(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, 2023 | December 31, 2022 | |||||||||
(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 credit losses (1) | ( | ( | |||||||||
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 (1) | |||||||||||
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 | |||||||||||
Liability for unfunded commitments (1) | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock, $ | |||||||||||
Surplus | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss, 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) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
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) credit losses on loans and unfunded commitments (1) | ( | ||||||||||||||||||||||
Net interest income after provision for (release of) credit losses on loans and unfunded commitments | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
(Provision for) release of other real estate owned | ( | ( | |||||||||||||||||||||
Other | |||||||||||||||||||||||
Total non-interest income | |||||||||||||||||||||||
Investment securities gains (losses), 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) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
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 | ( | ( | ( | ||||||||||||||||||||
Defined benefit pension plans: | |||||||||||||||||||||||
Amortization of net gains included in net periodic pension cost, net of tax | ( | ( | |||||||||||||||||||||
Total other comprehensive (loss) income | ( | ( | ( | ||||||||||||||||||||
Total comprehensive (loss) income | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended June 30, 2023 and 2022 | |||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders' Equity | |||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Stock dividend | — | ( | — | — | |||||||||||||||||||||||||||||||
Cash dividends declared, common stock ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock dividend | — | ( | — | — | |||||||||||||||||||||||||||||||
Cash dividends declared, common stock ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Six Months Ended June 30, 2023 and 2022 | |||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stock - holders' Equity | |||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
— | — | ( | — | — | ( | ||||||||||||||||||||||||||||||
Balance, January 01, 2023 | ( | ( | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Stock dividend | — | ( | — | — | |||||||||||||||||||||||||||||||
Cash dividends declared, common stock ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Stock dividend | — | ( | — | — | |||||||||||||||||||||||||||||||
Cash dividends declared, common stock ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ |
Six Months Ended June 30, | |||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for (release of) credit losses on loans and unfunded commitments | ( | ||||||||||
Depreciation expense | |||||||||||
Net amortization of investment securities, premiums, and discounts | |||||||||||
Change in fair value of mortgage servicing rights | ( | ||||||||||
Investment securities (gains) losses, net | ( | ||||||||||
Gain on sales and dispositions of premises and equipment | ( | ( | |||||||||
Gain on sales and dispositions of other real estate | ( | ( | |||||||||
Provision for (release of) other real estate owned | ( | ||||||||||
Decrease in accrued interest receivable | |||||||||||
Increase in cash surrender value - life insurance | ( | ( | |||||||||
Decrease (increase) in other assets | ( | ||||||||||
Decrease in operating lease liabilities | ( | ( | |||||||||
Increase 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: | |||||||||||
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 decrease in demand deposits | ( | ||||||||||
Net decrease in interest-bearing transaction accounts | ( | ( | |||||||||
Net increase in time deposits | |||||||||||
Net increase (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) | 2023 | 2022 | |||||||||
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) | December 31, 2022 | Impact of Adoption | January 1, 2023 | ||||||||||||||
Assets: | |||||||||||||||||
Allowance for credit losses on loans | $ | $ | $ | ||||||||||||||
Deferred tax asset | |||||||||||||||||
Liabilities: | |||||||||||||||||
Liability for unfunded commitments | |||||||||||||||||
Shareholders' Equity | |||||||||||||||||
Retained Earnings | ( |
(in thousands) | June 30, 2023 | December 31, 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 loans held for investment | $ | $ |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
(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 ) credit losses (1) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | |||||||||||||||||||||||||||||||||||||||||||||||
Less recoveries on loans | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Net loan charge-offs (recoveries) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Liability for Unfunded Commitments | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses on unfunded commitments | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and liability for unfunded commitments | $ | $ | $ | $ | $ | $ | $ | $ |
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 (1) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | |||||||||||||||||||||||||||||||||||||||||||||||
Less recoveries on loans | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loan charge-offs (recoveries) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Adoption of ASU 2016-13 | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for (release of ) credit losses (1) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | |||||||||||||||||||||||||||||||||||||||||||||||
Less recoveries on loans | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loan charge-offs (recoveries) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Liability for Unfunded Commitments | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Adoption of ASU 2016-13 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on unfunded commitments | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and liability for unfunded commitments | $ | $ | $ | $ | $ | $ | $ | $ |
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 (1) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | |||||||||||||||||||||||||||||||||||||||||||||||
Less recoveries on loans | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loan charge-offs (recoveries) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ |
Collateral Type | |||||||||||||||||
(in thousands) | Real Estate | Other | Allowance Allocated | ||||||||||||||
June 30, 2023 | |||||||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | ||||||||||||||
Real estate mortgage − residential | |||||||||||||||||
Real estate mortgage − commercial | |||||||||||||||||
Total | $ | $ | $ |
(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 | |||||||||||||||||||||||||||||||||||||||
December 31, 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 | $ | $ | $ | $ | $ | $ | $ | $ |
(in thousands) | December 31, 2022 | ||||
Non-accrual loans | $ | ||||
Performing TDRs | |||||
Total impaired loans | $ |
(in thousands) | Recorded Investment | Unpaid Principal Balance | Specific Reserves | Average Recorded Investment | |||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
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 | $ | $ | $ | $ |
Term Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Grades | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term Loans Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial, & Agricultural | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction - Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction - Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate Mortgage - Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate Mortgage - Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Installment and other Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Total Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis by Origination Year and Risk Grades | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term Loans Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial, & Agricultural | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction - Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction - Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate Mortgage - Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate Mortgage - Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Installment and other Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Total Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(in thousands) | Non-accrual with no Allowance | Non-accrual with Allowance | Total Non-accrual (1) | 90 Days Past Due And Still Accruing | Total Non-performing Loans | ||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||
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, 2022 | |||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Real estate construction − commercial | |||||||||||||||||||||||||||||
Real estate mortgage − residential | |||||||||||||||||||||||||||||
Real estate mortgage − commercial | |||||||||||||||||||||||||||||
Installment and Other Consumer | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(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, 2023 | |||||||||||||||||||||||||||||
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, 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 | $ | $ | $ | $ | $ |
June 30, 2023 | |||||||||||||||||
(Dollars in thousands) | Number of contracts | Recorded Investment | % to Total Loans | ||||||||||||||
Commercial, financial and agricultural | $ | ||||||||||||||||
Real estate mortgage − residential | |||||||||||||||||
Real estate mortgage − commercial | |||||||||||||||||
Total | $ | % |
June 30, | December 31, | ||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Real estate construction - commercial | $ | $ | |||||||||
Real estate mortgage - residential | |||||||||||
Real estate mortgage - commercial | |||||||||||
Repossessed assets | |||||||||||
Total | $ | $ | |||||||||
Less valuation allowance for other real estate owned | ( | ( | |||||||||
Total other real estate owned and repossessed assets | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
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 and repossessed assets | $ | $ | |||||||||||||||||||||
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) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
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, 2023 | |||||||||||||||||||||||
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, 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 | $ | $ | $ | ( | $ |
(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, 2023 | December 31, 2022 | |||||||||
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, 2023 | |||||||||||||||||||||||||||||||||||
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, 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 | $ | $ | ( | $ | $ | ( | $ | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Gross realized gains | $ | $ | $ | $ | |||||||||||||||||||
Gross realized losses | |||||||||||||||||||||||
Other-than-temporary impairment recognized | |||||||||||||||||||||||
Other investment securities: | |||||||||||||||||||||||
Fair value adjustments, net | ( | ( | |||||||||||||||||||||
Investment securities gains (losses), net | $ | $ | ( | $ | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
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, | |||||||||||
2023 | 2022 | ||||||||||
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, 2023 | December 31, 2022 | ||||||||||||
Time deposits with balances > $250,000 | $ | $ | ||||||||||||
Brokered deposits | $ | $ |
(in thousands) | June 30, 2023 | December 31, 2022 | |||||||||
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, 2023 | |||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ |
Lease payments due in: | Operating Lease | ||||
(in thousands) | |||||
2023 (excluding 6 months ended June 30, 2023) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total lease payments | $ | ||||
Less imputed interest | ( | ||||
Total lease liabilities, as reported | $ |
RSUs | ||||||||||||||
(in thousands, except per share amounts) | Quantity | Weighted-Average Grant Date Fair Value Per share | ||||||||||||
Non-vested at January 1, 2023 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ||||||||||||||
Forfeited | ||||||||||||||
Non-vested at June 30, 2023 | $ |
Six Months Ended June 30, 2023 | |||||||||||||||||
(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 income (loss), before reclassifications | ( | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||||||||
Current period other comprehensive income (loss), before tax | ( | ||||||||||||||||
Income tax (expense) benefit | ( | ( | |||||||||||||||
Current period other comprehensive income (loss), net of tax | ( | ||||||||||||||||
Balance at end of period | $ | ( | $ | $ | ( |
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 loss | |||||||||||||||||
Current period other comprehensive loss, before tax | ( | ( | |||||||||||||||
Income tax benefit | |||||||||||||||||
Current period other comprehensive loss, net of tax | ( | ( | |||||||||||||||
Balance at end of period | $ | ( | $ | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
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) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
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 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) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Basic and Diluted Earnings Per Share: | |||||||||||||||||||||||
Net income available to shareholders | $ | $ | $ | $ | |||||||||||||||||||
Basic weighted-average shares outstanding | |||||||||||||||||||||||
Effect of dilutive equity-based awards | |||||||||||||||||||||||
Diluted weighted-average shares outstanding | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
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, 2023 | |||||||||||||||||||||||
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 | $ | $ | $ | $ | |||||||||||||||||||
Forward sale commitments | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
December 31, 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 | $ | $ | $ | $ | |||||||||||||||||||
Forward sale 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) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
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, 2023 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Collateral dependent impaired loans: | |||||||||||||||||||||||||||||||||||
Real estate mortgage - commercial | $ | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||
Other real estate and repossessed assets | $ | $ | $ | $ | $ | $ | ( |
June 30, 2023 | |||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||
June 30, 2023 | 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 | |||||||||||||||||||||||||||||
Forward sale commitments | |||||||||||||||||||||||||||||
Accrued interest payable | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
December 31, 2022 | |||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||
December 31, 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 | |||||||||||||||||||||||||||||
Forward sale commitments | |||||||||||||||||||||||||||||
Accrued interest payable | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(in thousands) | June 30, 2023 | December 31, 2022 | |||||||||
Commitments to extend credit | $ | $ | |||||||||
Interest rate lock commitments | |||||||||||
Forward sale commitments | |||||||||||
Standby letters of credit | |||||||||||
Total | $ | $ |
The Three Months Ended | |||||||||||||||||
(In thousands, except per share data) | June 30, 2023 | March 31, 2023 | June 30, 2022 | ||||||||||||||
Net interest income | $ | 14,202 | $ | 13,948 | $ | 14,561 | |||||||||||
Provision for credit losses on loans & unfunded commitments | — | 680 | 1,200 | ||||||||||||||
Non-interest income | 1,596 | 3,182 | 3,648 | ||||||||||||||
Investment securities gains (losses), net | 7 | 8 | (9) | ||||||||||||||
Non-interest expense | 12,725 | 12,478 | 11,540 | ||||||||||||||
Income before income taxes | 3,080 | 3,980 | 5,460 | ||||||||||||||
Income tax expense | 531 | 709 | 971 | ||||||||||||||
Net income | $ | 2,549 | $ | 3,271 | $ | 4,489 | |||||||||||
Basic earnings per share | $ | 0.36 | $ | 0.47 | $ | 0.64 | |||||||||||
Diluted earnings per share | $ | 0.36 | $ | 0.47 | $ | 0.64 | |||||||||||
Efficiency ratio (1) | 80.55% | 72.84% | 63.38% | ||||||||||||||
Net interest spread | 2.54% | 2.57% | 3.47% | ||||||||||||||
Net interest margin | 3.19% | 3.16% | 3.64% | ||||||||||||||
Six Months Ended | |||||||||||||||||
June 30, | |||||||||||||||||
(Dollars in thousands, except per share data) | 2023 | 2022 | |||||||||||||||
Net interest income | $ | 28,150 | $ | 28,706 | |||||||||||||
Provision for (release of) loan losses | 680 | (1,300) | |||||||||||||||
Non-interest income | 4,778 | 7,374 | |||||||||||||||
Investment securities (losses) gains, net | 15 | (13) | |||||||||||||||
Non-interest expense | 25,202 | 23,767 | |||||||||||||||
Income before income taxes | 7,061 | 13,600 | |||||||||||||||
Income tax expense | 1,241 | 2,502 | |||||||||||||||
Net income | $ | 5,820 | $ | 11,098 | |||||||||||||
Basic earnings per share | $ | 0.83 | $ | 1.57 | |||||||||||||
Diluted earnings per share | $ | 0.83 | $ | 1.57 | |||||||||||||
Efficiency ratio (1) | 76.54% | 65.87% | |||||||||||||||
Net interest spread | 2.55% | 3.41% | |||||||||||||||
Net interest margin | 3.17% | 3.57% |
As of and for the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | June 30, 2023 | March 31, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||||||
Key Financial Ratios | ||||||||||||||||||||||||||||||||
Book value per share | $ | 17.97 | $ | 18.23 | $ | 17.50 | ||||||||||||||||||||||||||
Market price per share | $ | 17.95 | $ | 22.27 | $ | 23.72 | ||||||||||||||||||||||||||
Cash dividends paid on common stock | $ | 1,151 | $ | 1,150 | $ | 990 | $ | 2,301 | $ | 1,983 | ||||||||||||||||||||||
Return on total assets | 0.54% | 0.70% | 1.04% | 0.62% | 1.28% | |||||||||||||||||||||||||||
Return on stockholders' equity | 7.99% | 10.14% | 14.00% | 9.07% | 16.33% | |||||||||||||||||||||||||||
Average stockholders' equity to total assets | 6.75% | 6.87% | 7.40% | 6.81% | 7.81% | |||||||||||||||||||||||||||
Capital Ratios | ||||||||||||||||||||||||||||||||
Stockholders' equity to assets | 6.65% | 6.77% | 6.93% | |||||||||||||||||||||||||||||
Total risk-based capital ratio | 13.99% | 13.81% | 13.97% | |||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | 12.51% | 12.47% | 12.53% | |||||||||||||||||||||||||||||
Common equity Tier 1 capital | 9.92% | 9.77% | 9.85% | |||||||||||||||||||||||||||||
Tier 1 leverage ratio (1) | 10.46% | 10.43% | 10.98% | |||||||||||||||||||||||||||||
Asset Quality | ||||||||||||||||||||||||||||||||
Net-charge-offs (recoveries) | $ | (92) | $ | 52 | $ | 126 | $ | (40) | $ | 250 | ||||||||||||||||||||||
Non-performing loans | $ | 3,847 | $ | 19,599 | $ | 17,817 | ||||||||||||||||||||||||||
Classified assets | $ | 88,488 | $ | 91,640 | $ | 99,200 | ||||||||||||||||||||||||||
Non-performing loans to total loans | 0.25% | 1.27% | 1.25% | |||||||||||||||||||||||||||||
Non-performing assets to total assets | 0.54% | 1.47% | 1.51% | |||||||||||||||||||||||||||||
Allowance for loan losses to total loans | 1.42% | 1.43% | 1.08% | |||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||
(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) | ||||||||||||||||||||||||||||||||
Commercial | $ | 230,088 | $ | 3,570 | 6.22% | $ | 232,187 | $ | 2,816 | 4.86% | ||||||||||||||||||||||
Real estate construction - residential | 49,427 | 879 | 7.13 | 23,167 | 276 | 4.78 | ||||||||||||||||||||||||||
Real estate construction - commercial | 136,400 | 1,825 | 5.37 | 107,744 | 1,165 | 4.34 | ||||||||||||||||||||||||||
Real estate mortgage - residential | 367,887 | 4,830 | 5.27 | 296,119 | 3,054 | 4.14 | ||||||||||||||||||||||||||
Real estate mortgage - commercial | 747,080 | 8,889 | 4.77 | 681,926 | 7,202 | 4.24 | ||||||||||||||||||||||||||
Installment and other consumer | 22,604 | 256 | 4.54 | 22,865 | 202 | 3.54 | ||||||||||||||||||||||||||
Total loans | $ | 1,553,486 | $ | 20,249 | 5.23% | $ | 1,364,008 | $ | 14,715 | 4.33% | ||||||||||||||||||||||
Loans held for sale | 2,369 | 33 | 5.59 | 1,682 | 26 | 6.20 | ||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury | 5,106 | 52 | 4.08 | 4,135 | 11 | 1.07 | ||||||||||||||||||||||||||
U.S. government and federal agency obligations | 25,661 | 104 | 1.63 | 25,917 | 93 | 1.44 | ||||||||||||||||||||||||||
Obligations of states and political subdivisions | 111,152 | 876 | 3.16 | 117,103 | 1,091 | 3.74 | ||||||||||||||||||||||||||
Mortgage-backed securities | 102,355 | 528 | 2.07 | 118,113 | 501 | 1.70 | ||||||||||||||||||||||||||
Other debt securities | 11,792 | 173 | 5.88 | 13,012 | 159 | 4.90 | ||||||||||||||||||||||||||
Total investment securities | 256,066 | 1,733 | 2.71 | 278,280 | 1,855 | 2.67 | ||||||||||||||||||||||||||
Other investment securities | 7,026 | 108 | 6.17 | 5,446 | 66 | 4.86 | ||||||||||||||||||||||||||
Federal funds sold | 61 | 1 | 6.58 | 645 | 4 | 2.49 | ||||||||||||||||||||||||||
Interest bearing deposits in other financial institutions | 6,774 | 102 | 6.04 | 16,953 | 43 | 1.02 | ||||||||||||||||||||||||||
Total interest earning assets | $ | 1,825,782 | $ | 22,226 | 4.88% | $ | 1,667,014 | $ | 16,709 | 4.02% | ||||||||||||||||||||||
All other assets | 92,153 | 86,488 | ||||||||||||||||||||||||||||||
Allowance for loan losses | (22,160) | (14,383) | ||||||||||||||||||||||||||||||
Total assets | $ | 1,895,775 | $ | 1,739,119 | ||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||
Savings | $ | 166,713 | $ | 16 | 0.04% | $ | 180,781 | $ | 15 | 0.03% | ||||||||||||||||||||||
NOW accounts | 197,469 | 490 | 1.00 | 267,441 | 363 | 0.54 | ||||||||||||||||||||||||||
Interest checking | 141,626 | 1,550 | 4.39 | 25,823 | 54 | 0.84 | ||||||||||||||||||||||||||
Money market | 300,564 | 1,586 | 2.12 | 293,251 | 146 | 0.20 | ||||||||||||||||||||||||||
Time deposits | 349,271 | 2,335 | 2.68 | 247,511 | 324 | 0.53 | ||||||||||||||||||||||||||
Total interest bearing deposits | $ | 1,155,643 | $ | 5,977 | 2.07% | $ | 1,014,807 | $ | 902 | 0.36% | ||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 5,192 | 24 | 1.85 | 6,548 | 9 | 0.55 | ||||||||||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | 112,651 | 815 | 2.90 | 76,198 | 248 | 1.31 | ||||||||||||||||||||||||||
Subordinated notes | 49,486 | 909 | 7.37 | 49,486 | 422 | 3.42 | ||||||||||||||||||||||||||
Total borrowings | 167,329 | 1,748 | 4.19 | 132,232 | 679 | 2.06 | ||||||||||||||||||||||||||
Total interest bearing liabilities | $ | 1,322,972 | $ | 7,725 | 2.34% | $ | 1,147,039 | $ | 1,581 | 0.55% | ||||||||||||||||||||||
Demand deposits | 430,959 | 453,348 | ||||||||||||||||||||||||||||||
Other liabilities | 13,962 | 10,124 | ||||||||||||||||||||||||||||||
Total liabilities | $ | 1,767,893 | $ | 1,610,511 | ||||||||||||||||||||||||||||
Stockholders' equity | 127,882 | 128,608 | ||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,895,775 | $ | 1,739,119 | ||||||||||||||||||||||||||||
Net interest income (FTE) | $ | 14,501 | $ | 15,128 | ||||||||||||||||||||||||||||
Net interest spread | 2.54% | 3.47% | ||||||||||||||||||||||||||||||
Net interest margin | 3.19% | 3.64% |
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||
(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) | ||||||||||||||||||||||||||||||||
Commercial | $ | 231,271 | $ | 6,941 | 6.05% | $ | 226,569 | $ | 5,648 | 5.03% | ||||||||||||||||||||||
Real estate construction - residential | 43,185 | 1,487 | 6.94 | 23,311 | 532 | 4.60 | ||||||||||||||||||||||||||
Real estate construction - commercial | 142,093 | 3,687 | 5.23 | 101,872 | 2,161 | 4.28 | ||||||||||||||||||||||||||
Real estate mortgage - residential | 364,886 | 9,339 | 5.16 | 289,011 | 5,891 | 4.11 | ||||||||||||||||||||||||||
Real estate mortgage - commercial | 733,666 | 17,203 | 4.73 | 676,350 | 14,135 | 4.21 | ||||||||||||||||||||||||||
Installment and other consumer | 22,849 | 483 | 4.26 | 22,605 | 408 | 3.64 | ||||||||||||||||||||||||||
Total loans | $ | 1,537,950 | $ | 39,140 | 5.13% | $ | 1,339,718 | $ | 28,775 | 4.33% | ||||||||||||||||||||||
Loans held for sale | 2,559 | 60 | 4.73 | 1,983 | 46 | 4.68 | ||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury | 4,153 | 81 | 3.93 | 4,073 | 16 | 0.79 | ||||||||||||||||||||||||||
U.S. government and federal agency obligations | 25,360 | 202 | 1.61 | 26,640 | 184 | 1.39 | ||||||||||||||||||||||||||
Obligations of states and political subdivisions | 110,996 | 1,773 | 3.22 | 121,814 | 2,113 | 3.50 | ||||||||||||||||||||||||||
Mortgage-backed securities | 103,084 | 1,051 | 2.06 | 125,476 | 1,010 | 1.62 | ||||||||||||||||||||||||||
Other debt securities | 11,957 | 344 | 5.80 | 13,233 | 313 | 4.77 | ||||||||||||||||||||||||||
Total investment securities | 255,550 | 3,451 | 2.72 | 291,236 | 3,636 | 2.52 | ||||||||||||||||||||||||||
Other investment securities | 6,660 | 200 | 6.06 | 5,429 | 141 | 5.24 | ||||||||||||||||||||||||||
Federal funds sold | 56 | 1 | 3.60 | 3,423 | 5 | 0.29 | ||||||||||||||||||||||||||
Interest bearing deposits in other financial institutions | 27,425 | 640 | 4.71 | 43,740 | 102 | 0.47 | ||||||||||||||||||||||||||
Total interest earning assets | $ | 1,830,200 | $ | 43,492 | 4.79% | $ | 1,685,529 | $ | 32,705 | 3.91% | ||||||||||||||||||||||
All other assets | 89,709 | 84,900 | ||||||||||||||||||||||||||||||
Allowance for loan losses | (18,989) | (15,648) | ||||||||||||||||||||||||||||||
Total assets | $ | 1,900,920 | $ | 1,754,781 | ||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||
Savings | $ | 169,627 | $ | 30 | 0.04% | $ | 178,726 | $ | 30 | 0.03% | ||||||||||||||||||||||
NOW accounts | 202,995 | 1,021 | 1.01 | 266,497 | 550 | 0.42 | ||||||||||||||||||||||||||
Interest checking | 161,072 | 3,489 | 4.37 | 27,601 | 81 | 0.59 | ||||||||||||||||||||||||||
Money market | 304,104 | 2,955 | 1.96 | 291,207 | 232 | 0.16 | ||||||||||||||||||||||||||
Time deposits | 329,916 | 4,034 | 2.47 | 254,033 | 714 | 0.57 | ||||||||||||||||||||||||||
Total interest bearing deposits | $ | 1,167,714 | $ | 11,529 | 1.99% | $ | 1,018,064 | $ | 1,607 | 0.32% | ||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 5,214 | 45 | 1.74 | 10,149 | 19 | 0.38 | ||||||||||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | 104,734 | 1,355 | 2.61 | 76,795 | 501 | 1.32 | ||||||||||||||||||||||||||
Subordinated notes | 49,486 | 1,781 | 7.26 | 49,486 | 745 | 3.04 | ||||||||||||||||||||||||||
Total borrowings | 159,434 | 3,181 | 4.02 | 136,430 | 1,265 | 1.87 | ||||||||||||||||||||||||||
Total interest bearing liabilities | $ | 1,327,148 | $ | 14,710 | 2.24% | $ | 1,154,494 | $ | 2,872 | 0.50% | ||||||||||||||||||||||
Demand deposits | 431,795 | 451,273 | ||||||||||||||||||||||||||||||
Other liabilities | 12,611 | 11,976 | ||||||||||||||||||||||||||||||
Total liabilities | $ | 1,771,554 | $ | 1,617,743 | ||||||||||||||||||||||||||||
Stockholders' equity | 129,366 | 137,038 | ||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,900,920 | $ | 1,754,781 | ||||||||||||||||||||||||||||
Net interest income (FTE) | $ | 28,782 | $ | 29,833 | ||||||||||||||||||||||||||||
Net interest spread | 2.55% | 3.41% | ||||||||||||||||||||||||||||||
Net interest margin | 3.17% | 3.57% |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2023 vs. 2022 | 2023 vs. 2022 | ||||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||||
Commercial | $ | 754 | $ | (26) | $ | 780 | $ | 1,293 | $ | 119 | $ | 1,174 | |||||||||||||||||||||||
Real estate construction - residential | 603 | 420 | 183 | 955 | 598 | 357 | |||||||||||||||||||||||||||||
Real estate construction - commercial | 660 | 349 | 311 | 1,526 | 975 | 551 | |||||||||||||||||||||||||||||
Real estate mortgage - residential | 1,776 | 836 | 940 | 3,448 | 1,747 | 1,701 | |||||||||||||||||||||||||||||
Real estate mortgage - commercial | 1,687 | 726 | 961 | 3,068 | 1,257 | 1,811 | |||||||||||||||||||||||||||||
Installment and other consumer | 54 | (2) | 56 | 75 | 4 | 71 | |||||||||||||||||||||||||||||
Loans held for sale | 7 | 10 | (3) | 14 | 14 | — | |||||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
U.S. Treasury | 41 | 3 | 38 | 65 | — | 65 | |||||||||||||||||||||||||||||
U.S. government and federal agency obligations | 11 | (1) | 12 | 18 | (9) | 27 | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions | (215) | (53) | (162) | (340) | (180) | (160) | |||||||||||||||||||||||||||||
Mortgage-backed securities | 27 | (72) | 99 | 41 | (199) | 240 | |||||||||||||||||||||||||||||
Other debt securities | 14 | (16) | 30 | 31 | (32) | 63 | |||||||||||||||||||||||||||||
Other investment securities | 42 | 22 | 20 | 59 | 35 | 24 | |||||||||||||||||||||||||||||
Federal funds sold | (3) | (6) | 3 | (4) | (9) | 5 | |||||||||||||||||||||||||||||
Interest bearing deposits in other financial institutions | 59 | (40) | 99 | 538 | (52) | 590 | |||||||||||||||||||||||||||||
Total interest income | $ | 5,517 | $ | 2,150 | $ | 3,367 | $ | 10,787 | $ | 4,268 | $ | 6,519 | |||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||||||||
Savings | $ | 1 | $ | (1) | $ | 2 | $ | — | $ | (1) | $ | 1 | |||||||||||||||||||||||
NOW accounts | 127 | (113) | 240 | 471 | (159) | 630 | |||||||||||||||||||||||||||||
Interest checking | 1,496 | 770 | 726 | 3,408 | 1,467 | 1,941 | |||||||||||||||||||||||||||||
Money market | 1,440 | 4 | 1,436 | 2,723 | 11 | 2,712 | |||||||||||||||||||||||||||||
Time deposits | 2,011 | 185 | 1,826 | 3,320 | 273 | 3,047 | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 15 | (2) | 17 | 26 | (13) | 39 | |||||||||||||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | 567 | 160 | 407 | 854 | 231 | 623 | |||||||||||||||||||||||||||||
Subordinated notes | 487 | — | 487 | 1,036 | — | 1,036 | |||||||||||||||||||||||||||||
Total interest expense | $ | 6,144 | $ | 1,003 | $ | 5,141 | $ | 11,838 | $ | 1,809 | $ | 10,029 | |||||||||||||||||||||||
Net interest income on a fully taxable equivalent basis | $ | (627) | $ | 1,147 | $ | (1,774) | $ | (1,051) | $ | 2,459 | $ | (3,510) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | |||||||||||||||||||||||||||
Service charges and other fees | $ | 737 | $ | 835 | $ | (98) | (11.7) | % | $ | 1,420 | $ | 1,628 | $ | (208) | (12.8) | % | |||||||||||||||||||
Bank card income and fees | 1,055 | 1,063 | (8) | (0.8) | % | 2,015 | 2,024 | (9) | (0.4) | % | |||||||||||||||||||||||||
Trust department income | 266 | 296 | (30) | (10.1) | % | 538 | 636 | (98) | (15.4) | % | |||||||||||||||||||||||||
Real estate servicing fees, net | 99 | 248 | (149) | (60.1) | % | 292 | 478 | (186) | (38.9) | % | |||||||||||||||||||||||||
Gain on sales of mortgage loans, net | 667 | 806 | (139) | (17.2) | % | 1,162 | 1,695 | (533) | (31.4) | % | |||||||||||||||||||||||||
(Provision for) release of other real estate owned | (1,831) | 28 | (1,859) | NM | (1,831) | 28 | (1,859) | NM | |||||||||||||||||||||||||||
Other | 603 | 372 | 231 | 62.1 | % | 1,182 | 885 | 297 | 33.6 | % | |||||||||||||||||||||||||
Total non-interest income | $ | 1,596 | $ | 3,648 | $ | (2,052) | (56.3) | % | $ | 4,778 | $ | 7,374 | $ | (2,596) | (35.2) | % | |||||||||||||||||||
Non-interest income as a % of total revenue * | 10.1 | % | 20.0 | % | 14.5 | % | 20.4 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Gross realized gains | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Gross realized losses | — | — | — | — | |||||||||||||||||||
Other-than-temporary impairment recognized | — | — | — | — | |||||||||||||||||||
Other investment securities: | |||||||||||||||||||||||
Fair value adjustments, net | 7 | (9) | 15 | (13) | |||||||||||||||||||
Investment securities gains (losses), net | $ | 7 | $ | (9) | $ | 15 | $ | (13) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | |||||||||||||||||||||||||||
Salaries | $ | 5,560 | $ | 5,008 | $ | 552 | 11.0% | $ | 11,044 | $ | 10,163 | $ | 881 | 8.7% | |||||||||||||||||||||
Employee benefits | 1,290 | 1,608 | (318) | (19.8) | 2,810 | 3,339 | (529) | (15.8) | |||||||||||||||||||||||||||
Occupancy expense, net | 801 | 765 | 36 | 4.7 | 1,595 | 1,550 | 45 | 2.9 | |||||||||||||||||||||||||||
Furniture and equipment expense | 716 | 771 | (55) | (7.1) | 1,467 | 1,526 | (59) | (3.9) | |||||||||||||||||||||||||||
Processing, network and bank card expense | 1,320 | 1,142 | 178 | 15.6 | 2,477 | 2,284 | 193 | 8.5 | |||||||||||||||||||||||||||
Legal, examination, and professional fees | 443 | 375 | 68 | 18.1 | 948 | 815 | 133 | 16.3 | |||||||||||||||||||||||||||
Advertising and promotion | 353 | 304 | 49 | 16.1 | 709 | 597 | 112 | 18.8 | |||||||||||||||||||||||||||
Postage, printing, and supplies | 179 | 226 | (47) | (20.8) | 373 | 416 | (43) | (10.3) | |||||||||||||||||||||||||||
Loan expense | 239 | 157 | 82 | 52.2 | 624 | 303 | 321 | 105.9 | |||||||||||||||||||||||||||
Other | 1,824 | 1,184 | 640 | 54.1 | 3,155 | 2,774 | 381 | 13.7 | |||||||||||||||||||||||||||
Total non-interest expense | $ | 12,725 | $ | 11,540 | $ | 1,185 | 10.3% | $ | 25,202 | $ | 23,767 | $ | 1,435 | 6.0% | |||||||||||||||||||||
Efficiency ratio* | 80.5 | % | 63.4 | % | 76.5 | % | 65.9 | % | |||||||||||||||||||||||||||
Number of full-time equivalent employees | 317 | 300 | 317 | 300 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||
(Dollars in thousands) | Amount | % of Loans | Amount | % of Loans | |||||||||||||
Commercial, financial, and agricultural | $ | 233,029 | 14.9 | % | $ | 244,549 | 16.1 | % | |||||||||
Real estate construction − residential | 51,884 | 3.3 | 32,095 | 2.1 | |||||||||||||
Real estate construction − commercial | 127,761 | 8.2 | 137,235 | 9.0 | |||||||||||||
Real estate mortgage − residential | 383,439 | 24.5 | 361,025 | 23.7 | |||||||||||||
Real estate mortgage − commercial | 744,771 | 47.7 | 722,729 | 47.5 | |||||||||||||
Installment and other consumer | 22,322 | 1.4 | 23,619 | 1.6 | |||||||||||||
Total loans held for investment | $ | 1,563,206 | 100.0 | % | $ | 1,521,252 | 100.0 | % |
June 30, | December 31, | ||||||||||
(Dollars in thousands) | 2023 | 2022 | |||||||||
Non-accrual loans (c): | |||||||||||
Commercial, financial, and agricultural | $ | 162 | $ | 121 | |||||||
Real estate construction − residential | 94 | — | |||||||||
Real estate construction − commercial | 78 | 87 | |||||||||
Real estate mortgage − residential | 724 | 685 | |||||||||
Real estate mortgage − commercial | 2,780 | 17,801 | |||||||||
Installment and other consumer | 2 | 6 | |||||||||
Total | $ | 3,840 | $ | 18,700 | |||||||
Loans contractually past - due 90 days or more and still accruing: | |||||||||||
Installment and other consumer | 7 | 1 | |||||||||
Total | $ | 7 | $ | 1 | |||||||
Total non-performing loans (a) | 3,847 | 18,701 | |||||||||
Other real estate owned and repossessed assets | 6,429 | 8,795 | |||||||||
Total non-performing assets | $ | 10,276 | $ | 27,496 | |||||||
Loans held for investment | $ | 1,563,206 | $ | 1,521,252 | |||||||
Allowance for credit losses on loans | 22,236 | 15,588 | |||||||||
Restructured loans accruing | 1,498 | 1,661 | |||||||||
Allowance for credit and loan losses to loans, respectively | 1.42 | % | 1.02 | % | |||||||
Non-accrual loans to total loans | 0.25 | % | 1.23 | % | |||||||
Non-performing loans to loans (a) | 0.25 | % | 1.23 | % | |||||||
Non-performing assets to loans (b) | 0.66 | % | 1.81 | % | |||||||
Non-performing assets to assets (b) | 0.54 | % | 1.43 | % | |||||||
Allowance for credit and loan losses to non-accrual loans, respectively | 579.06 | % | 83.36 | % | |||||||
Allowance for credit and loan losses to non-performing loans, respectively | 578.01 | % | 83.35 | % |
June 30, 2023 | December 31, 2022 | ||||||||||||||||
(Dollars in thousands) | Amount | % of loans in each category to total loans | Amount | % of loans in each category to total loans | |||||||||||||
Allocation of allowance for credit losses at end of period: | |||||||||||||||||
Commercial, financial, and agricultural | $ | 1,844 | 14.9 | % | $ | 2,735 | 16.1 | % | |||||||||
Real estate construction − residential | 748 | 3.3 | 157 | 2.1 | |||||||||||||
Real estate construction − commercial | 3,422 | 8.2 | 875 | 9.0 | |||||||||||||
Real estate mortgage − residential | 5,465 | 24.5 | 3,329 | 23.7 | |||||||||||||
Real estate mortgage − commercial | 10,295 | 47.7 | 8,000 | 47.5 | |||||||||||||
Installment and other consumer | 217 | 1.4 | 326 | 1.6 | |||||||||||||
Unallocated | 245 | — | 166 | — | |||||||||||||
Total | $ | 22,236 | 100.0 | % | $ | 15,588 | 100.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Provision for (release of) credit / loan losses on loans, respectively | $ | 165 | $ | 1,200 | $ | 815 | $ | (1,300) | |||||||||||||||
Provision for available-for-sale securities | — | — | — | — | |||||||||||||||||||
Provision for (release of) credit losses for off-balance sheet commitments | (165) | — | (135) | — | |||||||||||||||||||
Total Provision for (release of) credit losses | $ | — | $ | 1,200 | $ | 680 | $ | (1,300) |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
(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 | $ | (150) | $ | 230,088 | (0.07) | % | $ | 9 | $ | 232,187 | — | % | |||||||||||||||||||||||
Real estate construction − residential | — | 49,427 | — | — | 23,167 | — | |||||||||||||||||||||||||||||
Real estate construction − commercial | — | 136,400 | — | — | 107,744 | — | |||||||||||||||||||||||||||||
Real estate mortgage − residential | (2) | 367,887 | — | (20) | 296,119 | (0.01) | |||||||||||||||||||||||||||||
Real estate mortgage − commercial | 20 | 747,080 | — | 103 | 681,926 | 0.02 | |||||||||||||||||||||||||||||
Installment and other consumer | 40 | 22,604 | 0.18 | 34 | 22,865 | 0.15 | |||||||||||||||||||||||||||||
Total | $ | (92) | $ | 1,553,486 | (0.01) | % | $ | 126 | $ | 1,364,008 | 0.01 | % |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
(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 | $ | (131) | $ | 231,271 | (0.06) | % | $ | 24 | $ | 226,569 | 0.01 | % | |||||||||||||||||||||||
Real estate construction − residential | — | 43,185 | — | — | 23,311 | — | |||||||||||||||||||||||||||||
Real estate construction − commercial | — | 142,093 | — | — | 101,872 | — | |||||||||||||||||||||||||||||
Real estate mortgage − residential | (4) | 364,886 | — | (23) | 289,011 | (0.01) | |||||||||||||||||||||||||||||
Real estate mortgage − commercial | 24 | 733,666 | — | 175 | 676,350 | 0.03 | |||||||||||||||||||||||||||||
Installment and other consumer | 71 | 22,849 | 0.31 | 74 | 22,605 | 0.33 | |||||||||||||||||||||||||||||
Total | $ | (40) | $ | 1,537,950 | — | % | $ | 250 | $ | 1,339,718 | 0.02 | % |
(in thousands) | June 30, 2023 | December 31, 2022 | |||||||||
Federal funds sold | $ | 115 | $ | 46 | |||||||
Other interest-bearing deposits | 1,367 | 65,013 | |||||||||
Certificates of deposit in other banks | 980 | 2,955 | |||||||||
Available-for-sale investment securities | 251,616 | 250,747 | |||||||||
Total | $ | 254,078 | $ | 318,761 |
(in thousands) | June 30, 2023 | December 31, 2022 | |||||||||
Investment securities pledged for the purpose of securing: | |||||||||||
Federal Reserve Bank borrowings | $ | 8,662 | $ | 8,563 | |||||||
Federal funds purchased and securities sold under agreements to repurchase | 8,715 | 8,601 | |||||||||
Other deposits | 103,103 | 94,432 | |||||||||
Total pledged, at fair value | $ | 120,480 | $ | 111,596 |
(in thousands) | June 30, 2023 | December 31, 2022 | |||||||||
Core deposit base: | |||||||||||
Non-interest bearing demand | $ | 437,770 | $ | 453,443 | |||||||
Interest checking | 364,809 | 440,611 | |||||||||
Savings and money market | 418,280 | 442,856 | |||||||||
Other time deposits | 180,321 | 160,175 | |||||||||
Total | $ | 1,401,180 | $ | 1,497,085 |
(in thousands) | June 30, 2023 | December 31, 2022 | |||||||||
Borrowings: | |||||||||||
Federal funds purchased and securities sold under agreements to repurchase | $ | 5,503 | $ | 5,187 | |||||||
Federal Home Loan Bank advances | 164,275 | 98,000 | |||||||||
Subordinated notes | 49,486 | 49,486 | |||||||||
Total | $ | 219,264 | $ | 152,673 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | FHLB | Federal Reserve Bank | Federal Funds Purchased Lines | Total | FHLB | Federal Reserve Bank | Federal Funds Purchased Lines | Total | |||||||||||||||||||||||||||||||||||||||
Advance equivalent | $ | 400,410 | $ | 8,172 | $ | 35,000 | $ | 443,582 | $ | 355,391 | $ | 8,058 | $ | 60,000 | $ | 423,449 | |||||||||||||||||||||||||||||||
Letters of credit | (19,500) | — | — | (19,500) | (47,500) | — | — | (47,500) | |||||||||||||||||||||||||||||||||||||||
Advances outstanding | (164,275) | — | — | (164,275) | (98,000) | — | — | (98,000) | |||||||||||||||||||||||||||||||||||||||
Total available | $ | 216,635 | $ | 8,172 | $ | 35,000 | $ | 259,807 | $ | 209,891 | $ | 8,058 | $ | 60,000 | $ | 277,949 |
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, 2023 | |||||||||||||||||||||||||||||||||||
Total Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 227,484 | 13.99 | % | $ | 170,735 | 10.50 | % | $ | — | N.A% | ||||||||||||||||||||||||
Bank | 226,107 | 13.95 | % | 170,233 | 10.50 | % | 162,127 | 10.00 | % | ||||||||||||||||||||||||||
Tier 1 Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 203,407 | 12.51 | % | $ | 138,214 | 8.50 | % | $ | — | N.A% | ||||||||||||||||||||||||
Bank | 207,872 | 12.82 | % | 137,808 | 8.50 | % | 129,702 | 8.00 | % | ||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 161,249 | 9.92 | % | $ | 113,823 | 7.00 | % | $ | — | N.A% | ||||||||||||||||||||||||
Bank | 207,872 | 12.82 | % | 113,489 | 7.00 | % | 105,382 | 6.50 | % | ||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted average assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 203,407 | 10.46 | % | $ | 77,773 | 4.00 | % | $ | — | N.A% | ||||||||||||||||||||||||
Bank | 207,872 | 10.77 | % | 77,239 | 4.00 | % | 96,549 | 5.00 | % | ||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Total Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 222,873 | 13.85 | % | $ | 169,025 | 10.50 | % | $ | — | N.A% | ||||||||||||||||||||||||
Bank | 221,066 | 13.78 | % | 168,431 | 10.50 | % | 160,410 | 10.00 | % | ||||||||||||||||||||||||||
Tier 1 Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 201,595 | 12.52 | % | $ | 136,830 | 8.50 | % | $ | — | N.A% | ||||||||||||||||||||||||
Bank | 205,318 | 12.80 | % | 136,349 | 8.50 | % | 128,328 | 8.00 | % | ||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
Company | $ | 159,125 | 9.89 | % | $ | 112,684 | 7.00 | % | $ | — | N.A% | ||||||||||||||||||||||||
Bank | 205,318 | 12.80 | % | 112,287 | 7.00 | % | 104,267 | 6.50 | % | ||||||||||||||||||||||||||
Tier 1 leverage ratio: | |||||||||||||||||||||||||||||||||||
Company | $ | 201,595 | 10.76 | % | $ | 74,936 | 4.00 | % | $ | — | N.A% | ||||||||||||||||||||||||
Bank | 205,318 | 10.85 | % | 75,678 | 4.00 | % | 94,598 | 5.00 | % |
% Change in projected net interest income | ||||||||||||||
Hypothetical shift in interest rates | June 30, | December 31, | ||||||||||||
(bps) | 2023 | 2022 | ||||||||||||
200 | 0.63% | 3.01% | ||||||||||||
100 | 2.01% | 3.78% | ||||||||||||
(100) | 4.97 | % | 5.20 | % | ||||||||||
(200) | 6.39 | % | 5.80 | % |
Exhibit No. | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
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/ Brent M. Giles | |||||
August 10, 2023 | Brent M. Giles, Chief Executive Officer (Principal Executive Officer) | ||||
/s/ Stephen E. Guthrie | |||||
August 10, 2023 | Stephen E. Guthrie, Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | ||||
Date: August 10, 2023 | |||||
/s/ Brent M. Giles | |||||
Brent M. Giles | |||||
Chief Executive Officer (Principal Executive Officer) |
Date: August 10, 2023 | |||||
/s/ Stephen E. Guthrie | |||||
Stephen E. Guthrie | |||||
Chief Financial Officer |
Dated: August 10, 2023 | |||||
/s/ Brent M. Giles | |||||
Brent M. Giles | |||||
Chief Executive Officer (Principal Executive Officer) |
Dated: August 10, 2023 | |||||
/s/ Stephen E. Guthrie | |||||
Stephen E. Guthrie | |||||
Chief Financial Officer |
Consolidated Balance Sheets (Parentheticals) - $ / shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
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) | 7,284,151 | 7,284,151 |
Treasury stock, common, shares (in shares) | 515,570 | 515,570 |
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|||||
INTEREST INCOME | ||||||||
Interest and fees on loans | $ 20,168 | $ 14,588 | $ 38,971 | $ 28,503 | ||||
Interest and fees on loans held for sale | 33 | 26 | 60 | 46 | ||||
Interest on investment securities: | ||||||||
Taxable | 883 | 791 | 1,730 | 1,579 | ||||
Nontaxable | 632 | 624 | 1,258 | 1,202 | ||||
Federal funds sold | 1 | 4 | 1 | 5 | ||||
Other interest-bearing deposits and certificates of deposit in other banks | 102 | 43 | 640 | 102 | ||||
Dividends on other investments | 108 | 66 | 200 | 141 | ||||
Total interest income | 21,927 | 16,142 | 42,860 | 31,578 | ||||
Interest on deposits: | ||||||||
Savings, interest checking and money market | 3,642 | 578 | 7,495 | 893 | ||||
Time deposit accounts $250,000 and over | 1,525 | 130 | 2,676 | 243 | ||||
Time deposits | 810 | 194 | 1,358 | 471 | ||||
Total interest expense on deposits | 5,977 | 902 | 11,529 | 1,607 | ||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 24 | 9 | 45 | 19 | ||||
Interest on Federal Home Loan Bank advances | 815 | 248 | 1,355 | 501 | ||||
Interest on subordinated notes | 909 | 422 | 1,781 | 745 | ||||
Total interest expense on borrowings | 1,748 | 679 | 3,181 | 1,265 | ||||
Total interest expense | 7,725 | 1,581 | 14,710 | 2,872 | ||||
Net interest income | 14,202 | 14,561 | 28,150 | 28,706 | ||||
Provision for (release of) credit losses on loans and unfunded commitments | 0 | 1,200 | 680 | [1] | (1,300) | [1] | ||
Net interest income after provision for (release of) credit losses on loans and unfunded commitments | 14,202 | 13,361 | 27,470 | 30,006 | ||||
NON-INTEREST INCOME | ||||||||
Gain on sale of mortgage loans, net | 667 | 806 | 1,162 | 1,695 | ||||
(Provision for) release of other real estate owned | (1,831) | 28 | (1,831) | 28 | ||||
Other | 603 | 372 | 1,182 | 885 | ||||
Total non-interest income | 1,596 | 3,648 | 4,778 | 7,374 | ||||
Investment securities gains (losses), net | 7 | (9) | 15 | (13) | ||||
NON-INTEREST EXPENSE | ||||||||
Salaries and employee benefits | 6,850 | 6,616 | 13,854 | 13,502 | ||||
Occupancy expense, net | 801 | 765 | 1,595 | 1,550 | ||||
Furniture and equipment expense | 716 | 771 | 1,467 | 1,526 | ||||
Processing, network, and bank card expense | 1,320 | 1,142 | 2,477 | 2,284 | ||||
Legal, examination, and professional fees | 443 | 375 | 948 | 815 | ||||
Advertising and promotion | 353 | 304 | 709 | 597 | ||||
Postage, printing, and supplies | 179 | 226 | 373 | 416 | ||||
Loan expense | 239 | 157 | 624 | 303 | ||||
Other | 1,824 | 1,184 | 3,155 | 2,774 | ||||
Total non-interest expense | 12,725 | 11,540 | 25,202 | 23,767 | ||||
Income before income taxes | 3,080 | 5,460 | 7,061 | 13,600 | ||||
Income tax expense | 531 | 971 | 1,241 | 2,502 | ||||
Net income | $ 2,549 | $ 4,489 | $ 5,820 | $ 11,098 | ||||
Basic earnings per share (in dollars per share) | $ 0.36 | $ 0.64 | $ 0.83 | $ 1.57 | ||||
Diluted earnings per share (in dollars per share) | $ 0.36 | $ 0.64 | $ 0.83 | $ 1.57 | ||||
Service charges and other fees | ||||||||
NON-INTEREST INCOME | ||||||||
Income from fees | $ 737 | $ 835 | $ 1,420 | $ 1,628 | ||||
Bank card income and fees | ||||||||
NON-INTEREST INCOME | ||||||||
Income from fees | 1,055 | 1,063 | 2,015 | 2,024 | ||||
Trust department income | ||||||||
NON-INTEREST INCOME | ||||||||
Income from fees | 266 | 296 | 538 | 636 | ||||
Real estate servicing fees, net | ||||||||
NON-INTEREST INCOME | ||||||||
Income from fees | $ 99 | $ 248 | $ 292 | $ 478 | ||||
|
Consolidated Statements of Comprehensive (Loss) Income (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,549 | $ 4,489 | $ 5,820 | $ 11,098 |
Investment securities available-for-sale: | ||||
Change in unrealized (losses) gains on investment securities available-for-sale, net of tax | (3,136) | (11,426) | 1,377 | (31,008) |
Defined benefit pension plans: | ||||
Amortization of net gains included in net periodic pension cost, net of tax | (141) | 0 | (253) | 0 |
Total other comprehensive (loss) income | (3,277) | (11,426) | 1,124 | (31,008) |
Total comprehensive (loss) income | $ (728) | $ (6,937) | $ 6,944 | $ (19,910) |
Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands |
Total |
Cumulative Effect, Period of Adoption, Adjustment |
Cumulative Effect, Period of Adoption, Adjusted Balance |
Common Stock |
Common Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Surplus |
Surplus
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Retained Earnings |
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
|
Retained Earnings
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Accumulated Other Comprehensive Income (Loss) |
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period of Adoption, Adjusted Balance
|
Treasury Stock |
Treasury Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2021 | $ 148,956 | $ 7,024 | $ 64,437 | $ 82,300 | $ 3,293 | $ (8,098) | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||
Net income | 11,098 | 11,098 | ||||||||||||
Other comprehensive income (loss) | (31,008) | (31,008) | ||||||||||||
Purchase of treasury stock | (2,892) | (2,892) | ||||||||||||
Stock dividend | 0 | 6,865 | (6,865) | |||||||||||
Cash dividends declared, common stock | (2,096) | (2,096) | ||||||||||||
Ending balance at Jun. 30, 2022 | 124,058 | 7,024 | 71,302 | 84,437 | (27,715) | (10,990) | ||||||||
Beginning balance at Mar. 31, 2022 | 134,387 | 7,024 | 64,437 | 87,919 | (16,289) | (8,704) | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||
Net income | 4,489 | 4,489 | ||||||||||||
Other comprehensive income (loss) | (11,426) | (11,426) | ||||||||||||
Purchase of treasury stock | (2,286) | (2,286) | ||||||||||||
Stock dividend | 0 | 6,865 | (6,865) | |||||||||||
Cash dividends declared, common stock | (1,106) | (1,106) | ||||||||||||
Ending balance at Jun. 30, 2022 | 124,058 | 7,024 | 71,302 | 84,437 | (27,715) | (10,990) | ||||||||
Beginning balance at Dec. 31, 2022 | 127,411 | $ (5,581) | $ 121,830 | 7,284 | $ 7,284 | 71,042 | $ 71,042 | 91,789 | $ (5,581) | $ 86,208 | (31,714) | $ (31,714) | (10,990) | $ (10,990) |
Increase (Decrease) in Stockholders' Equity | ||||||||||||||
Net income | 5,820 | 5,820 | ||||||||||||
Other comprehensive income (loss) | 1,124 | 1,124 | ||||||||||||
Stock dividend | 0 | 6,005 | (6,005) | |||||||||||
Cash dividends declared, common stock | (2,301) | (2,301) | ||||||||||||
Ending balance at Jun. 30, 2023 | 126,473 | 7,284 | 77,047 | 83,722 | (30,590) | (10,990) | ||||||||
Beginning balance at Mar. 31, 2023 | 128,352 | 7,284 | 71,042 | 88,329 | (27,313) | (10,990) | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||
Net income | 2,549 | 2,549 | ||||||||||||
Other comprehensive income (loss) | (3,277) | (3,277) | ||||||||||||
Stock dividend | 0 | 6,005 | (6,005) | |||||||||||
Cash dividends declared, common stock | (1,151) | (1,151) | ||||||||||||
Ending balance at Jun. 30, 2023 | $ 126,473 | $ 7,284 | $ 77,047 | $ 83,722 | $ (30,590) | $ (10,990) |
Consolidated Statements of Stockholders' Equity (unaudited) (Parentheticals) - $ / shares |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Statement of Stockholders' Equity [Abstract] | |||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | ||||
Common stock, dividends declared (in dollars per share) | $ 0.17 | $ 0.17 | $ 0.34 | $ 0.32 |
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Cash flows from operating activities: | ||
Net income | $ 5,820 | $ 11,098 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for (release of) credit losses on loans and unfunded commitments | 680 | (1,300) |
Depreciation expense | 1,075 | 1,083 |
Net amortization of investment securities, premiums, and discounts | 524 | 765 |
Change in fair value of mortgage servicing rights | 27 | (31) |
Investment securities (gains) losses, net | (15) | 13 |
Gain on sales and dispositions of premises and equipment | (154) | (141) |
Gain on sales and dispositions of other real estate | (48) | (2) |
Provision for (release of) other real estate owned | 1,831 | (28) |
Decrease in accrued interest receivable | 283 | 175 |
Increase in cash surrender value - life insurance | (29) | (29) |
Decrease (increase) in other assets | 282 | (1,111) |
Decrease in operating lease liabilities | (159) | (150) |
Increase in accrued interest payable | 577 | 77 |
Decrease in other liabilities | (1,333) | (4,358) |
Origination of mortgage loans held for sale | (47,593) | (52,610) |
Proceeds from the sale of mortgage loans held for sale | 47,186 | 54,748 |
Gain on sale of mortgage loans, net | (1,162) | (1,695) |
Net cash provided by operating activities | 7,792 | 6,504 |
Cash flows from investing activities: | ||
Proceeds from maturities of certificates of deposit in other banks | 1,974 | 988 |
Net increase in loans | (41,822) | (125,843) |
Purchase of available-for-sale debt securities | (8,505) | (17,174) |
Proceeds from maturities of available-for-sale debt securities | 8,241 | 18,478 |
Proceeds from calls of available-for-sale debt securities | 615 | 2,280 |
Purchases of FHLB stock | (9,320) | (3,833) |
Proceeds from sales of FHLB stock | 6,590 | 4,119 |
Purchases of premises and equipment | (905) | (1,653) |
Proceeds from sales of premises and equipment | 161 | 298 |
Proceeds from sales of other real estate and repossessed assets | 627 | 1,348 |
Net cash used in investing activities | (42,344) | (120,992) |
Cash flows from financing activities: | ||
Net decrease in demand deposits | (15,673) | 18,696 |
Net decrease in interest-bearing transaction accounts | (111,338) | (22,304) |
Net increase in time deposits | 38,202 | 17,596 |
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase | 316 | (16,894) |
Repayment of FHLB advances and other borrowings | (163,800) | (95,477) |
FHLB advances | 230,075 | 86,059 |
Purchase of treasury stock | 0 | (2,892) |
Cash dividends paid - common stock | (2,301) | (1,983) |
Net cash used in financing activities | (24,519) | (17,199) |
Net decrease in cash and cash equivalents | (59,071) | (131,687) |
Cash and cash equivalents, beginning of period | 83,720 | 159,909 |
Cash and cash equivalents, end of period | 24,649 | 28,222 |
Cash paid during the period for: | ||
Interest | 14,133 | 2,795 |
Income taxes | 820 | 3,261 |
Noncash investing and financing activities: | ||
Other real estate and repossessed assets acquired in settlement of loans net of (charge-offs) | $ 44 | $ (52) |
Summary of Significant Accounting Policies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 that provide 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 United States (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, 2022. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. 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 credit 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. 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 other than mentioned below. Stock Dividend. On July 1, 2023, the Company paid a special stock dividend of four percent (4%) to shareholders of record at the close of business on June 15, 2023. For all periods presented, share information, including basic and diluted earnings per share, has been adjusted retroactively to reflect this change. Recently Adopted Accounting Pronouncements Trouble Debt Restructurings. On January 1, 2023, the effective date of the guidance, the Company adopted Accounting Standards Update (ASU) 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures”, on a prospective basis. ASU 2022-02 eliminated the accounting guidance for troubled debt restructurings (TDRs), while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan. For entities that have already adopted ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Effective January 1, 2023, the Company adopted the amendments within ASU 2022-02, using the prospective transition method. ASU 2022-02 did not have a material impact on the Company's consolidated financial statements. ASU 2016-13. On January 1, 2023, the Company adopted ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which replaces the incurred loss methodology with an expected loss methodology commonly referred to as the current expected credit losses (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments. In addition, this standard made changes to the accounting for available-for-sale debt securities, including the requirement for credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities. The Company adopted this standard using the modified retrospective method for all financial assets measured at amortized cost, and off-balance-sheet credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under the new standard while prior period amounts continue to be reported in accordance with previously applicable U.S. GAAP. The Company recorded an after-tax decrease to retained earnings of $5.6 million as of January 1, 2023 for the cumulative effect of adopting this standard. The following table illustrates the impact of adoption of ASU 2016-13:
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Loans and Allowance for Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses Loans Major classifications within the Company’s held for investment loan portfolio at June 30, 2023 and December 31, 2022 were as follows:
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. Accrued interest on loans totaled $6.0 million and $6.4 million at June 30, 2023 and December 31, 2022, respectively, and is included in the accrued interest receivable on the Company's consolidated balance sheets. The total amount of accrued interest is excluded from the amortized cost basis of loans presented above. Further, the Company has elected not to measure an allowance for credit losses for accrued interest receivable. At June 30, 2023, loans of $651.6 million were pledged to the Federal Home Loan Bank (FHLB) as collateral for borrowings and letters of credit. Allowance for Credit Losses The allowance for credit losses is measured using an average historical loss model which incorporates relevant information about past events, including historical credit loss experience on loans with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the loans. The allowance for credit losses is measured on a collective (pool) basis. Loans are aggregated into pools based on similar risk characteristics including borrower type, collateral type and expected credit loss patterns. Loans that do not share similar risk characteristics, primarily large loans on non-accrual status, are evaluated on an individual basis. The allowance for credit losses is a valuation account that is deducted from loans amortized cost basis to present the net amount expected to be collected on the instrument. Expected recoveries are included in the allowance and do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Loans are charged off against the allowance for credit losses when management believes the balance has become uncollectible. For loans evaluated for credit losses on a collective basis, average historical loss rates are calculated for each pool using relevant peer historical net charge-offs (combined charge-offs and recoveries by observable historical reporting period) and the Company's outstanding loan balances during a lookback period. The Company chose to use relevant peer loan loss data due to statistical relevance concerns, low observation counts, historical data limitations, and the inability to secure through the cycle loan-level data. Lookback periods can be different based on the individual pool and represent management’s credit expectations for the pool of loans over the remaining contractual life. The calculated average net charge-off rate is then adjusted for current conditions and reasonable and supportable forecasts. These adjustments increase or decrease the average historical loss rate to reflect expectations of future losses given a single path economic forecast of a single macroeconomic variable, which is the civilian unemployment rate. The adjustments are based on results from various regression models projecting the impact of the selected macroeconomic variable to loss rates. The forecast is used for a reasonable and supportable period before reverting back to historical averages using a straight-line method. The forecast adjusted loss rate is applied to the loans over the remaining contractual lives, adjusted for expected prepayments. The contractual term excludes expected extensions, renewals and modifications. Credit cards and certain similar consumer lines of credit do not have stated maturities and therefore, for these loan classes, remaining contractual lives are determined by estimating future cash flows expected to be received from customers until payments have been fully allocated to outstanding balances. Agriculture loans also use the remaining life methodology for estimating life of loan losses. Additionally, the allowance for credit losses considers other qualitative factors not included in historical loss rates or macroeconomic forecast such as changes in portfolio composition, underwriting practices, or significant unique events or conditions. Allowance for Credit Losses on Off-Balance-Sheet Credit Exposures The Company maintains a separate allowance for credit losses for off-balance-sheet credit exposures, including unfunded loan commitments, unless the associated obligation is unconditionally cancellable by the Company. This allowance is included in other liabilities on the consolidated balance sheets with associated expense recognized as a component of the provision for credit losses on the consolidated statements of income. The liability for unfunded lending commitments utilizes the same model as the allowance for credit losses on loans, however, the liability for unfunded lending commitments incorporates an assumption for the portion of unfunded commitments that are expected to be funded. Sensitivity in the Allowance for Credit Loss Model The allowance for credit losses is an estimate that requires significant judgment including projections of the macroeconomic environment. The forecasted macroeconomic environment continuously changes which can cause fluctuations in estimated expected losses. The following tables illustrate the changes in the allowance for credit losses by portfolio segment:
(1) Beginning January 1, 2023, calculation is based on CECL methodology. Prior to January 1, 2023, calculation was based on probable incurred loss methodology. On January 1, 2023, the Company's adoption of the CECL methodology resulted in an increase to the allowance for credit losses of $5.8 million and a liability for unfunded commitments totaling $1.3 million. Collateral-Dependent loans Collateral-dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. Under the CECL methodology, for collateral-dependent loans, the Company has adopted the practical expedient to measure the allowance on the fair value of collateral. The allowance is calculated on an individual loan basis based on the shortfall between the fair value of the loan’s collateral, which is adjusted for liquidation costs/discounts, and the loan’s amortized cost. If the fair value of the collateral exceeds the loan’s amortized cost, no allowance is necessary. The Company’s policy is to obtain appraisals on any significant pieces of collateral. Higher discounts are applied in determining fair value for real estate collateral in industries that are undergoing significant stress, or for properties that are specialized use or have limited marketability. There have been no significant changes to the types of collateral securing the Company's collateral dependent loans since December 31, 2022. The amortized cost of collateral-dependent loans by class as of June 30, 2023 was as follows:
Impaired Loans The following impaired loans disclosures were superseded by ASU 2016-13. The following table illustrates the allowance for loan losses and recorded investment by portfolio segment based on the impairment method:
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 $20.4 million at December 31, 2022, and were comprised of loans on non-accrual status and loans classified as TDRs. The net carrying value of impaired loans is based on the fair values of collateral obtained through independent appraisals, internal evaluations, or by discounting the total expected future cash flows. At December 31, 2022, $17.7 million of impaired loans were evaluated based on the fair value less estimated selling costs of the loans' collateral. The categories of impaired loans at December 31, 2022 were as follows:
The following table presents loans individually evaluated for impairment at December 31, 2022, segregated between loans for which an allowance was provided and loans for which no allowance was provided.
Credit Quality The Company categorizes loans into risk categories based upon an internal rating system reflecting management’s risk assessment. •Pass - loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell in a timely manner, of any underlying collateral. •Watch - loans which have one or more weaknesses 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. •Substandard - loans that 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. •Non-accrual - loans that are delinquent for 90 days or more and the ultimate collectability of interest or principal is no longer probable. (The majority of the Company's non-accrual loans have a substandard risk grade) •Doubtful - loans which have all the weaknesses inherent in loans classified as Substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions, and values. In the following tables, consumer loans are generally assigned a risk grade similar to the classifications described above; however, upon reaching 90 days and 120 days past due, they are generally downgraded to non-accrual status, in accordance with the Federal Financial Institutions Examination Counsel's Retail Credit Classification Policy. The following table presents the recorded investment by risk categories at June 30, 2023:
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 status 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 tables present the recorded investment in non-accrual loans and loans past due over 90 days still on accrual by class of loans as of June 30, 2023 and December 31, 2022:
(1) Includes $0.3 million of restructured loans as of both June 30, 2023 and December 31, 2022. No material amount of interest income was recognized on non-accrual loans during the three and six months ended June 30, 2023. The following table provides aging information for the Company’s past due and non-accrual loans at June 30, 2023 and December 31, 2022.
Loan Modifications for Borrowers Experiencing Financial Difficulty Subsequent to the Adoption of ASU 2022-02 In the normal course of business, the Company may execute loan modifications with borrowers. These modifications are analyzed to determine whether the modification is considered concessionary, long-term and made to a borrower experiencing financial difficulty. The Company’s modifications generally include interest rate adjustments, principal reductions, and amortization and maturity date extensions. If a loan modification is determined to be made to a borrower experiencing financial difficulty, the loan is considered collateral-dependent and evaluated as part of the allowance for credit losses as described above in the Allowance for Credit Losses section of this note. For the three and six months ended June 30, 2023, the Company did not modify any loans made to borrowers experiencing financial difficulty. The Company monitors loan payments on an on-going basis to determine if a loan is considered to have a payment default. Determination of payment default involves analyzing the economic conditions that exist for each customer and their ability to generate positive cash flows during the loan term. The following table presents information regarding modifications to borrowers experiencing financial difficulty as of June 30, 2023:
Troubled Debt Restructurings (TDRs) Prior to Adoption of ASU 2022-02 Prior to the adoption of ASU 2022-02, the Company accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as a TDR. See “Note 1 Summary of Significant Accounting Policies” in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for more information on our TDR policy, and “Note 1, Summary of Significant Accounting Policies” in this report for more information on the adoption of ASU 2022-02. 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. 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 related to TDRs were allocated to the allowance for loan losses at June 30, 2022. For the three and six months ended June 30, 2022, the Company had one new loan meeting the TDR criteria. For the three and six months ended June 30, 2022, the Company had no TDRs for which there was a payment default within the 12 months following the restructure date. Loans Held for Sale The Company designates certain long-term fixed rate personal real estate loans as held for sale. These loans are initially measured at fair value under the fair value option election with subsequent changes in fair value recognized in mortgage banking income. The loans are primarily sold to Freddie Mac, Fannie Mae, PennyMac, and various other secondary market investors. At June 30, 2023, the carrying amount of these loans was $2.1 million compared to $0.6 million at December 31, 2022.
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Other Real Estate and Other Assets Acquired in Settlement of Loans |
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Other Real Estate and Other Assets Acquired in Settlement of Loans | Other Real Estate and Other Assets Acquired in Settlement of Loans
Changes in the net carrying amount of other real estate owned and repossessed assets were as follows for the periods indicated:
At June 30, 2023 and December 31, 2022, there were no consumer mortgage loans secured by residential real estate properties in the process of foreclosure. 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, 2023 and December 31, 2022 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, loan certificates guaranteed by the Small Business Administration, residential and commercial agency mortgage-backed securities, and agency collateralized mortgage obligations include securities issued by the Government National Mortgage Association, a U.S. government agency, and the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the FHLB, which are U.S. government-sponsored enterprises. Debt securities with carrying values aggregating approximately $120.5 million and $111.6 million at June 30, 2023 and December 31, 2022, 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, 2023, by contractual maturity are shown below. Accrued interest on investments totaled $1.6 million and $1.5 million at June 30, 2023 and December 31, 2022, respectively, and is included in the accrued interest receivable on the Company's consolidated balance sheets. The total amount of accrued interest is excluded from the amortized cost basis of investments presented below. Further, the Company has elected not to measure an allowance for credit losses for accrued interest receivable. 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 BankersBank (MIB) 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, 2023 and December 31, 2022 were as follows:
The total available-for-sale portfolio consisted of approximately 442 securities at June 30, 2023. The portfolio included 435 securities having an aggregate fair value of $247.5 million that were in a loss position at June 30, 2023. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $227.5 million at fair value at June 30, 2023. The $44.7 million aggregate unrealized loss included in accumulated other comprehensive loss at June 30, 2023 was caused by interest rate fluctuations. The total available-for-sale portfolio consisted of approximately 439 securities at December 31, 2022. The portfolio included 436 securities having an aggregate fair value of $249.6 million that were in a loss position at December 31, 2022. Securities identified as temporarily impaired which had been in a loss position for 12 months or longer totaled $119.8 million at fair value at December 31, 2022. The $46.4 million aggregate unrealized loss included in accumulated other comprehensive loss at December 31, 2022 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, 2023 and December 31, 2022, 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, 2023, the Company was servicing approximately $231.1 million of loans sold to the secondary market compared to $240.5 million at December 31, 2022, and $252.3 million at June 30, 2022. Mortgage loan servicing fees, reported in real estate servicing fees, net, earned on loans sold were $0.2 million and $0.3 million for the three and six months ended June 30, 2023, respectively, compared to $0.2 million and $0.4 million for the three and six months ended June 30, 2022, 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, 2023 and 2022, 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, 2023, operating right of use (ROU) assets and liabilities were $1.3 million and $1.4 million, respectively. As of June 30, 2023, the weighted-average remaining lease term on these operating leases was approximately 5.4 years and the weighted-average discount rate used to measure the lease liabilities was 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 $186,000 for the three and six months ended June 30, 2023, respectively, compared to $93,000 and $187,000 for the three and six months ended June 30, 2022, respectively. At adoption of 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, such as 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 $34,000 and $62,000 for the three and six months ended June 30, 2023, respectively, compared to $20,000 and $44,000 for the three and six months ended June 30, 2022, respectively. The table below summarizes the maturity of remaining operating lease liabilities:
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Income Taxes |
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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 17.2% and 17.6% for the three and six months ended June 30, 2023, respectively, compared to 17.8% and 18.4% for the three and six months ended June 30, 2022, respectively. The effective tax rate for each of the three and six months ended June 30, 2023 and 2022, 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 $13,000 and $26,000 benefit associated with a historic tax credit investment for the three and six months ended June 30, 2023, respectively. The investment is expected to generate a $0.3 million 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, 2023. 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, 2023 and 2022, respectively, the Company did not have any uncertain tax provisions, and did not record any related tax liabilities.
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Stockholders’ Equity and Accumulated Other Comprehensive (Loss) Income |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ Equity and Accumulated Other Comprehensive (Loss) Income | Stockholders’ Equity and Accumulated Other Comprehensive (Loss) Income Equity-Based Compensation Plan The following table summarizes the status of the Company's restricted share units (RSUs) for the six months ended June 30, 2023:
Accumulated Other Comprehensive (Loss) Income The following table summarizes the change in the components of the Company’s accumulated other comprehensive (loss) income for the six months ended June 30, 2023 and 2022:
(1)The pre-tax amounts reclassified from accumulated other comprehensive (loss) income are included in investment securities gains (losses), net in the consolidated statements of income. (2)The pre-tax amounts reclassified from accumulated other comprehensive (loss) income 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 $1.7 million as of June 30, 2023, and the expense for the three and six months ended June 30, 2023 was $9,600 and $19,300, respectively, compared to $93,000 and $186,000 for the three and six months ended June 30, 2022, 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. 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 (Loss) Income 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 (loss) 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, 2023, the Company paid a special stock dividend of 4.0% to common shareholders of record at the close of business on June 15, 2023. 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:
The dilutive effect of restricted share units is reflected in diluted earnings per share unless the impact is anti-dilutive, by application of the treasury stock method. Repurchase Program Pursuant to the Company's 2019 Repurchase Plan, management is 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 did not repurchase any shares during the current quarter. As of June 30, 2023, $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 management's independent verification to another pricing source for reasonableness each quarter. 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 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 (MSRs) The fair value of MSRs 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 MSRs 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 credit 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, 2023, the Company identified $2.9 million in collateral-dependent loans that required $25,000 specific allowance for credit losses. Related to these loans, there were $36,000 and $41,000 in charge-offs recorded during the three and six months ended June 30, 2023, respectively. As of June 30, 2022, the Company identified $16.0 million in collateral-dependent impaired loans that required no specific allowances for losses aggregating. 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. 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 are initially 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 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, 2023 and December 31, 2022 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. On January 1, 2023, the Company's adoption of the CECL methodology resulted in an increase to the allowance for credit losses of $5.8 million and a liability for unfunded commitments totaling $1.3 million. The allowance for credit losses associated with unfunded commitments and letters of credit is recorded within other liabilities on the consolidated balance sheets. At June 30, 2023, the allowance for credit losses for unfunded commitments was $1.1 million. 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 ranged from one month to five years at June 30, 2023. 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) |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Stock Dividend | Stock Dividend. On July 1, 2023, the Company paid a special stock dividend of four percent (4%) to shareholders of record at the close of business on June 15, 2023. For all periods presented, share information, including basic and diluted earnings per share, has been adjusted retroactively to reflect this change. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Trouble Debt Restructurings. On January 1, 2023, the effective date of the guidance, the Company adopted Accounting Standards Update (ASU) 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures”, on a prospective basis. ASU 2022-02 eliminated the accounting guidance for troubled debt restructurings (TDRs), while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan. For entities that have already adopted ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Effective January 1, 2023, the Company adopted the amendments within ASU 2022-02, using the prospective transition method. ASU 2022-02 did not have a material impact on the Company's consolidated financial statements. ASU 2016-13. On January 1, 2023, the Company adopted ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which replaces the incurred loss methodology with an expected loss methodology commonly referred to as the current expected credit losses (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments. In addition, this standard made changes to the accounting for available-for-sale debt securities, including the requirement for credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities.
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Summary of Significant Accounting Policies (Tables) |
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Schedule of Illustrates the Impact of Adoption | The following table illustrates the impact of adoption of ASU 2016-13:
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Loans and Allowance for Credit Losses (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule 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, 2023 and December 31, 2022 were as follows:
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Schedule of the Allowance for Loan Losses |
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Schedule of Risk Categories by Class | The amortized cost of collateral-dependent loans by class as of June 30, 2023 was as follows:
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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 based on the impairment method:
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Schedule of Impaired Loans | The categories of impaired loans at December 31, 2022 were as follows:
The following table presents loans individually evaluated for impairment at December 31, 2022, segregated between loans for which an allowance was provided and loans for which no allowance was provided.
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Schedule of Financing Receivable, Nonaccrual | The following tables present the recorded investment in non-accrual loans and loans past due over 90 days still on accrual by class of loans as of June 30, 2023 and December 31, 2022:
(1) Includes $0.3 million of restructured loans as of both June 30, 2023 and December 31, 2022.
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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, 2023 and December 31, 2022.
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Schedule of Summary of Loans that were Modified as TDRs | The following table presents information regarding modifications to borrowers experiencing financial difficulty as of June 30, 2023:
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Other Real Estate and Other Assets Acquired in Settlement of Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule 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 and repossessed assets were as follows for the periods indicated:
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Schedule 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, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 and December 31, 2022 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 BankersBank (MIB) 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, 2023 and December 31, 2022 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) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 and 2022, respectively:
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Deposits (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of 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) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 and Accumulated Other Comprehensive (Loss) Income (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Status of the Company's Restricted Share Units (RSUs) | The following table summarizes the status of the Company's restricted share units (RSUs) for the six months ended June 30, 2023:
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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 (loss) income for the six months ended June 30, 2023 and 2022:
(1)The pre-tax amounts reclassified from accumulated other comprehensive (loss) income are included in investment securities gains (losses), net in the consolidated statements of income. (2)The pre-tax amounts reclassified from accumulated other comprehensive (loss) income 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, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 and December 31, 2022 is as follows:
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Jun. 30, 2023 |
Jan. 01, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained earnings | $ 83,722 | $ 5,600 | $ 91,789 | |
Subsequent Event | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Special stock dividend, rate percent (in percent) | 4.00% |
Summary of Significant Accounting Policies -Impact of Adoption (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jan. 01, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
||||
---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | |||||||||||
Allowance for credit losses on loans | $ 22,236 | [1] | $ 21,979 | $ 15,588 | [1] | $ 15,353 | $ 14,279 | $ 16,903 | |||
Deferred tax asset | 3,267 | ||||||||||
Liabilities: | |||||||||||
Liability for unfunded commitments | 0 | ||||||||||
Shareholders' Equity | |||||||||||
Retained earnings | $ 83,722 | $ 5,600 | 91,789 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||||||
ASSETS | |||||||||||
Allowance for credit losses on loans | 5,793 | 5,793 | |||||||||
Deferred tax asset | 1,483 | ||||||||||
Liabilities: | |||||||||||
Liability for unfunded commitments | 1,272 | ||||||||||
Shareholders' Equity | |||||||||||
Retained earnings | (5,581) | ||||||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||
ASSETS | |||||||||||
Allowance for credit losses on loans | 21,381 | $ 21,381 | |||||||||
Deferred tax asset | 4,750 | ||||||||||
Liabilities: | |||||||||||
Liability for unfunded commitments | 1,272 | ||||||||||
Shareholders' Equity | |||||||||||
Retained earnings | $ 86,208 | ||||||||||
|
Loans and Allowance for Credit Losses - Summary of Loans by Major Class (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Loans and Allowance for Loan Losses | ||
Loans held for investment | $ 1,563,206 | $ 1,521,252 |
Commercial, financial, & agricultural | ||
Loans and Allowance for Loan Losses | ||
Loans held for investment | 233,029 | 244,549 |
Real estate construction − residential | ||
Loans and Allowance for Loan Losses | ||
Loans held for investment | 51,884 | 32,095 |
Real estate construction − commercial | ||
Loans and Allowance for Loan Losses | ||
Loans held for investment | 127,761 | 137,235 |
Real estate mortgage − residential | ||
Loans and Allowance for Loan Losses | ||
Loans held for investment | 383,439 | 361,025 |
Real estate mortgage − commercial | ||
Loans and Allowance for Loan Losses | ||
Loans held for investment | 744,771 | 722,729 |
Installment and other consumer | ||
Loans and Allowance for Loan Losses | ||
Loans held for investment | $ 22,322 | $ 23,619 |
Loans and Allowance for Credit Losses - Loans Pledged (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accrued interest on loans | $ 6,000 | $ 6,400 |
Net loans | 1,540,970 | $ 1,505,664 |
Asset Pledged as Collateral without Right | Federal Home Loan Bank Advances | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Net loans | $ 651,600 |
Loans and Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | $ 21,979 | $ 14,279 | $ 15,588 | [1] | $ 16,903 | |||
Additions: | ||||||||
Provision for (release of ) credit losses | 165 | 1,200 | 815 | (1,300) | ||||
Deductions: | ||||||||
Loans charged off | 103 | 188 | 196 | 354 | ||||
Less recoveries on loans | (195) | (62) | (236) | (104) | ||||
Net loan charge-offs (recoveries) | (92) | 126 | (40) | 250 | ||||
Balance at end of period | 22,236 | [1] | 15,353 | 22,236 | [1] | 15,353 | ||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 0 | |||||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 5,793 | |||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 21,381 | |||||||
Unfunded Loan Commitment | ||||||||
Deductions: | ||||||||
Balance at end of period | 1,100 | 1,100 | ||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 1,302 | 0 | ||||||
Provision for credit losses on unfunded commitments | (165) | (135) | ||||||
Ending balance | 1,137 | 1,137 | ||||||
Allowance for credit losses on loans and liability for unfunded commitments | 23,373 | 23,373 | ||||||
Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 1,272 | |||||||
Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 1,272 | |||||||
Commercial, Financial, and Agricultural | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 1,921 | 2,830 | 2,735 | 2,717 | ||||
Additions: | ||||||||
Provision for (release of ) credit losses | (227) | 184 | (373) | 312 | ||||
Deductions: | ||||||||
Loans charged off | 14 | 25 | 43 | 60 | ||||
Less recoveries on loans | (164) | (16) | (174) | (36) | ||||
Net loan charge-offs (recoveries) | (150) | 9 | (131) | 24 | ||||
Balance at end of period | 1,844 | 3,005 | 1,844 | 3,005 | ||||
Commercial, Financial, and Agricultural | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | (649) | |||||||
Commercial, Financial, and Agricultural | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 2,086 | |||||||
Commercial, Financial, and Agricultural | Unfunded Loan Commitment | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 124 | 0 | ||||||
Provision for credit losses on unfunded commitments | (12) | 8 | ||||||
Ending balance | 112 | 112 | ||||||
Allowance for credit losses on loans and liability for unfunded commitments | 1,956 | 1,956 | ||||||
Commercial, Financial, and Agricultural | Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 104 | |||||||
Commercial, Financial, and Agricultural | Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 104 | |||||||
Real Estate Construction - Residential | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 631 | 60 | 157 | 137 | ||||
Additions: | ||||||||
Provision for (release of ) credit losses | 117 | 6 | 300 | (71) | ||||
Deductions: | ||||||||
Loans charged off | 0 | 0 | 0 | 0 | ||||
Less recoveries on loans | 0 | 0 | 0 | 0 | ||||
Net loan charge-offs (recoveries) | 0 | 0 | 0 | 0 | ||||
Balance at end of period | 748 | 66 | 748 | 66 | ||||
Real Estate Construction - Residential | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 291 | |||||||
Real Estate Construction - Residential | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 448 | |||||||
Real Estate Construction - Residential | Unfunded Loan Commitment | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 389 | 0 | ||||||
Provision for credit losses on unfunded commitments | (34) | 14 | ||||||
Ending balance | 355 | 355 | ||||||
Allowance for credit losses on loans and liability for unfunded commitments | 1,103 | 1,103 | ||||||
Real Estate Construction - Residential | Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 341 | |||||||
Real Estate Construction - Residential | Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 341 | |||||||
Real Estate Construction - Commercial | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 4,464 | 664 | 875 | 588 | ||||
Additions: | ||||||||
Provision for (release of ) credit losses | (1,042) | 98 | (347) | 174 | ||||
Deductions: | ||||||||
Loans charged off | 0 | 0 | 0 | 0 | ||||
Less recoveries on loans | 0 | 0 | 0 | 0 | ||||
Net loan charge-offs (recoveries) | 0 | 0 | 0 | 0 | ||||
Balance at end of period | 3,422 | 762 | 3,422 | 762 | ||||
Real Estate Construction - Commercial | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 2,894 | |||||||
Real Estate Construction - Commercial | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 3,769 | |||||||
Real Estate Construction - Commercial | Unfunded Loan Commitment | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 562 | 0 | ||||||
Provision for credit losses on unfunded commitments | (148) | (155) | ||||||
Ending balance | 414 | 414 | ||||||
Allowance for credit losses on loans and liability for unfunded commitments | 3,836 | 3,836 | ||||||
Real Estate Construction - Commercial | Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 569 | |||||||
Real Estate Construction - Commercial | Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 569 | |||||||
Real Estate Mortgage - Residential | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 5,262 | 2,578 | 3,329 | 2,482 | ||||
Additions: | ||||||||
Provision for (release of ) credit losses | 201 | 149 | 242 | 242 | ||||
Deductions: | ||||||||
Loans charged off | 0 | 0 | 0 | 0 | ||||
Less recoveries on loans | (2) | (20) | (4) | (23) | ||||
Net loan charge-offs (recoveries) | (2) | (20) | (4) | (23) | ||||
Balance at end of period | 5,465 | 2,747 | 5,465 | 2,747 | ||||
Real Estate Mortgage - Residential | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 1,890 | |||||||
Real Estate Mortgage - Residential | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 5,219 | |||||||
Real Estate Mortgage - Residential | Unfunded Loan Commitment | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 110 | 0 | ||||||
Provision for credit losses on unfunded commitments | (2) | 1 | ||||||
Ending balance | 108 | 108 | ||||||
Allowance for credit losses on loans and liability for unfunded commitments | 5,573 | 5,573 | ||||||
Real Estate Mortgage - Residential | Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 107 | |||||||
Real Estate Mortgage - Residential | Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 107 | |||||||
Real Estate Mortgage - Commercial | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 9,487 | 7,692 | 8,000 | 10,662 | ||||
Additions: | ||||||||
Provision for (release of ) credit losses | 828 | 821 | 706 | (2,077) | ||||
Deductions: | ||||||||
Loans charged off | 20 | 104 | 25 | 178 | ||||
Less recoveries on loans | 0 | (1) | (1) | (3) | ||||
Net loan charge-offs (recoveries) | 20 | 103 | 24 | 175 | ||||
Balance at end of period | 10,295 | 8,410 | 10,295 | 8,410 | ||||
Real Estate Mortgage - Commercial | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 1,613 | |||||||
Real Estate Mortgage - Commercial | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 9,613 | |||||||
Real Estate Mortgage - Commercial | Unfunded Loan Commitment | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 142 | 0 | ||||||
Provision for credit losses on unfunded commitments | (16) | (24) | ||||||
Ending balance | 126 | 126 | ||||||
Allowance for credit losses on loans and liability for unfunded commitments | 10,421 | 10,421 | ||||||
Real Estate Mortgage - Commercial | Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 150 | |||||||
Real Estate Mortgage - Commercial | Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 150 | |||||||
Installment and Other Consumer | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 222 | 273 | 326 | 256 | ||||
Additions: | ||||||||
Provision for (release of ) credit losses | 35 | 73 | 42 | 130 | ||||
Deductions: | ||||||||
Loans charged off | 69 | 59 | 128 | 116 | ||||
Less recoveries on loans | (29) | (25) | (57) | (42) | ||||
Net loan charge-offs (recoveries) | 40 | 34 | 71 | 74 | ||||
Balance at end of period | 217 | 312 | 217 | 312 | ||||
Installment and Other Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | (80) | |||||||
Installment and Other Consumer | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 246 | |||||||
Installment and Other Consumer | Unfunded Loan Commitment | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 1 | 0 | ||||||
Provision for credit losses on unfunded commitments | 0 | 0 | ||||||
Ending balance | 1 | 1 | ||||||
Allowance for credit losses on loans and liability for unfunded commitments | 218 | 218 | ||||||
Installment and Other Consumer | Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 1 | |||||||
Installment and Other Consumer | Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 1 | |||||||
Un- allocated | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | (8) | 182 | 166 | 61 | ||||
Additions: | ||||||||
Provision for (release of ) credit losses | 253 | (131) | 245 | (10) | ||||
Deductions: | ||||||||
Loans charged off | 0 | 0 | 0 | |||||
Less recoveries on loans | 0 | 0 | 0 | |||||
Net loan charge-offs (recoveries) | 0 | 0 | 0 | 0 | ||||
Balance at end of period | 245 | $ 51 | 245 | $ 51 | ||||
Un- allocated | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | (166) | |||||||
Un- allocated | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 0 | |||||||
Un- allocated | Unfunded Loan Commitment | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | (26) | 0 | ||||||
Provision for credit losses on unfunded commitments | 47 | 21 | ||||||
Ending balance | 21 | 21 | ||||||
Allowance for credit losses on loans and liability for unfunded commitments | $ 266 | 266 | ||||||
Un- allocated | Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | 0 | |||||||
Un- allocated | Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Liability for Unfunded Commitments | ||||||||
Beginning balance | $ 0 | |||||||
|
Loans and Allowance for Credit Losses - CECL (Details) - USD ($) $ in Thousands |
Jan. 01, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
||||
---|---|---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||
Liability for unfunded commitments | $ 22,236 | [1] | $ 21,979 | $ 15,588 | [1] | $ 15,353 | $ 14,279 | $ 16,903 | |||
Unfunded Loan Commitment | |||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||
Liability for unfunded commitments | $ 1,100 | ||||||||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||
Provision for (release of) credit losses on loans and unfunded commitments | $ 5,800 | ||||||||||
Liability for unfunded commitments | 5,793 | $ 5,793 | |||||||||
Cumulative Effect, Period of Adoption, Adjustment | Unfunded Loan Commitment | |||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||
Liability for unfunded commitments | $ 1,300 | ||||||||||
|
Loans and Allowance for Credit Losses - Collateral Loan (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
||||
---|---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Individually evaluated for impairment | $ 20,361 | |||||||||
Allowance Allocated | $ 22,236 | [1] | $ 21,979 | 15,588 | [1] | $ 15,353 | $ 14,279 | $ 16,903 | ||
Commercial, Financial, and Agricultural | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Individually evaluated for impairment | 295 | |||||||||
Allowance Allocated | 1,844 | 1,921 | 2,735 | 3,005 | 2,830 | 2,717 | ||||
Real estate mortgage − residential | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Individually evaluated for impairment | 1,863 | |||||||||
Allowance Allocated | 5,465 | 5,262 | 3,329 | 2,747 | 2,578 | 2,482 | ||||
Real estate mortgage − commercial | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Individually evaluated for impairment | 18,110 | |||||||||
Allowance Allocated | 10,295 | $ 9,487 | $ 8,000 | $ 8,410 | $ 7,692 | $ 10,662 | ||||
Real Estate | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Individually evaluated for impairment | 2,805 | |||||||||
Real Estate | Commercial, Financial, and Agricultural | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Individually evaluated for impairment | 0 | |||||||||
Real Estate | Real estate mortgage − residential | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Individually evaluated for impairment | 145 | |||||||||
Real Estate | Real estate mortgage − commercial | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Individually evaluated for impairment | 2,660 | |||||||||
Other | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Individually evaluated for impairment | 50 | |||||||||
Other | Commercial, Financial, and Agricultural | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Individually evaluated for impairment | 50 | |||||||||
Other | Real estate mortgage − residential | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Individually evaluated for impairment | 0 | |||||||||
Other | Real estate mortgage − commercial | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Individually evaluated for impairment | 0 | |||||||||
Allowance Allocated | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Allowance Allocated | 25 | |||||||||
Allowance Allocated | Commercial, Financial, and Agricultural | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Allowance Allocated | 0 | |||||||||
Allowance Allocated | Real estate mortgage − residential | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Allowance Allocated | 25 | |||||||||
Allowance Allocated | Real estate mortgage − commercial | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Allowance Allocated | $ 0 | |||||||||
|
Loans and Allowance for Credit Losses - Impairment Methodology (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
||||
---|---|---|---|---|---|---|---|---|---|---|
Allowance for loan losses: | ||||||||||
Individually evaluated for impairment | $ 258 | |||||||||
Collectively evaluated for impairment | 15,330 | |||||||||
Total | $ 22,236 | [1] | $ 21,979 | 15,588 | [1] | $ 15,353 | $ 14,279 | $ 16,903 | ||
Loans outstanding: | ||||||||||
Individually evaluated for impairment | 20,361 | |||||||||
Collectively evaluated for impairment | 1,500,891 | |||||||||
Total | 1,563,206 | 1,521,252 | ||||||||
Commercial, Financial, and Agricultural | ||||||||||
Allowance for loan losses: | ||||||||||
Individually evaluated for impairment | 36 | |||||||||
Collectively evaluated for impairment | 2,699 | |||||||||
Total | 1,844 | 1,921 | 2,735 | 3,005 | 2,830 | 2,717 | ||||
Loans outstanding: | ||||||||||
Individually evaluated for impairment | 295 | |||||||||
Collectively evaluated for impairment | 244,254 | |||||||||
Total | 233,029 | 244,549 | ||||||||
Real Estate Construction - Residential | ||||||||||
Allowance for loan losses: | ||||||||||
Individually evaluated for impairment | 0 | |||||||||
Collectively evaluated for impairment | 157 | |||||||||
Total | 748 | 631 | 157 | 66 | 60 | 137 | ||||
Loans outstanding: | ||||||||||
Individually evaluated for impairment | 0 | |||||||||
Collectively evaluated for impairment | 32,095 | |||||||||
Total | 51,884 | 32,095 | ||||||||
Real Estate Construction - Commercial | ||||||||||
Allowance for loan losses: | ||||||||||
Individually evaluated for impairment | 11 | |||||||||
Collectively evaluated for impairment | 864 | |||||||||
Total | 3,422 | 4,464 | 875 | 762 | 664 | 588 | ||||
Loans outstanding: | ||||||||||
Individually evaluated for impairment | 87 | |||||||||
Collectively evaluated for impairment | 137,148 | |||||||||
Total | 127,761 | 137,235 | ||||||||
Real Estate Mortgage - Residential | ||||||||||
Allowance for loan losses: | ||||||||||
Individually evaluated for impairment | 148 | |||||||||
Collectively evaluated for impairment | 3,181 | |||||||||
Total | 5,465 | 5,262 | 3,329 | 2,747 | 2,578 | 2,482 | ||||
Loans outstanding: | ||||||||||
Individually evaluated for impairment | 1,863 | |||||||||
Collectively evaluated for impairment | 359,162 | |||||||||
Total | 383,439 | 361,025 | ||||||||
Real Estate Mortgage - Commercial | ||||||||||
Allowance for loan losses: | ||||||||||
Individually evaluated for impairment | 62 | |||||||||
Collectively evaluated for impairment | 7,938 | |||||||||
Total | 10,295 | 9,487 | 8,000 | 8,410 | 7,692 | 10,662 | ||||
Loans outstanding: | ||||||||||
Individually evaluated for impairment | 18,110 | |||||||||
Collectively evaluated for impairment | 704,619 | |||||||||
Total | 744,771 | 722,729 | ||||||||
Installment and Other Consumer | ||||||||||
Allowance for loan losses: | ||||||||||
Individually evaluated for impairment | 1 | |||||||||
Collectively evaluated for impairment | 325 | |||||||||
Total | 217 | 222 | 326 | 312 | 273 | 256 | ||||
Loans outstanding: | ||||||||||
Individually evaluated for impairment | 6 | |||||||||
Collectively evaluated for impairment | 23,613 | |||||||||
Total | 22,322 | 23,619 | ||||||||
Un- allocated | ||||||||||
Allowance for loan losses: | ||||||||||
Individually evaluated for impairment | 0 | |||||||||
Collectively evaluated for impairment | 166 | |||||||||
Total | $ 245 | $ (8) | 166 | $ 51 | $ 182 | $ 61 | ||||
Loans outstanding: | ||||||||||
Individually evaluated for impairment | 0 | |||||||||
Collectively evaluated for impairment | 0 | |||||||||
Total | $ 0 | |||||||||
|
Loans and Allowance for Credit Losses - Impaired Loans (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
Receivables [Abstract] | |
Individually evaluated for impairment | $ 20,361 |
Impaired loans were evaluated based on the fair value of the loan's collateral | $ 17,700 |
Loans and Allowance for Credit Losses - Categories of Impaired Loans (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Categories of impaired loans | ||
Non-accrual loans | $ 3,840 | $ 18,700 |
Performing TDRs | 1,661 | |
Total impaired loans | $ 20,361 |
Loans and Allowance for Credit Losses - Average Recorded Investment and Interest Income (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
| |
Impaired loans | |
Recorded Investment, With no related allowance recorded | $ 17,664 |
Unpaid Principal Balance, With no related allowance recorded | 18,975 |
Average Recorded Investment With no related allowance recorded | 16,231 |
Recorded Investment, With an allowance recorded | 2,697 |
Unpaid Principal Balance, With an allowance recorded | 3,078 |
Specific allowance recorded | 258 |
Average Recorded Investment With an allowance recorded | 3,119 |
Total impaired loans | 20,361 |
Total impaired loans, Unpaid Principal Balance | 22,053 |
Total average recorded investment | 19,350 |
Real estate mortgage − residential | |
Impaired loans | |
Recorded Investment, With no related allowance recorded | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 |
Average Recorded Investment With no related allowance recorded | 1 |
Recorded Investment, With an allowance recorded | 1,863 |
Unpaid Principal Balance, With an allowance recorded | 2,080 |
Specific allowance recorded | 148 |
Average Recorded Investment With an allowance recorded | 2,189 |
Real estate mortgage − commercial | |
Impaired loans | |
Recorded Investment, With no related allowance recorded | 17,664 |
Unpaid Principal Balance, With no related allowance recorded | 18,975 |
Average Recorded Investment With no related allowance recorded | 16,230 |
Recorded Investment, With an allowance recorded | 446 |
Unpaid Principal Balance, With an allowance recorded | 535 |
Specific allowance recorded | 62 |
Average Recorded Investment With an allowance recorded | 428 |
Commercial, financial, & agricultural | |
Impaired loans | |
Recorded Investment, With an allowance recorded | 295 |
Unpaid Principal Balance, With an allowance recorded | 330 |
Specific allowance recorded | 36 |
Average Recorded Investment With an allowance recorded | 319 |
Real estate construction − commercial | |
Impaired loans | |
Recorded Investment, With an allowance recorded | 87 |
Unpaid Principal Balance, With an allowance recorded | 127 |
Specific allowance recorded | 11 |
Average Recorded Investment With an allowance recorded | 93 |
Installment and Other Consumer | |
Impaired loans | |
Recorded Investment, With an allowance recorded | 6 |
Unpaid Principal Balance, With an allowance recorded | 6 |
Specific allowance recorded | 1 |
Average Recorded Investment With an allowance recorded | $ 90 |
Loans and Allowance for Credit Losses - Credit Quality (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | $ 233,190 | $ 599,474 |
Year two | 516,166 | 417,627 |
Year three | 369,428 | 217,332 |
Year four | 187,447 | 49,588 |
Year five | 43,623 | 32,937 |
Prior | 86,939 | 71,951 |
Revolving Loans Amortized Cost Basis | 124,903 | 129,219 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 1,510 | 3,124 |
Total | 1,563,206 | 1,521,252 |
Pass | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 214,186 | 570,090 |
Year two | 496,313 | 386,502 |
Year three | 339,972 | 197,214 |
Year four | 179,357 | 48,376 |
Year five | 42,829 | 31,520 |
Prior | 81,802 | 67,369 |
Revolving Loans Amortized Cost Basis | 118,873 | 123,896 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 1,386 | 1,148 |
Total | 1,474,718 | 1,426,115 |
Watch | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 13,689 | 18,742 |
Year two | 15,531 | 15,075 |
Year three | 13,198 | 19,130 |
Year four | 7,475 | 1,137 |
Year five | 646 | 1,160 |
Prior | 3,895 | 3,091 |
Revolving Loans Amortized Cost Basis | 3,909 | 3,407 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 1,928 |
Total | 58,343 | 63,670 |
Substandard | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 3,447 | 5,960 |
Year two | 4,148 | 2,867 |
Year three | 15,629 | 844 |
Year four | 156 | 48 |
Year five | 132 | 162 |
Prior | 750 | 1,018 |
Revolving Loans Amortized Cost Basis | 1,919 | 1,820 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 124 | 48 |
Total | 26,305 | 12,767 |
Non-accrual loans | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 1,868 | 4,682 |
Year two | 174 | 13,183 |
Year three | 629 | 144 |
Year four | 459 | 27 |
Year five | 16 | 95 |
Prior | 492 | 473 |
Revolving Loans Amortized Cost Basis | 202 | 96 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 3,840 | 18,700 |
Commercial, Financial, and Agricultural | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 31,944 | 79,896 |
Year two | 55,376 | 41,035 |
Year three | 36,668 | 38,774 |
Year four | 33,969 | 6,655 |
Year five | 5,519 | 4,345 |
Prior | 7,133 | 2,969 |
Revolving Loans Amortized Cost Basis | 61,789 | 68,844 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 631 | 2,031 |
Total | 233,029 | 244,549 |
Commercial, Financial, and Agricultural | Pass | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 31,555 | 73,654 |
Year two | 48,777 | 40,681 |
Year three | 36,532 | 37,994 |
Year four | 33,316 | 6,479 |
Year five | 5,385 | 4,050 |
Prior | 6,699 | 2,718 |
Revolving Loans Amortized Cost Basis | 56,184 | 63,869 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 631 | 504 |
Total | 219,079 | 229,949 |
Commercial, Financial, and Agricultural | Watch | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 0 | 1,228 |
Year two | 2,673 | 296 |
Year three | 78 | 756 |
Year four | 633 | 150 |
Year five | 118 | 48 |
Prior | 339 | 251 |
Revolving Loans Amortized Cost Basis | 3,736 | 3,155 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 1,527 |
Total | 7,577 | 7,411 |
Commercial, Financial, and Agricultural | Substandard | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 389 | 5,014 |
Year two | 3,925 | 58 |
Year three | 58 | 24 |
Year four | 20 | 0 |
Year five | 0 | 152 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 1,819 | 1,820 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 6,211 | 7,068 |
Commercial, Financial, and Agricultural | Non-accrual loans | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 0 | 0 |
Year two | 1 | 0 |
Year three | 0 | 0 |
Year four | 0 | 26 |
Year five | 16 | 95 |
Prior | 95 | 0 |
Revolving Loans Amortized Cost Basis | 50 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 162 | 121 |
Real Estate Construction - Residential | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 26,310 | 29,289 |
Year two | 24,753 | 1,248 |
Year three | 642 | 769 |
Year four | 179 | 449 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 340 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 51,884 | 32,095 |
Real Estate Construction - Residential | Pass | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 26,216 | 29,289 |
Year two | 24,753 | 1,248 |
Year three | 642 | 769 |
Year four | 179 | 449 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 340 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 51,790 | 32,095 |
Real Estate Construction - Residential | Watch | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real Estate Construction - Residential | Substandard | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real Estate Construction - Residential | Non-accrual loans | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 94 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 94 | 0 |
Real Estate Construction - Commercial | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 36,083 | 63,243 |
Year two | 56,146 | 68,298 |
Year three | 31,217 | 2,249 |
Year four | 1,214 | 78 |
Year five | 67 | 676 |
Prior | 961 | 757 |
Revolving Loans Amortized Cost Basis | 2,073 | 1,934 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 127,761 | 137,235 |
Real Estate Construction - Commercial | Pass | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 33,466 | 60,318 |
Year two | 55,813 | 67,977 |
Year three | 30,976 | 2,249 |
Year four | 1,214 | 78 |
Year five | 67 | 676 |
Prior | 869 | 656 |
Revolving Loans Amortized Cost Basis | 1,970 | 1,831 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 124,375 | 133,785 |
Real Estate Construction - Commercial | Watch | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 1,924 | 2,239 |
Year two | 333 | 321 |
Year three | 241 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 14 | 14 |
Revolving Loans Amortized Cost Basis | 103 | 103 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 2,615 | 2,677 |
Real Estate Construction - Commercial | Substandard | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 693 | 686 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 693 | 686 |
Real Estate Construction - Commercial | Non-accrual loans | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 78 | 87 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 78 | 87 |
Real Estate Mortgage - Residential | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 45,762 | 148,415 |
Year two | 136,462 | 68,945 |
Year three | 67,010 | 55,797 |
Year four | 51,959 | 8,158 |
Year five | 7,580 | 5,206 |
Prior | 30,696 | 28,703 |
Revolving Loans Amortized Cost Basis | 43,713 | 45,278 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 257 | 523 |
Total | 383,439 | 361,025 |
Real Estate Mortgage - Residential | Pass | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 45,564 | 147,130 |
Year two | 136,199 | 68,380 |
Year three | 66,590 | 53,322 |
Year four | 50,586 | 8,013 |
Year five | 7,449 | 4,981 |
Prior | 27,804 | 25,590 |
Revolving Loans Amortized Cost Basis | 43,561 | 45,182 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 257 | 523 |
Total | 378,010 | 353,121 |
Real Estate Mortgage - Residential | Watch | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 181 | 1,226 |
Year two | 210 | 429 |
Year three | 420 | 1,511 |
Year four | 1,001 | 145 |
Year five | 131 | 215 |
Prior | 2,157 | 2,015 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 4,100 | 5,541 |
Real Estate Mortgage - Residential | Substandard | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 17 | 0 |
Year two | 0 | 136 |
Year three | 0 | 820 |
Year four | 136 | 0 |
Year five | 0 | 10 |
Prior | 452 | 712 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 605 | 1,678 |
Real Estate Mortgage - Residential | Non-accrual loans | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 0 | 59 |
Year two | 53 | 0 |
Year three | 0 | 144 |
Year four | 236 | 0 |
Year five | 0 | 0 |
Prior | 283 | 386 |
Revolving Loans Amortized Cost Basis | 152 | 96 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 724 | 685 |
Real Estate Mortgage - Commercial | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 87,915 | 267,459 |
Year two | 235,373 | 232,915 |
Year three | 230,007 | 116,852 |
Year four | 98,279 | 32,231 |
Year five | 29,043 | 22,251 |
Prior | 48,100 | 39,434 |
Revolving Loans Amortized Cost Basis | 15,432 | 11,017 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 622 | 570 |
Total | 744,771 | 722,729 |
Real Estate Mortgage - Commercial | Pass | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 72,209 | 248,529 |
Year two | 222,715 | 203,033 |
Year three | 201,350 | 99,989 |
Year four | 92,218 | 31,341 |
Year five | 28,514 | 21,354 |
Prior | 46,381 | 38,317 |
Revolving Loans Amortized Cost Basis | 15,262 | 10,868 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 498 | 121 |
Total | 679,147 | 653,552 |
Real Estate Mortgage - Commercial | Watch | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 11,584 | 14,049 |
Year two | 12,315 | 14,029 |
Year three | 12,459 | 16,863 |
Year four | 5,838 | 842 |
Year five | 397 | 897 |
Prior | 1,385 | 811 |
Revolving Loans Amortized Cost Basis | 70 | 149 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 401 |
Total | 44,048 | 48,041 |
Real Estate Mortgage - Commercial | Substandard | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 2,348 | 260 |
Year two | 223 | 2,673 |
Year three | 15,571 | 0 |
Year four | 0 | 48 |
Year five | 132 | 0 |
Prior | 298 | 306 |
Revolving Loans Amortized Cost Basis | 100 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 124 | 48 |
Total | 18,796 | 3,335 |
Real Estate Mortgage - Commercial | Non-accrual loans | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 1,774 | 4,621 |
Year two | 120 | 13,180 |
Year three | 627 | 0 |
Year four | 223 | 0 |
Year five | 0 | 0 |
Prior | 36 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 2,780 | 17,801 |
Installment and Other Consumer | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 5,176 | 11,172 |
Year two | 8,056 | 5,186 |
Year three | 3,884 | 2,891 |
Year four | 1,847 | 2,017 |
Year five | 1,414 | 459 |
Prior | 49 | 88 |
Revolving Loans Amortized Cost Basis | 1,896 | 1,806 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 22,322 | 23,619 |
Installment and Other Consumer | Pass | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 5,176 | 11,170 |
Year two | 8,056 | 5,183 |
Year three | 3,882 | 2,891 |
Year four | 1,844 | 2,016 |
Year five | 1,414 | 459 |
Prior | 49 | 88 |
Revolving Loans Amortized Cost Basis | 1,896 | 1,806 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 22,317 | 23,613 |
Installment and Other Consumer | Watch | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 3 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 3 | 0 |
Installment and Other Consumer | Substandard | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Installment and Other Consumer | Non-accrual loans | ||
Credit quality of the loan portfolio using internal rating system reflecting management's risk assessment | ||
Year one | 0 | 2 |
Year two | 0 | 3 |
Year three | 2 | 0 |
Year four | 0 | 1 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | $ 2 | $ 6 |
Loans and Allowance for Credit Losses - Non-accrual Loans (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Non-accrual loans | $ 3,840 | $ 18,700 |
90 Days Past Due And Still Accruing | 7 | 1 |
Total Non-performing Loans | 1,661 | |
Loan Restructuring Modification | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Non-accrual loans | 300 | |
Commercial, Financial, and Agricultural | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Non-accrual loans | 162 | 121 |
90 Days Past Due And Still Accruing | 0 | 0 |
Real estate construction − residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Non-accrual loans | 94 | 0 |
90 Days Past Due And Still Accruing | 0 | 0 |
Real estate construction − commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Non-accrual loans | 78 | 87 |
90 Days Past Due And Still Accruing | 0 | 0 |
Real estate mortgage − residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Non-accrual loans | 724 | 685 |
90 Days Past Due And Still Accruing | 0 | 0 |
Real estate mortgage − commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Non-accrual loans | 2,780 | 17,801 |
90 Days Past Due And Still Accruing | 0 | 0 |
Installment and Other Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Non-accrual loans | 2 | 6 |
90 Days Past Due And Still Accruing | 7 | 1 |
Non-performing TDRs - 90 days past due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Non-accrual with no Allowance | 2,805 | 17,664 |
Non-accrual with Allowance | 1,035 | 1,036 |
Non-accrual loans | 3,840 | 18,700 |
90 Days Past Due And Still Accruing | 7 | 1 |
Total Non-performing Loans | 3,847 | 18,701 |
Non-performing TDRs - 90 days past due | Commercial, Financial, and Agricultural | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Non-accrual with no Allowance | 49 | 0 |
Non-accrual with Allowance | 113 | 121 |
Non-accrual loans | 162 | 121 |
90 Days Past Due And Still Accruing | 0 | 0 |
Total Non-performing Loans | 162 | 121 |
Non-performing TDRs - 90 days past due | Real estate construction − residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Non-accrual with no Allowance | 0 | |
Non-accrual with Allowance | 94 | |
Non-accrual loans | 94 | |
90 Days Past Due And Still Accruing | 0 | |
Total Non-performing Loans | 94 | |
Non-performing TDRs - 90 days past due | Real estate construction − commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Non-accrual with no Allowance | 0 | 0 |
Non-accrual with Allowance | 78 | 87 |
Non-accrual loans | 78 | 87 |
90 Days Past Due And Still Accruing | 0 | 0 |
Total Non-performing Loans | 78 | 87 |
Non-performing TDRs - 90 days past due | Real estate mortgage − residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Non-accrual with no Allowance | 96 | 0 |
Non-accrual with Allowance | 628 | 685 |
Non-accrual loans | 724 | 685 |
90 Days Past Due And Still Accruing | 0 | 0 |
Total Non-performing Loans | 724 | 685 |
Non-performing TDRs - 90 days past due | Real estate mortgage − commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Non-accrual with no Allowance | 2,660 | 17,664 |
Non-accrual with Allowance | 120 | 137 |
Non-accrual loans | 2,780 | 17,801 |
90 Days Past Due And Still Accruing | 0 | 0 |
Total Non-performing Loans | 2,780 | 17,801 |
Non-performing TDRs - 90 days past due | Installment and Other Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Non-accrual with no Allowance | 0 | 0 |
Non-accrual with Allowance | 2 | 6 |
Non-accrual loans | 2 | 6 |
90 Days Past Due And Still Accruing | 7 | 1 |
Total Non-performing Loans | $ 9 | $ 7 |
Loans and Allowance for Credit Losses - Past Due and Non-accrual Loans (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | $ 1,563,206 | $ 1,521,252 |
90 Days Past Due And Still Accruing | 7 | 1 |
Non-Accrual | 3,840 | 18,700 |
Current or Less Than 30 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 1,557,694 | 1,501,738 |
30 - 89 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 1,665 | 813 |
Commercial, Financial, and Agricultural | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 233,029 | 244,549 |
90 Days Past Due And Still Accruing | 0 | 0 |
Non-Accrual | 162 | 121 |
Commercial, Financial, and Agricultural | Current or Less Than 30 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 232,864 | 244,392 |
Commercial, Financial, and Agricultural | 30 - 89 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 3 | 36 |
Real estate construction − residential | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 51,884 | 32,095 |
90 Days Past Due And Still Accruing | 0 | 0 |
Non-Accrual | 94 | 0 |
Real estate construction − residential | Current or Less Than 30 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 51,790 | 32,095 |
Real estate construction − residential | 30 - 89 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 0 | 0 |
Real estate construction − commercial | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 127,761 | 137,235 |
90 Days Past Due And Still Accruing | 0 | 0 |
Non-Accrual | 78 | 87 |
Real estate construction − commercial | Current or Less Than 30 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 127,683 | 137,148 |
Real estate construction − commercial | 30 - 89 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 0 | 0 |
Real estate mortgage − residential | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 383,439 | 361,025 |
90 Days Past Due And Still Accruing | 0 | 0 |
Non-Accrual | 724 | 685 |
Real estate mortgage − residential | Current or Less Than 30 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 381,782 | 359,672 |
Real estate mortgage − residential | 30 - 89 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 933 | 668 |
Real estate mortgage − commercial | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 744,771 | 722,729 |
90 Days Past Due And Still Accruing | 0 | 0 |
Non-Accrual | 2,780 | 17,801 |
Real estate mortgage − commercial | Current or Less Than 30 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 741,402 | 704,925 |
Real estate mortgage − commercial | 30 - 89 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 589 | 3 |
Installment and Other Consumer | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 22,322 | 23,619 |
90 Days Past Due And Still Accruing | 7 | 1 |
Non-Accrual | 2 | 6 |
Installment and Other Consumer | Current or Less Than 30 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | 22,173 | 23,506 |
Installment and Other Consumer | 30 - 89 Days Past Due | ||
Aging information for the Company's past due and non-accrual loans | ||
Loans held for investment | $ 140 | $ 106 |
Loans and Allowance for Credit Losses - Modification (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
contract
| |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Number of contracts | contract | 14 |
Recorded Investment | $ | $ 1,758 |
% to Total Loans | 0.0011 |
Commercial, Financial, and Agricultural | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Number of contracts | contract | 2 |
Recorded Investment | $ | $ 167 |
% to Total Loans | 0.0001 |
Real estate mortgage − residential | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Number of contracts | contract | 9 |
Recorded Investment | $ | $ 1,266 |
% to Total Loans | 0.0008 |
Real estate mortgage − commercial | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Number of contracts | contract | 3 |
Recorded Investment | $ | $ 325 |
% to Total Loans | 0.0002 |
Loans and Allowance for Credit Losses - TDRs and Loan Modifications (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
---|---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Restructured loans | $ 2,100 | ||
Amount of specific reserves related to TDRs which were allocated to the allowance for loan losses | 167 | ||
Loans held for sale | $ 2,130 | $ 591 | |
Non-performing TDRs - 90 days past due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Restructured loans | 500 | ||
Performing Financial Instruments | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Restructured loans | $ 1,600 |
Other Real Estate and Other Assets Acquired in Settlement of Loans - Summary (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|---|---|
Summary of real estate and other assets acquired in settlement of loans | ||||||
Repossessed assets | $ 44 | $ 0 | ||||
Total | 10,924 | $ 10,911 | 11,459 | $ 11,819 | $ 12,669 | $ 13,436 |
Less valuation allowance for other real estate owned | (4,495) | $ (2,664) | (2,664) | (2,664) | $ (2,911) | $ (2,911) |
Total other real estate owned and repossessed assets | 6,429 | 8,795 | $ 9,155 | |||
Real estate construction − commercial | ||||||
Summary of real estate and other assets acquired in settlement of loans | ||||||
Real estate acquired through foreclosure | 10,094 | 10,094 | ||||
Real estate mortgage − residential | ||||||
Summary of real estate and other assets acquired in settlement of loans | ||||||
Real estate acquired through foreclosure | 79 | 179 | ||||
Real estate mortgage − commercial | ||||||
Summary of real estate and other assets acquired in settlement of loans | ||||||
Real estate acquired through foreclosure | $ 707 | $ 1,186 |
Other Real Estate and Other Assets Acquired in Settlement of Loans - Changes in Net Carrying Amount (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Schedule of real estate acquired in settlement of loans | ||||||||
Balance at beginning of period | $ 10,911 | $ 12,669 | $ 11,459 | $ 13,436 | ||||
Additions net of (charge-offs) | 44 | 0 | 44 | (52) | ||||
Proceeds from sales | (70) | (625) | (627) | (1,348) | ||||
Charge-offs against the valuation allowance for other real estate owned, net | 0 | (219) | 0 | (219) | ||||
Net gain on sales | 39 | (6) | 48 | 2 | ||||
Balance at ending of period | 10,924 | 11,819 | 10,924 | 11,819 | ||||
Less valuation allowance for other real estate owned | (4,495) | (2,664) | (4,495) | (2,664) | $ (2,664) | $ (2,664) | $ (2,911) | $ (2,911) |
Total other real estate owned and repossessed assets | $ 6,429 | $ 9,155 | $ 6,429 | $ 9,155 | $ 8,795 |
Other Real Estate and Other Assets Acquired in Settlement of Loans - Foreclosure (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Other Real Estate [Abstract] | ||
Consumer mortgage loans in process of foreclosure | $ 0.0 | $ 0.0 |
Other Real Estate and Other Assets Acquired in Settlement of Loans - Valuation Allowance (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Summary of activity in valuation allowance for other real estate owned in settlement of loans | ||||
Balance, beginning of period | $ 2,664 | $ 2,911 | $ 2,664 | $ 2,911 |
Provision for other real estate owned | 1,831 | (28) | 1,831 | (28) |
Charge-offs | 0 | (219) | 0 | (219) |
Balance, end of period | $ 4,495 | $ 2,664 | $ 4,495 | $ 2,664 |
Investment Securities - Amortized Costs, Gains and Losses, Fair Value (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Amortized cost, gross urealized gains and losses, and fair value of debt securities classified as available-for-sale | ||
Total Amortized Cost | $ 296,275 | $ 297,149 |
Gross unrealized gains | 14 | 7 |
Gross unrealized losses | (44,673) | (46,409) |
Available for sale debt securities fair value | 251,616 | 250,747 |
U.S. Treasury | ||
Amortized cost, gross urealized gains and losses, and fair value of debt securities classified as available-for-sale | ||
Total Amortized Cost | 5,160 | 2,198 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (48) | (46) |
Available for sale debt securities fair value | 5,112 | 2,152 |
U.S. government and federal agency obligations | ||
Amortized cost, gross urealized gains and losses, and fair value of debt securities classified as available-for-sale | ||
Total Amortized Cost | 515 | 591 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (32) | (32) |
Available for sale debt securities fair value | 483 | 559 |
U.S. government-sponsored enterprises | ||
Amortized cost, gross urealized gains and losses, and fair value of debt securities classified as available-for-sale | ||
Total Amortized Cost | 27,499 | 26,499 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (2,427) | (2,722) |
Available for sale debt securities fair value | 25,072 | 23,777 |
Obligations of states and political subdivisions | ||
Amortized cost, gross urealized gains and losses, and fair value of debt securities classified as available-for-sale | ||
Total Amortized Cost | 134,321 | 134,994 |
Gross unrealized gains | 10 | 0 |
Gross unrealized losses | (24,011) | (25,554) |
Available for sale debt securities fair value | 110,320 | 109,440 |
Mortgage-backed securities | ||
Amortized cost, gross urealized gains and losses, and fair value of debt securities classified as available-for-sale | ||
Total Amortized Cost | 115,469 | 119,556 |
Gross unrealized gains | 4 | 7 |
Gross unrealized losses | (16,401) | (16,864) |
Available for sale debt securities fair value | 99,072 | 102,699 |
Other debt securities | ||
Amortized cost, gross urealized gains and losses, and fair value of debt securities classified as available-for-sale | ||
Total Amortized Cost | 11,825 | 11,825 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (1,393) | (882) |
Available for sale debt securities fair value | 10,432 | 10,943 |
Bank issued trust preferred securities | ||
Amortized cost, gross urealized gains and losses, and fair value of debt securities classified as available-for-sale | ||
Total Amortized Cost | 1,486 | 1,486 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (361) | (309) |
Available for sale debt securities fair value | $ 1,125 | $ 1,177 |
Investment Securities - Securities Pledged (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Debt securities with carrying values, pledged | $ 120.5 | $ 111.6 |
Accrued interest on investments | $ 1.6 | $ 1.5 |
Investment Securities - Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 10,576 | |
Due after one year through five years | 20,105 | |
Due after five years through ten years | 33,465 | |
Due after ten years | 116,660 | |
Total | 180,806 | |
Mortgage-backed securities | 115,469 | |
Total available-for-sale securities | 296,275 | $ 297,149 |
Fair Value | ||
Due in one year or less | 10,456 | |
Due after one year through five years | 18,952 | |
Due after five years through ten years | 29,321 | |
Due after ten years | 93,815 | |
Total | 152,544 | |
Mortgage-backed securities | 99,072 | |
Available-for-sale debt securities, at fair value | $ 251,616 | $ 250,747 |
Investment Securities - Other Securities (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Other securities: | ||
FHLB stock | $ 8,886 | $ 6,156 |
MIB stock | 151 | 151 |
Equity securities with readily determinable fair values | 61 | 46 |
Total other investment securities | $ 9,098 | $ 6,353 |
Investment Securities - Unrealized Losses (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value | ||
Less than 12 months | $ 19,925 | $ 129,820 |
12 months or more | 227,541 | 119,799 |
Total Fair Value | 247,466 | 249,619 |
Unrealized Losses | ||
Less than 12 months | (592) | (19,994) |
12 months or more | (44,081) | (26,415) |
Total Unrealized Losses | (44,673) | (46,409) |
U.S. Treasury | ||
Fair Value | ||
Less than 12 months | 2,725 | 1,908 |
12 months or more | 1,394 | 244 |
Total Fair Value | 4,119 | 2,152 |
Unrealized Losses | ||
Less than 12 months | (15) | (41) |
12 months or more | (33) | (5) |
Total Unrealized Losses | (48) | (46) |
U.S. government and federal agency obligations | ||
Fair Value | ||
Less than 12 months | 0 | 559 |
12 months or more | 483 | 0 |
Total Fair Value | 483 | 559 |
Unrealized Losses | ||
Less than 12 months | 0 | (32) |
12 months or more | (32) | 0 |
Total Unrealized Losses | (32) | (32) |
U.S. government-sponsored enterprises | ||
Fair Value | ||
Less than 12 months | 988 | 7,066 |
12 months or more | 24,084 | 16,711 |
Total Fair Value | 25,072 | 23,777 |
Unrealized Losses | ||
Less than 12 months | (12) | (933) |
12 months or more | (2,415) | (1,789) |
Total Unrealized Losses | (2,427) | (2,722) |
Obligations of states and political subdivisions | ||
Fair Value | ||
Less than 12 months | 3,200 | 79,396 |
12 months or more | 105,814 | 29,370 |
Total Fair Value | 109,014 | 108,766 |
Unrealized Losses | ||
Less than 12 months | (45) | (15,421) |
12 months or more | (23,966) | (10,133) |
Total Unrealized Losses | (24,011) | (25,554) |
Mortgage-backed securities | ||
Fair Value | ||
Less than 12 months | 6,418 | 33,334 |
12 months or more | 90,803 | 68,911 |
Total Fair Value | 97,221 | 102,245 |
Unrealized Losses | ||
Less than 12 months | (114) | (3,124) |
12 months or more | (16,287) | (13,740) |
Total Unrealized Losses | (16,401) | (16,864) |
Other debt securities | ||
Fair Value | ||
Less than 12 months | 6,594 | 7,557 |
12 months or more | 3,838 | 3,386 |
Total Fair Value | 10,432 | 10,943 |
Unrealized Losses | ||
Less than 12 months | (406) | (443) |
12 months or more | (987) | (439) |
Total Unrealized Losses | (1,393) | (882) |
Bank issued trust preferred securities | ||
Fair Value | ||
Less than 12 months | 0 | 0 |
12 months or more | 1,125 | 1,177 |
Total Fair Value | 1,125 | 1,177 |
Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or more | (361) | (309) |
Total Unrealized Losses | $ (361) | $ (309) |
Investment Securities - Other (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
security
|
Dec. 31, 2022
USD ($)
security
|
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Number of securities consisted in portfolio | security | 442 | 439 |
Number of securities in loss position | security | 435 | 436 |
Aggregate fair value of securities in loss position | $ 247,466 | $ 249,619 |
Loss position for 12 months or longer | 227,541 | 119,799 |
Aggregate unrealized loss | $ 44,673 | $ 46,409 |
Investment Securities - Components of Investment Securities Gains and Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Debt Securities, Available-for-Sale, Realized Gain (Loss) [Abstract] | ||||
Gross realized gains | $ 0 | $ 0 | $ 0 | $ 0 |
Gross realized losses | 0 | 0 | 0 | 0 |
Other-than-temporary impairment recognized | 0 | 0 | 0 | 0 |
Other investment securities: | ||||
Fair value adjustments, net | 7 | (9) | 15 | (13) |
Investment securities gains (losses), net | $ 7 | $ (9) | $ 15 | $ (13) |
Intangible Assets - Mortgage Servicing Rights (Details) - Mortgage Servicing Rights - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Mortgage Servicing Rights | |||||
Mortgage loans serviced for others | $ 231.1 | $ 252.3 | $ 231.1 | $ 252.3 | $ 240.5 |
Mortgage loan servicing fees reported as non-interest income | $ 0.2 | $ 0.2 | $ 0.3 | $ 0.4 |
Intangible Assets - Changes in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Changes in mortgage servicing rights | ||||
Balance at beginning of period | $ 2,899 | |||
Changes in fair value: | ||||
Balance at end of period | $ 2,902 | 2,902 | ||
Mortgage Servicing Rights | ||||
Changes in mortgage servicing rights | ||||
Balance at beginning of period | 2,934 | $ 2,639 | 2,899 | $ 2,659 |
Originated mortgage servicing rights | 24 | 12 | 30 | 40 |
Changes in fair value: | ||||
Due to changes in model inputs and assumptions | 7 | 160 | 101 | 190 |
Other changes in fair value | (63) | (81) | (128) | (159) |
Total changes in fair value | (56) | 79 | (27) | 31 |
Balance at end of period | $ 2,902 | $ 2,730 | $ 2,902 | $ 2,730 |
Intangible Assets - FV Assumptions (Details) - Mortgage Servicing Rights |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Assumptions used in estimating the fair value of mortgage service rights | ||
Weighted average constant prepayment rate | 6.74% | 7.48% |
Weighted average note rate | 3.47% | 3.38% |
Weighted average discount rate | 11.00% | 9.25% |
Weighted average expected life (in years) | 7 years 1 month 13 days | 6 years 11 months 19 days |
Deposits (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Deposits [Abstract] | ||
Time deposits with balances > $250,000 | $ 112,915 | $ 94,859 |
Brokered deposits | $ 29,175 | $ 40,135 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase - Federal Funds and Repurchase Agreements (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Short-term Debt [Line Items] | ||
Total | $ 5,503 | $ 5,187 |
Federal funds purchased | ||
Short-term Debt [Line Items] | ||
Total | 0 | 0 |
Repurchase agreements | ||
Short-term Debt [Line Items] | ||
Total | $ 5,503 | $ 5,187 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase - Repurchase Agreements - Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | $ 5,503 | $ 5,187 |
U.S. government-sponsored enterprises | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | 5,503 | 5,187 |
Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | 5,503 | 5,187 |
Overnight and continuous | U.S. government-sponsored enterprises | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | 5,503 | 5,187 |
Less than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | 0 | 0 |
Less than 90 days | U.S. government-sponsored enterprises | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | 0 | 0 |
Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | 0 | 0 |
Greater than 90 days | U.S. government-sponsored enterprises | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | $ 0 | $ 0 |
Leases - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Lessee, Lease, Description [Line Items] | |||||
Operating right-of-use assets | $ 1,300 | $ 1,300 | |||
Operating lease liabilities | $ 1,374 | $ 1,374 | $ 1,533 | ||
Weighted-average remaining lease term (in years) | 5 years 4 months 24 days | 5 years 4 months 24 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 | $ 93 | $ 186 | $ 187 | |
Operating lease expense | $ 34 | $ 20 | $ 62 | $ 44 | |
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, 2023 |
Dec. 31, 2022 |
---|---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2023 (excluding 6 months ended June 30, 2023) | $ 181 | |
2024 | 258 | |
2025 | 257 | |
2026 | 259 | |
2027 | 262 | |
Thereafter | 308 | |
Total lease payments | 1,525 | |
Less imputed interest | (151) | |
Total lease liabilities, as reported | $ 1,374 | $ 1,533 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Provision for income tax expense (as a percent) | 17.20% | 17.80% | 17.60% | 18.40% |
Benefit from investment tax credit | $ 13 | $ 26 | ||
Tax benefit to be generated over the life of the project | $ 300 |
Stockholders’ Equity and Accumulated Other Comprehensive (Loss) Income - Status of the Company's Restricted Share Units (RSUs) (Details) - Restricted Stock Units |
6 Months Ended |
---|---|
Jun. 30, 2023
$ / shares
shares
| |
Quantity | |
Non-vested at January 1, 2023 (in shares) | shares | 0 |
Granted (in shares) | shares | 12,277 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | 0 |
Non-vested at June 30, 2023 (in shares) | shares | 12,277 |
Weighted-Average Grant Date Fair Value Per share | |
Non-vested at January 1, 2023 (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 18.33 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Non-vested at June 30, 2023 (in dollars per share) | $ / shares | $ 18.33 |
Stockholders’ Equity and Accumulated Other Comprehensive (Loss) Income - Change in the Components of the Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Accumulated Other Comprehensive Income (Loss) | ||
Beginning balance | $ 127,411 | $ 148,956 |
Other comprehensive income (loss), before reclassifications | 1,423 | (39,251) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Current period other comprehensive income (loss), before tax | 1,423 | (39,251) |
Income tax (expense) benefit | (299) | 8,243 |
Current period other comprehensive income (loss), net of tax | 1,124 | (31,008) |
Ending balance | 126,473 | 124,058 |
Unrealized Gains (Losses) on Securities | ||
Accumulated Other Comprehensive Income (Loss) | ||
Beginning balance | (36,657) | 362 |
Other comprehensive income (loss), before reclassifications | 1,743 | (39,251) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Current period other comprehensive income (loss), before tax | 1,743 | (39,251) |
Income tax (expense) benefit | (366) | 8,243 |
Current period other comprehensive income (loss), net of tax | 1,377 | (31,008) |
Ending balance | (35,280) | (30,646) |
Unrecognized Net Pension and Postretirement Costs | ||
Accumulated Other Comprehensive Income (Loss) | ||
Beginning balance | 4,943 | 2,931 |
Other comprehensive income (loss), before reclassifications | (320) | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Current period other comprehensive income (loss), before tax | (320) | 0 |
Income tax (expense) benefit | 67 | 0 |
Current period other comprehensive income (loss), net of tax | (253) | 0 |
Ending balance | 4,690 | 2,931 |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss) | ||
Beginning balance | (31,714) | 3,293 |
Ending balance | $ (30,590) | $ (27,715) |
Employee Benefit Plans - Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Summary of employee benefits charged to operating expenses | ||||
Payroll taxes | $ 387 | $ 344 | $ 854 | $ 786 |
Medical plans | 427 | 467 | 895 | 941 |
401(k) match and profit sharing | 221 | 426 | 511 | 796 |
Periodic pension cost | 247 | 367 | 531 | 804 |
Other | 8 | 4 | 19 | 12 |
Total employee benefits | $ 1,290 | $ 1,608 | $ 2,810 | $ 3,339 |
Employee Benefit Plans - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
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% | |||
SERP | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
SERP, accrued liability | $ 1,700,000 | $ 1,700,000 | ||
SERP, accrued expense | $ 9,600 | $ 93,000 | $ 19,300 | $ 186,000 |
Employee Benefit Plans - Net Pension Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Components of net pension cost | ||||
Service cost - benefits earned during the year | $ 218 | $ 338 | $ 473 | $ 745 |
Interest costs on projected benefit obligations | 349 | 291 | 714 | 587 |
Expected return on plan assets | (544) | (583) | (1,089) | (1,141) |
Expected administrative expenses | 29 | 29 | 57 | 59 |
Amortization of unrecognized net loss | (178) | 0 | (320) | 0 |
Net periodic pension cost | $ (126) | $ 75 | $ (165) | $ 250 |
Earnings per Share - Stock Dividend (Details) |
Jul. 01, 2023 |
---|---|
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, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Basic and Diluted Earnings Per Share: | ||||
Net income available to shareholders, Basic | $ 2,549 | $ 4,489 | $ 5,820 | $ 11,098 |
Net income available to shareholders, Diluted | $ 2,549 | $ 4,489 | $ 5,820 | $ 11,098 |
Basic weighted-average shares outstanding (in shares) | 7,039,323 | 7,039,323 | 7,039,323 | 7,087,178 |
Effect of dilutive equity-based awards | 520 | 0 | 0 | 0 |
Diluted weighted-average shares outstanding (in shares) | 7,039,843 | 7,039,323 | 7,039,323 | 7,087,178 |
Basic earnings per share (in dollars per share) | $ 0.36 | $ 0.64 | $ 0.83 | $ 1.57 |
Diluted earnings per share (in dollars per share) | $ 0.36 | $ 0.64 | $ 0.83 | $ 1.57 |
Earnings per Share - Repurchase Program (Details) $ in Millions |
Jun. 30, 2023
USD ($)
|
---|---|
Earnings Per Share [Abstract] | |
Remaining available for repurchase of shares | $ 2.1 |
Fair Value Measurements - Mortgage Servicing Rights - Summary (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets: | ||
Available for sale debt securities fair value | $ 251,616 | $ 250,747 |
Loans held for sale | 2,130 | 591 |
Mortgage servicing rights | 2,902 | 2,899 |
U.S. Treasury | ||
Assets: | ||
Available for sale debt securities fair value | 5,112 | 2,152 |
U.S. government and federal agency obligations | ||
Assets: | ||
Available for sale debt securities fair value | 483 | 559 |
U.S. government-sponsored enterprises | ||
Assets: | ||
Available for sale debt securities fair value | 25,072 | 23,777 |
Obligations of states and political subdivisions | ||
Assets: | ||
Available for sale debt securities fair value | 110,320 | 109,440 |
Mortgage-backed securities | ||
Assets: | ||
Available for sale debt securities fair value | 99,072 | 102,699 |
Other debt securities | ||
Assets: | ||
Available for sale debt securities fair value | 10,432 | 10,943 |
Bank-issued trust preferred securities | ||
Assets: | ||
Available for sale debt securities fair value | 1,125 | 1,177 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Available for sale debt securities fair value | 5,112 | 2,152 |
Loans held for sale | 0 | 0 |
Total | 38,472 | 96,826 |
Liabilities: | ||
Total | 1,257,016 | 1,383,134 |
Other Observable Inputs (Level 2) | ||
Assets: | ||
Available for sale debt securities fair value | 246,504 | 248,595 |
Loans held for sale | 2,130 | 591 |
Total | 260,292 | 258,063 |
Liabilities: | ||
Total | 201,741 | 137,200 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Loans held for sale | 0 | 0 |
Total | 1,415,778 | 1,389,038 |
Liabilities: | ||
Total | 288,656 | 250,451 |
Recurring | ||
Assets: | ||
Loans held for sale | 2,130 | 591 |
Mortgage servicing rights | 2,902 | 2,899 |
Total | 256,792 | 254,306 |
Liabilities: | ||
Total | 44 | 21 |
Recurring | U.S. Treasury | ||
Assets: | ||
Available for sale debt securities fair value | 5,112 | 2,152 |
Recurring | U.S. government and federal agency obligations | ||
Assets: | ||
Available for sale debt securities fair value | 483 | 559 |
Recurring | U.S. government-sponsored enterprises | ||
Assets: | ||
Available for sale debt securities fair value | 25,072 | 23,777 |
Recurring | Obligations of states and political subdivisions | ||
Assets: | ||
Available for sale debt securities fair value | 110,320 | 109,440 |
Recurring | Mortgage-backed securities | ||
Assets: | ||
Available for sale debt securities fair value | 99,072 | 102,699 |
Recurring | Other debt securities | ||
Assets: | ||
Available for sale debt securities fair value | 10,432 | 10,943 |
Recurring | Bank-issued trust preferred securities | ||
Assets: | ||
Available for sale debt securities fair value | 1,125 | 1,177 |
Recurring | Equity securities | ||
Assets: | ||
Available for sale debt securities fair value | 61 | 46 |
Recurring | Interest rate lock commitments | ||
Assets: | ||
Commitments | 58 | 20 |
Liabilities: | ||
Commitments | 43 | 18 |
Recurring | Forward sale commitments | ||
Assets: | ||
Commitments | 25 | 3 |
Liabilities: | ||
Commitments | 1 | 3 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Loans held for sale | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Total | 5,173 | 2,198 |
Liabilities: | ||
Total | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury | ||
Assets: | ||
Available for sale debt securities fair value | 5,112 | 2,152 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government and federal agency obligations | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government-sponsored enterprises | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of states and political subdivisions | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other debt securities | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Bank-issued trust preferred securities | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | ||
Assets: | ||
Available for sale debt securities fair value | 61 | 46 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate lock commitments | ||
Assets: | ||
Commitments | 0 | 0 |
Liabilities: | ||
Commitments | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Forward sale commitments | ||
Assets: | ||
Commitments | 0 | 0 |
Liabilities: | ||
Commitments | 0 | 0 |
Recurring | Other Observable Inputs (Level 2) | ||
Assets: | ||
Loans held for sale | 2,130 | 591 |
Mortgage servicing rights | 0 | 0 |
Total | 248,659 | 249,189 |
Liabilities: | ||
Total | 1 | 3 |
Recurring | Other Observable Inputs (Level 2) | U.S. Treasury | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Recurring | Other Observable Inputs (Level 2) | U.S. government and federal agency obligations | ||
Assets: | ||
Available for sale debt securities fair value | 483 | 559 |
Recurring | Other Observable Inputs (Level 2) | U.S. government-sponsored enterprises | ||
Assets: | ||
Available for sale debt securities fair value | 25,072 | 23,777 |
Recurring | Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Assets: | ||
Available for sale debt securities fair value | 110,320 | 109,440 |
Recurring | Other Observable Inputs (Level 2) | Mortgage-backed securities | ||
Assets: | ||
Available for sale debt securities fair value | 99,072 | 102,699 |
Recurring | Other Observable Inputs (Level 2) | Other debt securities | ||
Assets: | ||
Available for sale debt securities fair value | 10,432 | 10,943 |
Recurring | Other Observable Inputs (Level 2) | Bank-issued trust preferred securities | ||
Assets: | ||
Available for sale debt securities fair value | 1,125 | 1,177 |
Recurring | Other Observable Inputs (Level 2) | Equity securities | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Recurring | Other Observable Inputs (Level 2) | Interest rate lock commitments | ||
Assets: | ||
Commitments | 0 | 0 |
Liabilities: | ||
Commitments | 0 | 0 |
Recurring | Other Observable Inputs (Level 2) | Forward sale commitments | ||
Assets: | ||
Commitments | 25 | 3 |
Liabilities: | ||
Commitments | 1 | 3 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Loans held for sale | 0 | 0 |
Mortgage servicing rights | 2,902 | 2,899 |
Total | 2,960 | 2,919 |
Liabilities: | ||
Total | 43 | 18 |
Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | U.S. government and federal agency obligations | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | U.S. government-sponsored enterprises | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Obligations of states and political subdivisions | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Other debt securities | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Bank-issued trust preferred securities | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Equity securities | ||
Assets: | ||
Available for sale debt securities fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate lock commitments | ||
Assets: | ||
Commitments | 58 | 20 |
Liabilities: | ||
Commitments | 43 | 18 |
Recurring | Significant Unobservable Inputs (Level 3) | Forward sale commitments | ||
Assets: | ||
Commitments | 0 | 0 |
Liabilities: | ||
Commitments | $ 0 | $ 0 |
Fair Value Measurements - Mortgage Servicing Rights - Level 3 (Details) - Recurring - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Mortgage Servicing Rights | ||
Fair value of assets | ||
Balance at beginning of period | $ 2,899 | $ 2,659 |
Total gains or (losses) (realized/unrealized): | ||
Included in earnings | (27) | 31 |
Included in other comprehensive income | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issues | 30 | 40 |
Settlements | 0 | 0 |
Balance at end of period | 2,902 | 2,730 |
Interest Rate Lock Commitments | ||
Fair value of liabilities | ||
Balance at beginning of period | 2 | 286 |
Total gains or (losses) (realized/unrealized): | ||
Included in earnings | (18) | (32) |
Included in other comprehensive income | 0 | 0 |
Purchases | 0 | 0 |
Sales | (110) | (303) |
Issues | 141 | 144 |
Settlements | 0 | 0 |
Balance at end of period | $ 15 | $ 95 |
Fair Value Measurements - Mortgage Servicing Rights - Other (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Fair Value Measurements | |||||
Impaired loans with a specific allowance | $ 2,697 | ||||
Specific allowance recorded | $ 258 | ||||
Impaired financing receivable, charge-offs | $ 36 | $ 2 | $ 41 | $ 25 | |
Collateral dependent impaired loans | |||||
Fair Value Measurements | |||||
Specific allowance recorded | 25 | 25 | |||
Collateral dependent impaired loans | |||||
Fair Value Measurements | |||||
Impaired loans with a specific allowance | $ 2,900 | $ 16,000 | $ 2,900 | $ 16,000 |
Fair Value Measurements - Other Real Estate Owned and Repossessed Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Total Gains (Losses) | Installment and Other Consumer | ||||
Fair Value Measurements | ||||
Gains (losses) on impaired loans | $ (16) | $ (16) | ||
Nonrecurring | Fair value | ||||
Fair Value Measurements | ||||
Impaired loans | 2,830 | $ 15,992 | 2,830 | $ 15,992 |
Other real estate and repossessed assets | 6,429 | 9,155 | 6,429 | 9,155 |
Nonrecurring | Fair value | Commercial, financial, & agricultural | ||||
Fair Value Measurements | ||||
Impaired loans | 50 | 50 | ||
Nonrecurring | Fair value | Real estate mortgage − residential | ||||
Fair Value Measurements | ||||
Impaired loans | 120 | 120 | ||
Nonrecurring | Fair value | Real estate mortgage − commercial | ||||
Fair Value Measurements | ||||
Impaired loans | 2,660 | 2,660 | ||
Nonrecurring | Fair value | Real estate mortgage − commercial | Mortgage | ||||
Fair Value Measurements | ||||
Impaired loans | 15,992 | 15,992 | ||
Nonrecurring | Fair value | Installment and Other Consumer | ||||
Fair Value Measurements | ||||
Impaired loans | 0 | 0 | ||
Nonrecurring | Total Gains (Losses) | ||||
Fair Value Measurements | ||||
Gains (losses) on impaired loans | (36) | (2) | (41) | (25) |
Gains (losses) on other real estate and repossessed assets | (1,792) | 23 | (1,783) | (22) |
Nonrecurring | Total Gains (Losses) | Commercial, financial, & agricultural | ||||
Fair Value Measurements | ||||
Gains (losses) on impaired loans | 0 | |||
Nonrecurring | Total Gains (Losses) | Real estate mortgage − residential | ||||
Fair Value Measurements | ||||
Gains (losses) on impaired loans | 0 | |||
Nonrecurring | Total Gains (Losses) | Real estate mortgage − commercial | ||||
Fair Value Measurements | ||||
Gains (losses) on impaired loans | (20) | (25) | ||
Nonrecurring | Total Gains (Losses) | Real estate mortgage − commercial | Mortgage | ||||
Fair Value Measurements | ||||
Gains (losses) on impaired loans | (2) | (25) | ||
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value | ||||
Fair Value Measurements | ||||
Impaired loans | 0 | 0 | 0 | 0 |
Other real estate and repossessed assets | 0 | 0 | 0 | 0 |
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value | Commercial, financial, & agricultural | ||||
Fair Value Measurements | ||||
Impaired loans | 0 | 0 | ||
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value | Real estate mortgage − residential | ||||
Fair Value Measurements | ||||
Impaired loans | 0 | 0 | ||
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value | Real estate mortgage − commercial | ||||
Fair Value Measurements | ||||
Impaired loans | 0 | 0 | ||
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value | Real estate mortgage − commercial | Mortgage | ||||
Fair Value Measurements | ||||
Impaired loans | 0 | 0 | ||
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value | Installment and Other Consumer | ||||
Fair Value Measurements | ||||
Impaired loans | 0 | 0 | ||
Nonrecurring | Other Observable Inputs (Level 2) | Fair value | ||||
Fair Value Measurements | ||||
Impaired loans | 0 | 0 | 0 | 0 |
Other real estate and repossessed assets | 0 | 0 | 0 | 0 |
Nonrecurring | Other Observable Inputs (Level 2) | Fair value | Commercial, financial, & agricultural | ||||
Fair Value Measurements | ||||
Impaired loans | 0 | 0 | ||
Nonrecurring | Other Observable Inputs (Level 2) | Fair value | Real estate mortgage − residential | ||||
Fair Value Measurements | ||||
Impaired loans | 0 | 0 | ||
Nonrecurring | Other Observable Inputs (Level 2) | Fair value | Real estate mortgage − commercial | ||||
Fair Value Measurements | ||||
Impaired loans | 0 | 0 | ||
Nonrecurring | Other Observable Inputs (Level 2) | Fair value | Real estate mortgage − commercial | Mortgage | ||||
Fair Value Measurements | ||||
Impaired loans | 0 | 0 | ||
Nonrecurring | Other Observable Inputs (Level 2) | Fair value | Installment and Other Consumer | ||||
Fair Value Measurements | ||||
Impaired loans | 0 | 0 | ||
Nonrecurring | Significant Unobservable Inputs (Level 3) | Fair value | ||||
Fair Value Measurements | ||||
Impaired loans | 2,830 | 15,992 | 2,830 | 15,992 |
Other real estate and repossessed assets | 6,429 | 9,155 | 6,429 | 9,155 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | Fair value | Commercial, financial, & agricultural | ||||
Fair Value Measurements | ||||
Impaired loans | 50 | 50 | ||
Nonrecurring | Significant Unobservable Inputs (Level 3) | Fair value | Real estate mortgage − residential | ||||
Fair Value Measurements | ||||
Impaired loans | 120 | 120 | ||
Nonrecurring | Significant Unobservable Inputs (Level 3) | Fair value | Real estate mortgage − commercial | ||||
Fair Value Measurements | ||||
Impaired loans | 2,660 | 2,660 | ||
Nonrecurring | Significant Unobservable Inputs (Level 3) | Fair value | Real estate mortgage − commercial | Mortgage | ||||
Fair Value Measurements | ||||
Impaired loans | $ 15,992 | $ 15,992 | ||
Nonrecurring | Significant Unobservable Inputs (Level 3) | Fair value | Installment and Other Consumer | ||||
Fair Value Measurements | ||||
Impaired loans | $ 0 | $ 0 |
Fair Value of Financial Instruments - Summary (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets: | ||
Cash and due from banks | $ 23,167 | $ 18,661 |
Certificates of deposit in other banks | 980 | 2,955 |
Available-for-sale securities | 251,616 | 250,747 |
Loans held for sale | 2,130 | 591 |
Accrued interest receivable | 7,670 | 7,953 |
Deposits: | ||
Non-interest bearing demand | 437,770 | 453,443 |
Savings, interest checking and money market | 812,264 | 923,602 |
Accrued interest payable | 1,479 | 902 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash and due from banks | 23,167 | 18,661 |
Federal funds sold and overnight interest-bearing deposits | 1,482 | 65,059 |
Certificates of deposit in other banks | 980 | 2,955 |
Available-for-sale securities | 5,112 | 2,152 |
Other investment securities | 61 | 46 |
Loans, net | 0 | 0 |
Loans held for sale | 0 | 0 |
Cash surrender value - life insurance | 0 | 0 |
Interest rate lock commitments | 0 | 0 |
Forward sale commitments | 0 | 0 |
Accrued interest receivable | 7,670 | 7,953 |
Total | 38,472 | 96,826 |
Deposits: | ||
Non-interest bearing demand | 437,770 | 453,443 |
Savings, interest checking and money market | 812,264 | 923,602 |
Time deposits | 0 | 0 |
Federal funds purchased and securities sold under agreements to repurchase | 5,503 | 5,187 |
Federal Home Loan Bank advances and other borrowings | 0 | 0 |
Subordinated notes | 0 | 0 |
Interest rate lock commitments | 0 | 0 |
Forward sale commitments | 0 | |
Accrued interest payable | 1,479 | 902 |
Total | 1,257,016 | 1,383,134 |
Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash and due from banks | 0 | 0 |
Federal funds sold and overnight interest-bearing deposits | 0 | 0 |
Certificates of deposit in other banks | 0 | 0 |
Available-for-sale securities | 246,504 | 248,595 |
Other investment securities | 9,037 | 6,307 |
Loans, net | 0 | 0 |
Loans held for sale | 2,130 | 591 |
Cash surrender value - life insurance | 2,596 | 2,567 |
Interest rate lock commitments | 0 | 0 |
Forward sale commitments | 25 | 3 |
Accrued interest receivable | 0 | 0 |
Total | 260,292 | 258,063 |
Deposits: | ||
Non-interest bearing demand | 0 | 0 |
Savings, interest checking and money market | 0 | 0 |
Time deposits | 0 | 0 |
Federal funds purchased and securities sold under agreements to repurchase | 0 | 0 |
Federal Home Loan Bank advances and other borrowings | 164,285 | 98,000 |
Subordinated notes | 37,455 | 39,197 |
Interest rate lock commitments | 0 | 0 |
Forward sale commitments | 1 | 3 |
Accrued interest payable | 0 | 0 |
Total | 201,741 | 137,200 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash and due from banks | 0 | 0 |
Federal funds sold and overnight interest-bearing deposits | 0 | 0 |
Certificates of deposit in other banks | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Other investment securities | 0 | 0 |
Loans, net | 1,415,720 | 1,389,018 |
Loans held for sale | 0 | 0 |
Cash surrender value - life insurance | 0 | 0 |
Interest rate lock commitments | 58 | 20 |
Forward sale commitments | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Total | 1,415,778 | 1,389,038 |
Deposits: | ||
Non-interest bearing demand | 0 | 0 |
Savings, interest checking and money market | 0 | 0 |
Time deposits | 288,613 | 250,433 |
Federal funds purchased and securities sold under agreements to repurchase | 0 | 0 |
Federal Home Loan Bank advances and other borrowings | 0 | 0 |
Subordinated notes | 0 | 0 |
Interest rate lock commitments | 43 | 18 |
Forward sale commitments | 0 | |
Accrued interest payable | 0 | 0 |
Total | 288,656 | 250,451 |
Carrying amount | ||
Assets: | ||
Cash and due from banks | 23,167 | 18,661 |
Federal funds sold and overnight interest-bearing deposits | 1,482 | 65,059 |
Certificates of deposit in other banks | 980 | 2,955 |
Available-for-sale securities | 251,616 | 250,747 |
Other investment securities | 9,098 | 6,353 |
Loans, net | 1,540,970 | 1,505,664 |
Loans held for sale | 2,130 | 591 |
Cash surrender value - life insurance | 2,596 | 2,567 |
Interest rate lock commitments | 58 | 20 |
Forward sale commitments | 25 | 3 |
Accrued interest receivable | 7,670 | 7,953 |
Total | 1,839,792 | 1,860,573 |
Deposits: | ||
Non-interest bearing demand | 437,770 | 453,443 |
Savings, interest checking and money market | 812,264 | 923,602 |
Time deposits | 293,236 | 255,034 |
Federal funds purchased and securities sold under agreements to repurchase | 5,503 | 5,187 |
Federal Home Loan Bank advances and other borrowings | 164,275 | 98,000 |
Subordinated notes | 49,486 | 49,486 |
Interest rate lock commitments | 43 | 18 |
Forward sale commitments | 1 | 3 |
Accrued interest payable | 1,479 | 902 |
Total | 1,764,057 | 1,785,675 |
Fair value | ||
Assets: | ||
Cash and due from banks | 23,167 | 18,661 |
Federal funds sold and overnight interest-bearing deposits | 1,482 | 65,059 |
Certificates of deposit in other banks | 980 | 2,955 |
Available-for-sale securities | 251,616 | 250,747 |
Other investment securities | 9,098 | 6,353 |
Loans, net | 1,415,720 | 1,389,018 |
Loans held for sale | 2,130 | 591 |
Cash surrender value - life insurance | 2,596 | 2,567 |
Interest rate lock commitments | 58 | 20 |
Forward sale commitments | 25 | 3 |
Accrued interest receivable | 7,670 | 7,953 |
Total | 1,714,542 | 1,743,927 |
Deposits: | ||
Non-interest bearing demand | 437,770 | 453,443 |
Savings, interest checking and money market | 812,264 | 923,602 |
Time deposits | 288,613 | 250,433 |
Federal funds purchased and securities sold under agreements to repurchase | 5,503 | 5,187 |
Federal Home Loan Bank advances and other borrowings | 164,285 | 98,000 |
Subordinated notes | 37,455 | 39,197 |
Interest rate lock commitments | 43 | 18 |
Forward sale commitments | 1 | 3 |
Accrued interest payable | 1,479 | 902 |
Total | $ 1,747,413 | $ 1,770,785 |
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
|||||
Other Commitments [Line Items] | |||||||||||
Allowance for credit losses on loans | $ 22,236 | [1] | $ 21,979 | $ 15,588 | [1] | $ 15,353 | $ 14,279 | $ 16,903 | |||
Unfunded Loan Commitment | |||||||||||
Other Commitments [Line Items] | |||||||||||
Allowance for credit losses on loans | $ 1,100 | ||||||||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||||||
Other Commitments [Line Items] | |||||||||||
Provision for (release of) credit losses on loans and unfunded commitments | $ 5,800 | ||||||||||
Allowance for credit losses on loans | 5,793 | $ 5,793 | |||||||||
Cumulative Effect, Period of Adoption, Adjustment | Unfunded Loan Commitment | |||||||||||
Other Commitments [Line Items] | |||||||||||
Allowance for credit losses on loans | $ 1,300 | ||||||||||
Minimum | |||||||||||
Other Commitments [Line Items] | |||||||||||
Remaining term of conditional commitment | 1 month | ||||||||||
Maximum | |||||||||||
Other Commitments [Line Items] | |||||||||||
Remaining term of conditional commitment | 5 years | ||||||||||
|
Commitments and Contingencies - Contractual Amounts (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total contractual amount of off-balance-sheet financial instruments | $ 401,398 | $ 444,911 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total contractual amount of off-balance-sheet financial instruments | 356,097 | 388,264 |
Interest rate lock commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total contractual amount of off-balance-sheet financial instruments | 21,169 | 6,331 |
Forward sale commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total contractual amount of off-balance-sheet financial instruments | 2,114 | 576 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total contractual amount of off-balance-sheet financial instruments | $ 22,018 | $ 49,740 |