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 | ||||
3 | |||||
4 | |||||
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5 | |||||
6 | |||||
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7 | |||||
8 | |||||
55 | |||||
PART II. - OTHER INFORMATION | |||||
March 31, 2019 | December 31, 2018 | March 31, 2018 | ||||||||||||||||||||||
Assets | Sept. 30, 2018 (Unaudited) | December 31, 2017 | Sept. 30, 2017 (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||
Cash and Cash Equivalents: | ||||||||||||||||||||||||
Cash and Due from Banks | $ | 52,709 | $ | 65,956 | $ | 44,166 | $ | 54,444 | $ | 61,058 | $ | 37,974 | ||||||||||||
Interest Bearing Deposits with Banks | 58,072 | 121,193 | 149,104 | 43,366 | 84,506 | 97,010 | ||||||||||||||||||
Total Cash and Cash Equivalents | 110,781 | 187,149 | 193,270 | 97,810 | 145,564 | 134,984 | ||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||
Available-for-Sale | 458,311 | 481,596 | 456,323 | 491,289 | 495,396 | 495,814 | ||||||||||||||||||
Held-to-Maturity | 51,459 | 54,460 | 55,542 | 54,412 | 53,566 | 53,527 | ||||||||||||||||||
Total Investment Securities | 509,770 | 536,056 | 511,865 | 545,701 | 548,962 | 549,341 | ||||||||||||||||||
Loans & Leases: | 2,416,602 | 2,215,295 | 2,216,779 | 2,563,968 | 2,571,241 | 2,235,083 | ||||||||||||||||||
Less: Allowance for Credit Losses | 53,067 | 50,342 | 50,744 | 54,907 | 55,266 | 50,677 | ||||||||||||||||||
Loans & Leases, Net | 2,363,535 | 2,164,953 | 2,166,035 | 2,509,061 | 2,515,975 | 2,184,406 | ||||||||||||||||||
Premises and Equipment, Net | 29,614 | 28,679 | 28,734 | 32,380 | 32,623 | 28,491 | ||||||||||||||||||
Bank Owned Life Insurance | 60,968 | 59,583 | 59,128 | 65,609 | 65,117 | 60,035 | ||||||||||||||||||
Interest Receivable and Other Assets | 108,794 | 99,032 | 112,743 | 145,354 | 126,002 | 102,726 | ||||||||||||||||||
Total Assets | $ | 3,183,462 | $ | 3,075,452 | $ | 3,071,775 | $ | 3,395,915 | $ | 3,434,243 | $ | 3,059,983 | ||||||||||||
Liabilities | ||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Demand | $ | 867,552 | $ | 832,652 | $ | 767,162 | $ | 915,164 | $ | 974,756 | $ | 797,435 | ||||||||||||
Interest Bearing Transaction | 602,494 | 601,476 | 564,904 | 655,117 | 694,384 | 589,883 | ||||||||||||||||||
Savings and Money Market | 844,553 | 813,703 | 827,588 | 912,977 | 903,665 | 831,324 | ||||||||||||||||||
Time | 462,324 | 475,397 | 549,773 | 524,782 | 490,027 | 482,763 | ||||||||||||||||||
Total Deposits | 2,776,923 | 2,723,228 | 2,709,427 | 3,008,040 | 3,062,832 | 2,701,405 | ||||||||||||||||||
Subordinated Debentures | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | ||||||||||||||||||
Interest Payable and Other Liabilities | 96,138 | 42,254 | 49,409 | 47,247 | 49,886 | 42,392 | ||||||||||||||||||
Total Liabilities | 2,883,371 | 2,775,792 | 2,769,146 | 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, 783,721, 812,304 and 812,304 | ||||||||||||||||||||||||
Shares Issued and Outstanding at September 30, 2018, December 31, 2017 and September 30, 2017, Respectively | 8 | 8 | 8 | |||||||||||||||||||||
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 | 72,974 | 93,624 | 93,624 | 75,538 | 72,974 | 93,624 | ||||||||||||||||||
Retained Earnings | 233,671 | 206,845 | 208,443 | 254,770 | 241,221 | 216,786 | ||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income, Net Of Taxes | (6,562 | ) | (817 | ) | 554 | |||||||||||||||||||
Accumulated Other Comprehensive Loss | 2 | (2,988 | ) | (4,542 | ) | |||||||||||||||||||
Total Shareholders' Equity | 300,091 | 299,660 | 302,629 | 330,318 | 311,215 | 305,876 | ||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 3,183,462 | $ | 3,075,452 | $ | 3,071,775 | $ | 3,395,915 | $ | 3,434,243 | $ | 3,059,983 |
(in thousands except per share data) | Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | |||||||||||||||||||
Interest Income | ||||||||||||||||||||||||
Interest and Fees on Loans & Leases | $ | 30,959 | $ | 26,491 | $ | 86,930 | $ | 76,270 | $ | 33,177 | $ | 27,044 | ||||||||||||
Interest on Deposits with Banks | 638 | 648 | 1,737 | 1,155 | 1,125 | 585 | ||||||||||||||||||
Interest on Investment Securities: | ||||||||||||||||||||||||
Taxable | 2,074 | 2,038 | 6,770 | 6,174 | 2,427 | 2,381 | ||||||||||||||||||
Exempt from Federal Tax | 394 | 432 | 1,217 | 1,321 | 444 | 418 | ||||||||||||||||||
Total Interest Income | 34,065 | 29,609 | 96,654 | 84,920 | 37,173 | 30,428 | ||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||
Deposits | 2,020 | 1,644 | 4,954 | 4,353 | 2,821 | 1,405 | ||||||||||||||||||
Subordinated Debentures | 137 | 115 | 385 | 320 | 145 | 117 | ||||||||||||||||||
Total Interest Expense | 2,157 | 1,759 | 5,339 | 4,673 | 2,966 | 1,522 | ||||||||||||||||||
Net Interest Income | 31,908 | 27,850 | 91,315 | 80,247 | 34,207 | 28,906 | ||||||||||||||||||
Provision for Credit Losses | 2,500 | 1,600 | 3,333 | 2,850 | - | 333 | ||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 29,408 | 26,250 | 87,982 | 77,397 | 34,207 | 28,573 | ||||||||||||||||||
Non-Interest Income | ||||||||||||||||||||||||
Service Charges on Deposit Accounts | 915 | 897 | 2,574 | 2,591 | 876 | 817 | ||||||||||||||||||
Net (Loss) Gain on Sale of Investment Securities | - | - | (1,330 | ) | 131 | |||||||||||||||||||
Increase in Cash Surrender Value of Life Insurance | 473 | 458 | 1,385 | 1,367 | 492 | 452 | ||||||||||||||||||
Debit Card and ATM Fees | 1,101 | 990 | 3,213 | 2,877 | 1,177 | 1,016 | ||||||||||||||||||
Net Gain on Deferred Compensation Investments | 715 | 510 | 1,904 | 1,703 | 1,045 | 782 | ||||||||||||||||||
Other | 1,004 | 783 | 3,410 | 3,914 | 874 | 1,598 | ||||||||||||||||||
Total Non-Interest Income | 4,208 | 3,638 | 11,156 | 12,583 | 4,464 | 4,665 | ||||||||||||||||||
Non-Interest Expense | ||||||||||||||||||||||||
Salaries and Employee Benefits | 12,329 | 10,809 | 37,509 | 34,751 | 13,424 | 13,527 | ||||||||||||||||||
Net Gain on Deferred Compensation Investments | 715 | 510 | 1,904 | 1,703 | 1,045 | 782 | ||||||||||||||||||
Occupancy | 984 | 864 | 2,833 | 2,580 | 1,040 | 942 | ||||||||||||||||||
Equipment | 1,078 | 957 | 3,119 | 2,970 | 1,177 | 1,023 | ||||||||||||||||||
Marketing | 257 | 329 | 976 | 867 | 380 | 329 | ||||||||||||||||||
Legal | 261 | 51 | 1,553 | 309 | 869 | 440 | ||||||||||||||||||
FDIC Insurance | 227 | 233 | 693 | 694 | 241 | 239 | ||||||||||||||||||
Gain on Sale of ORE | - | - | - | (414 | ) | |||||||||||||||||||
Other | 2,770 | 2,554 | 8,115 | 7,794 | 2,269 | 2,654 | ||||||||||||||||||
Total Non-Interest Expense | 18,621 | 16,307 | 56,702 | 51,254 | 20,445 | 19,936 | ||||||||||||||||||
Income Before Income Taxes | 14,995 | 13,581 | 42,436 | 38,726 | 18,226 | 13,302 | ||||||||||||||||||
Provision for Income Taxes | 2,995 | 5,000 | 9,945 | 14,137 | 4,677 | 3,361 | ||||||||||||||||||
Net Income | $ | 12,000 | $ | 8,581 | $ | 32,491 | $ | 24,589 | $ | 13,549 | $ | 9,941 | ||||||||||||
Basic Earnings Per Common Share | $ | 15.12 | $ | 10.59 | $ | 40.26 | $ | 30.39 | ||||||||||||||||
Basic and Diluted Earnings Per Common Share | $ | 17.27 | $ | 12.24 |
(in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net Income | $ | 12,000 | $ | 8,581 | $ | 32,491 | $ | 24,589 | ||||||||
Other Comprehensive Income | ||||||||||||||||
Increase in Net Unrealized (Loss) Gain on Available-for-Sale Securities | (1,679 | ) | 322 | (9,486 | ) | 1,106 | ||||||||||
Deferred Tax Benefit (Expense) Related to Unrealized Gains | 496 | (135 | ) | 2,816 | (465 | ) | ||||||||||
Reclassification Adjustment for Realized Losses (Gains) on Available-for-Sale Securities Included in Net Income | - | - | 1,330 | (131 | ) | |||||||||||
Deferred Tax Benefit (Expense) Related to Reclassification Adjustment | - | - | (405 | ) | 55 | |||||||||||
Change in Net Unrealized (Losses) Gains on Available-for-Sale Securities, Net of Tax | (1,183 | ) | 187 | (5,745 | ) | 565 | ||||||||||
Total Other Comprehensive (Loss) Income | (1,183 | ) | 187 | (5,745 | ) | 565 | ||||||||||
Comprehensive Income | $ | 10,817 | $ | 8,768 | $ | 26,746 | $ | 25,154 |
(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 |
(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 | - | 24,589 | - | 24,589 | ||||||||||||||||||||
Cash Dividends Declared on | - | |||||||||||||||||||||||
Common Stock ($6.75 per share) | - | - | (5,459 | ) | - | (5,459 | ) | |||||||||||||||||
Issuance of Common Stock | 4,975 | - | 2,953 | - | - | 2,953 | ||||||||||||||||||
Change in Net Unrealized Gains on Securities Available-for-Sale, Net of Tax | - | - | - | 565 | 565 | |||||||||||||||||||
Balance, September 30, 2017 | 812,304 | $ | 8 | $ | 93,624 | $ | 208,443 | $ | 554 | $ | 302,629 | |||||||||||||
Balance, January 1, 2018 | 812,304 | $ | 8 | $ | 93,624 | $ | 206,845 | $ | (817 | ) | $ | 299,660 | ||||||||||||
Net Income | - | 32,491 | - | 32,491 | ||||||||||||||||||||
Cash Dividends Declared on | - | |||||||||||||||||||||||
Common Stock ($6.90 per share) | - | - | (5,665 | ) | - | (5,665 | ) | |||||||||||||||||
Repurchase of Common Stock | (44,503 | ) | - | (31,152 | ) | - | - | (31,152 | ) | |||||||||||||||
Issuance of Common Stock | 15,920 | - | 10,502 | - | - | 10,502 | ||||||||||||||||||
Change in Net Unrealized Loss on Securities Available-for-Sale, Net of Tax | - | - | - | (5,745 | ) | (5,745 | ) | |||||||||||||||||
Balance, September 30, 2018 | 783,721 | $ | 8 | $ | 72,974 | $ | 233,671 | $ | (6,562 | ) | $ | 300,091 |
(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 | $ | - |
Nine Months Ended September 30, | ||||||||
(in thousands) | 2018 | 2017 | ||||||
Operating Activities: | ||||||||
Net Income | $ | 32,491 | $ | 24,589 | ||||
Adjustments to Reconcile Net Income to Net | ||||||||
Cash Provided by Operating Activities: | ||||||||
Provision for Credit Losses | 3,333 | 2,850 | ||||||
Depreciation and Amortization | 1,751 | 1,595 | ||||||
Net Amortization of Investment Security Premiums & Discounts | 768 | 1,097 | ||||||
Amortization of Core Deposit Intangible | 81 | 82 | ||||||
Accretion of Discount on Acquired Loans | (115 | ) | (163 | ) | ||||
Net Loss (Gain) on Sale of Investment Securities | 1,330 | (131 | ) | |||||
Net Gain on Sale of Property & Equipment | (295 | ) | (1,189 | ) | ||||
Net Gain on Sale of ORE | - | (414 | ) | |||||
Earnings from Equity Investment | (381 | ) | - | |||||
Dividends from Equity Investment | 63 | - | ||||||
Net Change in Operating Assets & Liabilities: | ||||||||
Net Decrease (Increase) in Interest Receivable and Other Assets | 2,083 | (2,315 | ) | |||||
Net Increase in Interest Payable and Other Liabilities | 3,441 | 107 | ||||||
Net Cash Provided by Operating Activities | 44,550 | 26,108 | ||||||
Investing Activities: | ||||||||
Purchase of Investment Securities Available-for-Sale | (274,440 | ) | (208,985 | ) | ||||
Proceeds from Sold, Matured or Called Securities Available-for-Sale | 342,208 | 201,001 | ||||||
Purchase of Investment Securities Held-to-Maturity | (3,042 | ) | (1,070 | ) | ||||
Proceeds from Matured or Called Securities Held-to-Maturity | 5,998 | 3,592 | ||||||
Net Loans & Leases Paid, Originated or Acquired | (201,914 | ) | (39,245 | ) | ||||
Principal Collected on Loans & Leases Previously Charged Off | 115 | 205 | ||||||
Additions to Premises and Equipment | (3,654 | ) | (3,215 | ) | ||||
Purchase of Other Investments | (4,053 | ) | (12,728 | ) | ||||
Proceeds from Sale of Property & Equipment | 986 | 3,304 | ||||||
Proceeds from Sale of Other Real Estate | - | 3,186 | ||||||
Net Cash Used in Investing Activities | (137,796 | ) | (53,955 | ) | ||||
Financing Activities: | ||||||||
Net Increase in Deposits | 53,695 | 127,716 | ||||||
Common Stock Repurchases | (31,152 | ) | - | |||||
Cash Dividends | (5,665 | ) | (5,459 | ) | ||||
Net Cash Provided by Financing Activities | 16,878 | 122,257 | ||||||
(Decrease) Increase in Cash and Cash Equivalents | (76,368 | ) | 94,410 | |||||
Cash and Cash Equivalents at Beginning of Period | 187,149 | 98,860 | ||||||
Cash and Cash Equivalents at End of Period | $ | 110,781 | $ | 193,270 | ||||
Supplementary Data | ||||||||
Cash Payments Made for Income Taxes | $ | 5,421 | $ | 13,142 | ||||
Issuance of Common Stock | $ | 10,502 | $ | 2,953 | ||||
Interest Paid | $ | 5,248 | $ | 4,586 | ||||
Supplementary Noncash Disclosure | ||||||||
Security (purchases) sales settled in subsequent period | $ | (55,000 | ) | $ | - |
1. Significant Accounting Policies |
(in thousands) | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | |||||||||||||||||||||
Core Deposit Intangible Amortization | $ | 480 | $ | 626 | $ | 611 | $ | 593 | $ | 573 | $ | 2,236 | $ | 5,119 |
15 2. Investment Securities |
September 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 | $ | 3,045 | $ | 7 | $ | - | $ | 3,052 | $ | 3,021 | $ | 6 | $ | - | $ | 3,027 | ||||||||||||||||
US Treasury Notes | 164,671 | - | 463 | 164,208 | 164,660 | 48 | 34 | 164,674 | ||||||||||||||||||||||||
US Govt SBA | 17,144 | 6 | 177 | 16,973 | 14,554 | 5 | 147 | 14,412 | ||||||||||||||||||||||||
Mortgage Backed Securities (1) | 279,757 | 265 | 8,955 | 271,067 | 303,895 | 1,764 | 1,639 | 304,020 | ||||||||||||||||||||||||
Other | 3,011 | - | - | 3,011 | 5,156 | - | - | 5,156 | ||||||||||||||||||||||||
Total | $ | 467,628 | $ | 278 | $ | 9,595 | $ | 458,311 | $ | 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 |
September 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 | $ | 3,091 | $ | 78 | $ | - | $ | 3,169 | $ | 3,068 | $ | 27 | $ | - | $ | 3,095 | ||||||||||||||||
US Treasury Notes | 144,657 | 2 | 249 | 144,410 | 144,147 | 3 | 741 | 143,409 | ||||||||||||||||||||||||
US Govt SBA | 31,732 | 45 | 86 | 31,691 | 27,786 | 12 | 261 | 27,537 | ||||||||||||||||||||||||
Mortgage Backed Securities (1) | 274,877 | 1,985 | 819 | 276,043 | 324,251 | 393 | 5,881 | 318,763 | ||||||||||||||||||||||||
Other | 1,010 | - | - | 1,010 | 3,010 | - | - | 3,010 | ||||||||||||||||||||||||
Total | $ | 455,367 | $ | 2,110 | $ | 1,154 | $ | 456,323 | $ | 502,262 | $ | 435 | $ | 6,883 | $ | 495,814 |
September 30, 2018 | Book Value | Gross Unrealized | Fair Value | |||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||
Book | Gross Unrealized | Fair | ||||||||||||||||||||||||||||||
March 31, 2019 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 51,459 | $ | 97 | $ | 174 | $ | 51,382 | $ | 54,412 | $ | 571 | $ | 1 | $ | 54,982 | ||||||||||||||||
Total | $ | 51,459 | $ | 97 | $ | 174 | $ | 51,382 | $ | 54,412 | $ | 571 | $ | 1 | $ | 54,982 |
December 31, 2017 | Book Value | Gross Unrealized | Fair Value | |||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||
Book | Gross Unrealized | Fair | ||||||||||||||||||||||||||||||
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 |
September 30, 2017 | Book Value | Gross Unrealized | Fair Value | |||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||
Book | Gross Unrealized | Fair | ||||||||||||||||||||||||||||||
March 31, 2018 | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 55,542 | $ | 749 | $ | - | $ | 56,291 | $ | 53,527 | $ | 274 | $ | 56 | $ | 53,745 | ||||||||||||||||
Total | $ | 55,542 | $ | 749 | $ | - | $ | 56,291 | $ | 53,527 | $ | 274 | $ | 56 | $ | 53,745 |
Available-for-Sale | Held-to-Maturity | Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||
September 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 | $ | 156,111 | $ | 155,934 | $ | 2,085 | $ | 2,086 | $ | 156,785 | $ | 156,762 | $ | 760 | $ | 761 | ||||||||||||||||
After one year through five years | 15,601 | 15,319 | 6,730 | 6,733 | 16,814 | 16,856 | 3,329 | 3,330 | ||||||||||||||||||||||||
After five years through ten years | 1,566 | 1,563 | 20,230 | 20,210 | 1,387 | 1,386 | 24,797 | 25,189 | ||||||||||||||||||||||||
After ten years | 14,593 | 14,428 | 22,414 | 22,353 | 12,405 | 12,265 | 25,526 | 25,702 | ||||||||||||||||||||||||
187,871 | 187,244 | 51,459 | 51,382 | 187,391 | 187,269 | 54,412 | 54,982 | |||||||||||||||||||||||||
Investment securities not due at a single maturity date: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 279,757 | 271,067 | - | - | 303,895 | 304,020 | - | - | ||||||||||||||||||||||||
Total | $ | 467,628 | $ | 458,311 | $ | 51,459 | $ | 51,382 | $ | 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 | |||||||||||||||||||||||||||||||||||||||||||
September 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 | $ | 84,315 | $ | 290 | $ | 24,902 | $ | 173 | $ | 109,217 | $ | 463 | $ | 149,962 | $ | 28 | $ | 4,909 | $ | 6 | $ | 154,871 | $ | 34 | ||||||||||||||||||||||||
US Govt SBA | 4,965 | 62 | 8,467 | 115 | 13,432 | 177 | 1,310 | - | 10,823 | 147 | 12,133 | 147 | ||||||||||||||||||||||||||||||||||||
Mortgage Backed Securities | 182,243 | 5,772 | 78,272 | 3,183 | 260,515 | 8,955 | 5,434 | 25 | 190,452 | 1,614 | 195,886 | 1,639 | ||||||||||||||||||||||||||||||||||||
Total | $ | 271,523 | $ | 6,124 | $ | 111,641 | $ | 3,471 | $ | 383,164 | $ | 9,595 | $ | 156,706 | $ | 53 | $ | 206,184 | $ | 1,767 | $ | 362,890 | $ | 1,820 | ||||||||||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 15,309 | $ | 174 | $ | - | $ | - | $ | 15,309 | $ | 174 | $ | 229 | $ | 1 | $ | 360 | $ | - | $ | 589 | $ | 1 | ||||||||||||||||||||||||
Total | $ | 15,309 | $ | 174 | $ | - | $ | - | $ | 15,309 | $ | 174 | $ | 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 | ||||||||||||||||||||||
September 30, 2017 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||
US Treasury Notes | $ | 74,414 | $ | 249 | $ | - | $ | - | $ | 74,414 | $ | 249 | ||||||||||||
US Govt SBA | 18,669 | 86 | - | - | 18,669 | 86 | ||||||||||||||||||
Mortgage Backed Securities | 122,887 | 819 | - | - | 122,887 | 819 | ||||||||||||||||||
Total | $ | 215,970 | $ | 1,154 | $ | - | $ | - | $ | 215,970 | $ | 1,154 |
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 September 30, | Nine Months Ended September 30, | |||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Proceeds | $ | - | $ | - | $ | 31,370 | $ | 7,831 | ||||||||
Gains | - | - | 8 | 143 | ||||||||||||
Losses | - | - | 1,338 | 12 |
3. Loans & Leases and Allowance for Credit Losses |
September 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 | ) | (14 | ) | - | (613 | ) | (84 | ) | - | - | (723 | ) | ||||||||||||||||||||||||||||
Recoveries | - | - | - | 12 | 4 | 40 | 19 | 40 | - | - | 115 | |||||||||||||||||||||||||||||||||
Provision | (31 | ) | 1,422 | (372 | ) | 59 | 284 | 4 | 1,029 | 142 | 430 | 366 | 3,333 | |||||||||||||||||||||||||||||||
Ending Balance- September 30, 2018 | $ | 10,891 | $ | 13,507 | $ | 1,474 | $ | 874 | $ | 2,598 | $ | 8,203 | $ | 9,632 | $ | 307 | $ | 3,793 | $ | 1,788 | $ | 53,067 | ||||||||||||||||||||||
Third Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- July 1, 2018 | $ | 10,783 | $ | 13,314 | $ | 1,616 | $ | 864 | $ | 2,548 | $ | 7,658 | $ | 9,436 | $ | 270 | $ | 3,400 | $ | 1,248 | $ | 51,137 | ||||||||||||||||||||||
Charge-Offs | - | - | - | - | (10 | ) | - | (599 | ) | (25 | ) | - | - | (634 | ) | |||||||||||||||||||||||||||||
Recoveries | - | - | - | 6 | 2 | 27 | 16 | 13 | - | - | 64 | |||||||||||||||||||||||||||||||||
Provision | 108 | 193 | (142 | ) | 4 | 58 | 518 | 779 | 49 | 393 | 540 | 2,500 | ||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2018 | $ | 10,891 | $ | 13,507 | $ | 1,474 | $ | 874 | $ | 2,598 | $ | 8,203 | $ | 9,632 | $ | 307 | $ | 3,793 | $ | 1,788 | $ | 53,067 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 314 | - | - | 121 | 15 | - | 192 | 7 | - | - | 649 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 10,577 | 13,507 | 1,474 | 753 | 2,583 | 8,203 | 9,440 | 300 | 3,793 | 1,788 | 52,418 | |||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 767,410 | $ | 553,608 | $ | 92,521 | $ | 263,549 | $ | 38,490 | $ | 287,821 | $ | 304,333 | $ | 7,723 | $ | 101,147 | $ | - | $ | 2,416,602 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 4,713 | 7,238 | - | 2,426 | 305 | - | 1,670 | 7 | - | - | 16,359 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 762,697 | $ | 546,370 | $ | 92,521 | $ | 261,123 | $ | 38,185 | $ | 287,821 | $ | 302,663 | $ | 7,716 | $ | 101,147 | $ | - | $ | 2,400,243 |
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 | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Charge-Offs | (109 | ) | - | - | (53 | ) | (3 | ) | (374 | ) | - | (146 | ) | - | - | (685 | ) | |||||||||||||||||||||||||||
Recoveries | 109 | - | - | 40 | 8 | 17 | 8 | 76 | - | - | 258 | |||||||||||||||||||||||||||||||||
Provision | (188 | ) | 2,635 | (1,377 | ) | (37 | ) | 179 | 1,135 | 674 | 79 | (223 | ) | (27 | ) | 2,850 | ||||||||||||||||||||||||||||
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 Individually Evaluated for Impairment | 366 | - | - | 73 | 17 | - | 220 | 8 | - | - | 684 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 4,822 | - | - | 2,373 | 340 | - | 1,734 | 10 | - | - | 9,279 | |||||||||||||||||||||||||||||||||
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 |
September 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, 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, 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, 2019 | $ | 11,609 | $ | 14,092 | $ | 1,249 | $ | 880 | $ | 2,761 | $ | 8,242 | $ | 11,656 | $ | 494 | $ | 4,022 | $ | 261 | $ | 55,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | (109 | ) | - | - | - | - | (7 | ) | - | (114 | ) | - | - | (230 | ) | - | - | - | - | - | - | (379 | ) | (21 | ) | - | - | (400 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 110 | - | - | 37 | 6 | - | 6 | 46 | - | - | 205 | - | - | - | 3 | 6 | 6 | 12 | 14 | - | - | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (14 | ) | 1,946 | (473 | ) | 95 | 115 | (14 | ) | 539 | 77 | (392 | ) | 971 | 2,850 | (209 | ) | 401 | (42 | ) | (20 | ) | (29 | ) | (800 | ) | 644 | (20 | ) | (14 | ) | 89 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2017 | $ | 11,097 | $ | 11,396 | $ | 2,750 | $ | 997 | $ | 2,261 | $ | 7,360 | $ | 9,060 | $ | 209 | $ | 3,194 | $ | 2,420 | $ | 50,744 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- July 1, 2017 | $ | 11,242 | $ | 10,265 | $ | 2,687 | $ | 872 | $ | 2,170 | $ | 7,236 | $ | 9,544 | $ | 205 | $ | 2,952 | $ | 1,891 | $ | 49,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | - | - | - | - | - | - | - | (54 | ) | - | - | (54 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 99 | - | - | 18 | 1 | - | 2 | 14 | - | - | 134 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (244 | ) | 1,131 | 63 | 107 | 90 | 124 | (486 | ) | 44 | 242 | 529 | 1,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2017 | $ | 11,097 | $ | 11,396 | $ | 2,750 | $ | 997 | $ | 2,261 | $ | 7,360 | $ | 9,060 | $ | 209 | $ | 3,194 | $ | 2,420 | $ | 50,744 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 385 | - | - | 61 | 17 | 69 | 231 | 5 | - | - | 768 | 214 | - | - | 124 | 13 | 98 | 172 | 6 | - | - | 627 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 10,712 | 11,396 | 2,750 | 936 | 2,244 | 7,291 | 8,829 | 204 | 3,194 | 2,420 | 49,976 | 11,186 | 14,493 | 1,207 | 739 | 2,725 | 7,350 | 11,761 | 461 | 4,008 | 350 | 54,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 683,037 | $ | 470,738 | $ | 162,167 | $ | 257,920 | $ | 33,350 | $ | 259,127 | $ | 257,951 | $ | 7,312 | $ | 85,177 | $ | - | $ | 2,216,779 | $ | 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 | 4,855 | - | - | 1,887 | 369 | 368 | 1,752 | 7 | - | - | 9,238 | 4,638 | 7,238 | - | 2,469 | 255 | 200 | 1,591 | 6 | - | - | 16,397 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 678,182 | $ | 470,738 | $ | 162,167 | $ | 256,033 | $ | 32,981 | $ | 258,759 | $ | 256,199 | $ | 7,305 | $ | 85,177 | $ | - | $ | 2,207,541 | $ | 810,728 | $ | 596,363 | $ | 99,837 | $ | 255,890 | $ | 39,817 | $ | 256,804 | $ | 362,848 | $ | 18,412 | $ | 106,872 | $ | - | $ | 2,547,571 |
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: | ||||||||||||||||||||||||||||||||||||||||||||
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 | - | - | - | (31 | ) | (8 | ) | - | (613 | ) | (115 | ) | - | - | (767 | ) | ||||||||||||||||||||||||||||
Recoveries | 2 | - | - | 15 | 6 | 61 | 20 | 54 | - | - | 158 | |||||||||||||||||||||||||||||||||
Provision | 685 | 2,007 | (597 | ) | 81 | 439 | 22 | 3,052 | 346 | 659 | (1,161 | ) | 5,533 | |||||||||||||||||||||||||||||||
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 | 234 | - | - | 125 | 15 | - | 185 | 6 | - | - | 565 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 11,375 | 14,092 | 1,249 | 755 | 2,746 | 8,242 | 11,471 | 488 | 4,022 | 261 | 54,701 | |||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 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 | 4,676 | 7,238 | - | 2,491 | 297 | - | 1,639 | 6 | - | - | 16,347 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 821,873 | 577,387 | 98,568 | 257,245 | 40,492 | 290,463 | 342,195 | 19,406 | 107,265 | - | 2,554,894 |
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: | ||||||||||||||||||||||||||||||||||||||||||||
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 | - | - | - | - | (4 | ) | - | - | (17 | ) | - | - | (21 | ) | ||||||||||||||||||||||||||||||
Recoveries | - | - | - | 3 | 1 | 6 | 2 | 11 | - | - | 23 | |||||||||||||||||||||||||||||||||
Provision | 156 | 157 | 27 | 9 | 22 | (297 | ) | 175 | 36 | 27 | 21 | 333 | ||||||||||||||||||||||||||||||||
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 | 335 | - | - | 76 | 17 | - | 205 | 8 | - | - | 641 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 10,743 | 12,242 | 1,873 | 751 | 2,326 | 7,868 | 9,169 | 231 | 3,390 | 1,443 | 50,036 | |||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 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 | 4,784 | - | - | 2,427 | 332 | - | 1,713 | 9 | - | - | 9,265 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 693,565 | $ | 508,400 | $ | 96,315 | $ | 261,710 | $ | 34,359 | $ | 261,427 | $ | 272,969 | $ | 6,676 | $ | 90,397 | $ | - | $ | 2,225,818 |
September 30, 2018 | Pass | Special Mention | Substandard | Total Loans & Leases | ||||||||||||||||||||||||||||
March 31, 2019 | Pass | Special Mention | Substandard | Total Loans & Leases | ||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 764,839 | $ | 2,571 | $ | - | $ | 767,410 | $ | 813,090 | $ | 2,276 | $ | - | $ | 815,366 | ||||||||||||||||
Agricultural Real Estate | 537,027 | 3,271 | 13,310 | 553,608 | 587,444 | 2,847 | 13,310 | 603,601 | ||||||||||||||||||||||||
Real Estate Construction | 92,521 | - | - | 92,521 | 99,837 | - | - | 99,837 | ||||||||||||||||||||||||
Residential 1st Mortgages | 262,946 | - | 603 | 263,549 | 257,878 | - | 481 | 258,359 | ||||||||||||||||||||||||
Home Equity Lines & Loans | 38,443 | - | 47 | 38,490 | 40,028 | - | 44 | 40,072 | ||||||||||||||||||||||||
Agricultural | 281,698 | 4,635 | 1,488 | 287,821 | 250,630 | 6,167 | 207 | 257,004 | ||||||||||||||||||||||||
Commercial | 303,507 | 171 | 655 | 304,333 | 360,525 | 2,983 | 931 | 364,439 | ||||||||||||||||||||||||
Consumer & Other | 7,552 | - | 171 | 7,723 | 18,263 | - | 155 | 18,418 | ||||||||||||||||||||||||
Leases | 101,147 | - | - | 101,147 | 106,872 | - | - | 106,872 | ||||||||||||||||||||||||
Total | $ | 2,389,680 | $ | 10,648 | $ | 16,274 | $ | 2,416,602 | $ | 2,534,567 | $ | 14,273 | $ | 15,128 | $ | 2,563,968 |
December 31, 2018 | Pass | Special Mention | Substandard | Total Loans | ||||||||||||
Loans & Leases: | ||||||||||||||||
Commercial Real Estate | $ | 823,983 | $ | 2,566 | $ | - | $ | 826,549 | ||||||||
Agricultural Real Estate | 566,612 | 4,703 | 13,310 | 584,625 | ||||||||||||
Real Estate Construction | 98,568 | - | - | 98,568 | ||||||||||||
Residential 1st Mortgages | 259,208 | - | 528 | 259,736 | ||||||||||||
Home Equity Lines and Loans | 40,744 | - | 45 | 40,789 | ||||||||||||
Agricultural | 284,561 | 5,433 | 469 | 290,463 | ||||||||||||
Commercial | 343,085 | 163 | 586 | 343,834 | ||||||||||||
Consumer & Other | 19,229 | - | 183 | 19,412 | ||||||||||||
Leases | 107,265 | - | - | 107,265 | ||||||||||||
Total | $ | 2,543,255 | $ | 12,865 | $ | 15,121 | $ | 2,571,241 |
March 31, 2018 | Pass | Special Mention | Substandard | Total Loans & Leases | ||||||||||||
Loans & Leases: | ||||||||||||||||
Commercial Real Estate | $ | 691,537 | $ | 6,812 | $ | - | $ | 698,349 | ||||||||
Agricultural Real Estate | 495,936 | 8,537 | 3,927 | 508,400 | ||||||||||||
Real Estate Construction | 86,779 | 9,536 | - | 96,315 | ||||||||||||
Residential 1st Mortgages | 263,101 | - | 1,036 | 264,137 | ||||||||||||
Home Equity Lines & Loans | 34,643 | - | 48 | 34,691 | ||||||||||||
Agricultural | 252,553 | 6,286 | 2,588 | 261,427 | ||||||||||||
Commercial | 268,745 | 5,460 | 477 | 274,682 | ||||||||||||
Consumer & Other | 6,565 | - | 120 | 6,685 | ||||||||||||
Leases | 88,320 | 2,077 | - | 90,397 | ||||||||||||
Total | $ | 2,188,179 | $ | 38,708 | $ | 8,196 | $ | 2,235,083 |
December 31, 2017 | Pass | Special Mention | Substandard | Total Loans | ||||||||||||
Loans & Leases: | ||||||||||||||||
Commercial Real Estate | $ | 677,636 | $ | 6,843 | $ | 482 | $ | 684,961 | ||||||||
Agricultural Real Estate | 488,672 | 6,529 | 4,030 | 499,231 | ||||||||||||
Real Estate Construction | 90,728 | 9,478 | - | 100,206 | ||||||||||||
Residential 1st Mortgages | 259,795 | 41 | 915 | 260,751 | ||||||||||||
Home Equity Lines and Loans | 34,476 | - | 49 | 34,525 | ||||||||||||
Agricultural | 264,425 | 6,439 | 2,718 | 273,582 | ||||||||||||
Commercial | 260,565 | 4,610 | 528 | 265,703 | ||||||||||||
Consumer & Other | 6,498 | - | 158 | 6,656 | ||||||||||||
Leases | 87,497 | 2,183 | - | 89,680 | ||||||||||||
Total | $ | 2,170,292 | $ | 36,123 | $ | 8,880 | $ | 2,215,295 |
September 30, 2017 | Pass | Special Mention | Substandard | Total Loans &Leases | ||||||||||||
Loans & Leases: | ||||||||||||||||
Commercial Real Estate | $ | 678,083 | $ | 4,458 | $ | 496 | $ | 683,037 | ||||||||
Agricultural Real Estate | 465,427 | 1,281 | 4,030 | 470,738 | ||||||||||||
Real Estate Construction | 152,989 | 9,178 | - | 162,167 | ||||||||||||
Residential 1st Mortgages | 256,906 | 43 | 971 | 257,920 | ||||||||||||
Home Equity Lines & Loans | 33,297 | - | 53 | 33,350 | ||||||||||||
Agricultural | 250,372 | 5,331 | 3,424 | 259,127 | ||||||||||||
Commercial | 253,144 | 4,184 | 623 | 257,951 | ||||||||||||
Consumer & Other | 7,142 | - | 170 | 7,312 | ||||||||||||
Leases | 82,889 | 2,288 | - | 85,177 | ||||||||||||
Total | $ | 2,180,249 | $ | 26,763 | $ | 9,767 | $ | 2,216,779 |
September 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 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 767,410 | $ | 767,410 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 815,366 | $ | 815,366 | ||||||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | - | - | 553,608 | 553,608 | - | - | - | - | - | 603,601 | 603,601 | ||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction | - | - | - | - | - | 92,521 | 92,521 | - | - | - | - | - | 99,837 | 99,837 | ||||||||||||||||||||||||||||||||||||||||||
Residential 1st Mortgages | 167 | - | - | - | 167 | 263,382 | 263,549 | 707 | - | - | - | 707 | 257,652 | 258,359 | ||||||||||||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | - | - | - | - | - | 38,490 | 38,490 | - | - | - | - | - | 40,072 | 40,072 | ||||||||||||||||||||||||||||||||||||||||||
Agricultural | 150 | - | - | - | 150 | 287,671 | 287,821 | - | - | - | - | - | 257,004 | 257,004 | ||||||||||||||||||||||||||||||||||||||||||
Commercial | 21 | - | - | - | 21 | 304,312 | 304,333 | - | - | - | - | - | 364,439 | 364,439 | ||||||||||||||||||||||||||||||||||||||||||
Consumer & Other | 17 | - | - | 17 | 7,706 | 7,723 | 20 | - | - | - | 20 | 18,398 | 18,418 | |||||||||||||||||||||||||||||||||||||||||||
Leases | - | - | - | - | 101,147 | 101,147 | - | - | - | - | - | 106,872 | 106,872 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 355 | $ | - | $ | - | $ | - | $ | 355 | $ | 2,416,247 | $ | 2,416,602 | $ | 727 | $ | - | $ | - | $ | - | $ | 727 | $ | 2,563,241 | $ | 2,563,968 |
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 | $ | - | $ | 731 | $ | - | $ | - | $ | 731 | $ | 825,818 | $ | 826,549 | ||||||||||||||
Agricultural Real Estate | - | - | - | - | - | 584,625 | 584,625 | |||||||||||||||||||||
Real Estate Construction | 327 | - | - | - | 327 | 98,241 | 98,568 | |||||||||||||||||||||
Residential 1st Mortgages | 367 | - | - | - | 367 | 259,369 | 259,736 | |||||||||||||||||||||
Home Equity Lines and Loans | - | - | - | - | - | 40,789 | 40,789 | |||||||||||||||||||||
Agricultural | - | - | - | - | - | 290,463 | 290,463 | |||||||||||||||||||||
Commercial | - | - | - | - | - | 343,834 | 343,834 | |||||||||||||||||||||
Consumer & Other | 13 | - | - | - | 13 | 19,399 | 19,412 | |||||||||||||||||||||
Leases | - | - | - | - | - | 107,265 | 107,265 | |||||||||||||||||||||
Total | $ | 707 | $ | 731 | $ | - | $ | - | $ | 1,438 | $ | 2,569,803 | $ | 2,571,241 |
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 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 698,349 | $ | 698,349 | ||||||||||||||
Agricultural Real Estate | - | - | - | - | - | 508,400 | 508,400 | |||||||||||||||||||||
Real Estate Construction | - | - | - | - | - | 96,315 | 96,315 | |||||||||||||||||||||
Residential 1st Mortgages | 14 | 49 | - | 81 | 144 | 263,993 | 264,137 | |||||||||||||||||||||
Home Equity Lines & Loans | 20 | - | - | - | 20 | 34,671 | 34,691 | |||||||||||||||||||||
Agricultural | - | - | - | - | - | 261,427 | 261,427 | |||||||||||||||||||||
Commercial | - | 14 | - | - | 14 | 274,668 | 274,682 | |||||||||||||||||||||
Consumer & Other | 8 | - | - | - | 8 | 6,677 | 6,685 | |||||||||||||||||||||
Leases | - | - | - | - | - | 90,397 | 90,397 | |||||||||||||||||||||
Total | $ | 42 | $ | 63 | $ | - | $ | 81 | $ | 186 | $ | 2,234,897 | $ | 2,235,083 |
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 | |||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||
Commercial Real Estate | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 684,961 | $ | 684,961 | ||||||||||||||
Agricultural Real Estate | - | - | - | - | - | 499,231 | 499,231 | |||||||||||||||||||||
Real Estate Construction | - | - | - | - | - | 100,206 | 100,206 | |||||||||||||||||||||
Residential 1st Mortgages | 448 | - | - | - | 448 | 260,303 | 260,751 | |||||||||||||||||||||
Home Equity Lines and Loans | 10 | - | - | - | 10 | 34,515 | 34,525 | |||||||||||||||||||||
Agricultural | - | - | - | - | - | 273,582 | 273,582 | |||||||||||||||||||||
Commercial | 180 | - | - | - | 180 | 265,523 | 265,703 | |||||||||||||||||||||
Consumer & Other | 7 | - | - | - | 7 | 6,649 | 6,656 | |||||||||||||||||||||
Leases | - | - | - | - | - | 89,680 | 89,680 | |||||||||||||||||||||
Total | $ | 645 | $ | - | $ | - | $ | - | $ | 645 | $ | 2,214,650 | $ | 2,215,295 |
September 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 | |||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||
Commercial Real Estate | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 683,037 | $ | 683,037 | ||||||||||||||
Agricultural Real Estate | - | - | - | - | - | 470,738 | 470,738 | |||||||||||||||||||||
Real Estate Construction | - | - | - | - | - | 162,167 | 162,167 | |||||||||||||||||||||
Residential 1st Mortgages | - | - | - | - | - | 257,920 | 257,920 | |||||||||||||||||||||
Home Equity Lines & Loans | - | - | - | - | - | 33,350 | 33,350 | |||||||||||||||||||||
Agricultural | - | - | - | - | - | 259,127 | 259,127 | |||||||||||||||||||||
Commercial | - | 3 | - | - | 3 | 257,948 | 257,951 | |||||||||||||||||||||
Consumer & Other | 16 | - | - | 4 | 20 | 7,292 | 7,312 | |||||||||||||||||||||
Leases | - | - | - | - | - | 85,177 | 85,177 | |||||||||||||||||||||
Total | $ | 16 | $ | 3 | $ | - | $ | 4 | $ | 23 | $ | 2,216,756 | $ | 2,216,779 |
September 30, 2018 | Three Months Ended September 30, 2018 | Nine Months Ended September 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 | $ | 98 | $ | 98 | $ | - | $ | 99 | $ | 2 | $ | 101 | $ | 6 | $ | 93 | $ | 93 | $ | - | $ | 94 | $ | 2 | ||||||||||||||||||||||||
Agricultural Real Estate | 7,239 | 7,238 | - | 3,620 | 6 | 804 | 6 | 7,239 | 7,238 | - | 7,239 | 73 | ||||||||||||||||||||||||||||||||||||
Residential 1st Mortgages | - | - | - | - | - | 553 | 8 | |||||||||||||||||||||||||||||||||||||||||
$ | 7,337 | $ | 7,336 | $ | - | $ | 3,719 | $ | 8 | $ | 1,458 | $ | 20 | $ | 7,332 | $ | 7,331 | $ | - | $ | 7,333 | $ | 75 | |||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 2,920 | $ | 2,910 | $ | 314 | $ | 2,929 | $ | 24 | $ | 2,950 | $ | 72 | $ | 2,883 | $ | 2,875 | $ | 214 | $ | 2,893 | $ | 23 | ||||||||||||||||||||||||
Residential 1st Mortgages | 1,562 | 1,739 | 77 | 1,630 | 12 | 989 | 32 | 1,625 | 1,829 | 81 | 1,633 | 21 | ||||||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | 75 | 85 | 4 | 76 | 1 | 76 | 3 | 73 | 83 | 4 | 74 | 1 | ||||||||||||||||||||||||||||||||||||
Agricultural | 201 | 200 | 98 | 101 | - | |||||||||||||||||||||||||||||||||||||||||||
Commercial | 1,675 | 1,670 | 192 | 1,986 | 14 | 1,879 | 44 | 1,596 | 1,590 | 172 | 1,620 | 14 | ||||||||||||||||||||||||||||||||||||
Consumer & Other | 7 | 7 | 7 | 7 | - | 8 | - | 6 | 7 | 6 | 6 | - | ||||||||||||||||||||||||||||||||||||
$ | 6,239 | $ | 6,411 | $ | 594 | $ | 6,628 | $ | 51 | 5,902 | $ | 151 | $ | 6,384 | $ | 6,584 | $ | 575 | $ | 6,327 | $ | 59 | ||||||||||||||||||||||||||
Total | $ | 13,576 | $ | 13,747 | $ | 594 | $ | 10,347 | $ | 59 | $ | 7,360 | $ | 171 | $ | 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 September 30, 2017 | Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||
September 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 | $ | 106 | $ | 107 | $ | - | $ | 107 | $ | 2 | $ | 121 | $ | 9 | $ | 102 | $ | 102 | $ | - | $ | 103 | $ | 2 | ||||||||||||||||||||||||
Agricultural Real Estate | - | - | - | 488 | - | 868 | - | |||||||||||||||||||||||||||||||||||||||||
Residential 1st Mortgages | 399 | 456 | - | 403 | 3 | 415 | 6 | 903 | 1,005 | - | 907 | 8 | ||||||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | - | - | - | - | - | 21 | - | |||||||||||||||||||||||||||||||||||||||||
Agricultural | - | - | - | 30 | - | 40 | - | |||||||||||||||||||||||||||||||||||||||||
Commercial | - | - | - | - | - | 504 | - | |||||||||||||||||||||||||||||||||||||||||
$ | 505 | $ | 563 | $ | - | $ | 1,028 | $ | 5 | $ | 1,969 | $ | 15 | $ | 1,005 | $ | 1,107 | $ | - | $ | 1,010 | $ | 10 | |||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 2,991 | $ | 2,977 | $ | 384 | $ | 3,000 | $ | 25 | 2,509 | $ | 80 | $ | 2,955 | $ | 2,943 | $ | 335 | $ | 2,964 | $ | 24 | |||||||||||||||||||||||||
Residential 1st Mortgages | 519 | 574 | 26 | 472 | 3 | 442 | 12 | 583 | 649 | 29 | 546 | 7 | ||||||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | 83 | 90 | 4 | 67 | - | 76 | 2 | 78 | 88 | 4 | 76 | 1 | ||||||||||||||||||||||||||||||||||||
Agricultural | 367 | 367 | 69 | 499 | 7 | 588 | 21 | |||||||||||||||||||||||||||||||||||||||||
Commercial | 1,760 | 1,752 | 234 | 1,696 | 14 | 1,624 | 44 | 1,720 | 1,713 | 205 | 1,731 | 15 | ||||||||||||||||||||||||||||||||||||
Consumer & Other | 4 | 11 | 4 | 14 | - | 12 | - | 8 | 8 | 8 | 8 | - | ||||||||||||||||||||||||||||||||||||
$ | 5,724 | $ | 5,771 | $ | 721 | $ | 5,748 | $ | 49 | 5,251 | $ | 159 | $ | 5,344 | $ | 5,401 | $ | 581 | $ | 5,325 | $ | 47 | ||||||||||||||||||||||||||
Total | $ | 6,229 | $ | 6,334 | $ | 721 | $ | 6,776 | $ | 54 | $ | 7,220 | $ | 174 | $ | 6,349 | $ | 6,508 | $ | 581 | $ | 6,335 | $ | 57 |
Three Months Ended September 30, 2018 | Nine Months Ended September 30, 2018 | March 31, 2019 | ||||||||||||||||||||||||||||||||||
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 | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||
Agricultural Real Estate | 1 | $ | 7,239 | $ | 7,239 | 1 | $ | 7,239 | $ | 7,239 | ||||||||||||||||||||||||||
Residential 1st Mortgages | - | - | - | 1 | 175 | 163 | ||||||||||||||||||||||||||||||
Agricultural | 1 | $ | 201 | $ | 201 | |||||||||||||||||||||||||||||||
Total | 1 | $ | 7,239 | $ | 7,239 | 2 | $ | 7,414 | $ | 7,402 | 1 | $ | 201 | $ | 201 |
December 31, 2017 | ||||||||||||
Troubled Debt Restructurings | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||
Residential 1st Mortgages | 2 | 673 | 630 | |||||||||
Home Equity Lines and Loans | 1 | 32 | 32 | |||||||||
Commercial | 2 | 138 | 138 | |||||||||
Consumer & Other | 1 | 9 | 8 | |||||||||
Total | 6 | $ | 852 | $ | 808 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 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 | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||
Agricultural Real Estate | 1 | $ | 7,239 | $ | 7,239 | |||||||||||||||||||||||||||||||
Residential 1st Mortgages | 1 | $ | 112 | $ | 112 | 1 | $ | 112 | $ | 112 | 2 | 286 | 255 | |||||||||||||||||||||||
Home Equity Lines & Loans | 1 | 32 | 32 | 1 | 32 | 32 | ||||||||||||||||||||||||||||||
Commercial | 2 | 138 | 138 | 2 | 138 | 138 | ||||||||||||||||||||||||||||||
Total | 4 | $ | 282 | $ | 282 | 4 | $ | 282 | $ | 282 | 3 | $ | 7,525 | $ | 7,494 |
4. Fair Value Measurements |
Fair Value Measurements At September 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 | $ | 3,052 | $ | - | $ | 3,052 | $ | - | $ | 3,027 | $ | - | $ | 3,027 | $ | - | ||||||||||||||||
US Treasury Notes | 164,208 | 164,208 | - | - | 164,674 | 164,674 | - | - | ||||||||||||||||||||||||
US Govt SBA | 16,973 | - | 16,973 | - | 14,412 | - | 14,412 | - | ||||||||||||||||||||||||
Mortgage Backed Securities | 271,067 | - | 271,067 | - | 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 | $ | 458,311 | $ | 164,409 | $ | 291,402 | $ | 2,500 | $ | 491,289 | $ | 164,877 | $ | 321,769 | $ | 4,643 |
Fair Value Measurements At December 31, 2017, Using | 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) | 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 | $ | - | $ | 3,039 | $ | - | $ | 3,039 | $ | - | ||||||||||||||||
US Treasury Notes | 144,164 | 144,164 | - | - | 164,514 | 164,514 | - | - | ||||||||||||||||||||||||
US Govt SBA | 29,380 | - | 29,380 | - | 15,447 | - | 15,447 | - | ||||||||||||||||||||||||
Mortgage Backed Securities | 301,914 | - | 301,914 | - | 307,045 | - | 307,045 | - | ||||||||||||||||||||||||
Other | 3,010 | 200 | 310 | 2,500 | 5,351 | 202 | 310 | 4,839 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 481,596 | $ | 144,364 | $ | 334,732 | $ | 2,500 | $ | 495,396 | $ | 164,716 | $ | 325,841 | $ | 4,839 |
Fair Value Measurements At September 30, 2017, Using | 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) | 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 | $ | 3,169 | $ | - | $ | 3,169 | $ | - | $ | 3,095 | $ | - | $ | 3,095 | $ | - | ||||||||||||||||
US Treasury Notes | 144,410 | 144,410 | - | - | 143,409 | 143,409 | - | - | ||||||||||||||||||||||||
US Govt SBA | 31,691 | - | 31,691 | - | 27,537 | - | 27,537 | - | ||||||||||||||||||||||||
Mortgage Backed Securities | 276,043 | - | 276,043 | - | 318,763 | - | 318,763 | - | ||||||||||||||||||||||||
Other | 1,010 | 200 | 310 | 500 | 3,010 | 200 | 310 | 2,500 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 456,323 | $ | 144,610 | $ | 311,213 | $ | 500 | $ | 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 September 30, 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) | ||||||||||||
Impaired Loans | ||||||||||||||||
Commercial Real Estate | $ | 2,596 | $ | - | $ | - | $ | 2,596 | ||||||||
Residential 1st Mortgage | 1,476 | - | - | 1,476 | ||||||||||||
Home Equity Lines and Loans | 71 | - | - | 71 | ||||||||||||
Commercial | 1,478 | - | - | 1,478 | ||||||||||||
Total Impaired Loans | 5,621 | - | - | 5,621 | ||||||||||||
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 | $ | 6,494 | $ | - | $ | - | $ | 6,494 |
Fair Value Measurements At March 31, 2019, Using | ||||||||||||||||||||||||||||||||
Fair Value Measurements At December 31, 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: | ||||||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 2,595 | $ | - | $ | - | $ | 2,595 | $ | 2,660 | $ | - | $ | - | $ | 2,660 | ||||||||||||||||
Residential 1st Mortgage | 997 | - | - | 997 | 1,540 | - | - | 1,540 | ||||||||||||||||||||||||
Home Equity Lines and Loans | 75 | - | - | 75 | 69 | - | - | 69 | ||||||||||||||||||||||||
Agricultural | 102 | - | - | 102 | ||||||||||||||||||||||||||||
Commercial | 1,514 | - | - | 1,514 | 1,418 | - | - | 1,418 | ||||||||||||||||||||||||
Total Impaired Loans | 5,181 | - | - | 5,181 | 5,789 | - | - | 5,789 | ||||||||||||||||||||||||
Other Real Estate: | ||||||||||||||||||||||||||||||||
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 | $ | 6,054 | $ | - | $ | - | $ | 6,054 | $ | 6,662 | $ | - | $ | - | $ | 6,662 |
Fair Value Measurements At December 31, 2018, Using | ||||||||||||||||||||||||||||||||
Fair Value Measurements At September 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 | ||||||||||||||||||||||||||||||||
Impaired Loans: | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 2,594 | $ | - | $ | - | $ | 2,594 | $ | 2,658 | $ | - | $ | - | $ | 2,658 | ||||||||||||||||
Residential 1st Mortgage | 491 | - | - | 491 | 1,550 | - | - | 1,550 | ||||||||||||||||||||||||
Home Equity Lines and Loans | 78 | - | - | 78 | 70 | - | - | 70 | ||||||||||||||||||||||||
Agricultural | 298 | - | - | 298 | ||||||||||||||||||||||||||||
Commercial | 1,519 | - | - | 1,519 | 1,454 | - | - | 1,454 | ||||||||||||||||||||||||
Total Impaired Loans | 4,980 | - | - | 4,980 | 5,732 | - | - | 5,732 | ||||||||||||||||||||||||
Other Real Estate | ||||||||||||||||||||||||||||||||
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 | $ | 5,853 | $ | - | $ | - | $ | 5,853 | $ | 6,605 | $ | - | $ | - | $ | 6,605 |
Fair Value Measurements At March 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 | $ | 2,608 | $ | - | $ | - | $ | 2,608 | ||||||||
Residential 1st Mortgage | 475 | - | - | 475 | ||||||||||||
Home Equity Lines and Loans | 74 | - | - | 74 | ||||||||||||
Commercial | 1,508 | - | - | 1,508 | ||||||||||||
Total Impaired Loans | 4,665 | - | - | 4,665 | ||||||||||||
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 | $ | 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 | $ | 2,596 | Income Approach | Capitalization Rate | 3.25%, 3.25 | % | $ | 2,660 | Income Approach | Capitalization Rate | 3.25%, 3.25 | % | |||||||||
Residential 1st Mortgage | $ | 1,476 | 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 | $ | 71 | 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 | $ | 1,478 | 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 | |||||||||||||||||||||||||||||||||||||||
September 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 | $ | 110,781 | $ | 110,781 | $ | - | $ | - | $ | 110,781 | $ | 97,810 | $ | 97,810 | $ | - | $ | - | $ | 97,810 | ||||||||||||||||||||
Investment Securities Available-for-Sale | 458,311 | 164,409 | 291,402 | 2,500 | 458,311 | 491,289 | 164,877 | 321,769 | 4,643 | 491,289 | ||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity | 51,459 | - | 35,716 | 15,663 | 51,379 | 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 | 2,363,535 | - | - | 2,317,185 | 2,317,185 | 2,509,061 | - | - | 2,490,197 | 2,490,197 | ||||||||||||||||||||||||||||||
Accrued Interest Receivable | 14,612 | - | 14,612 | - | 14,612 | 12,524 | - | 12,524 | - | 12,524 | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Deposits | 2,776,923 | 2,314,600 | 457,526 | - | 2,772,126 | 3,008,040 | 2,483,258 | 521,321 | - | 3,004,579 | ||||||||||||||||||||||||||||||
Subordinated Debentures | 10,310 | - | 7,579 | - | 7,579 | 10,310 | - | 7,600 | - | 7,600 | ||||||||||||||||||||||||||||||
Accrued Interest Payable | 1,227 | - | 1,227 | - | 1,227 | 2,193 | - | 2,193 | - | 2,193 |
Fair Value of Financial Instruments Using | 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 | |||||||||||||||||||||||||||||||||||
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 | $ | 187,149 | $ | 187,149 | $ | - | $ | - | $ | 187,149 | $ | 145,564 | $ | 145,564 | $ | - | $ | - | $ | 145,564 | ||||||||||||||||||||
Investment Securities Available-for-Sale | 481,596 | 144,364 | 334,732 | 2,500 | 481,596 | 495,396 | 164,716 | 325,841 | 4,839 | 495,396 | ||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity | 54,460 | - | 38,492 | 16,744 | 55,236 | 53,566 | - | 35,083 | 18,655 | 53,738 | ||||||||||||||||||||||||||||||
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 | 2,515,975 | - | - | 2,485,182 | 2,485,182 | ||||||||||||||||||||||||||||||
Accrued Interest Receivable | 10,999 | - | 10,999 | - | 10,999 | 14,098 | - | 14,098 | - | 14,098 | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Deposits | 2,723,228 | 2,247,831 | 472,671 | - | 2,720,502 | 3,062,832 | 2,572,805 | 485,766 | - | 3,058,571 | ||||||||||||||||||||||||||||||
Subordinated Debentures | 10,310 | - | 7,428 | - | 7,428 | 10,310 | - | 7,745 | - | 7,745 | ||||||||||||||||||||||||||||||
Accrued Interest Payable | 1,137 | - | 1,137 | - | 1,137 | 1,365 | - | 1,365 | - | 1,365 |
Fair Value of Financial Instruments Using | Fair Value of Financial Instruments Using | |||||||||||||||||||||||||||||||||||||||
September 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 | |||||||||||||||||||||||||||||||||||
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 | $ | 193,270 | $ | 193,270 | $ | - | $ | - | $ | 193,270 | $ | 134,984 | $ | 134,984 | $ | - | $ | - | $ | 134,984 | ||||||||||||||||||||
Total Investment Securities Available-for-Sale | 456,323 | 144,610 | 311,213 | 500 | 456,323 | |||||||||||||||||||||||||||||||||||
Investment Securities Available-for-Sale | 495,814 | 143,609 | 349,705 | 2,500 | 495,814 | |||||||||||||||||||||||||||||||||||
Total Investment Securities Held-to-Maturity | 55,542 | - | 39,254 | 17,037 | 56,291 | |||||||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity | 53,527 | - | 37,028 | 16,717 | 53,745 | |||||||||||||||||||||||||||||||||||
FHLB Stock | 10,342 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Total Loans & Leases, Net of Deferred Fees & Allowance | 2,166,035 | - | - | 2,148,524 | 2,148,524 | |||||||||||||||||||||||||||||||||||
Loans & Leases, Net of Deferred Fees & Allowance | 2,184,406 | - | - | 2,152,504 | 2,152,504 | |||||||||||||||||||||||||||||||||||
Accrued Interest Receivable | 11,498 | - | 11,498 | - | 11,498 | 9,237 | - | 9,237 | - | 9,237 | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Total Deposits | 2,709,427 | 2,159,654 | 547,796 | - | 2,707,450 | |||||||||||||||||||||||||||||||||||
Deposits | 2,701,405 | 2,218,642 | 478,846 | - | 2,697,488 | |||||||||||||||||||||||||||||||||||
Subordinated Debentures | 10,310 | - | 6,589 | - | 6,589 | 10,310 | - | 7,751 | - | 7,751 | ||||||||||||||||||||||||||||||
Accrued Interest Payable | 939 | - | 939 | - | 939 | 909 | - | 909 | - | 909 |
6. | Dividends and Basic Earnings Per Common Share |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(net income in thousands) | 2018 | 2017 | 2018 | 2017 | 2019 | 2018 | ||||||||||||||||||
Net Income | $ | 12,000 | $ | 8,581 | $ | 32,491 | $ | 24,589 | $ | 13,549 | $ | 9,941 | ||||||||||||
Weighted Average Number of Common Shares Outstanding | 793,418 | 810,291 | 807,129 | 809,002 | 784,438 | 812,304 | ||||||||||||||||||
Basic Earnings Per Common Share Amount | $ | 15.12 | $ | 10.59 | $ | 40.26 | $ | 30.39 | $ | 17.27 | $ | 12.24 |
7. |
(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 Sept 30, 2018 | Three Months Ended Sept 30, 2017 | |||||||||||||||||||||||
Assets | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 127,570 | $ | 638 | 1.98 | % | $ | 189,647 | $ | 648 | 1.36 | % | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasuries | 49,530 | 181 | 1.46 | % | 80,985 | 224 | 1.11 | % | ||||||||||||||||
U.S. Govt SBA | 18,136 | 97 | 2.14 | % | 32,458 | 162 | 2.00 | % | ||||||||||||||||
Government Agency & Government-Sponsored Entities | 3,052 | 22 | 2.88 | % | 3,098 | 22 | 2.84 | % | ||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | 51,667 | 497 | 3.85 | % | 56,036 | 663 | 4.73 | % | ||||||||||||||||
Mortgage Backed Securities | 287,599 | 1,754 | 2.44 | % | 282,477 | 1,623 | 2.30 | % | ||||||||||||||||
Other | 3,011 | 21 | 2.79 | % | 1,010 | 6 | 2.38 | % | ||||||||||||||||
Total Investment Securities | 412,995 | 2,572 | 2.49 | % | 456,064 | 2,700 | 2.37 | % | ||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||
Real Estate | 1,666,801 | 21,416 | 5.10 | % | 1,565,218 | 18,889 | 4.79 | % | ||||||||||||||||
Home Equity Lines & Loans | 38,193 | 533 | 5.54 | % | 32,705 | 430 | 5.22 | % | ||||||||||||||||
Agricultural | 283,078 | 3,760 | 5.27 | % | 260,398 | 3,083 | 4.70 | % | ||||||||||||||||
Commercial | 290,588 | 3,867 | 5.28 | % | 258,574 | 3,041 | 4.67 | % | ||||||||||||||||
Consumer | 6,298 | 98 | 6.17 | % | 5,872 | 73 | 4.93 | % | ||||||||||||||||
Other | 1,382 | 8 | 2.30 | % | 1,678 | 9 | 2.13 | % | ||||||||||||||||
Leases | 98,316 | 1,277 | 5.15 | % | 80,629 | 966 | 4.75 | % | ||||||||||||||||
Total Loans & Leases | 2,384,656 | 30,959 | 5.15 | % | 2,205,074 | 26,491 | 4.77 | % | ||||||||||||||||
Total Earning Assets | 2,925,221 | $ | 34,169 | 4.63 | % | 2,850,785 | $ | 29,839 | 4.15 | % | ||||||||||||||
Unrealized (Loss) Gain on Securities Available-for-Sale | (7,668 | ) | 1,334 | |||||||||||||||||||||
Allowance for Credit Losses | (51,831 | ) | (49,889 | ) | ||||||||||||||||||||
Cash and Due From Banks | 47,381 | 45,084 | ||||||||||||||||||||||
All Other Assets | 191,562 | 198,054 | ||||||||||||||||||||||
Total Assets | $ | 3,104,665 | $ | 3,045,368 | ||||||||||||||||||||
Liabilities & Shareholders' Equity | ||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||
Interest Bearing DDA | $ | 619,697 | $ | 509 | 0.33 | % | $ | 553,394 | $ | 321 | 0.23 | % | ||||||||||||
Savings and Money Market | 830,680 | 467 | 0.22 | % | 812,749 | 340 | 0.17 | % | ||||||||||||||||
Time Deposits | 467,443 | 1,044 | 0.89 | % | 579,527 | 982 | 0.67 | % | ||||||||||||||||
Total Interest Bearing Deposits | 1,917,820 | 2,020 | 0.42 | % | 1,945,670 | 1,643 | 0.34 | % | ||||||||||||||||
Federal Home Loan Bank Advances | 46 | - | 0.00 | % | 0 | 0 | 0.00 | % | ||||||||||||||||
Subordinated Debentures | 10,310 | 137 | 5.27 | % | 10,310 | 115 | 4.43 | % | ||||||||||||||||
Total Interest Bearing Liabilities | 1,928,176 | $ | 2,157 | 0.44 | % | 1,955,980 | $ | 1,758 | 0.36 | % | ||||||||||||||
Interest Rate Spread | 4.19 | % | 3.80 | % | ||||||||||||||||||||
Demand Deposits (Non-Interest Bearing) | 832,752 | 741,839 | ||||||||||||||||||||||
All Other Liabilities | 43,239 | 50,210 | ||||||||||||||||||||||
Total Liabilities | 2,804,167 | 2,748,029 | ||||||||||||||||||||||
Shareholders' Equity | 300,498 | 297,339 | ||||||||||||||||||||||
Total Liabilities & Shareholders' Equity | $ | 3,104,665 | $ | 3,045,368 | ||||||||||||||||||||
Impact of Non-Interest Bearing Deposits and Other Liabilities | 0.15 | % | 0.11 | % | ||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets | 32,012 | 4.34 | % | 28,081 | 3.91 | % | ||||||||||||||||||
Tax Equivalent Adjustment | (104 | ) | (231 | ) | ||||||||||||||||||||
Net Interest Income | $ | 31,908 | 4.33 | % | $ | 27,850 | 3.88 | % |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended Sept. 30, 2018 | Nine Months Ended Sept. 30, 2017 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Assets | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Annualized Yield/Rate | Balance | Interest | Annualized Yield/Rate | ||||||||||||||||||||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 131,509 | $ | 1,737 | 1.77 | % | $ | 142,717 | $ | 1,155 | 1.08 | % | ||||||||||||||||||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Deposits With Banks | $ | 187,461 | $ | 1,125 | 2.43 | % | $ | 152,936 | $ | 585 | 1.54 | % | ||||||||||||||||||||||||||||||||||||
Investment Securities | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | 69,374 | 728 | 1.40 | % | 82,441 | 665 | 1.08 | % | 46,617 | 195 | 1.67 | % | 92,107 | 297 | 1.29 | % | ||||||||||||||||||||||||||||||||
U.S. Govt SBA | 24,559 | 339 | 1.84 | % | 34,125 | 412 | 1.61 | % | 15,251 | 99 | 2.60 | % | 28,750 | 123 | 1.71 | % | ||||||||||||||||||||||||||||||||
Government Agency & Government-Sponsored Entities | 3,063 | 66 | 2.87 | % | 3,109 | 66 | 2.83 | % | 3,028 | 22 | 2.91 | % | 3,074 | 22 | 2.86 | % | ||||||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | 53,120 | 1,536 | 3.86 | % | 56,945 | 2,026 | 4.74 | % | 54,079 | 559 | 4.13 | % | 54,689 | 529 | 3.87 | % | ||||||||||||||||||||||||||||||||
Mortgage Backed Securities | 308,835 | 5,578 | 2.41 | % | 291,179 | 5,013 | 2.30 | % | 307,072 | 2,044 | 2.66 | % | 322,296 | 1,920 | 2.38 | % | ||||||||||||||||||||||||||||||||
Other | 3,010 | 60 | 2.66 | % | 1,010 | 17 | 2.24 | % | 5,183 | 67 | 5.17 | % | 3,010 | 18 | 2.39 | % | ||||||||||||||||||||||||||||||||
Total Investment Securities | 461,961 | 8,307 | 2.40 | % | 468,809 | 8,199 | 2.33 | % | 431,230 | 2,986 | 2.77 | % | 503,926 | 2,909 | 2.31 | % | ||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans & Leases | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | 1,607,127 | 60,612 | 5.04 | % | 1,561,675 | 55,021 | 4.71 | % | 1,778,866 | 22,694 | 5.17 | % | 1,548,359 | 19,044 | 4.95 | % | ||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | 36,221 | 1,464 | 5.40 | % | 32,109 | 1,217 | 5.07 | % | ||||||||||||||||||||||||||||||||||||||||
Home Equity Line & Loans | 39,610 | 596 | 6.10 | % | 34,735 | 448 | 5.19 | % | ||||||||||||||||||||||||||||||||||||||||
Agricultural | 265,812 | 10,127 | 5.09 | % | 266,205 | 9,015 | 4.53 | % | 259,108 | 3,628 | 5.68 | % | 251,784 | 3,028 | 4.84 | % | ||||||||||||||||||||||||||||||||
Commercial | 281,664 | 10,933 | 5.19 | % | 233,853 | 8,064 | 4.61 | % | 343,448 | 4,521 | 5.34 | % | 268,032 | 3,311 | 4.97 | % | ||||||||||||||||||||||||||||||||
Consumer | 5,795 | 240 | 5.54 | % | 5,592 | 221 | 5.28 | % | 17,773 | 254 | 5.80 | % | 5,293 | 76 | 5.77 | % | ||||||||||||||||||||||||||||||||
Other | 1,382 | 23 | 2.23 | % | 1,679 | 28 | 2.23 | % | 1,079 | 6 | 2.26 | % | 1,382 | 8 | 2.33 | % | ||||||||||||||||||||||||||||||||
Leases | 93,484 | 3,531 | 5.05 | % | 77,508 | 2,704 | 4.66 | % | 107,867 | 1,479 | 5.56 | % | 91,222 | 1,129 | 4.98 | % | ||||||||||||||||||||||||||||||||
Total Loans & Leases | 2,291,485 | 86,930 | 5.07 | % | 2,178,621 | 76,270 | 4.68 | % | 2,547,751 | 33,178 | 5.28 | % | 2,200,807 | 27,044 | 4.94 | % | ||||||||||||||||||||||||||||||||
Total Earning Assets | 2,884,955 | $ | 96,974 | 4.49 | % | 2,790,147 | $ | 85,624 | 4.10 | % | 3,166,442 | $ | 37,289 | 4.78 | % | 2,857,669 | $ | 30,538 | 4.30 | % | ||||||||||||||||||||||||||||
Unrealized Gain on Securities Available-for-Sale | (7,064 | ) | 746 | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized (Loss) Gain on Securities Available-for-Sale | (4,019 | ) | (4,832 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | (51,113 | ) | (48,887 | ) | (55,238 | ) | (50,612 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash and Due From Banks | 46,448 | 44,896 | 56,206 | 46,527 | ||||||||||||||||||||||||||||||||||||||||||||
All Other Assets | 190,733 | 190,732 | 217,842 | 187,290 | ||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 3,063,959 | $ | 2,977,634 | $ | 3,381,233 | $ | 3,036,042 | ||||||||||||||||||||||||||||||||||||||||
Liabilities & Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Deposits | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing DDA | $ | 596,872 | $ | 1,086 | 0.24 | % | $ | 516,867 | $ | 723 | 0.19 | % | $ | 667,465 | $ | 552 | 0.34 | % | $ | 585,176 | $ | 272 | 0.19 | % | ||||||||||||||||||||||||
Savings and Money Market | 823,595 | 1,130 | 0.18 | % | 802,778 | 954 | 0.16 | % | 910,793 | 730 | 0.33 | % | 825,514 | 330 | 0.16 | % | ||||||||||||||||||||||||||||||||
Time Deposits | 472,460 | 2,738 | 0.77 | % | 584,773 | 2,675 | 0.61 | % | 513,853 | 1,539 | 1.21 | % | 478,740 | 803 | 0.67 | % | ||||||||||||||||||||||||||||||||
Total Interest Bearing Deposits | 1,892,927 | 4,954 | 0.35 | % | 1,904,418 | 4,352 | 0.31 | % | 2,092,111 | 2,821 | 0.55 | % | 1,889,430 | 1,405 | 0.30 | % | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank Advances | 16 | - | 0.00 | % | 1 | - | 0.00 | % | 4 | - | 0.00 | % | 4 | - | 0.00 | % | ||||||||||||||||||||||||||||||||
Subordinated Debentures | 10,310 | 385 | 4.99 | % | 10,310 | 320 | 4.15 | % | 10,310 | 145 | 5.70 | % | 10,310 | 117 | 4.56 | % | ||||||||||||||||||||||||||||||||
Total Interest Bearing Liabilities | 1,903,253 | $ | 5,339 | 0.38 | % | 1,914,729 | $ | 4,672 | 0.33 | % | 2,102,425 | $ | 2,966 | 0.57 | % | 1,899,744 | $ | 1,522 | 0.32 | % | ||||||||||||||||||||||||||||
Interest Rate Spread | 4.12 | % | 3.78 | % | 4.20 | % | 3.98 | % | ||||||||||||||||||||||||||||||||||||||||
Demand Deposits (Non-Interest Bearing) | 813,129 | 721,808 | 915,907 | 795,261 | ||||||||||||||||||||||||||||||||||||||||||||
All Other Liabilities | 43,352 | 50,394 | 43,375 | 38,464 | ||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 2,759,734 | 2,686,931 | 3,061,707 | 2,733,469 | ||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | 304,225 | 290,703 | 319,526 | 302,573 | ||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities & Shareholders' Equity | $ | 3,063,959 | $ | 2,977,634 | $ | 3,381,233 | $ | 3,036,042 | ||||||||||||||||||||||||||||||||||||||||
Impact of Non-Interest Bearing Deposits and Other Liabilities | 0.13 | % | 0.10 | % | ||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets | 91,635 | 4.25 | % | 80,952 | 3.88 | % | 34,323 | 4.40 | % | 29,016 | 4.12 | % | ||||||||||||||||||||||||||||||||||||
Tax Equivalent Adjustment | (320 | ) | (705 | ) | (116 | ) | (110 | ) | ||||||||||||||||||||||||||||||||||||||||
Net Interest Income | $ | 91,315 | 4.23 | % | $ | 80,247 | 3.85 | % | $ | 34,207 | 4.38 | % | $ | 28,906 | 4.07 | % |
(in thousands) | Three Months Ended Sept. 30, 2018 compared to Sept. 30, 2017 | Nine Months Ended Sept. 30, 2018 compared to Sept. 30, 2017 | Three Months Ended Mar. 31, 2019 compared to Mar. 31, 2018 | |||||||||||||||||||||||||||||||||
Interest Earning Assets | Volume | Rate | Net Chg. | Volume | Rate | Net Chg. | Volume | Rate | Net Chg. | |||||||||||||||||||||||||||
Interest Bearing Deposits with Banks | $ | (250 | ) | $ | 239 | $ | (11 | ) | (97 | ) | 679 | $ | 582 | |||||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||||||||||
Interest Bearing Deposits With Banks | $ | 153 | 387 | $ | 540 | |||||||||||||||||||||||||||||||
Investment Securities | ||||||||||||||||||||||||||||||||||||
U.S. Treasuries | (102 | ) | 59 | (43 | ) | (116 | ) | 179 | 63 | (174 | ) | 72 | (102 | ) | ||||||||||||||||||||||
U.S. Govt SBA | (76 | ) | 11 | (65 | ) | (126 | ) | 53 | (73 | ) | (72 | ) | 48 | (24 | ) | |||||||||||||||||||||
Government Agency & Government-Sponsored Entities | - | - | - | (1 | ) | 1 | - | - | - | - | ||||||||||||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | (49 | ) | (116 | ) | (165 | ) | (130 | ) | (359 | ) | (489 | ) | (6 | ) | 36 | 30 | ||||||||||||||||||||
Mortgage Backed Securities | 29 | 102 | 131 | 312 | 253 | 565 | (93 | ) | 217 | 124 | ||||||||||||||||||||||||||
Other | 14 | 2 | 16 | 39 | 4 | 43 | 19 | 30 | 49 | |||||||||||||||||||||||||||
Total Investment Securities | (184 | ) | 58 | (126 | ) | (22 | ) | 131 | 109 | (326 | ) | 404 | 77 | |||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||
Loans & Leases | ||||||||||||||||||||||||||||||||||||
Real Estate | 1,265 | 1,262 | 2,527 | 1,635 | 3,956 | 5,591 | 2,920 | 730 | 3,650 | |||||||||||||||||||||||||||
Home Equity Lines & Loans | 76 | 27 | 103 | 163 | 85 | 247 | ||||||||||||||||||||||||||||||
Home Equity Line & Loans | 68 | 80 | 148 | |||||||||||||||||||||||||||||||||
Agricultural | 282 | 395 | 677 | (13 | ) | 1,125 | 1,112 | 91 | 509 | 600 | ||||||||||||||||||||||||||
Commercial | 400 | 426 | 826 | 1,777 | 1,092 | 2,869 | 981 | 229 | 1,210 | |||||||||||||||||||||||||||
Consumer | 5 | 20 | 25 | 8 | 11 | 19 | 178 | - | 178 | |||||||||||||||||||||||||||
Other | (2 | ) | 1 | (1 | ) | (5 | ) | - | (5 | ) | (2 | ) | - | (2 | ) | |||||||||||||||||||||
Leases | 225 | 85 | 310 | 591 | 235 | 826 | 220 | 130 | 350 | |||||||||||||||||||||||||||
Total Loans & Leases | 2,251 | 2,216 | 4,467 | 4,156 | 6,504 | 10,659 | 4,455 | 1,678 | 6,134 | |||||||||||||||||||||||||||
Total Earning Assets | 1,817 | 2,513 | 4,330 | 4,037 | 7,314 | 11,350 | 4,282 | 2,469 | 6,751 | |||||||||||||||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||||||||||||||
Interest Bearing DDA | 42 | 146 | 188 | 123 | 240 | 363 | ||||||||||||||||||||||||||||||
Interest Bearing Deposits | ||||||||||||||||||||||||||||||||||||
Transaction | 42 | 238 | 280 | |||||||||||||||||||||||||||||||||
Savings and Money Market | 8 | 119 | 127 | 25 | 151 | 176 | 37 | 363 | 400 | |||||||||||||||||||||||||||
Time | (211 | ) | 273 | 62 | (573 | ) | 636 | 63 | ||||||||||||||||||||||||||||
Time Deposits | 64 | 672 | 736 | |||||||||||||||||||||||||||||||||
Total Interest Bearing Deposits | (161 | ) | 538 | 377 | (425 | ) | 1,027 | 602 | 143 | 1,273 | 1,416 | |||||||||||||||||||||||||
Other Borrowed Funds | - | - | - | |||||||||||||||||||||||||||||||||
Subordinated Debentures | - | 22 | 22 | - | 65 | 65 | - | 28 | 28 | |||||||||||||||||||||||||||
Total Interest Bearing Liabilities | (161 | ) | 560 | 399 | (425 | ) | 1,092 | 667 | 143 | 1,301 | 1,444 | |||||||||||||||||||||||||
Total Change on a Tax Equivalent Basis | $ | 1,978 | $ | 1,953 | $ | 3,931 | $ | 4,462 | $ | 6,222 | $ | 10,683 | ||||||||||||||||||||||||
Total Change | $ | 4,139 | $ | 1,168 | $ | 5,307 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Balance at Beginning of Period | $ | 51,137 | $ | 49,064 | $ | 50,342 | $ | 47,919 | ||||||||
Charge-Offs | (634 | ) | (54 | ) | (723 | ) | (230 | ) | ||||||||
Recoveries | 64 | 134 | 115 | 205 | ||||||||||||
Provision | 2,500 | 1,600 | 3,333 | 2,850 | ||||||||||||
Balance at End of Period | $ | 53,067 | $ | 50,744 | $ | 53,067 | $ | 50,744 |
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 |
September 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 | ) | (14 | ) | - | (613 | ) | (84 | ) | - | - | (723 | ) | ||||||||||||||||||||||||||||
Recoveries | - | - | - | 12 | 4 | 40 | 19 | 40 | - | - | 115 | |||||||||||||||||||||||||||||||||
Provision | (31 | ) | 1,422 | (372 | ) | 59 | 284 | 4 | 1,029 | 142 | 430 | 366 | 3,333 | |||||||||||||||||||||||||||||||
Ending Balance- September 30, 2018 | $ | 10,891 | $ | 13,507 | $ | 1,474 | $ | 874 | $ | 2,598 | $ | 8,203 | $ | 9,632 | $ | 307 | $ | 3,793 | $ | 1,788 | $ | 53,067 | ||||||||||||||||||||||
Third Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- July 1, 2018 | $ | 10,783 | $ | 13,314 | $ | 1,616 | $ | 864 | $ | 2,548 | $ | 7,658 | $ | 9,436 | $ | 270 | $ | 3,400 | $ | 1,248 | $ | 51,137 | ||||||||||||||||||||||
Charge-Offs | - | - | - | - | (10 | ) | - | (599 | ) | (25 | ) | - | - | (634 | ) | |||||||||||||||||||||||||||||
Recoveries | - | - | - | 6 | 2 | 27 | 16 | 13 | - | - | 64 | |||||||||||||||||||||||||||||||||
Provision | 108 | 193 | (142 | ) | 4 | 58 | 518 | 779 | 49 | 393 | 540 | 2,500 | ||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2018 | $ | 10,891 | $ | 13,507 | $ | 1,474 | $ | 874 | $ | 2,598 | $ | 8,203 | $ | 9,632 | $ | 307 | $ | 3,793 | $ | 1,788 | $ | 53,067 |
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 |
Loan & Lease Portfolio | September 30, 2018 | December 31, 2017 | September 30, 2017 | March 31, 2019 | December 31, 2018 | March 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||
(in thousands) | $ | % | $ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 774,837 | 31.9 | % | $ | 691,639 | 31.1 | % | $ | 689,732 | 31.0 | % | $ | 823,028 | 32.0 | % | $ | 834,476 | 32.4 | % | $ | 705,063 | 31.5 | % | ||||||||||||||||||||||||
Agricultural Real Estate | 553,608 | 22.8 | % | 499,231 | 22.5 | % | 470,738 | 21.2 | % | 603,601 | 23.5 | % | 584,625 | 22.7 | % | 508,400 | 22.7 | % | ||||||||||||||||||||||||||||||
Real Estate Construction | 92,521 | 3.8 | % | 100,206 | 4.5 | % | 162,167 | 7.3 | % | 99,837 | 3.9 | % | 98,568 | 3.8 | % | 96,315 | 4.3 | % | ||||||||||||||||||||||||||||||
Residential 1st Mortgages | 263,549 | 10.9 | % | 260,751 | 11.7 | % | 257,920 | 11.6 | % | 258,359 | 10.1 | % | 259,736 | 10.1 | % | 264,137 | 11.8 | % | ||||||||||||||||||||||||||||||
Home Equity Lines and Loans | 38,490 | 1.6 | % | 34,525 | 1.6 | % | 33,350 | 1.5 | % | 40,072 | 1.6 | % | 40,789 | 1.6 | % | 34,691 | 1.5 | % | ||||||||||||||||||||||||||||||
Agricultural | 287,821 | 11.9 | % | 273,582 | 12.3 | % | 259,127 | 11.7 | % | 257,004 | 10.0 | % | 290,463 | 11.3 | % | 261,427 | 11.7 | % | ||||||||||||||||||||||||||||||
Commercial | 304,333 | 12.6 | % | 265,703 | 12.0 | % | 257,951 | 11.6 | % | 364,439 | 14.2 | % | 343,834 | 13.3 | % | 274,682 | 12.3 | % | ||||||||||||||||||||||||||||||
Consumer & Other | 7,723 | 0.3 | % | 6,656 | 0.3 | % | 7,312 | 0.3 | % | 18,418 | 0.7 | % | 19,412 | 0.8 | % | 6,685 | 0.3 | % | ||||||||||||||||||||||||||||||
Leases | 101,081 | 4.2 | % | 88,957 | 4.0 | % | 84,485 | 3.8 | % | 105,823 | 4.0 | % | 106,217 | 4.0 | % | 89,678 | 3.9 | % | ||||||||||||||||||||||||||||||
Total Gross Loans & Leases | 2,423,963 | 100.0 | % | 2,221,250 | 100.0 | % | 2,222,782 | 100.0 | % | 2,570,581 | 100.0 | % | 2,578,120 | 100.0 | % | 2,241,078 | 100.0 | % | ||||||||||||||||||||||||||||||
Less: Unearned Income | 7,361 | 5,955 | 6,003 | 6,613 | 6,879 | 5,995 | ||||||||||||||||||||||||||||||||||||||||||
Subtotal | 2,416,602 | 2,215,295 | 2,216,779 | 2,563,968 | 2,571,241 | 2,235,083 | ||||||||||||||||||||||||||||||||||||||||||
Less: Allowance for Credit Losses | 53,067 | 50,342 | 50,744 | 54,907 | 55,266 | 50,677 | ||||||||||||||||||||||||||||||||||||||||||
Net Loans & Leases | $ | 2,363,535 | $ | 2,164,953 | $ | 2,166,035 | $ | 2,509,061 | $ | 2,515,975 | $ | 2,184,406 |
(in thousands) | September 30, 2018 | Dec. 31, 2017 | September 30, 2017 | March 31, 2019 | Dec. 31, 2018 | March 31, 2018 | ||||||||||||||||||
Non-Performing Loans & Leases | $ | 0 | $ | 0 | $ | 4 | $ | 0 | $ | 0 | $ | 81 | ||||||||||||
Other Real Estate | 873 | 873 | 873 | 873 | 873 | 873 | ||||||||||||||||||
Total Non-Performing Assets | $ | 873 | $ | 873 | $ | 877 | $ | 873 | $ | 873 | $ | 954 | ||||||||||||
Non-Performing Loans & Leases as a % of Total Loans & Leases | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
Restructured Loans & Leases (Performing) | $ | 13,551 | $ | 6,301 | $ | 6,202 | $ | 13,697 | $ | 13,577 | $ | 6,246 |
(in thousands) | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | |||||||||||||||||||||
The Company: | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
As of September 30, 2018 | ||||||||||||||||||||||||
Total Capital Ratio | $ | 351,093 | 12.37 | % | $ | 227,048 | 8.0 | % | N/A | N/A | ||||||||||||||
Common Equity Tier 1 Capital Ratio | $ | 305,397 | 10.76 | % | $ | 127,714 | 4.5 | % | N/A | N/A | ||||||||||||||
Tier 1 Capital Ratio | $ | 315,397 | 11.11 | % | $ | 170,286 | 6.0 | % | N/A | N/A | ||||||||||||||
Tier 1 Leverage Ratio | $ | 315,397 | 10.12 | % | $ | 124,718 | 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 September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | |||||||||||||||||||||||||||||||||||||||||||||
The Company: | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital Ratio | $ | 338,695 | 11.99 | % | $ | 226,049 | 8.0 | % | $ | 282,562 | 10.0 | % | $ | 363,213 | 11.89 | % | $ | 244,342 | 8.0 | % | N/A | N/A | ||||||||||||||||||||||||||
Common Equity Tier 1 Capital Ratio | $ | 303,153 | 10.73 | % | $ | 127,153 | 4.5 | % | $ | 183,665 | 6.5 | % | $ | 314,824 | 10.31 | % | $ | 137,443 | 4.5 | % | N/A | N/A | ||||||||||||||||||||||||||
Tier 1 Capital Ratio | $ | 303,153 | 10.73 | % | $ | 169,537 | 6.0 | % | $ | 226,049 | 8.0 | % | $ | 324,824 | 10.64 | % | $ | 183,257 | 6.0 | % | N/A | N/A | ||||||||||||||||||||||||||
Tier 1 Leverage Ratio | $ | 303,153 | 9.78 | % | $ | 123,985 | 3.0 | % | $ | 154,982 | 5.0 | % | $ | 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 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) | September 30, 2018 | December 31, 2017 | September 30, 2017 | |||||||||
Commitments to Extend Credit | $ | 789,169 | $ | 735,678 | $ | 700,747 | ||||||
Letters of Credit | 20,176 | 20,061 | 19,225 | |||||||||
Performance Guarantees Under Interest Rate Swap Contracts Entered Into Between Our Borrowing Customers and Third Parties | - | 759 | 1,479 |
(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 | - | - |
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: | May 9, 2019 | ||
/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) |