Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 06, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-35968 | ||
Entity Registrant Name | MIDWESTONE FINANCIAL GROUP, INC. | ||
Entity Incorporation, State or Country Code | IA | ||
Entity Tax Identification Number | 42-1206172 | ||
Entity Address, Address Line One | 102 South Clinton Street | ||
Entity Address, City or Town | Iowa City | ||
Entity Address, State or Province | IA | ||
Entity Address, Postal Zip Code | 52240 | ||
City Area Code | 319 | ||
Local Phone Number | 356-5800 | ||
Title of 12(b) Security | Common Stock, $1.00 par value | ||
Trading Symbol | MOFG | ||
Security Exchange Name | NASDAQ | ||
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 | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 335.2 | ||
Entity Common Stock, Shares Outstanding | 15,750,471 | ||
Documents Incorporated by Reference | The information required by Part III is incorporated by reference to portions of the definitive proxy statement to be filed within 120 days after December 31, 2023, pursuant to Regulation 14A under the Securities Exchange Act of 1934 in connection with the annual meeting of stockholders to be held on April 25, 2024. | ||
Entity Central Index Key | 0001412665 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | RSM US LLP |
Auditor Location | Des Moines, Iowa |
Auditor Firm ID | 49 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 76,237 | $ 83,990 |
Interest earning deposits in banks | 5,479 | 2,445 |
Federal funds sold | 11 | 0 |
Total cash and cash equivalents | 81,727 | 86,435 |
Debt securities available for sale at fair value | 795,134 | 1,153,547 |
Held to maturity securities at amortized cost | 1,075,190 | 1,129,421 |
Total securities | 1,870,324 | 2,282,968 |
Loans held for sale | 1,045 | 612 |
Gross loans held for investment | 4,138,352 | 3,854,791 |
Unearned income, net | (11,405) | (14,267) |
Loans held for investment, net of unearned income | 4,126,947 | 3,840,524 |
Allowance for credit losses | (51,500) | (49,200) |
Total loans held for investment, net | 4,075,447 | 3,791,324 |
Premises and equipment, net | 85,742 | 87,125 |
Goodwill | 62,477 | 62,477 |
Other intangible assets, net | 24,069 | 30,315 |
Foreclosed assets, net | 3,929 | 103 |
Other assets | 222,780 | 236,517 |
Total assets | 6,427,540 | 6,577,876 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest bearing deposits | 897,053 | 1,053,450 |
Interest bearing deposits | 4,498,620 | 4,415,492 |
Total deposits | 5,395,673 | 5,468,942 |
Short-term borrowings | 300,264 | 391,873 |
Long-term debt | 123,296 | 139,210 |
Other liabilities | 83,929 | 85,058 |
Total liabilities | 5,903,162 | 6,085,083 |
Commitments and contingencies (Note 18) | ||
Shareholders' equity | ||
Preferred stock, no par value; authorized 500,000 shares; no shares issued and outstanding | 0 | 0 |
Common stock, $1.00 par value; authorized 30,000,000 shares; issued shares of 16,581,017 and 16,581,017; outstanding shares of 15,694,306 and 15,623,977 | 16,581 | 16,581 |
Additional paid-in capital | 302,157 | 302,085 |
Retained earnings | 294,784 | 289,289 |
Treasury stock at cost, 886,711 and 957,040 shares | (24,245) | (26,115) |
Accumulated other comprehensive loss | (64,899) | (89,047) |
Total shareholders' equity | 524,378 | 492,793 |
Total liabilities and shareholders' equity | $ 6,427,540 | $ 6,577,876 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred Stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 16,581,017 | 16,581,017 |
Common stock, shares outstanding (in shares) | 15,694,306 | 15,623,977 |
Treasury stock (in shares) | 886,711 | 957,040 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income | |||
Loans, including fees | $ 202,179 | $ 148,284 | $ 141,036 |
Taxable investment securities | 38,978 | 39,019 | 25,692 |
Tax-exempt investment securities | 7,540 | 9,379 | 9,947 |
Other | 916 | 77 | 91 |
Total interest income | 249,613 | 196,759 | 176,766 |
Interest expense | |||
Deposits | 85,764 | 20,245 | 13,198 |
Short-term borrowings | 11,119 | 3,070 | 551 |
Long-term debt | 8,558 | 7,086 | 6,736 |
Total interest expense | 105,441 | 30,401 | 20,485 |
Net interest income | 144,172 | 166,358 | 156,281 |
Credit loss expense (benefit) | 5,849 | 4,492 | (7,336) |
Net interest income after credit loss expense (benefit) | 138,323 | 161,866 | 163,617 |
Noninterest income | |||
Investment services and trust activities | 12,249 | 11,223 | 11,675 |
Service charges and fees | 8,349 | 7,477 | 6,259 |
Card revenue | 7,214 | 7,210 | 7,015 |
Loan revenue | 4,700 | 10,504 | 12,948 |
Bank-owned life insurance | 2,500 | 2,305 | 2,162 |
Investment securities (losses) gains, net | (18,789) | 271 | 242 |
Other | 2,200 | 8,529 | 2,152 |
Total noninterest income | 18,423 | 47,519 | 42,453 |
Noninterest expense | |||
Compensation and employee benefits | 76,410 | 78,103 | 69,937 |
Occupancy expense of premises, net | 10,034 | 10,272 | 9,274 |
Equipment | 9,195 | 8,693 | 7,816 |
Legal and professional | 7,365 | 8,646 | 5,256 |
Data processing | 5,799 | 5,574 | 5,216 |
Marketing | 3,610 | 4,272 | 4,022 |
Amortization of intangibles | 6,247 | 6,069 | 5,357 |
FDIC insurance | 3,294 | 1,660 | 1,572 |
Communications | 910 | 1,125 | 1,332 |
Foreclosed assets, net | 13 | (18) | 233 |
Other | 9,036 | 8,392 | 6,577 |
Total noninterest expense | 131,913 | 132,788 | 116,592 |
Income before income tax expense | 24,833 | 76,597 | 89,478 |
Income tax expense | 3,974 | 15,762 | 19,992 |
Net income | $ 20,859 | $ 60,835 | $ 69,486 |
Per common share information | |||
Earnings - basic (in dollars per share) | $ 1.33 | $ 3.89 | $ 4.38 |
Earnings - diluted (in dollars per share) | $ 1.33 | $ 3.87 | $ 4.37 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 20,859 | $ 60,835 | $ 69,486 |
Unrealized gain (loss) from AFS debt securities: | |||
Unrealized net gain (loss) on debt securities AFS | 10,421 | (111,667) | (45,032) |
Reclassification adjustment for losses (gains) included in net income | 19,768 | (271) | (242) |
Reclassification of the change in fair value of AFS debt securities attributable to change in hedged risk | (819) | 0 | 0 |
Income tax (expense) benefit | (7,433) | 28,951 | 11,817 |
Unrealized net gain (loss) on AFS debt securities, net of reclassification adjustments | 21,937 | (82,987) | (33,457) |
Reclassification of AFS debt securities to HTM: | |||
Amortization of the net unrealized loss from the reclassification of AFS debt securities to HTM | 2,284 | 3,781 | 0 |
Income tax expense | (578) | (976) | 0 |
Amortization of net unrealized loss from the reclassification of AFS debt securities to HTM, net | 1,706 | 2,805 | 0 |
Unrealized gain from cash flow hedging instruments: | |||
Unrealized net gains in cash flow hedging instruments | 2,471 | 0 | 0 |
Reclassification adjustment for net gain in cash flow hedging instruments included in income | (1,795) | 0 | 0 |
Income tax expense | (171) | 0 | 0 |
Unrealized net gains on cash flow hedge instruments, net of reclassification adjustment | 505 | 0 | 0 |
Other comprehensive income (loss), net of tax | 24,148 | (80,182) | (33,457) |
Comprehensive income (loss) | $ 45,007 | $ (19,347) | $ 36,029 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Balance, beginning of period at Dec. 31, 2020 | $ 515,250 | $ 16,581 | $ 300,137 | $ 188,191 | $ (14,251) | $ 24,592 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 69,486 | 69,486 | ||||
Net current-period other comprehensive (loss) income | (33,457) | (33,457) | ||||
Release/lapse of restriction on RSUs | (121) | (1,350) | (30) | 1,259 | ||
Repurchase of common stock | (11,554) | (11,554) | ||||
Share-based compensation | 2,153 | 2,153 | ||||
Dividends paid on common stock | (14,282) | (14,282) | ||||
Balance, end of period at Dec. 31, 2021 | 527,475 | 16,581 | 300,940 | 243,365 | (24,546) | (8,865) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 60,835 | 60,835 | ||||
Net current-period other comprehensive (loss) income | (80,182) | (80,182) | ||||
Release/lapse of restriction on RSUs | (281) | (1,396) | (41) | 1,156 | ||
Repurchase of common stock | (2,725) | (2,725) | ||||
Share-based compensation | 2,541 | 2,541 | ||||
Dividends paid on common stock | (14,870) | (14,870) | ||||
Balance, end of period at Dec. 31, 2022 | 492,793 | 16,581 | 302,085 | 289,289 | (26,115) | (89,047) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 20,859 | 20,859 | ||||
Net current-period other comprehensive (loss) income | 24,148 | 24,148 | ||||
Release/lapse of restriction on RSUs | (609) | (2,331) | (148) | 1,870 | ||
Share-based compensation | 2,403 | 2,403 | ||||
Dividends paid on common stock | (15,216) | (15,216) | ||||
Balance, end of period at Dec. 31, 2023 | $ 524,378 | $ 16,581 | $ 302,157 | $ 294,784 | $ (24,245) | $ (64,899) |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Release/lapse of restriction on RSUs (in shares) | 70,329 | 44,231 | 49,907 |
Repurchase of common stock (in shares) | 91,401 | 395,540 | |
Dividends paid on common stock (in dollars per share) | $ 0.9700 | $ 0.9500 | $ 0.9000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Operating Activities: | |||
Net income | $ 20,859 | $ 60,835 | $ 69,486 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Credit loss expense (benefit) | 5,849 | 4,492 | (7,336) |
Depreciation, amortization, and accretion | 12,572 | 10,162 | 1,566 |
Net change in premises and equipment due to writedown or sale | (92) | 724 | 271 |
Share-based compensation | 2,403 | 2,541 | 2,153 |
Net loss (gain) on sale or call of debt securities available for sale | 19,768 | (271) | (242) |
Net gain on sale of equity securities | (979) | 0 | 0 |
Net change in foreclosed assets due to writedown or sale | (38) | (31) | 155 |
Net gain on sale of loans held for sale | (1,166) | (1,842) | (8,052) |
Origination and participations purchased of loans held for sale | (49,166) | (90,493) | (293,235) |
Proceeds from sales of loans held for sale | 49,899 | 104,640 | 348,326 |
Increase in cash surrender value of bank-owned life insurance | (2,500) | (2,305) | (1,889) |
(Increase) decrease in deferred income taxes, net | (330) | 4,326 | 1,768 |
Bargain purchase gain | 0 | (3,769) | 0 |
Change in: | |||
Other assets | 6,420 | (37,206) | 6,615 |
Other liabilities | (929) | 38,525 | (8,032) |
Net cash provided by operating activities | 62,570 | 90,328 | 111,554 |
Investing Activities: | |||
Purchases of equity securities | (1,125) | (1,250) | 0 |
Proceeds from sales of equity securities | 2,011 | 0 | 0 |
Proceeds from sales of debt securities available for sale | 326,179 | 129,823 | 52,183 |
Proceeds from maturities and calls of debt securities available for sale | 130,740 | 142,006 | 404,894 |
Purchases of debt securities available for sale | (89,815) | (386,278) | (1,137,996) |
Proceeds from maturities and calls of debt securities held to maturity | 54,543 | 125,456 | 0 |
Net (increase) decrease in loans held for investment | (290,174) | (312,562) | 251,856 |
Purchases of premises and equipment | (4,055) | (2,663) | (2,014) |
Proceeds from sale of foreclosed assets | 184 | 795 | 2,117 |
Proceeds from sale of premises and equipment | 1,240 | 29 | 642 |
Net cash acquired in business acquisition | 0 | 31,375 | 0 |
Net cash provided by (used in) provided by investing activities | 129,728 | (273,269) | (428,318) |
Financing Activities: | |||
Deposits | (73,389) | (109,378) | 567,302 |
Short-term borrowings | (91,609) | 208,964 | (49,421) |
Payments of subordinated debt issuance costs | 0 | 0 | (9) |
Redemption of subordinated debentures | 0 | 0 | (10,835) |
Payments on finance lease liability | (183) | (164) | (145) |
Payments of Federal Home Loan Bank borrowings | (11,000) | (31,000) | (43,000) |
Proceeds from other long-term debt | 0 | 25,000 | 0 |
Payments of other long-term debt | (5,000) | (10,000) | 0 |
Taxes paid relating to the release/lapse of restriction on RSUs | (609) | (281) | (121) |
Dividends paid | (15,216) | (14,870) | (14,282) |
Repurchase of common stock | 0 | (2,725) | (11,554) |
Net cash (used in) provided by financing activities | (197,006) | 65,546 | 437,935 |
Net change in cash and cash equivalents | (4,708) | (117,395) | 121,171 |
Cash and cash equivalents at beginning of year | 86,435 | 203,830 | 82,659 |
Cash and cash equivalents at end of year | 81,727 | 86,435 | 203,830 |
Supplemental disclosures of cash flow information: | |||
Cash paid during the period for interest | 97,505 | 27,841 | 21,451 |
Cash paid during the period for income taxes, net of refunds | 3,437 | 13,222 | 17,985 |
Supplemental schedule of non-cash investing and financing activities: | |||
Transfer of loans to foreclosed assets | 3,972 | 510 | 313 |
Investment securities purchased but not settled | 0 | 0 | 2,480 |
Transfer of premises and equipment to assets held for sale | 327 | 1,349 | 0 |
Transfer of debt securities available for sale to debt securities held to maturity | 0 | 1,253,179 | 0 |
ATBancorp | |||
Non-cash assets acquired: | |||
Investment securities | 0 | 119,820 | 0 |
Total loans held for investment, net | 0 | 281,326 | 0 |
Premises and equipment | 0 | 7,363 | 0 |
Bank-owned life insurance | 0 | 7,862 | 0 |
Other assets | 0 | 6,278 | 0 |
Total non-cash assets acquired | 0 | 439,149 | 0 |
Liabilities assumed: | |||
Deposits | 0 | 463,638 | 0 |
Short-term borrowings | 0 | 1,541 | 0 |
FHLB borrowings | 0 | 250 | 0 |
Other liabilities | 0 | 1,326 | 0 |
Total liabilities assumed | 0 | 466,755 | 0 |
Core deposit intangible | ATBancorp | |||
Non-cash assets acquired: | |||
Core deposit intangible | $ 0 | $ 16,500 | $ 0 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Significant Accounting Policies | Nature of Business and Significant Accounting Policies Nature of business : MidWest One Financial Group, Inc. (the “Company”), an Iowa Corporation formed in 1983, is a bank holding company under the BHCA and a financial holding company under the GLBA. Our principal executive offices are located at 102 South Clinton Street, Iowa City, Iowa 52240. The Company owns all of the outstanding common stock of MidWest One Bank (the “Bank”), an Iowa state non-member bank chartered in 1934 with its main office in Iowa City, Iowa. We operate primarily through MidWest One Bank, our bank subsidiary, and provide services to individuals, businesses, governmental units and institutional customers through a total of 57 banking offices as of December 31, 2023 in central and eastern Iowa, the Minneapolis/St. Paul metropolitan area in Minnesota, southwestern Wisconsin, Naples and Fort Myers, Florida, and Denver, Colorado. The Bank is actively engaged in many areas of commercial banking, including: acceptance of demand, savings and time deposits; making commercial, real estate, agricultural and consumer loans, and other banking services tailored for its individual customers. The wealth management area of the Bank administers estates, personal trusts, and conservatorship accounts along with providing other management services to customers. On June 9, 2022, the Company acquired Iowa First Bancshares Corp., a bank holding company whose wholly-owned banking subsidiaries were First National Bank of Muscatine and First National Bank in Fairfield, community banks located in Muscatine and Fairfield, Iowa, respectively. Immediately following the completion of the acquisition, First National Bank of Muscatine and First National Bank in Fairfield were merged with and into the Bank. As consideration for the merger, we paid cash in the amount of $46.7 million. Accounting Estimates : The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect: (1) the reported amount of assets and liabilities, (2) the disclosure of contingent assets and liabilities at the date of the financial statements, and (3) the reported amounts of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates. Certain Significant Estimates : The allowance for credit losses, fair value of assets acquired and liabilities assumed in a business combination, and the annual impairment testing of goodwill and other intangible assets involve certain significant estimates made by management. These estimates are reviewed by management routinely, and it is reasonably possible that circumstances that exist may change in the near-term future and that the effect could be material to the consolidated financial statements. Principles of Consolidation : The consolidated financial statements include the accounts of MidWest One Financial Group, Inc., a bank holding company, and its wholly-owned subsidiary MidWest One Bank, which is a state chartered bank whose primary federal regulator is the FDIC. All significant inter-company accounts and transactions have been eliminated in consolidation. Trust assets, other than cash deposits held by the Bank in a fiduciary or agency capacity for its customers, are not included in the accompanying consolidated financial statements because such accounts are not assets of the Bank. Presentation of Cash Flows : For purposes of reporting cash flows, cash and due from banks includes cash on hand, amounts due from banks, and federal funds sold. Cash flows from loans, deposits, and short-term borrowings are reported net. Cash receipts and cash payments resulting from originations and sales of loans held for sale are classified as operating cash flows on a gross basis in the consolidated statements of cash flows. The nature of the Company’s business requires that it maintain amounts due from banks that, at times, may exceed federally insured limits. In the opinion of management, no material risk of loss exists due to the various correspondent banks’ financial condition and the fact that they are well capitalized. Investment Securities : Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. Debt securities not classified as held to maturity are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. The Company employs valuation techniques that utilize observable inputs when those inputs are available. These observable inputs reflect assumptions market participants would use in pricing the security, developed based on market data obtained from sources independent of the Company. When such information is not available, the Company employs valuation techniques which utilize unobservable inputs, or those which reflect the Company’s own assumptions about assumptions that market participants would use, based on the best information available in the circumstances. These valuation methods typically involve cash flow and other financial modeling techniques. Changes in underlying factors, assumptions, estimates, or other inputs to the valuation techniques could have a material impact on the Company’s future financial condition and results of operations. Fair value measurements are required to be classified as Level 1 (quoted prices), Level 2 (based on observable inputs) or Level 3 (based on unobservable inputs) discussed in more detail in Note 20. Estimated Fair Value of Financial Instruments and Fair Value Measurements to the consolidated financial statements. Purchase premiums and discounts are recognized in interest income using the interest method between the date of purchase and the first call date, or the maturity date of the security when there is no call date. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Held to Maturity Debt Securities - The Company evaluates debt securities held to maturity for current expected credit losses. Held-to-maturity securities are evaluated on a quarterly basis using historical probability of default and loss given default information specific to the investment category. If this evaluation determines that credit losses exist, an allowance for credit loss is recorded and included in earnings as a component of credit loss expense. The Company's mortgage-backed securities and collateralized mortgage obligations are issued by U.S. government agencies and U.S. government-sponsored enterprises and are implicitly guaranteed by the U.S. government, and as such are excluded from the credit loss evaluation. Accrued interest receivable on held to maturity debt securities is recorded within 'Other Assets,' and is excluded from the estimate of credit losses. Available for Sale Debt Securities - Available for sale debt securities are recorded at fair value. Realized gain or losses on sales of available for sale debt securities are included in earnings. Available for sale debt securities with unrealized gains are excluded from earnings and included in other comprehensive income as a separate component of shareholders’ equity, net of tax. When the fair value of an available for sale debt security falls below the amortized cost basis, it is evaluated to determine if any of the decline in value is attributable to credit loss. Decreases in fair value attributable to credit loss would be recorded directly to earnings with a corresponding allowance for credit losses, limited by the amount that the fair value is less than the amortized cost basis. If the credit quality subsequently improves the allowance would be reversed up to a maximum of the previously recorded credit losses. If the Company intends to sell an impaired available for sale debt security, or if it is more likely than not that the Company will be required to sell the security prior to recovering the amortized cost basis, the entire fair value adjustment would be immediately recognized in earnings with no corresponding allowance for credit losses. Accrued interest receivable is excluded from the estimate of credit losses. Loans : Loans are stated at the principal amount outstanding, net of purchase premiums, purchase discounts and net deferred loan fees. Net deferred loan fees include nonrefundable loan origination fees less direct loan origination costs. Net deferred loan fees, purchase premiums and purchase discounts are amortized into interest income using either the interest method or straight-line method over the terms of the loans, adjusted for actual prepayments. The interest method is used for all loans except revolving loans, for which the straight-line method is used. Interest on loans is credited to income as earned based on the principal amount outstanding. The accrual of interest on agricultural, commercial, commercial real estate, non-owner occupied residential real estate, and consumer loan segments is discontinued at the time the loan is 90 days past due, and owner occupied residential real estate loan segments at 120 days past due, unless the credit is well secured and in process of collection. Credit card loans and other personal loans are typically charged off no later than 180 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date, if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is generally accounted for on the cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company requires a loan to be charged-off, in whole or in part, as soon as it becomes apparent that some loss will be incurred, or when its collectability is sufficiently questionable that it no longer is considered a bankable asset. The primary considerations when determining if and how much of a loan should be charged-off are as follows: (1) the potential for future cash flows; (2) the value of any collateral; and (3) the strength of any co-makers or guarantors. Acquired Loans - Acquired loans are separated into two categories based on the credit risk characteristics of the underlying borrowers as either PCD, for loans which have experienced more than insignificant credit deterioration since origination, or loans with no credit deterioration (non-PCD). At the date of acquisition, an ACL on PCD loans is determined and added to the amortized cost basis of the individual loans. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. The ACL on PCD loans is recorded in the acquisition accounting and no provision for credit losses is recognized at the acquisition date. Subsequent changes to the ACL are recorded through provision expense. For non-PCD loans, an ACL is established immediately after the acquisition through a charge to the provision for credit losses. The risk characteristics of each loan portfolio segment are as follows: Agricultural - Agricultural loans, most of which are secured by crops, livestock, and machinery, are provided to finance capital improvements and farm operations as well as acquisitions of livestock and machinery. The ability of the borrower to repay may be affected by many factors outside of the borrower’s control including adverse weather conditions, loss of livestock due to disease or other factors, declines in market prices for agricultural products and the impact of government regulations. The ultimate repayment of agricultural loans is dependent upon the profitable operation or management of the agricultural entity. Collateral for these loans generally includes accounts receivable, inventory, equipment and real estate. However, depending on the overall financial condition of the borrower, some loans are made on an unsecured basis. The collateral securing these loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business. Commercial and Industrial - Commercial and industrial loans are primarily made based on the reported cash flow of the borrower and secondarily on the underlying collateral provided by the borrower. The collateral support provided by the borrower for most of these loans and the probability of repayment are based on the liquidation of the pledged collateral and enforcement of a personal guarantee, if any exists. The primary repayment risks of commercial and industrial loans are that the cash flows of the borrower may be unpredictable, and the collateral securing these loans may fluctuate in value. The size of the loans the Company can offer to commercial customers is less than the size of the loans that competitors with larger lending limits can offer. This may limit the Company’s ability to establish relationships with the largest businesses in the areas in which the Company operates. As a result, the Company may assume greater lending risks than financial institutions that have a lesser concentration of such loans and tend to make loans to larger businesses. Collateral for these loans generally includes accounts receivable, inventory, equipment and real estate. However, depending on the overall financial condition of the borrower, some loans are made on an unsecured basis. The collateral securing these loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business. In addition, a decline in the U.S. economy could harm or continue to harm the businesses of the Company’s commercial and industrial customers and reduce the value of the collateral securing these loans. Commercial Real Estate - The Company offers mortgage loans to commercial and agricultural customers for the acquisition of real estate used in their businesses, such as offices, warehouses and production facilities, and to real estate investors for the acquisition of apartment buildings, retail centers, office buildings and other commercial buildings. The market value of real estate securing commercial real estate loans can fluctuate significantly in a short period of time as a result of market conditions in the geographic area in which the real estate is located. Adverse developments affecting real estate values in one or more of the Company’s markets could increase the credit risk associated with its loan portfolio. Additionally, real estate lending typically involves higher loan principal amounts than other loans, and the repayment of the loans generally is dependent, in large part, on sufficient income from the properties securing the loans to cover operating expenses and debt service. Economic events or governmental regulations outside of the Company’s control or that of the borrower could negatively impact the future cash flow and market values of the affected properties. Residential Real Estate - The Company generally retains short-term residential mortgage loans that are originated for its own portfolio but sells most long-term loans to other parties while retaining servicing rights on the majority of those loans. The market value of real estate securing residential real estate loans can fluctuate as a result of market conditions in the geographic area in which the real estate is located. Adverse developments affecting real estate values in one or more of the Company’s markets could increase the credit risk associated with its loan portfolio. Additionally, real estate lending typically involves higher loan principal amounts than other loans, and the repayment of the loans generally is dependent, in large part, on the borrower’s continuing financial stability, and is therefore more likely to be affected by adverse personal circumstances. Consumer - Consumer loans typically have shorter terms, lower balances, higher yields and higher risks of default than real estate-related loans. Consumer loan collections are dependent on the borrower’s continuing financial stability, and are therefore more likely to be affected by adverse personal circumstances. Collateral for these loans generally includes automobiles, boats, recreational vehicles, mobile homes, and real estate. However, depending on the overall financial condition of the borrower, some loans are made on an unsecured basis. The collateral securing these loans may depreciate over time, may be difficult to recover and may fluctuate in value based on condition. In addition, a decline in the United States economy could result in reduced employment, impacting the ability of customers to repay their obligations. Loan Modifications for Borrowers Experiencing Financial Difficulty : Infrequently, the Company makes modifications to certain loans in order to alleviate temporary difficulties in the borrower’s financial condition and/or constraints on the borrower’s ability to repay a loan, and to minimize potential losses to the Company. GAAP requires that certain types of modifications be reported, including: • Principal forgiveness. • Interest rate reduction. • An other than-insignificant payment delay. • Term extension. Loans Held for Sale : Loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value, as determined by aggregate outstanding commitments from investors or current investor yield requirements. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Mortgage loans held for sale are generally sold with the mortgage servicing rights retained. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price plus the value of servicing rights, less the carrying value of the related mortgage loans sold. Allowance for Credit Losses Related to Loans Held for Investment: Under the current expected credit loss model, the allowance for credit losses is a valuation account estimated at each balance sheet date and deducted from the amortized cost basis of loans held for investment to present the net amount expected to be collected. The Company estimates the ACL based on the underlying assets’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for collection of cash and charge-offs, as well as applicable accretion or amortization of premium, discount, and net deferred fees or costs. In the event that collection of principal becomes uncertain, the Company has policies in place to reverse accrued interest in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the measurement of ACL. Expected credit losses are reflected in the allowance for credit losses through a charge to credit loss expense. When the Company deems all or a portion of a financial asset to be uncollectible, the appropriate amount is written off and the ACL is reduced by the same amount. The Company applies judgment to determine when a financial asset is deemed uncollectible; however, generally speaking, an asset will be considered uncollectible no later than when all efforts at collection have been exhausted. Subsequent recoveries, if any, are credited to the ACL when received. The Company measures expected credit losses of financial assets on a collective (pool) basis when the financial assets share similar risk characteristics. Depending on the nature of the pool of financial assets with similar risk characteristics, the Company uses a DCF method or a loss-rate method to estimate expected credit losses. The Company’s methodologies for estimating the ACL consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable, to the identified pools of financial assets with similar risk characteristics for which the historical loss experience was observed. The Company’s economic forecast assumptions revert over four quarters to historical loss driver information on a straight-line basis after four quarters. Discounted Cash Flow Method The Company uses the DCF method to estimate expected credit losses for the agricultural, commercial and industrial, CRE - construction and development, CRE - farmland, CRE - multifamily, CRE - other, RRE - owner-occupied one-to-four family first liens, RRE - nonowner-occupied one-to-four family first liens, RRE - one-to-four family junior liens, and consumer loan pools. For each of these pools, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, probability of default, and loss given default. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical internal data. The Company uses regression analysis of historical internal and peer data to determine which variables are best suited to be economic variables utilized when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the economic variables. For the loan pools utilizing the DCF method, management utilizes one or multiple of the following economic variables: Midwest unemployment, national retail sales, CRE index, US rental vacancy rate, US gross domestic product, and HPI. For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts back to a historical loss rate over four quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four quarter forecast period. Other internal and external indicators of economic forecasts are also considered by management when developing the forecast metrics. The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value of expected cash flows (“NPV”). An ACL is established for the difference between the instrument’s NPV and amortized cost basis. In addition, management utilizes qualitative factors to adjust the calculated ACL as appropriate. Qualitative factors are based on management's judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions. Loss-Rate Method The Company uses a loss-rate method to estimate expected credit losses for the credit card and overdraft pools. For each of these pools, the Company applies an expected loss ratio based on internal and peer historical losses, adjusted as appropriate for qualitative factors. Qualitative loss factors are based on management's judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions. Collateral Dependent Financial Assets Loans that do not share risk characteristics are evaluated on an individual basis. For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the fair value of the underlying collateral less estimated cost to sell. The Company’s estimate of the ACL reflects losses expected over the contractual life of the assets, adjusted for estimated prepayments or curtailments. The contractual term does not consider extensions, renewals or modifications unless the Company has identified an expected MBEFD. A loan that has been modified or renewed is considered a MBEFD when the borrower is experiencing financial difficulty. Liability for Off-Balance Sheet Credit Losses: Financial instruments include off-balance sheet credit losses, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company recognizes a liability for off-balance sheet credit losses through a charge to credit loss expense for off-balance sheet credit losses, which is included in credit loss expense in the Company’s consolidated statements of income, unless the commitments to extend credit are unconditionally cancellable. The liability for off-balance sheet credit losses is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur, and is included in other liabilities on the Company’s consolidated balance sheets. Transfers of Financial Assets : Revenue from the origination and sale of loans in the secondary market is recognized upon the transfer of financial assets and accounted for as sales when control over the assets has been surrendered. The Company also sells participation interests in some large loans originated to non-affiliated entities. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from the Company; (2) the transferee has the right to pledge or exchange the assets it received and no condition both constrains the transferee from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the transferor; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. Credit-Related Financial Instruments : In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under credit card arrangements, commitments to sell loans, commercial letters of credit and standby letters of credit. Such financial instruments are recorded when they are funded. Derivatives and Hedging Instruments : As part of its asset and liability management strategy, the Company uses derivative financial instruments to mitigate exposure to interest rate risks. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. In accordance with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Premises and Equipment : Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. The estimated useful lives and primary method of depreciation for the principal items are as follows: Years Type of Assets Minimum Maximum Depreciation Method Buildings and leasehold improvements 10 - 39 Straight-line Furniture and equipment 3 - 10 Straight-line Charges for maintenance and repairs are expensed as incurred. When assets are retired or disposed of, the related cost and accumulated depreciation are removed from the respective accounts and the resulting gain or loss is recorded. Leases : The Company determines if a lease is present at the inception of an agreement. Operating leases are capitalized at commencement and operating lease ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term and are reported in “Other assets” and “Other liabilities,” respectively, on the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Leases with original terms of less than 12 months are not capitalized. If at lease inception, the Company considers exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Foreclosed Assets, Net : Real estate properties and other assets acquired through or in lieu of foreclosure are initially recorded at fair value less estimated selling cost at the date of foreclosure, establishing a new cost basis. Fair value is determined by management by obtaining appraisals or other market value information at least annually. Any write-downs in value at the date of acquisition are charged to the allowance for credit losses. After foreclosure, valuations are periodically performed by management by obtaining updated appraisals or other market value information. Any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the updated fair value less estimated selling cost. Net costs related to the holding of properties are included in noni |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations Iowa First Bancshares Corp. On June 9, 2022, the Company acquired 100% of the equity of IOFB through a merger and acquired its wholly-owned subsidiaries FNBM and FNBF for cash consideration of $46.7 million. The primary reasons for the acquisition were to enter the Muscatine, Iowa market and increase the Company’s presence in Fairfield, Iowa. Immediately following the completion of the acquisition, FNBM and FNBF were merged with and into the Bank. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of the June 9, 2022 acquisition date, net of any applicable tax effects using a methodology similar to the Company's legacy assets and liabilities (refer to Note 20. Estimated Fair Value of Financial Instruments and Fair Value Measurements for additional information regarding the fair value methodology). The bargain purchase gain, which is recorded in 'Other' noninterest income, was generated as a result of the estimated fair value of identifiable net assets acquired exceeding the merger consideration. Bargain purchase gains are recorded net of deferred taxes and are treated as permanent differences, resulting in a lower effective tax rate in the period recorded. The revenue and earnings amount specific to IOFB since the acquisition date that are included in the consolidated results for the year ended December 31, 2022 are not readily determinable. The disclosures of these amounts are impracticable due to the merging of certain processes and systems at the acquisition date. The table below summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. (in thousands) June 9, 2022 Merger consideration Cash consideration $ 46,672 Identifiable net assets acquired, at fair value Assets acquired Cash and due from banks $ 10,192 Interest earning deposits in banks 67,855 Debt securities 119,820 Loans held for investment 281,326 Premises and equipment 7,363 Core deposit intangible 16,500 Other assets 14,140 Total assets acquired 517,196 Liabilities assumed Deposits $ (463,638) Other liabilities (3,117) Total liabilities assumed (466,755) Identifiable net assets acquired, at fair value 50,441 Bargain Purchase Gain $ 3,769 Of the $281.3 million net loans acquired, $11.0 million exhibited credit deterioration on the date of purchase. The following table provides a summary of these PCD loans at acquisition: (in thousands) June 9, 2022 Par value of PCD loans acquired $ 15,396 PCD ACL at acquisition (3,371) Non-credit discount on PCD loans (1,005) Purchase price of PCD loans $ 11,020 For illustrative purposes only, the following table presents certain unaudited pro forma information for the years ended December 31, 2022 and 2021. This unaudited, estimated pro forma information was calculated as if IOFB had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of IOFB and the Company and includes adjustments for the estimated impact of certain fair value purchase accounting, interest expense, acquisition-related expenses, and income tax expense for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. Additionally, MidWest One expects to achieve further operating cost savings and other business synergies, including revenue growth as a result of the acquisition, which are not reflected in the pro forma amounts that follow. As a result, actual amounts would have differed from the unaudited pro forma information presented. Unaudited Pro Forma for the Years Ended December 31, (in thousands, except per share amounts) 2022 2021 Total revenues $ 217,157 $ 223,317 Net Income $ 61,451 $ 71,376 EPS - basic $ 3.93 $ 4.50 EPS - diluted $ 3.91 $ 4.49 The following table summarizes DNVB acquisition-related expenses incurred in the year ended December 31, 2023, and IOFB acquisition-related expenses incurred in the years ended December 31, 2022 and December 30, 2021: Years Ended December 31, (in thousands) 2023 2022 2021 Noninterest Expense Compensation and employee benefits $ 70 $ 471 $ — Occupancy expense of premises, net — 1 — Equipment — 29 18 Legal and professional 191 948 202 Data processing 65 511 — Marketing 38 164 2 Communications — 3 — Other 28 74 2 Total acquisition-related expenses $ 392 $ 2,201 $ 224 |
Debt Securities
Debt Securities | 12 Months Ended |
Dec. 31, 2023 | |
Debt Securities [Abstract] | |
Debt Securities | Debt Securities On January 1, 2022, the Company transferred, at fair value, $1.25 billion of mortgage-backed securities, collateralized mortgage obligations, and securities issued by state and political subdivisions from the available for sale classification to the held to maturity classification. The net unrealized after tax loss of $11.5 million associated with those re-classified securities remained in accumulated other comprehensive loss and will be amortized over the remaining life of the securities. At December 31, 2023, there was $7.0 million of net unrealized after tax loss remaining in accumulated other comprehensive loss. No gains or losses were recognized in earnings at the time of the transfer. The following tables summarize the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities as of the dates indicated: As of December 31, 2023 Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Loss related to Debt Securities Fair Value (in thousands) Available for Sale State and political subdivisions $ 139,482 $ 2 $ 9,345 $ — $ 130,139 Mortgage-backed securities 5,448 5 142 — 5,311 Collateralized loan obligations 50,541 135 239 — 50,437 Collateralized mortgage obligations 190,304 — 21,108 — 169,196 Corporate debt securities 487,361 57 47,367 — 440,051 Total available for sale debt securities $ 873,136 $ 199 $ 78,201 $ — $ 795,134 Held to Maturity State and political subdivisions $ 532,422 $ — $ 65,932 $ — $ 466,490 Mortgage-backed securities 74,904 — 11,635 — 63,269 Collateralized mortgage obligations 467,864 — 102,360 — 365,504 Total held to maturity debt securities $ 1,075,190 $ — $ 179,927 $ — $ 895,263 (1) Amortized cost for the held to maturity securities includes $0.2 million of unamortized gain in state and political subdivisions, $58.0 thousand of unamortized gains in mortgage-backed securities and $9.7 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022. As of December 31, 2022 Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Loss related to Debt Securities Fair Value (in thousands) Available for Sale U.S. Government agencies and corporations $ 7,598 $ — $ 253 $ — $ 7,345 State and political subdivisions 303,573 27 18,244 — 285,356 Mortgage-backed securities 6,165 11 232 — 5,944 Collateralized mortgage obligations 172,568 — 25,375 — 147,193 Corporate debt securities 771,836 125 64,252 — 707,709 Total debt securities $ 1,261,740 $ 163 $ 108,356 $ — $ 1,153,547 Held to Maturity State and political subdivisions $ 538,746 $ — $ 88,349 $ — $ 450,397 Mortgage-backed securities 81,032 — 12,851 — 68,181 Collateralized mortgage obligations 509,643 — 103,327 — 406,316 Total held to maturity debt securities $ 1,129,421 $ — $ 204,527 $ — $ 924,894 (1) Amortized cost for the held to maturity securities includes $0.2 million of unamortized gain in state and political subdivisions, $36 thousand of unamortized losses in mortgage-backed securities and $11.9 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022. Investment securities with a fair value of $1.16 billion and $690.2 million at December 31, 2023 and December 31, 2022, respectively, were pledged on public deposits, securities sold under agreements to repurchase and for other purposes, as required or permitted by law. Accrued interest receivable on available for sale debt securities and held to maturity debt securities is recorded within 'Other Assets,' and is excluded from the estimate of credit losses. At December 31, 2023 the accrued interest receivable on available for sale debt securities and held to maturity debt securities totaled $5.5 million and $3.7 million, respectively. At December 31, 2022 the accrued interest receivable on available for sale and held to maturity debt securities totaled $7.6 million and $3.7 million, respectively. The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded at December 31, 2023, aggregated by investment category and length of time in a continuous loss position: As of December 31, 2023 Number of Less than 12 Months 12 Months or More Total Available for Sale Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands, except number of securities) State and political subdivisions 149 $ 8,417 $ 492 $ 114,713 $ 8,853 $ 123,130 $ 9,345 Mortgage-backed securities 19 — — 4,906 142 4,906 142 Collateralized loan obligations 2 17,696 239 — — 17,696 239 Collateralized mortgage obligations 20 6,278 90 127,792 21,018 134,070 21,108 Corporate debt securities 133 2,377 80 429,222 47,287 431,599 47,367 Total 323 $ 34,768 $ 901 $ 676,633 $ 77,300 $ 711,401 $ 78,201 As of December 31, 2023, 149 state and political subdivisions securities with total unrealized losses of $9.3 million were held by the Company. Management evaluated these securities through a process that included consideration of credit agency ratings and payment history. In addition, management evaluated securities by considering the yield spread to treasury securities and the most recent financial information available. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses. As of December 31, 2023, 19 mortgage-backed securities and 20 collateralized mortgage obligations with unrealized losses totaling $21.3 million were held by the Company. Management evaluated the payment history of these securities. In addition, management considered the implied U.S. government guarantee of these agency securities, the level of credit enhancement, and credit agency ratings for non-agency securities. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses. As of December 31, 2023, 2 collateralized loan obligations with unrealized losses of $239 thousand were held by the Company. Management evaluated these securities through a process that included consideration of credit agency ratings, priority of cash flows and the amount of over-collateralization. In addition, management may evaluate securities by considering the yield spread to treasury securities and the most recent financial information available. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses. As of December 31, 2023, 133 corporate debt securities with total unrealized losses of $47.4 million were held by the Company. Management evaluated these securities by considering credit agency ratings and payment history. In addition, management evaluated securities by considering the yield spread to treasury securities and the most recent financial information available. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses. The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2022, aggregated by investment category and length of time in a continuous loss position. As of December 31, 2022 Number Less than 12 Months 12 Months or More Total Available for Sale Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands, except number of securities) U.S. Government agencies and corporations 8 $ 7,345 $ 253 $ — $ — $ 7,345 $ 253 State and political subdivisions 380 248,339 14,553 20,631 3,691 268,970 18,244 Mortgage-backed securities 27 5,323 231 45 1 5,368 232 Collateralized mortgage obligations 20 75,041 7,121 72,152 18,254 147,193 25,375 Corporate debt securities 159 369,441 21,679 288,329 42,573 657,770 64,252 Total 594 $ 705,489 $ 43,837 $ 381,157 $ 64,519 $ 1,086,646 $ 108,356 The Company evaluates debt securities held to maturity for current expected credit losses. There were no debt securities held to maturity classified as nonaccrual or past due as of December 31, 2023. Held-to-maturity securities are evaluated on a quarterly basis using historical probability of default and loss given default information specific to the investment category. If this evaluation determines that credit losses exist, an allowance for credit loss is recorded and included in earnings as a component of credit loss expense. Based on this evaluation, management concluded that no allowance for credit loss for these securities was required. Proceeds and gross realized gains and losses on debt securities available for sale for the years ended December 31, 2023, 2022 and 2021, were as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Proceeds from sales of debt securities available for sale $ 326,179 $ 129,823 $ 52,183 Gross realized gains from sales of debt securities available for sale — — 940 Gross realized losses from sales of debt securities available for sale (19,844) (167) (791) Net realized (loss) gain from sales of debt securities available for sale (1) $ (19,844) $ (167) $ 149 (1) The difference in investment security (losses) gains, net reported herein as compared to the Consolidated Statements of Income is associated with the net realized gain from the call or maturity of debt securities of $76 thousand, $438 thousand and $93 thousand for the years ended December 31, 2023, 2022, and 2021, respectively, and net realized gain from the sale of equity securities of $979 thousand for the year ended December 31, 2023. The contractual maturity distribution of investment debt securities at December 31, 2023, is shown below. Expected maturities of MBS, CLO, and CMO may differ from contractual maturities because the mortgages underlying the securities may be called or prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following summary. Available For Sale Held to Maturity (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 65,818 $ 64,730 $ 2,537 $ 2,502 Due after one year through five years 383,566 353,730 146,159 133,315 Due after five years through ten years 149,458 127,771 231,104 200,270 Due after ten years 28,001 23,959 152,622 130,403 $ 626,843 $ 570,190 $ 532,422 $ 466,490 Mortgage-backed securities 5,448 5,311 74,904 63,269 Collateralized loan obligations 50,541 50,437 — — Collateralized mortgage obligations 190,304 169,196 467,864 365,504 Total $ 873,136 $ 795,134 $ 1,075,190 $ 895,263 |
Loans Receivable and the Allowa
Loans Receivable and the Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable and the Allowance for Credit Losses | Loans Receivable and the Allowance for Credit Losses The composition of loans by class of receivable was as follows: As of December 31, (in thousands) 2023 2022 Agricultural $ 118,414 $ 115,320 Commercial and industrial 1,075,003 1,055,162 Commercial real estate: Construction & development 323,195 270,991 Farmland 184,955 183,913 Multifamily 383,178 252,129 Commercial real estate-other 1,333,982 1,272,985 Total commercial real estate 2,225,310 1,980,018 Residential real estate: One- to four- family first liens 459,798 451,210 One- to four- family junior liens 180,639 163,218 Total residential real estate 640,437 614,428 Consumer 67,783 75,596 Loans held for investment, net of unearned income 4,126,947 3,840,524 Allowance for credit losses (51,500) (49,200) Total loans held for investment, net $ 4,075,447 $ 3,791,324 Loans with unpaid principal in the amount of $1.13 billion and $1.01 billion at December 31, 2023 and December 31, 2022, respectively, were pledged to the FHLB as collateral for borrowings. Non-accrual and Delinquent Status Loans are placed on non-accrual when (1) payment in full of principal and interest is no longer expected or (2) principal or interest has been in default for 90 days or more for all loan types, except owner occupied residential real estate, which are moved to non-accrual at 120 days or more past due, unless the loan is both well secured with marketable collateral and in the process of collection. All loans rated doubtful or worse, and certain loans rated substandard, are placed on non-accrual. A non-accrual loan may be restored to an accrual status when (1) all past due principal and interest has been paid (excluding renewals and modifications that involve the capitalizing of interest) or (2) the loan becomes well secured with marketable collateral and is in the process of collection. An established track record of performance is also considered when determining accrual status. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. The following tables present the amortized cost basis of loans based on delinquency status: Age Analysis of Past-Due Financial Assets (in thousands) Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total 90 Days or More Past Due and Accruing December 31, 2023 Agricultural $ 117,852 $ 338 $ — $ 224 $ 118,414 $ — Commercial and industrial 1,058,301 440 401 15,861 1,075,003 — Commercial real estate: Construction & development 323,165 30 — — 323,195 — Farmland 182,759 677 352 1,167 184,955 — Multifamily 383,178 — — — 383,178 — Commercial real estate-other 1,327,727 2,129 1,290 2,836 1,333,982 — Total commercial real estate 2,216,829 2,836 1,642 4,003 2,225,310 — Residential real estate: One- to four- family first liens 453,212 3,572 1,741 1,273 459,798 468 One- to four- family junior liens 179,339 356 690 254 180,639 — Total residential real estate 632,551 3,928 2,431 1,527 640,437 468 Consumer 67,622 118 28 15 67,783 — Total $ 4,093,155 $ 7,660 $ 4,502 $ 21,630 $ 4,126,947 $ 468 December 31, 2022 Agricultural $ 114,922 $ 100 $ — $ 298 $ 115,320 $ — Commercial and industrial 1,052,406 922 111 1,723 1,055,162 — Commercial real estate: Construction & development 270,905 86 — — 270,991 — Farmland 182,115 729 — 1,069 183,913 — Multifamily 252,129 — — — 252,129 — Commercial real estate-other 1,266,874 5,574 45 492 1,272,985 — Total commercial real estate 1,972,023 6,389 45 1,561 1,980,018 — Residential real estate: One- to four- family first liens 446,066 3,177 954 1,013 451,210 565 One- to four- family junior liens 161,989 301 78 850 163,218 — Total residential real estate 608,055 3,478 1,032 1,863 614,428 565 Consumer 75,443 110 17 26 75,596 — Total $ 3,822,849 $ 10,999 $ 1,205 $ 5,471 $ 3,840,524 $ 565 The following table presents the amortized cost basis of loans on non-accrual status, amortized cost basis of loans on non-accrual status with no allowance for credit losses recorded, and loans past due 90 days or more and still accruing by class of loan: Nonaccrual Nonaccrual with no Allowance for Credit Losses 90 Days or More Past Due And Accruing (in thousands) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Agricultural $ 235 $ 377 $ 12 $ 281 $ — $ — Commercial and industrial 17,770 2,728 12,549 1,049 — — Commercial real estate: Construction and development — — — — — — Farmland 1,654 2,278 1,490 1,997 — — Multifamily — — — — — — Commercial real estate-other 3,441 6,397 853 5,647 — — Total commercial real estate 5,095 8,675 2,343 7,644 — — Residential real estate: One- to four- family first liens 1,888 2,275 455 928 468 565 One- to four- family junior liens 876 1,165 — — — — Total residential real estate 2,764 3,440 455 928 468 565 Consumer 27 36 — — — — Total $ 25,891 $ 15,256 $ 15,359 $ 9,902 $ 468 $ 565 The interest income recognized on loans that were on nonaccrual for the years ended December 31, 2023 and December 31, 2022 is $0.7 million and $0.5 million, respectively. Credit Quality Information The Company aggregates loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, and other factors. The Company analyzes loans individually to classify the loans as to credit risk. This analysis includes non-homogenous loans, such as agricultural, commercial and industrial, commercial real estate and non-owner occupied residential real estate loans. Loans not meeting the criteria described below that are analyzed individually are considered to be pass-rated. The Company uses the following definitions for risk ratings: Special Mention/Watch - A special mention/watch asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Special mention/watch assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Substandard - Substandard loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. Loss - Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. Homogenous loans, including owner occupied residential real estate and consumer loans, are not individually risk rated. Instead, these loans are categorized based on performance: performing and nonperforming. Nonperforming loans include those loans on nonaccrual and loans greater than 90 days past due and on accrual. The following table sets forth the amortized cost basis of loans by class of receivable by credit quality indicator, and vintage, in addition to the current period gross write-offs by class of receivable and vintage, based on the most recent analysis performed, as of December 31, 2023. As of December 31, 2023, there were no 'loss' rated credits. Term Loans by Origination Year Revolving Loans December 31, 2023 (in thousands) 2023 2022 2021 2020 2019 Prior Total Agricultural Pass $ 11,859 $ 12,149 $ 8,352 $ 2,752 $ 689 $ 1,139 $ 71,680 $ 108,620 Special mention / watch 266 550 670 91 5 522 3,705 5,809 Substandard 709 193 302 208 — 224 2,349 3,985 Doubtful — — — — — — — — Total $ 12,834 $ 12,892 $ 9,324 $ 3,051 $ 694 $ 1,885 $ 77,734 $ 118,414 Commercial and industrial Pass $ 176,021 $ 224,924 $ 193,011 $ 117,326 $ 25,555 $ 116,661 $ 147,690 $ 1,001,188 Special mention / watch 2,541 416 3,209 3,385 193 272 14,692 24,708 Substandard 897 2,921 2,010 561 8,507 29,432 4,779 49,107 Doubtful — — — — — — — — Total $ 179,459 $ 228,261 $ 198,230 $ 121,272 $ 34,255 $ 146,365 $ 167,161 $ 1,075,003 CRE - Construction and development Pass $ 99,803 $ 163,126 $ 43,189 $ 3,393 $ 821 $ 700 $ 9,552 $ 320,584 Special mention / watch 1,097 — 464 — — — 467 2,028 Substandard 343 240 — — — — — 583 Doubtful — — — — — — — — Total $ 101,243 $ 163,366 $ 43,653 $ 3,393 $ 821 $ 700 $ 10,019 $ 323,195 CRE - Farmland Pass $ 25,666 $ 44,907 $ 47,068 $ 18,863 $ 6,587 $ 14,845 $ 1,642 $ 159,578 Special mention / watch 1,229 6,898 2,409 5,982 — 965 276 17,759 Substandard 1,830 210 1,542 1,052 926 2,029 29 7,618 Doubtful — — — — — — — — Total $ 28,725 $ 52,015 $ 51,019 $ 25,897 $ 7,513 $ 17,839 $ 1,947 $ 184,955 CRE - Multifamily Pass $ 32,077 $ 96,969 $ 111,032 $ 77,532 $ 8,701 $ 6,508 $ 4,208 $ 337,027 Special mention / watch 5,318 1,237 277 18,984 7,850 4,586 — 38,252 Substandard — — 7,572 327 — — — 7,899 Doubtful — — — — — — — — Total $ 37,395 $ 98,206 $ 118,881 $ 96,843 $ 16,551 $ 11,094 $ 4,208 $ 383,178 CRE - Other Pass $ 199,698 $ 295,066 $ 256,718 $ 250,676 $ 77,509 $ 90,170 $ 51,827 $ 1,221,664 Special mention / watch 364 1,306 3,300 4,823 4,282 2,395 3,856 20,326 Substandard 325 26,555 19,253 19,103 8,242 17,876 638 91,992 Doubtful — — — — — — — — Total $ 200,387 $ 322,927 $ 279,271 $ 274,602 $ 90,033 $ 110,441 $ 56,321 $ 1,333,982 RRE - One- to four- family first liens Pass/Performing $ 62,644 $ 125,777 $ 92,767 $ 54,028 $ 19,674 $ 81,660 $ 13,283 $ 449,833 Special mention / watch 629 716 36 620 1,827 319 — 4,147 Substandard/Nonperforming 1,156 191 738 165 164 3,404 — 5,818 Doubtful — — — — — — — — Total $ 64,429 $ 126,684 $ 93,541 $ 54,813 $ 21,665 $ 85,383 $ 13,283 $ 459,798 RRE - One- to four- family junior liens Performing $ 23,551 $ 29,919 $ 18,733 $ 7,292 $ 2,590 $ 7,867 $ 89,810 $ 179,762 Nonperforming — 192 — 25 23 637 — 877 Total $ 23,551 $ 30,111 $ 18,733 $ 7,317 $ 2,613 $ 8,504 $ 89,810 $ 180,639 Consumer Performing $ 26,028 $ 14,319 $ 10,042 $ 4,421 $ 1,451 $ 7,350 $ 4,145 $ 67,756 Nonperforming — 22 — — 3 2 — 27 Total $ 26,028 $ 14,341 $ 10,042 $ 4,421 $ 1,454 $ 7,352 $ 4,145 $ 67,783 Term Loans by Origination Year Revolving Loans December 31, 2023 (in thousands) 2023 2022 2021 2020 2019 Prior Total Total by Credit Quality Indicator Category Pass $ 607,768 $ 962,918 $ 752,137 $ 524,570 $ 139,536 $ 311,683 $ 299,882 $ 3,598,494 Special mention / watch 11,444 11,123 10,365 33,885 14,157 9,059 22,996 113,029 Substandard 5,260 30,310 31,417 21,416 17,839 52,965 7,795 167,002 Doubtful — — — — — — — — Performing 49,579 44,238 28,775 11,713 4,041 15,217 93,955 247,518 Nonperforming — 214 — 25 26 639 — 904 Total $ 674,051 $ 1,048,803 $ 822,694 $ 591,609 $ 175,599 $ 389,563 $ 424,628 $ 4,126,947 Term Loans by Origination Year Revolving Loans December 31, 2023 (in thousands) 2023 2022 2021 2020 2019 Prior Total Year-to-date Current Period Gross Write-offs Agricultural $ — $ 8 $ 1 $ 17 $ 2 $ — $ — $ 28 Commercial and industrial 239 343 223 133 464 45 — 1,447 CRE - Construction and development — — — — — — — — CRE - Farmland — — — — — — — — CRE - Multifamily — — — — — — — — CRE - Other — — — — — 2,337 — 2,337 RRE - One-to-four-family first liens — — — — — 36 — 36 RRE - One-to-four-family junior liens — 19 — — — — — 19 Consumer — 621 30 12 12 10 685 Total Current Period Gross Write-offs $ 239 $ 991 $ 254 $ 162 $ 478 $ 2,428 $ — $ 4,552 The following table sets forth the amortized cost basis of loans by class of receivable by credit quality indicator and vintage based on the most recent analysis performed, as of December 31, 2022. As of December 31, 2022, there were no 'loss' rated credits. Term Loans by Origination Year Revolving Loans December 31, 2022 (in thousands) 2022 2021 2020 2019 2018 Prior Total Agricultural Pass $ 20,279 $ 12,511 $ 5,398 $ 2,883 $ 939 $ 1,063 $ 65,395 $ 108,468 Special mention / watch 143 1,012 115 36 — 604 1,655 3,565 Substandard 48 646 366 4 7 302 1,914 3,287 Doubtful — — — — — — — — Total $ 20,470 $ 14,169 $ 5,879 $ 2,923 $ 946 $ 1,969 $ 68,964 $ 115,320 Commercial and industrial Pass $ 262,500 $ 232,263 $ 151,567 $ 48,199 $ 27,680 $ 115,877 $ 163,205 $ 1,001,291 Special mention / watch 3,975 3,574 5,465 592 3,299 1,864 12,299 31,068 Substandard 556 166 1,172 756 556 18,585 1,012 22,803 Doubtful — — — — — — — — Total $ 267,031 $ 236,003 $ 158,204 $ 49,547 $ 31,535 $ 136,326 $ 176,516 $ 1,055,162 CRE - Construction and development Pass $ 144,597 $ 73,832 $ 19,324 $ 989 $ 1,058 $ 549 $ 28,069 $ 268,418 Special mention / watch 1,787 499 — — — — — 2,286 Substandard 281 — — — — 6 — 287 Doubtful — — — — — — — — Total $ 146,665 $ 74,331 $ 19,324 $ 989 $ 1,058 $ 555 $ 28,069 $ 270,991 CRE - Farmland Pass $ 55,251 $ 52,802 $ 28,744 $ 7,266 $ 8,406 $ 12,895 $ 1,946 $ 167,310 Special mention / watch 3,058 2,229 1,470 — 225 21 1,693 8,696 Substandard 148 1,974 1,192 1,136 1,459 1,998 — 7,907 Doubtful — — — — — — — — Total $ 58,457 $ 57,005 $ 31,406 $ 8,402 $ 10,090 $ 14,914 $ 3,639 $ 183,913 CRE - Multifamily Pass $ 31,018 $ 93,907 $ 84,573 $ 17,137 $ 2,549 $ 5,161 $ 49 $ 234,394 Special mention / watch 1,000 — 1,567 — 5,931 1,178 — 9,676 Substandard — 7,725 334 — — — — 8,059 Doubtful — — — — — — — — Total $ 32,018 $ 101,632 $ 86,474 $ 17,137 $ 8,480 $ 6,339 $ 49 $ 252,129 CRE - Other Pass $ 322,753 $ 314,376 $ 296,368 $ 79,408 $ 31,041 $ 81,708 $ 51,064 $ 1,176,718 Special mention / watch 8,858 3,399 13,245 10,365 1,137 8,122 2,518 47,644 Substandard 752 589 19,702 13,294 10,197 4,089 — 48,623 Doubtful — — — — — — — — Total $ 332,363 $ 318,364 $ 329,315 $ 103,067 $ 42,375 $ 93,919 $ 53,582 $ 1,272,985 RRE - One- to four- family first liens Pass/ performing $ 139,289 $ 103,534 $ 63,627 $ 23,831 $ 21,868 $ 77,967 $ 11,438 441,554 Special mention / watch 1,074 611 672 1,920 150 702 — 5,129 Substandard/ nonperforming 175 438 174 175 674 2,891 — 4,527 Doubtful — — — — — — — — Total $ 140,538 $ 104,583 $ 64,473 $ 25,926 $ 22,692 $ 81,560 $ 11,438 $ 451,210 RRE - One- to four- family junior liens Performing $ 37,296 $ 22,908 $ 8,906 $ 3,058 $ 3,757 $ 6,330 $ 79,798 $ 162,053 Nonperforming — 23 31 179 756 76 100 1,165 Total $ 37,296 $ 22,931 $ 8,937 $ 3,237 $ 4,513 $ 6,406 $ 79,898 $ 163,218 Consumer Performing $ 32,584 $ 18,979 $ 7,966 $ 3,489 $ 1,646 $ 6,641 $ 4,255 $ 75,560 Nonperforming — 2 16 9 4 5 — 36 Total $ 32,584 $ 18,981 $ 7,982 $ 3,498 $ 1,650 $ 6,646 $ 4,255 $ 75,596 Total by Credit Quality Indicator Category Pass $ 975,687 $ 883,225 $ 649,601 $ 179,713 $ 93,541 $ 295,220 $ 321,166 $ 3,398,153 Special mention / watch 19,895 11,324 22,534 12,913 10,742 12,491 18,165 108,064 Substandard 1,960 11,538 22,940 15,365 12,893 27,871 2,926 95,493 Doubtful — — — — — — — — Performing 69,880 41,887 16,872 6,547 5,403 12,971 84,053 237,613 Nonperforming — 25 47 188 760 81 100 1,201 Total $ 1,067,422 $ 947,999 $ 711,994 $ 214,726 $ 123,339 $ 348,634 $ 426,410 $ 3,840,524 Allowance for Credit Losses The following are the economic factors utilized by the Company for its loan credit loss estimation process at December 31, 2023, and the forecast for each factor at that date: (1) Midwest unemployment – increases over the next four forecasted quarters; (2) Year-to-year change in national retail sales - increases over the next four forecasted quarters; (3) Year-to-year change in CRE Index - decreases in the next four forecasted quarters; (4) Year-to-year change in U.S. GDP - increases over the next four forecasted quarters; (5) Year-to-year change in National Home Price Index – increases over the next two forecasted quarters, with declines in the third and fourth forecasted quarters; and (6) rental vacancy - increases over the next four forecasted quarters. In addition, management utilized qualitative factors to adjust the calculated ACL as appropriate. Qualitative factors are based on management’s judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions. The increase in the ACL between the years ended December 31, 2022 and December 31, 2023 was driven by loan growth, as well as reserves related to loans individually evaluated for impairment. Net loan charge-offs were $3.7 million for the year ended December 31, 2023, as compared to net loan charge-offs of $6.6 million for the year ended December 31, 2022. We have made a policy election to report interest receivable as a separate line on the balance sheet. Accrued interest receivable, which is recorded within 'Other Assets' totaled $19.7 million and $15.3 million at December 31, 2023 and December 31, 2022, respectively and is excluded from the estimate of credit losses. The changes in the allowance for credit losses by portfolio segment were as follows: For the Years Ended December 31, 2023, 2022 and 2021 (in thousands) Agricultural Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer Total 2023 Beginning balance $ 923 $ 22,855 $ 20,123 $ 4,678 $ 621 $ 49,200 Charge-offs (28) (1,447) (2,337) (55) (685) (4,552) Recoveries 203 373 20 27 180 803 Credit loss expense (benefit) (1) (485) (38) 5,953 112 507 6,049 Ending balance $ 613 $ 21,743 $ 23,759 $ 4,762 $ 623 $ 51,500 2022 Beginning balance $ 667 $ 17,294 $ 26,120 $ 4,010 $ 609 $ 48,700 PCD allowance established in acquisition 512 1,473 1,227 159 — $ 3,371 Charge-offs (326) (2,051) (4,328) (195) (756) (7,656) Recoveries 11 682 160 86 154 1,093 Credit loss expense (benefit) (1) 59 5,457 (3,056) 618 614 3,692 Ending balance $ 923 $ 22,855 $ 20,123 $ 4,678 $ 621 $ 49,200 2021 Beginning balance $ 1,346 $ 15,689 $ 32,640 $ 4,882 $ 943 $ 55,500 Charge-offs (170) (1,015) (602) (107) (438) (2,332) Recoveries 149 1,604 742 88 185 2,768 Credit loss expense (benefit) (1) (658) 1,016 (6,660) (853) (81) (7,236) Ending balance $ 667 $ 17,294 $ 26,120 $ 4,010 $ 609 $ 48,700 (1) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss benefit of $0.2 million, credit loss expense of $0.8 million, and credit loss benefit of $0.1 million related to off-balance sheet credit exposures for the years ended December 31, 2023, December 31, 2022, and December 30, 2021, respectively. The composition of allowance for credit losses by portfolio segment based on evaluation method was as follows: As of December 31, 2023 (in thousands) Agricultural Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer Total Loans held for investment, net of unearned income Individually evaluated for impairment $ 11 $ 17,231 $ 10,932 $ 983 $ — $ 29,157 Collectively evaluated for impairment 118,403 1,057,772 2,214,378 639,454 67,783 4,097,790 Total $ 118,414 $ 1,075,003 $ 2,225,310 $ 640,437 $ 67,783 $ 4,126,947 Allowance for credit losses Individually evaluated for impairment $ — $ 2,616 $ 705 $ 16 $ — $ 3,337 Collectively evaluated for impairment 613 19,127 23,054 4,746 623 48,163 Total $ 613 $ 21,743 $ 23,759 $ 4,762 $ 623 $ 51,500 As of December 31, 2022 (in thousands) Agricultural Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer Total Loans held for investment, net of unearned income Individually evaluated for impairment $ 2,531 $ 2,184 $ 15,768 $ 1,650 $ — $ 22,133 Collectively evaluated for impairment 112,789 1,052,978 1,964,250 612,778 75,596 3,818,391 Total $ 115,320 $ 1,055,162 $ 1,980,018 $ 614,428 $ 75,596 $ 3,840,524 Allowance for loan losses Individually evaluated for impairment $ 500 $ 600 $ 705 $ 180 $ — $ 1,985 Collectively evaluated for impairment 423 22,255 19,418 4,498 621 47,215 Total $ 923 $ 22,855 $ 20,123 $ 4,678 $ 621 $ 49,200 The following tables present the amortized cost basis of collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans: As of December 31, 2023 Primary Type of Collateral (in thousands) Real Estate Equipment Other Total ACL Allocation Agricultural $ 11 $ — $ — $ 11 $ — Commercial and industrial 15,991 — 1,240 17,231 2,616 Commercial real estate: Construction and development — — — — — Farmland 5,403 — — 5,403 — Multifamily — — — — — Commercial real estate-other 5,350 — 179 5,529 705 Residential real estate: One- to four- family first liens 481 — — 481 — One- to four- family junior liens — — 502 502 16 Consumer — — — — — Total $ 27,236 $ — $ 1,921 $ 29,157 $ 3,337 As of December 31, 2022 Primary Type of Collateral (in thousands) Real Estate Equipment Other Total ACL Allocation Agricultural $ 68 $ 2,463 $ — $ 2,531 $ 500 Commercial and industrial 856 736 592 2,184 600 Commercial real estate: Construction and development — — — — — Farmland 4,515 — — 4,515 — Multifamily — — — — — Commercial real estate-other 11,006 — 247 11,253 705 Residential real estate: One- to four- family first liens 929 — — 929 — One- to four- family junior liens — — 721 721 180 Consumer — — — — — Total $ 17,374 $ 3,199 $ 1,560 $ 22,133 $ 1,985 Loan Modifications to Borrowers Experiencing Financial Difficulty Occasionally, the Company may modify loans to borrowers who are experiencing financial difficulty. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, term extension, an other-than-insignificant payment delay, interest rate reduction, or combination thereof. The following table presents the amortized cost basis of loans as of December 31, 2023 that were modified during the year ended December 31, 2023 and experiencing financial difficulty at the time of the modification by class and by type of modification: Combination: (dollars in thousands) Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Term Extension & Interest Rate Reduction Principal Forgiveness & Term Extension Principal Forgiveness, Term Extension, & Interest Rate Reduction Payment Delay & Term Extension Total Class of Financing Receivable Agricultural $ — $ 10 $ — $ — $ — $ — $ — $ — 0.01 % Commercial and industrial — 260 2,888 — 95 300 — 185 0.35 % CRE - Construction and development — — 583 — — — — — 0.18 % CRE - Farmland — — 1,823 — — — — — 0.99 % CRE - Multifamily — — — — — — — — — % CRE - Other — 5,468 1,165 — — — — — 0.50 % RRE - One- to four- family first liens — — — — — — — — — % RRE - One- to four- family junior liens — — 14 — — — — — 0.01 % Consumer — — — — — — — — — % Total $ — $ 5,738 $ 6,473 $ — $ 95 $ 300 $ — $ 185 The Company has no additional commitment to lend amounts to the borrowers included in the previous table as of December 31, 2023. For the year ended December 31, 2023, the Company had 17 modified loans totaling $1.4 million to borrowers experiencing financial difficulty that redefaulted within 12 months subsequent to the modification. The following table presents the performance as of December 31, 2023 of loans that were modified while the borrower was experiencing financial difficulty at the time of modification in the last 12 months: (in thousands) Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Agricultural $ — $ 10 $ — $ — $ 10 Commercial and industrial 3,653 — — 75 3,728 CRE - Construction and development 583 — — — 583 CRE - Farmland 1,471 — 352 — 1,823 CRE - Multifamily — — — — — CRE - Other 6,633 — — — 6,633 RRE - One- to four- family first liens — — — — — RRE - One- to four- family junior liens 14 — — — 14 Consumer — — — — — Total $ 12,354 $ 10 $ 352 $ 75 $ 12,791 The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the year ended December 31, 2023: (dollars in thousands) Principal Forgiveness Weighted Average Interest Rate Reduction Weighted Average Term Extension (Months) Commercial and industrial $ 63 1.25 % 7.4 CRE - Construction and development — — % 15.9 CRE - Farmland — — % 1.3 CRE - Other 18 — % 5.6 RRE - One- to four- family first liens — — % 3.9 RRE - One- to four- family junior liens — — % 49.8 Total $ 81 1.25 % 5.3 |
Derivatives, Hedging Activities
Derivatives, Hedging Activities and Balance Sheet Offsetting | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Hedging Activities and Balance Sheet Offsetting | Derivatives, Hedging Activities and Balance Sheet Offsetting The following table presents the total notional amounts and gross fair values of the Company’s derivatives as of the dates indicated. The derivative asset and liability balances are presented on a gross basis, prior to the application of master netting agreements, as included in other assets and other liabilities, respectively, on the consolidated balance sheets. The fair values of the Company’s derivative instrument assets and liabilities are summarized as follows: As of December 31, 2023 As of December 31, 2022 Notional Fair Value Notional Fair Value (in thousands) Assets Liabilities Assets Liabilities Designated as hedging instruments: Fair value hedges: Interest rate swaps - loans $ 41,101 $ 2,071 $ 902 $ 24,018 $ 2,556 $ — Interest rate swaps - securities 150,000 — 821 — — — Cash flow hedges Interest rate swaps 200,000 940 264 — — — Total $ 391,101 $ 3,011 $ 1,987 $ 24,018 $ 2,556 $ — Not designated as hedging instruments: Interest rate swaps $ 432,648 $ 22,028 $ 22,038 $ 331,197 $ 21,084 $ 21,087 RPAs - protection sold 18,778 4 — — — — RPAs - protection purchased 31,145 — 9 9,421 — — Interest rate lock commitments 1,461 50 — 1,372 7 — Interest rate forward loan sales contracts 2,075 — 23 1,400 8 — Total $ 486,107 $ 22,082 $ 22,070 $ 343,390 $ 21,099 $ 21,087 Derivatives Designated as Hedging Instruments The Company uses derivative instruments to hedge its exposure to economic risks. Certain hedging relationships are formally designated and qualify for hedge accounting under GAAP as fair value or cash flow hedges. Fair Value Hedges - Derivatives are designated as fair value hedges to limit the Company's exposure to changes in the fair value of assets or liabilities due to movements in interest rates. The Company entered into pay-fixed receive-floating interest rate swaps to manage its exposure to changes in fair value in certain fixed-rate assets, including AFS debt securities and loans. The gain or loss on the loan fair value hedge derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The change in the fair value of the available for sale securities attributable to changes in the hedged risk is recorded in accumulated other comprehensive income and subsequently reclassified into interest income, as applicable, in the same period(s) to offset the changes in the fair value of the swap, which is also recognized in interest income. Cash Flow Hedges - Derivatives are designated as cash flow hedges in order to minimize the variability in cash flows of earning assets or forecasted transactions caused by movement in interest rates. The Company entered into pay-fixed receive-variable interest rate swaps to hedge against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on the Company's variable rate debt, including brokered deposits. The gain or loss on the derivatives is recorded in accumulated other comprehensive income and subsequently reclassified into interest expense, as applicable, in the same period(s) during which the hedged transaction affects earnings. During the next 12 months, the Company estimates that an additional $1.6 million of income will be reclassified into interest expense. The table below presents the effect of cash flow hedge accounting on AOCI for the years ended December 31, 2023 and 2022. Amount of Gain (Loss) Recognized in AOCI on Derivative Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Year Ended December 31, Year Ended December 31, (in thousands) 2023 2022 2023 2022 Interest rate swaps $ 2,471 $ — Interest Expense $ 1,795 $ — The table below presents the effect of the Company’s derivative financial instruments designated as hedging instruments on the consolidated statements of income for the periods indicated: Location and Amount of Gain or Loss Recognized in Income on Hedging Relationships For the Years Ended December 31, 2023 2022 2021 (in thousands) Interest Income Other Income Interest Income Other Income Interest Income Other Income Income and expense included in the consolidated statements of income related to the effects of fair value or cash flow hedges are recorded $ 1,106 $ — $ (36) $ — $ (439) $ — The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships in subtopic 815-20: Interest contracts - loans: Hedged items 1,836 — (3,536) — (1,441) — Derivative designated as hedging instruments (563) — 3,500 — 1,052 — Interest contracts - securities: Hedged items 819 — — — — — Derivative designated as hedging instruments (530) — — — — — Income statement effect of cash flow hedging relationship in subtopic 815-20: Interest contracts: Amount reclassified from AOCI into income 1,795 — — — — — As of December 31, 2023, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges: Line Item in the Balance Sheet in Which the Hedged Item is Included Carrying Amount of the Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset (in thousands) Loans $ 39,976 $ (1,163) Securities $ 150,819 $ 819 Derivatives Not Designated as Hedging Instruments Interest Rate Swaps - The Company periodically enters into commercial loan interest rate swap agreements in order to provide commercial loan customers with the ability to convert from variable to fixed interest rates. These derivative contracts relate to transactions in which the Company enters into an interest rate swap with a customer, while simultaneously entering into an offsetting interest rate swap with an institutional counterparty. Credit Risk Participation Agreements - The Company enters into RPAs to manage the credit exposure on interest rate contracts associated with a syndicated loan or participation agreement. The Company may enter into protection purchased RPAs with institutional counterparties to decrease or increase its exposure to a borrower. Under the RPA, the Company will receive or make payment if a borrower defaults on the related interest rate contract. The notional amount of the RPAs reflects the Company’s pro-rata share of the derivative instrument. Interest Rate Forward Loan Sales Contracts & Interest Rate Lock Commitments - The Company enters into forward delivery contracts to sell residential mortgage loans at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage interest rate lock commitments. The following table presents the net gains (losses) recognized on the consolidated statements of income related to the derivatives not designated as hedging instruments for the periods indicated: Location in the Consolidated Statements of Income For the Years Ended December 31, (in thousands) 2023 2022 2021 Interest rate swaps Other income $ (8) $ 9 $ 38 RPAs Other income 65 1 2 Interest rate lock commitments Loan revenue 43 (323) 330 Interest rate forward loan sales contracts Loan revenue (31) (15) 24 Total $ 69 $ (328) $ 394 Offsetting of Derivatives The Company has entered into agreements with certain counterparty financial institutions, which include master netting agreements. However, the Company has elected to account for all derivatives with counterparty institutions on a gross basis. The Company manages the risk of default by its borrower counterparties through its normal loan underwriting and credit monitoring policies and procedures. The table below presents gross derivatives and the respective collateral received or pledged in the form of other financial instruments as of December 31, 2023 and December 31, 2022, which are generally marketable securities and/or cash. The collateral amounts in the table below are limited to the outstanding balances of the related asset or liability (after netting is applied); thus instances of over-collateralization are not shown. Further, the net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets. Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net Assets / Liabilities (in thousands) Financial Instruments Cash Collateral Received / Paid As of December 31, 2023 Asset Derivatives $ 25,093 $ — $ 25,093 $ — $ 15,549 $ 9,544 Liability Derivatives 24,057 — 24,057 — 2,420 21,637 As of December 31, 2022 Asset Derivatives $ 23,655 $ — $ 23,655 $ — $ 18,858 $ 4,797 Liability Derivatives 21,087 — 21,087 — 3,460 17,627 Credit-Risk-Related Contingent Features The Company has an unsecured federal funds line with its institutional derivative counterparties. The Company has an agreement with its institutional derivative counterparties that contains a provision under which if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has an agreement with its derivative counterparties that contains a provision under which the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of December 31, 2023, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $7.4 million. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment Premises and equipment as of December 31, 2023 and 2022 were as follows: As of December 31, (in thousands) 2023 2022 Land $ 14,998 $ 15,068 Buildings and leasehold improvements 93,685 93,627 Furniture and equipment 23,057 22,614 Construction in process 1,119 503 Premises and equipment 132,859 131,812 Accumulated depreciation and amortization 47,117 44,687 Premises and equipment, net $ 85,742 $ 87,125 Premises and equipment depreciation and amortization expense for the years ended December 31, 2023, 2022 and 2021 was $5.1 million, $5.1 million and $4.8 million, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The carrying amount of goodwill was $62.5 million at December 31, 2023 and December 31, 2022. As indicated in Note 2. Business Combinations , the Company acquired a core deposit intangible from IOFB on June 9, 2022 with an estimated fair value of $16.5 million, which will be amortized over its estimated useful life of 10 years. The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets as of the dates indicated: As of December 31, 2023 As of December 31, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangible $ 58,245 $ (41,499) $ 16,746 $ 58,245 $ (35,822) $ 22,423 Customer relationship intangible 5,265 (5,008) 257 5,265 (4,490) 775 Other 2,700 (2,674) 26 2,700 (2,623) 77 $ 66,210 $ (49,181) $ 17,029 $ 66,210 $ (42,935) $ 23,275 Indefinite-lived trade name intangible 7,040 7,040 Total other intangible assets, net $ 24,069 $ 30,315 The following table provides the estimated future amortization expense of intangible assets: (in thousands) Core Deposit Intangible Customer Relationship Intangible Other Total Year ending December 31, 2024 $ 4,705 $ 239 $ 24 $ 4,968 2025 3,751 18 2 3,771 2026 2,797 — — 2,797 2027 1,843 — — 1,843 2028 1,325 — — 1,325 Thereafter 2,325 — — 2,325 Total $ 16,746 $ 257 $ 26 $ 17,029 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Abstract] | |
Other Assets | Other Assets The components of the Company’s other assets as of December 31, 2023 and December 31, 2022 were as follows: As of December 31, (in thousands) 2023 2022 Bank-owned life insurance $ 98,039 $ 95,539 Interest receivable 29,768 27,090 FHLB stock 5,806 19,248 Mortgage servicing rights 13,333 13,421 Operating lease right-of-use assets, net 2,337 2,492 Federal and state taxes, current 1,556 2,366 Federal and state taxes, deferred 31,218 39,071 Derivative assets 25,093 23,655 Other receivables/assets 15,630 13,635 $ 222,780 $ 236,517 |
Loans Serviced for Others
Loans Serviced for Others | 12 Months Ended |
Dec. 31, 2023 | |
Loans Serviced for Others [Abstract] | |
Loans Serviced for Others | Loans Serviced for Others Loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of mortgage and other loans serviced for others were $1.20 billion at December 31, 2023 and $1.25 billion at December 31, 2022. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors and collection and foreclosure processing. Loan servicing income is recorded on the accrual basis and includes servicing fees from investors and certain charges collected from borrowers, such as late payment fees, and is net of fair value adjustments to capitalized mortgage servicing rights. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Deposits | Deposits The following table presents the composition of our deposits as of the dates indicated: As of December 31, (in thousands) 2023 2022 Noninterest bearing deposits $ 897,053 $ 1,053,450 Interest checking deposits 1,320,435 1,624,278 Money market deposits 1,105,493 937,340 Savings deposits 650,655 664,169 Time deposits of $250 and under 973,253 686,233 Time deposits over $250 448,784 503,472 Total deposits $ 5,395,673 $ 5,468,942 At December 31, 2023, the scheduled maturities of certificates of deposits were as follows: (in thousands) 2024 $ 1,236,794 2025 130,541 2026 30,685 2027 10,185 2028 7,213 Thereafter 6,619 Total $ 1,422,037 The Company had $15.2 million and $4.3 million in reciprocal time deposits as of December 31, 2023 and December 31, 2022, respectively. Included in money market deposits at December 31, 2023 and December 31, 2022 were $128.0 million and $40.0 million, respectively, of interest-bearing reciprocal deposits. Included in noninterest bearing deposits at December 31, 2023 were $58.0 million of noninterest-bearing reciprocal deposits, with no noninterest-bearing reciprocal deposits at December 31, 2022. These reciprocal deposits are part of the IntraFi Network Deposits program, which is used by financial institutions to spread deposits that exceed the FDIC insurance coverage limits out to numerous institutions in order to provide insurance coverage for all participating deposits. In addition, included within the time deposits of $250 and under was $221.0 million of brokered deposits as of December 31, 2023 and $126.8 million of brokered deposits as of December 31, 2022. As of December 31, 2023 and December 31, 2022, the Company had public entity deposits that were collateralized by investment securities of $183.4 million and $387.8 million, respectively. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Short-Term Debt [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings The following table summarizes our short-term borrowings as of the dates indicated: December 31, 2023 December 31, 2022 (dollars in thousands) Weighted Average Rate Balance Weighted Average Rate Balance Securities sold under agreements to repurchase 0.72 % $ 5,064 1.32 % $ 156,373 Federal Home Loan Bank advances 5.64 10,200 4.48 235,500 Federal Reserve Bank borrowings 4.82 285,000 — — Total 4.78 % $ 300,264 3.22 % $ 391,873 Securities Sold Under an Agreement to Repurchase: Securities sold under agreements to repurchase are agreements in which the Company acquires funds by selling assets to another party under a simultaneous agreement to repurchase the same assets at a specified price and date. The Company enters into repurchase agreements and also offers a demand deposit account product to customers that sweeps their balances in excess of an agreed upon target amount into overnight repurchase agreements. All securities sold under agreements to repurchase are recorded on the face of the balance sheet. Federal Home Loan Bank Advances: The Bank has a secured line of credit with the FHLBDM. Advances from the FHLBDM are collateralized primarily by one- to four-family residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. See Note 4. Loans Receivable and the Allowance for Credit Losses of the notes to the consolidated financial statements. Federal Funds Purchased: The Bank has unsecured federal funds lines totaling $155.0 million from multiple correspondent banking relationships. There were no borrowings from such lines at either December 31, 2023 or December 31, 2022. Federal Reserve Bank Borrowings: At December 31, 2023 and December 31, 2022, the Company had no Federal Reserve Discount Window borrowings, while the financing capacity was $428.8 million as of December 31, 2023 and $105.6 million as of December 31, 2022. At December 31, 2023, the Company had $285.0 million BTFP borrowings, with additional borrowing capacity of $155.9 million as of December 31, 2023. As of December 31, 2023 and December 31, 2022, the Bank had pledged municipal securities with a market value of $797.6 million and $115.2 million, respectively. Other: The Company has a credit agreement with a correspondent bank with a revolving commitment of $25.0 million. The credit agreement was amended on September 19, 2023 such that the revolving commitment matures on September 30, 2024, with no updates made to the fee structure or the interest rate. Fees are paid on the average daily unused revolving commitment in the amount of 0.30% per annum. Interest is payable at a rate equal to the monthly reset term SOFR rate plus 1.55%. The Company had no balance outstanding under this revolving credit facility as of both December 31, 2023 and December 31, 2022. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Junior Subordinated Notes Issued to Capital Trusts The table below summarizes the terms of each issuance of junior subordinated notes outstanding as of the dates indicated: December 31, 2023 Face Value Book Value Interest Rate Rate Maturity Date Callable Date (in thousands) ATBancorp Statutory Trust I $ 7,732 $ 6,970 Three-month CME Term SOFR + 0.26% Spread + 1.68% Margin 7.33 % 06/15/2036 06/15/2011 ATBancorp Statutory Trust II 12,372 11,034 Three-month CME Term SOFR + 0.26% Spread + 1.65% 7.30 % 09/15/2037 06/15/2012 Barron Investment Capital Trust I 2,062 1,861 Three-month CME Term SOFR + 0.26% Spread + 2.15% 7.77 % 09/23/2036 09/23/2011 Central Bancshares Capital Trust II 7,217 6,964 Three-month CME Term SOFR + 0.26% Spread + 3.50% 9.15 % 03/15/2038 03/15/2013 MidWestOne Statutory Trust II 15,464 15,464 Three-month CME Term SOFR + 0.26% Spread + 1.59% 7.24 % 12/15/2037 12/15/2012 Total $ 44,847 $ 42,293 December 31, 2022 ATBancorp Statutory Trust I $ 7,732 $ 6,928 Three-month LIBOR + 1.68% 6.45 % 06/15/2036 06/15/2011 ATBancorp Statutory Trust II 12,372 10,969 Three-month LIBOR + 1.65% 6.42 % 09/15/2037 06/15/2012 Barron Investment Capital Trust I 2,062 1,832 Three-month LIBOR + 2.15% 6.88 % 09/23/2036 09/23/2011 Central Bancshares Capital Trust II 7,217 6,923 Three-month LIBOR + 3.50% 8.27 % 03/15/2038 03/15/2013 MidWestOne Statutory Trust II 15,464 15,464 Three-month LIBOR + 1.59% 6.36 % 12/15/2037 12/15/2012 Total $ 44,847 $ 42,116 The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated notes at the stated maturity date or upon redemption of the junior subordinated notes. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payment on the related junior subordinated notes. The Company’s obligation under the junior subordinated notes and other relevant trust agreements, in aggregate, constitutes a full and unconditional guarantee by the Company of each trust’s obligations under the trust preferred securities issued by each trust. The Company has the right to defer payment of interest on the junior subordinated notes and, therefore, distributions on the trust preferred securities, for up to five years, but not beyond the stated maturity date in the table above. During any such deferral period the Company may not pay cash dividends on its stock and generally may not repurchase its stock. Subordinated Debentures On July 28, 2020, the Company completed the private placement offering of $65.0 million of its subordinated notes, of which $63.75 million have been exchanged for subordinated notes registered under the Securities Act of 1933. The 5.75% fixed-to-floating rate subordinated notes are due July 30, 2030. At December 31, 2023, 100% of the subordinated notes qualified as Tier 2 capital. Per applicable Federal Reserve rules and regulations, the amount of the subordinated notes qualifying as Tier 2 regulatory capital will be phased-out by 20% of the amount of the subordinated notes in each of the five years beginning on the fifth anniversary preceding the maturity date of the subordinated notes. Other Long-Term Debt Other long-term borrowings were as follows as of December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 (in thousands) Weighted Average Rate Balance Weighted Average Rate Balance Finance lease payable 8.89 % $ 604 8.89 % $ 787 FHLB borrowings 3.11 6,262 2.91 17,301 Notes payable to unaffiliated bank 6.89 10,000 5.67 15,000 Total 5.56 % $ 16,866 4.30 % $ 33,088 On June 7, 2022, pursuant to a credit agreement with a correspondent bank, the Company entered into a $35.0 million term note payable maturing on June 30, 2027. Principal and interest are payable quarterly and began on September 30, 2022. Interest accrues at the monthly reset term SOFR rate plus 1.55%. As customary, the credit agreement includes covenants requiring the Company to, among other things, maintain minimum levels of both regulatory capital and certain financial ratios; the Company certifies compliance with the covenants on a quarterly basis. For the reporting period ended December 31, 2023, the Company’s fixed charge coverage ratio, as defined in the credit agreement, was below the minimum allowed. The violation was due primarily to investment securities losses in the first and fourth quarters of 2023 recognized in connection with the Company’s balance sheet repositioning. The Company requested from the lender a waiver of default, which was granted on January 26, 2024. On February 12, 2024, the credit agreement, including certain covenants, was amended. We do not expect to be in violation of the covenants. As a member of the FHLBDM, the Bank may borrow funds from the FHLB, provided the Bank is able to pledge an adequate amount of qualified assets to secure the borrowings. In addition, the FHLB has established a maximum credit capacity to the Bank that is equal to 45% of the Bank’s total assets. This credit capacity limit includes short-term and long-term borrowings, federal funds, letters of credit and other sources of credit exposure to the FHLB. Advances from the FHLB are collateralized primarily by one- to four-family residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. See Note 4. Loans Receivable and the Allowance for Credit Losses of the notes to the consolidated financial statements. See Note 3. Debt Securities of the notes to the consolidated financial statements. As of December 31, 2023, FHLB borrowings were as follows: (in thousands) Weighted Average Rate Amount Due in 2024 3.11 % $ 6,250 Valuation adjustment from acquisition accounting 12 Total $ 6,262 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income taxes for the years ended December 31, 2023, 2022 and 2021 are summarized as follows: December 31, (in thousands) 2023 2022 2021 Current: Federal tax expense $ 2,438 $ 7,204 $ 12,675 State tax expense 1,866 4,232 5,549 Deferred: Deferred income tax expense (330) 4,326 1,768 Total income tax provision $ 3,974 $ 15,762 $ 19,992 Income tax expense (benefit) based on statutory rate for the year ended December 31, 2023, 2022 and 2021 varied from the amount computed by applying the maximum effective federal income tax rate of 21%, to the income before income taxes, because of the following items: Year ended December 31, 2023 2022 2021 (dollars in thousands) Amount % of Pretax Income Amount % of Pretax Income Amount % of Pretax Income Income tax based on statutory rate $ 5,215 21.0 % $ 16,085 21.0 % $ 18,790 21.0 % Tax-exempt interest (2,391) (9.6) (3,505) (4.6) (3,500) (3.9) Bank-owned life insurance (525) (2.1) (484) (0.6) (451) (0.5) State income taxes, net of federal income tax benefit 1,476 5.9 3,805 5.0 4,624 5.2 Bargain purchase gain — — (792) (1.0) — — Non-deductible acquisition expenses 36 0.2 55 0.1 41 — General business credits (40) (0.2) (60) (0.1) 22 — State tax reduction — — 835 1.1 — — Other 203 0.8 (177) (0.3) 466 0.5 Total income tax expense $ 3,974 16.0 % $ 15,762 20.6 % $ 19,992 22.3 % Net deferred tax assets as of December 31, 2023 and December 31, 2022 consisted of the following components: December 31, (in thousands) 2023 2022 Deferred income tax assets: Allowance for credit losses $ 14,232 $ 13,693 Deferred compensation 3,441 3,299 Net operating losses (state and federal) 8,407 7,707 Unrealized losses on investment securities 22,172 30,355 Accrued compensation 1,189 1,565 ROU liabilities 781 852 Other 1,975 2,474 Gross deferred tax assets 52,197 59,945 Deferred income tax liabilities: Premises and equipment depreciation and amortization 5,272 5,020 Purchase accounting adjustments 2,674 3,220 Mortgage servicing rights 3,382 3,403 ROU assets 754 804 Other 756 1,237 Gross deferred tax liabilities 12,838 13,684 Net deferred income tax asset 39,359 46,261 Valuation allowance 8,141 7,190 Net deferred tax asset $ 31,218 $ 39,071 The Company has recorded a deferred tax asset for the future tax benefits of Iowa net operating loss carryforwards. The Iowa net operating loss carryforwards amounting to approximately $74.1 million will expire in various amounts from 2024 to 2044. As of December 31, 2023 and 2022, the Company believed it was more likely than not that all temporary differences associated with the Iowa corporate tax return would not be fully realized. Accordingly, the Company has recorded a valuation allowance to reduce the net operating loss carryforward and the temporary differences associated with the Iowa corporate income tax return. A valuation allowance related to the remaining deferred tax assets has not been provided because management believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets. The Company had no material unrecognized tax benefits as of December 31, 2023 and December 31, 2022. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plan [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company has a salary reduction profit-sharing 401(k) plan covering all employees fulfilling minimum age and service requirements. Employee contributions to the plan are optional. Employer contributions are discretionary and may be made to the plan in an amount equal to a percentage of each participating employee’s salary. For the period through July 31, 2023, the Company matched 100% of the first 3% of employee contributions, and 50% of the next 2% of employee contributions, up to a maximum amount of 4% of an employee’s compensation. Effective August 1, 2023, the Company matches 100% of the first 4% of employee contributions, and 50% of the next 2% of employee contributions, up to a maximum amount of 5% of an employee’s compensation. Company matching contributions for the years ended December 31, 2023, 2022 and 2021 were $2.3 million, $2.0 million, and $1.9 million, respectively. The Company has an ESOP covering all employees fulfilling minimum age and service requirements. Employer contributions are discretionary and may be made to the plan in an amount equal to a percentage of each participating employee’s salary. For the year ended December 31, 2023, financial performance did not meet the threshold for contributions to the ESOP, and as such no contributions were made. For the years ended December 31, 2022 and December 31, 2021, total ESOP contribution expense was $1.7 million and $2.0 million, respectively. The Company provides Health Savings Account contributions to its employees enrolled in high deductible plans. Company contributions for the years ended December 31, 2023, 2022 and 2021 were $0.3 million each year. Supplemental Executive Retirement Plans: The Company has entered into nonqualified supplemental executive retirement plans (SERPs) with certain executive officers. The SERPs allow certain executives to accumulate retirement benefits beyond those provided by the qualified plans. Changes in the liability related to the SERPs, included in other liabilities, were as follows for the years ended December 31, 2023, 2022 and 2021: (in thousands) 2023 2022 2021 Balance, beginning $ 1,087 $ 1,246 $ 1,395 Company contributions and interest 80 (12) 79 Cash payments made (137) (147) (228) Balance, ending $ 1,030 $ 1,087 $ 1,246 Salary Continuation Plans: The Company has salary continuation plans for several officers and directors. These plans provide payments of various amounts upon retirement or death. There are no employee compensation deferrals to these plans. The Company accrues the expense for these benefits by charges to operating expense during the period the respective officer or director attains full eligibility. Changes in the salary continuation agreements, included in other liabilities, were as follows for the years ended December 31, 2023, 2022 and 2021: (in thousands) 2023 2022 2021 Balance, beginning $ 3,597 $ 4,289 $ 4,771 Company paid interest 90 103 137 Cash payments made (418) (795) (619) Balance, ending $ 3,269 $ 3,597 $ 4,289 Deferred Compensation Plans: The Company has entered into deferred compensation agreements with certain executive officers. Under the provisions of the agreements, the officers may defer compensation. Interest on the deferred amounts is earned at The Wall Street Journal ’s prime rate plus one percent. The Company also maintains deferred compensation agreements with certain other officers and directors, under which deferrals are no longer permitted, and the interest rate is fixed at 4%. In 2019 the Company also acquired deferred compensations plans as a result of the merger with ATBancorp. Under the provisions of the agreements, interest on the deferred amounts is earned at an annual interest rate equal to either the Bank’s or Company’s return on equity and deferrals are no longer permitted. Upon retirement, participants will generally receive the deferral balance in equal monthly installments over periods no longer that 180 months. Changes in the deferred compensation agreements, included in other liabilities, were as follows for the years ended December 31, 2023, 2022 and 2021: (in thousands) 2023 2022 2021 Balance, beginning $ 6,156 $ 5,880 $ 6,159 Employee deferrals 692 441 223 Company paid interest 633 582 142 Cash payments made (559) (747) (644) Balance, ending $ 6,922 $ 6,156 $ 5,880 Post-retirement Death Benefit Plan: The Company has an insurance benefit plan for several officers that provides a life insurance benefit upon retirement from the Company. Changes in the accrued balance, included in other liabilities, were as follows for the years ended December 31, 2023, 2022 and 2021: (in thousands) 2023 2022 2021 Balance, beginning $ 2,205 $ 1,991 $ 1,905 Company deferral expense 177 214 86 Balance, ending $ 2,382 $ 2,205 $ 1,991 To provide the retirement benefits for the aforementioned SERPs, salary continuation plans, deferred compensation plans, and post-retirement death benefit plan, the Company carries life insurance policies which had cash values totaling $85.5 million, $83.3 million and $81.2 million at December 31, 2023, 2022 and 2021, respectively. |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Compensation Plans | Stock Compensation Plans Under the Company’s 2017 Equity Incentive Plan (the “2017 Plan”), the Company was permitted to grant a total of 500,000 shares of the Company’s common stock as stock options, stock appreciation rights, and stock awards, and also to grant cash incentive awards to eligible individuals. On April 27, 2023, the 2023 Equity Incentive Plan (the “2023 Plan”) was approved by the Company’s shareholders. The 2023 Plan replaces the 2017 Plan, and allows the Company to grant a total of 700,000 shares of the Company’s common stock as stock options, stock appreciation rights, and stock awards, and also to grant cash incentive awards to eligible individuals. As of December 31, 2023, 670,462 shares of the Company’s common stock remained available for future awards under the 2023 Plan. During 2023, the Company recognized $2.4 million of stock based compensation expense related to restricted stock unit grants. In comparison, during 2022 and 2021, the Company recognized $2.5 million and $2.2 million, respectively, related to restricted stock unit grants. Under the 2017 Plan and the 2023 Plan, the Company may grant restricted stock unit awards that vest upon the completion of future service requirements or specified performance criteria. Generally, all restricted stock units vest upon death, disability, or in connection with a change in control. In addition, both TRSUs and PRSUs receive forfeitable dividend equivalents. To the extent there is a financial restatement, any performance-based or incentive-based compensation that has been paid is subject to clawback. For TRSUs granted prior to 2020, the restricted stock units vest 25% per year over four years. Beginning with the TRSUs granted in 2020, each restricted stock unit award now vests 1/3rd per year over 3 years, with the first vesting date being the one-year anniversary of the grant date. Awards granted to directors vest 100% one year from the grant date. The PRSUs cliff vest 3 years from the grant date based on certain performance conditions, which are weighted equally. The three-year performance measurement period commences at the beginning of the defined period. Upon retirement, PRSU awards remain eligible to vest at the conclusion of the performance period. The Company recognizes stock-based compensation expense for TRSUs over the vesting period, using the straight-line method, based upon the number of awards ultimately expected to vest. The fair value of the TRSUs is equal to the market price of the common stock at the grant date. Stock-based compensation expense for PRSUs is based upon the fair value of the underlying stock on the grant date, and is amortized over the vesting period using the straight-line method unless it is determined that: (1) attainment of the financial metrics is less than probable, in which case a portion of the amortization is suspended, or (2) attainment of the financial metrics is improbable, in which case a portion of the previously recognized amortization is reversed and also suspended. The following is a summary of non-vested restricted stock unit activity for the year ended December 31, 2023: Weighted-Average Shares Grant-Date Fair Value Non-vested at December 31, 2022 187,115 $ 30.19 Granted based upon satisfaction of a performance factor 5,971 30.32 Granted 96,373 28.29 Vested (90,803) 30.12 Forfeited (1,309) 31.18 Reinvested 8,495 29.52 Non-vested at December 31, 2023 205,842 $ 29.30 The fair value of restricted stock unit awards that vested during 2023 was $2.6 million, compared to $1.7 million and $1.6 million during the years ended December 31, 2022 and 2021, respectively. As of December 31, 2023, the total compensation costs related to non-vested restricted stock units that have not yet been recognized totaled $2.4 million, and the weighted average period over which these costs are expected to be recognized is approximately 1.7 years |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic per-share amounts are computed by dividing net income by the weighted average number of common shares outstanding. Diluted per-share amounts assume issuance of all common stock issuable upon conversion or exercise of other securities, unless the effect is to reduce the loss or increase the income per common share from continuing operations. The following table presents the computation of basic and diluted earnings per common share for the periods indicated: Year Ended December 31, (dollars in thousands, except per share amounts) 2023 2022 2021 Basic Earnings Per Share: Net income $ 20,859 $ 60,835 $ 69,486 Weighted average shares outstanding 15,678,045 15,649,247 15,876,727 Basic earnings per common share $ 1.33 $ 3.89 $ 4.38 Diluted Earnings Per Share: Net income $ 20,859 $ 60,835 $ 69,486 Weighted average shares outstanding, included all dilutive potential shares 15,724,842 15,700,607 15,905,035 Diluted earnings per common share $ 1.33 $ 3.87 $ 4.37 |
Regulatory Capital Requirements
Regulatory Capital Requirements and Restrictions on Subsidiary Cash | 12 Months Ended |
Dec. 31, 2023 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital Requirements and Restrictions on Subsidiary Cash | Regulatory Capital Requirements and Restrictions on Subsidiary Cash Regulatory Capital and Reserve Requirement: The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. The ability of the Company to pay dividends to its shareholders is dependent upon dividends paid by the Bank to the Company. The Bank is subject to certain statutory and regulatory restrictions on the amount of dividends it may pay. In addition, as previously disclosed, subsequent to December 31, 2008, the Bank’s board of directors adopted a capital policy requiring it to maintain a ratio of Tier 1 capital to total assets of at least 8% and a ratio of total capital to risk-based capital of at least 10%. Failure to maintain these ratios also could limit the ability of the Bank to pay dividends to the Company. As of December 31, 2023, the most recent notification from the FDIC categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action then in effect. There are no conditions or events since this date that management believes have changed the Bank’s category. In order to be a “well-capitalized” depository institution, a bank must maintain a Common Equity Tier 1 capital ratio of 6.5% or more; a Tier 1 capital ratio of 8% or more; a total capital ratio of 10% or more; and a leverage ratio of 5% or more. A capital conservation buffer of 2.5%, comprised of Common Equity Tier 1 capital, is also established above the regulatory minimum capital requirements. As of December 31, 2023 and December 31, 2022, the Bank was not required to maintain reserve balances in cash on hand or on deposit with Federal Reserve Banks, and therefore no amounts were held in reserve for each of these periods. A comparison of the Company’s and the Bank’s capital with the corresponding minimum regulatory requirements in effect as of December 31, 2023 and December 31, 2022, is presented below: Actual For Capital Adequacy Purposes With Capital Conservation Buffer(1) To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio (1) Amount Ratio At December 31, 2023: Consolidated: Total capital/risk weighted assets $ 668,748 12.53 % $ 560,596 10.50 % N/A N/A Tier 1 capital/risk weighted assets 554,177 10.38 453,816 8.50 N/A N/A Common equity tier 1 capital/risk weighted assets 511,884 9.59 373,731 7.00 N/A N/A Tier 1 leverage capital/average assets 554,177 8.58 258,487 4.00 N/A N/A MidWest One Bank: Total capital/risk weighted assets $ 656,027 12.49 % $ 551,658 10.50 % $ 525,388 10.00 % Tier 1 capital/risk weighted assets 606,456 11.54 446,580 8.50 420,310 8.00 Common equity tier 1 capital/risk weighted assets 606,456 11.54 367,772 7.00 341,502 6.50 Tier 1 leverage capital/average assets 606,456 9.39 258,339 4.00 322,924 5.00 At December 31, 2022: Consolidated: Total capital/risk weighted assets $ 653,380 12.07 % $ 568,452 10.50 % N/A N/A Tier 1 capital/risk weighted assets 544,300 10.05 460,175 8.50 N/A N/A Common equity tier 1 capital/risk weighted assets 502,184 9.28 378,968 7.00 N/A N/A Tier 1 leverage capital/average assets 544,300 8.35 260,891 4.00 N/A N/A MidWest One Bank: Total capital/risk weighted assets $ 654,297 12.10 % $ 567,684 10.50 % $ 540,652 10.00 % Tier 1 capital/risk weighted assets 610,217 11.29 459,554 8.50 432,522 8.00 Common equity tier 1 capital/risk weighted assets 610,217 11.29 378,456 7.00 351,424 6.50 Tier 1 leverage capital/average assets 610,217 9.36 260,776 4.00 325,970 5.00 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Credit-related Financial Instruments : The Bank 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. These financial instruments include commitments to extend credit, commitments to sell loans, and standby letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following table summarizes the Bank’s commitments as of the dates indicated: December 31, (in thousands) 2023 2022 Commitments to extend credit $ 1,203,001 $ 1,190,607 Commitments to sell loans 1,045 612 Standby letters of credit 7,795 18,398 Total $ 1,211,841 $ 1,209,617 The Bank’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the party. Collateral held varies, but may include accounts receivable, crops, livestock, inventory, property and equipment, residential real estate and income-producing commercial properties. Commitments to sell loans are agreements to sell loans held for sale to third parties at an agreed upon price. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements and, generally, have terms of one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds collateral, which may include accounts receivable, inventory, property, equipment and income-producing properties, that support those commitments, if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Bank would be required to fund the commitment. The maximum potential amount of future payments the Bank could be required to make is represented by the contractual amount shown in the summary above. If the commitment is funded, the Bank would be entitled to seek recovery from the customer. Liability for Off-Balance Sheet Credit Losses : The Company records a liability for off-balance sheet credit losses through a charge to credit loss expense (or a reversal of credit loss expense) on the Company's consolidated statements of income and other liabilities on the Company's consolidated balance sheets. At December 31, 2023, the liability for off-balance-sheet credit losses totaled $4.6 million, whereas the total amount of the liability as of December 31, 2022 was $4.8 million. The total amount recorded in credit loss expense for the years ended December 31, 2023 and December 31, 2022, was a benefit of $0.2 million and an expense of $0.8 million, respectively. Litigation : In the normal course of business, the Company and its subsidiaries have been named, from time to time, as defendants in various legal actions. Certain of the actual or threatened legal actions may include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Management, after consulting with legal counsel, is of the opinion that the ultimate liability, if any, resulting from these pending or threatened actions and proceedings will not have a material effect on the financial statements of the Company. Concentrations of Credit Risk : Substantially all of the Bank’s loans, commitments to extend credit and standby letters of credit have been granted to customers in the Bank’s market areas. Although the loan portfolio of the Bank is diversified, approximately 65% of the loans are real estate loans and approximately 7% are agriculturally related. The concentrations of credit by type of loan are set forth in Note 4. Loans Receivable and the Allowance for Credit Losses |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Certain directors of the Company and certain principal officers are customers of, and have banking transactions with, the Bank in the ordinary course of business. Such indebtedness has been incurred on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons. The following is an analysis of the changes in the loans to related parties during the years ended December 31, 2023 and 2022: Year Ended December 31, (in thousands) 2023 2022 Balance, beginning $ 15,603 $ 14,584 Advances 17,729 6,001 Change due to collections, loans sold, or changes in related parties (18,692) (4,982) Balance, ending $ 14,640 $ 15,603 Available credit $ 14,836 $ 8,716 None of these loans are past due, nonaccrual or restructured to provide a reduction or deferral of interest or principal because of deterioration in the financial position of the borrower. Deposits from these related parties totaled $10.6 million and $14.4 million as of December 31, 2023 and December 31, 2022, respectively. Deposits from related parties are accepted subject to the same interest rates and terms as those from non-related parties. |
Estimated Fair Value of Financi
Estimated Fair Value of Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Financial Instruments and Fair Value Measurements | Estimated Fair Value of Financial Instruments and Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: • Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. • Level 2 – Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily available for sale debt securities, derivatives and mortgage servicing rights. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period, and such measurements are therefore considered "nonrecurring" for purposes of disclosing the Company's fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for collateral dependent individually analyzed loans and foreclosed assets. Recurring Basis The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Investment Securities - The fair value for investment securities are determined by quoted market prices, if available (Level 1). The Company utilizes an independent pricing service to obtain the fair value of debt securities. Debt securities issued by the U.S. Treasury and other U.S. Government agencies and corporations, mortgage-backed securities, collateralized loan obligations, and collateralized mortgage obligations are priced utilizing industry-standard models that consider various assumptions, including time value, yield curves, volatility factors, prepayment speeds, default rates, loss severity, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace (Level 2). Municipal securities are valued using a type of matrix, or grid, pricing in which securities are benchmarked against the treasury rate based on credit rating (Level 2). Derivatives - Interest rate swaps are valued by using cash flow valuation techniques with observable market data inputs (Level 2). The Company has entered into collateral agreements with its swap dealers which entitle it to receive collateral to cover market values on derivatives which are in asset position, thus a credit risk adjustment on interest rate swaps is not warranted. RPAs are entered into by the Company with institutional counterparties, under which the Company assumes its pro-rata share of the credit exposure associated with a borrower’s performance related to interest rate derivative contracts. The fair value of RPAs is calculated by determining the total expected asset or liability exposure using observable inputs, such as yield curves and volatilities, of the derivatives to the borrowers and applying the borrowers’ credit spread to that exposure (Level 2). The fair values of the interest rate lock commitments and interest rate forward loan sales contracts are estimated using quoted or published market prices for similar instruments, adjusted for factors such as pull-through rate assumptions based on historical information, where appropriate. The pull-through rate assumptions are considered Level 3 valuation inputs and are significant to the interest rate lock commitments valuation; as such, the interest rate lock commitments are classified as Level 3. Mortgage Servicing Rights (MSR) - MSRs are recorded at fair value based on assumptions through a third-party valuation service. The valuation model incorporates assumptions that are observable in the marketplace and that market participants would use in estimating future net servicing income, such as servicing cost per loan, the discount rate, the escrow float rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses (Level 2). The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2023 and December 31, 2022 by level within the fair value hierarchy: Fair Value Measurement at December 31, 2023 Using (in thousands) Total Level 1 Level 2 Level 3 Assets: Available for sale debt securities: State and political subdivisions $ 130,139 $ — $ 130,139 $ — Mortgage-backed securities 5,311 — 5,311 — Collateralized loan obligations 50,437 — 50,437 — Collateralized mortgage obligations 169,196 — 169,196 — Corporate debt securities 440,051 — 440,051 — Derivative assets 25,093 — 25,043 50 Mortgage servicing rights 13,333 — 13,333 — Liabilities: Derivative liabilities $ 24,057 $ — $ 24,057 $ — Fair Value Measurement at December 31, 2022 Using (in thousands) Total Level 1 Level 2 Level 3 Assets: Available for sale debt securities: U.S. Government agencies and corporations $ 7,345 $ — $ 7,345 $ — State and political subdivisions 285,356 — 285,356 — Mortgage-backed securities 5,944 — 5,944 — Collateralized mortgage obligations 147,193 — 147,193 — Corporate debt securities 707,709 — 707,709 — Derivative assets 23,655 — 23,648 7 Mortgage servicing rights 13,421 — 13,421 — Liabilities: Derivative liabilities $ 21,087 $ — $ 21,087 $ — There were no transfers of assets between Level 3 and other levels of the fair value hierarchy during the years ended December 31, 2023 or December 31, 2022. Changes in the fair value of available for sale debt securities, including the changes attributable to the hedged risk, are included in other comprehensive income. The following table presents the valuation technique, significant unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy as of the dates indicated: Fair Value at (dollars in thousands) December 31, 2023 December 31, 2022 Valuation Techniques(s) Unobservable Input Range of Inputs Weighted Average Interest rate lock commitments $ 50 $ 7 Quoted or published market prices of similar instruments, adjusted for factors such as pull-through rate assumptions Pull-through rate 70 % - 100 % 88 % Nonrecurring Basis The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Collateral Dependent Individually Analyzed Loans - Collateral dependent individually analyzed loans are valued based on the fair value of the collateral less estimated costs to sell. These estimates are based on the most recently available appraisals by qualified licensed appraisers with certain adjustment made based on the type of property, age of appraisal, current status of the property, and other related factors to estimate the current value of the collateral (Level 3). Foreclosed Assets, Net - Foreclosed assets are measured at fair value less costs to sell. These estimates are based on the most recently available appraisals by qualified licensed appraisers with certain adjustment made based on the type of property, age of appraisal, current status of the property, and other related factors to estimate the current value of the collateral (Level 3). The following table presents assets measured at fair value on a nonrecurring basis as of the dates indicated: Fair Value Measurement at December 31, 2023 Using (in thousands) Total Level 1 Level 2 Level 3 Collateral dependent individually analyzed loans $ 6,524 $ — $ — $ 6,524 Foreclosed assets, net 3,929 — — 3,929 Fair Value Measurement at December 31, 2022 Using (in thousands) Total Level 1 Level 2 Level 3 Collateral dependent individually analyzed loans $ 3,159 $ — $ — $ 3,159 Foreclosed assets, net 103 — — 103 The following presents the valuation technique(s), unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy as of the date indicated: Fair Value at (dollars in thousands) December 31, 2023 December 31, 2022 Valuation Techniques(s) Unobservable Input Range of Inputs Weighted Average Collateral dependent individually analyzed loans $ 6,524 $ 3,159 Fair value of collateral Valuation adjustments — % 33 % 11 % Foreclosed assets, net 3,929 103 Fair value of collateral Valuation adjustments 4 % 4 % 4 % Changes in assumptions or estimation methodologies may have a material effect on these estimated fair values. Other Fair Value Methods Cash and Cash Equivalents, Interest Receivable, Short-term Borrowings, Finance Lease Payable, and Other Long-Term Debt - The carrying amounts of these financial instruments approximate their fair values. Loans Held for Sale - Loans held for sale are carried at the lower of cost or fair value, with fair value being based on binding contracts from third party investors (Level 2). The portfolio has historically consisted primarily of residential real estate loans. Loans Held for Investment, Net - The estimated fair value of loans, net, was performed using the income approach, with the market approach used for certain nonperforming loans, resulting in a Level 3 fair value classification. FHLB stock - Investments in FHLB stock are recorded at cost and measured for impairment quarterly. Ownership of FHLB stock is restricted to member banks and the securities do not have a readily determinable market value. Purchases and sales of these securities are at par value with the issuer. The fair value of investments in FHLB stock is equal to the carrying amount. Deposits - Deposits are carried at historical cost. The fair values of deposits with no stated maturity (defined as noninterest-bearing demand, interest checking, money market, and savings accounts) are equal to the amount payable on demand as of the balance sheet date and considered Level 1. The fair value of time deposits is based on the discounted value of contractual cash flows and considered Level 2. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. FHLB Borrowings - Borrowings are carried at amortized cost. The fair value of FHLB borrowings is calculated by discounting scheduled cash flows through the maturity dates or call dates, if applicable, using estimated market discount rates that reflect current rates offered for borrowings with similar remaining maturities and characteristics and are considered Level 2. Junior Subordinated Notes Issued to Capital Trusts - Junior subordinated notes issued to capital trusts are carried at amortized cost. The fair value of these junior subordinated notes with variable rates is determined using a market discount rate on the expected cash flows and are considered Level 2. Subordinated Debentures - Subordinated debentures are carried at amortized cost. The fair value of subordinated debentures is based on discounted cash flows on current borrowing rates being offered for similar subordinated debenture deals and considered Level 2. The carrying amount and estimated fair value of financial instruments at December 31, 2023 and December 31, 2022 were as follows: December 31, 2023 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 81,727 $ 81,727 $ 81,727 $ — $ — Debt securities available for sale 795,134 795,134 — 795,134 — Debt securities held to maturity 1,075,190 895,263 — 895,263 — Loans held for sale 1,045 1,083 — 1,083 — Loans held for investment, net 4,075,447 3,953,368 — — 3,953,368 Interest receivable 29,768 29,768 — 29,768 — FHLB stock 5,806 5,806 — 5,806 — Derivative assets 25,093 25,093 — 25,043 50 Financial liabilities: Noninterest bearing deposits 897,053 897,053 897,053 — — Interest bearing deposits 4,498,620 4,489,322 3,076,582 1,412,740 — Short-term borrowings 300,264 300,264 300,264 — — Finance leases payable 604 604 — 604 — FHLB borrowings 6,262 6,199 — 6,199 — Junior subordinated notes issued to capital trusts 42,293 37,938 — 37,938 — Subordinated debentures 64,137 61,940 — 61,940 — Other long-term debt 10,000 10,000 — 10,000 — Derivative liabilities 24,057 24,057 — 24,057 — December 31, 2022 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 86,435 $ 86,435 $ 86,435 $ — $ — Debt securities available for sale 1,153,547 1,153,547 — 1,153,547 — Debt securities held to maturity 1,129,421 924,894 — 924,894 — Loans held for sale 612 622 — 622 — Loans held for investment, net 3,791,324 3,702,527 — — 3,702,527 Interest receivable 27,090 27,090 — 27,090 — FHLB stock 19,248 19,248 — 19,248 — Derivative assets 23,655 23,655 — 23,648 7 Financial liabilities: Noninterest bearing deposits 1,053,450 1,053,450 1,053,450 — — Interest bearing deposits 4,415,492 4,393,315 3,225,787 1,167,528 — Short-term borrowings 391,873 391,873 391,873 — — Finance leases payable 787 787 — 787 — FHLB borrowings 17,301 17,032 — 17,032 — Junior subordinated notes issued to capital trusts 42,116 39,023 — 39,023 — Subordinated debentures 64,006 64,004 — 64,004 — Other long-term debt 15,000 15,000 — 15,000 — Derivative liabilities 21,087 21,087 — 21,087 — |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Substantially all of the Company’s revenue is generated from contracts with customers. Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, financial guarantees, derivatives, and certain credit card fees are also not in the scope of Topic 606. Noninterest revenue streams in-scope of Topic 606 are discussed below. Trust and Asset Management Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company’s performance obligation is generally satisfied over time, and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to customers’ accounts. The Company does not earn performance-based incentives. Optional services such as real estate property management and tax return preparation services are also available to existing trust and asset management customers. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. Service Charges on Deposit Accounts Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, and other deposit account related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts. Fees, Exchange, and Other Service Charges Fees, exchange, and other service charges are primarily comprised of debit and credit card income, ATM fees, merchant services income, and other service charges. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as Visa. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. Gains/Losses on Sales of Foreclosed Assets Gain or loss from the sale of foreclosed assets occurs when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of foreclosed assets to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the foreclosed assets are derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present. Other Other noninterest income consists of other recurring revenue streams such as safe deposit box rental fees, and other miscellaneous revenue streams. Safe deposit box rental fees are charged to the customer on an annual basis and recognized upon receipt of payment. The Company determined that since rentals and renewals occur fairly consistently over time, revenue is recognized on a basis consistent with the duration of the performance obligation. Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity, or standard month-end revenue accruals such as asset management fees based on month-end market values. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of December 31, 2023 and December 31, 2022, the Company did not have any significant contract balances. Contract Acquisition Costs In connection with the adoption of Topic 606, an entity is required to capitalize, and subsequently amortize into expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, sales commission). The Company utilizes the practical expedient which allows entities to immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. Upon adoption of Topic 606, the Company did not capitalize any contract acquisition cost. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company’s lease commitments consist primarily of real estate property for banking offices and office space with terms extending through 2030. Substantially all of our leases are classified as operating leases, with the Company holding one finance lease for a banking office with a lease term of 2025. (dollars in thousands) Classification December 31, 2023 December 31, 2022 Operating lease right-of-use assets Other assets $ 2,337 $ 2,492 Finance lease right-of-use asset Premises and equipment, net 255 350 Total right-of-use assets $ 2,592 $ 2,842 Operating lease liability Other liabilities $ 3,078 $ 3,359 Finance lease liability Long-term debt 604 787 Total lease liabilities $ 3,682 $ 4,146 Weighted-average remaining lease term: Operating leases 10.20 years 9.23 years Finance lease 2.67 years 3.67 years Weighted-average discount rate: Operating leases 4.43 % 4.23 % Finance lease 8.89 % 8.89 % The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Years Ended December 31, (in thousands) 2023 2022 2021 Lease Costs Operating lease cost $ 1,182 $ 1,165 $ 1,194 Variable lease cost 28 56 107 Interest on lease liabilities (1) 61 76 90 Amortization of right-of-use assets 96 96 95 Net lease cost $ 1,367 $ 1,393 $ 1,486 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,265 $ 1,186 $ 1,177 Operating cash flows from finance lease 61 76 90 Finance cash flows from finance lease 183 164 145 Supplemental non-cash information on lease liabilities: Right-of-use assets obtained in exchange for new operating lease liabilities 857 638 232 (1) Included in long-term debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in occupancy expense of premises, net. Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of December 31, 2023 were as follows: (in thousands) Finance Leases Operating Leases Twelve Months Ended: December 31, 2024 $ 250 $ 1,047 December 31, 2025 254 568 December 31, 2026 172 430 December 31, 2027 — 302 December 31, 2028 — 138 Thereafter — 1,600 Total undiscounted lease payment $ 676 $ 4,085 Amounts representing interest (72) (1,007) Lease liability $ 604 $ 3,078 |
Leases | Leases The Company’s lease commitments consist primarily of real estate property for banking offices and office space with terms extending through 2030. Substantially all of our leases are classified as operating leases, with the Company holding one finance lease for a banking office with a lease term of 2025. (dollars in thousands) Classification December 31, 2023 December 31, 2022 Operating lease right-of-use assets Other assets $ 2,337 $ 2,492 Finance lease right-of-use asset Premises and equipment, net 255 350 Total right-of-use assets $ 2,592 $ 2,842 Operating lease liability Other liabilities $ 3,078 $ 3,359 Finance lease liability Long-term debt 604 787 Total lease liabilities $ 3,682 $ 4,146 Weighted-average remaining lease term: Operating leases 10.20 years 9.23 years Finance lease 2.67 years 3.67 years Weighted-average discount rate: Operating leases 4.43 % 4.23 % Finance lease 8.89 % 8.89 % The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Years Ended December 31, (in thousands) 2023 2022 2021 Lease Costs Operating lease cost $ 1,182 $ 1,165 $ 1,194 Variable lease cost 28 56 107 Interest on lease liabilities (1) 61 76 90 Amortization of right-of-use assets 96 96 95 Net lease cost $ 1,367 $ 1,393 $ 1,486 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,265 $ 1,186 $ 1,177 Operating cash flows from finance lease 61 76 90 Finance cash flows from finance lease 183 164 145 Supplemental non-cash information on lease liabilities: Right-of-use assets obtained in exchange for new operating lease liabilities 857 638 232 (1) Included in long-term debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in occupancy expense of premises, net. Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of December 31, 2023 were as follows: (in thousands) Finance Leases Operating Leases Twelve Months Ended: December 31, 2024 $ 250 $ 1,047 December 31, 2025 254 568 December 31, 2026 172 430 December 31, 2027 — 302 December 31, 2028 — 138 Thereafter — 1,600 Total undiscounted lease payment $ 676 $ 4,085 Amounts representing interest (72) (1,007) Lease liability $ 604 $ 3,078 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of tax: (in thousands) Unrealized Gain (Loss) from AFS Debt Securities Reclassificationof AFS Debt Securities to HTM Unrealized Gain from Cash Flow Hedging Instruments Total Balance, December 31, 2020 $ 24,592 $ — $ — $ 24,592 Other comprehensive loss before reclassifications (33,278) — — (33,278) Amounts reclassified from AOCI (179) — — (179) Net current-period other comprehensive loss (33,457) — — (33,457) Balance, December 31, 2021 $ (8,865) $ — $ — $ (8,865) Other comprehensive (loss) income before reclassifications (82,788) 2,805 — (79,983) Amounts reclassified from AOCI (199) — — (199) Net current-period other comprehensive (loss) income (82,987) 2,805 — (80,182) Balance, December 31, 2022 $ (91,852) $ 2,805 $ — $ (89,047) Other comprehensive income before reclassifications 7,782 1,706 1,846 11,334 Amounts reclassified from AOCI 14,155 — (1,341) 12,814 Net current-period other comprehensive income 21,937 1,706 505 24,148 Balance, December 31, 2023 $ (69,915) $ 4,511 $ 505 $ (64,899) The following table presents reclassifications out of AOCI: Years Ended December 31, (in thousands) 2023 2022 2021 Investment securities losses (gains), net $ 19,768 $ (271) $ (242) Interest income (819) — — Interest expense (1,795) — — Income tax expense (4,340) 72 63 Net of tax $ 12,814 $ (199) $ (179) |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating Segments The Company’s activities are considered to be one reportable segment for financial reporting purposes. The Company is engaged in the business of commercial and retail banking and trust and investment management services with operations throughout central and eastern Iowa, the Minneapolis/St. Paul metropolitan area of Minnesota, southwestern Wisconsin, Naples and Fort Myers Florida, and Denver, Colorado. Substantially all income is derived from a diverse base of commercial, mortgage and retail lending activities, and investments. |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Financial Information | Parent Company Only Financial Information The following are condensed balance sheets of MidWest One Financial Group, Inc. as of December 31, 2023 and December 31, 2022 (parent company only): As of December 31, (in thousands) 2023 2022 Assets Cash $ 19,818 $ 11,749 Investment in subsidiaries 618,950 600,826 Other assets 4,094 3,364 Total assets $ 642,862 $ 615,939 Liabilities and Shareholders’ Equity Long-term debt $ 116,430 $ 121,122 Other liabilities 2,054 2,024 Total liabilities 118,484 123,146 Total shareholders’ equity 524,378 492,793 Total liabilities and shareholders’ equity $ 642,862 $ 615,939 The following are condensed statements of income of MidWest One Financial Group, Inc. for the years ended December 31, 2023, 2022, and 2021 (parent company only): Year Ended December 31, (in thousands) 2023 2022 2021 Income Dividends received from subsidiaries $ 36,500 $ 36,000 $ 40,750 Interest and other income 153 3,349 247 Total income 36,653 39,349 40,997 Expense Interest expense (8,268) (6,342) (5,306) Compensation and employee benefits (2,860) (2,976) (2,523) Other (1,214) (2,960) (1,139) Total expenses (12,342) (12,278) (8,968) Income before income taxes and equity in subsidiaries’ undistributed income 24,311 27,071 32,029 Income tax benefit 2,573 1,768 1,764 Equity in subsidiaries’ undistributed income (6,025) 31,996 35,693 Net income $ 20,859 $ 60,835 $ 69,486 The following are condensed statements of cash flows of MidWest One Financial Group, Inc. for the years ended December 31, 2023, 2022, and 2021 (parent company only): Year Ended December 31, (in thousands) 2023 2022 2021 Operating Activities: Net income $ 20,859 $ 60,835 $ 69,486 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary 6,025 (31,996) (35,693) Share-based compensation 2,403 2,541 2,153 Net change in other assets and other liabilities 732 (433) 327 Net cash provided by operating activities $ 30,019 $ 30,947 $ 36,273 Investing Activities: Proceeds from sales of equity securities $ — $ 14 $ 70 Purchases of equity securities (1,125) (1,250) (3) Proceeds from intercompany sale of bank-owned life insurance — — 5,252 Net cash paid in business acquisition — (44,955) — Net cash (used in) provided by investing activities $ (1,125) $ (46,191) $ 5,319 Financing Activities: Payments of subordinated debt issuance costs $ — $ — $ (9) Redemption of subordinated debentures — — (10,835) Proceeds from other long-term debt — 25,000 — Payments of other long-term debt (5,000) (10,000) — Taxes paid relating to the release/lapse of restriction on RSUs (609) (281) (121) Dividends paid (15,216) (14,870) (14,282) Repurchase of common stock — (2,725) (11,554) Net cash used in by financing activities $ (20,825) $ (2,876) $ (36,801) Net (decrease) increase in cash $ 8,069 $ (18,120) $ 4,791 Cash and cash equivalents at beginning of year 11,749 29,869 25,078 Cash and cash equivalents at end of year $ 19,818 $ 11,749 $ 29,869 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Management evaluated subsequent events through the date the consolidated financial statements were issued. Events or transactions occurring after December 31, 2023, but prior to the date the consolidated financial statements were issued, that provided additional evidence about conditions that existed at December 31, 2023 have been recognized in the consolidated financial statements for the period ended December 31, 2023. Events or transactions that provided evidence about conditions that did not exist at December 31, 2023, but arose before the consolidated financial statements were issued, have not been recognized in the consolidated financial statements for the period ended December 31, 2023. On January 23, 2024, the board of directors of the Company declared a cash dividend of $0.2425 per share payable on March 15, 2024 to shareholders of record as of the close of business on March 1, 2024. On January 31, 2024, the Company completed the acquisition of DNVB, parent company of the BOD. Immediately following completion of the acquisition, the BOD was merged with and into MidWest One |
Quarterly Results of Operations
Quarterly Results of Operations (unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (unaudited) | Quarterly Results of Operations (unaudited) Three Months Ended December 31 September 30 June 30 March 31 (in thousands, except per share amounts) 2023 Interest income $ 65,386 $ 63,572 $ 61,350 $ 59,305 Interest expense 32,827 28,997 24,388 19,229 Net interest income 32,559 34,575 36,962 40,076 Credit loss expense 1,768 1,551 1,597 933 Noninterest income (loss) 3,862 9,861 8,746 (4,046) Noninterest expense 32,131 31,544 34,919 33,319 Income before income taxes 2,522 11,341 9,192 1,778 Income tax (benefit) expense (208) 2,203 1,598 381 Net income $ 2,730 $ 9,138 $ 7,594 $ 1,397 Earnings per common share Basic $ 0.17 $ 0.58 $ 0.48 $ 0.09 Diluted $ 0.17 $ 0.58 $ 0.48 $ 0.09 2022 Interest income $ 56,757 $ 53,421 $ 44,729 $ 41,852 Interest expense 13,193 7,688 5,004 4,516 Net interest income 43,564 45,733 39,725 37,336 Credit loss expense 572 638 3,282 — Noninterest income 10,940 12,588 12,347 11,644 Noninterest expense 34,440 34,623 32,082 31,643 Income before income tax expense 19,492 23,060 16,708 17,337 Income tax expense 3,490 4,743 4,087 3,442 Net income $ 16,002 $ 18,317 $ 12,621 $ 13,895 Earnings per common share Basic $ 1.02 $ 1.17 $ 0.81 $ 0.89 Diluted $ 1.02 $ 1.17 $ 0.80 $ 0.88 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||||||||||
Net income | $ 2,730 | $ 9,138 | $ 7,594 | $ 1,397 | $ 16,002 | $ 18,317 | $ 12,621 | $ 13,895 | $ 20,859 | $ 60,835 | $ 69,486 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of Business and Signif_2
Nature of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect: (1) the reported amount of assets and liabilities, (2) the disclosure of contingent assets and liabilities at the date of the financial statements, and (3) the reported amounts of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates. Certain Significant Estimates : The allowance for credit losses, fair value of assets acquired and liabilities assumed in a business combination, and the annual impairment testing of goodwill and other intangible assets involve certain significant estimates made by management. These estimates are reviewed by management routinely, and it is reasonably possible that circumstances that exist may change in the near-term future and that the effect could be material to the consolidated financial statements. |
Principles of consolidation | The consolidated financial statements include the accounts of MidWest One Financial Group, Inc., a bank holding company, and its wholly-owned subsidiary MidWest One Bank, which is a state chartered bank whose primary federal regulator is the FDIC. All significant inter-company accounts and transactions have been eliminated in consolidation. Trust assets, other than cash deposits held by the Bank in a fiduciary or agency capacity for its customers, are not included in the accompanying consolidated financial statements because such accounts are not assets of the Bank. |
Presentation of cash flows | For purposes of reporting cash flows, cash and due from banks includes cash on hand, amounts due from banks, and federal funds sold. Cash flows from loans, deposits, and short-term borrowings are reported net. Cash receipts and cash payments resulting from originations and sales of loans held for sale are classified as operating cash flows on a gross basis in the consolidated statements of cash flows. The nature of the Company’s business requires that it maintain amounts due from banks that, at times, may exceed federally insured limits. In the opinion of management, no material risk of loss exists due to the various correspondent banks’ financial condition and the fact that they are well capitalized. |
Investment securities | Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. Debt securities not classified as held to maturity are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. The Company employs valuation techniques that utilize observable inputs when those inputs are available. These observable inputs reflect assumptions market participants would use in pricing the security, developed based on market data obtained from sources independent of the Company. When such information is not available, the Company employs valuation techniques which utilize unobservable inputs, or those which reflect the Company’s own assumptions about assumptions that market participants would use, based on the best information available in the circumstances. These valuation methods typically involve cash flow and other financial modeling techniques. Changes in underlying factors, assumptions, estimates, or other inputs to the valuation techniques could have a material impact on the Company’s future financial condition and results of operations. Fair value measurements are required to be classified as Level 1 (quoted prices), Level 2 (based on observable inputs) or Level 3 (based on unobservable inputs) discussed in more detail in Note 20. Estimated Fair Value of Financial Instruments and Fair Value Measurements to the consolidated financial statements. Purchase premiums and discounts are recognized in interest income using the interest method between the date of purchase and the first call date, or the maturity date of the security when there is no call date. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Held to Maturity Debt Securities - The Company evaluates debt securities held to maturity for current expected credit losses. Held-to-maturity securities are evaluated on a quarterly basis using historical probability of default and loss given default information specific to the investment category. If this evaluation determines that credit losses exist, an allowance for credit loss is recorded and included in earnings as a component of credit loss expense. The Company's mortgage-backed securities and collateralized mortgage obligations are issued by U.S. government agencies and U.S. government-sponsored enterprises and are implicitly guaranteed by the U.S. government, and as such are excluded from the credit loss evaluation. Accrued interest receivable on held to maturity debt securities is recorded within 'Other Assets,' and is excluded from the estimate of credit losses. Available for Sale Debt Securities - Available for sale debt securities are recorded at fair value. Realized gain or losses on sales of available for sale debt securities are included in earnings. Available for sale debt securities with unrealized gains are excluded from earnings and included in other comprehensive income as a separate component of shareholders’ equity, net of tax. When the fair value of an available for sale debt security falls below the amortized cost basis, it is evaluated to determine if any of the decline in value is attributable to credit loss. Decreases in fair value attributable to credit loss would be recorded directly to earnings with a corresponding allowance for credit losses, limited by the amount that the fair value is less than the amortized cost basis. If the credit quality subsequently improves the allowance would be reversed up to a maximum of the previously recorded credit losses. If the Company intends to sell an impaired available for sale debt security, or if it is more likely than not that the Company will be required to sell the security prior to recovering the amortized cost basis, the entire fair value adjustment would be immediately recognized in earnings with no corresponding allowance for credit losses. Accrued interest receivable is excluded from the estimate of credit losses. |
Loans | Loans are stated at the principal amount outstanding, net of purchase premiums, purchase discounts and net deferred loan fees. Net deferred loan fees include nonrefundable loan origination fees less direct loan origination costs. Net deferred loan fees, purchase premiums and purchase discounts are amortized into interest income using either the interest method or straight-line method over the terms of the loans, adjusted for actual prepayments. The interest method is used for all loans except revolving loans, for which the straight-line method is used. Interest on loans is credited to income as earned based on the principal amount outstanding. The accrual of interest on agricultural, commercial, commercial real estate, non-owner occupied residential real estate, and consumer loan segments is discontinued at the time the loan is 90 days past due, and owner occupied residential real estate loan segments at 120 days past due, unless the credit is well secured and in process of collection. Credit card loans and other personal loans are typically charged off no later than 180 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date, if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is generally accounted for on the cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company requires a loan to be charged-off, in whole or in part, as soon as it becomes apparent that some loss will be incurred, or when its collectability is sufficiently questionable that it no longer is considered a bankable asset. The primary considerations when determining if and how much of a loan should be charged-off are as follows: (1) the potential for future cash flows; (2) the value of any collateral; and (3) the strength of any co-makers or guarantors. Acquired Loans - Acquired loans are separated into two categories based on the credit risk characteristics of the underlying borrowers as either PCD, for loans which have experienced more than insignificant credit deterioration since origination, or loans with no credit deterioration (non-PCD). At the date of acquisition, an ACL on PCD loans is determined and added to the amortized cost basis of the individual loans. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. The ACL on PCD loans is recorded in the acquisition accounting and no provision for credit losses is recognized at the acquisition date. Subsequent changes to the ACL are recorded through provision expense. For non-PCD loans, an ACL is established immediately after the acquisition through a charge to the provision for credit losses. The risk characteristics of each loan portfolio segment are as follows: Agricultural - Agricultural loans, most of which are secured by crops, livestock, and machinery, are provided to finance capital improvements and farm operations as well as acquisitions of livestock and machinery. The ability of the borrower to repay may be affected by many factors outside of the borrower’s control including adverse weather conditions, loss of livestock due to disease or other factors, declines in market prices for agricultural products and the impact of government regulations. The ultimate repayment of agricultural loans is dependent upon the profitable operation or management of the agricultural entity. Collateral for these loans generally includes accounts receivable, inventory, equipment and real estate. However, depending on the overall financial condition of the borrower, some loans are made on an unsecured basis. The collateral securing these loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business. Commercial and Industrial - Commercial and industrial loans are primarily made based on the reported cash flow of the borrower and secondarily on the underlying collateral provided by the borrower. The collateral support provided by the borrower for most of these loans and the probability of repayment are based on the liquidation of the pledged collateral and enforcement of a personal guarantee, if any exists. The primary repayment risks of commercial and industrial loans are that the cash flows of the borrower may be unpredictable, and the collateral securing these loans may fluctuate in value. The size of the loans the Company can offer to commercial customers is less than the size of the loans that competitors with larger lending limits can offer. This may limit the Company’s ability to establish relationships with the largest businesses in the areas in which the Company operates. As a result, the Company may assume greater lending risks than financial institutions that have a lesser concentration of such loans and tend to make loans to larger businesses. Collateral for these loans generally includes accounts receivable, inventory, equipment and real estate. However, depending on the overall financial condition of the borrower, some loans are made on an unsecured basis. The collateral securing these loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business. In addition, a decline in the U.S. economy could harm or continue to harm the businesses of the Company’s commercial and industrial customers and reduce the value of the collateral securing these loans. Commercial Real Estate - The Company offers mortgage loans to commercial and agricultural customers for the acquisition of real estate used in their businesses, such as offices, warehouses and production facilities, and to real estate investors for the acquisition of apartment buildings, retail centers, office buildings and other commercial buildings. The market value of real estate securing commercial real estate loans can fluctuate significantly in a short period of time as a result of market conditions in the geographic area in which the real estate is located. Adverse developments affecting real estate values in one or more of the Company’s markets could increase the credit risk associated with its loan portfolio. Additionally, real estate lending typically involves higher loan principal amounts than other loans, and the repayment of the loans generally is dependent, in large part, on sufficient income from the properties securing the loans to cover operating expenses and debt service. Economic events or governmental regulations outside of the Company’s control or that of the borrower could negatively impact the future cash flow and market values of the affected properties. Residential Real Estate - The Company generally retains short-term residential mortgage loans that are originated for its own portfolio but sells most long-term loans to other parties while retaining servicing rights on the majority of those loans. The market value of real estate securing residential real estate loans can fluctuate as a result of market conditions in the geographic area in which the real estate is located. Adverse developments affecting real estate values in one or more of the Company’s markets could increase the credit risk associated with its loan portfolio. Additionally, real estate lending typically involves higher loan principal amounts than other loans, and the repayment of the loans generally is dependent, in large part, on the borrower’s continuing financial stability, and is therefore more likely to be affected by adverse personal circumstances. Consumer - Consumer loans typically have shorter terms, lower balances, higher yields and higher risks of default than real estate-related loans. Consumer loan collections are dependent on the borrower’s continuing financial stability, and are therefore more likely to be affected by adverse personal circumstances. Collateral for these loans generally includes automobiles, boats, recreational vehicles, mobile homes, and real estate. However, depending on the overall financial condition of the borrower, some loans are made on an unsecured basis. The collateral securing these loans may depreciate over time, may be difficult to recover and may fluctuate in value based on condition. In addition, a decline in the United States economy could result in reduced employment, impacting the ability of customers to repay their obligations. Loan Modifications for Borrowers Experiencing Financial Difficulty : Infrequently, the Company makes modifications to certain loans in order to alleviate temporary difficulties in the borrower’s financial condition and/or constraints on the borrower’s ability to repay a loan, and to minimize potential losses to the Company. GAAP requires that certain types of modifications be reported, including: • Principal forgiveness. • Interest rate reduction. • An other than-insignificant payment delay. • Term extension. |
Loans held-for-sale | Loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value, as determined by aggregate outstanding commitments from investors or current investor yield requirements. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Mortgage loans held for sale are generally sold with the mortgage servicing rights retained. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price plus the value of servicing rights, less the carrying value of the related mortgage loans sold. |
Allowance for credit losses related to loans held for investment | Under the current expected credit loss model, the allowance for credit losses is a valuation account estimated at each balance sheet date and deducted from the amortized cost basis of loans held for investment to present the net amount expected to be collected. The Company estimates the ACL based on the underlying assets’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for collection of cash and charge-offs, as well as applicable accretion or amortization of premium, discount, and net deferred fees or costs. In the event that collection of principal becomes uncertain, the Company has policies in place to reverse accrued interest in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the measurement of ACL. Expected credit losses are reflected in the allowance for credit losses through a charge to credit loss expense. When the Company deems all or a portion of a financial asset to be uncollectible, the appropriate amount is written off and the ACL is reduced by the same amount. The Company applies judgment to determine when a financial asset is deemed uncollectible; however, generally speaking, an asset will be considered uncollectible no later than when all efforts at collection have been exhausted. Subsequent recoveries, if any, are credited to the ACL when received. The Company measures expected credit losses of financial assets on a collective (pool) basis when the financial assets share similar risk characteristics. Depending on the nature of the pool of financial assets with similar risk characteristics, the Company uses a DCF method or a loss-rate method to estimate expected credit losses. The Company’s methodologies for estimating the ACL consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable, to the identified pools of financial assets with similar risk characteristics for which the historical loss experience was observed. The Company’s economic forecast assumptions revert over four quarters to historical loss driver information on a straight-line basis after four quarters. Discounted Cash Flow Method The Company uses the DCF method to estimate expected credit losses for the agricultural, commercial and industrial, CRE - construction and development, CRE - farmland, CRE - multifamily, CRE - other, RRE - owner-occupied one-to-four family first liens, RRE - nonowner-occupied one-to-four family first liens, RRE - one-to-four family junior liens, and consumer loan pools. For each of these pools, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, probability of default, and loss given default. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical internal data. The Company uses regression analysis of historical internal and peer data to determine which variables are best suited to be economic variables utilized when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the economic variables. For the loan pools utilizing the DCF method, management utilizes one or multiple of the following economic variables: Midwest unemployment, national retail sales, CRE index, US rental vacancy rate, US gross domestic product, and HPI. For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts back to a historical loss rate over four quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four quarter forecast period. Other internal and external indicators of economic forecasts are also considered by management when developing the forecast metrics. The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value of expected cash flows (“NPV”). An ACL is established for the difference between the instrument’s NPV and amortized cost basis. In addition, management utilizes qualitative factors to adjust the calculated ACL as appropriate. Qualitative factors are based on management's judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions. Loss-Rate Method The Company uses a loss-rate method to estimate expected credit losses for the credit card and overdraft pools. For each of these pools, the Company applies an expected loss ratio based on internal and peer historical losses, adjusted as appropriate for qualitative factors. Qualitative loss factors are based on management's judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions. Collateral Dependent Financial Assets Loans that do not share risk characteristics are evaluated on an individual basis. For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the fair value of the underlying collateral less estimated cost to sell. The Company’s estimate of the ACL reflects losses expected over the contractual life of the assets, adjusted for estimated prepayments or curtailments. The contractual term does not consider extensions, renewals or modifications unless the Company has identified an expected MBEFD. A loan that has been modified or renewed is considered a MBEFD when the borrower is experiencing financial difficulty. Liability for Off-Balance Sheet Credit Losses: Financial instruments include off-balance sheet credit losses, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. |
Transfers of financial assets | Revenue from the origination and sale of loans in the secondary market is recognized upon the transfer of financial assets and accounted for as sales when control over the assets has been surrendered. The Company also sells participation interests in some large loans originated to non-affiliated entities. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from the Company; (2) the transferee has the right to pledge or exchange the assets it received and no condition both constrains the transferee from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the transferor; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. |
Credit related financial instruments | In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under credit card arrangements, commitments to sell loans, commercial letters of credit and standby letters of credit. Such financial instruments are recorded when they are funded. |
Derivatives and hedging instruments | As part of its asset and liability management strategy, the Company uses derivative financial instruments to mitigate exposure to interest rate risks. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. In accordance with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. |
Premises and equipment | Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. The estimated useful lives and primary method of depreciation for the principal items are as follows: Years Type of Assets Minimum Maximum Depreciation Method Buildings and leasehold improvements 10 - 39 Straight-line Furniture and equipment 3 - 10 Straight-line Charges for maintenance and repairs are expensed as incurred. When assets are retired or disposed of, the related cost and accumulated depreciation are removed from the respective accounts and the resulting gain or loss is recorded. |
Leases | The Company determines if a lease is present at the inception of an agreement. Operating leases are capitalized at commencement and operating lease ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term and are reported in “Other assets” and “Other liabilities,” respectively, on the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Leases with original terms of less than 12 months are not capitalized. If at lease inception, the Company considers exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. |
Foreclosed assets net | Real estate properties and other assets acquired through or in lieu of foreclosure are initially recorded at fair value less estimated selling cost at the date of foreclosure, establishing a new cost basis. Fair value is determined by management by obtaining appraisals or other market value information at least annually. Any write-downs in value at the date of acquisition are charged to the allowance for credit losses. After foreclosure, valuations are periodically performed by management by obtaining updated appraisals or other market value information. Any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the updated fair value less estimated selling cost. Net costs related to the holding of properties are included in noninterest expense. |
Goodwill and other intangibles | Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations accounted for as acquisitions. Under ASC Topic 350, goodwill of a reporting unit is tested for impairment on an annual basis, or between annual tests if an event occurs or circumstances change that would reduce the fair value of a reporting unit below its carrying amount. The Company's annual assessment is done at the reporting unit level, which the Company has concluded is at the consolidated level. In 2023, due to the volatility and overall decrease in the Company’s stock price, management concluded that these factors led to the occurrence of a triggering event and therefore an interim impairment test over goodwill was performed as of June 30, 2023. The Company concluded based upon the results of the interim assessment that the fair value of goodwill exceeded the book value on that date, and as such goodwill was not impaired. Based upon the Company’s annual assessment, the Company also concluded that goodwill was not impaired and therefore did not recognize any impairment losses during the year ended December 31, 2023 and December 31, 2022. |
Federal Home Loan Bank Stock | The |
Mortgage servicing rights | Mortgage servicing rights are recorded at fair value based on assumptions through a third-party valuation service. The valuation model incorporates assumptions that are observable in the marketplace and that market participants would use in estimating future net servicing income, such as the servicing cost per loan, the discount rate, the escrow float rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. |
Bank owned life insurance | BOLI represents life insurance policies on the lives of certain Company officers and directors or former officers and directors for which the Company is the beneficiary. Bank-owned life insurance is carried at cash surrender value, net of surrender and other charges, with increases/decreases reflected as noninterest income/expense in the consolidated statements of income. |
Employee benefit plans | Deferred benefits under a salary continuation plan are charged to expense during the period in which the participating employees attain full eligibility. |
Stock based compensation | Compensation expense for share based awards is recorded over the vesting period at the fair value of the award at the time of grant. The exercise price of options or fair value of nonvested shares granted under the Company’s incentive plans is equal to the fair market value of the underlying stock at the grant date. The Company assumes no projected forfeitures on its stock based compensation, since actual historical forfeiture rates on its stock-based incentive awards have been negligible. |
Income taxes | The Company and/or its subsidiaries file tax returns in all states and local taxing jurisdictions which impose corporate income, franchise or other taxes where it operates. The methods of filing and the methods for calculating taxable and apportionable income vary depending upon the laws of the taxing jurisdiction. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as income or expense in the period that includes the enactment date of such change. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. In accordance with ASC 740, Income Taxes , the Company recognizes a tax position as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized upon examination. For tax positions not meeting the more likely than not test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. There were no material unrecognized tax benefits or any interest or penalties on any unrecognized tax benefits as of December 31, 2023 and 2022. |
Common stock | On August 20, 2019, the Board of Directors of the Company approved a share repurchase program, allowing for the repurchase of up to $10.0 million of common stock through December 31, 2021. The repurchase program replaced the Company’s prior repurchase program that was announced in October 2018. Since the plan was announced on August 20, 2019, the Company repurchased 297,158 shares of common stock for approximately $7.9 million, leaving $2.1 million available to be repurchased under that repurchase program as of June 22, 2021, the end of such program. On June 22, 2021, the Board of Directors of the Company approved a share repurchase program, allowing for the repurchase of up to $15.0 million of the Company's common stock through December 31, 2023. The repurchase program replaced the Company’s prior repurchase program, which was due to expire on December 31, 2021. Since June 23, 2021 and through April 27, 2023, the Company repurchased 403,368 shares of common stock for approximately $12.0 million, leaving $3.0 million available to be repurchased. On April 27, 2023, the Board of Directors of the Company approved a new share repurchase program, allowing for the repurchase of up to $15.0 million of the Company's common stock through December 31, 2025. This new repurchase program replaced the Company’s prior repurchase program, adopted in June 2021, which was due to expire on December 31, 2023. Since April 28, 2023 and through December 31, 2023, the Company repurchased no shares of common stock, leaving $15.0 million available to be repurchased. |
Comprehensive income | Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of shareholders’ equity on the consolidated balance sheets, and are disclosed in the consolidated statements of comprehensive income. |
Effect of New Financial Accounting Standards | Accounting Guidance Pending Adoption in 2023 On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASC 848 contains optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. Certain optional expedients and exceptions for contract modifications and hedging relationships were amended in ASU 2021-01, Reference Rate Reform (Topic 848): Scope Refinement , issued on January 7, 2021. In addition, ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which time entities will no longer be permitted to apply the relief in Topic 848. The adoption of ASU 2020-04 is not expected to have a material impact on the Company’s consolidated financial statements. On March 29, 2023, the FASB issued ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . Under this ASU, if certain conditions are met, a reporting entity may elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with an option to early adopt. The amendments must be applied on either a modified retrospective or a retrospective basis, with certain exceptions for low-income-housing tax credit structures that aren’t accounted for using the proportional amortization method. The Company is currently evaluating the impact of ASU 2023-02. On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Enhanced disclosures about significant segment expenses are included within this ASU. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with an option to early adopt. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with the segment expense categories and amounts disclosed in prior periods being based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of ASU 2023-07. On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures . Additional transparency about income tax information through improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information, will be required. The amendments are effective for annual periods beginning after December 15, 2024, with an option to early adopt. The amendments should be applied on a prospective basis, with retrospective application being permitted. The Company is currently evaluating the impact of ASU 2023-09. Accounting Guidance Adopted in 2023 On March 31, 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. For creditors that have adopted the CECL accounting guidance within ASU 2016-13, the amendments eliminate the accounting guidance for TDRs within ASC 310-40, while also enhancing the disclosure requirements for certain loan refinancings and restructurings when a borrower is experiencing financial difficulty. In addition, public business entities must also disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. The amendments are effective for fiscal years beginning after December 15, 2022 and should be applied prospectively, with an option to apply a modified retrospective transition approach for the recognition and measurement of TDRs. The adoption of ASU 2022-02 was applied prospectively and did not have a material impact on the Company's consolidated financial statements. |
Derivatives | Derivatives Designated as Hedging Instruments The Company uses derivative instruments to hedge its exposure to economic risks. Certain hedging relationships are formally designated and qualify for hedge accounting under GAAP as fair value or cash flow hedges. Fair Value Hedges - Derivatives are designated as fair value hedges to limit the Company's exposure to changes in the fair value of assets or liabilities due to movements in interest rates. The Company entered into pay-fixed receive-floating interest rate swaps to manage its exposure to changes in fair value in certain fixed-rate assets, including AFS debt securities and loans. The gain or loss on the loan fair value hedge derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The change in the fair value of the available for sale securities attributable to changes in the hedged risk is recorded in accumulated other comprehensive income and subsequently reclassified into interest income, as applicable, in the same period(s) to offset the changes in the fair value of the swap, which is also recognized in interest income. Cash Flow Hedges - Derivatives are designated as cash flow hedges in order to minimize the variability in cash flows of earning assets or forecasted transactions caused by movement in interest rates. The Company entered into pay-fixed receive-variable interest rate swaps to hedge against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on the Company's variable rate debt, including brokered deposits. The gain or loss on the derivatives is recorded in accumulated other comprehensive income and subsequently reclassified into interest expense, as applicable, in the same period(s) during which the hedged transaction affects earnings. During the next 12 months, the Company estimates that an additional $1.6 million of income will be reclassified into interest expense. The table below presents the effect of cash flow hedge accounting on AOCI for the years ended December 31, 2023 and 2022. Amount of Gain (Loss) Recognized in AOCI on Derivative Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Year Ended December 31, Year Ended December 31, (in thousands) 2023 2022 2023 2022 Interest rate swaps $ 2,471 $ — Interest Expense $ 1,795 $ — |
Fair Value Measurements | The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily available for sale debt securities, derivatives and mortgage servicing rights. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period, and such measurements are therefore considered "nonrecurring" for purposes of disclosing the Company's fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for collateral dependent individually analyzed loans and foreclosed assets. Recurring Basis The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Investment Securities - The fair value for investment securities are determined by quoted market prices, if available (Level 1). The Company utilizes an independent pricing service to obtain the fair value of debt securities. Debt securities issued by the U.S. Treasury and other U.S. Government agencies and corporations, mortgage-backed securities, collateralized loan obligations, and collateralized mortgage obligations are priced utilizing industry-standard models that consider various assumptions, including time value, yield curves, volatility factors, prepayment speeds, default rates, loss severity, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace (Level 2). Municipal securities are valued using a type of matrix, or grid, pricing in which securities are benchmarked against the treasury rate based on credit rating (Level 2). Derivatives - Interest rate swaps are valued by using cash flow valuation techniques with observable market data inputs (Level 2). The Company has entered into collateral agreements with its swap dealers which entitle it to receive collateral to cover market values on derivatives which are in asset position, thus a credit risk adjustment on interest rate swaps is not warranted. RPAs are entered into by the Company with institutional counterparties, under which the Company assumes its pro-rata share of the credit exposure associated with a borrower’s performance related to interest rate derivative contracts. The fair value of RPAs is calculated by determining the total expected asset or liability exposure using observable inputs, such as yield curves and volatilities, of the derivatives to the borrowers and applying the borrowers’ credit spread to that exposure (Level 2). The fair values of the interest rate lock commitments and interest rate forward loan sales contracts are estimated using quoted or published market prices for similar instruments, adjusted for factors such as pull-through rate assumptions based on historical information, where appropriate. The pull-through rate assumptions are considered Level 3 valuation inputs and are significant to the interest rate lock commitments valuation; as such, the interest rate lock commitments are classified as Level 3. Mortgage Servicing Rights (MSR) - MSRs are recorded at fair value based on assumptions through a third-party valuation service. The valuation model incorporates assumptions that are observable in the marketplace and that market participants would use in estimating future net servicing income, such as servicing cost per loan, the discount rate, the escrow float rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses (Level 2). |
Revenue Recognition | Substantially all of the Company’s revenue is generated from contracts with customers. Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, financial guarantees, derivatives, and certain credit card fees are also not in the scope of Topic 606. Noninterest revenue streams in-scope of Topic 606 are discussed below. Trust and Asset Management Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company’s performance obligation is generally satisfied over time, and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to customers’ accounts. The Company does not earn performance-based incentives. Optional services such as real estate property management and tax return preparation services are also available to existing trust and asset management customers. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. Service Charges on Deposit Accounts Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, and other deposit account related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts. Fees, Exchange, and Other Service Charges Fees, exchange, and other service charges are primarily comprised of debit and credit card income, ATM fees, merchant services income, and other service charges. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as Visa. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. Gains/Losses on Sales of Foreclosed Assets Gain or loss from the sale of foreclosed assets occurs when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of foreclosed assets to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the foreclosed assets are derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present. Other Other noninterest income consists of other recurring revenue streams such as safe deposit box rental fees, and other miscellaneous revenue streams. Safe deposit box rental fees are charged to the customer on an annual basis and recognized upon receipt of payment. The Company determined that since rentals and renewals occur fairly consistently over time, revenue is recognized on a basis consistent with the duration of the performance obligation. Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity, or standard month-end revenue accruals such as asset management fees based on month-end market values. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of December 31, 2023 and December 31, 2022, the Company did not have any significant contract balances. Contract Acquisition Costs In connection with the adoption of Topic 606, an entity is required to capitalize, and subsequently amortize into expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, sales commission). The Company utilizes the practical expedient which allows entities to immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. Upon adoption of Topic 606, the Company did not capitalize any contract acquisition cost. |
Subsequent Events | Management evaluated subsequent events through the date the consolidated financial statements were issued. Events or transactions occurring after December 31, 2023, but prior to the date the consolidated financial statements were issued, that provided additional evidence about conditions that existed at December 31, 2023 have been recognized in the consolidated financial statements for the period ended December 31, 2023. Events or transactions that provided evidence about conditions that did not exist at December 31, 2023, but arose before the consolidated financial statements were issued, have not been recognized in the consolidated financial statements for the period ended December 31, 2023. |
Nature of Business and Signif_3
Nature of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Premises and Equipment | Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. The estimated useful lives and primary method of depreciation for the principal items are as follows: Years Type of Assets Minimum Maximum Depreciation Method Buildings and leasehold improvements 10 - 39 Straight-line Furniture and equipment 3 - 10 Straight-line |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. (in thousands) June 9, 2022 Merger consideration Cash consideration $ 46,672 Identifiable net assets acquired, at fair value Assets acquired Cash and due from banks $ 10,192 Interest earning deposits in banks 67,855 Debt securities 119,820 Loans held for investment 281,326 Premises and equipment 7,363 Core deposit intangible 16,500 Other assets 14,140 Total assets acquired 517,196 Liabilities assumed Deposits $ (463,638) Other liabilities (3,117) Total liabilities assumed (466,755) Identifiable net assets acquired, at fair value 50,441 Bargain Purchase Gain $ 3,769 |
Schedule of Business Acquisitions, Integration, Restructuring and Other Related Costs | The following table provides a summary of these PCD loans at acquisition: (in thousands) June 9, 2022 Par value of PCD loans acquired $ 15,396 PCD ACL at acquisition (3,371) Non-credit discount on PCD loans (1,005) Purchase price of PCD loans $ 11,020 The following table summarizes DNVB acquisition-related expenses incurred in the year ended December 31, 2023, and IOFB acquisition-related expenses incurred in the years ended December 31, 2022 and December 30, 2021: Years Ended December 31, (in thousands) 2023 2022 2021 Noninterest Expense Compensation and employee benefits $ 70 $ 471 $ — Occupancy expense of premises, net — 1 — Equipment — 29 18 Legal and professional 191 948 202 Data processing 65 511 — Marketing 38 164 2 Communications — 3 — Other 28 74 2 Total acquisition-related expenses $ 392 $ 2,201 $ 224 |
Schedule of Business Acquisition, Pro Forma Information | For illustrative purposes only, the following table presents certain unaudited pro forma information for the years ended December 31, 2022 and 2021. This unaudited, estimated pro forma information was calculated as if IOFB had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of IOFB and the Company and includes adjustments for the estimated impact of certain fair value purchase accounting, interest expense, acquisition-related expenses, and income tax expense for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. Additionally, MidWest One expects to achieve further operating cost savings and other business synergies, including revenue growth as a result of the acquisition, which are not reflected in the pro forma amounts that follow. As a result, actual amounts would have differed from the unaudited pro forma information presented. Unaudited Pro Forma for the Years Ended December 31, (in thousands, except per share amounts) 2022 2021 Total revenues $ 217,157 $ 223,317 Net Income $ 61,451 $ 71,376 EPS - basic $ 3.93 $ 4.50 EPS - diluted $ 3.91 $ 4.49 |
Debt Securities - (Tables)
Debt Securities - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Securities [Abstract] | |
Schedule of Debt Securities, Available-for-sale | The following tables summarize the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities as of the dates indicated: As of December 31, 2023 Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Loss related to Debt Securities Fair Value (in thousands) Available for Sale State and political subdivisions $ 139,482 $ 2 $ 9,345 $ — $ 130,139 Mortgage-backed securities 5,448 5 142 — 5,311 Collateralized loan obligations 50,541 135 239 — 50,437 Collateralized mortgage obligations 190,304 — 21,108 — 169,196 Corporate debt securities 487,361 57 47,367 — 440,051 Total available for sale debt securities $ 873,136 $ 199 $ 78,201 $ — $ 795,134 Held to Maturity State and political subdivisions $ 532,422 $ — $ 65,932 $ — $ 466,490 Mortgage-backed securities 74,904 — 11,635 — 63,269 Collateralized mortgage obligations 467,864 — 102,360 — 365,504 Total held to maturity debt securities $ 1,075,190 $ — $ 179,927 $ — $ 895,263 (1) Amortized cost for the held to maturity securities includes $0.2 million of unamortized gain in state and political subdivisions, $58.0 thousand of unamortized gains in mortgage-backed securities and $9.7 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022. As of December 31, 2022 Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Loss related to Debt Securities Fair Value (in thousands) Available for Sale U.S. Government agencies and corporations $ 7,598 $ — $ 253 $ — $ 7,345 State and political subdivisions 303,573 27 18,244 — 285,356 Mortgage-backed securities 6,165 11 232 — 5,944 Collateralized mortgage obligations 172,568 — 25,375 — 147,193 Corporate debt securities 771,836 125 64,252 — 707,709 Total debt securities $ 1,261,740 $ 163 $ 108,356 $ — $ 1,153,547 Held to Maturity State and political subdivisions $ 538,746 $ — $ 88,349 $ — $ 450,397 Mortgage-backed securities 81,032 — 12,851 — 68,181 Collateralized mortgage obligations 509,643 — 103,327 — 406,316 Total held to maturity debt securities $ 1,129,421 $ — $ 204,527 $ — $ 924,894 (1) Amortized cost for the held to maturity securities includes $0.2 million of unamortized gain in state and political subdivisions, $36 thousand of unamortized losses in mortgage-backed securities and $11.9 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022. |
Schedule of Held-to-Maturity Reconciliation | The following tables summarize the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities as of the dates indicated: As of December 31, 2023 Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Loss related to Debt Securities Fair Value (in thousands) Available for Sale State and political subdivisions $ 139,482 $ 2 $ 9,345 $ — $ 130,139 Mortgage-backed securities 5,448 5 142 — 5,311 Collateralized loan obligations 50,541 135 239 — 50,437 Collateralized mortgage obligations 190,304 — 21,108 — 169,196 Corporate debt securities 487,361 57 47,367 — 440,051 Total available for sale debt securities $ 873,136 $ 199 $ 78,201 $ — $ 795,134 Held to Maturity State and political subdivisions $ 532,422 $ — $ 65,932 $ — $ 466,490 Mortgage-backed securities 74,904 — 11,635 — 63,269 Collateralized mortgage obligations 467,864 — 102,360 — 365,504 Total held to maturity debt securities $ 1,075,190 $ — $ 179,927 $ — $ 895,263 (1) Amortized cost for the held to maturity securities includes $0.2 million of unamortized gain in state and political subdivisions, $58.0 thousand of unamortized gains in mortgage-backed securities and $9.7 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022. As of December 31, 2022 Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Loss related to Debt Securities Fair Value (in thousands) Available for Sale U.S. Government agencies and corporations $ 7,598 $ — $ 253 $ — $ 7,345 State and political subdivisions 303,573 27 18,244 — 285,356 Mortgage-backed securities 6,165 11 232 — 5,944 Collateralized mortgage obligations 172,568 — 25,375 — 147,193 Corporate debt securities 771,836 125 64,252 — 707,709 Total debt securities $ 1,261,740 $ 163 $ 108,356 $ — $ 1,153,547 Held to Maturity State and political subdivisions $ 538,746 $ — $ 88,349 $ — $ 450,397 Mortgage-backed securities 81,032 — 12,851 — 68,181 Collateralized mortgage obligations 509,643 — 103,327 — 406,316 Total held to maturity debt securities $ 1,129,421 $ — $ 204,527 $ — $ 924,894 (1) Amortized cost for the held to maturity securities includes $0.2 million of unamortized gain in state and political subdivisions, $36 thousand of unamortized losses in mortgage-backed securities and $11.9 million of unamortized losses in collateralized mortgage obligations related to the re-classification of securities from available for sale to held to maturity on January 1, 2022. |
Schedule of Debt Securities, Available-for-sale, in Unrealized Loss Position | The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded at December 31, 2023, aggregated by investment category and length of time in a continuous loss position: As of December 31, 2023 Number of Less than 12 Months 12 Months or More Total Available for Sale Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands, except number of securities) State and political subdivisions 149 $ 8,417 $ 492 $ 114,713 $ 8,853 $ 123,130 $ 9,345 Mortgage-backed securities 19 — — 4,906 142 4,906 142 Collateralized loan obligations 2 17,696 239 — — 17,696 239 Collateralized mortgage obligations 20 6,278 90 127,792 21,018 134,070 21,108 Corporate debt securities 133 2,377 80 429,222 47,287 431,599 47,367 Total 323 $ 34,768 $ 901 $ 676,633 $ 77,300 $ 711,401 $ 78,201 The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2022, aggregated by investment category and length of time in a continuous loss position. As of December 31, 2022 Number Less than 12 Months 12 Months or More Total Available for Sale Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands, except number of securities) U.S. Government agencies and corporations 8 $ 7,345 $ 253 $ — $ — $ 7,345 $ 253 State and political subdivisions 380 248,339 14,553 20,631 3,691 268,970 18,244 Mortgage-backed securities 27 5,323 231 45 1 5,368 232 Collateralized mortgage obligations 20 75,041 7,121 72,152 18,254 147,193 25,375 Corporate debt securities 159 369,441 21,679 288,329 42,573 657,770 64,252 Total 594 $ 705,489 $ 43,837 $ 381,157 $ 64,519 $ 1,086,646 $ 108,356 |
Schedule of Proceeds and Realized Gains (Losses) | Proceeds and gross realized gains and losses on debt securities available for sale for the years ended December 31, 2023, 2022 and 2021, were as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Proceeds from sales of debt securities available for sale $ 326,179 $ 129,823 $ 52,183 Gross realized gains from sales of debt securities available for sale — — 940 Gross realized losses from sales of debt securities available for sale (19,844) (167) (791) Net realized (loss) gain from sales of debt securities available for sale (1) $ (19,844) $ (167) $ 149 (1) The difference in investment security (losses) gains, net reported herein as compared to the Consolidated Statements of Income is associated with the net realized gain from the call or maturity of debt securities of $76 thousand, $438 thousand and $93 thousand for the years ended December 31, 2023, 2022, and 2021, respectively, and net realized gain from the sale of equity securities of $979 thousand for the year ended December 31, 2023. |
Schedule of Investments Classified by Contractual Maturity Date | The contractual maturity distribution of investment debt securities at December 31, 2023, is shown below. Expected maturities of MBS, CLO, and CMO may differ from contractual maturities because the mortgages underlying the securities may be called or prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following summary. Available For Sale Held to Maturity (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 65,818 $ 64,730 $ 2,537 $ 2,502 Due after one year through five years 383,566 353,730 146,159 133,315 Due after five years through ten years 149,458 127,771 231,104 200,270 Due after ten years 28,001 23,959 152,622 130,403 $ 626,843 $ 570,190 $ 532,422 $ 466,490 Mortgage-backed securities 5,448 5,311 74,904 63,269 Collateralized loan obligations 50,541 50,437 — — Collateralized mortgage obligations 190,304 169,196 467,864 365,504 Total $ 873,136 $ 795,134 $ 1,075,190 $ 895,263 |
Loans Receivable and the Allo_2
Loans Receivable and the Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Loans by Lending Classification | The composition of loans by class of receivable was as follows: As of December 31, (in thousands) 2023 2022 Agricultural $ 118,414 $ 115,320 Commercial and industrial 1,075,003 1,055,162 Commercial real estate: Construction & development 323,195 270,991 Farmland 184,955 183,913 Multifamily 383,178 252,129 Commercial real estate-other 1,333,982 1,272,985 Total commercial real estate 2,225,310 1,980,018 Residential real estate: One- to four- family first liens 459,798 451,210 One- to four- family junior liens 180,639 163,218 Total residential real estate 640,437 614,428 Consumer 67,783 75,596 Loans held for investment, net of unearned income 4,126,947 3,840,524 Allowance for credit losses (51,500) (49,200) Total loans held for investment, net $ 4,075,447 $ 3,791,324 |
Schedule of Loans Based on Delinquency Status | The following tables present the amortized cost basis of loans based on delinquency status: Age Analysis of Past-Due Financial Assets (in thousands) Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total 90 Days or More Past Due and Accruing December 31, 2023 Agricultural $ 117,852 $ 338 $ — $ 224 $ 118,414 $ — Commercial and industrial 1,058,301 440 401 15,861 1,075,003 — Commercial real estate: Construction & development 323,165 30 — — 323,195 — Farmland 182,759 677 352 1,167 184,955 — Multifamily 383,178 — — — 383,178 — Commercial real estate-other 1,327,727 2,129 1,290 2,836 1,333,982 — Total commercial real estate 2,216,829 2,836 1,642 4,003 2,225,310 — Residential real estate: One- to four- family first liens 453,212 3,572 1,741 1,273 459,798 468 One- to four- family junior liens 179,339 356 690 254 180,639 — Total residential real estate 632,551 3,928 2,431 1,527 640,437 468 Consumer 67,622 118 28 15 67,783 — Total $ 4,093,155 $ 7,660 $ 4,502 $ 21,630 $ 4,126,947 $ 468 December 31, 2022 Agricultural $ 114,922 $ 100 $ — $ 298 $ 115,320 $ — Commercial and industrial 1,052,406 922 111 1,723 1,055,162 — Commercial real estate: Construction & development 270,905 86 — — 270,991 — Farmland 182,115 729 — 1,069 183,913 — Multifamily 252,129 — — — 252,129 — Commercial real estate-other 1,266,874 5,574 45 492 1,272,985 — Total commercial real estate 1,972,023 6,389 45 1,561 1,980,018 — Residential real estate: One- to four- family first liens 446,066 3,177 954 1,013 451,210 565 One- to four- family junior liens 161,989 301 78 850 163,218 — Total residential real estate 608,055 3,478 1,032 1,863 614,428 565 Consumer 75,443 110 17 26 75,596 — Total $ 3,822,849 $ 10,999 $ 1,205 $ 5,471 $ 3,840,524 $ 565 |
Schedule of Amortized Cost Basis on Nonaccrual Status | The following table presents the amortized cost basis of loans on non-accrual status, amortized cost basis of loans on non-accrual status with no allowance for credit losses recorded, and loans past due 90 days or more and still accruing by class of loan: Nonaccrual Nonaccrual with no Allowance for Credit Losses 90 Days or More Past Due And Accruing (in thousands) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Agricultural $ 235 $ 377 $ 12 $ 281 $ — $ — Commercial and industrial 17,770 2,728 12,549 1,049 — — Commercial real estate: Construction and development — — — — — — Farmland 1,654 2,278 1,490 1,997 — — Multifamily — — — — — — Commercial real estate-other 3,441 6,397 853 5,647 — — Total commercial real estate 5,095 8,675 2,343 7,644 — — Residential real estate: One- to four- family first liens 1,888 2,275 455 928 468 565 One- to four- family junior liens 876 1,165 — — — — Total residential real estate 2,764 3,440 455 928 468 565 Consumer 27 36 — — — — Total $ 25,891 $ 15,256 $ 15,359 $ 9,902 $ 468 $ 565 |
Schedule of Credit Quality Indicator | The following table sets forth the amortized cost basis of loans by class of receivable by credit quality indicator, and vintage, in addition to the current period gross write-offs by class of receivable and vintage, based on the most recent analysis performed, as of December 31, 2023. As of December 31, 2023, there were no 'loss' rated credits. Term Loans by Origination Year Revolving Loans December 31, 2023 (in thousands) 2023 2022 2021 2020 2019 Prior Total Agricultural Pass $ 11,859 $ 12,149 $ 8,352 $ 2,752 $ 689 $ 1,139 $ 71,680 $ 108,620 Special mention / watch 266 550 670 91 5 522 3,705 5,809 Substandard 709 193 302 208 — 224 2,349 3,985 Doubtful — — — — — — — — Total $ 12,834 $ 12,892 $ 9,324 $ 3,051 $ 694 $ 1,885 $ 77,734 $ 118,414 Commercial and industrial Pass $ 176,021 $ 224,924 $ 193,011 $ 117,326 $ 25,555 $ 116,661 $ 147,690 $ 1,001,188 Special mention / watch 2,541 416 3,209 3,385 193 272 14,692 24,708 Substandard 897 2,921 2,010 561 8,507 29,432 4,779 49,107 Doubtful — — — — — — — — Total $ 179,459 $ 228,261 $ 198,230 $ 121,272 $ 34,255 $ 146,365 $ 167,161 $ 1,075,003 CRE - Construction and development Pass $ 99,803 $ 163,126 $ 43,189 $ 3,393 $ 821 $ 700 $ 9,552 $ 320,584 Special mention / watch 1,097 — 464 — — — 467 2,028 Substandard 343 240 — — — — — 583 Doubtful — — — — — — — — Total $ 101,243 $ 163,366 $ 43,653 $ 3,393 $ 821 $ 700 $ 10,019 $ 323,195 CRE - Farmland Pass $ 25,666 $ 44,907 $ 47,068 $ 18,863 $ 6,587 $ 14,845 $ 1,642 $ 159,578 Special mention / watch 1,229 6,898 2,409 5,982 — 965 276 17,759 Substandard 1,830 210 1,542 1,052 926 2,029 29 7,618 Doubtful — — — — — — — — Total $ 28,725 $ 52,015 $ 51,019 $ 25,897 $ 7,513 $ 17,839 $ 1,947 $ 184,955 CRE - Multifamily Pass $ 32,077 $ 96,969 $ 111,032 $ 77,532 $ 8,701 $ 6,508 $ 4,208 $ 337,027 Special mention / watch 5,318 1,237 277 18,984 7,850 4,586 — 38,252 Substandard — — 7,572 327 — — — 7,899 Doubtful — — — — — — — — Total $ 37,395 $ 98,206 $ 118,881 $ 96,843 $ 16,551 $ 11,094 $ 4,208 $ 383,178 CRE - Other Pass $ 199,698 $ 295,066 $ 256,718 $ 250,676 $ 77,509 $ 90,170 $ 51,827 $ 1,221,664 Special mention / watch 364 1,306 3,300 4,823 4,282 2,395 3,856 20,326 Substandard 325 26,555 19,253 19,103 8,242 17,876 638 91,992 Doubtful — — — — — — — — Total $ 200,387 $ 322,927 $ 279,271 $ 274,602 $ 90,033 $ 110,441 $ 56,321 $ 1,333,982 RRE - One- to four- family first liens Pass/Performing $ 62,644 $ 125,777 $ 92,767 $ 54,028 $ 19,674 $ 81,660 $ 13,283 $ 449,833 Special mention / watch 629 716 36 620 1,827 319 — 4,147 Substandard/Nonperforming 1,156 191 738 165 164 3,404 — 5,818 Doubtful — — — — — — — — Total $ 64,429 $ 126,684 $ 93,541 $ 54,813 $ 21,665 $ 85,383 $ 13,283 $ 459,798 RRE - One- to four- family junior liens Performing $ 23,551 $ 29,919 $ 18,733 $ 7,292 $ 2,590 $ 7,867 $ 89,810 $ 179,762 Nonperforming — 192 — 25 23 637 — 877 Total $ 23,551 $ 30,111 $ 18,733 $ 7,317 $ 2,613 $ 8,504 $ 89,810 $ 180,639 Consumer Performing $ 26,028 $ 14,319 $ 10,042 $ 4,421 $ 1,451 $ 7,350 $ 4,145 $ 67,756 Nonperforming — 22 — — 3 2 — 27 Total $ 26,028 $ 14,341 $ 10,042 $ 4,421 $ 1,454 $ 7,352 $ 4,145 $ 67,783 Term Loans by Origination Year Revolving Loans December 31, 2023 (in thousands) 2023 2022 2021 2020 2019 Prior Total Total by Credit Quality Indicator Category Pass $ 607,768 $ 962,918 $ 752,137 $ 524,570 $ 139,536 $ 311,683 $ 299,882 $ 3,598,494 Special mention / watch 11,444 11,123 10,365 33,885 14,157 9,059 22,996 113,029 Substandard 5,260 30,310 31,417 21,416 17,839 52,965 7,795 167,002 Doubtful — — — — — — — — Performing 49,579 44,238 28,775 11,713 4,041 15,217 93,955 247,518 Nonperforming — 214 — 25 26 639 — 904 Total $ 674,051 $ 1,048,803 $ 822,694 $ 591,609 $ 175,599 $ 389,563 $ 424,628 $ 4,126,947 Term Loans by Origination Year Revolving Loans December 31, 2023 (in thousands) 2023 2022 2021 2020 2019 Prior Total Year-to-date Current Period Gross Write-offs Agricultural $ — $ 8 $ 1 $ 17 $ 2 $ — $ — $ 28 Commercial and industrial 239 343 223 133 464 45 — 1,447 CRE - Construction and development — — — — — — — — CRE - Farmland — — — — — — — — CRE - Multifamily — — — — — — — — CRE - Other — — — — — 2,337 — 2,337 RRE - One-to-four-family first liens — — — — — 36 — 36 RRE - One-to-four-family junior liens — 19 — — — — — 19 Consumer — 621 30 12 12 10 685 Total Current Period Gross Write-offs $ 239 $ 991 $ 254 $ 162 $ 478 $ 2,428 $ — $ 4,552 The following table sets forth the amortized cost basis of loans by class of receivable by credit quality indicator and vintage based on the most recent analysis performed, as of December 31, 2022. As of December 31, 2022, there were no 'loss' rated credits. Term Loans by Origination Year Revolving Loans December 31, 2022 (in thousands) 2022 2021 2020 2019 2018 Prior Total Agricultural Pass $ 20,279 $ 12,511 $ 5,398 $ 2,883 $ 939 $ 1,063 $ 65,395 $ 108,468 Special mention / watch 143 1,012 115 36 — 604 1,655 3,565 Substandard 48 646 366 4 7 302 1,914 3,287 Doubtful — — — — — — — — Total $ 20,470 $ 14,169 $ 5,879 $ 2,923 $ 946 $ 1,969 $ 68,964 $ 115,320 Commercial and industrial Pass $ 262,500 $ 232,263 $ 151,567 $ 48,199 $ 27,680 $ 115,877 $ 163,205 $ 1,001,291 Special mention / watch 3,975 3,574 5,465 592 3,299 1,864 12,299 31,068 Substandard 556 166 1,172 756 556 18,585 1,012 22,803 Doubtful — — — — — — — — Total $ 267,031 $ 236,003 $ 158,204 $ 49,547 $ 31,535 $ 136,326 $ 176,516 $ 1,055,162 CRE - Construction and development Pass $ 144,597 $ 73,832 $ 19,324 $ 989 $ 1,058 $ 549 $ 28,069 $ 268,418 Special mention / watch 1,787 499 — — — — — 2,286 Substandard 281 — — — — 6 — 287 Doubtful — — — — — — — — Total $ 146,665 $ 74,331 $ 19,324 $ 989 $ 1,058 $ 555 $ 28,069 $ 270,991 CRE - Farmland Pass $ 55,251 $ 52,802 $ 28,744 $ 7,266 $ 8,406 $ 12,895 $ 1,946 $ 167,310 Special mention / watch 3,058 2,229 1,470 — 225 21 1,693 8,696 Substandard 148 1,974 1,192 1,136 1,459 1,998 — 7,907 Doubtful — — — — — — — — Total $ 58,457 $ 57,005 $ 31,406 $ 8,402 $ 10,090 $ 14,914 $ 3,639 $ 183,913 CRE - Multifamily Pass $ 31,018 $ 93,907 $ 84,573 $ 17,137 $ 2,549 $ 5,161 $ 49 $ 234,394 Special mention / watch 1,000 — 1,567 — 5,931 1,178 — 9,676 Substandard — 7,725 334 — — — — 8,059 Doubtful — — — — — — — — Total $ 32,018 $ 101,632 $ 86,474 $ 17,137 $ 8,480 $ 6,339 $ 49 $ 252,129 CRE - Other Pass $ 322,753 $ 314,376 $ 296,368 $ 79,408 $ 31,041 $ 81,708 $ 51,064 $ 1,176,718 Special mention / watch 8,858 3,399 13,245 10,365 1,137 8,122 2,518 47,644 Substandard 752 589 19,702 13,294 10,197 4,089 — 48,623 Doubtful — — — — — — — — Total $ 332,363 $ 318,364 $ 329,315 $ 103,067 $ 42,375 $ 93,919 $ 53,582 $ 1,272,985 RRE - One- to four- family first liens Pass/ performing $ 139,289 $ 103,534 $ 63,627 $ 23,831 $ 21,868 $ 77,967 $ 11,438 441,554 Special mention / watch 1,074 611 672 1,920 150 702 — 5,129 Substandard/ nonperforming 175 438 174 175 674 2,891 — 4,527 Doubtful — — — — — — — — Total $ 140,538 $ 104,583 $ 64,473 $ 25,926 $ 22,692 $ 81,560 $ 11,438 $ 451,210 RRE - One- to four- family junior liens Performing $ 37,296 $ 22,908 $ 8,906 $ 3,058 $ 3,757 $ 6,330 $ 79,798 $ 162,053 Nonperforming — 23 31 179 756 76 100 1,165 Total $ 37,296 $ 22,931 $ 8,937 $ 3,237 $ 4,513 $ 6,406 $ 79,898 $ 163,218 Consumer Performing $ 32,584 $ 18,979 $ 7,966 $ 3,489 $ 1,646 $ 6,641 $ 4,255 $ 75,560 Nonperforming — 2 16 9 4 5 — 36 Total $ 32,584 $ 18,981 $ 7,982 $ 3,498 $ 1,650 $ 6,646 $ 4,255 $ 75,596 Total by Credit Quality Indicator Category Pass $ 975,687 $ 883,225 $ 649,601 $ 179,713 $ 93,541 $ 295,220 $ 321,166 $ 3,398,153 Special mention / watch 19,895 11,324 22,534 12,913 10,742 12,491 18,165 108,064 Substandard 1,960 11,538 22,940 15,365 12,893 27,871 2,926 95,493 Doubtful — — — — — — — — Performing 69,880 41,887 16,872 6,547 5,403 12,971 84,053 237,613 Nonperforming — 25 47 188 760 81 100 1,201 Total $ 1,067,422 $ 947,999 $ 711,994 $ 214,726 $ 123,339 $ 348,634 $ 426,410 $ 3,840,524 |
Schedule of Changes in Allowance for Credit Losses | The changes in the allowance for credit losses by portfolio segment were as follows: For the Years Ended December 31, 2023, 2022 and 2021 (in thousands) Agricultural Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer Total 2023 Beginning balance $ 923 $ 22,855 $ 20,123 $ 4,678 $ 621 $ 49,200 Charge-offs (28) (1,447) (2,337) (55) (685) (4,552) Recoveries 203 373 20 27 180 803 Credit loss expense (benefit) (1) (485) (38) 5,953 112 507 6,049 Ending balance $ 613 $ 21,743 $ 23,759 $ 4,762 $ 623 $ 51,500 2022 Beginning balance $ 667 $ 17,294 $ 26,120 $ 4,010 $ 609 $ 48,700 PCD allowance established in acquisition 512 1,473 1,227 159 — $ 3,371 Charge-offs (326) (2,051) (4,328) (195) (756) (7,656) Recoveries 11 682 160 86 154 1,093 Credit loss expense (benefit) (1) 59 5,457 (3,056) 618 614 3,692 Ending balance $ 923 $ 22,855 $ 20,123 $ 4,678 $ 621 $ 49,200 2021 Beginning balance $ 1,346 $ 15,689 $ 32,640 $ 4,882 $ 943 $ 55,500 Charge-offs (170) (1,015) (602) (107) (438) (2,332) Recoveries 149 1,604 742 88 185 2,768 Credit loss expense (benefit) (1) (658) 1,016 (6,660) (853) (81) (7,236) Ending balance $ 667 $ 17,294 $ 26,120 $ 4,010 $ 609 $ 48,700 (1) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss benefit of $0.2 million, credit loss expense of $0.8 million, and credit loss benefit of $0.1 million related to off-balance sheet credit exposures for the years ended December 31, 2023, December 31, 2022, and December 30, 2021, respectively. The composition of allowance for credit losses by portfolio segment based on evaluation method was as follows: As of December 31, 2023 (in thousands) Agricultural Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer Total Loans held for investment, net of unearned income Individually evaluated for impairment $ 11 $ 17,231 $ 10,932 $ 983 $ — $ 29,157 Collectively evaluated for impairment 118,403 1,057,772 2,214,378 639,454 67,783 4,097,790 Total $ 118,414 $ 1,075,003 $ 2,225,310 $ 640,437 $ 67,783 $ 4,126,947 Allowance for credit losses Individually evaluated for impairment $ — $ 2,616 $ 705 $ 16 $ — $ 3,337 Collectively evaluated for impairment 613 19,127 23,054 4,746 623 48,163 Total $ 613 $ 21,743 $ 23,759 $ 4,762 $ 623 $ 51,500 As of December 31, 2022 (in thousands) Agricultural Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer Total Loans held for investment, net of unearned income Individually evaluated for impairment $ 2,531 $ 2,184 $ 15,768 $ 1,650 $ — $ 22,133 Collectively evaluated for impairment 112,789 1,052,978 1,964,250 612,778 75,596 3,818,391 Total $ 115,320 $ 1,055,162 $ 1,980,018 $ 614,428 $ 75,596 $ 3,840,524 Allowance for loan losses Individually evaluated for impairment $ 500 $ 600 $ 705 $ 180 $ — $ 1,985 Collectively evaluated for impairment 423 22,255 19,418 4,498 621 47,215 Total $ 923 $ 22,855 $ 20,123 $ 4,678 $ 621 $ 49,200 |
Schedule of Financing Receivable, Collateral Depend Loans | The following tables present the amortized cost basis of collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans: As of December 31, 2023 Primary Type of Collateral (in thousands) Real Estate Equipment Other Total ACL Allocation Agricultural $ 11 $ — $ — $ 11 $ — Commercial and industrial 15,991 — 1,240 17,231 2,616 Commercial real estate: Construction and development — — — — — Farmland 5,403 — — 5,403 — Multifamily — — — — — Commercial real estate-other 5,350 — 179 5,529 705 Residential real estate: One- to four- family first liens 481 — — 481 — One- to four- family junior liens — — 502 502 16 Consumer — — — — — Total $ 27,236 $ — $ 1,921 $ 29,157 $ 3,337 As of December 31, 2022 Primary Type of Collateral (in thousands) Real Estate Equipment Other Total ACL Allocation Agricultural $ 68 $ 2,463 $ — $ 2,531 $ 500 Commercial and industrial 856 736 592 2,184 600 Commercial real estate: Construction and development — — — — — Farmland 4,515 — — 4,515 — Multifamily — — — — — Commercial real estate-other 11,006 — 247 11,253 705 Residential real estate: One- to four- family first liens 929 — — 929 — One- to four- family junior liens — — 721 721 180 Consumer — — — — — Total $ 17,374 $ 3,199 $ 1,560 $ 22,133 $ 1,985 |
Schedule of TDRs by Class of Financing Receivable | The following table presents the amortized cost basis of loans as of December 31, 2023 that were modified during the year ended December 31, 2023 and experiencing financial difficulty at the time of the modification by class and by type of modification: Combination: (dollars in thousands) Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Term Extension & Interest Rate Reduction Principal Forgiveness & Term Extension Principal Forgiveness, Term Extension, & Interest Rate Reduction Payment Delay & Term Extension Total Class of Financing Receivable Agricultural $ — $ 10 $ — $ — $ — $ — $ — $ — 0.01 % Commercial and industrial — 260 2,888 — 95 300 — 185 0.35 % CRE - Construction and development — — 583 — — — — — 0.18 % CRE - Farmland — — 1,823 — — — — — 0.99 % CRE - Multifamily — — — — — — — — — % CRE - Other — 5,468 1,165 — — — — — 0.50 % RRE - One- to four- family first liens — — — — — — — — — % RRE - One- to four- family junior liens — — 14 — — — — — 0.01 % Consumer — — — — — — — — — % Total $ — $ 5,738 $ 6,473 $ — $ 95 $ 300 $ — $ 185 The following table presents the performance as of December 31, 2023 of loans that were modified while the borrower was experiencing financial difficulty at the time of modification in the last 12 months: (in thousands) Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Agricultural $ — $ 10 $ — $ — $ 10 Commercial and industrial 3,653 — — 75 3,728 CRE - Construction and development 583 — — — 583 CRE - Farmland 1,471 — 352 — 1,823 CRE - Multifamily — — — — — CRE - Other 6,633 — — — 6,633 RRE - One- to four- family first liens — — — — — RRE - One- to four- family junior liens 14 — — — 14 Consumer — — — — — Total $ 12,354 $ 10 $ 352 $ 75 $ 12,791 The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the year ended December 31, 2023: (dollars in thousands) Principal Forgiveness Weighted Average Interest Rate Reduction Weighted Average Term Extension (Months) Commercial and industrial $ 63 1.25 % 7.4 CRE - Construction and development — — % 15.9 CRE - Farmland — — % 1.3 CRE - Other 18 — % 5.6 RRE - One- to four- family first liens — — % 3.9 RRE - One- to four- family junior liens — — % 49.8 Total $ 81 1.25 % 5.3 |
Derivatives, Hedging Activiti_2
Derivatives, Hedging Activities and Balance Sheet Offsetting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table presents the total notional amounts and gross fair values of the Company’s derivatives as of the dates indicated. The derivative asset and liability balances are presented on a gross basis, prior to the application of master netting agreements, as included in other assets and other liabilities, respectively, on the consolidated balance sheets. The fair values of the Company’s derivative instrument assets and liabilities are summarized as follows: As of December 31, 2023 As of December 31, 2022 Notional Fair Value Notional Fair Value (in thousands) Assets Liabilities Assets Liabilities Designated as hedging instruments: Fair value hedges: Interest rate swaps - loans $ 41,101 $ 2,071 $ 902 $ 24,018 $ 2,556 $ — Interest rate swaps - securities 150,000 — 821 — — — Cash flow hedges Interest rate swaps 200,000 940 264 — — — Total $ 391,101 $ 3,011 $ 1,987 $ 24,018 $ 2,556 $ — Not designated as hedging instruments: Interest rate swaps $ 432,648 $ 22,028 $ 22,038 $ 331,197 $ 21,084 $ 21,087 RPAs - protection sold 18,778 4 — — — — RPAs - protection purchased 31,145 — 9 9,421 — — Interest rate lock commitments 1,461 50 — 1,372 7 — Interest rate forward loan sales contracts 2,075 — 23 1,400 8 — Total $ 486,107 $ 22,082 $ 22,070 $ 343,390 $ 21,099 $ 21,087 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The table below presents the effect of the Company’s derivative financial instruments designated as hedging instruments on the consolidated statements of income for the periods indicated: Location and Amount of Gain or Loss Recognized in Income on Hedging Relationships For the Years Ended December 31, 2023 2022 2021 (in thousands) Interest Income Other Income Interest Income Other Income Interest Income Other Income Income and expense included in the consolidated statements of income related to the effects of fair value or cash flow hedges are recorded $ 1,106 $ — $ (36) $ — $ (439) $ — The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships in subtopic 815-20: Interest contracts - loans: Hedged items 1,836 — (3,536) — (1,441) — Derivative designated as hedging instruments (563) — 3,500 — 1,052 — Interest contracts - securities: Hedged items 819 — — — — — Derivative designated as hedging instruments (530) — — — — — Income statement effect of cash flow hedging relationship in subtopic 815-20: Interest contracts: Amount reclassified from AOCI into income 1,795 — — — — — |
Schedule of Hedged Items In Fair Value Hedging Relationship | As of December 31, 2023, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges: Line Item in the Balance Sheet in Which the Hedged Item is Included Carrying Amount of the Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset (in thousands) Loans $ 39,976 $ (1,163) Securities $ 150,819 $ 819 |
Schedule of Derivatives Not Designated as Hedging Instruments | The following table presents the net gains (losses) recognized on the consolidated statements of income related to the derivatives not designated as hedging instruments for the periods indicated: Location in the Consolidated Statements of Income For the Years Ended December 31, (in thousands) 2023 2022 2021 Interest rate swaps Other income $ (8) $ 9 $ 38 RPAs Other income 65 1 2 Interest rate lock commitments Loan revenue 43 (323) 330 Interest rate forward loan sales contracts Loan revenue (31) (15) 24 Total $ 69 $ (328) $ 394 |
Schedule of Offsetting Derivative Assets | The table below presents gross derivatives and the respective collateral received or pledged in the form of other financial instruments as of December 31, 2023 and December 31, 2022, which are generally marketable securities and/or cash. The collateral amounts in the table below are limited to the outstanding balances of the related asset or liability (after netting is applied); thus instances of over-collateralization are not shown. Further, the net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets. Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net Assets / Liabilities (in thousands) Financial Instruments Cash Collateral Received / Paid As of December 31, 2023 Asset Derivatives $ 25,093 $ — $ 25,093 $ — $ 15,549 $ 9,544 Liability Derivatives 24,057 — 24,057 — 2,420 21,637 As of December 31, 2022 Asset Derivatives $ 23,655 $ — $ 23,655 $ — $ 18,858 $ 4,797 Liability Derivatives 21,087 — 21,087 — 3,460 17,627 |
Schedule of Offsetting Derivative Liabilities | The table below presents gross derivatives and the respective collateral received or pledged in the form of other financial instruments as of December 31, 2023 and December 31, 2022, which are generally marketable securities and/or cash. The collateral amounts in the table below are limited to the outstanding balances of the related asset or liability (after netting is applied); thus instances of over-collateralization are not shown. Further, the net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets. Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net Assets / Liabilities (in thousands) Financial Instruments Cash Collateral Received / Paid As of December 31, 2023 Asset Derivatives $ 25,093 $ — $ 25,093 $ — $ 15,549 $ 9,544 Liability Derivatives 24,057 — 24,057 — 2,420 21,637 As of December 31, 2022 Asset Derivatives $ 23,655 $ — $ 23,655 $ — $ 18,858 $ 4,797 Liability Derivatives 21,087 — 21,087 — 3,460 17,627 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment as of December 31, 2023 and 2022 were as follows: As of December 31, (in thousands) 2023 2022 Land $ 14,998 $ 15,068 Buildings and leasehold improvements 93,685 93,627 Furniture and equipment 23,057 22,614 Construction in process 1,119 503 Premises and equipment 132,859 131,812 Accumulated depreciation and amortization 47,117 44,687 Premises and equipment, net $ 85,742 $ 87,125 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets | The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets as of the dates indicated: As of December 31, 2023 As of December 31, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangible $ 58,245 $ (41,499) $ 16,746 $ 58,245 $ (35,822) $ 22,423 Customer relationship intangible 5,265 (5,008) 257 5,265 (4,490) 775 Other 2,700 (2,674) 26 2,700 (2,623) 77 $ 66,210 $ (49,181) $ 17,029 $ 66,210 $ (42,935) $ 23,275 Indefinite-lived trade name intangible 7,040 7,040 Total other intangible assets, net $ 24,069 $ 30,315 |
Schedule of Finite-Lived Intangible Assets | The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of other intangible assets as of the dates indicated: As of December 31, 2023 As of December 31, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangible $ 58,245 $ (41,499) $ 16,746 $ 58,245 $ (35,822) $ 22,423 Customer relationship intangible 5,265 (5,008) 257 5,265 (4,490) 775 Other 2,700 (2,674) 26 2,700 (2,623) 77 $ 66,210 $ (49,181) $ 17,029 $ 66,210 $ (42,935) $ 23,275 Indefinite-lived trade name intangible 7,040 7,040 Total other intangible assets, net $ 24,069 $ 30,315 |
Schedule of Future Amortization Expense | The following table provides the estimated future amortization expense of intangible assets: (in thousands) Core Deposit Intangible Customer Relationship Intangible Other Total Year ending December 31, 2024 $ 4,705 $ 239 $ 24 $ 4,968 2025 3,751 18 2 3,771 2026 2,797 — — 2,797 2027 1,843 — — 1,843 2028 1,325 — — 1,325 Thereafter 2,325 — — 2,325 Total $ 16,746 $ 257 $ 26 $ 17,029 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The components of the Company’s other assets as of December 31, 2023 and December 31, 2022 were as follows: As of December 31, (in thousands) 2023 2022 Bank-owned life insurance $ 98,039 $ 95,539 Interest receivable 29,768 27,090 FHLB stock 5,806 19,248 Mortgage servicing rights 13,333 13,421 Operating lease right-of-use assets, net 2,337 2,492 Federal and state taxes, current 1,556 2,366 Federal and state taxes, deferred 31,218 39,071 Derivative assets 25,093 23,655 Other receivables/assets 15,630 13,635 $ 222,780 $ 236,517 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Schedule of Deposit Liabilities | The following table presents the composition of our deposits as of the dates indicated: As of December 31, (in thousands) 2023 2022 Noninterest bearing deposits $ 897,053 $ 1,053,450 Interest checking deposits 1,320,435 1,624,278 Money market deposits 1,105,493 937,340 Savings deposits 650,655 664,169 Time deposits of $250 and under 973,253 686,233 Time deposits over $250 448,784 503,472 Total deposits $ 5,395,673 $ 5,468,942 |
Schedule of Time Deposit Maturities | At December 31, 2023, the scheduled maturities of certificates of deposits were as follows: (in thousands) 2024 $ 1,236,794 2025 130,541 2026 30,685 2027 10,185 2028 7,213 Thereafter 6,619 Total $ 1,422,037 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Short-Term Debt [Abstract] | |
Schedule of Short-term Debt | The following table summarizes our short-term borrowings as of the dates indicated: December 31, 2023 December 31, 2022 (dollars in thousands) Weighted Average Rate Balance Weighted Average Rate Balance Securities sold under agreements to repurchase 0.72 % $ 5,064 1.32 % $ 156,373 Federal Home Loan Bank advances 5.64 10,200 4.48 235,500 Federal Reserve Bank borrowings 4.82 285,000 — — Total 4.78 % $ 300,264 3.22 % $ 391,873 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The table below summarizes the terms of each issuance of junior subordinated notes outstanding as of the dates indicated: December 31, 2023 Face Value Book Value Interest Rate Rate Maturity Date Callable Date (in thousands) ATBancorp Statutory Trust I $ 7,732 $ 6,970 Three-month CME Term SOFR + 0.26% Spread + 1.68% Margin 7.33 % 06/15/2036 06/15/2011 ATBancorp Statutory Trust II 12,372 11,034 Three-month CME Term SOFR + 0.26% Spread + 1.65% 7.30 % 09/15/2037 06/15/2012 Barron Investment Capital Trust I 2,062 1,861 Three-month CME Term SOFR + 0.26% Spread + 2.15% 7.77 % 09/23/2036 09/23/2011 Central Bancshares Capital Trust II 7,217 6,964 Three-month CME Term SOFR + 0.26% Spread + 3.50% 9.15 % 03/15/2038 03/15/2013 MidWestOne Statutory Trust II 15,464 15,464 Three-month CME Term SOFR + 0.26% Spread + 1.59% 7.24 % 12/15/2037 12/15/2012 Total $ 44,847 $ 42,293 December 31, 2022 ATBancorp Statutory Trust I $ 7,732 $ 6,928 Three-month LIBOR + 1.68% 6.45 % 06/15/2036 06/15/2011 ATBancorp Statutory Trust II 12,372 10,969 Three-month LIBOR + 1.65% 6.42 % 09/15/2037 06/15/2012 Barron Investment Capital Trust I 2,062 1,832 Three-month LIBOR + 2.15% 6.88 % 09/23/2036 09/23/2011 Central Bancshares Capital Trust II 7,217 6,923 Three-month LIBOR + 3.50% 8.27 % 03/15/2038 03/15/2013 MidWestOne Statutory Trust II 15,464 15,464 Three-month LIBOR + 1.59% 6.36 % 12/15/2037 12/15/2012 Total $ 44,847 $ 42,116 Other long-term borrowings were as follows as of December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 (in thousands) Weighted Average Rate Balance Weighted Average Rate Balance Finance lease payable 8.89 % $ 604 8.89 % $ 787 FHLB borrowings 3.11 6,262 2.91 17,301 Notes payable to unaffiliated bank 6.89 10,000 5.67 15,000 Total 5.56 % $ 16,866 4.30 % $ 33,088 |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank | As of December 31, 2023, FHLB borrowings were as follows: (in thousands) Weighted Average Rate Amount Due in 2024 3.11 % $ 6,250 Valuation adjustment from acquisition accounting 12 Total $ 6,262 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income taxes for the years ended December 31, 2023, 2022 and 2021 are summarized as follows: December 31, (in thousands) 2023 2022 2021 Current: Federal tax expense $ 2,438 $ 7,204 $ 12,675 State tax expense 1,866 4,232 5,549 Deferred: Deferred income tax expense (330) 4,326 1,768 Total income tax provision $ 3,974 $ 15,762 $ 19,992 |
Schedule of Effective Income Tax Rate Reconciliation | Year ended December 31, 2023 2022 2021 (dollars in thousands) Amount % of Pretax Income Amount % of Pretax Income Amount % of Pretax Income Income tax based on statutory rate $ 5,215 21.0 % $ 16,085 21.0 % $ 18,790 21.0 % Tax-exempt interest (2,391) (9.6) (3,505) (4.6) (3,500) (3.9) Bank-owned life insurance (525) (2.1) (484) (0.6) (451) (0.5) State income taxes, net of federal income tax benefit 1,476 5.9 3,805 5.0 4,624 5.2 Bargain purchase gain — — (792) (1.0) — — Non-deductible acquisition expenses 36 0.2 55 0.1 41 — General business credits (40) (0.2) (60) (0.1) 22 — State tax reduction — — 835 1.1 — — Other 203 0.8 (177) (0.3) 466 0.5 Total income tax expense $ 3,974 16.0 % $ 15,762 20.6 % $ 19,992 22.3 % |
Schedule of Deferred Tax Assets and Liabilities | Net deferred tax assets as of December 31, 2023 and December 31, 2022 consisted of the following components: December 31, (in thousands) 2023 2022 Deferred income tax assets: Allowance for credit losses $ 14,232 $ 13,693 Deferred compensation 3,441 3,299 Net operating losses (state and federal) 8,407 7,707 Unrealized losses on investment securities 22,172 30,355 Accrued compensation 1,189 1,565 ROU liabilities 781 852 Other 1,975 2,474 Gross deferred tax assets 52,197 59,945 Deferred income tax liabilities: Premises and equipment depreciation and amortization 5,272 5,020 Purchase accounting adjustments 2,674 3,220 Mortgage servicing rights 3,382 3,403 ROU assets 754 804 Other 756 1,237 Gross deferred tax liabilities 12,838 13,684 Net deferred income tax asset 39,359 46,261 Valuation allowance 8,141 7,190 Net deferred tax asset $ 31,218 $ 39,071 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plan [Abstract] | |
Schedule of Changes in Projected Benefit Obligations | Changes in the liability related to the SERPs, included in other liabilities, were as follows for the years ended December 31, 2023, 2022 and 2021: (in thousands) 2023 2022 2021 Balance, beginning $ 1,087 $ 1,246 $ 1,395 Company contributions and interest 80 (12) 79 Cash payments made (137) (147) (228) Balance, ending $ 1,030 $ 1,087 $ 1,246 (in thousands) 2023 2022 2021 Balance, beginning $ 3,597 $ 4,289 $ 4,771 Company paid interest 90 103 137 Cash payments made (418) (795) (619) Balance, ending $ 3,269 $ 3,597 $ 4,289 |
Schedule of Deferred Compensation Plans | Changes in the deferred compensation agreements, included in other liabilities, were as follows for the years ended December 31, 2023, 2022 and 2021: (in thousands) 2023 2022 2021 Balance, beginning $ 6,156 $ 5,880 $ 6,159 Employee deferrals 692 441 223 Company paid interest 633 582 142 Cash payments made (559) (747) (644) Balance, ending $ 6,922 $ 6,156 $ 5,880 (in thousands) 2023 2022 2021 Balance, beginning $ 2,205 $ 1,991 $ 1,905 Company deferral expense 177 214 86 Balance, ending $ 2,382 $ 2,205 $ 1,991 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Unit Activity | The following is a summary of non-vested restricted stock unit activity for the year ended December 31, 2023: Weighted-Average Shares Grant-Date Fair Value Non-vested at December 31, 2022 187,115 $ 30.19 Granted based upon satisfaction of a performance factor 5,971 30.32 Granted 96,373 28.29 Vested (90,803) 30.12 Forfeited (1,309) 31.18 Reinvested 8,495 29.52 Non-vested at December 31, 2023 205,842 $ 29.30 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table presents the computation of basic and diluted earnings per common share for the periods indicated: Year Ended December 31, (dollars in thousands, except per share amounts) 2023 2022 2021 Basic Earnings Per Share: Net income $ 20,859 $ 60,835 $ 69,486 Weighted average shares outstanding 15,678,045 15,649,247 15,876,727 Basic earnings per common share $ 1.33 $ 3.89 $ 4.38 Diluted Earnings Per Share: Net income $ 20,859 $ 60,835 $ 69,486 Weighted average shares outstanding, included all dilutive potential shares 15,724,842 15,700,607 15,905,035 Diluted earnings per common share $ 1.33 $ 3.87 $ 4.37 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements and Restrictions on Subsidiary Cash (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | A comparison of the Company’s and the Bank’s capital with the corresponding minimum regulatory requirements in effect as of December 31, 2023 and December 31, 2022, is presented below: Actual For Capital Adequacy Purposes With Capital Conservation Buffer(1) To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio (1) Amount Ratio At December 31, 2023: Consolidated: Total capital/risk weighted assets $ 668,748 12.53 % $ 560,596 10.50 % N/A N/A Tier 1 capital/risk weighted assets 554,177 10.38 453,816 8.50 N/A N/A Common equity tier 1 capital/risk weighted assets 511,884 9.59 373,731 7.00 N/A N/A Tier 1 leverage capital/average assets 554,177 8.58 258,487 4.00 N/A N/A MidWest One Bank: Total capital/risk weighted assets $ 656,027 12.49 % $ 551,658 10.50 % $ 525,388 10.00 % Tier 1 capital/risk weighted assets 606,456 11.54 446,580 8.50 420,310 8.00 Common equity tier 1 capital/risk weighted assets 606,456 11.54 367,772 7.00 341,502 6.50 Tier 1 leverage capital/average assets 606,456 9.39 258,339 4.00 322,924 5.00 At December 31, 2022: Consolidated: Total capital/risk weighted assets $ 653,380 12.07 % $ 568,452 10.50 % N/A N/A Tier 1 capital/risk weighted assets 544,300 10.05 460,175 8.50 N/A N/A Common equity tier 1 capital/risk weighted assets 502,184 9.28 378,968 7.00 N/A N/A Tier 1 leverage capital/average assets 544,300 8.35 260,891 4.00 N/A N/A MidWest One Bank: Total capital/risk weighted assets $ 654,297 12.10 % $ 567,684 10.50 % $ 540,652 10.00 % Tier 1 capital/risk weighted assets 610,217 11.29 459,554 8.50 432,522 8.00 Common equity tier 1 capital/risk weighted assets 610,217 11.29 378,456 7.00 351,424 6.50 Tier 1 leverage capital/average assets 610,217 9.36 260,776 4.00 325,970 5.00 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | The following table summarizes the Bank’s commitments as of the dates indicated: December 31, (in thousands) 2023 2022 Commitments to extend credit $ 1,203,001 $ 1,190,607 Commitments to sell loans 1,045 612 Standby letters of credit 7,795 18,398 Total $ 1,211,841 $ 1,209,617 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following is an analysis of the changes in the loans to related parties during the years ended December 31, 2023 and 2022: Year Ended December 31, (in thousands) 2023 2022 Balance, beginning $ 15,603 $ 14,584 Advances 17,729 6,001 Change due to collections, loans sold, or changes in related parties (18,692) (4,982) Balance, ending $ 14,640 $ 15,603 Available credit $ 14,836 $ 8,716 |
Estimated Fair Value of Finan_2
Estimated Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured on Recurring Basis | The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2023 and December 31, 2022 by level within the fair value hierarchy: Fair Value Measurement at December 31, 2023 Using (in thousands) Total Level 1 Level 2 Level 3 Assets: Available for sale debt securities: State and political subdivisions $ 130,139 $ — $ 130,139 $ — Mortgage-backed securities 5,311 — 5,311 — Collateralized loan obligations 50,437 — 50,437 — Collateralized mortgage obligations 169,196 — 169,196 — Corporate debt securities 440,051 — 440,051 — Derivative assets 25,093 — 25,043 50 Mortgage servicing rights 13,333 — 13,333 — Liabilities: Derivative liabilities $ 24,057 $ — $ 24,057 $ — Fair Value Measurement at December 31, 2022 Using (in thousands) Total Level 1 Level 2 Level 3 Assets: Available for sale debt securities: U.S. Government agencies and corporations $ 7,345 $ — $ 7,345 $ — State and political subdivisions 285,356 — 285,356 — Mortgage-backed securities 5,944 — 5,944 — Collateralized mortgage obligations 147,193 — 147,193 — Corporate debt securities 707,709 — 707,709 — Derivative assets 23,655 — 23,648 7 Mortgage servicing rights 13,421 — 13,421 — Liabilities: Derivative liabilities $ 21,087 $ — $ 21,087 $ — |
Schedule of Valuation Techniques | The following table presents the valuation technique, significant unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy as of the dates indicated: Fair Value at (dollars in thousands) December 31, 2023 December 31, 2022 Valuation Techniques(s) Unobservable Input Range of Inputs Weighted Average Interest rate lock commitments $ 50 $ 7 Quoted or published market prices of similar instruments, adjusted for factors such as pull-through rate assumptions Pull-through rate 70 % - 100 % 88 % |
Schedule of Fair Value Measured on Nonrecurring Basis | The following table presents assets measured at fair value on a nonrecurring basis as of the dates indicated: Fair Value Measurement at December 31, 2023 Using (in thousands) Total Level 1 Level 2 Level 3 Collateral dependent individually analyzed loans $ 6,524 $ — $ — $ 6,524 Foreclosed assets, net 3,929 — — 3,929 Fair Value Measurement at December 31, 2022 Using (in thousands) Total Level 1 Level 2 Level 3 Collateral dependent individually analyzed loans $ 3,159 $ — $ — $ 3,159 Foreclosed assets, net 103 — — 103 The following presents the valuation technique(s), unobservable inputs, and quantitative information about the unobservable inputs used for fair value measurements of the financial instruments held by the Company and categorized within Level 3 of the fair value hierarchy as of the date indicated: Fair Value at (dollars in thousands) December 31, 2023 December 31, 2022 Valuation Techniques(s) Unobservable Input Range of Inputs Weighted Average Collateral dependent individually analyzed loans $ 6,524 $ 3,159 Fair value of collateral Valuation adjustments — % 33 % 11 % Foreclosed assets, net 3,929 103 Fair value of collateral Valuation adjustments 4 % 4 % 4 % |
Schedule of Fair Value, by Balance Sheet Grouping | The carrying amount and estimated fair value of financial instruments at December 31, 2023 and December 31, 2022 were as follows: December 31, 2023 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 81,727 $ 81,727 $ 81,727 $ — $ — Debt securities available for sale 795,134 795,134 — 795,134 — Debt securities held to maturity 1,075,190 895,263 — 895,263 — Loans held for sale 1,045 1,083 — 1,083 — Loans held for investment, net 4,075,447 3,953,368 — — 3,953,368 Interest receivable 29,768 29,768 — 29,768 — FHLB stock 5,806 5,806 — 5,806 — Derivative assets 25,093 25,093 — 25,043 50 Financial liabilities: Noninterest bearing deposits 897,053 897,053 897,053 — — Interest bearing deposits 4,498,620 4,489,322 3,076,582 1,412,740 — Short-term borrowings 300,264 300,264 300,264 — — Finance leases payable 604 604 — 604 — FHLB borrowings 6,262 6,199 — 6,199 — Junior subordinated notes issued to capital trusts 42,293 37,938 — 37,938 — Subordinated debentures 64,137 61,940 — 61,940 — Other long-term debt 10,000 10,000 — 10,000 — Derivative liabilities 24,057 24,057 — 24,057 — December 31, 2022 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 86,435 $ 86,435 $ 86,435 $ — $ — Debt securities available for sale 1,153,547 1,153,547 — 1,153,547 — Debt securities held to maturity 1,129,421 924,894 — 924,894 — Loans held for sale 612 622 — 622 — Loans held for investment, net 3,791,324 3,702,527 — — 3,702,527 Interest receivable 27,090 27,090 — 27,090 — FHLB stock 19,248 19,248 — 19,248 — Derivative assets 23,655 23,655 — 23,648 7 Financial liabilities: Noninterest bearing deposits 1,053,450 1,053,450 1,053,450 — — Interest bearing deposits 4,415,492 4,393,315 3,225,787 1,167,528 — Short-term borrowings 391,873 391,873 391,873 — — Finance leases payable 787 787 — 787 — FHLB borrowings 17,301 17,032 — 17,032 — Junior subordinated notes issued to capital trusts 42,116 39,023 — 39,023 — Subordinated debentures 64,006 64,004 — 64,004 — Other long-term debt 15,000 15,000 — 15,000 — Derivative liabilities 21,087 21,087 — 21,087 — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Assets and Liabilities | (dollars in thousands) Classification December 31, 2023 December 31, 2022 Operating lease right-of-use assets Other assets $ 2,337 $ 2,492 Finance lease right-of-use asset Premises and equipment, net 255 350 Total right-of-use assets $ 2,592 $ 2,842 Operating lease liability Other liabilities $ 3,078 $ 3,359 Finance lease liability Long-term debt 604 787 Total lease liabilities $ 3,682 $ 4,146 Weighted-average remaining lease term: Operating leases 10.20 years 9.23 years Finance lease 2.67 years 3.67 years Weighted-average discount rate: Operating leases 4.43 % 4.23 % Finance lease 8.89 % 8.89 % |
Schedule of Lease Costs and Other Information | The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Years Ended December 31, (in thousands) 2023 2022 2021 Lease Costs Operating lease cost $ 1,182 $ 1,165 $ 1,194 Variable lease cost 28 56 107 Interest on lease liabilities (1) 61 76 90 Amortization of right-of-use assets 96 96 95 Net lease cost $ 1,367 $ 1,393 $ 1,486 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,265 $ 1,186 $ 1,177 Operating cash flows from finance lease 61 76 90 Finance cash flows from finance lease 183 164 145 Supplemental non-cash information on lease liabilities: Right-of-use assets obtained in exchange for new operating lease liabilities 857 638 232 (1) Included in long-term debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in occupancy expense of premises, net. |
Schedule of Operating Lease Liability Maturity | Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of December 31, 2023 were as follows: (in thousands) Finance Leases Operating Leases Twelve Months Ended: December 31, 2024 $ 250 $ 1,047 December 31, 2025 254 568 December 31, 2026 172 430 December 31, 2027 — 302 December 31, 2028 — 138 Thereafter — 1,600 Total undiscounted lease payment $ 676 $ 4,085 Amounts representing interest (72) (1,007) Lease liability $ 604 $ 3,078 |
Schedule of Finance Lease Liability Maturity | Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of December 31, 2023 were as follows: (in thousands) Finance Leases Operating Leases Twelve Months Ended: December 31, 2024 $ 250 $ 1,047 December 31, 2025 254 568 December 31, 2026 172 430 December 31, 2027 — 302 December 31, 2028 — 138 Thereafter — 1,600 Total undiscounted lease payment $ 676 $ 4,085 Amounts representing interest (72) (1,007) Lease liability $ 604 $ 3,078 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of tax: (in thousands) Unrealized Gain (Loss) from AFS Debt Securities Reclassificationof AFS Debt Securities to HTM Unrealized Gain from Cash Flow Hedging Instruments Total Balance, December 31, 2020 $ 24,592 $ — $ — $ 24,592 Other comprehensive loss before reclassifications (33,278) — — (33,278) Amounts reclassified from AOCI (179) — — (179) Net current-period other comprehensive loss (33,457) — — (33,457) Balance, December 31, 2021 $ (8,865) $ — $ — $ (8,865) Other comprehensive (loss) income before reclassifications (82,788) 2,805 — (79,983) Amounts reclassified from AOCI (199) — — (199) Net current-period other comprehensive (loss) income (82,987) 2,805 — (80,182) Balance, December 31, 2022 $ (91,852) $ 2,805 $ — $ (89,047) Other comprehensive income before reclassifications 7,782 1,706 1,846 11,334 Amounts reclassified from AOCI 14,155 — (1,341) 12,814 Net current-period other comprehensive income 21,937 1,706 505 24,148 Balance, December 31, 2023 $ (69,915) $ 4,511 $ 505 $ (64,899) |
Schedule of Reclassification out of Accumulated Other Comprehensive Income | The following table presents reclassifications out of AOCI: Years Ended December 31, (in thousands) 2023 2022 2021 Investment securities losses (gains), net $ 19,768 $ (271) $ (242) Interest income (819) — — Interest expense (1,795) — — Income tax expense (4,340) 72 63 Net of tax $ 12,814 $ (199) $ (179) |
Parent Company Only Financial_2
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet | The following are condensed balance sheets of MidWest One Financial Group, Inc. as of December 31, 2023 and December 31, 2022 (parent company only): As of December 31, (in thousands) 2023 2022 Assets Cash $ 19,818 $ 11,749 Investment in subsidiaries 618,950 600,826 Other assets 4,094 3,364 Total assets $ 642,862 $ 615,939 Liabilities and Shareholders’ Equity Long-term debt $ 116,430 $ 121,122 Other liabilities 2,054 2,024 Total liabilities 118,484 123,146 Total shareholders’ equity 524,378 492,793 Total liabilities and shareholders’ equity $ 642,862 $ 615,939 |
Schedule of Condensed Income Statement | The following are condensed statements of income of MidWest One Financial Group, Inc. for the years ended December 31, 2023, 2022, and 2021 (parent company only): Year Ended December 31, (in thousands) 2023 2022 2021 Income Dividends received from subsidiaries $ 36,500 $ 36,000 $ 40,750 Interest and other income 153 3,349 247 Total income 36,653 39,349 40,997 Expense Interest expense (8,268) (6,342) (5,306) Compensation and employee benefits (2,860) (2,976) (2,523) Other (1,214) (2,960) (1,139) Total expenses (12,342) (12,278) (8,968) Income before income taxes and equity in subsidiaries’ undistributed income 24,311 27,071 32,029 Income tax benefit 2,573 1,768 1,764 Equity in subsidiaries’ undistributed income (6,025) 31,996 35,693 Net income $ 20,859 $ 60,835 $ 69,486 |
Schedule of Condensed Cash Flow Statement | The following are condensed statements of cash flows of MidWest One Financial Group, Inc. for the years ended December 31, 2023, 2022, and 2021 (parent company only): Year Ended December 31, (in thousands) 2023 2022 2021 Operating Activities: Net income $ 20,859 $ 60,835 $ 69,486 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary 6,025 (31,996) (35,693) Share-based compensation 2,403 2,541 2,153 Net change in other assets and other liabilities 732 (433) 327 Net cash provided by operating activities $ 30,019 $ 30,947 $ 36,273 Investing Activities: Proceeds from sales of equity securities $ — $ 14 $ 70 Purchases of equity securities (1,125) (1,250) (3) Proceeds from intercompany sale of bank-owned life insurance — — 5,252 Net cash paid in business acquisition — (44,955) — Net cash (used in) provided by investing activities $ (1,125) $ (46,191) $ 5,319 Financing Activities: Payments of subordinated debt issuance costs $ — $ — $ (9) Redemption of subordinated debentures — — (10,835) Proceeds from other long-term debt — 25,000 — Payments of other long-term debt (5,000) (10,000) — Taxes paid relating to the release/lapse of restriction on RSUs (609) (281) (121) Dividends paid (15,216) (14,870) (14,282) Repurchase of common stock — (2,725) (11,554) Net cash used in by financing activities $ (20,825) $ (2,876) $ (36,801) Net (decrease) increase in cash $ 8,069 $ (18,120) $ 4,791 Cash and cash equivalents at beginning of year 11,749 29,869 25,078 Cash and cash equivalents at end of year $ 19,818 $ 11,749 $ 29,869 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Three Months Ended December 31 September 30 June 30 March 31 (in thousands, except per share amounts) 2023 Interest income $ 65,386 $ 63,572 $ 61,350 $ 59,305 Interest expense 32,827 28,997 24,388 19,229 Net interest income 32,559 34,575 36,962 40,076 Credit loss expense 1,768 1,551 1,597 933 Noninterest income (loss) 3,862 9,861 8,746 (4,046) Noninterest expense 32,131 31,544 34,919 33,319 Income before income taxes 2,522 11,341 9,192 1,778 Income tax (benefit) expense (208) 2,203 1,598 381 Net income $ 2,730 $ 9,138 $ 7,594 $ 1,397 Earnings per common share Basic $ 0.17 $ 0.58 $ 0.48 $ 0.09 Diluted $ 0.17 $ 0.58 $ 0.48 $ 0.09 2022 Interest income $ 56,757 $ 53,421 $ 44,729 $ 41,852 Interest expense 13,193 7,688 5,004 4,516 Net interest income 43,564 45,733 39,725 37,336 Credit loss expense 572 638 3,282 — Noninterest income 10,940 12,588 12,347 11,644 Noninterest expense 34,440 34,623 32,082 31,643 Income before income tax expense 19,492 23,060 16,708 17,337 Income tax expense 3,490 4,743 4,087 3,442 Net income $ 16,002 $ 18,317 $ 12,621 $ 13,895 Earnings per common share Basic $ 1.02 $ 1.17 $ 0.81 $ 0.89 Diluted $ 1.02 $ 1.17 $ 0.80 $ 0.88 |
Nature of Business and Signif_4
Nature of Business and Significant Accounting Policies - Nature of Business (Details) $ in Millions | 12 Months Ended | |
Jun. 09, 2022 USD ($) | Dec. 31, 2023 branch | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash consideration | $ | $ 46.7 | |
Threshold period past due, writeoff | 180 days | |
Commercial and Industrial | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Threshold period past due for non accrual of Interest | 90 days | |
Residential Real Estate | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Threshold period past due for non accrual of Interest | 120 days | |
MidWestOne Bank | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of branches | branch | 57 |
Nature of Business and Signif_5
Nature of Business and Significant Accounting Policies - Schedule of Premises and Equipment (Details) | Dec. 31, 2023 |
Buildings and leasehold improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Buildings and leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 39 years |
Furniture and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Furniture and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Nature of Business and Signif_6
Nature of Business and Significant Accounting Policies - Common Stock (Details) - Common Stock - USD ($) | 8 Months Ended | 22 Months Ended | 30 Months Ended | ||
Dec. 31, 2023 | Jun. 22, 2021 | Dec. 31, 2023 | Apr. 27, 2023 | Aug. 20, 2019 | |
August 20, 2019 Share Repurchase Program | |||||
Entity Information [Line Items] | |||||
Stock repurchase program, authorized amount | $ 10,000,000 | ||||
Stock repurchase (in shares) | 297,158 | ||||
Stock repurchased | $ 7,900,000 | ||||
Shares available for repurchase | 2,100,000 | ||||
June 22, 2021 Share Repurchase Program | |||||
Entity Information [Line Items] | |||||
Stock repurchase program, authorized amount | $ 15,000,000 | ||||
Stock repurchase (in shares) | 403,368 | ||||
Stock repurchased | $ 12,000,000 | ||||
Shares available for repurchase | $ 3,000,000 | 3,000,000 | |||
April 27,2023 Share Repurchase Program | |||||
Entity Information [Line Items] | |||||
Stock repurchase program, authorized amount | $ 15,000,000 | ||||
Stock repurchase (in shares) | 0 | ||||
Shares available for repurchase | $ 15,000,000 | $ 15,000,000 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) $ in Thousands | Jun. 09, 2022 USD ($) |
Business Acquisition [Line Items] | |
Cash consideration | $ 46,700 |
IOFB | |
Business Acquisition [Line Items] | |
Percentage acquired | 100% |
Cash consideration | $ 46,672 |
Loans held for investment | 281,326 |
Purchase price of PCD loans | $ 11,020 |
Business Combinations - Schedul
Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 09, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Merger consideration | ||||
Cash consideration | $ 46,700 | |||
Liabilities assumed | ||||
Bargain Purchase Gain | $ 0 | $ 3,769 | $ 0 | |
IOFB | ||||
Merger consideration | ||||
Cash consideration | 46,672 | |||
Assets acquired | ||||
Cash and due from banks | 10,192 | |||
Interest earning deposits in banks | 67,855 | |||
Debt securities | 119,820 | |||
Loans held for investment | 281,326 | |||
Premises and equipment | 7,363 | |||
Core deposit intangible | 16,500 | |||
Other assets | 14,140 | |||
Total assets acquired | 517,196 | |||
Liabilities assumed | ||||
Deposits | (463,638) | |||
Other liabilities | (3,117) | |||
Total liabilities assumed | (466,755) | |||
Identifiable net assets acquired, at fair value | 50,441 | |||
Bargain Purchase Gain | $ 3,769 |
Business Combinations - Sched_2
Business Combinations - Schedule of PCD Loans at Acquisition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 09, 2022 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||
PCD ACL at acquisition | $ (3,371) | |
IOFB | ||
Business Acquisition [Line Items] | ||
Par value of PCD loans acquired | $ 15,396 | |
PCD ACL at acquisition | (3,371) | |
Non-credit discount on PCD loans | (1,005) | |
Purchase price of PCD loans | $ 11,020 |
Business Combinations - Sched_3
Business Combinations - Schedule of Business Acquisition, Pro Forma Information (Details) - IOFB - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||
Total revenues | $ 217,157 | $ 223,317 |
Net Income | $ 61,451 | $ 71,376 |
Earnings per share - basic (in USD per share) | $ 3.93 | $ 4.50 |
Earnings per share - diluted (in USD per share) | $ 3.91 | $ 4.49 |
Business Combinations - Sched_4
Business Combinations - Schedule of Business Acquisitions, Integration, Restructuring and Other Related Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Compensation and employee benefits | $ 76,410 | $ 78,103 | $ 69,937 |
Occupancy expense of premises, net | 10,034 | 10,272 | 9,274 |
Equipment | 9,195 | 8,693 | 7,816 |
Legal and professional | 7,365 | 8,646 | 5,256 |
Data processing | 5,799 | 5,574 | 5,216 |
Communications | 910 | 1,125 | 1,332 |
Other | 9,036 | 8,392 | 6,577 |
DNVB | |||
Business Acquisition [Line Items] | |||
Compensation and employee benefits | 70 | ||
Occupancy expense of premises, net | 0 | ||
Equipment | 0 | ||
Legal and professional | 191 | ||
Data processing | 65 | ||
Marketing | 38 | ||
Communications | 0 | ||
Other | 28 | ||
Total acquisition-related expenses | $ 392 | ||
IOFB | |||
Business Acquisition [Line Items] | |||
Compensation and employee benefits | 471 | 0 | |
Occupancy expense of premises, net | 1 | 0 | |
Equipment | 29 | 18 | |
Legal and professional | 948 | 202 | |
Data processing | 511 | 0 | |
Marketing | 164 | 2 | |
Communications | 3 | 0 | |
Other | 74 | 2 | |
Total acquisition-related expenses | $ 2,201 | $ 224 |
Debt Securities - Narrative (De
Debt Securities - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 USD ($) | Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security | |
Debt Securities, Available-for-sale [Line Items] | |||
AFS transferred to held-to-maturity classifications, fair value | $ 1,250,000 | ||
Net unrealized after tax loss from transfer of AFS to held-to-maturity classification | $ 11,500 | $ 7,000 | |
Debt securities available for sale | 795,134 | $ 1,153,547 | |
Interest receivable | $ 29,768 | $ 27,090 | |
Securities in continuous unrealized loss position | security | 323 | 594 | |
Accumulated unrealized losses | $ 78,201 | $ 108,356 | |
Asset Pledged as Collateral without Right | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities available for sale | 1,160,000 | 690,200 | |
U.S. Government agencies and corporations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities available for sale | $ 7,345 | ||
Securities in continuous unrealized loss position | security | 8 | ||
Accumulated unrealized losses | $ 253 | ||
State and political subdivisions | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities available for sale | $ 130,139 | $ 285,356 | |
Securities in continuous unrealized loss position | security | 149 | 380 | |
Accumulated unrealized losses | $ 9,345 | $ 18,244 | |
Mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities available for sale | $ 5,311 | $ 5,944 | |
Securities in continuous unrealized loss position | security | 19 | 27 | |
Accumulated unrealized losses | $ 142 | $ 232 | |
Collateralized mortgage obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities available for sale | $ 169,196 | $ 147,193 | |
Securities in continuous unrealized loss position | security | 20 | 20 | |
Accumulated unrealized losses | $ 21,108 | $ 25,375 | |
Mortgage backed securities and collateralized mortgage obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Accumulated unrealized losses | 21,300 | ||
Collateralized loan obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities available for sale | $ 50,437 | ||
Securities in continuous unrealized loss position | security | 2 | ||
Accumulated unrealized losses | $ 239 | ||
Corporate debt securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities available for sale | $ 440,051 | $ 707,709 | |
Securities in continuous unrealized loss position | security | 133 | 159 | |
Accumulated unrealized losses | $ 47,367 | $ 64,252 | |
Debt Securities Available For Sale Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Interest receivable | 5,500 | 7,600 | |
Held To Maturity Debt Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Interest receivable | $ 3,700 | $ 3,700 |
Debt Securities - Schedule of A
Debt Securities - Schedule of Available for Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | $ 873,136 | $ 1,261,740 | |
Gross Unrealized Gains | 199 | 163 | |
Gross Unrealized Losses | 78,201 | 108,356 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Fair Value | 795,134 | 1,153,547 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 179,927 | 204,527 | |
Held to Maturity | |||
Amortized Cost | 1,075,190 | 1,129,421 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 179,927 | 204,527 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Fair Value | 895,263 | 924,894 | |
U.S. Government agencies and corporations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 7,598 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | 253 | ||
Allowance for Credit Loss related to Debt Securities | 0 | ||
Fair Value | 7,345 | ||
State and political subdivisions | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 139,482 | 303,573 | |
Gross Unrealized Gains | 2 | 27 | |
Gross Unrealized Losses | 9,345 | 18,244 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Fair Value | 130,139 | 285,356 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 65,932 | 88,349 | |
Gain related to reclassification | 200 | $ 200 | |
Held to Maturity | |||
Amortized Cost | 532,422 | 538,746 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 65,932 | 88,349 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Fair Value | 466,490 | 450,397 | |
Gain related to reclassification | 200 | 200 | |
Mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 5,448 | 6,165 | |
Gross Unrealized Gains | 5 | 11 | |
Gross Unrealized Losses | 142 | 232 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Fair Value | 5,311 | 5,944 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 11,635 | 12,851 | |
Loss related to reclassification | 36 | ||
Gain related to reclassification | (58) | ||
Held to Maturity | |||
Amortized Cost | 74,904 | 81,032 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 11,635 | 12,851 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Fair Value | 63,269 | 68,181 | |
Gain related to reclassification | (58) | ||
Loss related to reclassification | 36 | ||
Collateralized loan obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 50,541 | ||
Gross Unrealized Gains | 135 | ||
Gross Unrealized Losses | 239 | ||
Allowance for Credit Loss related to Debt Securities | 0 | ||
Fair Value | 50,437 | ||
Held to Maturity | |||
Amortized Cost | 0 | ||
Fair Value | 0 | ||
Collateralized mortgage obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 190,304 | 172,568 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 21,108 | 25,375 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Fair Value | 169,196 | 147,193 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 102,360 | 103,327 | |
Loss related to reclassification | 9,700 | 11,900 | |
Held to Maturity | |||
Amortized Cost | 467,864 | 509,643 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 102,360 | 103,327 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Fair Value | 365,504 | 406,316 | |
Loss related to reclassification | 9,700 | $ 11,900 | |
Corporate debt securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 487,361 | 771,836 | |
Gross Unrealized Gains | 57 | 125 | |
Gross Unrealized Losses | 47,367 | 64,252 | |
Allowance for Credit Loss related to Debt Securities | 0 | 0 | |
Fair Value | $ 440,051 | $ 707,709 |
Debt Securities - Schedule of_2
Debt Securities - Schedule of Available for Sale Securities in Continuous Loss Position (Details) $ in Thousands | Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security |
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | security | 323 | 594 |
Less than 12 months, fair value | $ 34,768 | $ 705,489 |
Less than 12 months, unrealized losses | 901 | 43,837 |
12 months or more, fair value | 676,633 | 381,157 |
12 months or more, unrealized loss | 77,300 | 64,519 |
Fair Value | 711,401 | 1,086,646 |
Unrealized Losses | $ 78,201 | $ 108,356 |
U.S. Government agencies and corporations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | security | 8 | |
Less than 12 months, fair value | $ 7,345 | |
Less than 12 months, unrealized losses | 253 | |
12 months or more, fair value | 0 | |
12 months or more, unrealized loss | 0 | |
Fair Value | 7,345 | |
Unrealized Losses | $ 253 | |
State and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | security | 149 | 380 |
Less than 12 months, fair value | $ 8,417 | $ 248,339 |
Less than 12 months, unrealized losses | 492 | 14,553 |
12 months or more, fair value | 114,713 | 20,631 |
12 months or more, unrealized loss | 8,853 | 3,691 |
Fair Value | 123,130 | 268,970 |
Unrealized Losses | $ 9,345 | $ 18,244 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | security | 19 | 27 |
Less than 12 months, fair value | $ 0 | $ 5,323 |
Less than 12 months, unrealized losses | 0 | 231 |
12 months or more, fair value | 4,906 | 45 |
12 months or more, unrealized loss | 142 | 1 |
Fair Value | 4,906 | 5,368 |
Unrealized Losses | $ 142 | $ 232 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | security | 2 | |
Less than 12 months, fair value | $ 17,696 | |
Less than 12 months, unrealized losses | 239 | |
12 months or more, fair value | 0 | |
12 months or more, unrealized loss | 0 | |
Fair Value | 17,696 | |
Unrealized Losses | $ 239 | |
Collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | security | 20 | 20 |
Less than 12 months, fair value | $ 6,278 | $ 75,041 |
Less than 12 months, unrealized losses | 90 | 7,121 |
12 months or more, fair value | 127,792 | 72,152 |
12 months or more, unrealized loss | 21,018 | 18,254 |
Fair Value | 134,070 | 147,193 |
Unrealized Losses | $ 21,108 | $ 25,375 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | security | 133 | 159 |
Less than 12 months, fair value | $ 2,377 | $ 369,441 |
Less than 12 months, unrealized losses | 80 | 21,679 |
12 months or more, fair value | 429,222 | 288,329 |
12 months or more, unrealized loss | 47,287 | 42,573 |
Fair Value | 431,599 | 657,770 |
Unrealized Losses | $ 47,367 | $ 64,252 |
Debt Securities - Schedule of P
Debt Securities - Schedule of Proceeds and Gross Realized Gains (Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |||
Proceeds from sales of debt securities available for sale | $ 326,179 | $ 129,823 | $ 52,183 |
Gross realized gains from sales of debt securities available for sale | 0 | 0 | 940 |
Gross realized losses from sales of debt securities available for sale | (19,844) | (167) | (791) |
Net realized (loss) gain from sales of debt securities available for sale | (19,844) | (167) | 149 |
Net (losses)/gains from call or maturity of debt securities | 76 | $ 438 | $ 93 |
Net realized gain from sale of VISA shares | $ 979 |
Debt Securities - Schedule of I
Debt Securities - Schedule of Investments Classified by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Due in one year or less, amortized cost | $ 65,818 | |
Due after one year through five years, amortized cost | 383,566 | |
Due after five years through ten years, amortized cost | 149,458 | |
Due after ten years, amortized cost | 28,001 | |
Total | 626,843 | |
Amortized cost | 873,136 | $ 1,261,740 |
Fair Value | ||
Due in one year or less, estimated fair value | 64,730 | |
Due after one year through five years, estimated fair value | 353,730 | |
Due after five years through ten years, estimated fair value | 127,771 | |
Due after ten years, estimated fair value | 23,959 | |
Total | 570,190 | |
Fair Value | 795,134 | 1,153,547 |
Amortized Cost | ||
Due in one year or less, amortized cost | 2,537 | |
Due after one year through five years, amortized cost | 146,159 | |
Due after five years through ten years, amortized cost | 231,104 | |
Due after ten years, amortized cost | 152,622 | |
Total maturing securities, amortized cost | 532,422 | |
Debt securities held to maturity | 1,075,190 | 1,129,421 |
Fair Value | ||
Due in one year or less, estimated fair value | 2,502 | |
Due after one year through five years, estimated fair value | 133,315 | |
Due after five years through ten years, estimated fair value | 200,270 | |
Due after ten years, estimated fair value | 130,403 | |
Total maturing securities, fair value | 466,490 | |
Fair Value | 895,263 | 924,894 |
Mortgage-backed securities | ||
Amortized Cost | ||
Amortized cost | 5,448 | 6,165 |
Fair Value | ||
Fair Value | 5,311 | 5,944 |
Amortized Cost | ||
Debt securities held to maturity | 74,904 | 81,032 |
Fair Value | ||
Fair Value | 63,269 | 68,181 |
Collateralized mortgage obligations | ||
Amortized Cost | ||
Amortized cost | 190,304 | 172,568 |
Fair Value | ||
Fair Value | 169,196 | 147,193 |
Amortized Cost | ||
Debt securities held to maturity | 467,864 | 509,643 |
Fair Value | ||
Fair Value | 365,504 | $ 406,316 |
Collateralized loan obligations | ||
Amortized Cost | ||
Amortized cost | 50,541 | |
Fair Value | ||
Fair Value | 50,437 | |
Amortized Cost | ||
Debt securities held to maturity | 0 | |
Fair Value | ||
Fair Value | $ 0 |
Loans Receivable and the Allo_3
Loans Receivable and the Allowance for Credit Losses - Schedule of Composition of Loans by Lending Classification (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment, net of unearned income | $ 4,126,947 | $ 3,840,524 | ||
Allowance for credit losses | (51,500) | (49,200) | $ (48,700) | $ (55,500) |
Total loans held for investment, net | 4,075,447 | 3,791,324 | ||
Asset Pledged as Collateral without Right | FHLB borrowings | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans held for investment, net | 1,130,000 | 1,010,000 | ||
Agricultural | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment, net of unearned income | 118,414 | 115,320 | ||
Allowance for credit losses | (613) | (923) | (667) | (1,346) |
Commercial and Industrial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment, net of unearned income | 1,075,003 | 1,055,162 | ||
Allowance for credit losses | (21,743) | (22,855) | (17,294) | (15,689) |
Commercial Real Estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment, net of unearned income | 2,225,310 | 1,980,018 | ||
Allowance for credit losses | (23,759) | (20,123) | (26,120) | (32,640) |
Commercial Real Estate | Construction & development | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment, net of unearned income | 323,195 | 270,991 | ||
Commercial Real Estate | Farmland | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment, net of unearned income | 184,955 | 183,913 | ||
Commercial Real Estate | Multifamily | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment, net of unearned income | 383,178 | 252,129 | ||
Commercial Real Estate | Commercial real estate-other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment, net of unearned income | 1,333,982 | 1,272,985 | ||
Commercial Real Estate | One- to four- family first liens | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment, net of unearned income | 459,798 | |||
Residential Real Estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment, net of unearned income | 640,437 | 614,428 | ||
Allowance for credit losses | (4,762) | (4,678) | (4,010) | (4,882) |
Residential Real Estate | One- to four- family first liens | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment, net of unearned income | 459,798 | 451,210 | ||
Residential Real Estate | One- to four- family junior liens | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment, net of unearned income | 180,639 | 163,218 | ||
Consumer | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment, net of unearned income | 67,783 | 75,596 | ||
Allowance for credit losses | $ (623) | $ (621) | $ (609) | $ (943) |
Loans Receivable and the Allo_4
Loans Receivable and the Allowance for Credit Losses - Schedule of Amortized Cost Basis Based on Delinquency Status (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | $ 4,126,947 | $ 3,840,524 |
90 Days or More Past Due And Accruing | 468 | 565 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 4,093,155 | 3,822,849 |
30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 7,660 | 10,999 |
60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 4,502 | 1,205 |
90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 21,630 | 5,471 |
Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 118,414 | 115,320 |
90 Days or More Past Due And Accruing | 0 | 0 |
Agricultural | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 117,852 | 114,922 |
Agricultural | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 338 | 100 |
Agricultural | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 0 | 0 |
Agricultural | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 224 | 298 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,075,003 | 1,055,162 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial and Industrial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,058,301 | 1,052,406 |
Commercial and Industrial | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 440 | 922 |
Commercial and Industrial | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 401 | 111 |
Commercial and Industrial | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 15,861 | 1,723 |
Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 2,225,310 | 1,980,018 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial Real Estate | Construction & development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 323,195 | 270,991 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial Real Estate | Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 184,955 | 183,913 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial Real Estate | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 383,178 | 252,129 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial Real Estate | Commercial real estate-other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,333,982 | 1,272,985 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial Real Estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 2,216,829 | 1,972,023 |
Commercial Real Estate | Current | Construction & development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 323,165 | 270,905 |
Commercial Real Estate | Current | Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 182,759 | 182,115 |
Commercial Real Estate | Current | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 383,178 | 252,129 |
Commercial Real Estate | Current | Commercial real estate-other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,327,727 | 1,266,874 |
Commercial Real Estate | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 2,836 | 6,389 |
Commercial Real Estate | 30 - 59 Days Past Due | Construction & development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 30 | 86 |
Commercial Real Estate | 30 - 59 Days Past Due | Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 677 | 729 |
Commercial Real Estate | 30 - 59 Days Past Due | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 0 | 0 |
Commercial Real Estate | 30 - 59 Days Past Due | Commercial real estate-other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 2,129 | 5,574 |
Commercial Real Estate | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,642 | 45 |
Commercial Real Estate | 60 - 89 Days Past Due | Construction & development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 0 | 0 |
Commercial Real Estate | 60 - 89 Days Past Due | Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 352 | 0 |
Commercial Real Estate | 60 - 89 Days Past Due | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 0 | 0 |
Commercial Real Estate | 60 - 89 Days Past Due | Commercial real estate-other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,290 | 45 |
Commercial Real Estate | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 4,003 | 1,561 |
Commercial Real Estate | 90 Days or More Past Due | Construction & development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 0 | 0 |
Commercial Real Estate | 90 Days or More Past Due | Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,167 | 1,069 |
Commercial Real Estate | 90 Days or More Past Due | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 0 | 0 |
Commercial Real Estate | 90 Days or More Past Due | Commercial real estate-other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 2,836 | 492 |
Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 640,437 | 614,428 |
90 Days or More Past Due And Accruing | 468 | 565 |
Residential Real Estate | One- to four- family first liens | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 459,798 | 451,210 |
90 Days or More Past Due And Accruing | 468 | 565 |
Residential Real Estate | One- to four- family junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 180,639 | 163,218 |
90 Days or More Past Due And Accruing | 0 | 0 |
Residential Real Estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 632,551 | 608,055 |
Residential Real Estate | Current | One- to four- family first liens | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 453,212 | 446,066 |
Residential Real Estate | Current | One- to four- family junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 179,339 | 161,989 |
Residential Real Estate | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 3,928 | 3,478 |
Residential Real Estate | 30 - 59 Days Past Due | One- to four- family first liens | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 3,572 | 3,177 |
Residential Real Estate | 30 - 59 Days Past Due | One- to four- family junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 356 | 301 |
Residential Real Estate | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 2,431 | 1,032 |
Residential Real Estate | 60 - 89 Days Past Due | One- to four- family first liens | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,741 | 954 |
Residential Real Estate | 60 - 89 Days Past Due | One- to four- family junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 690 | 78 |
Residential Real Estate | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,527 | 1,863 |
Residential Real Estate | 90 Days or More Past Due | One- to four- family first liens | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 1,273 | 1,013 |
Residential Real Estate | 90 Days or More Past Due | One- to four- family junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 254 | 850 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 67,783 | 75,596 |
90 Days or More Past Due And Accruing | 0 | 0 |
Consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 67,622 | 75,443 |
Consumer | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 118 | 110 |
Consumer | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | 28 | 17 |
Consumer | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net of unearned income | $ 15 | $ 26 |
Loans Receivable and the Allo_5
Loans Receivable and the Allowance for Credit Losses - Schedule of Nonaccrual Status and Interest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 25,891 | $ 15,256 |
Nonaccrual with no Allowance for Credit Losses | 15,359 | 9,902 |
90 Days or More Past Due And Accruing | 468 | 565 |
Financing receivable, nonaccrual, interest income | 700 | 500 |
Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 235 | 377 |
Nonaccrual with no Allowance for Credit Losses | 12 | 281 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 17,770 | 2,728 |
Nonaccrual with no Allowance for Credit Losses | 12,549 | 1,049 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 5,095 | 8,675 |
Nonaccrual with no Allowance for Credit Losses | 2,343 | 7,644 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial Real Estate | Construction & development | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Nonaccrual with no Allowance for Credit Losses | 0 | 0 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial Real Estate | Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 1,654 | 2,278 |
Nonaccrual with no Allowance for Credit Losses | 1,490 | 1,997 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial Real Estate | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Nonaccrual with no Allowance for Credit Losses | 0 | 0 |
90 Days or More Past Due And Accruing | 0 | 0 |
Commercial Real Estate | Commercial real estate-other | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 3,441 | 6,397 |
Nonaccrual with no Allowance for Credit Losses | 853 | 5,647 |
90 Days or More Past Due And Accruing | 0 | 0 |
Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 2,764 | 3,440 |
Nonaccrual with no Allowance for Credit Losses | 455 | 928 |
90 Days or More Past Due And Accruing | 468 | 565 |
Residential Real Estate | One- to four- family first liens | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 1,888 | 2,275 |
Nonaccrual with no Allowance for Credit Losses | 455 | 928 |
90 Days or More Past Due And Accruing | 468 | 565 |
Residential Real Estate | One- to four- family junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 876 | 1,165 |
Nonaccrual with no Allowance for Credit Losses | 0 | 0 |
90 Days or More Past Due And Accruing | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 27 | 36 |
Nonaccrual with no Allowance for Credit Losses | 0 | 0 |
90 Days or More Past Due And Accruing | $ 0 | $ 0 |
Loans Receivable and the Allo_6
Loans Receivable and the Allowance for Credit Losses - Schedule of Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | $ 674,051 | $ 1,067,422 | |
2022 | 1,048,803 | 947,999 | |
2021 | 822,694 | 711,994 | |
2020 | 591,609 | 214,726 | |
2019 | 175,599 | 123,339 | |
Prior | 389,563 | 348,634 | |
Revolving Loans | 424,628 | 426,410 | |
Loans held for investment, net of unearned income | 4,126,947 | 3,840,524 | |
Year-to-date Current Period Gross Write-offs | |||
2023 | 239 | ||
2022 | 991 | ||
2021 | 254 | ||
2020 | 162 | ||
2019 | 478 | ||
Prior | 2,428 | ||
Revolving Loans | 0 | ||
Total | 4,552 | 7,656 | $ 2,332 |
Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 49,579 | 69,880 | |
2022 | 44,238 | 41,887 | |
2021 | 28,775 | 16,872 | |
2020 | 11,713 | 6,547 | |
2019 | 4,041 | 5,403 | |
Prior | 15,217 | 12,971 | |
Revolving Loans | 93,955 | 84,053 | |
Loans held for investment, net of unearned income | 247,518 | 237,613 | |
Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | 0 | |
2022 | 214 | 25 | |
2021 | 0 | 47 | |
2020 | 25 | 188 | |
2019 | 26 | 760 | |
Prior | 639 | 81 | |
Revolving Loans | 0 | 100 | |
Loans held for investment, net of unearned income | 904 | 1,201 | |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 607,768 | 975,687 | |
2022 | 962,918 | 883,225 | |
2021 | 752,137 | 649,601 | |
2020 | 524,570 | 179,713 | |
2019 | 139,536 | 93,541 | |
Prior | 311,683 | 295,220 | |
Revolving Loans | 299,882 | 321,166 | |
Loans held for investment, net of unearned income | 3,598,494 | 3,398,153 | |
Special mention / watch | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 11,444 | 19,895 | |
2022 | 11,123 | 11,324 | |
2021 | 10,365 | 22,534 | |
2020 | 33,885 | 12,913 | |
2019 | 14,157 | 10,742 | |
Prior | 9,059 | 12,491 | |
Revolving Loans | 22,996 | 18,165 | |
Loans held for investment, net of unearned income | 113,029 | 108,064 | |
Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 5,260 | 1,960 | |
2022 | 30,310 | 11,538 | |
2021 | 31,417 | 22,940 | |
2020 | 21,416 | 15,365 | |
2019 | 17,839 | 12,893 | |
Prior | 52,965 | 27,871 | |
Revolving Loans | 7,795 | 2,926 | |
Loans held for investment, net of unearned income | 167,002 | 95,493 | |
Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 0 | 0 | |
Agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 12,834 | 20,470 | |
2022 | 12,892 | 14,169 | |
2021 | 9,324 | 5,879 | |
2020 | 3,051 | 2,923 | |
2019 | 694 | 946 | |
Prior | 1,885 | 1,969 | |
Revolving Loans | 77,734 | 68,964 | |
Loans held for investment, net of unearned income | 118,414 | 115,320 | |
Year-to-date Current Period Gross Write-offs | |||
2023 | 0 | ||
2022 | 8 | ||
2021 | 1 | ||
2020 | 17 | ||
2019 | 2 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Total | 28 | 326 | 170 |
Agricultural | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 11,859 | 20,279 | |
2022 | 12,149 | 12,511 | |
2021 | 8,352 | 5,398 | |
2020 | 2,752 | 2,883 | |
2019 | 689 | 939 | |
Prior | 1,139 | 1,063 | |
Revolving Loans | 71,680 | 65,395 | |
Loans held for investment, net of unearned income | 108,620 | 108,468 | |
Agricultural | Special mention / watch | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 266 | 143 | |
2022 | 550 | 1,012 | |
2021 | 670 | 115 | |
2020 | 91 | 36 | |
2019 | 5 | ||
Prior | 522 | 604 | |
Revolving Loans | 3,705 | 1,655 | |
Loans held for investment, net of unearned income | 5,809 | 3,565 | |
Agricultural | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 709 | 48 | |
2022 | 193 | 646 | |
2021 | 302 | 366 | |
2020 | 208 | 4 | |
2019 | 7 | ||
Prior | 224 | 302 | |
Revolving Loans | 2,349 | 1,914 | |
Loans held for investment, net of unearned income | 3,985 | 3,287 | |
Agricultural | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 0 | 0 | |
Commercial and Industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 179,459 | 267,031 | |
2022 | 228,261 | 236,003 | |
2021 | 198,230 | 158,204 | |
2020 | 121,272 | 49,547 | |
2019 | 34,255 | 31,535 | |
Prior | 146,365 | 136,326 | |
Revolving Loans | 167,161 | 176,516 | |
Loans held for investment, net of unearned income | 1,075,003 | 1,055,162 | |
Year-to-date Current Period Gross Write-offs | |||
2023 | 239 | ||
2022 | 343 | ||
2021 | 223 | ||
2020 | 133 | ||
2019 | 464 | ||
Prior | 45 | ||
Revolving Loans | 0 | ||
Total | 1,447 | 2,051 | 1,015 |
Commercial and Industrial | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 176,021 | 262,500 | |
2022 | 224,924 | 232,263 | |
2021 | 193,011 | 151,567 | |
2020 | 117,326 | 48,199 | |
2019 | 25,555 | 27,680 | |
Prior | 116,661 | 115,877 | |
Revolving Loans | 147,690 | 163,205 | |
Loans held for investment, net of unearned income | 1,001,188 | 1,001,291 | |
Commercial and Industrial | Special mention / watch | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 2,541 | 3,975 | |
2022 | 416 | 3,574 | |
2021 | 3,209 | 5,465 | |
2020 | 3,385 | 592 | |
2019 | 193 | 3,299 | |
Prior | 272 | 1,864 | |
Revolving Loans | 14,692 | 12,299 | |
Loans held for investment, net of unearned income | 24,708 | 31,068 | |
Commercial and Industrial | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 897 | 556 | |
2022 | 2,921 | 166 | |
2021 | 2,010 | 1,172 | |
2020 | 561 | 756 | |
2019 | 8,507 | 556 | |
Prior | 29,432 | 18,585 | |
Revolving Loans | 4,779 | 1,012 | |
Loans held for investment, net of unearned income | 49,107 | 22,803 | |
Commercial and Industrial | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 0 | 0 | |
Commercial Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, net of unearned income | 2,225,310 | 1,980,018 | |
Year-to-date Current Period Gross Write-offs | |||
Total | 2,337 | 4,328 | 602 |
Commercial Real Estate | Construction & development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 101,243 | 146,665 | |
2022 | 163,366 | 74,331 | |
2021 | 43,653 | 19,324 | |
2020 | 3,393 | 989 | |
2019 | 821 | 1,058 | |
Prior | 700 | 555 | |
Revolving Loans | 10,019 | 28,069 | |
Loans held for investment, net of unearned income | 323,195 | 270,991 | |
Year-to-date Current Period Gross Write-offs | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Total | 0 | ||
Commercial Real Estate | Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 28,725 | 58,457 | |
2022 | 52,015 | 57,005 | |
2021 | 51,019 | 31,406 | |
2020 | 25,897 | 8,402 | |
2019 | 7,513 | 10,090 | |
Prior | 17,839 | 14,914 | |
Revolving Loans | 1,947 | 3,639 | |
Loans held for investment, net of unearned income | 184,955 | 183,913 | |
Year-to-date Current Period Gross Write-offs | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Total | 0 | ||
Commercial Real Estate | Multifamily | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 37,395 | 32,018 | |
2022 | 98,206 | 101,632 | |
2021 | 118,881 | 86,474 | |
2020 | 96,843 | 17,137 | |
2019 | 16,551 | 8,480 | |
Prior | 11,094 | 6,339 | |
Revolving Loans | 4,208 | 49 | |
Loans held for investment, net of unearned income | 383,178 | 252,129 | |
Year-to-date Current Period Gross Write-offs | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Total | 0 | ||
Commercial Real Estate | Commercial real estate-other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 200,387 | 332,363 | |
2022 | 322,927 | 318,364 | |
2021 | 279,271 | 329,315 | |
2020 | 274,602 | 103,067 | |
2019 | 90,033 | 42,375 | |
Prior | 110,441 | 93,919 | |
Revolving Loans | 56,321 | 53,582 | |
Loans held for investment, net of unearned income | 1,333,982 | 1,272,985 | |
Year-to-date Current Period Gross Write-offs | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 2,337 | ||
Revolving Loans | 0 | ||
Total | 2,337 | ||
Commercial Real Estate | One- to four- family first liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 64,429 | ||
2022 | 126,684 | ||
2021 | 93,541 | ||
2020 | 54,813 | ||
2019 | 21,665 | ||
Prior | 85,383 | ||
Revolving Loans | 13,283 | ||
Loans held for investment, net of unearned income | 459,798 | ||
Commercial Real Estate | Pass | Construction & development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 99,803 | 144,597 | |
2022 | 163,126 | 73,832 | |
2021 | 43,189 | 19,324 | |
2020 | 3,393 | 989 | |
2019 | 821 | 1,058 | |
Prior | 700 | 549 | |
Revolving Loans | 9,552 | 28,069 | |
Loans held for investment, net of unearned income | 320,584 | 268,418 | |
Commercial Real Estate | Pass | Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 25,666 | 55,251 | |
2022 | 44,907 | 52,802 | |
2021 | 47,068 | 28,744 | |
2020 | 18,863 | 7,266 | |
2019 | 6,587 | 8,406 | |
Prior | 14,845 | 12,895 | |
Revolving Loans | 1,642 | 1,946 | |
Loans held for investment, net of unearned income | 159,578 | 167,310 | |
Commercial Real Estate | Pass | Multifamily | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 32,077 | 31,018 | |
2022 | 96,969 | 93,907 | |
2021 | 111,032 | 84,573 | |
2020 | 77,532 | 17,137 | |
2019 | 8,701 | 2,549 | |
Prior | 6,508 | 5,161 | |
Revolving Loans | 4,208 | 49 | |
Loans held for investment, net of unearned income | 337,027 | 234,394 | |
Commercial Real Estate | Pass | Commercial real estate-other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 199,698 | 322,753 | |
2022 | 295,066 | 314,376 | |
2021 | 256,718 | 296,368 | |
2020 | 250,676 | 79,408 | |
2019 | 77,509 | 31,041 | |
Prior | 90,170 | 81,708 | |
Revolving Loans | 51,827 | 51,064 | |
Loans held for investment, net of unearned income | 1,221,664 | 1,176,718 | |
Commercial Real Estate | Pass | One- to four- family first liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 62,644 | ||
2022 | 125,777 | ||
2021 | 92,767 | ||
2020 | 54,028 | ||
2019 | 19,674 | ||
Prior | 81,660 | ||
Revolving Loans | 13,283 | ||
Loans held for investment, net of unearned income | 449,833 | ||
Commercial Real Estate | Special mention / watch | Construction & development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 1,097 | 1,787 | |
2022 | 0 | 499 | |
2021 | 464 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 467 | 0 | |
Loans held for investment, net of unearned income | 2,028 | 2,286 | |
Commercial Real Estate | Special mention / watch | Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 1,229 | 3,058 | |
2022 | 6,898 | 2,229 | |
2021 | 2,409 | 1,470 | |
2020 | 5,982 | 0 | |
2019 | 0 | 225 | |
Prior | 965 | 21 | |
Revolving Loans | 276 | 1,693 | |
Loans held for investment, net of unearned income | 17,759 | 8,696 | |
Commercial Real Estate | Special mention / watch | Multifamily | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 5,318 | 1,000 | |
2022 | 1,237 | 0 | |
2021 | 277 | 1,567 | |
2020 | 18,984 | 0 | |
2019 | 7,850 | 5,931 | |
Prior | 4,586 | 1,178 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 38,252 | 9,676 | |
Commercial Real Estate | Special mention / watch | Commercial real estate-other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 364 | 8,858 | |
2022 | 1,306 | 3,399 | |
2021 | 3,300 | 13,245 | |
2020 | 4,823 | 10,365 | |
2019 | 4,282 | 1,137 | |
Prior | 2,395 | 8,122 | |
Revolving Loans | 3,856 | 2,518 | |
Loans held for investment, net of unearned income | 20,326 | 47,644 | |
Commercial Real Estate | Special mention / watch | One- to four- family first liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 629 | ||
2022 | 716 | ||
2021 | 36 | ||
2020 | 620 | ||
2019 | 1,827 | ||
Prior | 319 | ||
Revolving Loans | 0 | ||
Loans held for investment, net of unearned income | 4,147 | ||
Commercial Real Estate | Substandard | Construction & development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 343 | 281 | |
2022 | 240 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 0 | 6 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 583 | 287 | |
Commercial Real Estate | Substandard | Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 1,830 | 148 | |
2022 | 210 | 1,974 | |
2021 | 1,542 | 1,192 | |
2020 | 1,052 | 1,136 | |
2019 | 926 | 1,459 | |
Prior | 2,029 | 1,998 | |
Revolving Loans | 29 | 0 | |
Loans held for investment, net of unearned income | 7,618 | 7,907 | |
Commercial Real Estate | Substandard | Multifamily | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | 0 | |
2022 | 0 | 7,725 | |
2021 | 7,572 | 334 | |
2020 | 327 | 0 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 7,899 | 8,059 | |
Commercial Real Estate | Substandard | Commercial real estate-other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 325 | 752 | |
2022 | 26,555 | 589 | |
2021 | 19,253 | 19,702 | |
2020 | 19,103 | 13,294 | |
2019 | 8,242 | 10,197 | |
Prior | 17,876 | 4,089 | |
Revolving Loans | 638 | 0 | |
Loans held for investment, net of unearned income | 91,992 | 48,623 | |
Commercial Real Estate | Substandard | One- to four- family first liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 1,156 | ||
2022 | 191 | ||
2021 | 738 | ||
2020 | 165 | ||
2019 | 164 | ||
Prior | 3,404 | ||
Revolving Loans | 0 | ||
Loans held for investment, net of unearned income | 5,818 | ||
Commercial Real Estate | Doubtful | Construction & development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 0 | 0 | |
Commercial Real Estate | Doubtful | Farmland | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 0 | 0 | |
Commercial Real Estate | Doubtful | Multifamily | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 0 | 0 | |
Commercial Real Estate | Doubtful | Commercial real estate-other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | 0 | 0 | |
Commercial Real Estate | Doubtful | One- to four- family first liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Loans held for investment, net of unearned income | 0 | ||
Residential Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, net of unearned income | 640,437 | 614,428 | |
Year-to-date Current Period Gross Write-offs | |||
Total | 55 | 195 | 107 |
Residential Real Estate | One- to four- family first liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 140,538 | ||
2022 | 104,583 | ||
2021 | 64,473 | ||
2020 | 25,926 | ||
2019 | 22,692 | ||
Prior | 81,560 | ||
Revolving Loans | 11,438 | ||
Loans held for investment, net of unearned income | 459,798 | 451,210 | |
Year-to-date Current Period Gross Write-offs | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 36 | ||
Revolving Loans | 0 | ||
Total | 36 | ||
Residential Real Estate | One- to four- family junior liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 23,551 | 37,296 | |
2022 | 30,111 | 22,931 | |
2021 | 18,733 | 8,937 | |
2020 | 7,317 | 3,237 | |
2019 | 2,613 | 4,513 | |
Prior | 8,504 | 6,406 | |
Revolving Loans | 89,810 | 79,898 | |
Loans held for investment, net of unearned income | 180,639 | 163,218 | |
Year-to-date Current Period Gross Write-offs | |||
2023 | 0 | ||
2022 | 19 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Total | 19 | ||
Residential Real Estate | One- to four- family junior liens | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 23,551 | 37,296 | |
2022 | 29,919 | 22,908 | |
2021 | 18,733 | 8,906 | |
2020 | 7,292 | 3,058 | |
2019 | 2,590 | 3,757 | |
Prior | 7,867 | 6,330 | |
Revolving Loans | 89,810 | 79,798 | |
Loans held for investment, net of unearned income | 179,762 | 162,053 | |
Residential Real Estate | One- to four- family junior liens | Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | 0 | |
2022 | 192 | 23 | |
2021 | 0 | 31 | |
2020 | 25 | 179 | |
2019 | 23 | 756 | |
Prior | 637 | 76 | |
Revolving Loans | 0 | 100 | |
Loans held for investment, net of unearned income | 877 | 1,165 | |
Residential Real Estate | Pass | One- to four- family first liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 139,289 | ||
2022 | 103,534 | ||
2021 | 63,627 | ||
2020 | 23,831 | ||
2019 | 21,868 | ||
Prior | 77,967 | ||
Revolving Loans | 11,438 | ||
Loans held for investment, net of unearned income | 441,554 | ||
Residential Real Estate | Special mention / watch | One- to four- family first liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 1,074 | ||
2022 | 611 | ||
2021 | 672 | ||
2020 | 1,920 | ||
2019 | 150 | ||
Prior | 702 | ||
Revolving Loans | 0 | ||
Loans held for investment, net of unearned income | 5,129 | ||
Residential Real Estate | Substandard | One- to four- family first liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 175 | ||
2022 | 438 | ||
2021 | 174 | ||
2020 | 175 | ||
2019 | 674 | ||
Prior | 2,891 | ||
Revolving Loans | 0 | ||
Loans held for investment, net of unearned income | 4,527 | ||
Residential Real Estate | Doubtful | One- to four- family first liens | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Loans held for investment, net of unearned income | 0 | ||
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 26,028 | 32,584 | |
2022 | 14,341 | 18,981 | |
2021 | 10,042 | 7,982 | |
2020 | 4,421 | 3,498 | |
2019 | 1,454 | 1,650 | |
Prior | 7,352 | 6,646 | |
Revolving Loans | 4,145 | 4,255 | |
Loans held for investment, net of unearned income | 67,783 | 75,596 | |
Year-to-date Current Period Gross Write-offs | |||
2023 | 0 | ||
2022 | 621 | ||
2021 | 30 | ||
2020 | 12 | ||
2019 | 12 | ||
Prior | 10 | ||
Revolving Loans | |||
Total | 685 | 756 | $ 438 |
Consumer | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 26,028 | 32,584 | |
2022 | 14,319 | 18,979 | |
2021 | 10,042 | 7,966 | |
2020 | 4,421 | 3,489 | |
2019 | 1,451 | 1,646 | |
Prior | 7,350 | 6,641 | |
Revolving Loans | 4,145 | 4,255 | |
Loans held for investment, net of unearned income | 67,756 | 75,560 | |
Consumer | Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | 0 | |
2022 | 22 | 2 | |
2021 | 0 | 16 | |
2020 | 0 | 9 | |
2019 | 3 | 4 | |
Prior | 2 | 5 | |
Revolving Loans | 0 | 0 | |
Loans held for investment, net of unearned income | $ 27 | $ 36 |
Loans Receivable and the Allo_7
Loans Receivable and the Allowance for Credit Losses - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Net charge-offs (recoveries) | $ 3,700 | $ 6,600 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 49,200 | 48,700 | $ 55,500 |
PCD allowance established in acquisition | 3,371 | ||
Charge-offs | (4,552) | (7,656) | (2,332) |
Recoveries | 803 | 1,093 | 2,768 |
Credit loss expense | 6,049 | 3,692 | (7,236) |
Ending balance | 51,500 | 49,200 | 48,700 |
Credit loss expense, off balance sheet credit exposure | (200) | 800 | (100) |
Loans Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Accrued interest receivable | 19,700 | 15,300 | |
Agricultural | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 923 | 667 | 1,346 |
PCD allowance established in acquisition | 512 | ||
Charge-offs | (28) | (326) | (170) |
Recoveries | 203 | 11 | 149 |
Credit loss expense | (485) | 59 | (658) |
Ending balance | 613 | 923 | 667 |
Commercial and Industrial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 22,855 | 17,294 | 15,689 |
PCD allowance established in acquisition | 1,473 | ||
Charge-offs | (1,447) | (2,051) | (1,015) |
Recoveries | 373 | 682 | 1,604 |
Credit loss expense | (38) | 5,457 | 1,016 |
Ending balance | 21,743 | 22,855 | 17,294 |
Commercial Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 20,123 | 26,120 | 32,640 |
PCD allowance established in acquisition | 1,227 | ||
Charge-offs | (2,337) | (4,328) | (602) |
Recoveries | 20 | 160 | 742 |
Credit loss expense | 5,953 | (3,056) | (6,660) |
Ending balance | 23,759 | 20,123 | 26,120 |
Residential Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 4,678 | 4,010 | 4,882 |
PCD allowance established in acquisition | 159 | ||
Charge-offs | (55) | (195) | (107) |
Recoveries | 27 | 86 | 88 |
Credit loss expense | 112 | 618 | (853) |
Ending balance | 4,762 | 4,678 | 4,010 |
Consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 621 | 609 | 943 |
PCD allowance established in acquisition | 0 | ||
Charge-offs | (685) | (756) | (438) |
Recoveries | 180 | 154 | 185 |
Credit loss expense | 507 | 614 | (81) |
Ending balance | $ 623 | $ 621 | $ 609 |
Loans Receivable and the Allo_8
Loans Receivable and the Allowance for Credit Losses - Schedule of Allowance for Loan Losses Based on Evaluation Method (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | $ 29,157 | $ 22,133 | ||
Collectively evaluated for impairment | 4,097,790 | 3,818,391 | ||
Loans held for investment, net of unearned income | 4,126,947 | 3,840,524 | ||
Allowance for credit losses | ||||
Individually evaluated for impairment | 3,337 | 1,985 | ||
Collectively evaluated for impairment | 48,163 | 47,215 | ||
Total | 51,500 | 49,200 | $ 48,700 | $ 55,500 |
Agricultural | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 11 | 2,531 | ||
Collectively evaluated for impairment | 118,403 | 112,789 | ||
Loans held for investment, net of unearned income | 118,414 | 115,320 | ||
Allowance for credit losses | ||||
Individually evaluated for impairment | 0 | 500 | ||
Collectively evaluated for impairment | 613 | 423 | ||
Total | 613 | 923 | 667 | 1,346 |
Commercial and Industrial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 17,231 | 2,184 | ||
Collectively evaluated for impairment | 1,057,772 | 1,052,978 | ||
Loans held for investment, net of unearned income | 1,075,003 | 1,055,162 | ||
Allowance for credit losses | ||||
Individually evaluated for impairment | 2,616 | 600 | ||
Collectively evaluated for impairment | 19,127 | 22,255 | ||
Total | 21,743 | 22,855 | 17,294 | 15,689 |
Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 10,932 | 15,768 | ||
Collectively evaluated for impairment | 2,214,378 | 1,964,250 | ||
Loans held for investment, net of unearned income | 2,225,310 | 1,980,018 | ||
Allowance for credit losses | ||||
Individually evaluated for impairment | 705 | 705 | ||
Collectively evaluated for impairment | 23,054 | 19,418 | ||
Total | 23,759 | 20,123 | 26,120 | 32,640 |
Residential Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 983 | 1,650 | ||
Collectively evaluated for impairment | 639,454 | 612,778 | ||
Loans held for investment, net of unearned income | 640,437 | 614,428 | ||
Allowance for credit losses | ||||
Individually evaluated for impairment | 16 | 180 | ||
Collectively evaluated for impairment | 4,746 | 4,498 | ||
Total | 4,762 | 4,678 | 4,010 | 4,882 |
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 67,783 | 75,596 | ||
Loans held for investment, net of unearned income | 67,783 | 75,596 | ||
Allowance for credit losses | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 623 | 621 | ||
Total | $ 623 | $ 621 | $ 609 | $ 943 |
Loans Receivable and the Allo_9
Loans Receivable and the Allowance for Credit Losses - Schedule of Primary Type of Collateral (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | $ 4,075,447 | $ 3,791,324 | ||
ACL Allocation | 51,500 | 49,200 | $ 48,700 | $ 55,500 |
Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL Allocation | 613 | 923 | 667 | 1,346 |
Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL Allocation | 21,743 | 22,855 | 17,294 | 15,689 |
Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL Allocation | 23,759 | 20,123 | 26,120 | 32,640 |
Residential Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL Allocation | 4,762 | 4,678 | 4,010 | 4,882 |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
ACL Allocation | 623 | 621 | $ 609 | $ 943 |
Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 27,236 | 17,374 | ||
Real Estate | Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 11 | 68 | ||
Real Estate | Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 15,991 | 856 | ||
Real Estate | Commercial Real Estate | Construction & development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Real Estate | Commercial Real Estate | Farmland | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 5,403 | 4,515 | ||
Real Estate | Commercial Real Estate | Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Real Estate | Commercial Real Estate | Commercial real estate-other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 5,350 | 11,006 | ||
Real Estate | Residential Real Estate | One- to four- family first liens | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 481 | 929 | ||
Real Estate | Residential Real Estate | One- to four- family junior liens | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Real Estate | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 3,199 | ||
Equipment | Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 2,463 | ||
Equipment | Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 736 | ||
Equipment | Commercial Real Estate | Construction & development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Equipment | Commercial Real Estate | Farmland | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Equipment | Commercial Real Estate | Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Equipment | Commercial Real Estate | Commercial real estate-other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Equipment | Residential Real Estate | One- to four- family first liens | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Equipment | Residential Real Estate | One- to four- family junior liens | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Equipment | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 1,921 | 1,560 | ||
Other | Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Other | Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 1,240 | 592 | ||
Other | Commercial Real Estate | Construction & development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Other | Commercial Real Estate | Farmland | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Other | Commercial Real Estate | Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Other | Commercial Real Estate | Commercial real estate-other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 179 | 247 | ||
Other | Residential Real Estate | One- to four- family first liens | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Other | Residential Real Estate | One- to four- family junior liens | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 502 | 721 | ||
Other | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 29,157 | 22,133 | ||
ACL Allocation | 3,337 | 1,985 | ||
Collateral Pledged | Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 11 | 2,531 | ||
ACL Allocation | 0 | 500 | ||
Collateral Pledged | Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 17,231 | 2,184 | ||
ACL Allocation | 2,616 | 600 | ||
Collateral Pledged | Commercial Real Estate | Construction & development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
ACL Allocation | 0 | 0 | ||
Collateral Pledged | Commercial Real Estate | Farmland | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 5,403 | 4,515 | ||
ACL Allocation | 0 | 0 | ||
Collateral Pledged | Commercial Real Estate | Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
ACL Allocation | 0 | 0 | ||
Collateral Pledged | Commercial Real Estate | Commercial real estate-other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 5,529 | 11,253 | ||
ACL Allocation | 705 | 705 | ||
Collateral Pledged | Residential Real Estate | One- to four- family first liens | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 481 | 929 | ||
ACL Allocation | 0 | 0 | ||
Collateral Pledged | Residential Real Estate | One- to four- family junior liens | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 502 | 721 | ||
ACL Allocation | 16 | 180 | ||
Collateral Pledged | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment, net | 0 | 0 | ||
ACL Allocation | $ 0 | $ 0 |
Loans Receivable and the All_10
Loans Receivable and the Allowance for Credit Losses - Schedule of Trouble Debt (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) modified_loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | $ 81 |
Total Class of Financing Receivable | |
Number of modified loans | modified_loan | 17 |
Financing receivable, loans totaling | $ 1,400 |
Agricultural | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Total Class of Financing Receivable | 0.01% |
Commercial and Industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | $ 63 |
Total Class of Financing Receivable | 0.35% |
Commercial Real Estate | Construction & development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | $ 0 |
Total Class of Financing Receivable | 0.18% |
Commercial Real Estate | Farmland | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | $ 0 |
Total Class of Financing Receivable | 0.99% |
Commercial Real Estate | Multifamily | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Total Class of Financing Receivable | 0% |
Commercial Real Estate | Commercial real estate-other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | $ 18 |
Total Class of Financing Receivable | 0.50% |
Residential Real Estate | One- to four- family first liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | $ 0 |
Total Class of Financing Receivable | 0% |
Residential Real Estate | One- to four- family junior liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | $ 0 |
Total Class of Financing Receivable | 0.01% |
Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Total Class of Financing Receivable | 0% |
Principal Forgiveness | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | $ 0 |
Principal Forgiveness | Agricultural | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness | Commercial and Industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness | Commercial Real Estate | Construction & development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness | Commercial Real Estate | Farmland | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness | Commercial Real Estate | Multifamily | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness | Commercial Real Estate | Commercial real estate-other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness | Residential Real Estate | One- to four- family first liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness | Residential Real Estate | One- to four- family junior liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness | Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Payment Delay | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 5,738 |
Payment Delay | Agricultural | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 10 |
Payment Delay | Commercial and Industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 260 |
Payment Delay | Commercial Real Estate | Construction & development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Payment Delay | Commercial Real Estate | Farmland | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Payment Delay | Commercial Real Estate | Multifamily | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Payment Delay | Commercial Real Estate | Commercial real estate-other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 5,468 |
Payment Delay | Residential Real Estate | One- to four- family first liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Payment Delay | Residential Real Estate | One- to four- family junior liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Payment Delay | Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 6,473 |
Term Extension | Agricultural | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Term Extension | Commercial and Industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 2,888 |
Term Extension | Commercial Real Estate | Construction & development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 583 |
Term Extension | Commercial Real Estate | Farmland | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 1,823 |
Term Extension | Commercial Real Estate | Multifamily | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Term Extension | Commercial Real Estate | Commercial real estate-other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 1,165 |
Term Extension | Residential Real Estate | One- to four- family first liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Term Extension | Residential Real Estate | One- to four- family junior liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 14 |
Term Extension | Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Interest Rate Reduction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Interest Rate Reduction | Agricultural | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Interest Rate Reduction | Commercial and Industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Interest Rate Reduction | Commercial Real Estate | Construction & development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Interest Rate Reduction | Commercial Real Estate | Farmland | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Interest Rate Reduction | Commercial Real Estate | Multifamily | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Interest Rate Reduction | Commercial Real Estate | Commercial real estate-other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Interest Rate Reduction | Residential Real Estate | One- to four- family first liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Interest Rate Reduction | Residential Real Estate | One- to four- family junior liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Interest Rate Reduction | Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Term Extension & Interest Rate Reduction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 95 |
Term Extension & Interest Rate Reduction | Agricultural | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Term Extension & Interest Rate Reduction | Commercial and Industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 95 |
Term Extension & Interest Rate Reduction | Commercial Real Estate | Construction & development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Term Extension & Interest Rate Reduction | Commercial Real Estate | Farmland | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Term Extension & Interest Rate Reduction | Commercial Real Estate | Multifamily | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Term Extension & Interest Rate Reduction | Commercial Real Estate | Commercial real estate-other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Term Extension & Interest Rate Reduction | Residential Real Estate | One- to four- family first liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Term Extension & Interest Rate Reduction | Residential Real Estate | One- to four- family junior liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Term Extension & Interest Rate Reduction | Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness & Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 300 |
Principal Forgiveness & Term Extension | Agricultural | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness & Term Extension | Commercial and Industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 300 |
Principal Forgiveness & Term Extension | Commercial Real Estate | Construction & development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness & Term Extension | Commercial Real Estate | Farmland | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness & Term Extension | Commercial Real Estate | Multifamily | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness & Term Extension | Commercial Real Estate | Commercial real estate-other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness & Term Extension | Residential Real Estate | One- to four- family first liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness & Term Extension | Residential Real Estate | One- to four- family junior liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness & Term Extension | Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness, Term Extension, & Interest Rate Reduction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Agricultural | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Commercial and Industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Commercial Real Estate | Construction & development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Commercial Real Estate | Farmland | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Commercial Real Estate | Multifamily | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Commercial Real Estate | Commercial real estate-other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Residential Real Estate | One- to four- family first liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Residential Real Estate | One- to four- family junior liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Principal Forgiveness, Term Extension, & Interest Rate Reduction | Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Payment Delay & Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 185 |
Payment Delay & Term Extension | Agricultural | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Payment Delay & Term Extension | Commercial and Industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 185 |
Payment Delay & Term Extension | Commercial Real Estate | Construction & development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Payment Delay & Term Extension | Commercial Real Estate | Farmland | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Payment Delay & Term Extension | Commercial Real Estate | Multifamily | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Payment Delay & Term Extension | Commercial Real Estate | Commercial real estate-other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Payment Delay & Term Extension | Residential Real Estate | One- to four- family first liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Payment Delay & Term Extension | Residential Real Estate | One- to four- family junior liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | 0 |
Payment Delay & Term Extension | Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | $ 0 |
Loans Receivable and the All_11
Loans Receivable and the Allowance for Credit Losses - Schedule of Aging Analysis (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | $ 12,791 |
Agricultural | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 10 |
Commercial and Industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 3,728 |
Commercial Real Estate | Construction & development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 583 |
Commercial Real Estate | Farmland | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 1,823 |
Commercial Real Estate | Multifamily | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
Commercial Real Estate | Commercial real estate-other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 6,633 |
Residential Real Estate | One- to four- family first liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
Residential Real Estate | One- to four- family junior liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 14 |
Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 12,354 |
Current | Agricultural | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
Current | Commercial and Industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 3,653 |
Current | Commercial Real Estate | Construction & development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 583 |
Current | Commercial Real Estate | Farmland | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 1,471 |
Current | Commercial Real Estate | Multifamily | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
Current | Commercial Real Estate | Commercial real estate-other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 6,633 |
Current | Residential Real Estate | One- to four- family first liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
Current | Residential Real Estate | One- to four- family junior liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 14 |
Current | Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
30 - 59 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 10 |
30 - 59 Days Past Due | Agricultural | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 10 |
30 - 59 Days Past Due | Commercial and Industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
30 - 59 Days Past Due | Commercial Real Estate | Construction & development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
30 - 59 Days Past Due | Commercial Real Estate | Farmland | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
30 - 59 Days Past Due | Commercial Real Estate | Multifamily | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
30 - 59 Days Past Due | Commercial Real Estate | Commercial real estate-other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
30 - 59 Days Past Due | Residential Real Estate | One- to four- family first liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
30 - 59 Days Past Due | Residential Real Estate | One- to four- family junior liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
30 - 59 Days Past Due | Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
60 - 89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 352 |
60 - 89 Days Past Due | Agricultural | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
60 - 89 Days Past Due | Commercial and Industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
60 - 89 Days Past Due | Commercial Real Estate | Construction & development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
60 - 89 Days Past Due | Commercial Real Estate | Farmland | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 352 |
60 - 89 Days Past Due | Commercial Real Estate | Multifamily | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
60 - 89 Days Past Due | Commercial Real Estate | Commercial real estate-other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
60 - 89 Days Past Due | Residential Real Estate | One- to four- family first liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
60 - 89 Days Past Due | Residential Real Estate | One- to four- family junior liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
60 - 89 Days Past Due | Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
90 Days or More Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 75 |
90 Days or More Past Due | Agricultural | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
90 Days or More Past Due | Commercial and Industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 75 |
90 Days or More Past Due | Commercial Real Estate | Construction & development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
90 Days or More Past Due | Commercial Real Estate | Farmland | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
90 Days or More Past Due | Commercial Real Estate | Multifamily | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
90 Days or More Past Due | Commercial Real Estate | Commercial real estate-other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
90 Days or More Past Due | Residential Real Estate | One- to four- family first liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
90 Days or More Past Due | Residential Real Estate | One- to four- family junior liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | 0 |
90 Days or More Past Due | Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Performance of loans modified in last twelve months | $ 0 |
Loans Receivable and the All_12
Loans Receivable and the Allowance for Credit Losses - Schedule of Financial Effect of Loan Modification (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | $ 81 |
Weighted Average Interest Rate Reduction | 1.25% |
Weighted Average Term Extension (Months) | 5 years 3 months 18 days |
Commercial and Industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | $ 63 |
Weighted Average Interest Rate Reduction | 1.25% |
Weighted Average Term Extension (Months) | 7 years 4 months 24 days |
Commercial Real Estate | Construction & development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | $ 0 |
Weighted Average Interest Rate Reduction | 0% |
Weighted Average Term Extension (Months) | 15 years 10 months 24 days |
Commercial Real Estate | Farmland | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | $ 0 |
Weighted Average Interest Rate Reduction | 0% |
Weighted Average Term Extension (Months) | 1 year 3 months 18 days |
Commercial Real Estate | Commercial real estate-other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | $ 18 |
Weighted Average Interest Rate Reduction | 0% |
Weighted Average Term Extension (Months) | 5 years 7 months 6 days |
Residential Real Estate | One- to four- family first liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | $ 0 |
Weighted Average Interest Rate Reduction | 0% |
Weighted Average Term Extension (Months) | 3 years 10 months 24 days |
Residential Real Estate | One- to four- family junior liens | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Principal Forgiveness | $ 0 |
Weighted Average Interest Rate Reduction | 0% |
Weighted Average Term Extension (Months) | 49 years 9 months 18 days |
Derivatives, Hedging Activiti_3
Derivatives, Hedging Activities and Balance Sheet Offsetting - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instrument, estimated gain reclassified from AOCI into income | $ 1.6 |
Assets needed for immediate settlement, aggregate fair value | $ 7.4 |
Derivatives, Hedging Activiti_4
Derivatives, Hedging Activities and Balance Sheet Offsetting - Schedule of Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Assets | $ 25,093 | $ 23,655 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 391,101 | 24,018 |
Assets | 3,011 | 2,556 |
Liabilities | 1,987 | 0 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 486,107 | 343,390 |
Assets | 22,082 | 21,099 |
Liabilities | 22,070 | 21,087 |
Interest rate swaps - loans | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 41,101 | 24,018 |
Assets | 2,071 | 2,556 |
Liabilities | 902 | 0 |
Interest rate swaps - securities | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 150,000 | 0 |
Assets | 0 | 0 |
Liabilities | 821 | 0 |
Interest rate swaps | Designated as Hedging Instrument | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 200,000 | 0 |
Assets | 940 | 0 |
Liabilities | 264 | 0 |
Interest rate swaps | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 432,648 | 331,197 |
Assets | 22,028 | 21,084 |
Liabilities | 22,038 | 21,087 |
RPAs - protection purchased | Not Designated as Hedging Instrument | RPAs - protection sold | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 18,778 | 0 |
Assets | 4 | 0 |
Liabilities | 0 | 0 |
RPAs - protection purchased | Not Designated as Hedging Instrument | RPAs - protection purchased | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 31,145 | 9,421 |
Assets | 0 | 0 |
Liabilities | 9 | 0 |
Interest rate lock commitments | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,461 | 1,372 |
Assets | 50 | 7 |
Liabilities | 0 | 0 |
Interest rate forward loan sales contracts | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 2,075 | 1,400 |
Assets | 0 | 8 |
Liabilities | $ 23 | $ 0 |
Derivatives, Hedging Activiti_5
Derivatives, Hedging Activities and Balance Sheet Offsetting - Schedule of Effect of Cashflow Hedging on AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Gain (Loss) Reclassified from AOCI into Income | $ 2,471 | $ 0 | $ 0 |
Interest rate swaps | Designated as Hedging Instrument | Cash flow hedges | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivative | 2,471 | 0 | |
Interest rate swaps | Designated as Hedging Instrument | Cash flow hedges | Interest Expense | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Gain (Loss) Reclassified from AOCI into Income | $ 1,795 | $ 0 |
Derivatives, Hedging Activiti_6
Derivatives, Hedging Activities and Balance Sheet Offsetting - Schedule of Impacts on Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Interest Income | $ 32,559 | $ 34,575 | $ 36,962 | $ 40,076 | $ 43,564 | $ 45,733 | $ 39,725 | $ 37,336 | $ 144,172 | $ 166,358 | $ 156,281 |
Amount reclassified from AOCI into income | 1,795 | 0 | 0 | ||||||||
Interest rate swaps | Designated as Hedging Instrument | Fair Value Hedging | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Interest Income | 1,106 | (36) | (439) | ||||||||
Other Income | 0 | 0 | 0 | ||||||||
Interest rate swaps | Interest Income | Designated as Hedging Instrument | Fair Value Hedging | Interest Contract - Loans | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Hedged items | 1,836 | (3,536) | (1,441) | ||||||||
Derivative designated as hedging instruments | (563) | 3,500 | 1,052 | ||||||||
Interest rate swaps | Interest Income | Designated as Hedging Instrument | Fair Value Hedging | Interest Contracts - Securities | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Hedged items | 819 | 0 | 0 | ||||||||
Derivative designated as hedging instruments | (530) | 0 | 0 | ||||||||
Interest rate swaps | Interest Income | Designated as Hedging Instrument | Cash flow hedges | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Amount reclassified from AOCI into income | 1,795 | 0 | 0 | ||||||||
Interest rate swaps | Other income | Designated as Hedging Instrument | Fair Value Hedging | Interest Contract - Loans | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Hedged items | 0 | 0 | 0 | ||||||||
Derivative designated as hedging instruments | 0 | 0 | 0 | ||||||||
Interest rate swaps | Other income | Designated as Hedging Instrument | Fair Value Hedging | Interest Contracts - Securities | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Hedged items | 0 | 0 | 0 | ||||||||
Derivative designated as hedging instruments | 0 | 0 | 0 | ||||||||
Interest rate swaps | Other income | Designated as Hedging Instrument | Cash flow hedges | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Amount reclassified from AOCI into income | $ 0 | $ 0 | $ 0 |
Derivatives, Hedging Activiti_7
Derivatives, Hedging Activities and Balance Sheet Offsetting - Schedule of Hedged Items in Fair Value Hedging Relationship (Details) - Interest rate swaps - Designated as Hedging Instrument - Fair Value Hedging $ in Thousands | Dec. 31, 2023 USD ($) |
Interest Contracts - Loans | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Carrying Amount of the Hedged Assets | $ 39,976 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset | (1,163) |
Interest Contracts - Securities | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Carrying Amount of the Hedged Assets | 150,819 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset | $ 819 |
Derivatives, Hedging Activiti_8
Derivatives, Hedging Activities and Balance Sheet Offsetting - Schedule of Other Derivatives Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedging, gain (loss) | $ 69 | $ (328) | $ 394 |
Interest rate swaps | Other income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedging, gain (loss) | (8) | 9 | 38 |
RPAs | Other income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedging, gain (loss) | 65 | 1 | 2 |
Interest rate lock commitments | Loan revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedging, gain (loss) | 43 | (323) | 330 |
Interest rate forward loan sales contracts | Loan revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives not designated as hedging, gain (loss) | $ (31) | $ (15) | $ 24 |
Derivatives, Hedging Activiti_9
Derivatives, Hedging Activities and Balance Sheet Offsetting - Schedule of Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Asset Derivatives | ||
Gross Amounts Recognized | $ 25,093 | $ 23,655 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts presented in the Balance Sheet | 25,093 | 23,655 |
Financial Instruments | 0 | 0 |
Cash Collateral Received / Paid | 15,549 | 18,858 |
Net Assets / Liabilities | 9,544 | 4,797 |
Liability Derivatives | ||
Gross Amounts Recognized | 24,057 | 21,087 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts presented in the Balance Sheet | 24,057 | 21,087 |
Financial Instruments | 0 | 0 |
Cash Collateral Received / Paid | 2,420 | 3,460 |
Net Assets / Liabilities | $ 21,637 | $ 17,627 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | $ 132,859 | $ 131,812 | |
Accumulated depreciation and amortization | 47,117 | 44,687 | |
Premises and equipment, net | 85,742 | 87,125 | |
Depreciation expense | 5,100 | 5,100 | $ 4,800 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | 14,998 | 15,068 | |
Buildings and leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | 93,685 | 93,627 | |
Furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | 23,057 | 22,614 | |
Construction in process | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | $ 1,119 | $ 503 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 09, 2022 |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 62,477 | $ 62,477 | |
IOFB | |||
Finite-Lived Intangible Assets [Line Items] | |||
Core deposit intangible | $ 16,500 | ||
Core deposit intangible | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life | 10 years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Intangible Assets (Excluding Goodwill) [Line Items] | ||
Gross Carrying Amount | $ 66,210 | $ 66,210 |
Accumulated Amortization | (49,181) | (42,935) |
Total | 17,029 | 23,275 |
Indefinite-lived trade name intangible | 7,040 | 7,040 |
Other intangible assets, net | 24,069 | 30,315 |
Core deposit intangible | ||
Schedule of Intangible Assets (Excluding Goodwill) [Line Items] | ||
Gross Carrying Amount | 58,245 | 58,245 |
Accumulated Amortization | (41,499) | (35,822) |
Total | 16,746 | 22,423 |
Customer relationship intangible | ||
Schedule of Intangible Assets (Excluding Goodwill) [Line Items] | ||
Gross Carrying Amount | 5,265 | 5,265 |
Accumulated Amortization | (5,008) | (4,490) |
Total | 257 | 775 |
Other | ||
Schedule of Intangible Assets (Excluding Goodwill) [Line Items] | ||
Gross Carrying Amount | 2,700 | 2,700 |
Accumulated Amortization | (2,674) | (2,623) |
Total | $ 26 | $ 77 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
2024 | $ 4,968 | |
2025 | 3,771 | |
2026 | 2,797 | |
2027 | 1,843 | |
2028 | 1,325 | |
Thereafter | 2,325 | |
Total | 17,029 | $ 23,275 |
Core Deposit Intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
2024 | 4,705 | |
2025 | 3,751 | |
2026 | 2,797 | |
2027 | 1,843 | |
2028 | 1,325 | |
Thereafter | 2,325 | |
Total | 16,746 | 22,423 |
Customer Relationship Intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
2024 | 239 | |
2025 | 18 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total | 257 | 775 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
2024 | 24 | |
2025 | 2 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total | $ 26 | $ 77 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets [Abstract] | ||
Bank-owned life insurance | $ 98,039 | $ 95,539 |
Interest receivable | 29,768 | 27,090 |
FHLB stock | 5,806 | 19,248 |
Mortgage servicing rights | 13,333 | 13,421 |
Operating lease right-of-use assets, net | 2,337 | 2,492 |
Federal and state taxes, current | 1,556 | 2,366 |
Federal and state taxes, deferred | 31,218 | 39,071 |
Derivative assets | 25,093 | 23,655 |
Other receivables/assets | 15,630 | 13,635 |
Other assets | $ 222,780 | $ 236,517 |
Loans Serviced for Others (Deta
Loans Serviced for Others (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Loans Serviced for Others [Abstract] | ||
Loans serviced for others | $ 1,200 | $ 1,250 |
Deposits - Schedule of Deposit
Deposits - Schedule of Deposit Types (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Noninterest bearing deposits | $ 897,053 | $ 1,053,450 |
Interest checking deposits | 1,320,435 | 1,624,278 |
Money market deposits | 1,105,493 | 937,340 |
Savings deposits | 650,655 | 664,169 |
Time deposits of $250 and under | 973,253 | 686,233 |
Time deposits over $250 | 448,784 | 503,472 |
Total deposits | $ 5,395,673 | $ 5,468,942 |
Deposits - Schedule of Fiscal Y
Deposits - Schedule of Fiscal Year Maturity (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
2024 | $ 1,236,794 |
2025 | 130,541 |
2026 | 30,685 |
2027 | 10,185 |
2028 | 7,213 |
Thereafter | 6,619 |
Total | $ 1,422,037 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Domestic time deposit, brokered | $ 15,200 | $ 4,300 |
Domestic non-time deposit, brokered | 128,000 | 40,000 |
Noninterest brokered deposits | 58,000 | 0 |
Brokered deposit | 221,000 | 126,800 |
Deposits of government entities | $ 183,400 | $ 387,800 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Short-term Debt [Line Items] | |||
Weighted Average Rate | 4.78% | 3.22% | |
Short-term borrowings | $ 300,264,000 | $ 391,873,000 | |
Debt securities available for sale | 795,134,000 | 1,153,547,000 | |
Asset Pledged as Collateral without Right | |||
Short-term Debt [Line Items] | |||
Debt securities available for sale | $ 1,160,000,000 | $ 690,200,000 | |
Securities sold under agreements to repurchase | |||
Short-term Debt [Line Items] | |||
Weighted Average Rate | 0.72% | 1.32% | |
Short-term borrowings | $ 5,064,000 | $ 156,373,000 | |
Federal Home Loan Bank advances | |||
Short-term Debt [Line Items] | |||
Weighted Average Rate | 5.64% | 4.48% | |
Short-term borrowings | $ 10,200,000 | $ 235,500,000 | |
Federal Reserve Bank borrowings | |||
Short-term Debt [Line Items] | |||
Weighted Average Rate | 4.82% | 0% | |
Short-term borrowings | $ 285,000,000 | $ 0 | |
Financing capacity | 428,800,000 | 105,600,000 | |
Federal Reserve Bank borrowings | Bank Term Funding Loan | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 285,000,000 | ||
Unsecured line of credit, maximum borrowing capacity | 155,900,000 | ||
Federal Reserve Bank borrowings | Asset Pledged as Collateral without Right | |||
Short-term Debt [Line Items] | |||
Debt securities available for sale | 797,600,000 | 115,200,000 | |
Federal funds purchased | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 0 | 0 | |
Unsecured line of credit, maximum borrowing capacity | 155,000,000 | ||
Unsecured line of credit | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 0 | $ 0 | |
Unsecured line of credit, maximum borrowing capacity | $ 25,000,000 | ||
Unused commitment fee percentage | 0.30% | ||
Unsecured line of credit | Secured Overnight Finance Rate | |||
Short-term Debt [Line Items] | |||
Interest rate | 1.55% |
Long-Term Debt - Schedule of Ju
Long-Term Debt - Schedule of Junior Subordinated Notes (Details) - Junior Subordinated Debt - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 44,847 | $ 44,847 |
Debt instrument, book value | $ 42,293 | 42,116 |
Stated maturity date | 5 years | |
ATBancorp Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 7,732 | 7,732 |
Debt instrument, book value | $ 6,970 | $ 6,928 |
Rate | 7.33% | 6.45% |
ATBancorp Statutory Trust I | Secured Overnight Finance Rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.26% | |
ATBancorp Statutory Trust I | London Interbank Offered Rate (LIBOR)1 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.68% | 1.68% |
ATBancorp Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 12,372 | $ 12,372 |
Debt instrument, book value | $ 11,034 | $ 10,969 |
Rate | 7.30% | 6.42% |
ATBancorp Statutory Trust II | Secured Overnight Finance Rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.26% | |
ATBancorp Statutory Trust II | London Interbank Offered Rate (LIBOR)1 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.65% | 1.65% |
Barron Investment Capital Trust I | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 2,062 | $ 2,062 |
Debt instrument, book value | $ 1,861 | $ 1,832 |
Rate | 7.77% | 6.88% |
Barron Investment Capital Trust I | Secured Overnight Finance Rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.26% | |
Barron Investment Capital Trust I | London Interbank Offered Rate (LIBOR)1 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.15% | 2.15% |
Central Bancshares Capital Trust II | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 7,217 | $ 7,217 |
Debt instrument, book value | $ 6,964 | $ 6,923 |
Rate | 9.15% | 8.27% |
Central Bancshares Capital Trust II | Secured Overnight Finance Rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.26% | |
Central Bancshares Capital Trust II | London Interbank Offered Rate (LIBOR)1 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.50% | 3.50% |
MidWestOne Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 15,464 | $ 15,464 |
Debt instrument, book value | $ 15,464 | $ 15,464 |
Rate | 7.24% | 6.36% |
MidWestOne Statutory Trust II | Secured Overnight Finance Rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.26% | |
MidWestOne Statutory Trust II | London Interbank Offered Rate (LIBOR)1 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.59% | 1.59% |
Long-Term Debt - Subordinated D
Long-Term Debt - Subordinated Debentures (Details) - Subordinated Debt - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 28, 2020 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Percentage of debentures categorized as tier 2 capital | 100% | |
Percentage of debentures, decrease to tier 2 treatment, per year | 20% | |
Decrease to tier 2 treatment, period of recognition | 5 years | |
5.75% Fixed To Floating Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 63,750 | |
Interest rate | 5.75% | |
5.75% Fixed To Floating Subordinated Notes | Private Placement | ||
Debt Instrument [Line Items] | ||
Sale of equity | $ 65,000 |
Long-Term Debt - Schedule of Ot
Long-Term Debt - Schedule of Other Long-Term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 07, 2022 | |
Debt Instrument [Line Items] | |||
Weighted Average Rate | 5.56% | 4.30% | |
Balance | $ 16,866 | $ 33,088 | |
Unsecured line of credit, maximum borrowing capacity | $ 35,000 | ||
Finance lease payable | |||
Debt Instrument [Line Items] | |||
Weighted Average Rate | 8.89% | 8.89% | |
Balance | $ 604 | $ 787 | |
FHLB borrowings | |||
Debt Instrument [Line Items] | |||
Weighted Average Rate | 3.11% | 2.91% | |
Balance | $ 6,262 | $ 17,301 | |
Federal home loan, bank advances general debt obligations, disclosures maximum borrowing capacity as percentage of total assets | 45% | ||
Notes payable to unaffiliated bank | |||
Debt Instrument [Line Items] | |||
Weighted Average Rate | 6.89% | 5.67% | |
Balance | $ 10,000 | $ 15,000 | |
Notes payable to unaffiliated bank | Secured Overnight Finance Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.55% |
Long-Term Debt - Schedule of Fe
Long-Term Debt - Schedule of Federal Home Loan Bank Advances (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Weighted Average Rate | |
Due in 2024 | 3.11% |
Amount | |
Due in 2024 | $ 6,250 |
Valuation adjustment from acquisition accounting | 12 |
Total | $ 6,262 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||||||||||
Federal tax expense | $ 2,438 | $ 7,204 | $ 12,675 | ||||||||
State tax expense | 1,866 | 4,232 | 5,549 | ||||||||
Deferred: | |||||||||||
Deferred income tax expense | (330) | 4,326 | 1,768 | ||||||||
Total income tax provision | $ (208) | $ 2,203 | $ 1,598 | $ 381 | $ 3,490 | $ 4,743 | $ 4,087 | $ 3,442 | $ 3,974 | $ 15,762 | $ 19,992 |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amount | |||||||||||
Income tax based on statutory rate | $ 5,215 | $ 16,085 | $ 18,790 | ||||||||
Tax-exempt interest | (2,391) | (3,505) | (3,500) | ||||||||
Bank-owned life insurance | (525) | (484) | (451) | ||||||||
State income taxes, net of federal income tax benefit | 1,476 | 3,805 | 4,624 | ||||||||
Bargain purchase gain | 0 | (792) | 0 | ||||||||
Non-deductible acquisition expenses | 36 | 55 | 41 | ||||||||
General business credits | (40) | (60) | 22 | ||||||||
State tax reduction | 0 | 835 | 0 | ||||||||
Other | 203 | (177) | 466 | ||||||||
Total income tax provision | $ (208) | $ 2,203 | $ 1,598 | $ 381 | $ 3,490 | $ 4,743 | $ 4,087 | $ 3,442 | $ 3,974 | $ 15,762 | $ 19,992 |
% of Pretax Income | |||||||||||
Income tax based on statutory rate | 21% | 21% | 21% | ||||||||
Tax-exempt interest | (9.60%) | (4.60%) | (3.90%) | ||||||||
Bank-owned life insurance | (2.10%) | (0.60%) | (0.50%) | ||||||||
State income taxes, net of federal income tax benefit | 5.90% | 5% | 5.20% | ||||||||
Bargain purchase gain | 0 | (0.010) | 0 | ||||||||
Non-deductible acquisition expenses | 0.20% | 0.10% | 0% | ||||||||
General business credits | (0.20%) | (0.10%) | 0% | ||||||||
State tax reduction | 0% | 1.10% | 0% | ||||||||
Other | 0.80% | (0.30%) | 0.50% | ||||||||
Total income tax expense | 16% | 20.60% | 22.30% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred income tax assets: | ||
Allowance for credit losses | $ 14,232 | $ 13,693 |
Deferred compensation | 3,441 | 3,299 |
Net operating losses (state and federal) | 8,407 | 7,707 |
Unrealized losses on investment securities | 22,172 | 30,355 |
Accrued compensation | 1,189 | 1,565 |
ROU liabilities | 781 | 852 |
Other | 1,975 | 2,474 |
Gross deferred tax assets | 52,197 | 59,945 |
Deferred income tax liabilities: | ||
Premises and equipment depreciation and amortization | 5,272 | 5,020 |
Purchase accounting adjustments | 2,674 | 3,220 |
Mortgage servicing rights | 3,382 | 3,403 |
ROU assets | 754 | 804 |
Other | 756 | 1,237 |
Gross deferred tax liabilities | 12,838 | 13,684 |
Net deferred income tax asset | 39,359 | 46,261 |
Valuation allowance | 8,141 | 7,190 |
Net deferred tax asset | $ 31,218 | $ 39,071 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Income tax based on statutory rate | 21% | 21% | 21% |
Unrecognized tax benefits | $ 0 | $ 0 | |
Iowa | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 74,100,000 | $ 74,100,000 |
Employee Benefit Plans - Compan
Employee Benefit Plans - Company Contribution (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Aug. 01, 2023 | Jul. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum annual percentage of employee pay | 5% | 4% | |||
Defined contribution plan, cost recognized | $ 2.3 | $ 2 | $ 1.9 | ||
Employee stock ownership plan (ESOP), compensation expense | 1.7 | 2 | |||
Health savings account | 0.3 | 0.3 | 0.3 | ||
Cash surrender value of life insurance, employee benefit plans | $ 85.5 | $ 83.3 | $ 81.2 | ||
Tranche One | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer percent match | 100% | 100% | |||
Percent of employee pay | 4% | 3% | |||
Tranche Two | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer percent match | 50% | 50% | |||
Percent of employee pay | 2% | 2% |
Employee Benefit Plans - Rollfo
Employee Benefit Plans - Rollforwards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SERP | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Balance, beginning | $ 1,087 | $ 1,246 | $ 1,395 |
Company contributions and interest | 80 | (12) | 79 |
Cash payments made | (137) | (147) | (228) |
Balance, ending | 1,030 | 1,087 | 1,246 |
Salary Continuation Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Balance, beginning | 3,597 | 4,289 | 4,771 |
Company paid interest | 90 | 103 | 137 |
Cash payments made | (418) | (795) | (619) |
Balance, ending | $ 3,269 | $ 3,597 | $ 4,289 |
Employee Benefit Plans - Deferr
Employee Benefit Plans - Deferred Compensation (Details) - Deferred compensation plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Deferred compensation arrangement with individual, variable rate | 1% | ||
Deferred compensation arrangement with individual, fixed interest rate | 4% | ||
Deferred compensation arrangement with individual, payout term of deferred balance after retirement | 180 months | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits Rollforward [Roll Forward] | |||
Balance, beginning | $ 6,156 | $ 5,880 | $ 6,159 |
Employee deferrals | 692 | 441 | 223 |
Company paid interest | 633 | 582 | 142 |
Cash payments made | (559) | (747) | (644) |
Balance, ending | 6,922 | 6,156 | 5,880 |
Postemployment Retirement Benefits | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits Rollforward [Roll Forward] | |||
Balance, beginning | 2,205 | 1,991 | 1,905 |
Company deferral expense | 177 | 214 | 86 |
Balance, ending | $ 2,382 | $ 2,205 | $ 1,991 |
Stock Compensation Plans - Narr
Stock Compensation Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 2.4 | $ 2.5 | $ 2.2 |
Share-based compensation, award vesting period | 3 years | 4 years | |
Share-based compensation, other than options, fair value of equity instruments vested in period | $ 2.6 | $ 1.7 | $ 1.6 |
Share-based compensation, nonvested awards other than options, compensation cost not yet recognized | $ 2.4 | ||
Share-based compensation, nonvested awards, period for recognition of unrecognized compensation cost | 1 year 8 months 12 days | ||
Restricted Stock Units (RSUs) | Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 100% | ||
Share-based compensation, award vesting period | 1 year | ||
Restricted Stock Units (RSUs) | Tranche One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 33% | 25% | |
Share-based compensation, award vesting period | 1 year | ||
Restricted Stock Units (RSUs) | Tranche Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 33% | 25% | |
Restricted Stock Units (RSUs) | Tranche Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 33% | 25% | |
Restricted Stock Units (RSUs) | Tranche Four | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 25% | ||
PRSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, award vesting period | 3 years | ||
2017 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, number of shares authorized (in shares) | 500,000 | ||
2023 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, number of shares authorized (in shares) | 700,000 | ||
Share-based compensation, number of shares available for grant (in shares) | 670,462 |
Stock Compensation Plans - Sche
Stock Compensation Plans - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | shares | 187,115 |
Granted based upon satisfaction of a performance factor (in shares) | shares | 5,971 |
Granted (in shares) | shares | 96,373 |
Vested (in shares) | shares | (90,803) |
Forfeited (in shares) | shares | (1,309) |
Reinvested (in shares) | shares | 8,495 |
Ending balance (in shares) | shares | 205,842 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Beginning balance (in dollars per share) | $ / shares | $ 30.19 |
Granted based upon satisfaction of a performance factor (in dollars per share) | $ / shares | 30.32 |
Granted (in dollars per share) | $ / shares | 28.29 |
Vested (in dollars per share) | $ / shares | 30.12 |
Forfeited (in dollars per share) | $ / shares | 31.18 |
Reinvested (in dollars per share) | $ / shares | 29.52 |
Ending balance (in dollars per share) | $ / shares | $ 29.30 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic Earnings Per Share: | |||||||||||
Net income | $ 2,730 | $ 9,138 | $ 7,594 | $ 1,397 | $ 16,002 | $ 18,317 | $ 12,621 | $ 13,895 | $ 20,859 | $ 60,835 | $ 69,486 |
Weighted average shares outstanding (in shares) | 15,678,045 | 15,649,247 | 15,876,727 | ||||||||
Basic earnings per common share (in dollars per share) | $ 0.17 | $ 0.58 | $ 0.48 | $ 0.09 | $ 1.02 | $ 1.17 | $ 0.81 | $ 0.89 | $ 1.33 | $ 3.89 | $ 4.38 |
Diluted Earnings Per Share: | |||||||||||
Net income | $ 2,730 | $ 9,138 | $ 7,594 | $ 1,397 | $ 16,002 | $ 18,317 | $ 12,621 | $ 13,895 | $ 20,859 | $ 60,835 | $ 69,486 |
Weighted average shares outstanding, included all dilutive potential shares (in shares) | 15,724,842 | 15,700,607 | 15,905,035 | ||||||||
Diluted earnings per common share (in dollars per share) | $ 0.17 | $ 0.58 | $ 0.48 | $ 0.09 | $ 1.02 | $ 1.17 | $ 0.80 | $ 0.88 | $ 1.33 | $ 3.87 | $ 4.37 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements and Restrictions on Subsidiary Cash (Details) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Required cash reserve | $ 0 | $ 0 |
Capital | $ 668,748,000 | $ 653,380,000 |
Total capital to risk weighted assets | 0.1253 | 0.1207 |
Capital required for capital adequacy purposes | $ 560,596,000 | $ 568,452,000 |
Capital required for capital adequacy purposes to risk weighted assets | 0.1050 | 0.1050 |
Tier one risk based capital | $ 554,177,000 | $ 544,300,000 |
Tier one risk based capital to risk weighted assets | 0.1038 | 0.1005 |
Tier one risk based capital required for capital adequacy purposes | $ 453,816,000 | $ 460,175,000 |
Tier one risk based capital required for capital adequacy purposes to risk weighted assets | 0.0850 | 0.0850 |
Common equity tier one capital | $ 511,884,000 | $ 502,184,000 |
Common equity tier one capital to risk weighted assets | 9.59% | 9.28% |
Common equity tier one capital required for capital adequacy purposes | $ 373,731,000 | $ 378,968,000 |
Common equity tier one capital required for capital adequacy purposes to risk weighted assets | 7% | 7% |
Tier one leverage capital | $ 554,177,000 | $ 544,300,000 |
Tier one leverage capital to average assets | 0.0858 | 0.0835 |
Tier one capital required for capital adequacy purposes | $ 258,487,000 | $ 260,891,000 |
Tier one leverage capital required for capital adequacy purposes to average assets | 0.0400 | 0.0400 |
Capital conservation buffer | 2.50% | 2.50% |
MidWestOne Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital | $ 656,027,000 | $ 654,297,000 |
Total capital to risk weighted assets | 0.1249 | 0.1210 |
Capital required for capital adequacy purposes | $ 551,658,000 | $ 567,684,000 |
Capital required for capital adequacy purposes to risk weighted assets | 0.1050 | 0.1050 |
Capital required to be well capitalized | $ 525,388,000 | $ 540,652,000 |
Capital required to be well capitalized to risk weighted assets | 0.1000 | 0.1000 |
Tier one risk based capital | $ 606,456,000 | $ 610,217,000 |
Tier one risk based capital to risk weighted assets | 0.1154 | 0.1129 |
Tier one risk based capital required for capital adequacy purposes | $ 446,580,000 | $ 459,554,000 |
Tier one risk based capital required for capital adequacy purposes to risk weighted assets | 0.0850 | 0.0850 |
Tier one risk based capital required to be well capitalized | $ 420,310,000 | $ 432,522,000 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.0800 | 0.0800 |
Common equity tier one capital | $ 606,456,000 | $ 610,217,000 |
Common equity tier one capital to risk weighted assets | 11.54% | 11.29% |
Common equity tier one capital required for capital adequacy purposes | $ 367,772,000 | $ 378,456,000 |
Common equity tier one capital required for capital adequacy purposes to risk weighted assets | 7% | 7% |
Common equity tier one risk based capital required to be well capitalized | $ 341,502,000 | $ 351,424,000 |
Common equity tier one risk based capital required to be well capitalized to Risk weighted assets | 6.50% | 6.50% |
Tier one leverage capital | $ 606,456,000 | $ 610,217,000 |
Tier one leverage capital to average assets | 0.0939 | 0.0936 |
Tier one capital required for capital adequacy purposes | $ 258,339,000 | $ 260,776,000 |
Tier one leverage capital required for capital adequacy purposes to average assets | 0.0400 | 0.0400 |
Tier one leverage capital required to be well capitalized | $ 322,924,000 | $ 325,970,000 |
Tier one leverage capital required to be well capitalized to average assets | 0.0500 | 0.0500 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Credit Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Commitments [Line Items] | ||
Other commitment | $ 1,211,841 | $ 1,209,617 |
Commitments to sell loans | ||
Other Commitments [Line Items] | ||
Other commitment | 1,045 | 612 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Other commitment | 1,203,001 | 1,190,607 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Other commitment | $ 7,795 | $ 18,398 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | |||
Off-balance sheet, credit loss, liability | $ 4.6 | $ 4.8 | |
Credit loss expense, off balance sheet credit loss expense (benefit) | $ (0.2) | $ 0.8 | $ (0.1) |
Loans Concentration | Credit Concentration Risk | Commercial Real Estate | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 65% | ||
Loans Concentration | Credit Concentration Risk | Agriculturally Related Loans | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 7% | ||
Investment Securities | Credit Concentration Risk | State and political subdivisions | Iowa | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 13% | ||
Investment Securities | Credit Concentration Risk | State and political subdivisions | California | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 12% | ||
Investment Securities | Credit Concentration Risk | State and political subdivisions | Minnesota | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Change in Loans to Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Balance, beginning | $ 15,603 | $ 14,584 |
Advances | 17,729 | 6,001 |
Change due to collections, loans sold, or changes in related parties | (18,692) | (4,982) |
Balance, ending | 14,640 | 15,603 |
Available credit | $ 14,836 | $ 8,716 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Transactions [Abstract] | ||
Related party deposit liabilities | $ 10.6 | $ 14.4 |
Estimated Fair Value of Finan_3
Estimated Fair Value of Financial Instruments and Fair Value Measurements - Schedule of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 795,134 | $ 1,153,547 |
Derivative assets | 25,093 | 23,655 |
Mortgage servicing rights | 13,333 | 13,421 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 795,134 | 1,153,547 |
Derivative assets | 25,043 | 23,648 |
Derivative liabilities | 24,057 | 21,087 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Derivative assets | 50 | 7 |
Derivative liabilities | 0 | 0 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 25,093 | 23,655 |
Mortgage servicing rights | 13,333 | 13,421 |
Derivative liabilities | 24,057 | 21,087 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 25,043 | 23,648 |
Mortgage servicing rights | 13,333 | 13,421 |
Derivative liabilities | 24,057 | 21,087 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 50 | 7 |
Mortgage servicing rights | 0 | 0 |
Derivative liabilities | 0 | 0 |
U.S. Government agencies and corporations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 7,345 | |
U.S. Government agencies and corporations | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 7,345 | |
U.S. Government agencies and corporations | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | |
U.S. Government agencies and corporations | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 7,345 | |
U.S. Government agencies and corporations | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | |
State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 130,139 | 285,356 |
State and political subdivisions | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 130,139 | 285,356 |
State and political subdivisions | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
State and political subdivisions | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 130,139 | 285,356 |
State and political subdivisions | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 5,311 | 5,944 |
Mortgage-backed securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 5,311 | 5,944 |
Mortgage-backed securities | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Mortgage-backed securities | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 5,311 | 5,944 |
Mortgage-backed securities | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Collateralized loan obligations | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 50,437 | |
Collateralized loan obligations | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | |
Collateralized loan obligations | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 50,437 | |
Collateralized loan obligations | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | |
Collateralized mortgage obligations | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 169,196 | 147,193 |
Collateralized mortgage obligations | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Collateralized mortgage obligations | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 169,196 | 147,193 |
Collateralized mortgage obligations | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 440,051 | 707,709 |
Corporate debt securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 440,051 | 707,709 |
Corporate debt securities | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Corporate debt securities | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 440,051 | 707,709 |
Corporate debt securities | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 0 | $ 0 |
Estimated Fair Value of Finan_4
Estimated Fair Value of Financial Instruments and Fair Value Measurements - Schedule of Valuation Techniques (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 25,093 | $ 23,655 |
Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 25,093 | 23,655 |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 50 | 7 |
Level 3 | Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 50 | 7 |
Interest rate lock commitments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 50 | $ 7 |
Interest rate lock commitments | Minimum | Level 3 | Recurring | Measurement Input, Pull-Through Rate | Valuation, Market Approach | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, measurement input | 0.70 | |
Interest rate lock commitments | Maximum | Level 3 | Recurring | Measurement Input, Pull-Through Rate | Valuation, Market Approach | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, measurement input | 1 | |
Interest rate lock commitments | Weighted Average | Level 3 | Recurring | Measurement Input, Pull-Through Rate | Valuation, Market Approach | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset, measurement input | 0.88 |
Estimated Fair Value of Finan_5
Estimated Fair Value of Financial Instruments and Fair Value Measurements - Schedule of Assets and Liabilities Measured on a Nonrecurring Basis (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets, net | $ 3,929 | $ 103 |
Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | 6,524 | |
Foreclosed assets, net | 3,929 | |
Collateral dependent individually analyzed loans | Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | 6,524 | 3,159 |
Collateral dependent individually analyzed loans | Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | 0 | 0 |
Collateral dependent individually analyzed loans | Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | 0 | 0 |
Collateral dependent individually analyzed loans | Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | $ 6,524 | 3,159 |
Collateral dependent individually analyzed loans | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input | 0 | |
Collateral dependent individually analyzed loans | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input | 0.33 | |
Collateral dependent individually analyzed loans | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input | 0.11 | |
Foreclosed assets, net | Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets, net | $ 3,929 | 103 |
Foreclosed assets, net | Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets, net | 0 | 0 |
Foreclosed assets, net | Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets, net | 0 | 0 |
Foreclosed assets, net | Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets, net | $ 3,929 | $ 103 |
Foreclosed assets, net | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input | 0.04 | |
Foreclosed assets, net | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input | 0.04 | |
Foreclosed assets, net | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input | 0.04 |
Estimated Fair Value of Finan_6
Estimated Fair Value of Financial Instruments and Fair Value Measurements - Schedule of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financial assets: | ||
Debt securities available for sale | $ 795,134 | $ 1,153,547 |
Debt securities held to maturity | 1,075,190 | 1,129,421 |
Interest receivable | 29,768 | 27,090 |
FHLB stock | 5,806 | 19,248 |
Derivative assets | 25,093 | 23,655 |
Financial liabilities: | ||
Interest bearing deposits | 1,320,435 | 1,624,278 |
Short-term borrowings | 300,264 | 391,873 |
Finance leases payable | $ 604 | 787 |
DerivativeLiabilityStatementOfFinancialPositionExtensibleEnumerationNotDisclosedFlag | Derivative liabilities | |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | $ 81,727 | 86,435 |
Debt securities available for sale | 795,134 | 1,153,547 |
Debt securities held to maturity | 1,075,190 | 1,129,421 |
Loans held for sale | 1,045 | 612 |
Loans held for investment, net | 4,075,447 | 3,791,324 |
Interest receivable | 29,768 | 27,090 |
FHLB stock | 5,806 | 19,248 |
Derivative assets | 25,093 | 23,655 |
Financial liabilities: | ||
Noninterest bearing deposits | 897,053 | 1,053,450 |
Interest bearing deposits | 4,498,620 | 4,415,492 |
Short-term borrowings | 300,264 | 391,873 |
Finance leases payable | 604 | 787 |
FHLB borrowings | 6,262 | 17,301 |
Junior subordinated notes issued to capital trusts | 42,293 | 42,116 |
Subordinated debentures | 64,137 | 64,006 |
Other long-term debt | 10,000 | 15,000 |
Derivative liabilities | 24,057 | 21,087 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 81,727 | 86,435 |
Debt securities available for sale | 795,134 | 1,153,547 |
Debt securities held to maturity | 895,263 | 924,894 |
Loans held for sale | 1,083 | 622 |
Loans held for investment, net | 3,953,368 | 3,702,527 |
Interest receivable | 29,768 | 27,090 |
FHLB stock | 5,806 | 19,248 |
Derivative assets | 25,093 | 23,655 |
Financial liabilities: | ||
Noninterest bearing deposits | 897,053 | 1,053,450 |
Interest bearing deposits | 4,489,322 | 4,393,315 |
Short-term borrowings | 300,264 | 391,873 |
Finance leases payable | 604 | 787 |
FHLB borrowings | 6,199 | 17,032 |
Junior subordinated notes issued to capital trusts | 37,938 | 39,023 |
Subordinated debentures | 61,940 | 64,004 |
Other long-term debt | 10,000 | 15,000 |
Derivative liabilities | 24,057 | 21,087 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 81,727 | 86,435 |
Debt securities available for sale | 0 | 0 |
Debt securities held to maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans held for investment, net | 0 | 0 |
Interest receivable | 0 | 0 |
FHLB stock | 0 | 0 |
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Noninterest bearing deposits | 897,053 | 1,053,450 |
Interest bearing deposits | 3,076,582 | 3,225,787 |
Short-term borrowings | 300,264 | 391,873 |
Finance leases payable | 0 | 0 |
FHLB borrowings | 0 | 0 |
Junior subordinated notes issued to capital trusts | 0 | 0 |
Subordinated debentures | 0 | 0 |
Other long-term debt | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available for sale | 795,134 | 1,153,547 |
Debt securities held to maturity | 895,263 | 924,894 |
Loans held for sale | 1,083 | 622 |
Loans held for investment, net | 0 | 0 |
Interest receivable | 29,768 | 27,090 |
FHLB stock | 5,806 | 19,248 |
Derivative assets | 25,043 | 23,648 |
Financial liabilities: | ||
Noninterest bearing deposits | 0 | 0 |
Interest bearing deposits | 1,412,740 | 1,167,528 |
Short-term borrowings | 0 | 0 |
Finance leases payable | 604 | 787 |
FHLB borrowings | 6,199 | 17,032 |
Junior subordinated notes issued to capital trusts | 37,938 | 39,023 |
Subordinated debentures | 61,940 | 64,004 |
Other long-term debt | 10,000 | 15,000 |
Derivative liabilities | 24,057 | 21,087 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available for sale | 0 | 0 |
Debt securities held to maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans held for investment, net | 3,953,368 | 3,702,527 |
Interest receivable | 0 | 0 |
FHLB stock | 0 | 0 |
Derivative assets | 50 | 7 |
Financial liabilities: | ||
Noninterest bearing deposits | 0 | 0 |
Interest bearing deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Finance leases payable | 0 | 0 |
FHLB borrowings | 0 | 0 |
Junior subordinated notes issued to capital trusts | 0 | 0 |
Subordinated debentures | 0 | 0 |
Other long-term debt | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |
Leases - Schedule of Assets and
Leases - Schedule of Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Lease Right of Use Assets [Abstract] | ||
Operating lease right-of-use assets | $ 2,337 | $ 2,492 |
Finance lease right-of-use asset | 255 | 350 |
Total right-of-use assets | 2,592 | 2,842 |
Lease Liabilities [Abstract] | ||
Operating lease liability | 3,078 | 3,359 |
Finance lease liability | 604 | 787 |
Total lease liabilities | $ 3,682 | $ 4,146 |
Weighted-average remaining lease term: | ||
Operating leases | 10 years 2 months 12 days | 9 years 2 months 23 days |
Finance lease | 2 years 8 months 1 day | 3 years 8 months 1 day |
Weighted-average discount rate: | ||
Operating leases | 4.43% | 4.23% |
Finance lease | 8.89% | 8.89% |
Operating lease, right-of-use asset, statement of financial position [Extensible List] | Other assets | Other assets |
Finance lease, right-of-use asset, statement of financial position [Extensible List] | Premises and equipment, net | Premises and equipment, net |
Operating lease, liability, statement of financial position [Extensible List] | Other liabilities | Other liabilities |
Finance lease, liability, statement of financial position [Extensible List] | Long-Term Debt | Long-Term Debt |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease Costs | |||
Operating lease cost | $ 1,182 | $ 1,165 | $ 1,194 |
Variable lease cost | 28 | 56 | 107 |
Interest on lease liabilities | 61 | 76 | 90 |
Amortization of right-of-use assets | 96 | 96 | 95 |
Net lease cost | 1,367 | 1,393 | 1,486 |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | 1,265 | 1,186 | 1,177 |
Operating cash flows from finance lease | 61 | 76 | 90 |
Finance cash flows from finance lease | 183 | 164 | 145 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 857 | $ 638 | $ 232 |
Leases - Schedule of Future Lea
Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finance Leases | ||
December 31, 2024 | $ 250 | |
December 31, 2025 | 254 | |
December 31, 2026 | 172 | |
December 31, 2027 | 0 | |
December 31, 2028 | 0 | |
Thereafter | 0 | |
Total undiscounted lease payment | 676 | |
Amounts representing interest | (72) | |
Lease liability | 604 | $ 787 |
Operating Leases | ||
December 31, 2024 | 1,047 | |
December 31, 2025 | 568 | |
December 31, 2026 | 430 | |
December 31, 2027 | 302 | |
December 31, 2028 | 138 | |
Thereafter | 1,600 | |
Total undiscounted lease payment | 4,085 | |
Amounts representing interest | (1,007) | |
Lease liability | $ 3,078 | $ 3,359 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | $ 492,793 | $ 527,475 | $ 515,250 |
Other comprehensive loss before reclassifications | 11,334 | (79,983) | (33,278) |
Amounts reclassified from AOCI | 12,814 | (199) | (179) |
Other comprehensive income (loss), net of tax | 24,148 | (80,182) | (33,457) |
Balance, end of period | 524,378 | 492,793 | 527,475 |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | (89,047) | (8,865) | 24,592 |
Other comprehensive income (loss), net of tax | 24,148 | (80,182) | (33,457) |
Balance, end of period | (64,899) | (89,047) | (8,865) |
Reclassificationof AFS Debt Securities to HTM | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | 2,805 | 0 | 0 |
Other comprehensive loss before reclassifications | 1,706 | 2,805 | 0 |
Other comprehensive income (loss), net of tax | 1,706 | 2,805 | 0 |
Balance, end of period | 4,511 | 2,805 | 0 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | (91,852) | (8,865) | 24,592 |
Other comprehensive loss before reclassifications | 7,782 | (82,788) | (33,278) |
Amounts reclassified from AOCI | 14,155 | (199) | (179) |
Other comprehensive income (loss), net of tax | 21,937 | (82,987) | (33,457) |
Balance, end of period | (69,915) | (91,852) | (8,865) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | 0 | 0 | 0 |
Other comprehensive loss before reclassifications | 1,846 | 0 | 0 |
Amounts reclassified from AOCI | (1,341) | 0 | 0 |
Other comprehensive income (loss), net of tax | 505 | 0 | 0 |
Balance, end of period | $ 505 | $ 0 | $ 0 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - s (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Investment securities (losses) gains, net | $ (18,789) | $ 271 | $ 242 | ||||||||
Interest income | $ 65,386 | $ 63,572 | $ 61,350 | $ 59,305 | $ 56,757 | $ 53,421 | $ 44,729 | $ 41,852 | 249,613 | 196,759 | 176,766 |
Interest expense | (32,827) | (28,997) | (24,388) | (19,229) | (13,193) | (7,688) | (5,004) | (4,516) | (105,441) | (30,401) | (20,485) |
Income tax benefit | 208 | (2,203) | (1,598) | (381) | (3,490) | (4,743) | (4,087) | (3,442) | (3,974) | (15,762) | (19,992) |
Net income | $ 2,730 | $ 9,138 | $ 7,594 | $ 1,397 | $ 16,002 | $ 18,317 | $ 12,621 | $ 13,895 | 20,859 | 60,835 | 69,486 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Investment securities (losses) gains, net | 19,768 | (271) | (242) | ||||||||
Interest income | (819) | 0 | 0 | ||||||||
Interest expense | (1,795) | 0 | 0 | ||||||||
Income tax benefit | (4,340) | 72 | 63 | ||||||||
Net income | $ 12,814 | $ (199) | $ (179) |
Operating Segments - Narrative
Operating Segments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Parent Company Only Financial_3
Parent Company Only Financial Information - Schedule of Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||||
Other assets | $ 222,780 | $ 236,517 | ||
Total assets | 6,427,540 | 6,577,876 | ||
Liabilities | ||||
Other liabilities | 83,929 | 85,058 | ||
Total liabilities | 5,903,162 | 6,085,083 | ||
Total shareholders’ equity | 524,378 | 492,793 | $ 527,475 | $ 515,250 |
Total liabilities and shareholders' equity | 6,427,540 | 6,577,876 | ||
Parent Company | ||||
Assets | ||||
Cash | 19,818 | 11,749 | ||
Investment in subsidiaries | 618,950 | 600,826 | ||
Other assets | 4,094 | 3,364 | ||
Total assets | 642,862 | 615,939 | ||
Liabilities | ||||
Long-term debt | 116,430 | 121,122 | ||
Other liabilities | 2,054 | 2,024 | ||
Total liabilities | 118,484 | 123,146 | ||
Total shareholders’ equity | 524,378 | 492,793 | ||
Total liabilities and shareholders' equity | $ 642,862 | $ 615,939 |
Parent Company Only Financial_4
Parent Company Only Financial Information - Schedule of Condensed Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total noninterest income | $ 3,862 | $ 9,861 | $ 8,746 | $ (4,046) | $ 10,940 | $ 12,588 | $ 12,347 | $ 11,644 | $ 18,423 | $ 47,519 | $ 42,453 |
Interest expense | (32,827) | (28,997) | (24,388) | (19,229) | (13,193) | (7,688) | (5,004) | (4,516) | (105,441) | (30,401) | (20,485) |
Compensation and employee benefits | (76,410) | (78,103) | (69,937) | ||||||||
Other | (9,036) | (8,392) | (6,577) | ||||||||
Total noninterest expense | (32,131) | (31,544) | (34,919) | (33,319) | (34,440) | (34,623) | (32,082) | (31,643) | (131,913) | (132,788) | (116,592) |
Income tax benefit | 208 | (2,203) | (1,598) | (381) | (3,490) | (4,743) | (4,087) | (3,442) | (3,974) | (15,762) | (19,992) |
Net income | $ 2,730 | $ 9,138 | $ 7,594 | $ 1,397 | $ 16,002 | $ 18,317 | $ 12,621 | $ 13,895 | 20,859 | 60,835 | 69,486 |
Parent Company | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends received from subsidiaries | 36,500 | 36,000 | 40,750 | ||||||||
Interest and other income | 153 | 3,349 | 247 | ||||||||
Total noninterest income | 36,653 | 39,349 | 40,997 | ||||||||
Interest expense | (8,268) | (6,342) | (5,306) | ||||||||
Compensation and employee benefits | (2,860) | (2,976) | (2,523) | ||||||||
Other | (1,214) | (2,960) | (1,139) | ||||||||
Total noninterest expense | (12,342) | (12,278) | (8,968) | ||||||||
Income before income taxes and equity in subsidiaries’ undistributed income | 24,311 | 27,071 | 32,029 | ||||||||
Income tax benefit | 2,573 | 1,768 | 1,764 | ||||||||
Equity in subsidiaries’ undistributed income | (6,025) | 31,996 | 35,693 | ||||||||
Net income | $ 20,859 | $ 60,835 | $ 69,486 |
Parent Company Only Financial_5
Parent Company Only Financial Information - Schedule of Condensed Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities: | |||||||||||
Net income | $ 2,730 | $ 9,138 | $ 7,594 | $ 1,397 | $ 16,002 | $ 18,317 | $ 12,621 | $ 13,895 | $ 20,859 | $ 60,835 | $ 69,486 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Share-based compensation | 2,403 | 2,541 | 2,153 | ||||||||
Net cash provided by operating activities | 62,570 | 90,328 | 111,554 | ||||||||
Investing Activities: | |||||||||||
Proceeds from sales of equity securities | 2,011 | 0 | 0 | ||||||||
Net cash provided by (used in) provided by investing activities | 129,728 | (273,269) | (428,318) | ||||||||
Financing Activities: | |||||||||||
Payments of subordinated debt issuance costs | 0 | 0 | (9) | ||||||||
Redemption of subordinated debentures | 0 | 0 | (10,835) | ||||||||
Proceeds from other long-term debt | 0 | 25,000 | 0 | ||||||||
Payments of other long-term debt | (5,000) | (10,000) | 0 | ||||||||
Taxes paid relating to the release/lapse of restriction on RSUs | (609) | (281) | (121) | ||||||||
Dividends paid | (15,216) | (14,870) | (14,282) | ||||||||
Repurchase of common stock | 0 | (2,725) | (11,554) | ||||||||
Net cash (used in) provided by financing activities | (197,006) | 65,546 | 437,935 | ||||||||
Net change in cash and cash equivalents | (4,708) | (117,395) | 121,171 | ||||||||
Cash and cash equivalents at beginning of year | 86,435 | 203,830 | 86,435 | 203,830 | 82,659 | ||||||
Cash and cash equivalents at end of year | 81,727 | 86,435 | 81,727 | 86,435 | 203,830 | ||||||
Parent Company | |||||||||||
Operating Activities: | |||||||||||
Net income | 20,859 | 60,835 | 69,486 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in subsidiaries’ undistributed income | 6,025 | (31,996) | (35,693) | ||||||||
Share-based compensation | 2,403 | 2,541 | 2,153 | ||||||||
Net change in other assets and other liabilities | 732 | (433) | 327 | ||||||||
Net cash provided by operating activities | 30,019 | 30,947 | 36,273 | ||||||||
Investing Activities: | |||||||||||
Proceeds from sales of equity securities | 0 | 14 | 70 | ||||||||
Purchases of equity securities | (1,125) | (1,250) | (3) | ||||||||
Proceeds from intercompany sale of bank-owned life insurance | 0 | 0 | 5,252 | ||||||||
Net cash paid in business acquisition | 0 | (44,955) | 0 | ||||||||
Net cash provided by (used in) provided by investing activities | (1,125) | (46,191) | 5,319 | ||||||||
Financing Activities: | |||||||||||
Payments of subordinated debt issuance costs | 0 | 0 | (9) | ||||||||
Redemption of subordinated debentures | 0 | 0 | (10,835) | ||||||||
Proceeds from other long-term debt | 0 | 25,000 | 0 | ||||||||
Payments of other long-term debt | (5,000) | (10,000) | 0 | ||||||||
Taxes paid relating to the release/lapse of restriction on RSUs | (609) | (281) | (121) | ||||||||
Dividends paid | (15,216) | (14,870) | (14,282) | ||||||||
Repurchase of common stock | 0 | (2,725) | (11,554) | ||||||||
Net cash (used in) provided by financing activities | (20,825) | (2,876) | (36,801) | ||||||||
Net change in cash and cash equivalents | 8,069 | (18,120) | 4,791 | ||||||||
Cash and cash equivalents at beginning of year | $ 11,749 | $ 29,869 | 11,749 | 29,869 | 25,078 | ||||||
Cash and cash equivalents at end of year | $ 19,818 | $ 11,749 | $ 19,818 | $ 11,749 | $ 29,869 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions | Jan. 31, 2024 | Jan. 23, 2024 |
DNVB | ||
Subsequent Event [Line Items] | ||
Merger agreement (in dollars per share) | $ 462.42 | |
Merger consideration | $ 32.6 | |
Common Stock | ||
Subsequent Event [Line Items] | ||
Dividend payable (in dollars per share) | $ 0.2425 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 65,386 | $ 63,572 | $ 61,350 | $ 59,305 | $ 56,757 | $ 53,421 | $ 44,729 | $ 41,852 | $ 249,613 | $ 196,759 | $ 176,766 |
Interest expense | 32,827 | 28,997 | 24,388 | 19,229 | 13,193 | 7,688 | 5,004 | 4,516 | 105,441 | 30,401 | 20,485 |
Net interest income | 32,559 | 34,575 | 36,962 | 40,076 | 43,564 | 45,733 | 39,725 | 37,336 | 144,172 | 166,358 | 156,281 |
Credit loss expense | 1,768 | 1,551 | 1,597 | 933 | 572 | 638 | 3,282 | 0 | |||
Noninterest income | 3,862 | 9,861 | 8,746 | (4,046) | 10,940 | 12,588 | 12,347 | 11,644 | 18,423 | 47,519 | 42,453 |
Noninterest expense | 32,131 | 31,544 | 34,919 | 33,319 | 34,440 | 34,623 | 32,082 | 31,643 | 131,913 | 132,788 | 116,592 |
Income before income tax expense | 2,522 | 11,341 | 9,192 | 1,778 | 19,492 | 23,060 | 16,708 | 17,337 | 24,833 | 76,597 | 89,478 |
Income tax expense | (208) | 2,203 | 1,598 | 381 | 3,490 | 4,743 | 4,087 | 3,442 | 3,974 | 15,762 | 19,992 |
Net income | $ 2,730 | $ 9,138 | $ 7,594 | $ 1,397 | $ 16,002 | $ 18,317 | $ 12,621 | $ 13,895 | $ 20,859 | $ 60,835 | $ 69,486 |
Per common share information | |||||||||||
Earnings - basic (in dollars per share) | $ 0.17 | $ 0.58 | $ 0.48 | $ 0.09 | $ 1.02 | $ 1.17 | $ 0.81 | $ 0.89 | $ 1.33 | $ 3.89 | $ 4.38 |
Earnings - diluted (in dollars per share) | $ 0.17 | $ 0.58 | $ 0.48 | $ 0.09 | $ 1.02 | $ 1.17 | $ 0.80 | $ 0.88 | $ 1.33 | $ 3.87 | $ 4.37 |