Cover page
Cover page - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 01, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Entity File Number | 001-15877 | |
Entity Registrant Name | German American Bancorp, Inc. | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-1547518 | |
Entity Address, Address Line One | 711 Main Street | |
Entity Address, City or Town | Jasper | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 47546 | |
City Area Code | 812 | |
Local Phone Number | 482-1314 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | GABC | |
Security Exchange Name | NASDAQ | |
Entity Common Stock. Shares Outstanding | 26,660,878 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000714395 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and Due from Banks | $ 48,634 | $ 64,549 |
Federal Funds Sold and Other Short-term Investments | 41,373 | 32,001 |
Cash and Cash Equivalents | 90,007 | 96,550 |
Interest-bearing Time Deposits with Banks | 250 | 250 |
Securities Available-for-Sale, at Fair Value | 840,692 | 812,611 |
Other Investments | 353 | 353 |
Loans Held-for-Sale, at Fair Value | 14,184 | 4,263 |
Loans | 2,720,674 | 2,731,741 |
Less: Unearned Income | (3,646) | (3,682) |
Allowance for Loan Losses | (16,239) | (15,823) |
Loans, Net | 2,700,789 | 2,712,236 |
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost | 13,048 | 13,048 |
Premises, Furniture and Equipment, Net | 89,413 | 80,627 |
Other Real Estate | 635 | 286 |
Goodwill | 103,799 | 103,681 |
Intangible Assets | 9,510 | 9,964 |
Company Owned Life Insurance | 59,536 | 59,896 |
Accrued Interest Receivable and Other Assets | 48,523 | 35,325 |
TOTAL ASSETS | 3,970,739 | 3,929,090 |
LIABILITIES | ||
Non-interest-bearing Demand Deposits | 725,367 | 715,972 |
Interest-bearing Demand, Savings, and Money Market Accounts | 1,805,694 | 1,768,177 |
Time Deposits | 597,771 | 588,483 |
Total Deposits | 3,128,832 | 3,072,632 |
FHLB Advances and Other Borrowings | 305,940 | 376,409 |
Accrued Interest Payable and Other Liabilities | 36,556 | 21,409 |
TOTAL LIABILITIES | 3,471,328 | 3,470,450 |
SHAREHOLDERS’ EQUITY | ||
Common Stock, no par value, $1 stated value; 45,000,000 shares authorized | 24,992 | 24,967 |
Additional Paid-in Capital | 229,943 | 229,347 |
Retained Earnings | 233,269 | 211,424 |
Accumulated Other Comprehensive Income (Loss) | 11,207 | (7,098) |
TOTAL SHAREHOLDERS’ EQUITY | 499,411 | 458,640 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 3,970,739 | $ 3,929,090 |
End of period shares issued (in shares) | 24,992,238 | 24,967,458 |
End of period shares outstanding (in shares) | 24,992,238 | 24,967,458 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, stated value (USD per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 45,000,000 | 45,000,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
INTEREST INCOME | ||||
Interest and Fees on Loans | $ 35,046 | $ 26,308 | $ 70,165 | $ 50,258 |
Interest on Federal Funds Sold and Other Short-term Investments | 85 | 54 | 226 | 110 |
Interest and Dividends on Securities: | ||||
Taxable | 3,555 | 2,962 | 7,154 | 5,960 |
Non-taxable | 2,350 | 2,209 | 4,680 | 4,350 |
TOTAL INTEREST INCOME | 41,036 | 31,533 | 82,225 | 60,678 |
INTEREST EXPENSE | ||||
Interest on Deposits | 5,759 | 2,848 | 11,175 | 5,131 |
Interest on FHLB Advances and Other Borrowings | 1,636 | 1,216 | 3,818 | 2,468 |
TOTAL INTEREST EXPENSE | 7,395 | 4,064 | 14,993 | 7,599 |
NET INTEREST INCOME | 33,641 | 27,469 | 67,232 | 53,079 |
Provision for Loan Losses | 250 | 1,220 | 925 | 1,570 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 33,391 | 26,249 | 66,307 | 51,509 |
NON-INTEREST INCOME | ||||
Company Owned Life Insurance | 304 | 260 | 1,188 | 572 |
Other Operating Income | 461 | 913 | 1,332 | 1,517 |
Net Gains on Sales of Loans | 1,030 | 905 | 2,011 | 1,555 |
Net Gains on Securities | 516 | 74 | 671 | 344 |
TOTAL NON-INTEREST INCOME | 10,509 | 8,882 | 22,167 | 18,374 |
NON-INTEREST EXPENSE | ||||
Salaries and Employee Benefits | 14,117 | 12,019 | 29,161 | 24,145 |
Occupancy Expense | 2,279 | 1,811 | 4,570 | 3,555 |
Furniture and Equipment Expense | 933 | 716 | 1,861 | 1,381 |
FDIC Premiums | 245 | 238 | 533 | 475 |
Data Processing Fees | 1,803 | 1,398 | 3,386 | 2,525 |
Professional Fees | 1,174 | 1,361 | 2,501 | 2,232 |
Advertising and Promotion | 936 | 857 | 1,806 | 1,558 |
Intangible Amortization | 802 | 306 | 1,645 | 512 |
Other Operating Expenses | 3,329 | 3,002 | 6,914 | 5,780 |
TOTAL NON-INTEREST EXPENSE | 25,618 | 21,708 | 52,377 | 42,163 |
Income before Income Taxes | 18,282 | 13,423 | 36,097 | 27,720 |
Income Tax Expense | 3,011 | 2,326 | 5,759 | 4,810 |
NET INCOME | $ 15,271 | $ 11,097 | $ 30,338 | $ 22,910 |
Basic Earnings Per Share (USD per share) | $ 0.61 | $ 0.48 | $ 1.21 | $ 1 |
Diluted Earnings Per Share (USD per share) | $ 0.61 | $ 0.48 | $ 1.21 | $ 1 |
Trust and Investment Product Fees | ||||
NON-INTEREST INCOME | ||||
Non-interest Income (in-scope of Topic 606) | $ 1,913 | $ 1,677 | $ 3,480 | $ 3,450 |
Service Charges on Deposit Accounts | ||||
NON-INTEREST INCOME | ||||
Non-interest Income (in-scope of Topic 606) | 2,024 | 1,643 | 3,924 | 3,114 |
Insurance Revenues | ||||
NON-INTEREST INCOME | ||||
Non-interest Income (in-scope of Topic 606) | 1,929 | 1,696 | 5,134 | 4,626 |
Interchange Fee Income | ||||
NON-INTEREST INCOME | ||||
Non-interest Income (in-scope of Topic 606) | $ 2,332 | $ 1,714 | $ 4,427 | $ 3,196 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 15,271 | $ 11,097 | $ 30,338 | $ 22,910 |
Unrealized Gains (Losses) on Securities: | ||||
Unrealized Holding Gain (Loss) Arising During the Period | 11,838 | (1,840) | 24,039 | (13,292) |
Reclassification Adjustment for Gains Included in Net Income | (516) | (74) | (671) | (344) |
Tax Effect | (2,431) | 413 | (5,063) | 2,917 |
Net of Tax | 8,891 | (1,501) | 18,305 | (10,719) |
Total Other Comprehensive Income (Loss) | 8,891 | (1,501) | 18,305 | (10,719) |
COMPREHENSIVE INCOME | $ 24,162 | $ 9,596 | $ 48,643 | $ 12,191 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balances (in shares) at Dec. 31, 2017 | 22,934,403 | ||||
Beginning Balance at Dec. 31, 2017 | $ 364,571 | $ 22,934 | $ 165,288 | $ 178,969 | $ (2,620) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
NET INCOME | 11,813 | 11,813 | |||
Other Comprehensive Income (Loss) | (9,218) | (9,218) | |||
Cash Dividends | (3,440) | (3,440) | |||
Issuance of Common Stock for: | |||||
Restricted Share Grants (in shares) | 34,410 | ||||
Restricted Share Grants | 279 | $ 35 | 244 | ||
Ending Balances (in shares) at Mar. 31, 2018 | 22,968,813 | ||||
Ending Balance at Mar. 31, 2018 | 364,005 | $ 22,969 | 165,532 | 187,342 | (11,838) |
Beginning Balances (in shares) at Dec. 31, 2017 | 22,934,403 | ||||
Beginning Balance at Dec. 31, 2017 | 364,571 | $ 22,934 | 165,288 | 178,969 | (2,620) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
NET INCOME | 22,910 | ||||
Other Comprehensive Income (Loss) | (10,719) | ||||
Ending Balances (in shares) at Jun. 30, 2018 | 22,967,898 | ||||
Ending Balance at Jun. 30, 2018 | 370,540 | $ 22,968 | 165,917 | 194,994 | (13,339) |
Beginning Balances (in shares) at Mar. 31, 2018 | 22,968,813 | ||||
Beginning Balance at Mar. 31, 2018 | 364,005 | $ 22,969 | 165,532 | 187,342 | (11,838) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
NET INCOME | 11,097 | 11,097 | |||
Other Comprehensive Income (Loss) | (1,501) | (1,501) | |||
Cash Dividends | (3,445) | (3,445) | |||
Issuance of Common Stock for: | |||||
Restricted Share Grants (in shares) | (915) | ||||
Restricted Share Grants | 384 | $ (1) | 385 | ||
Ending Balances (in shares) at Jun. 30, 2018 | 22,967,898 | ||||
Ending Balance at Jun. 30, 2018 | 370,540 | $ 22,968 | 165,917 | 194,994 | (13,339) |
Beginning Balances (in shares) at Dec. 31, 2018 | 24,967,458 | ||||
Beginning Balance at Dec. 31, 2018 | 458,640 | $ 24,967 | 229,347 | 211,424 | (7,098) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
NET INCOME | 15,067 | 15,067 | |||
Other Comprehensive Income (Loss) | 9,414 | 9,414 | |||
Cash Dividends | (4,245) | (4,245) | |||
Issuance of Common Stock for: | |||||
Restricted Share Grants (in shares) | 24,780 | ||||
Restricted Share Grants | 311 | $ 25 | 286 | ||
Ending Balances (in shares) at Mar. 31, 2019 | 24,992,238 | ||||
Ending Balance at Mar. 31, 2019 | 479,187 | $ 24,992 | 229,633 | 222,246 | 2,316 |
Beginning Balances (in shares) at Dec. 31, 2018 | 24,967,458 | ||||
Beginning Balance at Dec. 31, 2018 | 458,640 | $ 24,967 | 229,347 | 211,424 | (7,098) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
NET INCOME | 30,338 | ||||
Other Comprehensive Income (Loss) | 18,305 | ||||
Ending Balances (in shares) at Jun. 30, 2019 | 24,992,238 | ||||
Ending Balance at Jun. 30, 2019 | 499,411 | $ 24,992 | 229,943 | 233,269 | 11,207 |
Beginning Balances (in shares) at Mar. 31, 2019 | 24,992,238 | ||||
Beginning Balance at Mar. 31, 2019 | 479,187 | $ 24,992 | 229,633 | 222,246 | 2,316 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
NET INCOME | 15,271 | 15,271 | |||
Other Comprehensive Income (Loss) | 8,891 | 8,891 | |||
Cash Dividends | (4,248) | (4,248) | |||
Issuance of Common Stock for: | |||||
Restricted Share Grants | 310 | 310 | |||
Ending Balances (in shares) at Jun. 30, 2019 | 24,992,238 | ||||
Ending Balance at Jun. 30, 2019 | $ 499,411 | $ 24,992 | $ 229,943 | $ 233,269 | $ 11,207 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash Dividends (USD per share) | $ 0.17 | $ 0.17 | $ 0.15 | $ 0.15 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
NET INCOME | $ 30,338 | $ 22,910 |
Adjustments to Reconcile Net Income to Net Cash from Operating Activities: | ||
Net Amortization on Securities | 1,784 | 1,793 |
Depreciation and Amortization | 4,073 | 2,601 |
Loans Originated for Sale | (78,128) | (65,071) |
Proceeds from Sales of Loans Held-for-Sale | 70,003 | 63,710 |
Provision for Loan Losses | 925 | 1,570 |
Gain on Sale of Loans, net | (2,011) | (1,555) |
Gain on Securities, net | (671) | (344) |
Gain on Sales of Other Real Estate and Repossessed Assets | 0 | (13) |
Loss (Gain) on Disposition and Donation of Premises and Equipment | 0 | (36) |
Gain on Disposition of Land | (262) | 0 |
Increase in Cash Surrender Value of Company Owned Life Insurance | (659) | (521) |
Equity Based Compensation | 621 | 663 |
Change in Assets and Liabilities: | ||
Interest Receivable and Other Assets | (14,718) | 2,924 |
Interest Payable and Other Liabilities | 1,584 | 90 |
Net Cash from Operating Activities | 12,879 | 28,721 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from Maturities of Securities Available-for-Sale | 45,980 | 37,481 |
Proceeds from Sales of Securities Available-for-Sale | 22,274 | 17,515 |
Purchase of Securities Available-for-Sale | (74,078) | (68,923) |
Purchase of Loans | (521) | 0 |
Proceeds from Sales of Loans | 0 | 6,000 |
Loans Made to Customers, net of Payments Received | 10,335 | (66,922) |
Proceeds from Sales of Other Real Estate | 359 | 54 |
Property and Equipment Expenditures | (3,172) | (8,862) |
Proceeds from Sales of Property and Equipment | 0 | 40 |
Proceeds from Sale of Land | 722 | 0 |
Proceeds from Life Insurance | 1,019 | 0 |
Acquire Bank Branches | 0 | 41,392 |
Net Cash from Investing Activities | 2,918 | (42,225) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Change in Deposits | 56,707 | (58,239) |
Change in Short-term Borrowings | (107,456) | 89,640 |
Advances in Long-term Debt | 65,000 | 35,000 |
Repayments of Long-term Debt | (28,098) | (45,089) |
Dividends Paid | (8,493) | (6,885) |
Net Cash from Financing Activities | (22,340) | 14,427 |
Net Change in Cash and Cash Equivalents | (6,543) | 923 |
Cash and Cash Equivalents at Beginning of Year | 96,550 | 70,359 |
Cash and Cash Equivalents at End of Period | 90,007 | 71,282 |
Cash Paid During the Period for | ||
Interest | 14,891 | 7,641 |
Income Taxes | 4,525 | 2,150 |
Supplemental Non Cash Disclosures | ||
Loans Transferred to Other Real Estate | 708 | $ 27 |
Right of Use Asset Obtained in Exchange for Lease Liabilities | $ 9,034 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation German American Bancorp, Inc. operates primarily in the banking industry. The accounting and reporting policies of German American Bancorp, Inc. and its subsidiaries (hereinafter collectively referred to as the "Company") conform to U.S. generally accepted accounting principles. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the periods reported have been included in the accompanying unaudited consolidated financial statements, and all such adjustments are of a normal recurring nature. It is suggested that these consolidated financial statements and notes be read in conjunction with the financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2018. Certain items included in the prior period financial statements were reclassified to conform to the current presentation. There was no effect on net income or total shareholders' equity based on these reclassifications. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition In May 2014, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). On January 1, 2018, the Company adopted ASU 2014-09 and all subsequent amendments to the ASU that modified Topic 606. Topic 606 creates a single framework for recognizing revenue from contracts with customers that fall within its scope and revises when it is appropriate to recognize a gain (loss) from the transfer of nonfinancial assets. Since the guidance does not apply to revenue associated with financial instruments, the new guidance did not have a material impact on revenue most closely associated with financial instruments, including interest income and expense. The majority of the Company's revenues are from financial instruments and are not within the scope of Topic 606. The Company completed its overall assessment of revenue streams and related contracts, including service charges on deposit accounts, interchange income, and trust and investment brokerage fees. Based on the assessment, the Company concluded that ASU 2014-09 did not materially change the method in which the Company currently recognizes revenue for these revenue streams. The Company also completed its evaluation of certain costs related to these revenue streams to determine whether certain revenue streams should be reported gross versus net of certain expenses. Based on its evaluation, the Company determined that the classification of certain debit card related costs should change and now be reported as expenses versus contra-revenue. This reclassification change resulted in an immaterial impact to both revenue and expense. The Company adopted ASU 2014-09 and its related amendments utilizing the modified retrospective approach. Since there was no net income impact upon adoption of this guidance, a cumulative adjustment to retained earnings was not deemed necessary. Consistent with the modified retrospective approach, the Company did not adjust prior period amounts for the debit card costs noted above. A description of the Company's revenue streams accounted for under Topic 606 follows: Service Charges on Deposit Accounts : The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as stop payment charges and statement rendering, are recognized at the time the transaction is executed (the point in time the Company fills the customer's request). Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Interchange Fee Income: The Company earns interchange fees from debit/credit cardholder transactions conducted through various payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Trust and Investment Product Fees: The Company earns trust and investment brokerage fees from its contracts with trust and brokerage customers to manage assets for investment and/or to transact their accounts. These fees are primarily earned over time as the Company provides the contracted monthly or quarterly services and are generally assessed based on the market value of assets under management at month-end. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed (trade date). Insurance Revenues : The Company earns insurance revenue from commissions derived from the sale of personal and corporate property and casualty insurance products. These commissions are primarily earned over time as the Company provides the contracted insurance product to customers. The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six months ended June 30, 2019 and 2018. Trust and investment product fees are included in the trust and investment advisory services segment while insurance revenues are included in the insurance segment. All other revenue streams are primarily included in the banking segment. Three Months Ended June 30, Non-interest Income 2019 2018 In-Scope of Topic 606: Trust and Investment Product Fees $ 1,913 $ 1,677 Service Charges on Deposit Accounts 2,024 1,643 Insurance Revenues 1,929 1,696 Interchange Fee Income 2,332 1,714 Other Operating Income 481 442 Non-interest Income (in-scope of Topic 606) 8,679 7,172 Non-interest Income (out-of-scope of Topic 606) 1,830 1,710 Total Non-interest Income $ 10,509 $ 8,882 Six Months Ended June 30, Non-interest Income 2019 2018 In-Scope of Topic 606: Trust and Investment Product Fees $ 3,480 $ 3,450 Service Charges on Deposit Accounts 3,924 3,114 Insurance Revenues 5,134 4,626 Interchange Fee Income 4,427 3,196 Other Operating Income 930 820 Non-interest Income (in-scope of Topic 606) 17,895 15,206 Non-interest Income (out-of-scope of Topic 606) 4,272 3,168 Total Non-interest Income $ 22,167 $ 18,374 |
Per Share Data
Per Share Data | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Per Share Data | Per Share Data The computation of Basic Earnings per Share and Diluted Earnings per Share are as follows: Three Months Ended 2019 2018 Basic Earnings per Share: Net Income $ 15,271 $ 11,097 Weighted Average Shares Outstanding 24,992,238 22,968,178 Basic Earnings per Share $ 0.61 $ 0.48 Diluted Earnings per Share: Net Income $ 15,271 $ 11,097 Weighted Average Shares Outstanding 24,992,238 22,968,178 Potentially Dilutive Shares, Net — — Diluted Weighted Average Shares Outstanding 24,992,238 22,968,178 Diluted Earnings per Share $ 0.61 $ 0.48 For the three months ended June 30, 2019 and 2018, there were no anti-dilutive shares. Six Months Ended 2019 2018 Basic Earnings per Share: Net Income $ 30,338 $ 22,910 Weighted Average Shares Outstanding 24,982,107 22,954,367 Basic Earnings per Share $ 1.21 $ 1.00 Diluted Earnings per Share: Net Income $ 30,338 $ 22,910 Weighted Average Shares Outstanding 24,982,107 22,954,367 Potentially Dilutive Shares, Net — — Diluted Weighted Average Shares Outstanding 24,982,107 22,954,367 Diluted Earnings per Share $ 1.21 $ 1.00 For the six months ended June 30, 2019 and 2018, there were no anti-dilutive shares. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost, unrealized gross gains and losses recognized in accumulated other comprehensive income (loss), and fair value of Securities Available-for-Sale at June 30, 2019 and December 31, 2018, were as follows: Securities Available-for-Sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2019 Obligations of State and Political Subdivisions $ 290,053 $ 13,271 $ (40 ) $ 303,284 MBS/CMO - Residential 535,914 4,605 (3,111 ) 537,408 Total $ 825,967 $ 17,876 $ (3,151 ) $ 840,692 December 31, 2018 Obligations of State and Political Subdivisions $ 291,449 $ 4,407 $ (1,323 ) $ 294,533 MBS/CMO - Residential 529,805 1,029 (12,756 ) 518,078 Total $ 821,254 $ 5,436 $ (14,079 ) $ 812,611 All mortgage-backed securities in the above table (identified above and throughout this Note 4 as "MBS/CMO - Residential") are residential mortgage-backed securities and guaranteed by government sponsored entities. The amortized cost and fair value of securities at June 30, 2019 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because some issuers have the right to call or prepay certain obligations with or without call or prepayment penalties. Mortgage-backed securities are not due at a single maturity date and are shown separately. Securities Available-for-Sale: Amortized Cost Fair Value Due in one year or less $ 2,332 $ 2,343 Due after one year through five years 16,151 16,531 Due after five years through ten years 73,764 76,979 Due after ten years 197,806 207,431 MBS/CMO - Residential 535,914 537,408 Total $ 825,967 $ 840,692 Proceeds from the Sales of Securities are summarized below: Three Months Ended Three Months Ended June 30, 2019 June 30, 2018 Proceeds from Sales $ 10,459 $ 10,220 Gross Gains on Sales 516 74 Income Taxes on Gross Gains 108 16 Six Months Ended Six Months Ended June 30, 2019 June 30, 2018 Proceeds from Sales $ 22,274 $ 17,515 Gross Gains on Sales 671 344 Income Taxes on Gross Gains 141 73 The carrying value of securities pledged to secure repurchase agreements, public and trust deposits, and for other purposes as required by law was $204,067 and $211,239 as of June 30, 2019 and December 31, 2018, respectively. Below is a summary of securities with unrealized losses as of June 30, 2019 and December 31, 2018, presented by length of time the securities have been in a continuous unrealized loss position: Less than 12 Months 12 Months or More Total June 30, 2019 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Obligations of State and Political Subdivisions $ 4,889 $ (30 ) $ 1,331 $ (10 ) $ 6,220 $ (40 ) MBS/CMO - Residential 10,154 (36 ) 264,051 (3,075 ) 274,205 (3,111 ) Total $ 15,043 $ (66 ) $ 265,382 $ (3,085 ) $ 280,425 $ (3,151 ) Less than 12 Months 12 Months or More Total December 31, 2018 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Obligations of State and Political Subdivisions $ 37,936 $ (286 ) $ 49,071 $ (1,037 ) $ 87,007 $ (1,323 ) MBS/CMO - Residential 56,386 (601 ) 356,218 (12,155 ) 412,604 (12,756 ) Total $ 94,322 $ (887 ) $ 405,289 $ (13,192 ) $ 499,611 $ (14,079 ) Securities are written down to fair value when a decline in fair value is not considered temporary. In estimating other-than-temporary losses, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The Company does not intend to sell or expect to be required to sell these securities, and the decline in fair value is largely due to changes in market interest rates. Therefore, the Company does not consider these securities to be other-than-temporarily impaired. All mortgage-backed securities and collateralized mortgage obligations (MBS/CMO - Residential) in the Company’s portfolio are guaranteed by government sponsored entities, are investment grade, and are performing as expected. The Company's equity securities are listed as Other Investments on the Consolidated Balance Sheets and consist of one non-controlling investment in a single banking organization at June 30, 2019 and December 31, 2018. The original investment totaled $1,350 and other-than-temporary impairment was previously recorded totaling $997 . The Company's equity securities are considered not to have readily determinable fair value and are carried at cost and evaluated for impairment. At June 30, 2019, there was no additional impairment recognized through earnings. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. The notional amounts of these interest rate swaps and the offsetting counterparty derivative instruments were $84.4 million at June 30, 2019 and $85.6 million at December 31, 2018. These interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions with approved, reputable, independent counterparties with substantially matching terms. The agreements are considered stand-alone derivatives and changes in the fair value of derivatives are reported in earnings as non-interest income. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. The Company’s exposure is limited to the replacement value of the contracts rather than the notional, principal or contract amounts. There are provisions in the agreements with the counterparties that allow for certain unsecured credit exposure up to an agreed threshold. Exposures in excess of the agreed thresholds are collateralized. In addition, the Company minimizes credit risk through credit approvals, limits, and monitoring procedures. The following table reflects the fair value hedges included in the Consolidated Balance Sheets as of: June 30, 2019 December 31, 2018 Notional Amount Fair Value Notional Amount Fair Value Included in Other Assets: Interest Rate Swaps $ 84,381 $ 2,381 $ 85,587 $ 1,713 Included in Other Liabilities: Interest Rate Swaps $ 84,381 $ 2,607 $ 85,587 $ 1,734 The following table presents the effect of derivative instruments on the Consolidated Statements of Income for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest Rate Swaps: Included in Other Operating Income $ (132 ) $ 26 $ (206 ) $ 116 |
Loans
Loans | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans | Loans Loans were comprised of the following classifications at June 30, 2019 and December 31, 2018: June 30, December 31, Commercial: Commercial and Industrial Loans and Leases $ 554,290 $ 543,761 Commercial Real Estate Loans 1,213,579 1,208,646 Agricultural Loans 364,116 365,208 Retail: Home Equity Loans 203,351 207,987 Consumer Loans 77,612 77,547 Residential Mortgage Loans 307,726 328,592 Subtotal 2,720,674 2,731,741 Less: Unearned Income (3,646 ) (3,682 ) Allowance for Loan Losses (16,239 ) (15,823 ) Loans, Net $ 2,700,789 $ 2,712,236 The following tables present the activity in the allowance for loan losses by portfolio class for the three months ended June 30, 2019 and 2018: June 30, 2019 Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Total Beginning Balance $ 3,317 $ 5,741 $ 5,453 $ 214 $ 483 $ 429 $ 606 $ 16,243 Provision for Loan Losses (303 ) 104 272 54 124 (47 ) 46 250 Recoveries 34 14 — — 93 3 — 144 Loans Charged-off (56 ) (18 ) — (10 ) (278 ) (36 ) — (398 ) Ending Balance $ 2,992 $ 5,841 $ 5,725 $ 258 $ 422 $ 349 $ 652 $ 16,239 June 30, 2018 Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Total Beginning Balance $ 3,603 $ 4,622 $ 4,825 $ 272 $ 316 $ 327 $ 495 $ 14,460 Provision for Loan Losses (44 ) 335 753 86 107 19 (36 ) 1,220 Recoveries 4 5 — 8 68 29 — 114 Loans Charged-off — (4 ) — — (144 ) (9 ) — (157 ) Ending Balance $ 3,563 $ 4,958 $ 5,578 $ 366 $ 347 $ 366 $ 459 $ 15,637 The following tables present the activity in the allowance for loan losses by portfolio class for the six months ended June 30, 2019 and 2018: June 30, 2019 Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Total Beginning Balance $ 2,953 $ 5,291 $ 5,776 $ 229 $ 420 $ 472 $ 682 $ 15,823 Provision for Loan Losses 44 669 (51 ) 39 333 (79 ) (30 ) 925 Recoveries 51 19 — — 214 6 — 290 Loans Charged-off (56 ) (138 ) — (10 ) (545 ) (50 ) — (799 ) Ending Balance $ 2,992 $ 5,841 $ 5,725 $ 258 $ 422 $ 349 $ 652 $ 16,239 June 30, 2018 Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Total Beginning Balance $ 4,735 $ 4,591 $ 4,894 $ 330 $ 298 $ 343 $ 503 $ 15,694 Provision for Loan Losses 323 360 684 42 204 1 (44 ) 1,570 Recoveries 5 11 — 10 157 31 — 214 Loans Charged-off (1,500 ) (4 ) — (16 ) (312 ) (9 ) — (1,841 ) Ending Balance $ 3,563 $ 4,958 $ 5,578 $ 366 $ 347 $ 366 $ 459 $ 15,637 In determining the adequacy of the allowance for loan loss, general allocations are made for pools of loans, including non-classified loans, homogeneous portfolios of consumer and residential real estate loans, and loans within certain industry categories believed to present unique risk of loss. General allocations of the allowance are primarily made based on historical averages for loan losses for these portfolios, judgmentally adjusted for current economic factors and portfolio trends. Loan impairment is reported when full repayment under the terms of the loan is not expected. This methodology is used for all loans, including loans acquired with deteriorated credit quality if such loans perform worse than what was expected at the time of acquisition. For purchased loans, the assessment is made at the time of acquisition as well as over the life of the loan. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate, or at the fair value of collateral if repayment is expected solely from the collateral. Commercial and industrial loans, commercial real estate loans, and agricultural loans are evaluated individually for impairment. Smaller balance homogeneous loans are evaluated for impairment in total. Such loans include real estate loans secured by one-to-four family residences and loans to individuals for household, family and other personal expenditures. Individually evaluated loans on non-accrual are generally considered impaired. Impaired loans, or portions thereof, are charged off when deemed uncollectible. Specific allocations on impaired loans are determined by comparing the loan balance to the present value of expected cash flows or expected collateral proceeds. Allocations are also applied to categories of loans not considered individually impaired but for which the rate of loss is expected to be greater than historical averages, including non-performing consumer or residential real estate loans. Such allocations are based on past loss experience and information about specific borrower situations and estimated collateral values. The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio class and based on impairment method as of June 30, 2019 and December 31, 2018: June 30, 2019 Total Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Allowance for Loan Losses: Ending Allowance Balance Attributable to Loans: Individually Evaluated for Impairment $ 1,550 $ 139 $ 1,411 $ — $ — $ — $ — $ — Collectively Evaluated for Impairment 14,327 2,853 4,073 5,725 258 422 344 652 Acquired with Deteriorated Credit Quality 362 — 357 — — — 5 — Total Ending Allowance Balance $ 16,239 $ 2,992 $ 5,841 $ 5,725 $ 258 $ 422 $ 349 $ 652 Loans: Loans Individually Evaluated for Impairment $ 6,047 $ 2,115 $ 3,932 $ — $ — $ — $ — n/m (2) Loans Collectively Evaluated for Impairment 2,716,376 552,938 1,207,345 367,030 203,982 77,824 307,257 n/m (2) Loans Acquired with Deteriorated Credit Quality 10,029 882 5,629 1,882 368 — 1,268 n/m (2) Total Ending Loans Balance (1) $ 2,732,452 $ 555,935 $ 1,216,906 $ 368,912 $ 204,350 $ 77,824 $ 308,525 n/m (2) (1) Total recorded investment in loans includes $11,778 in accrued interest. (2) n/m = not meaningful December 31, 2018 Total Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Allowance for Loan Losses: Ending Allowance Balance Attributable to Loans: Individually Evaluated for Impairment $ 1,823 $ 143 $ 1,680 $ — $ — $ — $ — $ — Collectively Evaluated for Impairment 13,992 2,810 3,608 5,776 229 420 467 682 Acquired with Deteriorated Credit Quality 8 — 3 — — — 5 — Total Ending Allowance Balance $ 15,823 $ 2,953 $ 5,291 $ 5,776 $ 229 $ 420 $ 472 $ 682 Loans: Loans Individually Evaluated for Impairment $ 9,619 $ 3,536 $ 6,083 $ — $ — $ — $ — n/m (2) Loans Collectively Evaluated for Impairment 2,722,867 540,768 1,198,806 368,817 208,644 77,761 328,071 n/m (2) Loans Acquired with Deteriorated Credit Quality 11,556 1,038 6,993 1,877 365 — 1,283 n/m (2) Total Ending Loans Balance (1) $ 2,744,042 $ 545,342 $ 1,211,882 $ 370,694 $ 209,009 $ 77,761 $ 329,354 n/m (2) (1) Total recorded investment in loans includes $12,301 in accrued interest. (2) n/m = not meaningful The following tables present loans individually evaluated for impairment by class of loans as of June 30, 2019 and December 31, 2018: June 30, 2019 Unpaid Principal Balance (1) Recorded Investment Allowance for Loan Losses Allocated With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 2,346 $ 142 $ — Commercial Real Estate Loans 4,003 2,615 — Agricultural Loans 1,742 1,475 — Subtotal 8,091 4,232 — With An Allowance Recorded: Commercial and Industrial Loans and Leases 1,974 1,974 139 Commercial Real Estate Loans 4,314 3,981 1,768 Agricultural Loans — — — Subtotal 6,288 5,955 1,907 Total $ 14,379 $ 10,187 $ 1,907 Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 6,884 $ 3,320 $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ 1,142 $ 820 $ 357 (1) Unpaid Principal Balance is the remaining contractual payments gross of partial charge-offs and discounts. December 31, 2018 Unpaid Principal Balance (1) Recorded Investment Allowance for Loan Losses Allocated With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 3,721 $ 1,183 $ — Commercial Real Estate Loans 5,828 4,383 — Agricultural Loans 1,726 1,450 — Subtotal 11,275 7,016 — With An Allowance Recorded: Commercial and Industrial Loans and Leases 2,353 2,353 143 Commercial Real Estate Loans 4,404 4,212 1,683 Agricultural Loans — — — Subtotal 6,757 6,565 1,826 Total $ 18,032 $ 13,581 $ 1,826 Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 8,060 $ 3,958 $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ 196 $ 4 $ 3 (1) Unpaid Principal Balance is the remaining contractual payments gross of partial charge-offs and discounts. The following tables present the average balance and related interest income of loans individually evaluated for impairment by class of loans for the three month period ended June 30, 2019 and 2018: June 30, 2019 Average Recorded Investment Interest Income Recognized Cash Basis Recognized With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 164 $ 2 $ — Commercial Real Estate Loans 2,981 11 — Agricultural Loans 1,412 — — Subtotal 4,557 13 — With An Allowance Recorded: Commercial and Industrial Loans and Leases 2,128 — — Commercial Real Estate Loans 3,957 — — Agricultural Loans — — — Subtotal 6,085 — — Total $ 10,642 $ 13 $ — Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 3,386 $ 8 $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ 744 $ — $ — June 30, 2018 Average Recorded Investment Interest Income Recognized Cash Basis Recognized With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 1,142 $ 13 $ — Commercial Real Estate Loans 1,180 13 — Agricultural Loans 546 — — Subtotal 2,868 26 — With An Allowance Recorded: Commercial and Industrial Loans and Leases 2,690 1 — Commercial Real Estate Loans 5,130 6 — Agricultural Loans — — — Subtotal 7,820 7 — Total $ 10,688 $ 33 $ — Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 546 $ — $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ 207 $ 7 $ — The following tables present the average balance and related interest income of loans individually evaluated for impairment by class of loans for the six month period ended June 30, 2019 and 2018: June 30, 2019 Average Recorded Investment Interest Income Recognized Cash Basis Recognized With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 301 $ 4 $ — Commercial Real Estate Loans 3,291 28 — Agricultural Loans 1,409 — — Subtotal 5,001 32 — With An Allowance Recorded: Commercial and Industrial Loans and Leases 2,207 — — Commercial Real Estate Loans 4,324 — — Agricultural Loans — — — Subtotal 6,531 — — Total $ 11,532 $ 32 $ — Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 4,414 $ 15 $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ 3,861 $ — $ — June 30, 2018 Average Recorded Investment Interest Income Recognized Cash Basis Recognized With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 1,163 $ 26 $ 1 Commercial Real Estate Loans 1,294 26 6 Agricultural Loans 623 — — Subtotal 3,080 52 7 With An Allowance Recorded: Commercial and Industrial Loans and Leases 3,487 2 — Commercial Real Estate Loans 4,876 9 — Agricultural Loans — — — Subtotal 8,363 11 — Total $ 11,443 $ 63 $ 7 Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 548 $ — $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ 211 $ 11 $ — All classes of loans, including loans acquired with deteriorated credit quality, are generally placed on non-accrual status when scheduled principal or interest payments are past due for 90 days or more or when the borrower’s ability to repay becomes doubtful. For purchased loans, the determination is made at the time of acquisition as well as over the life of the loan. Uncollected accrued interest for each class of loans is reversed against income at the time a loan is placed on non-accrual. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. All classes of loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loans are typically charged-off at 180 days past due, or earlier if deemed uncollectible. Exceptions to the non-accrual and charge-off policies are made when the loan is well secured and in the process of collection. The following tables present the recorded investment in non-accrual loans and loans past due 90 days or more still on accrual by class of loans as of June 30, 2019 and December 31, 2018: Non-Accrual Loans Loans Past Due 90 Days or More & Still Accruing June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Commercial and Industrial Loans and Leases $ 1,997 $ 2,430 $ 455 $ — Commercial Real Estate Loans 5,748 6,833 114 368 Agricultural Loans 1,475 1,449 435 274 Home Equity Loans 90 88 — — Consumer Loans 113 162 — — Residential Mortgage Loans 1,506 1,617 — — Total $ 10,929 $ 12,579 $ 1,004 $ 642 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 4,452 $ 4,162 $ 78 $ 141 Loans Acquired in Current Year (Included in the Total Above) $ — $ 4,603 $ — $ 96 The following tables present the aging of the recorded investment in past due loans by class of loans as of June 30, 2019 and December 31, 2018: June 30, 2019 Total 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Loans Not Past Due Commercial and Industrial Loans and Leases $ 555,935 $ 298 $ 47 $ 455 $ 800 $ 555,135 Commercial Real Estate Loans 1,216,906 1,562 467 1,467 3,496 1,213,410 Agricultural Loans 368,912 1,857 180 435 2,472 366,440 Home Equity Loans 204,350 609 213 89 911 203,439 Consumer Loans 77,824 690 46 83 819 77,005 Residential Mortgage Loans 308,525 4,675 1,165 1,181 7,021 301,504 Total (1) $ 2,732,452 $ 9,691 $ 2,118 $ 3,710 $ 15,519 $ 2,716,933 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 10,029 $ 860 $ 26 $ 974 $ 1,860 $ 8,169 (1) Total recorded investment in loans includes $11,778 in accrued interest. December 31, 2018 Total 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Loans Not Past Due Commercial and Industrial Loans and Leases $ 545,342 $ 5,414 $ 183 $ 72 $ 5,669 $ 539,673 Commercial Real Estate Loans 1,211,882 768 705 3,032 4,505 1,207,377 Agricultural Loans 370,694 563 805 274 1,642 369,052 Home Equity Loans 209,009 471 125 60 656 208,353 Consumer Loans 77,761 971 94 149 1,214 76,547 Residential Mortgage Loans 329,354 4,771 1,520 1,387 7,678 321,676 Total (1) $ 2,744,042 $ 12,958 $ 3,432 $ 4,974 $ 21,364 $ 2,722,678 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 11,556 $ 448 $ 885 $ 1,259 $ 2,592 $ 8,964 Loans Acquired in Current Year (Included in the Total Above) $ 481,901 $ 2,571 $ 1,620 $ 2,191 $ 6,382 $ 475,519 (1) Total recorded investment in loans includes $12,301 in accrued interest. Troubled Debt Restructurings: In certain instances, the Company may choose to restructure the contractual terms of loans. A troubled debt restructuring occurs when the Bank grants a concession to the borrower that it would not otherwise consider due to a borrower’s financial difficulty. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without modification. This evaluation is performed under the Company’s internal underwriting policy. The Company uses the same methodology for loans acquired with deteriorated credit quality as for all other loans when determining whether the loan is a troubled debt restructuring. During the three and six months ended June 30, 2019 and 2018, there were no loans modified as a troubled debt restructuring. The following tables present the recorded investment of troubled debt restructurings by class of loans as of June 30, 2019 and December 31, 2018: June 30, 2019 Total Performing Non-Accrual (1) Commercial and Industrial Loans and Leases $ 118 $ 118 $ — Commercial Real Estate Loans — — — Total $ 118 $ 118 $ — December 31, 2018 Total Performing Non-Accrual (1) Commercial and Industrial Loans and Leases $ 121 $ 121 $ — Commercial Real Estate Loans — — — Total $ 121 $ 121 $ — (1) The non-accrual troubled debt restructurings are included in the Non-Accrual Loan table presented on a previous page. The Company had no t committed to lending any additional amounts as of June 30, 2019 and December 31, 2018 to customers with outstanding loans that are classified as troubled debt restructurings. For the three and six months ended June 30, 2019 and 2018, the Company had no loans modified as troubled debt restructurings. Additionally, there were no loans modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the three and six months ended June 30, 2019 and 2018. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. Credit Quality Indicators: The Company categorizes 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, public information, and current economic trends, among other factors. The Company classifies loans as to credit risk by individually analyzing loans. This analysis includes commercial and industrial loans, commercial real estate loans, and agricultural loans with an outstanding balance greater than $250 . This analysis is typically performed on at least an annual basis. The Company uses the following definitions for risk ratings: Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard. Loans classified as substandard 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 institution 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 existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows: June 30, 2019 Pass Special Mention Substandard Doubtful Total Commercial and Industrial Loans and Leases $ 536,263 $ 5,745 $ 13,927 $ — $ 555,935 Commercial Real Estate Loans 1,182,369 22,329 12,208 — 1,216,906 Agricultural Loans 309,423 47,012 12,477 — 368,912 Total $ 2,028,055 $ 75,086 $ 38,612 $ — $ 2,141,753 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 230 $ 1,435 $ 6,728 $ — $ 8,393 December 31, 2018 Pass Special Mention Substandard Doubtful Total Commercial and Industrial Loans and Leases $ 517,497 $ 7,541 $ 20,304 $ — $ 545,342 Commercial Real Estate Loans 1,165,937 26,723 19,222 — 1,211,882 Agricultural Loans 313,309 40,983 16,402 — 370,694 Total $ 1,996,743 $ 75,247 $ 55,928 $ — $ 2,127,918 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ — $ 1,436 $ 8,472 $ — $ 9,908 Loans Acquired in Current Year (Included in the Total Above) $ 250,415 $ 14,972 $ 11,521 $ — $ 276,908 The Company considers the performance of the loan portfolio and its impact on the allowance for loan losses. For home equity, consumer and residential mortgage loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in home equity, consumer and residential mortgage loans based on payment activity as of June 30, 2019 and December 31, 2018: June 30, 2019 Home Equity Loans Consumer Loans Residential Mortgage Loans Performing $ 204,260 $ 77,711 $ 307,019 Nonperforming 90 113 1,506 Total $ 204,350 $ 77,824 $ 308,525 December 31, 2018 Home Equity Loans Consumer Loans Residential Mortgage Loans Performing $ 208,921 $ 77,599 $ 327,737 Nonperforming 88 162 1,617 Total $ 209,009 $ 77,761 $ 329,354 The Company has purchased loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The recorded investment of those loans is as follows: June 30, 2019 December 31, 2018 Commercial and Industrial Loans $ 882 $ 1,038 Commercial Real Estate Loans 5,629 6,993 Agricultural Loans 1,882 1,877 Home Equity Loans 368 365 Residential Mortgage Loans 1,268 1,283 Total $ 10,029 $ 11,556 Carrying Amount, Net of Allowance $ 9,626 $ 11,548 Accretable yield, or income expected to be collected, is as follows: 2019 2018 Balance at April 1 $ 3,203 $ 2,739 New Loans Purchased — — Accretion of Income (202 ) (140 ) Reclassifications from Non-accretable Difference 131 65 Charge-off of Accretable Yield — (97 ) Balance at June 30 $ 3,132 $ 2,567 For those purchased loans disclosed above, the Company increased the allowance for loan losses by $147 during the three months ended June 30, 2019. The company did no t increase the allowance for loan losses during the three months ended June 30, 2018. The Company reversed no allowances for loan losses during the three months ended June 30, 2019. The Company reversed allowances for loan losses of $3 during the three months ended June 30, 2018. 2019 2018 Balance at January 1 $ 3,138 $ 2,734 New Loans Purchased — — Accretion of Income (524 ) (221 ) Reclassifications from Non-accretable Difference 518 151 Charge-off of Accretable Yield — (97 ) Balance at June 30 $ 3,132 $ 2,567 For those purchased loans disclosed above, the Company increased the allowances for loan losses by $424 and $30 during the six months ended June 30, 2019 and 2018. The Company reversed no allowances for loan losses for the six months ended June 30, 2019. The Company reversed allowances for loan losses of $3 for the six months ended June 30, 2018. The carrying amount of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction totaled $10 as of June 30, 2019 and $58 as of December 31, 2018. |
Repurchase Agreements Accounted
Repurchase Agreements Accounted for as Secured Borrowings | 6 Months Ended |
Jun. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Repurchase Agreements Accounted for as Secured Borrowings | Repurchase Agreements Accounted for as Secured Borrowings Repurchase agreements are short-term borrowings included in FHLB Advances and Other Borrowings and mature overnight and continuously. Repurchase agreements, which were secured by mortgage-backed securities, totaled $ 36,318 and $45,274 as of June 30, 2019 and December 31, 2018, respectively. Risk could arise when the collateral pledged to a repurchase agreement declines in fair value. The Company minimizes risk by consistently monitoring the value of the collateral pledged. At the point in time where the collateral has declined in fair value, the Company is required to provide additional collateral based on the value of the underlying securities. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s operations include three primary segments: core banking, trust and investment advisory services, and insurance operations. The core banking segment involves attracting deposits from the general public and using such funds to originate consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, primarily in the Company’s local markets. The core banking segment also involves the sale of residential mortgage loans in the secondary market. The trust and investment advisory services segment involves providing trust, investment advisory, and brokerage services to customers. The insurance segment offers a full range of personal and corporate property and casualty insurance products, primarily in the Company’s banking subsidiary’s local markets. The core banking segment is comprised by the Company’s banking subsidiary, German American Bank, which operated through 66 banking offices at June 30, 2019. Net interest income from loans and investments funded by deposits and borrowings is the primary revenue for the core-banking segment. The trust and investment advisory services segment’s revenues are comprised primarily of fees generated by the trust operations of the Company's banking subsidiary and by German American Investment Services, Inc. These fees are derived by providing trust, investment advisory, and brokerage services to its customers. The insurance segment primarily consists of German American Insurance, Inc., which provides a full line of personal and corporate insurance products. Commissions derived from the sale of insurance products are the primary source of revenue for the insurance segment. The following segment financial information has been derived from the internal financial statements of the Company which are used by management to monitor and manage financial performance. The accounting policies of the three segments are the same as those of the Company. The evaluation process for segments does not include holding company income and expense. Holding company amounts are the primary differences between segment amounts and consolidated totals, and are reflected in the column labeled “Other” below, along with amounts to eliminate transactions between segments. Core Trust and Investment Advisory Services Insurance Other Consolidated Totals Three Months Ended June 30, 2019 Net Interest Income $ 34,182 $ 4 $ 4 $ (549 ) $ 33,641 Net Gains on Sales of Loans 1,030 — — — 1,030 Net Gains on Securities 516 — — — 516 Trust and Investment Product Fees 1 1,912 — — 1,913 Insurance Revenues 4 4 1,921 — 1,929 Noncash Items: Provision for Loan Losses 250 — — — 250 Depreciation and Amortization 1,976 2 21 64 2,063 Income Tax Expense (Benefit) 3,437 128 50 (604 ) 3,011 Segment Profit (Loss) 15,068 372 147 (316 ) 15,271 Segment Assets at June 30, 2019 3,944,736 3,324 8,784 13,895 3,970,739 Core Trust and Investment Advisory Services Insurance Other Consolidated Totals Three Months Ended June 30, 2018 Net Interest Income $ 27,672 $ (1 ) $ 3 $ (205 ) $ 27,469 Net Gains on Sales of Loans 905 — — — 905 Net Gains on Securities 74 — — — 74 Trust and Investment Product Fees — 1,677 — — 1,677 Insurance Revenues 5 2 1,689 — 1,696 Noncash Items: Provision for Loan Losses 1,220 — — — 1,220 Depreciation and Amortization 1,316 1 21 64 1,402 Income Tax Expense (Benefit) 2,487 96 13 (270 ) 2,326 Segment Profit (Loss) 11,478 269 30 (680 ) 11,097 Segment Assets at December 31, 2018 3,926,242 2,658 11,368 (11,178 ) 3,929,090 Core Banking Trust and Investment Advisory Services Insurance Other Consolidated Totals Six Months Ended June 30, 2019 Net Interest Income $ 68,317 $ 6 $ 9 $ (1,100 ) $ 67,232 Net Gains on Sales of Loans 2,011 — — — 2,011 Net Gains on Securities 671 — — — 671 Trust and Investment Product Fees 2 3,478 — — 3,480 Insurance Revenues 7 25 5,102 — 5,134 Noncash Items: Provision for Loan Losses 925 — — — 925 Depreciation and Amortization 3,903 3 39 128 4,073 Income Tax Expense (Benefit) 6,092 204 407 (944 ) 5,759 Segment Profit (Loss) 29,567 587 1,237 (1,053 ) 30,338 Segment Assets at June 30, 2019 3,944,736 3,324 8,784 13,895 3,970,739 Core Banking Trust and Investment Advisory Services Insurance Other Consolidated Totals Six Months Ended June 30, 2018 Net Interest Income $ 53,462 $ 2 $ 5 $ (390 ) $ 53,079 Net Gains on Sales of Loans 1,555 — — — 1,555 Net Gains on Securities 344 — — — 344 Trust and Investment Product Fees 2 3,448 — — 3,450 Insurance Revenues 6 4 4,616 — 4,626 Noncash Items: Provision for Loan Losses 1,570 — — — 1,570 Depreciation and Amortization 2,431 2 40 128 2,601 Income Tax Expense (Benefit) 4,731 232 334 (487 ) 4,810 Segment Profit (Loss) 22,240 654 969 (953 ) 22,910 Segment Assets at December 31, 2018 3,926,242 2,658 11,368 (11,178 ) 3,929,090 |
Stock Repurchase Plan
Stock Repurchase Plan | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stock Repurchase Plan | Stock Repurchase Plan On April 26, 2001, the Company announced that its Board of Directors approved a stock repurchase program for up to 911,631 of the outstanding shares of common stock of the Company. Shares may be purchased from time to time in the open market and in large block privately negotiated transactions. The Company is not obligated to purchase any shares under the program, and the program may be discontinued at any time before the maximum number of shares specified by the program are purchased. The Board of Directors established no expiration date for this program. As of June 30, 2019, the Company had purchased 502,447 shares under the program. No shares were purchased under the program during the three or six months ended June 30, 2019 and 2018. |
Equity Plans and Equity Based C
Equity Plans and Equity Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity Plans and Equity Based Compensation | Equity Plans and Equity Based Compensation The Company maintains two equity incentive plans under which stock options, restricted stock, and other equity incentive awards can be granted. Those plans include (i) the Company’s 2009 Long-Term Equity Incentive Plan, under which no new grants may be made (the “2009 LTI Plan”), and (ii) the Company’s 2019 Long-Term Equity Incentive Plan (the “2019 LTI Plan”). The 2019 LTI Plan became effective on May 16, 2019, following approval of the Company’s shareholders. It will remain in effect until May 16, 2029, or until all shares of common stock subject to the 2019 LTI Plan are distributed, all awards have expired or terminated, or the plan is terminated pursuant to its terms, whichever occurs first. At June 30, 2019, the Company has reserved 1,000,000 shares of common stock (the amount authorized under the 2019 LTI Plan) for the purpose of issuance pursuant to future grants of options, restricted stock, and other equity awards to officers, directors and other employees of the Company. For the three and six months ended June 30, 2019 and 2018, the Company granted no options. The Company recorded no stock compensation expense applicable to options during the three and six months ended June 30, 2019 and 2018 because all previously granted options were fully vested prior to 2007. In addition, there was no unrecognized option expense. During the periods presented, awards of long-term incentives were granted under the 2009 LTI Plan in the form of restricted stock. Awards that were granted to management under a management incentive plan were granted in tandem with cash credit entitlements (typically in the form of 60% restricted stock grants and 40% cash credit entitlements). The management and employee restricted stock grants and tandem cash credit entitlements awarded will vest in three equal installments of 33.3% with the first annual vesting on December 5th of the year of the grant and on December 5th of the next two succeeding years. Awards that were granted to directors as additional retainer for their services do not include any cash credit entitlement. These director restricted stock grants are subject to forfeiture in the event that the recipient of the grant does not continue in service as a director of the Company through December 5th of the year after grant or does not satisfy certain meeting attendance requirements, at which time they generally vest 100 percent . For measuring compensation costs, restricted stock awards are valued based upon the market value of the common shares on the date of grant. The Company granted no awards of restricted stock during the three months ended June 30, 2019. During the three months ended June 30, 2018, the Company granted awards of 450 shares of restricted stock. During the six months ended June 30, 2019 and 2018, the Company granted awards of 24,780 and 35,310 shares of restricted stock, respectively. Total unvested restricted stock awards at June 30, 2019 and December 31, 2018 were 69,462 and 44,682 , respectively. The following table presents expense recorded for restricted stock and cash entitlements as well as the related tax information for the periods presented: Three Months Ended June 30, 2019 2018 Restricted Stock Expense $ 311 $ 383 Cash Entitlement Expense 152 172 Tax Effect (120 ) (145 ) Net of Tax $ 343 $ 410 Six Months Ended 2019 2018 Restricted Stock Expense $ 622 $ 661 Cash Entitlement Expense 302 342 Tax Effect (240 ) (262 ) Net of Tax $ 684 $ 741 Unrecognized expense associated with the restricted stock grants and cash entitlements totaled $2,463 and $2,822 as of June 30, 2019 and 2018, respectively. The Company maintains the 2009 Employee Stock Purchase Plan whereby eligible employees have the option to purchase the Company’s common stock at a discount. The purchase price of the shares under this plan has been set at 95% of the fair market value of the Company’s common stock as of the last day of the plan year. The plan provided for the purchase of up to 750,000 shares of common stock, which the Company may obtain by purchases on the open market or from private sources, or by issuing authorized but unissued common shares. At June 30, 2019, there were 539,293 shares available for future issuance under this plan. Funding for the purchase of common stock is from employee and Company contributions. The Company’s shareholders approved the Company’s new 2019 Employee Stock Purchase Plan (the “2019 ESPP”) on May 16, 2019. The 2019 ESPP replaces the 2009 Employee Stock Purchase Plan, which expires by its own terms on August 16, 2019. The 2019 ESPP, which becomes effective as of October 1, 2019, provides for a series of 3 -month offering periods, commencing on the first day and ending on the last trading day of each calendar quarter, for the purchase of the Company’s common stock by participating employees. The purchase price of the shares is expected to be set at 95% of the fair market value of the Company’s common stock on the last trading day of the offering period. A total of 750,000 common shares will be reserved for issuance under the 2019 ESPP upon its effective date. The 2019 ESPP will continue until September 30, 2029, or, if earlier, until all of the shares of common stock allocated to the 2019 ESPP have been purchased. There was no expense recorded for the employee stock purchase plan during the three and six months ended June 30, 2019 and 2018. There was no unrecognized compensation expense as of June 30, 2019 and 2018 for the Employee Stock Purchase Plan. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value 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 reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Investment Securities: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For investment securities where quoted prices are not available, fair values are calculated based on market prices of similar investment securities (Level 2). For investment securities where quoted prices or market prices of similar investment securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Level 3 pricing is obtained from a third-party based upon similar trades that are not traded frequently without adjustment by the Company. At June 30, 2019, the Company held $4.5 million in Level 3 securities which consist of non-rated Obligations of State and Political Subdivisions. Absent the credit rating, significant assumptions must be made such that the credit risk input becomes an unobservable input and thus these investment securities are reported by the Company in a Level 3 classification. Derivatives: The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). Impaired Loans: Fair values for impaired collateral dependent loans are generally based on appraisals obtained from licensed real estate appraisers and in certain circumstances includes consideration of offers obtained to purchase properties prior to foreclosure. Appraisals for commercial real estate generally use three methods to derive value: cost, sales or market comparison and income approach. The cost method bases value in the cost to replace the current property. Value of market comparison approach evaluates the sales price of similar properties in the same market area. The income approach considers net operating income generated by the property and an investor's required return. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Comparable sales adjustments are based on known sales prices of similar type and similar use properties and duration of time that the property has been on the market to sell. Such adjustments made in the appraisal process are typically significant and result in a Level 3 classification of the inputs for determining fair value. Appraisals for both collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the Company’s Risk Management Area reviews the assumptions and approaches utilized in the appraisal. In determining the value of impaired collateral dependent loans and other real estate owned, significant unobservable inputs may be used which include: physical condition of comparable properties sold, net operating income generated by the property and investor rates of return. Other Real Estate: Nonrecurring adjustments to certain commercial and residential real estate properties classified as other real estate (ORE) are measured at the lower of carrying amount or fair value, less costs to sell. Fair values are generally based on third party appraisals of the property utilizing similar techniques as discussed above for Impaired Loans, resulting in a Level 3 classification. In cases where the carrying amount exceeds the fair value, less costs to sell, impairment loss is recognized. Loans Held-for-Sale: The fair values of loans held for sale are determined by using quoted prices for similar assets, adjusted for specific attributes of that loan resulting in a Level 2 classification. Assets and Liabilities Measured on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below: Fair Value Measurements at June 30, 2019 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Obligations of State and Political Subdivisions $ — $ 298,778 $ 4,506 $ 303,284 MBS/CMO - Residential — 537,408 — 537,408 Total Securities $ — $ 836,186 $ 4,506 $ 840,692 Loans Held-for-Sale $ — $ 14,184 $ — $ 14,184 Derivative Assets $ — $ 2,381 $ — $ 2,381 Derivative Liabilities $ — $ 2,607 $ — $ 2,607 Fair Value Measurements at December 31, 2018 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Obligations of State and Political Subdivisions $ — $ 289,542 $ 4,991 $ 294,533 MBS/CMO - Residential — 518,078 — 518,078 Total Securities $ — $ 807,620 $ 4,991 $ 812,611 Loans Held-for-Sale $ — $ 4,263 $ — $ 4,263 Derivative Assets $ — $ 1,713 $ — $ 1,713 Derivative Liabilities $ — $ 1,734 $ — $ 1,734 There were no transfers between Level 1 and Level 2 for the periods ended June 30, 2019 and December 31, 2018. At June 30, 2019, the aggregate fair value of the Loans Held-for-Sale was $14,184 . Aggregate contractual principal balance was $13,925 with a difference of $259 . At December 31, 2018, the aggregate fair value of the Loans Held-for-Sale was $4,263 . Aggregate contractual principal balance was $4,231 with a difference of $32 . No loans were 90 days past due or on non-accrual. The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2019 and 2018: Obligations of State and Political Subdivisions 2019 2018 Balance of Recurring Level 3 Assets at April 1 $ 4,512 $ 5,171 Total Gains or Losses Included in Other Comprehensive Income (6 ) (4 ) Maturities / Calls — — Purchases — — Balance of Recurring Level 3 Assets at June 30 $ 4,506 $ 5,167 Obligations of State and Political Subdivisions 2019 2018 Balance of Recurring Level 3 Assets at January 1 $ 4,991 $ 5,649 Total Gains or Losses Included in Other Comprehensive Income (15 ) (22 ) Maturities / Calls (470 ) (460 ) Purchases — — Balance of Recurring Level 3 Assets at June 30 $ 4,506 $ 5,167 Assets and Liabilities Measured on a Non-Recurring Basis Assets and liabilities measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at June 30, 2019 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Impaired Loans Commercial and Industrial Loans $ — $ — $ 1,835 $ 1,835 Commercial Real Estate Loans — — 1,750 1,750 Fair Value Measurements at December 31, 2018 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Impaired Loans Commercial and Industrial Loans $ — $ — $ 2,210 $ 2,210 Commercial Real Estate Loans — — 2,528 2,528 Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a carrying amount of $5,134 with a valuation allowance of $1,549 at June 30, 2019, resulting in an increase to the provision for loan losses of $123 for the three months ended June 30, 2019 and a decrease to the provision for loan losses of $273 for the six months ended June 30, 2019. Impaired loans resulted in an increase to the provision for loan losses of $191 for the three months ended June 30, 2018 and a decrease to the provision for loan losses of $856 for the six months ended June 30, 2018. At December 31, 2018, collateral dependent impaired loans had a carrying amount of $6,561 with a valuation allowance of $1,823 , resulting in a decrease to the provision for loan losses of $411 for the year ended December 31, 2018. There was no Other Real Estate carried at fair value less costs to sell at June 30, 2019. No charge to earnings was included in the three or six months ended June 30, 2019 and 2018. There was no Other Real Estate carried at fair value less costs to sell at December 31, 2018. No charge to earnings was included in the year ended December 31, 2018. The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2019 and December 31, 2018: June 30, 2019 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired Loans - Commercial and Industrial Loans $ 1,835 Sales comparison approach Adjustment for physical condition of comparable properties sold 60%-100% (61%) Impaired Loans - Commercial Real Estate Loans $ 1,750 Sales comparison approach Adjustment for physical condition of comparable properties sold 47%-76% (60%) December 31, 2018 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired Loans - Commercial and Industrial Loans $ 2,210 Sales comparison approach Adjustment for physical condition of comparable properties sold 0%-100% (99%) Impaired Loans - Commercial Real Estate Loans $ 2,528 Sales comparison approach Adjustment for physical condition of comparable properties sold 22%-76% (55%) The carrying amounts and estimated fair values of the Company’s financial instruments not previously presented are provided in the tables below for the periods ending June 30, 2019 and December 31, 2018. Not all of the Company’s assets and liabilities are considered financial instruments, and therefore are not included in the tables. Because no active market exists for a significant portion of the Company’s financial instruments, fair value estimates were based on subjective judgments, and therefore cannot be determined with precision. In accordance with the adoption of ASU 2016-01, the tables below for June 30, 2019 and December 31, 2018, present the fair values measured using an exit price notion. Fair Value Measurements at June 30, 2019 Using Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and Short-term Investments $ 90,007 $ 48,634 $ 41,373 $ — $ 90,007 Interest Bearing Time Deposits with Banks 250 — 250 — 250 Loans, Net 2,697,204 — — 2,684,900 2,684,900 Accrued Interest Receivable 16,210 — 4,389 11,821 16,210 Financial Liabilities: Demand, Savings, and Money Market Deposits (2,531,061 ) (2,531,061 ) — — (2,531,061 ) Time Deposits (597,771 ) — (597,447 ) — (597,447 ) Short-term Borrowings (142,318 ) (106,000 ) (36,318 ) — (142,318 ) Long-term Debt (163,622 ) — (152,022 ) (8,751 ) (160,773 ) Accrued Interest Payable (2,060 ) — (2,040 ) (20 ) (2,060 ) Fair Value Measurements at December 31, 2018 Using Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and Short-term Investments $ 96,550 $ 64,549 $ 32,001 $ — $ 96,550 Interest Bearing Time Deposits with Banks 250 — 250 — 250 Loans, Net 2,707,498 — — 2,689,393 2,689,393 Accrued Interest Receivable 16,634 — 4,143 12,491 16,634 Financial Liabilities: Demand, Savings, and Money Market Deposits (2,484,149 ) (2,848,149 ) — — (2,848,149 ) Time Deposits (588,483 ) — (586,338 ) — (586,338 ) Short-term Borrowings (249,774 ) (204,500 ) (45,274 ) — (249,774 ) Long-term Debt (126,635 ) — (117,513 ) (11,315 ) (128,828 ) Accrued Interest Payable (1,740 ) — (1,718 ) (22 ) (1,740 ) |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The tables below summarize the changes in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2019 and 2018, net of tax: June 30, 2019 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at April 1, 2019 $ 2,655 $ (339 ) $ 2,316 Other Comprehensive Income (Loss) Before Reclassification 9,299 — 9,299 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (408 ) — (408 ) Net Current Period Other Comprehensive Income (Loss) 8,891 — 8,891 Ending Balance at June 30, 2019 $ 11,546 $ (339 ) $ 11,207 June 30, 2019 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at January 1, 2019 $ (6,759 ) $ (339 ) $ (7,098 ) Other Comprehensive Income (Loss) Before Reclassification 18,835 — 18,835 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (530 ) — (530 ) Net Current Period Other Comprehensive Income (Loss) 18,305 — 18,305 Ending Balance at June 30, 2019 $ 11,546 $ (339 ) $ 11,207 June 30, 2018 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at April 1, 2018 $ (11,553 ) $ (285 ) $ (11,838 ) Other Comprehensive Income (Loss) Before Reclassification (1,443 ) — (1,443 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (58 ) — (58 ) Net Current Period Other Comprehensive Income (Loss) (1,501 ) — (1,501 ) Ending Balance at June 30, 2018 $ (13,054 ) $ (285 ) $ (13,339 ) June 30, 2018 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at January 1, 2018 $ (2,335 ) $ (285 ) $ (2,620 ) Other Comprehensive Income (Loss) Before Reclassification (10,448 ) — (10,448 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (271 ) — (271 ) Net Current Period Other Comprehensive Income (Loss) (10,719 ) — (10,719 ) Ending Balance at June 30, 2018 $ (13,054 ) $ (285 ) $ (13,339 ) The tables below summarize the classifications out of accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2019 and 2018: Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Unrealized Gains and Losses on Available-for-Sale Securities $ 516 Net Gains on Securities (108 ) Income Tax Expense 408 Net of Tax Total Reclassifications for the Three Months Ended June 30, 2019 $ 408 Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Unrealized Gains and Losses on Available-for-Sale Securities $ 671 Net Gains on Securities (141 ) Income Tax Expense 530 Net of Tax Total Reclassifications for the Six Months Ended June 30, 2019 $ 530 Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Unrealized Gains and Losses on Available-for-Sale Securities $ 74 Net Gains on Securities (16 ) Income Tax Expense 58 Net of Tax Total Reclassifications for the Three Months Ended June 30, 2018 $ 58 Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Unrealized Gains and Losses on Available-for-Sale Securities $ 344 Net Gains on Securities (73 ) Income Tax Expense 271 Net of Tax Total Reclassifications for the Six Months Ended June 30, 2018 $ 271 |
Recently Adopted and Newly Issu
Recently Adopted and Newly Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Recently Adopted and Newly Issued Accounting Pronouncements | Recently Adopted and Newly Issued Accounting Pronouncements Recently Adopted Accounting Guidance In February 2016, the FASB amended existing guidance (ASU No. 2016-02, Leases (Topic 842)) that requires lessees recognize the following for all leases (with the exception of short-term leases) at the commencement date (1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. The Company adopted the amendments to Topic 842 on January 1, 2019, utilizing the modified retrospective approach and the transition option issued under ASU 2018-11, Leases (Topic 842) Targeted Improvements. The Company elected to apply the package of practical expedients permitting entities to not reassess (1) expired or existing contracts that may contain leases; (2) lease classification of expired or existing leases; (3) initial direct costs for existing leases as well as the practical expedient for land easements. The Company also elected certain optional relief for accounting policy elections under ASU 2016-02 (1) to not separate the lease and non-lease components and instead use them for a single lease component for leases related to office equipment and (2) the option to not recognize right-of-use assets and liabilities that arise from short-term leases. Upon adoption of this guidance on January 1, 2019, the Company recorded a right-of-use asset and corresponding lease liability of $9,034 on the consolidated balance sheet. No cumulative effect adjustment to retained earnings resulted from the adoption of this guidance. For additional detail on this recently adopted accounting guidance, see Note 14 - Leases. Accounting Guidance Issued but not yet Adopted In June 2016, the FASB issued guidance (ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326)) to replace the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (CECL) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, held-to-maturity debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. This standard will be effective for public business entities for fiscal years beginning after December 15, 2019, including interim periods within that reporting period. The transition to the new standard will be applied as follows: • For debt securities with other-than-temporary impairment (OTTI), the guidance will be applied prospectively. • Existing purchased credit impaired (PCI) assets will be grandfathered and classified as purchased credit deteriorated (PCD) assets at the date of adoption. The asset will be grossed up for the allowance for expected credit losses for all PCD assets at the date of adoption and will continue to recognize the noncredit discount in interest income based on the yield of such assets as of the adoption date. Subsequent changes in expected credit losses will be recorded through the allowance. • For all other assets within the scope of CECL, a cumulative-effect adjustment will be recognized in retained earnings as of the beginning of the first reporting period in which the guidance is effective. After having implemented the new software necessary for the CECL model, the Company plans to run parallel processing of its existing allowance for loan loss model with the CECL model in the third quarter of 2019. The Company expects to recognize a one-time cumulative adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, but cannot estimate the amount at this time. In March 2017, the FASB amended existing guidance (ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20)) to amend the amortization period for certain purchased callable debt securities held at a premium. The amortization period has been shortened to the earliest call date. Under current generally accepted accounting principles, entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument. These amendments are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company early adopted this guidance in 2017 and it did not have a material impact on the Company's operating results or financial condition. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases On January 1, 2019, the Company adopted the amendments to ASC 842, Leases, which requires lessees to recognize lease assets and liabilities arising from operating leases on the balance sheet. At the inception of a contract, an entity should determine whether the contract contains a lease. Topic 842 defines a lease as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. Control over the use of an identified asset means that the customer has both (1) the right to obtain substantially all of the economic benefits from the use of the asset and (2) the right to direct the use of the asset. German American has finance leases for branch offices as well as operating leases for branch offices, ATM locations and certain office equipment. In prior periods, German American included the finance leases on the balance sheet with a right-of-use asset as well as a lease liability. Upon adopting the amended guidance, German American recorded a right-of-use asset and lease liability for its operating leases in the amount of $9,034 . Also, at this time, management considered a reasonable expectation of renewal periods to include for the leases. The right-of-use asset is included in the 'Premises, Furniture and Equipment, Net' line of the consolidated balance sheet. The lease liability is included in the 'Accrued Interest Payable and Other Liabilities' line of the consolidated balance sheet. The Company used the implicit lease rate when determining the present value of lease payments for finance leases. The present value of lease payments for operating leases was determined using the incremental borrowing rate as of the date the Company adopted this standard. The components of lease expense were as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Finance Lease Cost: Amortization of Right-of -Use Assets $ 52 $ 104 Interest on Lease Liabilities 95 191 Operating Lease Cost 360 720 Short-term Lease Cost 15 30 Total Lease Cost $ 522 $ 1,045 The weighted average lease term and discount rates were as follows: June 30, 2019 Weighted Average Remaining Lease Term: Finance Leases 13 years Operating Leases 9 years Weighted Average Discount Rate: Finance Leases 11.49 % Operating Leases 3.44 % Supplemental balance sheet information related to leases was as follows: June 30, 2019 Finance Leases Premises, Furniture and Equipment, Net $ 2,593 Other Borrowings 3,453 Operating Leases Operating Lease Right-of-Use Assets $ 8,464 Operating Lease Liabilities 8,498 Supplemental cash flow information related to leases was as follows: Six Months Ended June 30, 2019 Cash Paid for amounts in the measurement of lease liabilities: Operating Cash Flows from Finance Leases $ 191 Operating Cash Flows from Operating Leases 687 Financing Cash Flows from Finance Leases 53 The following table presents a maturity analysis of Finance and Operating Lease Liabilities: June 30, 2019 Finance Leases Operating Leases Year 1 $ 519 $ 1,362 Year 2 519 1,240 Year 3 519 1,134 Year 4 519 1,112 Year 5 519 1,069 Thereafter 3,732 4,099 Total Lease Payments 6,327 10,016 Less Imputed Interest (2,874 ) (1,518 ) Total $ 3,453 $ 8,498 |
Leases | Leases On January 1, 2019, the Company adopted the amendments to ASC 842, Leases, which requires lessees to recognize lease assets and liabilities arising from operating leases on the balance sheet. At the inception of a contract, an entity should determine whether the contract contains a lease. Topic 842 defines a lease as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. Control over the use of an identified asset means that the customer has both (1) the right to obtain substantially all of the economic benefits from the use of the asset and (2) the right to direct the use of the asset. German American has finance leases for branch offices as well as operating leases for branch offices, ATM locations and certain office equipment. In prior periods, German American included the finance leases on the balance sheet with a right-of-use asset as well as a lease liability. Upon adopting the amended guidance, German American recorded a right-of-use asset and lease liability for its operating leases in the amount of $9,034 . Also, at this time, management considered a reasonable expectation of renewal periods to include for the leases. The right-of-use asset is included in the 'Premises, Furniture and Equipment, Net' line of the consolidated balance sheet. The lease liability is included in the 'Accrued Interest Payable and Other Liabilities' line of the consolidated balance sheet. The Company used the implicit lease rate when determining the present value of lease payments for finance leases. The present value of lease payments for operating leases was determined using the incremental borrowing rate as of the date the Company adopted this standard. The components of lease expense were as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Finance Lease Cost: Amortization of Right-of -Use Assets $ 52 $ 104 Interest on Lease Liabilities 95 191 Operating Lease Cost 360 720 Short-term Lease Cost 15 30 Total Lease Cost $ 522 $ 1,045 The weighted average lease term and discount rates were as follows: June 30, 2019 Weighted Average Remaining Lease Term: Finance Leases 13 years Operating Leases 9 years Weighted Average Discount Rate: Finance Leases 11.49 % Operating Leases 3.44 % Supplemental balance sheet information related to leases was as follows: June 30, 2019 Finance Leases Premises, Furniture and Equipment, Net $ 2,593 Other Borrowings 3,453 Operating Leases Operating Lease Right-of-Use Assets $ 8,464 Operating Lease Liabilities 8,498 Supplemental cash flow information related to leases was as follows: Six Months Ended June 30, 2019 Cash Paid for amounts in the measurement of lease liabilities: Operating Cash Flows from Finance Leases $ 191 Operating Cash Flows from Operating Leases 687 Financing Cash Flows from Finance Leases 53 The following table presents a maturity analysis of Finance and Operating Lease Liabilities: June 30, 2019 Finance Leases Operating Leases Year 1 $ 519 $ 1,362 Year 2 519 1,240 Year 3 519 1,134 Year 4 519 1,112 Year 5 519 1,069 Thereafter 3,732 4,099 Total Lease Payments 6,327 10,016 Less Imputed Interest (2,874 ) (1,518 ) Total $ 3,453 $ 8,498 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Subsequent Event | Subsequent Event On July 1, 2019, the Company completed the acquisition of Citizens First Corporation (“Citizens First”) through the merger of Citizens First with and into the Company. Immediately following completion of the Citizens First holding company merger, Citizens First's subsidiary bank, Citizen First Bank, Inc., was merged with and into the Company’s subsidiary bank, German American Bank. Under the terms of the definitive merger agreement, the Company issued approximately 1.7 million shares of its common stock which resulted in approximately $50.1 million in total stock consideration and paid approximately $15.5 million in cash, in exchange for all of the issued and outstanding shares of common stock of Citizens First. Citizens First is a bank holding company headquartered in Bowling Green, Kentucky. It operates, through Citizens First Bank, Inc., branch offices in Barren, Hart, Simpson and Warren Counties in Kentucky. At March 31, 2019, Citizens First reported total assets of approximately $472.1 million , total loans of approximately $377.9 million , and total deposits of approximately $381.8 million . The acquired assets and liabilities will be recorded at fair value at the date of acquisition and will be reflected in the September 30, 2019 financial statements as such; however, at the time of these financial statements, the appraisals and valuations are incomplete. The Company expects to record goodwill and a core deposit intangible in regards to this transaction based on earlier estimates, but the amount is not known as the initial fair value accounting is incomplete. The goodwill will not be deductible for tax purposes. This acquisition is consistent with the Company's strategy to build a regional presence in central and western Kentucky. The acquisition offers the Company the opportunity to increase profitability by introducing existing products and services to the acquired customer base as well as add new customers in the expanded region. |
Recently Adopted and Newly Is_2
Recently Adopted and Newly Issued Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accounting and reporting policies of German American Bancorp, Inc. and its subsidiaries (hereinafter collectively referred to as the "Company") conform to U.S. generally accepted accounting principles. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the periods reported have been included in the accompanying unaudited consolidated financial statements, and all such adjustments are of a normal recurring nature. |
Revenue Recognition | Revenue Recognition In May 2014, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). On January 1, 2018, the Company adopted ASU 2014-09 and all subsequent amendments to the ASU that modified Topic 606. Topic 606 creates a single framework for recognizing revenue from contracts with customers that fall within its scope and revises when it is appropriate to recognize a gain (loss) from the transfer of nonfinancial assets. Since the guidance does not apply to revenue associated with financial instruments, the new guidance did not have a material impact on revenue most closely associated with financial instruments, including interest income and expense. The majority of the Company's revenues are from financial instruments and are not within the scope of Topic 606. The Company completed its overall assessment of revenue streams and related contracts, including service charges on deposit accounts, interchange income, and trust and investment brokerage fees. Based on the assessment, the Company concluded that ASU 2014-09 did not materially change the method in which the Company currently recognizes revenue for these revenue streams. The Company also completed its evaluation of certain costs related to these revenue streams to determine whether certain revenue streams should be reported gross versus net of certain expenses. Based on its evaluation, the Company determined that the classification of certain debit card related costs should change and now be reported as expenses versus contra-revenue. This reclassification change resulted in an immaterial impact to both revenue and expense. The Company adopted ASU 2014-09 and its related amendments utilizing the modified retrospective approach. Since there was no net income impact upon adoption of this guidance, a cumulative adjustment to retained earnings was not deemed necessary. Consistent with the modified retrospective approach, the Company did not adjust prior period amounts for the debit card costs noted above. A description of the Company's revenue streams accounted for under Topic 606 follows: Service Charges on Deposit Accounts : The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as stop payment charges and statement rendering, are recognized at the time the transaction is executed (the point in time the Company fills the customer's request). Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Interchange Fee Income: The Company earns interchange fees from debit/credit cardholder transactions conducted through various payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Trust and Investment Product Fees: The Company earns trust and investment brokerage fees from its contracts with trust and brokerage customers to manage assets for investment and/or to transact their accounts. These fees are primarily earned over time as the Company provides the contracted monthly or quarterly services and are generally assessed based on the market value of assets under management at month-end. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed (trade date). Insurance Revenues : The Company earns insurance revenue from commissions derived from the sale of personal and corporate property and casualty insurance products. These commissions are primarily earned over time as the Company provides the contracted insurance product to customers. |
Recently Adopted and Newly Issued Accounting Pronouncements | Recently Adopted and Newly Issued Accounting Pronouncements Recently Adopted Accounting Guidance In February 2016, the FASB amended existing guidance (ASU No. 2016-02, Leases (Topic 842)) that requires lessees recognize the following for all leases (with the exception of short-term leases) at the commencement date (1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. The Company adopted the amendments to Topic 842 on January 1, 2019, utilizing the modified retrospective approach and the transition option issued under ASU 2018-11, Leases (Topic 842) Targeted Improvements. The Company elected to apply the package of practical expedients permitting entities to not reassess (1) expired or existing contracts that may contain leases; (2) lease classification of expired or existing leases; (3) initial direct costs for existing leases as well as the practical expedient for land easements. The Company also elected certain optional relief for accounting policy elections under ASU 2016-02 (1) to not separate the lease and non-lease components and instead use them for a single lease component for leases related to office equipment and (2) the option to not recognize right-of-use assets and liabilities that arise from short-term leases. Upon adoption of this guidance on January 1, 2019, the Company recorded a right-of-use asset and corresponding lease liability of $9,034 on the consolidated balance sheet. No cumulative effect adjustment to retained earnings resulted from the adoption of this guidance. For additional detail on this recently adopted accounting guidance, see Note 14 - Leases. Accounting Guidance Issued but not yet Adopted In June 2016, the FASB issued guidance (ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326)) to replace the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (CECL) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, held-to-maturity debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. This standard will be effective for public business entities for fiscal years beginning after December 15, 2019, including interim periods within that reporting period. The transition to the new standard will be applied as follows: • For debt securities with other-than-temporary impairment (OTTI), the guidance will be applied prospectively. • Existing purchased credit impaired (PCI) assets will be grandfathered and classified as purchased credit deteriorated (PCD) assets at the date of adoption. The asset will be grossed up for the allowance for expected credit losses for all PCD assets at the date of adoption and will continue to recognize the noncredit discount in interest income based on the yield of such assets as of the adoption date. Subsequent changes in expected credit losses will be recorded through the allowance. • For all other assets within the scope of CECL, a cumulative-effect adjustment will be recognized in retained earnings as of the beginning of the first reporting period in which the guidance is effective. After having implemented the new software necessary for the CECL model, the Company plans to run parallel processing of its existing allowance for loan loss model with the CECL model in the third quarter of 2019. The Company expects to recognize a one-time cumulative adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, but cannot estimate the amount at this time. In March 2017, the FASB amended existing guidance (ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20)) to amend the amortization period for certain purchased callable debt securities held at a premium. The amortization period has been shortened to the earliest call date. Under current generally accepted accounting principles, entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument. These amendments are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company early adopted this guidance in 2017 and it did not have a material impact on the Company's operating results or financial condition. |
Leases | Leases On January 1, 2019, the Company adopted the amendments to ASC 842, Leases, which requires lessees to recognize lease assets and liabilities arising from operating leases on the balance sheet. At the inception of a contract, an entity should determine whether the contract contains a lease. Topic 842 defines a lease as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. Control over the use of an identified asset means that the customer has both (1) the right to obtain substantially all of the economic benefits from the use of the asset and (2) the right to direct the use of the asset. German American has finance leases for branch offices as well as operating leases for branch offices, ATM locations and certain office equipment. In prior periods, German American included the finance leases on the balance sheet with a right-of-use asset as well as a lease liability. Upon adopting the amended guidance, German American recorded a right-of-use asset and lease liability for its operating leases in the amount of $9,034 . Also, at this time, management considered a reasonable expectation of renewal periods to include for the leases. The right-of-use asset is included in the 'Premises, Furniture and Equipment, Net' line of the consolidated balance sheet. The lease liability is included in the 'Accrued Interest Payable and Other Liabilities' line of the consolidated balance sheet. The Company used the implicit lease rate when determining the present value of lease payments for finance leases. The present value of lease payments for operating leases was determined using the incremental borrowing rate as of the date the Company adopted this standard. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Non-interest Income, Segregated by Revenue Stream | The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six months ended June 30, 2019 and 2018. Trust and investment product fees are included in the trust and investment advisory services segment while insurance revenues are included in the insurance segment. All other revenue streams are primarily included in the banking segment. Three Months Ended June 30, Non-interest Income 2019 2018 In-Scope of Topic 606: Trust and Investment Product Fees $ 1,913 $ 1,677 Service Charges on Deposit Accounts 2,024 1,643 Insurance Revenues 1,929 1,696 Interchange Fee Income 2,332 1,714 Other Operating Income 481 442 Non-interest Income (in-scope of Topic 606) 8,679 7,172 Non-interest Income (out-of-scope of Topic 606) 1,830 1,710 Total Non-interest Income $ 10,509 $ 8,882 Six Months Ended June 30, Non-interest Income 2019 2018 In-Scope of Topic 606: Trust and Investment Product Fees $ 3,480 $ 3,450 Service Charges on Deposit Accounts 3,924 3,114 Insurance Revenues 5,134 4,626 Interchange Fee Income 4,427 3,196 Other Operating Income 930 820 Non-interest Income (in-scope of Topic 606) 17,895 15,206 Non-interest Income (out-of-scope of Topic 606) 4,272 3,168 Total Non-interest Income $ 22,167 $ 18,374 |
Per Share Data (Tables)
Per Share Data (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Computations of Basic Earnings Per Share and Diluted Earnings Per Share | The computation of Basic Earnings per Share and Diluted Earnings per Share are as follows: Three Months Ended 2019 2018 Basic Earnings per Share: Net Income $ 15,271 $ 11,097 Weighted Average Shares Outstanding 24,992,238 22,968,178 Basic Earnings per Share $ 0.61 $ 0.48 Diluted Earnings per Share: Net Income $ 15,271 $ 11,097 Weighted Average Shares Outstanding 24,992,238 22,968,178 Potentially Dilutive Shares, Net — — Diluted Weighted Average Shares Outstanding 24,992,238 22,968,178 Diluted Earnings per Share $ 0.61 $ 0.48 For the three months ended June 30, 2019 and 2018, there were no anti-dilutive shares. Six Months Ended 2019 2018 Basic Earnings per Share: Net Income $ 30,338 $ 22,910 Weighted Average Shares Outstanding 24,982,107 22,954,367 Basic Earnings per Share $ 1.21 $ 1.00 Diluted Earnings per Share: Net Income $ 30,338 $ 22,910 Weighted Average Shares Outstanding 24,982,107 22,954,367 Potentially Dilutive Shares, Net — — Diluted Weighted Average Shares Outstanding 24,982,107 22,954,367 Diluted Earnings per Share $ 1.21 $ 1.00 For the six months ended June 30, 2019 and 2018, there were no anti-dilutive shares. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Securities Available-for-Sale | The amortized cost, unrealized gross gains and losses recognized in accumulated other comprehensive income (loss), and fair value of Securities Available-for-Sale at June 30, 2019 and December 31, 2018, were as follows: Securities Available-for-Sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2019 Obligations of State and Political Subdivisions $ 290,053 $ 13,271 $ (40 ) $ 303,284 MBS/CMO - Residential 535,914 4,605 (3,111 ) 537,408 Total $ 825,967 $ 17,876 $ (3,151 ) $ 840,692 December 31, 2018 Obligations of State and Political Subdivisions $ 291,449 $ 4,407 $ (1,323 ) $ 294,533 MBS/CMO - Residential 529,805 1,029 (12,756 ) 518,078 Total $ 821,254 $ 5,436 $ (14,079 ) $ 812,611 |
Schedule of Securities by Contractual Maturity | The amortized cost and fair value of securities at June 30, 2019 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because some issuers have the right to call or prepay certain obligations with or without call or prepayment penalties. Mortgage-backed securities are not due at a single maturity date and are shown separately. Securities Available-for-Sale: Amortized Cost Fair Value Due in one year or less $ 2,332 $ 2,343 Due after one year through five years 16,151 16,531 Due after five years through ten years 73,764 76,979 Due after ten years 197,806 207,431 MBS/CMO - Residential 535,914 537,408 Total $ 825,967 $ 840,692 |
Schedule of Proceeds from the Sales of Securities | Proceeds from the Sales of Securities are summarized below: Three Months Ended Three Months Ended June 30, 2019 June 30, 2018 Proceeds from Sales $ 10,459 $ 10,220 Gross Gains on Sales 516 74 Income Taxes on Gross Gains 108 16 Six Months Ended Six Months Ended June 30, 2019 June 30, 2018 Proceeds from Sales $ 22,274 $ 17,515 Gross Gains on Sales 671 344 Income Taxes on Gross Gains 141 73 |
Schedule of Securities with Unrealized Losses | Below is a summary of securities with unrealized losses as of June 30, 2019 and December 31, 2018, presented by length of time the securities have been in a continuous unrealized loss position: Less than 12 Months 12 Months or More Total June 30, 2019 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Obligations of State and Political Subdivisions $ 4,889 $ (30 ) $ 1,331 $ (10 ) $ 6,220 $ (40 ) MBS/CMO - Residential 10,154 (36 ) 264,051 (3,075 ) 274,205 (3,111 ) Total $ 15,043 $ (66 ) $ 265,382 $ (3,085 ) $ 280,425 $ (3,151 ) Less than 12 Months 12 Months or More Total December 31, 2018 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Obligations of State and Political Subdivisions $ 37,936 $ (286 ) $ 49,071 $ (1,037 ) $ 87,007 $ (1,323 ) MBS/CMO - Residential 56,386 (601 ) 356,218 (12,155 ) 412,604 (12,756 ) Total $ 94,322 $ (887 ) $ 405,289 $ (13,192 ) $ 499,611 $ (14,079 ) |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments And Hedging Activities | The following table reflects the fair value hedges included in the Consolidated Balance Sheets as of: June 30, 2019 December 31, 2018 Notional Amount Fair Value Notional Amount Fair Value Included in Other Assets: Interest Rate Swaps $ 84,381 $ 2,381 $ 85,587 $ 1,713 Included in Other Liabilities: Interest Rate Swaps $ 84,381 $ 2,607 $ 85,587 $ 1,734 |
Schedule of Derivative Instruments Consolidated Statements of Income | The following table presents the effect of derivative instruments on the Consolidated Statements of Income for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest Rate Swaps: Included in Other Operating Income $ (132 ) $ 26 $ (206 ) $ 116 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Loans Classifications | Loans were comprised of the following classifications at June 30, 2019 and December 31, 2018: June 30, December 31, Commercial: Commercial and Industrial Loans and Leases $ 554,290 $ 543,761 Commercial Real Estate Loans 1,213,579 1,208,646 Agricultural Loans 364,116 365,208 Retail: Home Equity Loans 203,351 207,987 Consumer Loans 77,612 77,547 Residential Mortgage Loans 307,726 328,592 Subtotal 2,720,674 2,731,741 Less: Unearned Income (3,646 ) (3,682 ) Allowance for Loan Losses (16,239 ) (15,823 ) Loans, Net $ 2,700,789 $ 2,712,236 |
Schedule of Allowance for Loan Losses | The following tables present the activity in the allowance for loan losses by portfolio class for the three months ended June 30, 2019 and 2018: June 30, 2019 Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Total Beginning Balance $ 3,317 $ 5,741 $ 5,453 $ 214 $ 483 $ 429 $ 606 $ 16,243 Provision for Loan Losses (303 ) 104 272 54 124 (47 ) 46 250 Recoveries 34 14 — — 93 3 — 144 Loans Charged-off (56 ) (18 ) — (10 ) (278 ) (36 ) — (398 ) Ending Balance $ 2,992 $ 5,841 $ 5,725 $ 258 $ 422 $ 349 $ 652 $ 16,239 June 30, 2018 Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Total Beginning Balance $ 3,603 $ 4,622 $ 4,825 $ 272 $ 316 $ 327 $ 495 $ 14,460 Provision for Loan Losses (44 ) 335 753 86 107 19 (36 ) 1,220 Recoveries 4 5 — 8 68 29 — 114 Loans Charged-off — (4 ) — — (144 ) (9 ) — (157 ) Ending Balance $ 3,563 $ 4,958 $ 5,578 $ 366 $ 347 $ 366 $ 459 $ 15,637 The following tables present the activity in the allowance for loan losses by portfolio class for the six months ended June 30, 2019 and 2018: June 30, 2019 Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Total Beginning Balance $ 2,953 $ 5,291 $ 5,776 $ 229 $ 420 $ 472 $ 682 $ 15,823 Provision for Loan Losses 44 669 (51 ) 39 333 (79 ) (30 ) 925 Recoveries 51 19 — — 214 6 — 290 Loans Charged-off (56 ) (138 ) — (10 ) (545 ) (50 ) — (799 ) Ending Balance $ 2,992 $ 5,841 $ 5,725 $ 258 $ 422 $ 349 $ 652 $ 16,239 June 30, 2018 Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Total Beginning Balance $ 4,735 $ 4,591 $ 4,894 $ 330 $ 298 $ 343 $ 503 $ 15,694 Provision for Loan Losses 323 360 684 42 204 1 (44 ) 1,570 Recoveries 5 11 — 10 157 31 — 214 Loans Charged-off (1,500 ) (4 ) — (16 ) (312 ) (9 ) — (1,841 ) Ending Balance $ 3,563 $ 4,958 $ 5,578 $ 366 $ 347 $ 366 $ 459 $ 15,637 |
Schedule of Allowance for Loan Losses and Recorded Investment in Loans | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio class and based on impairment method as of June 30, 2019 and December 31, 2018: June 30, 2019 Total Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Allowance for Loan Losses: Ending Allowance Balance Attributable to Loans: Individually Evaluated for Impairment $ 1,550 $ 139 $ 1,411 $ — $ — $ — $ — $ — Collectively Evaluated for Impairment 14,327 2,853 4,073 5,725 258 422 344 652 Acquired with Deteriorated Credit Quality 362 — 357 — — — 5 — Total Ending Allowance Balance $ 16,239 $ 2,992 $ 5,841 $ 5,725 $ 258 $ 422 $ 349 $ 652 Loans: Loans Individually Evaluated for Impairment $ 6,047 $ 2,115 $ 3,932 $ — $ — $ — $ — n/m (2) Loans Collectively Evaluated for Impairment 2,716,376 552,938 1,207,345 367,030 203,982 77,824 307,257 n/m (2) Loans Acquired with Deteriorated Credit Quality 10,029 882 5,629 1,882 368 — 1,268 n/m (2) Total Ending Loans Balance (1) $ 2,732,452 $ 555,935 $ 1,216,906 $ 368,912 $ 204,350 $ 77,824 $ 308,525 n/m (2) (1) Total recorded investment in loans includes $11,778 in accrued interest. (2) n/m = not meaningful December 31, 2018 Total Commercial and Industrial Loans and Leases Commercial Real Estate Loans Agricultural Loans Home Equity Loans Consumer Loans Residential Mortgage Loans Unallocated Allowance for Loan Losses: Ending Allowance Balance Attributable to Loans: Individually Evaluated for Impairment $ 1,823 $ 143 $ 1,680 $ — $ — $ — $ — $ — Collectively Evaluated for Impairment 13,992 2,810 3,608 5,776 229 420 467 682 Acquired with Deteriorated Credit Quality 8 — 3 — — — 5 — Total Ending Allowance Balance $ 15,823 $ 2,953 $ 5,291 $ 5,776 $ 229 $ 420 $ 472 $ 682 Loans: Loans Individually Evaluated for Impairment $ 9,619 $ 3,536 $ 6,083 $ — $ — $ — $ — n/m (2) Loans Collectively Evaluated for Impairment 2,722,867 540,768 1,198,806 368,817 208,644 77,761 328,071 n/m (2) Loans Acquired with Deteriorated Credit Quality 11,556 1,038 6,993 1,877 365 — 1,283 n/m (2) Total Ending Loans Balance (1) $ 2,744,042 $ 545,342 $ 1,211,882 $ 370,694 $ 209,009 $ 77,761 $ 329,354 n/m (2) (1) Total recorded investment in loans includes $12,301 in accrued interest. (2) n/m = not meaningful |
Schedule for Loans Individually Evaluated for Impairment | The following tables present loans individually evaluated for impairment by class of loans as of June 30, 2019 and December 31, 2018: June 30, 2019 Unpaid Principal Balance (1) Recorded Investment Allowance for Loan Losses Allocated With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 2,346 $ 142 $ — Commercial Real Estate Loans 4,003 2,615 — Agricultural Loans 1,742 1,475 — Subtotal 8,091 4,232 — With An Allowance Recorded: Commercial and Industrial Loans and Leases 1,974 1,974 139 Commercial Real Estate Loans 4,314 3,981 1,768 Agricultural Loans — — — Subtotal 6,288 5,955 1,907 Total $ 14,379 $ 10,187 $ 1,907 Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 6,884 $ 3,320 $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ 1,142 $ 820 $ 357 (1) Unpaid Principal Balance is the remaining contractual payments gross of partial charge-offs and discounts. December 31, 2018 Unpaid Principal Balance (1) Recorded Investment Allowance for Loan Losses Allocated With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 3,721 $ 1,183 $ — Commercial Real Estate Loans 5,828 4,383 — Agricultural Loans 1,726 1,450 — Subtotal 11,275 7,016 — With An Allowance Recorded: Commercial and Industrial Loans and Leases 2,353 2,353 143 Commercial Real Estate Loans 4,404 4,212 1,683 Agricultural Loans — — — Subtotal 6,757 6,565 1,826 Total $ 18,032 $ 13,581 $ 1,826 Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 8,060 $ 3,958 $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ 196 $ 4 $ 3 (1) Unpaid Principal Balance is the remaining contractual payments gross of partial charge-offs and discounts. The following tables present the average balance and related interest income of loans individually evaluated for impairment by class of loans for the three month period ended June 30, 2019 and 2018: June 30, 2019 Average Recorded Investment Interest Income Recognized Cash Basis Recognized With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 164 $ 2 $ — Commercial Real Estate Loans 2,981 11 — Agricultural Loans 1,412 — — Subtotal 4,557 13 — With An Allowance Recorded: Commercial and Industrial Loans and Leases 2,128 — — Commercial Real Estate Loans 3,957 — — Agricultural Loans — — — Subtotal 6,085 — — Total $ 10,642 $ 13 $ — Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 3,386 $ 8 $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ 744 $ — $ — June 30, 2018 Average Recorded Investment Interest Income Recognized Cash Basis Recognized With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 1,142 $ 13 $ — Commercial Real Estate Loans 1,180 13 — Agricultural Loans 546 — — Subtotal 2,868 26 — With An Allowance Recorded: Commercial and Industrial Loans and Leases 2,690 1 — Commercial Real Estate Loans 5,130 6 — Agricultural Loans — — — Subtotal 7,820 7 — Total $ 10,688 $ 33 $ — Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 546 $ — $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ 207 $ 7 $ — The following tables present the average balance and related interest income of loans individually evaluated for impairment by class of loans for the six month period ended June 30, 2019 and 2018: June 30, 2019 Average Recorded Investment Interest Income Recognized Cash Basis Recognized With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 301 $ 4 $ — Commercial Real Estate Loans 3,291 28 — Agricultural Loans 1,409 — — Subtotal 5,001 32 — With An Allowance Recorded: Commercial and Industrial Loans and Leases 2,207 — — Commercial Real Estate Loans 4,324 — — Agricultural Loans — — — Subtotal 6,531 — — Total $ 11,532 $ 32 $ — Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 4,414 $ 15 $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ 3,861 $ — $ — June 30, 2018 Average Recorded Investment Interest Income Recognized Cash Basis Recognized With No Related Allowance Recorded: Commercial and Industrial Loans and Leases $ 1,163 $ 26 $ 1 Commercial Real Estate Loans 1,294 26 6 Agricultural Loans 623 — — Subtotal 3,080 52 7 With An Allowance Recorded: Commercial and Industrial Loans and Leases 3,487 2 — Commercial Real Estate Loans 4,876 9 — Agricultural Loans — — — Subtotal 8,363 11 — Total $ 11,443 $ 63 $ 7 Loans Acquired With Deteriorated Credit Quality With No Related Allowance Recorded (Included in the Total Above) $ 548 $ — $ — Loans Acquired With Deteriorated Credit Quality With An Additional Allowance Recorded (Included in the Total Above) $ 211 $ 11 $ — |
Schedule of Recorded Investment in Nonaccrual Loans | The following tables present the recorded investment in non-accrual loans and loans past due 90 days or more still on accrual by class of loans as of June 30, 2019 and December 31, 2018: Non-Accrual Loans Loans Past Due 90 Days or More & Still Accruing June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Commercial and Industrial Loans and Leases $ 1,997 $ 2,430 $ 455 $ — Commercial Real Estate Loans 5,748 6,833 114 368 Agricultural Loans 1,475 1,449 435 274 Home Equity Loans 90 88 — — Consumer Loans 113 162 — — Residential Mortgage Loans 1,506 1,617 — — Total $ 10,929 $ 12,579 $ 1,004 $ 642 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 4,452 $ 4,162 $ 78 $ 141 Loans Acquired in Current Year (Included in the Total Above) $ — $ 4,603 $ — $ 96 |
Schedule of Aging of Recorded Investment in Past Due Loans | The following tables present the aging of the recorded investment in past due loans by class of loans as of June 30, 2019 and December 31, 2018: June 30, 2019 Total 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Loans Not Past Due Commercial and Industrial Loans and Leases $ 555,935 $ 298 $ 47 $ 455 $ 800 $ 555,135 Commercial Real Estate Loans 1,216,906 1,562 467 1,467 3,496 1,213,410 Agricultural Loans 368,912 1,857 180 435 2,472 366,440 Home Equity Loans 204,350 609 213 89 911 203,439 Consumer Loans 77,824 690 46 83 819 77,005 Residential Mortgage Loans 308,525 4,675 1,165 1,181 7,021 301,504 Total (1) $ 2,732,452 $ 9,691 $ 2,118 $ 3,710 $ 15,519 $ 2,716,933 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 10,029 $ 860 $ 26 $ 974 $ 1,860 $ 8,169 (1) Total recorded investment in loans includes $11,778 in accrued interest. December 31, 2018 Total 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Loans Not Past Due Commercial and Industrial Loans and Leases $ 545,342 $ 5,414 $ 183 $ 72 $ 5,669 $ 539,673 Commercial Real Estate Loans 1,211,882 768 705 3,032 4,505 1,207,377 Agricultural Loans 370,694 563 805 274 1,642 369,052 Home Equity Loans 209,009 471 125 60 656 208,353 Consumer Loans 77,761 971 94 149 1,214 76,547 Residential Mortgage Loans 329,354 4,771 1,520 1,387 7,678 321,676 Total (1) $ 2,744,042 $ 12,958 $ 3,432 $ 4,974 $ 21,364 $ 2,722,678 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 11,556 $ 448 $ 885 $ 1,259 $ 2,592 $ 8,964 Loans Acquired in Current Year (Included in the Total Above) $ 481,901 $ 2,571 $ 1,620 $ 2,191 $ 6,382 $ 475,519 (1) Total recorded investment in loans includes $12,301 in accrued interest. |
Schedule of Recorded Investment of Troubled Debt Restructurings | The following tables present the recorded investment of troubled debt restructurings by class of loans as of June 30, 2019 and December 31, 2018: June 30, 2019 Total Performing Non-Accrual (1) Commercial and Industrial Loans and Leases $ 118 $ 118 $ — Commercial Real Estate Loans — — — Total $ 118 $ 118 $ — December 31, 2018 Total Performing Non-Accrual (1) Commercial and Industrial Loans and Leases $ 121 $ 121 $ — Commercial Real Estate Loans — — — Total $ 121 $ 121 $ — (1) The non-accrual troubled debt restructurings are included in the Non-Accrual Loan table presented on a previous page. |
Schedule of Risk Category of Loans | Based on the most recent analysis performed, the risk category of loans by class of loans is as follows: June 30, 2019 Pass Special Mention Substandard Doubtful Total Commercial and Industrial Loans and Leases $ 536,263 $ 5,745 $ 13,927 $ — $ 555,935 Commercial Real Estate Loans 1,182,369 22,329 12,208 — 1,216,906 Agricultural Loans 309,423 47,012 12,477 — 368,912 Total $ 2,028,055 $ 75,086 $ 38,612 $ — $ 2,141,753 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ 230 $ 1,435 $ 6,728 $ — $ 8,393 December 31, 2018 Pass Special Mention Substandard Doubtful Total Commercial and Industrial Loans and Leases $ 517,497 $ 7,541 $ 20,304 $ — $ 545,342 Commercial Real Estate Loans 1,165,937 26,723 19,222 — 1,211,882 Agricultural Loans 313,309 40,983 16,402 — 370,694 Total $ 1,996,743 $ 75,247 $ 55,928 $ — $ 2,127,918 Loans Acquired With Deteriorated Credit Quality (Included in the Total Above) $ — $ 1,436 $ 8,472 $ — $ 9,908 Loans Acquired in Current Year (Included in the Total Above) $ 250,415 $ 14,972 $ 11,521 $ — $ 276,908 |
Schedule of Recorded Investment in Home Equity, Consumer and Residential Mortgage Loans | The following table presents the recorded investment in home equity, consumer and residential mortgage loans based on payment activity as of June 30, 2019 and December 31, 2018: June 30, 2019 Home Equity Loans Consumer Loans Residential Mortgage Loans Performing $ 204,260 $ 77,711 $ 307,019 Nonperforming 90 113 1,506 Total $ 204,350 $ 77,824 $ 308,525 December 31, 2018 Home Equity Loans Consumer Loans Residential Mortgage Loans Performing $ 208,921 $ 77,599 $ 327,737 Nonperforming 88 162 1,617 Total $ 209,009 $ 77,761 $ 329,354 |
Schedule of Carrying Amount of Loans with Deterioration of Credit Quality | The Company has purchased loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The recorded investment of those loans is as follows: June 30, 2019 December 31, 2018 Commercial and Industrial Loans $ 882 $ 1,038 Commercial Real Estate Loans 5,629 6,993 Agricultural Loans 1,882 1,877 Home Equity Loans 368 365 Residential Mortgage Loans 1,268 1,283 Total $ 10,029 $ 11,556 Carrying Amount, Net of Allowance $ 9,626 $ 11,548 |
Schedule of Accretable Yield, or Income Expected to be Collected | Accretable yield, or income expected to be collected, is as follows: 2019 2018 Balance at April 1 $ 3,203 $ 2,739 New Loans Purchased — — Accretion of Income (202 ) (140 ) Reclassifications from Non-accretable Difference 131 65 Charge-off of Accretable Yield — (97 ) Balance at June 30 $ 3,132 $ 2,567 For those purchased loans disclosed above, the Company increased the allowance for loan losses by $147 during the three months ended June 30, 2019. The company did no t increase the allowance for loan losses during the three months ended June 30, 2018. The Company reversed no allowances for loan losses during the three months ended June 30, 2019. The Company reversed allowances for loan losses of $3 during the three months ended June 30, 2018. 2019 2018 Balance at January 1 $ 3,138 $ 2,734 New Loans Purchased — — Accretion of Income (524 ) (221 ) Reclassifications from Non-accretable Difference 518 151 Charge-off of Accretable Yield — (97 ) Balance at June 30 $ 3,132 $ 2,567 For those purchased loans disclosed above, the Company increased the allowances for loan losses by $424 and $30 during the six months ended June 30, 2019 and 2018. The Company reversed no allowances for loan losses for the six months ended June 30, 2019. The Company reversed allowances for loan losses of $3 for the six months ended June 30, 2018. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Financial Information | The following segment financial information has been derived from the internal financial statements of the Company which are used by management to monitor and manage financial performance. The accounting policies of the three segments are the same as those of the Company. The evaluation process for segments does not include holding company income and expense. Holding company amounts are the primary differences between segment amounts and consolidated totals, and are reflected in the column labeled “Other” below, along with amounts to eliminate transactions between segments. Core Trust and Investment Advisory Services Insurance Other Consolidated Totals Three Months Ended June 30, 2019 Net Interest Income $ 34,182 $ 4 $ 4 $ (549 ) $ 33,641 Net Gains on Sales of Loans 1,030 — — — 1,030 Net Gains on Securities 516 — — — 516 Trust and Investment Product Fees 1 1,912 — — 1,913 Insurance Revenues 4 4 1,921 — 1,929 Noncash Items: Provision for Loan Losses 250 — — — 250 Depreciation and Amortization 1,976 2 21 64 2,063 Income Tax Expense (Benefit) 3,437 128 50 (604 ) 3,011 Segment Profit (Loss) 15,068 372 147 (316 ) 15,271 Segment Assets at June 30, 2019 3,944,736 3,324 8,784 13,895 3,970,739 Core Trust and Investment Advisory Services Insurance Other Consolidated Totals Three Months Ended June 30, 2018 Net Interest Income $ 27,672 $ (1 ) $ 3 $ (205 ) $ 27,469 Net Gains on Sales of Loans 905 — — — 905 Net Gains on Securities 74 — — — 74 Trust and Investment Product Fees — 1,677 — — 1,677 Insurance Revenues 5 2 1,689 — 1,696 Noncash Items: Provision for Loan Losses 1,220 — — — 1,220 Depreciation and Amortization 1,316 1 21 64 1,402 Income Tax Expense (Benefit) 2,487 96 13 (270 ) 2,326 Segment Profit (Loss) 11,478 269 30 (680 ) 11,097 Segment Assets at December 31, 2018 3,926,242 2,658 11,368 (11,178 ) 3,929,090 Core Banking Trust and Investment Advisory Services Insurance Other Consolidated Totals Six Months Ended June 30, 2019 Net Interest Income $ 68,317 $ 6 $ 9 $ (1,100 ) $ 67,232 Net Gains on Sales of Loans 2,011 — — — 2,011 Net Gains on Securities 671 — — — 671 Trust and Investment Product Fees 2 3,478 — — 3,480 Insurance Revenues 7 25 5,102 — 5,134 Noncash Items: Provision for Loan Losses 925 — — — 925 Depreciation and Amortization 3,903 3 39 128 4,073 Income Tax Expense (Benefit) 6,092 204 407 (944 ) 5,759 Segment Profit (Loss) 29,567 587 1,237 (1,053 ) 30,338 Segment Assets at June 30, 2019 3,944,736 3,324 8,784 13,895 3,970,739 Core Banking Trust and Investment Advisory Services Insurance Other Consolidated Totals Six Months Ended June 30, 2018 Net Interest Income $ 53,462 $ 2 $ 5 $ (390 ) $ 53,079 Net Gains on Sales of Loans 1,555 — — — 1,555 Net Gains on Securities 344 — — — 344 Trust and Investment Product Fees 2 3,448 — — 3,450 Insurance Revenues 6 4 4,616 — 4,626 Noncash Items: Provision for Loan Losses 1,570 — — — 1,570 Depreciation and Amortization 2,431 2 40 128 2,601 Income Tax Expense (Benefit) 4,731 232 334 (487 ) 4,810 Segment Profit (Loss) 22,240 654 969 (953 ) 22,910 Segment Assets at December 31, 2018 3,926,242 2,658 11,368 (11,178 ) 3,929,090 |
Equity Plans and Equity Based_2
Equity Plans and Equity Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Expense Recorded For Restricted Stock And Cash Entitlements | The following table presents expense recorded for restricted stock and cash entitlements as well as the related tax information for the periods presented: Three Months Ended June 30, 2019 2018 Restricted Stock Expense $ 311 $ 383 Cash Entitlement Expense 152 172 Tax Effect (120 ) (145 ) Net of Tax $ 343 $ 410 Six Months Ended 2019 2018 Restricted Stock Expense $ 622 $ 661 Cash Entitlement Expense 302 342 Tax Effect (240 ) (262 ) Net of Tax $ 684 $ 741 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below: Fair Value Measurements at June 30, 2019 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Obligations of State and Political Subdivisions $ — $ 298,778 $ 4,506 $ 303,284 MBS/CMO - Residential — 537,408 — 537,408 Total Securities $ — $ 836,186 $ 4,506 $ 840,692 Loans Held-for-Sale $ — $ 14,184 $ — $ 14,184 Derivative Assets $ — $ 2,381 $ — $ 2,381 Derivative Liabilities $ — $ 2,607 $ — $ 2,607 Fair Value Measurements at December 31, 2018 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Obligations of State and Political Subdivisions $ — $ 289,542 $ 4,991 $ 294,533 MBS/CMO - Residential — 518,078 — 518,078 Total Securities $ — $ 807,620 $ 4,991 $ 812,611 Loans Held-for-Sale $ — $ 4,263 $ — $ 4,263 Derivative Assets $ — $ 1,713 $ — $ 1,713 Derivative Liabilities $ — $ 1,734 $ — $ 1,734 |
Schedule of Reconciliation of all Assets Measured at Fair Value on Recurring Basis, Using Significant Unobservable Inputs (Level 3) | The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2019 and 2018: Obligations of State and Political Subdivisions 2019 2018 Balance of Recurring Level 3 Assets at April 1 $ 4,512 $ 5,171 Total Gains or Losses Included in Other Comprehensive Income (6 ) (4 ) Maturities / Calls — — Purchases — — Balance of Recurring Level 3 Assets at June 30 $ 4,506 $ 5,167 Obligations of State and Political Subdivisions 2019 2018 Balance of Recurring Level 3 Assets at January 1 $ 4,991 $ 5,649 Total Gains or Losses Included in Other Comprehensive Income (15 ) (22 ) Maturities / Calls (470 ) (460 ) Purchases — — Balance of Recurring Level 3 Assets at June 30 $ 4,506 $ 5,167 |
Schedule of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at June 30, 2019 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Impaired Loans Commercial and Industrial Loans $ — $ — $ 1,835 $ 1,835 Commercial Real Estate Loans — — 1,750 1,750 Fair Value Measurements at December 31, 2018 Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Impaired Loans Commercial and Industrial Loans $ — $ — $ 2,210 $ 2,210 Commercial Real Estate Loans — — 2,528 2,528 |
Schedule of Fair Value Assets and Liabilities Measured on Nonrecurring Basis Valuation Techniques | The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2019 and December 31, 2018: June 30, 2019 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired Loans - Commercial and Industrial Loans $ 1,835 Sales comparison approach Adjustment for physical condition of comparable properties sold 60%-100% (61%) Impaired Loans - Commercial Real Estate Loans $ 1,750 Sales comparison approach Adjustment for physical condition of comparable properties sold 47%-76% (60%) December 31, 2018 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired Loans - Commercial and Industrial Loans $ 2,210 Sales comparison approach Adjustment for physical condition of comparable properties sold 0%-100% (99%) Impaired Loans - Commercial Real Estate Loans $ 2,528 Sales comparison approach Adjustment for physical condition of comparable properties sold 22%-76% (55%) |
Schedule of Carrying Amounts and Estimated Fair Values of Company's Financial Instruments | The carrying amounts and estimated fair values of the Company’s financial instruments not previously presented are provided in the tables below for the periods ending June 30, 2019 and December 31, 2018. Not all of the Company’s assets and liabilities are considered financial instruments, and therefore are not included in the tables. Because no active market exists for a significant portion of the Company’s financial instruments, fair value estimates were based on subjective judgments, and therefore cannot be determined with precision. In accordance with the adoption of ASU 2016-01, the tables below for June 30, 2019 and December 31, 2018, present the fair values measured using an exit price notion. Fair Value Measurements at June 30, 2019 Using Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and Short-term Investments $ 90,007 $ 48,634 $ 41,373 $ — $ 90,007 Interest Bearing Time Deposits with Banks 250 — 250 — 250 Loans, Net 2,697,204 — — 2,684,900 2,684,900 Accrued Interest Receivable 16,210 — 4,389 11,821 16,210 Financial Liabilities: Demand, Savings, and Money Market Deposits (2,531,061 ) (2,531,061 ) — — (2,531,061 ) Time Deposits (597,771 ) — (597,447 ) — (597,447 ) Short-term Borrowings (142,318 ) (106,000 ) (36,318 ) — (142,318 ) Long-term Debt (163,622 ) — (152,022 ) (8,751 ) (160,773 ) Accrued Interest Payable (2,060 ) — (2,040 ) (20 ) (2,060 ) Fair Value Measurements at December 31, 2018 Using Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and Short-term Investments $ 96,550 $ 64,549 $ 32,001 $ — $ 96,550 Interest Bearing Time Deposits with Banks 250 — 250 — 250 Loans, Net 2,707,498 — — 2,689,393 2,689,393 Accrued Interest Receivable 16,634 — 4,143 12,491 16,634 Financial Liabilities: Demand, Savings, and Money Market Deposits (2,484,149 ) (2,848,149 ) — — (2,848,149 ) Time Deposits (588,483 ) — (586,338 ) — (586,338 ) Short-term Borrowings (249,774 ) (204,500 ) (45,274 ) — (249,774 ) Long-term Debt (126,635 ) — (117,513 ) (11,315 ) (128,828 ) Accrued Interest Payable (1,740 ) — (1,718 ) (22 ) (1,740 ) |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The tables below summarize the changes in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2019 and 2018, net of tax: June 30, 2019 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at April 1, 2019 $ 2,655 $ (339 ) $ 2,316 Other Comprehensive Income (Loss) Before Reclassification 9,299 — 9,299 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (408 ) — (408 ) Net Current Period Other Comprehensive Income (Loss) 8,891 — 8,891 Ending Balance at June 30, 2019 $ 11,546 $ (339 ) $ 11,207 June 30, 2019 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at January 1, 2019 $ (6,759 ) $ (339 ) $ (7,098 ) Other Comprehensive Income (Loss) Before Reclassification 18,835 — 18,835 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (530 ) — (530 ) Net Current Period Other Comprehensive Income (Loss) 18,305 — 18,305 Ending Balance at June 30, 2019 $ 11,546 $ (339 ) $ 11,207 June 30, 2018 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at April 1, 2018 $ (11,553 ) $ (285 ) $ (11,838 ) Other Comprehensive Income (Loss) Before Reclassification (1,443 ) — (1,443 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (58 ) — (58 ) Net Current Period Other Comprehensive Income (Loss) (1,501 ) — (1,501 ) Ending Balance at June 30, 2018 $ (13,054 ) $ (285 ) $ (13,339 ) June 30, 2018 Unrealized Gains and Losses on Available-for-Sale Securities Postretirement Benefit Items Total Beginning Balance at January 1, 2018 $ (2,335 ) $ (285 ) $ (2,620 ) Other Comprehensive Income (Loss) Before Reclassification (10,448 ) — (10,448 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (271 ) — (271 ) Net Current Period Other Comprehensive Income (Loss) (10,719 ) — (10,719 ) Ending Balance at June 30, 2018 $ (13,054 ) $ (285 ) $ (13,339 ) |
Schedule of Classifications Out of Accumulated Other Comprehensive Income (Loss) | The tables below summarize the classifications out of accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2019 and 2018: Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Unrealized Gains and Losses on Available-for-Sale Securities $ 516 Net Gains on Securities (108 ) Income Tax Expense 408 Net of Tax Total Reclassifications for the Three Months Ended June 30, 2019 $ 408 Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Unrealized Gains and Losses on Available-for-Sale Securities $ 671 Net Gains on Securities (141 ) Income Tax Expense 530 Net of Tax Total Reclassifications for the Six Months Ended June 30, 2019 $ 530 Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Unrealized Gains and Losses on Available-for-Sale Securities $ 74 Net Gains on Securities (16 ) Income Tax Expense 58 Net of Tax Total Reclassifications for the Three Months Ended June 30, 2018 $ 58 Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Unrealized Gains and Losses on Available-for-Sale Securities $ 344 Net Gains on Securities (73 ) Income Tax Expense 271 Net of Tax Total Reclassifications for the Six Months Ended June 30, 2018 $ 271 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense, Weighted Average Remaining Lease Term, Discount Rates and Supplemental Cash Flow Information | Supplemental cash flow information related to leases was as follows: Six Months Ended June 30, 2019 Cash Paid for amounts in the measurement of lease liabilities: Operating Cash Flows from Finance Leases $ 191 Operating Cash Flows from Operating Leases 687 Financing Cash Flows from Finance Leases 53 The components of lease expense were as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Finance Lease Cost: Amortization of Right-of -Use Assets $ 52 $ 104 Interest on Lease Liabilities 95 191 Operating Lease Cost 360 720 Short-term Lease Cost 15 30 Total Lease Cost $ 522 $ 1,045 The weighted average lease term and discount rates were as follows: June 30, 2019 Weighted Average Remaining Lease Term: Finance Leases 13 years Operating Leases 9 years Weighted Average Discount Rate: Finance Leases 11.49 % Operating Leases 3.44 % |
Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: June 30, 2019 Finance Leases Premises, Furniture and Equipment, Net $ 2,593 Other Borrowings 3,453 Operating Leases Operating Lease Right-of-Use Assets $ 8,464 Operating Lease Liabilities 8,498 |
Schedule of Maturity of Finance Lease Liabilities | The following table presents a maturity analysis of Finance and Operating Lease Liabilities: June 30, 2019 Finance Leases Operating Leases Year 1 $ 519 $ 1,362 Year 2 519 1,240 Year 3 519 1,134 Year 4 519 1,112 Year 5 519 1,069 Thereafter 3,732 4,099 Total Lease Payments 6,327 10,016 Less Imputed Interest (2,874 ) (1,518 ) Total $ 3,453 $ 8,498 |
Schedule of Maturity of Operating Lease Liabilities | The following table presents a maturity analysis of Finance and Operating Lease Liabilities: June 30, 2019 Finance Leases Operating Leases Year 1 $ 519 $ 1,362 Year 2 519 1,240 Year 3 519 1,134 Year 4 519 1,112 Year 5 519 1,069 Thereafter 3,732 4,099 Total Lease Payments 6,327 10,016 Less Imputed Interest (2,874 ) (1,518 ) Total $ 3,453 $ 8,498 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
TOTAL NON-INTEREST INCOME | $ 10,509 | $ 8,882 | $ 22,167 | $ 18,374 |
Core Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (out-of-scope of Topic 606) | 1,830 | 1,710 | 4,272 | 3,168 |
Trust and Investment Product Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 1,913 | 1,677 | 3,480 | 3,450 |
Service Charges on Deposit Accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 2,024 | 1,643 | 3,924 | 3,114 |
Insurance Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 1,929 | 1,696 | 5,134 | 4,626 |
Interchange Fee Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 2,332 | 1,714 | 4,427 | 3,196 |
In-Scope of Topic 606: | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 8,679 | 7,172 | 17,895 | 15,206 |
In-Scope of Topic 606: | Trust and Investment Product Fees | Trust and Investment Advisory Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 1,913 | 1,677 | 3,480 | 3,450 |
In-Scope of Topic 606: | Transferred at Point in Time | Service Charges on Deposit Accounts | Core Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 2,024 | 1,643 | 3,924 | 3,114 |
In-Scope of Topic 606: | Transferred at Point in Time | Interchange Fee Income | Core Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 2,332 | 1,714 | 4,427 | 3,196 |
In-Scope of Topic 606: | Transferred at Point in Time | Other Operating Income | Core Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | 481 | 442 | 930 | 820 |
In-Scope of Topic 606: | Transferred over Time | Insurance Revenues | Insurance | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest Income (in-scope of Topic 606) | $ 1,929 | $ 1,696 | $ 5,134 | $ 4,626 |
Per Share Data (Details)
Per Share Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic Earnings per Share: | ||||||
NET INCOME | $ 15,271 | $ 15,067 | $ 11,097 | $ 11,813 | $ 30,338 | $ 22,910 |
Weighted Average Shares Outstanding (in shares) | 24,992,238 | 22,968,178 | 24,982,107 | 22,954,367 | ||
Basic Earnings per Share (USD per share) | $ 0.61 | $ 0.48 | $ 1.21 | $ 1 | ||
Diluted Earnings per Share: | ||||||
NET INCOME | $ 15,271 | $ 15,067 | $ 11,097 | $ 11,813 | $ 30,338 | $ 22,910 |
Weighted Average Shares Outstanding (in shares) | 24,992,238 | 22,968,178 | 24,982,107 | 22,954,367 | ||
Potentially Dilutive Shares, Net (in shares) | 0 | 0 | 0 | 0 | ||
Diluted Weighted Average Shares Outstanding (in shares) | 24,992,238 | 22,968,178 | 24,982,107 | 22,954,367 | ||
Diluted Earnings per Share (USD per share) | $ 0.61 | $ 0.48 | $ 1.21 | $ 1 | ||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 0 | 0 |
Securities (Schedule of Securit
Securities (Schedule of Securities Available-for-Sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 825,967 | $ 821,254 |
Gross Unrealized Gains | 17,876 | 5,436 |
Gross Unrealized Losses | (3,151) | (14,079) |
Fair Value | 840,692 | 812,611 |
Obligations of State and Political Subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 290,053 | 291,449 |
Gross Unrealized Gains | 13,271 | 4,407 |
Gross Unrealized Losses | (40) | (1,323) |
Fair Value | 303,284 | 294,533 |
MBS/CMO - Residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 535,914 | 529,805 |
Gross Unrealized Gains | 4,605 | 1,029 |
Gross Unrealized Losses | (3,111) | (12,756) |
Fair Value | $ 537,408 | $ 518,078 |
Securities (Additional Informat
Securities (Additional Information) (Details) | 12 Months Ended | ||
Dec. 31, 2009USD ($) | Jun. 30, 2019USD ($)investment | Dec. 31, 2018USD ($)investment | |
Debt Securities, Available-for-sale [Line Items] | |||
Carrying value of securities pledged to secure repurchase agreements, public and trust deposits and other by law | $ 204,067,000 | $ 211,239,000 | |
Original amount in non-controlling investment security in a single banking organization | 353,000 | $ 353,000 | |
Additional impairment on equity securities recognized through earnings | $ 0 | ||
Equity Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of non-controlling investments in a single banking organization | investment | 1 | 1 | |
Original amount in non-controlling investment security in a single banking organization | $ 1,350,000 | ||
Other than temporary impairment loss recognized in earnings, non-controlling investment in single banking organization | $ 997,000 |
Securities (Schedule of Secur_2
Securities (Schedule of Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities Available-for-Sale: Amortized cost | ||
Due in one year or less | $ 2,332 | |
Due after one year through five years | 16,151 | |
Due after five years through ten years | 73,764 | |
Due after ten years | 197,806 | |
Amortized Cost | 825,967 | $ 821,254 |
Securities Available-for-Sale: Fair Value | ||
Due in one year or less | 2,343 | |
Due after one year through five years | 16,531 | |
Due after five years through ten years | 76,979 | |
Due after ten years | 207,431 | |
Fair Value | 840,692 | 812,611 |
MBS/CMO - Residential | ||
Securities Available-for-Sale: Amortized cost | ||
Amortized cost, MBS/CMO - Residential | 535,914 | |
Amortized Cost | 535,914 | 529,805 |
Securities Available-for-Sale: Fair Value | ||
Fair value, MBS/CMO - Residential | 537,408 | |
Fair Value | $ 537,408 | $ 518,078 |
Securities (Schedule of Proceed
Securities (Schedule of Proceeds from Sales of Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Schedule of Investments [Line Items] | ||||
Proceeds from Sales | $ 22,274 | $ 17,515 | ||
Sale of Securities | ||||
Schedule of Investments [Line Items] | ||||
Proceeds from Sales | $ 10,459 | $ 10,220 | 22,274 | 17,515 |
Gross Gains on Sales | 516 | 74 | 671 | 344 |
Income Taxes on Gross Gains | $ 108 | $ 16 | $ 141 | $ 73 |
Securities (Schedule of Secur_3
Securities (Schedule of Securities with Unrealized Losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months Fair Value | $ 15,043 | $ 94,322 |
Less than 12 Months Unrealized Loss | (66) | (887) |
12 Months or More Fair Value | 265,382 | 405,289 |
12 Months or More Unrealized Loss | (3,085) | (13,192) |
Total Fair Value | 280,425 | 499,611 |
Total Unrealized Loss | (3,151) | (14,079) |
Obligations of State and Political Subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months Fair Value | 4,889 | 37,936 |
Less than 12 Months Unrealized Loss | (30) | (286) |
12 Months or More Fair Value | 1,331 | 49,071 |
12 Months or More Unrealized Loss | (10) | (1,037) |
Total Fair Value | 6,220 | 87,007 |
Total Unrealized Loss | (40) | (1,323) |
MBS/CMO - Residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months Fair Value | 10,154 | 56,386 |
Less than 12 Months Unrealized Loss | (36) | (601) |
12 Months or More Fair Value | 264,051 | 356,218 |
12 Months or More Unrealized Loss | (3,075) | (12,155) |
Total Fair Value | 274,205 | 412,604 |
Total Unrealized Loss | $ (3,111) | $ (12,756) |
Derivatives (Additional Informa
Derivatives (Additional Information) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivatives | $ 84.4 | $ 85.6 |
Derivatives (Fair Value Hedges
Derivatives (Fair Value Hedges included in Consolidated Balance Sheets) (Details) - Interest Rate Swap - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Other Assets, Notional Amount of Interest Rate Swaps | $ 84,381 | $ 85,587 |
Other Assets, Fair Value of Interest Rate Swaps | 2,381 | 1,713 |
Other Liabilities, Notional Amount of Interest Rate Swap | 84,381 | 85,587 |
Other Liabilities, Fair Value of Interest Rate Swap | $ 2,607 | $ 1,734 |
Derivatives (Effects of Derivat
Derivatives (Effects of Derivatives on Consolidated Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Included in Other Operating Income | $ (132) | $ 26 | $ (206) | $ 116 |
Loans (Components of Loans) (De
Loans (Components of Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Gross | $ 2,720,674 | $ 2,731,741 | ||||
Less: Unearned Income | (3,646) | (3,682) | ||||
Allowance for Loan Losses | (16,239) | $ (16,243) | (15,823) | $ (15,637) | $ (14,460) | $ (15,694) |
Loans, Net | 2,700,789 | 2,712,236 | ||||
Commercial and Industrial Loans and Leases | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Loan Losses | (2,992) | (3,317) | (2,953) | (3,563) | (3,603) | (4,735) |
Commercial Real Estate Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Loan Losses | (5,841) | (5,741) | (5,291) | (4,958) | (4,622) | (4,591) |
Agricultural Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Loan Losses | (5,725) | (5,453) | (5,776) | (5,578) | (4,825) | (4,894) |
Home Equity Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Loan Losses | (258) | (214) | (229) | (366) | (272) | (330) |
Consumer Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Loan Losses | (422) | (483) | (420) | (347) | (316) | (298) |
Residential Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for Loan Losses | (349) | $ (429) | (472) | $ (366) | $ (327) | $ (343) |
Commercial | Commercial and Industrial Loans and Leases | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Gross | 554,290 | 543,761 | ||||
Commercial | Commercial Real Estate Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Gross | 1,213,579 | 1,208,646 | ||||
Commercial | Agricultural Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Gross | 364,116 | 365,208 | ||||
Retail | Home Equity Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Gross | 203,351 | 207,987 | ||||
Retail | Consumer Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Gross | 77,612 | 77,547 | ||||
Retail | Residential Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Gross | $ 307,726 | $ 328,592 |
Loans (Additional Information)
Loans (Additional Information) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of loans modified as troubled debt restructurings | loan | 0 | 0 | 0 | 0 | |
Additional lending amount to customers whose loan terms has been modified in troubled debt restructuring | $ 0 | $ 0 | $ 0 | ||
Number of loans modified as troubled debt restructuring subsequently defaulted | loan | 0 | 0 | 0 | 0 | |
Threshold amount to individually classify loans by credit risk | $ 250,000 | $ 250,000 | |||
Carrying amount of consumer mortgage loans secured by residential real estate properties | 10,000 | 10,000 | $ 58,000 | ||
Loans Acquired With Deteriorated Credit Quality | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Increase in allowance for loan losses | 147,000 | $ 0 | 424,000 | $ 30,000 | |
Reversal of allowance for loan losses | $ 0 | $ 3,000 | $ 0 | $ 3,000 |
Loans (Schedule of Allowance fo
Loans (Schedule of Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | $ 16,243 | $ 14,460 | $ 15,823 | $ 15,694 |
Provision for Loan Losses | 250 | 1,220 | 925 | 1,570 |
Recoveries | 144 | 114 | 290 | 214 |
Loans Charged-off | (398) | (157) | (799) | (1,841) |
Ending Balance | 16,239 | 15,637 | 16,239 | 15,637 |
Commercial and Industrial Loans and Leases | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 3,317 | 3,603 | 2,953 | 4,735 |
Provision for Loan Losses | (303) | (44) | 44 | 323 |
Recoveries | 34 | 4 | 51 | 5 |
Loans Charged-off | (56) | 0 | (56) | (1,500) |
Ending Balance | 2,992 | 3,563 | 2,992 | 3,563 |
Commercial Real Estate Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 5,741 | 4,622 | 5,291 | 4,591 |
Provision for Loan Losses | 104 | 335 | 669 | 360 |
Recoveries | 14 | 5 | 19 | 11 |
Loans Charged-off | (18) | (4) | (138) | (4) |
Ending Balance | 5,841 | 4,958 | 5,841 | 4,958 |
Agricultural Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 5,453 | 4,825 | 5,776 | 4,894 |
Provision for Loan Losses | 272 | 753 | (51) | 684 |
Recoveries | 0 | 0 | 0 | 0 |
Loans Charged-off | 0 | 0 | 0 | 0 |
Ending Balance | 5,725 | 5,578 | 5,725 | 5,578 |
Home Equity Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 214 | 272 | 229 | 330 |
Provision for Loan Losses | 54 | 86 | 39 | 42 |
Recoveries | 0 | 8 | 0 | 10 |
Loans Charged-off | (10) | 0 | (10) | (16) |
Ending Balance | 258 | 366 | 258 | 366 |
Consumer Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 483 | 316 | 420 | 298 |
Provision for Loan Losses | 124 | 107 | 333 | 204 |
Recoveries | 93 | 68 | 214 | 157 |
Loans Charged-off | (278) | (144) | (545) | (312) |
Ending Balance | 422 | 347 | 422 | 347 |
Residential Mortgage Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 429 | 327 | 472 | 343 |
Provision for Loan Losses | (47) | 19 | (79) | 1 |
Recoveries | 3 | 29 | 6 | 31 |
Loans Charged-off | (36) | (9) | (50) | (9) |
Ending Balance | 349 | 366 | 349 | 366 |
Unallocated | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 606 | 495 | 682 | 503 |
Provision for Loan Losses | 46 | (36) | (30) | (44) |
Recoveries | 0 | 0 | 0 | 0 |
Loans Charged-off | 0 | 0 | 0 | 0 |
Ending Balance | $ 652 | $ 459 | $ 652 | $ 459 |
Loans (Schedule of Allowance _2
Loans (Schedule of Allowance for Loan Losses and Recorded Investment in Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | ||
Allowance for Loan Losses: | ||||||||
Individually Evaluated for Impairment | $ 1,550 | $ 1,823 | ||||||
Collectively Evaluated for Impairment | 14,327 | 13,992 | ||||||
Total Ending Allowance Balance | 16,239 | $ 16,243 | 15,823 | $ 15,637 | $ 14,460 | $ 15,694 | ||
Loans: | ||||||||
Loans Individually Evaluated for Impairment | 6,047 | 9,619 | ||||||
Loans Collectively Evaluated for Impairment | 2,716,376 | 2,722,867 | ||||||
Loans, net of deferred income | 2,732,452 | [1] | 2,744,042 | [2] | ||||
Accrued interest included in recorded investment | 11,778 | 12,301 | ||||||
Loans Acquired With Deteriorated Credit Quality | ||||||||
Allowance for Loan Losses: | ||||||||
Acquired with Deteriorated Credit Quality | 362 | 8 | ||||||
Loans: | ||||||||
Loans, net of deferred income | 10,029 | 11,556 | ||||||
Commercial and Industrial Loans and Leases | ||||||||
Allowance for Loan Losses: | ||||||||
Individually Evaluated for Impairment | 139 | 143 | ||||||
Collectively Evaluated for Impairment | 2,853 | 2,810 | ||||||
Total Ending Allowance Balance | 2,992 | 3,317 | 2,953 | 3,563 | 3,603 | 4,735 | ||
Loans: | ||||||||
Loans Individually Evaluated for Impairment | 2,115 | 3,536 | ||||||
Loans Collectively Evaluated for Impairment | 552,938 | 540,768 | ||||||
Loans, net of deferred income | 555,935 | [1] | 545,342 | [2] | ||||
Commercial and Industrial Loans and Leases | Loans Acquired With Deteriorated Credit Quality | ||||||||
Allowance for Loan Losses: | ||||||||
Acquired with Deteriorated Credit Quality | 0 | 0 | ||||||
Loans: | ||||||||
Loans, net of deferred income | 882 | 1,038 | ||||||
Commercial Real Estate Loans | ||||||||
Allowance for Loan Losses: | ||||||||
Individually Evaluated for Impairment | 1,411 | 1,680 | ||||||
Collectively Evaluated for Impairment | 4,073 | 3,608 | ||||||
Total Ending Allowance Balance | 5,841 | 5,741 | 5,291 | 4,958 | 4,622 | 4,591 | ||
Loans: | ||||||||
Loans Individually Evaluated for Impairment | 3,932 | 6,083 | ||||||
Loans Collectively Evaluated for Impairment | 1,207,345 | 1,198,806 | ||||||
Loans, net of deferred income | 1,216,906 | [1] | 1,211,882 | [2] | ||||
Commercial Real Estate Loans | Loans Acquired With Deteriorated Credit Quality | ||||||||
Allowance for Loan Losses: | ||||||||
Acquired with Deteriorated Credit Quality | 357 | 3 | ||||||
Loans: | ||||||||
Loans, net of deferred income | 5,629 | 6,993 | ||||||
Agricultural Loans | ||||||||
Allowance for Loan Losses: | ||||||||
Individually Evaluated for Impairment | 0 | 0 | ||||||
Collectively Evaluated for Impairment | 5,725 | 5,776 | ||||||
Total Ending Allowance Balance | 5,725 | 5,453 | 5,776 | 5,578 | 4,825 | 4,894 | ||
Loans: | ||||||||
Loans Individually Evaluated for Impairment | 0 | 0 | ||||||
Loans Collectively Evaluated for Impairment | 367,030 | 368,817 | ||||||
Loans, net of deferred income | 368,912 | [1] | 370,694 | [2] | ||||
Agricultural Loans | Loans Acquired With Deteriorated Credit Quality | ||||||||
Allowance for Loan Losses: | ||||||||
Acquired with Deteriorated Credit Quality | 0 | 0 | ||||||
Loans: | ||||||||
Loans, net of deferred income | 1,882 | 1,877 | ||||||
Home Equity Loans | ||||||||
Allowance for Loan Losses: | ||||||||
Individually Evaluated for Impairment | 0 | 0 | ||||||
Collectively Evaluated for Impairment | 258 | 229 | ||||||
Total Ending Allowance Balance | 258 | 214 | 229 | 366 | 272 | 330 | ||
Loans: | ||||||||
Loans Individually Evaluated for Impairment | 0 | 0 | ||||||
Loans Collectively Evaluated for Impairment | 203,982 | 208,644 | ||||||
Loans, net of deferred income | 204,350 | [1] | 209,009 | [2] | ||||
Home Equity Loans | Loans Acquired With Deteriorated Credit Quality | ||||||||
Allowance for Loan Losses: | ||||||||
Acquired with Deteriorated Credit Quality | 0 | 0 | ||||||
Loans: | ||||||||
Loans, net of deferred income | 368 | 365 | ||||||
Consumer Loans | ||||||||
Allowance for Loan Losses: | ||||||||
Individually Evaluated for Impairment | 0 | 0 | ||||||
Collectively Evaluated for Impairment | 422 | 420 | ||||||
Total Ending Allowance Balance | 422 | 483 | 420 | 347 | 316 | 298 | ||
Loans: | ||||||||
Loans Individually Evaluated for Impairment | 0 | 0 | ||||||
Loans Collectively Evaluated for Impairment | 77,824 | 77,761 | ||||||
Loans, net of deferred income | 77,824 | [1] | 77,761 | [2] | ||||
Consumer Loans | Loans Acquired With Deteriorated Credit Quality | ||||||||
Allowance for Loan Losses: | ||||||||
Acquired with Deteriorated Credit Quality | 0 | 0 | ||||||
Loans: | ||||||||
Loans, net of deferred income | 0 | 0 | ||||||
Residential Mortgage Loans | ||||||||
Allowance for Loan Losses: | ||||||||
Individually Evaluated for Impairment | 0 | 0 | ||||||
Collectively Evaluated for Impairment | 344 | 467 | ||||||
Total Ending Allowance Balance | 349 | 429 | 472 | 366 | 327 | 343 | ||
Loans: | ||||||||
Loans Individually Evaluated for Impairment | 0 | 0 | ||||||
Loans Collectively Evaluated for Impairment | 307,257 | 328,071 | ||||||
Loans, net of deferred income | 308,525 | [1] | 329,354 | [2] | ||||
Residential Mortgage Loans | Loans Acquired With Deteriorated Credit Quality | ||||||||
Allowance for Loan Losses: | ||||||||
Acquired with Deteriorated Credit Quality | 5 | 5 | ||||||
Loans: | ||||||||
Loans, net of deferred income | 1,268 | 1,283 | ||||||
Unallocated | ||||||||
Allowance for Loan Losses: | ||||||||
Individually Evaluated for Impairment | 0 | 0 | ||||||
Collectively Evaluated for Impairment | 652 | 682 | ||||||
Total Ending Allowance Balance | 652 | $ 606 | 682 | $ 459 | $ 495 | $ 503 | ||
Unallocated | Loans Acquired With Deteriorated Credit Quality | ||||||||
Allowance for Loan Losses: | ||||||||
Acquired with Deteriorated Credit Quality | $ 0 | $ 0 | ||||||
[1] | Total recorded investment in loans includes $11,778 in accrued interest. | |||||||
[2] | Total recorded investment in loans includes $12,301 in accrued interest. |
Loans (Schedule for Loans Indiv
Loans (Schedule for Loans Individually Evaluated for Impairment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
With No Related Allowance Recorded: | ||||||
Unpaid Principal Balance | [1] | $ 8,091 | $ 8,091 | $ 11,275 | ||
Recorded Investment | 4,232 | 4,232 | 7,016 | |||
Average Recorded Investment | 4,557 | $ 2,868 | 5,001 | $ 3,080 | ||
Interest Income Recognized | 13 | 26 | 32 | 52 | ||
Cash Basis Recognized | 0 | 0 | 0 | 7 | ||
With An Allowance Recorded: | ||||||
Unpaid Principal Balance | [1] | 6,288 | 6,288 | 6,757 | ||
Recorded Investment | 5,955 | 5,955 | 6,565 | |||
Allowance for Loan Losses Allocated | 1,907 | 1,907 | 1,826 | |||
Average Recorded Investment | 6,085 | 7,820 | 6,531 | 8,363 | ||
Interest Income Recognized | 0 | 7 | 0 | 11 | ||
Cash Basis Recognized | 0 | 0 | 0 | 0 | ||
Unpaid Principal Balance | [1] | 14,379 | 14,379 | 18,032 | ||
Recorded Investment | 10,187 | 10,187 | 13,581 | |||
Average Recorded Investment | 10,642 | 10,688 | 11,532 | 11,443 | ||
Interest Income Recognized | 13 | 33 | 32 | 63 | ||
Cash Basis Recognized | 0 | 0 | 0 | 7 | ||
Loans Acquired With Deteriorated Credit Quality | ||||||
With No Related Allowance Recorded: | ||||||
Unpaid Principal Balance | [1] | 6,884 | 6,884 | 8,060 | ||
Recorded Investment | 3,320 | 3,320 | 3,958 | |||
Average Recorded Investment | 3,386 | 546 | 4,414 | 548 | ||
Interest Income Recognized | 8 | 0 | 15 | 0 | ||
Cash Basis Recognized | 0 | 0 | 0 | 0 | ||
With An Allowance Recorded: | ||||||
Unpaid Principal Balance | [1] | 1,142 | 1,142 | 196 | ||
Recorded Investment | 820 | 820 | 4 | |||
Allowance for Loan Losses Allocated | 357 | 357 | 3 | |||
Average Recorded Investment | 744 | 207 | 3,861 | 211 | ||
Interest Income Recognized | 0 | 7 | 0 | 11 | ||
Cash Basis Recognized | 0 | 0 | 0 | 0 | ||
Commercial and Industrial Loans and Leases | ||||||
With No Related Allowance Recorded: | ||||||
Unpaid Principal Balance | [1] | 2,346 | 2,346 | 3,721 | ||
Recorded Investment | 142 | 142 | 1,183 | |||
Average Recorded Investment | 164 | 1,142 | 301 | 1,163 | ||
Interest Income Recognized | 2 | 13 | 4 | 26 | ||
Cash Basis Recognized | 0 | 0 | 0 | 1 | ||
With An Allowance Recorded: | ||||||
Unpaid Principal Balance | [1] | 1,974 | 1,974 | 2,353 | ||
Recorded Investment | 1,974 | 1,974 | 2,353 | |||
Allowance for Loan Losses Allocated | 139 | 139 | 143 | |||
Average Recorded Investment | 2,128 | 2,690 | 2,207 | 3,487 | ||
Interest Income Recognized | 0 | 1 | 0 | 2 | ||
Cash Basis Recognized | 0 | 0 | 0 | 0 | ||
Commercial Real Estate Loans | ||||||
With No Related Allowance Recorded: | ||||||
Unpaid Principal Balance | [1] | 4,003 | 4,003 | 5,828 | ||
Recorded Investment | 2,615 | 2,615 | 4,383 | |||
Average Recorded Investment | 2,981 | 1,180 | 3,291 | 1,294 | ||
Interest Income Recognized | 11 | 13 | 28 | 26 | ||
Cash Basis Recognized | 0 | 0 | 0 | 6 | ||
With An Allowance Recorded: | ||||||
Unpaid Principal Balance | [1] | 4,314 | 4,314 | 4,404 | ||
Recorded Investment | 3,981 | 3,981 | 4,212 | |||
Allowance for Loan Losses Allocated | 1,768 | 1,768 | 1,683 | |||
Average Recorded Investment | 3,957 | 5,130 | 4,324 | 4,876 | ||
Interest Income Recognized | 0 | 6 | 0 | 9 | ||
Cash Basis Recognized | 0 | 0 | 0 | 0 | ||
Agricultural Loans | ||||||
With No Related Allowance Recorded: | ||||||
Unpaid Principal Balance | [1] | 1,742 | 1,742 | 1,726 | ||
Recorded Investment | 1,475 | 1,475 | 1,450 | |||
Average Recorded Investment | 1,412 | 546 | 1,409 | 623 | ||
Interest Income Recognized | 0 | 0 | 0 | 0 | ||
Cash Basis Recognized | 0 | 0 | 0 | 0 | ||
With An Allowance Recorded: | ||||||
Unpaid Principal Balance | [1] | 0 | 0 | 0 | ||
Recorded Investment | 0 | 0 | 0 | |||
Allowance for Loan Losses Allocated | 0 | 0 | $ 0 | |||
Average Recorded Investment | 0 | 0 | 0 | 0 | ||
Interest Income Recognized | 0 | 0 | 0 | 0 | ||
Cash Basis Recognized | $ 0 | $ 0 | $ 0 | $ 0 | ||
[1] | Unpaid Principal Balance is the remaining contractual payments gross of partial charge-offs and discounts. |
Loans (Schedule of Recorded Inv
Loans (Schedule of Recorded Investment in Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans | $ 10,929 | $ 12,579 |
Loans Past Due 90 Days or More & Still Accruing | 1,004 | 642 |
Loans Acquired With Deteriorated Credit Quality | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans | 4,452 | 4,162 |
Loans Past Due 90 Days or More & Still Accruing | 78 | 141 |
Loans Acquired With Deteriorated Credit Quality | Loans Acquired in Current Year | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans | 0 | 4,603 |
Loans Past Due 90 Days or More & Still Accruing | 0 | 96 |
Commercial and Industrial Loans and Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans | 1,997 | 2,430 |
Loans Past Due 90 Days or More & Still Accruing | 455 | 0 |
Commercial Real Estate Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans | 5,748 | 6,833 |
Loans Past Due 90 Days or More & Still Accruing | 114 | 368 |
Agricultural Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans | 1,475 | 1,449 |
Loans Past Due 90 Days or More & Still Accruing | 435 | 274 |
Home Equity Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans | 90 | 88 |
Loans Past Due 90 Days or More & Still Accruing | 0 | 0 |
Consumer Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans | 113 | 162 |
Loans Past Due 90 Days or More & Still Accruing | 0 | 0 |
Residential Mortgage Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans | 1,506 | 1,617 |
Loans Past Due 90 Days or More & Still Accruing | $ 0 | $ 0 |
Loans (Schedule of Aging of Rec
Loans (Schedule of Aging of Recorded Investment in Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | ||
Financing Receivable, Past Due [Line Items] | ||||
Total | $ 2,732,452 | [1] | $ 2,744,042 | [2] |
Total Past Due | 15,519 | [1] | 21,364 | [2] |
Loans Not Past Due | 2,716,933 | [1] | 2,722,678 | [2] |
Accrued interest included in recorded investment | 11,778 | 12,301 | ||
Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 10,029 | 11,556 | ||
Total Past Due | 1,860 | 2,592 | ||
Loans Not Past Due | 8,169 | 8,964 | ||
Loans Acquired With Deteriorated Credit Quality | Loans Acquired in Current Year | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 481,901 | |||
Total Past Due | 6,382 | |||
Loans Not Past Due | 475,519 | |||
Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 555,935 | [1] | 545,342 | [2] |
Total Past Due | 800 | 5,669 | ||
Loans Not Past Due | 555,135 | 539,673 | ||
Commercial and Industrial Loans and Leases | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 882 | 1,038 | ||
Commercial Real Estate Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 1,216,906 | [1] | 1,211,882 | [2] |
Total Past Due | 3,496 | 4,505 | ||
Loans Not Past Due | 1,213,410 | 1,207,377 | ||
Commercial Real Estate Loans | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 5,629 | 6,993 | ||
Agricultural Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 368,912 | [1] | 370,694 | [2] |
Total Past Due | 2,472 | 1,642 | ||
Loans Not Past Due | 366,440 | 369,052 | ||
Agricultural Loans | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 1,882 | 1,877 | ||
Home Equity Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 204,350 | [1] | 209,009 | [2] |
Total Past Due | 911 | 656 | ||
Loans Not Past Due | 203,439 | 208,353 | ||
Home Equity Loans | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 368 | 365 | ||
Consumer Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 77,824 | [1] | 77,761 | [2] |
Total Past Due | 819 | 1,214 | ||
Loans Not Past Due | 77,005 | 76,547 | ||
Consumer Loans | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 0 | 0 | ||
Residential Mortgage Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 308,525 | [1] | 329,354 | [2] |
Total Past Due | 7,021 | 7,678 | ||
Loans Not Past Due | 301,504 | 321,676 | ||
Residential Mortgage Loans | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 1,268 | 1,283 | ||
30-59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 9,691 | [1] | 12,958 | [2] |
30-59 Days Past Due | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 860 | 448 | ||
30-59 Days Past Due | Loans Acquired With Deteriorated Credit Quality | Loans Acquired in Current Year | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 2,571 | |||
30-59 Days Past Due | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 298 | 5,414 | ||
30-59 Days Past Due | Commercial Real Estate Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 1,562 | 768 | ||
30-59 Days Past Due | Agricultural Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 1,857 | 563 | ||
30-59 Days Past Due | Home Equity Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 609 | 471 | ||
30-59 Days Past Due | Consumer Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 690 | 971 | ||
30-59 Days Past Due | Residential Mortgage Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 4,675 | 4,771 | ||
60-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 2,118 | [1] | 3,432 | [2] |
60-89 Days Past Due | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 26 | 885 | ||
60-89 Days Past Due | Loans Acquired With Deteriorated Credit Quality | Loans Acquired in Current Year | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 1,620 | |||
60-89 Days Past Due | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 47 | 183 | ||
60-89 Days Past Due | Commercial Real Estate Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 467 | 705 | ||
60-89 Days Past Due | Agricultural Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 180 | 805 | ||
60-89 Days Past Due | Home Equity Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 213 | 125 | ||
60-89 Days Past Due | Consumer Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 46 | 94 | ||
60-89 Days Past Due | Residential Mortgage Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 1,165 | 1,520 | ||
90 Days or More Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 3,710 | [1] | 4,974 | [2] |
90 Days or More Past Due | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 974 | 1,259 | ||
90 Days or More Past Due | Loans Acquired With Deteriorated Credit Quality | Loans Acquired in Current Year | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 2,191 | |||
90 Days or More Past Due | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 455 | 72 | ||
90 Days or More Past Due | Commercial Real Estate Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 1,467 | 3,032 | ||
90 Days or More Past Due | Agricultural Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 435 | 274 | ||
90 Days or More Past Due | Home Equity Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 89 | 60 | ||
90 Days or More Past Due | Consumer Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 83 | 149 | ||
90 Days or More Past Due | Residential Mortgage Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | $ 1,181 | $ 1,387 | ||
[1] | Total recorded investment in loans includes $11,778 in accrued interest. | |||
[2] | Total recorded investment in loans includes $12,301 in accrued interest. |
Loans (Schedule of Recorded I_2
Loans (Schedule of Recorded Investment of Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | $ 118 | $ 121 | |
Performing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | 118 | 121 | |
Non-Accrual | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [1] | 0 | 0 |
Commercial and Industrial Loans and Leases | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | 118 | 121 | |
Commercial and Industrial Loans and Leases | Performing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | 118 | 121 | |
Commercial and Industrial Loans and Leases | Non-Accrual | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [1] | 0 | 0 |
Commercial Real Estate Loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | 0 | 0 | |
Commercial Real Estate Loans | Performing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | 0 | 0 | |
Commercial Real Estate Loans | Non-Accrual | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total | [1] | $ 0 | $ 0 |
[1] | The non-accrual troubled debt restructurings are included in the Non-Accrual Loan table presented on a previous page. |
Loans (Schedule of Risk Categor
Loans (Schedule of Risk Category of Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 2,732,452 | [1] | $ 2,744,042 | [2] |
Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 10,029 | 11,556 | ||
Loans Acquired With Deteriorated Credit Quality | Loans Acquired in Current Year | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 481,901 | |||
Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 555,935 | [1] | 545,342 | [2] |
Commercial and Industrial Loans and Leases | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 882 | 1,038 | ||
Commercial Real Estate Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1,216,906 | [1] | 1,211,882 | [2] |
Commercial Real Estate Loans | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 5,629 | 6,993 | ||
Agricultural Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 368,912 | [1] | 370,694 | [2] |
Agricultural Loans | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1,882 | 1,877 | ||
Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 2,028,055 | 1,996,743 | ||
Pass | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 230 | 0 | ||
Pass | Loans Acquired With Deteriorated Credit Quality | Loans Acquired in Current Year | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 250,415 | |||
Pass | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 536,263 | 517,497 | ||
Pass | Commercial Real Estate Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1,182,369 | 1,165,937 | ||
Pass | Agricultural Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 309,423 | 313,309 | ||
Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 75,086 | 75,247 | ||
Special Mention | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1,435 | 1,436 | ||
Special Mention | Loans Acquired With Deteriorated Credit Quality | Loans Acquired in Current Year | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 14,972 | |||
Special Mention | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 5,745 | 7,541 | ||
Special Mention | Commercial Real Estate Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 22,329 | 26,723 | ||
Special Mention | Agricultural Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 47,012 | 40,983 | ||
Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 38,612 | 55,928 | ||
Substandard | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 6,728 | 8,472 | ||
Substandard | Loans Acquired With Deteriorated Credit Quality | Loans Acquired in Current Year | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 11,521 | |||
Substandard | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 13,927 | 20,304 | ||
Substandard | Commercial Real Estate Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 12,208 | 19,222 | ||
Substandard | Agricultural Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 12,477 | 16,402 | ||
Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Doubtful | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Doubtful | Loans Acquired With Deteriorated Credit Quality | Loans Acquired in Current Year | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Doubtful | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Doubtful | Commercial Real Estate Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Doubtful | Agricultural Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Total | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 2,141,753 | 2,127,918 | ||
Total | Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 8,393 | 9,908 | ||
Total | Loans Acquired With Deteriorated Credit Quality | Loans Acquired in Current Year | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 276,908 | |||
Total | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 555,935 | 545,342 | ||
Total | Commercial Real Estate Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1,216,906 | 1,211,882 | ||
Total | Agricultural Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 368,912 | $ 370,694 | ||
[1] | Total recorded investment in loans includes $11,778 in accrued interest. | |||
[2] | Total recorded investment in loans includes $12,301 in accrued interest. |
Loans (Schedule of Recorded I_3
Loans (Schedule of Recorded Investment in Home Equity, Consumer and Residential Mortgage Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 2,732,452 | [1] | $ 2,744,042 | [2] |
Home Equity Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 204,350 | [1] | 209,009 | [2] |
Home Equity Loans | Performing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 204,260 | 208,921 | ||
Home Equity Loans | Nonperforming | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 90 | 88 | ||
Consumer Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 77,824 | [1] | 77,761 | [2] |
Consumer Loans | Performing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 77,711 | 77,599 | ||
Consumer Loans | Nonperforming | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 113 | 162 | ||
Residential Mortgage Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 308,525 | [1] | 329,354 | [2] |
Residential Mortgage Loans | Performing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 307,019 | 327,737 | ||
Residential Mortgage Loans | Nonperforming | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 1,506 | $ 1,617 | ||
[1] | Total recorded investment in loans includes $11,778 in accrued interest. | |||
[2] | Total recorded investment in loans includes $12,301 in accrued interest. |
Loans (Schedule of Carrying Amo
Loans (Schedule of Carrying Amount of Loans with Deterioration of Credit Quality) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 2,732,452 | [1] | $ 2,744,042 | [2] |
Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 555,935 | [1] | 545,342 | [2] |
Commercial Real Estate Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1,216,906 | [1] | 1,211,882 | [2] |
Agricultural Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 368,912 | [1] | 370,694 | [2] |
Home Equity Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 204,350 | [1] | 209,009 | [2] |
Residential Mortgage Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 308,525 | [1] | 329,354 | [2] |
Loans Acquired With Deteriorated Credit Quality | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 10,029 | 11,556 | ||
Carrying Amount, Net of Allowance | 9,626 | 11,548 | ||
Loans Acquired With Deteriorated Credit Quality | Commercial and Industrial Loans and Leases | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 882 | 1,038 | ||
Loans Acquired With Deteriorated Credit Quality | Commercial Real Estate Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 5,629 | 6,993 | ||
Loans Acquired With Deteriorated Credit Quality | Agricultural Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1,882 | 1,877 | ||
Loans Acquired With Deteriorated Credit Quality | Home Equity Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 368 | 365 | ||
Loans Acquired With Deteriorated Credit Quality | Residential Mortgage Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 1,268 | $ 1,283 | ||
[1] | Total recorded investment in loans includes $11,778 in accrued interest. | |||
[2] | Total recorded investment in loans includes $12,301 in accrued interest. |
Loans (Schedule of Accretable Y
Loans (Schedule of Accretable Yield, or Income Expected to be Collected) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Beginning Balance | $ 3,203 | $ 2,739 | $ 3,138 | $ 2,734 |
New Loans Purchased | 0 | 0 | 0 | 0 |
Accretion of Income | (202) | (140) | (524) | (221) |
Reclassifications from Non-accretable Difference | 131 | 65 | 518 | 151 |
Charge-off of Accretable Yield | 0 | (97) | 0 | (97) |
Ending Balance | $ 3,132 | $ 2,567 | $ 3,132 | $ 2,567 |
Repurchase Agreements Account_2
Repurchase Agreements Accounted for as Secured Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Collateralized Mortgage Backed Securities | Maturity Overnight | FHLB Advances and Other Borrowings | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchased agreements | $ 36,318 | $ 45,274 |
Segment Information (Additional
Segment Information (Additional Information) (Details) | 6 Months Ended |
Jun. 30, 2019segmentoffice | |
Segment Reporting [Abstract] | |
Number of operating segments | segment | 3 |
Number of branch locations | office | 66 |
Segment Information (Segment Fi
Segment Information (Segment Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||
Net Interest Income | $ 33,641 | $ 27,469 | $ 67,232 | $ 53,079 | |||
Net Gains on Sales of Loans | 1,030 | 905 | 2,011 | 1,555 | |||
Net Gains on Securities | 516 | 74 | 671 | 344 | |||
Trust and Investment Product Fees | 1,913 | 1,677 | 3,480 | 3,450 | |||
Insurance Revenues | 1,929 | 1,696 | 5,134 | 4,626 | |||
Noncash Items: | |||||||
Provision for Loan Losses | 250 | 1,220 | 925 | 1,570 | |||
Depreciation and Amortization | 2,063 | 1,402 | 4,073 | 2,601 | |||
Income Tax Expense (Benefit) | 3,011 | 2,326 | 5,759 | 4,810 | |||
Segment Profit (Loss) | 15,271 | $ 15,067 | 11,097 | $ 11,813 | 30,338 | 22,910 | |
Segment Assets | 3,970,739 | 3,970,739 | $ 3,929,090 | ||||
Operating Segments | Core Banking | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Interest Income | 34,182 | 27,672 | 68,317 | 53,462 | |||
Net Gains on Sales of Loans | 1,030 | 905 | 2,011 | 1,555 | |||
Net Gains on Securities | 516 | 74 | 671 | 344 | |||
Trust and Investment Product Fees | 1 | 0 | 2 | 2 | |||
Insurance Revenues | 4 | 5 | 7 | 6 | |||
Noncash Items: | |||||||
Provision for Loan Losses | 250 | 1,220 | 925 | 1,570 | |||
Depreciation and Amortization | 1,976 | 1,316 | 3,903 | 2,431 | |||
Income Tax Expense (Benefit) | 3,437 | 2,487 | 6,092 | 4,731 | |||
Segment Profit (Loss) | 15,068 | 11,478 | 29,567 | 22,240 | |||
Segment Assets | 3,944,736 | 3,944,736 | 3,926,242 | ||||
Operating Segments | Trust and Investment Advisory Services | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Interest Income | 4 | (1) | 6 | 2 | |||
Net Gains on Sales of Loans | 0 | 0 | 0 | 0 | |||
Net Gains on Securities | 0 | 0 | 0 | 0 | |||
Trust and Investment Product Fees | 1,912 | 1,677 | 3,478 | 3,448 | |||
Insurance Revenues | 4 | 2 | 25 | 4 | |||
Noncash Items: | |||||||
Provision for Loan Losses | 0 | 0 | 0 | 0 | |||
Depreciation and Amortization | 2 | 1 | 3 | 2 | |||
Income Tax Expense (Benefit) | 128 | 96 | 204 | 232 | |||
Segment Profit (Loss) | 372 | 269 | 587 | 654 | |||
Segment Assets | 3,324 | 3,324 | 2,658 | ||||
Operating Segments | Insurance | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Interest Income | 4 | 3 | 9 | 5 | |||
Net Gains on Sales of Loans | 0 | 0 | 0 | 0 | |||
Net Gains on Securities | 0 | 0 | 0 | 0 | |||
Trust and Investment Product Fees | 0 | 0 | 0 | 0 | |||
Insurance Revenues | 1,921 | 1,689 | 5,102 | 4,616 | |||
Noncash Items: | |||||||
Provision for Loan Losses | 0 | 0 | 0 | 0 | |||
Depreciation and Amortization | 21 | 21 | 39 | 40 | |||
Income Tax Expense (Benefit) | 50 | 13 | 407 | 334 | |||
Segment Profit (Loss) | 147 | 30 | 1,237 | 969 | |||
Segment Assets | 8,784 | 8,784 | 11,368 | ||||
Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Interest Income | (549) | (205) | (1,100) | (390) | |||
Net Gains on Sales of Loans | 0 | 0 | 0 | 0 | |||
Net Gains on Securities | 0 | 0 | 0 | 0 | |||
Trust and Investment Product Fees | 0 | 0 | 0 | 0 | |||
Insurance Revenues | 0 | 0 | 0 | 0 | |||
Noncash Items: | |||||||
Provision for Loan Losses | 0 | 0 | 0 | 0 | |||
Depreciation and Amortization | 64 | 64 | 128 | 128 | |||
Income Tax Expense (Benefit) | (604) | (270) | (944) | (487) | |||
Segment Profit (Loss) | (316) | $ (680) | (1,053) | $ (953) | |||
Segment Assets | $ 13,895 | $ 13,895 | $ (11,178) |
Stock Repurchase Plan (Details)
Stock Repurchase Plan (Details) - shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Apr. 26, 2001 | |
Stockholders' Equity Note [Abstract] | |||||
Common stock, authorized shares repurchase (up to) (in shares) | 911,631 | ||||
Common stock, total shares repurchased (in shares) | 502,447 | 502,447 | |||
Common stock, shares purchased (in shares) | 0 | 0 | 0 | 0 |
Equity Plans and Equity Based_3
Equity Plans and Equity Based Compensation (Additional Information) (Details) | Oct. 01, 2019shares | Jun. 30, 2019USD ($)Planshares | Jun. 30, 2018USD ($)shares | Jun. 30, 2019USD ($)installmentPlanshares | Jun. 30, 2018USD ($)shares | Dec. 31, 2018shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, number of plans | Plan | 2 | 2 | ||||
Number of options granted (in shares) | 0 | 0 | 0 | 0 | ||
Stock compensation expense | $ | $ 152,000 | $ 172,000 | $ 302,000 | $ 342,000 | ||
Unrecognized stock expenses in restricted stock | $ | 2,463,000 | 2,822,000 | ||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock compensation expense | $ | 0 | 0 | 0 | 0 | ||
Unrecognized compensation expense | $ | $ 0 | $ 0 | $ 0 | $ 0 | ||
2009 LTIP Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares reserved for grant (in shares) | 0 | 0 | ||||
Stock granted during period percentage | 60.00% | |||||
Stock cash credit entitlement percentage | 40.00% | |||||
Restricted stock granted during period (in shares) | 0 | 450 | 24,780 | 35,310 | ||
2009 LTIP Plan | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of equal installments | installment | 3 | |||||
Unvested restricted stock awards (in shares) | 69,462 | 69,462 | 44,682 | |||
2009 LTIP Plan | Restricted Stock | Director | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vested in period percentage | 100.00% | |||||
2009 LTIP Plan | Restricted Stock | Installment 1 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vested in period percentage | 33.30% | |||||
2009 LTIP Plan | Restricted Stock | Installment 2 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vested in period percentage | 33.30% | |||||
2009 LTIP Plan | Restricted Stock | Installment 3 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vested in period percentage | 33.30% | |||||
2019 LTIP Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares reserved for grant (in shares) | 1,000,000 | 1,000,000 | ||||
2009 Employee Stock Purchase Plan | Employee Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares reserved for grant (in shares) | 539,293 | 539,293 | ||||
Stock compensation expense | $ | $ 0 | $ 0 | $ 0 | $ 0 | ||
Unrecognized compensation expense | $ | $ 0 | $ 0 | $ 0 | $ 0 | ||
Discount from market price, offering date | 95.00% | |||||
Number of shares authorized provided by the plan (in shares) | 750,000 | 750,000 | ||||
2019 ESPP | Subsequent Event | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares reserved for grant (in shares) | 750,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Offering Period | 3 months | |||||
Discount from market price, offering date | 95.00% |
Equity Plans and Equity Based_4
Equity Plans and Equity Based Compensation (Expense Recorded for Restricted Stock and Cash Entitlements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Payment Arrangement [Abstract] | ||||
Restricted Stock Expense | $ 311 | $ 383 | $ 622 | $ 661 |
Cash Entitlement Expense | 152 | 172 | 302 | 342 |
Tax Effect | (120) | (145) | (240) | (262) |
Net of Tax | $ 343 | $ 410 | $ 684 | $ 741 |
Fair Value (Additional Informat
Fair Value (Additional Information) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Loans Held-for-Sale, at Fair Value | $ 14,184,000 | $ 14,184,000 | $ 4,263,000 | |||
Contractual principal balance of loan held for sale | 13,925,000 | 13,925,000 | 4,231,000 | |||
Difference in amount of loan held for sale | 259,000 | 259,000 | 32,000 | |||
Impaired loans, carrying amount | [1] | 6,288,000 | 6,288,000 | 6,757,000 | ||
Valuation allowance for loans losses | 1,907,000 | 1,907,000 | 1,826,000 | |||
Other real estate carried at fair value less cost to sell | 0 | 0 | 0 | |||
Other real estate, adjustments to carrying value less costs to charged to earnings | 0 | 0 | ||||
90 Days Past Due or Non-accrual | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Loans Held-for-Sale, at Fair Value | 0 | 0 | 0 | |||
Fair Value, Measurements, Recurring | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Securities | 840,692,000 | 840,692,000 | 812,611,000 | |||
Loans Held-for-Sale, at Fair Value | 14,184,000 | 14,184,000 | 4,263,000 | |||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Securities | 4,506,000 | 4,506,000 | 4,991,000 | |||
Loans Held-for-Sale, at Fair Value | 0 | 0 | 0 | |||
Obligations of State and Political Subdivisions | Fair Value, Measurements, Recurring | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Securities | 303,284,000 | 303,284,000 | 294,533,000 | |||
Obligations of State and Political Subdivisions | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Securities | 4,506,000 | 4,506,000 | 4,991,000 | |||
Commercial Real Estate Loans | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Impaired loans, carrying amount | 5,134,000 | 5,134,000 | 6,561,000 | |||
Valuation allowance for loans losses | 1,549,000 | 1,549,000 | 1,823,000 | |||
Increase (decrease) to provision for loan losses | $ 123,000 | $ 191,000 | $ (273,000) | $ (856,000) | $ (411,000) | |
[1] | Unpaid Principal Balance is the remaining contractual payments gross of partial charge-offs and discounts. |
Fair Value (Assets and Liabilit
Fair Value (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Loans Held-for-Sale | $ 14,184 | $ 4,263 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 840,692 | 812,611 |
Loans Held-for-Sale | 14,184 | 4,263 |
Derivative Assets | 2,381 | 1,713 |
Derivative Liabilities | 2,607 | 1,734 |
Fair Value, Measurements, Recurring | Obligations of State and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 303,284 | 294,533 |
Fair Value, Measurements, Recurring | MBS/CMO - Residential | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 537,408 | 518,078 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 0 |
Loans Held-for-Sale | 0 | 0 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of State and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | MBS/CMO - Residential | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 836,186 | 807,620 |
Loans Held-for-Sale | 14,184 | 4,263 |
Derivative Assets | 2,381 | 1,713 |
Derivative Liabilities | 2,607 | 1,734 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Obligations of State and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 298,778 | 289,542 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | MBS/CMO - Residential | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 537,408 | 518,078 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 4,506 | 4,991 |
Loans Held-for-Sale | 0 | 0 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Obligations of State and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | 4,506 | 4,991 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | MBS/CMO - Residential | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities | $ 0 | $ 0 |
Fair Value (Reconciliation of a
Fair Value (Reconciliation of all Assets Measured at Fair Value on Recurring Basis, Using Significant Unobservable Inputs (Level 3) (Details) - Fair Value, Measurements, Recurring - Obligations of State and Political Subdivisions - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance of Recurring Level 3 at Beginning of Period | $ 4,512 | $ 5,171 | $ 4,991 | $ 5,649 |
Total Gains or Losses Included in Other Comprehensive Income | (6) | (4) | (15) | (22) |
Maturities / Calls | 0 | 0 | (470) | (460) |
Purchases | 0 | 0 | 0 | 0 |
Balance of Recurring Level 3 Assets at End of Period | $ 4,506 | $ 5,167 | $ 4,506 | $ 5,167 |
Fair Value (Assets and Liabil_2
Fair Value (Assets and Liabilities Measured at Fair Value on Non-Recurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - Impaired Loans - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Commercial and Industrial Loans and Leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | $ 1,835 | $ 2,210 |
Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 1,750 | 2,528 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial and Industrial Loans and Leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Commercial and Industrial Loans and Leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commercial and Industrial Loans and Leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | 1,835 | 2,210 |
Significant Unobservable Inputs (Level 3) | Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Assets | $ 1,750 | $ 2,528 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information of Fair Value Measurements) (Details) - Significant Unobservable Inputs (Level 3) - Impaired Loans $ in Thousands | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Commercial and Industrial Loans | Valuation Technique, Discounted Cash Flow | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.60 | 0 |
Commercial and Industrial Loans | Valuation Technique, Discounted Cash Flow | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 1 | 1 |
Commercial and Industrial Loans | Valuation Technique, Discounted Cash Flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.61 | 0.99 |
Commercial Real Estate Loans | Valuation Technique, Discounted Cash Flow | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.47 | 0.22 |
Commercial Real Estate Loans | Valuation Technique, Discounted Cash Flow | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.76 | 0.76 |
Commercial Real Estate Loans | Valuation Technique, Discounted Cash Flow | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (Weighted Average) | 0.60 | 0.55 |
Fair Value, Measurements, Nonrecurring | Commercial and Industrial Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 1,835 | $ 2,210 |
Fair Value, Measurements, Nonrecurring | Commercial Real Estate Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 1,750 | $ 2,528 |
Fair Value (Carrying Amounts an
Fair Value (Carrying Amounts and Estimated Fair Values of Company's Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financial Assets: | ||
Interest-bearing Time Deposits with Banks | $ 250 | $ 250 |
Loans, Net | 2,700,789 | 2,712,236 |
Financial Liabilities: | ||
Time Deposits | (597,771) | (588,483) |
Level 1 | ||
Financial Assets: | ||
Cash and Short-term Investments | 48,634 | 64,549 |
Loans, Net | 0 | 0 |
Accrued Interest Receivable | 0 | 0 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | (2,531,061) | (2,848,149) |
Time Deposits | 0 | 0 |
Short-term Borrowings | (106,000) | (204,500) |
Long-term Debt | 0 | 0 |
Accrued Interest Payable | 0 | 0 |
Level 2 | ||
Financial Assets: | ||
Cash and Short-term Investments | 41,373 | 32,001 |
Loans, Net | 0 | 0 |
Accrued Interest Receivable | 4,389 | 4,143 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | 0 | 0 |
Time Deposits | (597,447) | (586,338) |
Short-term Borrowings | (36,318) | (45,274) |
Long-term Debt | (152,022) | (117,513) |
Accrued Interest Payable | (2,040) | (1,718) |
Level 3 | ||
Financial Assets: | ||
Cash and Short-term Investments | 0 | 0 |
Loans, Net | 2,684,900 | 2,689,393 |
Accrued Interest Receivable | 11,821 | 12,491 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | 0 | 0 |
Time Deposits | 0 | 0 |
Short-term Borrowings | 0 | 0 |
Long-term Debt | (8,751) | (11,315) |
Accrued Interest Payable | (20) | (22) |
Carrying Value | ||
Financial Assets: | ||
Cash and Short-term Investments | 90,007 | 96,550 |
Interest-bearing Time Deposits with Banks | 250 | 250 |
Loans, Net | 2,697,204 | 2,707,498 |
Accrued Interest Receivable | 16,210 | 16,634 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | (2,531,061) | (2,484,149) |
Time Deposits | (597,771) | (588,483) |
Short-term Borrowings | (142,318) | (249,774) |
Long-term Debt | (163,622) | (126,635) |
Accrued Interest Payable | (2,060) | (1,740) |
Total | ||
Financial Assets: | ||
Cash and Short-term Investments | 90,007 | 96,550 |
Interest-bearing Time Deposits with Banks | 250 | 250 |
Loans, Net | 2,684,900 | 2,689,393 |
Accrued Interest Receivable | 16,210 | 16,634 |
Financial Liabilities: | ||
Demand, Savings, and Money Market Deposits | (2,531,061) | (2,848,149) |
Time Deposits | (597,447) | (586,338) |
Short-term Borrowings | (142,318) | (249,774) |
Long-term Debt | (160,773) | (128,828) |
Accrued Interest Payable | (2,060) | (1,740) |
Total | Level 1 | ||
Financial Assets: | ||
Interest-bearing Time Deposits with Banks | 0 | 0 |
Total | Level 2 | ||
Financial Assets: | ||
Interest-bearing Time Deposits with Banks | 250 | 250 |
Total | Level 3 | ||
Financial Assets: | ||
Interest-bearing Time Deposits with Banks | $ 0 | $ 0 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Schedule of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 479,187 | $ 364,005 | $ 458,640 | $ 364,571 |
Other Comprehensive Income (Loss) Before Reclassification | 9,299 | (1,443) | 18,835 | (10,448) |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (408) | (58) | (530) | (271) |
Net Current Period Other Comprehensive Income (Loss) | 8,891 | (1,501) | 18,305 | (10,719) |
Ending Balance | 499,411 | 370,540 | 499,411 | 370,540 |
Unrealized Gains and Losses on Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 2,655 | (11,553) | (6,759) | (2,335) |
Other Comprehensive Income (Loss) Before Reclassification | 9,299 | (1,443) | 18,835 | (10,448) |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (408) | (58) | (530) | (271) |
Net Current Period Other Comprehensive Income (Loss) | 8,891 | (1,501) | 18,305 | (10,719) |
Ending Balance | 11,546 | (13,054) | 11,546 | (13,054) |
Postretirement Benefit Items | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | (339) | (285) | (339) | (285) |
Other Comprehensive Income (Loss) Before Reclassification | 0 | 0 | 0 | 0 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 |
Net Current Period Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 |
Ending Balance | (339) | (285) | (339) | (285) |
Total | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 2,316 | (11,838) | (7,098) | (2,620) |
Ending Balance | $ 11,207 | $ (13,339) | $ 11,207 | $ (13,339) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Classifications out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Income Tax Expense | $ (3,011) | $ (2,326) | $ (5,759) | $ (4,810) | ||
NET INCOME | 15,271 | $ 15,067 | 11,097 | $ 11,813 | 30,338 | 22,910 |
Total Reclassifications | 408 | 58 | 530 | 271 | ||
Unrealized Gains and Losses on Available-for-Sale Securities | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Total Reclassifications | 408 | 58 | 530 | 271 | ||
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Total Reclassifications | 408 | 58 | 530 | 271 | ||
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | Unrealized Gains and Losses on Available-for-Sale Securities | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net Gains on Securities | 516 | 74 | 671 | 344 | ||
Income Tax Expense | (108) | (16) | (141) | (73) | ||
NET INCOME | $ 408 | $ 58 | $ 530 | $ 271 |
Recently Adopted and Newly Is_3
Recently Adopted and Newly Issued Accounting Pronouncements (Details) - USD ($) | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease Right-of-Use Assets | $ 8,464,000 | |
Operating Lease Liabilities | $ 8,498,000 | |
ASU 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease Right-of-Use Assets | $ 9,034,000 | |
Operating Lease Liabilities | 9,034,000 | |
ASU 2016-02 | Retained Earnings | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect adjustment resulted from adoption of new accounting guidance | $ 0 |
Leases (Additional Information)
Leases (Additional Information) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease Right-of-Use Assets | $ 8,464 | |
Operating Lease Liabilities | $ 8,498 | |
ASU 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease Right-of-Use Assets | $ 9,034 | |
Operating Lease Liabilities | $ 9,034 |
Leases (Components of Lease Exp
Leases (Components of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Finance Lease Cost: | ||
Amortization of Right-of -Use Assets | $ 52 | $ 104 |
Interest on Lease Liabilities | 95 | 191 |
Operating Lease Cost | 360 | 720 |
Short-term Lease Cost | 15 | 30 |
Total Lease Cost | $ 522 | $ 1,045 |
Leases (Weighted Average Lease
Leases (Weighted Average Lease Term and Discount Rates) (Details) | Jun. 30, 2019 |
Weighted Average Remaining Lease Term: | |
Finance Leases | 13 years |
Operating Leases | 9 years |
Weighted Average Discount Rate: | |
Finance Leases | 11.49% |
Operating Leases | 3.44% |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Finance Leases | |
Premises, Furniture and Equipment, Net | $ 2,593 |
Other Borrowings | 3,453 |
Operating Leases | |
Operating Lease Right-of-Use Assets | 8,464 |
Operating Lease Liabilities | $ 8,498 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Cash Paid for amounts in the measurement of lease liabilities: | |
Operating Cash Flows from Finance Leases | $ 191 |
Operating Cash Flows from Operating Leases | 687 |
Financing Cash Flows from Finance Leases | $ 53 |
Leases (Maturity of Finance and
Leases (Maturity of Finance and Operating Lease Liabilities) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Finance Leases | |
Year 1 | $ 519 |
Year 2 | 519 |
Year 3 | 519 |
Year 4 | 519 |
Year 5 | 519 |
Thereafter | 3,732 |
Total Lease Payments | 6,327 |
Less Imputed Interest | (2,874) |
Total | 3,453 |
Operating Leases | |
Year 1 | 1,362 |
Year 2 | 1,240 |
Year 3 | 1,134 |
Year 4 | 1,112 |
Year 5 | 1,069 |
Thereafter | 4,099 |
Total Lease Payments | 10,016 |
Less Imputed Interest | (1,518) |
Total | $ 8,498 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Thousands, shares in Millions | Jul. 01, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||
Assets | $ 3,970,739 | $ 3,929,090 | ||
Citizens First | ||||
Subsequent Event [Line Items] | ||||
Assets | $ 472,100 | |||
Loans | 377,900 | |||
Deposits | $ 381,800 | |||
Subsequent Event | Citizens First | ||||
Subsequent Event [Line Items] | ||||
Shares of common stock issued for acquisition (in shares) | 1.7 | |||
Total stock consideration paid | $ 50,100 | |||
Cash consideration paid | $ 15,500 |