Delaware | 94-3327828 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
111 W. Pine Street, Lodi, California | 95240 | |
(Address of principal | (Zip Code) |
Large accelerated filer ☐ | Accelerated filer ☒ | Non-accelerated filer ☐ |
Smaller Reporting Company ☐ | ||
Emerging growth company ☐ |
Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | ||
Common Stock | FMCB | OTCQX |
PART I. - FINANCIAL INFORMATION | Page | |||||
Item 1 - | Financial Statements | |||||
3 | ||||||
4 | ||||||
5 | ||||||
6 | ||||||
7 | ||||||
8 | ||||||
PART II. - OTHER INFORMATION | ||||||
56 | ||||||
56 | ||||||
Item 1. | Financial Statements |
(in thousands except share data) |
Assets | June 30, 2018 (Unaudited) | December 31, 2017 | June 30, 2017 (Unaudited) | |||||||||
Cash and Cash Equivalents: | ||||||||||||
Cash and Due from Banks | $ | 51,491 | $ | 65,956 | $ | 50,004 | ||||||
Interest Bearing Deposits with Banks | 55,408 | 121,193 | 97,187 | |||||||||
Total Cash and Cash Equivalents | 106,899 | 187,149 | 147,191 | |||||||||
Investment Securities: | ||||||||||||
Available-for-Sale | 450,174 | 481,596 | 461,867 | |||||||||
Held-to-Maturity | 52,210 | 54,460 | 56,381 | |||||||||
Total Investment Securities | 502,384 | 536,056 | 518,248 | |||||||||
Loans & Leases: | 2,344,448 | 2,215,295 | 2,204,082 | |||||||||
Less: Allowance for Credit Losses | 51,137 | 50,342 | 49,064 | |||||||||
Loans & Leases, Net | 2,293,311 | 2,164,953 | 2,155,018 | |||||||||
Premises and Equipment, Net | 29,254 | 28,679 | 29,312 | |||||||||
Bank Owned Life Insurance | 60,495 | 59,583 | 58,671 | |||||||||
Interest Receivable and Other Assets | 105,480 | 99,032 | 104,159 | |||||||||
Total Assets | $ | 3,097,823 | $ | 3,075,452 | $ | 3,012,599 | ||||||
Liabilities | ||||||||||||
Deposits: | ||||||||||||
Demand | $ | 815,575 | $ | 832,652 | $ | 736,077 | ||||||
Interest Bearing Transaction | 603,494 | 601,476 | 527,568 | |||||||||
Savings and Money Market | 812,083 | 813,703 | 801,506 | |||||||||
Time | 466,121 | 475,397 | 596,727 | |||||||||
Total Deposits | 2,697,273 | 2,723,228 | 2,661,878 | |||||||||
Subordinated Debentures | 10,310 | 10,310 | 10,310 | |||||||||
Interest Payable and Other Liabilities | 74,748 | 42,254 | 48,691 | |||||||||
Total Liabilities | 2,782,331 | 2,775,792 | 2,720,879 | |||||||||
Shareholders’ Equity | ||||||||||||
Preferred Stock: No Par Value, 1,000,000 Shares Authorized, None Issued or Outstanding | - | - | - | |||||||||
Common Stock: Par Value $0.01, 7,500,000 Shares Authorized, 821,073, 812,304 and 808,704 Shares Issued and Outstanding at June 30, 2018, December 31, 2017 and June 30, 2017, Respectively | 8 | 8 | 8 | |||||||||
Additional Paid-In Capital | 99,192 | 93,624 | 91,482 | |||||||||
Retained Earnings | 221,671 | 206,845 | 199,862 | |||||||||
Accumulated Other Comprehensive (Loss) Income | (5,379 | ) | (817 | ) | 368 | |||||||
Total Shareholders’ Equity | 315,492 | 299,660 | 291,720 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 3,097,823 | $ | 3,075,452 | $ | 3,012,599 |
(in thousands except per share data) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Interest Income | ||||||||||||||||
Interest and Fees on Loans & Leases | $ | 28,927 | $ | 25,248 | $ | 55,971 | $ | 49,779 | ||||||||
Interest on Deposits with Banks | 514 | 258 | 1,099 | 507 | ||||||||||||
Interest on Investment Securities: | ||||||||||||||||
Taxable | 2,315 | 2,124 | 4,696 | 4,136 | ||||||||||||
Exempt from Federal Tax | 405 | 439 | 823 | 889 | ||||||||||||
Total Interest Income | 32,161 | 28,069 | 62,589 | 55,311 | ||||||||||||
Interest Expense | ||||||||||||||||
Deposits | 1,529 | 1,433 | 2,934 | 2,709 | ||||||||||||
Subordinated Debentures | 131 | 105 | 248 | 205 | ||||||||||||
Total Interest Expense | 1,660 | 1,538 | 3,182 | 2,914 | ||||||||||||
Net Interest Income | 30,501 | 26,531 | 59,407 | 52,397 | ||||||||||||
Provision for Credit Losses | 500 | 650 | 833 | 1,250 | ||||||||||||
Net Interest Income After Provision for Credit Losses | 30,001 | 25,881 | 58,574 | 51,147 | ||||||||||||
Non-Interest Income | ||||||||||||||||
Service Charges on Deposit Accounts | 842 | 848 | 1,659 | 1,694 | ||||||||||||
Net (Loss) Gain on Sale of Investment Securities | (1,330 | ) | 131 | (1,330 | ) | 131 | ||||||||||
Increase in Cash Surrender Value of Life Insurance | 460 | 454 | 912 | 909 | ||||||||||||
Debit Card and ATM Fees | 1,096 | 977 | 2,112 | 1,887 | ||||||||||||
Net Gain on Deferred Compensation Investments | 407 | 399 | 1,189 | 1,193 | ||||||||||||
Other | 808 | 730 | 2,406 | 3,131 | ||||||||||||
Total Non-Interest Income | 2,283 | 3,539 | 6,948 | 8,945 | ||||||||||||
Non-Interest Expense | ||||||||||||||||
Salaries and Employee Benefits | 11,653 | 11,450 | 25,180 | 23,942 | ||||||||||||
Net Gain on Deferred Compensation Investments | 407 | 399 | 1,189 | 1,193 | ||||||||||||
Occupancy | 907 | 868 | 1,849 | 1,716 | ||||||||||||
Equipment | 1,018 | 1,026 | 2,041 | 2,013 | ||||||||||||
Marketing | 390 | 363 | 719 | 538 | ||||||||||||
Legal | 852 | 75 | 1,292 | 258 | ||||||||||||
FDIC Insurance | 227 | 233 | 466 | 461 | ||||||||||||
Gain on Sale of ORE | - | (300 | ) | - | (414 | ) | ||||||||||
Other | 2,691 | 2,411 | 5,345 | 5,240 | ||||||||||||
Total Non-Interest Expense | 18,145 | 16,525 | 38,081 | 34,947 | ||||||||||||
Income Before Income Taxes | 14,139 | 12,895 | 27,441 | 25,145 | ||||||||||||
Provision for Income Taxes | 3,589 | 4,708 | 6,950 | 9,137 | ||||||||||||
Net Income | $ | 10,550 | $ | 8,187 | $ | 20,491 | $ | 16,008 | ||||||||
Basic Earnings Per Common Share | $ | 12.90 | $ | 10.12 | $ | 25.14 | $ | 19.80 |
March 31, 2019 | December 31, 2018 | March 31, 2018 | ||||||||||
Assets | (Unaudited) | (Unaudited) | ||||||||||
Cash and Cash Equivalents: | ||||||||||||
Cash and Due from Banks | $ | 54,444 | $ | 61,058 | $ | 37,974 | ||||||
Interest Bearing Deposits with Banks | 43,366 | 84,506 | 97,010 | |||||||||
Total Cash and Cash Equivalents | 97,810 | 145,564 | 134,984 | |||||||||
Investment Securities: | ||||||||||||
Available-for-Sale | 491,289 | 495,396 | 495,814 | |||||||||
Held-to-Maturity | 54,412 | 53,566 | 53,527 | |||||||||
Total Investment Securities | 545,701 | 548,962 | 549,341 | |||||||||
Loans & Leases: | 2,563,968 | 2,571,241 | 2,235,083 | |||||||||
Less: Allowance for Credit Losses | 54,907 | 55,266 | 50,677 | |||||||||
Loans & Leases, Net | 2,509,061 | 2,515,975 | 2,184,406 | |||||||||
Premises and Equipment, Net | 32,380 | 32,623 | 28,491 | |||||||||
Bank Owned Life Insurance | 65,609 | 65,117 | 60,035 | |||||||||
Interest Receivable and Other Assets | 145,354 | 126,002 | 102,726 | |||||||||
Total Assets | $ | 3,395,915 | $ | 3,434,243 | $ | 3,059,983 | ||||||
Liabilities | ||||||||||||
Deposits: | ||||||||||||
Demand | $ | 915,164 | $ | 974,756 | $ | 797,435 | ||||||
Interest Bearing Transaction | 655,117 | 694,384 | 589,883 | |||||||||
Savings and Money Market | 912,977 | 903,665 | 831,324 | |||||||||
Time | 524,782 | 490,027 | 482,763 | |||||||||
Total Deposits | 3,008,040 | 3,062,832 | 2,701,405 | |||||||||
Subordinated Debentures | 10,310 | 10,310 | 10,310 | |||||||||
Interest Payable and Other Liabilities | 47,247 | 49,886 | 42,392 | |||||||||
Total Liabilities | 3,065,597 | 3,123,028 | 2,754,107 | |||||||||
Shareholders' Equity | ||||||||||||
Preferred Stock: No Par Value, 1,000,000 Shares Authorized, None Issued or Outstanding | - | - | - | |||||||||
Common Stock: Par Value $0.01, 7,500,000 Shares Authorized, 787,307, 783,721 and 812,304, Shares Issued and Outstanding at March 31, 2019, December 31, 2018 and March 31, 2018, Respectively | 8 | 8 | 8 | |||||||||
Additional Paid-In Capital | 75,538 | 72,974 | 93,624 | |||||||||
Retained Earnings | 254,770 | 241,221 | 216,786 | |||||||||
Accumulated Other Comprehensive Loss | 2 | (2,988 | ) | (4,542 | ) | |||||||
Total Shareholders' Equity | 330,318 | 311,215 | 305,876 | |||||||||
Total Liabilities and Shareholders' Equity | $ | 3,395,915 | $ | 3,434,243 | $ | 3,059,983 |
FARMERS & MERCHANTS BANCORP | |
(in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net Income | $ | 10,550 | $ | 8,187 | $ | 20,491 | $ | 16,008 | ||||||||
Other Comprehensive Income | ||||||||||||||||
Increase in Net Unrealized (Loss) Gain on Available-for-Sale Securities | (2,519 | ) | 898 | (7,807 | ) | 784 | ||||||||||
Deferred Tax Benefit (Expense) Related to Unrealized Gains | 757 | (378 | ) | 2,320 | (330 | ) | ||||||||||
Reclassification Adjustment for Realized Losses (Gains) on Available-for-Sale Securities Included in Net Income | 1,330 | (131 | ) | 1,330 | (131 | ) | ||||||||||
Deferred Tax Benefit (Expense) Related to Reclassification Adjustment | (405 | ) | 56 | (405 | ) | 56 | ||||||||||
Change in Net Unrealized (Losses) Gains on Available-for-Sale Securities, Net of Tax | (837 | ) | 445 | (4,562 | ) | 379 | ||||||||||
Total Other Comprehensive (Loss) Income | (837 | ) | 445 | (4,562 | ) | 379 | ||||||||||
Comprehensive Income | $ | 9,713 | $ | 8,632 | $ | 15,929 | $ | 16,387 |
(in thousands except per share data) | Three Months Ended March 31, | |||||||
2019 | 2018 | |||||||
Interest Income | ||||||||
Interest and Fees on Loans & Leases | $ | 33,177 | $ | 27,044 | ||||
Interest on Deposits with Banks | 1,125 | 585 | ||||||
Interest on Investment Securities: | ||||||||
Taxable | 2,427 | 2,381 | ||||||
Exempt from Federal Tax | 444 | 418 | ||||||
Total Interest Income | 37,173 | 30,428 | ||||||
Interest Expense | ||||||||
Deposits | 2,821 | 1,405 | ||||||
Subordinated Debentures | 145 | 117 | ||||||
Total Interest Expense | 2,966 | 1,522 | ||||||
Net Interest Income | 34,207 | 28,906 | ||||||
Provision for Credit Losses | - | 333 | ||||||
Net Interest Income After Provision for Credit Losses | 34,207 | 28,573 | ||||||
Non-Interest Income | ||||||||
Service Charges on Deposit Accounts | 876 | 817 | ||||||
Increase in Cash Surrender Value of Life Insurance | 492 | 452 | ||||||
Debit Card and ATM Fees | 1,177 | 1,016 | ||||||
Net Gain on Deferred Compensation Investments | 1,045 | 782 | ||||||
Other | 874 | 1,598 | ||||||
Total Non-Interest Income | 4,464 | 4,665 | ||||||
Non-Interest Expense | ||||||||
Salaries and Employee Benefits | 13,424 | 13,527 | ||||||
Net Gain on Deferred Compensation Investments | 1,045 | 782 | ||||||
Occupancy | 1,040 | 942 | ||||||
Equipment | 1,177 | 1,023 | ||||||
Marketing | 380 | 329 | ||||||
Legal | 869 | 440 | ||||||
FDIC Insurance | 241 | 239 | ||||||
Other | 2,269 | 2,654 | ||||||
Total Non-Interest Expense | 20,445 | 19,936 | ||||||
Income Before Income Taxes | 18,226 | 13,302 | ||||||
Provision for Income Taxes | 4,677 | 3,361 | ||||||
Net Income | $ | 13,549 | $ | 9,941 | ||||
Basic and Diluted Earnings Per Common Share | $ | 17.27 | $ | 12.24 |
FARMERS & MERCHANTS BANCORP | ||||||||||||||||||||||||
(in thousands except share data) | Common Shares Outstanding | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income, net | Total Shareholders’ Equity | ||||||||||||||||||
Balance, January 1, 2017 | 807,329 | $ | 8 | $ | 90,671 | $ | 189,313 | $ | (11 | ) | $ | 279,981 | ||||||||||||
Net Income | - | 16,008 | - | 16,008 | ||||||||||||||||||||
Cash Dividends Declared on Common Stock ($6.75 per share) | - | - | (5,459 | ) | - | (5,459 | ) | |||||||||||||||||
Issuance of Common Stock | 1,375 | - | 811 | - | - | 811 | ||||||||||||||||||
Change in Net Unrealized Gains on Securities Available-for-Sale, net of tax | - | - | - | 379 | 379 | |||||||||||||||||||
Balance, June 30, 2017 | 808,704 | $ | 8 | $ | 91,482 | $ | 199,862 | $ | 368 | $ | 291,720 | |||||||||||||
Balance, January 1, 2018 | 812,304 | $ | 8 | $ | 93,624 | $ | 206,845 | $ | (817 | ) | $ | 299,660 | ||||||||||||
Net Income | - | 20,491 | - | 20,491 | ||||||||||||||||||||
Cash Dividends Declared on Common Stock ($6.90 per share) | - | - | (5,665 | ) | - | (5,665 | ) | |||||||||||||||||
Issuance of Common Stock | 8,769 | - | 5,568 | - | - | 5,568 | ||||||||||||||||||
Change in Net Unrealized Loss on Securities Available-for-Sale, net of tax | - | - | - | (4,562 | ) | (4,562 | ) | |||||||||||||||||
Balance, June 30, 2018 | 821,073 | $ | 8 | $ | 99,192 | $ | 221,671 | $ | (5,379 | ) | $ | 315,492 |
(in thousands) | Three Months Ended March 31, | |||||||
2019 | 2018 | |||||||
Net Income | $ | 13,549 | $ | 9,941 | ||||
Other Comprehensive Income | ||||||||
Increase in Net Unrealized Gain (Loss) on Available-for-Sale Securities | 4,246 | (5,288 | ) | |||||
Deferred Tax (Expense) Benefit Related to Unrealized (Gains) Losses | (1,256 | ) | 1,563 | |||||
Change in Net Unrealized Gain (Loss) on Available-for-Sale Securities, Net of Tax | 2,990 | (3,725 | ) | |||||
Total Other Comprehensive Income (Loss) | 2,990 | (3,725 | ) | |||||
Comprehensive Income | $ | 16,539 | $ | 6,216 |
FARMERS & MERCHANTS BANCORP | |
(in thousands) | Six Months Ended | |||||||
June 30, 2018 | June 30, 2017 | |||||||
Operating Activities: | ||||||||
Net Income | $ | 20,491 | $ | 16,008 | ||||
Adjustments to Reconcile Net Income to Net | ||||||||
Cash Provided by Operating Activities: | ||||||||
Provision for Credit Losses | 833 | 1,250 | ||||||
Depreciation and Amortization | 1,155 | 1,030 | ||||||
Net Amortization of Investment Security Premiums & Discounts | 568 | 771 | ||||||
Amortization of Core Deposit Intangible | 54 | 55 | ||||||
Accretion of Discount on Acquired Loans | (87 | ) | (126 | ) | ||||
Net Loss (Gain) on Sale of Investment Securities | 1,330 | (131 | ) | |||||
Net Gain on Sale of Property & Equipment | (292 | ) | (1,162 | ) | ||||
Net Gain on Sale of ORE | - | (414 | ) | |||||
Earnings from Equity Investment | (164 | ) | - | |||||
Dividends from Equity Investment | 63 | - | ||||||
Net Change in Operating Assets & Liabilities: | ||||||||
Net Decrease in Interest Receivable and Other Assets | 218 | (6,943 | ) | |||||
Net Increase in Interest Payable and Other Liabilities | 1,788 | (1,114 | ) | |||||
Net Cash Provided by Operating Activities | 25,957 | 9,224 | ||||||
Investing Activities: | ||||||||
Purchase of Investment Securities Available-for-Sale | (169,467 | ) | (140,417 | ) | ||||
Proceeds from Sold, Matured or Called Securities Available-for-Sale | 227,072 | 126,657 | ||||||
Purchase of Investment Securities Held-to-Maturity | (2,770 | ) | (475 | ) | ||||
Proceeds from Matured or Called Securities Held-to-Maturity | 4,990 | 2,173 | ||||||
Net Loans & Leases Paid, Originated or Acquired | (129,154 | ) | (26,531 | ) | ||||
Principal Collected on Loans & Leases Previously Charged Off | 50 | 71 | ||||||
Additions to Premises and Equipment | (2,497 | ) | (2,235 | ) | ||||
Purchase of Other Investments | (3,794 | ) | (314 | ) | ||||
Proceeds from Sale of Property & Equipment | 983 | 2,284 | ||||||
Proceeds from Sale of Other Real Estate | - | 3,186 | ||||||
Net Cash Used in Investing Activities | (74,587 | ) | (35,601 | ) | ||||
Financing Activities: | ||||||||
Net (Decrease) Increase in Deposits | (25,955 | ) | 80,167 | |||||
Cash Dividends | (5,665 | ) | (5,459 | ) | ||||
Net Cash (Used in) Provided by Financing Activities | (31,620 | ) | 74,708 | |||||
(Decrease) Increase in Cash and Cash Equivalents | (80,250 | ) | 48,331 | |||||
Cash and Cash Equivalents at Beginning of Period | 187,149 | 98,860 | ||||||
Cash and Cash Equivalents at End of Period | $ | 106,899 | $ | 147,191 | ||||
Supplementary Data | ||||||||
Cash Payments Made for Income Taxes | $ | 3,051 | $ | 9,611 | ||||
Issuance of Common Stock to the Bank’s Non-Qualified Retirement Plans | $ | 5,568 | $ | 811 | ||||
Interest Paid | $ | 3,492 | $ | 2,752 |
(in thousands except share data) | Common Shares Outstanding | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss, net | Total Shareholders' Equity | ||||||||||||||||||
Balance, January 1, 2018 | 812,304 | $ | 8 | $ | 93,624 | $ | 206,845 | $ | (817 | ) | $ | 299,660 | ||||||||||||
Net Income | - | - | 9,941 | - | 9,941 | |||||||||||||||||||
Change in Net Unrealized Loss on Securities Available-for-Sale, net of tax | - | - | - | (3,725 | ) | (3,725 | ) | |||||||||||||||||
Balance, March 31, 2018 | 812,304 | $ | 8 | $ | 93,624 | $ | 216,786 | $ | (4,542 | ) | $ | 305,876 | ||||||||||||
Balance, January 1, 2019 | 783,721 | $ | 8 | $ | 72,974 | $ | 241,221 | $ | (2,988 | ) | $ | 311,215 | ||||||||||||
Net Income | - | - | 13,549 | - | 13,549 | |||||||||||||||||||
Issuance of Common Stock | 3,586 | - | 2,564 | - | - | 2,564 | ||||||||||||||||||
Change in Net Unrealized Gain on Securities Available-for-Sale, net of tax | - | - | - | 2,990 | 2,990 | |||||||||||||||||||
Balance, March 31, 2019 | 787,307 | $ | 8 | $ | 75,538 | $ | 254,770 | $ | 2 | $ | 330,318 |
FARMERS & MERCHANTS BANCORP |
Three Months Ended | ||||||||
(in thousands) | March 31, 2019 | March 31, 2018 | ||||||
Operating Activities: | ||||||||
Net Income | $ | 13,549 | $ | 9,941 | ||||
Adjustments to Reconcile Net Income to Net | ||||||||
Cash Provided by Operating Activities: | ||||||||
Provision for Credit Losses | - | 333 | ||||||
Depreciation and Amortization | 692 | 582 | ||||||
Net Amortization of Investment Security Premiums & Discounts | 115 | 277 | ||||||
Amortization of Core Deposit Intangible | 160 | 27 | ||||||
Accretion of Discount on Acquired Loans | (5 | ) | (18 | ) | ||||
Net (Gain) on Sale of Property & Equipment | - | (292 | ) | |||||
Net Change in Operating Assets & Liabilities: | ||||||||
Net (Increase) Decrease in Interest Receivable and Other Assets | 6,456 | (2,525 | ) | |||||
Net (Decrease) Increase in Interest Payable and Other Liabilities | (2,080 | ) | 682 | |||||
Net Cash Provided by Operating Activities | 18,887 | 9,007 | ||||||
Investing Activities: | ||||||||
Purchase of Investment Securities Available-for-Sale | (155,798 | ) | (109,482 | ) | ||||
Proceeds from Sold, Matured or Called Securities Available-for-Sale | 138,952 | 89,724 | ||||||
Purchase of Investment Securities Held-to-Maturity | (2,025 | ) | (1,952 | ) | ||||
Proceeds from Matured or Called Securities Held-to-Maturity | 1,160 | 2,870 | ||||||
Net Loans & Leases Paid, Originated or Acquired | 6,877 | (19,791 | ) | |||||
Principal Collected on Loans & Leases Previously Charged Off | 42 | 23 | ||||||
Additions to Premises and Equipment | (449 | ) | (1,085 | ) | ||||
Purchase of Other Investments | (608 | ) | (639 | ) | ||||
Proceeds from Sale of Property & Equipment | - | 983 | ||||||
Net Cash Used in Investing Activities | (11,849 | ) | (39,349 | ) | ||||
Financing Activities: | ||||||||
Net Decrease in Deposits | (54,792 | ) | (21,823 | ) | ||||
Net Cash Used in Financing Activities | (54,792 | ) | (21,823 | ) | ||||
Decrease in Cash and Cash Equivalents | (47,754 | ) | (52,165 | ) | ||||
Cash and Cash Equivalents at Beginning of Period | 145,564 | 187,149 | ||||||
Cash and Cash Equivalents at End of Period | $ | 97,810 | $ | 134,984 | ||||
Supplementary Data | ||||||||
Issuance of Common Stock to the Bank's Non-Qualified Retirement Plans | $ | 2,564 | $ | - | ||||
Interest Paid | $ | 2,128 | $ | 1,750 | ||||
Supplementary Noncash Disclosure | ||||||||
Security (purchases) sales settled in subsequent period | $ | 25,000 | $ | - |
(in thousands) | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | |||||||||||||||||||||
Core Deposit Intangible Amortization | $ | 480 | $ | 626 | $ | 611 | $ | 593 | $ | 573 | $ | 2,236 | $ | 5,119 |
June 30, 2018 | Amortized Cost | Gross Unrealized | Fair/Book Value | |||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair/Book | ||||||||||||||||||||||||||||||
March 31, 2019 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||
Government Agency & Government-Sponsored Entities | $ | 3,056 | $ | 15 | $ | - | $ | 3,071 | $ | 3,021 | $ | 6 | $ | - | $ | 3,027 | ||||||||||||||||
US Treasury Notes | 139,689 | 2 | 416 | 139,275 | 164,660 | 48 | 34 | 164,674 | ||||||||||||||||||||||||
US Govt SBA | 18,583 | 8 | 188 | 18,403 | 14,554 | 5 | 147 | 14,412 | ||||||||||||||||||||||||
Mortgage Backed Securities (1) | 293,473 | 337 | 7,396 | 286,414 | 303,895 | 1,764 | 1,639 | 304,020 | ||||||||||||||||||||||||
Other | 3,011 | - | - | 3,011 | 5,156 | - | - | 5,156 | ||||||||||||||||||||||||
Total | $ | 457,812 | $ | 362 | $ | 8,000 | $ | 450,174 | $ | 491,286 | $ | 1,823 | $ | 1,820 | $ | 491,289 |
December 31, 2017 | Amortized Cost | Gross Unrealized | Fair/Book Value | |||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair/Book | ||||||||||||||||||||||||||||||
December 31, 2018 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||
Government Agency & Government-Sponsored Entities | $ | 3,080 | $ | 48 | $ | - | $ | 3,128 | $ | 3,033 | $ | 6 | $ | - | $ | 3,039 | ||||||||||||||||
US Treasury Notes | 144,606 | - | 442 | 144,164 | 164,672 | - | 158 | 164,514 | ||||||||||||||||||||||||
US Govt SBA | 29,559 | 29 | 208 | 29,380 | 15,601 | 6 | 160 | 15,447 | ||||||||||||||||||||||||
Mortgage Backed Securities (1) | 302,502 | 939 | 1,527 | 301,914 | 310,982 | 1,196 | 5,133 | 307,045 | ||||||||||||||||||||||||
Other | 3,010 | - | - | 3,010 | 5,351 | - | - | 5,351 | ||||||||||||||||||||||||
Total | $ | 482,757 | $ | 1,016 | $ | 2,177 | $ | 481,596 | $ | 499,639 | $ | 1,208 | $ | 5,451 | $ | 495,396 |
June 30, 2017 | Amortized Cost | Gross Unrealized | Fair/Book Value | |||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair/Book | ||||||||||||||||||||||||||||||
March 31, 2018 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||
Government Agency & Government-Sponsored Entities | $ | 3,103 | $ | 92 | $ | - | $ | 3,195 | $ | 3,068 | $ | 27 | $ | - | $ | 3,095 | ||||||||||||||||
US Treasury Notes | 134,689 | 3 | 272 | 134,420 | 144,147 | 3 | 741 | 143,409 | ||||||||||||||||||||||||
US Govt SBA | 32,889 | 30 | 119 | 32,800 | 27,786 | 12 | 261 | 27,537 | ||||||||||||||||||||||||
Mortgage Backed Securities (1) | 288,121 | 1,821 | 919 | 289,023 | 324,251 | 393 | 5,881 | 318,763 | ||||||||||||||||||||||||
Other | 2,429 | - | - | 2,429 | 3,010 | - | - | 3,010 | ||||||||||||||||||||||||
Total | $ | 461,231 | $ | 1,946 | $ | 1,310 | $ | 461,867 | $ | 502,262 | $ | 435 | $ | 6,883 | $ | 495,814 |
Book | Gross Unrealized | Fair | Book | Gross Unrealized | Fair | |||||||||||||||||||||||||||
June 30, 2018 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
March 31, 2019 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 52,210 | $ | 227 | $ | 79 | $ | 52,358 | $ | 54,412 | $ | 571 | $ | 1 | $ | 54,982 | ||||||||||||||||
Total | $ | 52,210 | $ | 227 | $ | 79 | $ | 52,358 | $ | 54,412 | $ | 571 | $ | 1 | $ | 54,982 |
Book | Gross Unrealized | Fair | Book | Gross Unrealized | Fair | |||||||||||||||||||||||||||
December 31, 2017 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
December 31, 2018 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 54,460 | $ | 776 | $ | - | $ | 55,236 | $ | 53,566 | $ | 211 | $ | 39 | $ | 53,738 | ||||||||||||||||
Total | $ | 54,460 | $ | 776 | $ | - | $ | 55,236 | $ | 53,566 | $ | 211 | $ | 39 | $ | 53,738 |
Book | Gross Unrealized | Fair | Book | Gross Unrealized | Fair | |||||||||||||||||||||||||||
June 30, 2017 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
March 31, 2018 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 56,381 | $ | 746 | $ | - | $ | 57,127 | $ | 53,527 | $ | 274 | $ | 56 | $ | 53,745 | ||||||||||||||||
Total | $ | 56,381 | $ | 746 | $ | - | $ | 57,127 | $ | 53,527 | $ | 274 | $ | 56 | $ | 53,745 |
Available-for-Sale | Held-to-Maturity | Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||
June 30, 2018 | Amortized Cost | Fair/Book Value | Book Value | Fair Value | ||||||||||||||||||||||||||||
March 31, 2019 | Amortized Cost | Fair/Book Value | Book Value | Fair Value | ||||||||||||||||||||||||||||
Within one year | $ | 128,110 | $ | 127,874 | $ | 3,613 | $ | 3,618 | $ | 156,785 | $ | 156,762 | $ | 760 | $ | 761 | ||||||||||||||||
After one year through five years | 18,748 | 18,582 | 5,750 | 5,753 | 16,814 | 16,856 | 3,329 | 3,330 | ||||||||||||||||||||||||
After five years through ten years | 1,583 | 1,580 | 19,192 | 19,258 | 1,387 | 1,386 | 24,797 | 25,189 | ||||||||||||||||||||||||
After ten years | 15,898 | 15,724 | 23,655 | 23,729 | 12,405 | 12,265 | 25,526 | 25,702 | ||||||||||||||||||||||||
164,339 | 163,760 | 52,210 | 52,358 | 187,391 | 187,269 | 54,412 | 54,982 | |||||||||||||||||||||||||
Investment securities not due at a single maturity date: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 293,473 | 286,414 | - | - | 303,895 | 304,020 | - | - | ||||||||||||||||||||||||
Total | $ | 457,812 | $ | 450,174 | $ | 52,210 | $ | 52,358 | $ | 491,286 | $ | 491,289 | $ | 54,412 | $ | 54,982 |
Less Than 12 Months | 12 Months or More | Total | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2018 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2019 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||||||||||||||||||
US Treasury Notes | $ | 14,412 | $ | 178 | $ | 29,876 | $ | 238 | $ | 44,288 | $ | 416 | $ | 149,962 | $ | 28 | $ | 4,909 | $ | 6 | $ | 154,871 | $ | 34 | ||||||||||||||||||||||||
US Govt SBA | 5,589 | 68 | 9,023 | 120 | 14,612 | 188 | 1,310 | - | 10,823 | 147 | 12,133 | 147 | ||||||||||||||||||||||||||||||||||||
Mortgage Backed Securities | 214,949 | 5,464 | 58,148 | 1,932 | 273,097 | 7,396 | 5,434 | 25 | 190,452 | 1,614 | 195,886 | 1,639 | ||||||||||||||||||||||||||||||||||||
Total | $ | 234,950 | $ | 5,710 | $ | 97,047 | $ | 2,290 | $ | 331,997 | $ | 8,000 | $ | 156,706 | $ | 53 | $ | 206,184 | $ | 1,767 | $ | 362,890 | $ | 1,820 | ||||||||||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 8,543 | $ | 79 | $ | - | $ | - | $ | 8,543 | $ | 79 | $ | 229 | $ | 1 | $ | 360 | $ | - | $ | 589 | $ | 1 | ||||||||||||||||||||||||
Total | $ | 8,543 | $ | 79 | $ | - | $ | - | $ | 8,543 | $ | 79 | $ | 229 | $ | 1 | $ | 360 | $ | - | $ | 589 | $ | 1 |
Less Than 12 Months | 12 Months or More | Total | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||||||||||||||||||
US Treasury Notes | $ | 94,281 | $ | 144 | $ | 49,883 | $ | 298 | $ | 144,164 | $ | 442 | $ | 124,985 | $ | 7 | $ | 39,529 | $ | 151 | $ | 164,514 | $ | 158 | ||||||||||||||||||||||||
US Govt SBA | 8,379 | 51 | 12,900 | 157 | 21,279 | 208 | 3,250 | 28 | 8,618 | 132 | 11,868 | 160 | ||||||||||||||||||||||||||||||||||||
Mortgage Backed Securities | 126,863 | 932 | 43,208 | 595 | 170,071 | 1,527 | 52,289 | 528 | 207,271 | 4,605 | 259,560 | 5,133 | ||||||||||||||||||||||||||||||||||||
Total | $ | 229,523 | $ | 1,127 | $ | 105,991 | $ | 1,050 | $ | 335,514 | $ | 2,177 | $ | 180,524 | $ | 563 | $ | 255,418 | $ | 4,888 | $ | 435,942 | $ | 5,451 | ||||||||||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 6,052 | $ | 23 | $ | 849 | $ | 16 | $ | 6,901 | $ | 39 | ||||||||||||||||||||||||||||||||||||
Total | $ | 6,052 | $ | 23 | $ | 849 | $ | 16 | $ | 6,901 | $ | 39 |
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
June 30, 2017 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||
US Treasury Notes | $ | 74,423 | $ | 272 | $ | - | $ | - | $ | 74,423 | $ | 272 | ||||||||||||
US Govt SBA | $ | 22,775 | $ | 119 | $ | - | $ | - | 22,775 | $ | 119 | |||||||||||||
Mortgage Backed Securities | 141,268 | 919 | - | - | 141,268 | 919 | ||||||||||||||||||
Total | $ | 238,466 | $ | 1,310 | $ | - | $ | - | $ | 238,466 | $ | 1,310 |
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
March 31, 2018 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||
US Treasury Notes | $ | 23,551 | $ | 436 | $ | 59,866 | $ | 305 | $ | 83,417 | $ | 741 | ||||||||||||
US Govt SBA | 10,848 | 82 | 11,737 | 179 | 22,585 | 261 | ||||||||||||||||||
Mortgage Backed Securities | 259,314 | 4,606 | 41,230 | 1,275 | 300,544 | 5,881 | ||||||||||||||||||
Total | $ | 293,713 | $ | 5,124 | $ | 112,833 | $ | 1,759 | $ | 406,546 | $ | 6,883 | ||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 7,654 | $ | 56 | $ | - | $ | - | $ | 7,654 | $ | 56 | ||||||||||||
Total | $ | 7,654 | $ | 56 | $ | - | $ | - | $ | 7,654 | $ | 56 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Proceeds | $ | 31,370 | $ | 7,831 | $ | 31,370 | $ | 7,831 | ||||||||
Gains | 8 | 143 | 8 | 143 | ||||||||||||
Losses | 1,338 | 12 | 1,338 | 12 |
June 30, 2018 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2019 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses: | Year-To-Date Allowance for Credit Losses: | Year-To-Date Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2018 | $ | 10,922 | $ | 12,085 | $ | 1,846 | $ | 815 | $ | 2,324 | $ | 8,159 | $ | 9,197 | $ | 209 | $ | 3,363 | $ | 1,422 | $ | 50,342 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2019 | $ | 11,609 | $ | 14,092 | $ | 1,249 | $ | 880 | $ | 2,761 | $ | 8,242 | $ | 11,656 | $ | 494 | $ | 4,022 | $ | 261 | $ | 55,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | - | - | - | (12 | ) | (4 | ) | - | (14 | ) | (58 | ) | - | - | (88 | ) | - | - | - | - | - | - | (379 | ) | (21 | ) | - | - | (400 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | - | - | - | 6 | 2 | 13 | 3 | 26 | - | - | 50 | - | - | - | 3 | 6 | 6 | 12 | 14 | - | - | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (139 | ) | 1,229 | (230 | ) | 55 | 226 | (514 | ) | 250 | 93 | 37 | (174 | ) | 833 | (209 | ) | 401 | (42 | ) | (20 | ) | (29 | ) | (800 | ) | 644 | (20 | ) | (14 | ) | 89 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- June 30, 2018 | $ | 10,783 | $ | 13,314 | $ | 1,616 | $ | 864 | $ | 2,548 | $ | 7,658 | $ | 9,436 | $ | 270 | $ | 3,400 | $ | 1,248 | $ | 51,137 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- April 1, 2018 | $ | 11,078 | $ | 12,242 | $ | 1,873 | $ | 827 | $ | 2,343 | $ | 7,868 | $ | 9,374 | $ | 239 | $ | 3,390 | $ | 1,443 | $ | 50,677 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | - | - | - | (12 | ) | - | - | (14 | ) | (41 | ) | - | - | (67 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | - | - | - | 3 | 1 | 7 | 1 | 15 | - | - | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (295 | ) | 1,072 | (257 | ) | 46 | 204 | (217 | ) | 75 | 57 | 10 | (195 | ) | 500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- June 30, 2018 | $ | 10,783 | $ | 13,314 | $ | 1,616 | $ | 864 | $ | 2,548 | $ | 7,658 | $ | 9,436 | $ | 270 | $ | 3,400 | $ | 1,248 | $ | 51,137 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- March 31, 2019 | $ | 11,400 | $ | 14,493 | $ | 1,207 | $ | 863 | $ | 2,738 | $ | 7,448 | $ | 11,933 | $ | 467 | $ | 4,008 | $ | 350 | $ | 54,907 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 333 | - | - | 131 | 16 | - | 487 | 7 | - | - | 974 | 214 | - | - | 124 | 13 | 98 | 172 | 6 | - | - | 627 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 10,450 | 13,314 | 1,616 | 733 | 2,532 | 7,658 | 8,949 | 263 | 3,400 | 1,248 | 50,163 | 11,186 | 14,493 | 1,207 | 739 | 2,725 | 7,350 | 11,761 | 461 | 4,008 | 350 | 54,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 752,043 | $ | 540,852 | $ | 94,223 | $ | 261,804 | $ | 37,669 | $ | 273,170 | $ | 286,651 | $ | 7,390 | $ | 90,646 | $ | - | $ | 2,344,448 | $ | 815,366 | $ | 603,601 | $ | 99,837 | $ | 258,359 | $ | 40,072 | $ | 257,004 | $ | 364,439 | $ | 18,418 | $ | 106,872 | $ | - | $ | 2,563,968 | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 4,749 | - | - | 2,628 | 324 | - | 2,290 | 7 | - | - | 9,998 | 4,638 | 7,238 | - | 2,469 | 255 | 200 | 1,591 | 6 | - | - | 16,397 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 747,294 | $ | 540,852 | $ | 94,223 | $ | 259,176 | $ | 37,345 | $ | 273,170 | $ | 284,361 | $ | 7,383 | $ | 90,646 | $ | - | $ | 2,334,450 | $ | 810,728 | $ | 596,363 | $ | 99,837 | $ | 255,890 | $ | 39,817 | $ | 256,804 | $ | 362,848 | $ | 18,412 | $ | 106,872 | $ | - | $ | 2,547,571 |
December 31, 2017 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses: | Year-To-Date Allowance for Credit Losses: | Year-To-Date Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2017 | $ | 11,110 | $ | 9,450 | $ | 3,223 | $ | 865 | $ | 2,140 | $ | 7,381 | $ | 8,515 | $ | 200 | $ | 3,586 | $ | 1,449 | $ | 47,919 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2018 | $ | 10,922 | $ | 12,085 | $ | 1,846 | $ | 815 | $ | 2,324 | $ | 8,159 | $ | 9,197 | $ | 209 | $ | 3,363 | $ | 1,422 | $ | 50,342 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | (109 | ) | - | - | (53 | ) | (3 | ) | (374 | ) | - | (146 | ) | - | - | (685 | ) | - | - | - | (31 | ) | (8 | ) | - | (613 | ) | (115 | ) | - | - | (767 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 109 | - | - | 40 | 8 | 17 | 8 | 76 | - | - | 258 | 2 | - | - | 15 | 6 | 61 | 20 | 54 | - | - | 158 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (188 | ) | 2,635 | (1,377 | ) | (37 | ) | 179 | 1,135 | 674 | 79 | (223 | ) | (27 | ) | 2,850 | 685 | 2,007 | (597 | ) | 81 | 439 | 22 | 3,052 | 346 | 659 | (1,161 | ) | 5,533 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- December 31, 2017 | $ | 10,922 | $ | 12,085 | $ | 1,846 | $ | 815 | $ | 2,324 | $ | 8,159 | $ | 9,197 | $ | 209 | $ | 3,363 | $ | 1,422 | $ | 50,342 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- December 31, 2018 | $ | 11,609 | $ | 14,092 | $ | 1,249 | $ | 880 | $ | 2,761 | $ | 8,242 | $ | 11,656 | $ | 494 | $ | 4,022 | $ | 261 | $ | 55,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 366 | - | - | 73 | 17 | - | 220 | 8 | - | - | 684 | 234 | - | - | 125 | 15 | - | 185 | 6 | - | - | 565 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 10,556 | 12,085 | 1,846 | 742 | 2,307 | 8,159 | 8,977 | 201 | 3,363 | 1,422 | 49,658 | 11,375 | 14,092 | 1,249 | 755 | 2,746 | 8,242 | 11,471 | 488 | 4,022 | 261 | 54,701 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 684,961 | $ | 499,231 | $ | 100,206 | $ | 260,751 | $ | 34,525 | $ | 273,582 | $ | 265,703 | $ | 6,656 | $ | 89,680 | $ | - | $ | 2,215,295 | $ | 826,549 | $ | 584,625 | $ | 98,568 | $ | 259,736 | $ | 40,789 | $ | 290,463 | $ | 343,834 | $ | 19,412 | $ | 107,265 | $ | - | $ | 2,571,241 | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 4,822 | - | - | 2,373 | 340 | - | 1,734 | 10 | - | - | 9,279 | 4,676 | 7,238 | - | 2,491 | 297 | - | 1,639 | 6 | - | - | 16,347 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 680,139 | $ | 499,231 | $ | 100,206 | $ | 258,378 | $ | 34,185 | $ | 273,582 | $ | 263,969 | $ | 6,646 | $ | 89,680 | $ | - | $ | 2,206,016 | 821,873 | 577,387 | 98,568 | 257,245 | 40,492 | 290,463 | 342,195 | 19,406 | 107,265 | - | 2,554,894 |
June 30, 2017 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2018 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses: | Year-To-Date Allowance for Credit Losses: | Year-To-Date Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2017 | $ | 11,110 | $ | 9,450 | $ | 3,223 | $ | 865 | $ | 2,140 | $ | 7,381 | $ | 8,515 | $ | 200 | $ | 3,586 | $ | 1,449 | $ | 47,919 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2018 | $ | 10,922 | $ | 12,085 | $ | 1,846 | $ | 815 | $ | 2,324 | $ | 8,159 | $ | 9,197 | $ | 209 | $ | 3,363 | $ | 1,422 | $ | 50,342 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | (109 | ) | - | - | - | - | (7 | ) | - | (60 | ) | - | - | (176 | ) | - | - | - | - | (4 | ) | - | - | (17 | ) | - | - | (21 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 10 | - | - | 19 | 5 | - | 4 | 33 | - | - | 71 | - | - | - | 3 | 1 | 6 | 2 | 11 | - | - | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 231 | 815 | (536 | ) | (12 | ) | 25 | (138 | ) | 1,025 | 32 | (634 | ) | 442 | 1,250 | 156 | 157 | 27 | 9 | 22 | (297 | ) | 175 | 36 | 27 | 21 | 333 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- June 30, 2017 | $ | 11,242 | $ | 10,265 | $ | 2,687 | $ | 872 | $ | 2,170 | $ | 7,236 | $ | 9,544 | $ | 205 | $ | 2,952 | $ | 1,891 | $ | 49,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- April 1, 2017 | $ | 11,665 | $ | 9,393 | $ | 2,946 | $ | 880 | $ | 2,125 | $ | 6,511 | $ | 8,479 | $ | 198 | $ | 3,866 | $ | 2,337 | $ | 48,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | - | - | - | - | - | - | - | (25 | ) | - | - | (25 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 3 | - | - | 16 | 3 | - | - | 17 | - | - | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (426 | ) | 872 | (259 | ) | (24 | ) | 42 | 725 | 1,065 | 15 | (914 | ) | (446 | ) | 650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- June 30, 2017 | $ | 11,242 | $ | 10,265 | $ | 2,687 | $ | 872 | $ | 2,170 | $ | 7,236 | $ | 9,544 | $ | 205 | $ | 2,952 | $ | 1,891 | $ | 49,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- March 31, 2018 | $ | 11,078 | $ | 12,242 | $ | 1,873 | $ | 827 | $ | 2,343 | $ | 7,868 | $ | 9,374 | $ | 239 | $ | 3,390 | $ | 1,443 | $ | 50,677 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 468 | - | - | 61 | 15 | 322 | 266 | 6 | - | - | 1,138 | 335 | - | - | 76 | 17 | - | 205 | 8 | - | - | 641 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 10,774 | 10,265 | 2,687 | 811 | 2,155 | 6,914 | 9,278 | 199 | 2,952 | 1,891 | 47,926 | 10,743 | 12,242 | 1,873 | 751 | 2,326 | 7,868 | 9,169 | 231 | 3,390 | 1,443 | 50,036 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 670,591 | $ | 473,153 | $ | 168,487 | $ | 252,653 | $ | 32,174 | $ | 265,899 | $ | 254,887 | $ | 7,533 | $ | 78,705 | $ | - | $ | 2,204,082 | $ | 698,349 | $ | 508,400 | $ | 96,315 | $ | 264,137 | $ | 34,691 | $ | 261,427 | $ | 274,682 | $ | 6,685 | $ | 90,397 | $ | - | $ | 2,235,083 | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 4,890 | 976 | - | 1,894 | 344 | 688 | 1,624 | 28 | - | - | 10,444 | 4,784 | - | - | 2,427 | 332 | - | 1,713 | 9 | - | - | 9,265 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 665,701 | $ | 472,177 | $ | 168,487 | $ | 250,759 | $ | 31,830 | $ | 265,211 | $ | 253,263 | $ | 7,505 | $ | 78,705 | $ | - | $ | 2,193,638 | $ | 693,565 | $ | 508,400 | $ | 96,315 | $ | 261,710 | $ | 34,359 | $ | 261,427 | $ | 272,969 | $ | 6,676 | $ | 90,397 | $ | - | $ | 2,225,818 |
June 30, 2018 | Pass | Special Mention | Substandard | Total Loans & Leases | ||||||||||||||||||||||||||||
March 31, 2019 | Pass | Special Mention | Substandard | Total Loans & Leases | ||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 749,467 | $ | 2,576 | $ | - | $ | 752,043 | $ | 813,090 | $ | 2,276 | $ | - | $ | 815,366 | ||||||||||||||||
Agricultural Real Estate | 524,259 | 10,521 | 6,072 | 540,852 | 587,444 | 2,847 | 13,310 | 603,601 | ||||||||||||||||||||||||
Real Estate Construction | 85,638 | 8,585 | - | 94,223 | 99,837 | - | - | 99,837 | ||||||||||||||||||||||||
Residential 1st Mortgages | 261,112 | - | 692 | 261,804 | 257,878 | - | 481 | 258,359 | ||||||||||||||||||||||||
Home Equity Lines & Loans | 37,622 | - | 47 | 37,669 | 40,028 | - | 44 | 40,072 | ||||||||||||||||||||||||
Agricultural | 266,837 | 5,050 | 1,283 | 273,170 | 250,630 | 6,167 | 207 | 257,004 | ||||||||||||||||||||||||
Commercial | 285,113 | 283 | 1,255 | 286,651 | 360,525 | 2,983 | 931 | 364,439 | ||||||||||||||||||||||||
Consumer & Other | 7,245 | - | 145 | 7,390 | 18,263 | - | 155 | 18,418 | ||||||||||||||||||||||||
Leases | 88,677 | 1,969 | - | 90,646 | 106,872 | - | - | 106,872 | ||||||||||||||||||||||||
Total | $ | 2,305,970 | $ | 28,984 | $ | 9,494 | $ | 2,344,448 | $ | 2,534,567 | $ | 14,273 | $ | 15,128 | $ | 2,563,968 |
December 31, 2017 | Pass | Special Mention | Substandard | Total Loans | ||||||||||||||||||||||||||||
December 31, 2018 | Pass | Special Mention | Substandard | Total Loans | ||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 677,636 | $ | 6,843 | $ | 482 | $ | 684,961 | $ | 823,983 | $ | 2,566 | $ | - | $ | 826,549 | ||||||||||||||||
Agricultural Real Estate | 488,672 | 6,529 | 4,030 | 499,231 | 566,612 | 4,703 | 13,310 | 584,625 | ||||||||||||||||||||||||
Real Estate Construction | 90,728 | 9,478 | - | 100,206 | 98,568 | - | - | 98,568 | ||||||||||||||||||||||||
Residential 1st Mortgages | 259,795 | 41 | 915 | 260,751 | 259,208 | - | 528 | 259,736 | ||||||||||||||||||||||||
Home Equity Lines and Loans | 34,476 | - | 49 | 34,525 | 40,744 | - | 45 | 40,789 | ||||||||||||||||||||||||
Agricultural | 264,425 | 6,439 | 2,718 | 273,582 | 284,561 | 5,433 | 469 | 290,463 | ||||||||||||||||||||||||
Commercial | 260,565 | 4,610 | 528 | 265,703 | 343,085 | 163 | 586 | 343,834 | ||||||||||||||||||||||||
Consumer & Other | 6,498 | - | 158 | 6,656 | 19,229 | - | 183 | 19,412 | ||||||||||||||||||||||||
Leases | 87,497 | 2,183 | - | 89,680 | 107,265 | - | - | 107,265 | ||||||||||||||||||||||||
Total | $ | 2,170,292 | $ | 36,123 | $ | 8,880 | $ | 2,215,295 | $ | 2,543,255 | $ | 12,865 | $ | 15,121 | $ | 2,571,241 |
June 30, 2017 | Pass | Special Mention | Substandard | Total Loans & Leases | ||||||||||||||||||||||||||||
March 31, 2018 | Pass | Special Mention | Substandard | Total Loans & Leases | ||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 664,606 | $ | 4,491 | $ | 1,494 | $ | 670,591 | $ | 691,537 | $ | 6,812 | $ | - | $ | 698,349 | ||||||||||||||||
Agricultural Real Estate | 466,831 | 1,316 | 5,006 | 473,153 | 495,936 | 8,537 | 3,927 | 508,400 | ||||||||||||||||||||||||
Real Estate Construction | 160,112 | 8,375 | - | 168,487 | 86,779 | 9,536 | - | 96,315 | ||||||||||||||||||||||||
Residential 1st Mortgages | 252,252 | 44 | 357 | 252,653 | 263,101 | - | 1,036 | 264,137 | ||||||||||||||||||||||||
Home Equity Lines & Loans | 32,174 | - | - | 32,174 | 34,643 | - | 48 | 34,691 | ||||||||||||||||||||||||
Agricultural | 256,026 | 6,302 | 3,571 | 265,899 | 252,553 | 6,286 | 2,588 | 261,427 | ||||||||||||||||||||||||
Commercial | 249,173 | 5,128 | 586 | 254,887 | 268,745 | 5,460 | 477 | 274,682 | ||||||||||||||||||||||||
Consumer & Other | 7,341 | - | 192 | 7,533 | 6,565 | - | 120 | 6,685 | ||||||||||||||||||||||||
Leases | 76,313 | 2,392 | - | 78,705 | 88,320 | 2,077 | - | 90,397 | ||||||||||||||||||||||||
Total | $ | 2,164,828 | $ | 28,048 | $ | 11,206 | $ | 2,204,082 | $ | 2,188,179 | $ | 38,708 | $ | 8,196 | $ | 2,235,083 |
June 30, 2018 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2019 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 752,043 | $ | 752,043 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 815,366 | $ | 815,366 | ||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | - | - | 540,852 | 540,852 | - | - | - | - | - | 603,601 | 603,601 | ||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction | 277 | - | - | - | 277 | 93,946 | 94,223 | - | - | - | - | - | 99,837 | 99,837 | ||||||||||||||||||||||||||||||||||||||||||
Residential 1st Mortgages | 107 | - | - | 130 | 237 | 261,567 | 261,804 | 707 | - | - | - | 707 | 257,652 | 258,359 | ||||||||||||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | 19 | - | - | - | 19 | 37,650 | 37,669 | - | - | - | - | - | 40,072 | 40,072 | ||||||||||||||||||||||||||||||||||||||||||
Agricultural | - | - | - | - | - | 273,170 | 273,170 | - | - | - | - | - | 257,004 | 257,004 | ||||||||||||||||||||||||||||||||||||||||||
Commercial | - | - | - | 599 | 599 | 286,052 | 286,651 | - | - | - | - | - | 364,439 | 364,439 | ||||||||||||||||||||||||||||||||||||||||||
Consumer & Other | 6 | - | - | 6 | 7,384 | 7,390 | 20 | - | - | - | 20 | 18,398 | 18,418 | |||||||||||||||||||||||||||||||||||||||||||
Leases | - | - | - | - | 90,646 | 90,646 | - | - | - | - | - | 106,872 | 106,872 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 409 | $ | - | $ | - | $ | 729 | $ | 1,138 | $ | 2,343,310 | $ | 2,344,448 | $ | 727 | $ | - | $ | - | $ | - | $ | 727 | $ | 2,563,241 | $ | 2,563,968 |
December 31, 2017 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 684,961 | $ | 684,961 | $ | - | $ | 731 | $ | - | $ | - | $ | 731 | $ | 825,818 | $ | 826,549 | ||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | - | - | 499,231 | 499,231 | - | - | - | - | - | 584,625 | 584,625 | ||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction | - | - | - | - | - | 100,206 | 100,206 | 327 | - | - | - | 327 | 98,241 | 98,568 | ||||||||||||||||||||||||||||||||||||||||||
Residential 1st Mortgages | 448 | - | - | - | 448 | 260,303 | 260,751 | 367 | - | - | - | 367 | 259,369 | 259,736 | ||||||||||||||||||||||||||||||||||||||||||
Home Equity Lines and Loans | 10 | - | - | - | 10 | 34,515 | 34,525 | - | - | - | - | - | 40,789 | 40,789 | ||||||||||||||||||||||||||||||||||||||||||
Agricultural | - | - | - | - | - | 273,582 | 273,582 | - | - | - | - | - | 290,463 | 290,463 | ||||||||||||||||||||||||||||||||||||||||||
Commercial | 180 | - | - | - | 180 | 265,523 | 265,703 | - | - | - | - | - | 343,834 | 343,834 | ||||||||||||||||||||||||||||||||||||||||||
Consumer & Other | 7 | - | - | - | 7 | 6,649 | 6,656 | 13 | - | - | - | 13 | 19,399 | 19,412 | ||||||||||||||||||||||||||||||||||||||||||
Leases | - | - | - | - | - | 89,680 | 89,680 | - | - | - | - | - | 107,265 | 107,265 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 645 | $ | - | $ | - | $ | - | $ | 645 | $ | 2,214,650 | $ | 2,215,295 | $ | 707 | $ | 731 | $ | - | $ | - | $ | 1,438 | $ | 2,569,803 | $ | 2,571,241 |
June 30, 2017 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2018 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | - | $ | - | $ | 143 | $ | - | $ | 143 | $ | 670,448 | $ | 670,591 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 698,349 | $ | 698,349 | ||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | 976 | 976 | 472,177 | 473,153 | - | - | - | - | - | 508,400 | 508,400 | ||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction | - | - | - | - | - | 168,487 | 168,487 | - | - | - | - | - | 96,315 | 96,315 | ||||||||||||||||||||||||||||||||||||||||||
Residential 1st Mortgages | - | - | - | 56 | 56 | 252,597 | 252,653 | 14 | 49 | - | 81 | 144 | 263,993 | 264,137 | ||||||||||||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | 36 | - | - | - | 36 | 32,138 | 32,174 | 20 | - | - | - | 20 | 34,671 | 34,691 | ||||||||||||||||||||||||||||||||||||||||||
Agricultural | - | - | - | 306 | 306 | 265,593 | 265,899 | - | - | - | - | - | 261,427 | 261,427 | ||||||||||||||||||||||||||||||||||||||||||
Commercial | - | - | - | - | - | 254,887 | 254,887 | - | 14 | - | - | 14 | 274,668 | 274,682 | ||||||||||||||||||||||||||||||||||||||||||
Consumer & Other | 23 | - | - | 24 | 47 | 7,486 | 7,533 | 8 | - | - | - | 8 | 6,677 | 6,685 | ||||||||||||||||||||||||||||||||||||||||||
Leases | - | - | - | - | - | 78,705 | 78,705 | - | - | - | - | - | 90,397 | 90,397 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 59 | $ | - | $ | 143 | $ | 1,362 | $ | 1,564 | $ | 2,202,518 | $ | 2,204,082 | $ | 42 | $ | 63 | $ | - | $ | 81 | $ | 186 | $ | 2,234,897 | $ | 2,235,083 |
Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2018 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||||
March 31, 2019 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 100 | $ | 100 | $ | - | $ | 101 | $ | 2 | $ | 102 | $ | 4 | $ | 93 | $ | 93 | $ | - | $ | 94 | $ | 2 | ||||||||||||||||||||||||
Residential 1st Mortgages | - | - | - | 452 | - | 680 | 8 | |||||||||||||||||||||||||||||||||||||||||
Agricultural Real Estate | 7,239 | 7,238 | - | 7,239 | 73 | |||||||||||||||||||||||||||||||||||||||||||
$ | 100 | $ | 100 | $ | - | $ | 553 | $ | 2 | $ | 782 | $ | 12 | $ | 7,332 | $ | 7,331 | $ | - | $ | 7,333 | $ | 75 | |||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 2,938 | $ | 2,927 | $ | 333 | $ | 2,947 | $ | 24 | 2,956 | $ | 48 | $ | 2,883 | $ | 2,875 | $ | 214 | $ | 2,893 | $ | 23 | |||||||||||||||||||||||||
Residential 1st Mortgages | 1,698 | 1,877 | 85 | 1,141 | 13 | 844 | 20 | 1,625 | 1,829 | 81 | 1,633 | 21 | ||||||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | 76 | 86 | 3 | 77 | 1 | 77 | 2 | 73 | 83 | 4 | 74 | 1 | ||||||||||||||||||||||||||||||||||||
Agricultural | 201 | 200 | 98 | 101 | - | |||||||||||||||||||||||||||||||||||||||||||
Commercial | 2,297 | 2,290 | 487 | 2,009 | 15 | 1,870 | 30 | 1,596 | 1,590 | 172 | 1,620 | 14 | ||||||||||||||||||||||||||||||||||||
Consumer & Other | 7 | 8 | 7 | 8 | - | 8 | - | 6 | 7 | 6 | 6 | - | ||||||||||||||||||||||||||||||||||||
$ | 7,016 | $ | 7,188 | $ | 915 | $ | 6,182 | $ | 53 | 5,755 | $ | 100 | $ | 6,384 | $ | 6,584 | $ | 575 | $ | 6,327 | $ | 59 | ||||||||||||||||||||||||||
Total | $ | 7,116 | $ | 7,288 | $ | 915 | $ | 6,735 | $ | 55 | $ | 6,537 | $ | 112 | $ | 13,716 | $ | 13,915 | $ | 575 | $ | 13,660 | $ | 134 |
December 31, 2017 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||
December 31, 2018 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 104 | $ | 104 | $ | - | $ | 107 | $ | 11 | $ | 95 | $ | 96 | $ | - | $ | 99 | $ | 8 | ||||||||||||||||||||
Agricultural Real Estate | - | - | - | 488 | - | 7,239 | 7,238 | - | 3,620 | 119 | ||||||||||||||||||||||||||||||
Residential 1st Mortgages | 911 | 1,012 | - | 532 | 11 | - | - | - | 226 | 8 | ||||||||||||||||||||||||||||||
Home Equity Lines and Loans | - | - | - | 16 | - | |||||||||||||||||||||||||||||||||||
Agricultural | - | - | - | 30 | - | |||||||||||||||||||||||||||||||||||
$ | 1,015 | $ | 1,116 | $ | - | $ | 1,173 | $ | 22 | $ | 7,334 | $ | 7,334 | $ | - | $ | 3,945 | $ | 135 | |||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 2,973 | $ | 2,961 | $ | 366 | $ | 2,999 | $ | 104 | $ | 2,902 | $ | 2,892 | $ | 234 | $ | 2,929 | $ | 96 | ||||||||||||||||||||
Residential 1st Mortgages | 508 | �� | 571 | 25 | 469 | 16 | 1,640 | 1,838 | 82 | 1,371 | 48 | |||||||||||||||||||||||||||||
Home Equity Lines and Loans | 73 | 89 | 4 | 74 | 3 | 74 | 84 | 4 | 76 | 4 | ||||||||||||||||||||||||||||||
Agricultural | - | - | - | 409 | 21 | |||||||||||||||||||||||||||||||||||
Commercial | 1,741 | 1,734 | 220 | 1,693 | 59 | 1,644 | 1,639 | 185 | 1,834 | 58 | ||||||||||||||||||||||||||||||
Consumer & Other | 8 | 9 | 8 | 11 | - | 6 | 7 | 6 | 7 | - | ||||||||||||||||||||||||||||||
$ | 5,303 | $ | 5,364 | $ | 623 | $ | 5,655 | $ | 203 | $ | 6,266 | $ | 6,460 | $ | 511 | $ | 6,217 | $ | 206 | |||||||||||||||||||||
Total | $ | 6,318 | $ | 6,480 | $ | 623 | $ | 6,828 | $ | 225 | $ | 13,600 | $ | 13,794 | $ | 511 | $ | 10,162 | $ | 341 |
Three Months Ended June 30, 2017 | Six Months Ended June 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2017 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||||
March 31, 2018 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 108 | $ | 109 | $ | - | $ | 109 | $ | 3 | $ | 128 | $ | 7 | $ | 102 | $ | 102 | $ | - | $ | 103 | $ | 2 | ||||||||||||||||||||||||
Agricultural Real Estate | 976 | 983 | - | 976 | - | 1,059 | - | |||||||||||||||||||||||||||||||||||||||||
Residential 1st Mortgages | 406 | 462 | - | 410 | 3 | 421 | 3 | 903 | 1,005 | - | 907 | 8 | ||||||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | - | - | - | 32 | - | 32 | - | |||||||||||||||||||||||||||||||||||||||||
Agricultural | 59 | 65 | - | 60 | - | 45 | - | |||||||||||||||||||||||||||||||||||||||||
Commercial | - | - | - | - | - | 756 | - | |||||||||||||||||||||||||||||||||||||||||
$ | 1,549 | $ | 1,619 | $ | - | $ | 1,587 | $ | 6 | $ | 2,441 | $ | 10 | $ | 1,005 | $ | 1,107 | $ | - | $ | 1,010 | $ | 10 | |||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 3,008 | $ | 2,994 | $ | 467 | $ | 3,016 | $ | 25 | $ | 2,264 | $ | 55 | $ | 2,955 | $ | 2,943 | $ | 335 | $ | 2,964 | $ | 24 | ||||||||||||||||||||||||
Residential 1st Mortgages | 424 | 463 | 20 | 425 | 4 | 427 | 9 | 583 | 649 | 29 | 546 | 7 | ||||||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | 51 | 58 | 3 | 70 | 1 | 80 | 2 | 78 | 88 | 4 | 76 | 1 | ||||||||||||||||||||||||||||||||||||
Agricultural | 630 | 631 | 322 | 634 | 6 | 633 | 14 | |||||||||||||||||||||||||||||||||||||||||
Commercial | 1,631 | 1,623 | 266 | 1,636 | 14 | 1,589 | 30 | 1,720 | 1,713 | 205 | 1,731 | 15 | ||||||||||||||||||||||||||||||||||||
Consumer & Other | 24 | 31 | 6 | 15 | - | 11 | - | 8 | 8 | 8 | 8 | - | ||||||||||||||||||||||||||||||||||||
$ | 5,768 | $ | 5,800 | $ | 1,084 | $ | 5,796 | $ | 50 | $ | 5,004 | $ | 110 | $ | 5,344 | $ | 5,401 | $ | 581 | $ | 5,325 | $ | 47 | |||||||||||||||||||||||||
Total | $ | 7,317 | $ | 7,419 | $ | 1,084 | $ | 7,383 | $ | 56 | $ | 7,445 | $ | 120 | $ | 6,349 | $ | 6,508 | $ | 581 | $ | 6,335 | $ | 57 |
Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | |||||||||||||||||||||||
Troubled Debt Restructurings | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||
Residential 1st Mortgages | 1 | $ | 175 | $ | 163 | 1 | $ | 175 | $ | 163 | ||||||||||||||
Total | 1 | $ | 175 | $ | 163 | 1 | $ | 175 | $ | 163 |
March 31, 2019 | ||||||||||||
Troubled Debt Restructurings | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||
Agricultural | 1 | $ | 201 | $ | 201 | |||||||
Total | 1 | $ | 201 | $ | 201 |
December 31, 2017 | December 31, 2018 | |||||||||||||||||||||||
Troubled Debt Restructurings | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||
Agricultural Real Estate | 1 | $ | 7,239 | $ | 7,239 | |||||||||||||||||||
Residential 1st Mortgages | 2 | 673 | 630 | 2 | 286 | 255 | ||||||||||||||||||
Home Equity Lines and Loans | 1 | 32 | 32 | |||||||||||||||||||||
Commercial | 2 | 138 | 138 | |||||||||||||||||||||
Consumer & Other | 1 | 9 | 8 | |||||||||||||||||||||
Total | 6 | $ | 852 | $ | 808 | 3 | $ | 7,525 | $ | 7,494 |
Fair Value Measurements At June 30, 2018, Using | Fair Value Measurements At March 31, 2019, Using | |||||||||||||||||||||||||||||||
(in thousands) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||||||||||
Government Agency & Government-Sponsored Entities | $ | 3,071 | $ | - | $ | 3,071 | $ | - | $ | 3,027 | $ | - | $ | 3,027 | $ | - | ||||||||||||||||
US Treasury Notes | 139,275 | 139,275 | - | - | 164,674 | 164,674 | - | - | ||||||||||||||||||||||||
US Govt SBA | 18,403 | - | 18,403 | - | 14,412 | - | 14,412 | - | ||||||||||||||||||||||||
Mortgage Backed Securities | 286,414 | - | 286,414 | - | 304,020 | - | 304,020 | - | ||||||||||||||||||||||||
Other | 3,011 | 201 | 310 | 2,500 | 5,156 | 203 | 310 | 4,643 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 450,174 | $ | 139,476 | $ | 308,198 | $ | 2,500 | $ | 491,289 | $ | 164,877 | $ | 321,769 | $ | 4,643 |
Fair Value Measurements At December 31, 2017, Using | ||||||||||||||||
(in thousands) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Available-for-Sale Securities: | ||||||||||||||||
Government Agency & Government-Sponsored Entities | $ | 3,128 | $ | - | $ | 3,128 | $ | - | ||||||||
US Treasury Notes | 144,164 | 144,164 | - | - | ||||||||||||
US Govt SBA | 29,380 | - | 29,380 | - | ||||||||||||
Mortgage Backed Securities | 301,914 | - | 301,914 | - | ||||||||||||
Other | 3,010 | 200 | 310 | 2,500 | ||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 481,596 | $ | 144,364 | $ | 334,732 | $ | 2,500 |
Fair Value Measurements At June 30, 2017, Using | ||||||||||||||||
(in thousands) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Available-for-Sale Securities: | ||||||||||||||||
Government Agency & Government-Sponsored Entities | $ | 3,195 | $ | - | $ | 3,195 | $ | - | ||||||||
US Treasury Notes | 134,420 | 134,420 | - | - | ||||||||||||
US Govt SBA | 32,800 | - | 32,800 | - | ||||||||||||
Mortgage Backed Securities | 289,023 | - | 289,023 | - | ||||||||||||
Other | 2,429 | 200 | 310 | 1,919 | ||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 461,867 | $ | 134,620 | $ | 325,328 | $ | 1,919 |
Fair Value Measurements At December 31, 2018, Using | ||||||||||||||||
(in thousands) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Available-for-Sale Securities: | ||||||||||||||||
Government Agency & Government-Sponsored Entities | $ | 3,039 | $ | - | $ | 3,039 | $ | - | ||||||||
US Treasury Notes | 164,514 | 164,514 | - | - | ||||||||||||
US Govt SBA | 15,447 | - | 15,447 | - | ||||||||||||
Mortgage Backed Securities | 307,045 | - | 307,045 | - | ||||||||||||
Other | 5,351 | 202 | 310 | 4,839 | ||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 495,396 | $ | 164,716 | $ | 325,841 | $ | 4,839 |
Fair Value Measurements At March 31, 2018, Using | ||||||||||||||||
(in thousands) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Available-for-Sale Securities: | ||||||||||||||||
Government Agency & Government-Sponsored Entities | $ | 3,095 | $ | - | $ | 3,095 | $ | - | ||||||||
US Treasury Notes | 143,409 | 143,409 | - | - | ||||||||||||
US Govt SBA | 27,537 | - | 27,537 | - | ||||||||||||
Mortgage Backed Securities | 318,763 | - | 318,763 | - | ||||||||||||
Other | 3,010 | 200 | 310 | 2,500 | ||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 495,814 | $ | 143,609 | $ | 349,705 | $ | 2,500 |
Net Realized / Unrealized Gains (Losses) | ||||||||||||||||||||||||
(in thousands) | Balance at Beginning of Period | Purchases / Additions | Sales / Reductions | Realized | Unrealized | Balance at End of Period | ||||||||||||||||||
Three months ended March 31, 2019 | ||||||||||||||||||||||||
Available-for-sale debt securities: | $ | 1,593 | $ | 479 | $ | 675 | $ | - | $ | - | $ | 1,397 | ||||||||||||
Equity securities: | $ | 3,246 | $ | - | $ | - | $ | - | $ | - | $ | 3,246 | ||||||||||||
Total | $ | 4,839 | $ | 479 | $ | 675 | $ | - | $ | - | $ | 4,643 |
Fair Value Measurements At March 31, 2019, Using | ||||||||||||||||||||||||||||||||
Fair Value Measurements At June 30, 2018, Using | Fair Value | Quoted Prices in Active Markets for Identical Assets | Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||||||
(in thousands) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 2,594 | $ | - | $ | - | $ | 2,594 | $ | 2,660 | $ | - | $ | - | $ | 2,660 | ||||||||||||||||
Residential 1st Mortgage | 1,485 | - | - | 1,485 | 1,540 | - | - | 1,540 | ||||||||||||||||||||||||
Home Equity Lines and Loans | 72 | - | - | 72 | 69 | - | - | 69 | ||||||||||||||||||||||||
Agricultural | 102 | - | - | 102 | ||||||||||||||||||||||||||||
Commercial | 1,490 | - | - | 1,490 | 1,418 | - | - | 1,418 | ||||||||||||||||||||||||
Total Impaired Loans | 5,641 | - | - | 5,641 | 5,789 | - | - | 5,789 | ||||||||||||||||||||||||
Other Real Estate | ||||||||||||||||||||||||||||||||
Real Estate Construction | 873 | - | - | 873 | 873 | - | - | 873 | ||||||||||||||||||||||||
Total Other Real Estate | 873 | - | - | 873 | 873 | - | - | 873 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 6,514 | $ | - | $ | - | $ | 6,514 | $ | 6,662 | $ | - | $ | - | $ | 6,662 |
Fair Value Measurements At December 31, 2017, Using | ||||||||||||||||
(in thousands) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Impaired Loans: | ||||||||||||||||
Commercial Real Estate | $ | 2,595 | $ | - | $ | - | $ | 2,595 | ||||||||
Residential 1st Mortgage | 997 | - | - | 997 | ||||||||||||
Home Equity Lines and Loans | 75 | - | - | 75 | ||||||||||||
Commercial | 1,514 | - | - | 1,514 | ||||||||||||
Total Impaired Loans | 5,181 | - | - | 5,181 | ||||||||||||
Other Real Estate: | ||||||||||||||||
Home Equity Lines and Loans | - | - | - | - | ||||||||||||
Real Estate Construction | 873 | - | - | 873 | ||||||||||||
Total Other Real Estate | 873 | - | - | 873 | ||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 6,054 | $ | - | $ | - | $ | 6,054 |
Fair Value Measurements At December 31, 2018, Using | ||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Impaired Loans: | ||||||||||||||||
Commercial Real Estate | $ | 2,658 | $ | - | $ | - | $ | 2,658 | ||||||||
Residential 1st Mortgage | 1,550 | - | - | 1,550 | ||||||||||||
Home Equity Lines and Loans | 70 | - | - | 70 | ||||||||||||
Commercial | 1,454 | - | - | 1,454 | ||||||||||||
Total Impaired Loans | 5,732 | - | - | 5,732 | ||||||||||||
Other Real Estate: | ||||||||||||||||
Real Estate Construction | 873 | - | - | 873 | ||||||||||||
Total Other Real Estate | 873 | - | - | 873 | ||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 6,605 | $ | - | $ | - | $ | 6,605 |
Fair Value Measurements At March 31, 2018, Using | ||||||||||||||||||||||||||||||||
Fair Value Measurements At June 30, 2017, Using | Fair Value | Quoted Prices in Active Markets for Identical Assets | Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||||||
(in thousands) | Fair Value Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 2,526 | $ | - | $ | - | $ | 2,526 | $ | 2,608 | $ | - | $ | - | $ | 2,608 | ||||||||||||||||
Residential 1st Mortgage | 386 | - | - | 386 | 475 | - | - | 475 | ||||||||||||||||||||||||
Home Equity Lines and Loans | 48 | - | - | 48 | 74 | - | - | 74 | ||||||||||||||||||||||||
Agricultural | 366 | - | - | 366 | ||||||||||||||||||||||||||||
Commercial | 1,358 | - | - | 1,358 | 1,508 | - | - | 1,508 | ||||||||||||||||||||||||
Consumer | 19 | - | - | 19 | ||||||||||||||||||||||||||||
Total Impaired Loans | 4,703 | - | - | 4,703 | 4,665 | - | - | 4,665 | ||||||||||||||||||||||||
Other Real Estate | ||||||||||||||||||||||||||||||||
Real Estate Construction | 873 | - | - | 873 | 873 | - | - | 873 | ||||||||||||||||||||||||
Total Other Real Estate | 873 | - | - | 873 | 873 | - | - | 873 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 5,576 | $ | - | $ | - | $ | 5,576 | $ | 5,538 | $ | - | $ | - | $ | 5,538 |
(in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||||||||
Impaired Loans | ||||||||||||||||||||
Commercial Real Estate | $ | 2,594 | Income Approach | Capitalization Rate | 3.25%, 3.25% | $ | 2,660 | Income Approach | Capitalization Rate | 3.25%, 3.25 | % | |||||||||
Residential 1st Mortgage | $ | 1,485 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1% -4%, 3% | $ | 1,540 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1% - 4%, 2.85 | % | |||||||||
Home Equity Lines and Loans | $ | 72 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1% - 2%, 1% | $ | 69 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1% - 2%, 1.50 | % | |||||||||
Agricultural | $ | 102 | Income Approach | Capitalization Rate | 5.10%, 5.10 | % | ||||||||||||||
Commercial | $ | 1,490 | Income Approach | Capitalization Rate | 2.95% - 8.70%, 3.40% | $ | 1,418 | Income Approach | Capitalization Rate | 3.25% - 8.70%, 3.40 | % | |||||||||
Other Real Estate | ||||||||||||||||||||
Real Estate Construction | $ | 873 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 10%, 10% | $ | 873 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 10%, 10 | % |
5. | Fair Value of Financial Instruments |
Fair Value of Financial Instruments Using | Fair Value of Financial Instruments Using | |||||||||||||||||||||||||||||||||||||||
June 30, 2018 (in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Estimated Fair Value | |||||||||||||||||||||||||||||||||||
March 31, 2019 (in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Estimated Fair Value | |||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 106,899 | $ | 106,899 | $ | - | $ | - | $ | 106,899 | $ | 97,810 | $ | 97,810 | $ | - | $ | - | $ | 97,810 | ||||||||||||||||||||
Investment Securities Available-for-Sale | 450,174 | 139,476 | 308,198 | 2,500 | 450,174 | 491,289 | 164,877 | 321,769 | 4,643 | 491,289 | ||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity | 52,210 | - | 36,693 | 15,665 | 52,358 | 54,412 | - | 36,705 | 18,276 | 54,981 | ||||||||||||||||||||||||||||||
FHLB Stock | 10,877 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Loans & Leases, Net of Deferred Fees & Allowance | 2,293,311 | - | - | 2,253,733 | 2,253,733 | 2,509,061 | - | - | 2,490,197 | 2,490,197 | ||||||||||||||||||||||||||||||
Accrued Interest Receivable | 11,548 | - | 11,548 | - | 11,548 | 12,524 | - | 12,524 | - | 12,524 | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Deposits | 2,697,273 | 2,231,153 | 462,040 | - | 2,693,193 | 3,008,040 | 2,483,258 | 521,321 | - | 3,004,579 | ||||||||||||||||||||||||||||||
Subordinated Debentures | 10,310 | - | 7,639 | - | 7,639 | 10,310 | - | 7,600 | - | 7,600 | ||||||||||||||||||||||||||||||
Accrued Interest Payable | 827 | - | 827 | - | 827 | 2,193 | - | 2,193 | - | 2,193 |
Fair Value of Financial Instruments Using | ||||||||||||||||||||
December 31, 2017 (in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Estimated Fair Value | |||||||||||||||
Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 187,149 | $ | 187,149 | $ | - | $ | - | $ | 187,149 | ||||||||||
Investment Securities Available-for-Sale | 481,596 | 144,364 | 334,732 | 2,500 | 481,596 | |||||||||||||||
Investment Securities Held-to-Maturity | 54,460 | - | 38,492 | 16,744 | 55,236 | |||||||||||||||
FHLB Stock | 10,342 | N/A | N/A | N/A | N/A | |||||||||||||||
Loans & Leases, Net of Deferred Fees & Allowance | 2,164,953 | - | - | 2,137,987 | 2,137,987 | |||||||||||||||
Accrued Interest Receivable | 10,999 | - | 10,999 | - | 10,999 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 2,723,228 | 2,247,831 | 472,671 | - | 2,720,502 | |||||||||||||||
Subordinated Debentures | 10,310 | - | 7,428 | - | 7,428 | |||||||||||||||
Accrued Interest Payable | 1,137 | - | 1,137 | - | 1,137 |
Fair Value of Financial Instruments Using | ||||||||||||||||||||
December 31, 2018 (in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Estimated Fair Value | |||||||||||||||
Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 145,564 | $ | 145,564 | $ | - | $ | - | $ | 145,564 | ||||||||||
Investment Securities Available-for-Sale | 495,396 | 164,716 | 325,841 | 4,839 | 495,396 | |||||||||||||||
Investment Securities Held-to-Maturity | 53,566 | - | 35,083 | 18,655 | 53,738 | |||||||||||||||
Loans & Leases, Net of Deferred Fees & Allowance | 2,515,975 | - | - | 2,485,182 | 2,485,182 | |||||||||||||||
Accrued Interest Receivable | 14,098 | - | 14,098 | - | 14,098 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 3,062,832 | 2,572,805 | 485,766 | - | 3,058,571 | |||||||||||||||
Subordinated Debentures | 10,310 | - | 7,745 | - | 7,745 | |||||||||||||||
Accrued Interest Payable | 1,365 | - | 1,365 | - | 1,365 |
Fair Value of Financial Instruments Using | ||||||||||||||||||||
March 31, 2018 (in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Estimated Fair Value | |||||||||||||||
Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 134,984 | $ | 134,984 | $ | - | $ | - | $ | 134,984 | ||||||||||
Investment Securities Available-for-Sale | 495,814 | 143,609 | 349,705 | 2,500 | 495,814 | |||||||||||||||
Investment Securities Held-to-Maturity | 53,527 | - | 37,028 | 16,717 | 53,745 | |||||||||||||||
Loans & Leases, Net of Deferred Fees & Allowance | 2,184,406 | - | - | 2,152,504 | 2,152,504 | |||||||||||||||
Accrued Interest Receivable | 9,237 | - | 9,237 | - | 9,237 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 2,701,405 | 2,218,642 | 478,846 | - | 2,697,488 | |||||||||||||||
Subordinated Debentures | 10,310 | - | 7,751 | - | 7,751 | |||||||||||||||
Accrued Interest Payable | 909 | - | 909 | - | 909 |
Fair Value of Financial Instruments Using | ||||||||||||||||||||
June 30, 2017 (in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Estimated Fair Value | |||||||||||||||
Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 147,191 | $ | 147,191 | $ | - | $ | - | $ | 147,191 | ||||||||||
Investment Securities Available-for-Sale | 461,867 | 134,620 | 325,328 | 1,919 | 461,867 | |||||||||||||||
Investment Securities Held-to-Maturity | 56,381 | - | 40,071 | 17,056 | 57,127 | |||||||||||||||
FHLB Stock | 10,342 | N/A | N/A | N/A | N/A | |||||||||||||||
Loans & Leases, Net of Deferred Fees & Allowance | 2,155,018 | - | - | 2,138,109 | 2,138,109 | |||||||||||||||
Accrued Interest Receivable | 9,739 | - | 9,739 | - | 9,739 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 2,661,878 | 2,065,151 | 594,798 | - | 2,659,949 | |||||||||||||||
Subordinated Debentures | 10,310 | - | 6,567 | - | 6,567 | |||||||||||||||
Accrued Interest Payable | 1,014 | - | 1,014 | - | 1,014 |
6. | Dividends and Basic Earnings Per Common Share |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
(net income in thousands) | 2018 | 2017 | 2018 | 2017 | 2019 | 2018 | ||||||||||||||||||
Net Income | $ | 10,550 | $ | 8,187 | $ | 20,491 | $ | 16,008 | $ | 13,549 | $ | 9,941 | ||||||||||||
Weighted Average Number of Common Shares Outstanding | 817,893 | 808,704 | 815,114 | 808,347 | 784,438 | 812,304 | ||||||||||||||||||
Basic Earnings Per Common Share Amount | $ | 12.90 | $ | 10.12 | $ | 25.14 | $ | 19.80 | $ | 17.27 | $ | 12.24 |
7. | Leases |
(in thousands except for percent and period data) | Three Months ended March 31, 2019 | |||
Cash Paid for Amounts Included in the Measurement of Lease Liabilities | ||||
Operating Cash Flow from Operating Leases | $ | 196 | ||
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities | 4,729 | |||
Weighted-Average Remaining Lease Term - Operating Leases, in Years | 7.70 | |||
Weighted-Average Discount Rate - Operating Leases | 2.8 | % |
(in thousands) | March 31, 2019 | |||
2019 | $ | 587 | ||
2020 | 792 | |||
2021 | 694 | |||
2022 | 548 | |||
2023 | 542 | |||
2024 and thereafter | 1,916 | |||
Total Lease Payments | 5,079 | |||
Less: Interest | (515 | ) | ||
Present Value of Lease Liabilities | $ | 4,564 |
8. | Recent Accounting Pronouncements |
Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | |||||||||||||||||||||||
Assets | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 114,300 | $ | 515 | 1.81 | % | $ | 112,458 | $ | 258 | 0.92 | % | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasuries | 66,953 | 250 | 1.49 | % | 82,953 | 224 | 1.08 | % | ||||||||||||||||
U.S. Govt SBA | 26,906 | 119 | 1.77 | % | 34,083 | 125 | 1.47 | % | ||||||||||||||||
Government Agency & Government-Sponsored Entities | 3,064 | 22 | 2.87 | % | 3,110 | 22 | 2.83 | % | ||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | 53,037 | 510 | 3.85 | % | 56,984 | 673 | 4.73 | % | ||||||||||||||||
Mortgage Backed Securities | 316,991 | 1,904 | 2.40 | % | 302,579 | 1,747 | 2.31 | % | ||||||||||||||||
Other | 3,010 | 20 | 2.66 | % | 2,352 | 6 | 1.02 | % | ||||||||||||||||
Total Investment Securities | 469,961 | 2,825 | 2.40 | % | 482,061 | 2,797 | 2.32 | % | ||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||
Real Estate | 1,604,920 | 20,152 | 5.05 | % | 1,557,716 | 18,201 | 4.70 | % | ||||||||||||||||
Home Equity Lines & Loans | 35,697 | 483 | 5.44 | % | 31,916 | 405 | 5.10 | % | ||||||||||||||||
Agricultural | 262,230 | 3,339 | 5.12 | % | 270,594 | 3,041 | 4.52 | % | ||||||||||||||||
Commercial | 286,123 | 3,755 | 5.28 | % | 227,983 | 2,563 | 4.52 | % | ||||||||||||||||
Consumer | 5,783 | 66 | 4.59 | % | 5,578 | 80 | 5.77 | % | ||||||||||||||||
Other | 1,382 | 7 | 2.04 | % | 1,678 | 10 | 2.40 | % | ||||||||||||||||
Leases | 90,836 | 1,125 | 4.98 | % | 79,891 | 948 | 4.77 | % | ||||||||||||||||
Total Loans & Leases | 2,286,971 | 28,927 | 5.09 | % | 2,175,356 | 25,248 | 4.67 | % | ||||||||||||||||
Total Earning Assets | 2,871,232 | $ | 32,267 | 4.52 | % | 2,769,875 | $ | 28,303 | 4.11 | % | ||||||||||||||
Unrealized Gain on Securities Available-for-Sale | (8,660 | ) | 1,245 | |||||||||||||||||||||
Allowance for Credit Losses | (50,882 | ) | (48,690 | ) | ||||||||||||||||||||
Cash and Due From Banks | 45,430 | 43,129 | ||||||||||||||||||||||
All Other Assets | 193,197 | 188,434 | ||||||||||||||||||||||
Total Assets | $ | 3,050,317 | $ | 2,953,993 | ||||||||||||||||||||
Liabilities & Shareholders’ Equity | ||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||
Interest Bearing DDA | $ | 585,363 | 305 | 0.21 | % | $ | 501,008 | 221 | 0.18 | % | ||||||||||||||
Savings and Money Market | 814,536 | 333 | 0.16 | % | 792,839 | 306 | 0.16 | % | ||||||||||||||||
Time Deposits | 471,320 | 891 | 0.76 | % | 594,866 | 906 | 0.61 | % | ||||||||||||||||
Total Interest Bearing Deposits | 1,871,219 | 1,529 | 0.33 | % | 1,888,713 | 1,433 | 0.31 | % | ||||||||||||||||
Subordinated Debentures | 10,310 | 131 | 5.11 | % | 10,310 | 105 | 4.10 | % | ||||||||||||||||
Total Interest Bearing Liabilities | 1,881,529 | $ | 1,660 | 0.35 | % | 1,899,023 | $ | 1,538 | 0.33 | % | ||||||||||||||
Interest Rate Spread | 4.17 | % | 3.78 | % | ||||||||||||||||||||
Demand Deposits (Non-Interest Bearing) | 810,962 | 710,533 | ||||||||||||||||||||||
All Other Liabilities | 47,971 | 54,135 | ||||||||||||||||||||||
Total Liabilities | 2,740,462 | 2,663,691 | ||||||||||||||||||||||
Shareholders’ Equity | 309,855 | 290,302 | ||||||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 3,050,317 | $ | 2,953,993 | ||||||||||||||||||||
Impact of Non-Interest Bearing Deposits and Other Liabilities | 0.12 | % | 0.10 | % | ||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets | 30,607 | 4.29 | % | 26,765 | 3.89 | % | ||||||||||||||||||
Tax Equivalent Adjustment | (106 | ) | (234 | ) | ||||||||||||||||||||
Net Interest Income | $ | 30,501 | 4.27 | % | $ | 26,531 | 3.85 | % |
Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | |||||||||||||||||||||||
Assets | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 133,512 | $ | 1,100 | 1.66 | % | $ | 118,863 | $ | 507 | 0.86 | % | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasuries | 79,461 | 547 | 1.38 | % | 83,182 | 441 | 1.06 | % | ||||||||||||||||
U.S. Govt SBA | 27,823 | 242 | 1.74 | % | 34,971 | 250 | 1.43 | % | ||||||||||||||||
Government Agency & Government-Sponsored Entities | 3,069 | 44 | 2.87 | % | 3,115 | 44 | 2.83 | % | ||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | 53,858 | 1,039 | 3.86 | % | 57,407 | 1,363 | 4.75 | % | ||||||||||||||||
Mortgage Backed Securities | 319,628 | 3,824 | 2.39 | % | 295,602 | 3,390 | 2.29 | % | ||||||||||||||||
Other | 3,010 | 38 | 2.52 | % | 1,685 | 11 | 1.31 | % | ||||||||||||||||
Total Investment Securities | 486,849 | 5,734 | 2.36 | % | 475,962 | 5,499 | 2.31 | % | ||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||
Real Estate | 1,576,795 | 39,196 | 5.01 | % | 1,559,873 | 36,132 | 4.67 | % | ||||||||||||||||
Home Equity Lines & Loans | 35,219 | 931 | 5.33 | % | 31,805 | 787 | 4.99 | % | ||||||||||||||||
Agricultural | 257,036 | 6,367 | 5.00 | % | 269,158 | 5,932 | 4.44 | % | ||||||||||||||||
Commercial | 277,128 | 7,066 | 5.14 | % | 221,287 | 5,023 | 4.58 | % | ||||||||||||||||
Consumer | 5,539 | 142 | 5.17 | % | 5,452 | 148 | 5.47 | % | ||||||||||||||||
Other | 1,382 | 15 | 2.19 | % | 1,678 | 19 | 2.28 | % | ||||||||||||||||
Leases | 91,028 | 2,254 | 4.99 | % | 75,922 | 1,738 | 4.62 | % | ||||||||||||||||
Total Loans & Leases | 2,244,127 | 55,971 | 5.03 | % | 2,165,175 | 49,779 | 4.64 | % | ||||||||||||||||
Total Earning Assets | 2,864,488 | $ | 62,805 | 4.42 | % | 2,760,000 | $ | 55,785 | 4.08 | % | ||||||||||||||
Unrealized Gain on Securities Available-for-Sale | (6,756 | ) | 447 | |||||||||||||||||||||
Allowance for Credit Losses | (50,748 | ) | (48,378 | ) | ||||||||||||||||||||
Cash and Due From Banks | 45,975 | 44,801 | ||||||||||||||||||||||
All Other Assets | 190,269 | 186,324 | ||||||||||||||||||||||
Total Assets | $ | 3,043,228 | $ | 2,943,194 | ||||||||||||||||||||
Liabilities & Shareholders’ Equity | ||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||
Interest Bearing DDA | $ | 585,270 | $ | 577 | 0.20 | % | $ | 498,301 | $ | 402 | 0.16 | % | ||||||||||||
Savings and Money Market | 819,995 | 663 | 0.16 | % | 797,709 | 614 | 0.16 | % | ||||||||||||||||
Time Deposits | 475,010 | 1,694 | 0.72 | % | 587,440 | 1,693 | 0.58 | % | ||||||||||||||||
Total Interest Bearing Deposits | 1,880,275 | 2,934 | 0.31 | % | 1,883,450 | 2,709 | 0.29 | % | ||||||||||||||||
Federal Home Loan Bank Advances | 2 | - | 0.00 | % | 2 | - | 0.00 | % | ||||||||||||||||
Subordinated Debentures | 10,310 | 248 | 4.85 | % | 10,310 | 205 | 4.01 | % | ||||||||||||||||
Total Interest Bearing Liabilities | 1,890,587 | $ | 3,182 | 0.34 | % | 1,893,762 | $ | 2,914 | 0.31 | % | ||||||||||||||
Interest Rate Spread | 4.08 | % | 3.77 | % | ||||||||||||||||||||
Demand Deposits (Non-Interest Bearing) | 803,155 | 711,627 | ||||||||||||||||||||||
All Other Liabilities | 43,279 | 50,408 | ||||||||||||||||||||||
Total Liabilities | 2,737,021 | 2,655,797 | ||||||||||||||||||||||
Shareholders’ Equity | 306,207 | 287,397 | ||||||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 3,043,228 | $ | 2,943,194 | ||||||||||||||||||||
Impact of Non-Interest Bearing Deposits and Other Liabilities | 0.12 | % | 0.10 | % | ||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets | 59,623 | 4.20 | % | 52,871 | 3.86 | % | ||||||||||||||||||
Tax Equivalent Adjustment | (216 | ) | (474 | ) | ||||||||||||||||||||
Net Interest Income | $ | 59,407 | 4.18 | % | $ | 52,397 | 3.83 | % |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||||
Assets | Balance | Interest | Annualized Yield/Rate | Balance | Interest | Annualized Yield/Rate | ||||||||||||||||||
Interest Bearing Deposits With Banks | $ | 187,461 | $ | 1,125 | 2.43 | % | $ | 152,936 | $ | 585 | 1.54 | % | ||||||||||||
Investment Securities | ||||||||||||||||||||||||
U.S. Treasuries | 46,617 | 195 | 1.67 | % | 92,107 | 297 | 1.29 | % | ||||||||||||||||
U.S. Govt SBA | 15,251 | 99 | 2.60 | % | 28,750 | 123 | 1.71 | % | ||||||||||||||||
Government Agency & Government-Sponsored Entities | 3,028 | 22 | 2.91 | % | 3,074 | 22 | 2.86 | % | ||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | 54,079 | 559 | 4.13 | % | 54,689 | 529 | 3.87 | % | ||||||||||||||||
Mortgage Backed Securities | 307,072 | 2,044 | 2.66 | % | 322,296 | 1,920 | 2.38 | % | ||||||||||||||||
Other | 5,183 | 67 | 5.17 | % | 3,010 | 18 | 2.39 | % | ||||||||||||||||
Total Investment Securities | 431,230 | 2,986 | 2.77 | % | 503,926 | 2,909 | 2.31 | % | ||||||||||||||||
Loans & Leases | ||||||||||||||||||||||||
Real Estate | 1,778,866 | 22,694 | 5.17 | % | 1,548,359 | 19,044 | 4.95 | % | ||||||||||||||||
Home Equity Line & Loans | 39,610 | 596 | 6.10 | % | 34,735 | 448 | 5.19 | % | ||||||||||||||||
Agricultural | 259,108 | 3,628 | 5.68 | % | 251,784 | 3,028 | 4.84 | % | ||||||||||||||||
Commercial | 343,448 | 4,521 | 5.34 | % | 268,032 | 3,311 | 4.97 | % | ||||||||||||||||
Consumer | 17,773 | 254 | 5.80 | % | 5,293 | 76 | 5.77 | % | ||||||||||||||||
Other | 1,079 | 6 | 2.26 | % | 1,382 | 8 | 2.33 | % | ||||||||||||||||
Leases | 107,867 | 1,479 | 5.56 | % | 91,222 | 1,129 | 4.98 | % | ||||||||||||||||
Total Loans & Leases | 2,547,751 | 33,178 | 5.28 | % | 2,200,807 | 27,044 | 4.94 | % | ||||||||||||||||
Total Earning Assets | 3,166,442 | $ | 37,289 | 4.78 | % | 2,857,669 | $ | 30,538 | 4.30 | % | ||||||||||||||
Unrealized (Loss) Gain on Securities Available-for-Sale | (4,019 | ) | (4,832 | ) | ||||||||||||||||||||
Allowance for Credit Losses | (55,238 | ) | (50,612 | ) | ||||||||||||||||||||
Cash and Due From Banks | 56,206 | 46,527 | ||||||||||||||||||||||
All Other Assets | 217,842 | 187,290 | ||||||||||||||||||||||
Total Assets | $ | 3,381,233 | $ | 3,036,042 | ||||||||||||||||||||
Liabilities & Shareholders' Equity | ||||||||||||||||||||||||
Interest Bearing Deposits | ||||||||||||||||||||||||
Interest Bearing DDA | $ | 667,465 | $ | 552 | 0.34 | % | $ | 585,176 | $ | 272 | 0.19 | % | ||||||||||||
Savings and Money Market | 910,793 | 730 | 0.33 | % | 825,514 | 330 | 0.16 | % | ||||||||||||||||
Time Deposits | 513,853 | 1,539 | 1.21 | % | 478,740 | 803 | 0.67 | % | ||||||||||||||||
Total Interest Bearing Deposits | 2,092,111 | 2,821 | 0.55 | % | 1,889,430 | 1,405 | 0.30 | % | ||||||||||||||||
Federal Home Loan Bank Advances | 4 | - | 0.00 | % | 4 | - | 0.00 | % | ||||||||||||||||
Subordinated Debentures | 10,310 | 145 | 5.70 | % | 10,310 | 117 | 4.56 | % | ||||||||||||||||
Total Interest Bearing Liabilities | 2,102,425 | $ | 2,966 | 0.57 | % | 1,899,744 | $ | 1,522 | 0.32 | % | ||||||||||||||
Interest Rate Spread | 4.20 | % | 3.98 | % | ||||||||||||||||||||
Demand Deposits (Non-Interest Bearing) | 915,907 | 795,261 | ||||||||||||||||||||||
All Other Liabilities | 43,375 | 38,464 | ||||||||||||||||||||||
Total Liabilities | 3,061,707 | 2,733,469 | ||||||||||||||||||||||
Shareholders' Equity | 319,526 | 302,573 | ||||||||||||||||||||||
Total Liabilities & Shareholders' Equity | $ | 3,381,233 | $ | 3,036,042 | ||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets | 34,323 | 4.40 | % | 29,016 | 4.12 | % | ||||||||||||||||||
Tax Equivalent Adjustment | (116 | ) | (110 | ) | ||||||||||||||||||||
Net Interest Income | $ | 34,207 | 4.38 | % | $ | 28,906 | 4.07 | % |
Three Months Ended June 30, 2018 compared to June 30, 2017 | Six Months Ended June 30, 2018 compared to June 30, 2017 | |||||||||||||||||||||||
Interest Earning Assets | Volume | Rate | Net Chg. | Volume | Rate | Net Chg. | ||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 5 | $ | 252 | $ | 257 | $ | 70 | $ | 523 | $ | 593 | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasuries | (49 | ) | 75 | 26 | (21 | ) | 127 | 106 | ||||||||||||||||
U.S. Govt SBA | (29 | ) | 23 | (6 | ) | (56 | ) | 48 | (8 | ) | ||||||||||||||
Government Agency & Government-Sponsored Entities | - | - | - | (1 | ) | 1 | - | |||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | (44 | ) | (119 | ) | (163 | ) | (80 | ) | (244 | ) | (324 | ) | ||||||||||||
Mortgage Backed Securities | 85 | 72 | 157 | 283 | 151 | 434 | ||||||||||||||||||
Other | 2 | 12 | 14 | 13 | 14 | 27 | ||||||||||||||||||
Total Investment Securities | (35 | ) | 63 | 28 | 138 | 97 | 235 | |||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||
Real Estate | 563 | 1,388 | 1,951 | 396 | 2,668 | 3,064 | ||||||||||||||||||
Home Equity Lines & Loans | 50 | 28 | 78 | 88 | 56 | 144 | ||||||||||||||||||
Agricultural | (97 | ) | 395 | 298 | (279 | ) | 714 | 435 | ||||||||||||||||
Commercial | 720 | 472 | 1,192 | 1,373 | 670 | 2,043 | ||||||||||||||||||
Consumer | 2 | (16 | ) | (14 | ) | 2 | (8 | ) | (6 | ) | ||||||||||||||
Other | (1 | ) | (2 | ) | (3 | ) | (3 | ) | (1 | ) | (4 | ) | ||||||||||||
Leases | 134 | 43 | 177 | 366 | 150 | 516 | ||||||||||||||||||
Total Loans & Leases | 1,371 | 2,308 | 3,679 | 1,943 | 4,249 | 6,192 | ||||||||||||||||||
Total Earning Assets | 1,341 | 2,623 | 3,964 | 2,151 | 4,869 | 7,020 | ||||||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||
Interest Bearing DDA | 41 | 43 | 84 | 77 | 98 | 175 | ||||||||||||||||||
Savings and Money Market | 9 | 18 | 27 | 18 | 31 | 49 | ||||||||||||||||||
Time | (211 | ) | 196 | (15 | ) | (361 | ) | 362 | 1 | |||||||||||||||
Total Interest Bearing Deposits | (161 | ) | 257 | 96 | (266 | ) | 491 | 225 | ||||||||||||||||
Subordinated Debentures | - | 26 | 26 | - | 43 | 43 | ||||||||||||||||||
Total Interest Bearing Liabilities | (161 | ) | 283 | 122 | (266 | ) | 534 | 268 | ||||||||||||||||
Total Change on a Tax Equivalent Basis | $ | 1,502 | $ | 2,340 | $ | 3,842 | $ | 2,417 | $ | 4,335 | $ | 6,752 |
(in thousands) | Three Months Ended Mar. 31, 2019 compared to Mar. 31, 2018 | |||||||||||
Interest Earning Assets | Volume | Rate | Net Chg. | |||||||||
Interest Bearing Deposits With Banks | $ | 153 | 387 | $ | 540 | |||||||
Investment Securities | ||||||||||||
U.S. Treasuries | (174 | ) | 72 | (102 | ) | |||||||
U.S. Govt SBA | (72 | ) | 48 | (24 | ) | |||||||
Government Agency & Government-Sponsored Entities | - | - | - | |||||||||
Obligations of States and Political Subdivisions - Non-Taxable | (6 | ) | 36 | 30 | ||||||||
Mortgage Backed Securities | (93 | ) | 217 | 124 | ||||||||
Other | 19 | 30 | 49 | |||||||||
Total Investment Securities | (326 | ) | 404 | 77 | ||||||||
Loans & Leases | ||||||||||||
Real Estate | 2,920 | 730 | 3,650 | |||||||||
Home Equity Line & Loans | 68 | 80 | 148 | |||||||||
Agricultural | 91 | 509 | 600 | |||||||||
Commercial | 981 | 229 | 1,210 | |||||||||
Consumer | 178 | - | 178 | |||||||||
Other | (2 | ) | - | (2 | ) | |||||||
Leases | 220 | 130 | 350 | |||||||||
Total Loans & Leases | 4,455 | 1,678 | 6,134 | |||||||||
Total Earning Assets | 4,282 | 2,469 | 6,751 | |||||||||
Interest Bearing Liabilities | ||||||||||||
Interest Bearing Deposits | ||||||||||||
Transaction | 42 | 238 | 280 | |||||||||
Savings and Money Market | 37 | 363 | 400 | |||||||||
Time Deposits | 64 | 672 | 736 | |||||||||
Total Interest Bearing Deposits | 143 | 1,273 | 1,416 | |||||||||
Other Borrowed Funds | - | - | - | |||||||||
Subordinated Debentures | - | 28 | 28 | |||||||||
Total Interest Bearing Liabilities | 143 | 1,301 | 1,444 | |||||||||
Total Change | $ | 4,139 | $ | 1,168 | $ | 5,307 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Balance at Beginning of Period | $ | 50,677 | $ | 48,400 | $ | 50,342 | $ | 47,919 | ||||||||
Charge-Offs | (67 | ) | (25 | ) | (88 | ) | (176 | ) | ||||||||
Recoveries | 27 | 39 | 50 | 71 | ||||||||||||
- | - | |||||||||||||||
Provision | 500 | 650 | 833 | 1,250 | ||||||||||||
Balance at End of Period | $ | 51,137 | $ | 49,064 | $ | 51,137 | $ | 49,064 |
Three Months Ended March 31, | ||||||||
Allowance for Credit Losses (in thousands) | 2019 | 2018 | ||||||
Balance at Beginning of Period | $ | 55,266 | $ | 50,342 | ||||
Loans or Leases Charged Off | (400 | ) | (21 | ) | ||||
Recoveries of Loans or Leases Previously Charged Off | 41 | 23 | ||||||
Provision Charged to Expense | 0 | 333 | ||||||
Balance at End of Period | $ | 54,907 | $ | 50,677 |
June 30, 2018 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2018 | $ | 10,922 | $ | 12,085 | $ | 1,846 | $ | 815 | $ | 2,324 | $ | 8,159 | $ | 9,197 | $ | 209 | $ | 3,363 | $ | 1,422 | $ | 50,342 | ||||||||||||||||||||||
Charge-Offs | - | - | - | (12 | ) | (4 | ) | - | (14 | ) | (58 | ) | - | - | (88 | ) | ||||||||||||||||||||||||||||
Recoveries | - | - | - | 6 | 2 | 13 | 3 | 26 | - | - | 50 | |||||||||||||||||||||||||||||||||
Provision | (139 | ) | 1,229 | (230 | ) | 55 | 226 | (514 | ) | 250 | 93 | 37 | (174 | ) | 833 | |||||||||||||||||||||||||||||
Ending Balance- June 30, 2018 | $ | 10,783 | $ | 13,314 | $ | 1,616 | $ | 864 | $ | 2,548 | $ | 7,658 | $ | 9,436 | $ | 270 | $ | 3,400 | $ | 1,248 | $ | 51,137 | ||||||||||||||||||||||
Second Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- April 1, 2018 | $ | 11,078 | $ | 12,242 | $ | 1,873 | $ | 827 | $ | 2,343 | $ | 7,868 | $ | 9,374 | $ | 239 | $ | 3,390 | $ | 1,443 | $ | 50,677 | ||||||||||||||||||||||
Charge-Offs | - | - | - | (12 | ) | - | - | (14 | ) | (41 | ) | - | - | (67 | ) | |||||||||||||||||||||||||||||
Recoveries | - | - | - | 3 | 1 | 7 | 1 | 15 | - | - | 27 | |||||||||||||||||||||||||||||||||
Provision | (295 | ) | 1,072 | (257 | ) | 46 | 204 | (217 | ) | 75 | 57 | 10 | (195 | ) | 500 | |||||||||||||||||||||||||||||
Ending Balance- June 30, 2018 | $ | 10,783 | $ | 13,314 | $ | 1,616 | $ | 864 | $ | 2,548 | $ | 7,658 | $ | 9,436 | $ | 270 | $ | 3,400 | $ | 1,248 | $ | 51,137 |
March 31, 2019 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2019 | $ | 11,609 | $ | 14,092 | $ | 1,249 | $ | 880 | $ | 2,761 | $ | 8,242 | $ | 11,656 | $ | 494 | $ | 4,022 | $ | 261 | $ | 55,266 | ||||||||||||||||||||||
Charge-Offs | - | - | - | - | - | - | (379 | ) | (21 | ) | - | - | (400 | ) | ||||||||||||||||||||||||||||||
Recoveries | - | - | - | 3 | 6 | 6 | 12 | 14 | - | - | 41 | |||||||||||||||||||||||||||||||||
Provision | (209 | ) | 401 | (42 | ) | (20 | ) | (29 | ) | (800 | ) | 644 | (20 | ) | (14 | ) | 89 | - | ||||||||||||||||||||||||||
Ending Balance- March 31, 2019 | $ | 11,400 | $ | 14,493 | $ | 1,207 | $ | 863 | $ | 2,738 | $ | 7,448 | $ | 11,933 | $ | 467 | $ | 4,008 | $ | 350 | $ | 54,907 |
The allowance for agricultural loans decreased $794,000 primarily due to balance decreases in |
Loan & Lease Portfolio | June 30, 2018 | December 31, 2017 | June 30, 2017 | March 31, 2019 | December 31, 2018 | March 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||
(in thousands) | $ | % | $ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 759,389 | 32.3 | % | $ | 691,639 | 31.1 | % | $ | 677,282 | 30.6 | % | $ | 823,028 | 32.0 | % | $ | 834,476 | 32.4 | % | $ | 705,063 | 31.5 | % | ||||||||||||||||||||||||
Agricultural Real Estate | 540,852 | 23.0 | % | 499,231 | 22.5 | % | 473,153 | 21.4 | % | 603,601 | 23.5 | % | 584,625 | 22.7 | % | 508,400 | 22.7 | % | ||||||||||||||||||||||||||||||
Real Estate Construction | 94,223 | 4.0 | % | 100,206 | 4.5 | % | 168,487 | 7.6 | % | 99,837 | 3.9 | % | 98,568 | 3.8 | % | 96,315 | 4.3 | % | ||||||||||||||||||||||||||||||
Residential 1st Mortgages | 261,804 | 11.1 | % | 260,751 | 11.7 | % | 252,653 | 11.4 | % | 258,359 | 10.1 | % | 259,736 | 10.1 | % | 264,137 | 11.8 | % | ||||||||||||||||||||||||||||||
Home Equity Lines and Loans | 37,669 | 1.6 | % | 34,525 | 1.6 | % | 32,174 | 1.5 | % | 40,072 | 1.6 | % | 40,789 | 1.6 | % | 34,691 | 1.5 | % | ||||||||||||||||||||||||||||||
Agricultural | 273,170 | 11.6 | % | 273,582 | 12.3 | % | 265,899 | 12.0 | % | 257,004 | 10.0 | % | 290,463 | 11.3 | % | 261,427 | 11.7 | % | ||||||||||||||||||||||||||||||
Commercial | 286,651 | 12.2 | % | 265,703 | 12.0 | % | 254,887 | 11.5 | % | 364,439 | 14.2 | % | 343,834 | 13.3 | % | 274,682 | 12.3 | % | ||||||||||||||||||||||||||||||
Consumer & Other | 7,390 | 0.3 | % | 6,656 | 0.3 | % | 7,533 | 0.3 | % | 18,418 | 0.7 | % | 19,412 | 0.8 | % | 6,685 | 0.3 | % | ||||||||||||||||||||||||||||||
Leases | 89,928 | 3.9 | % | 88,957 | 4.0 | % | 78,010 | 3.7 | % | 105,823 | 4.0 | % | 106,217 | 4.0 | % | 89,678 | 3.9 | % | ||||||||||||||||||||||||||||||
Total Gross Loans & Leases | 2,351,076 | 100.0 | % | 2,221,250 | 100.0 | % | 2,210,078 | 100.0 | % | 2,570,581 | 100.0 | % | 2,578,120 | 100.0 | % | 2,241,078 | 100.0 | % | ||||||||||||||||||||||||||||||
Less: Unearned Income | 6,628 | 5,955 | 5,996 | 6,613 | 6,879 | 5,995 | ||||||||||||||||||||||||||||||||||||||||||
Subtotal | 2,344,448 | 2,215,295 | 2,204,082 | 2,563,968 | 2,571,241 | 2,235,083 | ||||||||||||||||||||||||||||||||||||||||||
Less: Allowance for Credit Losses | 51,337 | 50,342 | 49,064 | 54,907 | 55,266 | 50,677 | ||||||||||||||||||||||||||||||||||||||||||
Net Loans & Leases | $ | 2,293,111 | $ | 2,164,953 | $ | 2,155,018 | $ | 2,509,061 | $ | 2,515,975 | $ | 2,184,406 |
(in thousands) | June 30, 2018 | Dec. 31, 2017 | June 30, 2017 | March 31, 2019 | Dec. 31, 2018 | March 31, 2018 | ||||||||||||||||||
Non-Performing Loans & Leases | $ | 729 | $ | 0 | $ | 1,363 | $ | 0 | $ | 0 | $ | 81 | ||||||||||||
Other Real Estate | 873 | 873 | 873 | 873 | 873 | 873 | ||||||||||||||||||
Total Non-Performing Assets | $ | 1,602 | $ | 873 | $ | 2,236 | $ | 873 | $ | 873 | $ | 954 | ||||||||||||
Non-Performing Loans & Leases as a % of Total Loans & Leases | 0.03 | % | 0.00 | % | 0.06 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
Restructured Loans & Leases (Performing) | $ | 6,365 | $ | 6,301 | $ | 5,915 | $ | 13,697 | $ | 13,577 | $ | 6,246 |
(in thousands) | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | ||||||||||||||||||||||||||||||||||||||||||
The Company: | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||
As of June 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital Ratio | $ | 364,332 | 13.19 | % | $ | 221,049 | 8.0 | % | N/A | N/A | $ | 363,213 | 11.89 | % | $ | 244,342 | 8.0 | % | N/A | N/A | ||||||||||||||||||||||||||||
Common Equity Tier 1 Capital Ratio | $ | 319,584 | 11.57 | % | $ | 124,340 | 4.5 | % | N/A | N/A | $ | 314,824 | 10.31 | % | $ | 137,443 | 4.5 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 Capital Ratio | $ | 329,584 | 11.93 | % | $ | 165,787 | 6.0 | % | N/A | N/A | $ | 324,824 | 10.64 | % | $ | 183,257 | 6.0 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 Leverage Ratio | $ | 329,584 | 10.77 | % | $ | 122,401 | 3.0 | % | N/A | N/A | $ | 324,824 | 9.64 | % | $ | 134,786 | 3.0 | % | N/A | N/A |
(in thousands) | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | |||||||||||||||||||||
The Bank: | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
As of June 30, 2018 | ||||||||||||||||||||||||
Total Capital Ratio | $ | 352,095 | 12.80 | % | $ | 220,041 | 8.0 | % | $ | 275,051 | 10.0 | % | ||||||||||||
Common Equity Tier 1 Capital Ratio | $ | 317,503 | 11.54 | % | $ | 123,773 | 4.5 | % | $ | 178,783 | 6.5 | % | ||||||||||||
Tier 1 Capital Ratio | $ | 317,503 | 11.54 | % | $ | 165,031 | 6.0 | % | $ | 220,041 | 8.0 | % | ||||||||||||
Tier 1 Leverage Ratio | $ | 317,503 | 10.43 | % | $ | 121,751 | 3.0 | % | $ | 152,189 | 5.0 | % |
(in thousands) | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | |||||||||||||||||||||
The Bank: | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
As of March 31, 2019 | ||||||||||||||||||||||||
Total Capital Ratio | $ | 362,846 | 11.88 | % | $ | 244,329 | 8.0 | % | $ | 305,411 | 10.0 | % | ||||||||||||
Common Equity Tier 1 Capital Ratio | $ | 324,459 | 10.62 | % | $ | 137,435 | 4.5 | % | $ | 198,517 | 6.5 | % | ||||||||||||
Tier 1 Capital Ratio | $ | 324,459 | 10.62 | % | $ | 183,247 | 6.0 | % | $ | 244,329 | 8.0 | % | ||||||||||||
Tier 1 Leverage Ratio | $ | 324,459 | 9.63 | % | $ | 134,758 | 3.0 | % | $ | 168,448 | 5.0 | % |
(in thousands) | March 31, 2019 | December 31, 2018 | March 31, 2018 | |||||||||
Commitments to Extend Credit | $ | 829,080 | $ | 828,539 | $ | 767,718 | ||||||
Letters of Credit | 19,192 | 19,108 | 19,729 | |||||||||
Performance Guarantees Under Interest Rate Swap Contracts Entered Into Between Our Borrowing Customers and Third Parties | 472 | - | - |
(in thousands) | June 30, 2018 | December 31, 2017 | June 30, 2017 | |||||||||
Commitments to Extend Credit | $ | 797,006 | $ | 735,678 | $ | 607,561 | ||||||
Letters of Credit | 18,873 | 20,061 | 19,204 | |||||||||
Performance Guarantees Under Interest Rate Swap Contracts Entered Into Between Our Borrowing Customers and Third Parties | 747 | 759 | 1,526 |
general economic and business conditions affecting the key service areas of the Company; |
credit quality trends (including trends in collateral values, delinquencies and non-performing loans & leases); |
loan & lease volumes, growth rates and concentrations; |
loan & lease portfolio seasoning; |
specific industry and crop conditions; |
recent loss experience; and |
duration of the current business cycle. |
PART II. | OTHER INFORMATION |
Exhibit No. | Description | |
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
Certifications of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
101.INS | XBRL Instance Document | |
101.SCH | XBRL Schema Document | |
101.CAL | XBRL Calculation Linkbase Document | |
101.LAB | XBRL Label Linkbase Document | |
101.PRE XBRL | Presentation Linkbase Document | |
101.DEF | XBRL Definition Linkbase Document |
FARMERS & MERCHANTS BANCORP | ||
Date: | ||
/s/ Kent A. Steinwert | ||
Kent A. Steinwert | ||
Chairman, President | ||
& Chief Executive Officer | ||
(Principal Executive Officer) |
Date: May 9, 2019 | ||
/s/ Stephen W. Haley | ||
Stephen W. Haley | ||
Executive Vice President and | ||
Chief Financial Officer | ||
(Principal Financial & Accounting Officer) |