Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 22, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-11487 | |
Entity Registrant Name | LAKELAND FINANCIAL CORPORATION | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-1559596 | |
Entity Address, Address Line One | 202 East Center Street, | |
Entity Address, City or Town | Warsaw | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 46580 | |
City Area Code | 574 | |
Local Phone Number | 267‑6144 | |
Title of 12(b) Security | Common stock, No par value | |
Trading Symbol | LKFN | |
Security Exchange Name | NASDAQ | |
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 | |
Entity Common Stock, Shares Outstanding | 25,299,178 | |
Entity Central Index Key | 0000721994 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Cash and due from banks | $ 78,523 | $ 74,457 | |
Short-term investments | 478,710 | 175,470 | |
Total cash and cash equivalents | 557,233 | 249,927 | |
Securities available-for-sale (carried at fair value) | 1,239,715 | ||
Securities available-for-sale (carried at fair value) | 734,845 | ||
Real estate mortgage loans held-for-sale | 7,969 | 11,218 | |
Loans, net of allowance for credit losses* of $73,048 and $61,408 | [1] | 4,166,405 | |
Loans, net of allowance for credit losses* of $73,048 and $61,408 | [1] | 4,587,748 | |
Land, premises and equipment, net | 59,998 | 59,298 | |
Bank owned life insurance | 97,224 | 95,227 | |
Federal Reserve and Federal Home Loan Bank stock | 13,772 | 13,772 | |
Accrued interest receivable | 17,780 | 18,761 | |
Goodwill | 4,970 | 4,970 | |
Other assets | 57,850 | 54,669 | |
Total assets | 6,222,916 | 5,830,435 | |
LIABILITIES | |||
Noninterest bearing deposits | 1,762,021 | 1,538,331 | |
Interest bearing deposits | 3,652,617 | 3,498,474 | |
Total deposits | 5,414,638 | 5,036,805 | |
Borrowings | |||
Federal Home Loan Bank advances | 75,000 | 75,000 | |
Miscellaneous borrowings | 0 | 10,500 | |
Total borrowings | 75,000 | 85,500 | |
Accrued interest payable | 2,916 | 5,959 | |
Other liabilities | 47,160 | 44,987 | |
Total liabilities | 5,539,714 | 5,173,251 | |
STOCKHOLDERS’ EQUITY | |||
Common stock: 90,000,000 shares authorized, no par value 25,762,538 shares issued and 25,289,966 outstanding as of September 30, 2021 25,713,408 shares issued and 25,239,748 outstanding as of December 31, 2020 | 119,625 | 114,927 | |
Retained earnings | 567,518 | 529,005 | |
Accumulated other comprehensive income | 10,932 | 27,744 | |
Treasury stock at cost (475,955 shares as of September 30, 2021, 473,660 shares as of December 31, 2020) | (14,962) | (14,581) | |
Total stockholders’ equity | 683,113 | 657,095 | |
Noncontrolling interest | 89 | 89 | |
Total equity | 683,202 | 657,184 | |
Total liabilities and equity | $ 6,222,916 | $ 5,830,435 | |
[1] | Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | ||
Statement of Financial Position [Abstract] | ||||
Valuation allowance after adoption of ASC 326 | $ 73,048 | [1] | $ 61,408 | |
Valuation allowance before adoption of ASC 326 | [1] | $ 61,408 | ||
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 | ||
Common stock, shares issued (in shares) | 25,775,133 | 25,713,408 | ||
Common stock, shares outstanding (in shares) | 25,299,178 | 25,239,748 | ||
Treasury stock, at cost (in shares) | 475,955 | 473,660 | ||
[1] | Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |||||
Interest and fees on loans | ||||||||
Taxable | $ 43,025 | $ 42,056 | $ 128,828 | $ 130,759 | ||||
Tax exempt | 119 | 104 | 324 | 542 | ||||
Interest and dividends on securities | ||||||||
Taxable | 2,470 | 1,577 | 6,482 | 5,419 | ||||
Tax exempt | 3,556 | 2,198 | 8,915 | 6,237 | ||||
Other interest income | 125 | 44 | 348 | 292 | ||||
Total interest income | 49,295 | 45,979 | 144,897 | 143,249 | ||||
Interest on deposits | 3,479 | 5,941 | 11,587 | 24,324 | ||||
Interest on borrowings | ||||||||
Short-term | 0 | 51 | 7 | 458 | ||||
Long-term | 75 | 74 | 222 | 172 | ||||
Total interest expense | 3,554 | 6,066 | 11,816 | 24,954 | ||||
NET INTEREST INCOME | 45,741 | 39,913 | 133,081 | 118,295 | ||||
Provision for credit losses | 1,300 | [1] | 1,077 | [2] | ||||
Provision for credit losses | 1,750 | [1] | 13,850 | [2] | ||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 44,441 | 38,163 | 132,004 | 104,445 | ||||
NONINTEREST INCOME | ||||||||
Wealth advisory fees | 2,177 | 1,930 | 6,433 | 5,594 | ||||
Investment brokerage fees | 521 | 421 | 1,560 | 1,148 | ||||
Service charges on deposit accounts | 2,756 | 2,491 | 7,768 | 7,452 | ||||
Loan and service fees | 3,005 | 2,637 | 8,823 | 7,470 | ||||
Merchant card fee income | 838 | 670 | 2,226 | 1,933 | ||||
Bank owned life insurance income | 640 | 932 | 2,101 | 1,476 | ||||
Interest rate swap fee income | 180 | 2,143 | 934 | 4,105 | ||||
Mortgage banking income (loss) | (32) | 1,005 | 1,756 | 2,945 | ||||
Net securities gains | 0 | 314 | 797 | 363 | ||||
Other income | 1,029 | 572 | 2,613 | 2,575 | ||||
Total noninterest income | 11,114 | 13,115 | 35,011 | 35,061 | ||||
NONINTEREST EXPENSE | ||||||||
Salaries and employee benefits | 14,230 | 12,706 | 44,377 | 35,696 | ||||
Net occupancy expense | 1,413 | 1,404 | 4,343 | 4,336 | ||||
Equipment costs | 1,371 | 1,369 | 4,134 | 4,216 | ||||
Data processing fees and supplies | 3,169 | 3,025 | 9,692 | 8,736 | ||||
Corporate and business development | 1,000 | 586 | 3,208 | 2,324 | ||||
FDIC insurance and other regulatory fees | 748 | 554 | 1,707 | 1,224 | ||||
Professional fees | 1,342 | 1,306 | 5,058 | 3,506 | ||||
Other expense | 2,694 | 2,175 | 6,842 | 6,255 | ||||
Total noninterest expense | 25,967 | 23,125 | 79,361 | 66,293 | ||||
INCOME BEFORE INCOME TAX EXPENSE | 29,588 | 28,153 | 87,654 | 73,213 | ||||
Income tax expense | 5,469 | 5,377 | 16,204 | 13,468 | ||||
NET INCOME | $ 24,119 | $ 22,776 | $ 71,450 | $ 59,745 | ||||
BASIC WEIGHTED AVERAGE COMMON SHARES | 25,479,654 | 25,418,712 | 25,472,185 | 25,484,329 | ||||
BASIC EARNINGS PER COMMON SHARE (in dollars per share) | $ 0.95 | $ 0.89 | $ 2.81 | $ 2.34 | ||||
DILUTED WEIGHTED AVERAGE COMMON SHARES | 25,635,288 | 25,487,302 | 25,608,655 | 25,618,401 | ||||
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) | $ 0.94 | $ 0.89 | $ 2.79 | $ 2.33 | ||||
[1] | Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology. | |||||||
[2] | Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 24,119 | $ 22,776 | $ 71,450 | $ 59,745 |
Change in securities available-for-sale: | ||||
Unrealized holding gain (loss) on securities available-for-sale arising during the period | (14,411) | 789 | (20,656) | 16,848 |
Reclassification adjustment for gains included in net income | 0 | (314) | (797) | (363) |
Net securities gain (loss) activity during the period | (14,411) | 475 | (21,453) | 16,485 |
Tax effect | 3,026 | (101) | 4,505 | (3,462) |
Net of tax amount | (11,385) | 374 | (16,948) | 13,023 |
Defined benefit pension plans: | ||||
Amortization of net actuarial loss | 61 | 63 | 181 | 189 |
Net gain activity during the period | 61 | 63 | 181 | 189 |
Tax effect | (15) | (15) | (45) | (47) |
Net of tax amount | 46 | 48 | 136 | 142 |
Total other comprehensive income (loss), net of tax | (11,339) | 422 | (16,812) | 13,165 |
Comprehensive income | $ 12,780 | $ 23,198 | $ 54,638 | $ 72,910 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Impact of ASC 326 Adoption | Total Stockholders’ Equity | Total Stockholders’ EquityImpact of ASC 326 Adoption | Common Stock | Retained Earnings | Retained EarningsImpact of ASC 326 Adoption | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest |
Balance (in shares) at Dec. 31, 2019 | 25,444,275 | |||||||||
Beginning balance at Dec. 31, 2019 | $ 598,100 | $ 598,011 | $ 114,858 | $ 475,247 | $ 12,059 | $ (4,153) | $ 89 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income | 59,745 | 59,745 | 59,745 | |||||||
Other comprehensive income (loss), net of tax | 13,165 | 13,165 | 13,165 | |||||||
Cash dividends declared and paid | (22,951) | (22,951) | (22,951) | |||||||
Treasury shares purchased under share repurchase plan (in shares) | (289,101) | |||||||||
Treasury shares purchased under share repurchase plan | (10,012) | (10,012) | (10,012) | |||||||
Treasury shares purchased under deferred directors' plan (in shares) | (10,450) | |||||||||
Treasury shares purchased under deferred directors' plan | $ 0 | 0 | $ 480 | (480) | ||||||
Treasury shares sold and distributed under deferred directors' plan (in shares) | 5,748 | |||||||||
Treasury shares sold and distributed under deferred directors' plan | $ 0 | 0 | $ (119) | 119 | ||||||
Stock activity under equity compensation plans (in shares) | 85,899 | |||||||||
Stock activity under equity compensation plans | (2,030) | (2,030) | $ (2,030) | |||||||
Stock based compensation expense | 822 | 822 | $ 822 | |||||||
Balance (in shares) at Sep. 30, 2020 | 25,236,371 | |||||||||
Ending balance at Sep. 30, 2020 | 636,839 | 636,750 | $ 114,011 | 512,041 | 25,224 | (14,526) | 89 | |||
Balance (in shares) at Jun. 30, 2020 | 25,233,280 | |||||||||
Beginning balance at Jun. 30, 2020 | 620,892 | 620,803 | $ 113,424 | 496,891 | 24,802 | (14,314) | 89 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income | 22,776 | 22,776 | 22,776 | |||||||
Other comprehensive income (loss), net of tax | 422 | 422 | 422 | |||||||
Cash dividends declared and paid | (7,626) | (7,626) | (7,626) | |||||||
Treasury shares purchased under deferred directors' plan (in shares) | (4,709) | |||||||||
Treasury shares purchased under deferred directors' plan | 0 | 0 | $ 212 | (212) | ||||||
Stock activity under equity compensation plans (in shares) | 7,800 | |||||||||
Stock activity under equity compensation plans | 0 | 0 | $ 0 | |||||||
Stock based compensation expense | 375 | 375 | $ 375 | |||||||
Balance (in shares) at Sep. 30, 2020 | 25,236,371 | |||||||||
Ending balance at Sep. 30, 2020 | 636,839 | 636,750 | $ 114,011 | 512,041 | 25,224 | (14,526) | 89 | |||
Balance (in shares) at Dec. 31, 2020 | 25,239,748 | |||||||||
Beginning balance at Dec. 31, 2020 | $ 657,184 | $ (6,951) | 657,095 | $ (6,951) | $ 114,927 | 529,005 | $ (6,951) | 27,744 | (14,581) | 89 |
Increase (Decrease) in Stockholders' Equity | ||||||||||
Accounting standards update | ASU 2016-13 | |||||||||
Net income | $ 71,450 | 71,450 | 71,450 | |||||||
Other comprehensive income (loss), net of tax | (16,812) | (16,812) | (16,812) | |||||||
Cash dividends declared and paid | (25,986) | (25,986) | (25,986) | |||||||
Treasury shares purchased under deferred directors' plan (in shares) | (7,959) | |||||||||
Treasury shares purchased under deferred directors' plan | 0 | 0 | $ 496 | (496) | ||||||
Treasury shares sold and distributed under deferred directors' plan (in shares) | 5,664 | |||||||||
Treasury shares sold and distributed under deferred directors' plan | 0 | 0 | $ (115) | 115 | ||||||
Stock activity under equity compensation plans (in shares) | 61,725 | |||||||||
Stock activity under equity compensation plans | (1,818) | (1,818) | $ (1,818) | |||||||
Stock based compensation expense | 6,135 | 6,135 | $ 6,135 | |||||||
Balance (in shares) at Sep. 30, 2021 | 25,299,178 | |||||||||
Ending balance at Sep. 30, 2021 | 683,202 | 683,113 | $ 119,625 | 567,518 | 10,932 | (14,962) | 89 | |||
Balance (in shares) at Jun. 30, 2021 | 25,289,966 | |||||||||
Beginning balance at Jun. 30, 2021 | 677,471 | 677,382 | $ 117,796 | 552,063 | 22,271 | (14,748) | 89 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income | 24,119 | 24,119 | 24,119 | |||||||
Other comprehensive income (loss), net of tax | (11,339) | (11,339) | (11,339) | |||||||
Cash dividends declared and paid | (8,664) | (8,664) | (8,664) | |||||||
Treasury shares purchased under deferred directors' plan (in shares) | (3,383) | |||||||||
Treasury shares purchased under deferred directors' plan | 0 | 0 | $ 214 | (214) | ||||||
Treasury shares sold and distributed under deferred directors' plan (in shares) | 0 | |||||||||
Treasury shares sold and distributed under deferred directors' plan | 0 | 0 | 0 | |||||||
Stock activity under equity compensation plans (in shares) | 12,595 | |||||||||
Stock activity under equity compensation plans | (170) | (170) | $ (170) | |||||||
Stock based compensation expense | 1,785 | 1,785 | $ 1,785 | |||||||
Balance (in shares) at Sep. 30, 2021 | 25,299,178 | |||||||||
Ending balance at Sep. 30, 2021 | $ 683,202 | $ 683,113 | $ 119,625 | $ 567,518 | $ 10,932 | $ (14,962) | $ 89 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared, per share | $ 0.34 | $ 0.30 | $ 1.02 | $ 0.90 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Cash flows from operating activities: | |||
Net income | $ 71,450 | $ 59,745 | |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation | 4,555 | 4,477 | |
Provision for credit losses | [1] | 1,077 | |
Provision for credit losses | [1] | 13,850 | |
Gain on sale and write down of other real estate owned | (53) | 0 | |
Amortization of loan servicing rights | 1,697 | 563 | |
Net change in loan servicing rights valuation allowance | (197) | 628 | |
Loans originated for sale, including participations | (92,728) | (93,805) | |
Net gain on sales of loans | (3,609) | (3,286) | |
Proceeds from sale of loans, including participations | 98,655 | 90,568 | |
Net (gain) loss on sales of premises and equipment | 4 | 82 | |
Net gain on sales and calls of securities available-for-sale | (797) | (363) | |
Net securities amortization | 3,457 | 3,021 | |
Stock based compensation expense | 6,135 | 822 | |
Earnings on life insurance | (2,101) | (1,476) | |
Gain on life insurance | (404) | (576) | |
Tax benefit of stock award issuances | (266) | (71) | |
Net change: | |||
Interest receivable and other assets | (2,090) | (3,987) | |
Interest payable and other liabilities | 1,196 | (8,927) | |
Total adjustments | 14,531 | 1,520 | |
Net cash from operating activities | 85,981 | 61,265 | |
Cash flows from investing activities: | |||
Proceeds from sale of securities available- for-sale | 13,964 | 6,413 | |
Proceeds from maturities, calls and principal paydowns of securities available-for-sale | 102,399 | 69,259 | |
Purchases of securities available-for-sale | (640,364) | (89,934) | |
Purchase of life insurance | (648) | (361) | |
Net (increase) decrease in total loans | 410,323 | (527,886) | |
Proceeds from sales of land, premises and equipment | 6 | 651 | |
Purchases of land, premises and equipment | (5,265) | (5,154) | |
Proceeds from sales of other real estate | 946 | 0 | |
Proceeds from life insurance | 931 | 1,285 | |
Net cash from investing activities | (117,708) | (545,727) | |
Cash flows from financing activities: | |||
Net increase in total deposits | 377,833 | 634,135 | |
Net increase (decrease) in short-term borrowings | (10,500) | 10,500 | |
Payments on short-term FHLB borrowings | 0 | (170,000) | |
Proceeds from long-term FHLB borrowings | 0 | 75,000 | |
Common dividends paid | (25,973) | (22,938) | |
Preferred dividends paid | (13) | (13) | |
Payments related to equity incentive plans | (1,818) | (2,030) | |
Purchase of treasury stock | (496) | (10,492) | |
Net cash from financing activities | 339,033 | 514,162 | |
Net change in cash and cash equivalents | 307,306 | 29,700 | |
Cash and cash equivalents at beginning of the period | 249,927 | 99,381 | |
Cash and cash equivalents at end of the period | 557,233 | 129,081 | |
Cash paid during the period for: | |||
Interest | 14,859 | 30,255 | |
Income taxes | 20,637 | 14,380 | |
Supplemental non-cash disclosures: | |||
Loans transferred to other real estate owned | 893 | 35 | |
Securities purchases payable | $ 4,982 | $ 7,712 | |
[1] | Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION This report is filed for Lakeland Financial Corporation (the "Company"), which has two wholly owned subsidiaries, Lake City Bank (the "Bank") and LCB Risk Management, a captive insurance company. Also included in this report are results for the Bank’s wholly owned subsidiary, LCB Investments II, Inc. ("LCB Investments"), which manages the Bank’s investment portfolio. LCB Investments owns LCB Funding, Inc. ("LCB Funding"), a real estate investment trust. All significant inter-company balances and transactions have been eliminated in consolidation. The unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and are unaudited. In the opinion of management, all adjustments (all of which are normal and recurring in nature) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for any subsequent reporting periods, including the year ending December 31, 2021. The Company’s 2020 Annual Report on Form 10-K should be read in conjunction with these statements. Adoption of New Accounting Standards In June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This update, commonly referred to as the current expected credit losses methodology (“CECL”), changes the accounting for credit losses on loans and debt securities. Under the new guidance, the Company’s measurement of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. For loans, this measurement takes place at the time the financial asset is first added to the balance sheet and periodically thereafter. This differs significantly from the “incurred loss” model previously required, but still permitted, under GAAP, which delays recognition until it is probable a loss has been incurred. In addition, the guidance modifies the other-than-temporary impairment model for available-for-sale debt securities to require an allowance for credit impairment instead of a direct write-down, which allows for reversal of credit impairments in future periods. This guidance was effective, subject to optional delay discussed below, for the Company for fiscal years beginning after December 15, 2019, including interim periods in those fiscal years. As previously disclosed, the Company implemented the CECL methodology and ran it concurrently with the historical incurred method. Under a provision provided by the CARES Act, the Company elected to delay the adoption of FASB’s new rule covering the CECL standard. On December 27, 2020, then-President Trump signed into law the Consolidated Appropriations Act, 2021. This law extended relief for troubled debt restructurings and provided for further delay of the current expected credit losses adoption under the CARES Act to January 1, 2022, with early adoption permitted. The Company elected to remain on the incurred loan loss methodology for 2020. The Company adopted ASU 2016-13 during the first quarter of 2021, effective January 1, 2021. Upon adoption, the Company recognized a $9.1 million increase in the allowance for credit losses. This resulted in a one-time cumulative effect adjustment decreasing retained earnings as of January 1, 2021 by $7.0 million, net of deferred taxes of $2.1 million. The Company did not recognize an allowance for credit impairment for available-for-sale securities. The following table illustrates the impact of adoption of the ASU: January 1, 2021 (dollars in thousands) As Reported Under Pre-ASC 326 Impact of Loans Commercial and industrial loans $ 32,645 $ 28,333 $ 4,312 Commercial real estate and multi-family residential loans 27,223 22,907 4,316 Agri-business and agricultural loans 4,103 3,043 1,060 Other commercial loans 1,357 416 941 Consumer 1-4 family loans 3,572 2,619 953 Other consumer loans 1,300 951 349 Unallocated 258 3,139 (2,881) Allowance for credit losses $ 70,458 $ 61,408 $ 9,050 The Company’s loan segmentation, as disclosed in “Note 3 – Loans”, did not change as a result of adopting this ASU. In December 2018, the OCC, the Board of Governors of the Federal Reserve System, and the FDIC approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ implementation of CECL. The final rule provides banking organizations the option to phase in over a three-year period the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. In March 2020, the OCC, the Board of Governors of the Federal Reserve System, and the FDIC published an interim final rule to delay the estimated impact on regulatory capital stemming from the implementation of CECL. The interim final rule maintains the three-year transition option in the previous rule and provides banks the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period (five-year transition option). The Company is not adopting the capital transition relief over the permissible three-year or five-year periods. In August 2018, the FASB issued ASU 2018-14 “Compensation — Retirement Benefits — Defined Benefit Plans — General (Topic 715-20): Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans.” The ASU updated the annual disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans by adding, clarifying and removing certain disclosures. These amendments are effective for fiscal years ending after December 15, 2020, for public business entities, and are to be applied on a retrospective basis to all periods presented. The Company adopted this new accounting standard on January 1, 2021, and the adoption did not have a material impact on its financial statements. In December 2019, the FASB issued ASU 2019-12 “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” These amendments remove specific exceptions to the general principles in Topic 740 in GAAP. It eliminates the need for an organization to analyze whether the following apply in a given period: exception to the incremental approach for intraperiod tax allocation; exceptions to accounting for basis differences where there are ownership changes in foreign investments; and exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. It also improves financial statement preparers’ application of income tax-related guidance and simplifies GAAP for: franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax. It also enacts changes in tax laws in interim periods. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted this new accounting standard on January 1, 2021, and the adoption did not have a material impact on its financial statements. In January 2020, the FASB issued ASU No. 2020-1 “Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” These amendments, among other things, clarify that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments-Equity Method and Joint Ventures, for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments also clarify that, when determining the accounting for certain forward contracts and purchased options a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is permitted, including early adoption in an interim period. An entity should apply ASU 2020-1 prospectively at the beginning of the interim period that includes the adoption date. The Company adopted ASU 2020-1 on January 1, 2021 and it did not have a material impact on its financial statements. In October 2020, the FASB issued ASU No. 2020-8, " Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs ," to clarify that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, and early application is not permitted. The Company adopted this new accounting standard on January 1, 2021, and the adoption did not have a material impact on its financial statements. Newly Issued But Not Yet Effective Accounting Standards On March 12, 2020, the FASB issued Accounting Standards Update (ASU) 2020-4, "Reference Rate Reform (“ASC 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASC 848 contains optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The Company has formed a cross-functional project team to lead the transition from LIBOR to a planned adoption of reference rates which could include Secured Overnight Financing Rate (“SOFR”), amongst others. The Company has identified loans that renewed prior to 2021 and obtained updated reference rate language at the time of renewal. Additionally, management is utilizing the timeline guidance published by the Alternative Reference Rates Committee to develop and achieve internal milestones during this transitional period. The Company has adhered to the International Swaps and Derivatives Association 2020 IBOR Fallbacks Protocol that was released on October 23, 2020. The Company will discontinue the use of new LIBOR-based loans no later than December 31, 2021, according to regulatory guidelines, and is operationally preparing for this change during the fourth quarter of 2021. The guidance under ASC-848 will be available for a limited time, generally through December 31, 2022. The Company expects to adopt the LIBOR transition relief allowed under this standard. In August 2021, the FASB issued ASU 2021-6, "Presentation of Financial Statements (Topic 205), Financial Services - Depository and Lending (Topic 942) and Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants ." The guidance is effective upon its addition to the FASB codification. The Company is currently assessing the impact of ASU 2021-6 on its disclosures. Reclassifications Certain amounts appearing in the consolidated financial statements and notes thereto for prior periods have been reclassified to conform with the current presentation. The reclassifications had no effect on net income or stockholders' equity as previously reported. |
SECURITIES
SECURITIES | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES Information related to the amortized cost, fair value and allowance for credit losses of securities available-for-sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income is provided in the tables below. (dollars in thousands) Amortized Gross Unrealized Gain Gross Unrealized Losses Allowance for Credit Losses Fair Value September 30, 2021 U.S. Treasury securities $ 900 $ 0 $ 0 $ 0 $ 900 U.S. government sponsored agencies 118,681 17 (2,237) 0 116,461 Mortgage-backed securities: residential 430,388 5,511 (4,066) 0 431,833 Mortgage-backed securities: commercial 23,699 483 0 0 24,182 State and municipal securities 650,561 20,955 (5,177) 0 666,339 Total $ 1,224,229 $ 26,966 $ (11,480) $ 0 $ 1,239,715 December 31, 2020 U.S. government sponsored agencies $ 36,492 $ 56 $ (61) $ 0 $ 36,487 Mortgage-backed securities: residential 270,231 9,289 (17) 0 279,503 Mortgage-backed securities: commercial 35,877 1,004 0 0 36,881 State and municipal securities 355,306 26,696 (28) 0 381,974 Total $ 697,906 $ 37,045 $ (106) $ 0 $ 734,845 Information regarding the fair value and amortized cost of available-for-sale debt securities by maturity as of September 30, 2021 is presented below. Maturity information is based on contractual maturity for all securities other than mortgage-backed securities. Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without a prepayment penalty. (dollars in thousands) Amortized Cost Fair Due in one year or less $ 4,245 $ 4,256 Due after one year through five years 11,953 12,284 Due after five years through ten years 50,464 52,987 Due after ten years 703,480 714,173 770,142 783,700 Mortgage-backed securities 454,087 456,015 Total debt securities $ 1,224,229 $ 1,239,715 Securities proceeds, gross gains and gross losses are presented below. Three months ended September 30, Nine Months Ended September 30, (dollars in thousands) 2021 2020 2021 2020 Sales of securities available-for-sale Proceeds $ 0 $ 5,265 $ 13,964 $ 6,413 Gross gains 0 314 797 363 Gross losses 0 0 0 0 Number of securities 0 12 8 15 In accordance with ASU No. 2017-8, purchase premiums for callable securities are amortized to the earliest call date and premiums on non-callable securities as well as discounts are recognized in interest income using the interest method over the terms of the securities or over the estimated lives of mortgage-backed securities. Gains and losses on sales are based on the amortized cost of the security sold and recorded on the trade date. Securities with carrying values of $314.7 million and $382.7 million were pledged as of September 30, 2021 and December 31, 2020, respectively, as collateral for borrowings from the Federal Home Loan Bank and Federal Reserve Bank and for other purposes as permitted or required by law. Information regarding securities with unrealized losses as of September 30, 2021 and December 31, 2020 is presented below. The tables divide the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more. Less than 12 months 12 months or more Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2021 U.S. government sponsored agencies $ 106,441 $ 2,237 $ 0 $ 0 $ 106,441 $ 2,237 Mortgage-backed securities: residential 245,919 4,066 0 0 245,919 4,066 Mortgage-backed securities: commercial 65 0 0 0 65 0 State and municipal securities 276,881 5,177 0 0 276,881 5,177 Total temporarily impaired $ 629,306 $ 11,480 $ 0 $ 0 $ 629,306 $ 11,480 December 31, 2020 U.S. government sponsored agencies $ 19,800 $ 61 $ 0 $ 0 $ 19,800 $ 61 Mortgage-backed securities: residential 3 0 3,112 17 3,115 17 Mortgage-backed securities: commercial 0 0 0 0 0 0 State and municipal securities 6,921 28 0 0 6,921 28 Total temporarily impaired $ 26,724 $ 89 $ 3,112 $ 17 $ 29,836 $ 106 The total number of securities with unrealized losses as of September 30, 2021 and December 31, 2020 is presented below. Less than 12 months Total September 30, 2021 U.S. government sponsored agencies 12 0 12 Mortgage-backed securities: residential 25 0 25 Mortgage-backed securities: commercial 1 0 1 State and municipal securities 162 0 162 Total temporarily impaired 200 0 200 December 31, 2020 U.S. government sponsored agencies 3 0 3 Mortgage-backed securities: residential 2 1 3 Mortgage-backed securities: commercial 0 0 0 State and municipal securities 2 0 2 Total temporarily impaired 7 1 8 Available-for-sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. For available-for sale debt securities in an unrealized loss position, management first assesses whether it intends to sell, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through the consolidated income statement. For available-for sale debt securities that do not meet the criteria, management evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security and the issuer, among other factors. If this assessment indicates that a credit loss exists, management compares the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. No allowance for credit losses for available-for-sale debt securities was needed at September 30, 2021. Accrued interest receivable on available-for-sale debt securities totaled $6.3 million at September 30, 2021 and is excluded from the estimate of credit losses. The U.S. government sponsored agencies and mortgage-backed securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses. Therefore, for those securities, we do not record expected credit losses. Prior to the adoption of ASC 326, there was no other-than-temporary impairment ("OTTI") recorded during the nine months ended September 30, 2020. |
LOANS
LOANS | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
LOANS | LOANS (dollars in thousands) September 30, December 31, Commercial and industrial loans: Working capital lines of credit loans $ 659,166 15.5 % $ 626,023 13.5 % Non-working capital loans 782,618 18.5 1,165,355 25.0 Total commercial and industrial loans 1,441,784 34.0 1,791,378 38.5 Commercial real estate and multi-family residential loans: Construction and land development loans 378,716 8.9 362,653 7.8 Owner occupied loans 740,836 17.4 648,019 13.9 Nonowner occupied loans 582,019 13.7 579,625 12.5 Multifamily loans 252,983 6.0 304,717 6.5 Total commercial real estate and multi-family residential loans 1,954,554 46.0 1,895,014 40.7 Agri-business and agricultural loans: Loans secured by farmland 152,099 3.5 195,410 4.2 Loans for agricultural production 171,981 4.1 234,234 5.0 Total agri-business and agricultural loans 324,080 7.6 429,644 9.2 Other commercial loans 83,595 2.0 94,013 2.0 Total commercial loans 3,804,013 89.6 4,210,049 90.4 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 173,689 4.1 167,847 3.6 Open end and junior lien loans 161,941 3.8 163,664 3.5 Residential construction and land development loans 12,542 0.3 12,007 0.3 Total consumer 1-4 family mortgage loans 348,172 8.2 343,518 7.4 Other consumer loans 92,169 2.2 103,616 2.2 Total consumer loans 440,341 10.4 447,134 9.6 Subtotal 4,244,354 100.0 % 4,657,183 100.0 % Less: Allowance for credit losses (73,048) (61,408) Net deferred loan fees (4,901) (8,027) Loans, net $ 4,166,405 $ 4,587,748 The recorded investment in loans does not include accrued interest, which totaled $11.1 million at September 30, 2021. The Company h ad $295,000 in residential real estate loans in the process of foreclosure as of September 30, 2021, com pared to $19,000 as of December 31, 2020. |
ALLOWANCE FOR CREDIT LOSSES AND
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY | 9 Months Ended |
Sep. 30, 2021 | |
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY | |
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY | ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2021 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company maintains an allowance for credit losses to provide for expected credit losses. Losses are charged against the allowance when management believes that the principal is uncollectable. Subsequent recoveries, if any, are credited to the allowance. Allocations of the allowance are made for specific loans and for pools of similar types of loans, although the entire allowance is available for any loan that, in management’s judgment, should be charged against the allowance. A provision for credit losses is taken based on management’s ongoing evaluation of the appropriate allowance balance. A formal evaluation of the adequacy of the credit loss allowance is conducted monthly. The ultimate recovery of all loans is susceptible to future market factors beyond the Company’s control. The level of credit loss provision is influenced by growth in the overall loan portfolio, emerging market risk, emerging concentration risk, commercial loan focus and large credit concentration, new industry lending activity, general economic conditions and historical loss analysis. In addition, management gives consideration to changes in the facts and circumstances of watch list credits, which includes the security position of the borrower, in determining the appropriate level of the credit loss provision. Furthermore, management’s overall view on credit quality is a factor in the determination of the provision. The determination of the appropriate allowance is inherently subjective, as it requires significant estimates by management. The Company has an established process to determine the adequacy of the allowance for credit losses that generally includes consideration of changes in the nature and volume of the loan portfolio and overall portfolio quality, along with current and forecasted economic conditions that may affect borrowers’ ability to repay. Consideration is not limited to these factors although they represent the most commonly cited factors. To determine the specific allocation levels for individual credits, management considers the current valuation of collateral and the amounts and timing of expected future cash flows as the primary measures. Management also considers trends in adversely classified loans based upon an ongoing review of those credits. With respect to pools of similar loans, an appropriate level of general allowance is determined by portfolio segment using a probability of default-loss given default (“PD/LGD”) model, subject to a floor. A default can be triggered by one of several different asset quality factors, including past due status, nonaccrual status, TDR status or if the loan has had a charge-off. This PD is then combined with a LGD derived from historical charge-off data to construct a default rate. This loss rate is then supplemented with adjustments for reasonable and supportable forecasts of relevant economic indicators, particularly the unemployment rate forecast from the Federal Open Market Committee’s Summary of Economic Projections, and other environmental factors based on the risks present for each portfolio segment. These environmental factors include consideration of the following: levels of, and trends in, delinquencies and nonperforming loans; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedure, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. It is also possible that these factors could include social, political, economic, and terrorist events or activities. All of these factors are susceptible to change, which may be significant. As a result of this detailed process, the allowance results in two forms of allocations, specific and general. These two components represent the total allowance for credit losses deemed adequate to cover probable losses inherent in the loan portfolio. Commercial loans are subject to a dual standardized grading process administered by the credit administration function. These grade assignments are performed independent of each other and a consensus is reached by credit administration and the loan review officer. Specific allowances are established in cases where management has identified significant conditions or circumstances related to an individual credit that indicate it should be evaluated on an individual basis. Considerations with respect to specific allocations for these individual credits include, but are not limited to, the following: (a) the sufficiency of the customer’s cash flow or net worth to repay the loan; (b) the adequacy of the discounted value of collateral relative to the loan balance; (c) whether the loan has been criticized in a regulatory examination; (d) whether the loan is nonperforming; (e) any other reasons the ultimate collectability of the loan may be in question; or (f) any unique loan characteristics that require special monitoring. Allocations are also applied to categories of loans considered not to be individually analyzed, but for which the rate of loss is expected to be consistent with or greater than historical averages. Such allocations are based on past loss experience and information about specific borrower situations and estimated collateral values. These general pooled loan allocations are performed for portfolio segments of commercial and industrial; commercial real estate, multi-family, and construction; agri-business and agricultural; other commercial loans; and consumer 1-4 family mortgage and other consumer loans. General allocations of the allowance are determined by a historical loss rate based on the calculation of each pool’s probability of default-loss given default, subject to a floor. The length of the historical period for each pool is based on the average life of the pool. The historical loss rates are supplemented with consideration of economic conditions and portfolio trends. Due to the imprecise nature of estimating the allowance for credit losses, the Company’s allowance for credit losses includes an unallocated component. The unallocated component of the allowance for credit losses incorporates the Company’s judgmental determination of potential expected losses that may not be fully reflected in other allocations, including factors such as the level of classified credits, economic uncertainties, industry trends impacting specific portfolio segments, broad portfolio quality trends, and trends in the composition of the Company’s large commercial loan portfolio and related large dollar exposures to individual borrowers. As a practical expedient, the Company has elected to treat accrued interest the same way it is treated in the incurred loss model, wherein it is stated separately from loan principal balances on the consolidated balance sheet. Additionally, when a loan is placed on non-accrual, interest payments will be reversed through interest income, which is consistent with current practice. For off balance sheet credit exposures outlined in the ASU at 326-20-30-11, it is the Company’s position that nearly all of the unfunded amounts on lines of credit are unconditionally cancellable, and therefore not subject to having a liability set up, which matches the current accounting conclusion in the incurred loss environment. The following tables present the activity in the allowance for credit losses by portfolio segment for the three-month period ended September 30, 2021: (dollars in thousands) Commercial and Industrial Commercial Real Estate and Multifamily Residential Agri-business and Agricultural Other Commercial Consumer 1-4 Family Mortgage Other Consumer Unallocated Total Three Months Ended September 30, 2021 Beginning balance, July 1 $ 33,130 $ 28,291 $ 3,930 $ 1,298 $ 3,165 $ 1,393 $ 506 $ 71,713 Provision for credit losses 3,507 (1,545) (244) 89 (265) (116) (126) 1,300 Loans charged-off (5) 0 0 0 (13) (72) 0 (90) Recoveries 44 0 0 0 14 67 0 125 Net loans (charged-off) recovered 39 0 0 0 1 (5) 0 35 Ending balance $ 36,676 $ 26,746 $ 3,686 $ 1,387 $ 2,901 $ 1,272 $ 380 $ 73,048 The following tables present the activity in the allowance for credit losses by portfolio segment for the nine-month period ended September 30, 2021: (dollars in thousands) Commercial and Industrial Commercial Real Estate and Multifamily Residential Agri-business and Agricultural Other Commercial Consumer 1-4 Family Mortgage Other Consumer Unallocated Total Nine Months Ended September 30, 2021 Beginning balance, January 1 $ 28,333 $ 22,907 $ 3,043 $ 416 $ 2,619 $ 951 $ 3,139 $ 61,408 Impact of adopting ASC 326 4,312 4,316 1,060 941 953 349 (2,881) 9,050 Provision for credit losses 2,780 (420) (737) 30 (719) 21 122 1,077 Loans charged-off (254) (71) 0 0 (51) (217) 0 (593) Recoveries 1,505 14 320 0 99 168 0 2,106 Net loans (charged-off) recovered 1,251 (57) 320 0 48 (49) 0 1,513 Ending balance $ 36,676 $ 26,746 $ 3,686 $ 1,387 $ 2,901 $ 1,272 $ 380 $ 73,048 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 analyzes commercial loans individually by classifying the loans as to credit risk. This analysis is performed on a quarterly basis for Special Mention, Substandard and Doubtful grade loans and annually on Pass grade loans over $250,000. 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 Company will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard, with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans are considered to be "Pass" rated when they are reviewed as part of the previously described process and do not meet the criteria above with the exception of consumer troubled debt restructurings, which are evaluated and listed with Substandard commercial grade loans and consumer nonaccrual loans which are evaluated individually and listed with “Not Rated” loans. Loans listed as Not Rated are consumer loans or commercial loans with consumer characteristics included in groups of homogenous loans which are analyzed for credit quality indicators utilizing delinquency status. The following table summarizes the risk category of loans by loan segment and origination date as of September 30, 2021: (dollars in thousands) 2021 2020 2019 2018 2017 Prior Term Total Revolving Total Commercial and industrial loans: Working capital lines of credit loans: Pass $ 8,755 $ 6,467 $ 11,643 $ 1,646 $ 834 $ 82 $ 29,427 $ 533,140 $ 562,567 Special Mention 0 0 0 0 0 0 0 64,240 64,240 Substandard 0 0 85 0 0 0 85 32,382 32,467 Total 8,755 6,467 11,728 1,646 834 82 29,512 629,762 659,274 Non-working capital loans: Pass 184,286 172,825 87,892 68,814 23,713 20,548 558,078 163,413 721,491 Special Mention 17,614 0 630 1,112 2,466 1,185 23,007 2,426 25,433 Substandard 4,908 7,022 1,225 4,681 5,723 512 24,071 3,208 27,279 Not Rated 1,695 1,915 920 719 191 22 5,462 0 5,462 Total 208,503 181,762 90,667 75,326 32,093 22,267 610,618 169,047 779,665 Commercial real estate and multi-family residential loans: Construction and land development loans: Pass 13,305 40,841 4,679 30,875 0 16,870 106,570 270,801 377,371 Owner occupied loans: Pass 93,789 174,606 127,573 94,853 82,439 105,570 678,830 36,226 715,056 Special Mention 6,829 0 1,809 966 7,715 1,273 18,592 0 18,592 Substandard 506 1,946 929 2,101 707 408 6,597 0 6,597 Total 101,124 176,552 130,311 97,920 90,861 107,251 704,019 36,226 740,245 Nonowner occupied loans: Pass 75,760 160,552 118,333 26,642 41,494 69,129 491,910 59,107 551,017 Special Mention 11,937 349 620 0 0 14,341 27,247 0 27,247 Substandard 0 0 0 3,354 0 0 3,354 0 3,354 Total 87,697 160,901 118,953 29,996 41,494 83,470 522,511 59,107 581,618 Multifamily loans: Pass 79,260 53,500 36,784 14,372 14,688 18,696 217,300 12,997 230,297 Special Mention 0 0 0 0 22,252 0 22,252 0 22,252 Total 79,260 53,500 36,784 14,372 36,940 18,696 239,552 12,997 252,549 Agri-business and agricultural loans: Loans secured by farmland: Pass 35,548 37,854 17,533 13,327 9,841 19,776 133,879 12,345 146,224 Special Mention 0 1,985 2,336 0 190 30 4,541 938 5,479 Substandard 212 0 0 0 0 145 357 0 357 Total 35,760 39,839 19,869 13,327 10,031 19,951 138,777 13,283 152,060 Loans for agricultural production: Pass 27,116 27,959 4,415 11,399 1,478 4,393 76,760 76,860 153,620 Special Mention 464 8,644 1,250 0 43 19 10,420 8,014 18,434 Total 27,580 36,603 5,665 11,399 1,521 4,412 87,180 84,874 172,054 Other commercial loans: Pass 1,488 30,130 3,541 1,328 8,897 8,772 54,156 25,162 79,318 Special Mention 0 0 0 0 0 3,945 3,945 0 3,945 Total 1,488 30,130 3,541 1,328 8,897 12,717 58,101 25,162 83,263 Consumer 1-4 family mortgage loans: Closed end first mortgage loans Pass 13,332 17,484 5,487 6,502 3,216 2,145 48,166 2,183 50,349 Substandard 0 0 0 0 0 1,821 1,821 0 1,821 Not Rated 35,165 28,684 10,088 7,868 9,343 29,513 120,661 562 121,223 Total 48,497 46,168 15,575 14,370 12,559 33,479 170,648 2,745 173,393 Open end and junior lien loans Pass 193 379 162 317 0 0 1,051 10,733 11,784 Substandard 0 0 0 0 0 0 0 0 0 Not Rated 17,212 6,732 6,885 4,814 2,394 1,678 39,715 112,024 151,739 Total 17,405 7,111 7,047 5,131 2,394 1,678 40,766 122,757 163,523 Residential construction loans Not Rated 7,164 2,842 982 140 173 1,177 12,478 13 12,491 Other consumer loans Pass 584 1,181 1,579 0 1,253 0 4,597 22,084 26,681 Substandard 36 0 257 0 0 0 293 0 293 Not Rated 18,262 17,058 8,678 6,945 2,531 1,418 54,892 10,081 64,973 Total 18,882 18,239 10,514 6,945 3,784 1,418 59,782 32,165 91,947 TOTAL $ 655,420 $ 800,955 $ 456,315 $ 302,775 $ 241,581 $ 323,468 $ 2,780,514 $ 1,458,939 $ 4,239,453 As of September 30, 2021, $91.9 million in PPP loans were included in the "Pass" category of non-working capital commercial and industrial loans. These loans were included in this risk rating category because they are fully guaranteed by the Small Business Administration (“SBA”). Nonaccrual and Past Due Loans: The Company does not record interest on nonaccrual loans until principal is recovered. For all loan classes, a loan is generally placed on nonaccrual status when principal or interest becomes 90 days past due unless it is well secured and in the process of collection, or earlier when concern exists as to the ultimate collectability of principal or interest. Interest accrued but not received is reversed against earnings. Cash interest received on these loans is applied to the principal balance until the principal is recovered or until the loan returns to accrual status. Loans may be returned to accrual status when all the principal and interest amounts contractually due are brought current, remain current for a prescribed period, and future payments are reasonably assured. The following table presents the aging of the amortized cost basis in past due loans as of September 30, 2021 by class of loans and loans past due 90 days or more and still accruing by class of loan: (dollars in thousands) Loans Not Past Due 30-89 Days Past Due Greater than 89 Days Past Due and Accruing Total Accruing Total Nonaccrual Nonaccrual With No Allowance For Credit Loss Total Commercial and industrial loans: Working capital lines of credit loans $ 659,160 $ 114 $ 0 $ 645,093 $ 14,181 $ 1 $ 659,274 Non-working capital loans 779,551 114 0 770,709 8,956 232 779,665 Commercial real estate and multi-family residential loans: Construction and land development loans 377,371 0 0 377,371 0 0 377,371 Owner occupied loans 740,245 0 0 736,423 3,822 986 740,245 Nonowner occupied loans 581,618 0 0 578,260 3,358 0 581,618 Multifamily loans 252,549 0 0 252,549 0 0 252,549 Agri-business and agricultural loans: Loans secured by farmland 152,060 0 0 151,915 145 0 152,060 Loans for agricultural production 172,054 0 0 172,054 0 0 172,054 Other commercial loans 83,263 0 0 83,263 0 0 83,263 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 172,515 860 18 173,293 100 56 173,393 Open end and junior lien loans 163,489 34 0 163,425 98 98 163,523 Residential construction loans 12,491 0 0 12,491 0 0 12,491 Other consumer loans 91,829 118 0 91,629 318 0 91,947 Total $ 4,238,195 $ 1,240 $ 18 $ 4,208,475 $ 30,978 $ 1,373 $ 4,239,453 As of September 30, 2021 there were no loans 30-89 days past due or greater than 89 days past due on nonaccrual. Additionally, interest income recognized on nonaccrual loans was insignificant during the nine month period ended September 30, 2021. When management determines that foreclosure is probable, expected credit losses for collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. A loan is considered collateral dependent when the borrower is experiencing financial difficulty and the loan is expected to be repaid substantially through the operation or sale of the collateral. The class of loan represents the primary collateral type associated with the loan. Significant quarter over quarter changes are reflective of changes in nonaccrual status and not necessarily associated with credit quality indicators like appraisal value. The following table presents the amortized cost basis of collateral dependent loans by class of loan as of September 30, 2021: (dollars in thousands) Real Estate General Other Total Commercial and industrial loans: Working capital lines of credit loans $ 0 $ 14,181 $ 0 $ 14,181 Non-working capital loans 1,632 13,757 229 15,618 Commercial real estate and multi-family residential loans: Owner occupied loans 1,456 1,675 1,161 4,292 Nonowner occupied loans 3,358 0 0 3,358 Agri-business and agricultural loans: Loans secured by farmland 0 145 0 145 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 3,056 0 0 3,056 Other consumer loans 0 0 51 51 Total 9,502 29,758 1,441 40,701 Troubled Debt Restructurings: Troubled debt restructured loans are included in the totals for individually analyzed loans. The Company has allocated $6.1 million and $5.5 million of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of September 30, 2021 and December 31, 2020, respectively. The Company is not committed to lend additional funds to debtors whose loans have been modified in a troubled debt restructuring. (dollars in thousands) September 30, December 31, Accruing troubled debt restructured loans $ 4,973 $ 5,237 Nonaccrual troubled debt restructured loans 6,093 6,476 Total troubled debt restructured loans $ 11,066 $ 11,713 During the three and nine months ended September 30, 2021, no loans were modified as troubled debt restructurings. During the three months ended September 30, 2020, no loans were modified as troubled debt restructurings. During the nine months ended September 30, 2020, certain loans were modified as troubled debt restructurings. The modified terms of these loans include one or a combination of the following: inadequate compensation for the terms of the restructure or renewal; a modification of the repayment terms which delays principal repayment for some period; or renewal terms offered to borrowers in financial distress where no additional credit enhancements were obtained at the time of renewal. The following table presents loans by class modified as new troubled debt restructurings that occurred during the nine months ended September 30, 2020: Modified Repayment Terms (dollars in thousands) Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Extension Period or Range (in months) Troubled Debt Restructurings Commercial and industrial loans: Working capital lines of credit loans 1 $ 250 $ 315 1 0 Non-working capital lines of credit loans 2 4,288 3,691 2 0 Commercial real estate and multi-family residential loans: Owner occupied loans 1 1,528 1,527 1 0 Total 4 $ 6,066 $ 5,533 4 0 For the nine month period ended September 30, 2020, the troubled debt restructurings described above increased the allowance for credit losses by $2.4 million, and charge-offs of $666,000 were recorded. As of September 30, 2021, total deferrals attributed to COVID-19 were $22.3 million representing three borrowers. This represented 0.5% of the total loan portfolio. Two were commercial loan borrowers and there was one retail borrower with COVID-19 deferrals. Of the total commercial deferrals attributed to COVID-19, $8.0 million represented a second deferral action and $14.3 million represented a third deferral action. All COVID-19 related loan deferrals remain on accrual status, as each deferral is evaluated individually, and management has determined that all contractual cashflows are collectable at this time. In accordance with Section 4013 of the CARES Act, loan deferrals granted to customers that resulted from the impact of COVID-19 and who were not past due at December 31, 2019 were not considered troubled debt restructurings as of September 30, 2021. This provision was extended to January 1, 2022 under the Consolidated Appropriations Act, 2021. Management continues to monitor these deferrals and has adequately considered these credits in the September 30, 2021 allowance for credit losses balance. Allowance for Loan Losses (Prior to January 1, 2021): Prior to the adoption of ASC 326 on January 1, 2021 the Company calculated the allowance for loan losses using the incurred losses methodology. The following tables are disclosures related to the allowance for loan losses in prior periods. The following tables present the activity in the allowance for loan losses by portfolio segment for the three-month period ended September 30, 2020: (dollars in thousands) Commercial and Industrial Commercial Real Estate and Multfamily Residential Agri-business and Agricultural Other Commercial Consumer 1-4 Family Mortgage Other Consumer Unallocated Total Three Months Ended September 30, 2020 Beginning balance, July 1 $ 26,744 $ 21,063 $ 3,408 $ 542 $ 3,434 $ 774 $ 3,054 $ 59,019 Provision for credit losses 1,574 175 (314) 30 (50) 237 98 1,750 Loans charged-off (6) 0 0 0 (70) (229) 0 (305) Recoveries 51 177 3 0 4 48 0 283 Net loans charged-off 45 177 3 0 (66) (181) 0 (22) Ending balance $ 28,363 $ 21,415 $ 3,097 $ 572 $ 3,318 $ 830 $ 3,152 $ 60,747 The following tables present the activity in the allowance for loan losses by portfolio segment for the nine-month period ended September 30, 2020: (dollars in thousands) Commercial and Industrial Commercial Real Estate and Multfamily Residential Agri-business and Agricultural Other Commercial Consumer 1-4 Family Mortgage Other Consumer Unallocated Total Nine Months Ended September 30, 2020 Beginning balance, January 1 $ 25,789 $ 15,796 $ 3,869 $ 447 $ 2,086 $ 345 $ 2,320 $ 50,652 Provision for credit losses 6,264 5,312 (780) 125 1,298 799 832 13,850 Loans charged-off (4,037) 0 0 0 (83) (445) 0 (4,565) Recoveries 347 307 8 0 17 131 0 810 Net loans charged-off (3,690) 307 8 0 (66) (314) 0 (3,755) Ending balance $ 28,363 $ 21,415 $ 3,097 $ 572 $ 3,318 $ 830 $ 3,152 $ 60,747 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2020: (dollars in thousands) Commercial and Industrial Commercial Real Estate and Multfamily Residential Agri-business and Agricultural Other Commercial Consumer 1-4 Family Mortgage Other Consumer Unallocated Total December 31, 2020 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 6,310 $ 1,377 $ 84 $ 0 $ 270 $ 0 $ 0 $ 8,041 Collectively evaluated for impairment 22,023 21,530 2,959 416 2,349 951 3,139 53,367 Total ending allowance balance $ 28,333 $ 22,907 $ 3,043 $ 416 $ 2,619 $ 951 $ 3,139 $ 61,408 Loans: Loans individually evaluated for impairment $ 12,533 $ 5,518 $ 428 $ 0 $ 1,700 $ 0 $ 0 $ 20,179 Loans collectively evaluated for impairment 1,772,393 1,887,054 429,234 93,912 342,999 103,385 0 4,628,977 Total ending loans balance $ 1,784,926 $ 1,892,572 $ 429,662 $ 93,912 $ 344,699 $ 103,385 $ 0 $ 4,649,156 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2020: (dollars in thousands) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 346 $ 173 $ 0 Non-working capital loans 2,399 968 0 Commercial real estate and multi-family residential loans: Owner occupied loans 3,002 2,930 0 Agri-business and agricultural loans: Loans secured by farmland 603 283 0 Consumer 1‑4 family loans: Closed end first mortgage loans 316 236 0 Open end and junior lien loans 5 5 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 433 433 255 Non-working capital loans 11,644 10,959 6,055 Commercial real estate and multi-family residential loans: Owner occupied loans 2,589 2,588 1,377 Agri-business and agricultural loans: Loans secured by farmland 145 145 84 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 1,457 1,459 270 Total $ 22,939 $ 20,179 $ 8,041 The following table presents loans individually evaluated for impairment by class of loans as of and for the three-month period ended September 30, 2020: (dollars in thousands) Average Recorded Investment Interest Income Recognized Cash Basis Interest Income Recognized With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 174 $ 0 $ 0 Non-working capital loans 995 5 5 Commercial real estate and multi-family residential loans: Owner occupied loans 2,054 4 4 Agri-business and agricultural loans: Loans secured by farmland 283 0 0 Consumer 1‑4 family loans: Closed end first mortgage loans 274 0 0 Open end and junior lien loans 54 0 0 Residential construction loans 8 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 1,546 0 0 Non-working capital loans 11,970 63 63 Commercial real estate and multi-family residential loans: Owner occupied loans 3,994 0 0 Agri-business and agricultural loans: Loans secured by farmland 146 0 0 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 1,520 9 9 Open end and junior lien loans 648 0 0 Residential construction loans 35 0 0 Total $ 23,701 $ 81 $ 81 The following table presents loans individually evaluated for impairment by class of loans as of and for the nine-month period ended September 30, 2020: (dollars in thousands) Average Recorded Investment Interest Income Recognized Cash Basis Interest Income Recognized With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 442 $ 0 $ 0 Non-working capital loans 766 16 16 Commercial real estate and multi-family residential loans: Owner occupied loans 2,101 13 13 Agri-business and agricultural loans: Loans secured by farmland 283 0 0 Consumer 1‑4 family loans: Closed end first mortgage loans 304 2 2 Open end and junior lien loans 63 0 0 Residential construction loans 3 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 3,001 0 0 Non-working capital loans 11,763 216 216 Commercial real estate and multi-family residential loans: Owner occupied loans 3,034 30 30 Agri-business and agricultural loans: Loans secured by farmland 147 0 0 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 1,589 28 28 Open end and junior lien loans 642 0 0 Residential construction loans 46 0 0 Total $ 24,184 $ 305 $ 305 The following table presents the aging of the recorded investment in past due loans as of December 31, 2020 by class of loans: (dollars in thousands) Loans Not 30‑89 Greater than 90 Days Past Due Nonaccrual Total Past Due and Nonaccrual Total Commercial and industrial loans: Working capital lines of credit loans $ 625,493 $ 0 $ 0 $ 606 $ 606 $ 626,099 Non-working capital loans 1,153,540 0 0 5,287 5,287 1,158,827 Commercial real estate and multi-family residential loans: Construction and land development loans 361,664 0 0 0 0 361,664 Owner occupied loans 642,527 0 0 5,047 5,047 647,574 Nonowner occupied loans 579,050 0 0 0 0 579,050 Multifamily loans 304,284 0 0 0 0 304,284 Agri-business and agricultural loans: Loans secured by farmland 194,935 0 0 428 428 195,363 Loans for agricultural production 234,191 108 0 0 108 234,299 Other commercial loans 93,912 0 0 0 0 93,912 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 165,895 877 116 613 1,606 167,501 Open end and junior lien loans 165,094 137 0 5 142 165,236 Residential construction loans 11,962 0 0 0 0 11,962 Other consumer loans 103,240 145 0 0 145 103,385 Total $ 4,635,787 $ 1,267 $ 116 $ 11,986 $ 13,369 $ 4,649,156 As of December 31, 2020, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: (dollars in thousands) Pass Special Substandard Doubtful Not Total Commercial and industrial loans: Working capital lines of credit loans $ 535,071 $ 81,095 $ 9,718 $ 0 $ 215 $ 626,099 Non-working capital loans 1,111,989 26,523 14,820 0 5,495 1,158,827 Commercial real estate and multi-family residential loans: Construction and land development loans 361,664 0 0 0 0 361,664 Owner occupied loans 608,845 31,355 7,374 0 0 647,574 Nonowner occupied loans 547,790 31,260 0 0 0 579,050 Multi-family loans 282,031 22,253 0 0 0 304,284 Agri-business and agricultural loans: Loans secured by farmland 183,983 10,728 652 0 0 195,363 Loans for agricultural production 185,875 48,424 0 0 0 234,299 Other commercial loans 93,912 0 0 0 0 93,912 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 40,682 0 1,695 0 125,124 167,501 Open end and junior lien loans 8,424 0 5 0 156,807 165,236 Residential construction loans 0 0 0 0 11,962 11,962 Other consumer loans 36,979 253 0 0 66,153 103,385 Total $ 3,997,245 $ 251,891 $ 34,264 $ 0 $ 365,756 $ 4,649,156 |
BORROWINGS
BORROWINGS | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS For the periods ended September 30, 2021 and December 31, 2020, the Company had an advance outstanding from the Federal Home Loan Bank (“FHLB”) in the amount of $75.0 million. The outstanding FHLB advance is a ten-year fixed-rate putable advance with a rate of 0.39% and is due on March 4, 2030. The advance may not be prepaid by the Company without penalty. All FHLB notes require monthly interest payments and are secured by residential real estate loans and securities. On August 2, 2019 the Company entered into an unsecured revolving credit agreement with another financial institution allowing the Company to borrow up to $30.0 million; this credit agreement was subsequently amended and renewed on July 30, 2021. Funds provided under the agreement may be used to repurchase shares of the Company’s common stock under the share repurchase program, which was reauthorized by the Company’s board of directors on April 13, 2021. The credit agreement includes a negative pledge agreement whereby the Company agrees not to pledge or otherwise encumber the stock of the Bank. The credit agreement has a one year term which may be amended, extended, modified or renewed. Outstanding borrowings on the credit agreement were $0 and $10.5 million at September 30, 2021 and December 31, 2020, respectively. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | FAIR VALUE DISCLOSURES Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Securities: Securities available-for-sale are valued primarily by a third party pricing service. The fair values of securities available-for-sale are determined on a recurring basis by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or pricing models which utilize significant observable inputs such as matrix pricing. This is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). These models utilize the market approach with standard inputs that include, but are not limited to benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. For certain municipal securities that are not rated and observable inputs about the specific issuer are not available, fair values are estimated using observable data from other municipal securities presumed to be similar or other market data on other non-rated municipal securities (Level 3 inputs). The Company’s Finance Department, which is responsible for all accounting and SEC disclosure compliance, and the Company’s Treasury Department, which is responsible for investment portfolio management and asset/liability modeling, are the two areas that determine the Company’s valuation policies and procedures. Both of these areas report directly to the Executive Vice President and Chief Financial Officer of the Company. For assets or liabilities that may be considered for Level 3 fair value measurement on a recurring basis, these two departments and the Executive Vice President and Chief Financial Officer determine the appropriate level of the assets or liabilities under consideration. If there are new assets or liabilities that are determined to be Level 3 by this group, the Risk Management Committee of the Company and the Audit Committee of the Board are made aware of such assets at their next scheduled meeting. Securities pricing is obtained on securities from a third party pricing service and all security prices are tested annually against prices from another third party provider and reviewed with a market value price tolerance variance that varies by sector: municipal securities +/-5%, government mbs/cmo +/-3% and U.S. treasuries +/-1%. If any securities fall outside the tolerance threshold and have a variance of $100,000 or more, a determination of materiality is made for the amount over the threshold. Any security that would have a material threshold difference would be further investigated to determine why the variance exists and if any action is needed concerning the security pricing for that individual security. Changes in market value are reviewed monthly in aggregate by security type and any material changes are reviewed to determine why they exist. At least annually, the pricing methodology of the pricing service is received and reviewed to support the fair value levels used by the Company. A detailed pricing evaluation is requested and reviewed on any security determined to be fair valued using unobservable inputs by the pricing service. Mortgage banking derivative: The fair values of mortgage banking derivatives are based on observable market data as of the measurement date (Level 2). Interest rate swap derivatives: Our derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rates, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. The fair value of interest rate swap derivatives is determined by pricing or valuation models using observable market data as of the measurement date (Level 2). Collateral dependent loans: Collateral dependent loans with specific allocations of the allowance for credit losses generally based on the fair value of the underlying collateral when repayment is expected solely from the collateral. Fair value is determined using several methods. Generally, the fair value of real estate is based on appraisals by qualified third party appraisers. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and result in a Level 3 classification of the inputs for determining fair value. In addition, the Company’s management routinely applies internal discount factors to the value of appraisals used in the fair value evaluation of collateral dependent loans. The deductions to the appraisals take into account changing business factors and market conditions, as well as value impairment in cases where the appraisal date predates a likely change in market conditions. Commercial real estate is generally discounted from its appraised value by 0-50% with the higher discounts applied to real estate that is determined to have a thin trading market or to be specialized collateral. In addition to real estate, the Company’s management evaluates other types of collateral as follows: (a) raw and finished inventory is discounted from its cost or book value by 35-65%, depending on the marketability of the goods (b) finished goods are generally discounted by 30-60%, depending on the ease of marketability, cost of transportation or scope of use of the finished good (c) work in process inventory is typically discounted by 50%-100%, depending on the length of manufacturing time, types of components used in the completion process, and the breadth of the user base (d) equipment is valued at a percentage of depreciated book value or recent appraised value, if available, and is typically discounted at 30-70% after various considerations including age and condition of the equipment, marketability, breadth of use, and whether the equipment includes unique components or add-ons; and (e) marketable securities are discounted by 10%-30%, depending on the type of investment, age of valuation report and general market conditions. This methodology is based on a market approach and typically results in a Level 3 classification of the inputs for determining fair value. Mortgage servicing rights: As of September 30, 2021, the fair value of the Company’s Level 3 servicing assets for residential mortgage loans (“MSRs”) was $2.9 million, carried at amortized cost of $3.4 million less a $518,000 valuation reserve. These residential mortgage loans have a weighted average interest rate of 3.49%, a weighted average maturity of 20 years and are secured by homes generally within the Company’s market area of Northern Indiana and Indianapolis. A third-party valuation is used to estimate fair value by stratifying the portfolios on the basis of certain risk characteristics, including loan type and interest rate. Impairment is estimated based on an income approach. The inputs used include estimates of prepayment speeds, discount rate, cost to service, escrow account earnings, contractual servicing fee income, ancillary income, late fees and float income. The most significant assumption used to value MSRs is prepayment rate. Prepayment rates are estimated based on published industry consensus prepayment rates. The most significant unobservable assumption is the discount rate. At September 30, 2021, the constant prepayment speed (“PSA”) used was 2.67 and discount rate used was 9.5%. At December 31, 2020, the PSA used was 2.04 and the discount rate used was 9.4%. Other real estate owned: Nonrecurring adjustments to certain commercial and residential real estate properties classified as other real estate owned 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 and are reviewed by the Company’s internal appraisal officer. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable properties used to determine value. Such adjustments are usually significant and result in a Level 3 classification. In addition, the Company’s management may apply discount factors to the appraisals to take into account changing business factors and market conditions, as well as value impairment in cases where the appraisal date predates a likely change in market conditions. In cases where the carrying amount exceeds the fair value, less costs to sell, an impairment loss is recognized. Real estate mortgage loans held-for-sale : Real estate mortgage loans held-for-sale are carried at the lower of cost or fair value, as determined by outstanding commitments, from third party investors, and result in a Level 2 classification. The tables below presents the balances of assets measured at fair value on a recurring basis: September 30, 2021 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 Assets: U.S. Treasury securities $ 900 $ 0 $ 0 $ 900 U.S. government sponsored agency securities 0 116,461 0 116,461 Mortgage-backed securities: residential 0 431,833 0 431,833 Mortgage-backed securities: commercial 0 24,182 0 24,182 State and municipal securities 0 666,199 140 666,339 Total Securities 900 1,238,675 140 1,239,715 Mortgage banking derivative 0 719 0 719 Interest rate swap derivative 0 15,426 0 15,426 Total assets $ 900 $ 1,254,820 $ 140 $ 1,255,860 Liabilities: Mortgage banking derivative $ 0 $ 1 $ 0 $ 1 Interest rate swap derivative 0 15,447 0 15,447 Total liabilities $ 0 $ 15,448 $ 0 $ 15,448 December 31, 2020 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 Assets: U.S. government sponsored agency securities $ 0 $ 36,487 $ 0 $ 36,487 Mortgage-backed securities: residential 0 279,503 0 279,503 Mortgage-backed securities: commercial 0 36,881 0 36,881 State and municipal securities 0 381,834 140 381,974 Total Securities 0 734,705 140 734,845 Mortgage banking derivative 0 1,182 0 1,182 Interest rate swap derivative 0 21,764 0 21,764 Total assets $ 0 $ 757,651 $ 140 $ 757,791 Liabilities: Mortgage banking derivative $ 0 $ 111 $ 0 $ 111 Interest rate swap derivative 0 21,794 0 21,794 Total liabilities $ 0 $ 21,905 $ 0 $ 21,905 The fair value of Level 3 available-for-sale securities was immaterial and thus did not require additional recurring fair value disclosure. The tables below presents the balances of assets measured at fair value on a nonrecurring basis: September 30, 2021 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 Assets Collateral dependent loans: Commercial and industrial loans: Working capital lines of credit loans $ 0 $ 0 $ 9,982 $ 9,982 Non-working capital loans 0 0 7,525 7,525 Commercial real estate and multi-family residential loans: Owner occupied loans 0 0 652 652 Nonowner occupied loans 0 0 3,131 3,131 Agri-business and agricultural loans: Loans secured by farmland 0 0 43 43 Total collateral dependent loans 0 0 21,333 21,333 Other real estate owned 0 0 0 0 Total assets $ 0 $ 0 $ 21,333 $ 21,333 December 31, 2020 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 Assets Collateral dependent loans: Commercial and industrial loans: Working capital lines of credit loans $ 0 $ 0 $ 178 $ 178 Non-working capital loans 0 0 4,904 4,904 Commercial real estate and multi-family residential loans: Owner occupied loans 0 0 1,211 1,211 Agri-business and agricultural loans: Loans secured by farmland 0 0 61 61 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 0 0 411 411 Total collateral dependent loans 0 0 6,765 6,765 Other real estate owned 0 0 0 0 Total assets $ 0 $ 0 $ 6,765 $ 6,765 The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at September 30, 2021: (dollars in thousands) Fair Value Valuation Methodology Unobservable Inputs Average Range of Inputs Collateral dependent loans: Commercial and industrial $ 17,507 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 58 % 25%-99% Collateral dependent loans: Commercial real estate 3,783 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 38 % 7%-99% Collateral dependent loans: Agribusiness and agricultural 43 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 70 % N/A The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2020: (dollars in thousands) Fair Value Valuation Methodology Unobservable Inputs Average Range of Inputs Collateral dependent loans: Commercial and industrial $ 5,082 Collateral basedmeasurements Discount to reflect current market conditions and ultimate collectability 55 % 16%-100% Collateral dependent loans: Commercial real estate 1,211 Collateral basedmeasurements Discount to reflect current market conditions and ultimate collectability 53 % 21%-74% Collateral dependent loans: Agribusiness and agricultural 61 Collateral basedmeasurements Discount to reflect current market conditions and ultimate collectability 58 % N/A Collateral dependent loans: Consumer 1-4 family mortgage 411 Collateral basedmeasurements Discount to reflect current market conditions and ultimate collectability 11 % 10%-15% The following tables contain the estimated fair values and the related carrying values of the Company’s financial instruments. Items which are not financial instruments are not included. September 30, 2021 Carrying Estimated Fair Value (dollars in thousands) Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 557,233 $ 555,522 $ 1,711 $ 0 $ 557,233 Securities available-for-sale 1,239,715 900 1,238,675 140 1,239,715 Real estate mortgages held-for-sale 7,969 0 8,133 0 8,133 Loans, net 4,166,405 0 0 4,101,098 4,101,098 Mortgage banking derivative 719 0 719 0 719 Interest rate swap derivative 15,426 0 15,426 0 15,426 Federal Reserve and Federal Home Loan Bank Stock 13,772 N/A N/A N/A N/A Accrued interest receivable 17,780 0 6,710 11,070 17,780 Financial Liabilities: Certificates of deposit (864,902) 0 (869,759) 0 (869,759) All other deposits (4,549,736) (4,549,736) 0 0 (4,549,736) Federal Home Loan Bank advances (75,000) 0 (66,596) 0 (66,596) Mortgage banking derivative (1) 0 (1) 0 (1) Interest rate swap derivative (15,447) 0 (15,447) 0 (15,447) Standby letters of credit (334) 0 0 (334) (334) Accrued interest payable (2,916) (72) (2,844) 0 (2,916) December 31, 2020 Carrying Estimated Fair Value (dollars in thousands) Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 249,927 $ 247,228 $ 2,699 $ 0 $ 249,927 Securities available-for-sale 734,845 0 734,705 140 734,845 Real estate mortgages held-for-sale 11,218 0 11,651 0 11,651 Loans, net 4,587,748 0 0 4,532,639 4,532,639 Mortgage banking derivative 1,182 0 1,182 0 1,182 Interest rate swap derivative 21,764 0 21,764 0 21,764 Federal Reserve and Federal Home Loan Bank Stock 13,772 N/A N/A N/A N/A Accrued interest receivable 18,761 0 3,801 14,960 18,761 Financial Liabilities: Certificates of deposit (1,024,819) 0 (1,033,095) 0 (1,033,095) All other deposits (4,011,986) (4,011,986) 0 0 (4,011,986) Miscellaneous borrowings (10,500) 0 (10,500) 0 (10,500) Federal Home Loan Bank advances (75,000) 0 (68,967) 0 (68,967) Mortgage banking derivative (111) 0 (111) 0 (111) Interest rate swap derivative (21,794) 0 (21,794) 0 (21,794) Standby letters of credit (686) 0 0 (686) (686) Accrued interest payable (5,959) (66) (5,893) 0 (5,959) |
OFFSETTING ASSETS AND LIABILITI
OFFSETTING ASSETS AND LIABILITIES | 9 Months Ended |
Sep. 30, 2021 | |
OFFSETTING ASSETS AND LIABILITIES | |
OFFSETTING ASSETS AND LIABILITIES | OFFSETTING ASSETS AND LIABILITIES The following tables summarize gross and net information about financial instruments and derivative instruments that are offset in the statement of financial position or that are subject to an enforceable master netting arrangement at September 30, 2021 and December 31, 2020. September 30, 2021 Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount (dollars in thousands) Financial Instruments Cash Collateral Position Assets Interest Rate Swap Derivatives $ 15,426 $ 0 $ 15,426 $ 0 $ (1,270) $ 14,156 Total Assets $ 15,426 $ 0 $ 15,426 $ 0 $ (1,270) $ 14,156 Liabilities Interest Rate Swap Derivatives $ 15,447 $ 0 $ 15,447 $ 0 $ (9,980) $ 5,467 Total Liabilities $ 15,447 $ 0 $ 15,447 $ 0 $ (9,980) $ 5,467 December 31, 2020 Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount (dollars in thousands) Financial Instruments Cash Collateral Position Assets Interest Rate Swap Derivatives $ 21,764 $ 0 $ 21,764 $ 0 $ 0 $ 21,764 Total Assets $ 21,764 $ 0 $ 21,764 $ 0 $ 0 $ 21,764 Liabilities Interest Rate Swap Derivatives $ 21,794 $ 0 $ 21,794 $ 0 $ (21,370) $ 424 Total Liabilities $ 21,794 $ 0 $ 21,794 $ 0 $ (21,370) $ 424 If an event of default occurs causing an early termination of an interest rate swap derivative, any early termination amount payable to one party by the other party may be reduced by set-off against any other amount payable by the one party to the other party. If a default in performance of any obligation of a repurchase agreement occurs, each party will set-off property held in respect of transactions against obligations owing in respect of any other transactions. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period, which includes shares held in treasury on behalf of participants in the Company’s Directors Fee Deferral Plan, and share repurchases. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock based awards and warrants, none of which were antidilutive. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Weighted average shares outstanding for basic earnings per common share 25,479,654 25,418,712 25,472,185 25,484,329 Dilutive effect of stock based awards and warrants 155,634 68,590 136,470 134,072 Weighted average shares outstanding for diluted earnings per common share 25,635,288 25,487,302 25,608,655 25,618,401 Basic earnings per common share $ 0.95 $ 0.89 $ 2.81 $ 2.34 Diluted earnings per common share $ 0.94 $ 0.89 $ 2.79 $ 2.33 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 9 Months Ended |
Sep. 30, 2021 | |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME The following tables summarize the changes within each classification of accumulated other comprehensive income for the three months ended September 30, 2021 and 2020, all shown net of tax: (dollars in thousands) Unrealized Gains and Losses on Available- Defined Benefit Pension Items Total Balance at July 1, 2021 $ 23,619 $ (1,348) $ 22,271 Other comprehensive income before reclassification (11,385) 0 (11,385) Amounts reclassified from accumulated other comprehensive income 0 46 46 Net current period other comprehensive income (loss) (11,385) 46 (11,339) Balance at September 30, 2021 $ 12,234 $ (1,302) $ 10,932 (dollars in thousands) Unrealized Gains and Losses on Available- Defined Benefit Pension Items Total Balance at July 1, 2020 $ 26,256 $ (1,454) $ 24,802 Other comprehensive income before reclassification 622 0 622 Amounts reclassified from accumulated other comprehensive income (248) 48 (200) Net current period other comprehensive income 374 48 422 Balance at September 30, 2020 $ 26,630 $ (1,406) $ 25,224 The following tables summarize the changes within each classification of accumulated other comprehensive income for the nine months ended September 30, 2021 and 2020, all shown net of tax: (dollars in thousands) Unrealized Gains and Losses on Available- Defined Benefit Pension Items Total Balance at January 1, 2021 $ 29,182 $ (1,438) $ 27,744 Other comprehensive loss before reclassification (16,318) 0 (16,318) Amounts reclassified from accumulated other comprehensive income (630) 136 (494) Net current period other comprehensive income (loss) (16,948) 136 (16,812) Balance at September 30, 2021 $ 12,234 $ (1,302) $ 10,932 (dollars in thousands) Unrealized Gains and Losses on Available- Defined Benefit Pension Items Total Balance at January 1, 2020 $ 13,607 $ (1,548) $ 12,059 Other comprehensive income before reclassification 13,310 0 13,310 Amounts reclassified from accumulated other comprehensive income (287) 142 (145) Net current period other comprehensive income 13,023 142 13,165 Balance at September 30, 2020 $ 26,630 $ (1,406) $ 25,224 Reclassifications out of accumulated comprehensive income for the three months ended September 30, 2021 are as follows: Details about Amount Affected Line Item (dollars in thousands) Realized gains and losses on available-for-sale securities $ 0 Net securities gains Tax effect 0 Income tax expense 0 Net of tax Amortization of defined benefit pension items (61) Other expense Tax effect 15 Income tax expense (46) Net of tax Total reclassifications for the period $ (46) Net income Reclassifications out of accumulated comprehensive income for the three months ended September 30, 2020 are as follows: Details about Amount Affected Line Item (dollars in thousands) Realized gains and losses on available-for-sale securities $ 314 Net securities gains Tax effect (66) Income tax expense 248 Net of tax Amortization of defined benefit pension items (63) Other expense Tax effect 15 Income tax expense (48) Net of tax Total reclassifications for the period $ 200 Net income Reclassifications out of accumulated comprehensive income for the nine months ended September 30, 2021 are as follows: Details about Amount Affected Line Item (dollars in thousands) Realized gains and losses on available-for-sale securities $ 797 Net securities gains Tax effect (167) Income tax expense 630 Net of tax Amortization of defined benefit pension items (181) Other expense Tax effect 45 Income tax expense (136) Net of tax Total reclassifications for the period $ 494 Net income Reclassifications out of accumulated comprehensive income for the nine months ended September 30, 2020 are as follows: Details about Amount Affected Line Item (dollars in thousands) Realized gains and losses on available-for-sale securities $ 363 Net securities gains Tax effect (76) Income tax expense 287 Net of tax Amortization of defined benefit pension items (189) ` Other expense Tax effect 47 Income tax expense (142) Net of tax Total reclassifications for the period $ 145 Net income |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
LEASES | LEASES The Company leases certain office facilities under long-term operating lease agreements. The leases expire at various dates through 2029 and some include renewal options. Many of these leases require the payment of property taxes, insurance premiums, maintenance, utilities and other costs. In many cases, rentals are subject to increase in relation to a cost-of-living index. The Company accounts for lease and non-lease components together as a single lease component. The Company determines if an arrangement is a lease at inception. Operating leases are recorded as a right-of-use ("ROU") lease assets and are included in other assets on the consolidated balance sheet. The Company's corresponding lease obligations are included in other liabilities on the consolidated balance sheet. ROU lease assets represent the Company's right to use an underlying asset for the lease term and lease obligations represent the Company's obligation to make lease payments arising from the lease. Operating ROU lease assets and obligations are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The ROU lease asset also includes any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Short-term leases are leases having a term of twelve months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related lease asset or liability for such leases, as allowed as practical expedient of the standard. The following is a maturity analysis of the operating lease liabilities as of September 30, 2021: Years ending December 31, (in thousands) Operating lease Obligation 2021 $ 147 2022 595 2023 606 2024 622 2025 640 2026 and thereafter 2,233 Total undiscounted lease payments 4,843 Less imputed interest (508) Lease liability $ 4,335 Right-of-use asset $ 4,335 Three months ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Lease cost Operating lease cost $ 133 $ 141 $ 403 $ 402 Short-term lease cost 6 6 18 18 Total lease cost $ 139 $ 147 $ 421 $ 420 Other information Operating cash outflows from operating leases $ 403 $ 402 Weighted-average remaining lease term - operating leases 8.1 years 9.1 years 8.1 years 9.1 years Weighted average discount rate - operating leases 2.8 % 2.8 % 2.8 % 2.8 % |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIESLakeland Financial Corporation and its subsidiaries are defendants in various legal proceedings arising in the normal course of business. In the opinion of management, based on present information including advice of legal counsel, the ultimate resolution of these proceedings is not expected to have a material effect on the Company's consolidated financial position or results of operations. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation Policy | This report is filed for Lakeland Financial Corporation (the "Company"), which has two wholly owned subsidiaries, Lake City Bank (the "Bank") and LCB Risk Management, a captive insurance company. Also included in this report are results for the Bank’s wholly owned subsidiary, LCB Investments II, Inc. ("LCB Investments"), which manages the Bank’s investment portfolio. LCB Investments owns LCB Funding, Inc. ("LCB Funding"), a real estate investment trust. All significant inter-company balances and transactions have been eliminated in consolidation. |
Basis of Accounting Policy | The unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and are unaudited. In the opinion of management, all adjustments (all of which are normal and recurring in nature) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for any subsequent reporting periods, including the year ending December 31, 2021. The Company’s 2020 Annual Report on Form 10-K should be read in conjunction with these statements. |
Adoption of New Accounting Standards and Newly Issued But Not Yet Effective Accounting Standards | Adoption of New Accounting Standards In June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This update, commonly referred to as the current expected credit losses methodology (“CECL”), changes the accounting for credit losses on loans and debt securities. Under the new guidance, the Company’s measurement of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. For loans, this measurement takes place at the time the financial asset is first added to the balance sheet and periodically thereafter. This differs significantly from the “incurred loss” model previously required, but still permitted, under GAAP, which delays recognition until it is probable a loss has been incurred. In addition, the guidance modifies the other-than-temporary impairment model for available-for-sale debt securities to require an allowance for credit impairment instead of a direct write-down, which allows for reversal of credit impairments in future periods. This guidance was effective, subject to optional delay discussed below, for the Company for fiscal years beginning after December 15, 2019, including interim periods in those fiscal years. As previously disclosed, the Company implemented the CECL methodology and ran it concurrently with the historical incurred method. Under a provision provided by the CARES Act, the Company elected to delay the adoption of FASB’s new rule covering the CECL standard. On December 27, 2020, then-President Trump signed into law the Consolidated Appropriations Act, 2021. This law extended relief for troubled debt restructurings and provided for further delay of the current expected credit losses adoption under the CARES Act to January 1, 2022, with early adoption permitted. The Company elected to remain on the incurred loan loss methodology for 2020. The Company adopted ASU 2016-13 during the first quarter of 2021, effective January 1, 2021. Upon adoption, the Company recognized a $9.1 million increase in the allowance for credit losses. This resulted in a one-time cumulative effect adjustment decreasing retained earnings as of January 1, 2021 by $7.0 million, net of deferred taxes of $2.1 million. The Company did not recognize an allowance for credit impairment for available-for-sale securities. The following table illustrates the impact of adoption of the ASU: January 1, 2021 (dollars in thousands) As Reported Under Pre-ASC 326 Impact of Loans Commercial and industrial loans $ 32,645 $ 28,333 $ 4,312 Commercial real estate and multi-family residential loans 27,223 22,907 4,316 Agri-business and agricultural loans 4,103 3,043 1,060 Other commercial loans 1,357 416 941 Consumer 1-4 family loans 3,572 2,619 953 Other consumer loans 1,300 951 349 Unallocated 258 3,139 (2,881) Allowance for credit losses $ 70,458 $ 61,408 $ 9,050 The Company’s loan segmentation, as disclosed in “Note 3 – Loans”, did not change as a result of adopting this ASU. In December 2018, the OCC, the Board of Governors of the Federal Reserve System, and the FDIC approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ implementation of CECL. The final rule provides banking organizations the option to phase in over a three-year period the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. In March 2020, the OCC, the Board of Governors of the Federal Reserve System, and the FDIC published an interim final rule to delay the estimated impact on regulatory capital stemming from the implementation of CECL. The interim final rule maintains the three-year transition option in the previous rule and provides banks the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period (five-year transition option). The Company is not adopting the capital transition relief over the permissible three-year or five-year periods. In August 2018, the FASB issued ASU 2018-14 “Compensation — Retirement Benefits — Defined Benefit Plans — General (Topic 715-20): Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans.” The ASU updated the annual disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans by adding, clarifying and removing certain disclosures. These amendments are effective for fiscal years ending after December 15, 2020, for public business entities, and are to be applied on a retrospective basis to all periods presented. The Company adopted this new accounting standard on January 1, 2021, and the adoption did not have a material impact on its financial statements. In December 2019, the FASB issued ASU 2019-12 “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” These amendments remove specific exceptions to the general principles in Topic 740 in GAAP. It eliminates the need for an organization to analyze whether the following apply in a given period: exception to the incremental approach for intraperiod tax allocation; exceptions to accounting for basis differences where there are ownership changes in foreign investments; and exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. It also improves financial statement preparers’ application of income tax-related guidance and simplifies GAAP for: franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax. It also enacts changes in tax laws in interim periods. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted this new accounting standard on January 1, 2021, and the adoption did not have a material impact on its financial statements. In January 2020, the FASB issued ASU No. 2020-1 “Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” These amendments, among other things, clarify that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments-Equity Method and Joint Ventures, for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments also clarify that, when determining the accounting for certain forward contracts and purchased options a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is permitted, including early adoption in an interim period. An entity should apply ASU 2020-1 prospectively at the beginning of the interim period that includes the adoption date. The Company adopted ASU 2020-1 on January 1, 2021 and it did not have a material impact on its financial statements. In October 2020, the FASB issued ASU No. 2020-8, " Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs ," to clarify that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, and early application is not permitted. The Company adopted this new accounting standard on January 1, 2021, and the adoption did not have a material impact on its financial statements. Newly Issued But Not Yet Effective Accounting Standards On March 12, 2020, the FASB issued Accounting Standards Update (ASU) 2020-4, "Reference Rate Reform (“ASC 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASC 848 contains optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The Company has formed a cross-functional project team to lead the transition from LIBOR to a planned adoption of reference rates which could include Secured Overnight Financing Rate (“SOFR”), amongst others. The Company has identified loans that renewed prior to 2021 and obtained updated reference rate language at the time of renewal. Additionally, management is utilizing the timeline guidance published by the Alternative Reference Rates Committee to develop and achieve internal milestones during this transitional period. The Company has adhered to the International Swaps and Derivatives Association 2020 IBOR Fallbacks Protocol that was released on October 23, 2020. The Company will discontinue the use of new LIBOR-based loans no later than December 31, 2021, according to regulatory guidelines, and is operationally preparing for this change during the fourth quarter of 2021. The guidance under ASC-848 will be available for a limited time, generally through December 31, 2022. The Company expects to adopt the LIBOR transition relief allowed under this standard. In August 2021, the FASB issued ASU 2021-6, "Presentation of Financial Statements (Topic 205), Financial Services - Depository and Lending (Topic 942) and Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants ." The guidance is effective upon its addition to the FASB codification. The Company is currently assessing the impact of ASU 2021-6 on its disclosures. |
Reclassifications | Reclassifications Certain amounts appearing in the consolidated financial statements and notes thereto for prior periods have been reclassified to conform with the current presentation. The reclassifications had no effect on net income or stockholders' equity as previously reported. |
Allowance for Credit Losses and Credit Quality | The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2021 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company maintains an allowance for credit losses to provide for expected credit losses. Losses are charged against the allowance when management believes that the principal is uncollectable. Subsequent recoveries, if any, are credited to the allowance. Allocations of the allowance are made for specific loans and for pools of similar types of loans, although the entire allowance is available for any loan that, in management’s judgment, should be charged against the allowance. A provision for credit losses is taken based on management’s ongoing evaluation of the appropriate allowance balance. A formal evaluation of the adequacy of the credit loss allowance is conducted monthly. The ultimate recovery of all loans is susceptible to future market factors beyond the Company’s control. The level of credit loss provision is influenced by growth in the overall loan portfolio, emerging market risk, emerging concentration risk, commercial loan focus and large credit concentration, new industry lending activity, general economic conditions and historical loss analysis. In addition, management gives consideration to changes in the facts and circumstances of watch list credits, which includes the security position of the borrower, in determining the appropriate level of the credit loss provision. Furthermore, management’s overall view on credit quality is a factor in the determination of the provision. The determination of the appropriate allowance is inherently subjective, as it requires significant estimates by management. The Company has an established process to determine the adequacy of the allowance for credit losses that generally includes consideration of changes in the nature and volume of the loan portfolio and overall portfolio quality, along with current and forecasted economic conditions that may affect borrowers’ ability to repay. Consideration is not limited to these factors although they represent the most commonly cited factors. To determine the specific allocation levels for individual credits, management considers the current valuation of collateral and the amounts and timing of expected future cash flows as the primary measures. Management also considers trends in adversely classified loans based upon an ongoing review of those credits. With respect to pools of similar loans, an appropriate level of general allowance is determined by portfolio segment using a probability of default-loss given default (“PD/LGD”) model, subject to a floor. A default can be triggered by one of several different asset quality factors, including past due status, nonaccrual status, TDR status or if the loan has had a charge-off. This PD is then combined with a LGD derived from historical charge-off data to construct a default rate. This loss rate is then supplemented with adjustments for reasonable and supportable forecasts of relevant economic indicators, particularly the unemployment rate forecast from the Federal Open Market Committee’s Summary of Economic Projections, and other environmental factors based on the risks present for each portfolio segment. These environmental factors include consideration of the following: levels of, and trends in, delinquencies and nonperforming loans; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedure, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. It is also possible that these factors could include social, political, economic, and terrorist events or activities. All of these factors are susceptible to change, which may be significant. As a result of this detailed process, the allowance results in two forms of allocations, specific and general. These two components represent the total allowance for credit losses deemed adequate to cover probable losses inherent in the loan portfolio. Commercial loans are subject to a dual standardized grading process administered by the credit administration function. These grade assignments are performed independent of each other and a consensus is reached by credit administration and the loan review officer. Specific allowances are established in cases where management has identified significant conditions or circumstances related to an individual credit that indicate it should be evaluated on an individual basis. Considerations with respect to specific allocations for these individual credits include, but are not limited to, the following: (a) the sufficiency of the customer’s cash flow or net worth to repay the loan; (b) the adequacy of the discounted value of collateral relative to the loan balance; (c) whether the loan has been criticized in a regulatory examination; (d) whether the loan is nonperforming; (e) any other reasons the ultimate collectability of the loan may be in question; or (f) any unique loan characteristics that require special monitoring. Allocations are also applied to categories of loans considered not to be individually analyzed, but for which the rate of loss is expected to be consistent with or greater than historical averages. Such allocations are based on past loss experience and information about specific borrower situations and estimated collateral values. These general pooled loan allocations are performed for portfolio segments of commercial and industrial; commercial real estate, multi-family, and construction; agri-business and agricultural; other commercial loans; and consumer 1-4 family mortgage and other consumer loans. General allocations of the allowance are determined by a historical loss rate based on the calculation of each pool’s probability of default-loss given default, subject to a floor. The length of the historical period for each pool is based on the average life of the pool. The historical loss rates are supplemented with consideration of economic conditions and portfolio trends. Due to the imprecise nature of estimating the allowance for credit losses, the Company’s allowance for credit losses includes an unallocated component. The unallocated component of the allowance for credit losses incorporates the Company’s judgmental determination of potential expected losses that may not be fully reflected in other allocations, including factors such as the level of classified credits, economic uncertainties, industry trends impacting specific portfolio segments, broad portfolio quality trends, and trends in the composition of the Company’s large commercial loan portfolio and related large dollar exposures to individual borrowers. As a practical expedient, the Company has elected to treat accrued interest the same way it is treated in the incurred loss model, wherein it is stated separately from loan principal balances on the consolidated balance sheet. Additionally, when a loan is placed on non-accrual, interest payments will be reversed through interest income, which is consistent with current practice. For off balance sheet credit exposures outlined in the ASU at 326-20-30-11, it is the Company’s position that nearly all of the unfunded amounts on lines of credit are unconditionally cancellable, and therefore not subject to having a liability set up, which matches the current accounting conclusion in the incurred loss environment. |
Leases | The Company leases certain office facilities under long-term operating lease agreements. The leases expire at various dates through 2029 and some include renewal options. Many of these leases require the payment of property taxes, insurance premiums, maintenance, utilities and other costs. In many cases, rentals are subject to increase in relation to a cost-of-living index. The Company accounts for lease and non-lease components together as a single lease component. The Company determines if an arrangement is a lease at inception. Operating leases are recorded as a right-of-use ("ROU") lease assets and are included in other assets on the consolidated balance sheet. The Company's corresponding lease obligations are included in other liabilities on the consolidated balance sheet. ROU lease assets represent the Company's right to use an underlying asset for the lease term and lease obligations represent the Company's obligation to make lease payments arising from the lease. Operating ROU lease assets and obligations are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The ROU lease asset also includes any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Short-term leases are leases having a term of twelve months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related lease asset or liability for such leases, as allowed as practical expedient of the standard. |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Impact of Adoption of the ASU | The following table illustrates the impact of adoption of the ASU: January 1, 2021 (dollars in thousands) As Reported Under Pre-ASC 326 Impact of Loans Commercial and industrial loans $ 32,645 $ 28,333 $ 4,312 Commercial real estate and multi-family residential loans 27,223 22,907 4,316 Agri-business and agricultural loans 4,103 3,043 1,060 Other commercial loans 1,357 416 941 Consumer 1-4 family loans 3,572 2,619 953 Other consumer loans 1,300 951 349 Unallocated 258 3,139 (2,881) Allowance for credit losses $ 70,458 $ 61,408 $ 9,050 |
SECURITIES (Tables)
SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-For-Sale Securities | Information related to the amortized cost, fair value and allowance for credit losses of securities available-for-sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income is provided in the tables below. (dollars in thousands) Amortized Gross Unrealized Gain Gross Unrealized Losses Allowance for Credit Losses Fair Value September 30, 2021 U.S. Treasury securities $ 900 $ 0 $ 0 $ 0 $ 900 U.S. government sponsored agencies 118,681 17 (2,237) 0 116,461 Mortgage-backed securities: residential 430,388 5,511 (4,066) 0 431,833 Mortgage-backed securities: commercial 23,699 483 0 0 24,182 State and municipal securities 650,561 20,955 (5,177) 0 666,339 Total $ 1,224,229 $ 26,966 $ (11,480) $ 0 $ 1,239,715 December 31, 2020 U.S. government sponsored agencies $ 36,492 $ 56 $ (61) $ 0 $ 36,487 Mortgage-backed securities: residential 270,231 9,289 (17) 0 279,503 Mortgage-backed securities: commercial 35,877 1,004 0 0 36,881 State and municipal securities 355,306 26,696 (28) 0 381,974 Total $ 697,906 $ 37,045 $ (106) $ 0 $ 734,845 |
Schedule of Available-For-Sale Securities By Maturity | Information regarding the fair value and amortized cost of available-for-sale debt securities by maturity as of September 30, 2021 is presented below. Maturity information is based on contractual maturity for all securities other than mortgage-backed securities. Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without a prepayment penalty. (dollars in thousands) Amortized Cost Fair Due in one year or less $ 4,245 $ 4,256 Due after one year through five years 11,953 12,284 Due after five years through ten years 50,464 52,987 Due after ten years 703,480 714,173 770,142 783,700 Mortgage-backed securities 454,087 456,015 Total debt securities $ 1,224,229 $ 1,239,715 |
Schedule of Sales of Securities Available For Sale | Securities proceeds, gross gains and gross losses are presented below. Three months ended September 30, Nine Months Ended September 30, (dollars in thousands) 2021 2020 2021 2020 Sales of securities available-for-sale Proceeds $ 0 $ 5,265 $ 13,964 $ 6,413 Gross gains 0 314 797 363 Gross losses 0 0 0 0 Number of securities 0 12 8 15 |
Schedule of Available-For-Sale Securities Continuous Unrealized Loss Position | Information regarding securities with unrealized losses as of September 30, 2021 and December 31, 2020 is presented below. The tables divide the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more. Less than 12 months 12 months or more Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2021 U.S. government sponsored agencies $ 106,441 $ 2,237 $ 0 $ 0 $ 106,441 $ 2,237 Mortgage-backed securities: residential 245,919 4,066 0 0 245,919 4,066 Mortgage-backed securities: commercial 65 0 0 0 65 0 State and municipal securities 276,881 5,177 0 0 276,881 5,177 Total temporarily impaired $ 629,306 $ 11,480 $ 0 $ 0 $ 629,306 $ 11,480 December 31, 2020 U.S. government sponsored agencies $ 19,800 $ 61 $ 0 $ 0 $ 19,800 $ 61 Mortgage-backed securities: residential 3 0 3,112 17 3,115 17 Mortgage-backed securities: commercial 0 0 0 0 0 0 State and municipal securities 6,921 28 0 0 6,921 28 Total temporarily impaired $ 26,724 $ 89 $ 3,112 $ 17 $ 29,836 $ 106 |
Schedule of Quantitative Disclosure of Available-For-Sale Securities | The total number of securities with unrealized losses as of September 30, 2021 and December 31, 2020 is presented below. Less than 12 months Total September 30, 2021 U.S. government sponsored agencies 12 0 12 Mortgage-backed securities: residential 25 0 25 Mortgage-backed securities: commercial 1 0 1 State and municipal securities 162 0 162 Total temporarily impaired 200 0 200 December 31, 2020 U.S. government sponsored agencies 3 0 3 Mortgage-backed securities: residential 2 1 3 Mortgage-backed securities: commercial 0 0 0 State and municipal securities 2 0 2 Total temporarily impaired 7 1 8 |
LOANS (Tables)
LOANS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Loans | (dollars in thousands) September 30, December 31, Commercial and industrial loans: Working capital lines of credit loans $ 659,166 15.5 % $ 626,023 13.5 % Non-working capital loans 782,618 18.5 1,165,355 25.0 Total commercial and industrial loans 1,441,784 34.0 1,791,378 38.5 Commercial real estate and multi-family residential loans: Construction and land development loans 378,716 8.9 362,653 7.8 Owner occupied loans 740,836 17.4 648,019 13.9 Nonowner occupied loans 582,019 13.7 579,625 12.5 Multifamily loans 252,983 6.0 304,717 6.5 Total commercial real estate and multi-family residential loans 1,954,554 46.0 1,895,014 40.7 Agri-business and agricultural loans: Loans secured by farmland 152,099 3.5 195,410 4.2 Loans for agricultural production 171,981 4.1 234,234 5.0 Total agri-business and agricultural loans 324,080 7.6 429,644 9.2 Other commercial loans 83,595 2.0 94,013 2.0 Total commercial loans 3,804,013 89.6 4,210,049 90.4 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 173,689 4.1 167,847 3.6 Open end and junior lien loans 161,941 3.8 163,664 3.5 Residential construction and land development loans 12,542 0.3 12,007 0.3 Total consumer 1-4 family mortgage loans 348,172 8.2 343,518 7.4 Other consumer loans 92,169 2.2 103,616 2.2 Total consumer loans 440,341 10.4 447,134 9.6 Subtotal 4,244,354 100.0 % 4,657,183 100.0 % Less: Allowance for credit losses (73,048) (61,408) Net deferred loan fees (4,901) (8,027) Loans, net $ 4,166,405 $ 4,587,748 |
ALLOWANCE FOR CREDIT LOSSES A_2
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY | |
In Allowance For Loan Losses and Recorded Investment In Loans By Portfolio Segment | The following tables present the activity in the allowance for credit losses by portfolio segment for the three-month period ended September 30, 2021: (dollars in thousands) Commercial and Industrial Commercial Real Estate and Multifamily Residential Agri-business and Agricultural Other Commercial Consumer 1-4 Family Mortgage Other Consumer Unallocated Total Three Months Ended September 30, 2021 Beginning balance, July 1 $ 33,130 $ 28,291 $ 3,930 $ 1,298 $ 3,165 $ 1,393 $ 506 $ 71,713 Provision for credit losses 3,507 (1,545) (244) 89 (265) (116) (126) 1,300 Loans charged-off (5) 0 0 0 (13) (72) 0 (90) Recoveries 44 0 0 0 14 67 0 125 Net loans (charged-off) recovered 39 0 0 0 1 (5) 0 35 Ending balance $ 36,676 $ 26,746 $ 3,686 $ 1,387 $ 2,901 $ 1,272 $ 380 $ 73,048 The following tables present the activity in the allowance for credit losses by portfolio segment for the nine-month period ended September 30, 2021: (dollars in thousands) Commercial and Industrial Commercial Real Estate and Multifamily Residential Agri-business and Agricultural Other Commercial Consumer 1-4 Family Mortgage Other Consumer Unallocated Total Nine Months Ended September 30, 2021 Beginning balance, January 1 $ 28,333 $ 22,907 $ 3,043 $ 416 $ 2,619 $ 951 $ 3,139 $ 61,408 Impact of adopting ASC 326 4,312 4,316 1,060 941 953 349 (2,881) 9,050 Provision for credit losses 2,780 (420) (737) 30 (719) 21 122 1,077 Loans charged-off (254) (71) 0 0 (51) (217) 0 (593) Recoveries 1,505 14 320 0 99 168 0 2,106 Net loans (charged-off) recovered 1,251 (57) 320 0 48 (49) 0 1,513 Ending balance $ 36,676 $ 26,746 $ 3,686 $ 1,387 $ 2,901 $ 1,272 $ 380 $ 73,048 The following tables present the activity in the allowance for loan losses by portfolio segment for the three-month period ended September 30, 2020: (dollars in thousands) Commercial and Industrial Commercial Real Estate and Multfamily Residential Agri-business and Agricultural Other Commercial Consumer 1-4 Family Mortgage Other Consumer Unallocated Total Three Months Ended September 30, 2020 Beginning balance, July 1 $ 26,744 $ 21,063 $ 3,408 $ 542 $ 3,434 $ 774 $ 3,054 $ 59,019 Provision for credit losses 1,574 175 (314) 30 (50) 237 98 1,750 Loans charged-off (6) 0 0 0 (70) (229) 0 (305) Recoveries 51 177 3 0 4 48 0 283 Net loans charged-off 45 177 3 0 (66) (181) 0 (22) Ending balance $ 28,363 $ 21,415 $ 3,097 $ 572 $ 3,318 $ 830 $ 3,152 $ 60,747 The following tables present the activity in the allowance for loan losses by portfolio segment for the nine-month period ended September 30, 2020: (dollars in thousands) Commercial and Industrial Commercial Real Estate and Multfamily Residential Agri-business and Agricultural Other Commercial Consumer 1-4 Family Mortgage Other Consumer Unallocated Total Nine Months Ended September 30, 2020 Beginning balance, January 1 $ 25,789 $ 15,796 $ 3,869 $ 447 $ 2,086 $ 345 $ 2,320 $ 50,652 Provision for credit losses 6,264 5,312 (780) 125 1,298 799 832 13,850 Loans charged-off (4,037) 0 0 0 (83) (445) 0 (4,565) Recoveries 347 307 8 0 17 131 0 810 Net loans charged-off (3,690) 307 8 0 (66) (314) 0 (3,755) Ending balance $ 28,363 $ 21,415 $ 3,097 $ 572 $ 3,318 $ 830 $ 3,152 $ 60,747 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2020: (dollars in thousands) Commercial and Industrial Commercial Real Estate and Multfamily Residential Agri-business and Agricultural Other Commercial Consumer 1-4 Family Mortgage Other Consumer Unallocated Total December 31, 2020 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 6,310 $ 1,377 $ 84 $ 0 $ 270 $ 0 $ 0 $ 8,041 Collectively evaluated for impairment 22,023 21,530 2,959 416 2,349 951 3,139 53,367 Total ending allowance balance $ 28,333 $ 22,907 $ 3,043 $ 416 $ 2,619 $ 951 $ 3,139 $ 61,408 Loans: Loans individually evaluated for impairment $ 12,533 $ 5,518 $ 428 $ 0 $ 1,700 $ 0 $ 0 $ 20,179 Loans collectively evaluated for impairment 1,772,393 1,887,054 429,234 93,912 342,999 103,385 0 4,628,977 Total ending loans balance $ 1,784,926 $ 1,892,572 $ 429,662 $ 93,912 $ 344,699 $ 103,385 $ 0 $ 4,649,156 |
Summary of Risk Category of Loans by Loan Segment and Origination Date and Credit Quality Indicators | The following table summarizes the risk category of loans by loan segment and origination date as of September 30, 2021: (dollars in thousands) 2021 2020 2019 2018 2017 Prior Term Total Revolving Total Commercial and industrial loans: Working capital lines of credit loans: Pass $ 8,755 $ 6,467 $ 11,643 $ 1,646 $ 834 $ 82 $ 29,427 $ 533,140 $ 562,567 Special Mention 0 0 0 0 0 0 0 64,240 64,240 Substandard 0 0 85 0 0 0 85 32,382 32,467 Total 8,755 6,467 11,728 1,646 834 82 29,512 629,762 659,274 Non-working capital loans: Pass 184,286 172,825 87,892 68,814 23,713 20,548 558,078 163,413 721,491 Special Mention 17,614 0 630 1,112 2,466 1,185 23,007 2,426 25,433 Substandard 4,908 7,022 1,225 4,681 5,723 512 24,071 3,208 27,279 Not Rated 1,695 1,915 920 719 191 22 5,462 0 5,462 Total 208,503 181,762 90,667 75,326 32,093 22,267 610,618 169,047 779,665 Commercial real estate and multi-family residential loans: Construction and land development loans: Pass 13,305 40,841 4,679 30,875 0 16,870 106,570 270,801 377,371 Owner occupied loans: Pass 93,789 174,606 127,573 94,853 82,439 105,570 678,830 36,226 715,056 Special Mention 6,829 0 1,809 966 7,715 1,273 18,592 0 18,592 Substandard 506 1,946 929 2,101 707 408 6,597 0 6,597 Total 101,124 176,552 130,311 97,920 90,861 107,251 704,019 36,226 740,245 Nonowner occupied loans: Pass 75,760 160,552 118,333 26,642 41,494 69,129 491,910 59,107 551,017 Special Mention 11,937 349 620 0 0 14,341 27,247 0 27,247 Substandard 0 0 0 3,354 0 0 3,354 0 3,354 Total 87,697 160,901 118,953 29,996 41,494 83,470 522,511 59,107 581,618 Multifamily loans: Pass 79,260 53,500 36,784 14,372 14,688 18,696 217,300 12,997 230,297 Special Mention 0 0 0 0 22,252 0 22,252 0 22,252 Total 79,260 53,500 36,784 14,372 36,940 18,696 239,552 12,997 252,549 Agri-business and agricultural loans: Loans secured by farmland: Pass 35,548 37,854 17,533 13,327 9,841 19,776 133,879 12,345 146,224 Special Mention 0 1,985 2,336 0 190 30 4,541 938 5,479 Substandard 212 0 0 0 0 145 357 0 357 Total 35,760 39,839 19,869 13,327 10,031 19,951 138,777 13,283 152,060 Loans for agricultural production: Pass 27,116 27,959 4,415 11,399 1,478 4,393 76,760 76,860 153,620 Special Mention 464 8,644 1,250 0 43 19 10,420 8,014 18,434 Total 27,580 36,603 5,665 11,399 1,521 4,412 87,180 84,874 172,054 Other commercial loans: Pass 1,488 30,130 3,541 1,328 8,897 8,772 54,156 25,162 79,318 Special Mention 0 0 0 0 0 3,945 3,945 0 3,945 Total 1,488 30,130 3,541 1,328 8,897 12,717 58,101 25,162 83,263 Consumer 1-4 family mortgage loans: Closed end first mortgage loans Pass 13,332 17,484 5,487 6,502 3,216 2,145 48,166 2,183 50,349 Substandard 0 0 0 0 0 1,821 1,821 0 1,821 Not Rated 35,165 28,684 10,088 7,868 9,343 29,513 120,661 562 121,223 Total 48,497 46,168 15,575 14,370 12,559 33,479 170,648 2,745 173,393 Open end and junior lien loans Pass 193 379 162 317 0 0 1,051 10,733 11,784 Substandard 0 0 0 0 0 0 0 0 0 Not Rated 17,212 6,732 6,885 4,814 2,394 1,678 39,715 112,024 151,739 Total 17,405 7,111 7,047 5,131 2,394 1,678 40,766 122,757 163,523 Residential construction loans Not Rated 7,164 2,842 982 140 173 1,177 12,478 13 12,491 Other consumer loans Pass 584 1,181 1,579 0 1,253 0 4,597 22,084 26,681 Substandard 36 0 257 0 0 0 293 0 293 Not Rated 18,262 17,058 8,678 6,945 2,531 1,418 54,892 10,081 64,973 Total 18,882 18,239 10,514 6,945 3,784 1,418 59,782 32,165 91,947 TOTAL $ 655,420 $ 800,955 $ 456,315 $ 302,775 $ 241,581 $ 323,468 $ 2,780,514 $ 1,458,939 $ 4,239,453 As of December 31, 2020, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: (dollars in thousands) Pass Special Substandard Doubtful Not Total Commercial and industrial loans: Working capital lines of credit loans $ 535,071 $ 81,095 $ 9,718 $ 0 $ 215 $ 626,099 Non-working capital loans 1,111,989 26,523 14,820 0 5,495 1,158,827 Commercial real estate and multi-family residential loans: Construction and land development loans 361,664 0 0 0 0 361,664 Owner occupied loans 608,845 31,355 7,374 0 0 647,574 Nonowner occupied loans 547,790 31,260 0 0 0 579,050 Multi-family loans 282,031 22,253 0 0 0 304,284 Agri-business and agricultural loans: Loans secured by farmland 183,983 10,728 652 0 0 195,363 Loans for agricultural production 185,875 48,424 0 0 0 234,299 Other commercial loans 93,912 0 0 0 0 93,912 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 40,682 0 1,695 0 125,124 167,501 Open end and junior lien loans 8,424 0 5 0 156,807 165,236 Residential construction loans 0 0 0 0 11,962 11,962 Other consumer loans 36,979 253 0 0 66,153 103,385 Total $ 3,997,245 $ 251,891 $ 34,264 $ 0 $ 365,756 $ 4,649,156 |
Schedule of Amortized Cost Basis In Past Due Loans | The following table presents the aging of the amortized cost basis in past due loans as of September 30, 2021 by class of loans and loans past due 90 days or more and still accruing by class of loan: (dollars in thousands) Loans Not Past Due 30-89 Days Past Due Greater than 89 Days Past Due and Accruing Total Accruing Total Nonaccrual Nonaccrual With No Allowance For Credit Loss Total Commercial and industrial loans: Working capital lines of credit loans $ 659,160 $ 114 $ 0 $ 645,093 $ 14,181 $ 1 $ 659,274 Non-working capital loans 779,551 114 0 770,709 8,956 232 779,665 Commercial real estate and multi-family residential loans: Construction and land development loans 377,371 0 0 377,371 0 0 377,371 Owner occupied loans 740,245 0 0 736,423 3,822 986 740,245 Nonowner occupied loans 581,618 0 0 578,260 3,358 0 581,618 Multifamily loans 252,549 0 0 252,549 0 0 252,549 Agri-business and agricultural loans: Loans secured by farmland 152,060 0 0 151,915 145 0 152,060 Loans for agricultural production 172,054 0 0 172,054 0 0 172,054 Other commercial loans 83,263 0 0 83,263 0 0 83,263 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 172,515 860 18 173,293 100 56 173,393 Open end and junior lien loans 163,489 34 0 163,425 98 98 163,523 Residential construction loans 12,491 0 0 12,491 0 0 12,491 Other consumer loans 91,829 118 0 91,629 318 0 91,947 Total $ 4,238,195 $ 1,240 $ 18 $ 4,208,475 $ 30,978 $ 1,373 $ 4,239,453 |
Schedule of Amortized Cost Basis Of Collateral Dependent Loans | The following table presents the amortized cost basis of collateral dependent loans by class of loan as of September 30, 2021: (dollars in thousands) Real Estate General Other Total Commercial and industrial loans: Working capital lines of credit loans $ 0 $ 14,181 $ 0 $ 14,181 Non-working capital loans 1,632 13,757 229 15,618 Commercial real estate and multi-family residential loans: Owner occupied loans 1,456 1,675 1,161 4,292 Nonowner occupied loans 3,358 0 0 3,358 Agri-business and agricultural loans: Loans secured by farmland 0 145 0 145 Consumer 1-4 family mortgage loans: Closed end first mortgage loans 3,056 0 0 3,056 Other consumer loans 0 0 51 51 Total 9,502 29,758 1,441 40,701 |
Troubled Debt Restructuring | (dollars in thousands) September 30, December 31, Accruing troubled debt restructured loans $ 4,973 $ 5,237 Nonaccrual troubled debt restructured loans 6,093 6,476 Total troubled debt restructured loans $ 11,066 $ 11,713 |
Loans by Class Modified as Troubled Debt Restructurings | The following table presents loans by class modified as new troubled debt restructurings that occurred during the nine months ended September 30, 2020: Modified Repayment Terms (dollars in thousands) Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Extension Period or Range (in months) Troubled Debt Restructurings Commercial and industrial loans: Working capital lines of credit loans 1 $ 250 $ 315 1 0 Non-working capital lines of credit loans 2 4,288 3,691 2 0 Commercial real estate and multi-family residential loans: Owner occupied loans 1 1,528 1,527 1 0 Total 4 $ 6,066 $ 5,533 4 0 |
Loans Individually Evaluated for Impairment | The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2020: (dollars in thousands) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 346 $ 173 $ 0 Non-working capital loans 2,399 968 0 Commercial real estate and multi-family residential loans: Owner occupied loans 3,002 2,930 0 Agri-business and agricultural loans: Loans secured by farmland 603 283 0 Consumer 1‑4 family loans: Closed end first mortgage loans 316 236 0 Open end and junior lien loans 5 5 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 433 433 255 Non-working capital loans 11,644 10,959 6,055 Commercial real estate and multi-family residential loans: Owner occupied loans 2,589 2,588 1,377 Agri-business and agricultural loans: Loans secured by farmland 145 145 84 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 1,457 1,459 270 Total $ 22,939 $ 20,179 $ 8,041 The following table presents loans individually evaluated for impairment by class of loans as of and for the three-month period ended September 30, 2020: (dollars in thousands) Average Recorded Investment Interest Income Recognized Cash Basis Interest Income Recognized With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 174 $ 0 $ 0 Non-working capital loans 995 5 5 Commercial real estate and multi-family residential loans: Owner occupied loans 2,054 4 4 Agri-business and agricultural loans: Loans secured by farmland 283 0 0 Consumer 1‑4 family loans: Closed end first mortgage loans 274 0 0 Open end and junior lien loans 54 0 0 Residential construction loans 8 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 1,546 0 0 Non-working capital loans 11,970 63 63 Commercial real estate and multi-family residential loans: Owner occupied loans 3,994 0 0 Agri-business and agricultural loans: Loans secured by farmland 146 0 0 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 1,520 9 9 Open end and junior lien loans 648 0 0 Residential construction loans 35 0 0 Total $ 23,701 $ 81 $ 81 The following table presents loans individually evaluated for impairment by class of loans as of and for the nine-month period ended September 30, 2020: (dollars in thousands) Average Recorded Investment Interest Income Recognized Cash Basis Interest Income Recognized With no related allowance recorded: Commercial and industrial loans: Working capital lines of credit loans $ 442 $ 0 $ 0 Non-working capital loans 766 16 16 Commercial real estate and multi-family residential loans: Owner occupied loans 2,101 13 13 Agri-business and agricultural loans: Loans secured by farmland 283 0 0 Consumer 1‑4 family loans: Closed end first mortgage loans 304 2 2 Open end and junior lien loans 63 0 0 Residential construction loans 3 0 0 With an allowance recorded: Commercial and industrial loans: Working capital lines of credit loans 3,001 0 0 Non-working capital loans 11,763 216 216 Commercial real estate and multi-family residential loans: Owner occupied loans 3,034 30 30 Agri-business and agricultural loans: Loans secured by farmland 147 0 0 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 1,589 28 28 Open end and junior lien loans 642 0 0 Residential construction loans 46 0 0 Total $ 24,184 $ 305 $ 305 |
Aging of the Recorded Investment in Past Due Loans | The following table presents the aging of the recorded investment in past due loans as of December 31, 2020 by class of loans: (dollars in thousands) Loans Not 30‑89 Greater than 90 Days Past Due Nonaccrual Total Past Due and Nonaccrual Total Commercial and industrial loans: Working capital lines of credit loans $ 625,493 $ 0 $ 0 $ 606 $ 606 $ 626,099 Non-working capital loans 1,153,540 0 0 5,287 5,287 1,158,827 Commercial real estate and multi-family residential loans: Construction and land development loans 361,664 0 0 0 0 361,664 Owner occupied loans 642,527 0 0 5,047 5,047 647,574 Nonowner occupied loans 579,050 0 0 0 0 579,050 Multifamily loans 304,284 0 0 0 0 304,284 Agri-business and agricultural loans: Loans secured by farmland 194,935 0 0 428 428 195,363 Loans for agricultural production 234,191 108 0 0 108 234,299 Other commercial loans 93,912 0 0 0 0 93,912 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 165,895 877 116 613 1,606 167,501 Open end and junior lien loans 165,094 137 0 5 142 165,236 Residential construction loans 11,962 0 0 0 0 11,962 Other consumer loans 103,240 145 0 0 145 103,385 Total $ 4,635,787 $ 1,267 $ 116 $ 11,986 $ 13,369 $ 4,649,156 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The tables below presents the balances of assets measured at fair value on a recurring basis: September 30, 2021 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 Assets: U.S. Treasury securities $ 900 $ 0 $ 0 $ 900 U.S. government sponsored agency securities 0 116,461 0 116,461 Mortgage-backed securities: residential 0 431,833 0 431,833 Mortgage-backed securities: commercial 0 24,182 0 24,182 State and municipal securities 0 666,199 140 666,339 Total Securities 900 1,238,675 140 1,239,715 Mortgage banking derivative 0 719 0 719 Interest rate swap derivative 0 15,426 0 15,426 Total assets $ 900 $ 1,254,820 $ 140 $ 1,255,860 Liabilities: Mortgage banking derivative $ 0 $ 1 $ 0 $ 1 Interest rate swap derivative 0 15,447 0 15,447 Total liabilities $ 0 $ 15,448 $ 0 $ 15,448 December 31, 2020 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 Assets: U.S. government sponsored agency securities $ 0 $ 36,487 $ 0 $ 36,487 Mortgage-backed securities: residential 0 279,503 0 279,503 Mortgage-backed securities: commercial 0 36,881 0 36,881 State and municipal securities 0 381,834 140 381,974 Total Securities 0 734,705 140 734,845 Mortgage banking derivative 0 1,182 0 1,182 Interest rate swap derivative 0 21,764 0 21,764 Total assets $ 0 $ 757,651 $ 140 $ 757,791 Liabilities: Mortgage banking derivative $ 0 $ 111 $ 0 $ 111 Interest rate swap derivative 0 21,794 0 21,794 Total liabilities $ 0 $ 21,905 $ 0 $ 21,905 |
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis | The tables below presents the balances of assets measured at fair value on a nonrecurring basis: September 30, 2021 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 Assets Collateral dependent loans: Commercial and industrial loans: Working capital lines of credit loans $ 0 $ 0 $ 9,982 $ 9,982 Non-working capital loans 0 0 7,525 7,525 Commercial real estate and multi-family residential loans: Owner occupied loans 0 0 652 652 Nonowner occupied loans 0 0 3,131 3,131 Agri-business and agricultural loans: Loans secured by farmland 0 0 43 43 Total collateral dependent loans 0 0 21,333 21,333 Other real estate owned 0 0 0 0 Total assets $ 0 $ 0 $ 21,333 $ 21,333 December 31, 2020 Fair Value Measurements Using Assets (dollars in thousands) Level 1 Level 2 Level 3 Assets Collateral dependent loans: Commercial and industrial loans: Working capital lines of credit loans $ 0 $ 0 $ 178 $ 178 Non-working capital loans 0 0 4,904 4,904 Commercial real estate and multi-family residential loans: Owner occupied loans 0 0 1,211 1,211 Agri-business and agricultural loans: Loans secured by farmland 0 0 61 61 Consumer 1‑4 family mortgage loans: Closed end first mortgage loans 0 0 411 411 Total collateral dependent loans 0 0 6,765 6,765 Other real estate owned 0 0 0 0 Total assets $ 0 $ 0 $ 6,765 $ 6,765 |
Schedule of Fair Value Measured on Nonrecurring Basis Valuation Techniques | The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at September 30, 2021: (dollars in thousands) Fair Value Valuation Methodology Unobservable Inputs Average Range of Inputs Collateral dependent loans: Commercial and industrial $ 17,507 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 58 % 25%-99% Collateral dependent loans: Commercial real estate 3,783 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 38 % 7%-99% Collateral dependent loans: Agribusiness and agricultural 43 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 70 % N/A The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2020: (dollars in thousands) Fair Value Valuation Methodology Unobservable Inputs Average Range of Inputs Collateral dependent loans: Commercial and industrial $ 5,082 Collateral basedmeasurements Discount to reflect current market conditions and ultimate collectability 55 % 16%-100% Collateral dependent loans: Commercial real estate 1,211 Collateral basedmeasurements Discount to reflect current market conditions and ultimate collectability 53 % 21%-74% Collateral dependent loans: Agribusiness and agricultural 61 Collateral basedmeasurements Discount to reflect current market conditions and ultimate collectability 58 % N/A Collateral dependent loans: Consumer 1-4 family mortgage 411 Collateral basedmeasurements Discount to reflect current market conditions and ultimate collectability 11 % 10%-15% |
Schedule of Fair Values and the Related Carrying Values of Financial Instruments | The following tables contain the estimated fair values and the related carrying values of the Company’s financial instruments. Items which are not financial instruments are not included. September 30, 2021 Carrying Estimated Fair Value (dollars in thousands) Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 557,233 $ 555,522 $ 1,711 $ 0 $ 557,233 Securities available-for-sale 1,239,715 900 1,238,675 140 1,239,715 Real estate mortgages held-for-sale 7,969 0 8,133 0 8,133 Loans, net 4,166,405 0 0 4,101,098 4,101,098 Mortgage banking derivative 719 0 719 0 719 Interest rate swap derivative 15,426 0 15,426 0 15,426 Federal Reserve and Federal Home Loan Bank Stock 13,772 N/A N/A N/A N/A Accrued interest receivable 17,780 0 6,710 11,070 17,780 Financial Liabilities: Certificates of deposit (864,902) 0 (869,759) 0 (869,759) All other deposits (4,549,736) (4,549,736) 0 0 (4,549,736) Federal Home Loan Bank advances (75,000) 0 (66,596) 0 (66,596) Mortgage banking derivative (1) 0 (1) 0 (1) Interest rate swap derivative (15,447) 0 (15,447) 0 (15,447) Standby letters of credit (334) 0 0 (334) (334) Accrued interest payable (2,916) (72) (2,844) 0 (2,916) December 31, 2020 Carrying Estimated Fair Value (dollars in thousands) Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 249,927 $ 247,228 $ 2,699 $ 0 $ 249,927 Securities available-for-sale 734,845 0 734,705 140 734,845 Real estate mortgages held-for-sale 11,218 0 11,651 0 11,651 Loans, net 4,587,748 0 0 4,532,639 4,532,639 Mortgage banking derivative 1,182 0 1,182 0 1,182 Interest rate swap derivative 21,764 0 21,764 0 21,764 Federal Reserve and Federal Home Loan Bank Stock 13,772 N/A N/A N/A N/A Accrued interest receivable 18,761 0 3,801 14,960 18,761 Financial Liabilities: Certificates of deposit (1,024,819) 0 (1,033,095) 0 (1,033,095) All other deposits (4,011,986) (4,011,986) 0 0 (4,011,986) Miscellaneous borrowings (10,500) 0 (10,500) 0 (10,500) Federal Home Loan Bank advances (75,000) 0 (68,967) 0 (68,967) Mortgage banking derivative (111) 0 (111) 0 (111) Interest rate swap derivative (21,794) 0 (21,794) 0 (21,794) Standby letters of credit (686) 0 0 (686) (686) Accrued interest payable (5,959) (66) (5,893) 0 (5,959) |
OFFSETTING ASSETS AND LIABILI_2
OFFSETTING ASSETS AND LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
OFFSETTING ASSETS AND LIABILITIES | |
Schedule of Offsetting Assets and Liability | The following tables summarize gross and net information about financial instruments and derivative instruments that are offset in the statement of financial position or that are subject to an enforceable master netting arrangement at September 30, 2021 and December 31, 2020. September 30, 2021 Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount (dollars in thousands) Financial Instruments Cash Collateral Position Assets Interest Rate Swap Derivatives $ 15,426 $ 0 $ 15,426 $ 0 $ (1,270) $ 14,156 Total Assets $ 15,426 $ 0 $ 15,426 $ 0 $ (1,270) $ 14,156 Liabilities Interest Rate Swap Derivatives $ 15,447 $ 0 $ 15,447 $ 0 $ (9,980) $ 5,467 Total Liabilities $ 15,447 $ 0 $ 15,447 $ 0 $ (9,980) $ 5,467 December 31, 2020 Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount (dollars in thousands) Financial Instruments Cash Collateral Position Assets Interest Rate Swap Derivatives $ 21,764 $ 0 $ 21,764 $ 0 $ 0 $ 21,764 Total Assets $ 21,764 $ 0 $ 21,764 $ 0 $ 0 $ 21,764 Liabilities Interest Rate Swap Derivatives $ 21,794 $ 0 $ 21,794 $ 0 $ (21,370) $ 424 Total Liabilities $ 21,794 $ 0 $ 21,794 $ 0 $ (21,370) $ 424 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Weighted average shares outstanding for basic earnings per common share 25,479,654 25,418,712 25,472,185 25,484,329 Dilutive effect of stock based awards and warrants 155,634 68,590 136,470 134,072 Weighted average shares outstanding for diluted earnings per common share 25,635,288 25,487,302 25,608,655 25,618,401 Basic earnings per common share $ 0.95 $ 0.89 $ 2.81 $ 2.34 Diluted earnings per common share $ 0.94 $ 0.89 $ 2.79 $ 2.33 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income | The following tables summarize the changes within each classification of accumulated other comprehensive income for the three months ended September 30, 2021 and 2020, all shown net of tax: (dollars in thousands) Unrealized Gains and Losses on Available- Defined Benefit Pension Items Total Balance at July 1, 2021 $ 23,619 $ (1,348) $ 22,271 Other comprehensive income before reclassification (11,385) 0 (11,385) Amounts reclassified from accumulated other comprehensive income 0 46 46 Net current period other comprehensive income (loss) (11,385) 46 (11,339) Balance at September 30, 2021 $ 12,234 $ (1,302) $ 10,932 (dollars in thousands) Unrealized Gains and Losses on Available- Defined Benefit Pension Items Total Balance at July 1, 2020 $ 26,256 $ (1,454) $ 24,802 Other comprehensive income before reclassification 622 0 622 Amounts reclassified from accumulated other comprehensive income (248) 48 (200) Net current period other comprehensive income 374 48 422 Balance at September 30, 2020 $ 26,630 $ (1,406) $ 25,224 The following tables summarize the changes within each classification of accumulated other comprehensive income for the nine months ended September 30, 2021 and 2020, all shown net of tax: (dollars in thousands) Unrealized Gains and Losses on Available- Defined Benefit Pension Items Total Balance at January 1, 2021 $ 29,182 $ (1,438) $ 27,744 Other comprehensive loss before reclassification (16,318) 0 (16,318) Amounts reclassified from accumulated other comprehensive income (630) 136 (494) Net current period other comprehensive income (loss) (16,948) 136 (16,812) Balance at September 30, 2021 $ 12,234 $ (1,302) $ 10,932 (dollars in thousands) Unrealized Gains and Losses on Available- Defined Benefit Pension Items Total Balance at January 1, 2020 $ 13,607 $ (1,548) $ 12,059 Other comprehensive income before reclassification 13,310 0 13,310 Amounts reclassified from accumulated other comprehensive income (287) 142 (145) Net current period other comprehensive income 13,023 142 13,165 Balance at September 30, 2020 $ 26,630 $ (1,406) $ 25,224 |
Schedule of Reclassification Accumulated Other Comprehensive Income | Reclassifications out of accumulated comprehensive income for the three months ended September 30, 2021 are as follows: Details about Amount Affected Line Item (dollars in thousands) Realized gains and losses on available-for-sale securities $ 0 Net securities gains Tax effect 0 Income tax expense 0 Net of tax Amortization of defined benefit pension items (61) Other expense Tax effect 15 Income tax expense (46) Net of tax Total reclassifications for the period $ (46) Net income Reclassifications out of accumulated comprehensive income for the three months ended September 30, 2020 are as follows: Details about Amount Affected Line Item (dollars in thousands) Realized gains and losses on available-for-sale securities $ 314 Net securities gains Tax effect (66) Income tax expense 248 Net of tax Amortization of defined benefit pension items (63) Other expense Tax effect 15 Income tax expense (48) Net of tax Total reclassifications for the period $ 200 Net income Reclassifications out of accumulated comprehensive income for the nine months ended September 30, 2021 are as follows: Details about Amount Affected Line Item (dollars in thousands) Realized gains and losses on available-for-sale securities $ 797 Net securities gains Tax effect (167) Income tax expense 630 Net of tax Amortization of defined benefit pension items (181) Other expense Tax effect 45 Income tax expense (136) Net of tax Total reclassifications for the period $ 494 Net income Reclassifications out of accumulated comprehensive income for the nine months ended September 30, 2020 are as follows: Details about Amount Affected Line Item (dollars in thousands) Realized gains and losses on available-for-sale securities $ 363 Net securities gains Tax effect (76) Income tax expense 287 Net of tax Amortization of defined benefit pension items (189) ` Other expense Tax effect 47 Income tax expense (142) Net of tax Total reclassifications for the period $ 145 Net income |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Maturity Analysis of the Operating Lease Liabilities | The following is a maturity analysis of the operating lease liabilities as of September 30, 2021: Years ending December 31, (in thousands) Operating lease Obligation 2021 $ 147 2022 595 2023 606 2024 622 2025 640 2026 and thereafter 2,233 Total undiscounted lease payments 4,843 Less imputed interest (508) Lease liability $ 4,335 Right-of-use asset $ 4,335 |
Schedule of Lease Cost | Three months ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Lease cost Operating lease cost $ 133 $ 141 $ 403 $ 402 Short-term lease cost 6 6 18 18 Total lease cost $ 139 $ 147 $ 421 $ 420 Other information Operating cash outflows from operating leases $ 403 $ 402 Weighted-average remaining lease term - operating leases 8.1 years 9.1 years 8.1 years 9.1 years Weighted average discount rate - operating leases 2.8 % 2.8 % 2.8 % 2.8 % |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2021USD ($)subsidiary | Jun. 30, 2021USD ($) | Jan. 01, 2021USD ($) | Dec. 31, 2020USD ($) | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Number of wholly owned subsidiaries | subsidiary | 2 | ||||
Increase in allowance for credit losses after adoption of ASU 2016-13 | $ 73,048 | [1] | $ 71,713 | $ 61,408 | |
Cumulative period adjustment made to retained earnings | $ (567,518) | (529,005) | |||
Impact of ASC 326 Adoption | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in allowance for credit losses after adoption of ASU 2016-13 | $ 9,050 | ||||
Impact of ASC 326 Adoption | ASU 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in allowance for credit losses after adoption of ASU 2016-13 | 9,100 | $ 9,050 | |||
As Reported Under ASC 326 | ASU 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative period adjustment made to retained earnings | 7,000 | ||||
Deferred income tax assets, net | $ 2,100 | ||||
[1] | Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology. |
BASIS OF PRESENTATION - Impact
BASIS OF PRESENTATION - Impact of Adoption of the ASU (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | $ 73,048 | [1] | $ 71,713 | $ 61,408 | |||||
Valuation allowance before adoption of ASC 326 | 61,408 | [1] | $ 60,747 | $ 59,019 | $ 50,652 | ||||
ASU 2016-13 | Pre-ASC 326 Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance before adoption of ASC 326 | $ 61,408 | ||||||||
Commercial and industrial loans | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance before adoption of ASC 326 | 28,333 | 28,363 | 26,744 | 25,789 | |||||
Commercial and industrial loans | ASU 2016-13 | Pre-ASC 326 Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance before adoption of ASC 326 | 28,333 | ||||||||
Commercial real estate and multi-family residential loans | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance before adoption of ASC 326 | 22,907 | 21,415 | 21,063 | 15,796 | |||||
Commercial real estate and multi-family residential loans | ASU 2016-13 | Pre-ASC 326 Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance before adoption of ASC 326 | 22,907 | ||||||||
Agri-business and agricultural loans | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance before adoption of ASC 326 | 3,043 | 3,097 | 3,408 | 3,869 | |||||
Agri-business and agricultural loans | ASU 2016-13 | Pre-ASC 326 Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance before adoption of ASC 326 | 3,043 | ||||||||
Other commercial loans | ASU 2016-13 | Pre-ASC 326 Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance before adoption of ASC 326 | 416 | ||||||||
Consumer 1-4 family loans | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance before adoption of ASC 326 | 2,619 | 3,318 | 3,434 | 2,086 | |||||
Consumer 1-4 family loans | ASU 2016-13 | Pre-ASC 326 Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance before adoption of ASC 326 | 2,619 | ||||||||
Other consumer loans | ASU 2016-13 | Pre-ASC 326 Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance before adoption of ASC 326 | 951 | ||||||||
Unallocated | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | $ 380 | $ 506 | 3,139 | ||||||
Valuation allowance before adoption of ASC 326 | 3,139 | $ 3,152 | $ 3,054 | $ 2,320 | |||||
Unallocated | ASU 2016-13 | Pre-ASC 326 Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance before adoption of ASC 326 | 3,139 | ||||||||
As Reported Under ASC 326 | As Reported Under ASC 326 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | 70,458 | ||||||||
As Reported Under ASC 326 | Commercial and industrial loans | As Reported Under ASC 326 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | 32,645 | ||||||||
As Reported Under ASC 326 | Commercial real estate and multi-family residential loans | As Reported Under ASC 326 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | 27,223 | ||||||||
As Reported Under ASC 326 | Agri-business and agricultural loans | As Reported Under ASC 326 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | 4,103 | ||||||||
As Reported Under ASC 326 | Other commercial loans | As Reported Under ASC 326 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | 1,357 | ||||||||
As Reported Under ASC 326 | Consumer 1-4 family loans | As Reported Under ASC 326 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | 3,572 | ||||||||
As Reported Under ASC 326 | Other consumer loans | As Reported Under ASC 326 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | 1,300 | ||||||||
As Reported Under ASC 326 | Unallocated | As Reported Under ASC 326 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | 258 | ||||||||
Impact of ASC 326 Adoption | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | 9,050 | ||||||||
Impact of ASC 326 Adoption | ASU 2016-13 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | 9,100 | 9,050 | |||||||
Impact of ASC 326 Adoption | Commercial and industrial loans | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | 4,312 | ||||||||
Impact of ASC 326 Adoption | Commercial real estate and multi-family residential loans | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | 4,316 | ||||||||
Impact of ASC 326 Adoption | Agri-business and agricultural loans | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | 1,060 | ||||||||
Impact of ASC 326 Adoption | Other commercial loans | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | 941 | ||||||||
Impact of ASC 326 Adoption | Consumer 1-4 family loans | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | 953 | ||||||||
Impact of ASC 326 Adoption | Other consumer loans | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | 349 | ||||||||
Impact of ASC 326 Adoption | Unallocated | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | $ (2,881) | ||||||||
Impact of ASC 326 Adoption | Unallocated | ASU 2016-13 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Valuation allowance after adoption of ASC 326 | $ (2,881) | ||||||||
[1] | Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology. |
SECURITIES - Summary of Availab
SECURITIES - Summary of Available For Sale Securities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Information related to available for sale securities | ||
Amortized Cost | $ 1,224,229,000 | |
Amortized Cost | $ 697,906,000 | |
Gross Unrealized Gain | 26,966,000 | 37,045,000 |
Gross Unrealized Losses | (11,480,000) | (106,000) |
Allowance for Credit Losses | 0 | |
Allowance for Credit Losses | 0 | |
Fair Value | 1,239,715,000 | |
Fair Value | 734,845,000 | |
U.S. Treasury securities | ||
Information related to available for sale securities | ||
Amortized Cost | 900,000 | |
Gross Unrealized Gain | 0 | |
Gross Unrealized Losses | 0 | |
Allowance for Credit Losses | 0 | |
Fair Value | 900,000 | |
U.S. government sponsored agencies | ||
Information related to available for sale securities | ||
Amortized Cost | 118,681,000 | |
Amortized Cost | 36,492,000 | |
Gross Unrealized Gain | 17,000 | 56,000 |
Gross Unrealized Losses | (2,237,000) | (61,000) |
Allowance for Credit Losses | 0 | |
Allowance for Credit Losses | 0 | |
Fair Value | 116,461,000 | |
Fair Value | 36,487,000 | |
Mortgage-backed securities: residential | ||
Information related to available for sale securities | ||
Amortized Cost | 430,388,000 | |
Amortized Cost | 270,231,000 | |
Gross Unrealized Gain | 5,511,000 | 9,289,000 |
Gross Unrealized Losses | (4,066,000) | (17,000) |
Allowance for Credit Losses | 0 | |
Allowance for Credit Losses | 0 | |
Fair Value | 431,833,000 | |
Fair Value | 279,503,000 | |
Mortgage-backed securities: commercial | ||
Information related to available for sale securities | ||
Amortized Cost | 23,699,000 | |
Amortized Cost | 35,877,000 | |
Gross Unrealized Gain | 483,000 | 1,004,000 |
Gross Unrealized Losses | 0 | 0 |
Allowance for Credit Losses | 0 | |
Allowance for Credit Losses | 0 | |
Fair Value | 24,182,000 | |
Fair Value | 36,881,000 | |
State and municipal securities | ||
Information related to available for sale securities | ||
Amortized Cost | 650,561,000 | |
Amortized Cost | 355,306,000 | |
Gross Unrealized Gain | 20,955,000 | 26,696,000 |
Gross Unrealized Losses | (5,177,000) | (28,000) |
Allowance for Credit Losses | 0 | |
Allowance for Credit Losses | 0 | |
Fair Value | $ 666,339,000 | |
Fair Value | $ 381,974,000 |
SECURITIES - Schedule of Availa
SECURITIES - Schedule of Available For Sale Securities By Maturity (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Maturities of Available-for-sale Debt Securities [Abstract] | |
Amortized Cost, Due in one year or less | $ 4,245 |
Amortized Cost, Due after one year through five years | 11,953 |
Amortized Cost, Due after five years through ten years | 50,464 |
Amortized Cost, Due after ten years | 703,480 |
Amortized Cost, Available for sale securities with maturities amortized cost | 770,142 |
Amortized Cost, Mortgage-backed securities | 454,087 |
Amortized Cost, Total debt securities | 1,224,229 |
Fair Value, Due in one year or less | 4,256 |
Fair Value, Due after one year through five years | 12,284 |
Fair Value, Due after five years through ten years | 52,987 |
Fair Value, Due after ten years | 714,173 |
Fair Value, Available for sale securities with maturities fair value | 783,700 |
Fair Value, Mortgage-backed securities | 456,015 |
Total Securities | $ 1,239,715 |
SECURITIES - Schedule of Sales
SECURITIES - Schedule of Sales of Securities Available For Sale (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)security | Sep. 30, 2020USD ($)security | Sep. 30, 2021USD ($)security | Sep. 30, 2020USD ($)security | |
Sales of securities available-for-sale | ||||
Proceeds | $ 0 | $ 5,265 | $ 13,964 | $ 6,413 |
Gross gains | 0 | 314 | 797 | 363 |
Gross losses | $ 0 | $ 0 | $ 0 | $ 0 |
Number of securities | security | 0 | 12 | 8 | 15 |
SECURITIES - Additional Informa
SECURITIES - Additional Information (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | |
Information related to available for sale securities | |||
Available-for-sale Securities pledged as collateral | $ 314,700,000 | $ 382,700,000 | |
Allowance for credit losses | 0 | ||
Accrued interest receivable on available-for-sale debt securities | $ 6,300,000 | ||
OTTI recorded prior to the adoption of ASC 326 | $ 0 |
SECURITIES - Schedule of Avai_2
SECURITIES - Schedule of Available For Sale of Securities Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities | ||
Less than 12 months, Fair Value | $ 629,306 | $ 26,724 |
12 months or more, Fair Value | 0 | 3,112 |
Total Fair Value | 629,306 | 29,836 |
Less than 12 Months, Unrealized Losses | 11,480 | 89 |
12 Months or more, Unrealized Losses | 0 | 17 |
Total Unrealized Losses | 11,480 | 106 |
U.S. government sponsored agencies | ||
Schedule of Available-for-sale Securities | ||
Less than 12 months, Fair Value | 106,441 | 19,800 |
12 months or more, Fair Value | 0 | 0 |
Total Fair Value | 106,441 | 19,800 |
Less than 12 Months, Unrealized Losses | 2,237 | 61 |
12 Months or more, Unrealized Losses | 0 | 0 |
Total Unrealized Losses | 2,237 | 61 |
Mortgage-backed securities: residential | ||
Schedule of Available-for-sale Securities | ||
Less than 12 months, Fair Value | 245,919 | 3 |
12 months or more, Fair Value | 0 | 3,112 |
Total Fair Value | 245,919 | 3,115 |
Less than 12 Months, Unrealized Losses | 4,066 | 0 |
12 Months or more, Unrealized Losses | 0 | 17 |
Total Unrealized Losses | 4,066 | 17 |
Mortgage-backed securities: commercial | ||
Schedule of Available-for-sale Securities | ||
Less than 12 months, Fair Value | 65 | 0 |
12 months or more, Fair Value | 0 | 0 |
Total Fair Value | 65 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or more, Unrealized Losses | 0 | 0 |
Total Unrealized Losses | 0 | 0 |
State and municipal securities | ||
Schedule of Available-for-sale Securities | ||
Less than 12 months, Fair Value | 276,881 | 6,921 |
12 months or more, Fair Value | 0 | 0 |
Total Fair Value | 276,881 | 6,921 |
Less than 12 Months, Unrealized Losses | 5,177 | 28 |
12 Months or more, Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ 5,177 | $ 28 |
SECURITIES - Quantitative Discl
SECURITIES - Quantitative Disclosure of Available For Sale of Securities (Details) - position | Sep. 30, 2021 | Dec. 31, 2020 |
Number of securities with unrealized losses [Abstract] | ||
Number of available-for-sale securities in unrealized loss positions, less than 12 months | 200 | 7 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 0 | 1 |
Number of available-for-sale securities in unrealized loss positions, total | 200 | 8 |
U.S. government sponsored agencies | ||
Number of securities with unrealized losses [Abstract] | ||
Number of available-for-sale securities in unrealized loss positions, less than 12 months | 12 | 3 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 0 | 0 |
Number of available-for-sale securities in unrealized loss positions, total | 12 | 3 |
Mortgage-backed securities: residential | ||
Number of securities with unrealized losses [Abstract] | ||
Number of available-for-sale securities in unrealized loss positions, less than 12 months | 25 | 2 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 0 | 1 |
Number of available-for-sale securities in unrealized loss positions, total | 25 | 3 |
Mortgage-backed securities: commercial | ||
Number of securities with unrealized losses [Abstract] | ||
Number of available-for-sale securities in unrealized loss positions, less than 12 months | 1 | 0 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 0 | 0 |
Number of available-for-sale securities in unrealized loss positions, total | 1 | 0 |
State and municipal securities | ||
Number of securities with unrealized losses [Abstract] | ||
Number of available-for-sale securities in unrealized loss positions, less than 12 months | 162 | 2 |
Number of available-for-sale securities in unrealized loss positions, 12 months or more | 0 | 0 |
Number of available-for-sale securities in unrealized loss positions, total | 162 | 2 |
LOANS - Total Loans Outstanding
LOANS - Total Loans Outstanding (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 4,244,354 | ||||||||
Less: Allowance for credit losses | (73,048) | [1] | $ (61,408) | $ (71,713) | |||||
Net deferred loan fees | (4,901) | ||||||||
Loans, net | [1] | $ 4,166,405 | |||||||
Percentage of loans receivable | 100.00% | 100.00% | |||||||
Loans and leases receivable, gross | $ 4,657,183 | ||||||||
Less: Allowance for credit losses | (61,408) | [1] | $ (60,747) | $ (59,019) | $ (50,652) | ||||
Net deferred loan fees | (8,027) | ||||||||
Loans, net | [1] | $ 4,587,748 | |||||||
Total commercial loans | Commercial Portfolio Segment | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 3,804,013 | ||||||||
Percentage of loans receivable | 89.60% | 90.40% | |||||||
Loans and leases receivable, gross | $ 4,210,049 | ||||||||
Total consumer loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 440,341 | ||||||||
Percentage of loans receivable | 10.40% | 9.60% | |||||||
Loans and leases receivable, gross | $ 447,134 | ||||||||
Other consumer loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 92,169 | ||||||||
Percentage of loans receivable | 2.20% | 2.20% | |||||||
Loans and leases receivable, gross | $ 103,616 | ||||||||
Commercial and industrial loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 1,441,784 | ||||||||
Percentage of loans receivable | 34.00% | 38.50% | |||||||
Loans and leases receivable, gross | $ 1,791,378 | ||||||||
Less: Allowance for credit losses | (28,333) | (28,363) | (26,744) | (25,789) | |||||
Commercial and industrial loans | Commercial Portfolio Segment | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Less: Allowance for credit losses | $ (36,676) | $ (28,333) | (33,130) | ||||||
Commercial and industrial loans | Working capital lines of credit loans | Commercial Portfolio Segment | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 659,166 | ||||||||
Percentage of loans receivable | 15.50% | 13.50% | |||||||
Loans and leases receivable, gross | $ 626,023 | ||||||||
Commercial and industrial loans | Non-working capital loans | Commercial Portfolio Segment | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 782,618 | ||||||||
Percentage of loans receivable | 18.50% | 25.00% | |||||||
Loans and leases receivable, gross | $ 1,165,355 | ||||||||
Commercial real estate and multi-family residential loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 1,954,554 | ||||||||
Percentage of loans receivable | 46.00% | 40.70% | |||||||
Loans and leases receivable, gross | $ 1,895,014 | ||||||||
Commercial real estate and multi-family residential loans | Construction and land development loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 378,716 | ||||||||
Percentage of loans receivable | 8.90% | 7.80% | |||||||
Loans and leases receivable, gross | $ 362,653 | ||||||||
Commercial real estate and multi-family residential loans | Owner occupied loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 740,836 | ||||||||
Percentage of loans receivable | 17.40% | 13.90% | |||||||
Loans and leases receivable, gross | $ 648,019 | ||||||||
Commercial real estate and multi-family residential loans | Nonowner occupied loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 582,019 | ||||||||
Percentage of loans receivable | 13.70% | 12.50% | |||||||
Loans and leases receivable, gross | $ 579,625 | ||||||||
Commercial real estate and multi-family residential loans | Multifamily loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 252,983 | ||||||||
Percentage of loans receivable | 6.00% | 6.50% | |||||||
Loans and leases receivable, gross | $ 304,717 | ||||||||
Agri-business and agricultural loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 324,080 | ||||||||
Percentage of loans receivable | 7.60% | 9.20% | |||||||
Loans and leases receivable, gross | $ 429,644 | ||||||||
Less: Allowance for credit losses | (3,043) | $ (3,097) | $ (3,408) | $ (3,869) | |||||
Agri-business and agricultural loans | Commercial Portfolio Segment | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Less: Allowance for credit losses | $ (3,686) | $ (3,043) | $ (3,930) | ||||||
Agri-business and agricultural loans | Loans secured by farmland | Commercial Portfolio Segment | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 152,099 | ||||||||
Percentage of loans receivable | 3.50% | 4.20% | |||||||
Loans and leases receivable, gross | $ 195,410 | ||||||||
Agri-business and agricultural loans | Loans for agricultural production | Commercial Portfolio Segment | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 171,981 | ||||||||
Percentage of loans receivable | 4.10% | 5.00% | |||||||
Loans and leases receivable, gross | $ 234,234 | ||||||||
Other commercial loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 83,595 | ||||||||
Percentage of loans receivable | 2.00% | 2.00% | |||||||
Loans and leases receivable, gross | $ 94,013 | ||||||||
Consumer 1-4 family mortgage loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 348,172 | ||||||||
Percentage of loans receivable | 8.20% | 7.40% | |||||||
Loans and leases receivable, gross | $ 343,518 | ||||||||
Consumer 1-4 family mortgage loans | Closed end first mortgage loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 173,689 | ||||||||
Percentage of loans receivable | 4.10% | 3.60% | |||||||
Loans and leases receivable, gross | $ 167,847 | ||||||||
Consumer 1-4 family mortgage loans | Open end and junior lien loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 161,941 | ||||||||
Percentage of loans receivable | 3.80% | 3.50% | |||||||
Loans and leases receivable, gross | $ 163,664 | ||||||||
Consumer 1-4 family mortgage loans | Residential construction and land development loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans receivable before allowance for credit loss | $ 12,542 | ||||||||
Percentage of loans receivable | 0.30% | 0.30% | |||||||
Loans and leases receivable, gross | $ 12,007 | ||||||||
[1] | Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology. |
LOANS - Additional Information
LOANS - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Investment loans excluding accrued interest | $ 11,100 | |
Residential real estate loans in the process of foreclosure | $ 295 | $ 19 |
ALLOWANCE FOR CREDIT LOSSES A_3
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Allowance for loan losses by portfolio segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||||||
Post adoption of ASC 326 | |||||||||
Beginning balance | $ 71,713 | $ 61,408 | |||||||
Provision for credit losses | 1,300 | [1] | 1,077 | [2] | |||||
Loans charged-off | (90) | (593) | |||||||
Recoveries | 125 | 2,106 | |||||||
Net loans (charged-off) recovered | 35 | 1,513 | |||||||
Ending balance | [3] | 73,048 | 73,048 | ||||||
Prior to adoption of ASC 326 | |||||||||
Beginning balance | $ 59,019 | 61,408 | [3] | $ 50,652 | |||||
Provision for credit losses | 1,750 | [1] | 13,850 | [2] | |||||
Loans charged-off | (305) | (4,565) | |||||||
Recoveries | 283 | 810 | |||||||
Net loans charged-off | (22) | (3,755) | |||||||
Ending balance | 60,747 | 60,747 | |||||||
Impact of ASC 326 Adoption | ASU 2016-13 | |||||||||
Post adoption of ASC 326 | |||||||||
Beginning balance | 9,050 | ||||||||
Commercial and industrial loans | |||||||||
Prior to adoption of ASC 326 | |||||||||
Beginning balance | 26,744 | 28,333 | 25,789 | ||||||
Provision for credit losses | 1,574 | 6,264 | |||||||
Loans charged-off | (6) | (4,037) | |||||||
Recoveries | 51 | 347 | |||||||
Net loans charged-off | 45 | (3,690) | |||||||
Ending balance | 28,363 | 28,363 | |||||||
Commercial and industrial loans | Commercial Portfolio Segment | |||||||||
Post adoption of ASC 326 | |||||||||
Beginning balance | 33,130 | 28,333 | |||||||
Provision for credit losses | 3,507 | 2,780 | |||||||
Loans charged-off | (5) | (254) | |||||||
Recoveries | 44 | 1,505 | |||||||
Net loans (charged-off) recovered | 39 | 1,251 | |||||||
Ending balance | 36,676 | 36,676 | |||||||
Commercial and industrial loans | Impact of ASC 326 Adoption | ASU 2016-13 | Commercial Portfolio Segment | |||||||||
Post adoption of ASC 326 | |||||||||
Beginning balance | 4,312 | ||||||||
Commercial real estate and multi-family residential loans | |||||||||
Prior to adoption of ASC 326 | |||||||||
Beginning balance | 21,063 | 22,907 | 15,796 | ||||||
Provision for credit losses | 175 | 5,312 | |||||||
Loans charged-off | 0 | 0 | |||||||
Recoveries | 177 | 307 | |||||||
Net loans charged-off | 177 | 307 | |||||||
Ending balance | 21,415 | 21,415 | |||||||
Commercial real estate and multi-family residential loans | Commercial Portfolio Segment | |||||||||
Post adoption of ASC 326 | |||||||||
Beginning balance | 28,291 | 22,907 | |||||||
Provision for credit losses | (1,545) | (420) | |||||||
Loans charged-off | 0 | (71) | |||||||
Recoveries | 0 | 14 | |||||||
Net loans (charged-off) recovered | 0 | (57) | |||||||
Ending balance | 26,746 | 26,746 | |||||||
Commercial real estate and multi-family residential loans | Impact of ASC 326 Adoption | ASU 2016-13 | Commercial Portfolio Segment | |||||||||
Post adoption of ASC 326 | |||||||||
Beginning balance | 4,316 | ||||||||
Agri-business and agricultural loans | |||||||||
Prior to adoption of ASC 326 | |||||||||
Beginning balance | 3,408 | 3,043 | 3,869 | ||||||
Provision for credit losses | (314) | (780) | |||||||
Loans charged-off | 0 | 0 | |||||||
Recoveries | 3 | 8 | |||||||
Net loans charged-off | 3 | 8 | |||||||
Ending balance | 3,097 | 3,097 | |||||||
Agri-business and agricultural loans | Commercial Portfolio Segment | |||||||||
Post adoption of ASC 326 | |||||||||
Beginning balance | 3,930 | 3,043 | |||||||
Provision for credit losses | (244) | (737) | |||||||
Loans charged-off | 0 | 0 | |||||||
Recoveries | 0 | 320 | |||||||
Net loans (charged-off) recovered | 0 | 320 | |||||||
Ending balance | 3,686 | 3,686 | |||||||
Agri-business and agricultural loans | Impact of ASC 326 Adoption | ASU 2016-13 | Commercial Portfolio Segment | |||||||||
Post adoption of ASC 326 | |||||||||
Beginning balance | 1,060 | ||||||||
Other Commercial | |||||||||
Prior to adoption of ASC 326 | |||||||||
Beginning balance | 542 | 416 | 447 | ||||||
Provision for credit losses | 30 | 125 | |||||||
Loans charged-off | 0 | 0 | |||||||
Recoveries | 0 | 0 | |||||||
Net loans charged-off | 0 | 0 | |||||||
Ending balance | 572 | 572 | |||||||
Other Commercial | Commercial Portfolio Segment | |||||||||
Post adoption of ASC 326 | |||||||||
Beginning balance | 1,298 | 416 | |||||||
Provision for credit losses | 89 | 30 | |||||||
Loans charged-off | 0 | 0 | |||||||
Recoveries | 0 | 0 | |||||||
Net loans (charged-off) recovered | 0 | 0 | |||||||
Ending balance | 1,387 | 1,387 | |||||||
Other Commercial | Impact of ASC 326 Adoption | ASU 2016-13 | Commercial Portfolio Segment | |||||||||
Post adoption of ASC 326 | |||||||||
Beginning balance | 941 | ||||||||
Consumer 1-4 family loans | |||||||||
Prior to adoption of ASC 326 | |||||||||
Beginning balance | 3,434 | 2,619 | 2,086 | ||||||
Provision for credit losses | (50) | 1,298 | |||||||
Loans charged-off | (70) | (83) | |||||||
Recoveries | 4 | 17 | |||||||
Net loans charged-off | (66) | (66) | |||||||
Ending balance | 3,318 | 3,318 | |||||||
Consumer 1-4 family loans | Consumer Portfolio Segment | |||||||||
Post adoption of ASC 326 | |||||||||
Beginning balance | 3,165 | 2,619 | |||||||
Provision for credit losses | (265) | (719) | |||||||
Loans charged-off | (13) | (51) | |||||||
Recoveries | 14 | 99 | |||||||
Net loans (charged-off) recovered | 1 | 48 | |||||||
Ending balance | 2,901 | 2,901 | |||||||
Consumer 1-4 family loans | Impact of ASC 326 Adoption | ASU 2016-13 | Consumer Portfolio Segment | |||||||||
Post adoption of ASC 326 | |||||||||
Beginning balance | 953 | ||||||||
Other Consumer | |||||||||
Prior to adoption of ASC 326 | |||||||||
Beginning balance | 774 | 951 | 345 | ||||||
Provision for credit losses | 237 | 799 | |||||||
Loans charged-off | (229) | (445) | |||||||
Recoveries | 48 | 131 | |||||||
Net loans charged-off | (181) | (314) | |||||||
Ending balance | 830 | 830 | |||||||
Other Consumer | Consumer Portfolio Segment | |||||||||
Post adoption of ASC 326 | |||||||||
Beginning balance | 1,393 | 951 | |||||||
Provision for credit losses | (116) | 21 | |||||||
Loans charged-off | (72) | (217) | |||||||
Recoveries | 67 | 168 | |||||||
Net loans (charged-off) recovered | (5) | (49) | |||||||
Ending balance | 1,272 | 1,272 | |||||||
Other Consumer | Impact of ASC 326 Adoption | ASU 2016-13 | Consumer Portfolio Segment | |||||||||
Post adoption of ASC 326 | |||||||||
Beginning balance | 349 | ||||||||
Unallocated | |||||||||
Post adoption of ASC 326 | |||||||||
Beginning balance | 506 | 3,139 | |||||||
Provision for credit losses | (126) | 122 | |||||||
Loans charged-off | 0 | 0 | |||||||
Recoveries | 0 | 0 | |||||||
Net loans (charged-off) recovered | 0 | 0 | |||||||
Ending balance | $ 380 | 380 | |||||||
Prior to adoption of ASC 326 | |||||||||
Beginning balance | 3,054 | 3,139 | 2,320 | ||||||
Provision for credit losses | 98 | 832 | |||||||
Loans charged-off | 0 | 0 | |||||||
Recoveries | 0 | 0 | |||||||
Net loans charged-off | 0 | 0 | |||||||
Ending balance | $ 3,152 | $ 3,152 | |||||||
Unallocated | Impact of ASC 326 Adoption | ASU 2016-13 | |||||||||
Post adoption of ASC 326 | |||||||||
Beginning balance | $ (2,881) | ||||||||
[1] | Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology. | ||||||||
[2] | Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology. | ||||||||
[3] | Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology. |
ALLOWANCE FOR CREDIT LOSSES A_4
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)loan | Sep. 30, 2020loan | Sep. 30, 2021USD ($)borrowerloan | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loan amount of credit quality analysis | $ 250 | ||||
Loans receivable before allowance for credit loss | $ 4,239,453 | 4,239,453 | |||
Increase in allowance for loan loss | $ 2,400 | ||||
Charge-offs recorded for new troubled debt restructurings | $ 666 | ||||
Financing receivable, loan portfolio, deferrals, COVID-19 | $ 22,300 | ||||
Financing receivable, loan portfolio, deferrals, COVID-19, borrowers | borrower | 3 | ||||
Financing receivable, loan portfolio, deferrals, COVID-19, percentage of loan portfolio (as a percent) | 0.50% | ||||
30-89 Days Past Due | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Number of loans past due | loan | 0 | 0 | |||
PPP | Pass | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans receivable before allowance for credit loss | $ 91,900 | $ 91,900 | |||
Total consumer loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans modified In troubled debt restructured loans | $ 6,100 | $ 6,100 | $ 5,500 | ||
Number of loans modified as troubled debt restructurings | loan | 0 | 0 | 0 | ||
Financing receivable, loan portfolio, deferrals, COVID-19, borrowers | borrower | 1 | ||||
Total commercial loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing receivable, loan portfolio, deferrals, COVID-19, borrowers | borrower | 2 | ||||
Loans under second deferral action | $ 8,000 | ||||
Loans under third deferral action | $ 14,300 |
ALLOWANCE FOR CREDIT LOSSES A_5
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Risk category of loans by loan segment and origination (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | $ 655,420 |
2020 | 800,955 |
2019 | 456,315 |
2018 | 302,775 |
2017 | 241,581 |
Prior | 323,468 |
Term Total | 2,780,514 |
Revolving | 1,458,939 |
Total | 4,239,453 |
Other consumer loans | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 18,882 |
2020 | 18,239 |
2019 | 10,514 |
2018 | 6,945 |
2017 | 3,784 |
Prior | 1,418 |
Term Total | 59,782 |
Revolving | 32,165 |
Total | 91,947 |
Other consumer loans | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 584 |
2020 | 1,181 |
2019 | 1,579 |
2018 | 0 |
2017 | 1,253 |
Prior | 0 |
Term Total | 4,597 |
Revolving | 22,084 |
Total | 26,681 |
Other consumer loans | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 36 |
2020 | 0 |
2019 | 257 |
2018 | 0 |
2017 | 0 |
Prior | 0 |
Term Total | 293 |
Revolving | 0 |
Total | 293 |
Other consumer loans | Not Rated | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 18,262 |
2020 | 17,058 |
2019 | 8,678 |
2018 | 6,945 |
2017 | 2,531 |
Prior | 1,418 |
Term Total | 54,892 |
Revolving | 10,081 |
Total | 64,973 |
Commercial and industrial loans | Working capital lines of credit loans | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 8,755 |
2020 | 6,467 |
2019 | 11,728 |
2018 | 1,646 |
2017 | 834 |
Prior | 82 |
Term Total | 29,512 |
Revolving | 629,762 |
Total | 659,274 |
Commercial and industrial loans | Working capital lines of credit loans | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 8,755 |
2020 | 6,467 |
2019 | 11,643 |
2018 | 1,646 |
2017 | 834 |
Prior | 82 |
Term Total | 29,427 |
Revolving | 533,140 |
Total | 562,567 |
Commercial and industrial loans | Working capital lines of credit loans | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 0 |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
Prior | 0 |
Term Total | 0 |
Revolving | 64,240 |
Total | 64,240 |
Commercial and industrial loans | Working capital lines of credit loans | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 0 |
2020 | 0 |
2019 | 85 |
2018 | 0 |
2017 | 0 |
Prior | 0 |
Term Total | 85 |
Revolving | 32,382 |
Total | 32,467 |
Commercial and industrial loans | Non-working capital loans | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 208,503 |
2020 | 181,762 |
2019 | 90,667 |
2018 | 75,326 |
2017 | 32,093 |
Prior | 22,267 |
Term Total | 610,618 |
Revolving | 169,047 |
Total | 779,665 |
Commercial and industrial loans | Non-working capital loans | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 184,286 |
2020 | 172,825 |
2019 | 87,892 |
2018 | 68,814 |
2017 | 23,713 |
Prior | 20,548 |
Term Total | 558,078 |
Revolving | 163,413 |
Total | 721,491 |
Commercial and industrial loans | Non-working capital loans | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 17,614 |
2020 | 0 |
2019 | 630 |
2018 | 1,112 |
2017 | 2,466 |
Prior | 1,185 |
Term Total | 23,007 |
Revolving | 2,426 |
Total | 25,433 |
Commercial and industrial loans | Non-working capital loans | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 4,908 |
2020 | 7,022 |
2019 | 1,225 |
2018 | 4,681 |
2017 | 5,723 |
Prior | 512 |
Term Total | 24,071 |
Revolving | 3,208 |
Total | 27,279 |
Commercial and industrial loans | Non-working capital loans | Not Rated | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 1,695 |
2020 | 1,915 |
2019 | 920 |
2018 | 719 |
2017 | 191 |
Prior | 22 |
Term Total | 5,462 |
Revolving | 0 |
Total | 5,462 |
Commercial real estate and multi-family residential loans | Construction and land development loans | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 13,305 |
2020 | 40,841 |
2019 | 4,679 |
2018 | 30,875 |
2017 | 0 |
Prior | 16,870 |
Term Total | 106,570 |
Revolving | 270,801 |
Total | 377,371 |
Commercial real estate and multi-family residential loans | Owner occupied loans | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 101,124 |
2020 | 176,552 |
2019 | 130,311 |
2018 | 97,920 |
2017 | 90,861 |
Prior | 107,251 |
Term Total | 704,019 |
Revolving | 36,226 |
Total | 740,245 |
Commercial real estate and multi-family residential loans | Owner occupied loans | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 93,789 |
2020 | 174,606 |
2019 | 127,573 |
2018 | 94,853 |
2017 | 82,439 |
Prior | 105,570 |
Term Total | 678,830 |
Revolving | 36,226 |
Total | 715,056 |
Commercial real estate and multi-family residential loans | Owner occupied loans | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 6,829 |
2020 | 0 |
2019 | 1,809 |
2018 | 966 |
2017 | 7,715 |
Prior | 1,273 |
Term Total | 18,592 |
Revolving | 0 |
Total | 18,592 |
Commercial real estate and multi-family residential loans | Owner occupied loans | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 506 |
2020 | 1,946 |
2019 | 929 |
2018 | 2,101 |
2017 | 707 |
Prior | 408 |
Term Total | 6,597 |
Revolving | 0 |
Total | 6,597 |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 87,697 |
2020 | 160,901 |
2019 | 118,953 |
2018 | 29,996 |
2017 | 41,494 |
Prior | 83,470 |
Term Total | 522,511 |
Revolving | 59,107 |
Total | 581,618 |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 75,760 |
2020 | 160,552 |
2019 | 118,333 |
2018 | 26,642 |
2017 | 41,494 |
Prior | 69,129 |
Term Total | 491,910 |
Revolving | 59,107 |
Total | 551,017 |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 11,937 |
2020 | 349 |
2019 | 620 |
2018 | 0 |
2017 | 0 |
Prior | 14,341 |
Term Total | 27,247 |
Revolving | 0 |
Total | 27,247 |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 0 |
2020 | 0 |
2019 | 0 |
2018 | 3,354 |
2017 | 0 |
Prior | 0 |
Term Total | 3,354 |
Revolving | 0 |
Total | 3,354 |
Commercial real estate and multi-family residential loans | Multifamily loans | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 79,260 |
2020 | 53,500 |
2019 | 36,784 |
2018 | 14,372 |
2017 | 36,940 |
Prior | 18,696 |
Term Total | 239,552 |
Revolving | 12,997 |
Total | 252,549 |
Commercial real estate and multi-family residential loans | Multifamily loans | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 79,260 |
2020 | 53,500 |
2019 | 36,784 |
2018 | 14,372 |
2017 | 14,688 |
Prior | 18,696 |
Term Total | 217,300 |
Revolving | 12,997 |
Total | 230,297 |
Commercial real estate and multi-family residential loans | Multifamily loans | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 0 |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 22,252 |
Prior | 0 |
Term Total | 22,252 |
Revolving | 0 |
Total | 22,252 |
Agri-business and agricultural loans | Loans secured by farmland | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 35,760 |
2020 | 39,839 |
2019 | 19,869 |
2018 | 13,327 |
2017 | 10,031 |
Prior | 19,951 |
Term Total | 138,777 |
Revolving | 13,283 |
Total | 152,060 |
Agri-business and agricultural loans | Loans secured by farmland | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 35,548 |
2020 | 37,854 |
2019 | 17,533 |
2018 | 13,327 |
2017 | 9,841 |
Prior | 19,776 |
Term Total | 133,879 |
Revolving | 12,345 |
Total | 146,224 |
Agri-business and agricultural loans | Loans secured by farmland | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 0 |
2020 | 1,985 |
2019 | 2,336 |
2018 | 0 |
2017 | 190 |
Prior | 30 |
Term Total | 4,541 |
Revolving | 938 |
Total | 5,479 |
Agri-business and agricultural loans | Loans secured by farmland | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 212 |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
Prior | 145 |
Term Total | 357 |
Revolving | 0 |
Total | 357 |
Agri-business and agricultural loans | Loans for agricultural production | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 27,580 |
2020 | 36,603 |
2019 | 5,665 |
2018 | 11,399 |
2017 | 1,521 |
Prior | 4,412 |
Term Total | 87,180 |
Revolving | 84,874 |
Total | 172,054 |
Agri-business and agricultural loans | Loans for agricultural production | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 27,116 |
2020 | 27,959 |
2019 | 4,415 |
2018 | 11,399 |
2017 | 1,478 |
Prior | 4,393 |
Term Total | 76,760 |
Revolving | 76,860 |
Total | 153,620 |
Agri-business and agricultural loans | Loans for agricultural production | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 464 |
2020 | 8,644 |
2019 | 1,250 |
2018 | 0 |
2017 | 43 |
Prior | 19 |
Term Total | 10,420 |
Revolving | 8,014 |
Total | 18,434 |
Other commercial loans | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 1,488 |
2020 | 30,130 |
2019 | 3,541 |
2018 | 1,328 |
2017 | 8,897 |
Prior | 12,717 |
Term Total | 58,101 |
Revolving | 25,162 |
Total | 83,263 |
Other commercial loans | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 1,488 |
2020 | 30,130 |
2019 | 3,541 |
2018 | 1,328 |
2017 | 8,897 |
Prior | 8,772 |
Term Total | 54,156 |
Revolving | 25,162 |
Total | 79,318 |
Other commercial loans | Special Mention | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 0 |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
Prior | 3,945 |
Term Total | 3,945 |
Revolving | 0 |
Total | 3,945 |
Consumer 1-4 family loans | Closed end first mortgage loans | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 48,497 |
2020 | 46,168 |
2019 | 15,575 |
2018 | 14,370 |
2017 | 12,559 |
Prior | 33,479 |
Term Total | 170,648 |
Revolving | 2,745 |
Total | 173,393 |
Consumer 1-4 family loans | Closed end first mortgage loans | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 13,332 |
2020 | 17,484 |
2019 | 5,487 |
2018 | 6,502 |
2017 | 3,216 |
Prior | 2,145 |
Term Total | 48,166 |
Revolving | 2,183 |
Total | 50,349 |
Consumer 1-4 family loans | Closed end first mortgage loans | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 0 |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
Prior | 1,821 |
Term Total | 1,821 |
Revolving | 0 |
Total | 1,821 |
Consumer 1-4 family loans | Closed end first mortgage loans | Not Rated | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 35,165 |
2020 | 28,684 |
2019 | 10,088 |
2018 | 7,868 |
2017 | 9,343 |
Prior | 29,513 |
Term Total | 120,661 |
Revolving | 562 |
Total | 121,223 |
Consumer 1-4 family loans | Open end and junior lien loans | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 17,405 |
2020 | 7,111 |
2019 | 7,047 |
2018 | 5,131 |
2017 | 2,394 |
Prior | 1,678 |
Term Total | 40,766 |
Revolving | 122,757 |
Total | 163,523 |
Consumer 1-4 family loans | Open end and junior lien loans | Pass | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 193 |
2020 | 379 |
2019 | 162 |
2018 | 317 |
2017 | 0 |
Prior | 0 |
Term Total | 1,051 |
Revolving | 10,733 |
Total | 11,784 |
Consumer 1-4 family loans | Open end and junior lien loans | Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 0 |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
Prior | 0 |
Term Total | 0 |
Revolving | 0 |
Total | 0 |
Consumer 1-4 family loans | Open end and junior lien loans | Not Rated | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 17,212 |
2020 | 6,732 |
2019 | 6,885 |
2018 | 4,814 |
2017 | 2,394 |
Prior | 1,678 |
Term Total | 39,715 |
Revolving | 112,024 |
Total | 151,739 |
Consumer 1-4 family loans | Residential construction loans | Not Rated | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 7,164 |
2020 | 2,842 |
2019 | 982 |
2018 | 140 |
2017 | 173 |
Prior | 1,177 |
Term Total | 12,478 |
Revolving | 13 |
Total | $ 12,491 |
ALLOWANCE FOR CREDIT LOSSES A_6
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Aging Of The Amortized Cost In Past Due Loans (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | $ 4,239,453 |
Total Nonaccrual | 30,978 |
Nonaccrual With No Allowance For Credit Loss | 1,373 |
Total Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 4,208,475 |
Loans Not Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 4,238,195 |
30-89 Days Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 1,240 |
Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Greater than 89 Days Past Due and Accruing | 18 |
Commercial and industrial loans | Working capital lines of credit loans | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 659,274 |
Total Nonaccrual | 14,181 |
Nonaccrual With No Allowance For Credit Loss | 1 |
Commercial and industrial loans | Working capital lines of credit loans | Total Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 645,093 |
Commercial and industrial loans | Working capital lines of credit loans | Loans Not Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 659,160 |
Commercial and industrial loans | Working capital lines of credit loans | 30-89 Days Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 114 |
Commercial and industrial loans | Working capital lines of credit loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Greater than 89 Days Past Due and Accruing | 0 |
Commercial and industrial loans | Non-working capital loans | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 779,665 |
Total Nonaccrual | 8,956 |
Nonaccrual With No Allowance For Credit Loss | 232 |
Commercial and industrial loans | Non-working capital loans | Total Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 770,709 |
Commercial and industrial loans | Non-working capital loans | Loans Not Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 779,551 |
Commercial and industrial loans | Non-working capital loans | 30-89 Days Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 114 |
Commercial and industrial loans | Non-working capital loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Greater than 89 Days Past Due and Accruing | 0 |
Commercial real estate and multi-family residential loans | Construction and land development loans | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 377,371 |
Total Nonaccrual | 0 |
Nonaccrual With No Allowance For Credit Loss | 0 |
Commercial real estate and multi-family residential loans | Construction and land development loans | Total Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 377,371 |
Commercial real estate and multi-family residential loans | Construction and land development loans | Loans Not Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 377,371 |
Commercial real estate and multi-family residential loans | Construction and land development loans | 30-89 Days Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 0 |
Commercial real estate and multi-family residential loans | Construction and land development loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Greater than 89 Days Past Due and Accruing | 0 |
Commercial real estate and multi-family residential loans | Owner occupied loans | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 740,245 |
Total Nonaccrual | 3,822 |
Nonaccrual With No Allowance For Credit Loss | 986 |
Commercial real estate and multi-family residential loans | Owner occupied loans | Total Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 736,423 |
Commercial real estate and multi-family residential loans | Owner occupied loans | Loans Not Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 740,245 |
Commercial real estate and multi-family residential loans | Owner occupied loans | 30-89 Days Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 0 |
Commercial real estate and multi-family residential loans | Owner occupied loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Greater than 89 Days Past Due and Accruing | 0 |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 581,618 |
Total Nonaccrual | 3,358 |
Nonaccrual With No Allowance For Credit Loss | 0 |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | Total Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 578,260 |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | Loans Not Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 581,618 |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | 30-89 Days Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 0 |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Greater than 89 Days Past Due and Accruing | 0 |
Commercial real estate and multi-family residential loans | Multifamily loans | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 252,549 |
Total Nonaccrual | 0 |
Nonaccrual With No Allowance For Credit Loss | 0 |
Commercial real estate and multi-family residential loans | Multifamily loans | Total Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 252,549 |
Commercial real estate and multi-family residential loans | Multifamily loans | Loans Not Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 252,549 |
Commercial real estate and multi-family residential loans | Multifamily loans | 30-89 Days Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 0 |
Commercial real estate and multi-family residential loans | Multifamily loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Greater than 89 Days Past Due and Accruing | 0 |
Agri-business and agricultural loans | Loans secured by farmland | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 152,060 |
Total Nonaccrual | 145 |
Nonaccrual With No Allowance For Credit Loss | 0 |
Agri-business and agricultural loans | Loans secured by farmland | Total Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 151,915 |
Agri-business and agricultural loans | Loans secured by farmland | Loans Not Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 152,060 |
Agri-business and agricultural loans | Loans secured by farmland | 30-89 Days Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 0 |
Agri-business and agricultural loans | Loans secured by farmland | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Greater than 89 Days Past Due and Accruing | 0 |
Agri-business and agricultural loans | Loans for agricultural production | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 172,054 |
Total Nonaccrual | 0 |
Nonaccrual With No Allowance For Credit Loss | 0 |
Agri-business and agricultural loans | Loans for agricultural production | Total Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 172,054 |
Agri-business and agricultural loans | Loans for agricultural production | Loans Not Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 172,054 |
Agri-business and agricultural loans | Loans for agricultural production | 30-89 Days Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 0 |
Agri-business and agricultural loans | Loans for agricultural production | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Greater than 89 Days Past Due and Accruing | 0 |
Agri-business and agricultural loans | Other commercial loans | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 83,263 |
Total Nonaccrual | 0 |
Nonaccrual With No Allowance For Credit Loss | 0 |
Agri-business and agricultural loans | Other commercial loans | Total Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 83,263 |
Agri-business and agricultural loans | Other commercial loans | Loans Not Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 83,263 |
Agri-business and agricultural loans | Other commercial loans | 30-89 Days Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 0 |
Agri-business and agricultural loans | Other commercial loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Greater than 89 Days Past Due and Accruing | 0 |
Consumer 1-4 family loans | Closed end first mortgage loans | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 173,393 |
Total Nonaccrual | 100 |
Nonaccrual With No Allowance For Credit Loss | 56 |
Consumer 1-4 family loans | Closed end first mortgage loans | Total Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 173,293 |
Consumer 1-4 family loans | Closed end first mortgage loans | Loans Not Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 172,515 |
Consumer 1-4 family loans | Closed end first mortgage loans | 30-89 Days Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 860 |
Consumer 1-4 family loans | Closed end first mortgage loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Greater than 89 Days Past Due and Accruing | 18 |
Consumer 1-4 family loans | Open end and junior lien loans | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 163,523 |
Total Nonaccrual | 98 |
Nonaccrual With No Allowance For Credit Loss | 98 |
Consumer 1-4 family loans | Open end and junior lien loans | Total Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 163,425 |
Consumer 1-4 family loans | Open end and junior lien loans | Loans Not Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 163,489 |
Consumer 1-4 family loans | Open end and junior lien loans | 30-89 Days Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 34 |
Consumer 1-4 family loans | Open end and junior lien loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Greater than 89 Days Past Due and Accruing | 0 |
Consumer 1-4 family loans | Residential construction loans | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 12,491 |
Total Nonaccrual | 0 |
Nonaccrual With No Allowance For Credit Loss | 0 |
Consumer 1-4 family loans | Residential construction loans | Total Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 12,491 |
Consumer 1-4 family loans | Residential construction loans | Loans Not Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 12,491 |
Consumer 1-4 family loans | Residential construction loans | 30-89 Days Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 0 |
Consumer 1-4 family loans | Residential construction loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Greater than 89 Days Past Due and Accruing | 0 |
Consumer 1-4 family loans | Other consumer loans | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 91,947 |
Total Nonaccrual | 318 |
Nonaccrual With No Allowance For Credit Loss | 0 |
Consumer 1-4 family loans | Other consumer loans | Total Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 91,629 |
Consumer 1-4 family loans | Other consumer loans | Loans Not Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 91,829 |
Consumer 1-4 family loans | Other consumer loans | 30-89 Days Past Due | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Financing receivable, before allowance for credit loss, amortized cost | 118 |
Consumer 1-4 family loans | Other consumer loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Amortized Cost, Aging [Abstract] | |
Greater than 89 Days Past Due and Accruing | $ 0 |
ALLOWANCE FOR CREDIT LOSSES A_7
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Amortized Cost Basis Of Collateral Dependent Loans (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Collateral Dependent Loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Real Estate | $ 9,502 |
General Business Assets | 29,758 |
Other | 1,441 |
Total | 40,701 |
Commercial and industrial loans | Working capital lines of credit loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Real Estate | 0 |
General Business Assets | 14,181 |
Other | 0 |
Total | 14,181 |
Commercial and industrial loans | Non-working capital loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Real Estate | 1,632 |
General Business Assets | 13,757 |
Other | 229 |
Total | 15,618 |
Commercial real estate and multi-family residential loans | Owner occupied loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Real Estate | 1,456 |
General Business Assets | 1,675 |
Other | 1,161 |
Total | 4,292 |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Real Estate | 3,358 |
General Business Assets | 0 |
Other | 0 |
Total | 3,358 |
Agri-business and agricultural loans | Loans secured by farmland | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Real Estate | 0 |
General Business Assets | 145 |
Other | 0 |
Total | 145 |
Consumer 1-4 family loans | Closed end first mortgage loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Real Estate | 3,056 |
General Business Assets | 0 |
Other | 0 |
Total | 3,056 |
Consumer 1-4 family loans | Other consumer loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Real Estate | 0 |
General Business Assets | 0 |
Other | 51 |
Total | $ 51 |
ALLOWANCE FOR CREDIT LOSSES A_8
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Troubled Debt Restructuring (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY | ||
Accruing troubled debt restructured loans | $ 4,973 | |
Nonaccrual troubled debt restructured loans | 6,093 | |
Total troubled debt restructured loans | $ 11,066 | |
Accruing troubled debt restructured loans | $ 5,237 | |
Nonaccrual troubled debt restructured loans | 6,476 | |
Total troubled debt restructured loans | $ 11,713 |
ALLOWANCE FOR CREDIT LOSSES A_9
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Loans By Class Modified As Troubled Debt Restructuring (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($)loan | |
All Modifications | |
Financing Receivable, Modifications | |
Number of Loans | loan | 4 |
Modified Repayment Terms | |
Financing Receivable, Modifications | |
Number of Loans | loan | 4 |
Extension Period or Range (in months) | 0 years |
Commercial and industrial loans | |
Financing Receivable, Modifications | |
Pre-Modification Outstanding Recorded Investment | $ | $ 6,066 |
Post-Modification Outstanding Recorded Investment | $ | 5,533 |
Commercial and industrial loans | Working capital lines of credit loans | |
Financing Receivable, Modifications | |
Pre-Modification Outstanding Recorded Investment | $ | 250 |
Post-Modification Outstanding Recorded Investment | $ | $ 315 |
Commercial and industrial loans | Working capital lines of credit loans | All Modifications | |
Financing Receivable, Modifications | |
Number of Loans | loan | 1 |
Commercial and industrial loans | Working capital lines of credit loans | Modified Repayment Terms | |
Financing Receivable, Modifications | |
Number of Loans | loan | 1 |
Extension Period or Range (in months) | 0 years |
Commercial and industrial loans | Non-working capital loans | |
Financing Receivable, Modifications | |
Pre-Modification Outstanding Recorded Investment | $ | $ 4,288 |
Post-Modification Outstanding Recorded Investment | $ | $ 3,691 |
Commercial and industrial loans | Non-working capital loans | All Modifications | |
Financing Receivable, Modifications | |
Number of Loans | loan | 2 |
Commercial and industrial loans | Non-working capital loans | Modified Repayment Terms | |
Financing Receivable, Modifications | |
Number of Loans | loan | 2 |
Extension Period or Range (in months) | 0 years |
Commercial and industrial loans | Owner occupied loans | |
Financing Receivable, Modifications | |
Pre-Modification Outstanding Recorded Investment | $ | $ 1,528 |
Post-Modification Outstanding Recorded Investment | $ | $ 1,527 |
Commercial and industrial loans | Owner occupied loans | All Modifications | |
Financing Receivable, Modifications | |
Number of Loans | loan | 1 |
Commercial and industrial loans | Owner occupied loans | Modified Repayment Terms | |
Financing Receivable, Modifications | |
Number of Loans | loan | 1 |
Extension Period or Range (in months) | 0 years |
ALLOWANCE FOR CREDIT LOSSES _10
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Balance In The Allowance For Loan Losses And The Recorded Investment In Loans By Portfolio Management (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Ending allowance balance attributable to loans: | |||||
Individually evaluated for impairment | $ 8,041 | ||||
Collectively evaluated for impairment | 53,367 | ||||
Total ending allowance balance | 61,408 | [1] | $ 60,747 | $ 59,019 | $ 50,652 |
Loans: | |||||
Loans individually evaluated for impairment | 20,179 | ||||
Loans collectively evaluated for impairment | 4,628,977 | ||||
Total | 4,649,156 | ||||
Commercial and industrial loans | |||||
Ending allowance balance attributable to loans: | |||||
Individually evaluated for impairment | 6,310 | ||||
Collectively evaluated for impairment | 22,023 | ||||
Total ending allowance balance | 28,333 | 28,363 | 26,744 | 25,789 | |
Loans: | |||||
Loans individually evaluated for impairment | 12,533 | ||||
Loans collectively evaluated for impairment | 1,772,393 | ||||
Total | 1,784,926 | ||||
Commercial real estate and multi-family residential loans | |||||
Ending allowance balance attributable to loans: | |||||
Individually evaluated for impairment | 1,377 | ||||
Collectively evaluated for impairment | 21,530 | ||||
Total ending allowance balance | 22,907 | 21,415 | 21,063 | 15,796 | |
Loans: | |||||
Loans individually evaluated for impairment | 5,518 | ||||
Loans collectively evaluated for impairment | 1,887,054 | ||||
Total | 1,892,572 | ||||
Agri-business and agricultural loans | |||||
Ending allowance balance attributable to loans: | |||||
Individually evaluated for impairment | 84 | ||||
Collectively evaluated for impairment | 2,959 | ||||
Total ending allowance balance | 3,043 | 3,097 | 3,408 | 3,869 | |
Loans: | |||||
Loans individually evaluated for impairment | 428 | ||||
Loans collectively evaluated for impairment | 429,234 | ||||
Total | 429,662 | ||||
Other Commercial | |||||
Ending allowance balance attributable to loans: | |||||
Individually evaluated for impairment | 0 | ||||
Collectively evaluated for impairment | 416 | ||||
Total ending allowance balance | 416 | 572 | 542 | 447 | |
Loans: | |||||
Loans individually evaluated for impairment | 0 | ||||
Loans collectively evaluated for impairment | 93,912 | ||||
Total | 93,912 | ||||
Consumer 1-4 family loans | |||||
Ending allowance balance attributable to loans: | |||||
Individually evaluated for impairment | 270 | ||||
Collectively evaluated for impairment | 2,349 | ||||
Total ending allowance balance | 2,619 | 3,318 | 3,434 | 2,086 | |
Loans: | |||||
Loans individually evaluated for impairment | 1,700 | ||||
Loans collectively evaluated for impairment | 342,999 | ||||
Total | 344,699 | ||||
Other Consumer | |||||
Ending allowance balance attributable to loans: | |||||
Individually evaluated for impairment | 0 | ||||
Collectively evaluated for impairment | 951 | ||||
Total ending allowance balance | 951 | 830 | 774 | 345 | |
Loans: | |||||
Loans individually evaluated for impairment | 0 | ||||
Loans collectively evaluated for impairment | 103,385 | ||||
Total | 103,385 | ||||
Unallocated | |||||
Ending allowance balance attributable to loans: | |||||
Individually evaluated for impairment | 0 | ||||
Collectively evaluated for impairment | 3,139 | ||||
Total ending allowance balance | 3,139 | $ 3,152 | $ 3,054 | $ 2,320 | |
Loans: | |||||
Loans individually evaluated for impairment | 0 | ||||
Loans collectively evaluated for impairment | 0 | ||||
Total | $ 0 | ||||
[1] | Beginning January 1, 2021 calculation is based on the current expected credit loss methodology. Prior to January 1, 2021 calculation was based on the incurred loss methodology. |
ALLOWANCE FOR CREDIT LOSSES _11
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Loans Individually Evaluated For Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | |
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid Principal Balance | $ 22,939 | ||
Recorded Investment | 20,179 | ||
Allowance for Loan Losses Allocated | 8,041 | ||
Average Recorded Investment | $ 23,701 | $ 24,184 | |
Interest Income Recognized | 81 | 305 | |
Cash Basis Interest Income Recognized | 81 | 305 | |
Commercial and industrial loans | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Allowance for Loan Losses Allocated | 6,310 | ||
Commercial and industrial loans | Working capital lines of credit loans | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 346 | ||
Recorded Investment with no related allowance recorded | 173 | ||
Allowance for loan losses allocated with no related allowance recorded | 0 | ||
Unpaid principal balance with an allowance recorded | 433 | ||
Recorded investment with an allowance recorded | 433 | ||
Allowance for loans losses allocated with an allowance recorded | 255 | ||
Average Recorded Investment with no related allowance recorded | 174 | 442 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | |
Cash Basis Interest Income Recognized with no related allowance recorded | 0 | 0 | |
Average Recorded Investment with an allowance recorded | 1,546 | 3,001 | |
Interest Income Recognized with an allowance recorded | 0 | 0 | |
Cash Basis Interest Income Recognized with an allowance recorded | 0 | 0 | |
Commercial and industrial loans | Non-working capital loans | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 2,399 | ||
Recorded Investment with no related allowance recorded | 968 | ||
Allowance for loan losses allocated with no related allowance recorded | 0 | ||
Unpaid principal balance with an allowance recorded | 11,644 | ||
Recorded investment with an allowance recorded | 10,959 | ||
Allowance for loans losses allocated with an allowance recorded | 6,055 | ||
Average Recorded Investment with no related allowance recorded | 995 | 766 | |
Interest Income Recognized with no related allowance recorded | 5 | 16 | |
Cash Basis Interest Income Recognized with no related allowance recorded | 5 | 16 | |
Average Recorded Investment with an allowance recorded | 11,970 | 11,763 | |
Interest Income Recognized with an allowance recorded | 63 | 216 | |
Cash Basis Interest Income Recognized with an allowance recorded | 63 | 216 | |
Commercial real estate and multi-family residential loans | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Allowance for Loan Losses Allocated | 1,377 | ||
Commercial real estate and multi-family residential loans | Owner occupied loans | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 3,002 | ||
Recorded Investment with no related allowance recorded | 2,930 | ||
Allowance for loan losses allocated with no related allowance recorded | 0 | ||
Unpaid principal balance with an allowance recorded | 2,589 | ||
Recorded investment with an allowance recorded | 2,588 | ||
Allowance for loans losses allocated with an allowance recorded | 1,377 | ||
Average Recorded Investment with no related allowance recorded | 2,054 | 2,101 | |
Interest Income Recognized with no related allowance recorded | 4 | 13 | |
Cash Basis Interest Income Recognized with no related allowance recorded | 4 | 13 | |
Average Recorded Investment with an allowance recorded | 3,994 | 3,034 | |
Interest Income Recognized with an allowance recorded | 0 | 30 | |
Cash Basis Interest Income Recognized with an allowance recorded | 0 | 30 | |
Agri-business and agricultural loans | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Allowance for Loan Losses Allocated | 84 | ||
Agri-business and agricultural loans | Loans secured by farmland | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 603 | ||
Recorded Investment with no related allowance recorded | 283 | ||
Allowance for loan losses allocated with no related allowance recorded | 0 | ||
Unpaid principal balance with an allowance recorded | 145 | ||
Recorded investment with an allowance recorded | 145 | ||
Allowance for loans losses allocated with an allowance recorded | 84 | ||
Average Recorded Investment with no related allowance recorded | 283 | 283 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | |
Cash Basis Interest Income Recognized with no related allowance recorded | 0 | 0 | |
Average Recorded Investment with an allowance recorded | 146 | 147 | |
Interest Income Recognized with an allowance recorded | 0 | 0 | |
Cash Basis Interest Income Recognized with an allowance recorded | 0 | 0 | |
Consumer 1-4 family loans | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Allowance for Loan Losses Allocated | 270 | ||
Consumer 1-4 family loans | Closed end first mortgage loans | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 316 | ||
Recorded Investment with no related allowance recorded | 236 | ||
Allowance for loan losses allocated with no related allowance recorded | 0 | ||
Unpaid principal balance with an allowance recorded | 1,457 | ||
Recorded investment with an allowance recorded | 1,459 | ||
Allowance for loans losses allocated with an allowance recorded | 270 | ||
Average Recorded Investment with no related allowance recorded | 274 | 304 | |
Interest Income Recognized with no related allowance recorded | 0 | 2 | |
Cash Basis Interest Income Recognized with no related allowance recorded | 0 | 2 | |
Average Recorded Investment with an allowance recorded | 1,520 | 1,589 | |
Interest Income Recognized with an allowance recorded | 9 | 28 | |
Cash Basis Interest Income Recognized with an allowance recorded | 9 | 28 | |
Consumer 1-4 family loans | Open end and junior lien loans | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Unpaid principal balance with no related allowance recorded | 5 | ||
Recorded Investment with no related allowance recorded | 5 | ||
Allowance for loan losses allocated with no related allowance recorded | $ 0 | ||
Average Recorded Investment with no related allowance recorded | 54 | 63 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | |
Cash Basis Interest Income Recognized with no related allowance recorded | 0 | 0 | |
Average Recorded Investment with an allowance recorded | 648 | 642 | |
Interest Income Recognized with an allowance recorded | 0 | 0 | |
Cash Basis Interest Income Recognized with an allowance recorded | 0 | 0 | |
Consumer 1-4 family loans | Residential construction loans | |||
Loans Individually Evaluated for Impairment [Abstract] | |||
Average Recorded Investment with no related allowance recorded | 8 | 3 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | |
Cash Basis Interest Income Recognized with no related allowance recorded | 0 | 0 | |
Average Recorded Investment with an allowance recorded | 35 | 46 | |
Interest Income Recognized with an allowance recorded | 0 | 0 | |
Cash Basis Interest Income Recognized with an allowance recorded | $ 0 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES _12
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Aging Of The Recorded Investment In Past Due Loans (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | $ 4,649,156 |
Nonaccrual | 11,986 |
Total Past Due and Nonaccrual | 13,369 |
Loans Not Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 4,635,787 |
30-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 1,267 |
Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 116 |
Commercial and industrial loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 1,784,926 |
Commercial and industrial loans | Working capital lines of credit loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 626,099 |
Nonaccrual | 606 |
Total Past Due and Nonaccrual | 606 |
Commercial and industrial loans | Working capital lines of credit loans | Loans Not Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 625,493 |
Commercial and industrial loans | Working capital lines of credit loans | 30-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Commercial and industrial loans | Working capital lines of credit loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Commercial and industrial loans | Non-working capital loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 1,158,827 |
Nonaccrual | 5,287 |
Total Past Due and Nonaccrual | 5,287 |
Commercial and industrial loans | Non-working capital loans | Loans Not Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 1,153,540 |
Commercial and industrial loans | Non-working capital loans | 30-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Commercial and industrial loans | Non-working capital loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Commercial real estate and multi-family residential loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 1,892,572 |
Commercial real estate and multi-family residential loans | Construction and land development loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 361,664 |
Nonaccrual | 0 |
Total Past Due and Nonaccrual | 0 |
Commercial real estate and multi-family residential loans | Construction and land development loans | Loans Not Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 361,664 |
Commercial real estate and multi-family residential loans | Construction and land development loans | 30-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Commercial real estate and multi-family residential loans | Construction and land development loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Commercial real estate and multi-family residential loans | Owner occupied loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 647,574 |
Nonaccrual | 5,047 |
Total Past Due and Nonaccrual | 5,047 |
Commercial real estate and multi-family residential loans | Owner occupied loans | Loans Not Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 642,527 |
Commercial real estate and multi-family residential loans | Owner occupied loans | 30-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Commercial real estate and multi-family residential loans | Owner occupied loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 579,050 |
Nonaccrual | 0 |
Total Past Due and Nonaccrual | 0 |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | Loans Not Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 579,050 |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | 30-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Commercial real estate and multi-family residential loans | Multifamily loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 304,284 |
Nonaccrual | 0 |
Total Past Due and Nonaccrual | 0 |
Commercial real estate and multi-family residential loans | Multifamily loans | Loans Not Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 304,284 |
Commercial real estate and multi-family residential loans | Multifamily loans | 30-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Commercial real estate and multi-family residential loans | Multifamily loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Agri-business and agricultural loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 429,662 |
Agri-business and agricultural loans | Loans secured by farmland | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 195,363 |
Nonaccrual | 428 |
Total Past Due and Nonaccrual | 428 |
Agri-business and agricultural loans | Loans secured by farmland | Loans Not Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 194,935 |
Agri-business and agricultural loans | Loans secured by farmland | 30-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Agri-business and agricultural loans | Loans secured by farmland | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Agri-business and agricultural loans | Loans for agricultural production | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 234,299 |
Nonaccrual | 0 |
Total Past Due and Nonaccrual | 108 |
Agri-business and agricultural loans | Loans for agricultural production | Loans Not Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 234,191 |
Agri-business and agricultural loans | Loans for agricultural production | 30-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 108 |
Agri-business and agricultural loans | Loans for agricultural production | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Agri-business and agricultural loans | Other commercial loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 93,912 |
Nonaccrual | 0 |
Total Past Due and Nonaccrual | 0 |
Agri-business and agricultural loans | Other commercial loans | Loans Not Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 93,912 |
Agri-business and agricultural loans | Other commercial loans | 30-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Agri-business and agricultural loans | Other commercial loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Consumer 1-4 family loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 344,699 |
Consumer 1-4 family loans | Closed end first mortgage loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 167,501 |
Nonaccrual | 613 |
Total Past Due and Nonaccrual | 1,606 |
Consumer 1-4 family loans | Closed end first mortgage loans | Loans Not Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 165,895 |
Consumer 1-4 family loans | Closed end first mortgage loans | 30-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 877 |
Consumer 1-4 family loans | Closed end first mortgage loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 116 |
Consumer 1-4 family loans | Open end and junior lien loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 165,236 |
Nonaccrual | 5 |
Total Past Due and Nonaccrual | 142 |
Consumer 1-4 family loans | Open end and junior lien loans | Loans Not Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 165,094 |
Consumer 1-4 family loans | Open end and junior lien loans | 30-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 137 |
Consumer 1-4 family loans | Open end and junior lien loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Consumer 1-4 family loans | Residential construction loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 11,962 |
Nonaccrual | 0 |
Total Past Due and Nonaccrual | 0 |
Consumer 1-4 family loans | Residential construction loans | Loans Not Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 11,962 |
Consumer 1-4 family loans | Residential construction loans | 30-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Consumer 1-4 family loans | Residential construction loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Consumer 1-4 family loans | Other consumer loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 103,385 |
Nonaccrual | 0 |
Total Past Due and Nonaccrual | 145 |
Consumer 1-4 family loans | Other consumer loans | Loans Not Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 103,240 |
Consumer 1-4 family loans | Other consumer loans | 30-89 Days Past Due | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 145 |
Consumer 1-4 family loans | Other consumer loans | Greater than 89 Days Past Due and Accruing | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | 0 |
Consumer 1-4 family loans | Other consumer loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans past due | $ 103,385 |
ALLOWANCE FOR CREDIT LOSSES _13
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY - Credit Quality Indicators (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Financing Receivable, Recorded Investment | |
Total ending loans balance | $ 4,649,156 |
Commercial and industrial loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 1,784,926 |
Commercial and industrial loans | Working capital lines of credit loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 626,099 |
Commercial and industrial loans | Non-working capital loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 1,158,827 |
Commercial real estate and multi-family residential loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 1,892,572 |
Commercial real estate and multi-family residential loans | Construction and land development loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 361,664 |
Commercial real estate and multi-family residential loans | Owner occupied loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 647,574 |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 579,050 |
Commercial real estate and multi-family residential loans | Multifamily loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 304,284 |
Agri-business and agricultural loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 429,662 |
Agri-business and agricultural loans | Loans secured by farmland | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 195,363 |
Agri-business and agricultural loans | Loans for agricultural production | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 234,299 |
Agri-business and agricultural loans | Other commercial loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 93,912 |
Consumer 1-4 family loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 344,699 |
Consumer 1-4 family loans | Closed end first mortgage loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 167,501 |
Consumer 1-4 family loans | Open end and junior lien loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 165,236 |
Consumer 1-4 family loans | Residential construction loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 11,962 |
Consumer 1-4 family loans | Other consumer loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 103,385 |
Pass | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 3,997,245 |
Pass | Commercial and industrial loans | Working capital lines of credit loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 535,071 |
Pass | Commercial and industrial loans | Non-working capital loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 1,111,989 |
Pass | Commercial real estate and multi-family residential loans | Construction and land development loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 361,664 |
Pass | Commercial real estate and multi-family residential loans | Owner occupied loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 608,845 |
Pass | Commercial real estate and multi-family residential loans | Nonowner occupied loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 547,790 |
Pass | Commercial real estate and multi-family residential loans | Multifamily loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 282,031 |
Pass | Agri-business and agricultural loans | Loans secured by farmland | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 183,983 |
Pass | Agri-business and agricultural loans | Loans for agricultural production | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 185,875 |
Pass | Agri-business and agricultural loans | Other commercial loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 93,912 |
Pass | Consumer 1-4 family loans | Closed end first mortgage loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 40,682 |
Pass | Consumer 1-4 family loans | Open end and junior lien loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 8,424 |
Pass | Consumer 1-4 family loans | Residential construction loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Pass | Consumer 1-4 family loans | Other consumer loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 36,979 |
Special Mention | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 251,891 |
Special Mention | Commercial and industrial loans | Working capital lines of credit loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 81,095 |
Special Mention | Commercial and industrial loans | Non-working capital loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 26,523 |
Special Mention | Commercial real estate and multi-family residential loans | Construction and land development loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Special Mention | Commercial real estate and multi-family residential loans | Owner occupied loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 31,355 |
Special Mention | Commercial real estate and multi-family residential loans | Nonowner occupied loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 31,260 |
Special Mention | Commercial real estate and multi-family residential loans | Multifamily loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 22,253 |
Special Mention | Agri-business and agricultural loans | Loans secured by farmland | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 10,728 |
Special Mention | Agri-business and agricultural loans | Loans for agricultural production | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 48,424 |
Special Mention | Agri-business and agricultural loans | Other commercial loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Special Mention | Consumer 1-4 family loans | Closed end first mortgage loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Special Mention | Consumer 1-4 family loans | Open end and junior lien loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Special Mention | Consumer 1-4 family loans | Residential construction loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Special Mention | Consumer 1-4 family loans | Other consumer loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 253 |
Substandard | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 34,264 |
Substandard | Commercial and industrial loans | Working capital lines of credit loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 9,718 |
Substandard | Commercial and industrial loans | Non-working capital loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 14,820 |
Substandard | Commercial real estate and multi-family residential loans | Construction and land development loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Substandard | Commercial real estate and multi-family residential loans | Owner occupied loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 7,374 |
Substandard | Commercial real estate and multi-family residential loans | Nonowner occupied loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Substandard | Commercial real estate and multi-family residential loans | Multifamily loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Substandard | Agri-business and agricultural loans | Loans secured by farmland | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 652 |
Substandard | Agri-business and agricultural loans | Loans for agricultural production | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Substandard | Agri-business and agricultural loans | Other commercial loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Substandard | Consumer 1-4 family loans | Closed end first mortgage loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 1,695 |
Substandard | Consumer 1-4 family loans | Open end and junior lien loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 5 |
Substandard | Consumer 1-4 family loans | Residential construction loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Substandard | Consumer 1-4 family loans | Other consumer loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Doubtful | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Doubtful | Commercial and industrial loans | Working capital lines of credit loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Doubtful | Commercial and industrial loans | Non-working capital loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Doubtful | Commercial real estate and multi-family residential loans | Construction and land development loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Doubtful | Commercial real estate and multi-family residential loans | Owner occupied loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Doubtful | Commercial real estate and multi-family residential loans | Nonowner occupied loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Doubtful | Commercial real estate and multi-family residential loans | Multifamily loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Doubtful | Agri-business and agricultural loans | Loans secured by farmland | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Doubtful | Agri-business and agricultural loans | Loans for agricultural production | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Doubtful | Agri-business and agricultural loans | Other commercial loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Doubtful | Consumer 1-4 family loans | Closed end first mortgage loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Doubtful | Consumer 1-4 family loans | Open end and junior lien loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Doubtful | Consumer 1-4 family loans | Residential construction loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Doubtful | Consumer 1-4 family loans | Other consumer loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Not Rated | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 365,756 |
Not Rated | Commercial and industrial loans | Working capital lines of credit loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 215 |
Not Rated | Commercial and industrial loans | Non-working capital loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 5,495 |
Not Rated | Commercial real estate and multi-family residential loans | Construction and land development loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Not Rated | Commercial real estate and multi-family residential loans | Owner occupied loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Not Rated | Commercial real estate and multi-family residential loans | Nonowner occupied loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Not Rated | Commercial real estate and multi-family residential loans | Multifamily loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Not Rated | Agri-business and agricultural loans | Loans secured by farmland | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Not Rated | Agri-business and agricultural loans | Loans for agricultural production | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Not Rated | Agri-business and agricultural loans | Other commercial loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 0 |
Not Rated | Consumer 1-4 family loans | Closed end first mortgage loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 125,124 |
Not Rated | Consumer 1-4 family loans | Open end and junior lien loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 156,807 |
Not Rated | Consumer 1-4 family loans | Residential construction loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | 11,962 |
Not Rated | Consumer 1-4 family loans | Other consumer loans | |
Financing Receivable, Recorded Investment | |
Total ending loans balance | $ 66,153 |
BORROWINGS - Long-term Borrowin
BORROWINGS - Long-term Borrowings (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Federal Home Loan Bank Advance, ten-year, putable six-month Bermudan fixed-rate, Due March 4, 2030 | ||
Debt Instrument [Line Items] | ||
Debt instrument, term | 10 years | |
Debt instrument, interest rate, stated percentage (as a percent) | 0.39% | |
Federal Home Loan Bank Advances | ||
Debt Instrument [Line Items] | ||
Long-term Federal Home Loan Bank advances | $ 75 | $ 75 |
BORROWINGS - Revolving Credit A
BORROWINGS - Revolving Credit Agreement (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Aug. 02, 2019 | |
Line of Credit Facility [Line Items] | |||
Outstanding borrowings | $ 0 | $ 10,500,000 | |
Unsecured revolving credit agreement | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 30,000,000 | ||
Debt instrument, term | 1 year | ||
Outstanding borrowings | $ 0 | $ 10,500,000 |
FAIR VALUE DISCLOSURES - Additi
FAIR VALUE DISCLOSURES - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 3.49% | |
Mortgage servicing rights | $ 2,900,000 | |
Amortized cost | 3,400,000 | |
Mortgage servicing rights, impairment | $ 518,000 | |
Weighted average maturity of residential mortgages | 20 years | |
Qualitative information used to estimate fair value | 2.67% | 2.04% |
Discount rate used to estimate fair value | 9.50% | 9.40% |
Minimum | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Amount of variance | $ 100,000 | |
Minimum | Commercial Real Estates | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 0.00% | |
Minimum | Inventory Finished Goods | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 35.00% | |
Minimum | Finished Goods | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 30.00% | |
Minimum | Inventory Work In Process | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 50.00% | |
Minimum | Equipment | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 30.00% | |
Minimum | Marketable Securities | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 10.00% | |
Maximum | Commercial Real Estates | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 50.00% | |
Maximum | Inventory Finished Goods | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 65.00% | |
Maximum | Finished Goods | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 60.00% | |
Maximum | Inventory Work In Process | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 100.00% | |
Maximum | Equipment | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 70.00% | |
Maximum | Marketable Securities | Level 3 | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of discount from appraised value (in hundredths) | 30.00% | |
Municipal Notes | Minimum | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of variance | (5.00%) | |
Municipal Notes | Maximum | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of variance | 5.00% | |
US Government Agencies Short-term Debt Securities | Minimum | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of variance | (3.00%) | |
US Government Agencies Short-term Debt Securities | Maximum | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of variance | 3.00% | |
U.S. Treasury securities | Minimum | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of variance | (1.00%) | |
U.S. Treasury securities | Maximum | ||
Assets Pledged As Collateral For Loans Receivable [Line Items] | ||
Percentage of variance | 1.00% |
FAIR VALUE DISCLOSURES - Assets
FAIR VALUE DISCLOSURES - Assets and Liabilities Measured At Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Total Securities | $ 1,239,715 | |
Total Securities | $ 734,845 | |
Mortgage banking derivative | 15,426 | 21,764 |
Interest rate swap derivative | 15,426 | 21,764 |
Liabilities: | ||
Mortgage banking derivative | 15,447 | 21,794 |
Interest rate swap derivative | 15,447 | 21,794 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
U.S. Treasury securities | 900 | |
U.S. government sponsored agency securities | 116,461 | 36,487 |
Mortgage-backed securities: residential | 431,833 | 279,503 |
Mortgage-backed securities: commercial | 24,182 | 36,881 |
State and municipal securities | 666,339 | 381,974 |
Total Securities | 1,239,715 | |
Total Securities | 734,845 | |
Mortgage banking derivative | 719 | 1,182 |
Interest rate swap derivative | 15,426 | 21,764 |
Total assets | 1,255,860 | 757,791 |
Liabilities: | ||
Mortgage banking derivative | 1 | 111 |
Interest rate swap derivative | 15,447 | 21,794 |
Total liabilities | 15,448 | 21,905 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets: | ||
U.S. Treasury securities | 900 | |
U.S. government sponsored agency securities | 0 | 0 |
Mortgage-backed securities: residential | 0 | 0 |
Mortgage-backed securities: commercial | 0 | 0 |
State and municipal securities | 0 | 0 |
Total Securities | 900 | |
Total Securities | 0 | |
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total assets | 900 | 0 |
Liabilities: | ||
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets: | ||
U.S. Treasury securities | 0 | |
U.S. government sponsored agency securities | 116,461 | 36,487 |
Mortgage-backed securities: residential | 431,833 | 279,503 |
Mortgage-backed securities: commercial | 24,182 | 36,881 |
State and municipal securities | 666,199 | 381,834 |
Total Securities | 1,238,675 | |
Total Securities | 734,705 | |
Mortgage banking derivative | 719 | 1,182 |
Interest rate swap derivative | 15,426 | 21,764 |
Total assets | 1,254,820 | 757,651 |
Liabilities: | ||
Mortgage banking derivative | 1 | 111 |
Interest rate swap derivative | 15,447 | 21,794 |
Total liabilities | 15,448 | 21,905 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets: | ||
U.S. Treasury securities | 0 | |
U.S. government sponsored agency securities | 0 | 0 |
Mortgage-backed securities: residential | 0 | 0 |
Mortgage-backed securities: commercial | 0 | 0 |
State and municipal securities | 140 | 140 |
Total Securities | 140 | |
Total Securities | 140 | |
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total assets | 140 | 140 |
Liabilities: | ||
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES - Asse_2
FAIR VALUE DISCLOSURES - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 21,333 | $ 6,765 |
Other real estate owned | 0 | 0 |
Total assets | 21,333 | 6,765 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 21,333 | 6,765 |
Other real estate owned | 0 | 0 |
Total assets | 21,333 | 6,765 |
Commercial and industrial loans | Working capital lines of credit loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 9,982 | 178 |
Commercial and industrial loans | Working capital lines of credit loans | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Commercial and industrial loans | Working capital lines of credit loans | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Commercial and industrial loans | Working capital lines of credit loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 9,982 | 178 |
Commercial and industrial loans | Non-working capital loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 7,525 | 4,904 |
Commercial and industrial loans | Non-working capital loans | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Commercial and industrial loans | Non-working capital loans | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Commercial and industrial loans | Non-working capital loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 7,525 | 4,904 |
Commercial real estate and multi-family residential loans | Owner occupied loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 652 | 1,211 |
Commercial real estate and multi-family residential loans | Owner occupied loans | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Commercial real estate and multi-family residential loans | Owner occupied loans | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Commercial real estate and multi-family residential loans | Owner occupied loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 652 | 1,211 |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 3,131 | |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Commercial real estate and multi-family residential loans | Nonowner occupied loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 3,131 | |
Agri-business and agricultural loans | Loans secured by farmland | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 43 | 61 |
Agri-business and agricultural loans | Loans secured by farmland | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Agri-business and agricultural loans | Loans secured by farmland | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Agri-business and agricultural loans | Loans secured by farmland | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 43 | 61 |
Consumer 1-4 family loans | Closed end first mortgage loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 411 | |
Consumer 1-4 family loans | Closed end first mortgage loans | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Consumer 1-4 family loans | Closed end first mortgage loans | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Consumer 1-4 family loans | Closed end first mortgage loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 411 |
FAIR VALUE DISCLOSURES - Valuat
FAIR VALUE DISCLOSURES - Valuation Methodology and Unobservable Inputs for Level 3 Assets (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Fair Value | $ 21,333 | $ 6,765 |
Commercial and industrial loans | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Valuation Methodology | Collateral based measurements | Collateral basedmeasurements |
Unobservable Inputs | Discount to reflect current market conditions and ultimate collectability | Discount to reflect current market conditions and ultimate collectability |
Commercial and industrial loans | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Fair Value | $ 17,507 | $ 5,082 |
Commercial and industrial loans | Average | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average | 0.58 | 0.55 |
Commercial and industrial loans | Minimum | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average | 0.16 | |
Commercial and industrial loans | Maximum | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average | 1 | |
Commercial real estate and multi-family residential loans | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Valuation Methodology | Collateral based measurements | Collateral basedmeasurements |
Unobservable Inputs | Discount to reflect current market conditions and ultimate collectability | Discount to reflect current market conditions and ultimate collectability |
Commercial real estate and multi-family residential loans | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Fair Value | $ 3,783 | $ 1,211 |
Commercial real estate and multi-family residential loans | Average | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average | 0.53 | |
Commercial real estate and multi-family residential loans | Minimum | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average | 0.21 | |
Commercial real estate and multi-family residential loans | Maximum | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average | 0.74 | |
Agri-business and agricultural loans | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Valuation Methodology | Collateral based measurements | Collateral basedmeasurements |
Unobservable Inputs | Discount to reflect current market conditions and ultimate collectability | Discount to reflect current market conditions and ultimate collectability |
Agri-business and agricultural loans | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Fair Value | $ 43 | $ 61 |
Agri-business and agricultural loans | Average | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average | 0.70 | 0.58 |
Consumer 1-4 family loans | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Valuation Methodology | Collateral basedmeasurements | |
Unobservable Inputs | Discount to reflect current market conditions and ultimate collectability | |
Consumer 1-4 family loans | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Fair Value | $ 411 | |
Consumer 1-4 family loans | Average | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average | 0.11 | |
Consumer 1-4 family loans | Minimum | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average | 0.10 | |
Consumer 1-4 family loans | Maximum | Collateral Based Measurements | Measurement Input, Discount Rate | ||
Valuation Methodology and Unobservable Inputs For Level 3 Assets Measured At Fair Value [Line Items] | ||
Average | 0.15 |
FAIR VALUE DISCLOSURES - Estima
FAIR VALUE DISCLOSURES - Estimated Fair Values And The Related Carrying Values Of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financial Assets: | ||
Cash and cash equivalents | $ 557,233 | $ 249,927 |
Securities available-for-sale (carried at fair value) | 1,239,715 | |
Securities available-for-sale (carried at fair value) | 734,845 | |
Real estate mortgages held-for-sale | 8,133 | 11,651 |
Loans, net | 4,101,098 | 4,532,639 |
Mortgage banking derivative | 719 | 1,182 |
Interest rate swap derivative | 15,426 | 21,764 |
Accrued interest receivable | 17,780 | 18,761 |
Financial Liabilities: | ||
Certificates of deposit | (869,759) | (1,033,095) |
All other deposits | (4,549,736) | (4,011,986) |
Miscellaneous borrowings | (10,500) | |
Federal Home Loan Bank advances | (66,596) | (68,967) |
Mortgage banking derivative | (1) | (111) |
Interest rate swap derivative | (15,447) | (21,794) |
Standby letters of credit | (334) | (686) |
Accrued interest payable | (2,916) | (5,959) |
Carrying Value | ||
Financial Assets: | ||
Cash and cash equivalents | 557,233 | 249,927 |
Securities available-for-sale (carried at fair value) | 1,239,715 | |
Securities available-for-sale (carried at fair value) | 734,845 | |
Real estate mortgages held-for-sale | 7,969 | 11,218 |
Loans, net | 4,166,405 | 4,587,748 |
Mortgage banking derivative | 719 | 1,182 |
Interest rate swap derivative | 15,426 | 21,764 |
Federal Reserve and Federal Home Loan Bank Stock | 13,772 | 13,772 |
Accrued interest receivable | 17,780 | 18,761 |
Financial Liabilities: | ||
Certificates of deposit | (864,902) | (1,024,819) |
All other deposits | (4,549,736) | (4,011,986) |
Miscellaneous borrowings | (10,500) | |
Federal Home Loan Bank advances | (75,000) | (75,000) |
Mortgage banking derivative | (1) | (111) |
Interest rate swap derivative | (15,447) | (21,794) |
Standby letters of credit | (334) | (686) |
Accrued interest payable | (2,916) | (5,959) |
Level 1 | Estimated Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 555,522 | 247,228 |
Securities available-for-sale (carried at fair value) | 900 | |
Securities available-for-sale (carried at fair value) | 0 | |
Real estate mortgages held-for-sale | 0 | 0 |
Loans, net | 0 | 0 |
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities: | ||
Certificates of deposit | 0 | 0 |
All other deposits | (4,549,736) | (4,011,986) |
Miscellaneous borrowings | 0 | |
Federal Home Loan Bank advances | 0 | 0 |
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Standby letters of credit | 0 | 0 |
Accrued interest payable | (72) | (66) |
Level 2 | Estimated Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 1,711 | 2,699 |
Securities available-for-sale (carried at fair value) | 1,238,675 | |
Securities available-for-sale (carried at fair value) | 734,705 | |
Real estate mortgages held-for-sale | 8,133 | 11,651 |
Loans, net | 0 | 0 |
Mortgage banking derivative | 719 | 1,182 |
Interest rate swap derivative | 15,426 | 21,764 |
Accrued interest receivable | 6,710 | 3,801 |
Financial Liabilities: | ||
Certificates of deposit | (869,759) | (1,033,095) |
All other deposits | 0 | 0 |
Miscellaneous borrowings | (10,500) | |
Federal Home Loan Bank advances | (66,596) | (68,967) |
Mortgage banking derivative | (1) | (111) |
Interest rate swap derivative | (15,447) | (21,794) |
Standby letters of credit | 0 | 0 |
Accrued interest payable | (2,844) | (5,893) |
Level 3 | Estimated Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale (carried at fair value) | 140 | |
Securities available-for-sale (carried at fair value) | 140 | |
Real estate mortgages held-for-sale | 0 | 0 |
Loans, net | 4,101,098 | 4,532,639 |
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Accrued interest receivable | 11,070 | 14,960 |
Financial Liabilities: | ||
Certificates of deposit | 0 | 0 |
All other deposits | 0 | 0 |
Miscellaneous borrowings | 0 | |
Federal Home Loan Bank advances | 0 | 0 |
Mortgage banking derivative | 0 | 0 |
Interest rate swap derivative | 0 | 0 |
Standby letters of credit | (334) | (686) |
Accrued interest payable | $ 0 | $ 0 |
OFFSETTING ASSETS AND LIABILI_3
OFFSETTING ASSETS AND LIABILITIES - Schedule of Offsetting of Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Gross Amounts of Recognized Assets | $ 15,426 | $ 21,764 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts presented in the Statement of Financial Position | 15,426 | 21,764 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Position | (1,270) | 0 |
Net Amount | 14,156 | 21,764 |
Liabilities | ||
Gross Amounts of Recognized Liabilities | 15,447 | 21,794 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts presented in the Statement of Financial Position | 15,447 | 21,794 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Position | (9,980) | (21,370) |
Net Amounts presented in the Statement of Financial Position | 5,467 | 424 |
Interest Rate Swap Derivatives | ||
Assets | ||
Gross Amounts of Recognized Assets | 15,426 | 21,764 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts presented in the Statement of Financial Position | 15,426 | 21,764 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Position | (1,270) | 0 |
Net Amount | 14,156 | 21,764 |
Liabilities | ||
Gross Amounts of Recognized Liabilities | 15,447 | 21,794 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts presented in the Statement of Financial Position | 15,447 | 21,794 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Position | (9,980) | (21,370) |
Net Amounts presented in the Statement of Financial Position | $ 5,467 | $ 424 |
EARNINGS PER SHARE - Earnings P
EARNINGS PER SHARE - Earnings Per Share Computations (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Number of antidilutive shares | 0 | 0 | 0 | 0 |
Weighted average shares outstanding for basic earnings per common share | 25,479,654 | 25,418,712 | 25,472,185 | 25,484,329 |
Dilutive effect of stock based awards and warrants | 155,634 | 68,590 | 136,470 | 134,072 |
Weighted average shares outstanding for diluted earnings per common share | 25,635,288 | 25,487,302 | 25,608,655 | 25,618,401 |
Basic earnings per common share (in dollars per share) | $ 0.95 | $ 0.89 | $ 2.81 | $ 2.34 |
Diluted earnings per common share (in dollars per share) | $ 0.94 | $ 0.89 | $ 2.79 | $ 2.33 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 677,471 | $ 620,892 | $ 657,184 | $ 598,100 |
Net current period other comprehensive (loss) income | (11,339) | 422 | (16,812) | 13,165 |
Ending balance | 683,202 | 636,839 | 683,202 | 636,839 |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 22,271 | 24,802 | 27,744 | 12,059 |
Other comprehensive income (loss) before reclassification | (11,385) | 622 | (16,318) | 13,310 |
Amounts reclassified from accumulated other comprehensive income | 46 | (200) | (494) | (145) |
Net current period other comprehensive (loss) income | (11,339) | 422 | (16,812) | 13,165 |
Ending balance | 10,932 | 25,224 | 10,932 | 25,224 |
Unrealized Gains and Losses on Available- for-Sales Securities | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 23,619 | 26,256 | 29,182 | 13,607 |
Other comprehensive income (loss) before reclassification | (11,385) | 622 | (16,318) | 13,310 |
Amounts reclassified from accumulated other comprehensive income | 0 | (248) | (630) | (287) |
Net current period other comprehensive (loss) income | (11,385) | 374 | (16,948) | 13,023 |
Ending balance | 12,234 | 26,630 | 12,234 | 26,630 |
Defined Benefit Pension Items | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (1,348) | (1,454) | (1,438) | (1,548) |
Other comprehensive income (loss) before reclassification | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 46 | 48 | 136 | 142 |
Net current period other comprehensive (loss) income | 46 | 48 | 136 | 142 |
Ending balance | $ (1,302) | $ (1,406) | $ (1,302) | $ (1,406) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME - Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net securities gains | $ 0 | $ 314 | $ 797 | $ 363 |
Income tax expense | 5,469 | 5,377 | 16,204 | 13,468 |
Net income | 24,119 | 22,776 | 71,450 | 59,745 |
Other expense | 2,694 | 2,175 | 6,842 | 6,255 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income | (46) | 200 | 494 | 145 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains and Losses on Available- for-Sales Securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net securities gains | 0 | 314 | 797 | 363 |
Income tax expense | 0 | (66) | (167) | (76) |
Net income | 0 | 248 | 630 | 287 |
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Pension Items | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense | 15 | 15 | 45 | 47 |
Net income | (46) | (48) | (136) | (142) |
Other expense | $ (61) | $ (63) | $ (181) | $ (189) |
LEASES - Maturity Analysis (Det
LEASES - Maturity Analysis (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2021 | $ 147 |
2022 | 595 |
2023 | 606 |
2024 | 622 |
2025 | 640 |
2026 and thereafter | 2,233 |
Total undiscounted lease payments | 4,843 |
Less imputed interest | $ (508) |
Operating lease, liability, statement of financial position | Other liabilities |
Lease liability | $ 4,335 |
Operating lease, right-of-use asset, statement of financial position | Other Assets |
Right-of-use asset | $ 4,335 |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lease cost | ||||
Operating lease cost | $ 133 | $ 141 | $ 403 | $ 402 |
Short-term lease cost | 6 | 6 | 18 | 18 |
Total lease cost | $ 139 | $ 147 | $ 421 | $ 420 |
LEASES - Other Information (Det
LEASES - Other Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||
Operating cash outflows from operating leases | $ 403 | $ 402 |
Weighted-average remaining lease term - operating leases | 8 years 1 month 6 days | 9 years 1 month 6 days |
Weighted average discount rate - operating leases | 2.80% | 2.80% |