(State or other jurisdiction of | (I.R.S. Employer Identification No.) | ||||
incorporation or organization) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer ☐ | Accelerated filer | ☐ | ☒ | ||||||||||||||
Smaller reporting company | Emerging growth company |
(In thousands, except per share data) | June 30, 2022 | December 31, 2021 | |||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Federal funds sold | |||||||||||
Other interest-bearing deposits | |||||||||||
Cash and cash equivalents | |||||||||||
Certificates of deposit in other banks | |||||||||||
Available-for-sale debt securities, at fair value | |||||||||||
Other investments | |||||||||||
Total investment securities | |||||||||||
Loans held for investment | |||||||||||
Allowance for loan losses | ( | ( | |||||||||
Net loans | |||||||||||
Loans held for sale, at lower of cost or fair value | |||||||||||
Premises and equipment - net | |||||||||||
Mortgage servicing rights, at fair value | |||||||||||
Other real estate owned - net | |||||||||||
Accrued interest receivable | |||||||||||
Cash surrender value - life insurance | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Deposits | |||||||||||
Non-interest bearing demand | $ | $ | |||||||||
Savings, interest checking and money market | |||||||||||
Time deposits $250,000 and over | |||||||||||
Other time deposits | |||||||||||
Total deposits | |||||||||||
Federal funds purchased and securities sold under agreements to repurchase | |||||||||||
Federal Home Loan Bank advances and other borrowings | |||||||||||
Subordinated notes | |||||||||||
Operating lease liabilities | |||||||||||
Accrued interest payable | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock, $ | |||||||||||
Surplus | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive (loss) income, net of tax | ( | ||||||||||
Treasury stock; | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
INTEREST INCOME | |||||||||||||||||||||||
Interest and fees on loans | $ | $ | $ | $ | |||||||||||||||||||
Interest and fees on loans held for sale | |||||||||||||||||||||||
Interest on investment securities: | |||||||||||||||||||||||
Taxable | |||||||||||||||||||||||
Nontaxable | |||||||||||||||||||||||
Federal funds sold | |||||||||||||||||||||||
Other interest-bearing deposits and certificates of deposit in other banks | |||||||||||||||||||||||
Dividends on other investments | |||||||||||||||||||||||
Total interest income | |||||||||||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||||||
Interest on deposits: | |||||||||||||||||||||||
Savings, interest checking and money market | |||||||||||||||||||||||
Time deposit accounts $250,000 and over | |||||||||||||||||||||||
Time deposits | |||||||||||||||||||||||
Total interest expense on deposits | |||||||||||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | |||||||||||||||||||||||
Interest on Federal Home Loan Bank advances | |||||||||||||||||||||||
Interest on subordinated notes | |||||||||||||||||||||||
Total interest expense on borrowings | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Provision for (release of) loan losses | ( | ||||||||||||||||||||||
Net interest income after provision for (release of) loan losses | |||||||||||||||||||||||
NON-INTEREST INCOME | |||||||||||||||||||||||
Service charges and other fees | |||||||||||||||||||||||
Bank card income and fees | |||||||||||||||||||||||
Trust department income | |||||||||||||||||||||||
Real estate servicing fees, net | |||||||||||||||||||||||
Gain on sale of mortgage loans, net | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total non-interest income | |||||||||||||||||||||||
Investment securities (losses) gains, net | ( | ( | |||||||||||||||||||||
NON-INTEREST EXPENSE | |||||||||||||||||||||||
Salaries and employee benefits | |||||||||||||||||||||||
Occupancy expense, net | |||||||||||||||||||||||
Furniture and equipment expense | |||||||||||||||||||||||
Processing, network, and bank card expense | |||||||||||||||||||||||
Legal, examination, and professional fees | |||||||||||||||||||||||
Advertising and promotion | |||||||||||||||||||||||
Postage, printing, and supplies | |||||||||||||||||||||||
Loan expense | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total non-interest expense | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive (loss) income, net of tax | |||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||
Change in unrealized (losses) gains on investment securities available-for-sale, net of tax | ( | ( | ( | ||||||||||||||||||||
Adjustment for gains on sale of investment securities, net of tax | ( | ||||||||||||||||||||||
Defined benefit pension plans: | |||||||||||||||||||||||
Amortization of prior service cost included in net periodic pension cost, net of tax | |||||||||||||||||||||||
Total other comprehensive (loss) income | ( | ( | ( | ||||||||||||||||||||
Total comprehensive (loss) income | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Three Months Ended June 30, 2022 and 2021 | |||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders' Equity | |||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock dividend | — | ( | — | — | |||||||||||||||||||||||||||||||
Cash dividends declared, common stock ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | |||||||||||||||||||||||||||||||
Stock dividend | — | ( | — | — | |||||||||||||||||||||||||||||||
Cash dividends declared, common stock ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 and 2021 | |||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders' Equity | |||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock dividend | — | ( | — | — | |||||||||||||||||||||||||||||||
Cash dividends declared, common stock ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock dividend | — | ( | — | — | |||||||||||||||||||||||||||||||
Cash dividends declared, common stock ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
(In thousands) | 2022 | 2021 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
(Release of) provision for loan losses | ( | ||||||||||
Depreciation expense | |||||||||||
Net amortization of investment securities, premiums, and discounts | |||||||||||
Change in fair value of mortgage servicing rights | ( | ( | |||||||||
Investment securities losses (gains), net | ( | ||||||||||
(Gain) losses on sales and dispositions of premises and equipment | ( | ||||||||||
Gain on sales and dispositions of other real estate | ( | ( | |||||||||
(Release of) provision for other real estate owned | ( | ||||||||||
Decrease (increase) in accrued interest receivable | ( | ||||||||||
Increase in cash surrender value - life insurance | ( | ( | |||||||||
(Increase) decrease in other assets | ( | ||||||||||
Decrease in operating lease liabilities | ( | ( | |||||||||
Increase (decrease) in accrued interest payable | ( | ||||||||||
Decrease in other liabilities | ( | ( | |||||||||
Origination of mortgage loans held for sale | ( | ( | |||||||||
Proceeds from the sale of mortgage loans held for sale | |||||||||||
Gain on sale of mortgage loans, net | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchase of certificates of deposit in other banks | ( | ||||||||||
Proceeds from maturities of certificates of deposit in other banks | |||||||||||
Net increase in loans | ( | ( | |||||||||
Purchase of available-for-sale debt securities | ( | ( | |||||||||
Proceeds from maturities of available-for-sale debt securities | |||||||||||
Proceeds from calls of available-for-sale debt securities | |||||||||||
Purchases of FHLB stock | ( | ( | |||||||||
Proceeds from sales of FHLB stock | |||||||||||
Purchases of premises and equipment | ( | ( | |||||||||
Proceeds from sales of premises and equipment | |||||||||||
Proceeds from sales of other real estate and repossessed assets | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Net increase in demand deposits | |||||||||||
Net decrease in interest-bearing transaction accounts | ( | ( | |||||||||
Net increase (decrease) in time deposits | ( | ||||||||||
Net decrease in federal funds purchased and securities sold under agreements to repurchase | ( | ( | |||||||||
Repayment of FHLB advances and other borrowings | ( | ( | |||||||||
FHLB advances | |||||||||||
Purchase of treasury stock | ( | ( | |||||||||
Cash dividends paid - common stock | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net decrease in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Six Months Ended June 30, | |||||||||||
(In thousands) | 2022 | 2021 | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes | $ | $ | |||||||||
Noncash investing and financing activities: | |||||||||||
Other real estate and repossessed assets acquired in settlement of loans net of (charge-offs) | $ | ( | $ | ||||||||
(in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Commercial, financial, and agricultural(a) | $ | $ | |||||||||
Real estate construction − residential | |||||||||||
Real estate construction − commercial | |||||||||||
Real estate mortgage − residential | |||||||||||
Real estate mortgage − commercial | |||||||||||
Installment and other consumer | |||||||||||
Total loans held for investment | $ | $ |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial, Financial, & Agricultural | Real Estate Construction - Residential | Real Estate Construction - Commercial | Real Estate Mortgage - Residential | Real Estate Mortgage - Commercial | Installment and Other Consumer | Un- allocated | Total | |||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for (release of ) loan losses | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | |||||||||||||||||||||||||||||||||||||||||||||||
Less recoveries on loans | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loan charge-offs (recoveries) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial, Financial, & Agricultural | Real Estate Construction - Residential | Real Estate Construction - Commercial | Real Estate Mortgage - Residential | Real Estate Mortgage - Commercial | Installment and Other Consumer | Un- allocated | Total | |||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for (release of ) loan losses | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | |||||||||||||||||||||||||||||||||||||||||||||||
Less recoveries on loans | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Net loan charge-offs (recoveries) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial, Financial, & Agricultural | Real Estate Construction - Residential | Real Estate Construction - Commercial | Real Estate Mortgage - Residential | Real Estate Mortgage - Commercial | Installment and Other Consumer | Un- allocated | Total | |||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for (release of ) loan losses | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | |||||||||||||||||||||||||||||||||||||||||||||||
Less recoveries on loans | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loan charge-offs (recoveries) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial, Financial, & Agricultural | Real Estate Construction - Residential | Real Estate Construction - Commercial | Real Estate Mortgage - Residential | Real Estate Mortgage - Commercial | Installment and Other Consumer | Un- allocated | Total | |||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for (release of ) loan losses | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | |||||||||||||||||||||||||||||||||||||||||||||||
Less recoveries on loans | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loan charge-offs (recoveries) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ |
(in thousands) | Commercial, Financial, and Agricultural | Real Estate Construction - Residential | Real Estate Construction - Commercial | Real Estate Mortgage - Residential | Real Estate Mortgage - Commercial | Installment and Other Consumer | Un- allocated | Total | |||||||||||||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Loans outstanding: | |||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Loans outstanding: | |||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
(in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Non-accrual loans | $ | $ | |||||||||
Performing TDRs | |||||||||||
Total impaired loans | $ | $ |
(in thousands) | Recorded Investment | Unpaid Principal Balance | Specific Reserves | ||||||||||||||
June 30, 2022 | |||||||||||||||||
With no related allowance recorded: | |||||||||||||||||
Real estate mortgage − commercial | $ | $ | $ | — | |||||||||||||
Total | $ | $ | $ | — | |||||||||||||
With an allowance recorded: | |||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | ||||||||||||||
Real estate construction − commercial | |||||||||||||||||
Real estate mortgage − residential | |||||||||||||||||
Real estate mortgage − commercial | |||||||||||||||||
Installment and other consumer | |||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
Total impaired loans | $ | $ | $ |
(in thousands) | Recorded Investment | Unpaid Principal Balance | Specific Reserves | ||||||||||||||
December 31, 2021 | |||||||||||||||||
With no related allowance recorded: | |||||||||||||||||
Real estate mortgage − residential | $ | $ | $ | — | |||||||||||||
Real estate mortgage − commercial | — | ||||||||||||||||
Total | $ | $ | $ | — | |||||||||||||
With an allowance recorded: | |||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | ||||||||||||||
Real estate construction − commercial | |||||||||||||||||
Real estate mortgage − residential | |||||||||||||||||
Real estate mortgage − commercial | |||||||||||||||||
Installment and other consumer | |||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
Total impaired loans | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Average Recorded Investment | Interest Recognized For the Period Ended | Average Recorded Investment | Interest Recognized For the Period Ended | Average Recorded Investment | Interest Recognized For the Period Ended | Average Recorded Investment | Interest Recognized For the Period Ended | |||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Real estate mortgage − residential | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage − commercial | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Real estate construction − residential | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction − commercial | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage − residential | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage − commercial | |||||||||||||||||||||||||||||||||||||||||||||||
Installment and other consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | $ | $ | $ | $ | $ | $ | $ |
(in thousands) | Current or Less Than 30 Days Past Due | 30 - 89 Days Past Due | 90 Days Past Due And Still Accruing | Non-Accrual | Total | ||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Real estate construction − residential | |||||||||||||||||||||||||||||
Real estate construction − commercial | |||||||||||||||||||||||||||||
Real estate mortgage − residential | |||||||||||||||||||||||||||||
Real estate mortgage − commercial | |||||||||||||||||||||||||||||
Installment and Other Consumer | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Real estate construction − residential | |||||||||||||||||||||||||||||
Real estate construction − commercial | |||||||||||||||||||||||||||||
Real estate mortgage − residential | |||||||||||||||||||||||||||||
Real estate mortgage − commercial | |||||||||||||||||||||||||||||
Installment and Other Consumer | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(in thousands) | Commercial, Financial, & Agricultural | Real Estate Construction - Residential | Real Estate Construction - Commercial | Real Estate Mortgage - Residential | Real Estate Mortgage - Commercial | Installment and other Consumer | Total | ||||||||||||||||||||||||||||||||||
At June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Watch | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||
Performing TDRs | |||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
At December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Watch | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||
Performing TDRs | |||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
June 30, | December 31, | ||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Commercial | $ | $ | |||||||||
Real estate construction - commercial | |||||||||||
Real estate mortgage - residential | |||||||||||
Real estate mortgage - commercial | |||||||||||
Total | $ | $ | |||||||||
Less valuation allowance for other real estate owned | ( | ( | |||||||||
Total other real estate owned | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Additions net of (charge-offs) | ( | ||||||||||||||||||||||
Proceeds from sales | ( | ( | ( | ( | |||||||||||||||||||
Charge-offs against the valuation allowance for other real estate owned, net | ( | ( | ( | ( | |||||||||||||||||||
Net gain on sales | ( | ||||||||||||||||||||||
Total other real estate owned | |||||||||||||||||||||||
Less valuation allowance for other real estate owned | ( | ( | ( | ( | |||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Provision for other real estate owned | ( | ( | ( | ||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | |||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
Gross Unrealized | |||||||||||||||||||||||
(in thousands) | Total Amortized Cost | Gains | Losses | Fair Value | |||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | ( | $ | ||||||||||||||||||
U.S. government and federal agency obligations | ( | ||||||||||||||||||||||
U.S. government-sponsored enterprises | ( | ||||||||||||||||||||||
Obligations of states and political subdivisions | ( | ||||||||||||||||||||||
Mortgage-backed securities | ( | ||||||||||||||||||||||
Other debt securities (a) | ( | ||||||||||||||||||||||
Bank issued trust preferred securities (a) | ( | ||||||||||||||||||||||
Total available-for-sale securities | $ | $ | $ | ( | $ | ||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | ( | $ | ||||||||||||||||||
U.S. government and federal agency obligations | |||||||||||||||||||||||
U.S. government-sponsored enterprises | ( | ||||||||||||||||||||||
Obligations of states and political subdivisions | ( | ||||||||||||||||||||||
Mortgage-backed securities | ( | ||||||||||||||||||||||
Other debt securities (a) | ( | ||||||||||||||||||||||
Bank issued trust preferred securities (a) | ( | ||||||||||||||||||||||
Total available-for-sale securities | $ | $ | $ | ( | $ |
(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 | |||||||||||
Total | |||||||||||
Mortgage-backed securities | |||||||||||
Total available-for-sale securities | $ | $ |
(in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Other securities: | |||||||||||
FHLB stock | $ | $ | |||||||||
MIB stock | |||||||||||
Equity securities with readily determinable fair values | |||||||||||
Total other investment securities | $ | $ |
Less than 12 months | 12 months or more | ||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Total Fair Value | Total Unrealized Losses | |||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
U.S. government and federal agency obligations | ( | ( | |||||||||||||||||||||||||||||||||
U.S. government-sponsored enterprises | ( | ( | ( | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | ( | ( | ( | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Other debt securities | ( | ( | |||||||||||||||||||||||||||||||||
Bank issued trust preferred securities | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
U.S. government-sponsored enterprises | ( | ( | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | ( | ( | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Other debt securities | ( | ( | |||||||||||||||||||||||||||||||||
Bank issued trust preferred securities | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Investment securities (losses) gains, net | |||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Gross realized gains | $ | $ | $ | $ | |||||||||||||||||||
Gross realized losses | |||||||||||||||||||||||
Other-than-temporary impairment recognized | |||||||||||||||||||||||
Other investment securities: | |||||||||||||||||||||||
Fair value adjustments, net | ( | ( | |||||||||||||||||||||
Investment securities (losses) gains, net | $ | ( | $ | $ | ( | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Originated mortgage servicing rights | |||||||||||||||||||||||
Changes in fair value: | |||||||||||||||||||||||
Due to changes in model inputs and assumptions (1) | |||||||||||||||||||||||
Other changes in fair value (2) | ( | ( | ( | ( | |||||||||||||||||||
Total changes in fair value | |||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Weighted average constant prepayment rate | % | % | |||||||||
Weighted average note rate | % | % | |||||||||
Weighted average discount rate | % | % | |||||||||
Weighted average expected life (in years) |
(aggregate amounts in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||
Time deposits with balances > $250,000 | $ | $ | ||||||||||||
Brokered deposits | $ | $ |
(in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Federal funds purchased | $ | $ | |||||||||
Repurchase agreements | |||||||||||
Total | $ | $ |
Repurchase Agreements | Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||||
(in thousands) | Overnight and continuous | Less than 90 days | Greater than 90 days | Total | |||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | $ | $ | $ | |||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Lease payments due in: | Operating Lease | ||||
(in thousands) | |||||
2022 (excluding 6 months ended June 30, 2022) | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total lease payments | |||||
Less imputed interest | ( | ||||
Total lease liabilities, as reported | $ |
Six Months Ended June 30, 2022 | |||||||||||||||||
(in thousands) | Unrealized Gains (Losses) on Securities (1) | Unrecognized Net Pension and Postretirement Costs (2) | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Balance at beginning of period | $ | $ | $ | ||||||||||||||
Other comprehensive loss, before reclassifications | ( | ( | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||||||||
Current period other comprehensive loss, before tax | ( | ( | |||||||||||||||
Income tax benefit | |||||||||||||||||
Current period other comprehensive loss, net of tax | ( | ( | |||||||||||||||
Balance at end of period | $ | ( | $ | $ | ( |
Six Months Ended June 30, 2021 | |||||||||||||||||
(in thousands) | Unrealized Gains (Losses) on Securities (1) | Unrecognized Net Pension and Postretirement Costs (2) | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Balance at beginning of period | $ | $ | ( | $ | |||||||||||||
Other comprehensive (loss) income, before reclassifications | ( | ( | |||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | ( | ( | |||||||||||||||
Current period other comprehensive (loss) income, before tax | ( | ( | |||||||||||||||
Income tax benefit (expense) | ( | ||||||||||||||||
Current period other comprehensive (loss) income, net of tax | ( | ( | |||||||||||||||
Balance at end of period | $ | $ | ( | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Payroll taxes | $ | $ | $ | $ | |||||||||||||||||||
Medical plans | |||||||||||||||||||||||
401(k) match and profit sharing | |||||||||||||||||||||||
Periodic pension cost | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total employee benefits | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Service cost - benefits earned during the year | $ | $ | $ | $ | |||||||||||||||||||
Interest costs on projected benefit obligations (a) | |||||||||||||||||||||||
Expected return on plan assets (a) | ( | ( | ( | ( | |||||||||||||||||||
Expected administrative expenses | |||||||||||||||||||||||
Amortization of prior service cost (a) | |||||||||||||||||||||||
Amortization of unrecognized net loss (a) | |||||||||||||||||||||||
Net periodic pension cost | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Basic earnings per share: | |||||||||||||||||||||||
Net income available to shareholders | $ | $ | $ | $ | |||||||||||||||||||
Average shares outstanding | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share: | |||||||||||||||||||||||
Net income available to shareholders | $ | $ | $ | $ | |||||||||||||||||||
Average shares outstanding | |||||||||||||||||||||||
Diluted earnings per share | $ | $ | $ |
Fair Value Measurements | |||||||||||||||||||||||
(in thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | |||||||||||||||||||
U.S. government and federal agency obligations | |||||||||||||||||||||||
U.S. government-sponsored enterprises | |||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
Other debt securities | |||||||||||||||||||||||
Bank-issued trust preferred securities | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||
Forward sale commitments | |||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest rate lock commitments | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | |||||||||||||||||||
U.S. government and federal agency obligations | |||||||||||||||||||||||
U.S. government-sponsored enterprises | |||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
Other debt securities | |||||||||||||||||||||||
Bank-issued trust preferred securities | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||
Forward sale commitments | |||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest rate lock commitments | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||
Mortgage Servicing Rights | Interest Rate Lock Commitments | ||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Total gains or (losses) (realized/unrealized): | |||||||||||||||||||||||
Included in earnings | ( | ||||||||||||||||||||||
Included in other comprehensive income | |||||||||||||||||||||||
Purchases | |||||||||||||||||||||||
Sales | ( | ||||||||||||||||||||||
Issues | |||||||||||||||||||||||
Settlements | |||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
Fair Value Measurements Using | |||||||||||||||||||||||||||||||||||
(in thousands) | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Three Months Ended June 30, Total Gains (Losses)* | Six Months Ended June 30, Total Gains (Losses)* | |||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Collateral dependent impaired loans: | |||||||||||||||||||||||||||||||||||
Real estate mortgage - commercial | $ | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||
Other real estate and repossessed assets | $ | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Collateral dependent impaired loans: | |||||||||||||||||||||||||||||||||||
Commercial, financial, & agricultural | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Real estate mortgage - residential | ( | ( | |||||||||||||||||||||||||||||||||
Real estate mortgage - commercial | ( | ( | |||||||||||||||||||||||||||||||||
Installment and other consumer | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||
Other real estate and repossessed assets | $ | $ | $ | $ | $ | $ | ( |
June 30, 2022 | |||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||
June 30, 2022 | Quoted Prices in Active Markets for Identical Assets | Other Observable Inputs | Net Significant Unobservable Inputs | ||||||||||||||||||||||||||
(in thousands) | Carrying amount | Fair value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Federal funds sold and overnight interest-bearing deposits | |||||||||||||||||||||||||||||
Certificates of deposit in other banks | |||||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||||
Other investment securities | |||||||||||||||||||||||||||||
Loans, net | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Cash surrender value - life insurance | |||||||||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||||||||
Forward sale commitments | |||||||||||||||||||||||||||||
Accrued interest receivable | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Non-interest bearing demand | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Savings, interest checking and money market | |||||||||||||||||||||||||||||
Time deposits | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | |||||||||||||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | |||||||||||||||||||||||||||||
Subordinated notes | |||||||||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||||||||
Accrued interest payable | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||
December 31, 2021 | Quoted Prices in Active Markets for Identical Assets | Other Observable Inputs | Net Significant Unobservable Inputs | ||||||||||||||||||||||||||
(in thousands) | Carrying amount | Fair value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Federal funds sold and overnight interest-bearing deposits | |||||||||||||||||||||||||||||
Certificates of deposit in other banks | |||||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||||
Other investment securities | |||||||||||||||||||||||||||||
Loans, net | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Cash surrender value - life insurance | |||||||||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||||||||
Forward sale commitments | |||||||||||||||||||||||||||||
Accrued interest receivable | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Non-interest bearing demand | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Savings, interest checking and money market | |||||||||||||||||||||||||||||
Time deposits | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | |||||||||||||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | |||||||||||||||||||||||||||||
Subordinated notes | |||||||||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||||||||
Accrued interest payable | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Commitments to extend credit | $ | $ | |||||||||
Interest rate lock commitments | |||||||||||
Forward sale commitments | |||||||||||
Standby letters of credit | |||||||||||
Total | $ | $ |
Three Months Ended | |||||||||||||||||
(Dollars in thousands, except per share data) | June 30, 2022 | March 31, 2022 | June 30, 2021 | ||||||||||||||
Net interest income | $ | 14,561 | $ | 14,145 | $ | 13,671 | |||||||||||
Provision for (release of) loan losses | 1,200 | (2,500) | 400 | ||||||||||||||
Non-interest income | 3,648 | 3,726 | 4,661 | ||||||||||||||
Investment securities (losses) gains, net | (9) | (4) | — | ||||||||||||||
Non-interest expense | 11,540 | 12,227 | 11,841 | ||||||||||||||
Income before income taxes | 5,460 | 8,140 | 6,091 | ||||||||||||||
Income tax expense | 971 | 1,531 | 1,199 | ||||||||||||||
Net income | $ | 4,489 | $ | 6,609 | $ | 4,892 | |||||||||||
Basic earnings per share | $ | 0.66 | $ | 0.97 | $ | 0.71 | |||||||||||
Diluted earnings per share | $ | 0.66 | $ | 0.97 | $ | 0.71 | |||||||||||
Efficiency ratio (1) | 63.38% | 68.42% | 64.59% | ||||||||||||||
Net interest spread | 3.47% | 3.36% | 3.24% | ||||||||||||||
Net interest margin | 3.64% | 3.50% | 3.40% | ||||||||||||||
Six Months Ended June 30, | |||||||||||||||||
(Dollars in thousands, except per share data) | 2022 | 2021 | |||||||||||||||
Net interest income | $ | 28,706 | $ | 28,062 | |||||||||||||
(Release of) provision for loan losses | (1,300) | 400 | |||||||||||||||
Non-interest income | 7,374 | 9,233 | |||||||||||||||
Investment securities (losses) gains, net | (13) | 15 | |||||||||||||||
Non-interest expense | 23,767 | 23,622 | |||||||||||||||
Income before income taxes | 13,600 | 13,288 | |||||||||||||||
Income tax expense | 2,502 | 2,557 | |||||||||||||||
Net income | $ | 11,098 | $ | 10,731 | |||||||||||||
Basic earnings per share | $ | 1.63 | $ | 1.56 | |||||||||||||
Diluted earnings per share | $ | 1.63 | $ | 1.56 | |||||||||||||
Efficiency ratio (1) | 65.87% | 63.34% | |||||||||||||||
Net interest spread | 3.41% | 3.34% | |||||||||||||||
Net interest margin | 3.57% | 3.51% | |||||||||||||||
As of and for the Three and Six Months Ended | |||||||||||||||||
June 30, 2022 | March 31, 2022 | June 30, 2021 | |||||||||||||||
Key financial ratios | |||||||||||||||||
Book value per share | $ | 18.20 | $ | 19.58 | $ | 19.85 | |||||||||||
Market price per share | $ | 25.49 | $ | 24.31 | $ | 22.05 | |||||||||||
Quarter | |||||||||||||||||
Cash dividends paid on common stock | $ | 990 | $ | 993 | $ | 828 | |||||||||||
Return on total assets | 1.04% | 1.51% | 1.14% | ||||||||||||||
Return on stockholders' equity | 14.00% | 18.41% | 14.64% | ||||||||||||||
Average stockholders' equity to total assets | 7.40% | 8.22% | 7.76% | ||||||||||||||
Year-to-date | |||||||||||||||||
Cash dividends paid on common stock | $ | 1,983 | $ | 993 | $ | 1,670 | |||||||||||
Return on total assets | 1.28% | 1.51% | 1.26% | ||||||||||||||
Return on stockholders' equity | 16.33% | 18.41% | 16.31% | ||||||||||||||
Average stockholders' equity to total assets | 7.81% | 8.22% | 7.70% | ||||||||||||||
Capital Ratios | |||||||||||||||||
Stockholders' equity to assets | 6.93% | 7.74% | 7.99% | ||||||||||||||
Total risk-based capital ratio | 13.97% | 14.66% | 14.66% | ||||||||||||||
Tier 1 risk-based capital ratio | 12.53% | 13.44% | 13.20% | ||||||||||||||
Common equity Tier 1 capital | 9.85% | 10.36% | 9.91% | ||||||||||||||
Tier 1 leverage ratio (1) | 10.98% | 10.99% | 10.49% | ||||||||||||||
Asset Quality | |||||||||||||||||
Net-charge-offs (recoveries) (Qtr) | $ | 126 | $ | 124 | $ | 26 | |||||||||||
Net-charge-offs (recoveries) (Ytd) | $ | 250 | $ | 124 | $ | (222) | |||||||||||
Non-performing loans | $ | 17,817 | $ | 17,099 | $ | 33,788 | |||||||||||
Classified assets | $ | 99,200 | $ | 104,073 | $ | 136,599 | |||||||||||
Non-performing loans to total loans | 1.25% | 1.28% | 2.61% | ||||||||||||||
Non-performing assets to total assets | 1.51% | 1.55% | 2.68% | ||||||||||||||
Allowance for loan losses to total loans | 1.08% | 1.07% | 1.45% | ||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income/ Expense (1) | Rate Earned/ Paid (1) | Average Balance | Interest Income/ Expense (1) | Rate Earned/ Paid (1) | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Loans: (2) (3) | ||||||||||||||||||||||||||||||||
Commercial | $ | 232,187 | $ | 2,816 | 4.86% | $ | 256,557 | $ | 2,999 | 4.69% | ||||||||||||||||||||||
Real estate construction - residential | 23,167 | 276 | 4.78 | 35,005 | 427 | 4.89 | ||||||||||||||||||||||||||
Real estate construction - commercial | 107,744 | 1,165 | 4.34 | 77,726 | 912 | 4.71 | ||||||||||||||||||||||||||
Real estate mortgage - residential | 296,119 | 3,048 | 4.13 | 263,477 | 2,843 | 4.33 | ||||||||||||||||||||||||||
Real estate mortgage - commercial | 681,926 | 7,208 | 4.24 | 618,126 | 6,620 | 4.30 | ||||||||||||||||||||||||||
Installment and other consumer | 22,865 | 202 | 3.54 | 24,794 | 243 | 3.93 | ||||||||||||||||||||||||||
Total loans | $ | 1,364,008 | $ | 14,715 | 4.33% | $ | 1,275,685 | $ | 14,044 | 4.42% | ||||||||||||||||||||||
Loans held for sale | 1,682 | 26 | 6.20 | 4,222 | 29 | 2.76 | ||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury | 4,135 | 11 | 1.07 | 3,039 | 8 | 1.06 | ||||||||||||||||||||||||||
U.S. government and federal agency obligations | 25,917 | 93 | 1.44 | 22,729 | 100 | 1.76 | ||||||||||||||||||||||||||
Obligations of states and political subdivisions | 117,103 | 1,091 | 3.74 | 88,153 | 670 | 3.05 | ||||||||||||||||||||||||||
Mortgage-backed securities | 118,113 | 501 | 1.70 | 131,134 | 416 | 1.27 | ||||||||||||||||||||||||||
Other debt securities | 13,012 | 159 | 4.90 | 12,887 | 157 | 4.89 | ||||||||||||||||||||||||||
Total investment securities | 278,280 | 1,855 | 2.67 | 257,942 | 1,351 | 2.10 | ||||||||||||||||||||||||||
Other investment securities | 5,446 | 66 | 4.86 | 6,070 | 81 | 5.35 | ||||||||||||||||||||||||||
Federal funds sold | 645 | 4 | 2.49 | 5,980 | 1 | 0.07 | ||||||||||||||||||||||||||
Interest bearing deposits in other financial institutions | 16,953 | 43 | 1.02 | 110,674 | 87 | 0.32 | ||||||||||||||||||||||||||
Total interest earning assets | $ | 1,667,014 | $ | 16,709 | 4.02% | $ | 1,660,573 | $ | 15,593 | 3.77% | ||||||||||||||||||||||
All other assets | 86,474 | 85,372 | ||||||||||||||||||||||||||||||
Allowance for loan losses | (14,383) | (18,467) | ||||||||||||||||||||||||||||||
Total assets | $ | 1,739,105 | $ | 1,727,478 | ||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||
Savings | $ | 180,781 | $ | 15 | 0.03% | $ | 156,943 | $ | 14 | 0.04% | ||||||||||||||||||||||
NOW accounts | 267,441 | 363 | 0.54 | 227,179 | 134 | 0.24 | ||||||||||||||||||||||||||
Interest checking | 25,823 | 54 | 0.84 | 41,336 | 47 | 0.46 | ||||||||||||||||||||||||||
Money market | 293,251 | 146 | 0.20 | 281,832 | 81 | 0.12 | ||||||||||||||||||||||||||
Time deposits | 247,511 | 324 | 0.53 | 246,862 | 504 | 0.82 | ||||||||||||||||||||||||||
Total interest bearing deposits | $ | 1,014,807 | $ | 902 | 0.36% | $ | 954,152 | $ | 780 | 0.33% | ||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 6,548 | 9 | 0.55 | 45,261 | 26 | 0.23 | ||||||||||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | 76,198 | 248 | 1.31 | 94,823 | 385 | 1.63 | ||||||||||||||||||||||||||
Subordinated notes | 49,486 | 422 | 3.42 | 49,486 | 307 | 2.49 | ||||||||||||||||||||||||||
Total borrowings | 132,232 | 679 | 2.06 | 189,570 | 718 | 1.52 | ||||||||||||||||||||||||||
Total interest bearing liabilities | $ | 1,147,039 | $ | 1,581 | 0.55% | $ | 1,143,722 | $ | 1,498 | 0.53% | ||||||||||||||||||||||
Demand deposits | 453,348 | 433,878 | ||||||||||||||||||||||||||||||
Other liabilities | 10,110 | 15,878 | ||||||||||||||||||||||||||||||
Total liabilities | $ | 1,610,497 | $ | 1,593,478 | ||||||||||||||||||||||||||||
Stockholders' equity | 128,608 | 134,000 | ||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,739,105 | $ | 1,727,478 | ||||||||||||||||||||||||||||
Net interest income (FTE) | $ | 15,128 | $ | 14,095 | ||||||||||||||||||||||||||||
Net interest spread | 3.47% | 3.24% | ||||||||||||||||||||||||||||||
Net interest margin | 3.64% | 3.40% |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income/ Expense (1) | Rate Earned/ Paid (1) | Average Balance | Interest Income/ Expense (1) | Rate Earned/ Paid (1) | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Loans: (2) (3) | ||||||||||||||||||||||||||||||||
Commercial | $ | 226,569 | $ | 5,648 | 5.03% | $ | 257,087 | $ | 7,156 | 5.61% | ||||||||||||||||||||||
Real estate construction - residential | 23,311 | 532 | 4.60 | 34,252 | 822 | 4.84 | ||||||||||||||||||||||||||
Real estate construction - commercial | 101,872 | 2,161 | 4.28 | 78,150 | 1,791 | 4.62 | ||||||||||||||||||||||||||
Real estate mortgage - residential | 289,011 | 5,880 | 4.10 | 261,768 | 5,684 | 4.38 | ||||||||||||||||||||||||||
Real estate mortgage - commercial | 676,350 | 14,146 | 4.22 | 619,991 | 13,219 | 4.30 | ||||||||||||||||||||||||||
Installment and other consumer | 22,605 | 408 | 3.64 | 25,390 | 508 | 4.03 | ||||||||||||||||||||||||||
Total loans | $ | 1,339,718 | $ | 28,775 | 4.33% | $ | 1,276,638 | $ | 29,180 | 4.61% | ||||||||||||||||||||||
Loans held for sale | 1,983 | 46 | 4.68 | 4,857 | 54 | 2.24 | ||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury | 4,073 | 16 | 0.79 | 3,023 | 16 | 1.07 | ||||||||||||||||||||||||||
U.S. government and federal agency obligations | 26,640 | 184 | 1.39 | 23,473 | 201 | 1.73 | ||||||||||||||||||||||||||
Obligations of states and political subdivisions | 121,814 | 2,113 | 3.50 | 74,878 | 1,121 | 3.02 | ||||||||||||||||||||||||||
Mortgage-backed securities | 125,476 | 1,010 | 1.62 | 123,351 | 798 | 1.30 | ||||||||||||||||||||||||||
Other debt securities | 13,233 | 313 | 4.77 | 12,216 | 302 | 4.99 | ||||||||||||||||||||||||||
Total investment securities | 291,236 | 3,636 | 2.52 | 236,941 | 2,438 | 2.07 | ||||||||||||||||||||||||||
Other investment securities | 5,429 | 141 | 5.24 | 6,026 | 165 | 5.52 | ||||||||||||||||||||||||||
Federal funds sold | 3,423 | 5 | 0.29 | 13,089 | 5 | 0.08 | ||||||||||||||||||||||||||
Interest bearing deposits in other financial institutions | 43,740 | 102 | 0.47 | 119,811 | 185 | 0.31 | ||||||||||||||||||||||||||
Total interest earning assets | $ | 1,685,529 | $ | 32,705 | 3.91% | $ | 1,657,362 | $ | 32,027 | 3.90% | ||||||||||||||||||||||
All other assets | 84,893 | 84,893 | ||||||||||||||||||||||||||||||
Allowance for loan losses | (15,648) | (18,467) | ||||||||||||||||||||||||||||||
Total assets | $ | 1,754,774 | $ | 1,723,788 | ||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||
Savings | $ | 178,726 | $ | 30 | 0.03% | $ | 149,879 | $ | 26 | 0.03% | ||||||||||||||||||||||
NOW accounts | 266,497 | 550 | 0.42 | 229,234 | 272 | 0.24 | ||||||||||||||||||||||||||
Interest checking | 27,601 | 81 | 0.59 | 51,373 | 122 | 0.48 | ||||||||||||||||||||||||||
Money market | 291,207 | 232 | 0.16 | 280,539 | 164 | 0.12 | ||||||||||||||||||||||||||
Time deposits | 254,033 | 714 | 0.57 | 256,899 | 1,176 | 0.92 | ||||||||||||||||||||||||||
Total interest bearing deposits | $ | 1,018,064 | $ | 1,607 | 0.32% | $ | 967,924 | $ | 1,760 | 0.37% | ||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 10,149 | 19 | 0.38 | 43,394 | 52 | 0.24 | ||||||||||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | 76,795 | 501 | 1.32 | 96,479 | 781 | 1.63 | ||||||||||||||||||||||||||
Subordinated notes | 49,486 | 745 | 3.04 | 49,486 | 617 | 2.51 | ||||||||||||||||||||||||||
Total borrowings | 136,430 | 1,265 | 1.87 | 189,359 | 1,450 | 1.54 | ||||||||||||||||||||||||||
Total interest bearing liabilities | $ | 1,154,494 | $ | 2,872 | 0.50% | $ | 1,157,283 | $ | 3,210 | 0.56% | ||||||||||||||||||||||
Demand deposits | 451,273 | 416,749 | ||||||||||||||||||||||||||||||
Other liabilities | 11,969 | 17,070 | ||||||||||||||||||||||||||||||
Total liabilities | $ | 1,617,736 | $ | 1,591,102 | ||||||||||||||||||||||||||||
Stockholders' equity | 137,038 | 132,686 | ||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,754,774 | $ | 1,723,788 | ||||||||||||||||||||||||||||
Net interest income (FTE) | $ | 29,833 | $ | 28,817 | ||||||||||||||||||||||||||||
Net interest spread | 3.41% | 3.34% | ||||||||||||||||||||||||||||||
Net interest margin | 3.57% | 3.51% |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 vs. 2021 | 2022 vs. 2021 | ||||||||||||||||||||||||||||||||||
Change due to | Change due to | ||||||||||||||||||||||||||||||||||
(in thousands) | Total Change | Average Volume | Average Rate | Total Change | Average Volume | Average Rate | |||||||||||||||||||||||||||||
Interest income on a fully taxable equivalent basis: (1) | |||||||||||||||||||||||||||||||||||
Loans: (2) (3) | |||||||||||||||||||||||||||||||||||
Commercial | $ | (183) | $ | (292) | $ | 109 | $ | (1,508) | $ | (802) | $ | (706) | |||||||||||||||||||||||
Real estate construction - residential | (151) | (141) | (10) | (290) | (251) | (39) | |||||||||||||||||||||||||||||
Real estate construction - commercial | 253 | 329 | (76) | 370 | 511 | (141) | |||||||||||||||||||||||||||||
Real estate mortgage - residential | 205 | 341 | (136) | 196 | 568 | (372) | |||||||||||||||||||||||||||||
Real estate mortgage - commercial | 588 | 676 | (88) | 927 | 1183 | (256) | |||||||||||||||||||||||||||||
Installment and other consumer | (41) | (18) | (23) | (100) | (53) | (47) | |||||||||||||||||||||||||||||
Loans held for sale | (3) | (25) | 22 | (8) | (44) | 36 | |||||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
U.S. Treasury | 3 | 3 | — | 0 | 5 | (5) | |||||||||||||||||||||||||||||
U.S. government and federal agency obligations | (7) | 13 | (20) | (17) | 25 | (42) | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 421 | 250 | 171 | 992 | 792 | 200 | |||||||||||||||||||||||||||||
Mortgage-backed securities | 85 | (44) | 129 | 212 | 14 | 198 | |||||||||||||||||||||||||||||
Other debt securities | 2 | 2 | — | 11 | 24 | (13) | |||||||||||||||||||||||||||||
Other investment securities | (15) | (8) | (7) | (24) | (16) | (8) | |||||||||||||||||||||||||||||
Federal funds sold | 3 | (2) | 5 | 0 | (6) | 6 | |||||||||||||||||||||||||||||
Interest bearing deposits in other financial institutions | (44) | (120) | 76 | (83) | (150) | 67 | |||||||||||||||||||||||||||||
Total interest income | $ | 1,116 | $ | 964 | $ | 152 | $ | 678 | $ | 1,800 | $ | (1,122) | |||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||||||||
Savings | $ | 1 | $ | 2 | $ | (1) | $ | 4 | $ | 4 | $ | — | |||||||||||||||||||||||
NOW accounts | 229 | 28 | 201 | 278 | 50 | 228 | |||||||||||||||||||||||||||||
Interest checking | 7 | (22) | 29 | (41) | (65) | 24 | |||||||||||||||||||||||||||||
Money market | 65 | 4 | 61 | 68 | 7 | 61 | |||||||||||||||||||||||||||||
Time deposits | (180) | 1 | (181) | (462) | (13) | (449) | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | (17) | (34) | 17 | (33) | (53) | 20 | |||||||||||||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | (137) | (68) | (69) | (280) | (143) | (137) | |||||||||||||||||||||||||||||
Subordinated notes | 115 | — | 115 | 128 | — | 128 | |||||||||||||||||||||||||||||
Total interest expense | $ | 83 | $ | (89) | $ | 172 | $ | (338) | $ | (213) | $ | (125) | |||||||||||||||||||||||
Net interest income on a fully taxable equivalent basis | $ | 1,033 | $ | 1,053 | $ | (20) | $ | 1,016 | $ | 2,013 | $ | (997) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||
Non-interest income | ||||||||||||||||||||||||||||||||
Service charges and other fees | $ | 835 | $ | 765 | $ | 70 | 9.2 | % | $ | 1,628 | $ | 1,504 | $ | 124 | 8.2 | % | ||||||||||||||||
Bank card income and fees | 1,063 | 1,022 | 41 | 4.0 | % | 2,024 | 1,882 | 142 | 7.5 | % | ||||||||||||||||||||||
Trust department income | 296 | 308 | (12) | (3.9) | % | 636 | 602 | 34 | 5.6 | % | ||||||||||||||||||||||
Real estate servicing fees, net | 248 | 351 | (103) | (29.3) | % | 478 | 424 | 54 | 12.7 | % | ||||||||||||||||||||||
Gain on sales of mortgage loans, net | 806 | 2,041 | (1,235) | (60.5) | % | 1,695 | 4,511 | (2,816) | (62.4) | % | ||||||||||||||||||||||
Other | 400 | 174 | 226 | 129.9 | % | 913 | 310 | 603 | 194.5 | % | ||||||||||||||||||||||
Total non-interest income | $ | 3,648 | $ | 4,661 | $ | (1,013) | (21.7) | % | $ | 7,374 | $ | 9,233 | $ | (1,859) | (20.1) | % | ||||||||||||||||
Non-interest income as a % of total revenue * | 20.0 | % | 25.4 | % | 20.4 | % | 24.8 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Investment securities (losses) gains, net | |||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Gross realized gains | $ | — | $ | — | $ | — | $ | 2 | |||||||||||||||
Gross realized losses | — | — | — | — | |||||||||||||||||||
Other-than-temporary impairment recognized | — | — | — | — | |||||||||||||||||||
Other investment securities: | |||||||||||||||||||||||
Fair value adjustments, net | (9) | — | (13) | 13 | |||||||||||||||||||
Investment securities (losses) gains, net | $ | (9) | $ | — | $ | (13) | $ | 15 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | |||||||||||||||||||||||||||
Non-interest expense | |||||||||||||||||||||||||||||||||||
Salaries | $ | 5,008 | $ | 5,151 | $ | (143) | (2.8)% | $ | 10,163 | $ | 10,493 | $ | (330) | (3.1)% | |||||||||||||||||||||
Employee benefits | 1,608 | 1,804 | (196) | (10.8) | 3,339 | 3,608 | (269) | (7.5) | |||||||||||||||||||||||||||
Occupancy expense, net | 765 | 719 | 46 | 6.4 | 1,550 | 1,490 | 60 | 4.0 | |||||||||||||||||||||||||||
Furniture and equipment expense | 771 | 753 | 18 | 2.4 | 1,526 | 1,497 | 29 | 1.9 | |||||||||||||||||||||||||||
Processing, network and bank card expense | 1,142 | 1,224 | (82) | (6.7) | 2,284 | 2,232 | 52 | 2.3 | |||||||||||||||||||||||||||
Legal, examination, and professional fees | 375 | 385 | (10) | (2.6) | 815 | 789 | 26 | 3.3 | |||||||||||||||||||||||||||
Advertising and promotion | 304 | 309 | (5) | (1.6) | 597 | 552 | 45 | 8.2 | |||||||||||||||||||||||||||
Postage, printing, and supplies | 226 | 186 | 40 | 21.5 | 416 | 390 | 26 | 6.7 | |||||||||||||||||||||||||||
Loan expense | 157 | 229 | (72) | (31.4) | 303 | 403 | (100) | (24.8) | |||||||||||||||||||||||||||
Other | 1,184 | 1,081 | 103 | 9.5 | 2,774 | 2,168 | 606 | 28.0 | |||||||||||||||||||||||||||
Total non-interest expense | $ | 11,540 | $ | 11,841 | $ | (301) | (2.5)% | $ | 23,767 | $ | 23,622 | $ | 145 | 0.6% | |||||||||||||||||||||
Efficiency ratio* | 63.4 | % | 64.6 | % | 65.9 | % | 63.3 | % | |||||||||||||||||||||||||||
Number of full-time equivalent employees | 300 | 306 | 300 | 306 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||
(Dollars in thousands) | Amount | % of Loans | Amount | % of Loans | |||||||||||||
Commercial, financial, and agricultural (a) | $ | 242,701 | 17.0 | % | $ | 217,214 | 16.7 | % | |||||||||
Real estate construction − residential | 23,629 | 1.7 | 27,920 | 2.1 | |||||||||||||
Real estate construction − commercial | 119,079 | 8.3 | 91,369 | 7.0 | |||||||||||||
Real estate mortgage − residential | 312,086 | 21.9 | 279,346 | 21.5 | |||||||||||||
Real estate mortgage − commercial | 706,700 | 49.5 | 663,256 | 50.9 | |||||||||||||
Installment and other consumer | 23,633 | 1.7 | 23,028 | 1.8 | |||||||||||||
Total loans held for investment | $ | 1,427,828 | 100.0 | % | $ | 1,302,133 | 100.0 | % |
June 30, | December 31, | ||||||||||
(Dollars in thousands) | 2022 | 2021 | |||||||||
Non-accrual loans: | |||||||||||
Commercial, financial, and agricultural | $ | 131 | $ | 153 | |||||||
Real estate construction − commercial | 96 | 105 | |||||||||
Real estate mortgage − residential | 1,129 | 1,129 | |||||||||
Real estate mortgage − commercial | 16,097 | 24,029 | |||||||||
Installment and other consumer | 195 | 43 | |||||||||
Total | $ | 17,648 | $ | 25,459 | |||||||
Loans contractually past - due 90 days or more and still accruing: | |||||||||||
Real estate mortgage − residential | $ | 167 | $ | 14 | |||||||
Installment and other consumer | 2 | — | |||||||||
Total | $ | 169 | $ | 14 | |||||||
Total non-performing loans (a) | 17,817 | 25,473 | |||||||||
Other real estate owned and repossessed assets | 9,155 | 10,525 | |||||||||
Total non-performing assets | $ | 26,972 | $ | 35,998 | |||||||
Loans held for investment | $ | 1,427,828 | $ | 1,302,133 | |||||||
Allowance for loan losses to loans | 1.08 | % | 1.30 | % | |||||||
Non-accrual loans to total loans | 1.24 | % | 1.96 | % | |||||||
Non-performing loans to loans (a) | 1.25 | % | 1.96 | % | |||||||
Non-performing assets to loans (b) | 1.89 | % | 2.76 | % | |||||||
Non-performing assets to assets (b) | 1.51 | % | 1.97 | % | |||||||
Allowance for loan losses to non-accrual loans | 87.00 | % | 66.39 | % | |||||||
Allowance for loan losses to non-performing loans | 86.17 | % | 66.36 | % |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of contracts | Recorded Investment | Specific Reserves | Number of contracts | Recorded Investment | Specific Reserves | |||||||||||||||||||||||||||||
Performing TDRs | |||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | 3 | $ | 182 | $ | 23 | 2 | $ | 188 | $ | 24 | |||||||||||||||||||||||||
Real estate mortgage − residential | 5 | 1,154 | 47 | 6 | 1,262 | 56 | |||||||||||||||||||||||||||||
Real estate mortgage − commercial | 2 | 316 | 37 | 2 | 328 | 38 | |||||||||||||||||||||||||||||
Installment and other consumer | 2 | 14 | 1 | 2 | 17 | 2 | |||||||||||||||||||||||||||||
Total performing TDRs | 12 | $ | 1,666 | $ | 108 | 12 | $ | 1,795 | $ | 120 | |||||||||||||||||||||||||
Non-performing TDRs | |||||||||||||||||||||||||||||||||||
Real estate mortgage − residential | 5 | $ | 462 | $ | 59 | 5 | $ | 561 | $ | 39 | |||||||||||||||||||||||||
Total non-performing TDRs | 5 | $ | 462 | $ | 59 | 5 | $ | 561 | $ | 39 | |||||||||||||||||||||||||
Total TDRs | 17 | $ | 2,128 | $ | 167 | 17 | $ | 2,356 | $ | 159 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||
(in thousands) | Amount | % of loans in each category to total loans | Amount | % of loans in each category to total loans | |||||||||||||
Allocation of allowance for loan losses at end of period: | |||||||||||||||||
Commercial, financial, and agricultural | $ | 3,005 | 17.0 | % | $ | 2,717 | 16.7 | % | |||||||||
Real estate construction − residential | 66 | 1.7 | 137 | 2.1 | |||||||||||||
Real estate construction − commercial | 762 | 8.3 | 588 | 7.0 | |||||||||||||
Real estate mortgage − residential | 2,747 | 21.9 | 2,482 | 21.5 | |||||||||||||
Real estate mortgage − commercial | 8,410 | 49.5 | 10,662 | 50.9 | |||||||||||||
Installment and other consumer | 312 | 1.7 | 256 | 1.8 | |||||||||||||
Unallocated | 51 | — | 61 | — | |||||||||||||
Total | $ | 15,353 | 100.0 | % | $ | 16,903 | 100.0 | % |
(in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Allocation of allowance for loan losses: | |||||||||||
Individually evaluated for impairment − specific reserves | $ | 307 | $ | 3,044 | |||||||
Collectively evaluated for impairment − general reserves | 15,046 | 13,859 | |||||||||
Total | $ | 15,353 | $ | 16,903 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Net Charge-offs (Recoveries) | Average Loans | Net (Recoveries) Charge-offs / Average Loans | Net Charge-offs (Recoveries) | Average Loans | Net (Recoveries) Charge-offs / Average Loans | |||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 9 | $ | 232,187 | — | % | $ | (5) | $ | 256,557 | — | % | |||||||||||||||||||||||
Real estate construction − residential | — | 23,167 | — | — | 35,005 | — | |||||||||||||||||||||||||||||
Real estate construction − commercial | — | 107,744 | — | — | 77,726 | — | |||||||||||||||||||||||||||||
Real estate mortgage − residential | (20) | 296,119 | (0.01) | (3) | 263,477 | — | |||||||||||||||||||||||||||||
Real estate mortgage − commercial | 103 | 681,926 | 0.02 | 3 | 618,126 | — | |||||||||||||||||||||||||||||
Installment and other consumer | 34 | 22,865 | 0.15 | 31 | 24,794 | 0.13 | |||||||||||||||||||||||||||||
Total | $ | 126 | $ | 1,364,008 | 0.01 | % | $ | 26 | $ | 1,275,685 | — | % |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Net Charge-offs (Recoveries) | Average Loans | Net (Recoveries) Charge-offs / Average Loans | Net Charge-offs (Recoveries) | Average Loans | Net (Recoveries) Charge-offs / Average Loans | |||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 24 | $ | 226,569 | 0.01 | % | $ | (128) | $ | 257,087 | (0.05) | % | |||||||||||||||||||||||
Real estate construction − residential | — | 23,311 | — | (13) | 34,252 | (0.04) | |||||||||||||||||||||||||||||
Real estate construction − commercial | — | 101,872 | — | — | 78,150 | — | |||||||||||||||||||||||||||||
Real estate mortgage − residential | (23) | 289,011 | (0.01) | (172) | 261,768 | (0.07) | |||||||||||||||||||||||||||||
Real estate mortgage − commercial | 175 | 676,350 | 0.03 | 26 | 619,991 | — | |||||||||||||||||||||||||||||
Installment and other consumer | 74 | 22,605 | 0.33 | 65 | 25,390 | 0.26 | |||||||||||||||||||||||||||||
Total | $ | 250 | $ | 1,339,718 | 0.02 | % | $ | (222) | $ | 1,276,638 | (0.02) | % |
(in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Federal funds sold | $ | 45 | $ | 7,122 | |||||||
Other interest-bearing deposits | 8,159 | 135,500 | |||||||||
Certificates of deposit in other banks | 4,201 | 5,193 | |||||||||
Available-for-sale investment securities | 267,274 | 310,870 | |||||||||
Total | $ | 279,679 | $ | 458,685 |
(in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Investment securities pledged for the purpose of securing: | |||||||||||
Federal Reserve Bank borrowings | $ | 8,799 | $ | 10,778 | |||||||
Federal funds purchased and securities sold under agreements to repurchase | 9,000 | 28,769 | |||||||||
Other deposits | 202,586 | 235,829 | |||||||||
Total pledged, at fair value | $ | 220,385 | $ | 275,376 |
(in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Core deposit base: | |||||||||||
Non-interest bearing demand | $ | 471,762 | $ | 453,066 | |||||||
Interest checking | 314,772 | 357,825 | |||||||||
Savings and money market | 447,264 | 440,331 | |||||||||
Other time deposits | 162,859 | 175,827 | |||||||||
Total | $ | 1,396,657 | $ | 1,427,049 |
(in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Borrowings: | |||||||||||
Federal funds purchased and securities sold under agreements to repurchase | $ | 6,935 | $ | 23,829 | |||||||
Federal Home Loan Bank advances | 68,000 | 77,418 | |||||||||
Subordinated notes | 49,486 | 49,486 | |||||||||
Total | $ | 124,421 | $ | 150,733 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | FHLB | Federal Reserve Bank | Federal Funds Purchased Lines | Total | FHLB | Federal Reserve Bank | Federal Funds Purchased Lines | Total | |||||||||||||||||||||||||||||||||||||||
Advance equivalent | $ | 293,908 | $ | 8,258 | $ | 60,000 | $ | 362,166 | $ | 273,479 | $ | 10,384 | $ | 60,000 | $ | 343,863 | |||||||||||||||||||||||||||||||
Letters of credit | (3,000) | — | — | (3,000) | (31,000) | — | — | (31,000) | |||||||||||||||||||||||||||||||||||||||
Advances outstanding | (68,000) | — | — | (68,000) | (77,418) | — | — | (77,418) | |||||||||||||||||||||||||||||||||||||||
Total available | $ | 222,908 | $ | 8,258 | $ | 60,000 | $ | 291,166 | $ | 165,061 | $ | 10,384 | $ | 60,000 | $ | 235,445 |
Actual | Minimum Capital Required - Basel III Fully Phased-In | Required to be Considered Well- Capitalized | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Total Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 215,286 | 13.97 | % | $ | 161,837 | 10.50 | % | $ | — | N.A% | ||||||||||||||||||||||||
Bank | 212,948 | 13.85 | % | 161,494 | 10.50 | % | 153,803 | 10.00 | % | ||||||||||||||||||||||||||
Tier 1 Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 193,126 | 12.53 | % | $ | 131,011 | 8.50 | % | $ | — | N.A% | ||||||||||||||||||||||||
Bank | 197,435 | 12.84 | % | 130,733 | 8.50 | % | 123,043 | 8.00 | % | ||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 151,773 | 9.85 | % | $ | 107,892 | 7.00 | % | $ | — | N.A% | ||||||||||||||||||||||||
Bank | 197,435 | 12.84 | % | 107,662 | 7.00 | % | 99,972 | 6.50 | % | ||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted average assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 193,126 | 10.98 | % | $ | 70,352 | 4.00 | % | $ | — | N.A% | ||||||||||||||||||||||||
Bank | 197,435 | 11.20 | % | 70,532 | 4.00 | % | 88,165 | 5.00 | % | ||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Total Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 210,726 | 14.79 | % | $ | 149,640 | 10.50 | % | $ | — | N.A% | ||||||||||||||||||||||||
Bank | 210,148 | 14.78 | % | 149,339 | 10.50 | % | 142,228 | 10.00 | % | ||||||||||||||||||||||||||
Tier 1 Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 193,663 | 13.59 | % | $ | 121,137 | 8.50 | % | $ | — | N.A% | ||||||||||||||||||||||||
Bank | 193,085 | 13.58 | % | 120,894 | 8.50 | % | 113,782 | 8.00 | % | ||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 145,663 | 10.22 | % | $ | 99,760 | 7.00 | % | $ | — | N.A% | ||||||||||||||||||||||||
Bank | 193,085 | 13.58 | % | 99,559 | 7.00 | % | 92,448 | 6.50 | % | ||||||||||||||||||||||||||
Tier 1 leverage ratio: | |||||||||||||||||||||||||||||||||||
Company | $ | 193,663 | 11.01 | % | $ | 70,342 | 4.00 | % | $ | — | N.A% | ||||||||||||||||||||||||
Bank | 193,085 | 11.04 | % | 69,959 | 4.00 | % | 87,449 | 5.00 | % |
% Change in projected net interest income | ||||||||||||||
Hypothetical shift in interest rates | June 30, | December 31, | ||||||||||||
(bps) | 2022 | 2021 | ||||||||||||
200 | (0.27)% | 4.47% | ||||||||||||
100 | (0.47)% | 1.80% | ||||||||||||
(100) | (2.81) | % | (3.12) | % | ||||||||||
(200) | (4.65) | % | (4.02) | % |
Period | (a) Total Number of Shares (or Units) Purchased | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs * | ||||||||||||||||||||||
April 1-30, 2022 | 85,188 | $ | 26.83 | 85,188 | $ | 2,108,107 | ||||||||||||||||||||
May 1-31, 2022 | — | $ | — | — | $ | 2,108,107 | ||||||||||||||||||||
June 1-30, 2022 | — | $ | — | — | $ | 2,108,107 | ||||||||||||||||||||
Total | 85,188 | $ | 26.83 | 85,188 | $ | 2,108,107 |
Exhibit No. | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
HAWTHORN BANCSHARES, INC. | |||||
Date | |||||
/s/ David T. Turner | |||||
August 11, 2022 | David T. Turner, Chairman of the Board, President and | ||||
Chief Executive Officer (Principal Executive Officer) | |||||
/s/ Stephen E. Guthrie | |||||
August 11, 2022 | Stephen E. Guthrie, Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | ||||
Date: August 11, 2022 | |||||
/s/ David T. Turner | |||||
David T. Turner | |||||
Chairman of the Board, President & Chief Executive Officer |
Date: August 11, 2022 | |||||
/s/ Stephen E. Guthrie | |||||
Stephen E. Guthrie | |||||
Chief Financial Officer |
Dated: August 11, 2022 | |||||
/s/ David T. Turner | |||||
David T. Turner | |||||
Chairman of the Board, President and Chief Executive Officer |
Dated: August 11, 2022 | |||||
/s/ Stephen E. Guthrie | |||||
Stephen E. Guthrie | |||||
Chief Financial Officer |
Consolidated Balance Sheets (Parentheticals) - $ / shares |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
Common stock, authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, issued (in shares) | 7,023,821 | 7,023,821 |
Treasury stock, shares (in shares) | 515,570 | 406,846 |
Consolidated Statements of Comprehensive (Loss) Income (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,489 | $ 4,892 | $ 11,098 | $ 10,731 |
Investment securities available-for-sale: | ||||
Change in unrealized (losses) gains on investment securities available-for-sale, net of tax | (11,426) | 1,748 | (31,008) | (1,030) |
Adjustment for gains on sale of investment securities, net of tax | 0 | 0 | 0 | (2) |
Defined benefit pension plans: | ||||
Amortization of prior service cost included in net periodic pension cost, net of tax | 0 | 110 | 0 | 145 |
Total other comprehensive (loss) income | (11,426) | 1,858 | (31,008) | (887) |
Total comprehensive (loss) income | $ (6,937) | $ 6,750 | $ (19,910) | $ 9,844 |
Consolidated Statements of Stockholders' Equity (unaudited) (Parentheticals) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Common stock, dividends declared (in dollars per share) | $ 0.17 | $ 0.15 | $ 0.32 | $ 0.28 |
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Hawthorn Bancshares, Inc. (the Company) through its subsidiary, Hawthorn Bank (the Bank), provides a broad range of banking services to individual and corporate customers located within the Missouri communities in and surrounding Jefferson City, Columbia, Clinton, Warsaw, Springfield, St. Louis, and the greater Kansas City metropolitan area. The Company is subject to competition from other financial and nonfinancial institutions providing financial products. Additionally, the Company and its subsidiaries are subject to the regulations of certain regulatory agencies and undergo periodic examinations by those regulatory agencies. The accompanying unaudited consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q, and Rule 10-01 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The preparation of the consolidated financial statements includes all adjustments that, in the opinion of management, are necessary in order to make those statements not misleading. Management is required to make estimates and assumptions, including the determination of the allowance for loan losses, real estate acquired in connection with foreclosure or in satisfaction of loans, and fair values of investment securities available-for-sale that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, including the effects of the novel coronavirus (COVID-19) pandemic or any resurgence thereof, including its potential effects on the economic environment, the Company's customers and operations, as well as any changes to federal, state and local government laws, regulations and orders in connection with the pandemic. Actual results could differ from those estimates. The Company’s management has evaluated and did not identify any subsequent events or transactions requiring recognition or disclosure in the consolidated financial statements. Stock Dividend On July 1, 2022, the Company paid a special stock dividend of four percent to shareholders of record at the close of business on June 15, 2022. For all periods presented, share information, including basic and diluted earnings per share, has been adjusted retroactively to reflect this change.
|
Loans and Allowance for Loan Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses Loans Major classifications within the Company’s held for investment loan portfolio at June 30, 2022 and December 31, 2021 is as follows:
(a)Includes $1.1 million and $8.4 million of Small Business Administration Paycheck Protection (SBA PPP) loans, net as of June 30, 2022 and December 31, 2021, respectively. The Bank grants real estate, commercial, installment, and other consumer loans to customers located within the Missouri communities surrounding Jefferson City, Columbia, Clinton, Warsaw, Springfield, St. Louis, and the greater Kansas City metropolitan area. As such, the Bank is susceptible to changes in the economic environment in these communities. The Bank does not have a concentration of credit in any one economic sector. Installment and other consumer loans consist primarily of the financing of automotive vehicles. At June 30, 2022, loans of $585.5 million were pledged to the Federal Home Loan Bank (FHLB) as collateral for borrowings and letters of credit. Allowance for Loan Losses The following table illustrates the changes in the allowance for loan losses by portfolio segment:
Loans, or portions of loans, are charged off to the extent deemed uncollectible or a loss is confirmed. Loan charge-offs reduce the allowance for loan losses, and recoveries of loans previously charged off are added back to the allowance. If management determines that it is probable that all amounts due on a loan will not be collected under the original terms of the loan agreement, the loan is considered to be impaired. These loans are evaluated individually for impairment, and in conjunction with current economic conditions and loss experience, specific reserves are estimated as further discussed below. Loans not individually evaluated are aggregated by risk characteristics and reserves are recorded using a consistent methodology that considers historical loan loss experience by loan type, delinquencies, current economic conditions, loan risk ratings and industry concentration. These historical loss rates for each risk group are used as the starting point to determine loss rates for measurement purposes. The historical loan loss rates are multiplied by loss emergence periods (LEP) which represent the estimated time period between a borrower first experiencing financial difficulty and the recognition of a loss. Management's look-back period began with loss history in the first quarter 2012 as the starting point through the current quarter and it will continue to include this starting point going forward. The look-back period will continue to be evaluated and will be adjusted once a sustained loss-producing downturn is recognized and found to be representative of historical losses expected for the current portfolio. The Company’s methodology includes qualitative risk factors that allow management to adjust its estimates of losses based on the most recent information available and to address other limitations in the quantitative component based on historical loss rates. Such risk factors are generally reviewed and updated quarterly, as appropriate, and are adjusted to reflect changes in national and local economic conditions and developments, the nature, volume and terms of loans in the portfolio, including changes in volume and severity of past due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans, loan concentrations, assessment of trends in collateral values, assessment of changes in the quality of the Company’s internal loan review department, and changes in lending policies and procedures, including underwriting standards and collections, charge-off and recovery practices. The funding of $88.4 million and $47.5 million in SBA PPP loans during 2020 and 2021, respectively, required management to assess the methodology that would be adopted in regard to the allowance for loan losses applicable to these loans. Because the SBA PPP loans are expected to be mostly paid off within a year and carry a 100% credit guarantee from the SBA, management determined that no allowance for loan losses was deemed necessary for these loans. At June 30, 2022, the net balance of the PPP loans totaled $1.1 million. All SBA PPP loans have a 1% interest rate and the Company earns a fee based upon a tiered schedule corresponding with the amount of the loan to the borrower, which is deferred and recognized over the life of the loan. The PPP loan may be forgiven by the SBA if the borrower meets certain criteria as defined by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Company reports these loans at their principal amount outstanding, net of unearned income, unamortized deferred loan fee income and loan origination costs. Interest is accrued as earned and loan origination fees and direct costs are deferred and accreted or amortized into interest income, as an adjustment to the yield, over the life of the loan using the level yield method. When a PPP loan is paid off or forgiven by the SBA, the remaining unaccreted or unamortized net origination fees or costs are immediately recognized into income. The following table illustrates the allowance for loan losses and recorded investment by portfolio segment:
Impaired Loans Loans evaluated under Accounting Standards Codification (ASC) 310-10-35 include loans which are individually evaluated for impairment. All other loans are collectively evaluated for impairment under ASC 450-20. Impaired loans individually evaluated for impairment totaled $19.3 million and $27.3 million at June 30, 2022 and December 31, 2021, respectively, and are comprised of loans on non-accrual status and loans which have been classified as troubled debt restructurings (TDRs). The net carrying value of impaired loans is based on the fair values of collateral obtained through independent appraisals or internal evaluations, or by discounting the total expected future cash flows. At June 30, 2022, $16.0 million of impaired loans were evaluated based on the fair value less estimated selling costs of the loans' collateral compared to $24.2 million at December 31, 2021. Once the impairment amount is calculated, a specific reserve allocation is recorded. At June 30, 2022, $0.3 million of the Company’s allowance for loan losses was allocated to impaired loans totaling $19.3 million compared to $3.0 million of the Company’s allowance for loan losses allocated to impaired loans totaling $27.3 million at December 31, 2021. Management determined that $16.0 million, or 83%, of total impaired loans required no reserve allocation at June 30, 2022 compared to $16.6 million, or 61%, at December 31, 2021, primarily due to adequate collateral values, acceptable payment history and adequate cash flow ability. The categories of impaired loans at June 30, 2022 and December 31, 2021 are as follows:
The following tables provide additional information about impaired loans at June 30, 2022 and December 31, 2021, respectively, segregated between loans for which an allowance has been provided and loans for which no allowance has been provided.
The following table presents by class, information related to the average recorded investment and interest income recognized on impaired loans during the periods indicated.
The recorded investment varies from the unpaid principal balance primarily due to partial charge-offs taken as a result of current appraisals received. The amount recognized as interest income on impaired loans continuing to accrue interest, primarily related to TDRs, was $28,000 and $52,000 for the three and six months ended June 30, 2022, respectively, compared to $36,000 and $76,000 for the three and six months ended June 30, 2021, respectively. The average recorded investment in impaired loans is calculated on a monthly basis during the periods reported. Delinquent and Non-Accrual Loans The delinquency status of loans is determined based on the contractual terms of the notes. Loans are generally classified as delinquent once payments become 30 days or more past due. The Company’s policy is to discontinue the accrual of interest income on any loan when, in the opinion of management, the ultimate collectability of interest or principal is no longer probable. In general, loans are placed on non-accrual when they become 90 days or more past due. However, management considers many factors before placing a loan on non-accrual status, including the delinquency status of the loan, the overall financial condition of the borrower, the progress of management’s collection efforts and the value of the underlying collateral. Subsequent interest payments received on non-accrual loans are applied to principal if any doubt exists as to the collectability of such principal; otherwise, such receipts are recorded as interest income on a cash basis. Non-accrual loans are returned to accrual status when, in the opinion of management, the financial condition of the borrower indicates that the timely collectability of interest and principal is probable and the borrower demonstrates the ability to pay under the terms of the note through a sustained period of repayment performance, which is generally six months. The following table provides aging information for the Company’s past due and non-accrual loans at June 30, 2022 and December 31, 2021.
Credit Quality The Company categorizes loans into risk categories based upon an internal rating system reflecting management’s risk assessment. Loans are placed on watch status when one or more weaknesses are identified that may result in the borrower being unable to meet repayment terms or when the Company’s credit position could deteriorate at some future date. Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Loans so classified may have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. Such loans are characterized by the distinct possibility that the Company may sustain some loss if the deficiencies are not corrected. A loan is classified as a TDR when a borrower is experiencing financial difficulties that lead to the restructuring of a loan, and the Company grants concessions to the borrower in the restructuring that it would not otherwise consider. Loans classified as TDRs that are accruing interest are classified as performing TDRs. Loans classified as TDRs that are not accruing interest are classified as non-performing TDRs and are included with all other non-accrual loans for presentation purposes. It is the Company’s policy to discontinue the accrual of interest income on loans when management believes that the collection of interest or principal is doubtful. The following table presents the risk categories by class at June 30, 2022 and December 31, 2021.
Troubled Debt Restructurings At June 30, 2022, loans classified as TDRs totaled $2.1 million, of which $0.5 million were classified as non-performing TDRs and $1.6 million were classified as performing TDRs. At December 31, 2021, loans classified as TDRs totaled $2.4 million, of which $0.6 million were classified as non-performing TDRs and $1.8 million were classified as performing TDRs. Both performing and non-performing TDRs are considered impaired loans. When an individual loan is determined to be a TDR, the amount of impairment is based upon the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the underlying collateral less applicable selling costs. Accordingly, specific reserves of $167,000 and $159,000 related to TDRs were allocated to the allowance for loan losses at June 30, 2022 and December 31, 2021, respectively. The Company’s portfolio of loans classified as TDRs include concessions for the borrower given their financial condition such as applying interest rates below the current market rate, deferring principal payments, and extending maturity dates. There was one loan meeting the TDR criteria that was modified during the three and six months ended June 30, 2022, respectively, compared to no loans during the three and six months ended June 30, 2021, respectively. The Company considers a TDR to be in default when it is 90 days or more past due under the modified terms, a charge-off occurs, or it is in the process of foreclosure. There were no loans modified as a TDR that defaulted during the three and six months ended June 30, 2022 and 2021, respectively, and within twelve months of their modification date. Loans Held For Sale The Company designates certain long-term fixed rate personal real estate loans as held for sale. In the fourth quarter of 2021, the Company elected the fair value option for all newly originated long-term personal real estate loans held for sale. As of December 31, 2021, all loans held for sale were carried at fair value. The loans are primarily sold to Freddie Mac, Fannie Mae, PennyMac, and various other secondary market investors. At June 30, 2022, the carrying amount of these loans was $1.7 million compared to $2.2 million at December 31, 2021.
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Other Real Estate Acquired in Settlement of Loans |
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Other Real Estate Acquired in Settlement of Loans | Other Real Estate Acquired in Settlement of Loans
Changes in the net carrying amount of other real estate owned were as follows for the periods indicated:
At June 30, 2022, $0.2 million of consumer mortgage loans secured by residential real estate properties were in the process of foreclosure compared to $0.2 million of consumer mortgage loans at December 31, 2021. Activity in the valuation allowance for other real estate owned was as follows for the periods indicated:
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The amortized cost and fair value of debt securities classified as available-for-sale at June 30, 2022 and December 31, 2021 were as follows:
(a) Certain hybrid instruments possessing characteristics typically associated with debt obligations. The Company’s investment securities are classified as available for sale. Agency bonds and notes, SBA guaranteed loan certificates, residential and commercial agency mortgage-backed securities, and agency collateralized mortgage obligations (CMO) include securities issued by the Government National Mortgage Association (GNMA), a U.S. government agency, and the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC), and the Federal Home Loan Bank (FHLB), which are U.S. government-sponsored enterprises. Debt securities with carrying values aggregating approximately $220.4 million and $275.4 million at June 30, 2022 and December 31, 2021, respectively, were pledged to secure public funds, securities sold under agreements to repurchase, and for other purposes as required or permitted by law. The amortized cost and fair value of debt securities classified as available-for-sale at June 30, 2022, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties.
Other Investment Securities Other investment securities include equity securities with readily determinable fair values and other investment securities that do not have readily determinable fair values. Investments in FHLB stock, and Midwest Independent Bank (MIB) bankers bank stock, that do not have readily determinable fair values, are required for membership in those organizations.
Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2022 and December 31, 2021 were as follows:
The total available-for-sale portfolio consisted of approximately 444 securities at June 30, 2022. The portfolio included 424 securities having an aggregate fair value of $255.1 million that were in a loss position at June 30, 2022. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $41.5 million at fair value at June 30, 2022. The $38.9 million aggregate unrealized loss included in accumulated other comprehensive loss at June 30, 2022 was caused by interest rate fluctuations. The total available-for-sale portfolio consisted of approximately 435 securities at December 31, 2021. The portfolio included 134 securities having an aggregate fair value of $155.8 million that were in a loss position at December 31, 2021. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $3.2 million at fair value at December 31, 2021. The $2.5 million aggregate unrealized loss included in accumulated other comprehensive loss at December 31, 2021 was caused by interest rate fluctuations. Because the decline in fair value is attributable to changes in interest rates and not credit quality, these investments were not considered other-than-temporarily impaired at June 30, 2022 and December 31, 2021, respectively. In the absence of changes in credit quality of these investments, the fair value is expected to recover on all debt securities as they approach their maturity date or re-pricing date, or if market yields for such investments decline. In addition, the Company does not have the intent to sell these investments over the period of recovery, and it is not more likely than not that the Company will be required to sell such investment securities. The following table presents the gross realized gains and losses from sales and calls of available-for-sale securities, as well as gains and losses on equity securities from fair value adjustments which have been recognized in earnings:
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Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets Mortgage Servicing Rights At June 30, 2022, the Company was servicing approximately $252.3 million of loans sold to the secondary market compared to $270.0 million at December 31, 2021, and $286.6 million at June 30, 2021. Mortgage loan servicing fees, reported in real estate servicing fees, net, earned on loans sold were $0.2 million and $0.4 million for the three and six months ended June 30, 2022, respectively, compared to $0.2 million and $0.4 million for the three and six months ended June 30, 2021, respectively. The table below presents changes in mortgage servicing rights (MSRs) for the periods indicated.
(1)The change in fair value resulting from changes in valuation inputs or assumptions, reported in real estate servicing fees, net, used in the valuation model reflects the change in discount rates and prepayment speed assumptions primarily due to changes in interest rates. (2)Other changes in fair value, reported in real estate servicing fees, net, reflect changes due to customer payments and passage of time. The following key data and assumptions were used in estimating the fair value of the Company’s MSRs as of June 30, 2022 and 2021, respectively:
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Deposits |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits The table below represents the aggregate amount of time deposits with balances that met or exceeded the Federal Deposit Insurance Corporation (FDIC) insurance limit of $250,000 and brokered deposits for the periods indicated.
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Federal Funds Purchased and Securities Sold under Agreements to Repurchase |
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Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | Federal Funds Purchased and Securities Sold under Agreements to Repurchase
The Company offers a sweep account program whereby amounts in excess of an established limit are “swept” from the customer’s demand deposit account on a daily basis into retail repurchase agreements pursuant to individual repurchase agreements between the Company and its customers. Repurchase agreements are agreements to sell securities subject to an obligation to repurchase the same or similar securities. They are accounted for as collateralized financing transactions, not as sales and purchases of the securities portfolio. The securities collateral pledged for the repurchase agreements with customers is maintained by a designated third-party custodian. The collateral amounts pledged to repurchase agreements by remaining maturity in the table below are limited to the outstanding balances of the related asset or liability; thus amounts of excess collateral are not shown.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company's leases primarily consist of office space and bank branches with remaining lease terms of generally 1 to 10 years. As of June 30, 2022, operating right of use (ROU) assets and liabilities were $1.6 million and $1.7 million, respectively. As of June 30, 2022, the weighted-average remaining lease term on these operating leases is approximately 6.1 years and the weighted-average discount rate used to measure the lease liabilities is approximately 4.0%. Operating leases in which the Company is the lessee are recorded as operating lease ROU assets and operating lease liabilities. Currently, the Company does not have any finance leases. The ROU assets are included in on the consolidated balance sheets. Operating lease ROU assets represent the Company's right to use an underlying asset during the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents the Company's incremental borrowing rate at the lease commencement date. Operating lease cost, which is comprised of amortization of the ROU asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term, and is recorded in net occupancy expense in the consolidated statements of income. The operating lease cost was $93,000 and $187,000 for the three and six months ended June 30, 2022, respectively, compared to $95,000 and $196,000 for the three and six months ended June 30, 2021, respectively. At adoption of Accounting Standards Update (ASU) 2016-02 on January 1, 2019, lease and non-lease components of new lease agreements are accounted for separately. Lease components include fixed payments including rent, real estate taxes and insurance costs and non-lease components include common-area maintenance costs. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Operating lease expense for these leases was $44,000 for the three and six months ended June 30, 2022 compared to $19,000 and $32,000 for the three and six months ended June 30, 2021, respectively. The table below summarizes the maturity of remaining operating lease liabilities:
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Income Taxes |
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Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income Taxes Income taxes as a percentage of earnings before income taxes as reported in the consolidated financial statements were 17.8% and 18.4% for the three and six months ended June 30, 2022, respectively, compared to 19.7% and 19.2% for the three and six months ended June 30, 2021, respectively. The decrease in the effective tax rate for the three months ended June 30, 2022 compared to the three months ended June 30, 2021 was primarily attributable to the decrease in earnings and the benefit recorded pertaining to the historical tax credit. The decrease in the effective tax rate for the six months ended June 30, 2022 compared to the six months ended June 30, 2021 was primarily attributable to the increase in earnings and an increase in state taxes attributed to elevated earnings partially offset by the benefit recorded pertaining to the historical tax credit. The effective tax rate for each of the three and six months ended June 30, 2022 and 2021, respectively, is lower than the U.S. federal statutory rate of 21% primarily due to tax-free revenues. Included in the effective tax rate is a $14,000 and $27,000 benefit associated with a historic tax credit investment for the three and six months ended June 30, 2022, respectively. The investment is expected to generate a $331,000 tax benefit over the life of the project and is being recognized under the deferral method of accounting. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income of the appropriate character during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning initiatives in making this assessment. In management's opinion, the Company will more likely than not realize the benefits of its deferred tax assets and, therefore, has not established a valuation allowance against its deferred tax assets as of June 30, 2022. Management arrived at this conclusion based upon the level of historical taxable income and projections for future taxable income of the appropriate character over the periods in which the deferred tax assets are deductible. The Company follows ASC Topic 740, Income Taxes, which addresses the accounting for uncertain tax positions. For each of the six months ended June 30, 2022 and 2021, respectively, the Company did not have any uncertain tax provisions, and did not record any related tax liabilities.
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Stockholders' Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Accumulated Other Comprehensive Income (Loss) The following table summarizes the change in the components of the Company’s accumulated other comprehensive income (loss) for the six months ended June 30, 2022 and 2021:
(1)The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in investment securities gains (losses), net in the consolidated statements of income. (2)The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in the computation of net periodic pension cost.
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Employee Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans Employee Benefits Employee benefits charged to operating expenses are summarized in the table below for the periods indicated.
The Company's profit-sharing plan includes a matching 401(k) portion, in which the Company matches the first 3% of eligible employee contributions. The Company made annual contributions for the discretionary portion in an amount up to 6% of income before income taxes and before contributions to the profit-sharing and pension plans for all participants, limited to the maximum amount deductible for federal income tax purposes, for each of the periods shown. In addition, employees were able to make additional tax-deferred contributions. Other Plans On November 7, 2018, the Board of Directors of the Company adopted a supplemental executive retirement plan (SERP), effective as of January 1, 2018. The SERP provides select employees who satisfy certain eligibility requirements with certain benefits upon retirement, termination of employment or death. The accrued liability relating to the SERP was $1.5 million as of June 30, 2022, and the expense for the three and six months ended June 30, 2022 was $93,000 and $186,000, respectively, compared to $97,000 and 193,000, for the three and six months ended June 30, 2021, respectively, and is recognized over the required service period. Pension The Company provides a noncontributory defined benefit pension plan for all full-time and eligible employees. Beginning January 1, 2018 and for all retrospective periods presented, the Company adopted the guidance under ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Under the guidance, only the service cost component of the net periodic benefit cost is reported in the same income statement line item as salaries and benefits, and the remaining components are reported as other non-interest expense. An employer is required to recognize the funded status of a defined benefit postretirement plan as an asset or liability in its balance sheet and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. Under the Company’s funding policy for the defined benefit pension plan, contributions are made to a trust as necessary to provide for current service and for any unfunded accrued actuarial liabilities over a reasonable period. To the extent that these requirements are fully covered by assets in the trust, a contribution might not be made in a particular year. The Company made a pension contribution of $1.0 million on April 1, 2022. Effective July 1, 2017, the Company amended the pension plan to effectuate a “soft freeze” such that no individual hired (or rehired in the case of a former employee) by the Company after September 30, 2017, whether or not such individual is or was a vested member in the plan, will be eligible to be an active member and be entitled to accrue any benefits under the plan. Components of Net Pension Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (Loss) The following items are components of net pension cost for the periods indicated:
(a)The components of net periodic pension cost other than the service cost and expected administrative expenses are included in other non-interest expense. Net periodic pension benefit costs include interest costs based on an assumed discount rate, the expected return on plan assets based on actuarially derived market-related values, and the amortization of net actuarial losses. Net periodic postretirement benefit costs include service costs, interest costs based on an assumed discount rate, and the amortization of prior service credits and net actuarial gains. Differences between expected and actual results in each year are included in the net actuarial gain or loss amount, which is recognized in other comprehensive income. The net actuarial gain or loss in excess of a 10% corridor is amortized in net periodic benefit cost over the average remaining service period of active participants in the pension plan. The prior service credit is amortized over the average remaining service period to full eligibility for participating employees expected to receive benefits. Currently, there is no prior service cost or net transition (asset)/obligation to be amortized.
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Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share Stock Dividend On July 1, 2022, the Company paid a special stock dividend of 4.0% to common shareholders of record at the close of business on June 15, 2022. For all periods presented, share information, including basic and diluted earnings per share, has been adjusted retroactively to reflect this change. Basic earnings per share is computed by dividing income available to shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per share gives effect to all dilutive potential shares that were outstanding during the period. Presented below is a summary of the components used to calculate basic and diluted earnings per common share, which have been restated for all stock dividends:
Repurchase Program The Company's 2019 Repurchase Plan was amended during the second quarter of 2021 to authorize the purchase of up to an additional $5.0 million in market value of the Company's common stock. Management was given discretion to determine the number and pricing of the shares to be purchased, as well as the timing of any such purchases. The Company repurchased 23,536 and 85,188 common shares under the plan during the first and second quarter of 2022, respectively, at an average cost of $26.60 per share totaling $2.9 million. As of June 30, 2022, $2.1 million remained available for share repurchases pursuant to the plan.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value represents the amount expected to be received to sell an asset or paid to transfer a liability in its principal or most advantageous market in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, the Company uses various valuation methodologies and assumptions to estimate fair value. The measurement of fair value under U.S. GAAP uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows. The fair value hierarchy is as follows: Level 1 – Inputs are unadjusted quoted prices for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available. A contractually binding sales price also provides reliable evidence of fair value. Level 2 – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets and liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 – Inputs are unobservable inputs for the asset or liability and significant to the fair value. These may be internally developed using the Company’s best information and assumptions that a market participant would consider. In accordance with fair value accounting guidance, the Company measures, records, and reports various types of assets and liabilities at fair value on either a recurring or non-recurring basis in the Consolidated Financial Statements. Nonfinancial assets measured at fair value on a non-recurring basis would include foreclosed real estate, long-lived assets, and core deposit intangible assets, which are reviewed when circumstances or other events indicate that impairment may have occurred. Valuation Methods for Assets and Liabilities Measured at Fair Value on a Recurring Basis Following is a description of the Company’s valuation methodologies used for assets and liabilities recorded at fair value on a recurring basis: Available-for-sale Securities The fair value measurements of the Company’s investment securities are determined by a third party pricing service which considers observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. The fair value measurements are subject to independent verification to another pricing source by management each quarter for reasonableness. Other Investment Securities Other investment securities include equity securities with readily determinable fair values and other investment securities that do not have readily determinable fair values. Investments in Federal Home Loan Bank (FHLB) stock, and Midwest Independent Bank (MIB) bankers bank stock, that do not have readily determinable fair values, are required for membership in those organizations. Equity securities that are not actively traded are classified in level 2. Equity securities with readily determinable fair values are recorded at fair value, with changes in fair value reflected in earnings. Equity securities that do not have readily determinable fair values are carried at cost and are periodically assessed for impairment. The Company uses level 1 inputs to value equity securities that are traded in active markets. Loans Held for Sale The fair value of the committed in forward sale agreements loans is the price at which they could be sold in the principal market at the measurement date, therefore the Company classifies as level 2. Derivative Assets and Liabilities Derivative assets and liabilities include interest rate lock commitments (IRLCs) and forward sale commitments. The fair values of IRLCs and forward sale commitments are determined using readily observable market data such as interest rates, prices, volatility factors, and customer credit-related adjustments. For IRLCs, the fair value is subject to the anticipated loan funding probability (pull-through rate), which is considered an unobservable factor. Factors that affect pull-through rates include origination channel, current mortgage interest rates in the market versus the interest rate incorporated in the IRLC, the purpose of the mortgage, stage of completion of the underlying application and underwriting process, and the time remaining until the IRLC expires. The Company classifies IRLCs as level 3 due to the unobservable input of pull-through rates. Mortgage Servicing Rights The fair value of mortgage servicing rights is based on the discounted value of estimated future cash flows utilizing contractual cash flows, servicing rate, constant prepayment rate, servicing cost, and discount rate factors. Accordingly, the fair value is estimated based on a valuation model that calculates the present value of estimated future net servicing income. The model incorporates assumptions that market participants use in estimating future net servicing income, including estimates of prepayment speeds, market discount rates, cost to service, float earnings rates, and other ancillary income, including late fees. The valuation models estimate the present value of estimated future net servicing income. The Company classifies its servicing rights as Level 3.
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:
Valuation Methods for Assets and Liabilities Measured at Fair Value on a Non-recurring Basis Following is a description of the Company’s valuation methodologies used for assets and liabilities recorded at fair value on a non-recurring basis: Collateral Dependent Impaired Loans While the overall loan portfolio is not carried at fair value, the Company periodically records non-recurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Non-recurring adjustments also include certain impairment amounts for collateral dependent loans when establishing the allowance for loan losses. Such amounts are generally based on the fair value of the underlying collateral supporting the loan. In determining the value of real estate collateral, the Company relies on external and internal appraisals of property values depending on the size and complexity of the real estate collateral. The Company maintains staff trained to perform in-house evaluations and also to review third-party appraisal reports for reasonableness. In the case of non-real estate collateral, reliance is placed on a variety of sources, including external estimates of value and judgments based on the experience and expertise of internal specialists. Values of all loan collateral are regularly reviewed by a senior loan committee. Because many of these inputs are not observable, the measurements are classified as Level 3. As of June 30, 2022, the Company identified $16.0 million in collateral-dependent impaired loans that required no specific allowance for loan losses. Related to these loans, there were $2,000 and $25,000 in charge-offs recorded during the three and six months ended June 30, 2022, respectively. As of June 30, 2021, the Company identified $31.8 million in collateral-dependent impaired loans that had specific allowances for losses aggregating $5.0 million. Related to these loans, there were $11,000 and $34,000 in charge-offs recorded during the three and six months ended June 30, 2021, respectively. Other Real Estate and Foreclosed Assets Other real estate owned (OREO) and foreclosed assets consisted of loan collateral repossessed through foreclosure. This collateral is comprised of commercial and residential real estate and other non-real estate property, including autos, manufactured homes, and construction equipment. Subsequent to foreclosure, these assets initially are carried at fair value of the collateral less estimated selling costs. Fair value, when recorded, is generally based upon appraisals by approved, independent state-certified appraisers. Like impaired loans, appraisals on OREO may be discounted based on the Company’s historical knowledge, changes in market conditions from the time of appraisal or other information available. During the holding period, valuations are updated periodically, and the assets may be written down to reflect a new cost basis. Because many of these inputs are not observable, the measurements are classified as Level 3.
*Total losses reported for other real estate and foreclosed assets includes charge-offs, valuation write downs, and net losses taken during the periods reported.
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate such value: Loans Fair values are estimated for portfolios with similar financial characteristics. Loans are segregated by type, such as commercial, real estate, and consumer. Each loan category is further segmented into fixed and variable interest rate categories. The fair value of loans, or exit price, is estimated by using the future value of discounted cash flows using comparable market rates for similar types of loan products and adjusted for market factors. The discount rates used are estimated using comparable market rates for similar types of loan products adjusted to be commensurate with the credit risk, overhead costs, and optionality of such instruments. Federal Funds Sold, Cash, and Due from Banks The carrying amounts of short-term federal funds sold, interest-earning deposits with banks, and cash and due from banks approximate fair value. Federal funds sold classified as short-term generally mature in 90 days or less. Certificates of Deposit in Other Banks Certificates of deposit are other investments made by the Company with other financial institutions that are carried at cost which is equal to fair value. Cash Surrender Value - Life Insurance The fair value of Bank-owned life insurance (BOLI) approximates the carrying amount. Upon liquidation of these investments, the Company would receive the cash surrender value which equals the carrying amount. Accrued Interest Receivable and Payable For accrued interest receivable and payable, the carrying amount is a reasonable estimate of fair value because of the short maturity for these financial instruments. Deposits The fair value of deposits with no stated maturity, such as non-interest-bearing demand, NOW accounts, savings, and money market, is equal to the amount payable on demand. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. Federal Funds Purchased and Securities Sold Under Agreements to Repurchase For Federal funds purchased and securities sold under agreements to repurchase, the carrying amount is a reasonable estimate of fair value, as such instruments reprice in a short time period. Subordinated Notes and Other Borrowings The fair value of subordinated notes and other borrowings is based on the discounted value of contractual cash-flows. The discount rate is estimated using the rates currently offered for other borrowed money of similar remaining maturities. A summary of the carrying amounts and fair values of the Company’s financial instruments at June 30, 2022 and December 31, 2021 is as follows:
Off-Balance Sheet Financial Instruments The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements, the likelihood of the counterparties drawing on such financial instruments, and the present creditworthiness of such counterparties. The Company believes such commitments have been made on terms that are competitive in the markets in which it operates. Limitations The fair value estimates provided are made at a point in time based on market information and information about the financial instruments. Because no market exists for a portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the fair value estimates.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies The Company issues financial instruments with off-balance-sheet risk in the normal course of business of meeting the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments may involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company’s extent of involvement and maximum potential exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for financial instruments included on its consolidated balance sheets. At June 30, 2022, no amounts have been accrued for any estimated losses for these financial instruments. The contractual amount of off-balance-sheet financial instruments were as follows as of the dates indicated:
Commitments 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. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since certain of the commitments and letters of credit are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer. Collateral held varies, but may include accounts receivable, inventory, furniture and equipment, and real estate. The Company has two types of commitments related to mortgage loans held for sale: interest rate lock commitments and forward loan sale commitments. Interest rate lock commitments are commitments to extend credit to a customer that has an interest rate lock and are considered derivative instruments. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These standby letters of credit are primarily issued to support contractual obligations of the Company’s customers. The approximate remaining term of standby letters of credit range from one month to five years at June 30, 2022. Pending Litigation The Company and its subsidiaries are defendants in various legal actions incidental to the Company’s past and current business activities. Based on the Company’s analysis, and considering the inherent uncertainties associated with litigation, management does not believe that it is reasonably possible that these legal actions will materially adversely affect the Company’s consolidated financial condition or results of operations in the near term. The Company records a loss accrual for all legal matters for which it deems a loss is probable and can be reasonably estimated. Some legal matters, which are at early stages in the legal process, have not yet progressed to the point where a loss is deemed probable or an amount can be estimated.
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Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Stock Dividend | Stock Dividend On July 1, 2022, the Company paid a special stock dividend of four percent to shareholders of record at the close of business on June 15, 2022. For all periods presented, share information, including basic and diluted earnings per share, has been adjusted retroactively to reflect this change. |
Loans and Allowance for Loan Losses (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Summary of Loans, by Major Class Within the Company's Loan Portfolio | Major classifications within the Company’s held for investment loan portfolio at June 30, 2022 and December 31, 2021 is as follows:
(a)Includes $1.1 million and $8.4 million of Small Business Administration Paycheck Protection (SBA PPP) loans, net as of June 30, 2022 and December 31, 2021, respectively.
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Schedule of Summary of the Allowance for Loan Losses | The following table illustrates the changes in the allowance for loan losses by portfolio segment:
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Schedule of Allowance for Loan Losses and Recorded Investment by Portfolio Segment | The following table illustrates the allowance for loan losses and recorded investment by portfolio segment:
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Schedule of Impaired Loans | The categories of impaired loans at June 30, 2022 and December 31, 2021 are as follows:
The following tables provide additional information about impaired loans at June 30, 2022 and December 31, 2021, respectively, segregated between loans for which an allowance has been provided and loans for which no allowance has been provided.
The following table presents by class, information related to the average recorded investment and interest income recognized on impaired loans during the periods indicated.
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Schedule of Aging Information for the Company's Past Due and Non-Accrual Loans | The following table provides aging information for the Company’s past due and non-accrual loans at June 30, 2022 and December 31, 2021.
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Schedule of Risk Categories by Class | The following table presents the risk categories by class at June 30, 2022 and December 31, 2021.
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Other Real Estate Acquired in Settlement of Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Summary of Real Estate and Other Assets Acquired in Settlement of Loans |
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Schedule of Changes in the Net Carrying Amount of Other Real Estate Owned | Changes in the net carrying amount of other real estate owned were as follows for the periods indicated:
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Schedule of Summary of Activity in Valuation Allowance for Other Real Estate Owned | Activity in the valuation allowance for other real estate owned was as follows for the periods indicated:
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Investment Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost and Fair Value of Debt Securities Available-for-Sale | The amortized cost and fair value of debt securities classified as available-for-sale at June 30, 2022 and December 31, 2021 were as follows:
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Schedule of Amortized Cost and Fair Value of Debt Securities Classified as Available-for-Sale by Contractual Maturity | Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties.
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Schedule of Other Securities | Investments in FHLB stock, and Midwest Independent Bank (MIB) bankers bank stock, that do not have readily determinable fair values, are required for membership in those organizations.
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Schedule of Gross Unrealized Losses on Debt Securities and Fair Value of Related Securities Aggregated by Investment Category and Length of Time that Individual Securities have been in a Continuous Unrealized Loss Position | Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2022 and December 31, 2021 were as follows:
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Schedule of Components of Investment Securities Gains and Losses | The following table presents the gross realized gains and losses from sales and calls of available-for-sale securities, as well as gains and losses on equity securities from fair value adjustments which have been recognized in earnings:
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Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Mortgage Servicing Rights (MSRs) | The table below presents changes in mortgage servicing rights (MSRs) for the periods indicated.
(1)The change in fair value resulting from changes in valuation inputs or assumptions, reported in real estate servicing fees, net, used in the valuation model reflects the change in discount rates and prepayment speed assumptions primarily due to changes in interest rates. (2)Other changes in fair value, reported in real estate servicing fees, net, reflect changes due to customer payments and passage of time.
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Schedule of Key Data and Assumptions Used in Estimating the Fair Value of the Company's MSRs | The following key data and assumptions were used in estimating the fair value of the Company’s MSRs as of June 30, 2022 and 2021, respectively:
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Deposits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit Liabilities, Type | The table below represents the aggregate amount of time deposits with balances that met or exceeded the Federal Deposit Insurance Corporation (FDIC) insurance limit of $250,000 and brokered deposits for the periods indicated.
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Federal Funds Purchased and Securities Sold under Agreements to Repurchase (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Federal Funds Purchased and Securities Sold Under Agreements to Repurchase |
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Schedule of Repurchase Agreements by Remaining Maturity of the Agreements | The collateral amounts pledged to repurchase agreements by remaining maturity in the table below are limited to the outstanding balances of the related asset or liability; thus amounts of excess collateral are not shown.
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturity of Remaining Operating Leases Liabilities | The table below summarizes the maturity of remaining operating lease liabilities:
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Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Change in the Components of the Accumulated Other Comprehensive Loss | The following table summarizes the change in the components of the Company’s accumulated other comprehensive income (loss) for the six months ended June 30, 2022 and 2021:
(1)The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in investment securities gains (losses), net in the consolidated statements of income. (2)The pre-tax amounts reclassified from accumulated other comprehensive income (loss) are included in the computation of net periodic pension cost.
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Employee Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Benefits Charged to Operating Expenses | Employee benefits charged to operating expenses are summarized in the table below for the periods indicated.
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Schedule of Components of Net Pension Cost | The following items are components of net pension cost for the periods indicated:
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Earnings per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculations of Basic and Diluted Earnings Per Common Share | Presented below is a summary of the components used to calculate basic and diluted earnings per common share, which have been restated for all stock dividends:
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Recorded at Fair Value on a Recurring Basis |
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Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:
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Schedule of Valuation Methods for Instruments Measured at Fair Value on a Nonrecurring Basis |
*Total losses reported for other real estate and foreclosed assets includes charge-offs, valuation write downs, and net losses taken during the periods reported.
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Fair Value of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Amounts and Fair Values of Financial Instruments | A summary of the carrying amounts and fair values of the Company’s financial instruments at June 30, 2022 and December 31, 2021 is as follows:
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contractual amount of off-balance-sheet Financial Instruments | The contractual amount of off-balance-sheet financial instruments were as follows as of the dates indicated:
|
Summary of Significant Accounting Policies (Details) |
Jul. 01, 2022 |
---|---|
Subsequent Event | |
Dividends Payable [Line Items] | |
Special stock dividend, rate percent (in percent) | 4.00% |
Loans and Allowance for Loan Losses - Loans Pledged (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net loans | $ 1,412,475 | $ 1,285,230 |
Asset Pledged as Collateral without Right | Federal Home Loan Bank Advances | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net loans | $ 585,500 |
Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Receivables [Abstract] | ||
Individually evaluated for impairment | $ 19,314 | $ 27,254 |
Impaired loans were evaluated based on the fair value of the loan's collateral | 16,000 | 24,200 |
Individually evaluated for impairment | 307 | 3,044 |
Impaired loans with no reserve allocation | $ 15,992 | $ 16,627 |
Impaired loans required no reserve allocation, percentage | 83.00% | 61.00% |
Loans and Allowance for Loan Losses - Categories of Impaired Loans (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Categories of impaired loans | ||
Non-accrual loans | $ 17,648 | $ 25,459 |
Performing TDRs | 1,666 | 1,795 |
Total impaired loans | $ 19,314 | $ 27,254 |
Loans and Allowance for Loan Losses - TDRs and Loan Modifications (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022
USD ($)
loan
|
Jun. 30, 2021
loan
|
Jun. 30, 2022
USD ($)
loan
|
Jun. 30, 2021
loan
|
Dec. 31, 2021
USD ($)
|
|
Troubled Debt Restructurings | |||||
Troubled debt restructurings | $ 2,100 | $ 2,100 | $ 2,400 | ||
Amount of specific reserves related to TDRs which were allocated to the allowance for loan losses | $ 167 | $ 167 | 159 | ||
Number of contracts | loan | 1 | 0 | 1 | 0 | |
Number of contracts called for default and charged off | loan | 0 | 0 | 0 | 0 | |
Loans held for sale | $ 1,716 | $ 1,716 | 2,249 | ||
Non-performing TDRs - 90 days past due | |||||
Troubled Debt Restructurings | |||||
Troubled debt restructurings | 500 | 500 | 600 | ||
Performing TDRs | |||||
Troubled Debt Restructurings | |||||
Troubled debt restructurings | $ 1,600 | $ 1,600 | $ 1,800 |
Other Real Estate Acquired in Settlement of Loans - Changes in Net Carrying Amount (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Schedule of real estate acquired in settlement of loans | |||||
Balance at beginning of period | $ 12,669 | $ 14,842 | $ 13,436 | $ 14,905 | |
Additions net of (charge-offs) | 0 | 0 | (52) | 30 | |
Proceeds from sales | (625) | (216) | (1,348) | (324) | |
Other Real Estate Valuation Allowance Amounts Applied | (219) | (84) | (219) | (84) | |
Net gain on sales | (6) | 10 | 2 | 25 | |
Balance at ending of period | 11,819 | 14,552 | 11,819 | 14,552 | |
Less valuation allowance for other real estate owned | (2,664) | (2,614) | (2,664) | (2,614) | |
Balance at end of period | $ 9,155 | $ 11,938 | $ 9,155 | $ 11,938 | $ 10,525 |
Other Real Estate Acquired in Settlement of Loans - Foreclosure (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Other Real Estate [Abstract] | ||
Consumer mortgage loans in process of foreclosure | $ 0.2 | $ 0.2 |
Other Real Estate Acquired in Settlement of Loans - Valuation Allowance (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Summary of activity in valuation allowance for other real estate owned in settlement of loans | ||||
Balance, beginning of period | $ 2,911 | $ 2,702 | $ 2,911 | $ 2,614 |
Provision for other real estate owned | (28) | (4) | (28) | 84 |
Charge-offs | (219) | (84) | (219) | (84) |
Balance, end of period | $ 2,664 | $ 2,614 | $ 2,664 | $ 2,614 |
Investment Securities - Securities Pledged (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Debt securities with carrying values, pledged | $ 220.4 | $ 275.4 |
Investment Securities - Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 5,009 | |
Due after one year through five years | 24,407 | |
Due after five years through ten years | 29,238 | |
Due after ten years | 122,009 | |
Total | 180,663 | |
Mortgage-backed securities | 125,404 | |
Total available-for-sale securities | 306,067 | $ 310,411 |
Fair Value | ||
Due in one year or less | 4,998 | |
Due after one year through five years | 23,486 | |
Due after five years through ten years | 27,424 | |
Due after ten years | 98,368 | |
Total | 154,276 | |
Mortgage-backed securities | 112,998 | |
Available-for-sale debt securities, at fair value | $ 267,274 | $ 310,870 |
Investment Securities - Other Securities (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Other securities: | ||
FHLB stock | $ 4,911 | $ 5,197 |
MIB stock | 151 | 151 |
Equity securities with readily determinable fair values | 47 | 60 |
Total other investment securities | $ 5,109 | $ 5,408 |
Investment Securities - Other (Details) $ in Thousands |
Jun. 30, 2022
USD ($)
security
|
Dec. 31, 2021
USD ($)
security
|
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Number of securities consisted in portfolio | security | 444 | 435 |
Number of securities in loss position | security | 424 | 134 |
Aggregate fair value of securities in loss position | $ 255,060 | $ 155,757 |
Loss position for 12 months or longer | 41,518 | 3,152 |
Aggregate unrealized loss | $ 38,933 | $ 2,505 |
Investment Securities - Components of Investment Securities Gains and Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Available-for-sale securities: | ||||
Gross realized gains | $ 0 | $ 0 | $ 0 | $ 2 |
Gross realized losses | 0 | 0 | 0 | 0 |
Other-than-temporary impairment recognized | 0 | 0 | 0 | 0 |
Other investment securities: | ||||
Fair value adjustments, net | (9) | 0 | (13) | 13 |
Investment securities (losses) gains, net | $ (9) | $ 0 | $ (13) | $ 15 |
Intangible Assets - Mortgage Servicing Rights (Details) - Mortgage Servicing Rights - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Mortgage Servicing Rights | |||||
Mortgage loans serviced for others | $ 252.3 | $ 286.6 | $ 252.3 | $ 286.6 | $ 270.0 |
Mortgage loan servicing fees reported as non-interest income | $ 0.2 | $ 0.2 | $ 0.4 | $ 0.4 |
Intangible Assets - Changes in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Changes in mortgage servicing rights | ||||
Balance at beginning of period | $ 2,659 | |||
Changes in fair value: | ||||
Balance at end of period | $ 2,730 | 2,730 | ||
Mortgage Servicing Rights | ||||
Changes in mortgage servicing rights | ||||
Balance at beginning of period | 2,639 | $ 2,494 | 2,659 | $ 2,445 |
Originated mortgage servicing rights | 12 | 123 | 40 | 292 |
Changes in fair value: | ||||
Due to changes in model inputs and assumptions | 160 | 260 | 190 | 282 |
Other changes in fair value | (81) | (102) | (159) | (244) |
Total changes in fair value | 79 | 158 | 31 | 38 |
Balance at end of period | $ 2,730 | $ 2,775 | $ 2,730 | $ 2,775 |
Intangible Assets - FV Assumptions (Details) - Mortgage Servicing Rights |
3 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Assumptions used in estimating the fair value of mortgage service rights | ||
Weighted average constant prepayment rate | 7.48% | 11.81% |
Weighted average note rate | 3.38% | 3.41% |
Weighted average discount rate | 9.25% | 8.00% |
Weighted average expected life (in years) | 6 years 11 months 19 days | 5 years 11 months 12 days |
Deposits (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Deposits [Abstract] | ||
Time deposit accounts $250,000 and over | $ 99,884 | $ 69,075 |
Brokered deposits | $ 34,018 | $ 20,202 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase - Federal Funds and Repurchase Agreements (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Short-term Debt [Line Items] | ||
Short-term debt | $ 6,935 | $ 23,829 |
Federal funds purchased | ||
Short-term Debt [Line Items] | ||
Short-term debt | 0 | 0 |
Repurchase agreements | ||
Short-term Debt [Line Items] | ||
Short-term debt | $ 6,935 | $ 23,829 |
Leases - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Lessee, Lease, Description [Line Items] | |||||
Operating right-of-use assets | $ 1,600 | $ 1,600 | |||
Operating lease liabilities | $ 1,687 | $ 1,687 | $ 1,837 | ||
Weighted-average remaining lease term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days | |||
Weighted-average discount rate (as a percent) | 4.00% | 4.00% | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Premises and equipment - net | Premises and equipment - net | |||
Operating lease cost | $ 93 | $ 95 | $ 187 | $ 196 | |
Short-term operating lease expense | $ 44 | $ 19 | $ 44 | $ 32 | |
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Remaining lease terms (in years) | 1 year | 1 year | |||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Remaining lease terms (in years) | 10 years | 10 years |
Leases - Maturities of Remaining Operating Lease Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2022 (excluding 6 months ended June 30, 2022) | $ 184 | |
2023 | 367 | |
2024 | 258 | |
2025 | 257 | |
2026 | 259 | |
Thereafter | 571 | |
Total lease payments | 1,896 | |
Less imputed interest | (209) | |
Total lease liabilities, as reported | $ 1,687 | $ 1,837 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Provision for income tax expense (as a percent) | 17.80% | 19.70% | 18.40% | 19.20% |
Benefit from investment tax credit | $ 14 | $ 27 | ||
Tax benefit to be generated over the life of the project | $ 331 |
Employee Benefit Plans - Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Summary of employee benefits charged to operating expenses | ||||
Payroll taxes | $ 344 | $ 356 | $ 786 | $ 791 |
Medical plans | 466 | 519 | 941 | 969 |
401(k) match and profit sharing | 426 | 444 | 796 | 943 |
Periodic pension cost | 367 | 482 | 804 | 898 |
Other | 4 | 3 | 12 | 7 |
Total employee benefits | $ 1,608 | $ 1,804 | $ 3,339 | $ 3,608 |
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Apr. 01, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Defined Benefit Plan Disclosure [Line Items] | |||||
401(k) plan, percentage of employer match | 3.00% | ||||
401(k) plan, maximum percentage contribution by employer (up to) | 6.00% | ||||
Employer contribution | $ 1,000 | ||||
SERP | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
SERP, accrued liability | $ 1,500 | $ 1,500 | |||
SERP, accrued expense | $ 93 | $ 97 | $ 186 | $ 193 |
Employee Benefit Plans - Net Pension Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Components of net pension cost | ||||
Service cost - benefits earned during the year | $ 338 | $ 430 | $ 745 | $ 846 |
Interest costs on projected benefit obligations | 291 | 280 | 587 | 536 |
Expected return on plan assets | (583) | (465) | (1,141) | (922) |
Expected administrative expenses | 29 | 26 | 59 | 52 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of unrecognized net loss | 0 | 138 | 0 | 184 |
Net periodic pension cost | $ 75 | $ 409 | $ 250 | $ 696 |
Earnings per Share - Stock Dividend (Details) |
Jul. 01, 2022 |
---|---|
Subsequent Event | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Special stock dividend, rate percent (in percent) | 4.00% |
Earnings per Share - Components (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Basic earnings per share: | ||||
Net income available to shareholders | $ 4,489 | $ 4,892 | $ 11,098 | $ 10,731 |
Average shares outstanding (in shares) | 6,768,581 | 6,877,305 | 6,816,436 | 6,816,436 |
Basic earnings per share (in dollars per share) | $ 0.66 | $ 0.71 | $ 1.63 | $ 1.56 |
Diluted earnings per share: | ||||
Net income available to shareholders | $ 4,489 | $ 4,892 | $ 11,098 | $ 10,731 |
Average shares outstanding (in shares) | 6,768,581 | 6,877,305 | 6,816,436 | 6,816,436 |
Diluted earnings per share (in dollars per share) | $ 0.66 | $ 0.71 | $ 1.63 | $ 1.56 |
Earnings per Share - Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||
Value of shares authorized for repurchase | $ 5,000 | |||
Total number of common stock repurchased (in shares) | 85,188 | 23,536 | ||
Stock repurchased (in dollars per share) | $ 26.60 | |||
Stock repurchased | $ 2,286 | $ 2,892 | $ 2,148 | |
Remaining available for repurchase of shares | $ 2,100 | $ 2,100 |
Fair Value Measurements - Mortgage Servicing Rights - Level 3 (Details) - Recurring - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Mortgage Servicing Rights | ||
Fair value of assets | ||
Balance at beginning of period | $ 2,659 | $ 2,445 |
Total gains or (losses) (realized/unrealized): | ||
Included in earnings | 31 | 38 |
Included in other comprehensive income | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issues | 40 | 292 |
Settlements | 0 | 0 |
Balance at end of period | 2,730 | 2,775 |
Interest Rate Lock Commitments | ||
Fair value of liabilities | ||
Balance at beginning of period | 286 | 0 |
Total gains or (losses) (realized/unrealized): | ||
Included in earnings | (32) | 0 |
Included in other comprehensive income | 0 | 0 |
Purchases | 0 | 0 |
Sales | (303) | 0 |
Issues | 144 | 0 |
Settlements | 0 | 0 |
Balance at end of period | $ 95 | $ 0 |
Fair Value Measurements - Mortgage Servicing Rights - Other (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Fair Value Measurements | |||||
Impaired loans with a specific allowance | $ 3,322 | $ 3,322 | $ 10,627 | ||
Impaired financing receivable, charge-offs | 2 | $ 11 | 25 | $ 34 | |
Specific allowance related to impaired loans | 307 | 307 | $ 3,044 | ||
Collateral dependent impaired loans | |||||
Fair Value Measurements | |||||
Specific allowance related to impaired loans | 5,000 | 5,000 | |||
Collateral dependent impaired loans | |||||
Fair Value Measurements | |||||
Impaired loans with a specific allowance | $ 16,000 | $ 31,800 | $ 16,000 | $ 31,800 |
Commitments and Contingencies - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Minimum | |
Other Commitments [Line Items] | |
Remaining term of conditional commitment | 1 month |
Maximum | |
Other Commitments [Line Items] | |
Remaining term of conditional commitment | 5 years |
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