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 executive offices) | (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 | |||
5 | |||
6 | |||
7 | |||
8 | |||
PART II. - OTHER INFORMATION | |||
Assets | June 30, 2021 (Unaudited) | December 31, 2020 | June 30, 2020 (Unaudited) | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||
Cash and Cash Equivalents: | ||||||||||||||||||||||||
Cash and Due from Banks | $ | 80,646 | $ | 66,327 | $ | 67,560 | $ | 66,503 | $ | 66,327 | $ | 58,810 | ||||||||||||
Interest Bearing Deposits with Banks | 754,064 | 317,510 | 303,879 | 804,260 | 317,510 | 299,558 | ||||||||||||||||||
Total Cash and Cash Equivalents | 834,710 | 383,837 | 371,439 | 870,763 | 383,837 | 358,368 | ||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||
Available-for-Sale, at Fair Value | 351,661 | 807,732 | 569,407 | |||||||||||||||||||||
Held-to-Maturity, fair value $490,185, $70,049 and $70,194, respectively | 496,470 | 68,933 | 69,036 | |||||||||||||||||||||
Available-for-Sale | 333,151 | 807,732 | 568,536 | |||||||||||||||||||||
Held-to-Maturity, fair value $540,308, $70,049 and $71,055, respectively | 550,618 | 68,933 | 69,913 | |||||||||||||||||||||
Total Investment Securities | 848,131 | 876,665 | 638,443 | 883,769 | 876,665 | 638,449 | ||||||||||||||||||
Loans & Leases: | 3,033,196 | 3,099,592 | 3,064,512 | 3,139,801 | 3,099,592 | 3,111,931 | ||||||||||||||||||
Less: Allowance for Credit Losses | 60,229 | 58,862 | 55,058 | 60,303 | 58,862 | 56,798 | ||||||||||||||||||
Loans & Leases, Net | 2,972,967 | 3,040,730 | 3,009,454 | 3,079,498 | 3,040,730 | 3,055,133 | ||||||||||||||||||
Premises and Equipment, Net | 49,181 | 50,147 | 47,715 | 48,580 | 50,147 | 49,214 | ||||||||||||||||||
Bank Owned Life Insurance, Net | 70,303 | 69,235 | 68,177 | 70,852 | 69,235 | 68,705 | ||||||||||||||||||
Interest Receivable and Other Assets | 149,276 | 129,839 | 120,730 | 149,296 | 129,839 | 131,745 | ||||||||||||||||||
Total Assets | $ | 4,924,568 | $ | 4,550,453 | $ | 4,255,958 | $ | 5,102,758 | $ | 4,550,453 | $ | 4,301,614 | ||||||||||||
Liabilities | ||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Demand | $ | 1,646,768 | $ | 1,475,425 | $ | 1,283,182 | $ | 1,694,431 | $ | 1,475,425 | $ | 1,340,797 | ||||||||||||
Interest Bearing Transaction | 1,000,168 | 902,487 | 808,991 | 1,077,569 | 902,487 | 812,166 | ||||||||||||||||||
Savings and Money Market | 1,363,589 | 1,260,487 | 1,158,138 | 1,402,560 | 1,260,487 | 1,201,566 | ||||||||||||||||||
Time | 401,539 | 421,868 | 531,722 | 393,834 | 421,868 | 460,248 | ||||||||||||||||||
Total Deposits | 4,412,064 | 4,060,267 | 3,782,033 | 4,568,394 | 4,060,267 | 3,814,777 | ||||||||||||||||||
Subordinated Debentures | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | ||||||||||||||||||
Interest Payable and Other Liabilities | 63,835 | 56,211 | 59,887 | 69,863 | 56,211 | 59,626 | ||||||||||||||||||
Total Liabilities | 4,486,209 | 4,126,788 | 3,852,230 | 4,648,567 | 4,126,788 | 3,884,713 | ||||||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||||||
Preferred Stock: NaN Par Value, 1,000,000 Shares Authorized, NaN Issued or Outstanding | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Common Stock: Par Value $0.01, 7,500,000 Shares Authorized, 789,646, 789,646 and 793,556, | ||||||||||||||||||||||||
Shares Issued and Outstanding at June 30, 2021, December 31, 2020 and June 30, 2020, Respectively | 8 | 8 | 8 | |||||||||||||||||||||
Common Stock: Par Value $0.01, 7,500,000 Shares Authorized, 789,646, 789,646, and 793,556 Shares Issued and Outstanding at September 30, 2021, December 31, 2020 and September 30, 2020, Respectively | 8 | 8 | 8 | |||||||||||||||||||||
Additional Paid-In Capital | 77,516 | 77,516 | 80,350 | 77,516 | 77,516 | 80,350 | ||||||||||||||||||
Retained Earnings | 360,021 | 333,070 | 308,714 | 377,523 | 333,070 | 323,524 | ||||||||||||||||||
Accumulated Other Comprehensive Income, Net of Taxes | 814 | 13,071 | 14,656 | |||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income, Net of Taxes | (856 | ) | 13,071 | 13,019 | ||||||||||||||||||||
Total Shareholders’ Equity | 438,359 | 423,665 | 403,728 | 454,191 | 423,665 | 416,901 | ||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 4,924,568 | $ | 4,550,453 | $ | 4,255,958 | $ | 5,102,758 | $ | 4,550,453 | $ | 4,301,614 |
(in thousands except per share data) | Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||||||||||
Interest and Fees on Loans & Leases | $ | 36,664 | $ | 34,311 | $ | 73,751 | $ | 68,471 | $ | 36,088 | $ | 36,409 | $ | 109,839 | $ | 104,880 | ||||||||||||||||
Interest on Deposits with Banks | 164 | 65 | 267 | 1,012 | 328 | 81 | 595 | 1,093 | ||||||||||||||||||||||||
Interest on Investment Securities: | ||||||||||||||||||||||||||||||||
Taxable | 3,694 | 3,175 | 7,498 | 6,327 | 3,283 | 2,889 | 10,781 | 9,216 | ||||||||||||||||||||||||
Exempt from Federal Tax | 416 | 416 | 839 | 846 | 399 | 414 | 1,238 | 1,260 | ||||||||||||||||||||||||
Total Interest Income | 40,938 | 37,967 | 82,355 | 76,656 | 40,098 | 39,793 | 122,453 | 116,449 | ||||||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||||||||
Deposits | 1,034 | 2,458 | 2,271 | 5,602 | 929 | 2,011 | 3,200 | 7,613 | ||||||||||||||||||||||||
Subordinated Debentures | 79 | 94 | 158 | 213 | 78 | 83 | 236 | 296 | ||||||||||||||||||||||||
Total Interest Expense | 1,113 | 2,552 | 2,429 | 5,815 | 1,007 | 2,094 | 3,436 | 7,909 | ||||||||||||||||||||||||
Net Interest Income | 39,825 | 35,415 | 79,926 | 70,841 | 39,091 | 37,699 | 119,017 | 108,540 | ||||||||||||||||||||||||
Provision for Credit Losses | 0 | 300 | 1,250 | 300 | 0 | 1,700 | 1,250 | 2,000 | ||||||||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 39,825 | 35,115 | 78,676 | 70,541 | ||||||||||||||||||||||||||||
Net Interest Income After Provision for Loan Losses | 39,091 | 35,999 | 117,767 | 106,540 | ||||||||||||||||||||||||||||
Non-Interest Income | ||||||||||||||||||||||||||||||||
Service Charges on Deposit Accounts | 679 | 374 | 1,317 | 1,294 | 808 | 654 | 2,125 | 1,948 | ||||||||||||||||||||||||
Net Gain on Sale of Investment Securities | 714 | 0 | 2,554 | 13 | 0 | 0 | 2,554 | 13 | ||||||||||||||||||||||||
Increase in Cash Surrender Value of Bank Owned Life Insurance | 541 | 520 | 1,067 | 1,029 | 549 | 528 | 1,616 | 1,557 | ||||||||||||||||||||||||
Debit Card and ATM Fees | 1,806 | 1,302 | 3,385 | 2,579 | 1,788 | 1,465 | 5,173 | 4,044 | ||||||||||||||||||||||||
Net Gain (Loss) on Deferred Compensation Investments | 11,746 | 523 | 15,286 | (139 | ) | |||||||||||||||||||||||||||
Net Gain on Deferred Compensation Investments | 615 | 1,022 | 1,828 | 883 | ||||||||||||||||||||||||||||
Other | 939 | 795 | 2,541 | 1,665 | 1,100 | 870 | 3,641 | 2,535 | ||||||||||||||||||||||||
Total Non-Interest Income | 16,425 | 3,514 | 26,150 | 6,441 | 4,860 | 4,539 | 16,937 | 10,980 | ||||||||||||||||||||||||
Non-Interest Expense | ||||||||||||||||||||||||||||||||
Salaries and Employee Benefits | 16,182 | 13,783 | 32,922 | 28,663 | 14,453 | 13,606 | 47,375 | 42,269 | ||||||||||||||||||||||||
Net Gain (Loss) on Deferred Compensation Investments | 11,746 | 523 | 15,286 | (139 | ) | |||||||||||||||||||||||||||
Net Gain on Deferred Compensation Investments | 615 | 1,022 | 1,828 | 883 | ||||||||||||||||||||||||||||
Occupancy | 1,178 | 1,137 | 2,409 | 2,243 | 1,145 | 1,186 | 3,554 | 3,429 | ||||||||||||||||||||||||
Equipment | 1,213 | 1,286 | 2,437 | 2,454 | 1,251 | 1,272 | 3,688 | 3,726 | ||||||||||||||||||||||||
Marketing | 418 | 25 | 606 | 270 | 63 | 245 | 669 | 515 | ||||||||||||||||||||||||
Legal | 289 | 47 | 400 | 77 | 85 | 23 | 485 | 100 | ||||||||||||||||||||||||
FDIC Insurance | 298 | 7 | 585 | 7 | 317 | 249 | 902 | 256 | ||||||||||||||||||||||||
Other | 3,533 | 2,979 | 6,575 | 6,002 | 2,656 | 3,180 | 9,231 | 9,182 | ||||||||||||||||||||||||
Total Non-Interest Expense | 34,857 | 19,787 | 61,220 | 39,577 | 20,585 | 20,783 | 67,732 | 60,360 | ||||||||||||||||||||||||
Income Before Provision for Income Taxes | 21,393 | 18,842 | 43,606 | 37,405 | 23,366 | 19,755 | 66,972 | 57,160 | ||||||||||||||||||||||||
Provision for Income Taxes | 5,240 | 4,533 | 10,740 | 8,974 | 5,864 | 4,945 | 16,604 | 13,919 | ||||||||||||||||||||||||
Net Income | $ | 16,153 | $ | 14,309 | $ | 32,866 | $ | 28,431 | $ | 17,502 | $ | 14,810 | $ | 50,368 | $ | 43,241 | ||||||||||||||||
Basic and Diluted Earnings Per Common Share | $ | 20.45 | $ | 18.03 | $ | 41.62 | $ | 35.83 | $ | 22.16 | $ | 18.66 | $ | 63.79 | $ | 54.49 |
(in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Net Income | $ | 16,153 | $ | 14,309 | $ | 32,866 | $ | 28,431 | $ | 17,502 | $ | 14,810 | $ | 50,368 | $ | 43,241 | ||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||||||||||||
Increase in Net Unrealized (Loss) Gain on Available-for-Sale Securities | 3,957 | 1,338 | (14,609 | ) | 16,128 | (2,237 | ) | (2,325 | ) | (16,846 | ) | 13,803 | ||||||||||||||||||||
Deferred Tax Benefit Related to Unrealized (Loss) Gains | (1,170 | ) | (396 | ) | 4,319 | (4,768 | ) | |||||||||||||||||||||||||
Deferred Tax Provision Benefit (Expense) Related to Unrealized (Loss) Gains | 662 | 688 | 4,981 | (4,080 | ) | |||||||||||||||||||||||||||
Reclassification Adjustment for Realized Gains on Available-for-Sale Securities Included in Net Income | (714 | ) | 0 | (2,554 | ) | (13 | ) | 0 | 0 | (2,554 | ) | (13 | ) | |||||||||||||||||||
Deferred Tax Related to Reclassification Adjustment | 211 | 0 | 755 | 4 | 0 | 0 | 755 | 4 | ||||||||||||||||||||||||
Amortization of Unrealized Loss on Securitites Transferred from Available-for-Sale to Held to Maturity | (180 | ) | 0 | (238 | ) | 0 | ||||||||||||||||||||||||||
Deferred Tax Benefit Related to loss on Securtities Transferred | 54 | 0 | 70 | 0 | ||||||||||||||||||||||||||||
Total Other Comprehensive Income | 2,158 | 942 | (12,257 | ) | 11,351 | |||||||||||||||||||||||||||
Amortization of Unrealized Loss on Securities Transferred to Held to Maturity | (135 | ) | 0 | (373 | ) | 0 | ||||||||||||||||||||||||||
Deferred Tax Benefit Related to Loss on Securities Transferred | 40 | 0 | 110 | 0 | ||||||||||||||||||||||||||||
Total Other Comprehensive (Loss) Income | (1,670 | ) | (1,637 | ) | (13,927 | ) | 9,714 | |||||||||||||||||||||||||
Comprehensive Income | $ | 18,311 | $ | 15,251 | $ | 20,609 | $ | 39,782 | $ | 15,832 | $ | 13,173 | $ | 36,441 | $ | 52,955 |
For the three and six months ended June 30, 2021 and 2020 | ||||||||||||||||||||||||
(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 | ||||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||
Balance, March 31, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 349,790 | $ | (1,344 | ) | $ | 425,970 | ||||||||||||
Net Income | 0 | 16,153 | 0 | 16,153 | ||||||||||||||||||||
Cash Dividends Declared on Common Stock ($7.50 per share) | 0 | 0 | (5,922 | ) | 0 | (5,922 | ) | |||||||||||||||||
Other Compreshensive Income | 0 | 0 | 0 | 2,158 | 2,158 | |||||||||||||||||||
Balance, June 30, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 360,021 | $ | 814 | $ | 438,359 | |||||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||
Balance, March 31, 2020 | 793,556 | $ | 8 | $ | 80,350 | $ | 300,158 | $ | 13,714 | $ | 394,230 | |||||||||||||
Net Income | 0 | 14,309 | 0 | 14,309 | ||||||||||||||||||||
Cash Dividends Declared on Common Stock ($7.25 per share) | 0 | 0 | (5,753 | ) | 0 | (5,753 | ) | |||||||||||||||||
Other Compreshensive Income | 0 | 0 | 0 | 942 | 942 | |||||||||||||||||||
Balance, June 30, 2020 | 793,556 | $ | 8 | $ | 80,350 | $ | 308,714 | $ | 14,656 | $ | 403,728 |
For the three and nine months ended September 30, 2021 and 2020 | ||||||||||||||||||||||||
(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 | ||||||||||||||||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||
Balance, June 30, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 360,021 | $ | 814 | $ | 438,359 | |||||||||||||
Net Income | 0 | 17,502 | 0 | 17,502 | ||||||||||||||||||||
Other Comprehensive Loss | 0 | 0 | 0 | (1,670 | ) | (1,670 | ) | |||||||||||||||||
Balance, September 30, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 377,523 | $ | (856 | ) | $ | 454,191 | ||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||||||||||
Balance, June 30, 2020 | 793,556 | $ | 8 | $ | 80,350 | $ | 308,714 | $ | 14,656 | $ | 403,728 | |||||||||||||
Net Income | 0 | 14,810 | 0 | 14,810 | ||||||||||||||||||||
Other Comprehensive Loss | 0 | 0 | 0 | (1,637 | ) | (1,637 | ) | |||||||||||||||||
Balance, September 30, 2020 | 793,556 | $ | 8 | $ | 80,350 | $ | 323,524 | $ | 13,019 | $ | 416,901 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 789,646 | $ | 8 | $ | 77,516 | $ | 333,070 | $ | 13,071 | $ | 423,665 | 789,646 | $ | 8 | $ | 77,516 | $ | 333,070 | $ | 13,071 | $ | 423,665 | ||||||||||||||||||||||||||
Net Income | - | 0 | 32,866 | 0 | 32,866 | - | 0 | 50,368 | 0 | 50,368 | ||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared on Common Stock ($7.50 per share) | 0 | 0 | (5,922 | ) | 0 | (5,922 | ) | 0 | 0 | (5,922 | ) | 0 | (5,922 | ) | ||||||||||||||||||||||||||||||||||
Cash Dividends Returned | 0 | 0 | 7 | 0 | 7 | 0 | 0 | 7 | 0 | 7 | ||||||||||||||||||||||||||||||||||||||
Other Compreshensive Loss | 0 | 0 | 0 | (12,257 | ) | (12,257 | ) | |||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 360,021 | $ | 814 | $ | 438,359 | |||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | 0 | 0 | 0 | (13,927 | ) | (13,927 | ) | |||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | 789,646 | $ | 8 | $ | 77,516 | $ | 377,523 | $ | (856 | ) | $ | 454,191 | ||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 793,033 | $ | 8 | $ | 79,947 | $ | 286,036 | $ | 3,305 | $ | 369,296 | 793,033 | $ | 8 | $ | 79,947 | $ | 286,036 | $ | 3,305 | $ | 369,296 | ||||||||||||||||||||||||||
Net Income | - | 0 | 28,431 | 0 | 28,431 | - | 0 | 43,241 | 0 | 43,241 | ||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared on Common Stock ($7.25 per share) | 0 | 0 | (5,753 | ) | 0 | (5,753 | ) | 0 | 0 | (5,753 | ) | 0 | (5,753 | ) | ||||||||||||||||||||||||||||||||||
Issuance of Common Stock | 523 | 0 | 403 | 0 | 0 | 403 | 523 | 0 | 403 | 0 | 0 | 403 | ||||||||||||||||||||||||||||||||||||
Other Compreshensive Income | 0 | 0 | 0 | 11,351 | 11,351 | |||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | 793,556 | $ | 8 | $ | 80,350 | $ | 308,714 | $ | 14,656 | $ | 403,728 | |||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 0 | 0 | 0 | 9,714 | 9,714 | |||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | 793,556 | $ | 8 | $ | 80,350 | $ | 323,524 | $ | 13,019 | $ | 416,901 |
Nine Months | ||||||||||||||||
Six Months Ended | Ended September 30, | |||||||||||||||
(in thousands) | June 30, 2021 | June 30, 2020 | 2021 | 2020 | ||||||||||||
Operating Activities: | ||||||||||||||||
Net Income | $ | 32,866 | $ | 28,431 | $ | 50,368 | $ | 43,241 | ||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||||||||||
Provision for Credit Losses | 1,250 | 300 | 1,250 | 2,000 | ||||||||||||
Depreciation and Amortization | 1,318 | 1,414 | 1,971 | 2,117 | ||||||||||||
Net Amortization of Investment Security Premiums & Discounts | 797 | 397 | 1,133 | 741 | ||||||||||||
Amortization of Core Deposit Intangible | 306 | 313 | 458 | 470 | ||||||||||||
Accretion of Discount on Acquired Loans | (37 | ) | (117 | ) | (62 | ) | (134 | ) | ||||||||
Net Gain on Sale of Investment Securities | (2,554 | ) | (13 | ) | ||||||||||||
Net Gain on Sale of Property & Equipment | (36 | ) | (62 | ) | ||||||||||||
Net (Gain) on Sale of Investment Securities | (2,554 | ) | (13 | ) | ||||||||||||
Net (Gain) on Sale of Property & Equipment | (31 | ) | (38 | ) | ||||||||||||
Net Change in Operating Assets & Liabilities: | ||||||||||||||||
Net (Increase) Decrease in Interest Receivable and Other Assets | (20,752 | ) | 1,953 | |||||||||||||
Net (Increase) in Interest Receivable and Other Assets | (11,211 | ) | (6,269 | ) | ||||||||||||
Net Increase (Decrease) in Interest Payable and Other Liabilities | 14,280 | (3,217 | ) | 10,738 | (1,773 | ) | ||||||||||
Net Cash Provided by Operating Activities | 27,438 | 29,399 | 52,060 | 40,342 | ||||||||||||
Investing Activities: | ||||||||||||||||
Purchase of Investment Securities Available-for-Sale | (257,225 | ) | (150,342 | ) | (257,228 | ) | (273,408 | ) | ||||||||
Proceeds from Sold, Matured or Called Securities Available-for-Sale | 381,117 | 106,840 | 397,454 | 225,332 | ||||||||||||
Purchase of Investment Securities Held-to-Maturity | (124,070 | ) | (15,068 | ) | (194,332 | ) | (19,056 | ) | ||||||||
Proceeds from Matured or Called Securities Held-to-Maturity | 13,140 | 6,243 | 29,042 | 9,341 | ||||||||||||
Net Loans & Leases Paid, Originated or Acquired | 66,550 | (391,622 | ) | (39,956 | ) | (438,984 | ) | |||||||||
Additions to Premises and Equipment, Net | (377 | ) | (3,877 | ) | (1,001 | ) | (6,108 | ) | ||||||||
Purchase of Other Investments | (1,656 | ) | (3,230 | ) | (4,516 | ) | (4,935 | ) | ||||||||
Redemption of Other Investment | 2,556 | 0 | ||||||||||||||
Proceeds from Sale of Property & Equipment | 74 | 77 | 635 | 81 | ||||||||||||
Net Cash Provided by (Used in) Investing Activities | 77,553 | (450,979 | ) | |||||||||||||
Net Cash Used in Investing Activities | (67,346 | ) | (507,737 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||
Net Increase in Deposits | 351,797 | 504,014 | 508,127 | 536,758 | ||||||||||||
Cash Dividends | (5,922 | ) | (5,753 | ) | (5,922 | ) | (5,753 | ) | ||||||||
Cash Dividends Returned | 7 | 0 | ||||||||||||||
Cash Dividends Return | 7 | 0 | ||||||||||||||
Net Cash Provided by Financing Activities | 345,882 | 498,261 | 502,212 | 531,005 | ||||||||||||
Net Change in Cash and Cash Equivalents | 450,873 | 76,681 | 486,926 | 63,610 | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 383,837 | 294,758 | 383,837 | 294,758 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 834,710 | $ | 371,439 | $ | 870,763 | $ | 358,368 | ||||||||
Supplementary Data | ||||||||||||||||
Cash Payments Made for Income Taxes | $ | 19,181 | $ | 17 | $ | 22,530 | $ | 7,443 | ||||||||
Issuance of Common Stock to the Bank’s Non-Qualified Retirement Plans | $ | 0 | $ | 403 | $ | 0 | $ | 403 | ||||||||
Interest Paid | $ | 3,220 | $ | 6,427 | $ | 4,369 | $ | 9,085 | ||||||||
Supplementary Noncash Disclosure | ||||||||||||||||
Investment Securities Available-for-Sale Transferred to Held-to-Maturity | $ | 316,925 | $ | 0 | $ | 316,925 | $ | 0 | ||||||||
Security Purchase Settled in Subsequent Period | $ | 0 | $ | (2,507 | ) | |||||||||||
Lease Liabilities Arising from Obtaining Right-of-Use Assets | $ | 302 | $ | 0 |
(in thousands) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||||||
Core Deposit Intangible Amortization | $ | 306 | $ | 593 | $ | 573 | $ | 549 | $ | 522 | $ | 1,165 | $ | 3,708 | $ | 153 | $ | 593 | $ | 573 | $ | 549 | $ | 522 | $ | 1,165 | $ | 3,555 |
Amortized | Gross Unrealized | Fair | Amortized Cost | Gross Unrealized | Fair Value | |||||||||||||||||||||||||||
June 30, 2021 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||
US Treasury Notes | $ | 9,905 | $ | 282 | $ | 0 | $ | 10,187 | ||||||||||||||||||||||||
US Government Agency SBA | 7,323 | 73 | 49 | 7,347 | ||||||||||||||||||||||||||||
September 30, 2021 | Amortized Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||
U.S. Treasury Notes | $ | 228 | $ | 0 | ||||||||||||||||||||||||||||
U.S. Government Agency SBA | 6,892 | 70 | 43 | 6,919 | ||||||||||||||||||||||||||||
Mortgage-Backed Securities (1)(2) | 286,529 | 4,894 | 3,806 | 287,617 | 270,667 | 4,243 | 5,341 | 269,569 | ||||||||||||||||||||||||
Other | 46,510 | 0 | 0 | 46,510 | 46,513 | 0 | 0 | 46,513 | ||||||||||||||||||||||||
Total | $ | 350,267 | $ | 5,249 | $ | 3,855 | $ | 351,661 | $ | 333,994 | $ | 4,541 | $ | 5,384 | $ | 333,151 |
Amortized Cost | Gross Unrealized | Fair Value | ||||||||||||||
December 31, 2020 | Gains | Losses | ||||||||||||||
U.S. Treasury Notes | $ | 14,859 | $ | 429 | $ | 0 | $ | 15,288 | ||||||||
U.S. Government Agency SBA | 8,252 | 1 | 93 | 8,160 | ||||||||||||
Mortgage-Backed Securities (1) | 720,562 | 17,359 | 48 | 737,873 | ||||||||||||
Corporate Securities | 45,010 | 927 | 18 | 45,919 | ||||||||||||
Other | 492 | 0 | 0 | 492 | ||||||||||||
Total | $ | 789,175 | $ | 18,716 | $ | 159 | $ | 807,732 |
Amortized | Gross Unrealized | Fair | ||||||||||||||
December 31, 2020 | Cost | Gains | Losses | Value | ||||||||||||
US Treasury Notes | $ | 14,859 | $ | 429 | $ | 0 | $ | 15,288 | ||||||||
US Government Agency SBA | 8,252 | 1 | 93 | 8,160 | ||||||||||||
Mortgage-Backed Securities (1) | 720,562 | 17,359 | 48 | 737,873 | ||||||||||||
Corporate Securities | 45,010 | 927 | 18 | 45,919 | ||||||||||||
Other | 492 | 0 | 0 | 492 | ||||||||||||
Total | $ | 789,175 | $ | 18,716 | $ | 159 | $ | 807,732 |
Amortized | Gross Unrealized | Fair | Amortized Cost | Gross Unrealized | Fair Value | |||||||||||||||||||||||||||
June 30, 2020 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||
US Treasury Notes | $ | 64,802 | $ | 583 | $ | 1 | $ | 65,384 | ||||||||||||||||||||||||
US Government Agency SBA | 9,397 | 1 | 110 | 9,288 | ||||||||||||||||||||||||||||
September 30, 2020 | Amortized Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||
U.S. Treasury Notes | $ | 512 | $ | 0 | ||||||||||||||||||||||||||||
U.S. Government Agency SBA | 8,530 | 1 | 102 | 8,429 | ||||||||||||||||||||||||||||
Mortgage-Backed Securities (1) | 448,904 | 20,326 | 5 | 469,225 | 421,263 | 18,050 | 39 | 439,274 | ||||||||||||||||||||||||
Corporate Securities | 10,190 | 25 | 12 | 10,203 | 25,002 | 159 | 98 | 25,063 | ||||||||||||||||||||||||
Other | 15,307 | 0 | 0 | 15,307 | 428 | 0 | 0 | 428 | ||||||||||||||||||||||||
Total | $ | 548,600 | $ | 20,935 | $ | 128 | $ | 569,407 | $ | 550,053 | $ | 18,722 | $ | 239 | $ | 568,536 |
(1) | All |
(2) | During Q1 2021, the Company transferred $316.9 million of AFS securities to HTM. |
Amortized | Gross Unrealized | Fair | Amortized Cost | Gross Unrealized | Fair Value | |||||||||||||||||||||||||||
June 30, 2021 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||
September 30, 2021 | Amortized Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 68,471 | $ | 895 | $ | 0 | $ | 69,366 | $ | 768 | $ | 0 | ||||||||||||||||||||
Mortgage Backed Securities (1)(2) | 427,999 | 7 | 7,187 | 420,819 | 487,682 | 48 | 11,126 | 476,604 | ||||||||||||||||||||||||
Total | $ | 496,470 | $ | 902 | $ | 7,187 | $ | 490,185 | $ | 550,618 | $ | 816 | $ | 11,126 | $ | 540,308 |
Amortized | Gross Unrealized | Fair | Amortized Cost | Gross Unrealized | Fair Value | |||||||||||||||||||||||||||
December 31, 2020 | Cost | Gains | Losses | Value | Gains | Losses | ||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 68,933 | $ | 1,116 | $ | 0 | $ | 70,049 | $ | 68,933 | $ | 1,116 | $ | 0 | $ | 70,049 | ||||||||||||||||
Total | $ | 68,933 | $ | 1,116 | $ | 0 | $ | 70,049 | $ | 68,933 | $ | 1,116 | $ | 0 | $ | 70,049 |
Amortized | Gross Unrealized | Fair | Amortized Value | Gross Unrealized | Fair Value | |||||||||||||||||||||||||||
June 30, 2020 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||
September 30, 2020 | Amortized Value | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | 69,036 | $ | 1,158 | $ | 0 | $ | 70,194 | $ | 1,142 | $ | 0 | ||||||||||||||||||||
Total | $ | 69,036 | $ | 1,158 | $ | 0 | $ | 70,194 | $ | 69,913 | $ | 1,142 | $ | 0 | $ | 71,055 |
(1) | All |
(2) | During Q1 2021, the Company transferred $316.9 million of AFS securities to HTM. |
Available-for-Sale | Held-to-Maturity | Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||
June 30, 2021 | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||
September 30, 2021 | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||
Within one year | $ | 51,494 | $ | 51,587 | $ | 7,808 | $ | 7,808 | $ | 51,503 | $ | 51,569 | $ | 308 | $ | 308 | ||||||||||||||||
After one year through five years | 5,153 | 5,341 | 5,804 | 5,840 | 5,100 | 5,262 | 6,969 | 7,012 | ||||||||||||||||||||||||
After five years through ten years | 601 | 604 | 21,182 | 21,937 | 563 | 566 | 19,543 | 20,254 | ||||||||||||||||||||||||
After ten years | 6,490 | 6,512 | 33,677 | 33,781 | 6,161 | 6,185 | 36,116 | 36,130 | ||||||||||||||||||||||||
63,738 | 64,044 | 68,471 | 69,366 | 63,327 | 63,582 | 62,936 | 63,704 | |||||||||||||||||||||||||
Investment securities not due at a single maturity date: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 286,529 | 287,617 | 427,999 | 420,819 | ||||||||||||||||||||||||||||
Mortgage-Backed securities | 270,667 | 269,569 | 487,682 | 476,604 | ||||||||||||||||||||||||||||
Total | $ | 350,267 | $ | 351,661 | $ | 496,470 | $ | 490,185 | $ | 333,994 | $ | 333,151 | $ | 550,618 | $ | 540,308 |
Less Than 12 Months | 12 Months or More | Total | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government Agency SBA | $ | 172 | $ | 1 | $ | 2,328 | $ | 48 | $ | 2,500 | $ | 49 | $ | 188 | $ | 1 | $ | 2,141 | $ | 42 | $ | 2,329 | $ | 43 | ||||||||||||||||||||||||
Mortgage-Backed Securities | 143,643 | 3,804 | 124 | 2 | 143,767 | 3,806 | 171,869 | 5,339 | 116 | 2 | 171,985 | 5,341 | ||||||||||||||||||||||||||||||||||||
Total | $ | 143,815 | $ | 3,805 | $ | 2,452 | $ | 50 | $ | 146,267 | $ | 3,855 | $ | 172,057 | $ | 5,340 | $ | 2,257 | $ | 44 | $ | 174,314 | $ | 5,384 | ||||||||||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Backed Securities | 419,976 | 7,187 | 0 | 0 | $ | 419,976 | $ | 7,187 | 468,360 | 11,126 | 0 | 0 | $ | 468,360 | $ | 11,126 | ||||||||||||||||||||||||||||||||
Total | $ | 419,976 | $ | 7,187 | $ | 0 | $ | 0 | $ | 419,976 | $ | 7,187 | $ | 468,360 | $ | 11,126 | $ | 0 | $ | 0 | $ | 468,360 | $ | 11,126 |
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
December 31, 2020 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||
U.S. Government Agency SBA | $ | 1,741 | $ | 3 | $ | 6,126 | $ | 90 | $ | 7,867 | $ | 93 | ||||||||||||
Mortgage-Backed Securities | 20,142 | 45 | 177 | 3 | 20,319 | 48 | ||||||||||||||||||
Corporate Securities | 4,041 | 18 | 0 | 0 | 4,041 | 18 | ||||||||||||||||||
Total | $ | 25,924 | $ | 66 | $ | 6,303 | $ | 93 | $ | 32,227 | $ | 159 |
Less Than 12 Months | 12 Months or More | Total | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Notes | $ | 49,996 | $ | 1 | $ | 0 | $ | 0 | $ | 49,996 | $ | 1 | ||||||||||||||||||||||||||||||||||||
U.S. Government Agency SBA | 4,396 | 14 | 4,293 | 96 | 8,689 | 110 | $ | 2,312 | $ | 4 | $ | 5,810 | $ | 98 | $ | 8,122 | $ | 102 | ||||||||||||||||||||||||||||||
Mortgage-Backed Securities | 0 | 0 | 215 | 5 | 215 | 5 | 20,741 | 35 | 194 | 4 | 20,935 | 39 | ||||||||||||||||||||||||||||||||||||
Corporate Securities | 2,547 | 12 | 0 | 0 | 2,547 | 12 | 10,363 | 98 | 0 | 0 | 10,363 | 98 | ||||||||||||||||||||||||||||||||||||
Total | $ | 56,939 | $ | 27 | $ | 4,508 | $ | 101 | $ | 61,447 | $ | 128 | $ | 33,416 | $ | 137 | $ | 6,004 | $ | 102 | $ | 39,420 | $ | 239 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Proceeds | $ | 236,082 | $ | 745 | $ | 299,870 | $ | 3,000 | $ | 1,450 | $ | 50,620 | $ | 301,320 | $ | 53,620 | ||||||||||||||||
Gains | 3,730 | 0 | 5,570 | 13 | 0 | 0 | 5,570 | 13 | ||||||||||||||||||||||||
Losses | 3,016 | 0 | 3,016 | 0 | 0 | 0 | 3,016 | 0 |
(in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||
Commercial Real Estate | $ | 1,033,747 | $ | 971,326 | $ | 873,922 | $ | 1,126,230 | $ | 971,326 | $ | 887,999 | ||||||||||
Agricultural Real Estate | 630,515 | 643,014 | 635,077 | 656,337 | 643,014 | 639,172 | ||||||||||||||||
Real Estate Construction | 170,933 | 185,741 | 166,548 | 178,451 | 185,741 | 186,623 | ||||||||||||||||
Residential 1st Mortgages | 304,859 | 299,379 | 272,209 | 309,728 | 299,379 | 293,489 | ||||||||||||||||
Home Equity Lines and Loans | 32,026 | 34,239 | 37,966 | |||||||||||||||||||
Home Equity Lines & Loans | 31,664 | 34,239 | 35,875 | |||||||||||||||||||
Agricultural | 236,436 | 264,372 | 261,986 | 235,085 | 264,372 | 252,031 | ||||||||||||||||
Commercial | 361,432 | 374,816 | 369,817 | 394,326 | 374,816 | 367,052 | ||||||||||||||||
Consumer & Other (1) | 177,042 | 235,529 | 361,035 | 129,665 | 235,529 | 359,697 | ||||||||||||||||
Leases | 99,502 | 103,117 | 103,229 | 90,022 | 103,117 | 105,511 | ||||||||||||||||
Total Gross Loans & Leases | 3,046,492 | 3,111,533 | 3,081,789 | 3,151,508 | 3,111,533 | 3,127,449 | ||||||||||||||||
Less: Unearned Income | 13,296 | 11,941 | 17,277 | 11,707 | 11,941 | 15,518 | ||||||||||||||||
Subtotal | 3,033,196 | 3,099,592 | 3,064,512 | 3,139,801 | 3,099,592 | 3,111,931 | ||||||||||||||||
Less: Allowance for Credit Losses | 60,229 | 58,862 | 55,058 | 60,303 | 58,862 | 56,798 | ||||||||||||||||
Net Loans & Leases | $ | 2,972,967 | $ | 3,040,730 | $ | 3,009,454 | $ | 3,079,498 | $ | 3,040,730 | $ | 3,055,133 |
(1) | Includes CARES Act Small Business Administration Paycheck Protection Program loans of $ |
September 30, 2021 | 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- December 31, 2020 | $ | 27,679 | $ | 8,633 | $ | 1,643 | $ | 960 | $ | 2,024 | $ | 4,814 | $ | 9,961 | $ | 333 | $ | 1,731 | $ | 1,084 | $ | 58,862 | ||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (33 | ) | 0 | 0 | (33 | ) | |||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 74 | 17 | 29 | 83 | 21 | 0 | 0 | 224 | |||||||||||||||||||||||||||||||||
Provision | 1,200 | 794 | (210 | ) | (70 | ) | (129 | ) | (238 | ) | 738 | (23 | ) | (872 | ) | 60 | 1,250 | |||||||||||||||||||||||||||
Ending Balance- September 30, 2021 | $ | 28,879 | $ | 9,427 | $ | 1,433 | $ | 964 | $ | 1,912 | $ | 4,605 | $ | 10,782 | $ | 298 | $ | 859 | $ | 1,144 | $ | 60,303 | ||||||||||||||||||||||
Third Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- June 30, 2021 | $ | 28,890 | $ | 9,107 | $ | 1,405 | $ | 957 | $ | 1,899 | $ | 4,552 | $ | 9,920 | $ | 281 | $ | 1,639 | $ | 1,579 | $ | 60,229 | ||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (17 | ) | 0 | 0 | (17 | ) | |||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 15 | 6 | 24 | 38 | 8 | 0 | 0 | 91 | |||||||||||||||||||||||||||||||||
Provision | (11 | ) | 320 | 28 | (8 | ) | 7 | 29 | 824 | 26 | (780 | ) | (435 | ) | 0 | |||||||||||||||||||||||||||||
Ending Balance- September 30, 2021 | $ | 28,879 | $ | 9,427 | $ | 1,433 | $ | 964 | $ | 1,912 | $ | 4,605 | $ | 10,782 | $ | 298 | $ | 859 | $ | 1,144 | $ | 60,303 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 0 | 0 | 0 | 88 | 6 | 0 | 6 | 40 | 0 | 0 | 140 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 28,879 | 9,427 | 1,433 | 876 | 1,906 | 4,605 | 10,776 | 258 | 859 | 1,144 | 60,163 | |||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 1,114,149 | $ | 656,337 | $ | 178,451 | $ | 309,728 | $ | 31,664 | $ | 235,085 | $ | 394,326 | $ | 129,665 | $ | 90,396 | $ | 0 | $ | 3,139,801 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 74 | 0 | 0 | 1,764 | 112 | 6,129 | 218 | 178 | 0 | 0 | 8,475 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 1,114,075 | $ | 656,337 | $ | 178,451 | $ | 307,964 | $ | 31,552 | $ | 228,956 | $ | 394,108 | $ | 129,487 | $ | 90,396 | $ | 0 | $ | 3,131,326 |
June 30, 2021 | 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- December 31, 2020 | $ | 27,679 | $ | 8,633 | $ | 1,643 | $ | 960 | $ | 2,024 | $ | 4,814 | $ | 9,961 | $ | 333 | $ | 1,731 | $ | 1,084 | $ | 58,862 | ||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (16 | ) | 0 | 0 | (16 | ) | |||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 59 | 11 | 5 | 45 | 13 | 0 | 0 | 133 | |||||||||||||||||||||||||||||||||
Provision | 1,211 | 474 | (238 | ) | (62 | ) | (136 | ) | (267 | ) | (86 | ) | (49 | ) | (92 | ) | 495 | 1,250 | ||||||||||||||||||||||||||
Ending Balance- June 30, 2021 | $ | 28,890 | $ | 9,107 | $ | 1,405 | $ | 957 | $ | 1,899 | $ | 4,552 | $ | 9,920 | $ | 281 | $ | 1,639 | $ | 1,579 | $ | 60,229 | ||||||||||||||||||||||
Second Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- March 31, 2021 | $ | 29,066 | $ | 9,048 | $ | 1,647 | $ | 967 | $ | 1,914 | $ | 4,247 | $ | 9,976 | $ | 296 | $ | 1,674 | $ | 1,340 | $ | 60,175 | ||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (8 | ) | 0 | 0 | (8 | ) | |||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 31 | 7 | 2 | 16 | 6 | 0 | 0 | 62 | |||||||||||||||||||||||||||||||||
Provision | (176 | ) | 59 | (242 | ) | (41 | ) | (22 | ) | 303 | (72 | ) | (13 | ) | (35 | ) | 239 | 0 | ||||||||||||||||||||||||||
Ending Balance- June 30, 2021 | $ | 28,890 | $ | 9,107 | $ | 1,405 | $ | 957 | $ | 1,899 | $ | 4,552 | $ | 9,920 | $ | 281 | $ | 1,639 | $ | 1,579 | $ | 60,229 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 0 | 0 | 0 | 97 | 7 | 0 | 11 | 44 | 0 | 0 | 159 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 28,890 | 9,107 | 1,405 | 860 | 1,892 | 4,552 | 9,909 | 237 | 1,639 | 1,579 | 60,070 | |||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 1,020,077 | $ | 630,515 | $ | 170,933 | $ | 304,859 | $ | 32,026 | $ | 236,436 | $ | 361,432 | $ | 177,042 | $ | 99,876 | $ | 0 | $ | 3,033,196 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 93 | 0 | 0 | 1,929 | 140 | 6,177 | 224 | 182 | 0 | 0 | 8,745 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 1,019,984 | $ | 630,515 | $ | 170,933 | $ | 302,930 | $ | 31,886 | $ | 230,259 | $ | 361,208 | $ | 176,860 | $ | 99,876 | $ | 0 | $ | 3,024,451 |
December 31, 2020 | 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- December 31, 2019 | $ | 11,053 | $ | 15,128 | $ | 1,949 | $ | 855 | $ | 2,675 | $ | 8,076 | $ | 11,466 | $ | 456 | $ | 3,162 | $ | 192 | $ | 55,012 | ||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | (7 | ) | 0 | (1,101 | ) | (66 | ) | 0 | 0 | (1,174 | ) | |||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 52 | 78 | 81 | 280 | 33 | 0 | 0 | 524 | |||||||||||||||||||||||||||||||||
Provision | 16,626 | (6,495 | ) | (306 | ) | 53 | (722 | ) | (3,343 | ) | (684 | ) | (90 | ) | (1,431 | ) | 892 | 4,500 | ||||||||||||||||||||||||||
Ending Balance- December 31, 2020 | $ | 27,679 | $ | 8,633 | $ | 1,643 | $ | 960 | $ | 2,024 | $ | 4,814 | $ | 9,961 | $ | 333 | $ | 1,731 | $ | 1,084 | $ | 58,862 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 0 | 0 | 0 | 117 | 8 | 92 | 20 | 52 | 0 | 0 | 289 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 27,679 | 8,633 | 1,643 | 843 | 2,016 | 4,722 | 9,941 | 281 | 1,731 | 1,084 | 58,573 | |||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 958,980 | $ | 643,014 | $ | 185,741 | $ | 299,379 | $ | 34,239 | $ | 264,372 | $ | 374,816 | $ | 235,529 | $ | 103,522 | $ | 0 | $ | 3,099,592 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 104 | 5,629 | 0 | 2,365 | 158 | 495 | 233 | 254 | 0 | 0 | 9,238 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 958,876 | $ | 637,385 | $ | 185,741 | $ | 297,014 | $ | 34,081 | $ | 263,877 | $ | 374,583 | $ | 235,275 | $ | 103,522 | $ | 0 | $ | 3,090,354 |
December 31, 2020 | 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- December 31, 2019 | $ | 11,053 | $ | 15,128 | $ | 1,949 | $ | 855 | $ | 2,675 | $ | 8,076 | $ | 11,466 | $ | 456 | $ | 3,162 | $ | 192 | $ | 55,012 | ||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | (7 | ) | 0 | (1,101 | ) | (66 | ) | 0 | 0 | (1,174 | ) | |||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 52 | 78 | 81 | 280 | 33 | 0 | 0 | 524 | |||||||||||||||||||||||||||||||||
Provision | 16,626 | (6,495 | ) | (306 | ) | 53 | (722 | ) | (3,343 | ) | (684 | ) | (90 | ) | (1,431 | ) | 892 | 4,500 | ||||||||||||||||||||||||||
Ending Balance- December 31, 2020 | $ | 27,679 | $ | 8,633 | $ | 1,643 | $ | 960 | $ | 2,024 | $ | 4,814 | $ | 9,961 | $ | 333 | $ | 1,731 | $ | 1,084 | $ | 58,862 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 0 | 0 | 0 | 117 | 8 | 92 | 20 | 52 | 0 | 0 | 289 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 27,679 | 8,633 | 1,643 | 843 | 2,016 | 4,722 | 9,941 | 281 | 1,731 | 1,084 | 58,573 | |||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 958,980 | $ | 643,014 | $ | 185,741 | $ | 299,379 | $ | 34,239 | $ | 264,372 | $ | 374,816 | $ | 235,529 | $ | 103,522 | $ | 0 | $ | 3,099,592 | ||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 104 | 5,629 | 0 | 2,365 | 158 | 495 | 233 | 254 | 0 | 0 | 9,238 | |||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 958,876 | $ | 637,385 | $ | 185,741 | $ | 297,014 | $ | 34,081 | $ | 263,877 | $ | 374,583 | $ | 235,275 | $ | 103,522 | $ | 0 | $ | 3,090,354 |
June 30, 2020 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | 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- December 31, 2019 | $ | 11,053 | $ | 15,128 | $ | 1,949 | $ | 855 | $ | 2,675 | $ | 8,076 | $ | 11,466 | $ | 456 | $ | 3,162 | $ | 192 | $ | 55,012 | $ | 11,053 | $ | 15,128 | $ | 1,949 | $ | 855 | $ | 2,675 | $ | 8,076 | $ | 11,466 | $ | 456 | $ | 3,162 | $ | 192 | $ | 55,012 | ||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | (7 | ) | 0 | (426 | ) | (29 | ) | 0 | 0 | (462 | ) | 0 | 0 | 0 | 0 | (7 | ) | 0 | (426 | ) | (54 | ) | 0 | 0 | (487 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 46 | 34 | 30 | 80 | 18 | 0 | 0 | 208 | 0 | 0 | 0 | 49 | 65 | 54 | 80 | 25 | 0 | 0 | 273 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 10,370 | (6,107 | ) | (497 | ) | 870 | (463 | ) | (3,316 | ) | (1,077 | ) | (86 | ) | (362 | ) | 968 | 300 | 13,236 | (6,336 | ) | (381 | ) | 45 | (617 | ) | (3,458 | ) | (1,127 | ) | (63 | ) | (248 | ) | 949 | 2,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- June 30, 2020 | $ | 21,423 | $ | 9,021 | $ | 1,452 | $ | 1,771 | $ | 2,239 | $ | 4,790 | $ | 10,043 | $ | 359 | $ | 2,800 | $ | 1,160 | $ | 55,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- March 31, 2020 | $ | 11,122 | $ | 14,469 | $ | 1,927 | $ | 1,037 | $ | 2,783 | $ | 6,959 | $ | 12,214 | $ | 382 | $ | 3,188 | $ | 743 | $ | 54,824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2020 | $ | 24,289 | $ | 8,792 | $ | 1,568 | $ | 949 | $ | 2,116 | $ | 4,672 | $ | 9,993 | $ | 364 | $ | 2,914 | $ | 1,141 | $ | 56,798 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter Allowance for Credit Losses: | Third Quarter Allowance for Credit Losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- June 30, 2020 | $ | 21,423 | $ | 9,021 | $ | 1,452 | $ | 1,771 | $ | 2,239 | $ | 4,790 | $ | 10,043 | $ | 359 | $ | 2,800 | $ | 1,160 | $ | 55,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | 0 | 0 | 0 | 0 | (7 | ) | 0 | (182 | ) | (8 | ) | 0 | 0 | (197 | ) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (25 | ) | 0 | 0 | (25 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 26 | 13 | 3 | 79 | 10 | 0 | 0 | 131 | 0 | 0 | 0 | 3 | 31 | 24 | 0 | 7 | 0 | 0 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 10,301 | (5,448 | ) | (475 | ) | 708 | (550 | ) | (2,172 | ) | (2,068 | ) | (25 | ) | (388 | ) | 417 | 300 | 2,866 | (229 | ) | 116 | (825 | ) | (154 | ) | (142 | ) | (50 | ) | 23 | 114 | (19 | ) | 1,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- June 30, 2020 | $ | 21,423 | $ | 9,021 | $ | 1,452 | $ | 1,771 | $ | 2,239 | $ | 4,790 | $ | 10,043 | $ | 359 | $ | 2,800 | $ | 1,160 | $ | 55,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2020 | $ | 24,289 | $ | 8,792 | $ | 1,568 | $ | 949 | $ | 2,116 | $ | 4,672 | $ | 9,993 | $ | 364 | $ | 2,914 | $ | 1,141 | $ | 56,798 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 6 | 0 | 0 | 121 | 8 | 79 | 0 | 25 | 0 | 0 | 239 | 0 | 0 | 0 | 118 | 8 | 92 | 13 | 56 | 0 | 0 | 287 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | 21,417 | 9,021 | 1,452 | 1,650 | 2,231 | 4,711 | 10,043 | 334 | 2,800 | 1,160 | 54,819 | 24,289 | 8,792 | 1,568 | 831 | 2,108 | 4,580 | 9,980 | 308 | 2,914 | 1,141 | 56,511 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 855,762 | $ | 635,077 | $ | 166,548 | $ | 272,209 | $ | 37,966 | $ | 261,986 | $ | 369,817 | $ | 361,035 | $ | 104,112 | $ | 0 | $ | 3,064,512 | $ | 871,623 | $ | 639,172 | $ | 186,623 | $ | 293,489 | $ | 35,875 | $ | 252,031 | $ | 367,052 | $ | 359,697 | $ | 106,369 | $ | 0 | $ | 3,111,931 | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment | 1,663 | 5,629 | 0 | 2,411 | 168 | 473 | 10 | 195 | 0 | 0 | 10,549 | 108 | 5,629 | 0 | 2,390 | 164 | 498 | 235 | 194 | 0 | 0 | 9,218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment | $ | 854,099 | $ | 629,448 | $ | 166,548 | $ | 269,798 | $ | 37,798 | $ | 261,513 | $ | 369,807 | $ | 360,840 | $ | 104,112 | $ | 0 | $ | 3,053,963 | $ | 871,515 | $ | 633,543 | $ | 186,623 | $ | 291,099 | $ | 35,711 | $ | 251,533 | $ | 366,817 | $ | 359,503 | $ | 106,369 | $ | 0 | $ | 3,102,713 |
June 30, 2021 | Pass(1) | Special Mention | Substandard | Total Loans & Leases | ||||||||||||||||||||||||||||
September 30, 2021 | Pass(1) | Special Mention | Substandard | Total Loans & Leases | ||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 1,004,715 | $ | 5,990 | $ | 9,372 | $ | 1,020,077 | $ | 1,098,929 | $ | 7,371 | $ | 7,849 | $ | 1,114,149 | ||||||||||||||||
Agricultural Real Estate | 621,165 | 2,811 | 6,539 | 630,515 | 646,486 | 3,312 | 6,539 | 656,337 | ||||||||||||||||||||||||
Real Estate Construction | 170,933 | 0 | 0 | 170,933 | 178,451 | 0 | 0 | 178,451 | ||||||||||||||||||||||||
Residential 1st Mortgages | 304,089 | 0 | 770 | 304,859 | 308,960 | 0 | 768 | 309,728 | ||||||||||||||||||||||||
Home Equity Lines & Loans | 31,848 | 0 | 178 | 32,026 | 31,490 | 0 | 174 | 31,664 | ||||||||||||||||||||||||
Agricultural | 235,716 | 64 | 656 | 236,436 | 233,493 | 1,018 | 574 | 235,085 | ||||||||||||||||||||||||
Commercial | 352,598 | 8,143 | 691 | 361,432 | 384,660 | 8,970 | 696 | 394,326 | ||||||||||||||||||||||||
Consumer & Other | 176,745 | 0 | 297 | 177,042 | 129,450 | 0 | 215 | 129,665 | ||||||||||||||||||||||||
Leases | 99,876 | 0 | 0 | 99,876 | 90,396 | 0 | 0 | 90,396 | ||||||||||||||||||||||||
Total | $ | 2,997,685 | $ | 17,008 | $ | 18,503 | $ | 3,033,196 | $ | 3,102,315 | $ | 20,671 | $ | 16,815 | $ | 3,139,801 |
(1) | Includes |
December 31, 2020 | Pass(1) | Special Mention | Substandard | Total Loans & Leases | Pass(1) | Special Mention | Substandard | Total Loans & Leases | ||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 946,621 | $ | 7,849 | $ | 4,510 | $ | 958,980 | $ | 946,621 | $ | 7,849 | $ | 4,510 | $ | 958,980 | ||||||||||||||||
Agricultural Real Estate | 631,043 | 400 | 11,571 | 643,014 | 631,043 | 400 | 11,571 | 643,014 | ||||||||||||||||||||||||
Real Estate Construction | 185,741 | 0 | 0 | 185,741 | 185,741 | 0 | 0 | 185,741 | ||||||||||||||||||||||||
Residential 1st Mortgages | 298,689 | 0 | 690 | 299,379 | 298,689 | 0 | 690 | 299,379 | ||||||||||||||||||||||||
Home Equity Lines and Loans | 34,058 | 0 | 181 | 34,239 | ||||||||||||||||||||||||||||
Home Equity Lines & Loans | 34,058 | 0 | 181 | 34,239 | ||||||||||||||||||||||||||||
Agricultural | 263,781 | 96 | 495 | 264,372 | 263,781 | 96 | 495 | 264,372 | ||||||||||||||||||||||||
Commercial | 373,038 | 1,060 | 718 | 374,816 | 373,038 | 1,060 | 718 | 374,816 | ||||||||||||||||||||||||
Consumer & Other | 235,063 | 0 | 466 | 235,529 | 235,063 | 0 | 466 | 235,529 | ||||||||||||||||||||||||
Leases | 103,522 | 0 | 0 | 103,522 | 103,522 | 0 | 0 | 103,522 | ||||||||||||||||||||||||
Total | $ | 3,071,556 | $ | 9,405 | $ | 18,631 | $ | 3,099,592 | $ | 3,071,556 | $ | 9,405 | $ | 18,631 | $ | 3,099,592 |
(1) | Includes |
June 30, 2020 | Pass(1) | Special Mention | Substandard | Total Loans & Leases | ||||||||||||||||||||||||||||
September 30, 2020 | Pass(1) | Special Mention | Substandard | Total Loans & Leases | ||||||||||||||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 843,952 | $ | 7,300 | $ | 4,510 | $ | 855,762 | $ | 861,874 | $ | 5,239 | $ | 4,510 | $ | 871,623 | ||||||||||||||||
Agricultural Real Estate | 620,754 | 1,530 | 12,793 | 635,077 | 624,859 | 1,525 | 12,788 | 639,172 | ||||||||||||||||||||||||
Real Estate Construction | 166,548 | 0 | 0 | 166,548 | 186,623 | 0 | 0 | 186,623 | ||||||||||||||||||||||||
Residential 1st Mortgages | 271,507 | 0 | 702 | 272,209 | 292,792 | 0 | 697 | 293,489 | ||||||||||||||||||||||||
Home Equity Lines & Loans | 37,780 | 0 | 186 | 37,966 | 35,691 | 0 | 184 | 35,875 | ||||||||||||||||||||||||
Agricultural | 261,085 | 0 | 901 | 261,986 | 251,108 | 0 | 923 | 252,031 | ||||||||||||||||||||||||
Commercial | 366,204 | 2,309 | 1,304 | 369,817 | 364,465 | 1,316 | 1,271 | 367,052 | ||||||||||||||||||||||||
Consumer & Other | 360,352 | 0 | 683 | 361,035 | 359,194 | 0 | 503 | 359,697 | ||||||||||||||||||||||||
Leases | 104,112 | 0 | 0 | 104,112 | 106,369 | 0 | 0 | 106,369 | ||||||||||||||||||||||||
Total | $ | 3,032,294 | $ | 11,139 | $ | 21,079 | $ | 3,064,512 | $ | 3,082,975 | $ | 8,080 | $ | 20,876 | $ | 3,111,931 |
(1) | Includes |
June 30, 2021 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | 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 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,020,077 | $ | 1,020,077 | $ | 453 | $ | 0 | $ | 0 | $ | 0 | $ | 453 | $ | 1,113,696 | $ | 1,114,149 | ||||||||||||||||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 19 | 19 | 630,496 | 630,515 | 0 | 0 | 0 | 19 | 19 | 656,318 | 656,337 | ||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction | 0 | 0 | 0 | 0 | 0 | 170,933 | 170,933 | 0 | 0 | 0 | 0 | 0 | 178,451 | 178,451 | ||||||||||||||||||||||||||||||||||||||||||
Residential 1st Mortgages | 0 | 0 | 0 | 0 | 0 | 304,859 | 304,859 | 102 | 0 | 0 | 0 | 102 | 309,626 | 309,728 | ||||||||||||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | 0 | 0 | 0 | 0 | 0 | 32,026 | 32,026 | 0 | 0 | 0 | 0 | 0 | 31,664 | 31,664 | ||||||||||||||||||||||||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 529 | 529 | 235,907 | 236,436 | 0 | 0 | 0 | 497 | 497 | 234,588 | 235,085 | ||||||||||||||||||||||||||||||||||||||||||
Commercial | 0 | 0 | 0 | 0 | 0 | 361,432 | 361,432 | 50 | 0 | 0 | 0 | 50 | 394,276 | 394,326 | ||||||||||||||||||||||||||||||||||||||||||
Consumer & Other | 38 | 0 | 0 | 0 | 38 | 177,004 | 177,042 | 5 | 0 | 0 | 0 | 5 | 129,660 | 129,665 | ||||||||||||||||||||||||||||||||||||||||||
Leases | 0 | 0 | 0 | 0 | 0 | 99,876 | 99,876 | 0 | 0 | 0 | 0 | 0 | 90,396 | 90,396 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 38 | $ | 0 | $ | 0 | $ | 548 | $ | 586 | $ | 3,032,610 | $ | 3,033,196 | $ | 610 | $ | 0 | $ | 0 | $ | 516 | $ | 1,126 | $ | 3,138,675 | $ | 3,139,801 |
December 31, 2020 | 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 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 958,980 | $ | 958,980 | ||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 495 | 495 | 642,519 | 643,014 | |||||||||||||||||||||
Real Estate Construction | 0 | 0 | 0 | 0 | 0 | 185,741 | 185,741 | |||||||||||||||||||||
Residential 1st Mortgages | 0 | 0 | 0 | 0 | 0 | 299,379 | 299,379 | |||||||||||||||||||||
Home Equity Lines & Loans | 0 | 0 | 0 | 0 | 0 | 34,239 | 34,239 | |||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 0 | 0 | 264,372 | 264,372 | |||||||||||||||||||||
Commercial | 0 | 0 | 0 | 0 | 0 | 374,816 | 374,816 | |||||||||||||||||||||
Consumer & Other | 11 | 0 | 0 | 0 | 11 | 235,518 | 235,529 | |||||||||||||||||||||
Leases | 0 | 0 | 0 | 0 | 0 | 103,522 | 103,522 | |||||||||||||||||||||
Total | $ | 11 | $ | 0 | $ | 0 | $ | 495 | $ | 506 | $ | 3,099,086 | $ | 3,099,592 |
December 31, 2020 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Still Accruing | Nonaccrual | Total Past Due | Current | Total Loans & Leases | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | 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 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 958,980 | $ | 958,980 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 871,623 | $ | 871,623 | ||||||||||||||||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 495 | 495 | 642,519 | 643,014 | 0 | 0 | 0 | 498 | 498 | 638,674 | 639,172 | ||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction | 0 | 0 | 0 | 0 | 0 | 185,741 | 185,741 | 85 | 0 | 0 | 0 | 85 | 186,538 | 186,623 | ||||||||||||||||||||||||||||||||||||||||||
Residential 1st Mortgages | 0 | 0 | 0 | 0 | 0 | 299,379 | 299,379 | 0 | 0 | 0 | 0 | 0 | 293,489 | 293,489 | ||||||||||||||||||||||||||||||||||||||||||
Home Equity Lines and Loans | 0 | 0 | 0 | 0 | 0 | 34,239 | 34,239 | |||||||||||||||||||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | 0 | 0 | 0 | 0 | 0 | 35,875 | 35,875 | |||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 0 | 0 | 264,372 | 264,372 | 0 | 0 | 0 | 0 | 0 | 252,031 | 252,031 | ||||||||||||||||||||||||||||||||||||||||||
Commercial | 0 | 0 | 0 | 0 | 0 | 374,816 | 374,816 | 547 | 0 | 0 | 0 | 547 | 366,505 | 367,052 | ||||||||||||||||||||||||||||||||||||||||||
Consumer & Other | 11 | 0 | 0 | 0 | 11 | 235,518 | 235,529 | 67 | 0 | 0 | 0 | 67 | 359,630 | 359,697 | ||||||||||||||||||||||||||||||||||||||||||
Leases | 0 | 0 | 0 | 0 | 0 | 103,522 | 103,522 | 0 | 0 | 0 | 0 | 0 | 106,369 | 106,369 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 11 | $ | 0 | $ | 0 | $ | 495 | $ | 506 | $ | 3,099,086 | $ | 3,099,592 | $ | 699 | $ | 0 | $ | 0 | $ | 498 | $ | 1,197 | $ | 3,110,734 | $ | 3,111,931 |
June 30, 2020 | 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 | $ | 0 | $ | 258 | $ | 0 | $ | 0 | $ | 258 | $ | 855,504 | $ | 855,762 | ||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 0 | 0 | 635,077 | 635,077 | |||||||||||||||||||||
Real Estate Construction | 0 | 0 | 0 | 0 | 0 | 166,548 | 166,548 | |||||||||||||||||||||
Residential 1st Mortgages | 0 | 0 | 0 | 0 | 0 | 272,209 | 272,209 | |||||||||||||||||||||
Home Equity Lines & Loans | 0 | 0 | 0 | 0 | 0 | 37,966 | 37,966 | |||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 473 | 473 | 261,513 | 261,986 | |||||||||||||||||||||
Commercial | 0 | 0 | 0 | 0 | 0 | 369,817 | 369,817 | |||||||||||||||||||||
Consumer & Other | 97 | 0 | 0 | 0 | 97 | 360,938 | 361,035 | |||||||||||||||||||||
Leases | 0 | 0 | 0 | 0 | 0 | 104,112 | 104,112 | |||||||||||||||||||||
Total | $ | 97 | $ | 258 | $ | 0 | $ | 473 | $ | 828 | $ | 3,063,684 | $ | 3,064,512 |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||
September 30, 2021 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial Real Estate | $ | 65 | $ | 65 | $ | - | $ | 73 | $ | 1 | $ | 52 | $ | 2 | ||||||||||||||
Agricultural Real Estate | 5,613 | 5,613 | - | 5,621 | 88 | 5,626 | 324 | |||||||||||||||||||||
Agricultural | 516 | 559 | - | 504 | 12 | 415 | 46 | |||||||||||||||||||||
Commercial | 8 | 8 | - | 9 | 0 | 5 | 0 | |||||||||||||||||||||
$ | 6,202 | $ | 6,245 | $ | - | $ | 6,207 | $ | 101 | $ | 6,098 | $ | 372 | |||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial Real Estate | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 28 | $ | 3 | ||||||||||||||
Residential 1st Mortgages | 1,503 | 1,719 | 75 | 1,585 | 16 | 1,638 | 52 | |||||||||||||||||||||
Home Equity Lines & Loans | 60 | 71 | 3 | 61 | 1 | 62 | 3 | |||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 0 | 0 | 82 | 0 | |||||||||||||||||||||
Commercial | 210 | 210 | 6 | 213 | 4 | 222 | 12 | |||||||||||||||||||||
Consumer & Other | 178 | 179 | 40 | 181 | 3 | 185 | 10 | |||||||||||||||||||||
$ | 1,951 | $ | 2,179 | $ | 124 | $ | 2,040 | $ | 24 | $ | 2,217 | $ | 80 | |||||||||||||||
Total | $ | 8,153 | $ | 8,424 | $ | 124 | $ | 8,247 | $ | 125 | $ | 8,315 | $ | 452 |
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 80 | $ | 80 | $ | - | $ | 40 | $ | 5 | $ | 41 | $ | 5 | $ | 84 | $ | 84 | $ | - | $ | 764 | $ | 35 | ||||||||||||||||||||||||
Agricultural Real Estate | 5,629 | 5,629 | - | 5,629 | 236 | 5,629 | 385 | 5,629 | 5,629 | - | 5,629 | 352 | ||||||||||||||||||||||||||||||||||||
Agricultural | 492 | 534 | - | 493 | 34 | 370 | 34 | 3 | 3 | - | 2 | 0 | ||||||||||||||||||||||||||||||||||||
Commercial | 9 | 9 | - | 5 | 0 | 2 | 0 | 0 | 0 | - | 377 | 16 | ||||||||||||||||||||||||||||||||||||
$ | 6,210 | $ | 6,252 | $ | - | $ | 6,167 | $ | 275 | $ | 6,042 | $ | 424 | $ | 5,716 | $ | 5,716 | $ | - | $ | 6,772 | $ | 403 | |||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 0 | $ | 0 | $ | 0 | $ | 42 | $ | 0 | $ | 42 | $ | 3 | $ | 0 | $ | 0 | $ | 0 | $ | 21 | $ | 1 | ||||||||||||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 137 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Residential 1st Mortgages | 1,666 | 1,891 | 83 | 1,665 | 36 | 1,665 | 56 | 1,671 | 1,895 | 84 | 1,652 | 76 | ||||||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | 61 | 73 | 3 | 63 | 2 | 63 | 3 | 64 | 75 | 3 | 66 | 4 | ||||||||||||||||||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 123 | 0 | 123 | 0 | 492 | 534 | 92 | 410 | 59 | ||||||||||||||||||||||||||||||||||||
Commercial | 215 | 215 | 11 | 226 | 8 | 226 | 12 | 234 | 234 | 13 | 123 | 18 | ||||||||||||||||||||||||||||||||||||
Consumer & Other | 183 | 183 | 44 | 186 | 6 | 186 | 10 | 190 | 191 | 56 | 194 | 13 | ||||||||||||||||||||||||||||||||||||
$ | 2,125 | $ | 2,362 | $ | 141 | $ | 2,305 | $ | 52 | $ | 2,305 | $ | 84 | $ | 2,651 | $ | 2,929 | $ | 248 | $ | 2,603 | $ | 171 | |||||||||||||||||||||||||
Total | $ | 8,335 | $ | 8,614 | $ | 141 | $ | 8,472 | $ | 327 | $ | 8,347 | $ | 508 | $ | 8,367 | $ | 8,645 | $ | 248 | $ | 9,375 | $ | 574 |
December 31, 2020 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 84 | $ | 84 | $ | - | $ | 764 | $ | 35 | ||||||||||
Agricultural Real Estate | 5,629 | 5,629 | - | 5,629 | 352 | |||||||||||||||
Agricultural | 3 | 3 | - | 2 | 0 | |||||||||||||||
Commercial | 0 | 0 | - | 377 | 16 | |||||||||||||||
$ | 5,716 | $ | 5,716 | $ | - | $ | 6,772 | $ | 403 | |||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial Real Estate | $ | 0 | $ | 0 | $ | 0 | $ | 21 | $ | 1 | ||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 137 | 0 | |||||||||||||||
Residential 1st Mortgages | 1,671 | 1,895 | 84 | 1,652 | 76 | |||||||||||||||
Home Equity Lines and Loans | 64 | 75 | 3 | 66 | 4 | |||||||||||||||
Agricultural | 492 | 534 | 92 | 410 | 59 | |||||||||||||||
Commercial | 234 | 234 | 13 | 123 | 18 | |||||||||||||||
Consumer & Other | 190 | 191 | 56 | 194 | 13 | |||||||||||||||
$ | 2,651 | $ | 2,929 | $ | 248 | $ | 2,603 | $ | 171 | |||||||||||
Total | $ | 8,367 | $ | 8,645 | $ | 248 | $ | 9,375 | $ | 574 |
Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | With no related allowance recorded: | With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 0 | $ | 0 | $ | - | $ | 1,444 | $ | 2 | $ | 1,466 | $ | 31 | $ | 84 | $ | 84 | $ | - | $ | 42 | $ | 2 | $ | 991 | $ | 33 | ||||||||||||||||||||||||||||
Agricultural Real Estate | 5,629 | 5,629 | - | 5,629 | 87 | 5,636 | 176 | 5,629 | 5,629 | - | 5,629 | 88 | 5,633 | 264 | ||||||||||||||||||||||||||||||||||||||||||
Agricultural | 5 | 6 | - | 3 | 0 | 1 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 0 | 0 | - | 754 | 1 | 754 | 16 | 0 | 0 | - | 0 | 0 | 503 | 16 | ||||||||||||||||||||||||||||||||||||||||||
$ | 5,629 | $ | 5,629 | $ | - | $ | 7,827 | $ | 90 | $ | 7,856 | $ | 223 | $ | 5,718 | $ | 5,719 | $ | - | $ | 5,674 | $ | 90 | $ | 7,128 | $ | 313 | |||||||||||||||||||||||||||||
With an allowance recorded: | With an allowance recorded: | With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 84 | $ | 84 | $ | 6 | $ | 42 | $ | 1 | $ | 727 | $ | 1 | $ | 0 | $ | 0 | $ | 0 | $ | 42 | $ | 0 | $ | 498 | $ | 1 | ||||||||||||||||||||||||||||
Agricultural Real Estate | 0 | 0 | 0 | 275 | 0 | 275 | 0 | 0 | 0 | 0 | 0 | 0 | 183 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Residential 1st Mortgages | 1,702 | 1,921 | 85 | 1,626 | 21 | 1,591 | 40 | 1,686 | 1,909 | 84 | 1,694 | 18 | 1,625 | 58 | ||||||||||||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | 67 | 77 | 3 | 67 | 1 | 68 | 2 | 65 | 76 | 3 | 66 | 1 | 67 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Agricultural | 473 | 487 | 79 | 329 | 43 | 257 | 45 | 492 | 534 | 92 | 483 | 7 | 333 | 52 | ||||||||||||||||||||||||||||||||||||||||||
Commercial | 10 | 10 | 0 | 11 | 2 | 390 | 2 | 235 | 235 | 13 | 123 | 13 | 301 | 15 | ||||||||||||||||||||||||||||||||||||||||||
Consumer & Other | 195 | 196 | 25 | 196 | 3 | 197 | 7 | 194 | 195 | 56 | 195 | 3 | 196 | 10 | ||||||||||||||||||||||||||||||||||||||||||
$ | 2,531 | $ | 2,775 | $ | 198 | $ | 2,546 | $ | 71 | $ | 3,505 | $ | 97 | $ | 2,672 | $ | 2,949 | $ | 248 | $ | 2,603 | $ | 42 | $ | 3,203 | $ | 139 | |||||||||||||||||||||||||||||
Total | $ | 8,160 | $ | 8,404 | $ | 198 | $ | 10,373 | $ | 161 | $ | 11,361 | $ | 320 | $ | 8,390 | $ | 8,668 | $ | 248 | $ | 8,277 | $ | 132 | $ | 10,331 | $ | 452 |
December 31, 2020 | ||||||||||||
Troubled Debt Restructurings | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||
Residential 1st Mortgages | 2 | $ | 156 | $ | 156 | |||||||
Agricultural | 3 | 495 | 495 | |||||||||
Commercial | 1 | 224 | 224 | |||||||||
Total | 6 | $ | 875 | $ | 875 |
Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
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 | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||||||||
Residential 1st Mortgages | 2 | $ | 156 | $ | 156 | 2 | $ | 156 | $ | 156 | 0 | $ | 0 | $ | 0 | 2 | $ | 156 | $ | 156 | ||||||||||||||||||||||||||||
Agricultural | 3 | 495 | 495 | 3 | 495 | 495 | 0 | 0 | 0 | 3 | 495 | 495 | ||||||||||||||||||||||||||||||||||||
Commercial | 1 | 224 | 224 | 1 | 224 | 224 | ||||||||||||||||||||||||||||||||||||||||||
Total | 5 | $ | 651 | $ | 651 | 5 | $ | 651 | $ | 651 | 1 | $ | 224 | $ | 224 | 6 | $ | 875 | $ | 875 |
Fair Value Measurements At June 30, 2021, Using | Fair Value Measurements At September 30, 2021, Using | |||||||||||||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Other Observable Inputs | Significant Unobservable Inputs | 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) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury Notes | $ | 10,187 | $ | 10,187 | $ | 0 | $ | 0 | $ | 10,150 | $ | 10,150 | $ | 0 | $ | 0 | ||||||||||||||||
U.S. Government Agency SBA | 7,347 | 0 | 7,348 | 0 | 6,919 | 0 | 6,919 | 0 | ||||||||||||||||||||||||
Mortgage-Backed Securities | 287,617 | 0 | 287,617 | 0 | 269,569 | 0 | 269,569 | 0 | ||||||||||||||||||||||||
Other | 46,510 | 46,200 | 310 | 0 | 46,513 | 46,203 | 310 | 0 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 351,661 | $ | 56,387 | $ | 295,275 | $ | 0 | $ | 333,151 | $ | 56,353 | $ | 276,798 | $ | 0 |
Fair Value Measurements At December 31, 2020, 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) | ||||||||||||
Available-for-Sale Securities: | ||||||||||||||||
U.S. Treasury Notes | $ | 15,288 | $ | 15,288 | $ | 0 | $ | 0 | ||||||||
U.S. Government Agency SBA | 8,160 | 0 | 8,160 | 0 | ||||||||||||
Mortgage-Backed Securities | 737,873 | 0 | 737,873 | 0 | ||||||||||||
Corporate Securities | 45,919 | 0 | 45,919 | 0 | ||||||||||||
Other | 492 | 182 | 310 | 0 | ||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 807,732 | $ | 15,470 | $ | 792,262 | $ | 0 |
Fair Value Measurements At June 30, 2020, Using | Fair Value Measurements At September 30, 2020, Using | |||||||||||||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Other Observable Inputs | Significant Unobservable Inputs | 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) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury Notes | $ | 65,384 | $ | 65,384 | $ | 0 | $ | 0 | $ | 95,342 | $ | 95,342 | $ | 0 | $ | 0 | ||||||||||||||||
U.S. Government Agency SBA | 9,288 | 0 | 9,288 | 0 | 8,429 | 0 | 8,429 | 0 | ||||||||||||||||||||||||
Mortgage-Backed Securities | 469,225 | 0 | 469,225 | 0 | 439,274 | 0 | 439,274 | 0 | ||||||||||||||||||||||||
Corporate Securities | 10,203 | 0 | 10,203 | 0 | 25,063 | 0 | 25,063 | 0 | ||||||||||||||||||||||||
Other | 15,307 | 14,997 | 310 | 0 | 428 | 118 | 310 | 0 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis | $ | 569,407 | $ | 80,381 | $ | 489,026 | $ | 0 | $ | 568,536 | $ | 95,460 | $ | 473,076 | $ | 0 |
Fair Value Measurements At June 30, 2021, Using | Fair Value Measurements At September 30, 2021, 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) | ||||||||||||||||||||||||
Impaired Loans: | ||||||||||||||||||||||||||||||||
Residential 1st Mortgage | $ | 1,576 | $ | 0 | $ | 0 | $ | 1,576 | $ | 1,423 | $ | 0 | $ | 0 | $ | 1,423 | ||||||||||||||||
Home Equity Lines and Loans | 58 | 0 | 0 | 58 | ||||||||||||||||||||||||||||
Home Equity Lines & Loans | 57 | 0 | 0 | 57 | ||||||||||||||||||||||||||||
Commercial | 204 | 0 | 0 | 204 | 204 | 0 | 0 | 204 | ||||||||||||||||||||||||
Consumer | 139 | 0 | 0 | 139 | 138 | 0 | 0 | 138 | ||||||||||||||||||||||||
Total Impaired Loans | 1,977 | 0 | 0 | 1,977 | 1,822 | 0 | 0 | 1,822 | ||||||||||||||||||||||||
Other Real Estate: | ||||||||||||||||||||||||||||||||
Real Estate Construction | 873 | 0 | 0 | 873 | 873 | 0 | 0 | 873 | ||||||||||||||||||||||||
Total Other Real Estate | 873 | 0 | 0 | 873 | 873 | 0 | 0 | 873 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 2,850 | $ | 0 | $ | 0 | $ | 2,850 | $ | 2,695 | $ | 0 | $ | 0 | $ | 2,695 |
Fair Value Measurements At December 31, 2020, Using | Fair Value Measurements At December 31, 2020, 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) | ||||||||||||||||||||||||
Impaired Loans: | ||||||||||||||||||||||||||||||||
Residential 1st Mortgage | $ | 1,584 | $ | 0 | $ | 0 | $ | 1,584 | $ | 1,584 | $ | 0 | $ | 0 | $ | 1,584 | ||||||||||||||||
Home Equity Lines and Loans | 61 | 0 | 0 | 61 | ||||||||||||||||||||||||||||
Home Equity Lines & Loans | 61 | 0 | 0 | 61 | ||||||||||||||||||||||||||||
Agricultural | 400 | 0 | 0 | 400 | 400 | 0 | 0 | 400 | ||||||||||||||||||||||||
Commercial | 213 | 0 | 0 | 213 | 213 | 0 | 0 | 213 | ||||||||||||||||||||||||
Consumer | 138 | 0 | 0 | 138 | 138 | 0 | 0 | 138 | ||||||||||||||||||||||||
Total Impaired Loans | 2,396 | 0 | 0 | 2,396 | 2,396 | 0 | 0 | 2,396 | ||||||||||||||||||||||||
Other Real Estate: | ||||||||||||||||||||||||||||||||
Real Estate Construction | 873 | 0 | 0 | 873 | 873 | 0 | 0 | 873 | ||||||||||||||||||||||||
Total Other Real Estate | 873 | 0 | 0 | 873 | 873 | 0 | 0 | 873 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 3,269 | $ | 0 | $ | 0 | $ | 3,269 | $ | 3,269 | $ | 0 | $ | 0 | $ | 3,269 |
Fair Value Measurements At June 30, 2020, Using | Fair Value Measurements At September 30, 2020, 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) | ||||||||||||||||||||||||
Impaired Loans: | ||||||||||||||||||||||||||||||||
Residential 1st Mortgage | $ | 1,613 | $ | 0 | $ | 0 | $ | 1,613 | $ | 1,599 | $ | 0 | $ | 0 | $ | 1,599 | ||||||||||||||||
Home Equity Lines and Loans | 63 | 0 | 0 | 63 | ||||||||||||||||||||||||||||
Home Equity Lines & Loans | 62 | 0 | 0 | 62 | ||||||||||||||||||||||||||||
Agricultural | 259 | 0 | 0 | 259 | 400 | 0 | 0 | 400 | ||||||||||||||||||||||||
Commercial | 222 | 0 | 0 | 222 | ||||||||||||||||||||||||||||
Consumer | 135 | 0 | 0 | 135 | 138 | 0 | 0 | 138 | ||||||||||||||||||||||||
Total Impaired Loans | 2,070 | 0 | 0 | 2,070 | $ | 2,421 | $ | 0 | $ | 0 | $ | 2,421 | ||||||||||||||||||||
Other Real Estate: | ||||||||||||||||||||||||||||||||
Real Estate Construction | 873 | 0 | 0 | 873 | 873 | 0 | 0 | 873 | ||||||||||||||||||||||||
Total Other Real Estate | 873 | 0 | 0 | 873 | 873 | 0 | 0 | 873 | ||||||||||||||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis | $ | 2,943 | $ | 0 | $ | 0 | $ | 2,943 | $ | 3,294 | $ | 0 | $ | 0 | $ | 3,294 |
June 30, 2021 | ||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||
(in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||||||||
Impaired Loans: | ||||||||||||||||||||
Residential 1st Mortgage | $ | 1,576 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | �� | 0.69% - 4.06%, 2.57% | $ | 1,423 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 0.68% - 4.02%, 2.54 | % | ||||||||
Home Equity Lines and Loans | $ | 58 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1.1% - 1.3%, 1.23% | |||||||||||||||
Home Equity Lines & Loans | $ | 57 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1.1% - 1.3%, 1.20 | % | ||||||||||||||
Commercial | $ | 204 | Income Approach | Capitalization Rate | 10%, 10% | $ | 204 | Income Approach | Capitalization Rate | 10%, 10 | % | |||||||||
Consumer | $ | 139 | Income Approach | Adjustment for Difference Between Comparable Sales | 10%, 10% | $ | 138 | Income Approach | Capitalization Rate | 10%, 10 | % | |||||||||
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 | % |
December 31, 2020 | ||||||||||
(in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||
Impaired Loans: | ||||||||||
Residential 1st Mortgage | $ | 1,584 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 0.72% - 4.13%, 2.57 | % | ||||
Home Equity Lines & Loans | $ | 61 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1.1% - 1.4%, 1.25 | % | ||||
Agricultural | $ | 400 | Income Approach | Capitalization Rate | 10%, 10 | % | ||||
Commercial | $ | 213 | Income Approach | Capitalization Rate | 10%, 10 | % | ||||
Consumer | $ | 138 | Income Approach | Adjustment for Difference Between Comparable Sales | 10%, 10 | % | ||||
Other Real Estate: | ||||||||||
Real Estate Construction | $ | 873 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 10%, 10 | % |
December 31, 2020 | ||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||
(in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||||||||
Impaired Loans: | ||||||||||||||||||||
Residential 1st Mortgage | $ | 1,584 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 0.72% - 4.13%, 2.57% | $ | 1,599 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 0.73% - 4.16%, 2.58 | % | |||||||||
Home Equity Lines and Loans | $ | 61 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1.1% - 1.4%, 1.25% | |||||||||||||||
Home Equity Lines & Loans | $ | 62 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 1.1% - 1.4%, 1.28 | % | ||||||||||||||
Agricultural | $ | 400 | Income Approach | Capitalization Rate | 10%, 10% | $ | 400 | Income Approach | Capitalization Rate | 10%, 10 | % | |||||||||
Commercial | $ | 213 | Income Approach | Capitalization Rate | 10%, 10% | $ | 222 | Income Approach | Capitalization Rate | 10%, 10 | % | |||||||||
Consumer | $ | 138 | Income Approach | Adjustment for Difference Between Comparable Sales | 10%, 10% | $ | 138 | Income Approach | Adjustment for Difference Between Comparable Sales | 10%, 10 | % | |||||||||
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 | % |
June 30, 2020 | ||||||||||
(in thousands) | Fair Value | Valuation Technique | Unobservable Inputs | Range, Weighted Avg. | ||||||
Impaired Loans: | ||||||||||
Residential 1st Mortgage | $ | 1,613 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 0.8% - 4.2%, 2.6% | |||||
Home Equity Lines and Loans | $ | 63 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 0.22% - 1.42%, 1.3% | |||||
Agricultural | $ | 259 | Income Approach | Capitalization Rate | 10%, 10% | |||||
Consumer | $ | 135 | Income Approach | Capitalization Rate | 10%, 10% | |||||
Other Real Estate: | ||||||||||
Real Estate Construction | $ | 873 | Sales Comparison Approach | Adjustment for Difference Between Comparable Sales | 10%, 10% |
Fair Value of Financial Instruments Using | Fair Value of Financial Instruments Using | |||||||||||||||||||||||||||||||||||||||
June 30, 2021 (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 | |||||||||||||||||||||||||||||||||||
September 30, 2021 (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 | $ | 834,710 | $ | 834,710 | $ | 0 | $ | 0 | $ | 834,710 | $ | 870,763 | $ | 870,763 | $ | 0 | $ | 0 | $ | 870,763 | ||||||||||||||||||||
Investment Securities Available-for-Sale | 351,661 | 56,387 | 295,274 | 0 | 351,661 | 333,151 | 56,353 | 276,798 | 0 | 333,151 | ||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity | 496,470 | 0 | 445,236 | 44,949 | 490,185 | 550,618 | 0 | 499,432 | 40,876 | 540,308 | ||||||||||||||||||||||||||||||
Loans & Leases, Net | 2,972,967 | 0 | 0 | 2,984,866 | 2,984,866 | 3,079,498 | 0 | 0 | 3,090,187 | 3,090,187 | ||||||||||||||||||||||||||||||
Accrued Interest Receivable | 16,367 | 0 | 16,367 | 0 | 16,367 | 18,762 | 0 | 18,762 | 0 | 18,762 | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Deposits | 4,412,064 | 4,010,525 | 0 | 402,009 | 4,412,534 | 4,568,394 | 4,174,561 | 0 | 394,158 | 4,568,719 | ||||||||||||||||||||||||||||||
Subordinated Debentures | 10,310 | 0 | 6,831 | 0 | 6,831 | 10,310 | 0 | 6,830 | 0 | 6,830 | ||||||||||||||||||||||||||||||
Accrued Interest Payable | 592 | 0 | 592 | 0 | 592 | 451 | 0 | 451 | 0 | 451 |
Fair Value of Financial Instruments Using | ||||||||||||||||||||
December 31, 2020 (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 | $ | 383,837 | $ | 383,837 | $ | 0 | $ | 0 | $ | 383,837 | ||||||||||
Investment Securities Available-for-Sale | 807,732 | 15,470 | 792,262 | 0 | 807,732 | |||||||||||||||
Investment Securities Held-to-Maturity | 68,933 | 0 | 26,262 | 43,787 | 70,049 | |||||||||||||||
Loans & Leases, Net | 3,040,730 | 0 | 0 | 3,045,911 | 3,045,911 | |||||||||||||||
Accrued Interest Receivable | 20,333 | 0 | 20,333 | 0 | 20,333 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 4,060,267 | 3,638,400 | 0 | 422,840 | 4,061,240 | |||||||||||||||
Subordinated Debentures | 10,310 | 0 | 6,888 | 0 | 6,888 | |||||||||||||||
Accrued Interest Payable | 1,383 | 0 | 1,383 | 0 | 1,383 |
Fair Value of Financial Instruments Using | ||||||||||||||||||||
September 30, 2020 (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 | $ | 358,368 | $ | 358,368 | $ | 0 | $ | 0 | $ | 358,368 | ||||||||||
Investment Securities Available-for-Sale | 568,536 | 95,460 | 473,076 | 0 | 568,536 | |||||||||||||||
Investment Securities Held-to-Maturity | 69,913 | 0 | 28,244 | 42,811 | 71,055 | |||||||||||||||
Loans & Leases, Net | 3,055,133 | 0 | 0 | 3,065,624 | 3,065,624 | |||||||||||||||
Accrued Interest Receivable | 22,596 | 0 | 22,596 | 0 | 22,596 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 3,814,777 | 3,354,528 | 0 | 461,754 | 3,816,282 | |||||||||||||||
Subordinated Debentures | 10,310 | 0 | 6,518 | 0 | 6,518 | |||||||||||||||
Accrued Interest Payable | 1,618 | 0 | 1,618 | 0 | 1,618 |
Fair Value of Financial Instruments Using | ||||||||||||||||||||
June 30, 2020 (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 | $ | 371,439 | $ | 371,439 | $ | 0 | $ | 0 | $ | 371,439 | ||||||||||
Investment Securities Available-for-Sale | 569,407 | 80,691 | 488,716 | 0 | 569,407 | |||||||||||||||
Investment Securities Held-to-Maturity | 69,036 | 0 | 28,893 | 41,301 | 70,194 | |||||||||||||||
Loans & Leases, Net | 3,009,454 | 0 | 0 | 3,001,079 | 3,001,079 | |||||||||||||||
Accrued Interest Receivable | 18,083 | 0 | 18,083 | 0 | 18,083 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 3,782,033 | 3,250,311 | 0 | 533,650 | 3,783,961 | |||||||||||||||
Subordinated Debentures | 10,310 | 0 | 6,936 | 0 | 6,936 | |||||||||||||||
Accrued Interest Payable | 2,183 | 0 | 2,183 | 0 | 2,183 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(net income in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Net Income | $ | 16,153 | $ | 14,309 | $ | 32,866 | $ | 28,431 | ||||||||
Weighted Average Number of Common Shares Outstanding | 789,646 | 793,556 | 789,646 | 793,530 | ||||||||||||
Basic and Diluted Earnings Per Common Share | $ | 20.45 | $ | 18.03 | $ | 41.62 | $ | 35.83 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(net income in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Net Income | $ | 17,502 | $ | 14,810 | $ | 50,368 | $ | 43,241 | ||||||||
Weighted Average Number of Common Shares Outstanding | 789,646 | 793,556 | 789,646 | 793,539 | ||||||||||||
Basic and Diluted Earnings Per Common Share | $ | 22.16 | $ | 18.66 | $ | 63.79 | $ | 54.49 |
(in thousands except for percent and period data) | Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | Six Months Ended June 30, 2020 | Nine Months Ended September 30, 2021 | Year Ended December 31, 2020 | Nine Months Ended September 30, 2020 | ||||||||||||||||||
Cash Paid for Amounts Included in the Measurement of Lease Liabilities | ||||||||||||||||||||||||
Operating Cash Flow from Operating Leases | $ | 363 | $ | 795 | $ | 395 | $ | 536 | $ | 795 | $ | 594 | ||||||||||||
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities | $ | 302 | $ | 0 | $ | 0 | ||||||||||||||||||
Weighted-Average Remaining Lease Term - Operating Leases, in Years | 7.13 | 7.33 | 7.48 | 6.76 | 7.33 | 7.29 | ||||||||||||||||||
Weighted-Average Discount Rate - Operating Leases | 2.8% | 2.9% | 3.2% | 2.6 | % | 2.9 | % | 3.2 | % |
(in thousands) | June 30, 2021 | September 30, 2021 | ||||||
2021 | $ | 323 | $ | 174 | ||||
2022 | 644 | 702 | ||||||
2023 | 653 | 714 | ||||||
2024 | 667 | 730 | ||||||
2025 | 677 | 741 | ||||||
2026 and thereafter | 1,564 | 1,602 | ||||||
Total Lease Payments | 4,528 | 4,663 | ||||||
Less: Interest | (398 | ) | (377 | ) | ||||
Present Value of Lease Liabilities | $ | 4,130 | $ | 4,286 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
• | Liquidity consisting of |
• | Strong Asset Quality as reflected by only |
• | Risk Based Capital Ratio of |
• | Allowance for Credit Losses of |
• | ROAA of |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||
Assets | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 590,936 | $ | 164 | 0.11 | % | $ | 254,764 | $ | 65 | 0.10 | % | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasury Notes | 11,487 | 68 | 2.37 | % | 15,887 | 86 | 2.17 | % | ||||||||||||||||
U.S. Government Agency SBA | 7,728 | 13 | 0.67 | % | 9,734 | 19 | 0.78 | % | ||||||||||||||||
Municipals - Taxable | 15,817 | 151 | 3.82 | % | 14,583 | 117 | 3.21 | % | ||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable (1) | 53,813 | 525 | 3.90 | % | 48,836 | 524 | 4.29 | % | ||||||||||||||||
Mortgage-Backed Securities | 758,116 | 3,152 | 1.66 | % | 469,290 | 2,947 | 2.51 | % | ||||||||||||||||
Other | 45,973 | 310 | 2.70 | % | 4,802 | 6 | 0.50 | % | ||||||||||||||||
Total Investment Securities | 892,934 | 4,219 | 1.89 | % | 563,132 | 3,699 | 2.63 | % | ||||||||||||||||
Loans & Leases (2) | ||||||||||||||||||||||||
Real Estate | 2,123,513 | 25,268 | 4.77 | % | 1,880,773 | 23,189 | 4.96 | % | ||||||||||||||||
Home Equity Lines & Loans | 32,333 | 361 | 4.48 | % | 39,851 | 464 | 4.68 | % | ||||||||||||||||
Agricultural | 227,206 | 2,557 | 4.51 | % | 264,455 | 3,384 | 5.15 | % | ||||||||||||||||
Commercial | 357,098 | 4,345 | 4.88 | % | 380,175 | 4,560 | 4.82 | % | ||||||||||||||||
Consumer | 9,314 | 690 | 29.71 | % | 13,377 | 208 | 6.25 | % | ||||||||||||||||
Other (3) | 214,563 | 2,015 | 3.77 | % | 278,574 | 1,102 | 1.59 | % | ||||||||||||||||
Leases | 101,848 | 1,428 | 5.62 | % | 106,184 | 1,404 | 5.32 | % | ||||||||||||||||
Total Loans & Leases | 3,065,875 | 36,664 | 4.80 | % | 2,963,389 | 34,311 | 4.66 | % | ||||||||||||||||
Total Earning Assets | 4,549,745 | $ | 41,047 | 3.62 | % | 3,781,285 | $ | 38,075 | 4.05 | % | ||||||||||||||
Unrealized Gain on Securities Available-for-Sale | 331 | 20,476 | ||||||||||||||||||||||
Allowance for Credit Losses | (60,204 | ) | (54,760 | ) | ||||||||||||||||||||
Cash and Due From Banks | 69,063 | 63,214 | ||||||||||||||||||||||
All Other Assets | 261,530 | 235,104 | ||||||||||||||||||||||
Total Assets | $ | 4,820,465 | $ | 4,045,319 | ||||||||||||||||||||
Liabilities & Shareholders' Equity | ||||||||||||||||||||||||
Interest Bearing Deposits | ||||||||||||||||||||||||
Interest Bearing DDA | $ | 993,084 | 282 | 0.11 | % | $ | 754,964 | 411 | 0.22 | % | ||||||||||||||
Savings and Money Market | 1,332,799 | 372 | 0.11 | % | 1,082,450 | 725 | 0.27 | % | ||||||||||||||||
Time Deposits | 408,242 | 380 | 0.37 | % | 519,725 | 1,322 | 1.02 | % | ||||||||||||||||
Total Interest Bearing Deposits | 2,734,125 | 1,034 | 0.15 | % | 2,357,139 | 2,458 | 0.42 | % | ||||||||||||||||
Subordinated Debentures | 10,310 | 79 | 3.07 | % | 10,310 | 94 | 3.67 | % | ||||||||||||||||
Total Interest Bearing Liabilities | 2,744,435 | $ | 1,113 | 0.16 | % | 2,367,449 | $ | 2,552 | 0.43 | % | ||||||||||||||
Interest Rate Spread (4) | 3.46 | % | 3.62 | % | ||||||||||||||||||||
Demand Deposits (Non-Interest Bearing) | 1,573,743 | 1,216,353 | ||||||||||||||||||||||
All Other Liabilities | 69,049 | 62,601 | ||||||||||||||||||||||
Total Liabilities | 4,387,227 | 3,646,403 | ||||||||||||||||||||||
Shareholders' Equity | 433,238 | 398,916 | ||||||||||||||||||||||
Total Liabilities & Shareholders' Equity | $ | 4,820,465 | $ | 4,045,319 | ||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets (5) | 39,934 | 3.52 | % | 35,523 | 3.78 | % | ||||||||||||||||||
Tax Equivalent Adjustment | (109 | ) | (108 | ) | ||||||||||||||||||||
Net Interest Income | $ | 39,825 | 3.51 | % | $ | 35,415 | 3.77 | % |
Three Months Ended Sept 30, 2021 | Three Months Ended Sept 30, 2020 | |||||||||||||||||||||||
Assets | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 856,159 | $ | 328 | 0.15 | % | $ | 314,049 | $ | 81 | 0.10 | % | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasury Notes | 9,911 | 59 | 2.36 | % | 27,423 | 89 | 1.29 | % | ||||||||||||||||
U.S. Government Agency SBA | 7,151 | 14 | 0.78 | % | 9,167 | 24 | 1.05 | % | ||||||||||||||||
Municipals - Taxable | 15,088 | 141 | 3.74 | % | 19,966 | 156 | 3.13 | % | ||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable (1) | 49,616 | 503 | 4.06 | % | 49,452 | 525 | 4.24 | % | ||||||||||||||||
Mortgage-Backed Securities | 708,322 | 2,937 | 1.66 | % | 430,145 | 2,567 | 2.39 | % | ||||||||||||||||
Other | 46,511 | 132 | 1.14 | % | 25,477 | 53 | 0.83 | % | ||||||||||||||||
Total Investment Securities | 836,599 | 3,786 | 1.81 | % | 561,630 | 3,414 | 2.43 | % | ||||||||||||||||
Loans & Leases: (2) | ||||||||||||||||||||||||
Real Estate | 2,169,270 | 25,354 | 4.64 | % | 1,952,892 | 24,193 | 4.93 | % | ||||||||||||||||
Home Equity Lines & Loans | 32,112 | 360 | 4.45 | % | 37,815 | 423 | 4.45 | % | ||||||||||||||||
Agricultural | 236,071 | 2,637 | 4.43 | % | 263,706 | 3,365 | 5.08 | % | ||||||||||||||||
Commercial | 374,162 | 4,111 | 4.36 | % | 362,880 | 4,377 | 4.80 | % | ||||||||||||||||
Consumer | 8,521 | 125 | 5.82 | % | 12,261 | 190 | 6.16 | % | ||||||||||||||||
Other (3) | 146,661 | 2,138 | 5.78 | % | 348,093 | 2,415 | 2.76 | % | ||||||||||||||||
Leases | 96,690 | 1,363 | 5.59 | % | 106,272 | 1,446 | 5.41 | % | ||||||||||||||||
Total Loans & Leases | 3,063,487 | 36,088 | 4.67 | % | 3,083,919 | 36,409 | 4.70 | % | ||||||||||||||||
Total Earning Assets | 4,756,245 | $ | 40,202 | 3.35 | % | 3,959,598 | $ | 39,904 | 4.01 | % | ||||||||||||||
Unrealized Gain on Securities Available-for-Sale | 1,995 | 20,960 | ||||||||||||||||||||||
Allowance for Credit Losses | (60,268 | ) | (55,782 | ) | ||||||||||||||||||||
Cash and Due From Banks | 72,887 | 61,633 | ||||||||||||||||||||||
All Other Assets | 264,724 | 244,056 | ||||||||||||||||||||||
Total Assets | $ | 5,035,583 | $ | 4,230,465 | ||||||||||||||||||||
Liabilities & Shareholders’ Equity | ||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||
Interest Bearing DDA | $ | 1,068,707 | $ | 293 | 0.11 | % | $ | 824,587 | $ | 383 | 0.18 | % | ||||||||||||
Savings and Money Market | 1,385,430 | 346 | 0.10 | % | 1,176,238 | 594 | 0.20 | % | ||||||||||||||||
Time Deposits | 399,246 | 290 | 0.29 | % | 468,072 | 1,034 | 0.88 | % | ||||||||||||||||
Total Interest Bearing Deposits | 2,853,383 | 929 | 0.13 | % | 2,468,897 | 2,011 | 0.32 | % | ||||||||||||||||
Subordinated Debentures | 10,310 | 78 | 3.00 | % | 10,310 | 83 | 3.20 | % | ||||||||||||||||
Total Interest Bearing Liabilities | 2,863,693 | $ | 1,007 | 0.14 | % | 2,479,207 | $ | 2,094 | 0.34 | % | ||||||||||||||
Interest Rate Spread (4) | 3.21 | % | 3.67 | % | ||||||||||||||||||||
Demand Deposits (Non-Interest Bearing) | 1,655,738 | 1,279,142 | ||||||||||||||||||||||
All Other Liabilities | 68,564 | 60,812 | ||||||||||||||||||||||
Total Liabilities | 4,587,995 | 3,819,161 | ||||||||||||||||||||||
Shareholders’ Equity | 447,588 | 411,304 | ||||||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 5,035,583 | $ | 4,230,465 | ||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets (5) | 39,195 | 3.27 | % | 37,810 | 3.80 | % | ||||||||||||||||||
Tax Equivalent Adjustment | (104 | ) | (111 | ) | ||||||||||||||||||||
Net Interest Income | $ | 39,091 | 3.26 | % | $ | 37,699 | 3.79 | % |
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||
Assets | Balance | Interest | Annualized Yield/Rate | Balance | Interest | Annualized Yield/Rate | ||||||||||||||||||
Interest Bearing Deposits With Banks | $ | 501,105 | $ | 267 | 0.11 | % | $ | 271,896 | $ | 1,012 | 0.75 | % | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasury Notes | 13,168 | 153 | 2.34 | % | 16,093 | 178 | 2.25 | % | ||||||||||||||||
U.S. Government Agency SBA | 7,914 | 27 | 0.68 | % | 10,120 | 70 | 1.38 | % | ||||||||||||||||
Municipals - Taxable | 15,953 | 304 | 3.81 | % | 8,798 | 203 | 4.56 | % | ||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable (1) | 54,442 | 1,059 | 3.89 | % | 52,618 | 1,065 | 4.05 | % | ||||||||||||||||
Mortgage Backed Securities | 753,769 | 6,459 | 1.71 | % | 453,016 | 5,865 | 2.59 | % | ||||||||||||||||
Other | 45,697 | 555 | 2.43 | % | 3,301 | 11 | 0.67 | % | ||||||||||||||||
Total Investment Securities | 890,943 | 8,557 | 1.92 | % | 543,946 | 7,392 | 2.72 | % | ||||||||||||||||
Loans & Leases (2) | ||||||||||||||||||||||||
Real Estate | 2,111,656 | 49,687 | 4.74 | % | 1,851,366 | 46,838 | 5.09 | % | ||||||||||||||||
Home Equity Line & Loans | 32,572 | 723 | 4.48 | % | 39,843 | 1,024 | 5.17 | % | ||||||||||||||||
Agricultural | 226,706 | 5,121 | 4.56 | % | 264,943 | 6,815 | 5.17 | % | ||||||||||||||||
Commercial | 361,465 | 8,456 | 4.72 | % | 386,052 | 9,433 | 4.91 | % | ||||||||||||||||
Consumer | 9,829 | 885 | 18.16 | % | 13,817 | 429 | 6.24 | % | ||||||||||||||||
Other (3) | 218,507 | 6,107 | 5.64 | % | 139,672 | 1,106 | 1.59 | % | ||||||||||||||||
Leases | 102,205 | 2,772 | 5.47 | % | 105,681 | 2,826 | 5.38 | % | ||||||||||||||||
Total Loans & Leases | 3,062,940 | 73,751 | 4.86 | % | 2,801,374 | 68,471 | 4.92 | % | ||||||||||||||||
Total Earning Assets | 4,454,988 | $ | 82,575 | 3.74 | % | 3,617,216 | $ | 76,875 | 4.27 | % | ||||||||||||||
Unrealized (Loss) Gain on Securities Available-for-Sale | 7,077 | 13,635 | ||||||||||||||||||||||
Allowance for Credit Losses | (59,820 | ) | (54,891 | ) | ||||||||||||||||||||
Cash and Due From Banks | 66,655 | 61,565 | ||||||||||||||||||||||
All Other Assets | 250,789 | 236,288 | ||||||||||||||||||||||
Total Assets | $ | 4,719,689 | $ | 3,873,813 | ||||||||||||||||||||
Liabilities & Shareholders' Equity | ||||||||||||||||||||||||
Interest Bearing Deposits | ||||||||||||||||||||||||
Interest Bearing DDA | $ | 968,496 | $ | 576 | 0.12 | % | $ | 729,515 | $ | 959 | 0.26 | % | ||||||||||||
Savings and Money Market | 1,312,122 | 790 | 0.12 | % | 1,048,924 | 1,686 | 0.32 | % | ||||||||||||||||
Time Deposits | 413,550 | 905 | 0.44 | % | 521,136 | 2,957 | 1.14 | % | ||||||||||||||||
Total Interest Bearing Deposits | 2,694,168 | 2,271 | 0.17 | % | 2,299,575 | 5,602 | 0.49 | % | ||||||||||||||||
Federal Home Loan Bank Advances | 2 | - | 0.00 | % | 2 | - | 0.00 | % | ||||||||||||||||
Subordinated Debentures | 10,310 | 158 | 3.09 | % | 10,310 | 213 | 4.15 | % | ||||||||||||||||
Total Interest Bearing Liabilities | 2,704,480 | $ | 2,429 | 0.18 | % | 2,309,887 | $ | 5,815 | 0.51 | % | ||||||||||||||
Interest Rate Spread (4) | 3.56 | % | 3.77 | % | ||||||||||||||||||||
Demand Deposits (Non-Interest Bearing) | 1,522,029 | 1,113,825 | ||||||||||||||||||||||
All Other Liabilities | 61,662 | 61,050 | ||||||||||||||||||||||
Total Liabilities | 4,288,171 | 3,484,762 | ||||||||||||||||||||||
Shareholders' Equity | 431,518 | 389,051 | ||||||||||||||||||||||
Total Liabilities & Shareholders' Equity | $ | 4,719,689 | $ | 3,873,813 | ||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets (5) | 80,146 | 3.63 | % | 71,060 | 3.99 | % | ||||||||||||||||||
Tax Equivalent Adjustment | (220 | ) | (219 | ) | ||||||||||||||||||||
Net Interest Income | $ | 79,926 | 3.62 | % | $ | 70,841 | 3.98 | % |
Nine Months Ended Sept. 30, 2021 | Nine Months Ended Sept. 30, 2020 | |||||||||||||||||||||||
Assets | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 620,757 | $ | 595 | 0.13 | % | $ | 286,049 | $ | 1,093 | 0.51 | % | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasury Notes | 12,071 | 212 | 2.35 | % | 19,897 | 267 | 1.79 | % | ||||||||||||||||
U.S. Government Agency SBA | 7,590 | 41 | 0.72 | % | 9,799 | 94 | 1.28 | % | ||||||||||||||||
Municipals - Taxable | 15,662 | 445 | 3.79 | % | 11,362 | 359 | 4.21 | % | ||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable (1) | 52,816 | 1,562 | 3.94 | % | 52,741 | 1,587 | 4.01 | % | ||||||||||||||||
Mortgage-Backed Securities | 738,454 | 9,396 | 1.70 | % | 445,336 | 8,432 | 2.52 | % | ||||||||||||||||
Other | 45,970 | 687 | 1.99 | % | 10,747 | 64 | 0.79 | % | ||||||||||||||||
Total Investment Securities | 872,563 | 12,343 | 1.89 | % | 549,882 | 10,803 | 2.62 | % | ||||||||||||||||
Loans & Leases: (2) | ||||||||||||||||||||||||
Real Estate | 2,131,071 | 75,041 | 4.71 | % | 1,885,455 | 71,031 | 5.03 | % | ||||||||||||||||
Home Equity Lines & Loans | 32,417 | 1,083 | 4.47 | % | 39,162 | 1,447 | 4.94 | % | ||||||||||||||||
Agricultural | 229,862 | 7,758 | 4.51 | % | 264,528 | 10,180 | 5.14 | % | ||||||||||||||||
Commercial | 365,744 | 12,567 | 4.59 | % | 378,272 | 13,810 | 4.88 | % | ||||||||||||||||
Consumer | 9,388 | 1,010 | 14.38 | % | 13,294 | 619 | 6.22 | % | ||||||||||||||||
Other (3) | 194,295 | 8,245 | 5.67 | % | 209,653 | 3,521 | 2.24 | % | ||||||||||||||||
Leases | 100,347 | 4,135 | 5.51 | % | 105,880 | 4,272 | 5.39 | % | ||||||||||||||||
Total Loans & Leases | 3,063,124 | 109,839 | 4.79 | % | 2,896,244 | 104,880 | �� | 4.84 | % | |||||||||||||||
Total Earning Assets | 4,556,444 | $ | 122,777 | 3.60 | % | 3,732,175 | $ | 116,776 | 4.18 | % | ||||||||||||||
Unrealized Gain on Securities Available-for-Sale | 5,431 | 16,096 | ||||||||||||||||||||||
Allowance for Credit Losses | (59,971 | ) | (55,190 | ) | ||||||||||||||||||||
Cash and Due From Banks | 68,755 | 61,588 | ||||||||||||||||||||||
All Other Assets | 255,847 | 238,898 | ||||||||||||||||||||||
Total Assets | $ | 4,826,506 | $ | 3,993,567 | ||||||||||||||||||||
Liabilities & Shareholders’ Equity | ||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||
Interest Bearing DDA | $ | 1,002,267 | $ | 869 | 0.12 | % | $ | 761,437 | $ | 1,342 | 0.24 | % | ||||||||||||
Savings and Money Market | 1,336,826 | 1,136 | 0.11 | % | 1,091,672 | 2,280 | 0.28 | % | ||||||||||||||||
Time Deposits | 408,730 | 1,195 | 0.39 | % | 503,319 | 3,991 | 1.06 | % | ||||||||||||||||
Total Interest Bearing Deposits | 2,747,823 | 3,200 | 0.16 | % | 2,356,428 | 7,613 | 0.43 | % | ||||||||||||||||
Federal Home Loan Bank Advances | - | - | 0.00 | % | 1 | - | 0.00 | % | ||||||||||||||||
Subordinated Debentures | 10,310 | 236 | 3.06 | % | 10,310 | 296 | 3.83 | % | ||||||||||||||||
Total Interest Bearing Liabilities | 2,758,133 | $ | 3,436 | 0.17 | % | 2,366,739 | $ | 7,909 | 0.45 | % | ||||||||||||||
Interest Rate Spread(4) | 3.44 | % | 3.73 | % | ||||||||||||||||||||
Demand Deposits (Non-Interest Bearing) | 1,567,089 | 1,169,333 | ||||||||||||||||||||||
All Other Liabilities | 64,439 | 61,024 | ||||||||||||||||||||||
Total Liabilities | 4,389,661 | 3,597,096 | ||||||||||||||||||||||
Shareholders’ Equity | 436,845 | 396,471 | ||||||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 4,826,506 | $ | 3,993,567 | ||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets (5) | 119,341 | 3.50 | % | 108,867 | 3.90 | % | ||||||||||||||||||
Tax Equivalent Adjustment | (324 | ) | (327 | ) | ||||||||||||||||||||
Net Interest Income | $ | 119,017 | 3.49 | % | $ | 108,540 | 3.88 | % |
(in thousands) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2021 compared to June 30, 2020 | June 30, 2021 compared to June 30, 2020 | |||||||||||||||||||||||
Interest Earning Assets | Volume | Rate | Net Chg. | Volume | Rate | Net Chg. | ||||||||||||||||||
Interest Bearing Deposits With Banks | $ | 93 | $ | 5 | $ | 98 | $ | 495 | $ | (1,240 | ) | $ | (745 | ) | ||||||||||
Investment Securities | ||||||||||||||||||||||||
U.S. Treasuries | (25 | ) | 7 | (18 | ) | (33 | ) | 7 | (26 | ) | ||||||||||||||
US Government Agency SBA | (3 | ) | (3 | ) | (6 | ) | (13 | ) | (30 | ) | (43 | ) | ||||||||||||
Municipals - Taxable | 11 | 23 | 34 | 153 | (52 | ) | 101 | |||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | 50 | (49 | ) | 1 | 37 | (43 | ) | (6 | ) | |||||||||||||||
Mortgage-Backed Securities | 1,418 | (1,212 | ) | 206 | 3,021 | (2,427 | ) | 594 | ||||||||||||||||
Other | 202 | 103 | 305 | 451 | 93 | 544 | ||||||||||||||||||
Total Investment Securities | 1,653 | (1,131 | ) | 522 | 3,616 | (2,452 | ) | 1,164 | ||||||||||||||||
Loans & Leases | ||||||||||||||||||||||||
Real Estate | 2,966 | (887 | ) | 2,079 | 6,215 | (3,366 | ) | 2,849 | ||||||||||||||||
Home Equity Line & Loans | (84 | ) | (19 | ) | (103 | ) | (173 | ) | (128 | ) | (301 | ) | ||||||||||||
Agricultural | (442 | ) | (385 | ) | (827 | ) | (927 | ) | (767 | ) | (1,694 | ) | ||||||||||||
Commercial | (270 | ) | 55 | (215 | ) | (600 | ) | (377 | ) | (977 | ) | |||||||||||||
Consumer | (81 | ) | 564 | 483 | (157 | ) | 612 | 455 | ||||||||||||||||
Other (1) | (305 | ) | 1,217 | 912 | 910 | 4,091 | 5,001 | |||||||||||||||||
Leases | (57 | ) | 81 | 24 | (100 | ) | 46 | (54 | ) | |||||||||||||||
Total Loans & Leases | 1,727 | 626 | 2,353 | 5,168 | 111 | 5,279 | ||||||||||||||||||
Total Earning Assets | 3,473 | (500 | ) | 2,973 | 9,279 | (3,581 | ) | 5,698 | ||||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||||||
Interest Bearing Deposits | ||||||||||||||||||||||||
Transaction | 106 | (235 | ) | (129 | ) | 251 | (634 | ) | (383 | ) | ||||||||||||||
Savings and Money Market | 142 | (495 | ) | (353 | ) | 350 | (1,247 | ) | (897 | ) | ||||||||||||||
Time Deposits | (238 | ) | (704 | ) | (942 | ) | (517 | ) | (1,535 | ) | (2,052 | ) | ||||||||||||
Total Interest Bearing Deposits | 10 | (1,434 | ) | (1,424 | ) | 84 | (3,416 | ) | (3,332 | ) | ||||||||||||||
Subordinated Debentures | - | (15 | ) | (15 | ) | - | (55 | ) | (55 | ) | ||||||||||||||
Total Interest Bearing Liabilities | 10 | (1,449 | ) | (1,439 | ) | 84 | (3,471 | ) | (3,387 | ) | ||||||||||||||
Total Change on a Tax Equivalent Basis | $ | 3,463 | $ | 949 | $ | 4,412 | $ | 9,195 | $ | (110 | ) | $ | 9,085 |
Three Months Ended Sept. 30, 2021 compared to Sept. 30, 2020 | Nine Months Ended Sept. 30, 2021 compared to Sept. 30, 2020 | |||||||||||||||||||||||
Interest Earning Assets | Volume | Rate | Net Chg. | Volume | Rate | Net Chg. | ||||||||||||||||||
Interest Bearing Deposits with Banks | $ | 193 | $ | 54 | $ | 247 | $ | 696 | $ | (1,194 | ) | $ | (498 | ) | ||||||||||
Investment Securities: | ||||||||||||||||||||||||
U.S. Treasuries | (78 | ) | 47 | (30 | ) | (123 | ) | 68 | (55 | ) | ||||||||||||||
U.S. Government Agency SBA | (14 | ) | 4 | (10 | ) | (31 | ) | (22 | ) | (53 | ) | |||||||||||||
Municipals - Taxable | (42 | ) | 28 | (15 | ) | 117 | (31 | ) | 86 | |||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable | 2 | (23 | ) | (21 | ) | 2 | (27 | ) | (25 | ) | ||||||||||||||
Mortgage-Backed Securities | 700 | (330 | ) | 370 | 1,922 | (958 | ) | 964 | ||||||||||||||||
Other | 55 | 24 | 79 | 427 | 197 | 623 | ||||||||||||||||||
Total Investment Securities | 623 | (250 | ) | 373 | 2,313 | (773 | ) | 1,540 | ||||||||||||||||
Loans & Leases: | ||||||||||||||||||||||||
Real Estate | 2,490 | (1,329 | ) | 1,161 | 7,936 | (3,926 | ) | 4,010 | ||||||||||||||||
Home Equity Lines & Loans | (62 | ) | (0 | ) | (63 | ) | (198 | ) | (167 | ) | (364 | ) | ||||||||||||
Agricultural | (576 | ) | (152 | ) | (728 | ) | 1,035 | (3,457 | ) | (2,422 | ) | |||||||||||||
Commercial | 136 | (403 | ) | (266 | ) | (481 | ) | (762 | ) | (1,243 | ) | |||||||||||||
Consumer | (54 | ) | (12 | ) | (65 | ) | (226 | ) | 617 | 391 | ||||||||||||||
Other(1) | (1,915 | ) | 1,638 | (277 | ) | (277 | ) | 5,002 | 4,724 | |||||||||||||||
Leases | (131 | ) | 48 | (83 | ) | (230 | ) | 92 | (137 | ) | ||||||||||||||
Total Loans & Leases | (113 | ) | (209 | ) | (321 | ) | 7,559 | (2,601 | ) | 4,958 | ||||||||||||||
Total Earning Assets | 703 | (405 | ) | 299 | 10,569 | (4,568 | ) | 6,001 | ||||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||||||
Interest Bearing Deposits: | ||||||||||||||||||||||||
Interest Bearing DDA | 231 | (321 | ) | (90 | ) | 782 | (1,255 | ) | (473 | ) | ||||||||||||||
Savings and Money Market | 134 | (382 | ) | (248 | ) | 698 | (1,842 | ) | (1,144 | ) | ||||||||||||||
Time | (179 | ) | (565 | ) | (744 | ) | (954 | ) | (1,842 | ) | (2,796 | ) | ||||||||||||
Total Interest Bearing Deposits | 186 | (1,268 | ) | (1,082 | ) | 526 | (4,939 | ) | (4,413 | ) | ||||||||||||||
Subordinated Debentures | - | (5 | ) | (5 | ) | - | (60 | ) | (60 | ) | ||||||||||||||
Total Interest Bearing Liabilities | 186 | (1,273 | ) | (1,087 | ) | 526 | (4,999 | ) | (4,473 | ) | ||||||||||||||
Total Change on a Tax Equivalent Basis | $ | 517 | $ | 868 | $ | 1,386 | $ | 10,043 | $ | 431 | $ | 10,474 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Balance at Beginning of Period | $ | 60,175 | $ | 54,824 | $ | 58,862 | $ | 55,012 | $ | 60,229 | $ | 55,058 | $ | 58,862 | $ | 55,012 | ||||||||||||||||
Charge-Offs | (8 | ) | (197 | ) | (16 | ) | (462 | ) | (17 | ) | (25 | ) | (33 | ) | (487 | ) | ||||||||||||||||
Recoveries | 62 | 131 | 133 | 208 | 91 | 65 | 224 | 273 | ||||||||||||||||||||||||
Provision | - | 300 | 1,250 | 300 | - | 1,700 | 1,250 | 2,000 | ||||||||||||||||||||||||
Balance at End of Period | $ | 60,229 | $ | 55,058 | $ | 60,229 | $ | 55,058 | $ | 60,303 | $ | 56,798 | $ | 60,303 | $ | 56,798 |
June 30, 2021 | Commercial Real Estate | Agricultural Real Estate | Real Estate Construction | Residential 1st Mortgages | Home Equity Lines & Loans | Agricultural | Commercial | Consumer & Other | Leases | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | 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- Decmber 31, 2020 | $ | 27,679 | $ | 8,633 | $ | 1,643 | $ | 960 | $ | 2,024 | $ | 4,814 | $ | 9,961 | $ | 333 | $ | 1,731 | $ | 1,084 | $ | 58,862 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- December 31, 2020 | $ | 27,679 | $ | 8,633 | $ | 1,643 | $ | 960 | $ | 2,024 | $ | 4,814 | $ | 9,961 | $ | 333 | $ | 1,731 | $ | 1,084 | $ | 58,862 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | - | - | - | - | - | - | - | (16 | ) | - | - | (16 | ) | - | - | - | - | - | - | - | (33 | ) | - | - | (33 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | - | - | - | 59 | 11 | 5 | 45 | 13 | - | - | 133 | - | - | - | 74 | 17 | 29 | 83 | 21 | - | - | 224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 1,211 | 474 | (238 | ) | (62 | ) | (136 | ) | (267 | ) | (86 | ) | (49 | ) | (92 | ) | 495 | 1,250 | 1,200 | 794 | (210 | ) | (70 | ) | (129 | ) | (238 | ) | 738 | (23 | ) | (872 | ) | 60 | 1,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- June 30, 2021 | $ | 28,890 | $ | 9,107 | $ | 1,405 | $ | 957 | $ | 1,899 | $ | 4,552 | $ | 9,920 | $ | 281 | $ | 1,639 | $ | 1,579 | $ | 60,229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- March 31, 2020 | $ | 29,066 | $ | 9,048 | $ | 1,647 | $ | 967 | $ | 1,914 | $ | 4,247 | $ | 9,976 | $ | 296 | $ | 1,674 | $ | 1,340 | $ | 60,175 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2021 | $ | 28,879 | $ | 9,427 | $ | 1,433 | $ | 964 | $ | 1,912 | $ | 4,605 | $ | 10,782 | $ | 298 | $ | 859 | $ | 1,144 | $ | 60,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter Allowance for Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- June 30, 2021 | $ | 28,890 | $ | 9,107 | $ | 1,405 | $ | 957 | $ | 1,899 | $ | 4,552 | $ | 9,920 | $ | 281 | $ | 1,639 | $ | 1,579 | $ | 60,229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-Offs | - | - | - | - | - | - | - | (8 | ) | - | - | (8 | ) | - | - | - | - | - | - | - | (17 | ) | - | - | (17 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | - | - | - | 31 | 7 | 2 | 16 | 6 | - | - | 62 | - | - | - | 15 | 6 | 24 | 38 | 8 | - | - | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (176 | ) | 59 | (242 | ) | (41 | ) | (22 | ) | 303 | (72 | ) | (13 | ) | (35 | ) | 239 | - | (11 | ) | 320 | 28 | (8 | ) | 7 | 29 | 824 | 26 | (780 | ) | (435 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- June 30, 2021 | $ | 28,890 | $ | 9,107 | $ | 1,405 | $ | 957 | $ | 1,899 | $ | 4,552 | $ | 9,920 | $ | 281 | $ | 1,639 | $ | 1,579 | $ | 60,229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance- September 30, 2021 | $ | 28,879 | $ | 9,427 | $ | 1,433 | $ | 964 | $ | 1,912 | $ | 4,605 | $ | 10,782 | $ | 298 | $ | 859 | $ | 1,144 | $ | 60,303 |
June 30, 2021 | December 31, 2020 | June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | $ | % | $ | % | $ | % | September 30, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 1,033,747 | 33.9 | % | $ | 971,326 | 31.2 | % | $ | 873,922 | 28.4 | % | $ | 1,126,230 | 35.7 | % | $ | 971,326 | 31.2 | % | $ | 887,999 | 28.4 | % | ||||||||||||||||||||||||
Agricultural Real Estate | 630,515 | 20.7 | % | 643,014 | 20.7 | % | 635,077 | 20.6 | % | 656,337 | 20.8 | % | 643,014 | 20.7 | % | 639,172 | 20.4 | % | ||||||||||||||||||||||||||||||
Real Estate Construction | 170,933 | 5.6 | % | 185,741 | 6.0 | % | 166,548 | 5.4 | % | 178,451 | 5.7 | % | 185,741 | 6.0 | % | 186,623 | 6.0 | % | ||||||||||||||||||||||||||||||
Residential 1st Mortgages | 304,859 | 10.0 | % | 299,379 | 9.6 | % | 272,209 | 8.8 | % | 309,728 | 9.8 | % | 299,379 | 9.6 | % | 293,489 | 9.4 | % | ||||||||||||||||||||||||||||||
Home Equity Lines and Loans | 32,026 | 1.1 | % | 34,239 | 1.1 | % | 37,966 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||
Home Equity Lines & Loans | 31,664 | 1.0 | % | 34,239 | 1.1 | % | 35,875 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||
Agricultural | 236,436 | 7.8 | % | 264,372 | 8.5 | % | 261,986 | 8.5 | % | 235,085 | 7.5 | % | 264,372 | 8.5 | % | 252,031 | 8.1 | % | ||||||||||||||||||||||||||||||
Commercial | 361,432 | 11.9 | % | 374,816 | 12.0 | % | 369,817 | 12.0 | % | 394,326 | 12.5 | % | 374,816 | 12.0 | % | 367,052 | 11.7 | % | ||||||||||||||||||||||||||||||
Consumer & Other (1) | 177,042 | 5.8 | % | 235,529 | 7.6 | % | 361,035 | 11.7 | % | 129,665 | 4.1 | % | 235,529 | 7.6 | % | 359,697 | 11.5 | % | ||||||||||||||||||||||||||||||
Leases | 99,502 | 3.2 | % | 103,117 | 3.3 | % | 103,229 | 3.4 | % | 90,022 | 2.9 | % | 103,117 | 3.3 | % | 105,511 | 3.4 | % | ||||||||||||||||||||||||||||||
Total Gross Loans & Leases | 3,046,492 | 100.0 | % | 3,111,533 | 100.0 | % | 3,081,789 | 100.0 | % | 3,151,508 | 100.0 | % | 3,111,533 | 100.0 | % | 3,127,449 | 100.0 | % | ||||||||||||||||||||||||||||||
Less: Unearned Income | 13,296 | 11,941 | 17,277 | 11,707 | 11,941 | 15,518 | ||||||||||||||||||||||||||||||||||||||||||
Subtotal | 3,033,196 | 3,099,592 | 3,064,512 | 3,139,801 | 3,099,592 | 3,111,931 | ||||||||||||||||||||||||||||||||||||||||||
Less: Allowance for Credit Losses | 60,229 | 58,862 | 55,058 | 60,303 | 58,862 | 56,798 | ||||||||||||||||||||||||||||||||||||||||||
Net Loans & Leases | $ | 2,972,967 | $ | 3,040,730 | $ | 3,009,454 | $ | 3,079,498 | $ | 3,040,730 | $ | 3,055,133 |
(in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||
Non-Performing Loans & Leases | $ | 548 | $ | 495 | $ | 473 | $ | 516 | $ | 495 | $ | 498 | ||||||||||||
Other Real Estate | 873 | 873 | 873 | 873 | 873 | 873 | ||||||||||||||||||
Total Non-Performing Assets | $ | 1,421 | $ | 1,368 | $ | 1,346 | $ | 1,389 | $ | 1,368 | $ | 1,371 | ||||||||||||
Non-Performing Loans & Leases as a % of Total Loans & Leases | 0.0 | % | 0.0 | % | 0 | % | ||||||||||||||||||
Non-Performing Loans & Leases | ||||||||||||||||||||||||
as a % of Total Loans & Leases | 0.02 | % | 0.02 | % | 0.02 | % | ||||||||||||||||||
Restructured Loans & Leases (Performing) | $ | 7,836 | $ | 7,868 | $ | 7,683 | $ | 7,631 | $ | 7,868 | $ | 7,890 |
(in thousands) | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | ||||||||||||||||||||||||||||||||||||||||||
The Company: | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||
As of June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital Ratio | $ | 478,470 | 13.25 | % | $ | 288,894 | 8.0 | % | N/A | N/A | $ | 497,797 | 13.28 | % | $ | 299,941 | 8.0 | % | N/A | N/A | ||||||||||||||||||||||||||||
Common Equity Tier 1 Capital Ratio | $ | 423,140 | 11.72 | % | $ | 162,503 | 4.5 | % | N/A | N/A | $ | 440,761 | 11.76 | % | $ | 168,717 | 4.5 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 Capital Ratio | $ | 433,140 | 11.99 | % | $ | 216,671 | 6.0 | % | N/A | N/A | $ | 450,761 | 12.02 | % | $ | 224,956 | 6.0 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 Leverage Ratio | $ | 433,140 | 9.00 | % | $ | 192,473 | 4.0 | % | N/A | N/A | $ | 450,761 | 8.97 | % | $ | 200,908 | 4.0 | % | 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, 2021 | ||||||||||||||||||||||||
Total Capital Ratio | $ | 497,783 | 13.28 | % | $ | 299,906 | 8.0 | % | $ | 374,883 | 10.0 | % | ||||||||||||
Common Equity Tier 1 Capital Ratio | $ | 450,753 | 12.02 | % | $ | 168,697 | 4.5 | % | $ | 243,674 | 6.5 | % | ||||||||||||
Tier 1 Capital Ratio | $ | 450,753 | 12.02 | % | $ | 224,930 | 6.0 | % | $ | 299,906 | 8.0 | % | ||||||||||||
Tier 1 Leverage Ratio | $ | 450,753 | 8.98 | % | $ | 200,850 | 4.0 | % | $ | 251,063 | 5.0 | % |
(in thousands) | Actual | Current Regulatory Capital Requirements | Well Capitalized Under Prompt Corrective Action | |||||||||||||||||||||
The Bank: | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
As of June 30, 2021 | ||||||||||||||||||||||||
Total Capital Ratio | $ | 478,161 | 13.24 | % | $ | 288,869 | 8.0 | % | $ | 361,087 | 10.0 | % | ||||||||||||
Common Equity Tier 1 Capital Ratio | $ | 432,835 | 11.99 | % | $ | 162,489 | 4.5 | % | $ | 234,706 | 6.5 | % | ||||||||||||
Tier 1 Capital Ratio | $ | 432,835 | 11.99 | % | $ | 216,652 | 6.0 | % | $ | 288,869 | 8.0 | % | ||||||||||||
Tier 1 Leverage Ratio | $ | 432,835 | 9.01 | % | $ | 192,159 | 4.0 | % | $ | 240,199 | 5.0 | % |
(in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||
Commitments to Extend Credit | $ | 1,108,013 | $ | 1,040,844 | $ | 964,852 | $ | 1,058,760 | $ | 1,040,844 | $ | 969,258 | ||||||||||||
Letters of Credit | 19,695 | 18,846 | 20,285 | 19,391 | 18,846 | 19,816 | ||||||||||||||||||
Performance Guarantees Under Interest Rate Swap Contracts Entered Into Between Our Borrowing Customers and Third Parties | 2,005 | 2,786 | 3,897 | 1,808 | 2,786 | 3,797 |
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 | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
FARMERS & MERCHANTS BANCORP | ||
Date: | /s/ Kent A. Steinwert | |
Kent A. Steinwert | ||
Chairman, President | ||
& Chief Executive Officer | ||
(Principal Executive Officer) | ||
Date: | /s/ Stephen W. Haley | |
Stephen W. Haley | ||
Executive Vice President and | ||
Chief Financial Officer | ||
(Principal Financial & Accounting Officer) |