Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 15, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-37621 | ||
Entity Registrant Name | FIRST GUARANTY BANCSHARES, INC. | ||
Entity Incorporation, State or Country Code | LA | ||
Entity Tax Identification Number | 26-0513559 | ||
Entity Address, Address Line One | 400 East Thomas Street | ||
Entity Address, City or Town | Hammond, | ||
Entity Address, State or Province | LA | ||
Entity Address, Postal Zip Code | 70401 | ||
City Area Code | (985) | ||
Local Phone Number | 345-7685 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 148 | ||
Shares Outstanding (in shares) | 10,716,796 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE: (1) Proxy Statement for the 2023 Annual Meeting of Shareholders of the Registrant (Part III). | ||
Entity Central Index Key | 0001408534 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock $1 Par | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $1 par value | ||
Trading Symbol | FGBI | ||
Security Exchange Name | NASDAQ | ||
Depositary Shares (each representing a 1/40th interest in a share of 6.75% Series A Fixed-Rate Non-Cumulative perpetual preferred stock) | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares (each representing a 1/40th interest in a share of 6.75% Series A Fixed-Rate Non-Cumulative perpetual preferred stock) | ||
Trading Symbol | FGBIP | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Audit Information [Abstract] | ||
Auditor Name | Griffith, DeLaney, Hillman & Lett, CPAs, PSC | Castaing, Hussey & Lolan, LLC |
Auditor Location | Ashland, Kentucky | New Iberia, Louisiana |
Auditor Firm ID | 6982 | 447 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 82,796 | $ 261,749 |
Federal funds sold | 423 | 183 |
Cash and cash equivalents | 83,219 | 261,932 |
Investment securities: | ||
Available for sale, at fair value | 131,458 | 210,620 |
Held to maturity, at cost (estimated fair value of $242,560 and $150,585, respectively) | 320,068 | 153,536 |
Investment securities | 451,526 | 364,156 |
Federal Home Loan Bank stock, at cost | 6,528 | 1,359 |
Loans held for sale | 0 | 0 |
Loans, net of unearned income | 2,519,077 | 2,159,359 |
Less: allowance for loan and lease losses | 23,518 | 24,029 |
Net loans | 2,495,559 | 2,135,330 |
Premises and equipment, net | 58,206 | 58,637 |
Goodwill | 12,900 | 12,900 |
Intangible assets, net | 4,979 | 5,922 |
Other real estate, net | 113 | 2,072 |
Accrued interest receivable | 13,002 | 12,047 |
Other assets | 25,315 | 23,765 |
Total Assets | 3,151,347 | 2,878,120 |
Deposits: | ||
Noninterest-bearing demand | 524,415 | 532,578 |
Interest-bearing demand | 1,460,259 | 1,275,544 |
Savings | 205,760 | 201,699 |
Time | 533,358 | 586,671 |
Total deposits | 2,723,792 | 2,596,492 |
Short-term advances from Federal Home Loan Bank | 120,000 | 0 |
Short-term borrowings | 20,000 | 0 |
Repurchase agreements | 6,442 | 6,439 |
Accrued interest payable | 4,289 | 4,480 |
Long-term advances from Federal Home Loan Bank | 0 | 3,208 |
Senior long-term debt | 21,927 | 25,170 |
Junior subordinated debentures | 15,000 | 14,818 |
Other liabilities | 4,906 | 3,624 |
Total Liabilities | 2,916,356 | 2,654,231 |
Shareholders' Equity | ||
Preferred stock, Series A - $1,000 par value - 100,000 shares authorized | 33,058 | 33,058 |
Common stock, $1 par value - 100,600,000 shares authorized and 10,716,796 shares issued | 10,717 | 10,717 |
Surplus | 130,093 | 130,093 |
Retained earnings | 76,351 | 56,654 |
Accumulated other comprehensive (loss) income | (15,228) | (6,633) |
Total Shareholders' Equity | 234,991 | 223,889 |
Total Liabilities and Shareholders' Equity | $ 3,151,347 | $ 2,878,120 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity, fair value | $ 242,560 | $ 150,585 |
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized (in shares) | 100,000 | 100,000 |
Preferred stock, shares issued (in shares) | 34,500 | 34,500 |
Preferred stock, shares outstanding (in shares) | 34,500 | 34,500 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 100,600,000 | 100,600,000 |
Common stock, shares issued (in shares) | 10,716,796 | 10,716,796 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Income: | ||
Loans (including fees) | $ 126,002 | $ 103,353 |
Deposits with other banks | 1,324 | 316 |
Securities (including FHLB stock) | 9,250 | 8,248 |
Federal funds sold | 0 | 0 |
Total Interest Income | 136,576 | 111,917 |
Interest Expense: | ||
Demand deposits | 21,419 | 7,237 |
Savings deposits | 915 | 204 |
Time deposits | 10,682 | 12,893 |
Borrowings | 3,518 | 1,965 |
Interest expense | 36,534 | 22,299 |
Net Interest Income | 100,042 | 89,618 |
Less: Provision for loan losses | 3,656 | 2,055 |
Net Interest Income after Provision for Loan Losses | 96,386 | 87,563 |
Noninterest Income: | ||
Service charges, commissions and fees | 3,160 | 2,699 |
ATM and debit card fees | 3,406 | 3,562 |
Net (losses) gains on securities | (17) | 714 |
Net gains on sale of loans | 1,774 | 942 |
Other | 2,686 | 2,843 |
Total Noninterest Income | 11,009 | 10,760 |
Noninterest Expense: | ||
Salaries and employee benefits | 36,699 | 32,179 |
Occupancy and equipment expense | 8,932 | 8,681 |
Other | 25,374 | 23,008 |
Total Noninterest Expense | 71,005 | 63,868 |
Income Before Income Taxes | 36,390 | 34,455 |
Less: Provision for income taxes | 7,506 | 7,158 |
Net Income | 28,884 | 27,297 |
Less: Preferred stock dividends | 2,328 | 1,384 |
Net Income Available to Common Shareholders | $ 26,556 | $ 25,913 |
Per Common Share: | ||
Earnings (in dollars per share) | $ 2.48 | $ 2.42 |
Cash dividends paid (in dollars per share) | $ 0.64 | $ 0.60 |
Weighted Average Common Shares Outstanding (in shares) | 10,716,796 | 10,716,796 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 28,884 | $ 27,297 |
Unrealized (losses) gains on securities: | ||
Unrealized holding (losses) gains arising during the period | (10,897) | (8,501) |
Reclassification adjustments for losses (gains) included in net income | 17 | (714) |
Reclassification of OTTI losses included in net income | 0 | 0 |
Change in unrealized (losses) gains on securities | (10,880) | (9,215) |
Tax impact | 2,285 | 1,935 |
Other comprehensive (loss) income | (8,595) | (7,280) |
Comprehensive Income | $ 20,289 | $ 20,017 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock $1,000 Par | Common Stock $1 Par | Surplus | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) |
Beginning balance at Dec. 31, 2020 | $ 178,591 | $ 0 | $ 10,717 | $ 130,093 | $ 37,134 | $ 647 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 27,297 | 27,297 | ||||
Preferred stock issued, 34,500 shares, net of costs | 33,058 | 33,058 | ||||
Other comprehensive income (loss) | (7,280) | (7,280) | ||||
Preferred stock dividends | (1,384) | (1,384) | ||||
Cash dividends on common stock | (6,393) | (6,393) | ||||
Ending balance at Dec. 31, 2021 | 223,889 | 33,058 | 10,717 | 130,093 | 56,654 | (6,633) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 28,884 | 28,884 | ||||
Other comprehensive income (loss) | (8,595) | (8,595) | ||||
Preferred stock dividends | (2,328) | (2,328) | ||||
Cash dividends on common stock | (6,859) | (6,859) | ||||
Ending balance at Dec. 31, 2022 | $ 234,991 | $ 33,058 | $ 10,717 | $ 130,093 | $ 76,351 | $ (15,228) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares issued (in shares) | 34,500 | 34,500 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Cash dividends paid (in dollars per share) | $ 0.64 | $ 0.60 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows From Operating Activities: | ||
Net income | $ 28,884 | $ 27,297 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 3,656 | 2,055 |
Depreciation and amortization | 4,109 | 4,775 |
Amortization/Accretion of investments | 1,801 | (104) |
(Gain) loss on sale/call of securities | 17 | (714) |
Gain on sale of assets | (1,857) | (965) |
Repossessed asset write downs, gains and losses on dispositions | 96 | 536 |
FHLB stock dividends | (20) | (13) |
Change in other assets and liabilities, net | 179 | (6,347) |
Net Cash Provided by Operating Activities | 36,865 | 26,520 |
Cash Flows From Investing Activities: | ||
Proceeds from maturities, calls and sales of AFS securities | 52,986 | 417,557 |
Funds invested in AFS securities | (153,053) | (551,563) |
Funds invested in preferred securities | 0 | (1,000) |
Proceeds from redemption of preferred securities | 0 | 1,500 |
Proceeds from sale/redemption of Federal Home Loan Bank stock | 2,182 | 2,160 |
Funds invested in Federal Home Loan Bank stock | (7,331) | (155) |
Net increase in loans | (362,543) | (320,347) |
Purchases of premises and equipment | (2,643) | (2,204) |
Proceeds from sales of premises and equipment | 70 | 77 |
Proceeds from sales of other real estate owned | 2,421 | 1,330 |
Net Cash Used In Investing Activities | (467,911) | (452,645) |
Cash Flows From Financing Activities: | ||
Net increase in deposits | 127,300 | 430,174 |
Net (decrease) increase in federal funds purchased and short-term borrowings | 140,003 | (49,682) |
Repayment of long-term borrowings | (5,783) | (17,321) |
Net proceeds from issuance of preferred stock | 0 | 33,058 |
Dividends paid on preferred stock | (2,328) | (1,384) |
Dividends paid on common stock | (6,859) | (6,393) |
Net Cash Provided By Financing Activities | 252,333 | 388,452 |
Net (Decrease) Increase In Cash and Cash Equivalents | (178,713) | (37,673) |
Cash and Cash Equivalents at the Beginning of the Period | 261,932 | 299,605 |
Cash and Cash Equivalents at the End of the Period | 83,219 | 261,932 |
Noncash Activities: | ||
Acquisition of real estate in settlement of loans | 558 | 1,782 |
Transfer of securities from AFS to HTM | 176,181 | 160,014 |
Cash Paid During the Period: | ||
Interest on deposits and borrowed funds | 36,725 | 23,111 |
Federal | ||
Cash Paid During the Period: | ||
Income taxes paid | 7,600 | 11,400 |
State | ||
Cash Paid During the Period: | ||
Income taxes paid | $ 20 | $ 36 |
Business and Summary of Signifi
Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Business and Summary of Significant Accounting Policies | Business and Summary of Significant Accounting Policies Business First Guaranty Bancshares, Inc. ("First Guaranty") is a Louisiana corporation and a financial holding company headquartered in Hammond, LA. First Guaranty owns all of the outstanding shares of common stock of First Guaranty Bank. First Guaranty Bank (the "Bank") is a Louisiana-chartered commercial bank that offers a wide range of financial services and focuses on building client relationships and providing exceptional customer service. These services include consumer and commercial lending, mortgage loan origination, the issuance of credit cards and retail banking services. The Bank also maintains an investment portfolio comprised of government, government agency, corporate, and municipal securities. The Bank has thirty-six banking facilities and forty-eight automated teller machines (ATMs) in Southeast, Southwest, Central and North Louisiana, North Central Texas, Kentucky and West Virginia. Summary of significant accounting policies The accounting and reporting policies of First Guaranty conform to generally accepted accounting principles and to predominant accounting practices within the banking industry. The more significant accounting and reporting policies are as follows: Consolidation The consolidated financial statements include the accounts of First Guaranty Bancshares, Inc., and its wholly owned subsidiary, First Guaranty Bank. All significant intercompany balances and transactions have been eliminated in consolidation. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan and lease losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, and the valuation of investment securities. In connection with the determination of the allowance for loan and lease losses and real estate owned, First Guaranty obtains independent appraisals for significant properties. Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents are defined as cash, due from banks, interest-bearing demand deposits with banks and federal funds sold with maturities of three months or less. Securities First Guaranty reviews its financial position, liquidity and future plans in evaluating the criteria for classifying investment securities. Debt securities that Management has the ability and intent to hold to maturity are classified as held to maturity and carried at cost, adjusted for amortization of premiums and accretion of discounts using methods approximating the interest method. Securities available for sale are stated at fair value. The unrealized difference, if any, between amortized cost and fair value of these AFS securities is excluded from income and is reported, net of deferred taxes, in accumulated other comprehensive income as a part of shareholders' equity. Details of other comprehensive income are reported in the consolidated statements of comprehensive income. Realized gains and losses on securities are computed based on the specific identification method and are reported as a separate component of other income. Amortization of premiums and discounts is included in interest income. Discounts and premiums related to debt securities are amortized using the effective interest rate method. Management evaluates securities for other-than-temporary impairment ("OTTI") at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. In estimating other-than-temporary losses, management considers the length of time and extent that fair value has been less than cost and the financial condition and near term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. Loans held for sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Loans held for sale have primarily been fixed rate single-family residential mortgage loans under contract to be sold in the secondary market. In most cases, loans in this category are sold within thirty days. Buyers generally have recourse to return a purchased loan under limited circumstances. Recourse conditions may include early payment default, breach of representations or warranties and documentation deficiencies. Mortgage loans held for sale are generally sold with the mortgage servicing rights released. Gains or losses on sales of mortgage loans are recognized based on the differences between the selling price and the carrying value of the related mortgage loans sold. Loans Loans are stated at the principal amounts outstanding, net of unearned income and deferred loan fees. In addition to loans issued in the normal course of business, overdrafts on customer deposit accounts are considered to be loans and reclassified as such. Interest income on all classifications of loans is calculated using the simple interest method on daily balances of the principal amount outstanding. Accrual of interest is discontinued on a loan when Management believes, after considering economic and business conditions and collection efforts, the borrower's financial condition is such that reasonable doubt exists as to the full and timely collection of principal and interest. This evaluation is made for all loans that are 90 days or more contractually past due. When a loan is placed in nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Income on such loans is then recognized only to the extent that cash is received and where the future collection of interest and principal is probable. Loans are returned to accrual status when, in the judgment of Management, all principal and interest amounts contractually due are reasonably assured to be collected within a reasonable time frame and when the borrower has demonstrated payment performance of cash or cash equivalents; generally for a period of 6 months. All loans, except mortgage loans, are considered past due if they are past due 30 days. Mortgage loans are considered past due when two consecutive payments have been missed. Loans that are past due 90-120 days and deemed uncollectible are charged-off. The loan charge off is a reduction of the allowance for loan and lease losses. Troubled Debt Restructurings (TDRs) TDRs are loans in which the borrower is experiencing financial difficulty at the time of restructuring, and the Bank has granted a concession to the borrower. TDRs are undertaken in order to improve the likelihood of recovery on the loan and may take the form of modifications made with the stated interest rate lower than the current market rate for new debt with similar risk, other modifications to the structure of the loan that fall outside of normal underwriting policies and procedures, or in limited circumstances forgiveness of principal and / or interest. TDRs can involve loans remaining on non-accrual, moving to nonaccrual, or continuing on accrual status, depending on the individual facts and circumstances of the borrower. TDRs are subject to policies governing accrual and nonaccrual evaluation consistent with all other loans as discussed in the "Loans" section above. All loans with the TDR designation are considered to be impaired, even if they are accruing. First Guaranty's policy is to evaluate TDRs that have subsequently been restructured and returned to market terms after 6 months of performance. The evaluation includes a review of the loan file and analysis of the credit to assess the loan terms, including interest rate to insure such terms are consistent with market terms. The loan terms are compared to a sampling of loans with similar terms and risk characteristics, including loans originated by First Guaranty and loans lost to a competitor. The sample provides a guide to determine market terms pursuant to ASC 310-40-50-2. The loan is also evaluated at that time for impairment. A loan determined to be restructured to market terms and not considered impaired will no longer be disclosed as a TDR in the years following the restructuring. These loans will continue to be individually evaluated for impairment. A loan determined to either be restructured to below market terms or to be impaired will remain a TDR. The TDR requirements became inapplicable to First Guaranty upon our adoption of CECL on January 1, 2023. Credit Quality First Guaranty's credit quality indicators are pass, special mention, substandard, and doubtful. Loans included in the pass category are performing loans with satisfactory debt coverage ratios, collateral, payment history, and documentation requirements. Special mention loans have potential weaknesses that deserve close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. A substandard loan is inadequately protected by the paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard have a well-defined weakness. They are characterized by the distinct possibility that First Guaranty will sustain some loss if the deficiencies are not corrected. These loans require more intensive supervision. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigates. For some substandard loans, the likelihood of full collection of interest and principal may be in doubt and interest is no longer accrued. Consumer loans that are 90 days or more past due or that are nonaccrual are considered substandard. Doubtful loans have the weaknesses of substandard loans with the additional characteristic that the weaknesses make collection or liquidation in full questionable and there is a high probability of loss based on currently existing facts, conditions and values. A loan is considered impaired when, based on current information and events, it is probable that First Guaranty will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by Management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's obtainable market price or the fair value of the collateral if the loan is collateral dependent. This process is only applied to impaired loans or relationships in excess of $500,000. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, individual consumer and residential loans are not separately identified for impairment disclosures, unless such loans are the subject of a restructuring agreement. Loans that have been restructured in a troubled debt restructuring will continue to be evaluated individually for impairment, including those no longer requiring disclosure. Acquired Loans Loans are recorded at estimated fair value on their purchase date with no carryover of the related allowance for loan and lease losses. Acquired loans are segregated between those with deteriorated credit quality at acquisition and those deemed as performing. To make this determination, Management considers such factors as past due status, nonaccrual status, credit risk ratings, interest rates and collateral position. The fair value of acquired loans deemed performing is determined by discounting cash flows, both principal and interest, for each pool at prevailing market interest rates as well as consideration of inherent potential losses. The difference between the fair value and principal balances due at acquisition date, the fair value discount, is accreted into income over the estimated life of each loan pool. Loans acquired in a business combination are recorded at their estimated fair value on their purchase date with no carryover of the related allowance for loan and lease losses. Performing acquired loans are subsequently evaluated for any required allowance at each reporting date. An allowance for loan and lease losses is calculated using a similar methodology for originated loans. Loan fees and costs Nonrefundable loan origination and commitment fees and direct costs associated with originating loans are deferred and recognized over the lives of the related loans as an adjustment to the loans' yield using the level yield method. Allowance for loan and lease losses The allowance for loan and lease losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for loan and lease losses when Management believes that the collectability of the principal is unlikely. The allowance, which is based on evaluation of the collectability of loans and prior loan loss experience, is an amount that, in the opinion of Management, reflects the risks inherent in the existing loan portfolio and exists at the reporting date. The evaluations take into consideration a number of subjective factors including changes in the nature and volume of the loan portfolio, historical losses, overall portfolio quality, review of specific problem loans, current economic conditions that may affect a borrower's ability to pay including the impact of the COVID-19 pandemic, adequacy of loan collateral and other relevant factors. The following are general credit risk factors that affect First Guaranty's loan portfolio segments. These factors do not encompass all risks associated with each loan category. Construction and land development loans have risks associated with interim construction prior to permanent financing and repayment risks due to the future sale of developed property. Farmland and agricultural loans have risks such as weather, government agricultural policies, fuel and fertilizer costs, and market price volatility. 1-4 family, multi-family, and consumer credits are strongly influenced by employment levels, consumer debt loads and the general economy. Non-farm non-residential loans include both owner occupied real estate and non-owner occupied real estate. Common risks associated with these properties is the ability to maintain tenant leases and keep lease income at a level able to service required debt and operating expenses. Commercial and industrial loans generally have non-real estate secured collateral which requires closer monitoring than real estate collateral. Although Management uses available information to recognize losses on loans, because of uncertainties associated with local economic conditions, collateral values and future cash flows on impaired loans, it is reasonably possible that a material change could occur in the allowance for loan and lease losses in the near term. However, the amount of the change that is reasonably possible cannot be estimated. The evaluation of the adequacy of loan collateral is often based upon estimates and appraisals. Because of changing economic conditions, the valuations determined from such estimates and appraisals may also change. Accordingly, First Guaranty may ultimately incur losses that vary from Management's current estimates. Adjustments to the allowance for loan and lease losses will be reported in the period such adjustments become known or can be reasonably estimated. All loan losses are charged to the allowance for loan and lease losses when the loss actually occurs or when the collectability of the principal is unlikely. Recoveries are credited to the allowance at the time of recovery. The allowance consists of specific, general, and unallocated components. The specific component relates to loans that are classified as doubtful, substandard, and impaired. For such loans that are also classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. Also, a specific reserve is allocated for syndicated loans. The general component covers non-classified loans and special mention loans and is based on historical loss experience adjusted for qualitative factors. Qualitative factors include analysis of levels and trends in delinquencies, nonaccrual loans, charge-offs and recoveries, loan risk ratings, trends in volume and terms of loans, changes in lending policy, credit concentrations, portfolio stress test results, national and local economic trends including the impact of COVID-19, industry conditions, and other relevant factors. An unallocated component is maintained to cover uncertainties that could affect the estimate of probable losses. The allowance for loan and lease losses is reviewed on a monthly basis. The monitoring of credit risk also extends to unfunded credit commitments, such as unused commercial credit lines and letters of credit. A reserve is established as needed for estimates of probable losses on such commitments. Goodwill and intangible assets Goodwill and intangible assets deemed to have indefinite lives are subject to annual impairment tests. Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in an acquisition. First Guaranty's goodwill is tested for impairment on an annual basis, or more often if events or circumstances indicate that there may be impairment in accordance with ASC Topic 350. Identifiable intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or legal rights or because the assets are capable of being sold or exchanged either on their own or in combination with the related contract, asset or liability. First Guaranty's intangible assets primarily relate to core deposits and loan servicing assets related to the SBA portfolio. These core deposit intangibles are amortized on a straight-line basis over terms ranging from seven Premises and equipment Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the respective assets as follows: Buildings and improvements 10-40 years Equipment, fixtures and automobiles 3-10 years Expenditures for renewals and betterments are capitalized and depreciated over their estimated useful lives. Repairs, maintenance and minor improvements are charged to operating expense as incurred. Gains or losses on disposition, if any, are recorded as a separate line item in noninterest income on the Statements of Income. Other real estate Other real estate includes properties acquired through foreclosure or acceptance of deeds in lieu of foreclosure. These properties are recorded at the lower of the recorded investment in the property or its fair value less the estimated cost of disposition. Any valuation adjustments required prior to foreclosure are charged to the allowance for loan and lease losses. Subsequent to foreclosure, losses on the periodic revaluation of the property are charged to current period earnings as other real estate expense or to the allowance for other real estate. Costs of operating and maintaining the properties are charged to other real estate expense as incurred. Any subsequent gains or losses on dispositions are credited or charged to income in the period of disposition . Off-balance sheet financial instruments In the ordinary course of business, First Guaranty has entered into commitments to extend credit, including commitments under credit card arrangements, commitments to fund commercial real estate, construction and land development loans secured by real estate, and performance standby letters of credit. Such financial instruments are recorded when they are funded. Income taxes First Guaranty and its subsidiary file a consolidated federal income tax return on a calendar year basis. In lieu of Louisiana state income tax, the Bank is subject to the Louisiana bank shares tax, which is included in noninterest expense in First Guaranty's consolidated financial statements. With few exceptions, First Guaranty is no longer subject to U.S. federal, state or local income tax examinations for years before 2018. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the deferred tax assets or liabilities are expected to be settled or realized. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be utilized. Comprehensive income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items along with net income, are components of comprehensive income. The components of other comprehensive income and related tax effects are presented in the Statements of Comprehensive Income. Fair Value Measurements The fair value of a financial instrument is the current amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques use certain inputs to arrive at fair value. Inputs to valuation techniques are the assumptions that market participants would use in pricing the asset or liability. They may be observable or unobservable. First Guaranty uses a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. See Note 19 for a detailed description of fair value measurements. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (i) the assets have been isolated from First Guaranty, (ii) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) First Guaranty does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Earnings per common share Earnings per share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. In December of 2021, First Guaranty issued a pro rata, 10% common stock dividend. The shares issued for the stock dividend have been retrospectively factored into the calculation of earnings per share as well as cash dividends paid on common stock and represented on the face of the financial statements. No convertible shares of First Guaranty's stock are outstanding. Operating Segments All of First Guaranty's operations are considered by management to be aggregated into one reportable operating segment. While the chief decision-makers monitor the revenue streams of the various products and services, the identifiable segments are not material. Operations are managed and financial performance is evaluated on a Company-wide basis. Reclassifications Certain reclassifications have been made to prior year end financial statements in order to conform to the classification adopted for reporting in 2022. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, "Financial Instruments- Credit Losses: Measurement of Credit Losses on Financial Instruments". This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. The ASU amendments require the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU requires assets held at cost basis to reflect the company's current estimate of all expected credit losses. For available for sale debt securities, credit losses should be presented as an allowance rather than as a write-down. In addition, this ASU amends the accounting for purchased financial assets with credit deterioration. On October 16, 2019, the FASB approved an effective date delay applicable to smaller reporting companies until fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. First Guaranty adopted this guidance on January 1, 2023. In March 2022, the FASB issued ASU 2022-02, Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard (ASU 2016-13) that introduced the CECL model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. The effective date is January 1, 2023. We do not expect it will have a material impact on the consolidated financial statements. |
Cash and Due from Banks
Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Due from Banks | Cash and Due from BanksCertain reserves are required to be maintained at the Federal Reserve Bank. There was no reserve requirement as of December 31, 2022 and 2021. At December 31, 2022 First Guaranty had three accounts at correspondent banks, excluding the Federal Reserve Bank, that exceeded the FDIC insurable limit of $250,000. These accounts were over the insurable limit by $4.6 million. At December 31, 2021 First Guaranty had three accounts at correspondent banks, excluding the Federal Reserve Bank, that exceeded the FDIC insurable limit of $250,000. These accounts were over the insurable limit by $2.0 million. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities A summary comparison of securities by type at December 31, 2022 and 2021 is shown below. December 31, 2022 December 31, 2021 (in thousands) Amortized Cost Gross Gross Fair Value Amortized Cost Gross Gross Fair Value Available for sale: U.S. Treasuries $ 100,642 $ — $ (2,142) $ 98,500 $ — $ — $ — — U.S. Government Agencies — — — — 116,733 — (623) 116,110 Corporate debt securities 16,750 — (752) 15,998 79,344 732 (1,851) 78,225 Municipal bonds 14,742 31 (426) 14,347 15,543 156 — 15,699 Mortgage-backed securities 2,711 (98) 2,613 576 10 — 586 Total available for sale securities $ 134,845 $ 31 $ (3,418) $ 131,458 $ 212,196 $ 898 $ (2,474) $ 210,620 Held to maturity: U.S. Government Agencies $ 265,032 $ — $ (69,503) $ 195,529 $ 153,536 $ — $ (2,951) $ 150,585 Corporate debt securities 55,036 — (8,005) 47,031 — — — — Total held to maturity securities $ 320,068 $ — $ (77,508) $ 242,560 $ 153,536 $ — $ (2,951) $ 150,585 The scheduled maturities of securities at December 31, 2022, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities due to call or prepayments. Mortgage-backed securities are not due at a single maturity because of amortization and potential prepayment of the underlying mortgages. For this reason they are presented separately in the maturity table below. December 31, 2022 (in thousands) Amortized Cost Fair Value Available for sale: Due in one year or less $ 51,087 $ 50,911 Due after one year through five years 53,552 51,664 Due after five years through 10 years 20,001 19,129 Over 10 years 7,494 7,141 Subtotal 132,134 128,845 Mortgage-backed Securities 2,711 2,613 Total available for sale securities $ 134,845 $ 131,458 Held to maturity: Due in one year or less $ — $ — Due after one year through five years 402 344 Due after five years through 10 years 74,092 62,211 Over 10 years 245,574 180,005 Total held to maturity securities $ 320,068 $ 242,560 The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at December 31, 2022. December 31, 2022 Less Than 12 Months 12 Months or More Total (in thousands) Number Fair Value Gross Number Fair Value Gross Number Fair Value Gross Available for sale: U.S. Treasuries — $ — $ — 6 $ 98,500 $ (2,142) 6 $ 98,500 $ (2,142) U.S. Government Agencies — — — — — — — — — Corporate debt securities 14 14,628 (622) 2 1,370 (130) 16 15,998 (752) Municipal bonds 46 5,854 (394) 6 673 (32) 52 6,527 (426) Mortgage-backed securities 3 2,608 (98) 4 5 — 7 2,613 (98) Total available for sale securities 63 $ 23,090 $ (1,114) 18 $ 100,548 $ (2,304) 81 $ 123,638 $ (3,418) Held to maturity: U.S. Government Agencies 13 $ 89,695 (21,724) 16 $ 105,834 $ (47,779) 29 $ 195,529 $ (69,503) Corporate debt securities 59 47,031 (8,005) — — — 59 47,031 (8,005) Total held to maturity securities 72 $ 136,726 $ (29,729) 16 $ 105,834 $ (47,779) 88 $ 242,560 $ (77,508) The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at December 31, 2021. December 31, 2021 Less Than 12 Months 12 Months or More Total (in thousands) Number Fair Value Gross Number Fair Value Gross Number Fair Value Gross Available for sale: U.S. Treasuries — $ — $ — — $ — $ — — $ — $ — U.S. Government Agencies 13 116,110 (623) — — — 13 116,110 (623) Corporate debt securities 61 61,551 (1,677) 2 445 (174) 63 61,996 (1,851) Municipal bonds 1 66 — — — — 1 66 — Mortgage-backed securities — — — 6 9 — 6 9 — Total available for sale securities 75 $ 177,727 $ (2,300) 8 $ 454 $ (174) 83 $ 178,181 $ (2,474) Held to maturity: U.S. Government Agencies 16 $ 150,585 (2,951) — $ — $ — 16 $ 150,585 $ (2,951) Total held to maturity securities 16 $ 150,585 $ (2,951) — $ — $ — 16 $ 150,585 $ (2,951) As of December 31, 2022, 169 of First Guaranty's debt securities had gross unrealized losses totaling 18.1% of the individual securities' amortized cost basis and 17.8% of First Guaranty's total amortized cost basis of the investment securities portfolio. 34 of the 169 securities had been in a continuous loss position for over 12 months at such date. The 34 securities had an aggregate amortized cost basis of $256.5 million and an unrealized loss of $50.1 million at December 31, 2022. Management has the intent and ability to hold these debt securities until maturity or until anticipated recovery. Securities are evaluated for other-than-temporary impairment at least quarterly and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, (iii) the recovery of contractual principal and interest and (iv) the intent and ability of First Guaranty to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Investment securities issued by the U.S. Government and Government sponsored enterprises with unrealized losses and the amount of unrealized losses on those investment securities that are the result of changes in market interest rates will not be other-than-temporarily impaired. First Guaranty has the ability and intent to hold these securities until recovery, which may not be until maturity. Corporate debt securities in a loss position consist primarily of corporate bonds issued by businesses in the financial, insurance, utility, manufacturing, industrial, consumer products and oil and gas industries. There were no securities with an other-than-temporary impairment loss at December 31, 2022. First Guaranty believes that the remaining issuers will be able to fulfill the obligations of these securities based on evaluations described above. First Guaranty has the ability and intent to hold these securities until they recover, which could be at their maturity dates. There were no other-than-temporary impairment losses recognized on securities during the years ended December 31, 2022 and 2021. The following table presents a roll-forward of the amount of credit losses on debt securities held by First Guaranty for which a portion of OTTI was recognized in other comprehensive income for the year ended December 31, 2022 and 2021: (in thousands) Year Ended December 31, 2022 Year Ended December 31, 2021 Beginning balance of credit losses at beginning of year $ — $ 100 Other-than-temporary impairment credit losses on securities not previously OTTI — — Increases for additional credit losses on securities previously determined to be OTTI — — Reduction for increases in cash flows — — Reduction due to credit impaired securities sold or fully settled — (100) Ending balance of cumulative credit losses recognized in earnings at end of year $ — $ — In 2022 and 2021 there were no other-than-temporary impairment credit losses on securities for which First Guaranty had previously recognized OTTI. For securities that have indications of credit related impairment, management analyzes future expected cash flows to determine if any credit related impairment is evident. Estimated cash flows are determined using management's best estimate of future cash flows based on specific assumptions. The assumptions used to determine the cash flows were based on estimates of loss severity and credit default probabilities. Management reviews reports from credit rating agencies and public filings of issuers. At December 31, 2022 and 2021 the carrying value of pledged securities totaled $260.8 million and $234.9 million, respectively. Gross realized gains on sales of securities were $0.1 million and $1.0 million for the years ended December 31, 2022 and 2021, respectively. Gross realized losses were $0.1 million and $0.4 million for the years ended December 31, 2022 and 2021. The tax applicable to these transactions amounted to $3,000 and $0.1 million for 2022 and 2021, respectively. Proceeds from sales of securities classified as available for sale amounted to $3.1 million and $49.7 million for the years ended December 31, 2022 and 2021, respectively. Net unrealized losses on available for sale securities included in accumulated other comprehensive income (loss) ("AOCI"), net of applicable income taxes, totaled $15.2 million at December 31, 2022. At December 31, 2021 net unrealized gains included in AOCI, net of applicable income taxes, totaled $6.6 million. During 2022 net gains, net of tax, reclassified out of AOCI into earnings totaled $13,000. During 2021 net gains, net of tax, reclassified out of AOCI into earnings totaled $0.6 million. At December 31, 2022, First Guaranty's exposure to investment securities issuers that exceeded 10% of shareholders' equity was as follows: December 31, 2022 (in thousands) Amortized Cost Fair Value U.S. Government Treasuries (U.S.) $ 100,642 $ 98,500 Federal Home Loan Bank (FHLB) 32,090 25,047 Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC) 97,414 67,307 Federal Farm Credit Bank (FFCB) 138,237 105,787 Total $ 368,383 $ 296,641 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Loans | Loans The following table summarizes the components of First Guaranty's loan portfolio as of December 31, 2022 and December 31, 2021: December 31, 2022 December 31, 2021 (in thousands except for %) Balance As % of Category Balance As % of Category Real Estate: Construction & land development $ 233,091 9.2 % $ 174,334 8.1 % Farmland 24,823 1.0 % 31,810 1.5 % 1- 4 Family 366,330 14.5 % 288,347 13.3 % Multifamily 119,785 4.7 % 65,848 3.0 % Non-farm non-residential 992,929 39.3 % 886,407 40.9 % Total Real Estate 1,736,958 68.7 % 1,446,746 66.8 % Non-Real Estate: Agricultural 39,045 1.5 % 26,747 1.2 % Commercial and industrial (1) 385,279 15.3 % 398,391 18.4 % Commercial leases 317,574 12.6 % 246,022 11.4 % Consumer and other 47,864 1.9 % 48,142 2.2 % Total Non-Real Estate 789,762 31.3 % 719,302 33.2 % Total Loans Before Unearned Income 2,526,720 100.0 % 2,166,048 100.0 % Unearned income (7,643) (6,689) Total Loans Net of Unearned Income $ 2,519,077 $ 2,159,359 (1) Includes PPP loans fully guaranteed by the SBA of $5.9 million and $35.4 million at December 31, 2022 and December 31, 2021, respectively. The following table summarizes fixed and floating rate loans by contractual maturity, excluding nonaccrual loans, as of December 31, 2022 and December 31, 2021 unadjusted for scheduled principal payments, prepayments, or repricing opportunities. The average life of the loan portfolio may be substantially less than the contractual terms when these adjustments are considered. December 31, 2022 December 31, 2021 (in thousands) Fixed Floating Total Fixed Floating Total One year or less $ 234,921 $ 137,203 $ 372,124 $ 239,423 $ 117,697 $ 357,120 One to five years 900,960 339,894 1,240,854 926,640 385,509 1,312,149 Five to 15 years 114,425 216,251 330,676 114,976 106,579 221,555 Over 15 years 261,209 308,291 569,500 179,522 78,987 258,509 Subtotal $ 1,511,515 $ 1,001,639 2,513,154 $ 1,460,561 $ 688,772 2,149,333 Nonaccrual loans 13,566 16,715 Total Loans Before Unearned Income 2,526,720 2,166,048 Unearned income (7,643) (6,689) Total Loans Net of Unearned Income $ 2,519,077 $ 2,159,359 Included in floating rate loans are loans that adjust to a floating rate following an initial fixed rate period. The initial fixed rate periods are typically one three The following tables present the age analysis of past due loans at December 31, 2022 and December 31, 2021: As of December 31, 2022 (in thousands) 30-89 Days Past Due 90 Days or Total Past Due Current Total Loans Recorded Investment Real Estate: Construction & land development $ 1,029 $ 652 $ 1,681 $ 231,410 $ 233,091 $ 427 Farmland 357 290 647 24,176 24,823 — 1- 4 family 4,512 4,158 8,670 357,660 366,330 332 Multifamily 874 157 1,031 118,754 119,785 157 Non-farm non-residential 1,133 3,849 4,982 987,947 992,929 103 Total Real Estate 7,905 9,106 17,011 1,719,947 1,736,958 1,019 Non-Real Estate: Agricultural 120 1,622 1,742 37,303 39,045 — Commercial and industrial 1,369 942 2,311 382,968 385,279 123 Commercial leases — 1,799 1,799 315,775 317,574 — Consumer and other 1,997 1,239 3,236 44,628 47,864 — Total Non-Real Estate 3,486 5,602 9,088 780,674 789,762 123 Total Loans Before Unearned Income $ 11,391 $ 14,708 $ 26,099 $ 2,500,621 2,526,720 $ 1,142 Unearned income (7,643) Total Loans Net of Unearned Income $ 2,519,077 As of December 31, 2021 (in thousands) 30-89 Days Past Due 90 Days or Total Past Due Current Total Loans Recorded Investment Real Estate: Construction & land development $ 956 $ 776 $ 1,732 $ 172,602 $ 174,334 $ 246 Farmland 17 787 804 31,006 31,810 — 1- 4 family 3,932 3,375 7,307 281,040 288,347 514 Multifamily 1,669 162 1,831 64,017 65,848 162 Non-farm non-residential 1,352 9,014 10,366 876,041 886,407 281 Total Real Estate 7,926 14,114 22,040 1,424,706 1,446,746 1,203 Non-Real Estate: Agricultural 97 2,302 2,399 24,348 26,747 — Commercial and industrial 1,233 722 1,955 396,436 398,391 23 Commercial leases — — — 246,022 246,022 — Consumer and other 920 822 1,742 46,400 48,142 19 Total Non-Real Estate 2,250 3,846 6,096 713,206 719,302 42 Total Loans Before Unearned Income $ 10,176 $ 17,960 $ 28,136 $ 2,137,912 2,166,048 $ 1,245 Unearned income (6,689) Total Loans Net of Unearned Income $ 2,159,359 The tables above include $13.6 million and $16.7 million of nonaccrual loans for December 31, 2022 and 2021, respectively. See the tables below for more detail on nonaccrual loans. The following is a summary of nonaccrual loans by class at the dates indicated: As of December 31, (in thousands) 2022 2021 Real Estate: Construction & land development $ 225 $ 530 Farmland 290 787 1- 4 family 3,826 2,861 Multifamily — — Non-farm non-residential 3,746 8,733 Total Real Estate 8,087 12,911 Non-Real Estate: Agricultural 1,622 2,302 Commercial and industrial 819 699 Commercial leases 1,799 — Consumer and other 1,239 803 Total Non-Real Estate 5,479 3,804 Total Nonaccrual Loans $ 13,566 $ 16,715 The following table identifies the credit exposure of the loan portfolio, including loans acquired with deteriorated credit quality, by specific credit ratings as of the dates indicated: As of December 31, 2022 As of December 31, 2021 (in thousands) Pass Special Mention Substandard Doubtful Total Pass Special Mention Substandard Doubtful Total Real Estate: Construction & land development $ 229,416 $ 2,846 $ 829 $ — $ 233,091 $ 151,220 $ 21,997 $ 1,117 $ — $ 174,334 Farmland 19,722 35 5,066 — 24,823 27,678 40 4,092 — 31,810 1- 4 family 347,842 8,667 9,821 — 366,330 270,866 7,644 9,837 — 288,347 Multifamily 117,081 444 2,260 — 119,785 56,686 2,212 6,950 — 65,848 Non-farm non-residential 968,861 15,071 8,997 — 992,929 795,495 72,103 18,809 — 886,407 Total Real Estate 1,682,922 27,063 26,973 — 1,736,958 1,301,945 103,996 40,805 — 1,446,746 Non-Real Estate: Agricultural 34,827 198 4,020 — 39,045 23,952 128 2,667 — 26,747 Commercial and industrial 374,947 2,016 8,316 — 385,279 355,407 34,220 8,764 — 398,391 Commercial leases 315,775 — 1,799 — 317,574 245,869 — 153 — 246,022 Consumer and other 45,225 1,031 1,608 — 47,864 46,804 374 964 — 48,142 Total Non-Real Estate 770,774 3,245 15,743 — 789,762 672,032 34,722 12,548 — 719,302 Total Loans Before Unearned Income $ 2,453,696 $ 30,308 $ 42,716 $ — 2,526,720 $ 1,973,977 $ 138,718 $ 53,353 $ — 2,166,048 Unearned income (7,643) (6,689) Total Loans Net of Unearned Income $ 2,519,077 $ 2,159,359 Purchased Impaired Loans As part of the acquisition of Union Bancshares, Inc. on November 7, 2019 and Premier Bancshares, Inc. on June 16, 2017, First Guaranty purchased credit impaired loans for which there was, at acquisition, evidence of deterioration of credit quality since their origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is as follows at December 31, 2022 and 2021. (in thousands) As of December 31, 2022 As of December 31, 2021 Real Estate: Construction & land development $ 301 $ 146 Farmland — — 1- 4 family 1,311 1,848 Multifamily — — Non-farm non-residential 1,904 2,192 Total Real Estate 3,516 4,186 Non-Real Estate: Agricultural — 159 Commercial and industrial 742 798 Commercial leases — — Consumer and other — — Total Non-Real Estate 742 957 Total $ 4,258 $ 5,143 For those purchased loans disclosed above, there was an allowance for loan and lease losses of $0.7 million at December 31, 2022 and December 31, 2021. Where First Guaranty can reasonably estimate the cash flows expected to be collected on the loans, a portion of the purchase discount is allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion is being recognized as interest income over the remaining life of the loan. Where First Guaranty cannot reasonably estimate the cash flows expected to be collected on the loans, it has decided to account for those loans using the cost recovery method of income recognition. As such, no portion of a purchase discount adjustment has been determined to meet the definition of an accretable yield adjustment on those loans accounted for using the cost recovery method. If, in the future, cash flows from the borrower(s) can be reasonably estimated, a portion of the purchase discount would be allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion would be recognized as interest income over the remaining life of the loan. Until such accretable yield can be calculated, under the cost recovery method of income recognition, all payments will be used to reduce the carrying value of the loan and no income will be recognized on the loan until the carrying value is reduced to zero. The accretable yield, or income expected to be collected, on the purchased loans above is as follows for the years ended December 31, 2022 and 2021. (in thousands) Year Ended December 31, 2022 Year Ended December 31, 2021 Balance, beginning of period $ 2,378 $ 2,892 Acquisition accretable yield — — Accretion (268) (514) Net transfers from nonaccretable difference to accretable yield — — Balance, end of period $ 2,110 $ 2,378 |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 12 Months Ended |
Dec. 31, 2022 | |
Allowance for Credit Loss [Abstract] | |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses A summary of changes in the allowance for loan and lease losses, by loan type, for the years ended December 31, 2022 and 2021 are as follows: As of December 31, 2022 2021 (in thousands) Beginning Allowance (12/31/21) Charge-offs Recoveries Provision Ending Allowance (12/31/22) Beginning Allowance (12/31/20) Charge-offs Recoveries Provision Ending Allowance (12/31/21) Real Estate: Construction & land development $ 769 $ (65) $ 340 $ 188 $ 1,232 $ 1,029 $ (92) $ — $ (168) $ 769 Farmland 478 — — (395) 83 462 — 90 (74) 478 1- 4 family 1,921 (94) 76 (142) 1,761 2,510 (266) 44 (367) 1,921 Multifamily 940 — 452 (646) 746 978 (12) — (26) 940 Non-farm non-residential 12,730 (603) 349 (3,196) 9,280 15,064 (1,020) 7 (1,321) 12,730 Total Real Estate 16,838 (762) 1,217 (4,191) 13,102 20,043 (1,390) 141 (1,956) 16,838 Non-Real Estate: Agricultural 183 (460) 133 384 240 181 (149) 17 134 183 Commercial and industrial 2,363 (563) 91 303 2,194 2,802 (89) 96 (446) 2,363 Commercial leases 2,486 (150) 5 2,538 4,879 583 — 4 1,899 2,486 Consumer and other 1,371 (4,151) 473 4,813 2,506 907 (1,494) 320 1,638 1,371 Unallocated 788 — — (191) 597 2 — — 786 788 Total Non-Real Estate 7,191 (5,324) 702 7,847 10,416 4,475 (1,732) 437 4,011 7,191 Total $ 24,029 $ (6,086) $ 1,919 $ 3,656 $ 23,518 $ 24,518 $ (3,122) $ 578 $ 2,055 $ 24,029 Negative provisions are caused by changes in the composition and credit quality of the loan portfolio. The result is an allocation of the loan loss reserve from one category to another. A summary of the allowance along with loans and leases, including loans acquired with deteriorated credit quality, individually and collectively evaluated for impairment are as follows: As of December 31, 2022 (in thousands) Allowance Allowance Individually Evaluated for Purchased Credit-Impairment Allowance Total Allowance Loans Loans Individually Evaluated for Purchased Credit-Impairment Loans Total Loans Real Estate: Construction & land development $ — $ — $ 1,232 $ 1,232 $ 68 $ 301 $ 232,722 $ 233,091 Farmland — — 83 83 4,240 — 20,583 24,823 1- 4 family — — 1,761 1,761 949 1,311 364,070 366,330 Multifamily — — 746 746 — — 119,785 119,785 Non-farm non-residential 666 512 8,102 9,280 4,095 1,904 986,930 992,929 Total Real Estate 666 512 11,924 13,102 9,352 3,516 1,724,090 1,736,958 Non-Real Estate: Agricultural — — 240 240 2,366 — 36,679 39,045 Commercial and industrial 412 212 1,570 2,194 5,919 742 378,618 385,279 Commercial leases 1,799 — 3,080 4,879 1,799 — 315,775 317,574 Consumer and other — — 2,506 2,506 — — 47,864 47,864 Unallocated — — 597 597 — — — — Total Non-Real Estate 2,211 212 7,993 10,416 10,084 742 778,936 789,762 Total $ 2,877 $ 724 $ 19,917 $ 23,518 $ 19,436 $ 4,258 $ 2,503,026 $ 2,526,720 Unearned Income (7,643) Total Loans Net of Unearned Income $ 2,519,077 As of December 31, 2021 (in thousands) Allowance Allowance Individually Evaluated for Purchased Credit-Impairment Allowance Total Allowance Loans Loans Individually Evaluated for Purchased Credit-Impairment Loans Total Loans Real Estate: Construction & land development $ — $ — $ 769 $ 769 $ — $ 146 $ 174,188 $ 174,334 Farmland 19 — 459 478 496 — 31,314 31,810 1- 4 family 258 — 1,663 1,921 961 1,848 285,538 288,347 Multifamily — — 940 940 — — 65,848 65,848 Non-farm non-residential 1,822 509 10,399 12,730 10,899 2,192 873,316 886,407 Total Real Estate 2,099 509 14,230 16,838 12,356 4,186 1,430,204 1,446,746 Non-Real Estate: Agricultural — — 183 183 1,383 159 25,205 26,747 Commercial and industrial 72 216 2,075 2,363 1,286 798 396,307 398,391 Commercial leases — — 2,486 2,486 — — 246,022 246,022 Consumer and other — — 1,371 1,371 — — 48,142 48,142 Unallocated — — 788 788 — — — — Total Non-Real Estate 72 216 6,903 7,191 2,669 957 715,676 719,302 Total $ 2,171 $ 725 $ 21,133 $ 24,029 $ 15,025 $ 5,143 $ 2,145,880 $ 2,166,048 Unearned Income (6,689) Total Loans Net of Unearned Income $ 2,159,359 As of December 31, 2022 and 2021, First Guaranty had loans totaling $13.6 million and $16.7 million, respectively, not accruing interest. As of December 31, 2022, and 2021, First Guaranty had loans past due 90 days or more and still accruing interest totaling $1.1 million and $1.2 million, respectively. The average outstanding balance of nonaccrual loans in 2022 was $12.8 million compared to $17.1 million in 2021. As of December 31, 2022, First Guaranty has no outstanding commitments to advance additional funds in connection with impaired loans. The following is a summary of impaired loans, excluding loans acquired with deteriorated credit quality, by class at December 31, 2022: As of December 31, 2022 (in thousands) Recorded Unpaid Related Average Interest Income Impaired Loans with no related allowance: Real Estate: Construction & land development $ 68 $ 68 $ — $ 68 $ — Farmland 4,240 4,240 — 4,242 51 1- 4 family 949 949 — 949 5 Multifamily — — — — — Non-farm non-residential 1,814 1,814 — 1,817 56 Total Real Estate 7,071 7,071 — 7,076 112 Non-Real Estate: Agricultural 2,366 2,521 — 2,366 7 Commercial and industrial 4,871 4,988 — 4,988 33 Commercial leases — — — — — Consumer and other — — — — — Total Non-Real Estate 7,237 7,509 — 7,354 40 Total Impaired Loans with no related allowance 14,308 14,580 — 14,430 152 Impaired Loans with an allowance recorded: Real estate: Construction & land development — — — — — Farmland — — — — — 1- 4 family — — — — — Multifamily — — — — — Non-farm non-residential 2,281 2,855 666 2,279 5 Total Real Estate 2,281 2,855 666 2,279 5 Non-Real Estate: Agricultural — — — — — Commercial and industrial 1,048 1,048 412 1,112 35 Commercial leases 1,799 1,812 1,799 1,817 27 Consumer and other — — — — — Total Non-Real Estate 2,847 2,860 2,211 2,929 62 Total Impaired Loans with an allowance recorded 5,128 5,715 2,877 5,208 67 Total Impaired Loans $ 19,436 $ 20,295 $ 2,877 $ 19,638 $ 219 The following is a summary of impaired loans, excluding loans acquired with deteriorated credit quality, by class at December 31, 2021: As of December 31, 2021 (in thousands) Recorded Unpaid Related Average Interest Income Impaired Loans with no related allowance: Real Estate: Construction & land development $ — $ — $ — $ — $ — Farmland — — — — — 1- 4 family — — — — — Multifamily — — — — — Non-farm non-residential 5,164 5,818 — 5,935 137 Total Real Estate 5,164 5,818 — 5,935 137 Non-Real Estate: Agricultural 1,383 1,668 — 1,412 — Commercial and industrial 470 470 — 479 30 Commercial leases — — — — — Consumer and other — — — — — Total Non-Real Estate 1,853 2,138 — 1,891 30 Total Impaired Loans with no related allowance 7,017 7,956 — 7,826 167 Impaired Loans with an allowance recorded: Real estate: Construction & land development — — — — — Farmland 496 626 19 515 — 1- 4 family 961 961 258 968 56 Multifamily — — — — — Non-farm non-residential 5,735 5,996 1,822 5,842 90 Total Real Estate 7,192 7,583 2,099 7,325 146 Non-Real Estate: Agricultural — — — — — Commercial and industrial 816 816 72 875 28 Commercial leases — — — — — Consumer and other — — — — — Total Non-Real Estate 816 816 72 875 28 Total Impaired Loans with an allowance recorded 8,008 8,399 2,171 8,200 174 Total Impaired Loans $ 15,025 $ 16,355 $ 2,171 $ 16,026 $ 341 Troubled Debt Restructurings A Troubled Debt Restructuring ("TDR") is considered such if the lender for economic or legal reasons related to the debtor's financial difficulties grants a concession to the debtor that it would not otherwise consider. The modifications to First Guaranty's TDRs were concessions on either the interest rate charged or the amortization. The effect of the modifications to First Guaranty was a reduction in interest income. These loans have an allocated reserve in First Guaranty's allowance for loan and lease losses. First Guaranty restructured one loan that is considered TDR in the year ended December 31, 2022. First Guaranty did not restructure any loans that are considered TDRs in the year ended December 31, 2021. At December 31, 2022, First Guaranty had one outstanding TDR. Under section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which was signed into law on March 27, 2020, financial institutions have the option to temporarily suspend certain requirements under U.S. generally accepted accounting principles related to troubled debt restructurings for a limited period of time to account for the effects of COVID-19. This provision allows a financial institution the option to not apply the guidance on accounting for troubled debt restructurings to loan modifications, such as extensions or deferrals, related to COVID-19 made between March 1, 2020 and the earlier of (i) December 31, 2020 or (ii) 60 days after the end of the COVID-19 national emergency. The relief can only be applied to modifications for borrowers that were not more than 30 days past due as of December 31, 2019. First Guaranty elected to adopt these provisions of the CARES Act. The following table is an age analysis of TDRs as of December 31, 2022 and December 31, 2021: December 31, 2022 December 31, 2021 Accruing Loans Accruing Loans (in thousands) Current 30-89 Days Past Due Nonaccrual Total TDRs Current 30-89 Days Past Due Nonaccrual Total TDRs Real Estate: Construction & land development $ — $ — $ — $ — $ — $ — $ — $ — Farmland 1,094 — — 1,094 — — — — 1- 4 family — — — — — — — — Multifamily — — — — — — — — Non-farm non-residential — — — — — — 3,382 3,382 Total Real Estate 1,094 — — 1,094 — — 3,382 3,382 Non-Real Estate: Agricultural — — — — — — — — Commercial and industrial — — — — — — — — Commercial leases — — — — — — — — Consumer and other — — — — — — — — Total Non-Real Estate — — — — — — — — Total $ 1,094 $ — $ — $ 1,094 $ — $ — $ 3,382 $ 3,382 There were no commitments to lend additional funds to debtors whose terms have been modified in a troubled debt restructuring at December 31, 2022. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment The components of premises and equipment at December 31, 2022 and 2021 are as follows: (in thousands) December 31, 2022 December 31, 2021 Land $ 15,284 $ 15,284 Bank premises 54,423 53,899 Furniture and equipment 31,109 30,481 Construction in progress 1,854 536 Acquired value 102,670 100,200 Less: accumulated depreciation 44,464 41,563 Net book value $ 58,206 $ 58,637 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and intangible assets deemed to have indefinite lives are no longer amortized, but are subject to impairment testing. Other intangible assets continue to be amortized over their useful lives. Goodwill represents the purchase price over the fair value of net assets acquired from the Homestead Bancorp in 2007, Premier Bancshares, Inc. in 2017 and Union Bancshares, Incorporated in 2019. No impairment charges have been recognized since acquisition. Goodwill totaled $12.9 million at December 31, 2022 and 2021. The following table summarizes intangible assets subject to amortization. December 31, 2022 December 31, 2021 (in thousands) Gross Accumulated Net Gross Accumulated Net Core deposit intangibles $ 16,266 $ 11,911 $ 4,355 $ 16,266 $ 11,215 $ 5,051 Loan servicing assets 2,195 1,571 624 2,133 1,262 871 Total $ 18,461 $ 13,482 $ 4,979 $ 18,399 $ 12,477 $ 5,922 The core deposits intangible reflect the value of deposit relationships, including the beneficial rates, which arose from acquisitions. The weighted-average amortization period remaining for the core deposit intangibles is 6.3 years. Amortization expense relating to purchase accounting intangibles totaled $0.7 million and $0.8 million for the years ended December 31, 2022 and 2021, respectively. Amortization expense of the core deposit intangible assets for the next five years is as follows: For the Years Ended Estimated Amortization Expense (in thousands) December 31, 2023 $ 696 December 31, 2024 $ 696 December 31, 2025 $ 696 December 31, 2026 $ 696 December 31, 2027 $ 696 |
Other Real Estate
Other Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Other Real Estate | Other Real Estate Other real estate owned consists of the following at the dates indicated: (in thousands) December 31, 2022 December 31, 2021 Real Estate Owned Acquired by Foreclosure: Residential $ 113 $ 817 Construction & land development — — Non-farm non-residential — 1,776 Total Other Real Estate Owned and Foreclosed Property 113 2,593 Allowance for Other Real Estate Owned losses — (521) Net Other Real Estate Owned and Foreclosed Property $ 113 $ 2,072 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits | Deposits A schedule of maturities of all time deposits are as follows: (in thousands) December 31, 2022 2023 $ 312,910 2024 148,386 2025 34,624 2026 25,191 2027 and thereafter 12,247 Total $ 533,358 The table above includes $250,000 in brokered deposits for December 31, 2022. The aggregate amount of jumbo time deposits, each with a minimum denomination of $250,000 totaled $155.0 million and $159.1 million at December 31, 2022 and 2021, respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Short-term borrowings are summarized as follows: (in thousands) December 31, 2022 December 31, 2021 Federal Home Loan Bank advances $ 120,000 $ — Repurchase agreements 6,442 6,439 Line of credit 20,000 — Total short-term borrowings $ 146,442 $ 6,439 First Guaranty maintains borrowing relationships with other financial institutions as well as the Federal Home Loan Bank on a short and long-term basis to meet liquidity needs. First Guaranty had $146.4 million in short-term borrowings outstanding at December 31, 2022 compared to $6.4 million outstanding at December 31, 2021. First Guaranty has available lines of credit of $26.5 million, with $20.0 million outstanding balance at December 31, 2022. Available lines of credit totaled $505.5 million at December 31, 2022 and $597.6 million at December 31, 2021. The following schedule provides certain information about First Guaranty's short-term borrowings for the periods indicated: December 31, (in thousands except for %) 2022 2021 Outstanding at year end $ 146,442 $ 6,439 Maximum month-end outstanding $ 146,442 $ 56,369 Average daily outstanding $ 42,149 $ 10,458 Weighted average rate during the year 5.12 % 1.40 % Weighted average rate at year end 4.86 % 2.23 % Long-term debt is summarized as follows: First Guaranty had a long-term FHLB advance that was acquired from the Union transaction that totaled $3.2 million at December 31, 2021. This advance was paid off during the first quarter of 2022. Senior long-term debt with a commercial bank, priced at floating Wall Street Journal Prime less 70 basis points (6.80%), totaled $21.9 million at December 31, 2022 and $25.2 million at December 31, 2021. First Guaranty pays $812,500 principal plus interest quarterly. This loan was renewed in November 2019 and has a contractual maturity date of November 7, 2024. This long-term debt is secured by a pledge of 85% (4,823,899 shares) of First Guaranty's interest in First Guaranty Bank (a wholly owned subsidiary). Subordinated debt, priced at Wall Street Journal Prime plus 75 basis points totaled $0 at December 31, 2022 and $14.8 million at December 31, 2021. First Guaranty redeemed this Note on June 21, 2022. Junior subordinated debt, priced at Wall Street Journal Prime plus 75 basis points (8.25% as of December 31, 2022), totaled 15.0 million at December 31, 2022. First Guaranty pays interest quarterly. The Note is unsecured and ranks junior in right of payment to any senior indebtedness and obligations to general and secured creditors. This note replaced the previously mentioned $15.0 million junior subordinated note above in June 2022. The current Note is scheduled to mature on June 21, 2032. The Note qualifies for treatment as Tier 2 capital for regulatory capital purposes. First Guaranty maintains two revolving lines of credit. A $6.5 million line of credit with an availability of $6.5 million at December 31, 2022. This line of credit is secured by a pledge of 13.2% (735,745 shares) of First Guaranty's interest in First Guaranty Bank (a wholly owned subsidiary) and is priced at 7.50%. A $20.0 million line of credit with an availability of $0 at December 31, 2022. This line of credit is secured by a pledge of 85% (4,823,899 shares) of First Guaranty's interest in First Guaranty Bank (a wholly owned subsidiary) and is priced at 7.25%. At December 31, 2022, letters of credit issued by the FHLB totaling $388.6 million were outstanding and carried as off-balance sheet items, all of which expire by 2024. At December 31, 2021, letters of credit issued by the FHLB totaling $250.7 million were outstanding and carried as off-balance sheet items, all of which expire by 2024. The letters of credit are solely used for pledging towards public fund deposits. The FHLB has a blanket lien on substantially all of the loans in First Guaranty's portfolio which is used to secure borrowing availability from the FHLB. First Guaranty has obtained a subordination agreement from the FHLB on First Guaranty's farmland, agricultural, and commercial and industrial loans. These loans are available to be pledged for additional reserve liquidity. As of December 31, 2022 obligations on long-term advances from FHLB, senior long-term debt and junior subordinated debentures totaled $36.9 million. The scheduled payments are as follows: (in thousands) Long-term Advances from FHLB Senior Junior 2023 $ — $ 3,250 $ — 2024 — 18,687 — 2025 — — — 2026 — — — 2027 — — — 2028 and thereafter — — 15,000 Subtotal $ — $ 21,937 $ 15,000 Debt issuance costs — (10) — Total $ — $ 21,927 $ 15,000 |
Capital Requirements
Capital Requirements | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Capital Requirements | Capital Requirements First Guaranty Bank is subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions that, if undertaken, could have a direct material effect on First Guaranty's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total and Tier 1 capital to risk-weighted assets and of Tier 1 capital to average assets. Management believes, as of December 31, 2022 and 2021, that the Bank met all capital adequacy requirements. In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a "capital conservation buffer" consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. First Guaranty Bank's capital conservation buffer was 3.16% at December 31, 2022. In addition, as a result of the legislation, the federal banking agencies have developed a "Community Bank Leverage Ratio" (the ratio of a bank's Tier 1 capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A "qualifying community bank" that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered "well capitalized" under Prompt Corrective Action statutes. The federal banking agencies may consider a financial institution's risk profile when evaluating whether it qualifies as a community bank for purposes of the capital ratio requirement. The federal banking agencies set the new Community Bank Leverage Ratio at 9%. Pursuant to the CARES Act, the federal banking agencies set the Community Bank Leverage Ratio at 8% beginning in the second quarter of 2020 through the end of 2020. Beginning in 2021, the Community Bank Leverage Ratio increased to 8.5% for the calendar year. Community banks will have until Jan. 1, 2022, before the Community Bank Leverage Ratio requirement will return to 9%. A financial institution can elect to be subject to this new definition. The new rule took effect on January 1, 2020. The Bank did not elect to follow the Community Bank Leverage Ratio. As of December 31, 2022, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since the notification that Management believes have changed the Bank's category. First Guaranty Bank's actual capital amounts and ratios as of December 31, 2022 and 2021 are presented in the following table. Actual Minimum Capital Requirements Minimum to be Well Capitalized (in thousands except for %) Amount Ratio Amount Ratio Amount Ratio December 31, 2022 Total Risk-based Capital: $ 308,510 11.16 % $ 221,066 8.00 % $ 276,333 10.00 % Tier 1 Capital: $ 284,992 10.31 % $ 165,800 6.00 % $ 221,066 8.00 % Tier 1 Leverage Capital: $ 284,992 9.35 % $ 121,884 4.00 % $ 152,355 5.00 % Common Equity Tier One Capital: $ 284,992 10.31 % $ 124,350 4.50 % $ 179,616 6.50 % December 31, 2021 Total Risk-based Capital: $ 268,002 11.22 % $ 191,069 8.00 % $ 238,837 10.00 % Tier 1 Capital: $ 243,973 10.22 % $ 143,302 6.00 % $ 191,069 8.00 % Tier 1 Leverage Capital: $ 243,973 8.71 % $ 112,018 4.00 % $ 140,023 5.00 % Common Equity Tier One Capital: $ 243,973 10.22 % $ 107,476 4.50 % $ 155,244 6.50 % |
Dividend Restrictions
Dividend Restrictions | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Dividend Restrictions | Dividend Restrictions The Federal Reserve Bank ("FRB") has stated that, generally, a bank holding company should not maintain a rate of distributions to shareholders unless its available net income has been sufficient to fully fund the distributions, and the prospective rate of earnings retention appears consistent with the bank holding company's capital needs, asset quality and overall financial condition. As a Louisiana corporation, First Guaranty is restricted under the Louisiana corporate law from paying dividends under certain conditions. First Guaranty Bank may not pay dividends or distribute capital assets if it is in default on any assessment due to the FDIC. First Guaranty Bank is also subject to regulations that impose minimum regulatory capital and minimum state law earnings requirements that affect the amount of cash available for distribution. In addition, under the Louisiana Banking Law, dividends may not be paid if it would reduce the unimpaired surplus below 50% of outstanding capital stock in any year. The Bank is restricted under applicable laws in the payment of dividends to an amount equal to current year earnings plus undistributed earnings for the immediately preceding year, unless prior permission is received from the Commissioner of Financial Institutions for the State of Louisiana. Dividends payable by the Bank in 2023 without permission will be limited to 2023 earnings plus the undistributed earnings of $10.3 million from 2022. Accordingly, at January 1, 2023, $276.7 million of First Guaranty's equity in the net assets of the Bank was restricted. In addition, dividends paid by the Bank to First Guaranty would be prohibited if the effect thereof would cause the Bank's capital to be reduced below applicable minimum capital requirements. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In the normal course of business, First Guaranty and its subsidiary, First Guaranty Bank, have loans, deposits and other transactions with its executive officers, directors, affiliates and certain business organizations and individuals with which such persons are associated. These transactions are completed with terms no less favorable than current market rates. An analysis of the activity of loans made to such borrowers during the year ended December 31, 2022 and 2021 follows: December 31, (in thousands) 2022 2021 Balance, beginning of year $ 93,270 $ 79,399 Net (Decrease) Increase (3,535) 13,871 Balance, end of year $ 89,735 $ 93,270 Unfunded commitments to First Guaranty and Bank directors and executive officers totaled $45.6 million and $45.4 million at December 31, 2022 and 2021, respectively. At December 31, 2022 First Guaranty and the Bank had deposits from directors and executives totaling $75.4 million. There were no participations in loans purchased from affiliated financial institutions included in First Guaranty's loan portfolio in 2022 or 2021. During the years ended 2022 and 2021, First Guaranty paid approximately $0.3 million, respectively, for printing services and supplies and office furniture and equipment to Champion Industries, Inc., of which Mr. Marshall T. Reynolds, the Chairman of First Guaranty's Board of Directors, is President, Chief Executive Officer, Chairman of the Board of Directors and a major shareholder of Champion. On December 21, 2015, First Guaranty issued a $15.0 million subordinated note (the "2015 Note") to Edgar Ray Smith III, a director of First Guaranty. The 2015 Note had a ten-year term (non-callable for first five years) and bore interest at a fixed annual rate of 4.0% for the first five years of the term and then adjusted to a floating rate based on the Prime Rate as reported by the Wall Street Journal plus 75 basis points for the period of time after the fifth year until redemption or maturity. On June 21, 2022, First Guaranty issued a $15.0 million subordinated note (the “2022 Note”) to Mr. Smith, and used the proceeds of such issuance to redeem the 2015 Note in full. The 2022 Note has a ten-year term, maturing on June 21, 2032, is non-callable for the first five years, and bears interest at a floating rate based on the Prime Rate as reported by the Wall Street Journal plus 75 basis points. During the years ended 2022 and 2021, First Guaranty paid interest of $0.7 million and $0.8 million, respectively, under the 2015 Note and the 2022 Note. During the years ended 2022 and 2021, First Guaranty paid approximately $0.1 million and $0.1 million, respectively, for the purchase and maintenance of First Guaranty's automobiles to subsidiaries of Hood Automotive Group, of which William K. Hood, a director of First Guaranty, is President. During the years ended 2022 and 2021, First Guaranty paid approximately $58,000 and $0, respectively, for architectural services in relation to bank branches to Gasaway Gasaway Bankston Architects, of which bank subsidiary board member Andrew B. Gasaway is part owner. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Benefit Plans | Employee Benefit PlansFirst Guaranty has an employee savings plan to which employees, who meet certain service requirements, may defer 1% up to the IRS legal limit of their base salaries, 6% of which may be matched up to 100%, at its sole discretion. Contributions to the savings plan were $440,000 and $396,000 in 2022 and 2021, respectively. First Guaranty has an Employee Stock Ownership Plan ("ESOP") which was frozen in 2010. No contributions were made to the ESOP for the years 2022 or 2021. As of December 31, 2022, the ESOP held 1,003 shares. First Guaranty is in the process of terminating the plan. |
Other Expenses
Other Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Other Expenses [Abstract] | |
Other Expenses | Other Expenses The following is a summary of the significant components of other noninterest expense: December 31, (in thousands) 2022 2021 Other noninterest expense: Legal and professional fees $ 4,159 $ 3,375 Data processing 1,596 1,794 ATM Fees 1,750 1,760 Marketing and public relations 1,747 1,711 Taxes - sales, capital and franchise 1,949 1,755 Operating supplies 728 853 Software expense and amortization 4,191 3,071 Travel and lodging 1,236 826 Telephone 406 398 Amortization of core deposits 696 764 Donations 638 564 Net costs from other real estate and repossessions 393 801 Regulatory assessment 1,997 1,945 Other 3,888 3,391 Total other noninterest expense $ 25,374 $ 23,008 First Guaranty does not capitalize advertising costs. They are expensed as incurred and are included in other noninterest expense on the Consolidated Statements of Income. Advertising expense was $1.0 million for 2022 and 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following is a summary of the provision for income taxes included in the Consolidated Statements of Income: December 31, (in thousands) 2022 2021 Current $ 7,761 $ 7,970 Deferred (255) (812) Total $ 7,506 $ 7,158 The difference between income taxes computed by applying the statutory federal income tax rate and the provision for income taxes in the financial statements is reconciled as follows: December 31, (in thousands except for %) 2022 2021 Statutory tax rate 21.0 % 21.0 % Federal income taxes at statutory rate $ 7,642 $ 7,236 Tax exempt municipal income (108) (81) Other (28) 3 Total $ 7,506 $ 7,158 Deferred taxes are recorded based upon differences between the financial statement and tax basis of assets and liabilities, and available tax credit carry forwards. Temporary differences between the financial statement and tax values of assets and liabilities give rise to deferred taxes. The significant components of deferred taxes classified in First Guaranty's Consolidated Balance Sheets at December 31, 2022 and 2021 are as follows: December 31, (in thousands) 2022 2021 Deferred tax assets: Allowance for loan and lease losses $ 4,939 $ 4,817 Other real estate owned 5 219 Unrealized losses on available for sale securities 711 331 Net operating loss 1,006 1,098 Other 648 781 Gross deferred tax assets 7,309 7,246 Deferred tax liabilities: Depreciation and amortization (2,116) (1,917) Core deposit intangibles (914) (1,059) Unrealized gains on available for sale securities — — Discount on purchased loans (60) (164) Other (880) (687) Gross deferred tax liabilities (3,970) (3,827) Net deferred tax assets (liabilities) $ 3,339 $ 3,419 First Guaranty determined that the net deferred tax asset at December 31, 2022 and 2021 was more likely than not to be realized based on an assessment of all available positive and negative evidence, and therefore no valuation allowance was recorded. Net operating loss carryforwards for income tax purposes were $4.8 million as of December 31, 2022 and $5.2 million in 2021. The carryforwards were acquired in 2017 in the Premier acquisition and expire from 2027 to 2034, and will be utilized subject to annual Internal Revenue Code Section 382 limitations. ASC 740-10, Income Taxes, clarifies the accounting for uncertainty in income taxes and prescribes a recognition threshold and measurement attribute for the consolidated financial statements recognition and measurement of a tax position taken or expected to be taken in a tax return. First Guaranty does not believe it has any unrecognized tax benefits included in its consolidated financial statements. First Guaranty has not had any settlements in the current period with taxing authorities, nor has it recognized tax benefits as a result of a lapse of the applicable statute of limitations. First Guaranty recognizes interest and penalties accrued related to unrecognized tax benefits, if applicable, in noninterest expense. During the years ended December 31, 2022 and 2021, First Guaranty did not recognize any interest or penalties in its consolidated financial statements, nor has it recorded an accrued liability for interest or penalty payments. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Off-balance sheet commitments First Guaranty is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit and standby and commercial letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of the involvement in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby and commercial letters of credit is represented by the contractual notional amount of those instruments. The same credit policies are used in making commitments and conditional obligations as it does for balance sheet instruments. Unless otherwise noted, collateral or other security is not required to support financial instruments with credit risk. Set forth below is a summary of the notional amounts of the financial instruments with off-balance sheet risk at December 31, 2022 and December 31, 2021. Contract Amount December 31, 2022 December 31, 2021 (in thousands) Commitments to Extend Credit $ 246,968 $ 198,444 Unfunded Commitments under lines of credit $ 253,906 $ 250,231 Commercial and Standby letters of credit $ 14,222 $ 13,787 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer's creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on Management's credit evaluation of the counterpart. Collateral requirements vary but may include accounts receivable, inventory, property, plant and equipment, residential real estate and commercial properties. Standby and commercial letters of credit are conditional commitments to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. The majority of these guarantees are short-term, one year or less; however, some guarantees extend for up to three years. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities. Collateral requirements are the same as on-balance sheet instruments and commitments to extend credit. There were no losses incurred on off-balance sheet commitments in 2022 or 2021. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value of a financial instrument is the current amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques use certain inputs to arrive at fair value. Inputs to valuation techniques are the assumptions that market participants would use in pricing the asset or liability. They may be observable or unobservable. First Guaranty uses a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs – Unadjusted quoted market prices in active markets for identical assets or liabilities that the reporting 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 or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds or credit risks) or inputs that are derived principally from or corroborated by market data by correlation or other means. 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. A description of the valuation methodologies used for instruments measured at fair value follows, as well as the classification of such instruments within the valuation hierarchy. Securities available for sale. Securities are classified within Level 1 where quoted market prices are available in an active market. Inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are unavailable, fair value is estimated using quoted prices of securities with similar characteristics, at which point the securities would be classified within Level 2 of the hierarchy. Securities classified Level 3 as of December 31, 2022 includes corporate debt and municipal securities. Impaired loans . Loans are measured for impairment using the methods permitted by ASC Topic 310. Fair value of impaired loans is measured by either the fair value of the collateral if the loan is collateral dependent (Level 2 or Level 3), or the present value of expected future cash flows, discounted at the loan's effective interest rate (Level 3). Fair value of the collateral is determined by appraisals or by independent valuation. Other real estate owned. Properties are recorded at the balance of the loan or at estimated fair value less estimated selling costs, whichever is less, at the date acquired. Fair values of other real estate owned ("OREO") at December 31, 2022 and 2021 are determined by sales agreement or appraisal, and costs to sell are based on estimation per the terms and conditions of the sales agreement or amounts commonly used in real estate transactions. Inputs include appraisal values or recent sales activity for similar assets in the property's market; thus OREO measured at fair value would be classified within either Level 2 or Level 3 of the hierarchy. Certain non-financial assets and non-financial liabilities are measured at fair value on a non-recurring basis including assets and liabilities related to reporting units measured at fair value in the testing of goodwill impairment, as well as intangible assets and other non-financial long-lived assets measured at fair value for impairment assessment. The following table summarizes financial assets measured at fair value on a recurring basis as of December 31, 2022 and 2021, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: (in thousands) December 31, 2022 December 31, 2021 Available for Sale Securities Fair Value Measurements Using: Level 1: Quoted Prices in Active Markets For Identical Assets $ 98,466 $ — Level 2: Significant Other Observable Inputs 21,890 198,315 Level 3: Significant Unobservable Inputs 11,102 12,305 Securities available for sale measured at fair value $ 131,458 $ 210,620 First Guaranty's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While Management believes the methodologies used are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value. The change in Level 1 securities available for sale from December 31, 2021 to December 31, 2022 was due to a net increase in Treasury bills of $98.5 million. The change in Level 2 securities available for sale from December 31, 2021 to December 31, 2022 was due to the transfer of $111.0 million in U.S. Government agency securities and $54.8 million in corporate debt securities from the available for sale to the held to maturity portfolio. There were no transfers between Level 1 and 2 securities available for sale from December 31, 2021 to December 31, 2022. There were no transfers between Level 2 and 3 from December 31, 2021 to December 31, 2022. The following table reconciles assets measured at fair value on a recurring basis using unobservable inputs ( Level 3 ): Level 3 Changes (in thousands) December 31, 2022 December 31, 2021 Balance, beginning of year $ 12,305 $ 26,189 Total gains or losses (realized/unrealized): Included in earnings — — Included in other comprehensive income (676) (195) Purchases, sales, issuances and settlements, net (527) (8,845) Transfers in and/or out of Level 3 — (4,844) Balance as of end of year $ 11,102 $ 12,305 There were no gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held as of December 31, 2022. The following table measures financial assets and financial liabilities measured at fair value on a non-recurring basis as of December 31, 2022 and December 31, 2021, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value: (in thousands) At December 31, 2022 At December 31, 2021 Fair Value Measurements Using: Impaired Loans Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ — Level 2: Significant Other Observable Inputs — — Level 3: Significant Unobservable Inputs 2,251 8,494 Impaired loans measured at fair value $ 2,251 $ 8,494 Fair Value Measurements Using: Other Real Estate Owned Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ — Level 2: Significant Other Observable Inputs — 817 Level 3: Significant Unobservable Inputs 113 1,255 Other real estate owned measured at fair value $ 113 $ 2,072 ASC 825-10 provides First Guaranty with an option to report selected financial assets and liabilities at fair value. The fair value option established by this statement permits First Guaranty to choose to measure eligible items at fair value at specified election dates and report unrealized gains and losses on items for which the fair value option has been elected in earnings at each reporting date subsequent to implementation. First Guaranty has chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | Financial Instruments Fair value estimates are generally subjective in nature and are dependent upon a number of significant assumptions associated with each instrument or group of similar instruments, including estimates of discount rates, risks associated with specific financial instruments, estimates of future cash flows and relevant available market information. Fair value information is intended to represent an estimate of an amount at which a financial instrument could be exchanged in a current transaction between a willing buyer and seller engaging in an exchange transaction. However, since there are no established trading markets for a significant portion of First Guaranty's financial instruments, First Guaranty may not be able to immediately settle financial instruments; as such, the fair values are not necessarily indicative of the amounts that could be realized through immediate settlement. In addition, the majority of the financial instruments, such as loans and deposits, are held to maturity and are realized or paid according to the contractual agreement with the customer. Quoted market prices are used to estimate fair values when available. However, due to the nature of the financial instruments, in many instances quoted market prices are not available. Accordingly, estimated fair values have been estimated based on other valuation techniques, such as discounting estimated future cash flows using a rate commensurate with the risks involved or other acceptable methods. Fair values are estimated without regard to any premium or discount that may result from concentrations of ownership of financial instruments, possible income tax ramifications or estimated transaction costs. The fair value estimates are subjective in nature and involve matters of significant judgment and, therefore, cannot be determined with precision. Fair values are also estimated at a specific point in time and are based on interest rates and other assumptions at that date. As events change the assumptions underlying these estimates, the fair values of financial instruments will change. Disclosure of fair values is not required for certain items such as lease financing, investments accounted for under the equity method of accounting, obligations of pension and other postretirement benefits, premises and equipment, other real estate, prepaid expenses, the value of long-term relationships with depositors (core deposit intangibles) and other customer relationships, other intangible assets and income tax assets and liabilities. Fair value estimates are presented for existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of the unrealized gains and losses have not been considered in the estimates. Accordingly, the aggregate fair value amounts presented do not purport to represent and should not be considered representative of the underlying market or franchise value of First Guaranty. Because the standard permits many alternative calculation techniques and because numerous assumptions have been used to estimate the fair values, reasonable comparison of the fair value information with other financial institutions' fair value information cannot necessarily be made. The methods and assumptions used to estimate the fair values of financial instruments are as follows: Cash and due from banks, interest-bearing deposits with banks, federal funds sold and federal funds purchased . These items are generally short-term and the carrying amounts reported in the consolidated balance sheets are a reasonable estimation of the fair values. Investment Securities. Fair values are principally based on quoted market prices. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments or the use of discounted cash flow analyses. Loans Held for Sale. Fair values of mortgage loans held for sale are based on commitments on hand from investors or prevailing market prices. These loans are classified within level 3 of the fair value hierarchy. Loans, net . Market values are computed present values using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. These loans are classified within level 3 of the fair value hierarchy. Impaired loans. Fair value of impaired loans is measured by either the fair value of the collateral if the loan is collateral dependent (Level 2 or Level 3), or the present value of expected future cash flows, discounted at the loan's effective interest rate (Level 3). Fair value of the collateral is determined by appraisals or by independent valuation. Cash Surrender of BOLI. The cash surrender value of BOLI approximates fair value. Accrued interest receivable. The carrying amount of accrued interest receivable approximates its fair value. Deposits. The fair value of customer deposits, excluding certificates of deposit, is the amount payable on demand. Market values of certificates of deposit are actually computed present values using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. Deposits are classified within level 3 of the fair value hierarchy. Accrued interest payable. The carrying amount of accrued interest payable approximates its fair value. Borrowings . The carrying amount of federal funds purchased and other short-term borrowings approximate their fair values. The fair value of First Guaranty's long-term borrowings is computed using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. Borrowings are classified within level 3 of the fair value hierarchy. Other Unrecognized Financial Instruments. The fair value of commitments to extend credit is estimated using the fees charged to enter into similar legally binding agreements, taking into account the remaining terms of the agreements and customers' credit ratings. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit are based on fees charged for similar agreements or on estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. At December 31, 2022 and 2021 the fair value of guarantees under commercial and standby letters of credit was not material. The carrying amounts and estimated fair values of financial instruments at December 31, 2022 were as follows: Fair Value Measurements at December 31, 2022 Using (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Assets Cash and due from banks $ 82,796 $ 82,796 $ — $ — $ 82,796 Federal funds sold 423 423 — — 423 Securities, available for sale 131,458 98,466 21,890 11,102 131,458 Securities, held for maturity 320,068 — 242,560 — 242,560 Loans, net 2,495,559 — — 2,404,402 2,404,402 Cash surrender value of BOLI 5,712 — — 5,712 5,712 Accrued interest receivable 13,002 — — 13,002 13,002 Liabilities Deposits $ 2,723,792 $ — $ — $ 2,717,471 2,717,471 Short-term advances from Federal Home Loan Bank 120,000 — — 120,000 120,000 Short-term borrowings 20,000 — — 20,000 20,000 Repurchase agreements 6,442 — — 6,509 6,509 Accrued interest payable 4,289 — — 4,289 4,289 Long-term advances from Federal Home Loan Bank — — — — — Senior long-term debt 21,927 — — 21,938 21,938 Junior subordinated debentures 15,000 — — 15,000 15,000 The carrying amounts and estimated fair values of financial instruments at December 31, 2021 were as follows: Fair Value Measurements at December 31, 2021 Using (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Assets Cash and due from banks $ 261,749 $ 261,749 $ — $ — $ 261,749 Federal funds sold 183 183 — — 183 Securities, available for sale 210,620 — 198,315 12,305 210,620 Securities, held for maturity 153,536 — 150,585 — 150,585 Loans, net 2,135,330 — — 2,152,590 2,152,590 Cash surrender value of BOLI 5,568 — — 5,568 5,568 Accrued interest receivable 12,047 — — 12,047 12,047 Liabilities Deposits $ 2,596,492 $ — $ — $ 2,606,635 2,606,635 Short-term advances from Federal Home Loan Bank — — — — — Repurchase agreements 6,439 — — 6,462 6,462 Accrued interest payable 4,480 — — 4,480 4,480 Long-term advances from Federal Home Loan Bank 3,208 — — 3,208 3,208 Senior long-term debt 25,170 — — 25,187 25,187 Junior subordinated debentures 14,818 — — 15,000 15,000 There is no material difference between the contract amount and the estimated fair value of off-balance sheet items that are primarily comprised of short-term unfunded loan commitments that are generally at market prices. |
Concentrations of Credit and Ot
Concentrations of Credit and Other Risks | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Credit and Other Risks | Concentrations of Credit and Other Risks First Guaranty monitors loan portfolio concentrations by region, collateral type, loan type, and industry on a monthly basis and has established maximum thresholds as a percentage of its capital to ensure that the desired mix and diversification of its loan portfolio is achieved. First Guaranty is compliant with the established thresholds as of December 31, 2022. Personal, commercial and residential loans are granted to customers, most of who reside in northern and southern areas of Louisiana. Although First Guaranty has a diversified loan portfolio, significant portions of the loans are collateralized by real estate located in Tangipahoa Parish and surrounding parishes in Southeast Louisiana. Declines in the Louisiana economy could result in lower real estate values which could, under certain circumstances, result in losses to First Guaranty. The distribution of commitments to extend credit approximates the distribution of loans outstanding. Commercial and standby letters of credit were granted primarily to commercial borrowers. Approximately 40.9% of First Guaranty's deposits are derived from local governmental agencies at December 31, 2022. These governmental depositing authorities are generally long-term customers. A number of the depositing authorities are under contractual obligation to maintain their operating funds exclusively with First Guaranty. In most cases, First Guaranty is required to pledge securities or letters of credit issued by the Federal Home Loan Bank to the depositing authorities to collateralize their deposits. Under certain circumstances, the withdrawal of all of, or a significant portion of, the deposits of one or more of the depositing authorities may result in a temporary reduction in liquidity, depending primarily on the maturities and/or classifications of the securities pledged against such deposits and the ability to replace such deposits with either new deposits or other borrowings. Public fund deposits totaled $1.1 billion at December 31, 2022. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2022 | |
Loss Contingency [Abstract] | |
Litigation | LitigationFirst Guaranty is subject to various legal proceedings in the normal course of its business. First Guaranty assesses its liabilities and contingencies in connection with outstanding legal proceedings. Where it is probable that First Guaranty will incur a loss and the amount of the loss can be reasonably estimated, First Guaranty records a liability in its consolidated financial statements. First Guaranty does not record a loss if the loss is not probable or the amount of the loss is not estimable. First Guaranty Bank is a defendant in a lawsuit alleging fault for a loss of funds by a customer related to fraud by a third party with a possible loss range of $0.0 million to $1.5 million. The Bank denies the allegations and intends to vigorously defend against this lawsuit, which is in very early stages. No trial date has been set, therefore and no accrued liability has been recorded related to this lawsuit. First Guaranty settled a case in the third quarter of 2021 for $1.1 million. A receivable for $0.9 million has been recorded for recovery through First Guaranty's insurance coverage. In the opinion of management, neither First Guaranty nor First Guaranty Bank is currently involved in such legal proceedings, either individually or in the aggregate, that the resolution is expected to have a material adverse effect on First Guaranty’s consolidated results of operations, financial condition, or cash flows. However, one or more unfavorable outcomes in these ordinary claims or litigation against First Guaranty or First Guaranty Bank could have a material adverse effect for the period in which they are resolved. In addition, regardless of their merits or ultimate outcomes, such matters are costly, divert management’s attention, and may materially and adversely affect the reputation of First Guaranty and First Guaranty Bank, even if resolved favorably. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 6, 2023, First Guaranty and First Guaranty Bank entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Lone Star Bank (“Lone Star”), pursuant to which First Guaranty will, subject to the terms and conditions set forth in the Agreement, acquire all of the issued and outstanding shares of Lone Star common stock in exchange solely for shares of First Guaranty common stock through the merger of Lone Star with and into First Guaranty Bank, with First Guaranty Bank as the surviving banking corporation (the “Transaction”). Under the terms of the Agreement, First Guaranty will issue shares of First Guaranty common stock with an assumed value of $23.67 per share on the closing date of the Transaction to the shareholders of Lone Star with an aggregate value equal to 1.5 times Lone Star’s tangible book value as of the month end prior to the closing date, subject to certain adjustments described in the Agreement. Outstanding options to purchase Lone Star common stock will be cashed out. The combined financial institutions will have approximately $3.2 billion in total assets, $2.5 billion in total loans, and $2.8 billion in total deposits following the close of the Transaction. The Agreement was approved by the board of directors of each of First Guaranty, FGB, and Lone Star. The Agreement contains certain termination rights for both First Guaranty and Lone Star and further provides that a termination fee of $1.0 million will be payable by Lone Star to First Guaranty upon termination of the Agreement under certain specified circumstances. |
Condensed Parent Company Inform
Condensed Parent Company Information | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Parent Company Information | Condensed Parent Company Information The following condensed financial information reflects the accounts and transactions of First Guaranty Bancshares, Inc. for the dates indicated: First Guaranty Bancshares, Inc. Condensed Balance Sheets December 31, (in thousands) 2022 2021 Assets Cash $ 3,324 $ 5,143 Investment in bank subsidiary 287,019 255,291 Other assets 2,375 3,893 Total Assets $ 292,718 $ 264,327 Liabilities and Shareholders' Equity Short-term debt 20,000 — Senior long-term debt 21,927 25,170 Junior subordinated debentures 15,000 14,818 Other liabilities 800 450 Total Liabilities 57,727 40,438 Shareholders' Equity 234,991 223,889 Total Liabilities and Shareholders' Equity $ 292,718 $ 264,327 First Guaranty Bancshares, Inc. Condensed Statements of Income December 31, (in thousands) 2022 2021 Operating Income Dividends received from bank subsidiary $ 21,863 $ 20,733 Net gains on sale of equity securities — — Other income 526 414 Total operating income 22,389 21,147 Operating Expenses Interest expense 2,703 1,624 Salaries & Benefits 252 198 Other expenses 1,783 1,298 Total operating expenses 4,738 3,120 Income before income tax benefit and increase in equity in undistributed earnings of subsidiary 17,651 18,027 Income tax benefit 910 568 Income before increase in equity in undistributed earnings of subsidiary 18,561 18,595 Increase in equity in undistributed earnings of subsidiary 10,323 8,702 Net Income $ 28,884 $ 27,297 First Guaranty Bancshares, Inc. Condensed Statements of Cash Flows December 31, (in thousands) 2022 2021 Cash flows from operating activities: Net income $ 28,884 $ 27,297 Adjustments to reconcile net income to net cash provided by operating activities: Increase in equity in undistributed earnings of subsidiary (10,323) (8,702) Depreciation and amortization 225 102 Net change in other liabilities 350 (145) Net change in other assets 1,482 1,235 Net cash provided by operating activities 20,618 19,787 Cash flows from investing activities: Proceeds from sales of equity securities — 1,500 Funds invested in equity securities — (1,000) Funds invested in bank subsidiary (30,000) (25,000) Net cash used in investing activities (30,000) (24,500) Cash flows from financing activities: Net increase in short-term borrowings 20,000 — Repayment of long-term debt (3,250) (17,221) Net proceeds from issuance of preferred stock — 33,058 Dividends paid (9,187) (7,777) Net cash provided by financing activities 7,563 8,060 Net (decrease) increase in cash and cash equivalents (1,819) 3,347 Cash and cash equivalents at the beginning of the period 5,143 1,796 Cash and cash equivalents at the end of the period $ 3,324 $ 5,143 |
Business and Summary of Signi_2
Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include the accounts of First Guaranty Bancshares, Inc., and its wholly owned subsidiary, First Guaranty Bank. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan and lease losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, and the valuation of investment securities. In connection with the determination of the allowance for loan and lease losses and real estate owned, First Guaranty obtains independent appraisals for significant properties. |
Cash and cash equivalents | Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents are defined as cash, due from banks, interest-bearing demand deposits with banks and federal funds sold with maturities of three months or less. |
Securities | Securities First Guaranty reviews its financial position, liquidity and future plans in evaluating the criteria for classifying investment securities. Debt securities that Management has the ability and intent to hold to maturity are classified as held to maturity and carried at cost, adjusted for amortization of premiums and accretion of discounts using methods approximating the interest method. Securities available for sale are stated at fair value. The unrealized difference, if any, between amortized cost and fair value of these AFS securities is excluded from income and is reported, net of deferred taxes, in accumulated other comprehensive income as a part of shareholders' equity. Details of other comprehensive income are reported in the consolidated statements of comprehensive income. Realized gains and losses on securities are computed based on the specific identification method and are reported as a separate component of other income. Amortization of premiums and discounts is included in interest income. Discounts and premiums related to debt securities are amortized using the effective interest rate method. |
Loans held for sale | Loans held for sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Loans held for sale have primarily been fixed rate single-family residential mortgage loans under contract to be sold in the secondary market. In most cases, loans in this category are sold within thirty days. Buyers generally have recourse to return a purchased loan under limited circumstances. Recourse conditions may include early payment default, breach of representations or warranties and documentation deficiencies. Mortgage loans held for sale are generally sold with the mortgage servicing rights released. Gains or losses on sales of mortgage loans are recognized based on the differences between the selling price and the carrying value of the related mortgage loans sold. |
Loans | Loans Loans are stated at the principal amounts outstanding, net of unearned income and deferred loan fees. In addition to loans issued in the normal course of business, overdrafts on customer deposit accounts are considered to be loans and reclassified as such. Interest income on all classifications of loans is calculated using the simple interest method on daily balances of the principal amount outstanding. Accrual of interest is discontinued on a loan when Management believes, after considering economic and business conditions and collection efforts, the borrower's financial condition is such that reasonable doubt exists as to the full and timely collection of principal and interest. This evaluation is made for all loans that are 90 days or more contractually past due. When a loan is placed in nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Income on such loans is then recognized only to the extent that cash is received and where the future collection of interest and principal is probable. Loans are returned to accrual status when, in the judgment of Management, all principal and interest amounts contractually due are reasonably assured to be collected within a reasonable time frame and when the borrower has demonstrated payment performance of cash or cash equivalents; generally for a period of 6 months. All loans, except mortgage loans, are considered past due if they are past due 30 days. Mortgage loans are considered past due when two consecutive payments have been missed. Loans that are past due 90-120 days and deemed uncollectible are charged-off. The loan charge off is a reduction of the allowance for loan and lease losses. |
Troubled Debt Restructurings (TDRs) | Troubled Debt Restructurings (TDRs) TDRs are loans in which the borrower is experiencing financial difficulty at the time of restructuring, and the Bank has granted a concession to the borrower. TDRs are undertaken in order to improve the likelihood of recovery on the loan and may take the form of modifications made with the stated interest rate lower than the current market rate for new debt with similar risk, other modifications to the structure of the loan that fall outside of normal underwriting policies and procedures, or in limited circumstances forgiveness of principal and / or interest. TDRs can involve loans remaining on non-accrual, moving to nonaccrual, or continuing on accrual status, depending on the individual facts and circumstances of the borrower. TDRs are subject to policies governing accrual and nonaccrual evaluation consistent with all other loans as discussed in the "Loans" section above. All loans with the TDR designation are considered to be impaired, even if they are accruing. First Guaranty's policy is to evaluate TDRs that have subsequently been restructured and returned to market terms after 6 months of performance. The evaluation includes a review of the loan file and analysis of the credit to assess the loan terms, including interest rate to insure such terms are consistent with market terms. The loan terms are compared to a sampling of loans with similar terms and risk characteristics, including loans originated by First Guaranty and loans lost to a competitor. The sample provides a guide to determine market terms pursuant to ASC 310-40-50-2. The loan is also evaluated at that time for impairment. A loan determined to be restructured to market terms and not considered impaired will no longer be disclosed as a TDR in the years following the restructuring. These loans will continue to be individually evaluated for impairment. A loan determined to either be restructured to below market terms or to be impaired will remain a TDR. |
Credit Quality | Credit Quality First Guaranty's credit quality indicators are pass, special mention, substandard, and doubtful. Loans included in the pass category are performing loans with satisfactory debt coverage ratios, collateral, payment history, and documentation requirements. Special mention loans have potential weaknesses that deserve close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. A substandard loan is inadequately protected by the paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard have a well-defined weakness. They are characterized by the distinct possibility that First Guaranty will sustain some loss if the deficiencies are not corrected. These loans require more intensive supervision. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigates. For some substandard loans, the likelihood of full collection of interest and principal may be in doubt and interest is no longer accrued. Consumer loans that are 90 days or more past due or that are nonaccrual are considered substandard. Doubtful loans have the weaknesses of substandard loans with the additional characteristic that the weaknesses make collection or liquidation in full questionable and there is a high probability of loss based on currently existing facts, conditions and values. A loan is considered impaired when, based on current information and events, it is probable that First Guaranty will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by Management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's obtainable market price or the fair value of the collateral if the loan is collateral dependent. This process is only applied to impaired loans or relationships in excess of $500,000. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, individual consumer and residential loans are not separately identified for impairment disclosures, unless such loans are the subject of a restructuring agreement. Loans that have been restructured in a troubled debt restructuring will continue to be evaluated individually for impairment, including those no longer requiring disclosure. |
Acquired Loans | Acquired Loans Loans are recorded at estimated fair value on their purchase date with no carryover of the related allowance for loan and lease losses. Acquired loans are segregated between those with deteriorated credit quality at acquisition and those deemed as performing. To make this determination, Management considers such factors as past due status, nonaccrual status, credit risk ratings, interest rates and collateral position. The fair value of acquired loans deemed performing is determined by discounting cash flows, both principal and interest, for each pool at prevailing market interest rates as well as consideration of inherent potential losses. The difference between the fair value and principal balances due at acquisition date, the fair value discount, is accreted into income over the estimated life of each loan pool. Loans acquired in a business combination are recorded at their estimated fair value on their purchase date with no carryover of the related allowance for loan and lease losses. Performing acquired loans are subsequently evaluated for any required allowance at each reporting date. An allowance for loan and lease losses is calculated using a similar methodology for originated loans. |
Loan fees and costs | Loan fees and costs Nonrefundable loan origination and commitment fees and direct costs associated with originating loans are deferred and recognized over the lives of the related loans as an adjustment to the loans' yield using the level yield method. |
Allowance for loan and lease losses | Allowance for loan and lease losses The allowance for loan and lease losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for loan and lease losses when Management believes that the collectability of the principal is unlikely. The allowance, which is based on evaluation of the collectability of loans and prior loan loss experience, is an amount that, in the opinion of Management, reflects the risks inherent in the existing loan portfolio and exists at the reporting date. The evaluations take into consideration a number of subjective factors including changes in the nature and volume of the loan portfolio, historical losses, overall portfolio quality, review of specific problem loans, current economic conditions that may affect a borrower's ability to pay including the impact of the COVID-19 pandemic, adequacy of loan collateral and other relevant factors. The following are general credit risk factors that affect First Guaranty's loan portfolio segments. These factors do not encompass all risks associated with each loan category. Construction and land development loans have risks associated with interim construction prior to permanent financing and repayment risks due to the future sale of developed property. Farmland and agricultural loans have risks such as weather, government agricultural policies, fuel and fertilizer costs, and market price volatility. 1-4 family, multi-family, and consumer credits are strongly influenced by employment levels, consumer debt loads and the general economy. Non-farm non-residential loans include both owner occupied real estate and non-owner occupied real estate. Common risks associated with these properties is the ability to maintain tenant leases and keep lease income at a level able to service required debt and operating expenses. Commercial and industrial loans generally have non-real estate secured collateral which requires closer monitoring than real estate collateral. Although Management uses available information to recognize losses on loans, because of uncertainties associated with local economic conditions, collateral values and future cash flows on impaired loans, it is reasonably possible that a material change could occur in the allowance for loan and lease losses in the near term. However, the amount of the change that is reasonably possible cannot be estimated. The evaluation of the adequacy of loan collateral is often based upon estimates and appraisals. Because of changing economic conditions, the valuations determined from such estimates and appraisals may also change. Accordingly, First Guaranty may ultimately incur losses that vary from Management's current estimates. Adjustments to the allowance for loan and lease losses will be reported in the period such adjustments become known or can be reasonably estimated. All loan losses are charged to the allowance for loan and lease losses when the loss actually occurs or when the collectability of the principal is unlikely. Recoveries are credited to the allowance at the time of recovery. The allowance consists of specific, general, and unallocated components. The specific component relates to loans that are classified as doubtful, substandard, and impaired. For such loans that are also classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. Also, a specific reserve is allocated for syndicated loans. The general component covers non-classified loans and special mention loans and is based on historical loss experience adjusted for qualitative factors. Qualitative factors include analysis of levels and trends in delinquencies, nonaccrual loans, charge-offs and recoveries, loan risk ratings, trends in volume and terms of loans, changes in lending policy, credit concentrations, portfolio stress test results, national and local economic trends including the impact of COVID-19, industry conditions, and other relevant factors. An unallocated component is maintained to cover uncertainties that could affect the estimate of probable losses. The allowance for loan and lease losses is reviewed on a monthly basis. The monitoring of credit risk also extends to unfunded credit commitments, such as unused commercial credit lines and letters of credit. A reserve is established as needed for estimates of probable losses on such commitments. |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill and intangible assets deemed to have indefinite lives are subject to annual impairment tests. Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in an acquisition. First Guaranty's goodwill is tested for impairment on an annual basis, or more often if events or circumstances indicate that there may be impairment in accordance with ASC Topic 350. Identifiable intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or legal rights or because the assets are capable of being sold or exchanged either on their own or in combination with the related contract, asset or liability. First Guaranty's intangible assets primarily relate to core deposits and loan servicing assets related to the SBA portfolio. These core deposit intangibles are amortized on a straight-line basis over terms ranging from seven |
Premises and equipment | Premises and equipment Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the respective assets as follows: Buildings and improvements 10-40 years Equipment, fixtures and automobiles 3-10 years Expenditures for renewals and betterments are capitalized and depreciated over their estimated useful lives. Repairs, maintenance and minor improvements are charged to operating expense as incurred. Gains or losses on disposition, if any, are recorded as a separate line item in noninterest income on the Statements of Income. |
Other real estate | Other real estate Other real estate includes properties acquired through foreclosure or acceptance of deeds in lieu of foreclosure. These properties are recorded at the lower of the recorded investment in the property or its fair value less the estimated cost of disposition. Any valuation adjustments required prior to foreclosure are charged to the allowance for loan and lease losses. Subsequent to foreclosure, losses on the periodic revaluation of the property are charged to current period earnings as other real estate expense or to the allowance for other real estate. Costs of operating and maintaining the properties are charged to other real estate expense as incurred. Any subsequent gains or losses on dispositions are credited or charged to income in the period of disposition . |
Off-balance sheet financial instruments | Off-balance sheet financial instruments In the ordinary course of business, First Guaranty has entered into commitments to extend credit, including commitments under credit card arrangements, commitments to fund commercial real estate, construction and land development loans secured by real estate, and performance standby letters of credit. Such financial instruments are recorded when they are funded. |
Income taxes | Income taxes First Guaranty and its subsidiary file a consolidated federal income tax return on a calendar year basis. In lieu of Louisiana state income tax, the Bank is subject to the Louisiana bank shares tax, which is included in noninterest expense in First Guaranty's consolidated financial statements. With few exceptions, First Guaranty is no longer subject to U.S. federal, state or local income tax examinations for years before 2018. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the deferred tax assets or liabilities are expected to be settled or realized. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be utilized. |
Comprehensive income | Comprehensive income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items along with net income, are components of comprehensive income. The components of other comprehensive income and related tax effects are presented in the Statements of Comprehensive Income. |
Fair Value Measurements | Fair Value Measurements The fair value of a financial instrument is the current amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques use certain inputs to arrive at fair value. Inputs to valuation techniques are the assumptions that market participants would use in pricing the asset or liability. They may be observable or unobservable. First Guaranty uses a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. See Note 19 for a detailed description of fair value measurements. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (i) the assets have been isolated from First Guaranty, (ii) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) First Guaranty does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Earnings per common share | Earnings per common share Earnings per share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. In December of 2021, First Guaranty issued a pro rata, 10% common stock dividend. The shares issued for the stock dividend have been retrospectively factored into the calculation of earnings per share as well as cash dividends paid on common stock and represented on the face of the financial statements. No convertible shares of First Guaranty's stock are outstanding. |
Operating Segments | Operating Segments All of First Guaranty's operations are considered by management to be aggregated into one reportable operating segment. While the chief decision-makers monitor the revenue streams of the various products and services, the identifiable segments are not material. Operations are managed and financial performance is evaluated on a Company-wide basis. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior year end financial statements in order to conform to the classification adopted for reporting in 2022. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary Comparison of Securities by Type | A summary comparison of securities by type at December 31, 2022 and 2021 is shown below. December 31, 2022 December 31, 2021 (in thousands) Amortized Cost Gross Gross Fair Value Amortized Cost Gross Gross Fair Value Available for sale: U.S. Treasuries $ 100,642 $ — $ (2,142) $ 98,500 $ — $ — $ — — U.S. Government Agencies — — — — 116,733 — (623) 116,110 Corporate debt securities 16,750 — (752) 15,998 79,344 732 (1,851) 78,225 Municipal bonds 14,742 31 (426) 14,347 15,543 156 — 15,699 Mortgage-backed securities 2,711 (98) 2,613 576 10 — 586 Total available for sale securities $ 134,845 $ 31 $ (3,418) $ 131,458 $ 212,196 $ 898 $ (2,474) $ 210,620 Held to maturity: U.S. Government Agencies $ 265,032 $ — $ (69,503) $ 195,529 $ 153,536 $ — $ (2,951) $ 150,585 Corporate debt securities 55,036 — (8,005) 47,031 — — — — Total held to maturity securities $ 320,068 $ — $ (77,508) $ 242,560 $ 153,536 $ — $ (2,951) $ 150,585 |
Schedule of Investments Classified by Contractual Maturity Date | The scheduled maturities of securities at December 31, 2022, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities due to call or prepayments. Mortgage-backed securities are not due at a single maturity because of amortization and potential prepayment of the underlying mortgages. For this reason they are presented separately in the maturity table below. December 31, 2022 (in thousands) Amortized Cost Fair Value Available for sale: Due in one year or less $ 51,087 $ 50,911 Due after one year through five years 53,552 51,664 Due after five years through 10 years 20,001 19,129 Over 10 years 7,494 7,141 Subtotal 132,134 128,845 Mortgage-backed Securities 2,711 2,613 Total available for sale securities $ 134,845 $ 131,458 Held to maturity: Due in one year or less $ — $ — Due after one year through five years 402 344 Due after five years through 10 years 74,092 62,211 Over 10 years 245,574 180,005 Total held to maturity securities $ 320,068 $ 242,560 |
Schedule of Unrealized Loss on Investments | The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at December 31, 2022. December 31, 2022 Less Than 12 Months 12 Months or More Total (in thousands) Number Fair Value Gross Number Fair Value Gross Number Fair Value Gross Available for sale: U.S. Treasuries — $ — $ — 6 $ 98,500 $ (2,142) 6 $ 98,500 $ (2,142) U.S. Government Agencies — — — — — — — — — Corporate debt securities 14 14,628 (622) 2 1,370 (130) 16 15,998 (752) Municipal bonds 46 5,854 (394) 6 673 (32) 52 6,527 (426) Mortgage-backed securities 3 2,608 (98) 4 5 — 7 2,613 (98) Total available for sale securities 63 $ 23,090 $ (1,114) 18 $ 100,548 $ (2,304) 81 $ 123,638 $ (3,418) Held to maturity: U.S. Government Agencies 13 $ 89,695 (21,724) 16 $ 105,834 $ (47,779) 29 $ 195,529 $ (69,503) Corporate debt securities 59 47,031 (8,005) — — — 59 47,031 (8,005) Total held to maturity securities 72 $ 136,726 $ (29,729) 16 $ 105,834 $ (47,779) 88 $ 242,560 $ (77,508) The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at December 31, 2021. December 31, 2021 Less Than 12 Months 12 Months or More Total (in thousands) Number Fair Value Gross Number Fair Value Gross Number Fair Value Gross Available for sale: U.S. Treasuries — $ — $ — — $ — $ — — $ — $ — U.S. Government Agencies 13 116,110 (623) — — — 13 116,110 (623) Corporate debt securities 61 61,551 (1,677) 2 445 (174) 63 61,996 (1,851) Municipal bonds 1 66 — — — — 1 66 — Mortgage-backed securities — — — 6 9 — 6 9 — Total available for sale securities 75 $ 177,727 $ (2,300) 8 $ 454 $ (174) 83 $ 178,181 $ (2,474) Held to maturity: U.S. Government Agencies 16 $ 150,585 (2,951) — $ — $ — 16 $ 150,585 $ (2,951) Total held to maturity securities 16 $ 150,585 $ (2,951) — $ — $ — 16 $ 150,585 $ (2,951) |
Schedule of Credit Losses on Debt Securities for which Portion of OTTI Recognized in OCI | The following table presents a roll-forward of the amount of credit losses on debt securities held by First Guaranty for which a portion of OTTI was recognized in other comprehensive income for the year ended December 31, 2022 and 2021: (in thousands) Year Ended December 31, 2022 Year Ended December 31, 2021 Beginning balance of credit losses at beginning of year $ — $ 100 Other-than-temporary impairment credit losses on securities not previously OTTI — — Increases for additional credit losses on securities previously determined to be OTTI — — Reduction for increases in cash flows — — Reduction due to credit impaired securities sold or fully settled — (100) Ending balance of cumulative credit losses recognized in earnings at end of year $ — $ — |
Schedule of Exposure to Investment Securities Issuers that Exceeded 10% of Shareholder's Equity | At December 31, 2022, First Guaranty's exposure to investment securities issuers that exceeded 10% of shareholders' equity was as follows: December 31, 2022 (in thousands) Amortized Cost Fair Value U.S. Government Treasuries (U.S.) $ 100,642 $ 98,500 Federal Home Loan Bank (FHLB) 32,090 25,047 Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC) 97,414 67,307 Federal Farm Credit Bank (FFCB) 138,237 105,787 Total $ 368,383 $ 296,641 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Summary of Components of Loan Portfolio | The following table summarizes the components of First Guaranty's loan portfolio as of December 31, 2022 and December 31, 2021: December 31, 2022 December 31, 2021 (in thousands except for %) Balance As % of Category Balance As % of Category Real Estate: Construction & land development $ 233,091 9.2 % $ 174,334 8.1 % Farmland 24,823 1.0 % 31,810 1.5 % 1- 4 Family 366,330 14.5 % 288,347 13.3 % Multifamily 119,785 4.7 % 65,848 3.0 % Non-farm non-residential 992,929 39.3 % 886,407 40.9 % Total Real Estate 1,736,958 68.7 % 1,446,746 66.8 % Non-Real Estate: Agricultural 39,045 1.5 % 26,747 1.2 % Commercial and industrial (1) 385,279 15.3 % 398,391 18.4 % Commercial leases 317,574 12.6 % 246,022 11.4 % Consumer and other 47,864 1.9 % 48,142 2.2 % Total Non-Real Estate 789,762 31.3 % 719,302 33.2 % Total Loans Before Unearned Income 2,526,720 100.0 % 2,166,048 100.0 % Unearned income (7,643) (6,689) Total Loans Net of Unearned Income $ 2,519,077 $ 2,159,359 (1) Includes PPP loans fully guaranteed by the SBA of $5.9 million and $35.4 million at December 31, 2022 and December 31, 2021, respectively. |
Summary of Fixed and Floating Rate Loans by Contractual Maturity, Excluding Nonaccrual Loans | The following table summarizes fixed and floating rate loans by contractual maturity, excluding nonaccrual loans, as of December 31, 2022 and December 31, 2021 unadjusted for scheduled principal payments, prepayments, or repricing opportunities. The average life of the loan portfolio may be substantially less than the contractual terms when these adjustments are considered. December 31, 2022 December 31, 2021 (in thousands) Fixed Floating Total Fixed Floating Total One year or less $ 234,921 $ 137,203 $ 372,124 $ 239,423 $ 117,697 $ 357,120 One to five years 900,960 339,894 1,240,854 926,640 385,509 1,312,149 Five to 15 years 114,425 216,251 330,676 114,976 106,579 221,555 Over 15 years 261,209 308,291 569,500 179,522 78,987 258,509 Subtotal $ 1,511,515 $ 1,001,639 2,513,154 $ 1,460,561 $ 688,772 2,149,333 Nonaccrual loans 13,566 16,715 Total Loans Before Unearned Income 2,526,720 2,166,048 Unearned income (7,643) (6,689) Total Loans Net of Unearned Income $ 2,519,077 $ 2,159,359 |
Schedule of Past due Financing Receivables | The following tables present the age analysis of past due loans at December 31, 2022 and December 31, 2021: As of December 31, 2022 (in thousands) 30-89 Days Past Due 90 Days or Total Past Due Current Total Loans Recorded Investment Real Estate: Construction & land development $ 1,029 $ 652 $ 1,681 $ 231,410 $ 233,091 $ 427 Farmland 357 290 647 24,176 24,823 — 1- 4 family 4,512 4,158 8,670 357,660 366,330 332 Multifamily 874 157 1,031 118,754 119,785 157 Non-farm non-residential 1,133 3,849 4,982 987,947 992,929 103 Total Real Estate 7,905 9,106 17,011 1,719,947 1,736,958 1,019 Non-Real Estate: Agricultural 120 1,622 1,742 37,303 39,045 — Commercial and industrial 1,369 942 2,311 382,968 385,279 123 Commercial leases — 1,799 1,799 315,775 317,574 — Consumer and other 1,997 1,239 3,236 44,628 47,864 — Total Non-Real Estate 3,486 5,602 9,088 780,674 789,762 123 Total Loans Before Unearned Income $ 11,391 $ 14,708 $ 26,099 $ 2,500,621 2,526,720 $ 1,142 Unearned income (7,643) Total Loans Net of Unearned Income $ 2,519,077 As of December 31, 2021 (in thousands) 30-89 Days Past Due 90 Days or Total Past Due Current Total Loans Recorded Investment Real Estate: Construction & land development $ 956 $ 776 $ 1,732 $ 172,602 $ 174,334 $ 246 Farmland 17 787 804 31,006 31,810 — 1- 4 family 3,932 3,375 7,307 281,040 288,347 514 Multifamily 1,669 162 1,831 64,017 65,848 162 Non-farm non-residential 1,352 9,014 10,366 876,041 886,407 281 Total Real Estate 7,926 14,114 22,040 1,424,706 1,446,746 1,203 Non-Real Estate: Agricultural 97 2,302 2,399 24,348 26,747 — Commercial and industrial 1,233 722 1,955 396,436 398,391 23 Commercial leases — — — 246,022 246,022 — Consumer and other 920 822 1,742 46,400 48,142 19 Total Non-Real Estate 2,250 3,846 6,096 713,206 719,302 42 Total Loans Before Unearned Income $ 10,176 $ 17,960 $ 28,136 $ 2,137,912 2,166,048 $ 1,245 Unearned income (6,689) Total Loans Net of Unearned Income $ 2,159,359 |
Summary of Nonaccrual Loans by Class | The following is a summary of nonaccrual loans by class at the dates indicated: As of December 31, (in thousands) 2022 2021 Real Estate: Construction & land development $ 225 $ 530 Farmland 290 787 1- 4 family 3,826 2,861 Multifamily — — Non-farm non-residential 3,746 8,733 Total Real Estate 8,087 12,911 Non-Real Estate: Agricultural 1,622 2,302 Commercial and industrial 819 699 Commercial leases 1,799 — Consumer and other 1,239 803 Total Non-Real Estate 5,479 3,804 Total Nonaccrual Loans $ 13,566 $ 16,715 |
Schedule of Credit Exposure of Loan Portfolio, Including Loans Acquired with Deteriorated Credit Quality, by Specific Credit Ratings | The following table identifies the credit exposure of the loan portfolio, including loans acquired with deteriorated credit quality, by specific credit ratings as of the dates indicated: As of December 31, 2022 As of December 31, 2021 (in thousands) Pass Special Mention Substandard Doubtful Total Pass Special Mention Substandard Doubtful Total Real Estate: Construction & land development $ 229,416 $ 2,846 $ 829 $ — $ 233,091 $ 151,220 $ 21,997 $ 1,117 $ — $ 174,334 Farmland 19,722 35 5,066 — 24,823 27,678 40 4,092 — 31,810 1- 4 family 347,842 8,667 9,821 — 366,330 270,866 7,644 9,837 — 288,347 Multifamily 117,081 444 2,260 — 119,785 56,686 2,212 6,950 — 65,848 Non-farm non-residential 968,861 15,071 8,997 — 992,929 795,495 72,103 18,809 — 886,407 Total Real Estate 1,682,922 27,063 26,973 — 1,736,958 1,301,945 103,996 40,805 — 1,446,746 Non-Real Estate: Agricultural 34,827 198 4,020 — 39,045 23,952 128 2,667 — 26,747 Commercial and industrial 374,947 2,016 8,316 — 385,279 355,407 34,220 8,764 — 398,391 Commercial leases 315,775 — 1,799 — 317,574 245,869 — 153 — 246,022 Consumer and other 45,225 1,031 1,608 — 47,864 46,804 374 964 — 48,142 Total Non-Real Estate 770,774 3,245 15,743 — 789,762 672,032 34,722 12,548 — 719,302 Total Loans Before Unearned Income $ 2,453,696 $ 30,308 $ 42,716 $ — 2,526,720 $ 1,973,977 $ 138,718 $ 53,353 $ — 2,166,048 Unearned income (7,643) (6,689) Total Loans Net of Unearned Income $ 2,519,077 $ 2,159,359 |
Schedule of Carrying Amount of Purchased Impaired Loans | The carrying amount of those loans is as follows at December 31, 2022 and 2021. (in thousands) As of December 31, 2022 As of December 31, 2021 Real Estate: Construction & land development $ 301 $ 146 Farmland — — 1- 4 family 1,311 1,848 Multifamily — — Non-farm non-residential 1,904 2,192 Total Real Estate 3,516 4,186 Non-Real Estate: Agricultural — 159 Commercial and industrial 742 798 Commercial leases — — Consumer and other — — Total Non-Real Estate 742 957 Total $ 4,258 $ 5,143 |
Schedule of Accretable Yield, or Income Expected to be Collected, on Purchased Loans | The accretable yield, or income expected to be collected, on the purchased loans above is as follows for the years ended December 31, 2022 and 2021. (in thousands) Year Ended December 31, 2022 Year Ended December 31, 2021 Balance, beginning of period $ 2,378 $ 2,892 Acquisition accretable yield — — Accretion (268) (514) Net transfers from nonaccretable difference to accretable yield — — Balance, end of period $ 2,110 $ 2,378 |
Allowance for Loan and Lease _2
Allowance for Loan and Lease Losses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Allowance for Credit Loss [Abstract] | |
Summary of Changes in Allowance for Loan Losses and Allowance and Loans Individually and Collectively Evaluated for Impairment | A summary of changes in the allowance for loan and lease losses, by loan type, for the years ended December 31, 2022 and 2021 are as follows: As of December 31, 2022 2021 (in thousands) Beginning Allowance (12/31/21) Charge-offs Recoveries Provision Ending Allowance (12/31/22) Beginning Allowance (12/31/20) Charge-offs Recoveries Provision Ending Allowance (12/31/21) Real Estate: Construction & land development $ 769 $ (65) $ 340 $ 188 $ 1,232 $ 1,029 $ (92) $ — $ (168) $ 769 Farmland 478 — — (395) 83 462 — 90 (74) 478 1- 4 family 1,921 (94) 76 (142) 1,761 2,510 (266) 44 (367) 1,921 Multifamily 940 — 452 (646) 746 978 (12) — (26) 940 Non-farm non-residential 12,730 (603) 349 (3,196) 9,280 15,064 (1,020) 7 (1,321) 12,730 Total Real Estate 16,838 (762) 1,217 (4,191) 13,102 20,043 (1,390) 141 (1,956) 16,838 Non-Real Estate: Agricultural 183 (460) 133 384 240 181 (149) 17 134 183 Commercial and industrial 2,363 (563) 91 303 2,194 2,802 (89) 96 (446) 2,363 Commercial leases 2,486 (150) 5 2,538 4,879 583 — 4 1,899 2,486 Consumer and other 1,371 (4,151) 473 4,813 2,506 907 (1,494) 320 1,638 1,371 Unallocated 788 — — (191) 597 2 — — 786 788 Total Non-Real Estate 7,191 (5,324) 702 7,847 10,416 4,475 (1,732) 437 4,011 7,191 Total $ 24,029 $ (6,086) $ 1,919 $ 3,656 $ 23,518 $ 24,518 $ (3,122) $ 578 $ 2,055 $ 24,029 A summary of the allowance along with loans and leases, including loans acquired with deteriorated credit quality, individually and collectively evaluated for impairment are as follows: As of December 31, 2022 (in thousands) Allowance Allowance Individually Evaluated for Purchased Credit-Impairment Allowance Total Allowance Loans Loans Individually Evaluated for Purchased Credit-Impairment Loans Total Loans Real Estate: Construction & land development $ — $ — $ 1,232 $ 1,232 $ 68 $ 301 $ 232,722 $ 233,091 Farmland — — 83 83 4,240 — 20,583 24,823 1- 4 family — — 1,761 1,761 949 1,311 364,070 366,330 Multifamily — — 746 746 — — 119,785 119,785 Non-farm non-residential 666 512 8,102 9,280 4,095 1,904 986,930 992,929 Total Real Estate 666 512 11,924 13,102 9,352 3,516 1,724,090 1,736,958 Non-Real Estate: Agricultural — — 240 240 2,366 — 36,679 39,045 Commercial and industrial 412 212 1,570 2,194 5,919 742 378,618 385,279 Commercial leases 1,799 — 3,080 4,879 1,799 — 315,775 317,574 Consumer and other — — 2,506 2,506 — — 47,864 47,864 Unallocated — — 597 597 — — — — Total Non-Real Estate 2,211 212 7,993 10,416 10,084 742 778,936 789,762 Total $ 2,877 $ 724 $ 19,917 $ 23,518 $ 19,436 $ 4,258 $ 2,503,026 $ 2,526,720 Unearned Income (7,643) Total Loans Net of Unearned Income $ 2,519,077 As of December 31, 2021 (in thousands) Allowance Allowance Individually Evaluated for Purchased Credit-Impairment Allowance Total Allowance Loans Loans Individually Evaluated for Purchased Credit-Impairment Loans Total Loans Real Estate: Construction & land development $ — $ — $ 769 $ 769 $ — $ 146 $ 174,188 $ 174,334 Farmland 19 — 459 478 496 — 31,314 31,810 1- 4 family 258 — 1,663 1,921 961 1,848 285,538 288,347 Multifamily — — 940 940 — — 65,848 65,848 Non-farm non-residential 1,822 509 10,399 12,730 10,899 2,192 873,316 886,407 Total Real Estate 2,099 509 14,230 16,838 12,356 4,186 1,430,204 1,446,746 Non-Real Estate: Agricultural — — 183 183 1,383 159 25,205 26,747 Commercial and industrial 72 216 2,075 2,363 1,286 798 396,307 398,391 Commercial leases — — 2,486 2,486 — — 246,022 246,022 Consumer and other — — 1,371 1,371 — — 48,142 48,142 Unallocated — — 788 788 — — — — Total Non-Real Estate 72 216 6,903 7,191 2,669 957 715,676 719,302 Total $ 2,171 $ 725 $ 21,133 $ 24,029 $ 15,025 $ 5,143 $ 2,145,880 $ 2,166,048 Unearned Income (6,689) Total Loans Net of Unearned Income $ 2,159,359 |
Summary of Impaired Loans, Excluding Loans Acquired with Deteriorated Credit Quality, by Class | The following is a summary of impaired loans, excluding loans acquired with deteriorated credit quality, by class at December 31, 2022: As of December 31, 2022 (in thousands) Recorded Unpaid Related Average Interest Income Impaired Loans with no related allowance: Real Estate: Construction & land development $ 68 $ 68 $ — $ 68 $ — Farmland 4,240 4,240 — 4,242 51 1- 4 family 949 949 — 949 5 Multifamily — — — — — Non-farm non-residential 1,814 1,814 — 1,817 56 Total Real Estate 7,071 7,071 — 7,076 112 Non-Real Estate: Agricultural 2,366 2,521 — 2,366 7 Commercial and industrial 4,871 4,988 — 4,988 33 Commercial leases — — — — — Consumer and other — — — — — Total Non-Real Estate 7,237 7,509 — 7,354 40 Total Impaired Loans with no related allowance 14,308 14,580 — 14,430 152 Impaired Loans with an allowance recorded: Real estate: Construction & land development — — — — — Farmland — — — — — 1- 4 family — — — — — Multifamily — — — — — Non-farm non-residential 2,281 2,855 666 2,279 5 Total Real Estate 2,281 2,855 666 2,279 5 Non-Real Estate: Agricultural — — — — — Commercial and industrial 1,048 1,048 412 1,112 35 Commercial leases 1,799 1,812 1,799 1,817 27 Consumer and other — — — — — Total Non-Real Estate 2,847 2,860 2,211 2,929 62 Total Impaired Loans with an allowance recorded 5,128 5,715 2,877 5,208 67 Total Impaired Loans $ 19,436 $ 20,295 $ 2,877 $ 19,638 $ 219 The following is a summary of impaired loans, excluding loans acquired with deteriorated credit quality, by class at December 31, 2021: As of December 31, 2021 (in thousands) Recorded Unpaid Related Average Interest Income Impaired Loans with no related allowance: Real Estate: Construction & land development $ — $ — $ — $ — $ — Farmland — — — — — 1- 4 family — — — — — Multifamily — — — — — Non-farm non-residential 5,164 5,818 — 5,935 137 Total Real Estate 5,164 5,818 — 5,935 137 Non-Real Estate: Agricultural 1,383 1,668 — 1,412 — Commercial and industrial 470 470 — 479 30 Commercial leases — — — — — Consumer and other — — — — — Total Non-Real Estate 1,853 2,138 — 1,891 30 Total Impaired Loans with no related allowance 7,017 7,956 — 7,826 167 Impaired Loans with an allowance recorded: Real estate: Construction & land development — — — — — Farmland 496 626 19 515 — 1- 4 family 961 961 258 968 56 Multifamily — — — — — Non-farm non-residential 5,735 5,996 1,822 5,842 90 Total Real Estate 7,192 7,583 2,099 7,325 146 Non-Real Estate: Agricultural — — — — — Commercial and industrial 816 816 72 875 28 Commercial leases — — — — — Consumer and other — — — — — Total Non-Real Estate 816 816 72 875 28 Total Impaired Loans with an allowance recorded 8,008 8,399 2,171 8,200 174 Total Impaired Loans $ 15,025 $ 16,355 $ 2,171 $ 16,026 $ 341 |
Schedule of Troubled Debt Restructurings | The following table is an age analysis of TDRs as of December 31, 2022 and December 31, 2021: December 31, 2022 December 31, 2021 Accruing Loans Accruing Loans (in thousands) Current 30-89 Days Past Due Nonaccrual Total TDRs Current 30-89 Days Past Due Nonaccrual Total TDRs Real Estate: Construction & land development $ — $ — $ — $ — $ — $ — $ — $ — Farmland 1,094 — — 1,094 — — — — 1- 4 family — — — — — — — — Multifamily — — — — — — — — Non-farm non-residential — — — — — — 3,382 3,382 Total Real Estate 1,094 — — 1,094 — — 3,382 3,382 Non-Real Estate: Agricultural — — — — — — — — Commercial and industrial — — — — — — — — Commercial leases — — — — — — — — Consumer and other — — — — — — — — Total Non-Real Estate — — — — — — — — Total $ 1,094 $ — $ — $ 1,094 $ — $ — $ 3,382 $ 3,382 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | The components of premises and equipment at December 31, 2022 and 2021 are as follows: (in thousands) December 31, 2022 December 31, 2021 Land $ 15,284 $ 15,284 Bank premises 54,423 53,899 Furniture and equipment 31,109 30,481 Construction in progress 1,854 536 Acquired value 102,670 100,200 Less: accumulated depreciation 44,464 41,563 Net book value $ 58,206 $ 58,637 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-lived Intangible Assets | The following table summarizes intangible assets subject to amortization. December 31, 2022 December 31, 2021 (in thousands) Gross Accumulated Net Gross Accumulated Net Core deposit intangibles $ 16,266 $ 11,911 $ 4,355 $ 16,266 $ 11,215 $ 5,051 Loan servicing assets 2,195 1,571 624 2,133 1,262 871 Total $ 18,461 $ 13,482 $ 4,979 $ 18,399 $ 12,477 $ 5,922 |
Schedule of Amortization Expense of Core Deposit Intangible Assets for Next Five Years | Amortization expense of the core deposit intangible assets for the next five years is as follows: For the Years Ended Estimated Amortization Expense (in thousands) December 31, 2023 $ 696 December 31, 2024 $ 696 December 31, 2025 $ 696 December 31, 2026 $ 696 December 31, 2027 $ 696 |
Other Real Estate (Tables)
Other Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of Components of Other Real Estate Owned | Other real estate owned consists of the following at the dates indicated: (in thousands) December 31, 2022 December 31, 2021 Real Estate Owned Acquired by Foreclosure: Residential $ 113 $ 817 Construction & land development — — Non-farm non-residential — 1,776 Total Other Real Estate Owned and Foreclosed Property 113 2,593 Allowance for Other Real Estate Owned losses — (521) Net Other Real Estate Owned and Foreclosed Property $ 113 $ 2,072 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Schedule of Maturities of All Time Deposits | A schedule of maturities of all time deposits are as follows: (in thousands) December 31, 2022 2023 $ 312,910 2024 148,386 2025 34,624 2026 25,191 2027 and thereafter 12,247 Total $ 533,358 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Borrowings | Short-term borrowings are summarized as follows: (in thousands) December 31, 2022 December 31, 2021 Federal Home Loan Bank advances $ 120,000 $ — Repurchase agreements 6,442 6,439 Line of credit 20,000 — Total short-term borrowings $ 146,442 $ 6,439 |
Short-term Borrowings | The following schedule provides certain information about First Guaranty's short-term borrowings for the periods indicated: December 31, (in thousands except for %) 2022 2021 Outstanding at year end $ 146,442 $ 6,439 Maximum month-end outstanding $ 146,442 $ 56,369 Average daily outstanding $ 42,149 $ 10,458 Weighted average rate during the year 5.12 % 1.40 % Weighted average rate at year end 4.86 % 2.23 % |
Schedule of Obligations on Senior Long-term Debt and Junior Subordinated Debentures | The scheduled payments are as follows: (in thousands) Long-term Advances from FHLB Senior Junior 2023 $ — $ 3,250 $ — 2024 — 18,687 — 2025 — — — 2026 — — — 2027 — — — 2028 and thereafter — — 15,000 Subtotal $ — $ 21,937 $ 15,000 Debt issuance costs — (10) — Total $ — $ 21,927 $ 15,000 |
Capital Requirements (Tables)
Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Schedule of Actual and Required Capital Amounts and Ratios | First Guaranty Bank's actual capital amounts and ratios as of December 31, 2022 and 2021 are presented in the following table. Actual Minimum Capital Requirements Minimum to be Well Capitalized (in thousands except for %) Amount Ratio Amount Ratio Amount Ratio December 31, 2022 Total Risk-based Capital: $ 308,510 11.16 % $ 221,066 8.00 % $ 276,333 10.00 % Tier 1 Capital: $ 284,992 10.31 % $ 165,800 6.00 % $ 221,066 8.00 % Tier 1 Leverage Capital: $ 284,992 9.35 % $ 121,884 4.00 % $ 152,355 5.00 % Common Equity Tier One Capital: $ 284,992 10.31 % $ 124,350 4.50 % $ 179,616 6.50 % December 31, 2021 Total Risk-based Capital: $ 268,002 11.22 % $ 191,069 8.00 % $ 238,837 10.00 % Tier 1 Capital: $ 243,973 10.22 % $ 143,302 6.00 % $ 191,069 8.00 % Tier 1 Leverage Capital: $ 243,973 8.71 % $ 112,018 4.00 % $ 140,023 5.00 % Common Equity Tier One Capital: $ 243,973 10.22 % $ 107,476 4.50 % $ 155,244 6.50 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | An analysis of the activity of loans made to such borrowers during the year ended December 31, 2022 and 2021 follows: December 31, (in thousands) 2022 2021 Balance, beginning of year $ 93,270 $ 79,399 Net (Decrease) Increase (3,535) 13,871 Balance, end of year $ 89,735 $ 93,270 |
Other Expenses (Tables)
Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Expenses [Abstract] | |
Summary of Significant Components of Other Noninterest Expense | The following is a summary of the significant components of other noninterest expense: December 31, (in thousands) 2022 2021 Other noninterest expense: Legal and professional fees $ 4,159 $ 3,375 Data processing 1,596 1,794 ATM Fees 1,750 1,760 Marketing and public relations 1,747 1,711 Taxes - sales, capital and franchise 1,949 1,755 Operating supplies 728 853 Software expense and amortization 4,191 3,071 Travel and lodging 1,236 826 Telephone 406 398 Amortization of core deposits 696 764 Donations 638 564 Net costs from other real estate and repossessions 393 801 Regulatory assessment 1,997 1,945 Other 3,888 3,391 Total other noninterest expense $ 25,374 $ 23,008 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Provision for Income Taxes | The following is a summary of the provision for income taxes included in the Consolidated Statements of Income: December 31, (in thousands) 2022 2021 Current $ 7,761 $ 7,970 Deferred (255) (812) Total $ 7,506 $ 7,158 |
Schedule of Effective Income Tax Rate Reconciliation | The difference between income taxes computed by applying the statutory federal income tax rate and the provision for income taxes in the financial statements is reconciled as follows: December 31, (in thousands except for %) 2022 2021 Statutory tax rate 21.0 % 21.0 % Federal income taxes at statutory rate $ 7,642 $ 7,236 Tax exempt municipal income (108) (81) Other (28) 3 Total $ 7,506 $ 7,158 |
Schedule of Components of Deferred Tax Assets and Liabilities | The significant components of deferred taxes classified in First Guaranty's Consolidated Balance Sheets at December 31, 2022 and 2021 are as follows: December 31, (in thousands) 2022 2021 Deferred tax assets: Allowance for loan and lease losses $ 4,939 $ 4,817 Other real estate owned 5 219 Unrealized losses on available for sale securities 711 331 Net operating loss 1,006 1,098 Other 648 781 Gross deferred tax assets 7,309 7,246 Deferred tax liabilities: Depreciation and amortization (2,116) (1,917) Core deposit intangibles (914) (1,059) Unrealized gains on available for sale securities — — Discount on purchased loans (60) (164) Other (880) (687) Gross deferred tax liabilities (3,970) (3,827) Net deferred tax assets (liabilities) $ 3,339 $ 3,419 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Notional Amounts of Financial Instruments with Off-Balance Sheet Risk | Set forth below is a summary of the notional amounts of the financial instruments with off-balance sheet risk at December 31, 2022 and December 31, 2021. Contract Amount December 31, 2022 December 31, 2021 (in thousands) Commitments to Extend Credit $ 246,968 $ 198,444 Unfunded Commitments under lines of credit $ 253,906 $ 250,231 Commercial and Standby letters of credit $ 14,222 $ 13,787 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets Measured on Recurring Basis | The following table summarizes financial assets measured at fair value on a recurring basis as of December 31, 2022 and 2021, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: (in thousands) December 31, 2022 December 31, 2021 Available for Sale Securities Fair Value Measurements Using: Level 1: Quoted Prices in Active Markets For Identical Assets $ 98,466 $ — Level 2: Significant Other Observable Inputs 21,890 198,315 Level 3: Significant Unobservable Inputs 11,102 12,305 Securities available for sale measured at fair value $ 131,458 $ 210,620 |
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reconciles assets measured at fair value on a recurring basis using unobservable inputs ( Level 3 ): Level 3 Changes (in thousands) December 31, 2022 December 31, 2021 Balance, beginning of year $ 12,305 $ 26,189 Total gains or losses (realized/unrealized): Included in earnings — — Included in other comprehensive income (676) (195) Purchases, sales, issuances and settlements, net (527) (8,845) Transfers in and/or out of Level 3 — (4,844) Balance as of end of year $ 11,102 $ 12,305 |
Schedule of Fair Value Measurements, Nonrecurring | The following table measures financial assets and financial liabilities measured at fair value on a non-recurring basis as of December 31, 2022 and December 31, 2021, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value: (in thousands) At December 31, 2022 At December 31, 2021 Fair Value Measurements Using: Impaired Loans Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ — Level 2: Significant Other Observable Inputs — — Level 3: Significant Unobservable Inputs 2,251 8,494 Impaired loans measured at fair value $ 2,251 $ 8,494 Fair Value Measurements Using: Other Real Estate Owned Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ — Level 2: Significant Other Observable Inputs — 817 Level 3: Significant Unobservable Inputs 113 1,255 Other real estate owned measured at fair value $ 113 $ 2,072 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
Schedule of Estimated Fair Values and Carrying Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments at December 31, 2022 were as follows: Fair Value Measurements at December 31, 2022 Using (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Assets Cash and due from banks $ 82,796 $ 82,796 $ — $ — $ 82,796 Federal funds sold 423 423 — — 423 Securities, available for sale 131,458 98,466 21,890 11,102 131,458 Securities, held for maturity 320,068 — 242,560 — 242,560 Loans, net 2,495,559 — — 2,404,402 2,404,402 Cash surrender value of BOLI 5,712 — — 5,712 5,712 Accrued interest receivable 13,002 — — 13,002 13,002 Liabilities Deposits $ 2,723,792 $ — $ — $ 2,717,471 2,717,471 Short-term advances from Federal Home Loan Bank 120,000 — — 120,000 120,000 Short-term borrowings 20,000 — — 20,000 20,000 Repurchase agreements 6,442 — — 6,509 6,509 Accrued interest payable 4,289 — — 4,289 4,289 Long-term advances from Federal Home Loan Bank — — — — — Senior long-term debt 21,927 — — 21,938 21,938 Junior subordinated debentures 15,000 — — 15,000 15,000 The carrying amounts and estimated fair values of financial instruments at December 31, 2021 were as follows: Fair Value Measurements at December 31, 2021 Using (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Assets Cash and due from banks $ 261,749 $ 261,749 $ — $ — $ 261,749 Federal funds sold 183 183 — — 183 Securities, available for sale 210,620 — 198,315 12,305 210,620 Securities, held for maturity 153,536 — 150,585 — 150,585 Loans, net 2,135,330 — — 2,152,590 2,152,590 Cash surrender value of BOLI 5,568 — — 5,568 5,568 Accrued interest receivable 12,047 — — 12,047 12,047 Liabilities Deposits $ 2,596,492 $ — $ — $ 2,606,635 2,606,635 Short-term advances from Federal Home Loan Bank — — — — — Repurchase agreements 6,439 — — 6,462 6,462 Accrued interest payable 4,480 — — 4,480 4,480 Long-term advances from Federal Home Loan Bank 3,208 — — 3,208 3,208 Senior long-term debt 25,170 — — 25,187 25,187 Junior subordinated debentures 14,818 — — 15,000 15,000 |
Condensed Parent Company Info_2
Condensed Parent Company Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Balance Sheets | First Guaranty Bancshares, Inc. Condensed Balance Sheets December 31, (in thousands) 2022 2021 Assets Cash $ 3,324 $ 5,143 Investment in bank subsidiary 287,019 255,291 Other assets 2,375 3,893 Total Assets $ 292,718 $ 264,327 Liabilities and Shareholders' Equity Short-term debt 20,000 — Senior long-term debt 21,927 25,170 Junior subordinated debentures 15,000 14,818 Other liabilities 800 450 Total Liabilities 57,727 40,438 Shareholders' Equity 234,991 223,889 Total Liabilities and Shareholders' Equity $ 292,718 $ 264,327 |
Schedule of Condensed Statements of Income | First Guaranty Bancshares, Inc. Condensed Statements of Income December 31, (in thousands) 2022 2021 Operating Income Dividends received from bank subsidiary $ 21,863 $ 20,733 Net gains on sale of equity securities — — Other income 526 414 Total operating income 22,389 21,147 Operating Expenses Interest expense 2,703 1,624 Salaries & Benefits 252 198 Other expenses 1,783 1,298 Total operating expenses 4,738 3,120 Income before income tax benefit and increase in equity in undistributed earnings of subsidiary 17,651 18,027 Income tax benefit 910 568 Income before increase in equity in undistributed earnings of subsidiary 18,561 18,595 Increase in equity in undistributed earnings of subsidiary 10,323 8,702 Net Income $ 28,884 $ 27,297 |
Schedule of Condensed Statements of Cash Flows | First Guaranty Bancshares, Inc. Condensed Statements of Cash Flows December 31, (in thousands) 2022 2021 Cash flows from operating activities: Net income $ 28,884 $ 27,297 Adjustments to reconcile net income to net cash provided by operating activities: Increase in equity in undistributed earnings of subsidiary (10,323) (8,702) Depreciation and amortization 225 102 Net change in other liabilities 350 (145) Net change in other assets 1,482 1,235 Net cash provided by operating activities 20,618 19,787 Cash flows from investing activities: Proceeds from sales of equity securities — 1,500 Funds invested in equity securities — (1,000) Funds invested in bank subsidiary (30,000) (25,000) Net cash used in investing activities (30,000) (24,500) Cash flows from financing activities: Net increase in short-term borrowings 20,000 — Repayment of long-term debt (3,250) (17,221) Net proceeds from issuance of preferred stock — 33,058 Dividends paid (9,187) (7,777) Net cash provided by financing activities 7,563 8,060 Net (decrease) increase in cash and cash equivalents (1,819) 3,347 Cash and cash equivalents at the beginning of the period 5,143 1,796 Cash and cash equivalents at the end of the period $ 3,324 $ 5,143 |
Business and Summary of Signi_3
Business and Summary of Significant Accounting Policies (Details) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 USD ($) office aTM payment segment | |
Accounting Policies [Abstract] | ||
Number of banking offices | office | 36 | |
Number of automated teller machines (ATMs) | aTM | 48 | |
Loans | ||
Past due period after which evaluation is made for discontinuation of interest accrual on loan | 90 days | |
Period of payment performance after which loans are returned to accrual status | 6 months | |
Troubled Debt Restructurings (TDRs) | ||
Period of performance, after which the Company evaluates TDRs that have subsequently been restructured and returned to market terms | 6 months | |
Credit Quality | ||
Minimum balance of impaired loans over which impairment method is applied | $ | $ 500,000 | |
Earnings per common share | ||
Common stock, dividend paid percentage | 10% | |
Operating Segments | ||
Number of reportable operating segments | segment | 1 | |
Consumer Portfolio Segment | ||
Credit Quality | ||
Period past due after which loans are considered substandard | 90 days | |
Minimum | ||
Loans | ||
Threshold period past due for charge-off of loans | 90 days | |
Maximum | ||
Loans | ||
Threshold period past due for charge-off of loans | 120 days | |
Building and Building Improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years | |
Building and Building Improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 40 years | |
Equipment, Fixtures and Automobiles | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Equipment, Fixtures and Automobiles | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years | |
Core Deposits | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization period | 7 years | |
Core Deposits | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization period | 15 years | |
Single-Family Residential | Fixed Rate Residential Mortgage | ||
Loans held for sale | ||
Period within which loans are sold in secondary market | 30 days | |
All Loans Except Mortgage Loans | ||
Loans | ||
Past due period after which loans are considered past due | 30 days | |
Mortgage Loans | ||
Loans | ||
Number of consecutive payments missed after which loans are considered past due | payment | 2 |
Cash and Due from Banks (Detail
Cash and Due from Banks (Details) | Dec. 31, 2022 USD ($) account | Dec. 31, 2021 USD ($) account |
Cash and Cash Equivalents [Abstract] | ||
Reserve maintained at Federal Reserve Bank | $ 0 | $ 0 |
Number of accounts that exceeded FDIC insurable limit | account | 3 | 3 |
Cash in excess of insurable limit | $ 4,600,000 | $ 2,000,000 |
Securities - Summary Comparison
Securities - Summary Comparison of Securities by Type (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Available for sale: | ||
Amortized Cost | $ 134,845 | $ 212,196 |
Gross Unrealized Gains | 31 | 898 |
Gross Unrealized Losses | (3,418) | (2,474) |
Fair Value | 131,458 | 210,620 |
Held to maturity: | ||
Amortized Cost | 320,068 | 153,536 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (77,508) | (2,951) |
Fair Value | 242,560 | 150,585 |
U.S. Treasuries | ||
Available for sale: | ||
Amortized Cost | 100,642 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (2,142) | 0 |
Fair Value | 98,500 | 0 |
U.S. Government Agencies | ||
Available for sale: | ||
Amortized Cost | 0 | 116,733 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (623) |
Fair Value | 0 | 116,110 |
Held to maturity: | ||
Amortized Cost | 265,032 | 153,536 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (69,503) | (2,951) |
Fair Value | 195,529 | 150,585 |
Corporate debt securities | ||
Available for sale: | ||
Amortized Cost | 16,750 | 79,344 |
Gross Unrealized Gains | 0 | 732 |
Gross Unrealized Losses | (752) | (1,851) |
Fair Value | 15,998 | 78,225 |
Held to maturity: | ||
Amortized Cost | 55,036 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (8,005) | 0 |
Fair Value | 47,031 | 0 |
Municipal bonds | ||
Available for sale: | ||
Amortized Cost | 14,742 | 15,543 |
Gross Unrealized Gains | 31 | 156 |
Gross Unrealized Losses | (426) | 0 |
Fair Value | 14,347 | 15,699 |
Mortgage-backed securities | ||
Available for sale: | ||
Amortized Cost | 2,711 | 576 |
Gross Unrealized Gains | 10 | |
Gross Unrealized Losses | (98) | 0 |
Fair Value | $ 2,613 | $ 586 |
Securities - Scheduled Maturiti
Securities - Scheduled Maturities of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due in one year or less | $ 51,087 | |
Due after one year through five years | 53,552 | |
Due after five years through 10 years | 20,001 | |
Over 10 years | 7,494 | |
Subtotal | 132,134 | |
Mortgage-backed Securities | 2,711 | |
Amortized Cost | 134,845 | $ 212,196 |
Fair Value | ||
Due in one year or less | 50,911 | |
Due after one year through five years | 51,664 | |
Due after five years through 10 years | 19,129 | |
Over 10 years | 7,141 | |
Subtotal | 128,845 | |
Mortgage-backed Securities | 2,613 | |
Fair value | 131,458 | 210,620 |
Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 402 | |
Due after five years through 10 years | 74,092 | |
Over 10 years | 245,574 | |
Total held to maturity securities | 320,068 | 153,536 |
Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 344 | |
Due after five years through 10 years | 62,211 | |
Over 10 years | 180,005 | |
Fair Value | $ 242,560 | $ 150,585 |
Securities - Summary of Securit
Securities - Summary of Securities in Continuous Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security |
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 63 | 75 |
Less Than 12 Months, Fair Value | $ 23,090 | $ 177,727 |
Less Than 12 Months, Gross Unrealized Losses | $ (1,114) | $ (2,300) |
12 Months or More, Number of Securities | security | 18 | 8 |
12 Months or More, Fair Value | $ 100,548 | $ 454 |
12 Months or More, Gross Unrealized Losses | $ (2,304) | $ (174) |
Total, Number of Securities | security | 81 | 83 |
Total, Fair Value | $ 123,638 | $ 178,181 |
Total, Gross Unrealized Losses | $ (3,418) | $ (2,474) |
Held to maturity: | ||
Less Than 12 Months, Number of Securities | security | 72 | 16 |
Less Than 12 Months, Fair Value | $ 136,726 | $ 150,585 |
Less Than 12 Months, Gross Unrealized Losses | $ (29,729) | $ (2,951) |
12 Months or More, Number of Securities | security | 16 | 0 |
12 Months or More, Fair Value | $ 105,834 | $ 0 |
12 Months or More, Gross Unrealized Losses | $ (47,779) | $ 0 |
Total, Number of Securities | security | 88 | 16 |
Total, Fair Value | $ 242,560 | $ 150,585 |
Total, Gross Unrealized Losses | $ (77,508) | $ (2,951) |
U.S. Treasuries | ||
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 0 | 0 |
Less Than 12 Months, Fair Value | $ 0 | $ 0 |
Less Than 12 Months, Gross Unrealized Losses | $ 0 | $ 0 |
12 Months or More, Number of Securities | security | 6 | 0 |
12 Months or More, Fair Value | $ 98,500 | $ 0 |
12 Months or More, Gross Unrealized Losses | $ (2,142) | $ 0 |
Total, Number of Securities | security | 6 | 0 |
Total, Fair Value | $ 98,500 | $ 0 |
Total, Gross Unrealized Losses | $ (2,142) | $ 0 |
U.S. Government Agencies | ||
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 0 | 13 |
Less Than 12 Months, Fair Value | $ 0 | $ 116,110 |
Less Than 12 Months, Gross Unrealized Losses | $ 0 | $ (623) |
12 Months or More, Number of Securities | security | 0 | 0 |
12 Months or More, Fair Value | $ 0 | $ 0 |
12 Months or More, Gross Unrealized Losses | $ 0 | $ 0 |
Total, Number of Securities | security | 0 | 13 |
Total, Fair Value | $ 0 | $ 116,110 |
Total, Gross Unrealized Losses | $ 0 | $ (623) |
Held to maturity: | ||
Less Than 12 Months, Number of Securities | security | 13 | 16 |
Less Than 12 Months, Fair Value | $ 89,695 | $ 150,585 |
Less Than 12 Months, Gross Unrealized Losses | $ (21,724) | $ (2,951) |
12 Months or More, Number of Securities | security | 16 | 0 |
12 Months or More, Fair Value | $ 105,834 | $ 0 |
12 Months or More, Gross Unrealized Losses | $ (47,779) | $ 0 |
Total, Number of Securities | security | 29 | 16 |
Total, Fair Value | $ 195,529 | $ 150,585 |
Total, Gross Unrealized Losses | $ (69,503) | $ (2,951) |
Corporate debt securities | ||
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 14 | 61 |
Less Than 12 Months, Fair Value | $ 14,628 | $ 61,551 |
Less Than 12 Months, Gross Unrealized Losses | $ (622) | $ (1,677) |
12 Months or More, Number of Securities | security | 2 | 2 |
12 Months or More, Fair Value | $ 1,370 | $ 445 |
12 Months or More, Gross Unrealized Losses | $ (130) | $ (174) |
Total, Number of Securities | security | 16 | 63 |
Total, Fair Value | $ 15,998 | $ 61,996 |
Total, Gross Unrealized Losses | $ (752) | $ (1,851) |
Held to maturity: | ||
Less Than 12 Months, Number of Securities | security | 59 | |
Less Than 12 Months, Fair Value | $ 47,031 | |
Less Than 12 Months, Gross Unrealized Losses | $ (8,005) | |
12 Months or More, Number of Securities | security | 0 | |
12 Months or More, Fair Value | $ 0 | |
12 Months or More, Gross Unrealized Losses | $ 0 | |
Total, Number of Securities | security | 59 | |
Total, Fair Value | $ 47,031 | |
Total, Gross Unrealized Losses | $ (8,005) | |
Municipal bonds | ||
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 46 | 1 |
Less Than 12 Months, Fair Value | $ 5,854 | $ 66 |
Less Than 12 Months, Gross Unrealized Losses | $ (394) | $ 0 |
12 Months or More, Number of Securities | security | 6 | 0 |
12 Months or More, Fair Value | $ 673 | $ 0 |
12 Months or More, Gross Unrealized Losses | $ (32) | $ 0 |
Total, Number of Securities | security | 52 | 1 |
Total, Fair Value | $ 6,527 | $ 66 |
Total, Gross Unrealized Losses | $ (426) | $ 0 |
Mortgage-backed securities | ||
Available for sale: | ||
Less Than 12 Months, Number of Securities | security | 3 | 0 |
Less Than 12 Months, Fair Value | $ 2,608 | $ 0 |
Less Than 12 Months, Gross Unrealized Losses | $ (98) | $ 0 |
12 Months or More, Number of Securities | security | 4 | 6 |
12 Months or More, Fair Value | $ 5 | $ 9 |
12 Months or More, Gross Unrealized Losses | $ 0 | $ 0 |
Total, Number of Securities | security | 7 | 6 |
Total, Fair Value | $ 2,613 | $ 9 |
Total, Gross Unrealized Losses | $ (98) | $ 0 |
Securities - Narrative (Details
Securities - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||
Number of debt securities with unrealized losses | security | 169 | ||
Unrealized losses on debt securities in continuous loss position as percentage of total individual securities' amortized cost basis | 18.10% | ||
Unrealized losses on debt securities in continuous loss position as percentage of amortized cost basis of investment securities portfolio | 17.80% | ||
Number of debt securities in continuous loss position for over 12 months | security | 34 | ||
Debt securities in a continuous loss position for over 12 months, amortized cost basis | $ 256,500,000 | ||
Debt securities in a continuous loss position for over 12 months, unrealized loss | $ 50,100,000 | ||
Number of securities with other than temporary impairment loss | security | 0 | ||
Other-than-temporary impairment credit losses on securities | $ 0 | $ 0 | $ 0 |
Gross realized gains on sales of securities | 100,000 | 1,000,000 | |
Gross realized losses | 100,000 | 400,000 | |
Tax (benefit) provision applicable to these realized net (losses)/gains | 3,000 | 100,000 | |
Proceeds from sales of securities | 3,100,000 | 49,700,000 | |
Net unrealized gains (losses) on available-for-sale securities included in AOCI , net of applicable income taxes | 15,200,000 | 6,600,000 | |
Losses reclassified out of AOCI into earnings, net of tax | 13,000 | 600,000 | |
Deposits | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities, available-for-sale and held-to-maturity, fair value | $ 260,800,000 | $ 234,900,000 |
Securities - Other Than Tempora
Securities - Other Than Temporary Impairments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Beginning balance of credit losses at beginning of year | $ 0 | $ 100 |
Other-than-temporary impairment credit losses on securities not previously OTTI | 0 | 0 |
Increases for additional credit losses on securities previously determined to be OTTI | 0 | 0 |
Reduction for increases in cash flows | 0 | 0 |
Reduction due to credit impaired securities sold or fully settled | 0 | (100) |
Ending balance of cumulative credit losses recognized in earnings at end of year | $ 0 | $ 0 |
Securities - Exposure to Invest
Securities - Exposure to Investment Securities Issuers That Exceeded 10 Percent of Stockholders' Equity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Concentration Risk [Line Items] | ||
Amortized Cost | $ 451,526 | $ 364,156 |
Stockholders' Equity, Total | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 368,383 | |
Fair Value | 296,641 | |
Stockholders' Equity, Total | U.S. Treasuries | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 100,642 | |
Fair Value | 98,500 | |
Stockholders' Equity, Total | Long-term Advances from FHLB | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 32,090 | |
Fair Value | 25,047 | |
Stockholders' Equity, Total | Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC) | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 97,414 | |
Fair Value | 67,307 | |
Stockholders' Equity, Total | Federal Farm Credit Bank (FFCB) | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 138,237 | |
Fair Value | $ 105,787 |
Loans - Components of Loan Port
Loans - Components of Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Balance | ||
Total Loans Before Unearned Income | $ 2,526,720 | $ 2,166,048 |
As % of Category | ||
Percent of category | 100% | 100% |
Unearned income | $ (7,643) | $ (6,689) |
Total Loans Net of Unearned Income | 2,519,077 | 2,159,359 |
Real Estate: | ||
Balance | ||
Total Loans Before Unearned Income | $ 1,736,958 | $ 1,446,746 |
As % of Category | ||
Percent of category | 68.70% | 66.80% |
Real Estate: | Construction & land development | ||
Balance | ||
Total Loans Before Unearned Income | $ 233,091 | $ 174,334 |
As % of Category | ||
Percent of category | 9.20% | 8.10% |
Real Estate: | Farmland | ||
Balance | ||
Total Loans Before Unearned Income | $ 24,823 | $ 31,810 |
As % of Category | ||
Percent of category | 1% | 1.50% |
Real Estate: | 1- 4 Family | ||
Balance | ||
Total Loans Before Unearned Income | $ 366,330 | $ 288,347 |
As % of Category | ||
Percent of category | 14.50% | 13.30% |
Real Estate: | Multifamily | ||
Balance | ||
Total Loans Before Unearned Income | $ 119,785 | $ 65,848 |
As % of Category | ||
Percent of category | 4.70% | 3% |
Real Estate: | Non-farm non-residential | ||
Balance | ||
Total Loans Before Unearned Income | $ 992,929 | $ 886,407 |
As % of Category | ||
Percent of category | 39.30% | 40.90% |
Non-Real Estate: | ||
Balance | ||
Total Loans Before Unearned Income | $ 789,762 | $ 719,302 |
As % of Category | ||
Percent of category | 31.30% | 33.20% |
Non-Real Estate: | Agricultural | ||
Balance | ||
Total Loans Before Unearned Income | $ 39,045 | $ 26,747 |
As % of Category | ||
Percent of category | 1.50% | 1.20% |
Non-Real Estate: | Commercial and industrial | ||
Balance | ||
Total Loans Before Unearned Income | $ 385,279 | $ 398,391 |
As % of Category | ||
Percent of category | 15.30% | 18.40% |
Loans fully guaranteed by the SBA | $ 5,900 | $ 35,400 |
Non-Real Estate: | Commercial leases | ||
Balance | ||
Total Loans Before Unearned Income | $ 317,574 | $ 246,022 |
As % of Category | ||
Percent of category | 12.60% | 11.40% |
Non-Real Estate: | Consumer and other | ||
Balance | ||
Total Loans Before Unearned Income | $ 47,864 | $ 48,142 |
As % of Category | ||
Percent of category | 1.90% | 2.20% |
Loans - Fixed and Floating Rate
Loans - Fixed and Floating Rate Loans by Contractual Maturity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivables, Fixed and Floating Rate Loans by Contractual Maturity [Abstract] | ||
One year or less | $ 372,124 | $ 357,120 |
One to five years | 1,240,854 | 1,312,149 |
Five to 15 years | 330,676 | 221,555 |
Over 15 years | 569,500 | 258,509 |
Subtotal | 2,513,154 | 2,149,333 |
Nonaccrual loans | 13,566 | 16,715 |
Total Loans Before Unearned Income | 2,526,720 | 2,166,048 |
Unearned income | (7,643) | (6,689) |
Loans, net of unearned income | $ 2,519,077 | 2,159,359 |
Initial fixed rate period, tranche one | 1 year | |
Initial fixed rate period, tranche two | 3 years | |
Initial fixed rate period, tranche three | 5 years | |
Fixed | ||
Financing Receivables, Fixed and Floating Rate Loans by Contractual Maturity [Abstract] | ||
One year or less | $ 234,921 | 239,423 |
One to five years | 900,960 | 926,640 |
Five to 15 years | 114,425 | 114,976 |
Over 15 years | 261,209 | 179,522 |
Subtotal | 1,511,515 | 1,460,561 |
Floating | ||
Financing Receivables, Fixed and Floating Rate Loans by Contractual Maturity [Abstract] | ||
One year or less | 137,203 | 117,697 |
One to five years | 339,894 | 385,509 |
Five to 15 years | 216,251 | 106,579 |
Over 15 years | 308,291 | 78,987 |
Subtotal | $ 1,001,639 | $ 688,772 |
Loans - Receivables Past Due (D
Loans - Receivables Past Due (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | $ 2,526,720 | $ 2,166,048 |
Unearned income | (7,643) | (6,689) |
Total Loans Net of Unearned Income | 2,519,077 | 2,159,359 |
Recorded Investment 90 Days Accruing | 1,142 | 1,245 |
Nonaccrual loans | 13,566 | 16,715 |
30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 11,391 | 10,176 |
90 Days or Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 14,708 | 17,960 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 26,099 | 28,136 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 2,500,621 | 2,137,912 |
Real Estate: | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 1,736,958 | 1,446,746 |
Recorded Investment 90 Days Accruing | 1,019 | 1,203 |
Nonaccrual loans | 8,087 | 12,911 |
Real Estate: | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 7,905 | 7,926 |
Real Estate: | 90 Days or Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 9,106 | 14,114 |
Real Estate: | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 17,011 | 22,040 |
Real Estate: | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 1,719,947 | 1,424,706 |
Real Estate: | Construction & land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 233,091 | 174,334 |
Recorded Investment 90 Days Accruing | 427 | 246 |
Nonaccrual loans | 225 | 530 |
Real Estate: | Construction & land development | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 1,029 | 956 |
Real Estate: | Construction & land development | 90 Days or Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 652 | 776 |
Real Estate: | Construction & land development | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 1,681 | 1,732 |
Real Estate: | Construction & land development | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 231,410 | 172,602 |
Real Estate: | Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 24,823 | 31,810 |
Recorded Investment 90 Days Accruing | 0 | 0 |
Nonaccrual loans | 290 | 787 |
Real Estate: | Farmland | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 357 | 17 |
Real Estate: | Farmland | 90 Days or Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 290 | 787 |
Real Estate: | Farmland | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 647 | 804 |
Real Estate: | Farmland | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 24,176 | 31,006 |
Real Estate: | 1- 4 Family | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 366,330 | 288,347 |
Recorded Investment 90 Days Accruing | 332 | 514 |
Nonaccrual loans | 3,826 | 2,861 |
Real Estate: | 1- 4 Family | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 4,512 | 3,932 |
Real Estate: | 1- 4 Family | 90 Days or Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 4,158 | 3,375 |
Real Estate: | 1- 4 Family | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 8,670 | 7,307 |
Real Estate: | 1- 4 Family | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 357,660 | 281,040 |
Real Estate: | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 119,785 | 65,848 |
Recorded Investment 90 Days Accruing | 157 | 162 |
Nonaccrual loans | 0 | 0 |
Real Estate: | Multifamily | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 874 | 1,669 |
Real Estate: | Multifamily | 90 Days or Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 157 | 162 |
Real Estate: | Multifamily | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 1,031 | 1,831 |
Real Estate: | Multifamily | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 118,754 | 64,017 |
Real Estate: | Non-farm non-residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 992,929 | 886,407 |
Recorded Investment 90 Days Accruing | 103 | 281 |
Nonaccrual loans | 3,746 | 8,733 |
Real Estate: | Non-farm non-residential | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 1,133 | 1,352 |
Real Estate: | Non-farm non-residential | 90 Days or Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 3,849 | 9,014 |
Real Estate: | Non-farm non-residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 4,982 | 10,366 |
Real Estate: | Non-farm non-residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 987,947 | 876,041 |
Non-Real Estate: | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 789,762 | 719,302 |
Recorded Investment 90 Days Accruing | 123 | 42 |
Nonaccrual loans | 5,479 | 3,804 |
Non-Real Estate: | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 3,486 | 2,250 |
Non-Real Estate: | 90 Days or Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 5,602 | 3,846 |
Non-Real Estate: | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 9,088 | 6,096 |
Non-Real Estate: | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 780,674 | 713,206 |
Non-Real Estate: | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 39,045 | 26,747 |
Recorded Investment 90 Days Accruing | 0 | 0 |
Nonaccrual loans | 1,622 | 2,302 |
Non-Real Estate: | Agricultural | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 120 | 97 |
Non-Real Estate: | Agricultural | 90 Days or Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 1,622 | 2,302 |
Non-Real Estate: | Agricultural | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 1,742 | 2,399 |
Non-Real Estate: | Agricultural | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 37,303 | 24,348 |
Non-Real Estate: | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 385,279 | 398,391 |
Recorded Investment 90 Days Accruing | 123 | 23 |
Nonaccrual loans | 819 | 699 |
Non-Real Estate: | Commercial and industrial | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 1,369 | 1,233 |
Non-Real Estate: | Commercial and industrial | 90 Days or Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 942 | 722 |
Non-Real Estate: | Commercial and industrial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 2,311 | 1,955 |
Non-Real Estate: | Commercial and industrial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 382,968 | 396,436 |
Non-Real Estate: | Commercial leases | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 317,574 | 246,022 |
Recorded Investment 90 Days Accruing | 0 | 0 |
Nonaccrual loans | 1,799 | 0 |
Non-Real Estate: | Commercial leases | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 0 | 0 |
Non-Real Estate: | Commercial leases | 90 Days or Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 1,799 | 0 |
Non-Real Estate: | Commercial leases | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 1,799 | 0 |
Non-Real Estate: | Commercial leases | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 315,775 | 246,022 |
Non-Real Estate: | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 47,864 | 48,142 |
Recorded Investment 90 Days Accruing | 0 | 19 |
Nonaccrual loans | 1,239 | 803 |
Non-Real Estate: | Consumer and other | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 1,997 | 920 |
Non-Real Estate: | Consumer and other | 90 Days or Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 1,239 | 822 |
Non-Real Estate: | Consumer and other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | 3,236 | 1,742 |
Non-Real Estate: | Consumer and other | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Before Unearned Income | $ 44,628 | $ 46,400 |
Loans - Nonaccrual Loans (Detai
Loans - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | $ 13,566 | $ 16,715 |
Real Estate: | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 8,087 | 12,911 |
Real Estate: | Construction & land development | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 225 | 530 |
Real Estate: | Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 290 | 787 |
Real Estate: | 1- 4 Family | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 3,826 | 2,861 |
Real Estate: | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Real Estate: | Non-farm non-residential | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 3,746 | 8,733 |
Non-Real Estate: | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 5,479 | 3,804 |
Non-Real Estate: | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 1,622 | 2,302 |
Non-Real Estate: | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 819 | 699 |
Non-Real Estate: | Commercial leases | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 1,799 | 0 |
Non-Real Estate: | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | $ 1,239 | $ 803 |
Loans - Credit Exposure of Port
Loans - Credit Exposure of Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | $ 2,526,720 | $ 2,166,048 |
Unearned income | (7,643) | (6,689) |
Total Loans Net of Unearned Income | 2,519,077 | 2,159,359 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 2,453,696 | 1,973,977 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 30,308 | 138,718 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 42,716 | 53,353 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 0 | 0 |
Real Estate: | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 1,736,958 | 1,446,746 |
Real Estate: | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 1,682,922 | 1,301,945 |
Real Estate: | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 27,063 | 103,996 |
Real Estate: | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 26,973 | 40,805 |
Real Estate: | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 0 | 0 |
Real Estate: | Construction & land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 233,091 | 174,334 |
Real Estate: | Construction & land development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 229,416 | 151,220 |
Real Estate: | Construction & land development | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 2,846 | 21,997 |
Real Estate: | Construction & land development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 829 | 1,117 |
Real Estate: | Construction & land development | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 0 | 0 |
Real Estate: | Farmland | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 24,823 | 31,810 |
Real Estate: | Farmland | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 19,722 | 27,678 |
Real Estate: | Farmland | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 35 | 40 |
Real Estate: | Farmland | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 5,066 | 4,092 |
Real Estate: | Farmland | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 0 | 0 |
Real Estate: | 1- 4 Family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 366,330 | 288,347 |
Real Estate: | 1- 4 Family | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 347,842 | 270,866 |
Real Estate: | 1- 4 Family | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 8,667 | 7,644 |
Real Estate: | 1- 4 Family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 9,821 | 9,837 |
Real Estate: | 1- 4 Family | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 0 | 0 |
Real Estate: | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 119,785 | 65,848 |
Real Estate: | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 117,081 | 56,686 |
Real Estate: | Multifamily | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 444 | 2,212 |
Real Estate: | Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 2,260 | 6,950 |
Real Estate: | Multifamily | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 0 | 0 |
Real Estate: | Non-farm non-residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 992,929 | 886,407 |
Real Estate: | Non-farm non-residential | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 968,861 | 795,495 |
Real Estate: | Non-farm non-residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 15,071 | 72,103 |
Real Estate: | Non-farm non-residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 8,997 | 18,809 |
Real Estate: | Non-farm non-residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 0 | 0 |
Non-Real Estate: | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 789,762 | 719,302 |
Non-Real Estate: | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 770,774 | 672,032 |
Non-Real Estate: | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 3,245 | 34,722 |
Non-Real Estate: | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 15,743 | 12,548 |
Non-Real Estate: | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 0 | 0 |
Non-Real Estate: | Agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 39,045 | 26,747 |
Non-Real Estate: | Agricultural | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 34,827 | 23,952 |
Non-Real Estate: | Agricultural | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 198 | 128 |
Non-Real Estate: | Agricultural | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 4,020 | 2,667 |
Non-Real Estate: | Agricultural | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 0 | 0 |
Non-Real Estate: | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 385,279 | 398,391 |
Non-Real Estate: | Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 374,947 | 355,407 |
Non-Real Estate: | Commercial and industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 2,016 | 34,220 |
Non-Real Estate: | Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 8,316 | 8,764 |
Non-Real Estate: | Commercial and industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 0 | 0 |
Non-Real Estate: | Commercial leases | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 317,574 | 246,022 |
Non-Real Estate: | Commercial leases | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 315,775 | 245,869 |
Non-Real Estate: | Commercial leases | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 0 | 0 |
Non-Real Estate: | Commercial leases | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 1,799 | 153 |
Non-Real Estate: | Commercial leases | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 0 | 0 |
Non-Real Estate: | Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 47,864 | 48,142 |
Non-Real Estate: | Consumer and other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 45,225 | 46,804 |
Non-Real Estate: | Consumer and other | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 1,031 | 374 |
Non-Real Estate: | Consumer and other | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | 1,608 | 964 |
Non-Real Estate: | Consumer and other | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Before Unearned Income | $ 0 | $ 0 |
Loans - Purchased Impaired Loan
Loans - Purchased Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | ||
Carrying amount | $ 4,258 | $ 5,143 |
Loans acquired in transfer not accounted for as debt securities, provision for loan losses | 700 | 700 |
Purchased impaired loans | ||
Balance, beginning of period | 2,378 | 2,892 |
Acquisition accretable yield | 0 | 0 |
Accretion | (268) | (514) |
Net transfers from nonaccretable difference to accretable yield | 0 | 0 |
Balance, end of period | 2,110 | 2,378 |
Real Estate: | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | ||
Carrying amount | 3,516 | 4,186 |
Real Estate: | Construction & land development | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | ||
Carrying amount | 301 | 146 |
Real Estate: | Farmland | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | ||
Carrying amount | 0 | 0 |
Real Estate: | 1- 4 Family | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | ||
Carrying amount | 1,311 | 1,848 |
Real Estate: | Multifamily | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | ||
Carrying amount | 0 | 0 |
Real Estate: | Non-farm non-residential | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | ||
Carrying amount | 1,904 | 2,192 |
Non-Real Estate: | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | ||
Carrying amount | 742 | 957 |
Non-Real Estate: | Agricultural | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | ||
Carrying amount | 0 | 159 |
Non-Real Estate: | Commercial and industrial | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | ||
Carrying amount | 742 | 798 |
Non-Real Estate: | Commercial leases | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | ||
Carrying amount | 0 | 0 |
Non-Real Estate: | Consumer and other | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | ||
Carrying amount | $ 0 | $ 0 |
Allowance for Loan and Lease _3
Allowance for Loan and Lease Losses - Summary of Changes in Allowance for Loan Losses, by Portfolio Type (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | $ 24,029 | $ 24,518 |
Charge-offs | (6,086) | (3,122) |
Recoveries | 1,919 | 578 |
Provision for loan losses | 3,656 | 2,055 |
Ending allowance | 23,518 | 24,029 |
Real Estate: | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 16,838 | 20,043 |
Charge-offs | (762) | (1,390) |
Recoveries | 1,217 | 141 |
Provision for loan losses | (4,191) | (1,956) |
Ending allowance | 13,102 | 16,838 |
Real Estate: | Construction & land development | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 769 | 1,029 |
Charge-offs | (65) | (92) |
Recoveries | 340 | 0 |
Provision for loan losses | 188 | (168) |
Ending allowance | 1,232 | 769 |
Real Estate: | Farmland | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 478 | 462 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 90 |
Provision for loan losses | (395) | (74) |
Ending allowance | 83 | 478 |
Real Estate: | 1- 4 Family | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 1,921 | 2,510 |
Charge-offs | (94) | (266) |
Recoveries | 76 | 44 |
Provision for loan losses | (142) | (367) |
Ending allowance | 1,761 | 1,921 |
Real Estate: | Multifamily | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 940 | 978 |
Charge-offs | 0 | (12) |
Recoveries | 452 | 0 |
Provision for loan losses | (646) | (26) |
Ending allowance | 746 | 940 |
Real Estate: | Non-farm non-residential | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 12,730 | 15,064 |
Charge-offs | (603) | (1,020) |
Recoveries | 349 | 7 |
Provision for loan losses | (3,196) | (1,321) |
Ending allowance | 9,280 | 12,730 |
Non-Real Estate: | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 7,191 | 4,475 |
Charge-offs | (5,324) | (1,732) |
Recoveries | 702 | 437 |
Provision for loan losses | 7,847 | 4,011 |
Ending allowance | 10,416 | 7,191 |
Non-Real Estate: | Agricultural | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 183 | 181 |
Charge-offs | (460) | (149) |
Recoveries | 133 | 17 |
Provision for loan losses | 384 | 134 |
Ending allowance | 240 | 183 |
Non-Real Estate: | Commercial and industrial | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 2,363 | 2,802 |
Charge-offs | (563) | (89) |
Recoveries | 91 | 96 |
Provision for loan losses | 303 | (446) |
Ending allowance | 2,194 | 2,363 |
Non-Real Estate: | Commercial leases | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 2,486 | 583 |
Charge-offs | (150) | 0 |
Recoveries | 5 | 4 |
Provision for loan losses | 2,538 | 1,899 |
Ending allowance | 4,879 | 2,486 |
Non-Real Estate: | Consumer and other | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 1,371 | 907 |
Charge-offs | (4,151) | (1,494) |
Recoveries | 473 | 320 |
Provision for loan losses | 4,813 | 1,638 |
Ending allowance | 2,506 | 1,371 |
Non-Real Estate: | Unallocated | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 788 | 2 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for loan losses | (191) | 786 |
Ending allowance | $ 597 | $ 788 |
Allowance for Loan and Lease _4
Allowance for Loan and Lease Losses - Summary of Allowance and Loans Individually and Collectively Evaluated for Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract] | |||
Allowance Individually Evaluated for Impairment | $ 2,877 | $ 2,171 | |
Allowance Individually Evaluated for Purchased Credit-Impairment | 724 | 725 | |
Allowance Collectively Evaluated for Impairment | 19,917 | 21,133 | |
Total Allowance for Credit Losses | 23,518 | 24,029 | $ 24,518 |
Loans Individually Evaluated for Impairment | 19,436 | 15,025 | |
Loans Individually Evaluated for Purchased Credit-Impairment | 4,258 | 5,143 | |
Loans Collectively Evaluated for Impairment | 2,503,026 | 2,145,880 | |
Total Loans Before Unearned Income | 2,526,720 | 2,166,048 | |
Unearned income | (7,643) | (6,689) | |
Total Loans Net of Unearned Income | 2,519,077 | 2,159,359 | |
Financing receivable recorded investment not accruing interest | 13,600 | 16,700 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 1,142 | 1,245 | |
Financing receivable average recorded investment nonaccrual status | 12,800 | 17,100 | |
Real Estate: | |||
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract] | |||
Allowance Individually Evaluated for Impairment | 666 | 2,099 | |
Allowance Individually Evaluated for Purchased Credit-Impairment | 512 | 509 | |
Allowance Collectively Evaluated for Impairment | 11,924 | 14,230 | |
Total Allowance for Credit Losses | 13,102 | 16,838 | 20,043 |
Loans Individually Evaluated for Impairment | 9,352 | 12,356 | |
Loans Individually Evaluated for Purchased Credit-Impairment | 3,516 | 4,186 | |
Loans Collectively Evaluated for Impairment | 1,724,090 | 1,430,204 | |
Total Loans Before Unearned Income | 1,736,958 | 1,446,746 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 1,019 | 1,203 | |
Real Estate: | Construction & land development | |||
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract] | |||
Allowance Individually Evaluated for Impairment | 0 | 0 | |
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | |
Allowance Collectively Evaluated for Impairment | 1,232 | 769 | |
Total Allowance for Credit Losses | 1,232 | 769 | 1,029 |
Loans Individually Evaluated for Impairment | 68 | 0 | |
Loans Individually Evaluated for Purchased Credit-Impairment | 301 | 146 | |
Loans Collectively Evaluated for Impairment | 232,722 | 174,188 | |
Total Loans Before Unearned Income | 233,091 | 174,334 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 427 | 246 | |
Real Estate: | Farmland | |||
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract] | |||
Allowance Individually Evaluated for Impairment | 0 | 19 | |
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | |
Allowance Collectively Evaluated for Impairment | 83 | 459 | |
Total Allowance for Credit Losses | 83 | 478 | 462 |
Loans Individually Evaluated for Impairment | 4,240 | 496 | |
Loans Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | |
Loans Collectively Evaluated for Impairment | 20,583 | 31,314 | |
Total Loans Before Unearned Income | 24,823 | 31,810 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 | |
Real Estate: | 1- 4 Family | |||
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract] | |||
Allowance Individually Evaluated for Impairment | 0 | 258 | |
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | |
Allowance Collectively Evaluated for Impairment | 1,761 | 1,663 | |
Total Allowance for Credit Losses | 1,761 | 1,921 | 2,510 |
Loans Individually Evaluated for Impairment | 949 | 961 | |
Loans Individually Evaluated for Purchased Credit-Impairment | 1,311 | 1,848 | |
Loans Collectively Evaluated for Impairment | 364,070 | 285,538 | |
Total Loans Before Unearned Income | 366,330 | 288,347 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 332 | 514 | |
Real Estate: | Multifamily | |||
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract] | |||
Allowance Individually Evaluated for Impairment | 0 | 0 | |
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | |
Allowance Collectively Evaluated for Impairment | 746 | 940 | |
Total Allowance for Credit Losses | 746 | 940 | 978 |
Loans Individually Evaluated for Impairment | 0 | 0 | |
Loans Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | |
Loans Collectively Evaluated for Impairment | 119,785 | 65,848 | |
Total Loans Before Unearned Income | 119,785 | 65,848 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 157 | 162 | |
Real Estate: | Non-farm non-residential | |||
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract] | |||
Allowance Individually Evaluated for Impairment | 666 | 1,822 | |
Allowance Individually Evaluated for Purchased Credit-Impairment | 512 | 509 | |
Allowance Collectively Evaluated for Impairment | 8,102 | 10,399 | |
Total Allowance for Credit Losses | 9,280 | 12,730 | 15,064 |
Loans Individually Evaluated for Impairment | 4,095 | 10,899 | |
Loans Individually Evaluated for Purchased Credit-Impairment | 1,904 | 2,192 | |
Loans Collectively Evaluated for Impairment | 986,930 | 873,316 | |
Total Loans Before Unearned Income | 992,929 | 886,407 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 103 | 281 | |
Non-Real Estate: | |||
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract] | |||
Allowance Individually Evaluated for Impairment | 2,211 | 72 | |
Allowance Individually Evaluated for Purchased Credit-Impairment | 212 | 216 | |
Allowance Collectively Evaluated for Impairment | 7,993 | 6,903 | |
Total Allowance for Credit Losses | 10,416 | 7,191 | 4,475 |
Loans Individually Evaluated for Impairment | 10,084 | 2,669 | |
Loans Individually Evaluated for Purchased Credit-Impairment | 742 | 957 | |
Loans Collectively Evaluated for Impairment | 778,936 | 715,676 | |
Total Loans Before Unearned Income | 789,762 | 719,302 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 123 | 42 | |
Non-Real Estate: | Agricultural | |||
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract] | |||
Allowance Individually Evaluated for Impairment | 0 | 0 | |
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | |
Allowance Collectively Evaluated for Impairment | 240 | 183 | |
Total Allowance for Credit Losses | 240 | 183 | 181 |
Loans Individually Evaluated for Impairment | 2,366 | 1,383 | |
Loans Individually Evaluated for Purchased Credit-Impairment | 0 | 159 | |
Loans Collectively Evaluated for Impairment | 36,679 | 25,205 | |
Total Loans Before Unearned Income | 39,045 | 26,747 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 | |
Non-Real Estate: | Commercial and industrial | |||
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract] | |||
Allowance Individually Evaluated for Impairment | 412 | 72 | |
Allowance Individually Evaluated for Purchased Credit-Impairment | 212 | 216 | |
Allowance Collectively Evaluated for Impairment | 1,570 | 2,075 | |
Total Allowance for Credit Losses | 2,194 | 2,363 | 2,802 |
Loans Individually Evaluated for Impairment | 5,919 | 1,286 | |
Loans Individually Evaluated for Purchased Credit-Impairment | 742 | 798 | |
Loans Collectively Evaluated for Impairment | 378,618 | 396,307 | |
Total Loans Before Unearned Income | 385,279 | 398,391 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 123 | 23 | |
Non-Real Estate: | Commercial leases | |||
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract] | |||
Allowance Individually Evaluated for Impairment | 1,799 | 0 | |
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | |
Allowance Collectively Evaluated for Impairment | 3,080 | 2,486 | |
Total Allowance for Credit Losses | 4,879 | 2,486 | 583 |
Loans Individually Evaluated for Impairment | 1,799 | 0 | |
Loans Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | |
Loans Collectively Evaluated for Impairment | 315,775 | 246,022 | |
Total Loans Before Unearned Income | 317,574 | 246,022 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 | |
Non-Real Estate: | Consumer and other | |||
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract] | |||
Allowance Individually Evaluated for Impairment | 0 | 0 | |
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | |
Allowance Collectively Evaluated for Impairment | 2,506 | 1,371 | |
Total Allowance for Credit Losses | 2,506 | 1,371 | 907 |
Loans Individually Evaluated for Impairment | 0 | 0 | |
Loans Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | |
Loans Collectively Evaluated for Impairment | 47,864 | 48,142 | |
Total Loans Before Unearned Income | 47,864 | 48,142 | |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 19 | |
Non-Real Estate: | Unallocated | |||
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract] | |||
Allowance Individually Evaluated for Impairment | 0 | 0 | |
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | |
Allowance Collectively Evaluated for Impairment | 597 | 788 | |
Total Allowance for Credit Losses | 597 | 788 | $ 2 |
Loans Individually Evaluated for Impairment | 0 | 0 | |
Loans Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | |
Loans Collectively Evaluated for Impairment | 0 | 0 | |
Total Loans Before Unearned Income | $ 0 | $ 0 |
Allowance for Loan and Lease _5
Allowance for Loan and Lease Losses - Impaired Loans by Class (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Impaired Loans with no related allowance: | ||
Recorded Investment | $ 14,308 | $ 7,017 |
Unpaid Principal Balance | 14,580 | 7,956 |
Average Recorded Investment | 14,430 | 7,826 |
Interest Income Recognized | 152 | 167 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 5,128 | 8,008 |
Unpaid Principal Balance | 5,715 | 8,399 |
Related Allowance | 2,877 | 2,171 |
Average Recorded Investment | 5,208 | 8,200 |
Interest Income Recognized | 67 | 174 |
Total Impaired Loans | ||
Recorded Investment | 19,436 | 15,025 |
Unpaid Principal Balance | 20,295 | 16,355 |
Related Allowance | 2,877 | 2,171 |
Average Recorded Investment | 19,638 | 16,026 |
Interest Income Recognized | 219 | 341 |
Real Estate: | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 7,071 | 5,164 |
Unpaid Principal Balance | 7,071 | 5,818 |
Average Recorded Investment | 7,076 | 5,935 |
Interest Income Recognized | 112 | 137 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 2,281 | 7,192 |
Unpaid Principal Balance | 2,855 | 7,583 |
Related Allowance | 666 | 2,099 |
Average Recorded Investment | 2,279 | 7,325 |
Interest Income Recognized | 5 | 146 |
Total Impaired Loans | ||
Related Allowance | 666 | 2,099 |
Real Estate: | Construction & land development | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 68 | 0 |
Unpaid Principal Balance | 68 | 0 |
Average Recorded Investment | 68 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | 0 | 0 |
Real Estate: | Farmland | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 4,240 | 0 |
Unpaid Principal Balance | 4,240 | 0 |
Average Recorded Investment | 4,242 | 0 |
Interest Income Recognized | 51 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 496 |
Unpaid Principal Balance | 0 | 626 |
Related Allowance | 0 | 19 |
Average Recorded Investment | 0 | 515 |
Interest Income Recognized | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | 0 | 19 |
Real Estate: | 1- 4 Family | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 949 | 0 |
Unpaid Principal Balance | 949 | 0 |
Average Recorded Investment | 949 | 0 |
Interest Income Recognized | 5 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 961 |
Unpaid Principal Balance | 0 | 961 |
Related Allowance | 0 | 258 |
Average Recorded Investment | 0 | 968 |
Interest Income Recognized | 0 | 56 |
Total Impaired Loans | ||
Related Allowance | 0 | 258 |
Real Estate: | Multifamily | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | 0 | 0 |
Real Estate: | Non-farm non-residential | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 1,814 | 5,164 |
Unpaid Principal Balance | 1,814 | 5,818 |
Average Recorded Investment | 1,817 | 5,935 |
Interest Income Recognized | 56 | 137 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 2,281 | 5,735 |
Unpaid Principal Balance | 2,855 | 5,996 |
Related Allowance | 666 | 1,822 |
Average Recorded Investment | 2,279 | 5,842 |
Interest Income Recognized | 5 | 90 |
Total Impaired Loans | ||
Related Allowance | 666 | 1,822 |
Non-Real Estate: | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 7,237 | 1,853 |
Unpaid Principal Balance | 7,509 | 2,138 |
Average Recorded Investment | 7,354 | 1,891 |
Interest Income Recognized | 40 | 30 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 2,847 | 816 |
Unpaid Principal Balance | 2,860 | 816 |
Related Allowance | 2,211 | 72 |
Average Recorded Investment | 2,929 | 875 |
Interest Income Recognized | 62 | 28 |
Total Impaired Loans | ||
Related Allowance | 2,211 | 72 |
Non-Real Estate: | Agricultural | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 2,366 | 1,383 |
Unpaid Principal Balance | 2,521 | 1,668 |
Average Recorded Investment | 2,366 | 1,412 |
Interest Income Recognized | 7 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | 0 | 0 |
Non-Real Estate: | Commercial and industrial | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 4,871 | 470 |
Unpaid Principal Balance | 4,988 | 470 |
Average Recorded Investment | 4,988 | 479 |
Interest Income Recognized | 33 | 30 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 1,048 | 816 |
Unpaid Principal Balance | 1,048 | 816 |
Related Allowance | 412 | 72 |
Average Recorded Investment | 1,112 | 875 |
Interest Income Recognized | 35 | 28 |
Total Impaired Loans | ||
Related Allowance | 412 | 72 |
Non-Real Estate: | Commercial leases | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 1,799 | 0 |
Unpaid Principal Balance | 1,812 | 0 |
Related Allowance | 1,799 | 0 |
Average Recorded Investment | 1,817 | 0 |
Interest Income Recognized | 27 | 0 |
Total Impaired Loans | ||
Related Allowance | 1,799 | 0 |
Non-Real Estate: | Consumer and other | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | $ 0 | $ 0 |
Allowance for Loan and Lease _6
Allowance for Loan and Lease Losses - Age Analysis of TDRs (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | |
Allowance for Credit Loss [Abstract] | ||
Number of troubled debt restructurings | loan | 1 | |
Outstanding TDR | loan | 1 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | $ 1,094 | $ 3,382 |
Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 3,382 |
Accruing Loans, Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 1,094 | 0 |
Accruing Loans, 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 1,094 | 3,382 |
Real Estate: | Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 3,382 |
Real Estate: | Accruing Loans, Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 1,094 | 0 |
Real Estate: | Accruing Loans, 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | Construction & land development | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | Construction & land development | Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | Construction & land development | Accruing Loans, Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | Construction & land development | Accruing Loans, 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | Farmland | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 1,094 | 0 |
Real Estate: | Farmland | Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | Farmland | Accruing Loans, Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 1,094 | 0 |
Real Estate: | Farmland | Accruing Loans, 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | 1- 4 Family | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | 1- 4 Family | Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | 1- 4 Family | Accruing Loans, Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | 1- 4 Family | Accruing Loans, 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | Multifamily | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | Multifamily | Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | Multifamily | Accruing Loans, Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | Multifamily | Accruing Loans, 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | Non-farm non-residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 3,382 |
Real Estate: | Non-farm non-residential | Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 3,382 |
Real Estate: | Non-farm non-residential | Accruing Loans, Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Real Estate: | Non-farm non-residential | Accruing Loans, 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Accruing Loans, Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Accruing Loans, 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Agricultural | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Agricultural | Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Agricultural | Accruing Loans, Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Agricultural | Accruing Loans, 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Commercial and industrial | Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Commercial and industrial | Accruing Loans, Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Commercial and industrial | Accruing Loans, 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Commercial leases | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Commercial leases | Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Commercial leases | Accruing Loans, Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Commercial leases | Accruing Loans, 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Consumer and other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Consumer and other | Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Consumer and other | Accruing Loans, Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | 0 | 0 |
Non-Real Estate: | Consumer and other | Accruing Loans, 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total TDRs | $ 0 | $ 0 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Acquired value | $ 102,670 | $ 100,200 |
Less: accumulated depreciation | 44,464 | 41,563 |
Net book value | 58,206 | 58,637 |
Depreciation expense | 3,100 | 3,400 |
Capitalized contract cost | 0 | 61 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Acquired value | 15,284 | 15,284 |
Bank premises | ||
Property, Plant and Equipment [Line Items] | ||
Acquired value | 54,423 | 53,899 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Acquired value | 31,109 | 30,481 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Acquired value | $ 1,854 | $ 536 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Impairment charges recognized on the Company's intangible assets | $ 0 | |
Goodwill | 12,900,000 | $ 12,900,000 |
Amortization expense | $ 700,000 | $ 800,000 |
Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-average amortization | 6 years 3 months 18 days |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 18,461 | $ 18,399 |
Accumulated Amortization | 13,482 | 12,477 |
Net Carrying Amount | 4,979 | 5,922 |
Core deposit intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,266 | 16,266 |
Accumulated Amortization | 11,911 | 11,215 |
Net Carrying Amount | 4,355 | 5,051 |
Loan servicing assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,195 | 2,133 |
Accumulated Amortization | 1,571 | 1,262 |
Net Carrying Amount | $ 624 | $ 871 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Amortization Expense Related to Purchase Accounting Intangibles (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Estimated Amortization Expense | |
December 31, 2023 | $ 696 |
December 31, 2024 | 696 |
December 31, 2025 | 696 |
December 31, 2026 | 696 |
December 31, 2027 | $ 696 |
Other Real Estate (Details)
Other Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate Owned Acquired by Foreclosure: | ||
Total Other Real Estate Owned and Foreclosed Property | $ 113 | $ 2,593 |
Allowance for Other Real Estate Owned losses | 0 | (521) |
Net Other Real Estate Owned and Foreclosed Property | 113 | 2,072 |
Residential | ||
Real Estate Owned Acquired by Foreclosure: | ||
Total Other Real Estate Owned and Foreclosed Property | 113 | 817 |
Construction & land development | ||
Real Estate Owned Acquired by Foreclosure: | ||
Total Other Real Estate Owned and Foreclosed Property | 0 | 0 |
Non-farm non-residential | ||
Real Estate Owned Acquired by Foreclosure: | ||
Total Other Real Estate Owned and Foreclosed Property | $ 0 | $ 1,776 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Maturities of time deposits | ||
2023 | $ 312,910 | |
2024 | 148,386 | |
2025 | 34,624 | |
2026 | 25,191 | |
2027 and thereafter | 12,247 | |
Total | 533,358 | $ 586,671 |
Brokered deposits | 250 | |
Aggregate amount of time deposits in denominations of $250,000 or more | $ 155,000 | $ 159,100 |
Borrowings - Short-term Borrowi
Borrowings - Short-term Borrowings (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Short-term borrowings [Abstract] | ||
Federal Home Loan Bank advances | $ 120,000,000 | $ 0 |
Repurchase agreements | 6,442,000 | 6,439,000 |
Line of credit | 20,000,000 | 0 |
Total short-term borrowings | 146,442,000 | 6,439,000 |
Schedule of certain information short-term borrowings [Abstract] | ||
Outstanding at year end | 146,442,000 | 6,439,000 |
Maximum month-end outstanding | 146,442,000 | 56,369,000 |
Average daily outstanding | $ 42,149,000 | $ 10,458,000 |
Weighted average rate during the year | 5.12% | 1.40% |
Weighted average rate at year end | 4.86% | 2.23% |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) facility shares | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 146,442,000 | $ 6,439,000 |
Line of credit facility, maximum borrowing capacity | 26,500,000 | |
Line of credit | 20,000,000 | 0 |
Available lines of credit including FHLB | 505,500,000 | 597,600,000 |
Long-term federal home loan bank advance | 0 | 3,208,000 |
Long-term debt outstanding | $ 36,900,000 | |
Number of credit facilities | facility | 2 | |
Revolving Credit Facility A | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 6,500,000 | |
Available lines of credit including FHLB | $ 6,500,000 | |
Percentage of interest used in secured pledge borrowings | 13.20% | |
Number of shares used in secured pledge borrowings (in shares) | shares | 735,745 | |
Line of Credit Facility, Interest Rate at Period End | 7.50% | |
Revolving Credit Facility B | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 20,000,000 | |
Available lines of credit including FHLB | $ 0 | |
Percentage of interest used in secured pledge borrowings | 85% | |
Number of shares used in secured pledge borrowings (in shares) | shares | 4,823,899 | |
Line of Credit Facility, Interest Rate at Period End | 7.25% | |
Commercial and Standby letters of credit | Long-term Advances from FHLB | ||
Debt Instrument [Line Items] | ||
Letters of credit amount at FHLB | $ 388,600,000 | 250,700,000 |
Senior Long-term Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 21,927,000 | |
Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 15,000,000 | |
Debt instrument, face amount | $ 15,000,000 | |
Prime Rate | Senior Long-term Debt | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.70% | |
Interest rate | 6.80% | |
Long-term debt outstanding | $ 21,900,000 | 25,200,000 |
Periodic principal payment | $ 812,500 | |
Prime Rate | Junior Subordinated Debt | Junior Subordinated Debt Instrument One | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.75% | |
Long-term debt outstanding | $ 0 | 14,800,000 |
Prime Rate | Junior Subordinated Debt | Junior Subordinated Debt Instrument Two | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.75% | |
Interest rate | 8.25% | |
Long-term debt outstanding | $ 15,000,000 | |
Fixed Interest Rate Period | Prime Rate | ||
Debt Instrument [Line Items] | ||
Long-term federal home loan bank advance | $ 3,200,000 |
Borrowings - Obligations on Lon
Borrowings - Obligations on Long-term Debt (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
Total | $ 36,900 |
Long-term Advances from FHLB | |
Debt Instrument [Line Items] | |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 and thereafter | 0 |
Subtotal | 0 |
Debt issuance costs | 0 |
Total | 0 |
Senior Long-term Debt | |
Debt Instrument [Line Items] | |
2023 | 3,250 |
2024 | 18,687 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 and thereafter | 0 |
Subtotal | 21,937 |
Debt issuance costs | (10) |
Total | 21,927 |
Junior Subordinated Debentures | |
Debt Instrument [Line Items] | |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 and thereafter | 15,000 |
Subtotal | 15,000 |
Debt issuance costs | 0 |
Total | $ 15,000 |
Capital Requirements - Narrativ
Capital Requirements - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2020 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Capital conservation buffer minimum | 0.025 | |||
Tier one leverage capital | $ 10,000,000 | |||
Banking regulation, community bank leverage ratio | 9% | 9% | ||
Actual, capital ratio | 0.08 | |||
Banking regulation, increase community bank leverage ratio | 8.50% | |||
First Guaranty Bank | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Capital conservation buffer | 0.0316 | |||
Tier one leverage capital | $ 243,973 | $ 284,992 | ||
Actual, capital ratio | 0.0871 | 0.0935 |
Capital Requirements - Actual C
Capital Requirements - Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2020 |
Tier 1 Leverage Capital, Amount | |||
Actual | $ 10,000,000 | ||
Tier 1 Leverage Capital, Ratio | |||
Actual | 0.08 | ||
First Guaranty Bank | |||
Total Risk-based Capital, Amount | |||
Actual | 308,510 | $ 268,002 | |
Minimum Capital Requirements | 221,066 | 191,069 | |
Minimum to be Well Capitalized Under Action Provisions | $ 276,333 | $ 238,837 | |
Total Risk-based Capital, Ratio | |||
Actual | 0.1116 | 0.1122 | |
Minimum Capital Requirements | 0.0800 | 0.0800 | |
Minimum to be Well Capitalized Under Action Provisions | 0.1000 | 0.1000 | |
Tier 1 Capital, Amount | |||
Actual | $ 284,992 | $ 243,973 | |
Minimum Capital Requirements | 165,800 | 143,302 | |
Minimum to be Well Capitalized Under Action Provisions | $ 221,066 | $ 191,069 | |
Tier 1 Capital, Ratio | |||
Actual | 0.1031 | 0.1022 | |
Minimum Capital Requirements | 0.0600 | 0.0600 | |
Minimum to be Well Capitalized Under Action Provisions | 0.0800 | 0.0800 | |
Tier 1 Leverage Capital, Amount | |||
Actual | $ 284,992 | $ 243,973 | |
Minimum Capital Requirements | 121,884 | 112,018 | |
Minimum to be Well Capitalized Under Action Provisions | $ 152,355 | $ 140,023 | |
Tier 1 Leverage Capital, Ratio | |||
Actual | 0.0935 | 0.0871 | |
Minimum Capital Requirements | 0.0400 | 0.0400 | |
Minimum to be Well Capitalized Under Action Provisions | 0.0500 | 0.0500 | |
Common Equity Tier One Capital, Amount | |||
Actual | $ 284,992 | $ 243,973 | |
Minimum Capital Requirements | 124,350 | 107,476 | |
Minimum to be Well Capitalized Under Action Provisions | $ 179,616 | $ 155,244 | |
Common Equity Tier One Capital, Ratio | |||
Actual | 0.1031 | 0.1022 | |
Minimum Capital Requirements | 4.50% | 4.50% | |
Minimum to be Well Capitalized Under Action Provisions | 6.50% | 6.50% |
Dividend Restrictions (Details)
Dividend Restrictions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2023 | |
Debt Instrument [Line Items] | ||
Percentage of outstanding capital stock, maximum | 50% | |
Undistributed earnings, basic | $ 10.3 | |
Subsequent Event | ||
Debt Instrument [Line Items] | ||
Equity restrictions | $ 276.7 |
Related Party Transactions - Ac
Related Party Transactions - Activity of Loans Borrowers (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Balance, beginning of year | $ 93,270 | $ 79,399 |
Net (Decrease) Increase | (3,535) | 13,871 |
Balance, end of year | $ 89,735 | $ 93,270 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 21, 2022 | Dec. 21, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Unfunded commitments | $ 89,735 | $ 93,270 | $ 79,399 | ||
Centurion Insurance | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 50% | ||||
Directors and Executive Officers | |||||
Related Party Transaction [Line Items] | |||||
Deposit from related party | $ 75,400 | ||||
Directors and Executive Officers | Unfunded Loan Commitment | |||||
Related Party Transaction [Line Items] | |||||
Unfunded commitments | 45,600 | 45,400 | |||
Affiliated Entity | Champion Industries, Inc. | |||||
Related Party Transaction [Line Items] | |||||
Expenses from transactions with related party | 300 | 300 | |||
Affiliated Entity | Hood Automotive Group | |||||
Related Party Transaction [Line Items] | |||||
Expenses from transactions with related party | 100 | 100 | |||
Affiliated Entity | Gasaway Gasaway Bankston | |||||
Related Party Transaction [Line Items] | |||||
Expenses from transactions with related party | 58 | 0 | |||
Director | Subordinated Debt | |||||
Related Party Transaction [Line Items] | |||||
Debt instrument, face amount | $ 15,000 | $ 15,000 | |||
Debt instrument, term | 10 years | 10 years | |||
Interest amount | 700 | 800 | |||
Director | Subordinated Debt | Fixed Interest Rate Period | |||||
Related Party Transaction [Line Items] | |||||
Debt instrument, non-callable term | 5 years | 5 years | |||
Debt instrument, interest rate | 4% | ||||
Director | Subordinated Debt | Floating Interest Rate Period | |||||
Related Party Transaction [Line Items] | |||||
Debt instrument, term | 5 years | ||||
Director | Subordinated Debt | Floating Interest Rate Period | Prime Rate | |||||
Related Party Transaction [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.75% | 0.75% | |||
Equity Method Investee | Centurion Insurance | |||||
Related Party Transaction [Line Items] | |||||
Expenses from transactions with related party | $ 700 | $ 600 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Deferment percentage of base salary, minimum | 1% | |
Employer matching contribution | 6% | |
Maximum employer matching contribution percentage | 100% | |
Contributions to savings plan | $ 440,000 | $ 396,000 |
Contributions made to ESOP | $ 0 | $ 0 |
Shares held under ESOP (in shares) | 1,003 |
Other Expenses (Details)
Other Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other noninterest expense: | ||
Legal and professional fees | $ 4,159 | $ 3,375 |
Data processing | 1,596 | 1,794 |
ATM Fees | 1,750 | 1,760 |
Marketing and public relations | 1,747 | 1,711 |
Taxes - sales, capital and franchise | 1,949 | 1,755 |
Operating supplies | 728 | 853 |
Software expense and amortization | 4,191 | 3,071 |
Travel and lodging | 1,236 | 826 |
Telephone | 406 | 398 |
Amortization of core deposits | 696 | 764 |
Donations | 638 | 564 |
Net costs from other real estate and repossessions | 393 | 801 |
Regulatory assessment | 1,997 | 1,945 |
Other | 3,888 | 3,391 |
Total other noninterest expense | 25,374 | 23,008 |
Advertising expense | $ 1,000 | $ 1,000 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Current | $ 7,761 | $ 7,970 |
Deferred | (255) | (812) |
Total | $ 7,506 | $ 7,158 |
Income Taxes - Statutory Federa
Income Taxes - Statutory Federal Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Statutory tax rate | 21% | 21% |
Federal income taxes at statutory rate | $ 7,642 | $ 7,236 |
Tax exempt municipal income | (108) | (81) |
Other | (28) | 3 |
Total | $ 7,506 | $ 7,158 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Allowance for loan and lease losses | $ 4,939 | $ 4,817 |
Other real estate owned | 5 | 219 |
Unrealized losses on available for sale securities | 711 | 331 |
Net operating loss | 1,006 | 1,098 |
Other | 648 | 781 |
Gross deferred tax assets | 7,309 | 7,246 |
Deferred tax liabilities: | ||
Depreciation and amortization | (2,116) | (1,917) |
Core deposit intangibles | (914) | (1,059) |
Unrealized gains on available for sale securities | 0 | 0 |
Discount on purchased loans | (60) | (164) |
Other | (880) | (687) |
Gross deferred tax liabilities | (3,970) | (3,827) |
Net deferred tax assets (liabilities) | $ 3,339 | $ 3,419 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 4,800,000 | $ 5,200,000 |
Interest on income taxes expense | 0 | 0 |
Income tax penalties expense | 0 | 0 |
Income tax examination, penalties accrued | 0 | 0 |
Interest on income taxes accrued | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments to Extend Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional value | $ 246,968 | $ 198,444 |
Unfunded Commitments under lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional value | 253,906 | 250,231 |
Commercial and Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional value | $ 14,222 | $ 13,787 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Extension period of majority of short-term borrowing | 1 year | |
Maximum extension period of short term borrowing | 3 years | |
Losses incurred on off-balance sheet commitments | $ 0 | $ 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | $ 131,458 | $ 210,620 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 131,458 | 210,620 |
Level 1: Quoted Prices in Active Markets For Identical Assets | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 98,466 | 0 |
Level 2: Significant Other Observable Inputs | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 21,890 | 198,315 |
Level 3: Significant Unobservable Inputs | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | $ 11,102 | $ 12,305 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Transfer of securities from AFS to HTM | $ 176,181 | $ 160,014 |
Fair Value, Measurements, Recurring | U.S. Government Agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Transfer of securities from AFS to HTM | 111,000 | |
Level 1: Quoted Prices in Active Markets For Identical Assets | Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Increase in available for sale securities | 98,500 | |
Level 2: Significant Other Observable Inputs | Fair Value, Measurements, Recurring | Corporate debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Transfer of securities from AFS to HTM | $ 54,800 |
Fair Value Measurements - Unobs
Fair Value Measurements - Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | ||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Unrealized holding (losses) gains arising during the period | Unrealized holding (losses) gains arising during the period |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of year | $ 12,305 | $ 26,189 |
Total gains or losses (realized/unrealized): | ||
Included in earnings | 0 | 0 |
Included in other comprehensive income | (676) | (195) |
Purchases, sales, issuances and settlements, net | (527) | (8,845) |
Transfers in and/or out of Level 3 | 0 | (4,844) |
Balance as of end of year | $ 11,102 | $ 12,305 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans measured at fair value | $ 2,251 | $ 8,494 |
Other real estate owned measured at fair value | 113 | 2,072 |
Level 1: Quoted Prices in Active Markets For Identical Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans measured at fair value | 0 | 0 |
Other real estate owned measured at fair value | 0 | 0 |
Level 2: Significant Other Observable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans measured at fair value | 0 | 0 |
Other real estate owned measured at fair value | 0 | 817 |
Level 3: Significant Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans measured at fair value | 2,251 | 8,494 |
Other real estate owned measured at fair value | $ 113 | $ 1,255 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Securities, available for sale | $ 131,458 | $ 210,620 |
Securities, held for maturity | 242,560 | 150,585 |
Carrying Amount | ||
Assets | ||
Federal funds sold | 423 | 183 |
Securities, available for sale | 131,458 | 210,620 |
Securities, held for maturity | 320,068 | 153,536 |
Loans, net | 2,495,559 | 2,135,330 |
Cash surrender value of BOLI | 5,712 | 5,568 |
Accrued interest receivable | 13,002 | 12,047 |
Liabilities | ||
Deposits | 2,723,792 | 2,596,492 |
Short-term advances from Federal Home Loan Bank | 120,000 | 0 |
Short-term borrowings | 20,000 | |
Repurchase agreements | 6,442 | 6,439 |
Accrued interest payable | 4,289 | 4,480 |
Long-term advances from Federal Home Loan Bank | 0 | 3,208 |
Senior long-term debt | 21,927 | 25,170 |
Junior subordinated debentures | 15,000 | 14,818 |
Carrying Amount | Cash and due from banks | ||
Assets | ||
Cash and due from banks | 82,796 | 261,749 |
Fair Value Measurements | ||
Assets | ||
Federal funds sold | 423 | 183 |
Securities, available for sale | 131,458 | 210,620 |
Securities, held for maturity | 242,560 | 150,585 |
Loans, net | 2,404,402 | 2,152,590 |
Cash surrender value of BOLI | 5,712 | 5,568 |
Accrued interest receivable | 13,002 | 12,047 |
Liabilities | ||
Deposits | 2,717,471 | 2,606,635 |
Short-term advances from Federal Home Loan Bank | 120,000 | 0 |
Short-term borrowings | 20,000 | |
Repurchase agreements | 6,509 | 6,462 |
Accrued interest payable | 4,289 | 4,480 |
Long-term advances from Federal Home Loan Bank | 0 | 3,208 |
Senior long-term debt | 21,938 | 25,187 |
Junior subordinated debentures | 15,000 | 15,000 |
Fair Value Measurements | Level 1 | ||
Assets | ||
Federal funds sold | 423 | 183 |
Securities, available for sale | 98,466 | 0 |
Securities, held for maturity | 0 | 0 |
Loans, net | 0 | 0 |
Cash surrender value of BOLI | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Liabilities | ||
Deposits | 0 | 0 |
Short-term advances from Federal Home Loan Bank | 0 | 0 |
Short-term borrowings | 0 | |
Repurchase agreements | 0 | 0 |
Accrued interest payable | 0 | 0 |
Long-term advances from Federal Home Loan Bank | 0 | 0 |
Senior long-term debt | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Fair Value Measurements | Level 2 | ||
Assets | ||
Federal funds sold | 0 | 0 |
Securities, available for sale | 21,890 | 198,315 |
Securities, held for maturity | 242,560 | 150,585 |
Loans, net | 0 | 0 |
Cash surrender value of BOLI | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Liabilities | ||
Deposits | 0 | 0 |
Short-term advances from Federal Home Loan Bank | 0 | 0 |
Short-term borrowings | 0 | |
Repurchase agreements | 0 | 0 |
Accrued interest payable | 0 | 0 |
Long-term advances from Federal Home Loan Bank | 0 | 0 |
Senior long-term debt | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Fair Value Measurements | Level 3 | ||
Assets | ||
Federal funds sold | 0 | 0 |
Securities, available for sale | 11,102 | 12,305 |
Securities, held for maturity | 0 | 0 |
Loans, net | 2,404,402 | 2,152,590 |
Cash surrender value of BOLI | 5,712 | 5,568 |
Accrued interest receivable | 13,002 | 12,047 |
Liabilities | ||
Deposits | 2,717,471 | 2,606,635 |
Short-term advances from Federal Home Loan Bank | 120,000 | 0 |
Short-term borrowings | 20,000 | |
Repurchase agreements | 6,509 | 6,462 |
Accrued interest payable | 4,289 | 4,480 |
Long-term advances from Federal Home Loan Bank | 0 | 3,208 |
Senior long-term debt | 21,938 | 25,187 |
Junior subordinated debentures | 15,000 | 15,000 |
Fair Value Measurements | Cash and due from banks | ||
Assets | ||
Cash and due from banks | 82,796 | 261,749 |
Fair Value Measurements | Cash and due from banks | Level 1 | ||
Assets | ||
Cash and due from banks | 82,796 | 261,749 |
Fair Value Measurements | Cash and due from banks | Level 2 | ||
Assets | ||
Cash and due from banks | 0 | 0 |
Fair Value Measurements | Cash and due from banks | Level 3 | ||
Assets | ||
Cash and due from banks | $ 0 | $ 0 |
Concentrations of Credit and _2
Concentrations of Credit and Other Risks (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2022 USD ($) deposit | |
Risks and Uncertainties [Abstract] | |
Percentage of entity deposits | 40.90% |
Number of deposits of depositing authorities | deposit | 1 |
Public fund deposits | $ | $ 1.1 |
Litigation (Details)
Litigation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2022 | |
Loss Of Funds By Customer | Minimum | ||
Loss Contingencies [Line Items] | ||
Lawsuit alleging fault for a loss of funds with possible loss | $ 0 | |
Loss Of Funds By Customer | Maximum | ||
Loss Contingencies [Line Items] | ||
Lawsuit alleging fault for a loss of funds with possible loss | 1.5 | |
Settled Lawsuit | ||
Loss Contingencies [Line Items] | ||
Litigation settlement amount | $ 1.1 | |
Insurance coverage receivable | $ 0.9 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Subsequent Event [Line Items] | |||
Total assets | $ 3,151,347 | $ 2,878,120 | |
Net loans | 2,495,559 | 2,135,330 | |
Deposits | $ 2,723,792 | $ 2,596,492 | |
Subsequent Event | Pro Forma | |||
Subsequent Event [Line Items] | |||
Total assets | $ 3,200,000 | ||
Net loans | 2,500,000 | ||
Deposits | $ 2,800,000 | ||
Loan Star | Subsequent Event | Forecast | |||
Subsequent Event [Line Items] | |||
Share price (in dollars per share) | $ / shares | $ 23.67 | ||
Factor of acquired company's tangible book value | 1.5 | ||
Merger agreement termination fee | $ 1,000 |
Condensed Parent Company Info_3
Condensed Parent Company Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | |||
Other assets | $ 25,315 | $ 23,765 | |
Total Assets | 3,151,347 | 2,878,120 | |
Liabilities and Shareholders' Equity | |||
Short-term borrowings | 20,000 | 0 | |
Senior long-term debt | 21,927 | 25,170 | |
Junior subordinated debentures | 15,000 | 14,818 | |
Other liabilities | 4,906 | 3,624 | |
Total Liabilities | 2,916,356 | 2,654,231 | |
Shareholders' Equity | 234,991 | 223,889 | $ 178,591 |
Total Liabilities and Shareholders' Equity | 3,151,347 | 2,878,120 | |
Parent Company | |||
Assets | |||
Cash | 3,324 | 5,143 | |
Investment in bank subsidiary | 287,019 | 255,291 | |
Other assets | 2,375 | 3,893 | |
Total Assets | 292,718 | 264,327 | |
Liabilities and Shareholders' Equity | |||
Short-term borrowings | 20,000 | 0 | |
Senior long-term debt | 21,927 | 25,170 | |
Junior subordinated debentures | 15,000 | 14,818 | |
Other liabilities | 800 | 450 | |
Total Liabilities | 57,727 | 40,438 | |
Shareholders' Equity | 234,991 | 223,889 | |
Total Liabilities and Shareholders' Equity | $ 292,718 | $ 264,327 |
Condensed Parent Company Info_4
Condensed Parent Company Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Expenses | ||
Interest expense | $ 36,534 | $ 22,299 |
Salaries & Benefits | 36,699 | 32,179 |
Income tax benefit | (7,506) | (7,158) |
Net Income | 28,884 | 27,297 |
Parent Company | ||
Operating Income | ||
Dividends received from bank subsidiary | 21,863 | 20,733 |
Net gains on sale of equity securities | 0 | 0 |
Other income | 526 | 414 |
Total operating income | 22,389 | 21,147 |
Operating Expenses | ||
Interest expense | 2,703 | 1,624 |
Salaries & Benefits | 252 | 198 |
Other expenses | 1,783 | 1,298 |
Total operating expenses | 4,738 | 3,120 |
Income before income tax benefit and increase in equity in undistributed earnings of subsidiary | 17,651 | 18,027 |
Income tax benefit | 910 | 568 |
Income before increase in equity in undistributed earnings of subsidiary | 18,561 | 18,595 |
Increase in equity in undistributed earnings of subsidiary | 10,323 | 8,702 |
Net Income | $ 28,884 | $ 27,297 |
Condensed Parent Company Info_5
Condensed Parent Company Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 28,884 | $ 27,297 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,109 | 4,775 |
Net Cash Provided by Operating Activities | 36,865 | 26,520 |
Cash flows from investing activities: | ||
Net Cash Used In Investing Activities | (467,911) | (452,645) |
Cash flows from financing activities: | ||
Net increase in short-term borrowings | 140,003 | (49,682) |
Repayment of long-term debt | (5,783) | (17,321) |
Net proceeds from issuance of preferred stock | 0 | 33,058 |
Net Cash Provided By Financing Activities | 252,333 | 388,452 |
Net (decrease) increase in cash and cash equivalents | (178,713) | (37,673) |
Cash and Cash Equivalents at the Beginning of the Period | 261,932 | 299,605 |
Cash and Cash Equivalents at the End of the Period | 83,219 | 261,932 |
Parent Company | ||
Cash flows from operating activities: | ||
Net income | 28,884 | 27,297 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Increase in equity in undistributed earnings of subsidiary | (10,323) | (8,702) |
Depreciation and amortization | 225 | 102 |
Net change in other liabilities | 350 | (145) |
Net change in other assets | 1,482 | 1,235 |
Net Cash Provided by Operating Activities | 20,618 | 19,787 |
Cash flows from investing activities: | ||
Proceeds from sales of equity securities | 0 | 1,500 |
Funds invested in equity securities | 0 | (1,000) |
Funds invested in bank subsidiary | (30,000) | (25,000) |
Net Cash Used In Investing Activities | (30,000) | (24,500) |
Cash flows from financing activities: | ||
Net increase in short-term borrowings | 20,000 | 0 |
Repayment of long-term debt | (3,250) | (17,221) |
Net proceeds from issuance of preferred stock | 0 | 33,058 |
Dividends paid | (9,187) | (7,777) |
Net Cash Provided By Financing Activities | 7,563 | 8,060 |
Net (decrease) increase in cash and cash equivalents | (1,819) | 3,347 |
Cash and Cash Equivalents at the Beginning of the Period | 5,143 | 1,796 |
Cash and Cash Equivalents at the End of the Period | $ 3,324 | $ 5,143 |