Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Transition Report | false | |
Entity File Number | 000-26099 | |
Entity Registrant Name | FARMERS & MERCHANTS BANCORP | |
Entity Central Index Key | 0001085913 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3327828 | |
Entity Address, Address Line One | 111 W. Pine Street | |
Entity Address, City or Town | Lodi | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95240 | |
City Area Code | 209 | |
Local Phone Number | 367-2300 | |
Title of 12(g) Security | Common Stock, $0.01 Par Value Per Share | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 762,393 |
UNAUDITED CONSOLIDATED BALANCE
UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 68,278 | $ 73,358 |
Interest bearing deposits with banks | 461,315 | 514,899 |
Total cash and cash equivalents | 529,593 | 588,257 |
Securities available-for-sale, at fair value | 118,437 | 152,864 |
Securities held-to-maturity, fair value $705,909 and $688,393 respectively | 850,387 | 845,346 |
Allowance for credit losses - securities held-to-maturity | (393) | (393) |
Total investment securities | 968,431 | 997,817 |
Non-marketable securities | 15,549 | 15,549 |
Loans and leases held-for-investment | 3,427,133 | 3,512,361 |
Allowance for credit losses - loans and leases | (68,573) | (66,885) |
Loans held-for-investment, net | 3,358,560 | 3,445,476 |
Bank-owned life insurance | 66,076 | 73,038 |
Premises and equipment, net | 50,423 | 49,476 |
Deferred income tax assets | 29,427 | 31,507 |
Accrued interest receivable | 16,818 | 21,602 |
Goodwill | 11,183 | 11,183 |
Other intangibles | 2,666 | 2,809 |
Other real estate owned | 873 | 873 |
Other assets | 84,172 | 89,812 |
TOTAL ASSETS | 5,133,771 | 5,327,399 |
Deposits: | ||
Non-interest bearing | 1,551,906 | 1,758,793 |
Interest bearing: | ||
Demand | 985,088 | 1,125,014 |
Savings and money market | 1,616,038 | 1,544,062 |
Certificates of deposit | 386,130 | 331,400 |
Total interest bearing | 2,987,256 | 3,000,476 |
Total deposits | 4,539,162 | 4,759,269 |
Subordinated debentures | 10,310 | 10,310 |
Interest payable and other liabilities | 75,397 | 72,512 |
Total Liabilities | 4,624,869 | 4,842,091 |
SHAREHOLDERS' EQUITY | ||
Preferred shares, no par value, 1,000,000 shares authorized and, none issued or outstanding | 0 | 0 |
Common shares, $0.01 par value, 7,500,000 authorized 762,931 and 768,337 outstanding at March 31, 2023 and December 31, 2022, respectively | 8 | 8 |
Additional paid in capital | 51,615 | 57,206 |
Retained earnings | 473,479 | 449,932 |
Accumulated other comprehensive (loss), net of taxes | (16,200) | (21,838) |
TOTAL SHAREHOLDERS' EQUITY | 508,902 | 485,308 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 5,133,771 | $ 5,327,399 |
UNAUDITED CONSOLIDATED BALANC_2
UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
UNAUDITED CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Securities held-to-maturity, fair value | $ 705,909 | $ 688,393 |
SHAREHOLDERS' EQUITY | ||
Preferred Stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred Stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Preferred Stock, shares outstanding (in shares) | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 7,500,000 | 7,500,000 |
Common Stock, shares outstanding (in shares) | 762,931 | 768,337 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest income | ||
Interest and fees on loans and leases | $ 48,008 | $ 37,433 |
Interest and dividends on investment securities | 5,663 | 5,295 |
Interest on deposits with others | 5,961 | 366 |
Total interest income | 59,632 | 43,094 |
Interest expense | ||
Deposits | 3,714 | 803 |
Subordinated debentures | 196 | 82 |
Total interest expense | 3,910 | 885 |
Net interest income | 55,722 | 42,209 |
Provision for credit losses | 1,500 | 0 |
Net interest income after provision for credit losses | 54,222 | 42,209 |
Non-interest income | ||
Card processing | 1,591 | 1,737 |
Service charges on deposit accounts | 634 | 850 |
Increase in cash surrender value of BOLI | 444 | 542 |
Gain on BOLI death benefit | 4,346 | 0 |
Net loss on sale of securities available-for-sale | (5,686) | 0 |
Net gain on deferred compensation benefits | 896 | 412 |
Other | 1,235 | 771 |
Total non-interest income | 3,460 | 4,312 |
Non-interest expense | ||
Salaries and employee benefits | 19,584 | 16,784 |
Net gain on deferred compensation benefits | 896 | 412 |
Occupancy | 1,180 | 1,154 |
Data Processing | 1,260 | 1,215 |
FDIC insurance | 611 | 349 |
Marketing | 470 | 316 |
Legal | 260 | 279 |
Other | 3,922 | 3,279 |
Total non-interest expense | 28,183 | 23,788 |
INCOME BEFORE INCOME TAXES | 29,499 | 22,733 |
Income tax expense | 5,952 | 5,675 |
NET INCOME | $ 23,547 | $ 17,058 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 30.8 | $ 21.7 |
Diluted (in dollars per share) | $ 30.8 | $ 21.7 |
Weighted average number of common shares | ||
Basic (in shares) | 764,603 | 786,096 |
Diluted (in shares) | 764,603 | 786,096 |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net income | $ 23,547 | $ 17,058 |
Other comprehensive income | ||
Unrealized holding gains/(losses) on available-for-sale securities | 2,362 | (15,865) |
Reclassification adjustment for losses on available-for-sale securities | 5,685 | 0 |
Amortization of unrealized loss on securities transferred to held-to-maturity | (30) | (77) |
Net unrealized holding gains/(losses) on available-for-sale securities | 8,017 | (15,942) |
Income tax (expense)/benefit | (2,379) | 4,713 |
Other comprehensive income/(loss), net of tax | 5,638 | (11,229) |
Total comprehensive income | $ 29,185 | $ 5,829 |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Shares [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Total |
Balance at Dec. 31, 2021 | $ 8 | $ 77,516 | $ 387,331 | $ (1,719) | $ 463,136 |
Balance (in shares) at Dec. 31, 2021 | 789,646 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 0 | 0 | 17,058 | 0 | 17,058 |
Other comprehensive income (loss) net of tax | 0 | 0 | 0 | (11,229) | (11,229) |
Repurchase of common stock | $ 0 | (4,252) | 0 | 0 | (4,252) |
Repurchase of common stock (in shares) | (4,500) | ||||
Balance at Mar. 31, 2022 | $ 8 | 73,264 | 404,389 | (12,948) | 464,713 |
Balance (in shares) at Mar. 31, 2022 | 785,146 | ||||
Balance at Dec. 31, 2022 | $ 8 | 57,206 | 449,932 | (21,838) | $ 485,308 |
Balance (in shares) at Dec. 31, 2022 | 768,337 | 768,337 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 0 | 0 | 23,547 | 0 | $ 23,547 |
Other comprehensive income (loss) net of tax | 0 | 0 | 0 | 5,638 | 5,638 |
Repurchase of common stock | $ 0 | (5,591) | 0 | 0 | (5,591) |
Repurchase of common stock (in shares) | (5,406) | ||||
Balance at Mar. 31, 2023 | $ 8 | $ 51,615 | $ 473,479 | $ (16,200) | $ 508,902 |
Balance (in shares) at Mar. 31, 2023 | 762,931 | 762,931 |
UNAUDITED CONSOLIDATED STATEM_4
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 23,547 | $ 17,058 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 1,500 | 0 |
Depreciation and amortization | 596 | 656 |
Net amortization of securities premiums and discounts | 33 | 176 |
Increase in cash surrender value of BOLI | (444) | (542) |
Gain on BOLI death benefit | (4,346) | 0 |
Decrease/(increase) in deferred income taxes, net | 3,933 | (113) |
Loss on sale of securities available-for-sale | 5,686 | 0 |
Net changes in: | ||
Other assets | 6,307 | 4,709 |
Other liabilities | 4,864 | 6,966 |
Net cash provided by operating activities | 41,676 | 28,910 |
Cash flows from investing activities: | ||
Net change in loans held-for-investment | 70,927 | (374) |
Purchase of available-for-sale securities | (3,585) | (10,067) |
Purchase of held-to-maturity securities | (1,350) | (118,162) |
Proceeds from sales, maturities, calls and pay downs of available-for-sale securities | 40,348 | 13,097 |
Proceeds from maturities, calls and pay downs of held-to-maturity securities | 10,817 | 19,516 |
Purchase of premises and equipment | (1,543) | (363) |
Purchase of other investments | (2,008) | 0 |
Proceeds from bank-owned life insurance | 11,752 | 0 |
Proceeds from sale of assets | 0 | 34 |
Net cash provided (used in) by investing activities | 125,358 | (96,319) |
Cash flows from financing activities: | ||
Net (decrease) increase in deposits | (220,107) | 197,287 |
Net cash used in share repurchase of common stock | (5,591) | (4,252) |
Net cash (used in) provided by financing activities | (225,698) | 193,035 |
Net change in cash and cash equivalents | (58,664) | 125,626 |
Cash and cash equivalents, beginning of period | 588,257 | 715,460 |
Cash and cash equivalents, end of period | 529,593 | 841,086 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 3,389 | 951 |
Income Taxes Paid | 1 | 0 |
Supplemental disclosures of non-cash transactions: | ||
Security purchases settled in subsequent period | 0 | (40,626) |
Unrealized gain/(losses) on securities available-for-sale | $ 8,048 | $ (15,865) |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Note 1—Basis of Presentation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements include the accounts of Farmers & Merchants Bancorp (“FMCB” or “Bancorp”), a bank holding company incorporated in the State of Delaware and its wholly owned subsidiary, Farmers & Merchants Bank of Central Californi a (“F&M Bank” or the “Bank”) collectively These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (“SEC”). In preparing these financial statements, the Company has evaluated events and transactions subsequent to March 31, 2023 for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information and note disclosures have been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim financial statements. All significant intercompany transactions and balances have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company’s accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other subjective assessments. In particular, management has identified several accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are significant to an understanding of Bank’s financial statements. These policies relate to: (i) the methodology for the recognition of interest income; (ii) the determination of the provision and allowance for credit losses; (iii) the valuation of financial assets and liabilities recorded at fair value; (iv) the valuation of intangibles, such as goodwill and core deposit intangibles (“CDI”); (v) the valuation of other real estate owned (“OREO”); and (vi) the valuation or recognition of deferred tax assets and liabilities. These policies and judgments, estimates and assumptions are described in greater detail in subsequent notes to the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations, Summary of Critical Accounting Policies and Estimates, in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 15, 2023 and Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations Summary of Critical Accounting Policies and Estimates included in this Quarterly Report on Form 10-Q. The information included in this Form 10-Q should be read in conjunction with our 2022 Form 10-K. Interim results are not necessarily indicative of results for a full year or any other interim period. Accounting Standards Pending Adoption — The following paragraphs provide descriptions of newly issued but not yet effective accounting standards that could have a material effect on the Company’s financial position or results of operations. In March 2020, the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) issued ASU . ASU 2020-04 was effective upon issuance and, based upon the amendments provided in ASU 2022-06 discussed below, can generally be applied through December 31, 2024. We have not elected to apply these amendments. However, we will assess the applicabil In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). The main amendments in this ASU are intended to clarify certain optional expedients and scope of derivative instruments. The amendments are elective and effective immediately upon issuance of this ASU. ASU 2021-01 was effective upon issuance and, based upon the amendments provided in ASU 2022-06 discussed below, can generally be applied through December 31, 2024. We have not elected to apply amendments; however, will assess the applicability of this ASU to us as we continue to monitor guidance for reference rate reform from FASB and its impact on our financial condition and results of operations. ASU No. 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” ASU 2022-06 extends the period of time preparers can utilize the reference rate reform relief guidance provided by ASU 2020-04 and ASU 2021-01, which are discussed above. ASU 2022-06, which was effective upon issuance, defers the sunset date of this prior guidance from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief guidance in Topic 848. We have not elected to apply amendments at this time, however, will assess the applicability of this ASU to us as we continue to monitor guidance for reference rate reform from FASB and its impact on our financial condition and results of operations. In June 2022, the FASB issued guidance within ASU 2022-03, Fair Value Measurement of Equity Securities Subject to contractual Sale Restrictions. The amendments in this ASU affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. These amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments in this ASU are effective for fiscal years, beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The adoption of this ASU is not expected to have material impact on the Company’s Consolidated Financial Statements In March 2023, the FASB issued ASU 2023-02, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. ASU 2023-02 allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. The Amendments in ASU 2023-02 apply to all reporting entities that hold (1) tax equity investments that meet the conditions for and elect to account for them using the proportional amortization method or (2) an investment in a LIHTC structure through a limited liability entity that is not accounted for using the proportional amortization method and to which certain LIHTC-specific guidance removed from FASB ASC 323-740, Investments – Equity Method and Joint Ventures: Income Taxes, has been applied. ASU 2023-02 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for any interim period within those fiscal years. The amendments in ASU 2023-02 must be applied on either a modified retrospective or a retrospective basis (except as discussed in the ASU for LIHTC investments not accounted for using the proportional amortization method). The Company is currently evaluating the provisions of this ASU to determine the potential impact the new standard will have on the Company’s consolidated financial statements. Impact of recent authoritative accounting guidance — On January 1, 2023, the company adopted the FASB issued guidance within ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this ASU eliminate the current troubled debt restructuring (TDR) recognition and measurement guidance and, instead, require that a creditor evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments also introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. These amendments require vintage disclosures including current-period gross write-offs by year of origination for financing receivables. Gross write-off information must be included in the vintage disclosures in accordance with ASC 326-20-50-6, which requires disclosure of the amortized cost basis of financing receivables by credit quality indicator and class of financing receivable by year of origination. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investment Securities [Abstract] | |
Investment Securities | Note 2—Investment Securities The amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale are as follows: Available-for-Sale Securities Gross Unrealized (Dollars in thousands) Amortized Cost Gains Losses Fair Value As of March 31, 2023 U.S. Government-sponsored securities $ 4,117 $ 18 $ 23 $ 4,112 Mortgage-backed securities (1) 125,610 41 21,954 103,697 Collateralized mortgage obligations (1) 620 - 13 607 Corporate securities 10,041 - 330 9,711 Other 310 - - 310 Total available-for-sale securities $ 140,698 $ 59 $ 22,320 $ 118,437 (1) collateralized mortgage obligations Available-for-Sale Securities Gross Unrealized (Dollars in thousands) Amortized Cost Gains Losses Fair Value As of December 31, 2022 U.S. Treasury notes $ 4,989 $ - $ 25 $ 4,964 U.S. Government-sponsored securities 4,430 21 24 4,427 Mortgage-backed securities (1) 162,314 9 29,795 132,528 Collateralized mortgage obligations (1) 1,085 - 31 1,054 Corporate securities 10,043 - 462 9,581 Other 310 - - 310 Total available-for-sale securities $ 183,171 $ 30 $ 30,337 $ 152,864 (1) and collateralized mortgage obligations The book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity are as follows: Held-to-Maturity Securities Gross Unrealized (Dollars in thousands) Amortized Gains Losses Fair Value Allowance for Credit Losses As of March 31, 2023 Municipal securities $ 76,260 $ 98 $ 96 $ 76,262 $ 393 Mortgage-backed securities (1) 695,083 59 130,405 564,737 - Collateralized mortgage obligations (1) 79,044 - 14,134 64,910 - Total held-to-maturity securities $ 850,387 $ 157 $ 144,635 $ 705,909 $ 393 (1) All mortgage-backed securities and collateralized mortgage obligations . Held-to-Maturity Securities Gross Unrealized (Dollars in thousands) Amortized Cost Gains Losses Fair Value Allowance for Credit Losses As of December 31, 2022 Municipal securities $ 62,302 $ 49 $ 209 $ 62,142 $ 393 Mortgage-backed securities (1) 702,858 29 141,121 561,766 - Collateralized mortgage obligations (1) 80,186 - 15,701 64,485 - Total held-to-maturity securities $ 845,346 $ 78 $ 157,031 $ 688,393 $ 393 (1) All mortgage-backed securities and collateralized mortgage obligations The allowance for credit losses on held-to-maturity securities is a contra-asset valuation account that is deducted from the amortized cost basis of held-to-maturity securities to present the net amount expected to be collected. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. With regard to residential mortgage-backed securities issued by the U.S. government, or agencies thereof, it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. government. Accordingly, no allowance for credit losses has been recorded for these securities. With regard to securities issued by States and political subdivisions and other held-to-maturity securities, management considers (i) issuer bond ratings, (ii) historical loss rates for given bond ratings, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, (iv) internal forecasts and (v) whether or not such securities are guaranteed or pre-refunded by the issuers. Fair values are based on quoted market prices or dealer quotes. If a quoted market price or dealer quote is not available, fair value is estimated using quoted market prices for similar securities. The following tables show the gross unrealized losses for available-for-sale securities, for which an allowance for credit losses has not been recorded, that are less than 12 months and 12 months or more: Available-for-Sale Securities March 31, 2023 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses As of March 31 2023 U.S. Government-sponsored securities $ 330 $ 1 $ 1,246 $ 22 $ 1,576 $ 23 Mortgage-backed securities (1) 12,450 343 86,844 21,611 99,294 21,954 Collateralized mortgage obligations (1) - - 607 13 607 13 Corporate securities - - 9,711 330 9,711 330 Total available-for-sale securities $ 12,780 $ 344 $ 98,408 $ 21,976 $ 111,188 $ 22,320 (1) All mortgage-backed securities and collateralized mortgage obligations Available-for-Sale Securities December 31, 2022 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses As of December 31, 2022 U.S. Treasury notes $ 4,964 $ 25 $ - $ - $ 4,964 $ 25 U.S. Government-sponsored securities 378 1 1,326 23 1,704 24 Mortgage-backed securities (1) 35,117 1,639 96,589 28,156 131,706 29,795 Collateralized Mortgage Obligations (1) 1,054 31 - - 1,054 31 Corporate securities - - 9,581 462 9,581 462 Total available-for-sale securities $ 41,513 $ 1,696 $ 107,496 $ 28,641 $ 149,009 $ 30,337 (1) All mortgage-backed securities and collateralized mortgage obligations As of March 31, 2023, the Company held 183 available-for-sale securities of which 61 were in an unrealized loss position for less than twelve months and 97 securities were in an unrealized loss position for twelve months or more without an allowance for credit losses. Because the decline in fair value is attributable to changes in interest rates and not credit quality and because the Company does not have the intent to sell these securities and it is more likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be impaired. Management evaluates the available-for-sale debt securities in an unrealized loss position, relying primarily on industry analyst reports and observations of market conditions and interest rate fluctuations. The following table presents the activity in the allowance for credit losses for held-to-maturity securities by major type: March 31, 2023 (Dollars in thousands) Municipal securities Mortgage- backed securities Collateralized Mortgage obligations Total Allowance for credit losses - securities Beginning Balance $ 393 $ - $ - $ 393 Provision for credit losses - - - - Ending Balance $ 393 $ - $ - $ 393 December 31, 2022 (Dollars in thousands) Municipal securities Mortgage- backed securities Collateralized Mortgage obligations Total Allowance for credit losses - securities Beginning Balance $ 393 $ - $ - $ 393 Provision for credit losses - - - - Ending Balance $ 393 $ - $ - $ 393 The amortized cost and estimated fair values of debt securities at March 31, 2023 by contractual final maturity are shown in the following table: Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Securities maturing in: One year or less $ 335 $ 335 $ 283 $ 283 After one year through five years 19,386 18,756 11,174 11,155 After five years through ten years 6,114 5,913 30,348 28,835 After ten years 114,863 93,433 808,582 665,636 Total $ 140,698 $ 118,437 $ 850,387 $ 705,909 Maturities are based on the final contractual payment dates, and do not reflect the impact of prepayments or early redemptions that may occur. Expected maturities of mortgage-backed and CMO securities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. The Company monitors the credit quality of those held-to-maturity debt securities not issued by the U.S. government or one of its agencies or government sponsored entities, through the use of credit ratings. Credit ratings are reviewed and updated quarterly. The following table summarizes the amortized cost of held-to-maturity municipal debt securities by credit rating at March 31, 2023: Held-to-Maturity Amortized Cost (Dollars in thousands) AAA/AA/A BBB/BB/B Not Rated Total March 31, 2023 Municipal securities $ 19,380 $ 390 $ 56,490 $ 76,260 Total $ 19,380 $ 390 $ 56,490 $ 76,260 As of March 31, 2023, there were no past due principal or interest payments associated with these securities. Proceeds from sales and calls of these securities were as follows: (Dollars in thousands) Gross Proceeds Gross Gains Gross Losses Three months ended March 31, 2023 $ 30,482 $ - $ 5,686 Three months ended March 31, 2022 $ 2,190 $ - $ - Pledged Securities As of March 31, 2023, securities carried at $498 million were pledged to secure public deposits, Federal Home Loan Bank (“FHLB”) borrowings, and other government agency deposits as required by law. This amount was $479 million at December 31, 2022. |
Loans and Leases
Loans and Leases | 3 Months Ended |
Mar. 31, 2023 | |
Loans and Leases [Abstract] | |
Loans and Leases | Note 3— Loans and Leases Loans and leases as of the dates indicated consisted of the following: (Dollars in thousands) March 31, 2023 December 31, 2022 Loans and leases held-for-investment, net Real estate: Commercial $ 1,312,745 $ 1,328,691 Agricultural 707,412 726,938 Residential and home equity 387,370 387,753 Construction 153,394 166,538 Total real estate 2,560,921 2,609,920 Commercial & industrial 472,189 478,758 Agricultural 275,785 314,525 Commercial leases 123,314 112,629 Consumer and other 5,382 5,886 Total gross loans and leases 3,437,591 3,521,718 Unearned income (10,458 ) (9,357 ) Total net loans and leases 3,427,133 3,512,361 Allowance for credit losses (68,573 ) (66,885 ) Total loans and leases held-for-investment, net $ 3,358,560 $ 3,445,476 At March 31, 2023, the portion of loans that were approved for pledging as collateral on borrowing lines with the Federal Home Loan Bank (“FHLB”) and the Federal Reserve Bank (“FRB”) were $1.2 billion and $881.5 million, respectively. The borrowing capacity on these loans was $770.7 million from FHLB and $656.5 million from the FRB. The following tables show an aging analysi s of the loan and lease portfolio, including unearned income, by the time past due for the periods indicated: March 31, 2023 (Dollars in thousands) Current 30-89 Days Past Due 90+ Days Past Due Non-accrual Total Past Due Total Loans and leases held-for-investment, net Real estate: Commercial $ 1,304,052 $ - $ - $ 387 $ 387 $ 1,304,439 Agricultural 707,412 - - - - 707,412 Residential and home equity 387,370 - - - - 387,370 Construction 153,394 - - - - 153,394 Total real estate 2,552,228 - - 387 387 2,552,615 Commercial & industrial 472,189 - - - - 472,189 Agricultural 275,785 - - - - 275,785 Commercial leases 121,162 - - - - 121,162 Consumer and other 5,357 25 - - 25 5,382 Total loans and leases, net $ 3,426,721 $ 25 $ - $ 387 $ 412 $ 3,427,133 December 31, 2022 (Dollars in thousands) Current 30-89 Days Past Due 90+ Days Past Due Non-accrual Total Past Due Total Loans and leases held-for-investment, net Real estate: Commercial $ 1,319,911 $ - $ - $ 403 $ 403 $ 1,320,314 Agricultural 726,938 - - - - 726,938 Residential and home equity 387,753 - - - - 387,753 Construction 166,370 - - 168 168 166,538 Total real estate 2,600,972 - - 571 571 2,601,543 Commercial & industrial 478,758 - - - - 478,758 Agricultural 314,525 - - - - 314,525 Commercial leases 111,649 - - - - 111,649 Consumer and other 5,789 97 - - 97 5,886 Total loans and leases, net $ 3,511,693 $ 97 $ - $ 571 $ 668 $ 3,512,361 Non-accrual loans are summarized as follows: (Dollars in thousands) March 31, 2023 December 31, 2022 Non-accrual loans and leases: Non-accrual loans and leases Real estate: Commercial $ 387 $ 403 Agricultural - - Residential and home equity - - Construction - 168 Total real estate 387 571 Commercial & Industrial - - Agricultural - - Commercial leases - - Consumer and other - - Total non-accrual loans and leases $ 387 $ 571 The Company did not enter into any loan modifications with borrowers experiencing financial difficulty during the three months ended March 31, 2023. The following table presents the credit risk rating categories for loans and leases held-for-investment (accruing and non-accruing) net of deferred fees by loan portfolio segment and class as of the dates indicated. March 31, 2023 (Dollars in thousands) Pass Special Mention Sub- standard Doubtful Total Loans & Leases Total Allowance for Credit Losses Loans and leases held-for-investment, net Real estate: Commercial $ 1,301,094 $ 2,958 $ 387 $ - $ 1,304,439 $ 24,253 Agricultural 688,406 12,875 6,131 - 707,412 8,441 Residential and home equity 387,006 - 364 - 387,370 7,334 Construction 153,394 - - - 153,394 2,785 Total real estate 2,529,900 15,833 6,882 - 2,552,615 42,813 Commercial & industrial 471,348 594 247 - 472,189 11,346 Agricultural 271,307 4,467 11 - 275,785 12,542 Commercial leases 121,099 63 - - 121,162 1,720 Consumer and other 5,251 - 131 - 5,382 152 Total loans and leases, net $ 3,398,905 $ 20,957 $ 7,271 $ - $ 3,427,133 $ 68,573 December 31, (Dollars in thousands) Pass Special Mention Sub- standard Doubtful Total Loans & Leases Total Allowance for Credit Losses Loans and leases held-for-investment, net Real estate: Commercial $ 1,314,377 $ 5,535 $ 402 $ - $ 1,320,314 $ 18,055 Agricultural 709,927 10,891 6,120 - 726,938 14,496 Residential and home equity 387,371 - 382 - 387,753 7,508 Construction 166,370 - 168 - 166,538 3,026 Total real estate 2,578,045 16,426 7,072 - 2,601,543 43,085 Commercial & industrial 478,437 63 258 - 478,758 11,503 Agricultural 308,830 5,682 13 - 314,525 10,202 Commercial leases 111,568 81 - - 111,649 1,924 Consumer and other 5,650 - 236 - 5,886 171 Total loans and leases, net $ 3,482,530 $ 22,252 $ 7,579 $ - $ 3,512,361 $ 66,885 The following table presents outstanding loan and lease balances held-for-investment by segment and class, credit quality indicators, vintage year by class of financing receivable, and current period gross charge-offs by year of origination as of March 31, 2023: March 31, 2023 Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Total Net loans and leases held-for-investment Real estate: Commercial Pass $ 51,123 $ 176,639 $ 227,251 $ 149,007 $ 69,798 $ 301,459 $ 325,817 $ 1,301,094 Special mention - - - - - 2,358 600 2,958 Substandard - - - - - 387 - 387 Doubtful - - - - - - - - Total Commercial $ 51,123 $ 176,639 $ 227,251 $ 149,007 $ 69,798 $ 304,204 $ 326,417 $ 1,304,439 Commercial Current-period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Agricultural Pass $ 14,274 $ 75,313 $ 41,782 $ 53,027 $ 14,264 $ 176,639 $ 313,107 $ 688,406 Special mention - - - - - - 12,875 12,875 Substandard - - - - - 6,131 - 6,131 Doubtful - - - - - - - - Total Agricultural $ 14,274 $ 75,313 $ 41,782 $ 53,027 $ 14,264 $ 182,770 $ 325,982 $ 707,412 Agricultural Current-period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Residential and home equity Pass $ 7,062 $ 65,050 $ 94,458 $ 85,239 $ 14,222 $ 79,905 $ 41,070 $ 387,006 Special mention - - - - - - - - Substandard - - - - - 284 80 364 Doubtful - - - - - - - - Total Residential and home equity $ 7,062 $ 65,050 $ 94,458 $ 85,239 $ 14,222 $ 80,189 $ 41,150 $ 387,370 Residential and home equity Current-period gross charge-offs $ - $ - $ - $ - $ - $ 14 $ - $ 14 Construction Pass $ - $ 2,003 $ - $ - $ 1,575 $ - $ 149,816 $ 153,394 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total construction $ - $ 2,003 $ - $ - $ 1,575 $ - $ 149,816 $ 153,394 Construction Current-period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Total Real estate $ 72,459 $ 319,005 $ 363,491 $ 287,273 $ 99,859 $ 567,163 $ 843,365 $ 2,552,615 Commercial & industrial Pass $ 11,960 $ 30,234 $ 35,318 $ 11,131 $ 7,195 $ 10,318 $ 365,192 $ 471,348 Special mention - - 55 - - 539 - 594 Substandard - - - - - 6 241 247 Doubtful - - - - - - - - Total Commercial & industrial $ 11,960 $ 30,234 $ 35,373 $ 11,131 $ 7,195 $ 10,863 $ 365,433 $ 472,189 Commercial & industrial Current-period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - March 31, 2023 Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Total Agricultural Pass $ 170 $ 5,179 $ 2,755 $ 918 $ 1,135 $ 2,448 $ 258,702 $ 271,307 Special mention - - - - - - 4,467 4,467 Substandard - - - - 10 1 - 11 Doubtful - - - - - - - - Total Agricultural $ 170 $ 5,179 $ 2,755 $ 918 $ 1,145 $ 2,449 $ 263,169 $ 275,785 Agricultural Current-period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial leases Pass $ 33,959 $ 15,132 $ 12,359 $ 5,537 $ 33,433 $ 20,679 $ - $ 121,099 Special mention - - - - 63 - - 63 Substandard - - - - - - - - Doubtful - - - - - - - - Total Commercial leases $ 33,959 $ 15,132 $ 12,359 $ 5,537 $ 33,496 $ 20,679 $ - $ 121,162 Commercial leases Current-period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Consumer and other Pass $ 318 $ 1,476 $ 575 $ 213 $ 121 $ 1,922 $ 626 $ 5,251 Special mention - - - - - - - - Substandard 131 - - - - - - 131 Doubtful - - - - - - - - Total Consumer and other $ 449 $ 1,476 $ 575 $ 213 $ 121 $ 1,922 $ 626 $ 5,382 Consumer and other Current-period gross charge-offs $ 8 $ 1 $ - $ - $ - $ 1 $ - $ 10 Total net loans and leases $ 118,997 $ 371,026 $ 414,553 $ 305,072 $ 141,816 $ 603,076 $ 1,472,593 $ 3,427,133 Certain directors and executive officers of the Company are defined as related parties. These related parties, including their immediate families and companies in which they are principal owners, were loan customers of the Bank during the three months ended March 31, 2023 and year ended December 31, 2022. Such loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans with borrowers not related to the Company. These loans did not involve more than the normal risk of collection or have other unfavorable features. A summary of the changes in those loans is as follows: March 31, December 31, (Dollars in thousands) 2023 2022 Balance at beginning of the period $ 17,521 $ 18,128 New loans or advances during year 130 523 Repayments (372 ) (1,130 ) Balance at end of period $ 17,279 $ 17,521 A loan or lease is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. When management determines that foreclosure is probable, expected credit losses for collateral dependent loans or leases are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. The collateral on the loans and leases is a significant portion of what secures the collateral dependent loans or leases and significant changes to the fair value of the collateral can impact the ACL. During the three months ended March 31, 2023, there were no significant changes to the collateral that secures the collateral dependent loans, whether due to general deterioration or with credit quality indicators like appraisal value. The following tables present the amortized cost basis for collateral dependent loans and leases by type as of March 31, 2023 and December 31, 2022, respectively: March 31, 2023 (Dollars in thousands) Real Estate Vehicles and Equipment Total Collateral dependent loans and leases Real estate: Commercial $ 1,492 $ - $ 1,492 Agricultural 10,751 - 10,751 Residential and home equity 1,658 - 1,658 Construction - - - Total real estate 13,901 - 13,901 Commercial & industrial - - - Agricultural - 11 11 Commercial leases - - - Consumer and other - 153 153 Total gross loans and leases $ 13,901 $ 164 $ 14,065 December 31, 2022 (Dollars in thousands) Real Estate Vehicles and Equipment Total Collateral dependent loans and leases Real estate: Commercial $ 1,114 $ - $ 1,114 Agricultural 11,035 - 11,035 Residential and home equity 2,153 - 2,153 Construction - - - Total real estate 14,302 - 14,302 Commercial & industrial - - - Agricultural - 13 13 Commercial leases - - - Consumer and other - 158 158 Total gross loans and leases $ 14,302 $ 171 $ 14,473 Changes in the allowance for credit losses are as follows: For the Three Months Ended March 31, 2023 (Dollars in thousands) Commercial & Agricultural Construction Residential & Home Equity Commercial & Agricultural Commercial Leases Consumer Total Allowance for credit losses: Balance at beginning of period $ 32,551 $ 3,026 $ 7,508 $ 21,705 $ 1,924 $ 171 $ 66,885 Provision / (recapture) for credit losses (27 ) (241 ) (170 ) 2,163 (204 ) (21 ) 1,500 Charge-offs - - (14 ) - - (10 ) (24 ) Recoveries 170 - 10 20 - 12 212 Net (charge-offs) / recoveries 170 - (4 ) 20 - 2 188 Balance at end of period $ 32,694 $ 2,785 $ 7,334 $ 23,888 $ 1,720 $ 152 $ 68,573 For the Three Months Ended March 31, 2022 (Dollars in thousands) Commercial & Agricultural Construction Residential & Home Equity Commercial & Agricultural Commercial Leases Consumer Total Allowance for credit losses: Balance at beginning of period, prior to adoption of ASC 326 $ 38,149 $ 1,456 $ 2,847 $ 16,954 $ 938 $ 663 $ 61,007 Impact of adopting ASC 326 (6,190 ) 1,855 3,032 826 629 (152 ) - Provision / (recapture) for credit losses 552 466 866 (1,700 ) (101 ) (83 ) - Charge-offs - - - - - (9 ) (9 ) Recoveries - - 14 18 - 2 34 Net (charge-offs) / recoveries - - 14 18 - (7 ) 25 Balance at end of period $ 32,511 $ 3,777 $ 6,759 $ 16,098 $ 1,466 $ 421 $ 61,032 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2023 | |
Deposits [Abstract] | |
Deposits | Note 4—Deposits Certificates of deposit greater than and less than or equal to the FDIC insurance limit of $250,000 are summarized as follows: (Dollars in thousands) March 31, 2023 December 31, 2022 Certificates of deposit: Certificates of deposit less than or equal to $250,000 $ 218,375 $ 202,554 Certificates of deposit greater than $250,000 167,755 128,846 Total certificates of deposit $ 386,130 $ 331,400 Scheduled maturities for certificates of deposit are as follows: (Dollars in thousands) Amount 2023 $ 237,695 2024 131,935 2025 12,059 2026 3,029 2027 1,412 Total certificates of deposit $ 386,130 |
Short-term Borrowings
Short-term Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Short-term Borrowings [Abstract] | |
Short-term Borrowings | Note 5—Short-term borrowings As of March 31, 2023 and December 31, 2022, committed lines of credit arrangements totaling $1.55 billion and $1.51 billion were available to the Company from unaffiliated banks, respectively. The average Federal Funds interest rate as of March 31, 2023 was 5.00%. The Company is a member of the FHLB of San Francisco and has a committed credit line of $772.7 million, which is secured by $1.2 billion in various real estate loans and investment securities pledged as collateral. Borrowings generally provide for interest at the then current published rate, which was 5.08% as of March 31, 2023. The Company has $881.5 million in pledged loans with the Federal Reserve Bank (the “Fed”). As of March 31, 2023, the Company’s overnight borrowing capacity using the primary credit facilities from the Fed account was $656.5 million. The borrowing rate was 5.00% as of March 31, 2023. There were no outstanding advances on the above borrowing facilities as of March 31, 2023 and December 31, 2022. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 6—Earnings Per Share Basic and diluted earnings per common share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Earnings per common share have been computed based on the following: Three Months Ended March 31, (Dollars in thousands, except share and per share amounts) 2023 2022 Numerator Net income $ 23,547 $ 17,058 Denominator Weighted average number of common shares outstanding 764,603 786,096 Weighted average number of dilutive shares outstanding 764,603 786,096 Basic earnings per common share $ 30.80 $ 21.70 Diluted earning per common share $ 30.80 $ 21.70 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2023 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 7—Employee Benefit Plans Executive Retirement Plan The Company, through the Bank, sponsors an Executive Retirement Plan (“ERP”) for certain executive level employees. The ERP is a non-qualified deferred compensation plan and was developed to supplement the Company’s Profit Sharing Plan, which, as a qualified retirement plan, has a ceiling on benefits as set by Internal Revenue Service regulations. The ERP is comprised of: (1) a Performance Component which makes contributions based upon long-term cumulative profitability and increase in market value of the Company; (2) a Salary Component which makes contributions based upon participant salary levels; and (3) an Equity Component for which contributions are discretionary and subject to Board of Directors approval. The Company expensed $2.3 million to the ERP during the three months ended March 31, 2023 and $1.8 million during the three months ended March 31, 2022. The Company’s carrying value of the liability under the ERP was $55.1 million as of March 31, 2023 and $57.0 million as of December 31, 2022. The Company’s shares of common stock held as investments in the Rabbi Trust of the ERP as of March 31, 2023 and December 31, 2022 totaled 48,055 and 50,196 with an historical cost basis of $30.0 million and $31.4 million, respectively. All amounts have been fully funded into the Rabbi Trust as of March 31, 2023 and December 31, 2022. The consolidated investments held in the Rabbi Trust are recorded at fair value with changes in unrealized gains or losses recorded within non-interest income and the equal and offsetting charges in the related liability are recorded in non-interest expense in the consolidated statements of income. Net gains on ERP plan investments were $0.7 million compared to net gains of $0.3 million at March 31, 2023 and 2022, respectively. Balances in non-qualified deferred compensation plans may be invested in financial instruments whose market value fluctuates based upon trends in interest rates and stock prices. Senior Management Retention Plan The Company, through the Bank, sponsors a Senior Management Retention Plan (“SMRP”) for certain senior level employees. The SMRP is a non-qualified deferred compensation plan and was developed to supplement the Company’s Profit Sharing Plan, which, as a qualified retirement plan, has a ceiling on benefits as set by Internal Revenue Service regulations. All contributions are discretionary and subject to the Board of Directors approval. The Company expensed $1.2 million to the SMRP during the three months ended March 31, 2023 and $0.7 million for three months ended March 31, 2022. The Company’s carrying value of the liability under the SMRP was $15.4 million as of March 31, 2023 and $13.6 million as of December 31, 2022. The Company’s shares of stock held as investments in the Rabbi Trust of the SMRP as of March 31, 2023 and December 31, 2022 totaled 16,629 and 15,998 shares with an historical cost basis of $11.5 million and $10.8 million, respectively. All amounts have been fully funded into the Rabbi Trust as of March 31, 2023 and December 31, 2022. The consolidated investments held in the Rabbi Trust are recorded at fair value with changes in unrealized gains or losses recorded within non-interest income and the equal and offsetting charges in the related liability are recorded in non-interest expense in the consolidated statements of income. Net gains on SMRP plan investments were $0.2 million compared to net gains of $0.1 million at March 31, 2023 and 2022, respectively. Balances in non-qualified deferred compensation plans may be invested in financial instruments whose market value fluctuates based upon trends in interest rates and stock prices. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value [Abstract] | |
Fair Value | Note 8—Fair Value The Company follows the “Fair Value Measurement and Disclosures” topic of the FASB ASC Topic 820, which establishes a framework for measuring fair value in U.S. GAAP and expands disclosures about fair value measurements. This standard applies whenever other standards require, or permit assets or liabilities to be measured at fair value but does not expand the use of fair value in any new circumstances. In this standard, the FASB clarifies the principle that fair value should be based on the assumptions market participants would use when pricing the asset or liability. In support of this principle, this standard establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy is as follows Level 1 inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Level 2 inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. Management monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. Management evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total assets, total liabilities or total earnings. Securities classified as available-for-sale are reported at fair value on a recurring basis utilizing Level 1, 2 and 3 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s Collateral dependent loans represent certain loans held for investment that are subject to a fair value measurement under U.S. GAAP because they are individually evaluated using a fair value measurement, such as the fair value of the underlying collateral. Credit loss is measured using a market approach based on the fair value of the collateral, less estimated costs to dispose, for loans the Company considers to be collateral dependent. Collateral dependent loans and leases not requiring an allowance represent loans and leases for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans and leases. loans and leases where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. These appraisals may utilize a single valuation approach or a combination of approaches including sales comparison, cost and the income approach. Adjustments are often made in the appraisal process by the appraisers to take into account differences between the comparable sales and income and other available data. Such adjustments can be significant and typically result in a Level 3 classification of the inputs for determining fair value. The valuation technique used for Level 3 non-recurring collateral dependent loans and leases estimated Other Real Estate Owned (“OREO”) is reported at fair value on a non-recurring basis. Fair values are based on recent real estate appraisals. These appraisals may use a single valuation approach or a combination of approaches including sales comparison, cost and the income approach. Adjustments are often made in the appraisal process by the appraisers to take in to account differences between the comparable sales and income and other available data. Such adjustments can be significant and typically result in a Level 3 classification of the inputs for determining fair value. The valuation technique used for Level 3 non-recurring OREO is primarily the sales comparison approach less estimated The following tables summarize the carrying amount and estimated fair values of the Company’s financial assets and liabilities not carried at fair value, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated. March 31 2023 Fair Value Measurements (Dollars in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Fair Value Financial Assets: Cash and cash equivalents $ 529,593 $ 529,593 $ - $ - $ 529,593 Held-to-maturity securities 849,994 - 649,419 56,490 705,909 Non-marketable securities 15,549 - - 15,549 15,549 Loans and leases, net 3,358,560 - - 3,207,754 3,207,754 Bank-owned life insurance 66,076 66,076 - - 66,076 Financial Liabilities: Total deposits $ 4,539,162 $ - $ 4,153,033 $ 377,969 $ 4,531,002 Subordinated debentures 10,310 - 12,830 - 12,830 December 31, 2022 Fair Value Measurements (Dollars in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Fair Value Financial Assets: Cash and cash equivalents $ 588,257 $ 588,257 $ - $ - $ 588,257 Held-to-maturity securities 844,953 - 645,859 42,534 688,393 Non-marketable securities 15,549 - - 15,549 15,549 Loans and leases, net 3,445,476 - - 3,335,042 3,335,042 Bank-owned life insurance 73,038 73,038 - - 73,038 Financial Liabilities: Total deposits $ 4,759,269 $ - $ 4,427,869 $ 323,572 $ 4,751,441 Subordinated debentures 10,310 - 12,211 - 12,211 Non-recurring Measurements: collateral dependent loans and leases and leases or lease and leases Valuations and significant inputs obtained by independent sources are reviewed by the Company for accuracy and reasonableness. or leases The following tables presents information about the Bank’s assets and liabilities measured at fair value on a recurring and non-recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Bank to determine such fair value for the periods indicated. March 31 2023 Fair Value Measurements (Dollars in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Fair Value Fair valued on a recurring basis: Available-for-sale securities U.S. Government-sponsored securities $ 4,112 $ - $ 4,112 $ - $ 4,112 Mortgage-backed securities 103,697 - 103,697 - 103,697 Collateralized mortgage obligations 607 - 607 - 607 Corporate securities 9,711 - 9,711 - 9,711 Other 310 - 310 - 310 Fair valued on a non-recurring basis: Collateral Dependent loans $ 14,065 $ - $ - $ 14,065 $ 14,065 Other real estate owned 873 - - 873 873 December 31, 2022 Fair Value Measurements (Dollars in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Fair Value Fair valued on a recurring basis: Available-for-sale securities U.S. Treasury notes $ 4,964 $ 4,964 $ - $ - $ 4,964 U.S. Government-sponsored securities 4,427 - 4,427 - 4,427 Mortgage-backed securities 132,528 - 132,528 - 132,528 Collateralized mortgage obligations 1,054 - 1,054 - 1,054 Corporate securities 9,581 - 9,581 - 9,581 Other 310 - 310 - 310 Fair valued on a non-recurring basis: Collateral Dependent loans $ 14,473 $ - $ - $ 14,473 $ 14,473 Other real estate owned 873 - - 873 873 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 9—Commitments and Contingencies In the normal course of business, the Company enters into financial instruments with off balance sheet risk in order to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These instruments include commitments to extend credit, letters of credit, and other types of financial guarantees. The Company had the following off balance sheet commitments as of the dates indicated. (Dollars in thousands) March 31, 2023 December 31, 2022 Commitments to extend credit, including unsecured commitments of $ 20,114 20,401 $ 1,174,664 $ 1,141,036 Stand-by letters of credit, including unsecured commitments of $ 8,059 7,954 16,821 17,138 The Company’s exposure to credit loss in the event of nonperformance by the other party with regard to standby letters of credit, undisbursed loan commitments, and financial guarantees is represented by the contractual notional amount of those instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. The Company uses the same credit policies in making commitments and conditional obligations as it does for recorded balance sheet items. The Company may or may not require collateral or other security to support financial instruments with credit risk. Evaluations of each customer’s creditworthiness are performed on a case-by-case basis. The estimated exposure to loss from these commitments is included in the reserve for unfunded loan commitments which amounted to $2.1 million at March 31, 2023 and December 31, 2022. Standby letters of credit are conditional commitments issued by the Company to guarantee performance of or payment for a customer to a third-party. Outstanding standby letters of credit have maturity dates ranging from 1 to 60 months with final expiration in January 2027. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company has commitments to fund investments in LIHTC partnerships and limited liability companies. At March 31, 2023, the remaining commitments to the LIHTC partnerships and limited liability companies were approximately $18.8 million. At December 31, 2022, the remaining commitments to the LIHTC partnerships and the limited liability companies were $19.7 million. In the ordinary course of business, the Company becomes involved in litigation arising out of its normal business activities. Management, after consultation with legal counsel, believes that the ultimate liability, if any, resulting from the disposition of such claims would not be material in relation to the financial position of the Company. The Company may be required to maintain average reserves on deposit with the Federal Reserve Bank primarily based on deposits outstanding. Reserve requirements are offset by the Company’s vault cash and deposit balances maintained with the Federal Reserve Bank. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | |
Accounting Standards Adoption | Accounting Standards Pending Adoption — The following paragraphs provide descriptions of newly issued but not yet effective accounting standards that could have a material effect on the Company’s financial position or results of operations. In March 2020, the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) issued ASU . ASU 2020-04 was effective upon issuance and, based upon the amendments provided in ASU 2022-06 discussed below, can generally be applied through December 31, 2024. We have not elected to apply these amendments. However, we will assess the applicabil In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). The main amendments in this ASU are intended to clarify certain optional expedients and scope of derivative instruments. The amendments are elective and effective immediately upon issuance of this ASU. ASU 2021-01 was effective upon issuance and, based upon the amendments provided in ASU 2022-06 discussed below, can generally be applied through December 31, 2024. We have not elected to apply amendments; however, will assess the applicability of this ASU to us as we continue to monitor guidance for reference rate reform from FASB and its impact on our financial condition and results of operations. ASU No. 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” ASU 2022-06 extends the period of time preparers can utilize the reference rate reform relief guidance provided by ASU 2020-04 and ASU 2021-01, which are discussed above. ASU 2022-06, which was effective upon issuance, defers the sunset date of this prior guidance from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief guidance in Topic 848. We have not elected to apply amendments at this time, however, will assess the applicability of this ASU to us as we continue to monitor guidance for reference rate reform from FASB and its impact on our financial condition and results of operations. In June 2022, the FASB issued guidance within ASU 2022-03, Fair Value Measurement of Equity Securities Subject to contractual Sale Restrictions. The amendments in this ASU affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. These amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments in this ASU are effective for fiscal years, beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The adoption of this ASU is not expected to have material impact on the Company’s Consolidated Financial Statements In March 2023, the FASB issued ASU 2023-02, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. ASU 2023-02 allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. The Amendments in ASU 2023-02 apply to all reporting entities that hold (1) tax equity investments that meet the conditions for and elect to account for them using the proportional amortization method or (2) an investment in a LIHTC structure through a limited liability entity that is not accounted for using the proportional amortization method and to which certain LIHTC-specific guidance removed from FASB ASC 323-740, Investments – Equity Method and Joint Ventures: Income Taxes, has been applied. ASU 2023-02 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for any interim period within those fiscal years. The amendments in ASU 2023-02 must be applied on either a modified retrospective or a retrospective basis (except as discussed in the ASU for LIHTC investments not accounted for using the proportional amortization method). The Company is currently evaluating the provisions of this ASU to determine the potential impact the new standard will have on the Company’s consolidated financial statements. Impact of recent authoritative accounting guidance — On January 1, 2023, the company adopted the FASB issued guidance within ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this ASU eliminate the current troubled debt restructuring (TDR) recognition and measurement guidance and, instead, require that a creditor evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments also introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. These amendments require vintage disclosures including current-period gross write-offs by year of origination for financing receivables. Gross write-off information must be included in the vintage disclosures in accordance with ASC 326-20-50-6, which requires disclosure of the amortized cost basis of financing receivables by credit quality indicator and class of financing receivable by year of origination. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investment Securities [Abstract] | |
Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-Sale | The amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale are as follows: Available-for-Sale Securities Gross Unrealized (Dollars in thousands) Amortized Cost Gains Losses Fair Value As of March 31, 2023 U.S. Government-sponsored securities $ 4,117 $ 18 $ 23 $ 4,112 Mortgage-backed securities (1) 125,610 41 21,954 103,697 Collateralized mortgage obligations (1) 620 - 13 607 Corporate securities 10,041 - 330 9,711 Other 310 - - 310 Total available-for-sale securities $ 140,698 $ 59 $ 22,320 $ 118,437 (1) collateralized mortgage obligations Available-for-Sale Securities Gross Unrealized (Dollars in thousands) Amortized Cost Gains Losses Fair Value As of December 31, 2022 U.S. Treasury notes $ 4,989 $ - $ 25 $ 4,964 U.S. Government-sponsored securities 4,430 21 24 4,427 Mortgage-backed securities (1) 162,314 9 29,795 132,528 Collateralized mortgage obligations (1) 1,085 - 31 1,054 Corporate securities 10,043 - 462 9,581 Other 310 - - 310 Total available-for-sale securities $ 183,171 $ 30 $ 30,337 $ 152,864 (1) and collateralized mortgage obligations |
Book Values, Estimated Fair Values and Unrealized Gains and Losses of Investments Classified as Held-To-Maturity | The book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity are as follows: Held-to-Maturity Securities Gross Unrealized (Dollars in thousands) Amortized Gains Losses Fair Value Allowance for Credit Losses As of March 31, 2023 Municipal securities $ 76,260 $ 98 $ 96 $ 76,262 $ 393 Mortgage-backed securities (1) 695,083 59 130,405 564,737 - Collateralized mortgage obligations (1) 79,044 - 14,134 64,910 - Total held-to-maturity securities $ 850,387 $ 157 $ 144,635 $ 705,909 $ 393 (1) All mortgage-backed securities and collateralized mortgage obligations . Held-to-Maturity Securities Gross Unrealized (Dollars in thousands) Amortized Cost Gains Losses Fair Value Allowance for Credit Losses As of December 31, 2022 Municipal securities $ 62,302 $ 49 $ 209 $ 62,142 $ 393 Mortgage-backed securities (1) 702,858 29 141,121 561,766 - Collateralized mortgage obligations (1) 80,186 - 15,701 64,485 - Total held-to-maturity securities $ 845,346 $ 78 $ 157,031 $ 688,393 $ 393 (1) All mortgage-backed securities and collateralized mortgage obligations |
Gross Unrealized Losses for Available-for-Sale Securities | The following tables show the gross unrealized losses for available-for-sale securities, for which an allowance for credit losses has not been recorded, that are less than 12 months and 12 months or more: Available-for-Sale Securities March 31, 2023 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses As of March 31 2023 U.S. Government-sponsored securities $ 330 $ 1 $ 1,246 $ 22 $ 1,576 $ 23 Mortgage-backed securities (1) 12,450 343 86,844 21,611 99,294 21,954 Collateralized mortgage obligations (1) - - 607 13 607 13 Corporate securities - - 9,711 330 9,711 330 Total available-for-sale securities $ 12,780 $ 344 $ 98,408 $ 21,976 $ 111,188 $ 22,320 (1) All mortgage-backed securities and collateralized mortgage obligations Available-for-Sale Securities December 31, 2022 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses As of December 31, 2022 U.S. Treasury notes $ 4,964 $ 25 $ - $ - $ 4,964 $ 25 U.S. Government-sponsored securities 378 1 1,326 23 1,704 24 Mortgage-backed securities (1) 35,117 1,639 96,589 28,156 131,706 29,795 Collateralized Mortgage Obligations (1) 1,054 31 - - 1,054 31 Corporate securities - - 9,581 462 9,581 462 Total available-for-sale securities $ 41,513 $ 1,696 $ 107,496 $ 28,641 $ 149,009 $ 30,337 (1) All mortgage-backed securities and collateralized mortgage obligations |
Activity in Allowance for Credit Losses for Held-to-Maturity Debt Securities by Major Type | The following table presents the activity in the allowance for credit losses for held-to-maturity securities by major type: March 31, 2023 (Dollars in thousands) Municipal securities Mortgage- backed securities Collateralized Mortgage obligations Total Allowance for credit losses - securities Beginning Balance $ 393 $ - $ - $ 393 Provision for credit losses - - - - Ending Balance $ 393 $ - $ - $ 393 December 31, 2022 (Dollars in thousands) Municipal securities Mortgage- backed securities Collateralized Mortgage obligations Total Allowance for credit losses - securities Beginning Balance $ 393 $ - $ - $ 393 Provision for credit losses - - - - Ending Balance $ 393 $ - $ - $ 393 |
Amortized Cost and Estimated Fair Values of Investment Securities by Contractual Final Maturity | The amortized cost and estimated fair values of debt securities at March 31, 2023 by contractual final maturity are shown in the following table: Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Securities maturing in: One year or less $ 335 $ 335 $ 283 $ 283 After one year through five years 19,386 18,756 11,174 11,155 After five years through ten years 6,114 5,913 30,348 28,835 After ten years 114,863 93,433 808,582 665,636 Total $ 140,698 $ 118,437 $ 850,387 $ 705,909 |
Credit Quality of Available-for-Sale and Held-to-Maturity Debt Securities | The Company monitors the credit quality of those held-to-maturity debt securities not issued by the U.S. government or one of its agencies or government sponsored entities, through the use of credit ratings. Credit ratings are reviewed and updated quarterly. The following table summarizes the amortized cost of held-to-maturity municipal debt securities by credit rating at March 31, 2023: Held-to-Maturity Amortized Cost (Dollars in thousands) AAA/AA/A BBB/BB/B Not Rated Total March 31, 2023 Municipal securities $ 19,380 $ 390 $ 56,490 $ 76,260 Total $ 19,380 $ 390 $ 56,490 $ 76,260 |
Proceeds from Sales and Calls of Securities | Proceeds from sales and calls of these securities were as follows: (Dollars in thousands) Gross Proceeds Gross Gains Gross Losses Three months ended March 31, 2023 $ 30,482 $ - $ 5,686 Three months ended March 31, 2022 $ 2,190 $ - $ - |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Loans and Leases [Abstract] | |
Components of Loans and Leases | Loans and leases as of the dates indicated consisted of the following: (Dollars in thousands) March 31, 2023 December 31, 2022 Loans and leases held-for-investment, net Real estate: Commercial $ 1,312,745 $ 1,328,691 Agricultural 707,412 726,938 Residential and home equity 387,370 387,753 Construction 153,394 166,538 Total real estate 2,560,921 2,609,920 Commercial & industrial 472,189 478,758 Agricultural 275,785 314,525 Commercial leases 123,314 112,629 Consumer and other 5,382 5,886 Total gross loans and leases 3,437,591 3,521,718 Unearned income (10,458 ) (9,357 ) Total net loans and leases 3,427,133 3,512,361 Allowance for credit losses (68,573 ) (66,885 ) Total loans and leases held-for-investment, net $ 3,358,560 $ 3,445,476 |
Aging Analysis of Loan and Lease Portfolio | The following tables show an aging analysi s of the loan and lease portfolio, including unearned income, by the time past due for the periods indicated: March 31, 2023 (Dollars in thousands) Current 30-89 Days Past Due 90+ Days Past Due Non-accrual Total Past Due Total Loans and leases held-for-investment, net Real estate: Commercial $ 1,304,052 $ - $ - $ 387 $ 387 $ 1,304,439 Agricultural 707,412 - - - - 707,412 Residential and home equity 387,370 - - - - 387,370 Construction 153,394 - - - - 153,394 Total real estate 2,552,228 - - 387 387 2,552,615 Commercial & industrial 472,189 - - - - 472,189 Agricultural 275,785 - - - - 275,785 Commercial leases 121,162 - - - - 121,162 Consumer and other 5,357 25 - - 25 5,382 Total loans and leases, net $ 3,426,721 $ 25 $ - $ 387 $ 412 $ 3,427,133 December 31, 2022 (Dollars in thousands) Current 30-89 Days Past Due 90+ Days Past Due Non-accrual Total Past Due Total Loans and leases held-for-investment, net Real estate: Commercial $ 1,319,911 $ - $ - $ 403 $ 403 $ 1,320,314 Agricultural 726,938 - - - - 726,938 Residential and home equity 387,753 - - - - 387,753 Construction 166,370 - - 168 168 166,538 Total real estate 2,600,972 - - 571 571 2,601,543 Commercial & industrial 478,758 - - - - 478,758 Agricultural 314,525 - - - - 314,525 Commercial leases 111,649 - - - - 111,649 Consumer and other 5,789 97 - - 97 5,886 Total loans and leases, net $ 3,511,693 $ 97 $ - $ 571 $ 668 $ 3,512,361 |
Non-accrual Loans | Non-accrual loans are summarized as follows: (Dollars in thousands) March 31, 2023 December 31, 2022 Non-accrual loans and leases: Non-accrual loans and leases Real estate: Commercial $ 387 $ 403 Agricultural - - Residential and home equity - - Construction - 168 Total real estate 387 571 Commercial & Industrial - - Agricultural - - Commercial leases - - Consumer and other - - Total non-accrual loans and leases $ 387 $ 571 |
Outstanding Loan and Lease Balances Held-for-Investment by Segment and Class, Credit Quality Indicators, Vintage Year by Class of Financing Receivable and Current Period Gross Charge-Offs by Year of Origination | The following table presents the credit risk rating categories for loans and leases held-for-investment (accruing and non-accruing) net of deferred fees by loan portfolio segment and class as of the dates indicated. March 31, 2023 (Dollars in thousands) Pass Special Mention Sub- standard Doubtful Total Loans & Leases Total Allowance for Credit Losses Loans and leases held-for-investment, net Real estate: Commercial $ 1,301,094 $ 2,958 $ 387 $ - $ 1,304,439 $ 24,253 Agricultural 688,406 12,875 6,131 - 707,412 8,441 Residential and home equity 387,006 - 364 - 387,370 7,334 Construction 153,394 - - - 153,394 2,785 Total real estate 2,529,900 15,833 6,882 - 2,552,615 42,813 Commercial & industrial 471,348 594 247 - 472,189 11,346 Agricultural 271,307 4,467 11 - 275,785 12,542 Commercial leases 121,099 63 - - 121,162 1,720 Consumer and other 5,251 - 131 - 5,382 152 Total loans and leases, net $ 3,398,905 $ 20,957 $ 7,271 $ - $ 3,427,133 $ 68,573 December 31, (Dollars in thousands) Pass Special Mention Sub- standard Doubtful Total Loans & Leases Total Allowance for Credit Losses Loans and leases held-for-investment, net Real estate: Commercial $ 1,314,377 $ 5,535 $ 402 $ - $ 1,320,314 $ 18,055 Agricultural 709,927 10,891 6,120 - 726,938 14,496 Residential and home equity 387,371 - 382 - 387,753 7,508 Construction 166,370 - 168 - 166,538 3,026 Total real estate 2,578,045 16,426 7,072 - 2,601,543 43,085 Commercial & industrial 478,437 63 258 - 478,758 11,503 Agricultural 308,830 5,682 13 - 314,525 10,202 Commercial leases 111,568 81 - - 111,649 1,924 Consumer and other 5,650 - 236 - 5,886 171 Total loans and leases, net $ 3,482,530 $ 22,252 $ 7,579 $ - $ 3,512,361 $ 66,885 The following table presents outstanding loan and lease balances held-for-investment by segment and class, credit quality indicators, vintage year by class of financing receivable, and current period gross charge-offs by year of origination as of March 31, 2023: March 31, 2023 Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Total Net loans and leases held-for-investment Real estate: Commercial Pass $ 51,123 $ 176,639 $ 227,251 $ 149,007 $ 69,798 $ 301,459 $ 325,817 $ 1,301,094 Special mention - - - - - 2,358 600 2,958 Substandard - - - - - 387 - 387 Doubtful - - - - - - - - Total Commercial $ 51,123 $ 176,639 $ 227,251 $ 149,007 $ 69,798 $ 304,204 $ 326,417 $ 1,304,439 Commercial Current-period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Agricultural Pass $ 14,274 $ 75,313 $ 41,782 $ 53,027 $ 14,264 $ 176,639 $ 313,107 $ 688,406 Special mention - - - - - - 12,875 12,875 Substandard - - - - - 6,131 - 6,131 Doubtful - - - - - - - - Total Agricultural $ 14,274 $ 75,313 $ 41,782 $ 53,027 $ 14,264 $ 182,770 $ 325,982 $ 707,412 Agricultural Current-period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Residential and home equity Pass $ 7,062 $ 65,050 $ 94,458 $ 85,239 $ 14,222 $ 79,905 $ 41,070 $ 387,006 Special mention - - - - - - - - Substandard - - - - - 284 80 364 Doubtful - - - - - - - - Total Residential and home equity $ 7,062 $ 65,050 $ 94,458 $ 85,239 $ 14,222 $ 80,189 $ 41,150 $ 387,370 Residential and home equity Current-period gross charge-offs $ - $ - $ - $ - $ - $ 14 $ - $ 14 Construction Pass $ - $ 2,003 $ - $ - $ 1,575 $ - $ 149,816 $ 153,394 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total construction $ - $ 2,003 $ - $ - $ 1,575 $ - $ 149,816 $ 153,394 Construction Current-period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Total Real estate $ 72,459 $ 319,005 $ 363,491 $ 287,273 $ 99,859 $ 567,163 $ 843,365 $ 2,552,615 Commercial & industrial Pass $ 11,960 $ 30,234 $ 35,318 $ 11,131 $ 7,195 $ 10,318 $ 365,192 $ 471,348 Special mention - - 55 - - 539 - 594 Substandard - - - - - 6 241 247 Doubtful - - - - - - - - Total Commercial & industrial $ 11,960 $ 30,234 $ 35,373 $ 11,131 $ 7,195 $ 10,863 $ 365,433 $ 472,189 Commercial & industrial Current-period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - March 31, 2023 Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Total Agricultural Pass $ 170 $ 5,179 $ 2,755 $ 918 $ 1,135 $ 2,448 $ 258,702 $ 271,307 Special mention - - - - - - 4,467 4,467 Substandard - - - - 10 1 - 11 Doubtful - - - - - - - - Total Agricultural $ 170 $ 5,179 $ 2,755 $ 918 $ 1,145 $ 2,449 $ 263,169 $ 275,785 Agricultural Current-period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial leases Pass $ 33,959 $ 15,132 $ 12,359 $ 5,537 $ 33,433 $ 20,679 $ - $ 121,099 Special mention - - - - 63 - - 63 Substandard - - - - - - - - Doubtful - - - - - - - - Total Commercial leases $ 33,959 $ 15,132 $ 12,359 $ 5,537 $ 33,496 $ 20,679 $ - $ 121,162 Commercial leases Current-period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Consumer and other Pass $ 318 $ 1,476 $ 575 $ 213 $ 121 $ 1,922 $ 626 $ 5,251 Special mention - - - - - - - - Substandard 131 - - - - - - 131 Doubtful - - - - - - - - Total Consumer and other $ 449 $ 1,476 $ 575 $ 213 $ 121 $ 1,922 $ 626 $ 5,382 Consumer and other Current-period gross charge-offs $ 8 $ 1 $ - $ - $ - $ 1 $ - $ 10 Total net loans and leases $ 118,997 $ 371,026 $ 414,553 $ 305,072 $ 141,816 $ 603,076 $ 1,472,593 $ 3,427,133 |
Summary of Changes in Loans to Certain Directors and Executive Officers | A summary of the changes in those loans is as follows: March 31, December 31, (Dollars in thousands) 2023 2022 Balance at beginning of the period $ 17,521 $ 18,128 New loans or advances during year 130 523 Repayments (372 ) (1,130 ) Balance at end of period $ 17,279 $ 17,521 |
Amortized Cost of Collateral Dependent Loans by Class | The following tables present the amortized cost basis for collateral dependent loans and leases by type as of March 31, 2023 and December 31, 2022, respectively: March 31, 2023 (Dollars in thousands) Real Estate Vehicles and Equipment Total Collateral dependent loans and leases Real estate: Commercial $ 1,492 $ - $ 1,492 Agricultural 10,751 - 10,751 Residential and home equity 1,658 - 1,658 Construction - - - Total real estate 13,901 - 13,901 Commercial & industrial - - - Agricultural - 11 11 Commercial leases - - - Consumer and other - 153 153 Total gross loans and leases $ 13,901 $ 164 $ 14,065 December 31, 2022 (Dollars in thousands) Real Estate Vehicles and Equipment Total Collateral dependent loans and leases Real estate: Commercial $ 1,114 $ - $ 1,114 Agricultural 11,035 - 11,035 Residential and home equity 2,153 - 2,153 Construction - - - Total real estate 14,302 - 14,302 Commercial & industrial - - - Agricultural - 13 13 Commercial leases - - - Consumer and other - 158 158 Total gross loans and leases $ 14,302 $ 171 $ 14,473 |
Changes in Allowance for Credit Losses | Changes in the allowance for credit losses are as follows: For the Three Months Ended March 31, 2023 (Dollars in thousands) Commercial & Agricultural Construction Residential & Home Equity Commercial & Agricultural Commercial Leases Consumer Total Allowance for credit losses: Balance at beginning of period $ 32,551 $ 3,026 $ 7,508 $ 21,705 $ 1,924 $ 171 $ 66,885 Provision / (recapture) for credit losses (27 ) (241 ) (170 ) 2,163 (204 ) (21 ) 1,500 Charge-offs - - (14 ) - - (10 ) (24 ) Recoveries 170 - 10 20 - 12 212 Net (charge-offs) / recoveries 170 - (4 ) 20 - 2 188 Balance at end of period $ 32,694 $ 2,785 $ 7,334 $ 23,888 $ 1,720 $ 152 $ 68,573 For the Three Months Ended March 31, 2022 (Dollars in thousands) Commercial & Agricultural Construction Residential & Home Equity Commercial & Agricultural Commercial Leases Consumer Total Allowance for credit losses: Balance at beginning of period, prior to adoption of ASC 326 $ 38,149 $ 1,456 $ 2,847 $ 16,954 $ 938 $ 663 $ 61,007 Impact of adopting ASC 326 (6,190 ) 1,855 3,032 826 629 (152 ) - Provision / (recapture) for credit losses 552 466 866 (1,700 ) (101 ) (83 ) - Charge-offs - - - - - (9 ) (9 ) Recoveries - - 14 18 - 2 34 Net (charge-offs) / recoveries - - 14 18 - (7 ) 25 Balance at end of period $ 32,511 $ 3,777 $ 6,759 $ 16,098 $ 1,466 $ 421 $ 61,032 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Deposits [Abstract] | |
Summary of Certificates of Deposit | Certificates of deposit greater than and less than or equal to the FDIC insurance limit of $250,000 are summarized as follows: (Dollars in thousands) March 31, 2023 December 31, 2022 Certificates of deposit: Certificates of deposit less than or equal to $250,000 $ 218,375 $ 202,554 Certificates of deposit greater than $250,000 167,755 128,846 Total certificates of deposit $ 386,130 $ 331,400 |
Maturities for Certificates of Deposit | Scheduled maturities for certificates of deposit are as follows: (Dollars in thousands) Amount 2023 $ 237,695 2024 131,935 2025 12,059 2026 3,029 2027 1,412 Total certificates of deposit $ 386,130 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings per common share have been computed based on the following: Three Months Ended March 31, (Dollars in thousands, except share and per share amounts) 2023 2022 Numerator Net income $ 23,547 $ 17,058 Denominator Weighted average number of common shares outstanding 764,603 786,096 Weighted average number of dilutive shares outstanding 764,603 786,096 Basic earnings per common share $ 30.80 $ 21.70 Diluted earning per common share $ 30.80 $ 21.70 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value [Abstract] | |
Assets and Liabilities Measured at Fair Value | The following tables summarize the carrying amount and estimated fair values of the Company’s financial assets and liabilities not carried at fair value, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated. March 31 2023 Fair Value Measurements (Dollars in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Fair Value Financial Assets: Cash and cash equivalents $ 529,593 $ 529,593 $ - $ - $ 529,593 Held-to-maturity securities 849,994 - 649,419 56,490 705,909 Non-marketable securities 15,549 - - 15,549 15,549 Loans and leases, net 3,358,560 - - 3,207,754 3,207,754 Bank-owned life insurance 66,076 66,076 - - 66,076 Financial Liabilities: Total deposits $ 4,539,162 $ - $ 4,153,033 $ 377,969 $ 4,531,002 Subordinated debentures 10,310 - 12,830 - 12,830 December 31, 2022 Fair Value Measurements (Dollars in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Fair Value Financial Assets: Cash and cash equivalents $ 588,257 $ 588,257 $ - $ - $ 588,257 Held-to-maturity securities 844,953 - 645,859 42,534 688,393 Non-marketable securities 15,549 - - 15,549 15,549 Loans and leases, net 3,445,476 - - 3,335,042 3,335,042 Bank-owned life insurance 73,038 73,038 - - 73,038 Financial Liabilities: Total deposits $ 4,759,269 $ - $ 4,427,869 $ 323,572 $ 4,751,441 Subordinated debentures 10,310 - 12,211 - 12,211 |
Assets Measured at Fair Value on a Recurring and Non-recurring Basis | The following tables presents information about the Bank’s assets and liabilities measured at fair value on a recurring and non-recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Bank to determine such fair value for the periods indicated. March 31 2023 Fair Value Measurements (Dollars in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Fair Value Fair valued on a recurring basis: Available-for-sale securities U.S. Government-sponsored securities $ 4,112 $ - $ 4,112 $ - $ 4,112 Mortgage-backed securities 103,697 - 103,697 - 103,697 Collateralized mortgage obligations 607 - 607 - 607 Corporate securities 9,711 - 9,711 - 9,711 Other 310 - 310 - 310 Fair valued on a non-recurring basis: Collateral Dependent loans $ 14,065 $ - $ - $ 14,065 $ 14,065 Other real estate owned 873 - - 873 873 December 31, 2022 Fair Value Measurements (Dollars in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Fair Value Fair valued on a recurring basis: Available-for-sale securities U.S. Treasury notes $ 4,964 $ 4,964 $ - $ - $ 4,964 U.S. Government-sponsored securities 4,427 - 4,427 - 4,427 Mortgage-backed securities 132,528 - 132,528 - 132,528 Collateralized mortgage obligations 1,054 - 1,054 - 1,054 Corporate securities 9,581 - 9,581 - 9,581 Other 310 - 310 - 310 Fair valued on a non-recurring basis: Collateral Dependent loans $ 14,473 $ - $ - $ 14,473 $ 14,473 Other real estate owned 873 - - 873 873 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Off Balance Sheet Arrangements | The Company had the following off balance sheet commitments as of the dates indicated. (Dollars in thousands) March 31, 2023 December 31, 2022 Commitments to extend credit, including unsecured commitments of $ 20,114 20,401 $ 1,174,664 $ 1,141,036 Stand-by letters of credit, including unsecured commitments of $ 8,059 7,954 16,821 17,138 |
Investment Securities, Securiti
Investment Securities, Securities Available-for-Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-sale [Abstract] | |||
Amortized cost | $ 140,698 | $ 183,171 | |
Gross unrealized gains | 59 | 30 | |
Gross unrealized losses | 22,320 | 30,337 | |
Fair value | 118,437 | 152,864 | |
U.S. Treasury Notes [Member] | |||
Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-sale [Abstract] | |||
Amortized cost | 4,989 | ||
Gross unrealized gains | 0 | ||
Gross unrealized losses | 25 | ||
Fair value | 4,964 | ||
U.S. Government-sponsored Securities [Member] | |||
Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-sale [Abstract] | |||
Amortized cost | 4,117 | 4,430 | |
Gross unrealized gains | 18 | 21 | |
Gross unrealized losses | 23 | 24 | |
Fair value | 4,112 | 4,427 | |
Mortgage-backed Securities [Member] | |||
Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-sale [Abstract] | |||
Amortized cost | [1] | 125,610 | 162,314 |
Gross unrealized gains | [1] | 41 | 9 |
Gross unrealized losses | [1] | 21,954 | 29,795 |
Fair value | [1] | 103,697 | 132,528 |
Collateralized Mortgage Obligations [Member] | |||
Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-sale [Abstract] | |||
Amortized cost | [1] | 620 | 1,085 |
Gross unrealized gains | [1] | 0 | 0 |
Gross unrealized losses | [1] | 13 | 31 |
Fair value | [1] | 607 | 1,054 |
Corporate Securities [Member] | |||
Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-sale [Abstract] | |||
Amortized cost | 10,041 | 10,043 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 330 | 462 | |
Fair value | 9,711 | 9,581 | |
Other [Member] | |||
Amortized Cost, Fair Values, and Unrealized Gains and Losses of Securities Available-for-sale [Abstract] | |||
Amortized cost | 310 | 310 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Fair value | $ 310 | $ 310 | |
[1]All mortgage-backed securities and collateralized mortgage obligations |
Investment Securities, Securi_2
Investment Securities, Securities Held-to-Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity [Abstract] | ||||||
Amortized cost | $ 850,387 | $ 845,346 | ||||
Gross unrealized gains | 157 | 78 | ||||
Gross unrealized losses | 144,635 | 157,031 | ||||
Fair value | 705,909 | 688,393 | ||||
Allowance for credit losses | 393 | 393 | $ 393 | |||
Municipal Securities [Member] | ||||||
Book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity [Abstract] | ||||||
Amortized cost | 76,260 | 62,302 | ||||
Gross unrealized gains | 98 | 49 | ||||
Gross unrealized losses | 96 | 209 | ||||
Fair value | 76,262 | 62,142 | ||||
Allowance for credit losses | 393 | 393 | 393 | |||
Mortgage-backed Securities [Member] | ||||||
Book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity [Abstract] | ||||||
Amortized cost | [1] | 695,083 | 702,858 | |||
Gross unrealized gains | [1] | 59 | 29 | |||
Gross unrealized losses | [1] | 130,405 | 141,121 | |||
Fair value | [1] | 564,737 | 561,766 | |||
Allowance for credit losses | 0 | [1] | 0 | [1] | 0 | |
Collateralized Mortgage Obligations [Member] | ||||||
Book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity [Abstract] | ||||||
Amortized cost | [1] | 79,044 | 80,186 | |||
Gross unrealized gains | [1] | 0 | 0 | |||
Gross unrealized losses | [1] | 14,134 | 15,701 | |||
Fair value | [1] | 64,910 | 64,485 | |||
Allowance for credit losses | $ 0 | [1] | $ 0 | [1] | $ 0 | |
[1]All mortgage-backed securities and collateralized mortgage obligations |
Investment Securities, Gross Un
Investment Securities, Gross Unrealized Losses for Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Available-for-sale Securities, Continuous Unrealized Loss Positions [Abstract] | |||
Less than 12 months, fair value | $ 12,780 | $ 41,513 | |
12 months or more, fair value | 98,408 | 107,496 | |
Fair value | 111,188 | 149,009 | |
Less than 12 months, unrealized losses | 344 | 1,696 | |
12 months or more, unrealized losses | 21,976 | 28,641 | |
Unrealized losses | 22,320 | 30,337 | |
U.S. Treasury Notes [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Positions [Abstract] | |||
Less than 12 months, fair value | 4,964 | ||
12 months or more, fair value | 0 | ||
Fair value | 4,964 | ||
Less than 12 months, unrealized losses | 25 | ||
12 months or more, unrealized losses | 0 | ||
Unrealized losses | 25 | ||
U.S. Government-sponsored Securities [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Positions [Abstract] | |||
Less than 12 months, fair value | 330 | 378 | |
12 months or more, fair value | 1,246 | 1,326 | |
Fair value | 1,576 | 1,704 | |
Less than 12 months, unrealized losses | 1 | 1 | |
12 months or more, unrealized losses | 22 | 23 | |
Unrealized losses | 23 | 24 | |
Mortgage-backed Securities [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Positions [Abstract] | |||
Less than 12 months, fair value | [1] | 12,450 | 35,117 |
12 months or more, fair value | [1] | 86,844 | 96,589 |
Fair value | [1] | 99,294 | 131,706 |
Less than 12 months, unrealized losses | [1] | 343 | 1,639 |
12 months or more, unrealized losses | [1] | 21,611 | 28,156 |
Unrealized losses | [1] | 21,954 | 29,795 |
Collateralized Mortgage Obligations [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Positions [Abstract] | |||
Less than 12 months, fair value | [1] | 0 | 1,054 |
12 months or more, fair value | [1] | 607 | 0 |
Fair value | [1] | 607 | 1,054 |
Less than 12 months, unrealized losses | [1] | 0 | 31 |
12 months or more, unrealized losses | [1] | 13 | 0 |
Unrealized losses | [1] | 13 | 31 |
Corporate Securities [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Positions [Abstract] | |||
Less than 12 months, fair value | 0 | 0 | |
12 months or more, fair value | 9,711 | 9,581 | |
Fair value | 9,711 | 9,581 | |
Less than 12 months, unrealized losses | 0 | 0 | |
12 months or more, unrealized losses | 330 | 462 | |
Unrealized losses | $ 330 | $ 462 | |
[1]All mortgage-backed securities and collateralized mortgage obligations were issued by an agency or government sponsored entity of the U.S. Government. |
Investment Securities, Securi_3
Investment Securities, Securities in Continuous Unrealized Loss Position (Details) | Mar. 31, 2023 Security |
Available-for-Sale Investment Securities in Continuous Unrealized Loss Position [Abstract] | |
Number of investment available-for-sale securities held | 183 |
Less than 12 months, number of positions | 61 |
12 months or more, number of positions | 97 |
Investment Securities, Activity
Investment Securities, Activity in Allowance for Credit Losses for Held-to-Maturity Debt Securities by Major Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | |||
Activity in allowance for credit losses for held-to-maturity debt securities by major type [Abstract] | ||||
Beginning Balance | $ 393 | $ 393 | ||
Provision for credit losses | 0 | 0 | ||
Ending Balance | 393 | 393 | ||
Municipal Securities [Member] | ||||
Activity in allowance for credit losses for held-to-maturity debt securities by major type [Abstract] | ||||
Beginning Balance | 393 | 393 | ||
Provision for credit losses | 0 | 0 | ||
Ending Balance | 393 | 393 | ||
Mortgage-backed Securities [Member] | ||||
Activity in allowance for credit losses for held-to-maturity debt securities by major type [Abstract] | ||||
Beginning Balance | 0 | [1] | 0 | |
Provision for credit losses | 0 | 0 | ||
Ending Balance | [1] | 0 | 0 | |
Collateralized Mortgage Obligations [Member] | ||||
Activity in allowance for credit losses for held-to-maturity debt securities by major type [Abstract] | ||||
Beginning Balance | 0 | [1] | 0 | |
Provision for credit losses | 0 | 0 | ||
Ending Balance | [1] | $ 0 | $ 0 | |
[1]All mortgage-backed securities and collateralized mortgage obligations |
Investment Securities, Contract
Investment Securities, Contractual Maturity (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Amortized Cost [Abstract] | |
One year or less | $ 335 |
After one year through five years | 19,386 |
After five years through ten years | 6,114 |
After ten years | 114,863 |
Total | 140,698 |
Fair Value [Abstract] | |
One year or less | 335 |
After one year through five years | 18,756 |
After five years through ten years | 5,913 |
After ten years | 93,433 |
Total | 118,437 |
Amortized Cost [Abstract] | |
One year or less | 283 |
After one year through five years | 11,174 |
After five years through ten years | 30,348 |
After ten years | 808,582 |
Fair value, excluding securities without single maturity date | 850,387 |
Fair Value [Abstract] | |
One year or less | 283 |
After one year through five years | 11,155 |
After five years through ten years | 28,835 |
After ten years | 665,636 |
Fair value, excluding investment securities without single maturity date | $ 705,909 |
Investment Securities, Debt Sec
Investment Securities, Debt Securities by Credit Rating (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Held-to-Maturity [Abstract] | |
Amortized cost | $ 76,260 |
Past due principal or interest payments of securities | 0 |
AAA/AA/A Rating [Member] | |
Held-to-Maturity [Abstract] | |
Amortized cost | 19,380 |
BBB/BB/B Rating [Member] | |
Held-to-Maturity [Abstract] | |
Amortized cost | 390 |
Not Rated [Member] | |
Held-to-Maturity [Abstract] | |
Amortized cost | 56,490 |
Municipal Securities [Member] | |
Held-to-Maturity [Abstract] | |
Amortized cost | 76,260 |
Municipal Securities [Member] | AAA/AA/A Rating [Member] | |
Held-to-Maturity [Abstract] | |
Amortized cost | 19,380 |
Municipal Securities [Member] | BBB/BB/B Rating [Member] | |
Held-to-Maturity [Abstract] | |
Amortized cost | 390 |
Municipal Securities [Member] | Not Rated [Member] | |
Held-to-Maturity [Abstract] | |
Amortized cost | $ 56,490 |
Investment Securities, Proceeds
Investment Securities, Proceeds from Sales and Calls of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Proceeds from Sales and Calls of Securities [Abstract] | ||
Gross proceeds | $ 30,482 | $ 2,190 |
Gross gains | 0 | 0 |
Gross losses | $ 5,686 | $ 0 |
Investment Securities, Pledged
Investment Securities, Pledged Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Pledged Securities [Abstract] | ||
Carrying amount of securities | $ 968,431 | $ 997,817 |
Asset Pledged as Collateral [Member] | Public Deposits, Federal Home Loan Bank ("FHLB") Borrowings, and Other Government Agency Deposits [Member] | ||
Pledged Securities [Abstract] | ||
Carrying amount of securities | $ 498,000 | $ 479,000 |
Loans and Leases, Components of
Loans and Leases, Components of Loans and Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Loan & Lease Portfolio [Abstract] | ||||
Gross loans and leases | $ 3,437,591 | $ 3,521,718 | ||
Unearned income | (10,458) | (9,357) | ||
Total net loans and leases | 3,427,133 | 3,512,361 | ||
Allowance for credit losses | (68,573) | (66,885) | $ (61,032) | $ (61,007) |
Loans held-for-investment, net | 3,358,560 | 3,445,476 | ||
Maximum borrowing capacity | 1,550,000 | 1,510,000 | ||
Federal Home Loan Bank [Member] | ||||
Loan & Lease Portfolio [Abstract] | ||||
Maximum borrowing capacity | 770,700 | |||
Federal Home Loan Bank [Member] | Asset Pledged as Collateral [Member] | ||||
Loan & Lease Portfolio [Abstract] | ||||
Loans held-for-investment, net | 1,200,000 | |||
Federal Reserve Bank [Member] | ||||
Loan & Lease Portfolio [Abstract] | ||||
Maximum borrowing capacity | 656,500 | |||
Federal Reserve Bank [Member] | Asset Pledged as Collateral [Member] | ||||
Loan & Lease Portfolio [Abstract] | ||||
Loans held-for-investment, net | 881,500 | |||
Real Estate [Member] | ||||
Loan & Lease Portfolio [Abstract] | ||||
Gross loans and leases | 2,560,921 | 2,609,920 | ||
Total net loans and leases | 2,552,615 | 2,601,543 | ||
Allowance for credit losses | (42,813) | (43,085) | ||
Commercial [Member] | ||||
Loan & Lease Portfolio [Abstract] | ||||
Gross loans and leases | 1,312,745 | 1,328,691 | ||
Total net loans and leases | 1,304,439 | 1,320,314 | ||
Allowance for credit losses | (24,253) | (18,055) | ||
Agricultural [Member] | ||||
Loan & Lease Portfolio [Abstract] | ||||
Gross loans and leases | 707,412 | 726,938 | ||
Total net loans and leases | 707,412 | 726,938 | ||
Allowance for credit losses | (8,441) | (14,496) | ||
Residential and Home Equity [Member] | ||||
Loan & Lease Portfolio [Abstract] | ||||
Gross loans and leases | 387,370 | 387,753 | ||
Total net loans and leases | 387,370 | 387,753 | ||
Allowance for credit losses | (7,334) | (7,508) | (6,759) | (2,847) |
Construction [Member] | ||||
Loan & Lease Portfolio [Abstract] | ||||
Gross loans and leases | 153,394 | 166,538 | ||
Total net loans and leases | 153,394 | 166,538 | ||
Allowance for credit losses | (2,785) | (3,026) | (3,777) | (1,456) |
Commercial and Industrial [Member] | ||||
Loan & Lease Portfolio [Abstract] | ||||
Gross loans and leases | 472,189 | 478,758 | ||
Total net loans and leases | 472,189 | 478,758 | ||
Allowance for credit losses | (11,346) | (11,503) | ||
Agricultural [Member] | ||||
Loan & Lease Portfolio [Abstract] | ||||
Gross loans and leases | 275,785 | 314,525 | ||
Total net loans and leases | 275,785 | 314,525 | ||
Allowance for credit losses | (12,542) | (10,202) | ||
Commercial Leases [Member] | ||||
Loan & Lease Portfolio [Abstract] | ||||
Gross loans and leases | 123,314 | 112,629 | ||
Total net loans and leases | 121,162 | 111,649 | ||
Allowance for credit losses | (1,720) | (1,924) | (1,466) | (938) |
Consumer and Other [Member] | ||||
Loan & Lease Portfolio [Abstract] | ||||
Gross loans and leases | 5,382 | 5,886 | ||
Total net loans and leases | 5,382 | 5,886 | ||
Allowance for credit losses | $ (152) | $ (171) | $ (421) | $ (663) |
Loans and Leases, Aging Analysi
Loans and Leases, Aging Analysis of Loan and Lease Portfolio Including Unearned Income (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
90+ Days Past Due | $ 0 | $ 0 |
Nonaccrual | 387 | 571 |
Loans and leases, net | 3,427,133 | 3,512,361 |
Total Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 412 | 668 |
30-89 Days Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 25 | 97 |
Current [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 3,426,721 | 3,511,693 |
Real Estate [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
90+ Days Past Due | 0 | 0 |
Nonaccrual | 387 | 571 |
Loans and leases, net | 2,552,615 | 2,601,543 |
Real Estate [Member] | Total Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 387 | 571 |
Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 0 | 0 |
Real Estate [Member] | Current [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 2,552,228 | 2,600,972 |
Commercial [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
90+ Days Past Due | 0 | 0 |
Nonaccrual | 387 | 403 |
Loans and leases, net | 1,304,439 | 1,320,314 |
Commercial [Member] | Total Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 387 | 403 |
Commercial [Member] | 30-89 Days Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 0 | 0 |
Commercial [Member] | Current [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 1,304,052 | 1,319,911 |
Agricultural [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
90+ Days Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Loans and leases, net | 707,412 | 726,938 |
Agricultural [Member] | Total Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 0 | 0 |
Agricultural [Member] | 30-89 Days Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 0 | 0 |
Agricultural [Member] | Current [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 707,412 | 726,938 |
Residential and Home Equity [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
90+ Days Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Loans and leases, net | 387,370 | 387,753 |
Residential and Home Equity [Member] | Total Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 0 | 0 |
Residential and Home Equity [Member] | 30-89 Days Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 0 | 0 |
Residential and Home Equity [Member] | Current [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 387,370 | 387,753 |
Construction [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
90+ Days Past Due | 0 | 0 |
Nonaccrual | 0 | 168 |
Loans and leases, net | 153,394 | 166,538 |
Construction [Member] | Total Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 0 | 168 |
Construction [Member] | 30-89 Days Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 0 | 0 |
Construction [Member] | Current [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 153,394 | 166,370 |
Commercial and Industrial [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
90+ Days Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Loans and leases, net | 472,189 | 478,758 |
Commercial and Industrial [Member] | Total Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 0 | 0 |
Commercial and Industrial [Member] | 30-89 Days Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 0 | 0 |
Commercial and Industrial [Member] | Current [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 472,189 | 478,758 |
Agricultural [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
90+ Days Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Loans and leases, net | 275,785 | 314,525 |
Agricultural [Member] | Total Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 0 | 0 |
Agricultural [Member] | 30-89 Days Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 0 | 0 |
Agricultural [Member] | Current [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 275,785 | 314,525 |
Commercial Leases [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
90+ Days Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Loans and leases, net | 121,162 | 111,649 |
Commercial Leases [Member] | Total Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 0 | 0 |
Commercial Leases [Member] | 30-89 Days Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 0 | 0 |
Commercial Leases [Member] | Current [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 121,162 | 111,649 |
Consumer and Other [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
90+ Days Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Loans and leases, net | 5,382 | 5,886 |
Consumer and Other [Member] | Total Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 25 | 97 |
Consumer and Other [Member] | 30-89 Days Past Due [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | 25 | 97 |
Consumer and Other [Member] | Current [Member] | ||
Aging Analysis of Loan & Lease Portfolio by Time Past Due [Abstract] | ||
Loans and leases, net | $ 5,357 | $ 5,789 |
Loans and Leases, Non-accrual L
Loans and Leases, Non-accrual Loans (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) Contract | Dec. 31, 2022 USD ($) | |
Non-accrual Loans and Leases [Abstract] | ||
Non-accrual loans and leases | $ 387 | $ 571 |
Number of loan modifications | Contract | 0 | |
Real Estate [Member] | ||
Non-accrual Loans and Leases [Abstract] | ||
Non-accrual loans and leases | $ 387 | 571 |
Commercial [Member] | ||
Non-accrual Loans and Leases [Abstract] | ||
Non-accrual loans and leases | 387 | 403 |
Agricultural [Member] | ||
Non-accrual Loans and Leases [Abstract] | ||
Non-accrual loans and leases | 0 | 0 |
Residential and Home Equity [Member] | ||
Non-accrual Loans and Leases [Abstract] | ||
Non-accrual loans and leases | 0 | 0 |
Construction [Member] | ||
Non-accrual Loans and Leases [Abstract] | ||
Non-accrual loans and leases | 0 | 168 |
Commercial and Industrial [Member] | ||
Non-accrual Loans and Leases [Abstract] | ||
Non-accrual loans and leases | 0 | 0 |
Agricultural [Member] | ||
Non-accrual Loans and Leases [Abstract] | ||
Non-accrual loans and leases | 0 | 0 |
Commercial Leases [Member] | ||
Non-accrual Loans and Leases [Abstract] | ||
Non-accrual loans and leases | 0 | 0 |
Consumer and Other [Member] | ||
Non-accrual Loans and Leases [Abstract] | ||
Non-accrual loans and leases | $ 0 | $ 0 |
Loans and Leases, Credit Risk R
Loans and Leases, Credit Risk Rating Categories for Loans and Leases Held-for-Investment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | $ 3,427,133 | $ 3,512,361 | ||
Allowance for credit losses | 68,573 | 66,885 | $ 61,032 | $ 61,007 |
Pass [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 3,398,905 | 3,482,530 | ||
Special Mention [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 20,957 | 22,252 | ||
Substandard [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 7,271 | 7,579 | ||
Doubtful [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 0 | 0 | ||
Real Estate [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 2,552,615 | 2,601,543 | ||
Allowance for credit losses | 42,813 | 43,085 | ||
Real Estate [Member] | Pass [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 2,529,900 | 2,578,045 | ||
Real Estate [Member] | Special Mention [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 15,833 | 16,426 | ||
Real Estate [Member] | Substandard [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 6,882 | 7,072 | ||
Real Estate [Member] | Doubtful [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 0 | 0 | ||
Commercial [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 1,304,439 | 1,320,314 | ||
Allowance for credit losses | 24,253 | 18,055 | ||
Commercial [Member] | Pass [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 1,301,094 | 1,314,377 | ||
Commercial [Member] | Special Mention [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 2,958 | 5,535 | ||
Commercial [Member] | Substandard [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 387 | 402 | ||
Commercial [Member] | Doubtful [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 0 | 0 | ||
Agricultural [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 707,412 | 726,938 | ||
Allowance for credit losses | 8,441 | 14,496 | ||
Agricultural [Member] | Pass [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 688,406 | 709,927 | ||
Agricultural [Member] | Special Mention [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 12,875 | 10,891 | ||
Agricultural [Member] | Substandard [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 6,131 | 6,120 | ||
Agricultural [Member] | Doubtful [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 0 | 0 | ||
Residential and Home Equity [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 387,370 | 387,753 | ||
Allowance for credit losses | 7,334 | 7,508 | 6,759 | 2,847 |
Residential and Home Equity [Member] | Pass [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 387,006 | 387,371 | ||
Residential and Home Equity [Member] | Special Mention [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 0 | 0 | ||
Residential and Home Equity [Member] | Substandard [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 364 | 382 | ||
Residential and Home Equity [Member] | Doubtful [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 0 | 0 | ||
Construction [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 153,394 | 166,538 | ||
Allowance for credit losses | 2,785 | 3,026 | 3,777 | 1,456 |
Construction [Member] | Pass [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 153,394 | 166,370 | ||
Construction [Member] | Special Mention [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 0 | 0 | ||
Construction [Member] | Substandard [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 0 | 168 | ||
Construction [Member] | Doubtful [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 0 | 0 | ||
Commercial and Industrial [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 472,189 | 478,758 | ||
Allowance for credit losses | 11,346 | 11,503 | ||
Commercial and Industrial [Member] | Pass [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 471,348 | 478,437 | ||
Commercial and Industrial [Member] | Special Mention [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 594 | 63 | ||
Commercial and Industrial [Member] | Substandard [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 247 | 258 | ||
Commercial and Industrial [Member] | Doubtful [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 0 | 0 | ||
Agricultural [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 275,785 | 314,525 | ||
Allowance for credit losses | 12,542 | 10,202 | ||
Agricultural [Member] | Pass [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 271,307 | 308,830 | ||
Agricultural [Member] | Special Mention [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 4,467 | 5,682 | ||
Agricultural [Member] | Substandard [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 11 | 13 | ||
Agricultural [Member] | Doubtful [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 0 | 0 | ||
Commercial Leases [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 121,162 | 111,649 | ||
Allowance for credit losses | 1,720 | 1,924 | 1,466 | 938 |
Commercial Leases [Member] | Pass [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 121,099 | 111,568 | ||
Commercial Leases [Member] | Special Mention [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 63 | 81 | ||
Commercial Leases [Member] | Substandard [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 0 | 0 | ||
Commercial Leases [Member] | Doubtful [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 0 | 0 | ||
Consumer and Other [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 5,382 | 5,886 | ||
Allowance for credit losses | 152 | 171 | $ 421 | $ 663 |
Consumer and Other [Member] | Pass [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 5,251 | 5,650 | ||
Consumer and Other [Member] | Special Mention [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 0 | 0 | ||
Consumer and Other [Member] | Substandard [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | 131 | 236 | ||
Consumer and Other [Member] | Doubtful [Member] | ||||
Loan & Lease Portfolio Allocated by Management's Internal Risk Ratings [Abstract] | ||||
Gross loans and leases | $ 0 | $ 0 |
Loans and Leases, Outstanding L
Loans and Leases, Outstanding Loan and Lease Balances Held-for-Investment by Segment and Class, Credit Quality Indicators, Vintage Year by Class of Financing Receivable and Current Period Gross Charge-Offs by Year of Origination (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | $ 118,997 | ||
2022 | 371,026 | ||
2021 | 414,553 | ||
2020 | 305,072 | ||
2019 | 141,816 | ||
Prior | 603,076 | ||
Revolving loans amortized cost | 1,472,593 | ||
Total net loans and leases | 3,427,133 | $ 3,512,361 | |
Financing Receivable, Current Period Gross Charge-offs [Abstract] | |||
Total | 24 | $ 9 | |
Pass [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
Total net loans and leases | 3,398,905 | 3,482,530 | |
Special Mention [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
Total net loans and leases | 20,957 | 22,252 | |
Substandard [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
Total net loans and leases | 7,271 | 7,579 | |
Doubtful [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
Total net loans and leases | 0 | 0 | |
Real Estate [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 72,459 | ||
2022 | 319,005 | ||
2021 | 363,491 | ||
2020 | 287,273 | ||
2019 | 99,859 | ||
Prior | 567,163 | ||
Revolving loans amortized cost | 843,365 | ||
Total net loans and leases | 2,552,615 | 2,601,543 | |
Real Estate [Member] | Pass [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
Total net loans and leases | 2,529,900 | 2,578,045 | |
Real Estate [Member] | Special Mention [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
Total net loans and leases | 15,833 | 16,426 | |
Real Estate [Member] | Substandard [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
Total net loans and leases | 6,882 | 7,072 | |
Real Estate [Member] | Doubtful [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
Total net loans and leases | 0 | 0 | |
Commercial [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 51,123 | ||
2022 | 176,639 | ||
2021 | 227,251 | ||
2020 | 149,007 | ||
2019 | 69,798 | ||
Prior | 304,204 | ||
Revolving loans amortized cost | 326,417 | ||
Total net loans and leases | 1,304,439 | 1,320,314 | |
Financing Receivable, Current Period Gross Charge-offs [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total | 0 | ||
Commercial [Member] | Pass [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 51,123 | ||
2022 | 176,639 | ||
2021 | 227,251 | ||
2020 | 149,007 | ||
2019 | 69,798 | ||
Prior | 301,459 | ||
Revolving loans amortized cost | 325,817 | ||
Total net loans and leases | 1,301,094 | 1,314,377 | |
Commercial [Member] | Special Mention [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 2,358 | ||
Revolving loans amortized cost | 600 | ||
Total net loans and leases | 2,958 | 5,535 | |
Commercial [Member] | Substandard [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 387 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 387 | 402 | |
Commercial [Member] | Doubtful [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 0 | 0 | |
Agricultural [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 14,274 | ||
2022 | 75,313 | ||
2021 | 41,782 | ||
2020 | 53,027 | ||
2019 | 14,264 | ||
Prior | 182,770 | ||
Revolving loans amortized cost | 325,982 | ||
Total net loans and leases | 707,412 | 726,938 | |
Financing Receivable, Current Period Gross Charge-offs [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total | 0 | ||
Agricultural [Member] | Pass [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 14,274 | ||
2022 | 75,313 | ||
2021 | 41,782 | ||
2020 | 53,027 | ||
2019 | 14,264 | ||
Prior | 176,639 | ||
Revolving loans amortized cost | 313,107 | ||
Total net loans and leases | 688,406 | 709,927 | |
Agricultural [Member] | Special Mention [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 12,875 | ||
Total net loans and leases | 12,875 | 10,891 | |
Agricultural [Member] | Substandard [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 6,131 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 6,131 | 6,120 | |
Agricultural [Member] | Doubtful [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 0 | 0 | |
Residential and Home Equity [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 7,062 | ||
2022 | 65,050 | ||
2021 | 94,458 | ||
2020 | 85,239 | ||
2019 | 14,222 | ||
Prior | 80,189 | ||
Revolving loans amortized cost | 41,150 | ||
Total net loans and leases | 387,370 | 387,753 | |
Financing Receivable, Current Period Gross Charge-offs [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 14 | ||
Revolving loans amortized cost | 0 | ||
Total | 14 | 0 | |
Residential and Home Equity [Member] | Pass [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 7,062 | ||
2022 | 65,050 | ||
2021 | 94,458 | ||
2020 | 85,239 | ||
2019 | 14,222 | ||
Prior | 79,905 | ||
Revolving loans amortized cost | 41,070 | ||
Total net loans and leases | 387,006 | 387,371 | |
Residential and Home Equity [Member] | Special Mention [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 0 | 0 | |
Residential and Home Equity [Member] | Substandard [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 284 | ||
Revolving loans amortized cost | 80 | ||
Total net loans and leases | 364 | 382 | |
Residential and Home Equity [Member] | Doubtful [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 0 | 0 | |
Construction [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 2,003 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 1,575 | ||
Prior | 0 | ||
Revolving loans amortized cost | 149,816 | ||
Total net loans and leases | 153,394 | 166,538 | |
Financing Receivable, Current Period Gross Charge-offs [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total | 0 | 0 | |
Construction [Member] | Pass [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 2,003 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 1,575 | ||
Prior | 0 | ||
Revolving loans amortized cost | 149,816 | ||
Total net loans and leases | 153,394 | 166,370 | |
Construction [Member] | Special Mention [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 0 | 0 | |
Construction [Member] | Substandard [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 0 | 168 | |
Construction [Member] | Doubtful [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 0 | 0 | |
Commercial and Industrial [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 11,960 | ||
2022 | 30,234 | ||
2021 | 35,373 | ||
2020 | 11,131 | ||
2019 | 7,195 | ||
Prior | 10,863 | ||
Revolving loans amortized cost | 365,433 | ||
Total net loans and leases | 472,189 | 478,758 | |
Financing Receivable, Current Period Gross Charge-offs [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total | 0 | ||
Commercial and Industrial [Member] | Pass [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 11,960 | ||
2022 | 30,234 | ||
2021 | 35,318 | ||
2020 | 11,131 | ||
2019 | 7,195 | ||
Prior | 10,318 | ||
Revolving loans amortized cost | 365,192 | ||
Total net loans and leases | 471,348 | 478,437 | |
Commercial and Industrial [Member] | Special Mention [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 55 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 539 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 594 | 63 | |
Commercial and Industrial [Member] | Substandard [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 6 | ||
Revolving loans amortized cost | 241 | ||
Total net loans and leases | 247 | 258 | |
Commercial and Industrial [Member] | Doubtful [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 0 | 0 | |
Agricultural [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 170 | ||
2022 | 5,179 | ||
2021 | 2,755 | ||
2020 | 918 | ||
2019 | 1,145 | ||
Prior | 2,449 | ||
Revolving loans amortized cost | 263,169 | ||
Total net loans and leases | 275,785 | 314,525 | |
Financing Receivable, Current Period Gross Charge-offs [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total | 0 | ||
Agricultural [Member] | Pass [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 170 | ||
2022 | 5,179 | ||
2021 | 2,755 | ||
2020 | 918 | ||
2019 | 1,135 | ||
Prior | 2,448 | ||
Revolving loans amortized cost | 258,702 | ||
Total net loans and leases | 271,307 | 308,830 | |
Agricultural [Member] | Special Mention [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 4,467 | ||
Total net loans and leases | 4,467 | 5,682 | |
Agricultural [Member] | Substandard [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 10 | ||
Prior | 1 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 11 | 13 | |
Agricultural [Member] | Doubtful [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 0 | 0 | |
Commercial Leases [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 33,959 | ||
2022 | 15,132 | ||
2021 | 12,359 | ||
2020 | 5,537 | ||
2019 | 33,496 | ||
Prior | 20,679 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 121,162 | 111,649 | |
Financing Receivable, Current Period Gross Charge-offs [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total | 0 | 0 | |
Commercial Leases [Member] | Pass [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 33,959 | ||
2022 | 15,132 | ||
2021 | 12,359 | ||
2020 | 5,537 | ||
2019 | 33,433 | ||
Prior | 20,679 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 121,099 | 111,568 | |
Commercial Leases [Member] | Special Mention [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 63 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 63 | 81 | |
Commercial Leases [Member] | Substandard [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 0 | 0 | |
Commercial Leases [Member] | Doubtful [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 0 | 0 | |
Consumer and Other [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 449 | ||
2022 | 1,476 | ||
2021 | 575 | ||
2020 | 213 | ||
2019 | 121 | ||
Prior | 1,922 | ||
Revolving loans amortized cost | 626 | ||
Total net loans and leases | 5,382 | 5,886 | |
Financing Receivable, Current Period Gross Charge-offs [Abstract] | |||
2023 | 8 | ||
2022 | 1 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 1 | ||
Revolving loans amortized cost | 0 | ||
Total | 10 | $ 9 | |
Consumer and Other [Member] | Pass [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 318 | ||
2022 | 1,476 | ||
2021 | 575 | ||
2020 | 213 | ||
2019 | 121 | ||
Prior | 1,922 | ||
Revolving loans amortized cost | 626 | ||
Total net loans and leases | 5,251 | 5,650 | |
Consumer and Other [Member] | Special Mention [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 0 | 0 | |
Consumer and Other [Member] | Substandard [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 131 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | 131 | 236 | |
Consumer and Other [Member] | Doubtful [Member] | |||
Outstanding Loan Balances by Credit Quality Indicators and Vintage Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving loans amortized cost | 0 | ||
Total net loans and leases | $ 0 | $ 0 |
Loans and Leases, Summary of Ch
Loans and Leases, Summary of Changes in Loans to Certain Directors and Executive Officers (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Summary of Changes in Loans to Certain Directors and Executive Officers [Roll Forward] | ||
Balance at beginning of the period | $ 17,521 | $ 18,128 |
New loans or advances during year | 130 | 523 |
Repayments | (372) | (1,130) |
Balance at end of period | $ 17,279 | $ 17,521 |
Loans and Leases, Collateral De
Loans and Leases, Collateral Dependent Loans and Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | $ 14,065 | $ 14,473 |
Real Estate [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 13,901 | 14,302 |
Vehicles and Equipment [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 164 | 171 |
Real Estate [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 13,901 | 14,302 |
Real Estate [Member] | Real Estate [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 13,901 | 14,302 |
Real Estate [Member] | Vehicles and Equipment [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 0 | 0 |
Commercial [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 1,492 | 1,114 |
Commercial [Member] | Real Estate [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 1,492 | 1,114 |
Commercial [Member] | Vehicles and Equipment [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 0 | 0 |
Agricultural [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 10,751 | 11,035 |
Agricultural [Member] | Real Estate [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 10,751 | 11,035 |
Agricultural [Member] | Vehicles and Equipment [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 0 | 0 |
Residential and Home Equity [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 1,658 | 2,153 |
Residential and Home Equity [Member] | Real Estate [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 1,658 | 2,153 |
Residential and Home Equity [Member] | Vehicles and Equipment [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 0 | 0 |
Construction [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 0 | 0 |
Construction [Member] | Real Estate [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 0 | 0 |
Construction [Member] | Vehicles and Equipment [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 0 | 0 |
Commercial and Industrial [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 0 | 0 |
Commercial and Industrial [Member] | Real Estate [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 0 | 0 |
Commercial and Industrial [Member] | Vehicles and Equipment [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 0 | 0 |
Agricultural [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 11 | 13 |
Agricultural [Member] | Real Estate [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 0 | 0 |
Agricultural [Member] | Vehicles and Equipment [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 11 | 13 |
Commercial Leases [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 0 | 0 |
Commercial Leases [Member] | Real Estate [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 0 | 0 |
Commercial Leases [Member] | Vehicles and Equipment [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 0 | 0 |
Consumer and Other [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 153 | 158 |
Consumer and Other [Member] | Real Estate [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | 0 | 0 |
Consumer and Other [Member] | Vehicles and Equipment [Member] | ||
Loans and Leases [Abstract] | ||
Collateral dependent loans and leases, amortized cost | $ 153 | $ 158 |
Loans and Leases, Changes in Al
Loans and Leases, Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | $ 66,885 | $ 61,007 |
Provision / (recapture) for credit losses | 1,500 | 0 |
Charge-offs | (24) | (9) |
Recoveries | 212 | 34 |
Net (charge-offs) / recoveries | 188 | 25 |
Balance at end of period | 68,573 | 61,032 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 0 | |
Commercial & Agricultural R/E [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 32,551 | 38,149 |
Provision / (recapture) for credit losses | (27) | 552 |
Charge-offs | 0 | 0 |
Recoveries | 170 | 0 |
Net (charge-offs) / recoveries | 170 | 0 |
Balance at end of period | 32,694 | 32,511 |
Commercial & Agricultural R/E [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | (6,190) | |
Construction [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 3,026 | 1,456 |
Provision / (recapture) for credit losses | (241) | 466 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net (charge-offs) / recoveries | 0 | 0 |
Balance at end of period | 2,785 | 3,777 |
Construction [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 1,855 | |
Residential & Home Equity [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 7,508 | 2,847 |
Provision / (recapture) for credit losses | (170) | 866 |
Charge-offs | (14) | 0 |
Recoveries | 10 | 14 |
Net (charge-offs) / recoveries | (4) | 14 |
Balance at end of period | 7,334 | 6,759 |
Residential & Home Equity [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 3,032 | |
Commercial & Agricultural [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 21,705 | 16,954 |
Provision / (recapture) for credit losses | 2,163 | (1,700) |
Charge-offs | 0 | 0 |
Recoveries | 20 | 18 |
Net (charge-offs) / recoveries | 20 | 18 |
Balance at end of period | 23,888 | 16,098 |
Commercial & Agricultural [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 826 | |
Commercial Leases [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 1,924 | 938 |
Provision / (recapture) for credit losses | (204) | (101) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net (charge-offs) / recoveries | 0 | 0 |
Balance at end of period | 1,720 | 1,466 |
Commercial Leases [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 629 | |
Consumer and Other [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 171 | 663 |
Provision / (recapture) for credit losses | (21) | (83) |
Charge-offs | (10) | (9) |
Recoveries | 12 | 2 |
Net (charge-offs) / recoveries | 2 | (7) |
Balance at end of period | $ 152 | 421 |
Consumer and Other [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | ||
Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | $ (152) |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Certificates of deposit [Abstract] | ||
Certificates of deposit less than or equal to $250,000 | $ 218,375 | $ 202,554 |
Certificates of deposit greater than $250,000 | 167,755 | 128,846 |
Total certificates of deposit | 386,130 | 331,400 |
Maturities for Certificates of Deposit [Abstract] | ||
2023 | 237,695 | |
2024 | 131,935 | |
2025 | 12,059 | |
2026 | 3,029 | |
2027 and beyond | 1,412 | |
Total certificates of deposit | $ 386,130 | $ 331,400 |
Short-term Borrowings (Details)
Short-term Borrowings (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Short-term Borrowings Disclosure [Abstract] | ||
Lines of credit committed | $ 1,550,000 | $ 1,510,000 |
Average federal funds interest rate | 5% | |
Interest rate | 5% | |
Loans held for investment | $ 3,358,560 | 3,445,476 |
Fed account borrowing capacity | 656,500 | |
Advances from FHLB | 0 | $ 0 |
Federal Reserve Bank [Member] | ||
Short-term Borrowings Disclosure [Abstract] | ||
Lines of credit committed | 656,500 | |
Asset Pledged as Collateral [Member] | Federal Reserve Bank [Member] | ||
Short-term Borrowings Disclosure [Abstract] | ||
Loans held for investment | 881,500 | |
FHLB of San Francisco [Member] | ||
Short-term Borrowings Disclosure [Abstract] | ||
Lines of credit committed | 772,700 | |
Debt instrument, collateral amount | $ 1,200,000 | |
Interest rate | 5.08% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator [Abstract] | ||
Net income | $ 23,547 | $ 17,058 |
Denominator [Abstract] | ||
Weighted average number of common shares outstanding (in shares) | 764,603 | 786,096 |
Weighted average number of dilutive shares outstanding (in shares) | 764,603 | 786,096 |
Basic earnings per common share (in dollars per share) | $ 30.8 | $ 21.7 |
Diluted earning per commons share (in dollars per share) | $ 30.8 | $ 21.7 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Executive Retirement Plan, Life Insurance Arrangements and Senior Management Retention Plan [Abstract] | |||
Net gains on deferred compensation plan investments | $ 896 | $ 412 | |
Executive Officers [Member] | |||
Executive Retirement Plan, Life Insurance Arrangements and Senior Management Retention Plan [Abstract] | |||
Employer contribution | 2,300 | 1,800 | |
Carrying value of liability | $ 55,100 | $ 57,000 | |
Common stock held as investments in Rabbi Trust of ERP (in shares) | 48,055 | 50,196 | |
Common stock held as investments in Rabbi Trust of ERP, historical cost basis amount | $ 30,000 | $ 31,400 | |
Net gains on deferred compensation plan investments | 700 | 300 | |
Senior Level Employees [Member] | Senior Management Retention Plan [Member] | |||
Executive Retirement Plan, Life Insurance Arrangements and Senior Management Retention Plan [Abstract] | |||
Employer contribution | 1,200 | 700 | |
Carrying value of liability | $ 15,400 | $ 13,600 | |
Common stock held as investments in Rabbi Trust of ERP (in shares) | 16,629 | 15,998 | |
Common stock held as investments in Rabbi Trust of ERP, historical cost basis amount | $ 11,500 | $ 10,800 | |
Net gains on deferred compensation plan investments | $ 200 | $ 100 |
Fair Value, Assets and Liabilit
Fair Value, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Financial Assets [Abstract] | ||
Non-marketable securities | $ 15,549 | $ 15,549 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Transfers [Abstract] | ||
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Recurring [Member] | ||
Financial Assets [Abstract] | ||
Cash and cash equivalents | 529,593 | 588,257 |
Held-to-maturity securities | 705,909 | 688,393 |
Non-marketable securities | 15,549 | 15,549 |
Loans and leases, net | 3,207,754 | 3,335,042 |
Bank-owned life insurance | 66,076 | 73,038 |
Financial Liabilities [Abstract] | ||
Total deposits | 4,531,002 | 4,751,441 |
Subordinated debentures | 12,830 | 12,211 |
Recurring [Member] | Level 1 [Member] | ||
Financial Assets [Abstract] | ||
Cash and cash equivalents | 529,593 | 588,257 |
Held-to-maturity securities | 0 | 0 |
Non-marketable securities | 0 | 0 |
Loans and leases, net | 0 | 0 |
Bank-owned life insurance | 66,076 | 73,038 |
Financial Liabilities [Abstract] | ||
Total deposits | 0 | 0 |
Subordinated debentures | 0 | 0 |
Recurring [Member] | Level 2 [Member] | ||
Financial Assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Held-to-maturity securities | 649,419 | 645,859 |
Non-marketable securities | 0 | 0 |
Loans and leases, net | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Financial Liabilities [Abstract] | ||
Total deposits | 4,153,033 | 4,427,869 |
Subordinated debentures | 12,830 | 12,211 |
Recurring [Member] | Level 3 [Member] | ||
Financial Assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Held-to-maturity securities | 56,490 | 42,534 |
Non-marketable securities | 15,549 | 15,549 |
Loans and leases, net | 3,207,754 | 3,335,042 |
Bank-owned life insurance | 0 | 0 |
Financial Liabilities [Abstract] | ||
Total deposits | 377,969 | 323,572 |
Subordinated debentures | 0 | 0 |
Recurring [Member] | Carrying Amount [Member] | ||
Financial Assets [Abstract] | ||
Cash and cash equivalents | 529,593 | 588,257 |
Held-to-maturity securities | 849,994 | 844,953 |
Non-marketable securities | 15,549 | 15,549 |
Loans and leases, net | 3,358,560 | 3,445,476 |
Bank-owned life insurance | 66,076 | 73,038 |
Financial Liabilities [Abstract] | ||
Total deposits | 4,539,162 | 4,759,269 |
Subordinated debentures | $ 10,310 | $ 10,310 |
Fair Value, Assets Measured at
Fair Value, Assets Measured at Fair Value on a Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | $ 118,437 | $ 152,864 | |
U.S. Treasury Notes [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 4,964 | ||
Mortgage-Backed Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | [1] | 103,697 | 132,528 |
Corporate Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 9,711 | 9,581 | |
Other [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 310 | 310 | |
Recurring [Member] | U.S. Treasury Notes [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 4,964 | ||
Recurring [Member] | U.S. Government-Sponsored Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 4,112 | 4,427 | |
Recurring [Member] | Mortgage-Backed Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 103,697 | 132,528 | |
Recurring [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 607 | 1,054 | |
Recurring [Member] | Corporate Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 9,711 | 9,581 | |
Recurring [Member] | Other [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 310 | 310 | |
Recurring [Member] | Level 1 [Member] | U.S. Treasury Notes [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 4,964 | ||
Recurring [Member] | Level 1 [Member] | U.S. Government-Sponsored Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Mortgage-Backed Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Corporate Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Other [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 2 [Member] | U.S. Treasury Notes [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 0 | ||
Recurring [Member] | Level 2 [Member] | U.S. Government-Sponsored Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 4,112 | 4,427 | |
Recurring [Member] | Level 2 [Member] | Mortgage-Backed Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 103,697 | 132,528 | |
Recurring [Member] | Level 2 [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 607 | 1,054 | |
Recurring [Member] | Level 2 [Member] | Corporate Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 9,711 | 9,581 | |
Recurring [Member] | Level 2 [Member] | Other [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 310 | 310 | |
Recurring [Member] | Level 3 [Member] | U.S. Treasury Notes [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 0 | ||
Recurring [Member] | Level 3 [Member] | U.S. Government-Sponsored Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Mortgage-Backed Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Corporate Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Other [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 0 | 0 | |
Recurring [Member] | Carrying Amount [Member] | U.S. Treasury Notes [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 4,964 | ||
Recurring [Member] | Carrying Amount [Member] | U.S. Government-Sponsored Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 4,112 | 4,427 | |
Recurring [Member] | Carrying Amount [Member] | Mortgage-Backed Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 103,697 | 132,528 | |
Recurring [Member] | Carrying Amount [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 607 | 1,054 | |
Recurring [Member] | Carrying Amount [Member] | Corporate Securities [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 9,711 | 9,581 | |
Recurring [Member] | Carrying Amount [Member] | Other [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Available-for-sale securities | 310 | 310 | |
Nonrecurring [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Collateral dependent loans | 14,065 | 14,473 | |
Other real estate owned | 873 | 873 | |
Nonrecurring [Member] | Level 1 [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Collateral dependent loans | 0 | 0 | |
Other real estate owned | 0 | 0 | |
Nonrecurring [Member] | Level 2 [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Collateral dependent loans | 0 | 0 | |
Other real estate owned | 0 | 0 | |
Nonrecurring [Member] | Level 3 [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Collateral dependent loans | 14,065 | 14,473 | |
Other real estate owned | 873 | 873 | |
Nonrecurring [Member] | Carrying Amount [Member] | |||
Fair Value on Recurring and Non-recurring Basis by Fair Value Hierarchy [Abstract] | |||
Collateral dependent loans | 14,065 | 14,473 | |
Other real estate owned | $ 873 | $ 873 | |
[1]All mortgage-backed securities and collateralized mortgage obligations |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Off Balance Sheet Commitments [Abstract] | ||
Reserve for unfunded loan commitments | $ 2,100 | $ 2,100 |
Remaining commitments to LIHTC | $ 18,800 | 19,700 |
Minimum [Member] | ||
Off Balance Sheet Commitments [Abstract] | ||
Off balance sheet risks maturity period | 1 month | |
Maximum [Member] | ||
Off Balance Sheet Commitments [Abstract] | ||
Off balance sheet risks maturity period | 60 months | |
Commitments to Extend Credit [Member] | ||
Off Balance Sheet Commitments [Abstract] | ||
Off-balance sheet risks, amount, liability | $ 1,174,664 | 1,141,036 |
Unsecured commitments | 20,114 | 20,401 |
Stand-by Letters of Credit [Member] | ||
Off Balance Sheet Commitments [Abstract] | ||
Off-balance sheet risks, amount, liability | 16,821 | 17,138 |
Unsecured commitments | $ 8,059 | $ 7,954 |