabilities, respectively, on the consolidated balance sheets. The fair values of the Company's derivative instrument assets and liabilities are summarized as follows:
Derivatives Designated as Hedging Instruments The Company uses derivative instruments to hedge its exposure to economic risks, including interest rate, liquidity, and credit risk. Certain hedging relationships are formally designated and qualify for hedge accounting under GAAP as fair value or cash flow hedges. Fair Value Hedges - Derivatives are designated as fair value hedges to limit the Company's exposure to changes in the fair value of assets or liabilities due to movements in interest rates. The Company entered into pay-fixed receive-floating interest rate swaps to manage its exposure to changes in fair value in certain fixed-rate assets. The gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. Cash Flow Hedges - Derivatives are designated as cash flow hedges in order to minimize the variability in cash flows of earning assets or forecasted transactions caused by movement in interest rates. In February 2020, the Company entered into a pay-fixed receive-variable interest rate swap with a notional amount of $30.0 million to hedge against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on the Company's variable rate debt. The interest rate swap was designated as a cash flow hedge. The gain or loss on the derivative was recorded in accumulated other comprehensive income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. The Company terminated its cash flow hedge in the fourth quarter of 2020. The table below presents the effect of cash flow hedge accounting on AOCI for three months ended March 31, 2021 and 2020.
The table below presents the effect of the Company’s derivative financial instruments designated as hedging instruments on the consolidated statements of income for the periods indicated:
As of March 31, 2021, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:
Derivatives Not Designated as Hedging Instruments Interest Rate Swaps - The Company has also entered into interest rate swap contracts. The derivative contracts related to transactions in which the Company enters into an interest rate swap with a customer, while simultaneously entering into an offsetting interest rate swap with an institutional counterparty. Credit Risk Participation Agreements - The Company enters into RPAs to manage the credit exposure on interest rate contracts associated with a syndicated loan. The Company may enter into protection purchased RPAs with institutional counterparties to decrease or increase its exposure to a borrower. Under the RPA, the Company will receive or make payment if a borrower defaults on the related interest rate contract. The Company manages its credit risk on RPAs by monitoring the creditworthiness of the borrowers and institutional counterparties, which is based on the normal credit review process. The notional amount of the RPAs reflects the Company’s pro-rata share of the derivative instrument. The following table presents the net gains (losses) recognized on the consolidated statements of income related to the derivatives not designated as hedging instruments for the periods indicated:
Offsetting of Derivatives The Company has entered into agreements with certain counterparty financial institutions, which include master netting agreements. However, the Company has elected to account for all derivatives with counterparty institutions on a gross basis. The Company manages the risk of default by its borrower counterparties through its normal loan underwriting and credit monitoring policies and procedures. The table below presents gross derivatives and the respective collateral received or pledged in the form of other financial instruments as of March 31, 2021 and December 31, 2020, which are generally marketable securities and/or cash. The collateral amounts in the table below are limited to the outstanding balances of the related asset or liability (after netting is applied); thus instances of over-collateralization are not shown. Further, the net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets.
Credit-risk-related Contingent Features The Company has an unsecured federal funds line with its institutional derivative counterparty. The Company has an agreement with its institutional derivative counterparty that contains a provision under which if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has an agreement with its derivative counterparty that contains a provision under which the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of March 31, 2021, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $5.0 million. As of March 31, 2021, the Company had minimum collateral posting thresholds with certain of its derivative counterparties and has posted $2.1 million of collateral related to these agreements. If the Company had breached any of these provisions at March 31, 2021, it could have been required to settle its obligations under the agreements at their termination value of $5.0 million.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets The carrying amount of goodwill was $62.5 million at March 31, 2021 and December 31, 2020. The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets at the dates indicated:
The following table provides the estimated future amortization expense for the remaining nine months ending December 31, 2021 and the succeeding annual periods:
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Other Assets |
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Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | Other Assets The components of the Company's other assets as of March 31, 2021 and December 31, 2020 were as follows:
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Deposits |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits The following table presents the composition of our deposits as of the dates indicated:
The Company had $6.2 million and $7.8 million in reciprocal time deposits through the CDARS program as of March 31, 2021 and December 31, 2020, respectively. Included in interest-bearing checking and money market deposits at March 31, 2021 and December 31, 2020 were $17.2 million and $14.8 million, respectively, of reciprocal deposits in the ICS program. The CDARS and ICS programs coordinate, on a reciprocal basis, a network of banks to spread deposits exceeding the FDIC insurance coverage limits out to numerous institutions in order to provide insurance coverage for all participating deposits. As of March 31, 2021 and December 31, 2020, the Company had public entity deposits that were collateralized by investment securities of $244.9 million and $156.7 million, respectively.
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Short-Term Borrowings |
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Short-term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | Short-Term Borrowings The following table summarizes our short-term borrowings as of the dates indicated:
Securities Sold Under an Agreement to Repurchase - Securities sold under agreements to repurchase are agreements in which the Company acquires funds by selling assets to another party under a simultaneous agreement to repurchase the same assets at a specified price and date. The Company enters into repurchase agreements and also offers a demand deposit account product to customers that sweeps their balances in excess of an agreed upon target amount into overnight repurchase agreements. All securities sold under agreements to repurchase are recorded on the face of the balance sheet. Federal Home Loan Bank Advances - The Bank has a secured line of credit with the FHLBDM. Advances from the FHLBDM are collateralized primarily by one- to four-family residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. See Note 4. Loans Receivable and the Allowance for Credit Losses of the notes to the consolidated financial statements. Unsecured Line of Credit - The Bank has unsecured federal funds lines totaling $145.0 million from multiple correspondent banking relationships. There were no borrowings from such lines at either March 31, 2021 or December 31, 2020. Other - At March 31, 2021 and December 31, 2020, the Company had no Federal Reserve Discount Window borrowings, while the financing capacity was $64.8 million as of March 31, 2021 and $67.7 million as of December 31, 2020. As of March 31, 2021 and December 31, 2020, the Bank had municipal securities with a market value of $69.9 million and $72.0 million, respectively, pledged to the Federal Reserve Bank of Chicago to secure potential borrowings. The Company has a credit agreement with a correspondent bank with a revolving commitment of $25.0 million with interest payable at a rate of one-month LIBOR plus 1.75%. Fees are paid on the average daily unused revolving commitment in the amount of 0.30% per annum. The credit agreement matures on September 30, 2021. The Company had no balance outstanding under this revolving credit facility as of both March 31, 2021 and December 31, 2020.
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Long-Term Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Junior Subordinated Notes Issued to Capital Trusts The table below summarizes the terms of each issuance of junior subordinated notes outstanding as of the dates indicated:
The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated notes at the stated maturity date or upon redemption of the junior subordinated notes. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payment on the related junior subordinated notes. The Company’s obligation under the junior subordinated notes and other relevant trust agreements, in aggregate, constitutes a full and unconditional guarantee by the Company of each trust’s obligations under the trust preferred securities issued by each trust. The Company has the right to defer payment of interest on the junior subordinated notes and, therefore, distributions on the trust preferred securities, for up to five years, but not beyond the stated maturity date in the table above. During any such deferral period the Company may not pay cash dividends on its stock and generally may not repurchase its stock. Subordinated Debentures On May 1, 2019, with the acquisition of ATBancorp, the Company assumed $10.9 million of subordinated debentures (the "ATB Debentures"). The ATB Debentures have a stated maturity of May 31, 2023, and bear interest at a fixed annual rate of 6.50%, with interest payable semi-annually. The Company has the option to redeem the debentures, in whole or part, at any time on or after May 31, 2021. On July 28, 2020, the Company completed the private placement offering of $65.0 million of its subordinated notes, of which $63.75 million have been exchanged for subordinated notes registered under the Securities Act of 1933. The 5.75% fixed-to-floating rate subordinated notes are due July 30, 2030. The ATB Debentures and subordinated notes constitute Tier 2 capital under the rules and regulations of the Federal Reserve applicable to the capital status of the subordinated debt of bank holding companies. The ATB Debentures and subordinated notes are phased out of Tier 2 capital by 20% of the amount of the debentures or subordinated notes in each of the five years beginning on the fifth anniversary preceding the maturity date of each debenture. At March 31, 2021, we were permitted to treat 40% of the ATB Debentures as Tier 2 capital, and all of the subordinated notes as Tier 2 capital. Other Long-Term Debt Long-term borrowings were as follows as of March 31, 2021 and December 31, 2020:
The Company utilizes FHLB borrowings as a funding source to supplement customer deposits and to assist in managing interest rate risk. As a member of the FHLBDM, the Bank may borrow funds from the FHLB in amounts up to 45% of the Bank’s total assets, provided the Bank is able to pledge an adequate amount of qualified assets to secure the borrowings. Advances from the FHLB are collateralized primarily by one- to four-family residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. See Note 4. Loans Receivable and the Allowance for Credit Losses of the notes to the consolidated financial statements. At March 31, 2021, FHLB long-term borrowings included advances from the FHLBC, which were collateralized by investment securities. See Note 3. Debt Securities of the notes to the consolidated financial statements. As of March 31, 2021, FHLB borrowings were as follows:
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Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share The following table presents the computation of basic and diluted earnings per common share for the periods indicated:
The weighted average shares that have an antidilutive effect in the calculation of diluted earnings per common share and have been excluded from the computation above were as follows:
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Regulatory Capital Requirements and Restrictions on Subsidiary Cash |
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Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements and Restrictions on Subsidiary Cash | Regulatory Capital Requirements and Restrictions on Subsidiary Cash Regulatory Capital and Reserve Requirement - The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. The capital amounts and classification also are subject to qualitative judgments by the regulators about components, risk weightings and other factors. As of March 31, 2021 and December 31, 2020, the Bank was not required to maintain reserve balances in cash on hand or on deposit with Federal Reserve Banks, and therefore the total amount held in reserve for each of these periods was zero dollars. A comparison of the Company's and the Bank's capital with the corresponding minimum regulatory requirements in effect as of March 31, 2021 and December 31, 2020, is presented below:
(1) Includes a capital conservation buffer of 2.50%. Subordinated Notes - The Company completed a private placement of $65.0 million aggregate principal amount of 5.75% fixed-to-floating rate subordinated notes on July 28, 2020. The subordinated notes are intended to qualify as Tier 2 capital for regulatory purposes, and the Company is using the net proceeds from the offering for general corporate purposes and to support its organic growth plans, including maintaining its regulatory capital ratios.
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Commitments and Contingencies |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Credit-related financial instruments - The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, commitments to sell loans, and standby letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following table summarizes the Bank's commitments as of the dates indicated:
The Bank’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the party. Collateral held varies, but may include accounts receivable, crops, livestock, inventory, property and equipment, residential real estate and income-producing commercial properties. Commitments to sell loans are agreements to sell loans held for sale to third parties at an agreed upon price. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements and, generally, have terms of one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds collateral, which may include accounts receivable, inventory, property, equipment and income-producing properties, that support those commitments, if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Bank would be required to fund the commitment. The maximum potential amount of future payments the Bank could be required to make is represented by the contractual amount shown in the summary above. If the commitment is funded, the Bank would be entitled to seek recovery from the customer. Liability for Off-Balance Sheet Credit Losses - The Company records a liability for off-balance sheet credit losses through a charge to credit loss expense (or a reversal of credit loss expense) on the Company's consolidated statements of income and other liabilities on the Company's consolidated balance sheets. At March 31, 2021, the liability for off-balance-sheet credit losses totaled $3.9 million, whereas the total amount of the liability as of December 31, 2020 was $4.1 million. The total amount recorded in credit loss (benefit) expense for the three months ended March 31, 2021 and March 31, 2020 was $(0.2) million and $2.4 million, respectively. Litigation - In the normal course of business, the Company and its subsidiaries have been named, from time to time, as defendants in various legal actions. Certain of the actual or threatened legal actions may include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Management, after consulting with legal counsel, is of the opinion that the ultimate liability, if any, resulting from these pending or threatened actions and proceedings will not have a material effect on the financial statements of the Company. Concentrations of credit risk - Substantially all of the Bank’s loans, commitments to extend credit and standby letters of credit have been granted to customers in the Bank’s market areas. Although the loan portfolio of the Bank is diversified, approximately 60% of the loans are real estate loans, excluding farmland, and approximately 8% are agriculturally related. The concentrations of credit by type of loan are set forth in Note 4. Loans Receivable and the Allowance for Credit Losses. Commitments to extend credit are primarily related to commercial loans and home equity loans. Standby letters of credit were granted primarily to commercial borrowers. Investments in securities issued by state and political subdivisions involve certain governmental entities within Iowa and Minnesota. The carrying value of investment securities of Iowa and Minnesota political subdivisions totaled 20% and 14%, respectively, as of March 31, 2021.
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Fair Value of Financial Instruments and Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments and Fair Value Measurements | Fair Value of Financial Instruments and Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: •Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. •Level 2 – Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. •Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. For information regarding the valuation methodologies used to measure the Company's assets recorded at fair value (under ASC Topic 820), and for estimating fair value for financial instruments not recorded at fair value (under ASC Topic 825, as amended by ASU 2016-01 and ASU 2018-03), see Note 1. Nature of Business and Significant Accounting Policies and Note 20. Estimated Fair Value of Financial Instruments and Fair Value Measurements to the consolidated financial statements in the Company's 2020 Annual Report on Form 10-K, filed with the SEC on March 11, 2021. The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily available for sale debt securities, derivatives and mortgage servicing rights. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period and such measurements are therefore considered "nonrecurring" for purposes of disclosing the Company's fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for collateral dependent individually analyzed loans and other real estate owned. Recurring Basis The following table summarizes assets and liabilities measured at fair value on a recurring basis as of the dates indicated, by level within the fair value hierarchy:
There were no transfers of assets between Level 3 and other levels of the fair value hierarchy during the three months ended March 31, 2021 or the year ended December 31, 2020. Changes in the fair value of available for sale debt securities are included in other comprehensive income. Nonrecurring Basis The following tables presents assets measured at fair value on a nonrecurring basis as of the dates indicated:
The following table presents the valuation technique(s), unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy as of the dates indicated:
Changes in assumptions or estimation methodologies may have a material effect on these estimated fair values. The carrying amount and estimated fair value of financial instruments at March 31, 2021 and December 31, 2020 were as follows:
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Substantially all of the leases in which the Company is the lessee are comprised of real estate property for banking offices and office space with terms extending through 2025. We do not have any subleased properties. Substantially all of our leases are classified as operating leases, with the Company only holding one existing finance lease for a banking office location with a lease term through 2025. Supplemental balance sheet information related to leases was as follows:
The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.
(1) Included in long-term debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in occupancy expense of premises, net. Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of March 31, 2021 were as follows:
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Leases | Leases Substantially all of the leases in which the Company is the lessee are comprised of real estate property for banking offices and office space with terms extending through 2025. We do not have any subleased properties. Substantially all of our leases are classified as operating leases, with the Company only holding one existing finance lease for a banking office location with a lease term through 2025. Supplemental balance sheet information related to leases was as follows:
The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.
(1) Included in long-term debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in occupancy expense of premises, net. Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of March 31, 2021 were as follows:
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated events that have occurred subsequent to March 31, 2021 and has concluded there are no other subsequent events that would require recognition in the accompanying consolidated financial statements. On April 29, 2021, the board of directors of the Company declared a cash dividend of $0.2250 per share payable on June 15, 2021 to shareholders of record as of the close of business on June 1, 2021. Pursuant to the Company’s share repurchase program approved on August 20, 2019, the Company has purchased 1,890 shares of common stock subsequent to March 31, 2021 and through May 4, 2021 for a total cost of $55.5 thousand inclusive of transaction costs, leaving $2.6 million remaining available under the program.
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Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2020, filed with the SEC on March 11, 2021.
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Risks and Uncertainties | Risks and Uncertainties The outbreak of COVID-19 has adversely impacted a broad range of industries in which the Company’s customers operate and could impair their ability to fulfill their financial obligations to the Company. The World Health Organization declared COVID-19 to be a global pandemic, indicating that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The spread of the outbreak has caused significant disruptions in the U.S. economy and has disrupted banking and other financial activity in the areas in which the Company operates. While there has been no material impact to the Company’s employees to date, COVID-19 could also potentially create widespread business continuity issues for the Company. Congress, the President, and the FRB have taken several actions designed to mitigate the economic impact of the pandemic. The CARES Act was signed into law in March 2020 as a $2 trillion legislative package. In addition to the general impact of COVID-19, certain provisions of the CARES Act as well as other recent legislative and regulatory relief efforts are expected to have a material impact on the Company’s operations. On December 27, 2020, a new COVID-19 relief bill was signed into law by President Trump, which includes as part of the bill up to $284.5 billion of a second wave of PPP funding. The American Rescue Plan Act of 2021 was signed into law on March 11, 2021 by President Biden as a $1.9 trillion legislative package, which includes as part of the bill a variety of economic assistance programs for Americans. In addition, on March 30, 2021, President Biden signed into law the PPP Extension Act of 2021, which provided an extension to May 31, 2021 for qualifying businesses to apply for a PPP loan and provided an additional 30 days for the SBA to process pending PPP loan applications. The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. If the global response to contain COVID-19 escalates further or is unsuccessful, the Company could experience a material adverse effect on its business, financial condition, results of operations and cash flows. While it is not possible to know the full universe or extent that the impact of COVID-19, and related measures to curtail its spread or to provide economic assistance to entities and individuals or otherwise stimulate the economy, will have on the Company’s operations, the Company discloses in this report potentially material items of which it is aware at the time this report is filed with the SEC. Financial position and results of operations The Company’s interest income could be reduced due to COVID-19. In accordance with CARES Act provisions and regulatory guidance, the Company is actively working with COVID-19 affected borrowers to defer their payments, interest, and fees. While interest and fees will still accrue to income, through normal GAAP accounting, should eventual credit losses on these deferred payments emerge, interest income and fees accrued would need to be reversed. In such a scenario, interest income in future periods could be negatively impacted. At this time, the Company is unable to project the materiality of such an impact, but recognizes that the breadth of the economic impact of COVID-19 may affect its borrowers’ ability to repay in future periods. Capital and liquidity While the Company believes that it has sufficient capital to withstand an extended economic recession brought about by COVID-19, its reported and regulatory capital ratios could be adversely impacted by further credit losses. The Company relies on cash on hand as well as dividends from its subsidiary bank to service its debt. If the Company’s capital deteriorates such that its subsidiary bank is unable to pay dividends to it for an extended period of time, the Company may not be able to service its debt. If an extended recession causes large numbers of the Company’s deposit customers to withdraw their funds, the Company might become more reliant on volatile or more expensive sources of funding. Asset valuation Currently, the Company does not expect COVID-19 to affect its ability to account timely for the assets on its balance sheet; however, this could change in future periods. While certain valuation assumptions and judgments will change to account for pandemic-related circumstances such as widening credit spreads, the Company does not anticipate significant changes in methodology used to determine the fair value of assets measured in accordance with GAAP. It is possible that the lingering effects of COVID-19 could cause the occurrence of what management would deem to be subsequent triggering events that could, under certain circumstances, cause us to perform a goodwill or intangible asset impairment test and result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its goodwill or intangible assets is impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital, cash flows or liquidity position. Credit The Company is working with customers directly affected by COVID-19. The Company has offered and continues to offer short-term assistance in accordance with regulatory guidelines. As a result of the current economic environment caused by the COVID-19 pandemic, the Company is engaging in more frequent communication with borrowers to better understand their situations and the challenges faced, allowing it to respond proactively as needs and issues arise. Should economic conditions worsen, the Company could experience further increases in its required ACL and record additional credit loss expense. It is possible that the Company’s asset quality measures could worsen in future periods if the effects of COVID-19 are prolonged.
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect: (1) the reported amounts of assets and liabilities, (2) the disclosure of contingent assets and liabilities at the date of the financial statements, and (3) the reported amounts of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates. The results for the three months ended March 31, 2021 may not be indicative of results for the year ending December 31, 2021, or for any other period. All significant accounting policies followed in the preparation of the quarterly financial statements are disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 11, 2021.
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Segment Reporting | Segment Reporting The Company’s activities are considered to be one reportable segment. The Company is engaged in the business of commercial and retail banking, and trust and investment services, with operations throughout Iowa, the Minneapolis/St. Paul metropolitan area of Minnesota, western Wisconsin, Naples and Fort Myers, Florida, and Denver, Colorado. Substantially all income is derived from a diverse base of commercial, mortgage and retail lending activities, and investments.
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Effect of New Financial Accounting Standards | Effect of New Financial Accounting StandardsAccounting Guidance Pending Adoption at March 31, 2021On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASC 848 contains optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. Entities may apply the provision as of the beginning of the reporting period when the election is made until December 31, 2022. The Company is currently evaluating the impact of ASU 2020-04. |
Derivatives | Derivatives Designated as Hedging Instruments The Company uses derivative instruments to hedge its exposure to economic risks, including interest rate, liquidity, and credit risk. Certain hedging relationships are formally designated and qualify for hedge accounting under GAAP as fair value or cash flow hedges. Fair Value Hedges - Derivatives are designated as fair value hedges to limit the Company's exposure to changes in the fair value of assets or liabilities due to movements in interest rates. The Company entered into pay-fixed receive-floating interest rate swaps to manage its exposure to changes in fair value in certain fixed-rate assets. The gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. Cash Flow Hedges - Derivatives are designated as cash flow hedges in order to minimize the variability in cash flows of earning assets or forecasted transactions caused by movement in interest rates. In February 2020, the Company entered into a pay-fixed receive-variable interest rate swap with a notional amount of $30.0 million to hedge against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on the Company's variable rate debt. The interest rate swap was designated as a cash flow hedge. The gain or loss on the derivative was recorded in accumulated other comprehensive income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. The Company terminated its cash flow hedge in the fourth quarter of 2020.
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Fair Value Measurements | Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: •Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. •Level 2 – Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. •Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. For information regarding the valuation methodologies used to measure the Company's assets recorded at fair value (under ASC Topic 820), and for estimating fair value for financial instruments not recorded at fair value (under ASC Topic 825, as amended by ASU 2016-01 and ASU 2018-03), see Note 1. Nature of Business and Significant Accounting Policies and Note 20. Estimated Fair Value of Financial Instruments and Fair Value Measurements to the consolidated financial statements in the Company's 2020 Annual Report on Form 10-K, filed with the SEC on March 11, 2021. The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily available for sale debt securities, derivatives and mortgage servicing rights. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period and such measurements are therefore considered "nonrecurring" for purposes of disclosing the Company's fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for collateral dependent individually analyzed loans and other real estate owned.
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Debt Securities (Tables) |
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Debt Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt Securities, Available-for-sale | The amortized cost and fair value of investment debt securities AFS, with gross unrealized gains and losses, were as follows:
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Schedule of Temporary Impairment Losses | The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2021, aggregated by investment category and length of time in a continuous loss position:
The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded at December 31, 2020, aggregated by investment category and length of time in a continuous loss position:
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Schedule Proceeds and Realized Gains (Losses) | Proceeds and gross realized gains and losses on debt securities available for sale for the three months ended March 31, 2021 and 2020 were as follows:
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Investments Classified by Contractual Maturity Date | The contractual maturity distribution of investment debt securities at March 31, 2021, is shown below. Expected maturities of MBS and CMO may differ from contractual maturities because the mortgages underlying the securities may be called or prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following summary.
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Loans Receivable and the Allowance for Credit Losses (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans by Lending Classification | The composition of loans by class of receivable was as follows:
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Schedule of Loans Based on Delinquency Status | The following table presents the amortized cost basis of loans based on delinquency status:
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Schedule of Amortized Cost Basis on Nonaccrual Status | The following table presents the amortized cost basis of loans on non-accrual status, and loans past due 90 days or more and still accruing by class of loan as of March 31, 2021 and December 31, 2020:
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Schedule of Credit Quality Indicator | The following table sets forth the amortized cost basis of loans by class of receivable by credit quality indicator and vintage based on the most recent analysis performed, as of March 31, 2021. As of March 31, 2021, there were no 'loss' rated credits.
The following table sets forth the amortized cost basis of loans by class of receivable by credit quality indicator and vintage based on the most recent analysis performed, as of December 31, 2020. As of December 31, 2020, there were no 'loss' rated credits.
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Schedule of Changes in Allowance for Credit Losses | The changes in the allowance for credit losses by portfolio segment were as follows:
The composition of allowance for credit losses by portfolio segment based on evaluation method were as follows:
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Financing Receivable, Collateral Depend Loans | The following table presents the amortized cost basis of collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans:
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Schedule of TDRs by Class of Financing Receivable | The following table sets forth information on the Company's TDRs by class of financing receivable occurring during the stated periods. TDRs include multiple concessions, and the disclosure classifications in the table are based on the primary concession provided to the borrower.
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Derivatives, Hedging Activities and Balance Sheet Offsetting (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | The following table presents the total notional amounts and gross fair values of the Company’s derivatives as of the dates indicated. The derivative asset and liability balances are presented on a gross basis, prior to the application of master netting agreements, as included in other assets and other liabilities, respectively, on the consolidated balance sheets. The fair values of the Company's derivative instrument assets and liabilities are summarized as follows:
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Schedule of Derivatives Instrument Impacts on Statements | The table below presents the effect of cash flow hedge accounting on AOCI for three months ended March 31, 2021 and 2020.
The table below presents the effect of the Company’s derivative financial instruments designated as hedging instruments on the consolidated statements of income for the periods indicated:
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Hedged Items In Fair Value Hedging Relationship | As of March 31, 2021, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:
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Derivatives Not Designated as Hedging Instruments | The following table presents the net gains (losses) recognized on the consolidated statements of income related to the derivatives not designated as hedging instruments for the periods indicated:
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Offsetting Derivative Assets And Liabilities | The table below presents gross derivatives and the respective collateral received or pledged in the form of other financial instruments as of March 31, 2021 and December 31, 2020, which are generally marketable securities and/or cash. The collateral amounts in the table below are limited to the outstanding balances of the related asset or liability (after netting is applied); thus instances of over-collateralization are not shown. Further, the net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets.
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Goodwill and Intangible Assets (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets at the dates indicated:
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Schedule of Indefinite-Lived Intangible Assets | The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets at the dates indicated:
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Schedule of Future Amortization Expense | The following table provides the estimated future amortization expense for the remaining nine months ending December 31, 2021 and the succeeding annual periods:
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Other Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets | The components of the Company's other assets as of March 31, 2021 and December 31, 2020 were as follows:
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Deposits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit Liabilities | The following table presents the composition of our deposits as of the dates indicated:
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Short-Term Borrowings (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term borrowings | The following table summarizes our short-term borrowings as of the dates indicated:
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Long-Term Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt | The table below summarizes the terms of each issuance of junior subordinated notes outstanding as of the dates indicated:
Long-term borrowings were as follows as of March 31, 2021 and December 31, 2020:
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Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank | As of March 31, 2021, FHLB borrowings were as follows:
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Earnings per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share | The following table presents the computation of basic and diluted earnings per common share for the periods indicated:
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Schedule of Antidilutive Effect in the Calculation of Diluted Earnings Per Common Share | The weighted average shares that have an antidilutive effect in the calculation of diluted earnings per common share and have been excluded from the computation above were as follows:
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Regulatory Capital Requirements and Restrictions on Subsidiary Cash (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | A comparison of the Company's and the Bank's capital with the corresponding minimum regulatory requirements in effect as of March 31, 2021 and December 31, 2020, is presented below:
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Commitments | The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following table summarizes the Bank's commitments as of the dates indicated:
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Fair Value of Financial Instruments and Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Measured on Recurring Basis | The following table summarizes assets and liabilities measured at fair value on a recurring basis as of the dates indicated, by level within the fair value hierarchy:
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Schedule of Fair Value Measured on Nonrecurring Basis | The following tables presents assets measured at fair value on a nonrecurring basis as of the dates indicated:
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Schedule of Valuation Techniques | The following table presents the valuation technique(s), unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy as of the dates indicated:
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Fair Value, by Balance Sheet Grouping | The carrying amount and estimated fair value of financial instruments at March 31, 2021 and December 31, 2020 were as follows:
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Leases (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Assets and Liabilities | Supplemental balance sheet information related to leases was as follows:
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Lease Costs and Other Information | The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.
(1) Included in long-term debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in occupancy expense of premises, net.
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Schedule of Finance Lease Liability Maturity | Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of March 31, 2021 were as follows:
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Schedule of Operating Lease Liability Maturity | Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of March 31, 2021 were as follows:
|
Summary of Significant Accounting Policies (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
segment
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 1 |
Debt Securities - Proceeds and Gross Realized Gains (Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Debt Securities [Abstract] | ||
Proceeds from sales of debt securities available for sale | $ 0 | $ 22,140 |
Gross realized gains from sales of debt securities available for sale | 0 | 155 |
Gross realized losses from sales of debt securities available for sale | 0 | (113) |
Net realized gain from sales of debt securities available for sale | $ 0 | $ 42 |
Derivatives, Hedging Activities and Balance Sheet Offsetting - Additional Information (Details) - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
Feb. 29, 2020 |
---|---|---|---|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Fair value of derivatives in a net liability position, including accrued interest | $ 5,000,000.0 | ||
Cash collateral paid | 2,140,000 | $ 13,267,000 | |
Assets needed for immediate settlement, aggregate fair value | 5,000,000.0 | ||
Designated as Hedging Instrument | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | 25,373,000 | 25,559,000 | |
Interest rate swaps | Designated as Hedging Instrument | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | $ 25,373,000 | $ 25,559,000 | |
Interest rate swaps | Cash flow hedges | Designated as Hedging Instrument | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | $ 30,000,000.0 |
Derivatives, Hedging Activities and Balance Sheet Offsetting - Hedged Items in Fair Value Hedging Relationship (Details) - Interest rate swaps - Designated as Hedging Instrument - Fair value hedges $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Carrying Amount of the Hedged Assets | $ 26,173 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset | $ 786 |
Derivatives, Hedging Activities and Balance Sheet Offsetting - Schedule of Other Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | $ (34) | $ 244 |
Interest rate swaps | Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | (34) | 141 |
RPAs | Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives not designated as hedging, gain (loss) | $ 0 | $ 103 |
Derivatives, Hedging Activities and Balance Sheet Offsetting - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Asset Derivatives | ||
Gross Amounts of Recognized Assets (Liabilities) | $ 6,894 | $ 10,796 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets (Liabilities) presented in the Balance Sheet | 6,894 | 10,796 |
Financial Instruments | 0 | 0 |
Cash Collateral Received (Paid) | 0 | 0 |
Net Assets (Liabilities) | 6,894 | 10,796 |
Liability Derivatives | ||
Gross Amounts of Recognized Assets (Liabilities) | (7,694) | (13,267) |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets (Liabilities) presented in the Balance Sheet | (7,694) | (13,267) |
Financial Instruments | 0 | 0 |
Cash Collateral Received (Paid) | (2,140) | (13,267) |
Net Assets (Liabilities) | $ (5,554) | $ 0 |
Goodwill and Intangible Assets - Goodwill and Additional Information (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 62,477 | $ 62,477 |
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 49,710 | $ 49,710 |
Accumulated Amortization | (33,015) | (31,508) |
Net Carrying Amount | 16,695 | 18,202 |
Indefinite-lived trade name intangible | 7,040 | 7,040 |
Core deposit intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 41,745 | 41,745 |
Accumulated Amortization | (27,628) | (26,440) |
Net Carrying Amount | 14,117 | 15,305 |
Customer relationship intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,265 | 5,265 |
Accumulated Amortization | (2,920) | (2,630) |
Net Carrying Amount | 2,345 | 2,635 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,700 | 2,700 |
Accumulated Amortization | (2,467) | (2,438) |
Net Carrying Amount | $ 233 | $ 262 |
Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2021 | $ 3,851 | |
2022 | 4,363 | |
2023 | 3,402 | |
2024 | 2,443 | |
2025 | 1,547 | |
Thereafter | 1,089 | |
Net Carrying Amount | 16,695 | $ 18,202 |
Core deposit intangible | ||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2021 | 3,002 | |
2022 | 3,487 | |
2023 | 2,833 | |
2024 | 2,180 | |
2025 | 1,526 | |
Thereafter | 1,089 | |
Net Carrying Amount | 14,117 | 15,305 |
Customer relationship intangible | ||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2021 | 772 | |
2022 | 797 | |
2023 | 518 | |
2024 | 239 | |
2025 | 19 | |
Thereafter | 0 | |
Net Carrying Amount | 2,345 | 2,635 |
Other | ||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2021 | 77 | |
2022 | 79 | |
2023 | 51 | |
2024 | 24 | |
2025 | 2 | |
Thereafter | 0 | |
Net Carrying Amount | $ 233 | $ 262 |
Other Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Assets [Abstract] | ||
Bank-owned life insurance | $ 84,024 | $ 83,483 |
Interest receivable | 19,749 | 21,706 |
FHLB stock | 12,170 | 13,784 |
Mortgage servicing rights | 5,928 | 5,137 |
Operating lease right-of-use assets, net | 3,364 | 3,613 |
Federal and state income taxes, deferred | 10,294 | 3,845 |
Derivative assets | 6,894 | 10,796 |
Other receivables/assets | 13,102 | 11,129 |
Other assets | $ 155,525 | $ 153,493 |
Deposits (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Deposits [Abstract] | ||
Noninterest bearing deposits | $ 958,526 | $ 910,655 |
Interest checking deposits | 1,406,070 | 1,351,641 |
Money market deposits | 950,300 | 918,654 |
Savings deposits | 580,862 | 529,751 |
Time deposits under $250 | 558,338 | 581,471 |
Time deposits of $250 or more | 340,467 | 254,877 |
Total deposits | 4,794,563 | 4,547,049 |
Domestic time deposit, brokered | 6,200 | 7,800 |
Domestic non-time deposit, brokered | 17,200 | 14,800 |
Deposits of government entities | $ 244,900 | $ 156,700 |
Long-Term Debt - Subordinated Debentures (Details) - Subordinated debt - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jul. 28, 2020 |
Mar. 31, 2021 |
May 01, 2019 |
|
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 10,900 | ||
Interest rate | 6.50% | ||
Percentage of debentures, decrease to Tier 2 treatment, per year | 20.00% | ||
Decrease to Tier 2 treatment, period of recognition | 5 years | ||
Percentage of debentures, measured as Tier 2 | 40.00% | ||
5.75% Fixed to floating subordinated notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 63,750 | ||
Interest rate | 5.75% | ||
5.75% Fixed to floating subordinated notes | Private placement | |||
Debt Instrument [Line Items] | |||
Sale of equity | $ 65,000 |
Long-Term Debt - Other Long-Term Debt (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Finance lease payable | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 8.89% | 8.89% |
Balance | $ 1,061 | $ 1,096 |
FHLB borrowings | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 1.90% | 1.92% |
Balance | $ 84,174 | $ 91,198 |
Federal home loan, bank advances general debt obligations, disclosures maximum borrowing capacity as percentage of total assets | 45.00% | |
Other long-term debt | ||
Debt Instrument [Line Items] | ||
Weighted Average Rate | 1.99% | 2.00% |
Balance | $ 85,235 | $ 92,294 |
Long-Term Debt - Federal Home Loan Bank Advances (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Weighted Average Rate | |
Due in 2021 | 0.76% |
Due in 2022 | 2.68% |
Due in 2023 | 2.79% |
Due in 2024 | 3.15% |
Amount | |
Due in 2021 | $ 36,000 |
Due in 2022 | 31,000 |
Due in 2023 | 11,000 |
Due in 2024 | 6,000 |
Total | 84,000 |
Valuation adjustment from acquisition accounting | 174 |
Total | $ 84,174 |
Earnings per Share - Basic And Diluted Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Basic Earnings (Loss) Per Share: | ||
Net income (loss) | $ 21,648 | $ (1,975) |
Weighted average shares outstanding (in shares) | 15,990,724 | 16,141,500 |
Basic (loss) earnings per common share (in dollars per share) | $ 1.35 | $ (0.12) |
Diluted Earnings (Loss) Per Share: | ||
Net income (loss) | $ 21,648 | $ (1,975) |
Weighted average shares outstanding, including all dilutive potential shares (in shares) | 16,020,920 | 16,141,500 |
Diluted (loss) earnings per common share (in dollars per share) | $ 1.35 | $ (0.12) |
Earnings per Share - Anti-Dilutive Shares (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | ||
Dilutive shares (in shares) | 0 | 18,042 |
Commitments and Contingencies - Schedule of Commitments (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Commitments [Line Items] | ||
Other commitment | $ 1,000,243 | $ 991,442 |
Commitments to sell loans | ||
Other Commitments [Line Items] | ||
Other commitment | 58,333 | 59,956 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Other commitment | 920,493 | 897,274 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Other commitment | $ 21,417 | $ 34,212 |
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Concentration Risk [Line Items] | |||
Off-balance sheet, credit loss, liability | $ 3.9 | $ 4.1 | |
Credit loss expense, off balance sheet credit exposure | $ (0.2) | $ 2.4 | |
Credit Concentration Risk | Loans Concentration | Commercial real estate | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 60.00% | ||
Credit Concentration Risk | Loans Concentration | Agricultural Related Loan Financing Receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 8.00% | ||
Credit Concentration Risk | Investment Securities | State and political subdivisions | IOWA | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 20.00% | ||
Credit Concentration Risk | Investment Securities | State and political subdivisions | MINNESOTA | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 14.00% |
Leases - Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Leases [Abstract] | ||
Operating lease cost | $ 299 | $ 319 |
Variable lease cost | 72 | 39 |
Interest on lease liabilities | 23 | 26 |
Amortization of right-of-use assets | 24 | 24 |
Net lease cost | 418 | 408 |
Operating cash flows from operating leases | 572 | 503 |
Operating cash flows from finance lease | 23 | 27 |
Finance cash flows from finance lease | $ 35 | $ 31 |
Leases - Maturity Schedule (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Finance Leases | ||
December 31, 2020 | $ 177 | |
December 31, 2021 | 240 | |
December 31, 2022 | 245 | |
December 31, 2023 | 250 | |
December 31, 2024 | 255 | |
Thereafter | 171 | |
Total undiscounted lease payment | 1,338 | |
Amounts representing interest | (277) | |
Finance lease liability | 1,061 | $ 1,096 |
Operating Leases | ||
December 31, 2020 | 807 | |
December 31, 2021 | 993 | |
December 31, 2022 | 932 | |
December 31, 2023 | 702 | |
December 31, 2024 | 232 | |
Thereafter | 1,907 | |
Total undiscounted lease payment | 5,573 | |
Amounts representing interest | (1,257) | |
Operating lease liability | $ 4,316 | $ 4,583 |
Subsequent Events (Details) - Common Stock - Subsequent event - USD ($) |
1 Months Ended | |
---|---|---|
May 04, 2021 |
Apr. 29, 2021 |
|
Subsequent Event | ||
Dividends payable (in dollars per share) | $ 0.2250 | |
Stock repurchased during period (in shares) | 1,890 | |
Stock repurchased during period, value | $ 55,500 | |
Stock repurchase program, remaining authorized repurchase amount | $ 2,600,000 |
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