Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000835324 | |
Entity Registrant Name | Stock Yards Bancorp, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-13661 | |
Entity Incorporation, State or Country Code | KY | |
Entity Tax Identification Number | 61-1137529 | |
Entity Address, Address Line One | 1040 East Main Street | |
Entity Address, City or Town | Louisville | |
Entity Address, State or Province | KY | |
Entity Address, Postal Zip Code | 40206 | |
City Area Code | 502 | |
Local Phone Number | 582-2571 | |
Title of 12(b) Security | Common stock, no par value | |
Trading Symbol | SYBT | |
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 | 29,243,504 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Assets | |||
Cash and due from banks | $ 88,422 | $ 62,304 | |
Federal funds sold and interest bearing due from banks | 485,447 | 898,888 | |
Total cash and cash equivalents | 573,869 | 961,192 | |
Mortgage loans held for sale, at fair value | 10,045 | 8,614 | |
Available for sale debt securities (amortized cost of $1,254,650 in 2022 and $1,190,379 in 2021, respectively) | 1,140,039 | 1,180,298 | |
Held to maturity debt securities (fair value of $460,846 in 2022 and $0 in 2021, respectively) | 485,449 | 0 | |
Federal Home Loan Bank stock, at cost | 13,811 | 9,376 | |
Loans | [1] | 4,877,324 | 4,169,303 |
Allowance for credit losses on loans | 66,362 | 53,898 | |
Net loans | 4,810,962 | 4,115,405 | |
Premises and equipment, net | 119,462 | 76,894 | |
Bank owned life insurance | 53,609 | 53,073 | |
Accrued interest receivable | 17,056 | 13,745 | |
Goodwill | 202,524 | 135,830 | |
Other assets | 125,922 | 86,002 | |
Total assets | 7,583,105 | 6,646,025 | |
Liabilities | |||
Non-interest bearing | 2,121,304 | 1,755,754 | |
Interest bearing | 4,427,826 | 4,031,760 | |
Total deposits | 6,549,130 | 5,787,514 | |
Securities sold under agreements to repurchase | 161,512 | 75,466 | |
Federal funds purchased | 8,771 | 10,374 | |
Subordinated debentures | 26,144 | 0 | |
Accrued interest payable | 277 | 300 | |
Other liabilities | 87,110 | 96,502 | |
Total liabilities | 6,832,944 | 5,970,156 | |
Commitments and contingent liabilities (Footnote 12) | |||
Stockholders’ equity | |||
Preferred stock, no par value. Authorized 1,000,000 shares; no shares issued or outstanding | 0 | 0 | |
Common stock, no par value. Authorized 40,000,000 shares; issued and outstanding 29,243,000 and 26,596,000 shares in 2022 and 2021, respectively | 58,315 | 49,501 | |
Additional paid-in capital | 374,878 | 243,107 | |
Retained earnings | 401,275 | 391,201 | |
Accumulated other comprehensive loss | (87,337) | (7,940) | |
Total stockholders’ equity | 747,131 | 675,869 | |
Non-controlling interest | 3,030 | 0 | |
Total equity | 750,161 | 675,869 | |
Total liabilities and equity | 7,583,105 | 6,646,025 | |
Core Deposits [Member] | |||
Assets | |||
Intangible | 16,870 | 5,596 | |
Customer Lists [Member] | |||
Assets | |||
Intangible | $ 13,487 | $ 0 | |
[1]Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Available for sale debt securities, amortized cost | $ 1,254,650 | $ 1,190,379 |
Held to maturity debt securities, fair value | $ 460,846 | $ 0 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 29,243,000 | 26,596,000 |
Common stock, shares outstanding (in shares) | 29,243,000 | 26,596,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Interest income | |||||
Loans, including fees | $ 50,612 | $ 40,095 | $ 95,355 | $ 77,095 | |
Federal funds sold and interest bearing due from banks | 1,113 | 84 | 1,395 | 150 | |
Mortgage loans held for sale | 50 | 58 | 74 | 122 | |
Federal Home Loan Bank stock | 102 | 64 | 156 | 121 | |
Investment securities: | |||||
Taxable | 6,805 | 2,744 | 11,485 | 5,039 | |
Tax-exempt | 426 | 57 | 627 | 93 | |
Total interest income | 59,108 | 43,102 | 109,092 | 82,620 | |
Interest expense | |||||
Deposits | 1,770 | 1,435 | 2,941 | 2,945 | |
Securities sold under agreements to repurchase | 57 | 5 | 74 | 10 | |
Federal funds purchased and other short-term borrowings | 19 | 4 | 22 | 6 | |
Subordinated debentures | 278 | 0 | 311 | 0 | |
Federal Home Loan Bank advance | 0 | 74 | 0 | 250 | |
Total interest expense | 2,124 | 1,518 | 3,348 | 3,211 | |
Net interest income | 56,984 | 41,584 | 105,744 | 79,409 | |
Provision for credit losses | (200) | 4,147 | 2,079 | 2,672 | |
Net interest income after credit loss expense | 57,184 | 37,437 | 103,665 | 76,737 | |
Non-interest income: | |||||
Mortgage banking income | [1] | 1,295 | 1,303 | 2,298 | 2,747 |
Bank owned life insurance | [1] | 270 | 206 | 536 | 367 |
Total non-interest income | 21,940 | 15,788 | 41,143 | 29,632 | |
Non-interest expenses | |||||
Compensation | 22,204 | 15,680 | 40,173 | 28,507 | |
Employee benefits | 4,429 | 3,367 | 8,968 | 6,628 | |
Net occupancy and equipment | 3,663 | 2,244 | 6,688 | 4,289 | |
Technology and communication | 3,984 | 2,670 | 7,403 | 5,016 | |
Debit and credit card processing | 1,665 | 976 | 3,002 | 1,681 | |
Marketing and business development | 1,445 | 822 | 2,217 | 1,346 | |
Postage, printing and supplies | 825 | 460 | 1,558 | 869 | |
Legal and professional | 1,027 | 666 | 1,677 | 1,128 | |
FDIC insurance | 536 | 349 | 1,181 | 754 | |
Amortization of investments in tax credit partnerships | 89 | 231 | 177 | 262 | |
Capital and deposit based taxes | 582 | 527 | 1,100 | 985 | |
Merger expenses | 0 | 18,100 | 19,500 | 18,500 | |
Federal Home Loan Bank early termination penalty | 0 | 474 | 0 | 474 | |
Intangible amortization | 1,611 | 127 | 2,324 | 204 | |
Other | 2,615 | 1,484 | 5,004 | 2,507 | |
Total non-interest expenses | 44,675 | 48,177 | 100,972 | 73,150 | |
Income before income tax expense | 34,449 | 5,048 | 43,836 | 33,219 | |
Income tax expense | 7,547 | 864 | 8,992 | 6,325 | |
Net income | 26,902 | 4,184 | 34,844 | 26,894 | |
Less income attributed to non-controlling interest | 108 | 0 | 144 | 0 | |
Net Income available to stockholders | $ 26,794 | $ 4,184 | $ 34,700 | $ 26,894 | |
Net income per common share, basic (in dollars per share) | $ 0.92 | $ 0.17 | $ 1.23 | $ 1.14 | |
Net income per common share, diluted (in dollars per share) | $ 0.91 | $ 0.17 | $ 1.22 | $ 1.13 | |
Weighted average outstanding shares | |||||
Basic (in shares) | 29,131 | 24,140 | 28,186 | 23,489 | |
Diluted (in shares) | 29,346 | 24,379 | 28,421 | 23,731 | |
Fiduciary and Trust [Member] | |||||
Non-interest income: | |||||
Non-interest income | $ 9,495 | $ 6,858 | $ 17,738 | $ 13,106 | |
Deposit Account [Member] | |||||
Non-interest income: | |||||
Non-interest income | 2,061 | 1,233 | 3,924 | 2,177 | |
Credit and Debit Card [Member] | |||||
Non-interest income: | |||||
Non-interest income | 4,748 | 3,284 | 8,867 | 5,557 | |
Treasury Management [Member] | |||||
Non-interest income: | |||||
Non-interest income | 2,187 | 1,730 | 4,091 | 3,270 | |
Investment Advisory, Management and Administrative Service [Member] | |||||
Non-interest income: | |||||
Non-interest income | 731 | 545 | 1,338 | 1,009 | |
Product and Service, Other [Member] | |||||
Non-interest income: | |||||
Non-interest income | $ 1,153 | $ 629 | $ 2,351 | $ 1,399 | |
[1]Outside of the scope of ASC 606. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 26,902 | $ 4,184 | $ 34,844 | $ 26,894 |
Other comprehensive income (loss): | ||||
Change in unrealized gain (loss) on AFS debt securities | (39,151) | 6,349 | (104,530) | (9,218) |
Change in fair value of derivatives used in cash flow hedge | 0 | 40 | 0 | 83 |
Total other comprehensive income (loss), before income tax effect | (39,151) | 6,389 | (104,530) | (9,135) |
Tax effect | (9,413) | 1,549 | (25,133) | (2,184) |
Total other comprehensive income (loss), net of tax | (29,738) | 4,840 | (79,397) | (6,951) |
Comprehensive income (loss) | (2,836) | 9,024 | (44,553) | 19,943 |
Less comprehensive income attributed to non-controlling interest | 108 | 0 | 144 | 0 |
Comprehensive income (loss) available to stockholders | $ (2,944) | $ 9,024 | $ (44,697) | $ 19,943 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 22,692 | ||||||
Balance at Dec. 31, 2020 | $ 36,500 | $ 41,886 | $ 353,574 | $ 8,741 | $ 440,701 | ||
Net income | 0 | 0 | 22,710 | 0 | 22,710 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | (11,791) | (11,791) | ||
Stock compensation expense | $ 0 | 849 | 0 | 0 | 849 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations (in shares) | 89 | ||||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations | $ 296 | 4,144 | (7,533) | 0 | (3,093) | ||
Cash dividends declared | $ 0 | 0 | (6,144) | 0 | (6,144) | ||
Balance (in shares) at Mar. 31, 2021 | 22,781 | ||||||
Balance at Mar. 31, 2021 | $ 36,796 | 46,879 | 362,607 | (3,050) | 443,232 | ||
Balance (in shares) at Dec. 31, 2020 | 22,692 | ||||||
Balance at Dec. 31, 2020 | $ 36,500 | 41,886 | 353,574 | 8,741 | 440,701 | ||
Net income | 26,894 | ||||||
Other comprehensive income (loss) | (6,951) | ||||||
Balance (in shares) at Jun. 30, 2021 | 26,588 | ||||||
Balance at Jun. 30, 2021 | $ 49,471 | 240,200 | 359,628 | 1,790 | 651,089 | ||
Balance (in shares) at Mar. 31, 2021 | 22,781 | ||||||
Balance at Mar. 31, 2021 | $ 36,796 | 46,879 | 362,607 | (3,050) | 443,232 | ||
Net income | 0 | 0 | 4,184 | 0 | 4,184 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 4,840 | 4,840 | ||
Stock compensation expense | 0 | 1,414 | 0 | 0 | 1,414 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations | $ (2) | (26) | (45) | 0 | (73) | ||
Stock issued for Commonwealth acquisition (in shares) | 3,808 | ||||||
Stock issued for Commonwealth acquisition | $ 12,682 | 191,988 | 0 | 0 | 204,670 | ||
Cash dividends declared | $ 0 | 0 | (7,178) | 0 | (7,178) | ||
Shares cancelled (in shares) | (1) | ||||||
Shares cancelled | $ (5) | (55) | 60 | 0 | 0 | ||
Balance (in shares) at Jun. 30, 2021 | 26,588 | ||||||
Balance at Jun. 30, 2021 | $ 49,471 | 240,200 | 359,628 | 1,790 | 651,089 | ||
Balance (in shares) at Dec. 31, 2021 | 26,596 | ||||||
Balance at Dec. 31, 2021 | $ 49,501 | 243,107 | 391,201 | (7,940) | $ 675,869 | $ 0 | 675,869 |
Net income | 0 | 0 | 7,906 | 0 | 7,906 | 36 | 7,942 |
Other comprehensive income (loss) | 0 | 0 | 0 | (49,659) | (49,659) | 0 | (49,659) |
Stock compensation expense | $ 0 | 991 | 0 | 0 | 991 | 0 | 991 |
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations (in shares) | 65 | ||||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations | $ 216 | 3,451 | (6,011) | 0 | (2,344) | 0 | (2,344) |
Stock issued for Commonwealth acquisition (in shares) | 2,564 | ||||||
Stock issued for Commonwealth acquisition | $ 8,539 | 125,286 | 0 | 0 | 133,825 | 0 | 133,825 |
Non-controlling interest of acquired entity | 0 | 0 | 0 | 0 | 0 | 3,094 | 3,094 |
Cash dividends declared | $ 0 | 0 | (8,172) | 0 | (8,172) | 0 | (8,172) |
Shares cancelled (in shares) | (5) | ||||||
Shares cancelled | $ (18) | (280) | 25 | 0 | (273) | 0 | (273) |
Distributions to non-controlling interest | $ 0 | 0 | 0 | 0 | 0 | (53) | (53) |
Balance (in shares) at Mar. 31, 2022 | 29,220 | ||||||
Balance at Mar. 31, 2022 | $ 58,238 | 372,555 | 384,949 | (57,599) | 758,143 | 3,077 | 761,220 |
Balance (in shares) at Dec. 31, 2021 | 26,596 | ||||||
Balance at Dec. 31, 2021 | $ 49,501 | 243,107 | 391,201 | (7,940) | 675,869 | 0 | 675,869 |
Net income | 34,844 | ||||||
Other comprehensive income (loss) | (79,397) | ||||||
Balance (in shares) at Jun. 30, 2022 | 29,243 | ||||||
Balance at Jun. 30, 2022 | $ 58,315 | 374,878 | 401,275 | (87,337) | 747,131 | 3,030 | 750,161 |
Balance (in shares) at Mar. 31, 2022 | 29,220 | ||||||
Balance at Mar. 31, 2022 | $ 58,238 | 372,555 | 384,949 | (57,599) | 758,143 | 3,077 | 761,220 |
Net income | 0 | 0 | 26,794 | 0 | 26,794 | 108 | 26,902 |
Other comprehensive income (loss) | 0 | 0 | 0 | (29,738) | (29,738) | 0 | (29,738) |
Stock compensation expense | $ 0 | 1,057 | 0 | 0 | 1,057 | 0 | 1,057 |
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations (in shares) | 26 | ||||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations | $ 85 | 1,365 | (2,394) | 0 | (944) | 0 | (944) |
Cash dividends declared | $ 0 | 0 | (8,183) | 0 | (8,183) | 0 | (8,183) |
Shares cancelled (in shares) | (3) | ||||||
Shares cancelled | $ (8) | (99) | 109 | 0 | 2 | 0 | 2 |
Distributions to non-controlling interest | $ 0 | 0 | 0 | 0 | 0 | (155) | (155) |
Balance (in shares) at Jun. 30, 2022 | 29,243 | ||||||
Balance at Jun. 30, 2022 | $ 58,315 | $ 374,878 | $ 401,275 | $ (87,337) | $ 747,131 | $ 3,030 | $ 750,161 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Retained Earnings [Member] | ||||
Cash dividends declared, per share (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.27 | $ 0.27 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
Cash flows from operating activities: | |||
Net income | $ 34,844 | $ 26,894 | |
Purchases of available for sale debt securities | (85,659) | (204,228) | |
Proceeds from sales of acquired available for sale debt securities | 2,111 | 91,094 | |
Proceeds from maturities and paydowns of available for sale debt securities | 78,409 | 80,122 | |
Purchases of held to maturity debt securities | (459,183) | 0 | |
Proceeds from maturities and paydowns of held to maturity debt securities | 159,119 | 0 | |
Proceeds from redemption of Federal Home Loan Bank stock | 0 | 3,881 | |
Net change in non-PPP loans | (180,130) | (158,253) | |
Purchases of premises and equipment | (13,563) | (1,752) | |
Other investment activities | 0 | (3,965) | |
Proceeds from sales of other real estate owned | 56 | 261 | |
Cash from acquisition, net of cash paid | 349,456 | 24,981 | |
Net cash provided by (used in) investing activities | (45,417) | 68,005 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 2,079 | 2,672 | |
Depreciation, amortization and accretion, net | 10,031 | 4,888 | |
Deferred income tax expense | 4,771 | 2,307 | |
Gain on sale of mortgage loans held for sale | (504) | (2,118) | |
Origination of mortgage loans held for sale | (79,643) | (119,431) | |
Proceeds from sale of mortgage loans held for sale | 82,275 | 141,747 | |
Bank owned life insurance income | [1] | (536) | (367) |
Loss on the disposal of premises and equipment | 28 | 41 | |
Gain on the sale of other real estate owned | 0 | (47) | |
Stock compensation expense | 2,048 | 2,263 | |
Excess tax benefit from share-based compensation arrangements | (1,112) | (1,150) | |
Net change in accrued interest receivable and other assets | (4,747) | (4,420) | |
Net change in accrued interest payable and other liabilities | (27,776) | (6,105) | |
Net cash provided by operating activities | 21,758 | 47,174 | |
Cash flows from financing activities: | |||
Net change in deposits | (358,526) | 232,255 | |
Net change in securities sold under agreements to repurchase and federal funds purchased | 18,223 | 4,086 | |
Proceeds from Federal Home Loan Bank advances | 0 | 20,000 | |
Repayments of Federal Home Loan Bank advances | 0 | (132,745) | |
Repayment of acquired line of credit | (3,200) | 0 | |
Share repurchases related to compensation plans | (3,559) | (3,166) | |
Cash disbursements to non-controlling interest | (208) | 0 | |
Cash dividends paid | (16,394) | (13,361) | |
Net cash (used in) provided by financing activities | (363,664) | 107,069 | |
Net change in cash and cash equivalents | (387,323) | 222,248 | |
Beginning cash and cash equivalents | 961,192 | 317,945 | |
Ending cash and cash equivalents | 573,869 | 540,193 | |
Interest paid | 2,147 | 2,971 | |
Income taxes paid, net of refunds | 7,989 | 13,359 | |
Cash paid for operating lease liabilities | 1,800 | 1,190 | |
Supplemental non-cash activity: | |||
Unfunded commitments in tax credit investments | 6,907 | 5,766 | |
Due to broker | 0 | 1,985 | |
Dividends payable to stockholders | 182 | 175 | |
Loans transferred to OREO | 445 | 30 | |
Fair value of assets acquired | 1,403,509 | 1,389,327 | |
Consideration paid in acquisition | 30,994 | 28,276 | |
Common stock issued in acquisition | 133,825 | 204,670 | |
Non-controlling interest of acquired entity | 3,094 | 0 | |
Total consideration paid | 167,913 | 232,946 | |
Liabilities assumed | 1,235,596 | 1,156,381 | |
Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | |||
Cash flows from operating activities: | |||
Net change in PPP loans | $ 103,967 | $ 235,864 | |
[1]Outside of the scope of ASC 606. |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 Summary of Significant Accounting Policies Nature of Operations Established in 1904, 73 Bancorp is divided into two reportable segments: Commercial Banking and WM&T: Commercial Banking provides a full range of loan and deposit products to individual consumers and businesses in all its markets through retail lending, mortgage banking, deposit services, online banking, mobile banking, private banking, commercial lending, commercial real estate lending, leasing, treasury management services, merchant services, international banking, correspondent banking and other banking services. The Bank also offers securities brokerage services via its banking center network through an arrangement with a third WM&T provides investment management, financial & retirement planning and trust & estate services, as well as retirement plan management for businesses and corporations in all markets in which Bancorp operates. The magnitude of WM&T revenue distinguishes Bancorp from other community banks of similar asset size. The Captive, a wholly owned subsidiary of the Company, is a Nevada-based captive insurance company that provides insurance against certain risks unique to operations of the Company and its subsidiaries for which insurance may not 831 831 not $2,450,000, As a result of its acquisition of Commonwealth Bancshares, Inc. on March 7, 2022, Also as a result of its acquisition of Commonwealth Bancshares, Inc., Bancorp acquired a 60% interest in Landmark Financial Advisors, LLC (“LFA”), which is based in Bowling Green, Kentucky and provides wealth management services. LFA is consolidated into the Company. The non-controlling interest within the consolidated financial statements represents the interest in LFA not Principles of Consolidation and Basis of Presentation 10 10 01 X. not In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Intercompany transactions have been eliminated. These condensed consolidated financial statements should be read in conjunction with Bancorp’s Annual Report on Form 10 December 31, 2021. three six June 30, 2022 not may December 31, 2022. Critical Accounting Policies and Estimates may not Bancorp’s accounting policies are fundamental to understanding management’s discussion and analysis of our results of operations and financial condition. At June 30, 2022 December 31, 2021, Effective January 1, 2020, 326 Financial Instruments Credit Losses, December 31, 2019. The ACL for loans is established through credit loss expense charged to current earnings. The amount maintained in the ACL reflects management’s estimate of the net amount not not For purposes of establishing the general reserve, Bancorp stratifies the loan portfolio into homogeneous groups of loans that possess similar loss potential characteristics and calculates the net amount expected to be collected over the life of the loans to estimate the credit losses in the loan portfolio. Bancorp’s methodologies for estimating the ACL for loans consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. Accounting for Business Acquisitions 805, Business Combinations Identifiable assets acquired, liabilities assumed, and any non-controlling interest in acquirees are generally recognized at their acquisition-date (“day-one”) fair values based on the requirements of ASC Topic 820, Fair Value Measurements and Disclosures. one one one one one may one Acquisition related costs are expensed as incurred unless those costs are related to issuing debt or equity securities used to finance the acquisition. Cash Equivalents Debt Securities not Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. Amortization of premiums and discounts are recognized in interest income over the period to maturity using the interest method, except for premiums on callable debt securities, which are amortized to their earliest call date. Bancorp has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and reports accrued interest separately in the consolidated balance sheets. A debt security is placed on non-accrual status at the time any principal or interest payments become more than 90 no three six June 30, 2022 2021. ACL – AFS Debt Securities not may not no In evaluating AFS debt securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, Bancorp considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. There were no June 30, 2022 December 31, 2021. Changes in the ACL for AFS debt securities are recorded as expense. Losses are charged against the ACL for AFS debt securities when management believes the uncollectability of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. ACL – HTM Debt Securities June 30, 2022 December 31, 2021, June 30, 2022 December 31, 2021, Mortgage Loans Held for Sale and Mortgage Banking Activities March 31, 2022, March 31, 2022 Commitments to fund mortgage loans (“interest rate lock commitments”) to be sold into the secondary market and non-exchange traded mandatory forward sales contracts (“forward contracts”) for the future delivery of these mortgage loans or the purchase of TBA securities are accounted for as free-standing derivatives. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the Bank enters into the derivative. Generally, the Bank enters into forward contracts for the future delivery of mortgage loans or the purchase of TBA securities when interest rate lock commitments are entered into in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these mortgage derivatives are included in net gains on sales of loans, which is a component of Mortgage banking income on the income statement. Mortgage loans held for sale are generally sold with the MSRs retained. When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded as component of Mortgage banking income. Fair value is based on the market prices for comparable mortgage servicing contracts when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method, which requires servicing rights to be amortized into Mortgage banking income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Amortization of MSRs are initially set at seven A primary factor influencing the fair value is the estimated life of the underlying serviced loans. The estimated life of the serviced loans is significantly influenced by market interest rates. During a period of declining interest rates, the fair value of the MSRs generally decline due to higher expected prepayments within the portfolio. Alternatively, during a period of rising interest rates, the fair value of MSRs generally will increase, as prepayments on the underlying loans would be expected to decline. Loan servicing income is reported on the income statement as a component of Mortgage banking income. Loan servicing income is recorded as loan payments are collected and includes servicing fees from investors and certain charges collected from borrowers. The fees are based on a contractual percentage of the outstanding principal, or a fixed amount per loan, and are recorded as income when earned. Late fees and ancillary fees related to loan servicing are considered nominal. Loans Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income over the life of the loan without anticipating prepayments. Loans are considered past due or delinquent when the contractual principal and/or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. The accrual of interest income on loans is typically discontinued at the time the loan is 90 no 120 not not Acquired loans are recorded at fair value at the date of acquisition based on a DCF methodology that considers various factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not may Subsequent to January 1, 2020, no Acquired loans are determined by Bancorp to have more-than-insignificant deterioration in credit quality since origination if any of the following designations apply, listed in order of priority as follows: Loans individually analyzed by Bancorp and determined to have a collateral or cash flow deficiency resulting in a full or partial allocation for loss, loans placed on non-accrual status by the acquired institution, loans identified as TDRs by the acquired institution, loans that have received a partial charge off by the acquired institution, loans risk-rated below a “pass” grade by the acquired institution and any loans past due 59 For acquired loans not The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. ACL – Loans Bancorp estimates the ACL for loans based on the underlying assets’ amortized cost basis, which is the amount at which the receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, and net deferred fees or costs, collection of payment, and partial charge-offs. In the event that collection of principal becomes uncertain, Bancorp has policies in place to reverse accrued interest in a timely manner. Therefore, Bancorp has made a policy election to exclude accrued interest from the measurement of the ACL for loans. Expected credit losses are reflected in the ACL for loans through a charge to provision. When Bancorp deems all or a portion of a financial asset to be uncollectible, the appropriate amount is written-off and the ACL for loans is reduced by the same amount. Bancorp applies judgment to determine when a financial asset is deemed uncollectible; however, generally speaking, an asset will be considered uncollectible no Bancorp’s methodologies for estimating the ACL for loans consider available relevant information about the collectability of cash flows, including information about past events, current conditions and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable to the identified pools of financial assets with similar risk characteristics for which the historical loss experience was observed. Bancorp’s methodologies may no Loans are predominantly segmented by FDIC Call Report Codes into loan pools that have similar risk characteristics, similar collateral type and are assumed to pose consistent risk of loss to Bancorp. Bancorp has identified the following pools of financial assets with similar risk characteristics for measuring expected credit losses: Commercial Real Estate Owner Occupied Commercial Real Estate Non-Owner Occupied five Construction and Land Development third may Commercial and Industrial Residential Real Estate first Home Equity Lines of Credit Consumer may Leases Credit Cards Bancorp measures expected credit losses for its loan portfolio segments as follows: Loan Portfolio Segment ACL Methodology Commercial real estate - non-owner occupied Discounted cash flow Commercial real estate - owner occupied Discounted cash flow Commercial and industrial - term Static pool Commercial and industrial - line of credit Static pool Residential real estate - owner occupied Discounted cash flow Residential real estate - non-owner occupied Discounted cash flow Construction and land development Static pool Home equity lines of credit Static pool Consumer Static pool Leases Static pool Credit cards Static pool Based on the 100% not Discounted Cash flow Method Bancorp uses regression analysis on historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers. For all loan pools utilizing the DCF method, management utilizes the FRB’s forecasted Seasonally Adjusted National Civilian Unemployment Rate as its primary loss driver, as this was determined to best correlate to historical losses. With regard to the DCF model and the adoption of CECL effective January 1, 2020, four eight one March 31, 2020. June 30, 2020, four June 30, 2021. September 30, 2021, four The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level NPV of expected cash flows. An ACL is established for the difference between the instrument’s NPV and amortized cost basis. Static Pool Method Collateral Dependent Loans not may zero not A loan that has been modified or renewed is considered a TDR when two 1 2 not may Premises and Equipment three FHLB Stock may Goodwill and Other Intangible Assets not Bancorp has selected September 30 Currently, goodwill recorded on Bancorp’s consolidated balance sheets is attributed mainly to the Commercial Banking segment, while a portion is also attributed to the WM&T segment. Goodwill related to the KSB acquisition is deductible for tax purposes, as it was structured as an asset sale/338 not June 30, 2022 December 31, 2021 not Other intangible assets consist of CDI and CLI assets arising from business acquisitions. The CDI and CLI assets represent customer relationships associated with acquired deposit portfolios and WM&T businesses, respectively. CDI and CLI assets are initially measured at fair value and then amortized on an accelerated method over their estimated useful lives. Other Assets OREO is carried at the lower of cost or estimated fair value minus estimated selling costs. In certain situations, improvements to prepare assets for sale are capitalized if those costs increase the estimated fair value of the asset. Expenses incurred in maintaining assets, write downs to reflect subsequent declines in value, and realized gains or losses are reflected in the results of operations and are included in non-interest income and/or expense. Off-Balance Sheet Credit Exposures not Bancorp records an ACL for off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to credit loss expense for off-balance sheet credit exposures included in provision for credit losses on Bancorp’s consolidated statements of income. The ACL for off-balance sheet credit exposures is estimated by loan portfolio segment at each balance sheet date under the current CECL model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur and is included in other liabilities on Bancorp’s consolidated balance sheets. Derivatives For derivatives designated as cash flow hedges, the effective portion of changes in fair value of the derivative is initially reported in AOCI and subsequently reclassified to interest income or expense when the hedged transaction affects earnings, while the ineffective portion of changes in fair value of derivative, if any, is recognized immediately in other noninterest income. Bancorp assesses the effectiveness of each hedging relationship by comparing cumulative changes in cash flows of the derivative hedging instrument with cumulative changes in cash flows of the designated hedged item or transaction. No Periodically, Bancorp enters into an interest rate swap transaction with a borrower, who desires to hedge exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. Because of matching terms of offsetting contracts and collateral provisions mitigating any non-performance risk, changes in fair value subsequent to initial recognition have an insignificant effect on earnings. Because these derivative instruments have not Bancorp had no June 30, 2022 December 31, 2021. not Derivative Financial Instruments Transfers of Financial Assets not Stock-Based Compensation Income Taxes A tax position is recognized as a benefit only if it is “more-likely-than- not” 50% not not” no Bancorp recognizes interest and/or penalties related to income tax matters in income tax expense, if any. Bancorp periodically invests in certain partnerships with customers that yield historic tax credits, accounted for using the flow through method, which approximates the equity method. Low-income housing tax credits, as well as tax-deductible losses, are accounted for using the effective yield method for older transactions or proportional amortization method for more recent transactions. The tax benefit of these investments exceeds the amortization expense associated with them, resulting in a positive impact on net income. Net Income Per Share Comprehensive Income (Loss) Loss Contingencies not Restrictions on Cash and Cash Equivalents March 26, 2020, 0% 19 0% June 30, 2022. The Company’s captive maintains cash reserves to cover insurable claims. Reserves totaled $200,000 as of June 30, 2022. Dividend Restrictions may Fair Value of Financial Instruments Assets and Liabilities Measured and Reported at Fair Value Revenue from Contracts with Customers not 606. 606 Segment Information two Reclassifications no Adoption of New Accounting Guidance No. 2020 04, 848 Facilitation of the Effects of Reference Rate Reform on Financial Reporting March 2020. ● A change in a contract’s reference interest rate would be accounted for as a continuation of that contract rather than as the creation of a new one ● When updating its hedging strategies in response to reference rate reform, an entity would be allowed to preserve its hedge accounting. The guidance is applicable only to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued. Because the guidance is meant to help entities through the transition period, it will be in effect for a limited time and will not December 31, 2022, December 31, 2022, March 12, 2020 December 31, 2022. In October 2020, No. 2020 10, Codification Improvements not not December 15, 2020. In May 2020, January 1, 2021. Accounting Standards Updates not not In June 2022, 2022 03, Fair Value Measurement (Topic 820 2022 03 not 1 2 3 2022 03 December 15, 2023. 2022 03 not In March 2022, 2022 02, Financial Instruments Credit Losses (Topic 326 2022 02 310 40, Receivables Troubled Debt Restructurings by Creditors 2016 13, Financial Instruments Credit Losses (Topic 326 2022 02 326 20, Financial Instruments Credit Losses Measured at Amortized Cost. not In April 2019, No. 2019 04, Codification Improvements to Financial Instruments - Credit Losses (ASC 326 815 825 December 15, 2022. In August 2021, 2021 06, Presentation of Financial Statements (Topic 205 Depository and Lending (Topic 942 Investment Companies (Topic 946 No. 33 10786, No. 33 10835, No. 33 10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, No. 33 10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants. not In October 2021, 2021 08, Business Combinations (Topic 805 606. 606 606 December 15, 2022, not not not |
Note 2 - Acquisition
Note 2 - Acquisition | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 2 Bank Acquisitions Commonwealth Bancshares, Inc. On March 7, 2022, The following table provides a summary of the fair value of the assets acquired and liabilities assumed by Bancorp as of the acquisition date. As provided for under GAAP, management has up to 12 may March 7, 2023. As Recorded Fair Value Provisional Period As Recorded (in thousands) By CB Adjustments (1) Adjustments (1) by Bancorp Assets aquired: Cash and due from banks $ 380,450 $ — $ — $ 380,450 Mortgage loans held for sale 3,559 — — 3,559 Available for sale debt securities (2) 247,209 (416 ) a — 246,793 Federal Home Loan Bank stock, at cost 4,436 — — 4,436 Loans 645,551 (13,147 ) b — 632,404 Allowance for credits losses on loans (16,102 ) 6,152 c — (9,950 ) Net loans 629,449 (6,995 ) — 622,454 Premises and equipment, net 28,784 4,009 d — 32,793 Accrued interest receivable 1,973 — — 1,973 Goodwill 5,412 (5,412 ) e — — Core deposit intangible — 12,724 f — 12,724 Customer list intangibles — 14,360 g — 14,360 Mortgage servicing rights 9,387 3,289 h — 12,676 Deferred income taxes, net — (3,727 ) i — (3,727 ) Other assets 9,389 (1,065 ) j — 8,324 Total assets acquired $ 1,320,048 $ 16,767 $ - $ 1,336,815 Liabilities assumed: Deposits: Non-interest bearing $ 302,098 $ — $ — $ 302,098 Interest bearing 818,334 371 k — 818,705 Total deposits 1,120,432 371 — 1,120,803 Securities sold under agreements to repurchase 66,220 — — 66,220 Subordinated debentures 26,806 (794 ) l — 26,012 Line of credit 3,200 — — 3,200 Accrued interest payable 243 — — 243 Other liabilities 17,822 1,296 m — 19,118 Total liabilities assumed 1,234,723 873 — 1,235,596 Net assets acquired $ 85,325 $ 15,894 $ - $ 101,219 Consideration for common stock $ 133,825 Cash consideration paid 30,994 Noncontrolling interest of acquired entity 3,094 Total consideration $ 167,913 Goodwill $ 66,694 ( 1 See the following page for explanations for individual fair value and provisional period adjustments (if applicable). ( 2 As of acquisition date, securities with a fair value of $162 million were classified by Bancorp as HTM. Explanation of fair value adjustments a. Adjustment to investment securities based on Bancorp’s evaluation of the acquired portfolio. b. Adjustments to loans to reflect estimated fair value adjustments, including the following: (in thousands) Fair value adjustment - acquired non PCD loans $ (9,216 ) Fair value adjustment - acquired PCD loans (4,094 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge 163 Net loan fair value adjustments $ (13,147 ) c. The net adjustment to allowance for credit losses includes the following: (in thousands) Reversal of historical CB allowance for credit losses on loans $ (16,102 ) Estimate of lifetime credit losses for PCD loans 9,950 Net change in allowance for credit losses $ (6,152 ) d. Adjustment to premises and equipment to reflect the estimated fair value of acquired premises and equipment and right of use assets. Bancorp expects to make provisional period adjustments to premises and equipment during the third 2022 e. Elimination of the historical CB goodwill. f. Calculation of CDI related to the acquisition. g. Calculation of CLI related to the acquisition. h. Adjustment to reflect the estimated fair value of MSRs. i. Adjustment to net DTAs associated with the effects of the purchase accounting adjustments. j. Adjustment to other assets to reflect the estimated fair value of prepaid and other assets. k. Adjustment to deposits to reflect the estimated fair value of time deposits in interest rates, which was based on an analysis of market interest rates and maturity dates at the time of acquisition. l. Adjustment to reflect the estimated fair value of subordinated debentures for differences in interest rates, which was based primarily on an analysis of market interest rates and maturity dates at the time of acquisition. m. Adjustment to other liabilities to establish the reserve for unfunded loan commitments under CECL, operating lease liabilities and various accrual adjustments. Goodwill of approximately $67 million, which is the excess of the acquisition consideration over the fair value of net assets acquired, was recorded in the CB acquisition and is the result of expected operational synergies and other factors. This goodwill is attributable to the Company’s Commercial Banking and Wealth Management & Trust segments. Goodwill related to the CB acquisition is not Loans acquired that were not Total revenue, defined as net interest income and non-interest income, attributed to CB totaled approximately $11.7 million and $14.9 million for the three six June 30, 2022, The following unaudited pro forma condensed combined financial information presents the results of operations of Bancorp, including the effects of the purchase accounting adjustments and acquisition expenses, had the CB acquisition taken place at the beginning of the period. Further, the pro forma condensed combined financial information presented below for the three six June 30, 2021 (in thousands) Three months ended June 30, 2022 Three months ended June 30, 2021 Net interest income $ 56,984 $ 55,595 Provision for credit losses (200 ) (3,167 ) Non-interest income 21,940 29,396 Non-interest expense 44,675 52,563 Income before taxes 34,449 35,595 Income tax expense 7,547 6,735 Net income 26,902 28,860 Less net income attributed to noncontrolling interest 108 94 Net income available to stockholders $ 26,794 $ 28,766 Earnings per share Basic $ 0.92 $ 0.99 Diluted 0.91 0.98 Basic weighted average shares outstanding 29,131 29,049 Diluted weighted average shares outstanding 29,346 29,288 (in thousands) Six months ended June 30, 2022 Six months ended June 30, 2021 Net interest income $ 110,777 $ 111,106 Provision for credit losses (1) (2,350 ) (4,242 ) Non-interest income 44,083 59,430 Non-interest expense (2) 91,964 102,993 Income before taxes 65,246 71,785 Income tax expense 14,014 13,676 Net income 51,232 58,109 Less net income attributed to noncontrolling interest 159 174 Net income available to stockholders $ 51,073 $ 57,935 Earnings per share Basic $ 1.76 $ 2.00 Diluted 1.74 1.98 Basic weighted average shares outstanding 29,094 29,022 Diluted weighted average shares outstanding 29,355 29,263 ( 1 six June 30, 2022.Excludes three six June 30, 2021, ( 2 six June 30, 2022. three six June 30, 2021, Kentucky Bancshares, Inc. On May 31, 2021, 11 Effective March 31, 2022, 12 The following table provides a summary of the fair value of the assets acquired and liabilities assumed by Bancorp as of the acquisition date, the previously reported preliminary fair value adjustments necessary to adjust those acquired assets and assumed liabilities to fair value, final provisional period adjustments to those previously reported preliminary values, and the final fair values of those assets and liabilities as recorded by Bancorp. As Recorded Fair Value Provisional Period As Recorded (in thousands) By KB Adjustments (1) Adjustments (1) by Bancorp Assets aquired: Cash and due from banks $ 53,257 $ — $ — $ 53,257 Mortgage loans held for sale 3,071 — — 3,071 Available for sale debt securities 396,157 (295 ) a — 395,862 Federal Home Loan Bank stock, at cost 7,072 — — 7,072 Loans 755,932 (757 ) b — 755,175 Allowance for credits losses on loans (9,491 ) 2,734 c — (6,757 ) Net loans 746,441 1,977 — 748,418 Premises and equipment, net 27,401 (6,361 ) d — 21,040 Bank owned life insurance 18,909 — — 18,909 Accrued interest receivable 4,939 — — 4,939 Goodwill 14,001 (14,001 ) e — — Core deposit intangible — 3,404 f 999 f 4,403 Other real estate owned 674 (123 ) g — 551 Mortgage servicing rights 1,628 34 h — 1,662 Deferred income taxes, net 1,856 715 i (230 ) i 2,341 Other assets 6,421 (1,866 ) j (70 ) j 4,485 Total assets acquired $ 1,281,827 $ (16,516 ) $ 699 $ 1,266,010 Liabilities assumed: Deposits: Non-interest bearing $ 359,544 $ — $ — $ 359,544 Interest bearing 678,528 1,146 k — 679,674 Total deposits 1,038,072 1,146 — 1,039,218 Securities sold under agreements to repurchase 11,360 — — 11,360 Federal Home Loan Bank advances 88,581 2,490 l — 91,071 Accrued interest payable 505 — — 505 Other liabilities 16,231 (2,004 ) m — 14,227 Total liabilities assumed 1,154,749 1,632 — 1,156,381 Net assets acquired $ 127,078 $ (18,148 ) $ 699 $ 109,629 Consideration for common stock $ 204,670 Cash consideration paid 28,276 Total consideration $ 232,946 Goodwill $ 123,317 ( 1 See the following page for explanations for individual fair value and provisional period adjustments. Explanation of fair value adjustments a. Adjustment based on Bancorp’s evaluation of the acquired investment portfolio. Bancorp sold approximately $91 million in AFS debt securities shortly after acquisition. b. Adjustments to loans to reflect estimated fair value adjustments, including the following: (in thousands) Fair value adjustment - acquired non PCD loans $ 228 Fair value adjustment - acquired PCD loans (735 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge (250 ) Net loan fair value adjustments $ (757 ) c. The net adjustment to allowance for credit losses includes the following: (in thousands) Reversal of historical KB allowance for credit losses on loans $ 9,491 Estimate of lifetime credit losses for PCD loans (6,757 ) Net change in allowance for credit losses $ 2,734 d. Adjustment to premises and equipment to reflect the estimated fair value of acquired premises and equipment and right of use assets. e. Elimination of the historical KB goodwill. f. Calculation of CDI related to the acquisition. During the third 2021, g. Adjustment to reflect the estimated fair value of other real estate owned. h. Adjustment to reflect the estimated fair value of mortgage servicing rights. i. Adjustment to net DTAs associated with the effects of the purchase accounting adjustments. j. Adjustment to other assets to reflect the estimated fair value of prepaid and other assets. During the third 2021, k. Adjustment to deposits to reflect the estimated fair value of time deposits in interest rates, which was based on an analysis of market interest rates and maturity dates at the time of acquisition. l. Adjustment to reflect the estimated fair value of Federal Home Loan Bank advances for differences in interest rates, which was based primarily on an analysis of current market interest rates and maturity dates. All KB FHLB advances were paid off immediately after acquisition. m. Adjustment to other liabilities to establish the reserve for unfunded loan commitments under CECL, operating lease liabilities and various accrual adjustments. Goodwill of approximately $123 million, which is the excess of the acquisition consideration over the fair value of net assets acquired, was recorded in the KB acquisition and is the result of expected operational synergies and other factors. This goodwill is all attributable to the Company’s Commercial Banking segment. Goodwill related to the KB acquisition is not Loans acquired that were not Total revenue, defined as net interest income and non-interest income, attributed to KB totaled approximately $4.5 million and for both the three six June 30, 2021, The following unaudited pro forma condensed combined financial information presents the results of operations of Bancorp, including the effects of the purchase accounting adjustments and acquisition expenses, had the KB acquisition taken place at the beginning of the period: (in thousands) Three months ended June 30, 2021 Net interest income $ 47,465 Provision for credit losses (1) (3,167 ) Non-interest income 18,078 Non-interest expense (2) 37,257 Income before taxes 31,453 Income tax expense 6,026 Net income 25,427 Less net income attributed to noncontrolling interest - Net income available to stockholders $ 25,427 Earnings per share Basic $ 0.95 Diluted 0.94 Basic weighted average shares outstanding 26,687 Diluted weighted average shares outstanding 26,926 (in thousands) Six months ended June 30, 2021 Net interest income $ 94,043 Provision for credit losses (1) (4,542 ) Non-interest income 36,090 Non-interest expense (2) 71,803 Income before taxes 62,872 Income tax expense 11,979 Net income 50,893 Less net income attributed to noncontrolling interest - Net income available to stockholders $ 50,893 Earnings per share Basic $ 1.91 Diluted 1.89 Basic weighted average shares outstanding 26,670 Diluted weighted average shares outstanding 26,911 ( 1 three six June 30, 2021, ( 2 three six June 30, 2021, |
Note 3 - Investment Securities
Note 3 - Investment Securities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ( 3 Investment Securities Debt securities purchased in which Bancorp has the intent and ability to hold to their maturity are classified HTM securities. All other investment securities are classified as AFS securities. AFS Debt Securities The following table summarizes the amortized cost, unrealized gains and losses, and fair value of Bancorp’s AFS debt securities portfolio: (in thousands) Amortized Unrealized June 30, 2022 cost Gains Losses Fair value U.S. Treasury and other U.S. Government obligations $ 121,846 $ - $ (6,314 ) $ 115,532 Government sponsored enterprise obligations 120,954 625 (3,876 ) 117,703 Mortgage backed securities - government agencies 857,086 245 (91,809 ) 765,522 Obligations of states and political subdivisions 148,543 6 (13,281 ) 135,268 Other 6,221 - (207 ) 6,014 Total available for sale debt securities $ 1,254,650 $ 876 $ (115,487 ) $ 1,140,039 December 31, 2021 U.S. Treasury and other U.S. Government obligations $ 123,753 $ - $ (1,252 ) $ 122,501 Government sponsored enterprise obligations 132,760 2,497 (236 ) 135,021 Mortgage backed securities - government agencies 857,283 2,495 (13,154 ) 846,624 Obligations of states and political subdivisions 75,488 289 (702 ) 75,075 Other 1,095 - (18 ) 1,077 Total available for sale debt securities $ 1,190,379 $ 5,281 $ (15,362 ) $ 1,180,298 HTM Debt Securities The following table summarizes the amortized cost, unrecognized gains and losses, and fair value of Bancorp’s HTM debt securities portfolio: (in thousands) Carrying Unrecognized June 30, 2022 value Gains Losses Fair value U.S. Treasury and other U.S. Government obligations $ 219,574 $ - $ (4,559 ) $ 215,015 Government sponsored enterprise obligations 27,847 22 (665 ) 27,204 Mortgage backed securities - government agencies 238,028 1 (19,402 ) 218,627 Total held to maturity debt securities $ 485,449 $ 23 $ (24,626 ) $ 460,846 Bancorp elected to classify a portion of securities purchased and acquired during the first 2022 December 31, 2021. All investment securities classified as HTM by Bancorp as of June 30, 2022 June 30, 2022. June 30, 2022, Debt Securities by Contractual Maturity A summary of AFS and HTM debt securities by contractual maturity as of June 30, 2022 AFS Debt Securities HTM Debt Securities (in thousands) Amortized cost Fair value Carrying value Fair value Due within one year $ 9,518 $ 9,481 $ 16,029 $ 15,815 Due after one year but within five years 158,324 151,417 204,196 199,369 Due after five years but within 10 years 58,836 53,826 26,451 26,290 Due after 10 years 170,886 159,793 745 745 Mortgage backed securities - government agencies 857,086 765,522 238,028 218,627 Total available for sale debt securities $ 1,254,650 $ 1,140,039 $ 485,449 $ 460,846 Actual maturities may may At June 30, 2022 December 31, 2021, no one 10% Accrued interest on the AFS and HTM securities portfolios totaled $3 million and $2 million at June 30, 2022, December 31, 2021, no December 31, 2021. AFS debt securities totaling $247 million were acquired on March 7, 2022, first Securities with a carrying value of $1.04 billion and $879 million were pledged at June 30, 2022 December 31, 2021, December 31, 2021 June 30, 2022 Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability, Bancorp has concluded that it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. As such, no allowance or impairment was recorded with respect to investment securities as of June 30, 2022. Unrealized and Unrecognized Loss Analysis on Debt Securities Debt securities with unrealized and unrecognized losses at June 30, 2022 December 31, 2021, AFS Debt Securities Less than 12 months 12 months or more Total (in thousands) Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2022 value losses value losses value losses U.S. Treasury and other U.S.Government obligations $ 115,533 $ (6,314 ) $ - $ - $ 115,533 $ (6,314 ) Government sponsored enterprise obligations 80,629 (3,574 ) 8,102 (302 ) 88,731 (3,876 ) Mortgage-backed securities - government agencies 472,323 (49,162 ) 273,568 (42,647 ) 745,891 (91,809 ) Obligations of states andpolitical subdivisions 126,114 (13,098 ) 823 (183 ) 126,937 (13,281 ) Other 6,014 (207 ) - - 6,014 (207 ) Total AFS debt securities $ 800,613 $ (72,355 ) $ 282,493 $ (43,132 ) $ 1,083,106 $ (115,487 ) December 31, 2021 U.S. Treasury and other U.S.Government obligations $ 122,501 $ (1,252 ) $ - $ - $ 122,501 $ (1,252 ) Government sponsored enterprise obligations 23,789 (223 ) 447 (13 ) 24,236 (236 ) Mortgage-backed securities - government agencies 615,130 (10,027 ) 102,637 (3,127 ) 717,767 (13,154 ) Obligations of states and political subdivisions 46,493 (686 ) 484 (16 ) 46,977 (702 ) Other 957 (18 ) - - 957 (18 ) Total AFS debt securities $ 808,870 $ (12,206 ) $ 103,568 $ (3,156 ) $ 912,438 $ (15,362 ) HTM Debt Securities Less than 12 months 12 months or more Total (in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized June 30, 2022 value losses value losses value losses U.S. Treasury and other U.S. Government obligations $ 215,015 $ (4,559 ) $ - $ - $ 215,015 $ (4,559 ) Government sponsored enterprise obligations 25,213 (665 ) - - 25,213 (665 ) Mortgage-backed securities - government agencies 218,534 (19,402 ) - - 218,534 (19,402 ) Total HTM debt securities $ 458,762 $ (24,626 ) $ - $ - $ 458,762 $ (24,626 ) Applicable dates for determining when securities are in unrealized and unrecognized loss positions are June 30, 2022 December 31, 2021. 12 not 12 For debt securities with unrealized and unrecognized loss positions, Bancorp evaluates the securities to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or non-credit related factors. Any impairment that is not may not no In evaluating debt securities in unrealized and unrecognized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, Bancorp considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. Unrealized and unrecognized losses on Bancorp’s investment securities portfolio have not June 30, 2022 December 31, 2021, no June 30, 2022 December 31, 2021. |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Credit Losses on Loans | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 4 Loans and Allowance for Credit Losses on Loans Composition of loans by class follows: (in thousands) June 30, 2022 December 31, 2021 Commercial real estate - non-owner occupied $ 1,397,330 $ 1,128,244 Commercial real estate - owner occupied 787,559 678,405 Total commercial real estate 2,184,889 1,806,649 Commercial and industrial - term 667,338 596,710 Commercial and industrial - term - PPP 36,767 140,734 Commercial and industrial - lines of credit 423,066 370,312 Total commercial and industrial 1,127,171 1,107,756 Residential real estate - owner occupied 533,577 400,695 Residential real estate - non-owner occupied 293,852 281,018 Total residential real estate 827,429 681,713 Construction and land development 372,197 299,206 Home equity lines of credit 192,102 138,976 Consumer 137,278 104,294 Leases 14,611 13,622 Credits cards 21,647 17,087 Total loans (1) $ 4,877,324 $ 4,169,303 ( 1 Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs. As a result of the CB acquisition on March 7, 2022, Accrued interest on loans, which is excluded from the amortized cost of loans, totaled $12 million and $11 million at June 30, 2022 December 31, 2021, Loans with carrying amounts of $2.66 billion and $2.20 billion were pledged to secure FHLB borrowing capacity at June 30, 2022 December 31, 2021, Loans to directors and their related interests, including loans to companies for which directors are principal owners and executive officers, totaled $59 million and $54 million as of June 30, 2022 December 31, 2021, PCD Loans In connection with the acquisitions of CB on March 7, 2022, May 31, 2021, no 326, Financial Instruments Credit Losses. The fair value of acquired loans recorded at the time of acquisition is based upon several factors, including the timing and payment of expected cash flows, as adjusted for estimated credit losses and prepayments, and then discounting these cash flows using comparable market rates. The resulting fair value adjustment is recorded in the form of a premium or discount to the unpaid principal balance of the respective loans. As it relates to acquired loans that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination (“PCD”), the net premium or net discount is adjusted to reflect Bancorp’s allowance for credit losses recorded for PCD loans at the time of acquisition, and the remaining fair value adjustment is accreted or amortized into interest income over the remaining life of the respective loans. As it relates to loans not no Bancorp purchased loans through the acquisitions of CB and KB for which there was, at the time of acquisition, more-than-insignificant deterioration of credit quality since origination. The carrying amount of loans acquired and classified as PCD was as follows at the respective acquisition dates: CB KB (in thousands) March 7, 2022 May 31, 2021 Purchase price of PCD loans at acquisition $ 88,549 $ 32,765 Allowance for credit losses at acquisition (9,950 ) (6,757 ) Non-credit discount at acquisition (4,094 ) (735 ) Fair value of PCD loans at acquisition $ 74,505 $ 25,273 At June 30, 2022, three June 30, 2022 2021, six June 30, 2022 2021, Allowance for Credit Losses on Loans The table below reflects activity in the ACL related to loans: (in thousands) Beginning Initial Allowance on PCD Provision for Credit Losses Ending Three Months Ended June 30, 2022 Balance Loans on Loans Charge-offs Recoveries Balance Commercial real estate - non-owner occupied $ 20,620 $ - $ 101 $ - $ 2 $ 20,723 Commercial real estate - owner occupied 11,326 - (1,464 ) (41 ) 21 9,842 Total commercial real estate 31,946 - (1,363 ) (41 ) 23 30,565 Commercial and industrial - term 11,108 - 1,174 (15 ) 75 12,342 Commercial and industrial - lines of credit 6,508 - (1,508 ) - - 5,000 Total commercial and industrial 17,616 - (334 ) (15 ) 75 17,342 Residential real estate - owner occupied 5,363 - 575 (7 ) 57 5,988 Residential real estate - non-owner occupied 3,361 - (176 ) - 5 3,190 Total residential real estate 8,724 - 399 (7 ) 62 9,178 Construction and land development 5,864 - 422 (72 ) - 6,214 Home equity lines of credit 1,467 - 54 - - 1,521 Consumer 1,049 - 141 (235 ) 158 1,113 Leases 211 - 10 - - 221 Credit cards 190 - (29 ) - 47 208 Total $ 67,067 $ - $ (700 ) $ (370 ) $ 365 $ 66,362 (in thousands) Beginning Initial Allowance on PCD Provision for Credit Losses Ending Six Months Ended June 30, 2022 Balance Loans on Loans Charge-offs Recoveries Balance Commercial real estate - non-owner occupied $ 15,960 $ 3,508 $ 1,242 $ - $ 13 $ 20,723 Commercial real estate - owner occupied 9,595 2,121 (1,876 ) (41 ) 43 9,842 Total commercial real estate 25,555 5,629 (634 ) (41 ) 56 30,565 Commercial and industrial - term (1) 8,577 1,358 1,741 (128 ) 794 12,342 Commercial and industrial - lines of credit 4,802 1,874 (1,640 ) (36 ) - 5,000 Total commercial and industrial 13,379 3,232 101 (164 ) 794 17,342 Residential real estate - owner occupied 4,316 590 1,035 (13 ) 60 5,988 Residential real estate - non-owner occupied 3,677 - (495 ) - 8 3,190 Total residential real estate 7,993 590 540 (13 ) 68 9,178 Construction and land development 4,789 419 1,078 (72 ) - 6,214 Home equity lines of credit 1,044 2 475 - - 1,521 Consumer 772 78 403 (489 ) 349 1,113 Leases 204 - 17 - - 221 Credit cards 162 - (1 ) - 47 208 Total $ 53,898 $ 9,950 $ 1,979 $ (779 ) $ 1,314 $ 66,362 (in thousands) Beginning Initial Allowance on PCD Provision for Credit Losses Ending Three Months Ended June 30, 2021 Balance Loans on Loans Charge-offs Recoveries Balance Commercial real estate - non-owner occupied $ 20,062 $ 1,491 $ 1,255 $ (3,065 ) $ 4 $ 19,747 Commercial real estate - owner occupied 7,065 2,112 (184 ) - 555 9,548 Total commercial real estate 27,127 3,603 1,071 (3,065 ) 559 29,295 Commercial and industrial - term 8,469 1,022 355 (114 ) 16 9,748 Commercial and industrial - lines of credit 2,983 1,755 502 - - 5,240 Total commercial and industrial 11,452 2,777 857 (114 ) 16 14,988 Residential real estate - owner occupied 3,292 142 953 (40 ) 3 4,350 Residential real estate - non-owner occupied 1,709 88 1,624 - 1 3,422 Total residential real estate 5,001 230 2,577 (40 ) 4 7,772 Construction and land development 5,527 - (337 ) - 3 5,193 Home equity lines of credit 843 147 239 - 1 1,230 Consumer 395 - 285 (223 ) 115 572 Leases 235 - (3 ) - - 232 Credit cards 134 - 8 - - 142 Total $ 50,714 $ 6,757 $ 4,697 $ (3,442 ) $ 698 $ 59,424 (in thousands) Beginning Initial ACL on Loans Purchased with Credit Provision for Credit Losses Ending Six Months Ended June 30, 2021 Balance Deterioration on Loans Charge-offs Recoveries Balance Commercial real estate - non-owner occupied $ 19,396 $ 1,491 $ 1,890 $ (3,065 ) $ 35 $ 19,747 Commercial real estate - owner occupied 6,983 2,112 (102 ) - 555 9,548 Total commercial real estate 26,379 3,603 1,788 (3,065 ) 590 29,295 Commercial and industrial - term 8,970 1,022 (97 ) (169 ) 22 9,748 Commercial and industrial - lines of credit 3,614 1,755 (129 ) - - 5,240 Total commercial and industrial 12,584 2,777 (226 ) (169 ) 22 14,988 Residential real estate - owner occupied 3,389 142 859 (43 ) 3 4,350 Residential real estate - non-owner occupied 1,818 88 1,514 - 2 3,422 Total residential real estate 5,207 230 2,373 (43 ) 5 7,772 Construction and land development 6,119 - (929 ) - 3 5,193 Home equity lines of credit 895 147 187 - 1 1,230 Consumer 340 - 326 (287 ) 193 572 Leases 261 - (29 ) - - 232 Credit cards 135 - 7 - - 142 Total $ 51,920 $ 6,757 $ 3,497 $ (3,564 ) $ 814 $ 59,424 The following table presents the amortized cost basis of non-performing loans and the amortized cost basis of loans on non-accrual status for which there was no Non-accrual Loans Past Due 90-Days- (in thousands) With No Total Troubled Debt or-More and Still June 30, 2022 Recorded ACL Non-accrual Loans Restructurings (1) Accruing Interest Commercial real estate - non-owner occupied $ — $ 647 $ — $ 27 Commercial real estate - owner occupied 298 1,593 — 528 Total commercial real estate 298 2,240 — 555 Commercial and industrial - term 419 1,023 — 224 Commercial and industrial - PPP — — — 33 Commercial and industrial - lines of credit — 164 — 49 Total commercial and industrial 419 1,187 — 306 Residential real estate - owner occupied 1,081 3,348 — — Residential real estate - non-owner occupied — 233 — 180 Total residential real estate 1,081 3,581 — 180 Construction and land development — — — — Home equity lines of credit — 378 — 40 Consumer — 441 — 75 Leases — — — — Credit cards — — — 20 Total $ 1,798 $ 7,827 $ — $ 1,176 ( 1 not Non-accrual Loans Past Due 90-Days- (in thousands) With No Total Troubled Debt or-More and Still December 31, 2021 Recorded ACL Non-accrual Loans Restructurings (1) Accruing Interest Commercial real estate - non-owner occupied $ 486 $ 720 $ — $ — Commercial real estate - owner occupied 665 1,748 — — Total commercial real estate 1,151 2,468 — — Commercial and industrial - term 419 670 12 — Commercial and industrial - PPP — — — 592 Commercial and industrial - lines of credit — 228 — 56 Total commercial and industrial 419 898 12 648 Residential real estate - owner occupied 805 1,997 — 36 Residential real estate - non-owner occupied — 293 — — Total residential real estate 805 2,290 — 36 Construction and land development — — — — Home equity lines of credit — 646 — — Consumer — 410 — — Leases — — — — Credit cards — — — — Total $ 2,375 $ 6,712 $ 12 $ 684 ( 1 not For the three six June 30, 2022 2021, For the three six June 30, 2022 2021, The following table presents the amortized cost basis and ACL allocated for collateral dependent loans, which are individually evaluated to determine expected credit losses: (in thousands) Accounts Receivable / ACL June 30, 2022 Real Estate Equipment Other Total Allocation Commercial real estate - non-owner occupied $ 4,216 $ - $ - $ 4,216 $ 588 Commercial real estate - owner occupied 3,601 - - 3,601 851 Total commercial real estate 7,817 - - 7,817 1,439 Commercial and industrial - term 537 485 284 1,306 354 Commercial and industrial - lines of credit 2,008 1,032 - 3,040 770 Total commercial and industrial 2,545 1,517 284 4,346 1,124 Residential real estate - owner occupied 4,029 - - 4,029 370 Residential real estate - non-owner occupied 438 - - 438 116 Total residential real estate 4,467 - - 4,467 486 Construction and land development 3,852 - - 3,852 419 Home equity lines of credit 378 - - 378 - Consumer - - 229 229 19 Leases - - - - - Credit cards - - - - - Total collateral dependent loans $ 19,059 $ 1,517 $ 513 $ 21,089 $ 3,487 (in thousands) Accounts Receivable / ACL December 31, 2021 Real Estate Equipment Other Total Allocation Commercial real estate - non-owner occupied $ 720 $ - $ - $ 720 $ - Commercial real estate - owner occupied 7,652 - - 7,652 1,652 Total commercial real estate 8,372 - - 8,372 1,652 Commercial and industrial - term - 598 - 598 - Commercial and industrial - lines of credit - 200 - 200 - Total commercial and industrial - 798 - 798 - Residential real estate - owner occupied 1,997 - - 1,997 - Residential real estate - non-owner occupied 502 - - 502 116 Total residential real estate 2,499 - - 2,499 116 Construction and land development - - - - - Home equity lines of credit 646 - - 646 - Consumer - - 247 247 - Leases - - - - - Credit cards - - - - - Total collateral dependent loans $ 11,517 $ 798 $ 247 $ 12,562 $ 1,768 The following tables present the aging of contractually past due loans by portfolio class: (in thousands) 30-59 days 60-89 days 90 or more Total Total June 30, 2022 Current Past Due Past Due Days Past Due Past Due Loans Commercial real estate - non-owner occupied $ 1,393,506 $ 3,303 $ 308 $ 213 $ 3,824 $ 1,397,330 Commercial real estate - owner occupied 785,831 446 624 658 1,728 787,559 Total commercial real estate 2,179,337 3,749 932 871 5,552 2,184,889 Commercial and industrial - term 665,752 600 280 706 1,586 667,338 Commercial and industrial - term - PPP 34,421 2,236 77 33 2,346 36,767 Commercial and industrial - lines of credit 421,888 917 176 85 1,178 423,066 Total commercial and industrial 1,122,061 3,753 533 824 5,110 1,127,171 Residential real estate - owner occupied 529,094 1,945 410 2,128 4,483 533,577 Residential real estate - non-owner occupied 292,839 692 46 275 1,013 293,852 Total residential real estate 821,933 2,637 456 2,403 5,496 827,429 Construction and land development 371,869 328 — — 328 372,197 Home equity lines of credit 191,475 258 184 185 627 192,102 Consumer 136,447 395 84 352 831 137,278 Leases 14,611 — — — — 14,611 Credit cards 21,618 4 5 20 29 21,647 Total $ 4,859,351 $ 11,124 $ 2,194 $ 4,655 $ 17,973 $ 4,877,324 (in thousands) 30-59 days 60-89 days 90 or more Total Total December 31, 2021 Current Past Due Past Due Days Past Due Past Due Loans Commercial real estate - non-owner occupied $ 1,127,448 $ - $ 81 $ 715 $ 796 $ 1,128,244 Commercial real estate - owner occupied 677,231 360 327 487 1,174 678,405 Total commercial real estate 1,804,679 360 408 1,202 1,970 1,806,649 Commercial and industrial - term 595,070 1,032 44 564 1,640 596,710 Commercial and industrial - term - PPP 139,718 128 296 592 1,016 140,734 Commercial and industrial - lines of credit 369,963 271 22 56 349 370,312 Total commercial and industrial 1,104,751 1,431 362 1,212 3,005 1,107,756 Residential real estate - owner occupied 397,415 1,399 137 1,744 3,280 400,695 Residential real estate - non-owner occupied 280,257 403 258 100 761 281,018 Total residential real estate 677,672 1,802 395 1,844 4,041 681,713 Construction and land development 299,206 — — — — 299,206 Home equity lines of credit 138,141 279 47 509 835 138,976 Consumer 103,109 724 102 359 1,185 104,294 Leases 13,622 — — — — 13,622 Credit cards 17,087 — — — — 17,087 Total $ 4,158,267 $ 4,596 $ 1,314 $ 5,126 $ 11,036 $ 4,169,303 Loan Risk Ratings Consistent with regulatory guidance, Bancorp categorizes loans into credit risk rating 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. Pass-rated loans include all risk-rated loans other than those classified as OAEM, substandard, and doubtful, which are defined below: OAEM may Substandard not Substandard non-performing 90 Doubtful Management considers the guidance in ASC 310 20 not June 30, 2022, Revolving loans (in thousands) Term Loans Amortized Cost Basis by Origination Year amortized June 30, 2022 2022 2021 2020 2019 2018 Prior cost basis Total Commercial real estate - non-owner occupied: Risk rating Pass $ 232,985 $ 390,203 $ 283,758 $ 143,894 $ 82,816 $ 179,300 $ 21,526 $ 1,334,482 OAEM 168 5,740 2,340 19,201 - 5,542 6,095 39,086 Substandard 4,174 298 3,041 8,124 - 7,378 100 23,115 Substandard non-performing - - 39 - - 608 - 647 Doubtful - - - - - - - - Total Commercial real estate non-owner occupied $ 237,327 $ 396,241 $ 289,178 $ 171,219 $ 82,816 $ 192,828 $ 27,721 $ 1,397,330 Commercial real estate - owner occupied: Risk rating Pass $ 81,564 $ 206,021 $ 198,696 $ 105,386 $ 73,275 $ 92,744 $ 8,592 $ 766,278 OAEM - 1,681 1,401 1,942 413 140 1,630 7,207 Substandard 2,279 1,170 - 6,965 1,993 74 - 12,481 Substandard non-performing - 1,234 - - - 359 - 1,593 Doubtful - - - - - - - - Total Commercial real estate owner occupied $ 83,843 $ 210,106 $ 200,097 $ 114,293 $ 75,681 $ 93,317 $ 10,222 $ 787,559 Commercial and industrial - term: Risk rating Pass $ 119,240 $ 279,221 $ 121,168 $ 51,121 $ 43,235 $ 42,936 $ - $ 656,921 OAEM 4,043 290 - 387 2,187 4 - 6,911 Substandard 201 1 - 1,742 151 388 - 2,483 Substandard non-performing 448 - 537 - 38 - - 1,023 Doubtful - - - - - - - - Total Commercial and industrial - term $ 123,932 $ 279,512 $ 121,705 $ 53,250 $ 45,611 $ 43,328 $ - $ 667,338 Commercial and industrial - PPP Risk rating Pass $ - $ 31,798 $ 4,969 $ - $ - $ - $ - $ 36,767 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Commercial and industrial - PPP $ - $ 31,798 $ 4,969 $ - $ - $ - $ - $ 36,767 (continued) (continued) Revolving loans (in thousands) Term Loans Amortized Cost Basis by Origination Year amortized June 30, 2022 2022 2021 2020 2019 2018 Prior cost basis Total Commercial and industrial - lines of credit Risk rating Pass $ 24,723 $ 20,389 $ 6,400 $ 11,627 $ 1,348 $ 1,425 $ 348,812 $ 414,724 OAEM - - - - - 415 4,319 4,734 Substandard - - 952 1,950 - - 542 3,444 Substandard non-performing - 38 - - - - 126 164 Doubtful - - - - - - - - Total Commercial and industrial - lines of credit $ 24,723 $ 20,427 $ 7,352 $ 13,577 $ 1,348 $ 1,840 $ 353,799 $ 423,066 Residential real estate - owner occupied Risk rating Pass $ 100,970 $ 196,501 $ 101,346 $ 32,169 $ 17,044 $ 81,166 $ - $ 529,196 OAEM - 98 - 80 - - - 178 Substandard - - 10 - 144 701 - 855 Substandard non-performing 48 202 73 500 299 2,226 - 3,348 Doubtful - - - - - - - - Total Residential real estate - owner occupied $ 101,018 $ 196,801 $ 101,429 $ 32,749 $ 17,487 $ 84,093 $ - $ 533,577 Residential real estate - non-owner occupied Risk rating Pass $ 55,304 $ 88,711 $ 61,711 $ 37,971 $ 20,982 $ 27,693 $ - $ 292,372 OAEM - - 121 271 128 375 - 895 Substandard - - - - - 352 - 352 Substandard non-performing 94 23 - - - 116 - 233 Doubtful - - - - - - - - Total Residential real estate - non-owner occupied $ 55,398 $ 88,734 $ 61,832 $ 38,242 $ 21,110 $ 28,536 $ - $ 293,852 Construction and land development Risk rating Pass $ 107,261 $ 120,471 $ 93,015 $ 15,495 $ 6,116 $ 1,740 $ 24,295 $ 368,393 OAEM - - - - - 87 - 87 Substandard - 340 - 3,090 - 287 - 3,717 Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Construction and land development $ 107,261 $ 120,811 $ 93,015 $ 18,585 $ 6,116 $ 2,114 $ 24,295 $ 372,197 Home equity lines of credit Risk rating Pass $ - $ - $ - $ - $ - $ - $ 191,685 $ 191,685 OAEM - - - - - - - - Substandard - - - - - - 39 39 Substandard non-performing - - - - - - 378 378 Doubtful - - - - - - - - Total Home equity lines of credit $ - $ - $ - $ - $ - $ - $ 192,102 $ 192,102 (continued) (continued) (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized June 30, 2022 2022 2021 2020 2019 2018 Prior cost basis Total Consumer Risk rating Pass $ 12,199 $ 21,563 $ 7,733 $ 7,333 $ 3,662 $ 2,829 $ 81,518 $ 136,837 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - 49 159 107 21 85 20 441 Doubtful - - - - - - - - Total Consumer $ 12,199 $ 21,612 $ 7,892 $ 7,440 $ 3,683 $ 2,914 $ 81,538 $ 137,278 Leases Risk rating Pass $ 3,503 $ 4,837 $ 3,041 $ 1,095 $ 962 $ 1,173 $ - $ 14,611 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Leases $ 3,503 $ 4,837 $ 3,041 $ 1,095 $ 962 $ 1,173 $ - $ 14,611 Credit cards Risk rating Pass $ - $ - $ - $ - $ - $ - $ 21,647 $ 21,647 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Credit cards $ - $ - $ - $ - $ - $ - $ 21,647 $ 21,647 Total loans Risk rating Pass $ 737,751 $ 1,359,715 $ 881,837 $ 406,091 $ 249,440 $ 431,005 $ 698,074 $ 4,763,913 OAEM 4,211 7,809 3,862 21,880 2,728 6,563 12,044 59,097 Substandard 6,654 1,808 4,003 21,871 2,288 9,181 682 46,487 Substandard non-performing 589 1,545 807 606 358 3,397 525 7,827 Doubtful - - - - - - - - Total Loans $ 749,205 $ 1,370,877 $ 890,509 $ 450,448 $ 254,814 $ 450,146 $ 711,325 $ 4,877,324 As of December 31, 2021, (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2021 2021 2020 2019 2018 2017 Prior cost basis Total Commercial real estate - non-owner occupied: Risk rating Pass $ 381,014 $ 298,177 $ 134,286 $ 86,638 $ 85,110 $ 81,635 $ 19,465 $ 1,086,325 OAEM 3,186 2,666 19,784 - 353 1,619 248 27,856 Substandard 4,174 1,440 - - - 7,629 100 13,343 Substandard non-performing - 39 78 - 592 11 - 720 Doubtful - - - - - - - - Total Commercial real estate non-owner occupied $ 388,374 $ 302,322 $ 154,148 $ 86,638 $ 86,055 $ 90,894 $ 19,813 $ 1,128,244 Commercial real estate - owner occupied: Risk rating Pass $ 203,545 $ 192,322 $ 91,078 $ 75,062 $ 33,713 $ 44,364 $ 9,236 $ 649,320 OAEM 1,681 1,480 3,568 469 1,506 124 570 9,398 Substandard 5,051 3,605 5,985 1,275 627 - 1,396 17,939 Substandard non-performing 1,259 - - - 32 457 - 1,748 Doubtful - - - - - - - - Total Commercial real estate owner occupied $ 211,536 $ 197,407 $ 100,631 $ 76,806 $ 35,878 $ 44,945 $ 11,202 $ 678,405 Commercial and industrial - term: Risk rating Pass $ 283,150 $ 143,211 $ 58,988 $ 52,388 $ 26,081 $ 24,421 $ - $ 588,239 OAEM 738 86 254 3,382 8 - - 4,468 Substandard 170 42 2,667 176 111 167 - 3,333 Substandard non-performing - 543 72 55 - - - 670 Doubtful - - - - - - - - Total Commercial and industrial - term $ 284,058 $ 143,882 $ 61,981 $ 56,001 $ 26,200 $ 24,588 $ - $ 596,710 Commercial and industrial - PPP Risk rating Pass $ 128,409 $ 12,325 $ - $ - $ - $ - $ - $ 140,734 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Commercial and industrial - PPP $ 128,409 $ 12,325 $ - $ - $ - $ - $ - $ 140,734 (continued) (continued) (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2021 2021 2020 2019 2018 2017 Prior cost basis Total Commercial and industrial - lines of credit Risk rating Pass $ 33,875 $ 8,352 $ 11,103 $ 1,039 $ 207 $ 193 $ 303,682 $ 358,451 OAEM - - - - - - 6,355 6,355 Substandard - - 1,916 - 1,549 - 1,813 5,278 Substandard non-performing - - - - - - 228 228 Doubtful - - - - - - - - Total Commercial and industrial - lines of credit $ 33,875 $ 8,352 $ 13,019 $ 1,039 $ 1,756 $ 193 $ 312,078 $ 370,312 Residential real estate - owner occupied Risk rating Pass $ 176,487 $ 99,936 $ 31,327 $ 17,259 $ 16,599 $ 56,639 $ - $ 398,247 OAEM 101 - 174 - - - - 275 Substandard - - - - 108 68 - 176 Substandard non-performing 164 103 136 230 714 650 - 1,997 Doubtful - - - - - - - - Total Residential real estate - owner occupied $ 176,752 $ 100,039 $ 31,637 $ 17,489 $ 17,421 $ 57,357 $ - $ 400,695 Residential real estate - non-owner occupied Risk rating Pass $ 94,482 $ 78,785 $ 46,177 $ 27,494 $ 16,171 $ 15,909 $ - $ 279,018 OAEM 352 126 281 132 - 462 - 1,353 Substandard - - - - - 354 - 354 Substandard non-performing 103 - 45 28 - 117 - 293 Doubtful - - - - - - - - Total Residential real estate - non-owner occupied $ 94,937 $ 78,911 $ 46,503 $ 27,654 $ 16,171 $ 16,842 $ - $ 281,018 Construction and land development Risk rating Pass $ 160,696 $ 99,699 $ 16,665 $ 6,262 $ 1,890 $ 1,156 $ 12,736 $ 299,104 OAEM - - - - 102 - - 102 Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Construction and land development $ 160,696 $ 99,699 $ 16,665 $ 6,262 $ 1,992 $ 1,156 $ 12,736 $ 299,206 Home equity lines of credit Risk rating Pass $ - $ - $ - $ - $ - $ - $ 138,239 $ 138,239 OAEM - - - - - - 91 91 Substandard - - - - - - - - Substandard non-performing - - - - - - 646 646 Doubtful - - - - - - - - Total Home equity lines of credit $ - $ - $ - $ - $ - $ - $ 138,976 $ 138,976 (continued) (continued) (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2021 2021 2020 2019 2018 2017 Prior cost basis Total Consumer Risk rating Pass $ 23,866 $ 9,316 $ 5,014 $ 1,260 $ 555 $ 646 $ 63,227 $ 103,884 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing 55 304 30 11 - 4 6 410 Doubtful - - - - - - - - Total Consumer $ 23,921 $ 9,620 $ 5,044 $ 1,271 $ 555 $ 650 $ 63,233 $ 104,294 Leases Risk rating Pass $ 5,375 $ 3,596 $ 1,375 $ 1,331 $ 406 $ 1,539 $ - $ 13,622 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Leases $ 5,375 $ 3,596 $ 1,375 $ 1,331 $ 406 $ 1,539 $ - $ 13,622 Credit cards Risk rating Pass $ - $ - $ - $ - $ - $ - $ 17,087 $ 17,087 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Credit cards $ - $ - $ - $ - $ - $ - $ 17,087 $ 17,087 Total loans Risk rating Pass $ 1,490,899 $ 945,719 $ 396,013 $ 268,733 $ 180,732 $ 226,502 $ 563,672 $ 4,072,270 OAEM 6,058 4,358 24,061 3,983 1,969 2,205 7,264 49,898 Substandard 9,395 5,087 10,568 1,451 2,395 8,218 3,309 40,423 Substandard non-performing 1,581 989 361 324 1,338 1,239 880 6,712 Doubtful - - - - - - - - Total Loans $ 1,507,933 $ 956,153 $ 431,003 $ 274,491 $ 186,434 $ 238,164 $ 575,125 $ 4,169,303 For certain loan classes, such as credit cards, credit quality is evaluated based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in credit cards based on payment activity: June 30, December 31, (in thousands) 2022 2021 Credit cards Performing $ 21,647 $ 17,087 Non-performing — — Total credit cards $ 21,647 $ 17,087 Troubled Debt Restructurings Detail of outstanding TDRs classified as non-performing loans follows: June 30, 2022 December 31, 2021 Specific Additional Specific Additional reserve commitment reserve commitment (in thousands) Balance allocation to lend Balance allocation to lend Commercial real estate - owner occupied $ 917 $ 202 $ — $ 950 $ 202 $ — Commercial & industrial - term — — — 12 12 — Total TDRs $ 917 $ 202 $ — $ 962 $ 214 $ — During the three six June 30, 2022 2021, 12 90 Bancorp had $1.2 million and $917,000, respectively, in residential real estate loans for which formal foreclosure proceedings were in process at June 30, 2022 December 31, 2021. |
Note 5 - Goodwill
Note 5 - Goodwill | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | ( 5 Goodwill As of June 30, 2022, 12 may The composition of goodwill is presented by respective acquisition below: June 30, December 31, (in thousands) 2022 2021 Commonwealth Bancshares (2022) $ 66,694 $ — Kentucky Bancshares (2021) 123,317 123,317 King Southern Bancorp (2019) 11,831 11,831 Austin State Bank (1996) 682 682 Total $ 202,524 $ 135,830 *The acquisition of The Bank Oldham County in 2013 GAAP requires that goodwill and intangible assets with indefinite useful lives not September 30 At September 30, 2021, not not not Changes in the carrying value of goodwill follows: Three months ended Six months ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Balance at beginning of period $ 202,524 $ 12,513 $ 135,830 $ 12,513 Goodwill recorded due to acquisition — 124,016 66,694 124,016 Provisional period adjustments — — — — Impairment — — — — Balance at end of period $ 202,524 $ 136,529 $ 202,524 $ 136,529 As of June 30, 2022, six June 30, 2022. |
Note 6 - Core Deposit and Custo
Note 6 - Core Deposit and Customer List Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | ( 6 Core Deposit and Customer List Intangible Assets Bancorp recorded CDI assets of $13 million, $4 million, $2 million and $3 million in association with the acquisitions of CB in 2022, 2021, 2019 2013, Changes in the net carrying amount of CDIs follows: Three months ended Six months ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Balance at beginning of period $ 17,826 $ 1,885 $ 5,596 $ 1,962 Core deposit intangible acquired — 3,404 12,724 3,404 Provisional period adjustments — — — — Amortization (956 ) (127 ) (1,450 ) (204 ) Balance at end of period $ 16,870 $ 5,162 $ 16,870 $ 5,162 As a result of the CB acquisition, Bancorp also recorded intangible assets totaling $14 million associated with the customer lists of the acquired WM&T and LFA businesses. Of this total, $12 million was recorded for WM&T and $2 million was recorded for Landmark. Similar to CDI assets, these intangibles also amortize over their estimated useful lives. The carrying amount of the CLI assets follows: Three months ended Six months ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Balance at beginning of period $ 14,142 $ - $ - $ - Customer list intangibles acquired — — 14,360 — Provisional period adjustments — — — — Amortization (655 ) — (873 ) - Balance at end of period $ 13,487 $ - $ 13,487 $ - Future CDI and CLI amortization expense is estimated as follows: (in thousands) CDI CLI 2022 $ 1,912 $ 1,308 2023 3,015 2,002 2024 2,686 1,823 2025 2,375 1,643 2026 2,063 1,464 2027 1,752 1,284 2028 1,339 1,105 2029 888 925 2030 576 745 2031 264 566 2032 - 387 2033 - 207 2034 - 28 Total future expense $ 16,870 $ 13,487 |
Note 7 - Other Assets
Note 7 - Other Assets | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | ( 7 Other Assets A summary of the major components of other assets follows: June 30, December 31, (in thousands) 2022 2021 Cash surrender value of life insurance other than BOLI $ 15,297 $ 17,875 Net deferred tax asset 41,138 24,340 Investments in tax credit related ventures 14,626 11,084 Swap assets 6,475 3,148 Prepaid assets 4,016 4,469 Trust fees receivable 3,298 2,868 Mortgage servicing rights 16,504 4,528 Other real estate owned 7,601 7,212 Other 16,967 10,478 Total other assets $ 125,922 $ 86,002 Bancorp maintains life insurance policies other than BOLI in conjunction with its non-qualified defined benefit retirement and non-qualified compensation plans. Bancorp enters into interest rate swap transactions with borrowers who desire to hedge exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. These are undesignated derivative instruments and are recognized on the balance sheet at fair value. For additional information, see the footnote titled “ Interest Rate Swaps. For additional information related to MSRs, see the footnote titled “ Mortgage Banking Activities. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 8 Income Taxes Components of income tax expense (benefit) from operations follows: Three months ended Six months ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Current income tax expense (benefit): Federal $ 3,393 $ (21 ) $ 3,607 $ 3,472 State 614 24 614 546 Total current income tax expense 4,007 3 4,221 4,018 Deferred income tax expense: Federal 2,622 679 3,464 1,516 State 918 182 1,307 791 Total deferred income tax expense 3,540 861 4,771 2,307 Change in valuation allowance - - - - Total income tax expense $ 7,547 $ 864 $ 8,992 $ 6,325 An analysis of the difference between the statutory and ETRs from operations follows: Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 3.5 3.2 3.5 3.1 Excess tax benefit from stock-based compensation arrangements (1.6 ) (2.9 ) (2.4 ) (3.2 ) Change in cash surrender value of life insurance 0.9 (4.4 ) 1.1 (1.1 ) Tax credits (0.5 ) (1.2 ) (0.7 ) (0.6 ) Tax exempt interest income (0.6 ) (1.3 ) (0.8 ) (0.3 ) Non-deductible merger expenses 0.1 4.2 0.3 0.9 Insurance captive (0.2 ) (0.4 ) (0.4 ) (0.1 ) Other, net (0.7 ) (1.1 ) (1.1 ) (0.7 ) Effective tax rate 21.9 % 17.1 % 20.5 % 19.0 % Current state income tax expense represents tax owed to the states of Kentucky, Indiana and Illinois. Ohio state bank taxes are based on capital levels and are recorded as other non-interest expense. GAAP provides guidance on financial statement recognition and measurement of tax positions taken, or expected to be taken, in tax returns. If recognized, tax benefits would reduce tax expense and accordingly, increase net income. The amount of unrecognized tax benefits may June 30, 2022 December 31, 2021, 2017. |
Note 9 - Deposits
Note 9 - Deposits | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | ( 9 Deposits The composition of deposits follows: (in thousands) June 30, 2022 December 31, 2021 Non-interest bearing demand deposits $ 2,121,304 $ 1,755,754 Interest bearing deposits: Interest bearing demand 2,184,579 2,131,928 Savings 571,856 415,258 Money market 1,167,538 1,050,352 Time deposits of $250 thousand or more 95,958 89,745 Other time deposits(1) 407,895 344,477 Total time deposits 503,853 434,222 Total interest bearing deposits 4,427,826 4,031,760 Total deposits $ 6,549,130 $ 5,787,514 ( 1 Includes $10 million and $5 million in brokered deposits as of June 30, 2022 December 31, 2021, Deposits totaling $1.12 billion were assumed on March 7, 2022 |
Note 10 - Securities Sold Under
Note 10 - Securities Sold Under Agreements to Repurchase | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | ( 10 Securities Sold Under Agreements to Repurchase SSUAR represent a funding source of Bancorp and are primarily used by commercial customers in conjunction with collateralized corporate cash management accounts. Such repurchase agreements are considered financing agreements and mature within one June 30, 2022 December 31, 2021, Information concerning SSUAR follows: (dollars in thousands) June 30, 2022 December 31, 2021 Outstanding balance at end of period $ 161,512 $ 75,466 Weighted average interest rate at end of period 0.44 % 0.04 % Three months ended Six months ended June 30, June 30, (dollars in thousands) 2022 2021 2022 2021 Average outstanding balance during the period $ 140,169 $ 55,673 $ 115,761 $ 51,330 Average interest rate during the period 0.16 % 0.04 % 0.13 % 0.04 % Maximum outstanding at any month end during the period $ 161,512 $ 63,942 $ 161,512 $ 63,942 SSUAR totaling $66 million were assumed on March 7, 2022 |
Note 11 - Subordinated Debentur
Note 11 - Subordinated Debentures and Other Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 11 Subordinated Debentures and Other Borrowings As a result of its acquisition of Commonwealth Bancshares, Inc. on March 7, 2022, not July 1, 2022 June 30, 2022. Commonwealth Statutory Trust Commonwealth Statutory Trust Commonwealth Statutory Trust Total (in thousands) III IV V Trust preferred securities $ 3,093 $ 12,372 $ 11,341 $ 26,806 Subordinated debentures 3,000 12,000 11,000 26,000 Origination date 12/19/2003 12/15/2005 6/28/2007 Index LIBOR + 2.85% LIBOR + 1.35% LIBOR + 1.40% Bancorp is a member of the FHLB of Cincinnati. As a member of the FHLB, Bancorp has access to credit products of the FHLB. Bancorp views these borrowings as a potential low cost alternative to brokered deposits. At June 30, 2022 December 31, 2021, June 30, 2022 December 31, 2021, June 30, 2022, first |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 12 Commitments and Contingent Liabilities As of June 30, 2022 December 31, 2021, not (in thousands) June 30, 2022 December 31, 2021 Commercial and industrial $ 773,639 $ 625,858 Construction and land development 456,863 292,351 Home equity 356,309 247,885 Credit cards 58,391 40,471 Overdrafts 61,377 51,104 Letters of credit 34,877 30,779 Other 93,596 76,721 Future loan commitments 328,977 325,983 Total off balance sheet commitments to extend credit $ 2,164,029 $ 1,691,152 Commitments to extend credit are an agreement to lend to a customer either unsecured or secured, as long as collateral is available as agreed upon and there is no not may At June 30, 2022 December 31, 2021, three six June 30, 2022. three June 30, 2022 first three six June 30, 2021, Standby letters of credit are conditional commitments issued by Bancorp to guarantee the performance of a customer to a first one two Certain commercial customers require confirmation of Bancorp’s letters of credit by other banks since Bancorp does not one one six June 30, 2022, No As of June 30, 2022, not |
Note 13 - Assets and Liabilitie
Note 13 - Assets and Liabilities Measured and Reported at Fair Value | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 13 Assets and Liabilities Measured and Reported at Fair Value Fair value represents 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 may Level 1 Level 2 1 not Level 3 Bancorp used the following methods and significant assumptions to estimate fair value of each type of financial instrument: AFS debt securities - 2 1 Mortgage loans held for sale 2 Mortgage banking derivatives not 2 Interest rate swap agreements 2 Carrying values of assets measured at fair value on a recurring basis follows: Fair Value Measurements Using: Total June 30, 2022 (in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Available for sale debt securities: U.S. Treasury and other U.S. Government obligations $ 115,532 $ — $ — $ 115,532 Government sponsored enterprise obligations — 117,703 — 117,703 Mortgage backed securities - government agencies — 765,522 — 765,522 Obligations of states and political subdivisions — 135,268 — 135,268 Other — 6,014 — 6,014 Total available for sale debt securities 115,532 1,024,507 — 1,140,039 Mortgage loans held for sale — 10,045 — 10,045 Rate lock loan commitments — 472 — 472 Mandatory forward contracts — 44 — 44 Interest rate swaps — 6,475 — 6,475 Total assets $ 115,532 $ 1,041,543 $ — $ 1,157,075 Liabilities: Interest rate swaps $ — $ 6,487 $ — $ 6,487 Fair Value Measurements Using: Total December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Available for sale debt securities: U.S. Treasury and other U.S. government obligations $ 122,501 $ — $ — $ 122,501 Government sponsored enterprise obligations — 135,021 — 135,021 Mortgage backed securities - government agencies — 846,624 — 846,624 Obligations of states and political subdivisions — 75,075 — 75,075 Other — 1,077 — 1,077 Total available for sale debt securities 122,501 1,057,797 — 1,180,298 Interest rate swaps — 3,148 — 3,148 Total assets $ 122,501 $ 1,060,945 $ — $ 1,183,446 Liabilities: Interest rate swaps $ — $ 3,162 $ — $ 3,162 There were no 3 2022 2021. Discussion of assets measured at fair value on a non-recurring basis follows: MSRs 3. June 30, 2022 December 31, 2021, not June 30, 2022 December 31, 2021. Collateral dependent loans third may no one three third may OREO third may no one three Carrying values of assets measured at fair value on a non-recurring basis follows: Losses recorded Three months Six months Fair Value Measurements Using: Total ended ended June 30, 2022 (in thousands) Level 1 Level 2 Level 3 Fair Value June 30, 2022 June 30, 2022 Collateral dependent loans $ — $ — $ 12,554 $ 12,554 $ — $ — Other real estate owned — — 7,601 7,601 — — Losses recorded Three months Six months Fair Value Measurements Using: Total ended ended December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Fair Value June 30, 2021 June 30, 2021 Collateral dependent loans $ — $ — $ 4,487 $ 4,487 $ — $ — Other real estate owned — — 7,212 7,212 — — There were no liabilities measured at fair value on a non-recurring basis at June 30, 2022 December 31, 2021. For Level 3 June 30, 2022 (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Weighted Average Collateral dependent loans $ 12,554 Appraisal Appraisal discounts 23.2 % Other real estate owned 7,601 Appraisal Appraisal discounts 30.7 December 31, 2021 (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Weighted Average Collateral dependend loans $ 4,487 Appraisal Appraisal discounts 41.1 % Other real estate owned 7,212 Appraisal Appraisal discounts 31.6 |
Note 14 - Disclosure of Financi
Note 14 - Disclosure of Financial Instruments Not Reported at Fair Value | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 14 Disclosure of Financial Instruments Not GAAP requires disclosure of the fair value of financial assets and liabilities, including those financial assets and financial liabilities that are not not (in thousands) Carrying Fair Value Measurements Using: June 30, 2022 amount Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 573,869 $ 573,869 $ 573,869 $ — $ — HTM debt securities 485,449 460,846 — 460,846 — Federal Home Loan Bank stock 13,811 13,811 — 13,811 — Loans, net 4,810,962 4,699,580 — — 4,699,580 Accrued interest receivable 17,056 17,056 17,056 — — Liabilities Non-interest bearing deposits $ 2,121,304 $ 2,121,304 $ 2,121,304 $ — $ — Transaction deposits 3,923,973 3,923,973 — 3,923,973 — Time deposits 503,853 494,585 — 494,585 — Securities sold under agreement to repurchase 161,512 161,512 — 161,512 — Federal funds purchased 8,771 8,771 — 8,771 — Subordinated debentures 26,144 26,262 — 26,262 — Accrued interest payable 277 277 277 — — (in thousands) Carrying Fair Value Measurements Using: December 31, 2021 amount Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 961,192 $ 961,192 $ 961,192 $ — $ — Mortgage loans held for sale 8,614 8,818 — 8,818 — Federal Home Loan Bank stock 9,376 9,376 — 9,376 — Loans, net 4,115,405 4,129,091 — — 4,129,091 Accrued interest receivable 13,745 13,745 13,745 — — Liabilities Non-interest bearing deposits $ 1,755,754 $ 1,755,754 $ 1,755,754 $ — $ — Transaction deposits 3,597,538 3,597,538 — 3,597,538 — Time deposits 434,222 433,813 — 433,813 — Securities sold under agreement to repurchase 75,466 75,466 — 75,466 — Federal funds purchased 10,374 10,374 — 10,374 — Accrued interest payable 300 300 300 — — Fair value estimates are made at a specific point in time based on relevant market information and information about financial instruments. Because no may not |
Note 15 - Mortgage Banking Acti
Note 15 - Mortgage Banking Activities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements for Mortgage Companies Disclosure [Text Block] | ( 15 Mortgage Banking Activities Mortgage banking activities primarily include residential mortgage originations and servicing. Effective March 31, 2022, December 31, 2021 Activity for mortgage loans held for sale, at fair value, was as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Balance, beginning of period: $ 9,323 $ 6,579 $ 8,614 $ 22,547 Origination of mortgage loans held for sale 43,814 50,692 79,643 119,431 Loans held for sale acquired - 3,071 3,559 3,071 Proceeds from the sale of mortgage loans held for sale (43,504 ) (55,844 ) (82,275 ) (141,747 ) Net gain on sale of mortgage loans held for sale 412 922 504 2,118 Balance, end of period $ 10,045 $ 5,420 $ 10,045 $ 5,420 The following table represents the components of Mortgage banking income: Three months ended Six months ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Net gain realized on sale of mortgage loans held for sale $ 412 $ 922 $ 504 $ 2,118 Net change in fair value recognized on loans held for sale 70 - 43 - Net change in fair value recognized on rate lock loan commitments 797 - 1,189 - Net change in fair value recognized on forward contracts (814 ) - (635 ) - Net gain recognized 465 922 1,101 2,118 Net loan servicing income 1,215 333 1,917 588 Amortization of mortgage servicing rights (856 ) (174 ) (1,337 ) (426 ) Change in mortgage servicing rights valuation allowance - - - - Net servicing income recognized 359 159 580 162 Other mortgage banking income 471 222 617 467 Total mortgage banking income $ 1,295 $ 1,303 $ 2,298 $ 2,747 Activity for capitalized mortgage servicing rights was as follows: Three months ended Six months ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Balance at beginning of period $ 16,877 $ 2,865 $ 4,528 $ 2,710 MSRs acquired — 1,662 12,676 1,662 Additions for mortgage loans sold 483 304 637 711 Amortization (856 ) (174 ) (1,337 ) (426 ) Impairment — — — — Balance at end of period $ 16,504 $ 4,657 $ 16,504 $ 4,657 MSRs, a component of other assets, are initially recognized at fair value when mortgage loans are sold with servicing retained. The MSRs are amortized in proportion to and over the period of estimated net servicing income, considering appropriate prepayment assumptions. MSRs are evaluated quarterly for impairment by comparing carrying value to fair value. Fair value is based on a valuation model that calculates the PV of estimated net servicing income. The model incorporates assumptions that market participants would use in estimating future net servicing income. The estimated fair value of MSRs at June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021, Total outstanding principal balances of loans serviced for others were $2.16 billion and $698 million at June 30, 2022 December 31, 2021, Mortgage banking derivatives used in the ordinary course of business consist primarily of mandatory forward sales contracts and interest rate lock loan commitments. Mandatory forward contracts represent future loan commitments to deliver loans at a specified price and date are used to manage interest rate risk on loan commitments and mortgage loans held for sale. Interest rate lock loan commitments represent commitments to fund loans at a specific rate. These derivatives involve underlying items, such as interest rates, and are designed to transfer risk. Substantially all of these instruments expire within 90 not Mandatory forward contracts also contain an element of risk in that the counterparties may not not The Bank is exposed to interest rate risk on loans held for sale and rate lock loan commitments. As market interest rates fluctuate, the fair value of mortgage loans held for sale and rate lock commitments will decline or increase. To offset this interest rate risk the Bank enters into derivatives, such as mandatory forward contracts to sell loans. The fair value of these mandatory forward contracts will fluctuate as market interest rates fluctuate, and the change in the value of these instruments is expected to largely, though not The following table includes the notional amounts and fair values of mortgage loans held for sale and mortgage banking derivatives: June 30, 2022 (in thousands) Notional Amount Fair Value Included in Mortgage loans held for sale: Mortgage loans held for sale, at fair value $ 9,989 $ 10,045 Included in other assets: Rate lock loan commitments $ 17,951 $ 472 Mandatory forward contracts 18,459 44 |
Note 16 - Accumulated Other Com
Note 16 - Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | ( 16 Accumulated Other Comprehensive Income (Loss) The following table illustrates activity within the balances of AOCI by component: Net unrealized Net unrealized Minimum gains (losses) gains (losses) pension on available for on cash liability (in thousands) sale debt securities flow hedges adjustment Total Three months ended June 30, 2022 Balance, beginning of period $ (57,316 ) $ - $ (283 ) $ (57,599 ) Net current period other comprehensive loss (29,738 ) - - (29,738 ) Balance, end of period $ (87,054 ) $ - $ (283 ) $ (87,337 ) Three months ended June 30, 2021 Balance, beginning of period $ (2,513 ) $ (90 ) $ (447 ) $ (3,050 ) Net current period other comprehensive income 4,808 32 - 4,840 Balance, end of period $ 2,295 $ (58 ) $ (447 ) $ 1,790 Net unrealized Net unrealized Minimum gains (losses) gains (losses) pension on available for on cash liability (in thousands) sale debt securities flow hedges adjustment Total Six months ended June 30, 2022 Balance, beginning of period $ (7,657 ) $ - $ (283 ) $ (7,940 ) Net current period other comprehensive loss (79,397 ) - - (79,397 ) Balance, end of period $ (87,054 ) $ - $ (283 ) $ (87,337 ) Six months ended June 30, 2021 Balance, beginning of period $ 9,310 $ (122 ) $ (447 ) $ 8,741 Net current period other comprehensive income (loss) (7,015 ) 64 - (6,951 ) Balance, end of period $ 2,295 $ (58 ) $ (447 ) $ 1,790 |
Note 17 - Preferred Stock
Note 17 - Preferred Stock | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | ( 17 Preferred Stock Bancorp has one None |
Note 18 - Net Income Per Share
Note 18 - Net Income Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 18 Net Income Per Share The following table reflects net income (numerator) and average shares outstanding (denominator) for basic and diluted net income per share computations: Three months ended Six months ended June 30, June 30, (in thousands, except per share data) 2022 2021 2022 2021 Net income available to stockholders $ 26,794 $ 4,184 $ 34,700 $ 26,894 Weighted average shares outstanding - basic 29,131 24,140 28,186 23,489 Dilutive securities 215 239 235 242 Weighted average shares outstanding- diluted 29,346 24,379 28,421 23,731 Net income per share - basic $ 0.92 $ 0.17 $ 1.23 $ 1.14 Net income per share - diluted 0.91 0.17 1.22 1.13 Certain SARs that were excluded from the EPS calculation because their impact was antidilutive were as follows: Three months ended Six months ended (shares in thousands) June 30, June 30, 2022 2021 2022 2021 Antidilutive SARs 61 29 61 29 |
Note 19 - Stock-based Compensat
Note 19 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 19 Stock-Based Compensation The fair value of all stock-based awards granted, net of estimated forfeitures, is recognized as compensation expense over the respective service period. At Bancorp's 2015 2015 2005 2015 2018, June 30, 2022, 2005 April 2015 2025. 2015 no SAR Grants ten Fair values of SARs are estimated at the date of grant using the Black-Scholes option-pricing model, a leading formula for calculating such value. This model requires the input of assumptions, changes to which can materially impact the fair value estimate. The following assumptions were used in SAR valuations at the grant date in each year: Assumptions 2022 2021 Dividend yield 2.38 % 2.52 % Expected volatility 25.42 % 25.21 % Risk free interest rate 1.98 % 1.23 % Expected life (in years) 7.1 7.1 Dividend yield and expected volatility are based on historical information for Bancorp corresponding to the expected life of SARs granted. Expected volatility is the volatility of underlying shares for the expected term calculated on a monthly basis. The risk free interest rate is the implied yield currently available on U.S. Treasury issues with a remaining term equal to the expected life of the awards. The expected life of SARs is based on actual experience of past like-term SARs. Bancorp evaluates historical exercise and post-vesting termination behavior when determining the expected life. RSA Grants five 2015, 2015 PSU Grants three January 1 first not one 2022 2021. RSU Grants In the first 2022 2021, Bancorp utilized cash of $233,000 and $164,000 during the first six 2022 2021, Bancorp has recognized stock-based compensation expense for SARs, RSAs and PSUs within compensation expense and RSUs for directors within other non-interest expense, as follows: Three months ended June 30, 2022 (in thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 94 $ 350 $ 87 $ 526 $ 1,057 Deferred tax benefit (19 ) (74 ) (18 ) (111 ) (222 ) Total net expense $ 75 $ 276 $ 69 $ 415 $ 835 Three months ended June 30, 2021 (in thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 86 $ 337 $ 78 $ 913 $ 1,414 Deferred tax benefit (18 ) (71 ) (16 ) (192 ) (297 ) Total net expense $ 68 $ 266 $ 62 $ 721 $ 1,117 Six months ended June 30, 2022 (in thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 187 $ 682 $ 172 $ 1,007 $ 2,048 Deferred tax benefit (39 ) (144 ) (36 ) (212 ) (431 ) Total net expense $ 148 $ 538 $ 136 $ 795 $ 1,617 Six months ended June 30, 2021 (in thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 175 $ 666 $ 154 $ 1,268 $ 2,263 Deferred tax benefit (37 ) (140 ) (32 ) (267 ) (476 ) Total net expense $ 138 $ 526 $ 122 $ 1,001 $ 1,787 Detail of unrecognized stock-based compensation expense follows: Stock (in thousands) Appreciation Restricted Restricted Performance Year ended Rights Stock Awards Stock Units Stock Units Total Remainder of 2022 $ 189 $ 715 $ 159 $ 1,054 $ 2,117 2023 311 1,232 2 1,303 2,848 2024 205 1,002 — 603 1,810 2025 146 763 — — 909 2026 88 436 — — 524 2027 10 50 — — 60 Total estimated expense $ 949 $ 4,198 $ 161 $ 2,960 $ 8,268 The following table summarizes SARs Weighted Weighted Weighted average average Aggregate average remaining Exercise exercise intrinsic fair contractual (in thousands, except per share data) SARs price price value(1) value life (in years) Outstanding, January 1, 2021 593 $15.24 - $40.00 $ 27.47 $ 7,706 $ 4.44 5.1 Granted 30 47.17 - 50.71 50.48 — 9.69 Exercised (108 ) 15.24 - 19.37 16.40 4,239 2.85 Forfeited — — — — — Outstanding, December 31, 2021 515 $15.24 - $50.71 $ 31.16 $ 16,854 $ 5.08 5.1 Outstanding, January 1, 2022 515 $15.24 - $50.71 $ 31.16 $ 16,854 $ 5.08 5.1 Granted 33 53.29 - 54.91 54.86 — 11.82 Exercised (61 ) 15.24 - 36.65 16.69 2,544 2.78 Forfeited — — — — — Outstanding, June 30, 2022 487 $15.24 - $54.91 $ 34.58 $ 12,294 $ 5.83 5.4 Vested and exercisable 349 $15.24 - $50.71 $ 30.84 $ 10,121 $ 4.97 4.4 Unvested 138 35.90 - 54.91 44.06 2,173 8.08 3.3 Outstanding, June 30, 2022 487 $15.24 - $54.91 $ 34.58 $ 12,294 $ 5.83 5.4 Vested in the current year 43 $35.90 - $50.71 $ 39.29 $ 881 $ 6.71 ( 1 Aggregate intrinsic value for SARs is defined as the amount by which the current market price of the underlying stock exceeds the exercise or grant price. The following table summarizes activity for RSAs Grant date weighted (in thousands, except per share data) RSAs average cost Unvested at January 1, 2021 99 $ 36.85 Shares awarded 39 46.90 Restrictions lapsed and shares released (34 ) 35.48 Shares forfeited (5 ) 40.81 Unvested at December 31, 2021 99 $ 41.07 Unvested at January 1, 2022 99 $ 41.07 Shares awarded 36 58.47 Restrictions lapsed and shares released (31 ) 40.38 Shares forfeited (3 ) 45.15 Unvested at June 30, 2022 101 $ 47.25 Shares expected to be awarded for PSUs three January 1 Vesting Expected Grant period Fair shares to year in years value be awarded 2020 3 $ 32.27 65,111 2021 3 44.44 47,280 2022 3 48.48 36,350 |
Note 20 - Interest Rate Swaps
Note 20 - Interest Rate Swaps | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ( 20 Interest Rate Swaps Periodically, Bancorp enters into interest rate swap transactions with borrowers who desire to hedge exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. These are undesignated derivative instruments and are recognized on the balance sheet at fair value. Because of matching terms of offsetting contracts and collateral provisions mitigating any non-performance risk, changes in fair value subsequent to initial recognition have an insignificant effect on earnings. Exchanges of cash flows related to undesignated interest rate swap agreements were offsetting and therefore had no Interest rate swap agreements derive their value from underlying interest rates. These transactions involve both credit and market risk. Notional amounts are amounts on which calculations, payments and the value of the derivative are based. Notional amounts do not not Bancorp had outstanding undesignated interest rate swap contracts as follows: Receiving Paying June 30, December 31, June 30, December 31, (dollars in thousands) 2022 2021 2022 2021 Notional amount $ 141,432 $ 123,983 $ 141,432 $ 123,983 Weighted average maturity (years) 7.6 7.2 7.6 7.2 Fair value $ 6,475 $ 3,148 $ 6,487 $ 3,162 |
Note 21 - Regulatory Matters
Note 21 - Regulatory Matters | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | ( 21 Regulatory Matters Bancorp and the Bank are subject to capital regulations in accordance with Basel III, as administered by banking regulators. Regulatory agencies measure capital adequacy within a framework that makes capital requirements, in part, dependent on the individual risk profiles of financial institutions. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on Bancorp’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Holding Company and the Bank must meet specific capital guidelines that involve quantitative measures of Bancorp’s assets, liabilities and certain off-balance sheet items, as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators regarding components, risk weightings and other factors. Banking regulators have categorized the Bank as well-capitalized. To meet the definition of well-capitalized, a bank must have a minimum 6.5% Common Equity Tier 1 1 1 Additionally, in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, Bancorp and the Bank must hold a 2.5% capital conservation buffer composed of Common Equity Tier 1 1 1 June 30, 2022, 1 1 2016 January 1, 2019. As a result of the CB acquisition, Bancorp became the 100% successor owner of the following unconsolidated trust subsidiaries: Commonwealth Statutory Trust III, Commonwealth Statutory Trust IV and Commonwealth Statutory Trust V. The sole assets of the trust subsidiaries represent the proceeds of offerings loaned in exchange for subordinated debentures with similar terms to the TPS. The TPS are treated as part of Tier 1 June 30, 2022, Bancorp continues to exceed the regulatory requirements for all calculations. Bancorp and the Bank intend to maintain a capital position that meets or exceeds the “well-capitalized” requirements as defined by the FRB and the FDIC, in addition to the capital conservation buffer. The following table sets forth consolidated Bancorp’s and the Bank’s risk based capital amounts and ratios: (dollars in thousands) Actual Minimum for adequately capitalized Minimum for well capitalized June 30, 2022 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (1) Consolidated $ 701,168 12.27 % $ 457,306 8.00 % NA NA Bank 662,354 11.63 455,798 8.00 $ 569,747 10.00 % Common equity tier 1 risk-based capital (1) Consolidated 617,901 10.81 257,235 4.50 NA NA Bank 605,087 10.62 256,386 4.50 370,336 6.50 Tier 1 risk-based capital (1) Consolidated 643,901 11.26 342,980 6.00 NA NA Bank 605,087 10.62 341,848 6.00 455,798 8.00 Leverage (2) Consolidated 643,901 8.58 300,343 4.00 NA NA Bank 605,087 8.06 300,127 4.00 375,159 5.00 (dollars in thousands) Actual Minimum for adequately capitalized Minimum for well capitalized December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (1) Consolidated $ 596,411 12.79 % $ 372,929 8.00 % NA NA Bank 577,078 12.42 371,809 8.00 $ 464,761 10.00 % Common equity tier 1 risk-based capital (1) Consolidated 556,590 11.94 209,772 4.50 NA NA Bank 537,257 11.56 209,142 4.50 302,095 6.50 Tier 1 risk-based capital (1) Consolidated 556,590 11.94 279,696 6.00 NA NA Bank 537,257 11.56 278,857 6.00 371,809 8.00 Leverage (2) Consolidated 556,590 8.86 251,348 4.00 NA NA Bank 537,257 8.57 250,871 4.00 313,588 5.00 ( 1 Ratio is computed in relation to risk-weighted assets. ( 2 Ratio is computed in relation to average assets. NA Regulatory framework does not well-capitalized for holding companies |
Note 22 - Segments
Note 22 - Segments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 22 Segments Bancorp’s principal activities include commercial banking and WM&T. Commercial banking provides a full range of loan and deposit products to individual consumers and businesses. Commercial banking also includes Bancorp’s mortgage banking and investment products sales activity. WM&T provides investment management, financial & retirement planning and trust & estate services, as well as retirement plan management for businesses and corporations in all markets in which Bancorp operates. The magnitude of WM&T revenue distinguishes Bancorp from other community banks of similar asset size. Financial information for each business segment reflects that which is specifically identifiable or allocated based on an internal allocation method. Income taxes are allocated based on the effective federal income tax rate adjusted for any tax-exempt activity. All tax-exempt activity and provision have been allocated fully to the commercial banking segment. Measurement of performance of business segments is based on the management structure of Bancorp and is not not The majority of the net assets of Bancorp are involved in the commercial banking segment. As of June 30, 2022, not Selected financial information by business segment follows: Three months ended June 30, 2022 Three months ended June 30, 2021 (in thousands) Commercial Banking WM&T Total Commercial Banking WM&T Total Net interest income $ 56,888 $ 96 $ 56,984 $ 41,516 $ 68 $ 41,584 Provision for credit losses (200 ) — (200 ) 4,147 — 4,147 Wealth management and trust services — 9,495 9,495 — 6,858 6,858 All other non-interest income 12,445 — 12,445 8,930 — 8,930 Non-interest expenses 38,876 5,799 44,675 44,481 3,696 48,177 Income before income tax expense 30,657 3,792 34,449 1,818 3,230 5,048 Income tax expense 6,724 823 7,547 190 674 864 Net income 23,933 2,969 26,902 1,628 2,556 4,184 Less net income attributable to NCI 108 — 108 — — — Net income attributable to stockholders $ 23,825 $ 2,969 $ 26,794 $ 1,628 $ 2,556 $ 4,184 Segment assets $ 7,550,846 $ 32,259 $ 7,583,105 $ 6,084,185 $ 3,887 $ 6,088,072 Six months ended June 30, 2022 Six months ended June 30, 2021 (in thousands) Commercial Banking WM&T Total Commercial Banking WM&T Total Net interest income $ 105,541 $ 203 $ 105,744 $ 79,258 $ 151 $ 79,409 Provision for credit losses 2,079 — 2,079 2,672 — 2,672 Wealth management and trust services — 17,738 17,738 — 13,106 13,106 All other non-interest income 23,405 — 23,405 16,526 — 16,526 Non-interest expenses 90,566 10,406 100,972 66,177 6,973 73,150 Income before income tax expense 36,301 7,535 43,836 26,935 6,284 33,219 Income tax expense 7,357 1,635 8,992 4,988 1,337 6,325 Net income 28,944 5,900 34,844 21,947 4,947 26,894 Less net income attributable to NCI 144 — 144 — — — Net income attributable to stockholders $ 28,800 $ 5,900 $ 34,700 $ 21,947 $ 4,947 $ 26,894 Segment assets $ 7,550,846 $ 32,259 $ 7,583,105 $ 6,084,185 $ 3,887 $ 6,088,072 |
Note 23 - Revenue From Contract
Note 23 - Revenue From Contracts With Customers | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 23 Revenue from Contracts with Customers All of Bancorp’s revenue from contracts with customers in the scope of ASC 606 606 Three months ended June 30, 2022 Three months ended June 30, 2021 (in thousands) Commercial Banking WM&T Total Commercial Banking WM&T Total Wealth management and trust services $ — $ 9,495 $ 9,495 $ — $ 6,858 $ 6,858 Deposit service charges 2,061 — 2,061 1,233 — 1,233 Debit and credit card income 4,748 — 4,748 3,284 — 3,284 Treasury management fees 2,187 — 2,187 1,730 — 1,730 Mortgage banking income(1) 1,295 — 1,295 1,303 — 1,303 Net investment product sales commissions and fees 731 — 731 545 — 545 Bank owned life insurance(1) 270 — 270 206 — 206 Other(2) 1,153 — 1,153 629 — 629 Total non-interest income $ 12,445 $ 9,495 $ 21,940 $ 8,930 $ 6,858 $ 15,788 Six months ended June 30, 2022 Six months ended June 30, 2021 (Dollars in thousands) Commercial Banking WM&T Total Commercial Banking WM&T Total Wealth management and trust services $ — $ 17,738 $ 17,738 $ — $ 13,106 $ 13,106 Deposit service charges 3,924 — 3,924 2,177 — 2,177 Debit and credit card income 8,867 — 8,867 5,557 — 5,557 Treasury management fees 4,091 — 4,091 3,270 — 3,270 Mortgage banking income(1) 2,298 — 2,298 2,747 — 2,747 Gain on sale of securities — — — — — — Net investment product sales commissions and fees 1,338 — 1,338 1,009 — 1,009 Bank owned life insurance(1) 536 — 536 367 — 367 Other(2) 2,351 — 2,351 1,399 — 1,399 Total non-interest income $ 23,405 $ 17,738 $ 41,143 $ 16,526 $ 13,106 $ 29,632 ( 1 606. ( 2 606, Bancorp’s revenue on the consolidated statement of income is categorized by product type, which effectively depicts how the nature, timing and extent of cash flows are affected by economic factors. Revenue sources within the scope of ASC 606 Bancorp earns fees from its deposit customers for transaction-based, account management and overdraft services. Transaction-based fees, which include services such as ATM use fees and stop payments fees, are recognized at the time the transaction is executed, as that is when the company fulfills the performance obligation. Account management fees are earned over the course of a month and charged in the month in which the services are provided. Treasury management transaction fees are recognized at the time the transaction is executed, as that is when the company fulfills the performance obligation. Account analysis fees are earned over the course of a month and charged in the month in which the services are provided. Treasury management fees are withdrawn from customers’ account balances. WM&T provides customers fiduciary and investment management services as agreed upon in asset management contracts. The contracts require WM&T to provide a series of distinct services for which fees are earned over time. The contracts are cancellable upon demand with fees typically based upon the asset value of investments. Revenue is accrued and recognized monthly based upon month-end asset values and collected from the customer predominately in the following month except for a small percentage of fees collected quarterly. Incentive compensation related to WM&T activities is considered a cost of obtaining the contract. Contracts between WM&T and customers do not none June 30, 2022 December 31, 2021, Investment products sales commissions and fees represent the Bank’s share of transaction fees and wrap fees resulting from investment services and programs provided through an agent relationship with a third third not six June 30, 2022 2021. Debit and credit card revenue primarily consists of debit and credit card interchange income. Interchange income represents fees assessed within the payment card system for acceptance of card-based transactions. Interchange fees are assessed as the performance obligation is satisfied, which is at the point in time the card transaction is authorized. Revenue is collected and recognized daily through the payment network settlement process. Bancorp did not 606, three six June 30, 2022. |
Note 24 - Leases
Note 24 - Leases | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 24 Leases Bancorp has operating leases for various branch locations with terms ranging from one five 12 not Balance sheet, income statement and cash flow detail regarding operating leases follows: (dollars in thousands) June 30, 2022 December 31, 2021 Balance Sheet Operating lease right-of-use asset $ 16,711 $ 14,958 Operating lease liability 18,113 16,408 Weighted average remaining lease term (years) 8.5 9.4 Weighted average discount rate 2.90 % 3.02 % Maturities of lease liabilities: One year or less $ 1,675 $ 2,634 Year two 3,358 2,673 Year three 3,057 2,408 Year four 2,318 1,924 Year five 1,842 1,608 Greater than five years 8,330 7,699 Total lease payments $ 20,580 $ 18,946 Less imputed interest 2,467 2,538 Total $ 18,113 $ 16,408 Three months ended Three months ended (in thousands) June 30, 2022 June 30, 2021 Income Statement Components of lease expense: Operating lease cost $ 792 $ 520 Variable lease cost 58 62 Less sublease income 24 13 Total lease cost $ 826 $ 569 Six months ended Six months ended (in thousands) June 30, 2022 June 30, 2021 Income Statement Components of lease expense: Operating lease cost $ 1,448 $ 1,007 Variable lease cost 115 113 Less sublease income 48 27 Total lease cost $ 1,515 $ 1,093 Six months ended Six months ended (in thousands) June 30, 2022 June 30, 2021 Cash flow Statement Supplemental cash flow information: Operating cash flows from operating leases $ 1,800 $ 1,190 As of June 30, 2022, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation 10 10 01 X. not In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Intercompany transactions have been eliminated. These condensed consolidated financial statements should be read in conjunction with Bancorp’s Annual Report on Form 10 December 31, 2021. three six June 30, 2022 not may December 31, 2022. |
Use of Estimates, Policy [Policy Text Block] | Critical Accounting Policies and Estimates may not Bancorp’s accounting policies are fundamental to understanding management’s discussion and analysis of our results of operations and financial condition. At June 30, 2022 December 31, 2021, Effective January 1, 2020, 326 Financial Instruments Credit Losses, December 31, 2019. The ACL for loans is established through credit loss expense charged to current earnings. The amount maintained in the ACL reflects management’s estimate of the net amount not not For purposes of establishing the general reserve, Bancorp stratifies the loan portfolio into homogeneous groups of loans that possess similar loss potential characteristics and calculates the net amount expected to be collected over the life of the loans to estimate the credit losses in the loan portfolio. Bancorp’s methodologies for estimating the ACL for loans consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. |
Business Combinations Policy [Policy Text Block] | Accounting for Business Acquisitions 805, Business Combinations Identifiable assets acquired, liabilities assumed, and any non-controlling interest in acquirees are generally recognized at their acquisition-date (“day-one”) fair values based on the requirements of ASC Topic 820, Fair Value Measurements and Disclosures. one one one one one may one Acquisition related costs are expensed as incurred unless those costs are related to issuing debt or equity securities used to finance the acquisition. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents |
Investment, Policy [Policy Text Block] | Debt Securities not Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. Amortization of premiums and discounts are recognized in interest income over the period to maturity using the interest method, except for premiums on callable debt securities, which are amortized to their earliest call date. Bancorp has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and reports accrued interest separately in the consolidated balance sheets. A debt security is placed on non-accrual status at the time any principal or interest payments become more than 90 no three six June 30, 2022 2021. ACL – AFS Debt Securities not may not no In evaluating AFS debt securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, Bancorp considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. There were no June 30, 2022 December 31, 2021. Changes in the ACL for AFS debt securities are recorded as expense. Losses are charged against the ACL for AFS debt securities when management believes the uncollectability of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. ACL – HTM Debt Securities June 30, 2022 December 31, 2021, June 30, 2022 December 31, 2021, |
Financing Receivable, Held-for-sale [Policy Text Block] | Mortgage Loans Held for Sale and Mortgage Banking Activities March 31, 2022, March 31, 2022 Commitments to fund mortgage loans (“interest rate lock commitments”) to be sold into the secondary market and non-exchange traded mandatory forward sales contracts (“forward contracts”) for the future delivery of these mortgage loans or the purchase of TBA securities are accounted for as free-standing derivatives. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the Bank enters into the derivative. Generally, the Bank enters into forward contracts for the future delivery of mortgage loans or the purchase of TBA securities when interest rate lock commitments are entered into in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these mortgage derivatives are included in net gains on sales of loans, which is a component of Mortgage banking income on the income statement. Mortgage loans held for sale are generally sold with the MSRs retained. When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded as component of Mortgage banking income. Fair value is based on the market prices for comparable mortgage servicing contracts when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method, which requires servicing rights to be amortized into Mortgage banking income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Amortization of MSRs are initially set at seven A primary factor influencing the fair value is the estimated life of the underlying serviced loans. The estimated life of the serviced loans is significantly influenced by market interest rates. During a period of declining interest rates, the fair value of the MSRs generally decline due to higher expected prepayments within the portfolio. Alternatively, during a period of rising interest rates, the fair value of MSRs generally will increase, as prepayments on the underlying loans would be expected to decline. Loan servicing income is reported on the income statement as a component of Mortgage banking income. Loan servicing income is recorded as loan payments are collected and includes servicing fees from investors and certain charges collected from borrowers. The fees are based on a contractual percentage of the outstanding principal, or a fixed amount per loan, and are recorded as income when earned. Late fees and ancillary fees related to loan servicing are considered nominal. |
Financing Receivable [Policy Text Block] | Loans Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income over the life of the loan without anticipating prepayments. Loans are considered past due or delinquent when the contractual principal and/or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. The accrual of interest income on loans is typically discontinued at the time the loan is 90 no 120 not not Acquired loans are recorded at fair value at the date of acquisition based on a DCF methodology that considers various factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not may Subsequent to January 1, 2020, no Acquired loans are determined by Bancorp to have more-than-insignificant deterioration in credit quality since origination if any of the following designations apply, listed in order of priority as follows: Loans individually analyzed by Bancorp and determined to have a collateral or cash flow deficiency resulting in a full or partial allocation for loss, loans placed on non-accrual status by the acquired institution, loans identified as TDRs by the acquired institution, loans that have received a partial charge off by the acquired institution, loans risk-rated below a “pass” grade by the acquired institution and any loans past due 59 For acquired loans not The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. ACL – Loans Bancorp estimates the ACL for loans based on the underlying assets’ amortized cost basis, which is the amount at which the receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, and net deferred fees or costs, collection of payment, and partial charge-offs. In the event that collection of principal becomes uncertain, Bancorp has policies in place to reverse accrued interest in a timely manner. Therefore, Bancorp has made a policy election to exclude accrued interest from the measurement of the ACL for loans. Expected credit losses are reflected in the ACL for loans through a charge to provision. When Bancorp deems all or a portion of a financial asset to be uncollectible, the appropriate amount is written-off and the ACL for loans is reduced by the same amount. Bancorp applies judgment to determine when a financial asset is deemed uncollectible; however, generally speaking, an asset will be considered uncollectible no Bancorp’s methodologies for estimating the ACL for loans consider available relevant information about the collectability of cash flows, including information about past events, current conditions and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable to the identified pools of financial assets with similar risk characteristics for which the historical loss experience was observed. Bancorp’s methodologies may no Loans are predominantly segmented by FDIC Call Report Codes into loan pools that have similar risk characteristics, similar collateral type and are assumed to pose consistent risk of loss to Bancorp. Bancorp has identified the following pools of financial assets with similar risk characteristics for measuring expected credit losses: Commercial Real Estate Owner Occupied Commercial Real Estate Non-Owner Occupied five Construction and Land Development third may Commercial and Industrial Residential Real Estate first Home Equity Lines of Credit Consumer may Leases Credit Cards Bancorp measures expected credit losses for its loan portfolio segments as follows: Loan Portfolio Segment ACL Methodology Commercial real estate - non-owner occupied Discounted cash flow Commercial real estate - owner occupied Discounted cash flow Commercial and industrial - term Static pool Commercial and industrial - line of credit Static pool Residential real estate - owner occupied Discounted cash flow Residential real estate - non-owner occupied Discounted cash flow Construction and land development Static pool Home equity lines of credit Static pool Consumer Static pool Leases Static pool Credit cards Static pool Based on the 100% not Discounted Cash flow Method Bancorp uses regression analysis on historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers. For all loan pools utilizing the DCF method, management utilizes the FRB’s forecasted Seasonally Adjusted National Civilian Unemployment Rate as its primary loss driver, as this was determined to best correlate to historical losses. With regard to the DCF model and the adoption of CECL effective January 1, 2020, four eight one March 31, 2020. June 30, 2020, four June 30, 2021. September 30, 2021, four The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level NPV of expected cash flows. An ACL is established for the difference between the instrument’s NPV and amortized cost basis. Static Pool Method Collateral Dependent Loans not may zero not A loan that has been modified or renewed is considered a TDR when two 1 2 not may |
Property, Plant and Equipment, Impairment [Policy Text Block] | Premises and Equipment three |
Federal Home Loan Bank Stock [Policy Text Block] | FHLB Stock may |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets not Bancorp has selected September 30 Currently, goodwill recorded on Bancorp’s consolidated balance sheets is attributed mainly to the Commercial Banking segment, while a portion is also attributed to the WM&T segment. Goodwill related to the KSB acquisition is deductible for tax purposes, as it was structured as an asset sale/338 not June 30, 2022 December 31, 2021 not Other intangible assets consist of CDI and CLI assets arising from business acquisitions. The CDI and CLI assets represent customer relationships associated with acquired deposit portfolios and WM&T businesses, respectively. CDI and CLI assets are initially measured at fair value and then amortized on an accelerated method over their estimated useful lives. |
Other Assets [Policy Text Block] | Other Assets OREO is carried at the lower of cost or estimated fair value minus estimated selling costs. In certain situations, improvements to prepare assets for sale are capitalized if those costs increase the estimated fair value of the asset. Expenses incurred in maintaining assets, write downs to reflect subsequent declines in value, and realized gains or losses are reflected in the results of operations and are included in non-interest income and/or expense. |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-Balance Sheet Credit Exposures not Bancorp records an ACL for off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to credit loss expense for off-balance sheet credit exposures included in provision for credit losses on Bancorp’s consolidated statements of income. The ACL for off-balance sheet credit exposures is estimated by loan portfolio segment at each balance sheet date under the current CECL model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur and is included in other liabilities on Bancorp’s consolidated balance sheets. |
Derivatives, Policy [Policy Text Block] | Derivatives For derivatives designated as cash flow hedges, the effective portion of changes in fair value of the derivative is initially reported in AOCI and subsequently reclassified to interest income or expense when the hedged transaction affects earnings, while the ineffective portion of changes in fair value of derivative, if any, is recognized immediately in other noninterest income. Bancorp assesses the effectiveness of each hedging relationship by comparing cumulative changes in cash flows of the derivative hedging instrument with cumulative changes in cash flows of the designated hedged item or transaction. No Periodically, Bancorp enters into an interest rate swap transaction with a borrower, who desires to hedge exposure to rising interest rates, while at the same time entering into an offsetting interest rate swap, with substantially matching terms, with another approved independent counterparty. Because of matching terms of offsetting contracts and collateral provisions mitigating any non-performance risk, changes in fair value subsequent to initial recognition have an insignificant effect on earnings. Because these derivative instruments have not Bancorp had no June 30, 2022 December 31, 2021. not Derivative Financial Instruments |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets not |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation |
Income Tax, Policy [Policy Text Block] | Income Taxes A tax position is recognized as a benefit only if it is “more-likely-than- not” 50% not not” no Bancorp recognizes interest and/or penalties related to income tax matters in income tax expense, if any. Bancorp periodically invests in certain partnerships with customers that yield historic tax credits, accounted for using the flow through method, which approximates the equity method. Low-income housing tax credits, as well as tax-deductible losses, are accounted for using the effective yield method for older transactions or proportional amortization method for more recent transactions. The tax benefit of these investments exceeds the amortization expense associated with them, resulting in a positive impact on net income. |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Share |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) |
Loss Contingency [Policy Text Block] | Loss Contingencies not |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restrictions on Cash and Cash Equivalents March 26, 2020, 0% 19 0% June 30, 2022. The Company’s captive maintains cash reserves to cover insurable claims. Reserves totaled $200,000 as of June 30, 2022. |
Policyholders' Dividend [Policy Text Block] | Dividend Restrictions may |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Assets and Liabilities Measured and Reported at Fair Value |
Revenue [Policy Text Block] | Revenue from Contracts with Customers not 606. 606 |
Segment Reporting, Policy [Policy Text Block] | Segment Information two |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications no |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Updates not not In June 2022, 2022 03, Fair Value Measurement (Topic 820 2022 03 not 1 2 3 2022 03 December 15, 2023. 2022 03 not In March 2022, 2022 02, Financial Instruments Credit Losses (Topic 326 2022 02 310 40, Receivables Troubled Debt Restructurings by Creditors 2016 13, Financial Instruments Credit Losses (Topic 326 2022 02 326 20, Financial Instruments Credit Losses Measured at Amortized Cost. not In April 2019, No. 2019 04, Codification Improvements to Financial Instruments - Credit Losses (ASC 326 815 825 December 15, 2022. In August 2021, 2021 06, Presentation of Financial Statements (Topic 205 Depository and Lending (Topic 942 Investment Companies (Topic 946 No. 33 10786, No. 33 10835, No. 33 10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, No. 33 10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants. not In October 2021, 2021 08, Business Combinations (Topic 805 606. 606 606 December 15, 2022, not not not |
Note 2 - Acquisition (Tables)
Note 2 - Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | As Recorded Fair Value Provisional Period As Recorded (in thousands) By CB Adjustments (1) Adjustments (1) by Bancorp Assets aquired: Cash and due from banks $ 380,450 $ — $ — $ 380,450 Mortgage loans held for sale 3,559 — — 3,559 Available for sale debt securities (2) 247,209 (416 ) a — 246,793 Federal Home Loan Bank stock, at cost 4,436 — — 4,436 Loans 645,551 (13,147 ) b — 632,404 Allowance for credits losses on loans (16,102 ) 6,152 c — (9,950 ) Net loans 629,449 (6,995 ) — 622,454 Premises and equipment, net 28,784 4,009 d — 32,793 Accrued interest receivable 1,973 — — 1,973 Goodwill 5,412 (5,412 ) e — — Core deposit intangible — 12,724 f — 12,724 Customer list intangibles — 14,360 g — 14,360 Mortgage servicing rights 9,387 3,289 h — 12,676 Deferred income taxes, net — (3,727 ) i — (3,727 ) Other assets 9,389 (1,065 ) j — 8,324 Total assets acquired $ 1,320,048 $ 16,767 $ - $ 1,336,815 Liabilities assumed: Deposits: Non-interest bearing $ 302,098 $ — $ — $ 302,098 Interest bearing 818,334 371 k — 818,705 Total deposits 1,120,432 371 — 1,120,803 Securities sold under agreements to repurchase 66,220 — — 66,220 Subordinated debentures 26,806 (794 ) l — 26,012 Line of credit 3,200 — — 3,200 Accrued interest payable 243 — — 243 Other liabilities 17,822 1,296 m — 19,118 Total liabilities assumed 1,234,723 873 — 1,235,596 Net assets acquired $ 85,325 $ 15,894 $ - $ 101,219 Consideration for common stock $ 133,825 Cash consideration paid 30,994 Noncontrolling interest of acquired entity 3,094 Total consideration $ 167,913 Goodwill $ 66,694 As Recorded Fair Value Provisional Period As Recorded (in thousands) By KB Adjustments (1) Adjustments (1) by Bancorp Assets aquired: Cash and due from banks $ 53,257 $ — $ — $ 53,257 Mortgage loans held for sale 3,071 — — 3,071 Available for sale debt securities 396,157 (295 ) a — 395,862 Federal Home Loan Bank stock, at cost 7,072 — — 7,072 Loans 755,932 (757 ) b — 755,175 Allowance for credits losses on loans (9,491 ) 2,734 c — (6,757 ) Net loans 746,441 1,977 — 748,418 Premises and equipment, net 27,401 (6,361 ) d — 21,040 Bank owned life insurance 18,909 — — 18,909 Accrued interest receivable 4,939 — — 4,939 Goodwill 14,001 (14,001 ) e — — Core deposit intangible — 3,404 f 999 f 4,403 Other real estate owned 674 (123 ) g — 551 Mortgage servicing rights 1,628 34 h — 1,662 Deferred income taxes, net 1,856 715 i (230 ) i 2,341 Other assets 6,421 (1,866 ) j (70 ) j 4,485 Total assets acquired $ 1,281,827 $ (16,516 ) $ 699 $ 1,266,010 Liabilities assumed: Deposits: Non-interest bearing $ 359,544 $ — $ — $ 359,544 Interest bearing 678,528 1,146 k — 679,674 Total deposits 1,038,072 1,146 — 1,039,218 Securities sold under agreements to repurchase 11,360 — — 11,360 Federal Home Loan Bank advances 88,581 2,490 l — 91,071 Accrued interest payable 505 — — 505 Other liabilities 16,231 (2,004 ) m — 14,227 Total liabilities assumed 1,154,749 1,632 — 1,156,381 Net assets acquired $ 127,078 $ (18,148 ) $ 699 $ 109,629 Consideration for common stock $ 204,670 Cash consideration paid 28,276 Total consideration $ 232,946 Goodwill $ 123,317 |
Schedule of Business Acquisitions by Acquisition, Loans Fair Value Adjustment [Table Text Block] | (in thousands) Fair value adjustment - acquired non PCD loans $ (9,216 ) Fair value adjustment - acquired PCD loans (4,094 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge 163 Net loan fair value adjustments $ (13,147 ) (in thousands) Fair value adjustment - acquired non PCD loans $ 228 Fair value adjustment - acquired PCD loans (735 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge (250 ) Net loan fair value adjustments $ (757 ) |
Schedule of Business Acquisitions by Acquisition, Allowance for Credit Losses Adjustments [Table Text Block] | (in thousands) Reversal of historical CB allowance for credit losses on loans $ (16,102 ) Estimate of lifetime credit losses for PCD loans 9,950 Net change in allowance for credit losses $ (6,152 ) (in thousands) Reversal of historical KB allowance for credit losses on loans $ 9,491 Estimate of lifetime credit losses for PCD loans (6,757 ) Net change in allowance for credit losses $ 2,734 |
Business Acquisition, Pro Forma Information [Table Text Block] | (in thousands) Three months ended June 30, 2022 Three months ended June 30, 2021 Net interest income $ 56,984 $ 55,595 Provision for credit losses (200 ) (3,167 ) Non-interest income 21,940 29,396 Non-interest expense 44,675 52,563 Income before taxes 34,449 35,595 Income tax expense 7,547 6,735 Net income 26,902 28,860 Less net income attributed to noncontrolling interest 108 94 Net income available to stockholders $ 26,794 $ 28,766 Earnings per share Basic $ 0.92 $ 0.99 Diluted 0.91 0.98 Basic weighted average shares outstanding 29,131 29,049 Diluted weighted average shares outstanding 29,346 29,288 (in thousands) Six months ended June 30, 2022 Six months ended June 30, 2021 Net interest income $ 110,777 $ 111,106 Provision for credit losses (1) (2,350 ) (4,242 ) Non-interest income 44,083 59,430 Non-interest expense (2) 91,964 102,993 Income before taxes 65,246 71,785 Income tax expense 14,014 13,676 Net income 51,232 58,109 Less net income attributed to noncontrolling interest 159 174 Net income available to stockholders $ 51,073 $ 57,935 Earnings per share Basic $ 1.76 $ 2.00 Diluted 1.74 1.98 Basic weighted average shares outstanding 29,094 29,022 Diluted weighted average shares outstanding 29,355 29,263 (in thousands) Three months ended June 30, 2021 Net interest income $ 47,465 Provision for credit losses (1) (3,167 ) Non-interest income 18,078 Non-interest expense (2) 37,257 Income before taxes 31,453 Income tax expense 6,026 Net income 25,427 Less net income attributed to noncontrolling interest - Net income available to stockholders $ 25,427 Earnings per share Basic $ 0.95 Diluted 0.94 Basic weighted average shares outstanding 26,687 Diluted weighted average shares outstanding 26,926 (in thousands) Six months ended June 30, 2021 Net interest income $ 94,043 Provision for credit losses (1) (4,542 ) Non-interest income 36,090 Non-interest expense (2) 71,803 Income before taxes 62,872 Income tax expense 11,979 Net income 50,893 Less net income attributed to noncontrolling interest - Net income available to stockholders $ 50,893 Earnings per share Basic $ 1.91 Diluted 1.89 Basic weighted average shares outstanding 26,670 Diluted weighted average shares outstanding 26,911 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | (in thousands) Amortized Unrealized June 30, 2022 cost Gains Losses Fair value U.S. Treasury and other U.S. Government obligations $ 121,846 $ - $ (6,314 ) $ 115,532 Government sponsored enterprise obligations 120,954 625 (3,876 ) 117,703 Mortgage backed securities - government agencies 857,086 245 (91,809 ) 765,522 Obligations of states and political subdivisions 148,543 6 (13,281 ) 135,268 Other 6,221 - (207 ) 6,014 Total available for sale debt securities $ 1,254,650 $ 876 $ (115,487 ) $ 1,140,039 December 31, 2021 U.S. Treasury and other U.S. Government obligations $ 123,753 $ - $ (1,252 ) $ 122,501 Government sponsored enterprise obligations 132,760 2,497 (236 ) 135,021 Mortgage backed securities - government agencies 857,283 2,495 (13,154 ) 846,624 Obligations of states and political subdivisions 75,488 289 (702 ) 75,075 Other 1,095 - (18 ) 1,077 Total available for sale debt securities $ 1,190,379 $ 5,281 $ (15,362 ) $ 1,180,298 |
Debt Securities, Held-to-Maturity [Table Text Block] | (in thousands) Carrying Unrecognized June 30, 2022 value Gains Losses Fair value U.S. Treasury and other U.S. Government obligations $ 219,574 $ - $ (4,559 ) $ 215,015 Government sponsored enterprise obligations 27,847 22 (665 ) 27,204 Mortgage backed securities - government agencies 238,028 1 (19,402 ) 218,627 Total held to maturity debt securities $ 485,449 $ 23 $ (24,626 ) $ 460,846 |
Investments Classified by Contractual Maturity Date [Table Text Block] | AFS Debt Securities HTM Debt Securities (in thousands) Amortized cost Fair value Carrying value Fair value Due within one year $ 9,518 $ 9,481 $ 16,029 $ 15,815 Due after one year but within five years 158,324 151,417 204,196 199,369 Due after five years but within 10 years 58,836 53,826 26,451 26,290 Due after 10 years 170,886 159,793 745 745 Mortgage backed securities - government agencies 857,086 765,522 238,028 218,627 Total available for sale debt securities $ 1,254,650 $ 1,140,039 $ 485,449 $ 460,846 |
Schedule of Unrealized Loss on Investments [Table Text Block] | AFS Debt Securities Less than 12 months 12 months or more Total (in thousands) Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2022 value losses value losses value losses U.S. Treasury and other U.S.Government obligations $ 115,533 $ (6,314 ) $ - $ - $ 115,533 $ (6,314 ) Government sponsored enterprise obligations 80,629 (3,574 ) 8,102 (302 ) 88,731 (3,876 ) Mortgage-backed securities - government agencies 472,323 (49,162 ) 273,568 (42,647 ) 745,891 (91,809 ) Obligations of states andpolitical subdivisions 126,114 (13,098 ) 823 (183 ) 126,937 (13,281 ) Other 6,014 (207 ) - - 6,014 (207 ) Total AFS debt securities $ 800,613 $ (72,355 ) $ 282,493 $ (43,132 ) $ 1,083,106 $ (115,487 ) December 31, 2021 U.S. Treasury and other U.S.Government obligations $ 122,501 $ (1,252 ) $ - $ - $ 122,501 $ (1,252 ) Government sponsored enterprise obligations 23,789 (223 ) 447 (13 ) 24,236 (236 ) Mortgage-backed securities - government agencies 615,130 (10,027 ) 102,637 (3,127 ) 717,767 (13,154 ) Obligations of states and political subdivisions 46,493 (686 ) 484 (16 ) 46,977 (702 ) Other 957 (18 ) - - 957 (18 ) Total AFS debt securities $ 808,870 $ (12,206 ) $ 103,568 $ (3,156 ) $ 912,438 $ (15,362 ) HTM Debt Securities Less than 12 months 12 months or more Total (in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized June 30, 2022 value losses value losses value losses U.S. Treasury and other U.S. Government obligations $ 215,015 $ (4,559 ) $ - $ - $ 215,015 $ (4,559 ) Government sponsored enterprise obligations 25,213 (665 ) - - 25,213 (665 ) Mortgage-backed securities - government agencies 218,534 (19,402 ) - - 218,534 (19,402 ) Total HTM debt securities $ 458,762 $ (24,626 ) $ - $ - $ 458,762 $ (24,626 ) |
Note 4 - Loans and Allowance _2
Note 4 - Loans and Allowance for Credit Losses on Loans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (in thousands) June 30, 2022 December 31, 2021 Commercial real estate - non-owner occupied $ 1,397,330 $ 1,128,244 Commercial real estate - owner occupied 787,559 678,405 Total commercial real estate 2,184,889 1,806,649 Commercial and industrial - term 667,338 596,710 Commercial and industrial - term - PPP 36,767 140,734 Commercial and industrial - lines of credit 423,066 370,312 Total commercial and industrial 1,127,171 1,107,756 Residential real estate - owner occupied 533,577 400,695 Residential real estate - non-owner occupied 293,852 281,018 Total residential real estate 827,429 681,713 Construction and land development 372,197 299,206 Home equity lines of credit 192,102 138,976 Consumer 137,278 104,294 Leases 14,611 13,622 Credits cards 21,647 17,087 Total loans (1) $ 4,877,324 $ 4,169,303 |
Purchased Financial Assets with Credit Deterioration [Table Text Block] | CB KB (in thousands) March 7, 2022 May 31, 2021 Purchase price of PCD loans at acquisition $ 88,549 $ 32,765 Allowance for credit losses at acquisition (9,950 ) (6,757 ) Non-credit discount at acquisition (4,094 ) (735 ) Fair value of PCD loans at acquisition $ 74,505 $ 25,273 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (in thousands) Beginning Initial Allowance on PCD Provision for Credit Losses Ending Three Months Ended June 30, 2022 Balance Loans on Loans Charge-offs Recoveries Balance Commercial real estate - non-owner occupied $ 20,620 $ - $ 101 $ - $ 2 $ 20,723 Commercial real estate - owner occupied 11,326 - (1,464 ) (41 ) 21 9,842 Total commercial real estate 31,946 - (1,363 ) (41 ) 23 30,565 Commercial and industrial - term 11,108 - 1,174 (15 ) 75 12,342 Commercial and industrial - lines of credit 6,508 - (1,508 ) - - 5,000 Total commercial and industrial 17,616 - (334 ) (15 ) 75 17,342 Residential real estate - owner occupied 5,363 - 575 (7 ) 57 5,988 Residential real estate - non-owner occupied 3,361 - (176 ) - 5 3,190 Total residential real estate 8,724 - 399 (7 ) 62 9,178 Construction and land development 5,864 - 422 (72 ) - 6,214 Home equity lines of credit 1,467 - 54 - - 1,521 Consumer 1,049 - 141 (235 ) 158 1,113 Leases 211 - 10 - - 221 Credit cards 190 - (29 ) - 47 208 Total $ 67,067 $ - $ (700 ) $ (370 ) $ 365 $ 66,362 (in thousands) Beginning Initial Allowance on PCD Provision for Credit Losses Ending Six Months Ended June 30, 2022 Balance Loans on Loans Charge-offs Recoveries Balance Commercial real estate - non-owner occupied $ 15,960 $ 3,508 $ 1,242 $ - $ 13 $ 20,723 Commercial real estate - owner occupied 9,595 2,121 (1,876 ) (41 ) 43 9,842 Total commercial real estate 25,555 5,629 (634 ) (41 ) 56 30,565 Commercial and industrial - term (1) 8,577 1,358 1,741 (128 ) 794 12,342 Commercial and industrial - lines of credit 4,802 1,874 (1,640 ) (36 ) - 5,000 Total commercial and industrial 13,379 3,232 101 (164 ) 794 17,342 Residential real estate - owner occupied 4,316 590 1,035 (13 ) 60 5,988 Residential real estate - non-owner occupied 3,677 - (495 ) - 8 3,190 Total residential real estate 7,993 590 540 (13 ) 68 9,178 Construction and land development 4,789 419 1,078 (72 ) - 6,214 Home equity lines of credit 1,044 2 475 - - 1,521 Consumer 772 78 403 (489 ) 349 1,113 Leases 204 - 17 - - 221 Credit cards 162 - (1 ) - 47 208 Total $ 53,898 $ 9,950 $ 1,979 $ (779 ) $ 1,314 $ 66,362 (in thousands) Beginning Initial Allowance on PCD Provision for Credit Losses Ending Three Months Ended June 30, 2021 Balance Loans on Loans Charge-offs Recoveries Balance Commercial real estate - non-owner occupied $ 20,062 $ 1,491 $ 1,255 $ (3,065 ) $ 4 $ 19,747 Commercial real estate - owner occupied 7,065 2,112 (184 ) - 555 9,548 Total commercial real estate 27,127 3,603 1,071 (3,065 ) 559 29,295 Commercial and industrial - term 8,469 1,022 355 (114 ) 16 9,748 Commercial and industrial - lines of credit 2,983 1,755 502 - - 5,240 Total commercial and industrial 11,452 2,777 857 (114 ) 16 14,988 Residential real estate - owner occupied 3,292 142 953 (40 ) 3 4,350 Residential real estate - non-owner occupied 1,709 88 1,624 - 1 3,422 Total residential real estate 5,001 230 2,577 (40 ) 4 7,772 Construction and land development 5,527 - (337 ) - 3 5,193 Home equity lines of credit 843 147 239 - 1 1,230 Consumer 395 - 285 (223 ) 115 572 Leases 235 - (3 ) - - 232 Credit cards 134 - 8 - - 142 Total $ 50,714 $ 6,757 $ 4,697 $ (3,442 ) $ 698 $ 59,424 (in thousands) Beginning Initial ACL on Loans Purchased with Credit Provision for Credit Losses Ending Six Months Ended June 30, 2021 Balance Deterioration on Loans Charge-offs Recoveries Balance Commercial real estate - non-owner occupied $ 19,396 $ 1,491 $ 1,890 $ (3,065 ) $ 35 $ 19,747 Commercial real estate - owner occupied 6,983 2,112 (102 ) - 555 9,548 Total commercial real estate 26,379 3,603 1,788 (3,065 ) 590 29,295 Commercial and industrial - term 8,970 1,022 (97 ) (169 ) 22 9,748 Commercial and industrial - lines of credit 3,614 1,755 (129 ) - - 5,240 Total commercial and industrial 12,584 2,777 (226 ) (169 ) 22 14,988 Residential real estate - owner occupied 3,389 142 859 (43 ) 3 4,350 Residential real estate - non-owner occupied 1,818 88 1,514 - 2 3,422 Total residential real estate 5,207 230 2,373 (43 ) 5 7,772 Construction and land development 6,119 - (929 ) - 3 5,193 Home equity lines of credit 895 147 187 - 1 1,230 Consumer 340 - 326 (287 ) 193 572 Leases 261 - (29 ) - - 232 Credit cards 135 - 7 - - 142 Total $ 51,920 $ 6,757 $ 3,497 $ (3,564 ) $ 814 $ 59,424 (in thousands) Accounts Receivable / ACL June 30, 2022 Real Estate Equipment Other Total Allocation Commercial real estate - non-owner occupied $ 4,216 $ - $ - $ 4,216 $ 588 Commercial real estate - owner occupied 3,601 - - 3,601 851 Total commercial real estate 7,817 - - 7,817 1,439 Commercial and industrial - term 537 485 284 1,306 354 Commercial and industrial - lines of credit 2,008 1,032 - 3,040 770 Total commercial and industrial 2,545 1,517 284 4,346 1,124 Residential real estate - owner occupied 4,029 - - 4,029 370 Residential real estate - non-owner occupied 438 - - 438 116 Total residential real estate 4,467 - - 4,467 486 Construction and land development 3,852 - - 3,852 419 Home equity lines of credit 378 - - 378 - Consumer - - 229 229 19 Leases - - - - - Credit cards - - - - - Total collateral dependent loans $ 19,059 $ 1,517 $ 513 $ 21,089 $ 3,487 (in thousands) Accounts Receivable / ACL December 31, 2021 Real Estate Equipment Other Total Allocation Commercial real estate - non-owner occupied $ 720 $ - $ - $ 720 $ - Commercial real estate - owner occupied 7,652 - - 7,652 1,652 Total commercial real estate 8,372 - - 8,372 1,652 Commercial and industrial - term - 598 - 598 - Commercial and industrial - lines of credit - 200 - 200 - Total commercial and industrial - 798 - 798 - Residential real estate - owner occupied 1,997 - - 1,997 - Residential real estate - non-owner occupied 502 - - 502 116 Total residential real estate 2,499 - - 2,499 116 Construction and land development - - - - - Home equity lines of credit 646 - - 646 - Consumer - - 247 247 - Leases - - - - - Credit cards - - - - - Total collateral dependent loans $ 11,517 $ 798 $ 247 $ 12,562 $ 1,768 |
Financing Receivable, Nonaccrual [Table Text Block] | Non-accrual Loans Past Due 90-Days- (in thousands) With No Total Troubled Debt or-More and Still June 30, 2022 Recorded ACL Non-accrual Loans Restructurings (1) Accruing Interest Commercial real estate - non-owner occupied $ — $ 647 $ — $ 27 Commercial real estate - owner occupied 298 1,593 — 528 Total commercial real estate 298 2,240 — 555 Commercial and industrial - term 419 1,023 — 224 Commercial and industrial - PPP — — — 33 Commercial and industrial - lines of credit — 164 — 49 Total commercial and industrial 419 1,187 — 306 Residential real estate - owner occupied 1,081 3,348 — — Residential real estate - non-owner occupied — 233 — 180 Total residential real estate 1,081 3,581 — 180 Construction and land development — — — — Home equity lines of credit — 378 — 40 Consumer — 441 — 75 Leases — — — — Credit cards — — — 20 Total $ 1,798 $ 7,827 $ — $ 1,176 Non-accrual Loans Past Due 90-Days- (in thousands) With No Total Troubled Debt or-More and Still December 31, 2021 Recorded ACL Non-accrual Loans Restructurings (1) Accruing Interest Commercial real estate - non-owner occupied $ 486 $ 720 $ — $ — Commercial real estate - owner occupied 665 1,748 — — Total commercial real estate 1,151 2,468 — — Commercial and industrial - term 419 670 12 — Commercial and industrial - PPP — — — 592 Commercial and industrial - lines of credit — 228 — 56 Total commercial and industrial 419 898 12 648 Residential real estate - owner occupied 805 1,997 — 36 Residential real estate - non-owner occupied — 293 — — Total residential real estate 805 2,290 — 36 Construction and land development — — — — Home equity lines of credit — 646 — — Consumer — 410 — — Leases — — — — Credit cards — — — — Total $ 2,375 $ 6,712 $ 12 $ 684 |
Financing Receivable, Past Due [Table Text Block] | (in thousands) 30-59 days 60-89 days 90 or more Total Total June 30, 2022 Current Past Due Past Due Days Past Due Past Due Loans Commercial real estate - non-owner occupied $ 1,393,506 $ 3,303 $ 308 $ 213 $ 3,824 $ 1,397,330 Commercial real estate - owner occupied 785,831 446 624 658 1,728 787,559 Total commercial real estate 2,179,337 3,749 932 871 5,552 2,184,889 Commercial and industrial - term 665,752 600 280 706 1,586 667,338 Commercial and industrial - term - PPP 34,421 2,236 77 33 2,346 36,767 Commercial and industrial - lines of credit 421,888 917 176 85 1,178 423,066 Total commercial and industrial 1,122,061 3,753 533 824 5,110 1,127,171 Residential real estate - owner occupied 529,094 1,945 410 2,128 4,483 533,577 Residential real estate - non-owner occupied 292,839 692 46 275 1,013 293,852 Total residential real estate 821,933 2,637 456 2,403 5,496 827,429 Construction and land development 371,869 328 — — 328 372,197 Home equity lines of credit 191,475 258 184 185 627 192,102 Consumer 136,447 395 84 352 831 137,278 Leases 14,611 — — — — 14,611 Credit cards 21,618 4 5 20 29 21,647 Total $ 4,859,351 $ 11,124 $ 2,194 $ 4,655 $ 17,973 $ 4,877,324 (in thousands) 30-59 days 60-89 days 90 or more Total Total December 31, 2021 Current Past Due Past Due Days Past Due Past Due Loans Commercial real estate - non-owner occupied $ 1,127,448 $ - $ 81 $ 715 $ 796 $ 1,128,244 Commercial real estate - owner occupied 677,231 360 327 487 1,174 678,405 Total commercial real estate 1,804,679 360 408 1,202 1,970 1,806,649 Commercial and industrial - term 595,070 1,032 44 564 1,640 596,710 Commercial and industrial - term - PPP 139,718 128 296 592 1,016 140,734 Commercial and industrial - lines of credit 369,963 271 22 56 349 370,312 Total commercial and industrial 1,104,751 1,431 362 1,212 3,005 1,107,756 Residential real estate - owner occupied 397,415 1,399 137 1,744 3,280 400,695 Residential real estate - non-owner occupied 280,257 403 258 100 761 281,018 Total residential real estate 677,672 1,802 395 1,844 4,041 681,713 Construction and land development 299,206 — — — — 299,206 Home equity lines of credit 138,141 279 47 509 835 138,976 Consumer 103,109 724 102 359 1,185 104,294 Leases 13,622 — — — — 13,622 Credit cards 17,087 — — — — 17,087 Total $ 4,158,267 $ 4,596 $ 1,314 $ 5,126 $ 11,036 $ 4,169,303 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Revolving loans (in thousands) Term Loans Amortized Cost Basis by Origination Year amortized June 30, 2022 2022 2021 2020 2019 2018 Prior cost basis Total Commercial real estate - non-owner occupied: Risk rating Pass $ 232,985 $ 390,203 $ 283,758 $ 143,894 $ 82,816 $ 179,300 $ 21,526 $ 1,334,482 OAEM 168 5,740 2,340 19,201 - 5,542 6,095 39,086 Substandard 4,174 298 3,041 8,124 - 7,378 100 23,115 Substandard non-performing - - 39 - - 608 - 647 Doubtful - - - - - - - - Total Commercial real estate non-owner occupied $ 237,327 $ 396,241 $ 289,178 $ 171,219 $ 82,816 $ 192,828 $ 27,721 $ 1,397,330 Commercial real estate - owner occupied: Risk rating Pass $ 81,564 $ 206,021 $ 198,696 $ 105,386 $ 73,275 $ 92,744 $ 8,592 $ 766,278 OAEM - 1,681 1,401 1,942 413 140 1,630 7,207 Substandard 2,279 1,170 - 6,965 1,993 74 - 12,481 Substandard non-performing - 1,234 - - - 359 - 1,593 Doubtful - - - - - - - - Total Commercial real estate owner occupied $ 83,843 $ 210,106 $ 200,097 $ 114,293 $ 75,681 $ 93,317 $ 10,222 $ 787,559 Commercial and industrial - term: Risk rating Pass $ 119,240 $ 279,221 $ 121,168 $ 51,121 $ 43,235 $ 42,936 $ - $ 656,921 OAEM 4,043 290 - 387 2,187 4 - 6,911 Substandard 201 1 - 1,742 151 388 - 2,483 Substandard non-performing 448 - 537 - 38 - - 1,023 Doubtful - - - - - - - - Total Commercial and industrial - term $ 123,932 $ 279,512 $ 121,705 $ 53,250 $ 45,611 $ 43,328 $ - $ 667,338 Commercial and industrial - PPP Risk rating Pass $ - $ 31,798 $ 4,969 $ - $ - $ - $ - $ 36,767 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Commercial and industrial - PPP $ - $ 31,798 $ 4,969 $ - $ - $ - $ - $ 36,767 Revolving loans (in thousands) Term Loans Amortized Cost Basis by Origination Year amortized June 30, 2022 2022 2021 2020 2019 2018 Prior cost basis Total Commercial and industrial - lines of credit Risk rating Pass $ 24,723 $ 20,389 $ 6,400 $ 11,627 $ 1,348 $ 1,425 $ 348,812 $ 414,724 OAEM - - - - - 415 4,319 4,734 Substandard - - 952 1,950 - - 542 3,444 Substandard non-performing - 38 - - - - 126 164 Doubtful - - - - - - - - Total Commercial and industrial - lines of credit $ 24,723 $ 20,427 $ 7,352 $ 13,577 $ 1,348 $ 1,840 $ 353,799 $ 423,066 Residential real estate - owner occupied Risk rating Pass $ 100,970 $ 196,501 $ 101,346 $ 32,169 $ 17,044 $ 81,166 $ - $ 529,196 OAEM - 98 - 80 - - - 178 Substandard - - 10 - 144 701 - 855 Substandard non-performing 48 202 73 500 299 2,226 - 3,348 Doubtful - - - - - - - - Total Residential real estate - owner occupied $ 101,018 $ 196,801 $ 101,429 $ 32,749 $ 17,487 $ 84,093 $ - $ 533,577 Residential real estate - non-owner occupied Risk rating Pass $ 55,304 $ 88,711 $ 61,711 $ 37,971 $ 20,982 $ 27,693 $ - $ 292,372 OAEM - - 121 271 128 375 - 895 Substandard - - - - - 352 - 352 Substandard non-performing 94 23 - - - 116 - 233 Doubtful - - - - - - - - Total Residential real estate - non-owner occupied $ 55,398 $ 88,734 $ 61,832 $ 38,242 $ 21,110 $ 28,536 $ - $ 293,852 Construction and land development Risk rating Pass $ 107,261 $ 120,471 $ 93,015 $ 15,495 $ 6,116 $ 1,740 $ 24,295 $ 368,393 OAEM - - - - - 87 - 87 Substandard - 340 - 3,090 - 287 - 3,717 Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Construction and land development $ 107,261 $ 120,811 $ 93,015 $ 18,585 $ 6,116 $ 2,114 $ 24,295 $ 372,197 Home equity lines of credit Risk rating Pass $ - $ - $ - $ - $ - $ - $ 191,685 $ 191,685 OAEM - - - - - - - - Substandard - - - - - - 39 39 Substandard non-performing - - - - - - 378 378 Doubtful - - - - - - - - Total Home equity lines of credit $ - $ - $ - $ - $ - $ - $ 192,102 $ 192,102 (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized June 30, 2022 2022 2021 2020 2019 2018 Prior cost basis Total Consumer Risk rating Pass $ 12,199 $ 21,563 $ 7,733 $ 7,333 $ 3,662 $ 2,829 $ 81,518 $ 136,837 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - 49 159 107 21 85 20 441 Doubtful - - - - - - - - Total Consumer $ 12,199 $ 21,612 $ 7,892 $ 7,440 $ 3,683 $ 2,914 $ 81,538 $ 137,278 Leases Risk rating Pass $ 3,503 $ 4,837 $ 3,041 $ 1,095 $ 962 $ 1,173 $ - $ 14,611 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Leases $ 3,503 $ 4,837 $ 3,041 $ 1,095 $ 962 $ 1,173 $ - $ 14,611 Credit cards Risk rating Pass $ - $ - $ - $ - $ - $ - $ 21,647 $ 21,647 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Credit cards $ - $ - $ - $ - $ - $ - $ 21,647 $ 21,647 Total loans Risk rating Pass $ 737,751 $ 1,359,715 $ 881,837 $ 406,091 $ 249,440 $ 431,005 $ 698,074 $ 4,763,913 OAEM 4,211 7,809 3,862 21,880 2,728 6,563 12,044 59,097 Substandard 6,654 1,808 4,003 21,871 2,288 9,181 682 46,487 Substandard non-performing 589 1,545 807 606 358 3,397 525 7,827 Doubtful - - - - - - - - Total Loans $ 749,205 $ 1,370,877 $ 890,509 $ 450,448 $ 254,814 $ 450,146 $ 711,325 $ 4,877,324 (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2021 2021 2020 2019 2018 2017 Prior cost basis Total Commercial real estate - non-owner occupied: Risk rating Pass $ 381,014 $ 298,177 $ 134,286 $ 86,638 $ 85,110 $ 81,635 $ 19,465 $ 1,086,325 OAEM 3,186 2,666 19,784 - 353 1,619 248 27,856 Substandard 4,174 1,440 - - - 7,629 100 13,343 Substandard non-performing - 39 78 - 592 11 - 720 Doubtful - - - - - - - - Total Commercial real estate non-owner occupied $ 388,374 $ 302,322 $ 154,148 $ 86,638 $ 86,055 $ 90,894 $ 19,813 $ 1,128,244 Commercial real estate - owner occupied: Risk rating Pass $ 203,545 $ 192,322 $ 91,078 $ 75,062 $ 33,713 $ 44,364 $ 9,236 $ 649,320 OAEM 1,681 1,480 3,568 469 1,506 124 570 9,398 Substandard 5,051 3,605 5,985 1,275 627 - 1,396 17,939 Substandard non-performing 1,259 - - - 32 457 - 1,748 Doubtful - - - - - - - - Total Commercial real estate owner occupied $ 211,536 $ 197,407 $ 100,631 $ 76,806 $ 35,878 $ 44,945 $ 11,202 $ 678,405 Commercial and industrial - term: Risk rating Pass $ 283,150 $ 143,211 $ 58,988 $ 52,388 $ 26,081 $ 24,421 $ - $ 588,239 OAEM 738 86 254 3,382 8 - - 4,468 Substandard 170 42 2,667 176 111 167 - 3,333 Substandard non-performing - 543 72 55 - - - 670 Doubtful - - - - - - - - Total Commercial and industrial - term $ 284,058 $ 143,882 $ 61,981 $ 56,001 $ 26,200 $ 24,588 $ - $ 596,710 Commercial and industrial - PPP Risk rating Pass $ 128,409 $ 12,325 $ - $ - $ - $ - $ - $ 140,734 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Commercial and industrial - PPP $ 128,409 $ 12,325 $ - $ - $ - $ - $ - $ 140,734 (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2021 2021 2020 2019 2018 2017 Prior cost basis Total Commercial and industrial - lines of credit Risk rating Pass $ 33,875 $ 8,352 $ 11,103 $ 1,039 $ 207 $ 193 $ 303,682 $ 358,451 OAEM - - - - - - 6,355 6,355 Substandard - - 1,916 - 1,549 - 1,813 5,278 Substandard non-performing - - - - - - 228 228 Doubtful - - - - - - - - Total Commercial and industrial - lines of credit $ 33,875 $ 8,352 $ 13,019 $ 1,039 $ 1,756 $ 193 $ 312,078 $ 370,312 Residential real estate - owner occupied Risk rating Pass $ 176,487 $ 99,936 $ 31,327 $ 17,259 $ 16,599 $ 56,639 $ - $ 398,247 OAEM 101 - 174 - - - - 275 Substandard - - - - 108 68 - 176 Substandard non-performing 164 103 136 230 714 650 - 1,997 Doubtful - - - - - - - - Total Residential real estate - owner occupied $ 176,752 $ 100,039 $ 31,637 $ 17,489 $ 17,421 $ 57,357 $ - $ 400,695 Residential real estate - non-owner occupied Risk rating Pass $ 94,482 $ 78,785 $ 46,177 $ 27,494 $ 16,171 $ 15,909 $ - $ 279,018 OAEM 352 126 281 132 - 462 - 1,353 Substandard - - - - - 354 - 354 Substandard non-performing 103 - 45 28 - 117 - 293 Doubtful - - - - - - - - Total Residential real estate - non-owner occupied $ 94,937 $ 78,911 $ 46,503 $ 27,654 $ 16,171 $ 16,842 $ - $ 281,018 Construction and land development Risk rating Pass $ 160,696 $ 99,699 $ 16,665 $ 6,262 $ 1,890 $ 1,156 $ 12,736 $ 299,104 OAEM - - - - 102 - - 102 Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Construction and land development $ 160,696 $ 99,699 $ 16,665 $ 6,262 $ 1,992 $ 1,156 $ 12,736 $ 299,206 Home equity lines of credit Risk rating Pass $ - $ - $ - $ - $ - $ - $ 138,239 $ 138,239 OAEM - - - - - - 91 91 Substandard - - - - - - - - Substandard non-performing - - - - - - 646 646 Doubtful - - - - - - - - Total Home equity lines of credit $ - $ - $ - $ - $ - $ - $ 138,976 $ 138,976 (in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving loans amortized December 31, 2021 2021 2020 2019 2018 2017 Prior cost basis Total Consumer Risk rating Pass $ 23,866 $ 9,316 $ 5,014 $ 1,260 $ 555 $ 646 $ 63,227 $ 103,884 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing 55 304 30 11 - 4 6 410 Doubtful - - - - - - - - Total Consumer $ 23,921 $ 9,620 $ 5,044 $ 1,271 $ 555 $ 650 $ 63,233 $ 104,294 Leases Risk rating Pass $ 5,375 $ 3,596 $ 1,375 $ 1,331 $ 406 $ 1,539 $ - $ 13,622 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Leases $ 5,375 $ 3,596 $ 1,375 $ 1,331 $ 406 $ 1,539 $ - $ 13,622 Credit cards Risk rating Pass $ - $ - $ - $ - $ - $ - $ 17,087 $ 17,087 OAEM - - - - - - - - Substandard - - - - - - - - Substandard non-performing - - - - - - - - Doubtful - - - - - - - - Total Credit cards $ - $ - $ - $ - $ - $ - $ 17,087 $ 17,087 Total loans Risk rating Pass $ 1,490,899 $ 945,719 $ 396,013 $ 268,733 $ 180,732 $ 226,502 $ 563,672 $ 4,072,270 OAEM 6,058 4,358 24,061 3,983 1,969 2,205 7,264 49,898 Substandard 9,395 5,087 10,568 1,451 2,395 8,218 3,309 40,423 Substandard non-performing 1,581 989 361 324 1,338 1,239 880 6,712 Doubtful - - - - - - - - Total Loans $ 1,507,933 $ 956,153 $ 431,003 $ 274,491 $ 186,434 $ 238,164 $ 575,125 $ 4,169,303 |
Financinng Receivable, Schedule of Payment Activity [Table Text Block] | June 30, December 31, (in thousands) 2022 2021 Credit cards Performing $ 21,647 $ 17,087 Non-performing — — Total credit cards $ 21,647 $ 17,087 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | June 30, 2022 December 31, 2021 Specific Additional Specific Additional reserve commitment reserve commitment (in thousands) Balance allocation to lend Balance allocation to lend Commercial real estate - owner occupied $ 917 $ 202 $ — $ 950 $ 202 $ — Commercial & industrial - term — — — 12 12 — Total TDRs $ 917 $ 202 $ — $ 962 $ 214 $ — |
Note 5 - Goodwill (Tables)
Note 5 - Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | June 30, December 31, (in thousands) 2022 2021 Commonwealth Bancshares (2022) $ 66,694 $ — Kentucky Bancshares (2021) 123,317 123,317 King Southern Bancorp (2019) 11,831 11,831 Austin State Bank (1996) 682 682 Total $ 202,524 $ 135,830 Three months ended Six months ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Balance at beginning of period $ 202,524 $ 12,513 $ 135,830 $ 12,513 Goodwill recorded due to acquisition — 124,016 66,694 124,016 Provisional period adjustments — — — — Impairment — — — — Balance at end of period $ 202,524 $ 136,529 $ 202,524 $ 136,529 |
Note 6 - Core Deposit and Cus_2
Note 6 - Core Deposit and Customer List Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Three months ended Six months ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Balance at beginning of period $ 17,826 $ 1,885 $ 5,596 $ 1,962 Core deposit intangible acquired — 3,404 12,724 3,404 Provisional period adjustments — — — — Amortization (956 ) (127 ) (1,450 ) (204 ) Balance at end of period $ 16,870 $ 5,162 $ 16,870 $ 5,162 Three months ended Six months ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Balance at beginning of period $ 14,142 $ - $ - $ - Customer list intangibles acquired — — 14,360 — Provisional period adjustments — — — — Amortization (655 ) — (873 ) - Balance at end of period $ 13,487 $ - $ 13,487 $ - |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) CDI CLI 2022 $ 1,912 $ 1,308 2023 3,015 2,002 2024 2,686 1,823 2025 2,375 1,643 2026 2,063 1,464 2027 1,752 1,284 2028 1,339 1,105 2029 888 925 2030 576 745 2031 264 566 2032 - 387 2033 - 207 2034 - 28 Total future expense $ 16,870 $ 13,487 |
Note 7 - Other Assets (Tables)
Note 7 - Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | June 30, December 31, (in thousands) 2022 2021 Cash surrender value of life insurance other than BOLI $ 15,297 $ 17,875 Net deferred tax asset 41,138 24,340 Investments in tax credit related ventures 14,626 11,084 Swap assets 6,475 3,148 Prepaid assets 4,016 4,469 Trust fees receivable 3,298 2,868 Mortgage servicing rights 16,504 4,528 Other real estate owned 7,601 7,212 Other 16,967 10,478 Total other assets $ 125,922 $ 86,002 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three months ended Six months ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Current income tax expense (benefit): Federal $ 3,393 $ (21 ) $ 3,607 $ 3,472 State 614 24 614 546 Total current income tax expense 4,007 3 4,221 4,018 Deferred income tax expense: Federal 2,622 679 3,464 1,516 State 918 182 1,307 791 Total deferred income tax expense 3,540 861 4,771 2,307 Change in valuation allowance - - - - Total income tax expense $ 7,547 $ 864 $ 8,992 $ 6,325 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 3.5 3.2 3.5 3.1 Excess tax benefit from stock-based compensation arrangements (1.6 ) (2.9 ) (2.4 ) (3.2 ) Change in cash surrender value of life insurance 0.9 (4.4 ) 1.1 (1.1 ) Tax credits (0.5 ) (1.2 ) (0.7 ) (0.6 ) Tax exempt interest income (0.6 ) (1.3 ) (0.8 ) (0.3 ) Non-deductible merger expenses 0.1 4.2 0.3 0.9 Insurance captive (0.2 ) (0.4 ) (0.4 ) (0.1 ) Other, net (0.7 ) (1.1 ) (1.1 ) (0.7 ) Effective tax rate 21.9 % 17.1 % 20.5 % 19.0 % |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | (in thousands) June 30, 2022 December 31, 2021 Non-interest bearing demand deposits $ 2,121,304 $ 1,755,754 Interest bearing deposits: Interest bearing demand 2,184,579 2,131,928 Savings 571,856 415,258 Money market 1,167,538 1,050,352 Time deposits of $250 thousand or more 95,958 89,745 Other time deposits(1) 407,895 344,477 Total time deposits 503,853 434,222 Total interest bearing deposits 4,427,826 4,031,760 Total deposits $ 6,549,130 $ 5,787,514 |
Note 10 - Securities Sold Und_2
Note 10 - Securities Sold Under Agreements to Repurchase (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Short-Term Debt [Table Text Block] | (dollars in thousands) June 30, 2022 December 31, 2021 Outstanding balance at end of period $ 161,512 $ 75,466 Weighted average interest rate at end of period 0.44 % 0.04 % Three months ended Six months ended June 30, June 30, (dollars in thousands) 2022 2021 2022 2021 Average outstanding balance during the period $ 140,169 $ 55,673 $ 115,761 $ 51,330 Average interest rate during the period 0.16 % 0.04 % 0.13 % 0.04 % Maximum outstanding at any month end during the period $ 161,512 $ 63,942 $ 161,512 $ 63,942 |
Note 11 - Subordinated Debent_2
Note 11 - Subordinated Debentures and Other Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Commonwealth Statutory Trust Commonwealth Statutory Trust Commonwealth Statutory Trust Total (in thousands) III IV V Trust preferred securities $ 3,093 $ 12,372 $ 11,341 $ 26,806 Subordinated debentures 3,000 12,000 11,000 26,000 Origination date 12/19/2003 12/15/2005 6/28/2007 Index LIBOR + 2.85% LIBOR + 1.35% LIBOR + 1.40% |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Off Balance Sheet Commitments to Extend Credit [Table Text Block] | (in thousands) June 30, 2022 December 31, 2021 Commercial and industrial $ 773,639 $ 625,858 Construction and land development 456,863 292,351 Home equity 356,309 247,885 Credit cards 58,391 40,471 Overdrafts 61,377 51,104 Letters of credit 34,877 30,779 Other 93,596 76,721 Future loan commitments 328,977 325,983 Total off balance sheet commitments to extend credit $ 2,164,029 $ 1,691,152 |
Note 13 - Assets and Liabilit_2
Note 13 - Assets and Liabilities Measured and Reported at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using: Total June 30, 2022 (in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Available for sale debt securities: U.S. Treasury and other U.S. Government obligations $ 115,532 $ — $ — $ 115,532 Government sponsored enterprise obligations — 117,703 — 117,703 Mortgage backed securities - government agencies — 765,522 — 765,522 Obligations of states and political subdivisions — 135,268 — 135,268 Other — 6,014 — 6,014 Total available for sale debt securities 115,532 1,024,507 — 1,140,039 Mortgage loans held for sale — 10,045 — 10,045 Rate lock loan commitments — 472 — 472 Mandatory forward contracts — 44 — 44 Interest rate swaps — 6,475 — 6,475 Total assets $ 115,532 $ 1,041,543 $ — $ 1,157,075 Liabilities: Interest rate swaps $ — $ 6,487 $ — $ 6,487 Fair Value Measurements Using: Total December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Fair Value Assets: Available for sale debt securities: U.S. Treasury and other U.S. government obligations $ 122,501 $ — $ — $ 122,501 Government sponsored enterprise obligations — 135,021 — 135,021 Mortgage backed securities - government agencies — 846,624 — 846,624 Obligations of states and political subdivisions — 75,075 — 75,075 Other — 1,077 — 1,077 Total available for sale debt securities 122,501 1,057,797 — 1,180,298 Interest rate swaps — 3,148 — 3,148 Total assets $ 122,501 $ 1,060,945 $ — $ 1,183,446 Liabilities: Interest rate swaps $ — $ 3,162 $ — $ 3,162 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Losses recorded Three months Six months Fair Value Measurements Using: Total ended ended June 30, 2022 (in thousands) Level 1 Level 2 Level 3 Fair Value June 30, 2022 June 30, 2022 Collateral dependent loans $ — $ — $ 12,554 $ 12,554 $ — $ — Other real estate owned — — 7,601 7,601 — — Losses recorded Three months Six months Fair Value Measurements Using: Total ended ended December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Fair Value June 30, 2021 June 30, 2021 Collateral dependent loans $ — $ — $ 4,487 $ 4,487 $ — $ — Other real estate owned — — 7,212 7,212 — — |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | June 30, 2022 (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Weighted Average Collateral dependent loans $ 12,554 Appraisal Appraisal discounts 23.2 % Other real estate owned 7,601 Appraisal Appraisal discounts 30.7 December 31, 2021 (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Weighted Average Collateral dependend loans $ 4,487 Appraisal Appraisal discounts 41.1 % Other real estate owned 7,212 Appraisal Appraisal discounts 31.6 |
Note 14 - Disclosure of Finan_2
Note 14 - Disclosure of Financial Instruments Not Reported at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | (in thousands) Carrying Fair Value Measurements Using: June 30, 2022 amount Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 573,869 $ 573,869 $ 573,869 $ — $ — HTM debt securities 485,449 460,846 — 460,846 — Federal Home Loan Bank stock 13,811 13,811 — 13,811 — Loans, net 4,810,962 4,699,580 — — 4,699,580 Accrued interest receivable 17,056 17,056 17,056 — — Liabilities Non-interest bearing deposits $ 2,121,304 $ 2,121,304 $ 2,121,304 $ — $ — Transaction deposits 3,923,973 3,923,973 — 3,923,973 — Time deposits 503,853 494,585 — 494,585 — Securities sold under agreement to repurchase 161,512 161,512 — 161,512 — Federal funds purchased 8,771 8,771 — 8,771 — Subordinated debentures 26,144 26,262 — 26,262 — Accrued interest payable 277 277 277 — — (in thousands) Carrying Fair Value Measurements Using: December 31, 2021 amount Fair value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 961,192 $ 961,192 $ 961,192 $ — $ — Mortgage loans held for sale 8,614 8,818 — 8,818 — Federal Home Loan Bank stock 9,376 9,376 — 9,376 — Loans, net 4,115,405 4,129,091 — — 4,129,091 Accrued interest receivable 13,745 13,745 13,745 — — Liabilities Non-interest bearing deposits $ 1,755,754 $ 1,755,754 $ 1,755,754 $ — $ — Transaction deposits 3,597,538 3,597,538 — 3,597,538 — Time deposits 434,222 433,813 — 433,813 — Securities sold under agreement to repurchase 75,466 75,466 — 75,466 — Federal funds purchased 10,374 10,374 — 10,374 — Accrued interest payable 300 300 300 — — |
Note 15 - Mortgage Banking Ac_2
Note 15 - Mortgage Banking Activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disclosure of Long-Lived Assets Held-for-sale [Table Text Block] | Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Balance, beginning of period: $ 9,323 $ 6,579 $ 8,614 $ 22,547 Origination of mortgage loans held for sale 43,814 50,692 79,643 119,431 Loans held for sale acquired - 3,071 3,559 3,071 Proceeds from the sale of mortgage loans held for sale (43,504 ) (55,844 ) (82,275 ) (141,747 ) Net gain on sale of mortgage loans held for sale 412 922 504 2,118 Balance, end of period $ 10,045 $ 5,420 $ 10,045 $ 5,420 |
Interest and Other Income [Table Text Block] | Three months ended Six months ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Net gain realized on sale of mortgage loans held for sale $ 412 $ 922 $ 504 $ 2,118 Net change in fair value recognized on loans held for sale 70 - 43 - Net change in fair value recognized on rate lock loan commitments 797 - 1,189 - Net change in fair value recognized on forward contracts (814 ) - (635 ) - Net gain recognized 465 922 1,101 2,118 Net loan servicing income 1,215 333 1,917 588 Amortization of mortgage servicing rights (856 ) (174 ) (1,337 ) (426 ) Change in mortgage servicing rights valuation allowance - - - - Net servicing income recognized 359 159 580 162 Other mortgage banking income 471 222 617 467 Total mortgage banking income $ 1,295 $ 1,303 $ 2,298 $ 2,747 |
Changes in Carrying Amount of MSRs [Table Text Block] | Three months ended Six months ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Balance at beginning of period $ 16,877 $ 2,865 $ 4,528 $ 2,710 MSRs acquired — 1,662 12,676 1,662 Additions for mortgage loans sold 483 304 637 711 Amortization (856 ) (174 ) (1,337 ) (426 ) Impairment — — — — Balance at end of period $ 16,504 $ 4,657 $ 16,504 $ 4,657 |
Mortgage Loans Held for Sale and Mortgage Banking Derivatives [Table Text Block] | June 30, 2022 (in thousands) Notional Amount Fair Value Included in Mortgage loans held for sale: Mortgage loans held for sale, at fair value $ 9,989 $ 10,045 Included in other assets: Rate lock loan commitments $ 17,951 $ 472 Mandatory forward contracts 18,459 44 |
Note 16 - Accumulated Other C_2
Note 16 - Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Net unrealized Net unrealized Minimum gains (losses) gains (losses) pension on available for on cash liability (in thousands) sale debt securities flow hedges adjustment Total Three months ended June 30, 2022 Balance, beginning of period $ (57,316 ) $ - $ (283 ) $ (57,599 ) Net current period other comprehensive loss (29,738 ) - - (29,738 ) Balance, end of period $ (87,054 ) $ - $ (283 ) $ (87,337 ) Three months ended June 30, 2021 Balance, beginning of period $ (2,513 ) $ (90 ) $ (447 ) $ (3,050 ) Net current period other comprehensive income 4,808 32 - 4,840 Balance, end of period $ 2,295 $ (58 ) $ (447 ) $ 1,790 Net unrealized Net unrealized Minimum gains (losses) gains (losses) pension on available for on cash liability (in thousands) sale debt securities flow hedges adjustment Total Six months ended June 30, 2022 Balance, beginning of period $ (7,657 ) $ - $ (283 ) $ (7,940 ) Net current period other comprehensive loss (79,397 ) - - (79,397 ) Balance, end of period $ (87,054 ) $ - $ (283 ) $ (87,337 ) Six months ended June 30, 2021 Balance, beginning of period $ 9,310 $ (122 ) $ (447 ) $ 8,741 Net current period other comprehensive income (loss) (7,015 ) 64 - (6,951 ) Balance, end of period $ 2,295 $ (58 ) $ (447 ) $ 1,790 |
Note 18 - Net Income Per Share
Note 18 - Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Six months ended June 30, June 30, (in thousands, except per share data) 2022 2021 2022 2021 Net income available to stockholders $ 26,794 $ 4,184 $ 34,700 $ 26,894 Weighted average shares outstanding - basic 29,131 24,140 28,186 23,489 Dilutive securities 215 239 235 242 Weighted average shares outstanding- diluted 29,346 24,379 28,421 23,731 Net income per share - basic $ 0.92 $ 0.17 $ 1.23 $ 1.14 Net income per share - diluted 0.91 0.17 1.22 1.13 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended Six months ended (shares in thousands) June 30, June 30, 2022 2021 2022 2021 Antidilutive SARs 61 29 61 29 |
Note 19 - Stock-based Compens_2
Note 19 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award Fair Value Assumptions and Methodology [Table Text Block] | Assumptions 2022 2021 Dividend yield 2.38 % 2.52 % Expected volatility 25.42 % 25.21 % Risk free interest rate 1.98 % 1.23 % Expected life (in years) 7.1 7.1 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended June 30, 2022 (in thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 94 $ 350 $ 87 $ 526 $ 1,057 Deferred tax benefit (19 ) (74 ) (18 ) (111 ) (222 ) Total net expense $ 75 $ 276 $ 69 $ 415 $ 835 Three months ended June 30, 2021 (in thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 86 $ 337 $ 78 $ 913 $ 1,414 Deferred tax benefit (18 ) (71 ) (16 ) (192 ) (297 ) Total net expense $ 68 $ 266 $ 62 $ 721 $ 1,117 Six months ended June 30, 2022 (in thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 187 $ 682 $ 172 $ 1,007 $ 2,048 Deferred tax benefit (39 ) (144 ) (36 ) (212 ) (431 ) Total net expense $ 148 $ 538 $ 136 $ 795 $ 1,617 Six months ended June 30, 2021 (in thousands) Stock Appreciation Rights Restricted Stock Awards Restricted Stock Units Performance Stock Units Total Expense $ 175 $ 666 $ 154 $ 1,268 $ 2,263 Deferred tax benefit (37 ) (140 ) (32 ) (267 ) (476 ) Total net expense $ 138 $ 526 $ 122 $ 1,001 $ 1,787 |
Share-Based Payment Arrangement, Nonvested Award, Cost [Table Text Block] | Stock (in thousands) Appreciation Restricted Restricted Performance Year ended Rights Stock Awards Stock Units Stock Units Total Remainder of 2022 $ 189 $ 715 $ 159 $ 1,054 $ 2,117 2023 311 1,232 2 1,303 2,848 2024 205 1,002 — 603 1,810 2025 146 763 — — 909 2026 88 436 — — 524 2027 10 50 — — 60 Total estimated expense $ 949 $ 4,198 $ 161 $ 2,960 $ 8,268 |
Share-Based Payment Arrangement, Option and Stock Appreciation Rights, Activity [Table Text Block] | Weighted Weighted Weighted average average Aggregate average remaining Exercise exercise intrinsic fair contractual (in thousands, except per share data) SARs price price value(1) value life (in years) Outstanding, January 1, 2021 593 $15.24 - $40.00 $ 27.47 $ 7,706 $ 4.44 5.1 Granted 30 47.17 - 50.71 50.48 — 9.69 Exercised (108 ) 15.24 - 19.37 16.40 4,239 2.85 Forfeited — — — — — Outstanding, December 31, 2021 515 $15.24 - $50.71 $ 31.16 $ 16,854 $ 5.08 5.1 Outstanding, January 1, 2022 515 $15.24 - $50.71 $ 31.16 $ 16,854 $ 5.08 5.1 Granted 33 53.29 - 54.91 54.86 — 11.82 Exercised (61 ) 15.24 - 36.65 16.69 2,544 2.78 Forfeited — — — — — Outstanding, June 30, 2022 487 $15.24 - $54.91 $ 34.58 $ 12,294 $ 5.83 5.4 Vested and exercisable 349 $15.24 - $50.71 $ 30.84 $ 10,121 $ 4.97 4.4 Unvested 138 35.90 - 54.91 44.06 2,173 8.08 3.3 Outstanding, June 30, 2022 487 $15.24 - $54.91 $ 34.58 $ 12,294 $ 5.83 5.4 Vested in the current year 43 $35.90 - $50.71 $ 39.29 $ 881 $ 6.71 |
Schedule of Nonvested Share Activity [Table Text Block] | Grant date weighted (in thousands, except per share data) RSAs average cost Unvested at January 1, 2021 99 $ 36.85 Shares awarded 39 46.90 Restrictions lapsed and shares released (34 ) 35.48 Shares forfeited (5 ) 40.81 Unvested at December 31, 2021 99 $ 41.07 Unvested at January 1, 2022 99 $ 41.07 Shares awarded 36 58.47 Restrictions lapsed and shares released (31 ) 40.38 Shares forfeited (3 ) 45.15 Unvested at June 30, 2022 101 $ 47.25 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Vesting Expected Grant period Fair shares to year in years value be awarded 2020 3 $ 32.27 65,111 2021 3 44.44 47,280 2022 3 48.48 36,350 |
Note 20 - Interest Rate Swaps (
Note 20 - Interest Rate Swaps (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Not Designated as Hedging Instrument [Member] | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | Receiving Paying June 30, December 31, June 30, December 31, (dollars in thousands) 2022 2021 2022 2021 Notional amount $ 141,432 $ 123,983 $ 141,432 $ 123,983 Weighted average maturity (years) 7.6 7.2 7.6 7.2 Fair value $ 6,475 $ 3,148 $ 6,487 $ 3,162 |
Note 21 - Regulatory Matters (T
Note 21 - Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | (dollars in thousands) Actual Minimum for adequately capitalized Minimum for well capitalized June 30, 2022 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (1) Consolidated $ 701,168 12.27 % $ 457,306 8.00 % NA NA Bank 662,354 11.63 455,798 8.00 $ 569,747 10.00 % Common equity tier 1 risk-based capital (1) Consolidated 617,901 10.81 257,235 4.50 NA NA Bank 605,087 10.62 256,386 4.50 370,336 6.50 Tier 1 risk-based capital (1) Consolidated 643,901 11.26 342,980 6.00 NA NA Bank 605,087 10.62 341,848 6.00 455,798 8.00 Leverage (2) Consolidated 643,901 8.58 300,343 4.00 NA NA Bank 605,087 8.06 300,127 4.00 375,159 5.00 (dollars in thousands) Actual Minimum for adequately capitalized Minimum for well capitalized December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (1) Consolidated $ 596,411 12.79 % $ 372,929 8.00 % NA NA Bank 577,078 12.42 371,809 8.00 $ 464,761 10.00 % Common equity tier 1 risk-based capital (1) Consolidated 556,590 11.94 209,772 4.50 NA NA Bank 537,257 11.56 209,142 4.50 302,095 6.50 Tier 1 risk-based capital (1) Consolidated 556,590 11.94 279,696 6.00 NA NA Bank 537,257 11.56 278,857 6.00 371,809 8.00 Leverage (2) Consolidated 556,590 8.86 251,348 4.00 NA NA Bank 537,257 8.57 250,871 4.00 313,588 5.00 |
Note 22 - Segments (Tables)
Note 22 - Segments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended June 30, 2022 Three months ended June 30, 2021 (in thousands) Commercial Banking WM&T Total Commercial Banking WM&T Total Net interest income $ 56,888 $ 96 $ 56,984 $ 41,516 $ 68 $ 41,584 Provision for credit losses (200 ) — (200 ) 4,147 — 4,147 Wealth management and trust services — 9,495 9,495 — 6,858 6,858 All other non-interest income 12,445 — 12,445 8,930 — 8,930 Non-interest expenses 38,876 5,799 44,675 44,481 3,696 48,177 Income before income tax expense 30,657 3,792 34,449 1,818 3,230 5,048 Income tax expense 6,724 823 7,547 190 674 864 Net income 23,933 2,969 26,902 1,628 2,556 4,184 Less net income attributable to NCI 108 — 108 — — — Net income attributable to stockholders $ 23,825 $ 2,969 $ 26,794 $ 1,628 $ 2,556 $ 4,184 Segment assets $ 7,550,846 $ 32,259 $ 7,583,105 $ 6,084,185 $ 3,887 $ 6,088,072 Six months ended June 30, 2022 Six months ended June 30, 2021 (in thousands) Commercial Banking WM&T Total Commercial Banking WM&T Total Net interest income $ 105,541 $ 203 $ 105,744 $ 79,258 $ 151 $ 79,409 Provision for credit losses 2,079 — 2,079 2,672 — 2,672 Wealth management and trust services — 17,738 17,738 — 13,106 13,106 All other non-interest income 23,405 — 23,405 16,526 — 16,526 Non-interest expenses 90,566 10,406 100,972 66,177 6,973 73,150 Income before income tax expense 36,301 7,535 43,836 26,935 6,284 33,219 Income tax expense 7,357 1,635 8,992 4,988 1,337 6,325 Net income 28,944 5,900 34,844 21,947 4,947 26,894 Less net income attributable to NCI 144 — 144 — — — Net income attributable to stockholders $ 28,800 $ 5,900 $ 34,700 $ 21,947 $ 4,947 $ 26,894 Segment assets $ 7,550,846 $ 32,259 $ 7,583,105 $ 6,084,185 $ 3,887 $ 6,088,072 |
Note 23 - Revenue From Contra_2
Note 23 - Revenue From Contracts With Customers (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended June 30, 2022 Three months ended June 30, 2021 (in thousands) Commercial Banking WM&T Total Commercial Banking WM&T Total Wealth management and trust services $ — $ 9,495 $ 9,495 $ — $ 6,858 $ 6,858 Deposit service charges 2,061 — 2,061 1,233 — 1,233 Debit and credit card income 4,748 — 4,748 3,284 — 3,284 Treasury management fees 2,187 — 2,187 1,730 — 1,730 Mortgage banking income(1) 1,295 — 1,295 1,303 — 1,303 Net investment product sales commissions and fees 731 — 731 545 — 545 Bank owned life insurance(1) 270 — 270 206 — 206 Other(2) 1,153 — 1,153 629 — 629 Total non-interest income $ 12,445 $ 9,495 $ 21,940 $ 8,930 $ 6,858 $ 15,788 Six months ended June 30, 2022 Six months ended June 30, 2021 (Dollars in thousands) Commercial Banking WM&T Total Commercial Banking WM&T Total Wealth management and trust services $ — $ 17,738 $ 17,738 $ — $ 13,106 $ 13,106 Deposit service charges 3,924 — 3,924 2,177 — 2,177 Debit and credit card income 8,867 — 8,867 5,557 — 5,557 Treasury management fees 4,091 — 4,091 3,270 — 3,270 Mortgage banking income(1) 2,298 — 2,298 2,747 — 2,747 Gain on sale of securities — — — — — — Net investment product sales commissions and fees 1,338 — 1,338 1,009 — 1,009 Bank owned life insurance(1) 536 — 536 367 — 367 Other(2) 2,351 — 2,351 1,399 — 1,399 Total non-interest income $ 23,405 $ 17,738 $ 41,143 $ 16,526 $ 13,106 $ 29,632 |
Note 24 - Leases (Tables)
Note 24 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Detail Regarding Operating Leases of Lessee [Table Text Block] | (dollars in thousands) June 30, 2022 December 31, 2021 Balance Sheet Operating lease right-of-use asset $ 16,711 $ 14,958 Operating lease liability 18,113 16,408 Weighted average remaining lease term (years) 8.5 9.4 Weighted average discount rate 2.90 % 3.02 % Maturities of lease liabilities: One year or less $ 1,675 $ 2,634 Year two 3,358 2,673 Year three 3,057 2,408 Year four 2,318 1,924 Year five 1,842 1,608 Greater than five years 8,330 7,699 Total lease payments $ 20,580 $ 18,946 Less imputed interest 2,467 2,538 Total $ 18,113 $ 16,408 Three months ended Three months ended (in thousands) June 30, 2022 June 30, 2021 Income Statement Components of lease expense: Operating lease cost $ 792 $ 520 Variable lease cost 58 62 Less sublease income 24 13 Total lease cost $ 826 $ 569 Six months ended Six months ended (in thousands) June 30, 2022 June 30, 2021 Income Statement Components of lease expense: Operating lease cost $ 1,448 $ 1,007 Variable lease cost 115 113 Less sublease income 48 27 Total lease cost $ 1,515 $ 1,093 Six months ended Six months ended (in thousands) June 30, 2022 June 30, 2021 Cash flow Statement Supplemental cash flow information: Operating cash flows from operating leases $ 1,800 $ 1,190 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Mar. 07, 2022 | |
Number of Operating Segments | 2 | |||||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | $ 2,000,000 | $ 2,000,000 | $ 0 | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Ending Balance | 0 | $ 0 | 0 | |||
Mortgage Servicing Rights, Amortization Period (Year) | 7 years | |||||
Goodwill, Impairment Loss | 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Cash Reserve Deposit Required and Made | $ 200,000 | $ 200,000 | ||||
Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||
Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |||||
Commonwealth [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||||
Landmark Financial Advisors, LLC (LFA) [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 60% |
Note 2 - Acquisition (Details T
Note 2 - Acquisition (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Mar. 07, 2022 USD ($) | May 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |||
Business Combination, Consideration Transferred, Total | $ 167,913,000 | $ 232,946,000 | ||||||||||
Debt Securities, Held-to-Maturity, Fair Value, Total | $ 460,846,000 | 460,846,000 | $ 0 | |||||||||
Goodwill, Ending Balance | 202,524,000 | $ 202,524,000 | $ 136,529,000 | 202,524,000 | 136,529,000 | 135,830,000 | $ 12,513,000 | $ 12,513,000 | ||||
Business Combination, Acquisition Related Costs | 0 | 18,100,000 | 19,500,000 | 18,500,000 | ||||||||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 91,000,000 | $ 2,000,000 | 2,111,000 | 91,094,000 | ||||||||
Commonwealth [Member] | ||||||||||||
Business Combination, Consideration Transferred, Total | $ 167,913,000 | |||||||||||
Number of Branches | 15 | |||||||||||
Debt Securities, Held-to-Maturity, Fair Value, Total | $ 162,000,000 | |||||||||||
Goodwill, Ending Balance | 67,000,000 | 66,694,000 | 66,694,000 | 0 | ||||||||
Business Combination, Acquired Receivable, Fair Value | 540,000,000 | |||||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 549,000,000 | |||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 11,700,000 | 14,900,000 | ||||||||||
Commonwealth [Member] | Merger Related Credit Loss [Member] | ||||||||||||
Business Combination, Acquisition Related Costs | 7,400,000 | 4,400,000 | 7,400,000 | |||||||||
Commonwealth [Member] | Pre-tax Merger Expenses [Member] | ||||||||||||
Business Combination, Acquisition Related Costs | 18,100,000 | 24,100,000 | 18,500,000 | |||||||||
Commonwealth [Member] | Jefferson County in Kentucky [Member] | ||||||||||||
Number of Branches | 9 | |||||||||||
Commonwealth [Member] | Shelby County in Kentucky [Member] | ||||||||||||
Number of Branches | 4 | |||||||||||
Commonwealth [Member] | Northern Kentucky [Member] | ||||||||||||
Number of Branches | 2 | |||||||||||
Kentucky Bancshares [Member] | ||||||||||||
Business Combination, Consideration Transferred, Total | $ 232,946,000 | |||||||||||
Goodwill, Ending Balance | $ 123,317,000 | $ 123,317,000 | 123,317,000 | |||||||||
Business Combination, Acquired Receivable, Fair Value | 724,000,000 | |||||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 723,000,000 | |||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 4,500,000 | 4,500,000 | ||||||||||
Number of Branches Acquired | 19 | |||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | [1],[2] | $ 999,000 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Prepaid and Other Assets | $ (70,000) | [2],[3] | (70,000) | |||||||||
Kentucky Bancshares [Member] | Core Deposits [Member] | ||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $ 999,000 | |||||||||||
Kentucky Bancshares [Member] | Merger Related Credit Loss [Member] | ||||||||||||
Business Combination, Acquisition Related Costs | 7,400,000 | 7,400,000 | ||||||||||
Kentucky Bancshares [Member] | Pre-tax Merger Expenses [Member] | ||||||||||||
Business Combination, Acquisition Related Costs | $ 18,100,000 | $ 18,500,000 | ||||||||||
[1]Calculation of CDI related to the acquisition. During the third quarter of 2021, a provisional period adjustment of $999,000 was recorded based on revised inputs used in the CDI calculation.[2]See the following page for explanations or individual fair value and provisional period adjustments.[3]Adjustment to other assets to reflect the estimated fair value of prepaid and other assets. During the third quarter of 2021, a provisional period adjustment of $70,000 was recorded for the write off of miscellaneous mortgage servicing fees. |
Note 2 - Acquisition - Summary
Note 2 - Acquisition - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Mar. 07, 2022 | May 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 01, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | ||||
Goodwill, Ending Balance | $ 202,524,000 | $ 136,529,000 | $ 202,524,000 | $ 136,529,000 | $ 135,830,000 | $ 202,524,000 | $ 12,513,000 | $ 12,513,000 | ||||||
Consideration paid in acquisition | 30,994,000 | 28,276,000 | ||||||||||||
Total consideration paid | 167,913,000 | 232,946,000 | ||||||||||||
Goodwill | 0 | $ 124,016,000 | 66,694,000 | $ 124,016,000 | ||||||||||
Commonwealth [Member] | ||||||||||||||
Mortgage loans held for sale | $ 3,559,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | [1] | 246,793,000 | ||||||||||||
Federal Home Loan Bank stock, at cost | 4,436,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Gross | 632,404,000 | |||||||||||||
Allowance for credits losses on loans | (9,950,000) | $ (9,950,000) | ||||||||||||
Net loans | 622,454,000 | |||||||||||||
Premises and equipment, net | 32,793,000 | |||||||||||||
Accrued interest receivable | 1,973,000 | |||||||||||||
Goodwill, Ending Balance | 67,000,000 | 66,694,000 | 66,694,000 | 0 | ||||||||||
Mortgage servicing rights | 12,676,000 | |||||||||||||
Deferred income taxes, net | (3,727,000) | |||||||||||||
Other assets | 8,324,000 | |||||||||||||
Total assets acquired | 1,336,815,000 | |||||||||||||
Non-interest bearing | 302,098,000 | |||||||||||||
Interest bearing | 818,705,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 1,120,803,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Securities Sold under Repurchase Agreement | 66,220,000 | |||||||||||||
Subordinated debentures | 26,012,000 | |||||||||||||
Line of credit | 3,200,000 | |||||||||||||
Accrued interest payable | 243,000 | |||||||||||||
Other liabilities | 19,118,000 | |||||||||||||
Total liabilities assumed | 1,235,596,000 | |||||||||||||
Net assets acquired | 101,219,000 | |||||||||||||
Consideration for common stock | 133,825,000 | |||||||||||||
Consideration paid in acquisition | 30,994,000 | |||||||||||||
Noncontrolling interest of acquired entity | 3,094,000 | |||||||||||||
Total consideration paid | 167,913,000 | |||||||||||||
Goodwill | 66,694,000 | |||||||||||||
Deferred income taxes, net | 3,727,000 | |||||||||||||
Commonwealth [Member] | Core Deposits [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 12,724,000 | |||||||||||||
Commonwealth [Member] | Customer Lists [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 14,360,000 | |||||||||||||
Commonwealth [Member] | Cash [Member] | ||||||||||||||
Cash and due from banks | 380,450,000 | |||||||||||||
Commonwealth [Member] | As Recorded By Acquiree [Member] | ||||||||||||||
Mortgage loans held for sale | 3,559,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | [1] | 247,209,000 | ||||||||||||
Federal Home Loan Bank stock, at cost | 4,436,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Gross | 645,551,000 | |||||||||||||
Allowance for credits losses on loans | (16,102,000) | (16,102) | ||||||||||||
Net loans | 629,449,000 | |||||||||||||
Premises and equipment, net | 28,784,000 | |||||||||||||
Accrued interest receivable | 1,973,000 | |||||||||||||
Goodwill, Ending Balance | 5,412,000 | |||||||||||||
Mortgage servicing rights | 9,387,000 | |||||||||||||
Deferred income taxes, net | 0 | |||||||||||||
Other assets | 9,389,000 | |||||||||||||
Total assets acquired | 1,320,048,000 | |||||||||||||
Non-interest bearing | 302,098,000 | |||||||||||||
Interest bearing | 818,334,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 1,120,432,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Securities Sold under Repurchase Agreement | 66,220,000 | |||||||||||||
Subordinated debentures | 26,806,000 | |||||||||||||
Line of credit | 3,200,000 | |||||||||||||
Accrued interest payable | 243,000 | |||||||||||||
Other liabilities | 17,822,000 | |||||||||||||
Total liabilities assumed | 1,234,723,000 | |||||||||||||
Net assets acquired | 85,325,000 | |||||||||||||
Deferred income taxes, net | 0 | |||||||||||||
Commonwealth [Member] | As Recorded By Acquiree [Member] | Core Deposits [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | |||||||||||||
Commonwealth [Member] | As Recorded By Acquiree [Member] | Customer Lists [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | |||||||||||||
Commonwealth [Member] | As Recorded By Acquiree [Member] | Cash [Member] | ||||||||||||||
Cash and due from banks | 380,450,000 | |||||||||||||
Commonwealth [Member] | As Adjusted By Acquirer [Member] | ||||||||||||||
Mortgage loans held for sale | [2] | 0 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | [1],[2],[3] | (416,000) | ||||||||||||
Federal Home Loan Bank stock, at cost | [2] | 0 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Gross | [2],[4] | (13,147,000) | ||||||||||||
Allowance for credits losses on loans | 6,152,000 | [2],[5] | (6,152,000) | |||||||||||
Net loans | [2] | (6,995,000) | ||||||||||||
Premises and equipment, net | [2],[6] | 4,009,000 | ||||||||||||
Accrued interest receivable | [2] | 0 | ||||||||||||
Goodwill, Ending Balance | [2],[7] | (5,412,000) | ||||||||||||
Mortgage servicing rights | [2],[8] | 3,289,000 | ||||||||||||
Deferred income taxes, net | [2],[9] | (3,727,000) | ||||||||||||
Other assets | [2],[10] | (1,065,000) | ||||||||||||
Total assets acquired | [2] | 16,767,000 | ||||||||||||
Non-interest bearing | [2] | 0 | ||||||||||||
Interest bearing | [2],[11] | 371,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | [2] | 371,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Securities Sold under Repurchase Agreement | [2] | 0 | ||||||||||||
Subordinated debentures | [2],[12] | (794,000) | ||||||||||||
Line of credit | [2] | 0 | ||||||||||||
Accrued interest payable | [2] | 0 | ||||||||||||
Other liabilities | [2],[13] | 1,296,000 | ||||||||||||
Total liabilities assumed | [2] | 873,000 | ||||||||||||
Net assets acquired | [2] | 15,894,000 | ||||||||||||
Deferred income taxes, net | [2],[9] | 3,727,000 | ||||||||||||
Commonwealth [Member] | As Adjusted By Acquirer [Member] | Core Deposits [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2],[14] | 12,724,000 | ||||||||||||
Commonwealth [Member] | As Adjusted By Acquirer [Member] | Customer Lists [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2],[15] | 14,360,000 | ||||||||||||
Commonwealth [Member] | As Adjusted By Acquirer [Member] | Cash [Member] | ||||||||||||||
Cash and due from banks | [2] | $ 0 | ||||||||||||
Kentucky Bancshares [Member] | ||||||||||||||
Mortgage loans held for sale | $ 3,071,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 395,862,000 | |||||||||||||
Federal Home Loan Bank stock, at cost | 7,072,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Gross | 755,175,000 | |||||||||||||
Allowance for credits losses on loans | (6,757) | (6,757,000) | ||||||||||||
Net loans | 748,418,000 | |||||||||||||
Premises and equipment, net | 21,040,000 | |||||||||||||
Accrued interest receivable | 4,939,000 | |||||||||||||
Goodwill, Ending Balance | $ 123,317,000 | $ 123,317,000 | 123,317,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,403,000 | |||||||||||||
Mortgage servicing rights | 1,662,000 | |||||||||||||
Deferred income taxes, net | (2,341,000) | |||||||||||||
Other assets | 4,485,000 | |||||||||||||
Total assets acquired | 1,266,010,000 | |||||||||||||
Non-interest bearing | 359,544,000 | |||||||||||||
Interest bearing | 679,674,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 1,039,218,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Securities Sold under Repurchase Agreement | 11,360,000 | |||||||||||||
Accrued interest payable | 505,000 | |||||||||||||
Other liabilities | 14,227,000 | |||||||||||||
Total liabilities assumed | 1,156,381,000 | |||||||||||||
Net assets acquired | 109,629,000 | |||||||||||||
Consideration for common stock | 204,670,000 | |||||||||||||
Consideration paid in acquisition | 28,276,000 | |||||||||||||
Total consideration paid | 232,946,000 | |||||||||||||
Goodwill | 123,317,000 | |||||||||||||
Bank owned life insurance | 18,909,000 | |||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | [16],[17] | 999,000 | ||||||||||||
Other real estate owned | 551,000 | |||||||||||||
Deferred income taxes, net | 2,341,000 | |||||||||||||
Deferred income taxes, net | [9],[17] | (230,000) | ||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Prepaid and Other Assets | (70,000) | [17],[18] | (70,000) | |||||||||||
Total assets acquired, adjustment | [17] | 699,000 | ||||||||||||
Federal Home Loan Bank advances | 91,071,000 | |||||||||||||
Kentucky Bancshares [Member] | Core Deposits [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,000,000 | |||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $ 999,000 | |||||||||||||
Kentucky Bancshares [Member] | Cash [Member] | ||||||||||||||
Cash and due from banks | 53,257,000 | |||||||||||||
Kentucky Bancshares [Member] | As Recorded By Acquiree [Member] | ||||||||||||||
Mortgage loans held for sale | 3,071,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 396,157,000 | |||||||||||||
Federal Home Loan Bank stock, at cost | 7,072,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Gross | 755,932,000 | |||||||||||||
Allowance for credits losses on loans | (9,491) | (9,491,000) | ||||||||||||
Net loans | 746,441,000 | |||||||||||||
Premises and equipment, net | 27,401,000 | |||||||||||||
Accrued interest receivable | 4,939,000 | |||||||||||||
Goodwill, Ending Balance | 14,001,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | |||||||||||||
Mortgage servicing rights | 1,628,000 | |||||||||||||
Deferred income taxes, net | (1,856,000) | |||||||||||||
Other assets | 6,421,000 | |||||||||||||
Total assets acquired | 1,281,827,000 | |||||||||||||
Non-interest bearing | 359,544,000 | |||||||||||||
Interest bearing | 678,528,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 1,038,072,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Securities Sold under Repurchase Agreement | 11,360,000 | |||||||||||||
Accrued interest payable | 505,000 | |||||||||||||
Other liabilities | 16,231,000 | |||||||||||||
Total liabilities assumed | 1,154,749,000 | |||||||||||||
Net assets acquired | 127,078,000 | |||||||||||||
Bank owned life insurance | 18,909,000 | |||||||||||||
Other real estate owned | 674,000 | |||||||||||||
Deferred income taxes, net | 1,856,000 | |||||||||||||
Federal Home Loan Bank advances | 88,581,000 | |||||||||||||
Kentucky Bancshares [Member] | As Recorded By Acquiree [Member] | Cash [Member] | ||||||||||||||
Cash and due from banks | 53,257,000 | |||||||||||||
Kentucky Bancshares [Member] | As Adjusted By Acquirer [Member] | ||||||||||||||
Mortgage loans held for sale | [17] | 0 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | [17],[19] | (295,000) | ||||||||||||
Federal Home Loan Bank stock, at cost | [17] | 0 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Gross | (757,000) | [17],[20] | (757,000) | |||||||||||
Allowance for credits losses on loans | 2,734 | [17],[21] | $ (2,734,000) | |||||||||||
Net loans | [17] | 1,977,000 | ||||||||||||
Premises and equipment, net | [6],[17] | (6,361,000) | ||||||||||||
Accrued interest receivable | [17] | 0 | ||||||||||||
Goodwill, Ending Balance | [17],[22] | (14,001,000) | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [16],[17] | 3,404,000 | ||||||||||||
Mortgage servicing rights | [17],[23] | 34,000 | ||||||||||||
Deferred income taxes, net | [9],[17] | (715,000) | ||||||||||||
Other assets | [17],[18] | (1,866,000) | ||||||||||||
Total assets acquired | [17] | (16,516,000) | ||||||||||||
Non-interest bearing | [17] | 0 | ||||||||||||
Interest bearing | [11],[17] | 1,146,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | [17] | 1,146,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Securities Sold under Repurchase Agreement | [17] | 0 | ||||||||||||
Accrued interest payable | [17] | 0 | ||||||||||||
Other liabilities | [17],[24] | (2,004,000) | ||||||||||||
Total liabilities assumed | [17] | 1,632,000 | ||||||||||||
Net assets acquired | [17] | (18,148,000) | ||||||||||||
Bank owned life insurance | [17] | 0 | ||||||||||||
Other real estate owned | [17],[25] | (123,000) | ||||||||||||
Deferred income taxes, net | [9],[17] | 715,000 | ||||||||||||
Federal Home Loan Bank advances | [17],[26] | 2,490,000 | ||||||||||||
Kentucky Bancshares [Member] | As Adjusted By Acquirer [Member] | Cash [Member] | ||||||||||||||
Cash and due from banks | [17] | $ 0 | ||||||||||||
[1]As of acquisition date, securities with a fair value of $162 million were classified by Bancorp as HTM.[2]See the following page for explanations or individual fair value and provisional period adjustments (if applicable).[3]Adjustment to investment securities based on Bancorp’s evaluation of the acquired portfolio.[4]Adjustments to loans to reflect estimated fair value adjustments, including the following: (in thousands) Fair value adjustment - acquired non PCD loans $ (9,216 ) Fair value adjustment - acquired PCD loans (4,094 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge 163 Net loan fair value adjustments $ (13,147 )[5]The net adjustment to allowance for credit losses includes the following: (in thousands) Reversal of historical CB allowance for credit losses on loans $ (16,102 ) Estimate of lifetime credit losses for PCD loans 9,950 Net change in allowance for credit losses $ (6,152 )[6]Adjustment to premises and equipment to reflect the estimated fair value of acquired premises and equipment and right of use assets. Bancorp expects to make provisional period adjustments to premises and equipment during the third quarter of 2022 based on the sale of acquired buildings.[7]Elimination of the historical CB goodwill.[8]Adjustment to reflect the estimated fair value of MSRs.[9]Adjustment to net DTAs associated with the effects of the purchase accounting adjustments.[10]Adjustment to other assets to reflect the estimated fair value of prepaid and other assets.[11]Adjustment to deposits to reflect the estimated fair value of time deposits in interest rates, which was based on an analysis of market interest rates and maturity dates at the time of acquisition.[12]Adjustment to reflect the estimated fair value of subordinated debentures for differences in interest rates, which was based primarily on an analysis of market interest rates and maturity dates at the time of acquisition.[13]Adjustment to other liabilities to establish the reserve for unfunded loan commitments under CECL, operating lease liabilities and various accrual adjustments.[14]Calculation of CDI related to the acquisition.[15]Calculation of CLI related to the acquisition.[16]Calculation of CDI related to the acquisition. During the third quarter of 2021, a provisional period adjustment of $999,000 was recorded based on revised inputs used in the CDI calculation.[17]See the following page for explanations or individual fair value and provisional period adjustments.[18]Adjustment to other assets to reflect the estimated fair value of prepaid and other assets. During the third quarter of 2021, a provisional period adjustment of $70,000 was recorded for the write off of miscellaneous mortgage servicing fees.[19]Adjustment based on Bancorp’s evaluation of the acquired investment portfolio. Bancorp sold approximately $91 million in AFS debt securities shortly after acquisition.[20]Adjustments to loans to reflect estimated fair value adjustments, including the following: (in thousands) Fair value adjustment - acquired non PCD loans $ 228 Fair value adjustment - acquired PCD loans (735 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge (250 ) Net loan fair value adjustments $ (757 )[21]The net adjustment to allowance for credit losses includes the following: (in thousands) Reversal of historical KB allowance for credit losses on loans $ 9,491 Estimate of lifetime credit losses for PCD loans (6,757 ) Net change in allowance for credit losses $ 2,734[22]Elimination of the historical KB goodwill.[23]Adjustment to reflect the estimated fair value of mortgage servicing rights.[24]Adjustment to other liabilities to establish the reserve for unfunded loan commitments under CECL and various accrual adjustments.[25]Adjustment to reflect the estimated fair value of other real estate owned.[26]Adjustment to reflect the estimated fair value of Federal Home Loan Bank advances for differences in interest rates, which was based primarily on an analysis of current market interest rates and maturity dates. All KB FHLB advances were paid off immediately upon acquisition. |
Note 2 - Acquisition - Loans Fa
Note 2 - Acquisition - Loans Fair Value Adjustment (Details) - USD ($) $ in Thousands | Mar. 07, 2022 | Jun. 01, 2021 | May 31, 2021 | ||
Commonwealth [Member] | |||||
Net loan fair value adjustments | $ 632,404 | ||||
Commonwealth [Member] | As Adjusted By Acquirer [Member] | |||||
Fair value adjustment - acquired non PCD loans | (9,216) | ||||
Fair value adjustment - acquired PCD loans | (4,094) | ||||
Eliminate unrecognized loan fees on acquired loans and fair value hedge | 163 | ||||
Net loan fair value adjustments | [1],[2] | $ (13,147) | |||
Kentucky Bancshares [Member] | |||||
Net loan fair value adjustments | $ 755,175 | ||||
Kentucky Bancshares [Member] | As Adjusted By Acquirer [Member] | |||||
Fair value adjustment - acquired non PCD loans | $ 228 | ||||
Fair value adjustment - acquired PCD loans | (735) | ||||
Eliminate unrecognized loan fees on acquired loans and fair value hedge | (250) | ||||
Net loan fair value adjustments | $ (757) | $ (757) | [3],[4] | ||
[1]Adjustments to loans to reflect estimated fair value adjustments, including the following: (in thousands) Fair value adjustment - acquired non PCD loans $ (9,216 ) Fair value adjustment - acquired PCD loans (4,094 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge 163 Net loan fair value adjustments $ (13,147 )[2]See the following page for explanations or individual fair value and provisional period adjustments (if applicable).[3]Adjustments to loans to reflect estimated fair value adjustments, including the following: (in thousands) Fair value adjustment - acquired non PCD loans $ 228 Fair value adjustment - acquired PCD loans (735 ) Eliminate unrecognized loan fees on acquired loans and fair value hedge (250 ) Net loan fair value adjustments $ (757 )[4]See the following page for explanations or individual fair value and provisional period adjustments. |
Note 2 - Acquisition - Net Adju
Note 2 - Acquisition - Net Adjustments to Allowance for Credit Losses (Details) - USD ($) | Mar. 07, 2022 | Jun. 01, 2021 | May 31, 2021 | ||
Commonwealth [Member] | |||||
Allowance for credits losses on loans | $ (9,950,000) | $ (9,950,000) | |||
Allowance for credits losses on loans | 9,950,000 | 9,950,000 | |||
Commonwealth [Member] | As Recorded By Acquiree [Member] | |||||
Allowance for credits losses on loans | (16,102,000) | (16,102) | |||
Allowance for credits losses on loans | 16,102,000 | 16,102 | |||
Commonwealth [Member] | As Adjusted By Acquirer [Member] | |||||
Allowance for credits losses on loans | 6,152,000 | [1],[2] | (6,152,000) | ||
Allowance for credits losses on loans | $ (6,152,000) | [1],[2] | 6,152,000 | ||
Kentucky Bancshares [Member] | |||||
Allowance for credits losses on loans | (6,757,000) | $ (6,757) | |||
Allowance for credits losses on loans | 6,757,000 | 6,757 | |||
Kentucky Bancshares [Member] | As Recorded By Acquiree [Member] | |||||
Allowance for credits losses on loans | (9,491,000) | (9,491) | |||
Allowance for credits losses on loans | 9,491,000 | 9,491 | |||
Kentucky Bancshares [Member] | As Adjusted By Acquirer [Member] | |||||
Allowance for credits losses on loans | (2,734,000) | 2,734 | [3],[4] | ||
Allowance for credits losses on loans | $ 2,734,000 | $ (2,734) | [3],[4] | ||
[1]See the following page for explanations or individual fair value and provisional period adjustments (if applicable).[2]The net adjustment to allowance for credit losses includes the following: (in thousands) Reversal of historical CB allowance for credit losses on loans $ (16,102 ) Estimate of lifetime credit losses for PCD loans 9,950 Net change in allowance for credit losses $ (6,152 )[3]See the following page for explanations or individual fair value and provisional period adjustments.[4]The net adjustment to allowance for credit losses includes the following: (in thousands) Reversal of historical KB allowance for credit losses on loans $ 9,491 Estimate of lifetime credit losses for PCD loans (6,757 ) Net change in allowance for credit losses $ 2,734 |
Note 2 - Acquisition - Unaudite
Note 2 - Acquisition - Unaudited Pro Forma Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||||
Commonwealth [Member] | |||||||
Net interest income | $ 56,984 | $ 55,595 | $ 110,777 | $ 111,106 | |||
Provision for credit losses | (200) | (3,167) | (2,350) | [1] | (4,242) | [1] | |
Non-interest income | 21,940 | 29,396 | 44,083 | 59,430 | |||
Non-interest expense | 44,675 | 52,563 | 91,964 | [2] | 102,993 | [2] | |
Income before taxes | 34,449 | 35,595 | 65,246 | 71,785 | |||
Income tax expense | 7,547 | 6,735 | 14,014 | 13,676 | |||
Net income | 26,902 | 28,860 | 51,232 | 58,109 | |||
Less net income attributed to noncontrolling interest | 108 | 94 | 159 | 174 | |||
Net income available to stockholders | $ 26,794 | $ 28,766 | $ 51,073 | $ 57,935 | |||
Basic (in dollars per share) | $ 0.92 | $ 0.99 | $ 1.76 | $ 2 | |||
Diluted (in dollars per share) | $ 0.91 | $ 0.98 | $ 1.74 | $ 1.98 | |||
Basic weighted average shares outstanding (in shares) | 29,131 | 29,049 | 29,094 | 29,022 | |||
Diluted weighted average shares outstanding (in shares) | 29,346 | 29,288 | 29,355 | 29,263 | |||
Kentucky Bancshares [Member] | |||||||
Net interest income | $ 47,465 | $ 94,043 | |||||
Provision for credit losses | [3] | (3,167) | (4,542) | ||||
Non-interest income | 18,078 | 36,090 | |||||
Non-interest expense | [4] | 37,257 | 71,803 | ||||
Income before taxes | 31,453 | 62,872 | |||||
Income tax expense | 6,026 | 11,979 | |||||
Net income | 25,427 | 50,893 | |||||
Less net income attributed to noncontrolling interest | 0 | 0 | |||||
Net income available to stockholders | $ 25,427 | $ 50,893 | |||||
Basic (in dollars per share) | $ 0.95 | $ 1.91 | |||||
Diluted (in dollars per share) | $ 0.94 | $ 1.89 | |||||
Basic weighted average shares outstanding (in shares) | 26,687 | 26,670 | |||||
Diluted weighted average shares outstanding (in shares) | 26,926 | 26,911 | |||||
[1]Excludes $4.4 million in merger related credit loss expense for the six months ended June 30, 2022.Excludes $7.4 million in merger related credit loss expense for the three and six months ended June 30, 2021, respectively.[2]Excludes $24.1 million in pre-tax merger expenses for the six months ended June 30, 2022. Excludes $18.1 million and $18.5million in pre-tax merger expenses for the three and six months ended June 30, 2021, respectively.[3]Excludes $7.4 million in merger related credit loss expense for the three and six months ended June 30, 2021, respectively.[4]Excludes $18.1 million and $18.5 million in pre-tax merger expenses for the three and six months ended June 30, 2021, respectively. |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) | 3 Months Ended | 6 Months Ended | |||||
May 31, 2021 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Mar. 07, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Debt Securities, Held-to-Maturity, Number of Securities | 0 | ||||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Ending Balance | $ 0 | $ 0 | |||||
Debt Securities, Held-to-Maturity, Nonaccrual | 0 | ||||||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | 2,000,000 | $ 0 | |||||
Debt Securities, Available-for-sale, Number of Positions Sold | 3 | ||||||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 91,000,000 | $ 2,000,000 | 2,111,000 | $ 91,094,000 | |||
Debt Securities, Available-for-Sale, Gain (Loss), Total | $ (92,000) | ||||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Ending Balance | $ 0 | ||||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 540 | 227 | |||||
Collateral Pledged [Member] | |||||||
Debt Securities, Available-for-Sale, Restricted | $ 1,040,000 | $ 879,000,000 | |||||
Commonwealth [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | [1] | $ 246,793,000 | |||||
Other Assets [Member] | |||||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Total | 3,000,000 | $ 3,000,000 | |||||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | $ 2,000,000 | ||||||
[1]As of acquisition date, securities with a fair value of $162 million were classified by Bancorp as HTM. |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Securities available-for-sale, amortized cost | $ 1,254,650 | $ 1,190,379 |
Securities available-for-sale, unrealized gains | 876 | 5,281 |
Securities available-for-sale, unrealized losses | (115,487) | (15,362) |
Securities available-for-sale, fair value | 1,140,039 | 1,180,298 |
US Treasury Securities and US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 121,846 | 123,753 |
Securities available-for-sale, unrealized gains | 0 | 0 |
Securities available-for-sale, unrealized losses | (6,314) | (1,252) |
Securities available-for-sale, fair value | 115,532 | 122,501 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 120,954 | 132,760 |
Securities available-for-sale, unrealized gains | 625 | 2,497 |
Securities available-for-sale, unrealized losses | (3,876) | (236) |
Securities available-for-sale, fair value | 117,703 | 135,021 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available-for-sale, amortized cost | 857,086 | 857,283 |
Securities available-for-sale, unrealized gains | 245 | 2,495 |
Securities available-for-sale, unrealized losses | (91,809) | (13,154) |
Securities available-for-sale, fair value | 765,522 | 846,624 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 148,543 | 75,488 |
Securities available-for-sale, unrealized gains | 6 | 289 |
Securities available-for-sale, unrealized losses | (13,281) | (702) |
Securities available-for-sale, fair value | 135,268 | 75,075 |
Other Debt Obligations [Member] | ||
Securities available-for-sale, amortized cost | 6,221 | 1,095 |
Securities available-for-sale, unrealized gains | 0 | 0 |
Securities available-for-sale, unrealized losses | (207) | (18) |
Securities available-for-sale, fair value | $ 6,014 | $ 1,077 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Held to Maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Securities held-to-maturity, carrying value | $ 485,449 | $ 0 |
Securities held-to-maturity, gains | 23 | |
Securities held-to-maturity, losses | (24,626) | |
Debt Securities, Held-to-Maturity, Fair Value, Total | 460,846 | $ 0 |
US Treasury Securities and US Government Agencies Debt Securities [Member] | ||
Securities held-to-maturity, carrying value | 219,574 | |
Securities held-to-maturity, gains | 0 | |
Securities held-to-maturity, losses | (4,559) | |
Debt Securities, Held-to-Maturity, Fair Value, Total | 215,015 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities held-to-maturity, carrying value | 27,847 | |
Securities held-to-maturity, gains | 22 | |
Securities held-to-maturity, losses | (665) | |
Debt Securities, Held-to-Maturity, Fair Value, Total | 27,204 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities held-to-maturity, carrying value | 238,028 | |
Securities held-to-maturity, gains | 1 | |
Securities held-to-maturity, losses | (19,402) | |
Debt Securities, Held-to-Maturity, Fair Value, Total | $ 218,627 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Due within one year, AFS, amortized cost | $ 9,518 | |
Due within one year, AFS, fair value | 9,481 | |
Due within one year, HTM, carrying value | 16,029 | |
Due within one year, HTM, fair value | 15,815 | |
Due after one year but within five years, AFS, amortized cost | 158,324 | |
Due after one year but within five years, AFS, fair value | 151,417 | |
Due after one year but within five years, HTM, carrying value | 204,196 | |
Due after one year but within five years, HTM, fair value | 199,369 | |
Due after five years but within 10 years, AFS, amortized cost | 58,836 | |
Due after five years but within 10 years, AFS, fair value | 53,826 | |
Due after five years but within 10 years, HTM, carrying value | 26,451 | |
Due after five years but within 10 years, HTM, fair value | 26,290 | |
Due after 10 years, AFS, amortized cost | 170,886 | |
Due after 10 years, AFS, fair value | 159,793 | |
Due after 10 years, HTM, carrying value | 745 | |
Due after 10 years, HTM, fair value | 745 | |
Mortgage-backed securities – government agencies, AFS, amortized cost | 857,086 | |
Mortgage-backed securities – government agencies, AFS, fair value | 765,522 | |
Mortgage backed securities - government agencies, HTM, carrying value | 238,028 | |
Mortgage backed securities - government agencies, HTM, fair value | 218,627 | |
Total available for sale debt securities, amortized cost | 1,254,650 | $ 1,190,379 |
Total available for sale debt securities, fair value | 1,140,039 | 1,180,298 |
Total held to maturity debt securities, carrying value | 485,449 | |
Total held to maturity debt securities, fair value | $ 460,846 | $ 0 |
Note 3 - Investment Securitie_6
Note 3 - Investment Securities - Securities With Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Securities available-for-sale, less than 12 months, fair value | $ 800,613 | $ 808,870 |
Securities available-for-sale, less than 12 months, unrealized losses | (72,355) | (12,206) |
Securities available-for-sale, 12 months or more, fair value | 282,493 | 103,568 |
Securities available-for-sale, 12 months or more, unrealized losses | (43,132) | (3,156) |
Securities available-for-sale, fair value | 1,083,106 | 912,438 |
Securities available-for-sale, unrealized losses | (115,487) | (15,362) |
Securities HTM, less than 12 months, fair value | 458,762 | |
Securities HTM, less than 12 months, unrealized losses | (24,626) | |
Securities HTM, 12 months or more, fair value | 0 | |
Securities HTM, 12 months or more, unrealized losses | 0 | |
Securities HTM, fair value | 458,762 | |
Securities HTM, unrealized losses | (24,626) | |
US Treasury Securities and US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 115,533 | 122,501 |
Securities available-for-sale, less than 12 months, unrealized losses | (6,314) | (1,252) |
Securities available-for-sale, 12 months or more, fair value | 0 | 0 |
Securities available-for-sale, 12 months or more, unrealized losses | 0 | 0 |
Securities available-for-sale, fair value | 115,533 | 122,501 |
Securities available-for-sale, unrealized losses | (6,314) | (1,252) |
Securities HTM, less than 12 months, fair value | 215,015 | |
Securities HTM, less than 12 months, unrealized losses | (4,559) | |
Securities HTM, 12 months or more, fair value | 0 | |
Securities HTM, 12 months or more, unrealized losses | 0 | |
Securities HTM, fair value | 215,015 | |
Securities HTM, unrealized losses | (4,559) | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 80,629 | 23,789 |
Securities available-for-sale, less than 12 months, unrealized losses | (3,574) | (223) |
Securities available-for-sale, 12 months or more, fair value | 8,102 | 447 |
Securities available-for-sale, 12 months or more, unrealized losses | (302) | (13) |
Securities available-for-sale, fair value | 88,731 | 24,236 |
Securities available-for-sale, unrealized losses | (3,876) | (236) |
Securities HTM, less than 12 months, fair value | 25,213 | |
Securities HTM, less than 12 months, unrealized losses | (665) | |
Securities HTM, 12 months or more, fair value | 0 | |
Securities HTM, 12 months or more, unrealized losses | 0 | |
Securities HTM, fair value | 25,213 | |
Securities HTM, unrealized losses | (665) | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 472,323 | 615,130 |
Securities available-for-sale, less than 12 months, unrealized losses | (49,162) | (10,027) |
Securities available-for-sale, 12 months or more, fair value | 273,568 | 102,637 |
Securities available-for-sale, 12 months or more, unrealized losses | (42,647) | (3,127) |
Securities available-for-sale, fair value | 745,891 | 717,767 |
Securities available-for-sale, unrealized losses | (91,809) | (13,154) |
Securities HTM, less than 12 months, fair value | 218,534 | |
Securities HTM, less than 12 months, unrealized losses | (19,402) | |
Securities HTM, 12 months or more, fair value | 0 | |
Securities HTM, 12 months or more, unrealized losses | 0 | |
Securities HTM, fair value | 218,534 | |
Securities HTM, unrealized losses | (19,402) | |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 126,114 | 46,493 |
Securities available-for-sale, less than 12 months, unrealized losses | (13,098) | (686) |
Securities available-for-sale, 12 months or more, fair value | 823 | 484 |
Securities available-for-sale, 12 months or more, unrealized losses | (183) | (16) |
Securities available-for-sale, fair value | 126,937 | 46,977 |
Securities available-for-sale, unrealized losses | (13,281) | (702) |
Other Debt Obligations [Member] | ||
Securities available-for-sale, less than 12 months, fair value | 6,014 | 957 |
Securities available-for-sale, less than 12 months, unrealized losses | (207) | (18) |
Securities available-for-sale, 12 months or more, fair value | 0 | 0 |
Securities available-for-sale, 12 months or more, unrealized losses | 0 | 0 |
Securities available-for-sale, fair value | 6,014 | 957 |
Securities available-for-sale, unrealized losses | $ (207) | $ (18) |
Note 4 - Loans and Allowance _3
Note 4 - Loans and Allowance for Credit Losses on Loans (Details Textual) Pure in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Mar. 07, 2022 USD ($) | Dec. 31, 2021 USD ($) | May 31, 2021 USD ($) | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 12,000,000 | $ 12,000,000 | $ 11,000,000 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | [1] | 4,877,324,000 | 4,877,324,000 | 4,169,303,000 | ||||
Loans and Leases Receivable, Related Parties, Ending Balance | 59,000,000 | 59,000,000 | 54,000,000 | |||||
Financing Receivable, after Allowance for Credit Loss, Total | 4,810,962,000 | 4,810,962,000 | 4,115,405,000 | |||||
Financing Receivable, Purchased with Credit Deterioration, Interest Income | 2,000,000 | $ 151,000 | 2,900,000 | $ 151,000 | ||||
Financing Receivable, Nonaccrual, Interest Income | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 0 | 0 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 0 | ||||
Mortgage Loans in Process of Foreclosure, Amount | $ 1,200,000 | $ 1,200,000 | 917,000 | |||||
Asset Pledged as Collateral [Member] | Federal Home Loan Bank Advances [Member] | ||||||||
Financing Receivable, before Allowance for Credit Loss, Total | 2,660,000,000 | 2,660,000,000 | $ 2,200,000,000 | |||||
Commonwealth [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Gross | $ 632,404,000 | |||||||
Commonwealth [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||||||
Financing Receivable, after Allowance for Credit Loss, Total | 69,000,000 | 69,000,000 | ||||||
Kentucky Bancshares [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Gross | $ 755,175,000 | |||||||
Kentucky Bancshares [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 12,000,000 | $ 12,000,000 | ||||||
[1]Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs. |
Note 4 - Loans and Allowance _4
Note 4 - Loans and Allowance for Credit Losses on Loans - Loans by Loan Portfolio Class (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Loans | [1] | $ 4,877,324 | $ 4,169,303 |
Home Equity Line of Credit [Member] | |||
Loans | 192,102 | 138,976 | |
Credit Card Receivable [Member] | |||
Loans | 21,647 | 17,087 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 2,184,889 | 1,806,649 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Loans | 1,397,330 | 1,128,244 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Loans | 787,559 | 678,405 | |
Commercial and Industrial Portfolio Segment [Member] | Term, Excluding PPP [Member] | |||
Loans | 667,338 | 596,710 | |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | |||
Loans | 667,338 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | |||
Loans | 36,767 | 140,734 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | |||
Loans | 423,066 | 370,312 | |
Total Commercial and Industrial Portfolio Segment [Member] | |||
Loans | 1,127,171 | 1,107,756 | |
Residential Real Estate Portfolio Segment [Member] | |||
Loans | 827,429 | 681,713 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Loans | 293,852 | 281,018 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Loans | 533,577 | 400,695 | |
Construction and Development [Member] | |||
Loans | 372,197 | 299,206 | |
Consumer Portfolio Segment [Member] | |||
Loans | 137,278 | 104,294 | |
Finance Leases Portfolio Segment [Member] | |||
Loans | $ 14,611 | $ 13,622 | |
[1]Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs. |
Note 4 - Loans and Allowance _5
Note 4 - Loans and Allowance for Credit Losses on Loans - PCD Loans (Details) - USD ($) $ in Thousands | Mar. 07, 2022 | May 31, 2021 |
Commonwealth [Member] | ||
Purchase price of PCD loans at acquisition | $ 88,549 | |
Allowance for credit losses at acquisition | (9,950) | |
Non-credit discount at acquisition | (4,094) | |
Fair value of PCD loans at acquisition | $ 74,505 | |
Kentucky Bancshares [Member] | ||
Purchase price of PCD loans at acquisition | $ 32,765 | |
Allowance for credit losses at acquisition | (6,757) | |
Non-credit discount at acquisition | (735) | |
Fair value of PCD loans at acquisition | $ 25,273 |
Note 4 - Loans and Allowance _6
Note 4 - Loans and Allowance for Credit Losses on Loans - Allowance for Loan Losses by Portfolio Segment and Based on Impairment Evaluation Method (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Beginning balance | $ 67,067 | $ 50,714 | $ 53,898 | $ 51,920 | |
Initial Allowance on PCD Loans | 0 | 6,757 | 9,950 | 6,757 | |
Provision for credit losses | (700) | 4,697 | 1,979 | 3,497 | |
Charge-offs | (370) | (3,442) | (779) | (3,564) | |
Recoveries | 365 | 698 | 1,314 | 814 | |
Ending balance | 66,362 | 59,424 | 66,362 | 59,424 | |
Loans, individually evaluated for impairment | 21,089 | 21,089 | $ 12,562 | ||
Allowance for loans, individually evaluated for impairment | 3,487 | 3,487 | 1,768 | ||
Real Estate [Member] | |||||
Loans, individually evaluated for impairment | 19,059 | 19,059 | 11,517 | ||
Accounts Receivable and Equipment [Member] | |||||
Loans, individually evaluated for impairment | 1,517 | 1,517 | 798 | ||
Other Collateral [Member] | |||||
Loans, individually evaluated for impairment | 513 | 513 | 247 | ||
Home Equity Line of Credit [Member] | |||||
Beginning balance | 1,467 | 843 | 1,044 | 895 | |
Initial Allowance on PCD Loans | 0 | 147 | 2 | 147 | |
Provision for credit losses | 54 | 239 | 475 | 187 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 1 | 0 | 1 | |
Ending balance | 1,521 | 1,230 | 1,521 | 1,230 | |
Loans, individually evaluated for impairment | 378 | 378 | 646 | ||
Allowance for loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Home Equity Line of Credit [Member] | Real Estate [Member] | |||||
Loans, individually evaluated for impairment | 378 | 378 | 646 | ||
Home Equity Line of Credit [Member] | Accounts Receivable and Equipment [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Home Equity Line of Credit [Member] | Other Collateral [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | |||||
Beginning balance | 31,946 | 27,127 | 25,555 | 26,379 | |
Initial Allowance on PCD Loans | 0 | 3,603 | 5,629 | 3,603 | |
Provision for credit losses | (1,363) | 1,071 | (634) | 1,788 | |
Charge-offs | (41) | (3,065) | (41) | (3,065) | |
Recoveries | 23 | 559 | 56 | 590 | |
Ending balance | 30,565 | 29,295 | 30,565 | 29,295 | |
Loans, individually evaluated for impairment | 7,817 | 7,817 | 8,372 | ||
Allowance for loans, individually evaluated for impairment | 1,439 | 1,439 | 1,652 | ||
Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member] | |||||
Loans, individually evaluated for impairment | 7,817 | 7,817 | 8,372 | ||
Commercial Real Estate Portfolio Segment [Member] | Accounts Receivable and Equipment [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Other Collateral [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||||
Beginning balance | 20,620 | 20,062 | 15,960 | 19,396 | |
Initial Allowance on PCD Loans | 0 | 1,491 | 3,508 | 1,491 | |
Provision for credit losses | 101 | 1,255 | 1,242 | 1,890 | |
Charge-offs | 0 | (3,065) | 0 | (3,065) | |
Recoveries | 2 | 4 | 13 | 35 | |
Ending balance | 20,723 | 19,747 | 20,723 | 19,747 | |
Loans, individually evaluated for impairment | 4,216 | 4,216 | 720 | ||
Allowance for loans, individually evaluated for impairment | 588 | 588 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Real Estate [Member] | |||||
Loans, individually evaluated for impairment | 4,216 | 4,216 | 720 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Accounts Receivable and Equipment [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Other Collateral [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||||
Beginning balance | 11,326 | 7,065 | 9,595 | 6,983 | |
Initial Allowance on PCD Loans | 0 | 2,112 | 2,121 | 2,112 | |
Provision for credit losses | (1,464) | (184) | (1,876) | (102) | |
Charge-offs | (41) | 0 | (41) | 0 | |
Recoveries | 21 | 555 | 43 | 555 | |
Ending balance | 9,842 | 9,548 | 9,842 | 9,548 | |
Loans, individually evaluated for impairment | 3,601 | 3,601 | 7,652 | ||
Allowance for loans, individually evaluated for impairment | 851 | 851 | 1,652 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Real Estate [Member] | |||||
Loans, individually evaluated for impairment | 3,601 | 3,601 | 7,652 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Accounts Receivable and Equipment [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Other Collateral [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | |||||
Loans, individually evaluated for impairment | 4,346 | 4,346 | 798 | ||
Allowance for loans, individually evaluated for impairment | 1,124 | 1,124 | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | Real Estate [Member] | |||||
Loans, individually evaluated for impairment | 2,545 | 2,545 | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | Accounts Receivable and Equipment [Member] | |||||
Loans, individually evaluated for impairment | 1,517 | 1,517 | 798 | ||
Commercial and Industrial Portfolio Segment [Member] | Other Collateral [Member] | |||||
Loans, individually evaluated for impairment | 284 | 284 | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | |||||
Beginning balance | 11,108 | 8,469 | 8,577 | 8,970 | |
Initial Allowance on PCD Loans | 0 | 1,022 | 1,358 | 1,022 | |
Provision for credit losses | 1,174 | 355 | 1,741 | (97) | |
Charge-offs | (15) | (114) | (128) | (169) | |
Recoveries | 75 | 16 | 794 | 22 | |
Ending balance | 12,342 | 9,748 | 12,342 | 9,748 | |
Loans, individually evaluated for impairment | 1,306 | 1,306 | 598 | ||
Allowance for loans, individually evaluated for impairment | 354 | 354 | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Real Estate [Member] | |||||
Loans, individually evaluated for impairment | 537 | 537 | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Accounts Receivable and Equipment [Member] | |||||
Loans, individually evaluated for impairment | 485 | 485 | 598 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Other Collateral [Member] | |||||
Loans, individually evaluated for impairment | 284 | 284 | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | |||||
Beginning balance | 6,508 | 2,983 | 4,802 | 3,614 | |
Initial Allowance on PCD Loans | 0 | 1,755 | 1,874 | 1,755 | |
Provision for credit losses | (1,508) | 502 | (1,640) | (129) | |
Charge-offs | 0 | 0 | (36) | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 5,000 | 5,240 | 5,000 | 5,240 | |
Loans, individually evaluated for impairment | 3,040 | 3,040 | 200 | ||
Allowance for loans, individually evaluated for impairment | 770 | 770 | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Real Estate [Member] | |||||
Loans, individually evaluated for impairment | 2,008 | 2,008 | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Accounts Receivable and Equipment [Member] | |||||
Loans, individually evaluated for impairment | 1,032 | 1,032 | 200 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Other Collateral [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Total Commercial and Industrial Portfolio Segment [Member] | |||||
Beginning balance | 17,616 | 11,452 | 13,379 | 12,584 | |
Initial Allowance on PCD Loans | 0 | 2,777 | 3,232 | 2,777 | |
Provision for credit losses | (334) | 857 | 101 | (226) | |
Charge-offs | (15) | (114) | (164) | (169) | |
Recoveries | 75 | 16 | 794 | 22 | |
Ending balance | 17,342 | 14,988 | 17,342 | 14,988 | |
Residential Real Estate Portfolio Segment [Member] | |||||
Beginning balance | 8,724 | 5,001 | 7,993 | 5,207 | |
Initial Allowance on PCD Loans | 0 | 230 | 590 | 230 | |
Provision for credit losses | 399 | 2,577 | 540 | 2,373 | |
Charge-offs | (7) | (40) | (13) | (43) | |
Recoveries | 62 | 4 | 68 | 5 | |
Ending balance | 9,178 | 7,772 | 9,178 | 7,772 | |
Loans, individually evaluated for impairment | 4,467 | 4,467 | 2,499 | ||
Allowance for loans, individually evaluated for impairment | 486 | 486 | 116 | ||
Residential Real Estate Portfolio Segment [Member] | Real Estate [Member] | |||||
Loans, individually evaluated for impairment | 4,467 | 4,467 | 2,499 | ||
Residential Real Estate Portfolio Segment [Member] | Accounts Receivable and Equipment [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Residential Real Estate Portfolio Segment [Member] | Other Collateral [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||||
Beginning balance | 3,361 | 1,709 | 3,677 | 1,818 | |
Initial Allowance on PCD Loans | 0 | 88 | 0 | 88 | |
Provision for credit losses | (176) | 1,624 | (495) | 1,514 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 5 | 1 | 8 | 2 | |
Ending balance | 3,190 | 3,422 | 3,190 | 3,422 | |
Loans, individually evaluated for impairment | 438 | 438 | 502 | ||
Allowance for loans, individually evaluated for impairment | 116 | 116 | 116 | ||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Real Estate [Member] | |||||
Loans, individually evaluated for impairment | 438 | 438 | 502 | ||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Accounts Receivable and Equipment [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Other Collateral [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||||
Beginning balance | 5,363 | 3,292 | 4,316 | 3,389 | |
Initial Allowance on PCD Loans | 0 | 142 | 590 | 142 | |
Provision for credit losses | 575 | 953 | 1,035 | 859 | |
Charge-offs | (7) | (40) | (13) | (43) | |
Recoveries | 57 | 3 | 60 | 3 | |
Ending balance | 5,988 | 4,350 | 5,988 | 4,350 | |
Loans, individually evaluated for impairment | 4,029 | 4,029 | 1,997 | ||
Allowance for loans, individually evaluated for impairment | 370 | 370 | 0 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Real Estate [Member] | |||||
Loans, individually evaluated for impairment | 4,029 | 4,029 | 1,997 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Accounts Receivable and Equipment [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Other Collateral [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Construction and Development [Member] | |||||
Beginning balance | 5,864 | 5,527 | 4,789 | 6,119 | |
Initial Allowance on PCD Loans | 0 | 0 | 419 | 0 | |
Provision for credit losses | 422 | (337) | 1,078 | (929) | |
Charge-offs | (72) | 0 | (72) | 0 | |
Recoveries | 0 | 3 | 0 | 3 | |
Ending balance | 6,214 | 5,193 | 6,214 | 5,193 | |
Loans, individually evaluated for impairment | 3,852 | 3,852 | 0 | ||
Allowance for loans, individually evaluated for impairment | 419 | 419 | 0 | ||
Construction and Development [Member] | Real Estate [Member] | |||||
Loans, individually evaluated for impairment | 3,852 | 3,852 | 0 | ||
Construction and Development [Member] | Accounts Receivable and Equipment [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Construction and Development [Member] | Other Collateral [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Consumer Portfolio Segment [Member] | |||||
Beginning balance | 1,049 | 395 | 772 | 340 | |
Initial Allowance on PCD Loans | 0 | 0 | 78 | 0 | |
Provision for credit losses | 141 | 285 | 403 | 326 | |
Charge-offs | (235) | (223) | (489) | (287) | |
Recoveries | 158 | 115 | 349 | 193 | |
Ending balance | 1,113 | 572 | 1,113 | 572 | |
Loans, individually evaluated for impairment | 229 | 229 | 247 | ||
Allowance for loans, individually evaluated for impairment | 19 | 19 | 0 | ||
Consumer Portfolio Segment [Member] | Real Estate [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Consumer Portfolio Segment [Member] | Accounts Receivable and Equipment [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Consumer Portfolio Segment [Member] | Other Collateral [Member] | |||||
Loans, individually evaluated for impairment | 229 | 229 | 247 | ||
Finance Leases Portfolio Segment [Member] | |||||
Beginning balance | 211 | 235 | 204 | 261 | |
Initial Allowance on PCD Loans | 0 | 0 | 0 | 0 | |
Provision for credit losses | 10 | (3) | 17 | (29) | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 221 | 232 | 221 | 232 | |
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance for loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Finance Leases Portfolio Segment [Member] | Real Estate [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Finance Leases Portfolio Segment [Member] | Accounts Receivable and Equipment [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Finance Leases Portfolio Segment [Member] | Other Collateral [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | |||||
Beginning balance | 190 | 134 | 162 | 135 | |
Initial Allowance on PCD Loans | 0 | 0 | 0 | 0 | |
Provision for credit losses | (29) | 8 | (1) | 7 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 47 | 0 | 47 | 0 | |
Ending balance | 208 | $ 142 | 208 | $ 142 | |
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance for loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Real Estate [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Accounts Receivable and Equipment [Member] | |||||
Loans, individually evaluated for impairment | 0 | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Other Collateral [Member] | |||||
Loans, individually evaluated for impairment | $ 0 | $ 0 | $ 0 |
Note 4 - Loans and Allowance _7
Note 4 - Loans and Allowance for Credit Losses on Loans - Non-accrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Non-accrual with no allowance | $ 1,798 | $ 2,375 | |
Non-accrual loans | 7,827 | 6,712 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 12 |
Past due 90-days-or-more and still accruing interest | 1,176 | 684 | |
Home Equity Line of Credit [Member] | |||
Non-accrual with no allowance | 0 | 0 | |
Non-accrual loans | 378 | 646 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 40 | 0 | |
Credit Cards [Member] | |||
Non-accrual with no allowance | 0 | 0 | |
Non-accrual loans | 0 | 0 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 20 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Non-accrual with no allowance | 298 | 1,151 | |
Non-accrual loans | 2,240 | 2,468 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 555 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Non-accrual with no allowance | 0 | 486 | |
Non-accrual loans | 647 | 720 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 27 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Non-accrual with no allowance | 298 | 665 | |
Non-accrual loans | 1,593 | 1,748 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 528 | 0 | |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | |||
Non-accrual with no allowance | 419 | 419 | |
Non-accrual loans | 1,023 | 670 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 12 |
Past due 90-days-or-more and still accruing interest | 224 | 0 | |
Commercial and Industrial Portfolio Segment [Member] | PPP Loans [Member] | |||
Non-accrual with no allowance | 0 | 0 | |
Non-accrual loans | 0 | 0 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 33 | 592 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | |||
Non-accrual with no allowance | 0 | 0 | |
Non-accrual loans | 164 | 228 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 49 | 56 | |
Total Commercial and Industrial Portfolio Segment [Member] | |||
Non-accrual with no allowance | 419 | 419 | |
Non-accrual loans | 1,187 | 898 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 12 |
Past due 90-days-or-more and still accruing interest | 306 | 648 | |
Residential Real Estate Portfolio Segment [Member] | |||
Non-accrual with no allowance | 1,081 | 805 | |
Non-accrual loans | 3,581 | 2,290 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 180 | 36 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Non-accrual with no allowance | 0 | 0 | |
Non-accrual loans | 233 | 293 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 180 | 0 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Non-accrual with no allowance | 1,081 | 805 | |
Non-accrual loans | 3,348 | 1,997 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 0 | 36 | |
Construction and Development [Member] | |||
Non-accrual with no allowance | 0 | 0 | |
Non-accrual loans | 0 | 0 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Non-accrual with no allowance | 0 | 0 | |
Non-accrual loans | 441 | 410 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | 75 | 0 | |
Finance Leases Portfolio Segment [Member] | |||
Non-accrual with no allowance | 0 | 0 | |
Non-accrual loans | 0 | 0 | |
Troubled Debt Restructurings, excluding non-accrual loans | [1] | 0 | 0 |
Past due 90-days-or-more and still accruing interest | $ 0 | $ 0 | |
[1]Does not included TDRs captured in the non-accrual column. |
Note 4 - Loans and Allowance _8
Note 4 - Loans and Allowance for Credit Losses on Loans - Aging of the Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Loans | [1] | $ 4,877,324 | $ 4,169,303 |
Financial Asset, Not Past Due [Member] | |||
Loans | 4,859,351 | 4,158,267 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 11,124 | 4,596 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 2,194 | 1,314 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 4,655 | 5,126 | |
Financial Asset, Past Due [Member] | |||
Loans | 17,973 | 11,036 | |
Home Equity Line of Credit [Member] | |||
Loans | 192,102 | 138,976 | |
Home Equity Line of Credit [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 191,475 | 138,141 | |
Home Equity Line of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 258 | 279 | |
Home Equity Line of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 184 | 47 | |
Home Equity Line of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 185 | 509 | |
Home Equity Line of Credit [Member] | Financial Asset, Past Due [Member] | |||
Loans | 627 | 835 | |
Credit Card Receivable [Member] | |||
Loans | 21,647 | 17,087 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 2,184,889 | 1,806,649 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 2,179,337 | 1,804,679 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 3,749 | 360 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 932 | 408 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 871 | 1,202 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 5,552 | 1,970 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Loans | 1,397,330 | 1,128,244 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 1,393,506 | 1,127,448 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 3,303 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 308 | 81 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 213 | 715 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, Past Due [Member] | |||
Loans | 3,824 | 796 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Loans | 787,559 | 678,405 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 785,831 | 677,231 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 446 | 360 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 624 | 327 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 658 | 487 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, Past Due [Member] | |||
Loans | 1,728 | 1,174 | |
Commercial and Industrial Portfolio Segment [Member] | Term, Excluding PPP [Member] | |||
Loans | 667,338 | 596,710 | |
Commercial and Industrial Portfolio Segment [Member] | Term, Excluding PPP [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 665,752 | 595,070 | |
Commercial and Industrial Portfolio Segment [Member] | Term, Excluding PPP [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 600 | 1,032 | |
Commercial and Industrial Portfolio Segment [Member] | Term, Excluding PPP [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 280 | 44 | |
Commercial and Industrial Portfolio Segment [Member] | Term, Excluding PPP [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 706 | 564 | |
Commercial and Industrial Portfolio Segment [Member] | Term, Excluding PPP [Member] | Financial Asset, Past Due [Member] | |||
Loans | 1,586 | 1,640 | |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | |||
Loans | 667,338 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | |||
Loans | 36,767 | 140,734 | |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Financial Asset, Not Past Due [Member] | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | |||
Loans | 34,421 | 139,718 | |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | |||
Loans | 2,236 | 128 | |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | |||
Loans | 77 | 296 | |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | |||
Loans | 33 | 592 | |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Financial Asset, Past Due [Member] | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | |||
Loans | 2,346 | 1,016 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | |||
Loans | 423,066 | 370,312 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 421,888 | 369,963 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 917 | 271 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 176 | 22 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 85 | 56 | |
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Financial Asset, Past Due [Member] | |||
Loans | 1,178 | 349 | |
Total Commercial and Industrial Portfolio Segment [Member] | |||
Loans | 1,127,171 | 1,107,756 | |
Total Commercial and Industrial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 1,122,061 | 1,104,751 | |
Total Commercial and Industrial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 3,753 | 1,431 | |
Total Commercial and Industrial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 533 | 362 | |
Total Commercial and Industrial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 824 | 1,212 | |
Total Commercial and Industrial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 5,110 | 3,005 | |
Residential Real Estate Portfolio Segment [Member] | |||
Loans | 827,429 | 681,713 | |
Residential Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 821,933 | 677,672 | |
Residential Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 2,637 | 1,802 | |
Residential Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 456 | 395 | |
Residential Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 2,403 | 1,844 | |
Residential Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 5,496 | 4,041 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Loans | 293,852 | 281,018 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 292,839 | 280,257 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 692 | 403 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 46 | 258 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 275 | 100 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, Past Due [Member] | |||
Loans | 1,013 | 761 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Loans | 533,577 | 400,695 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 529,094 | 397,415 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 1,945 | 1,399 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 410 | 137 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 2,128 | 1,744 | |
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, Past Due [Member] | |||
Loans | 4,483 | 3,280 | |
Construction and Development [Member] | |||
Loans | 372,197 | 299,206 | |
Construction and Development [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 371,869 | 299,206 | |
Construction and Development [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 328 | 0 | |
Construction and Development [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Construction and Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Construction and Development [Member] | Financial Asset, Past Due [Member] | |||
Loans | 328 | 0 | |
Consumer Portfolio Segment [Member] | |||
Loans | 137,278 | 104,294 | |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 136,447 | 103,109 | |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 395 | 724 | |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 84 | 102 | |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 352 | 359 | |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 831 | 1,185 | |
Finance Leases Portfolio Segment [Member] | |||
Loans | 14,611 | 13,622 | |
Finance Leases Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 14,611 | 13,622 | |
Finance Leases Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Finance Leases Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Finance Leases Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Finance Leases Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | |||
Loans | 21,647 | 17,087 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 21,618 | 17,087 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 4 | 0 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 5 | 0 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 20 | 0 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Financial Asset, Past Due [Member] | |||
Loans | $ 29 | $ 0 | |
[1]Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs. |
Note 4 - Loans and Allowance _9
Note 4 - Loans and Allowance for Credit Losses on Loans - Internally Assigned Risk Grades of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Current Fiscal Year | $ 749,205 | $ 1,507,933 | |
Fiscal Year before Current Fiscal Year | 1,370,877 | 956,153 | |
Two Years before Current Fiscal Year | 890,509 | 431,003 | |
Three Years before Current Fiscal Year | 450,448 | 274,491 | |
Four Years before Current Fiscal Year | 254,814 | 186,434 | |
More than Five Years before Current Fiscal Year | 450,146 | 238,164 | |
Revolving | 711,325 | 575,125 | |
Loans | [1] | 4,877,324 | 4,169,303 |
Revolving, Converted to Term Loan | 4,169,303 | ||
Pass [Member] | |||
Current Fiscal Year | 737,751 | 1,490,899 | |
Fiscal Year before Current Fiscal Year | 1,359,715 | 945,719 | |
Two Years before Current Fiscal Year | 881,837 | 396,013 | |
Three Years before Current Fiscal Year | 406,091 | 268,733 | |
Four Years before Current Fiscal Year | 249,440 | 180,732 | |
More than Five Years before Current Fiscal Year | 431,005 | 226,502 | |
Revolving | 698,074 | 563,672 | |
Loans | 4,763,913 | ||
Revolving, Converted to Term Loan | 4,072,270 | ||
Special Mention [Member] | |||
Current Fiscal Year | 4,211 | 6,058 | |
Fiscal Year before Current Fiscal Year | 7,809 | 4,358 | |
Two Years before Current Fiscal Year | 3,862 | 24,061 | |
Three Years before Current Fiscal Year | 21,880 | 3,983 | |
Four Years before Current Fiscal Year | 2,728 | 1,969 | |
More than Five Years before Current Fiscal Year | 6,563 | 2,205 | |
Revolving | 12,044 | 7,264 | |
Loans | 59,097 | ||
Revolving, Converted to Term Loan | 49,898 | ||
Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 6,654 | 9,395 | |
Fiscal Year before Current Fiscal Year | 1,808 | 5,087 | |
Two Years before Current Fiscal Year | 4,003 | 10,568 | |
Three Years before Current Fiscal Year | 21,871 | 1,451 | |
Four Years before Current Fiscal Year | 2,288 | 2,395 | |
More than Five Years before Current Fiscal Year | 9,181 | 8,218 | |
Revolving | 682 | 3,309 | |
Loans | 46,487 | ||
Revolving, Converted to Term Loan | 40,423 | ||
Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 589 | 1,581 | |
Fiscal Year before Current Fiscal Year | 1,545 | 989 | |
Two Years before Current Fiscal Year | 807 | 361 | |
Three Years before Current Fiscal Year | 606 | 324 | |
Four Years before Current Fiscal Year | 358 | 1,338 | |
More than Five Years before Current Fiscal Year | 3,397 | 1,239 | |
Revolving | 525 | 880 | |
Loans | 7,827 | ||
Revolving, Converted to Term Loan | 6,712 | ||
Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Credit Card Receivable [Member] | |||
Loans | 21,647 | 17,087 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 2,184,889 | 1,806,649 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Current Fiscal Year | 237,327 | 388,374 | |
Fiscal Year before Current Fiscal Year | 396,241 | 302,322 | |
Two Years before Current Fiscal Year | 289,178 | 154,148 | |
Three Years before Current Fiscal Year | 171,219 | 86,638 | |
Four Years before Current Fiscal Year | 82,816 | 86,055 | |
More than Five Years before Current Fiscal Year | 192,828 | 90,894 | |
Revolving | 27,721 | 19,813 | |
Loans | 1,397,330 | 1,128,244 | |
Revolving, Converted to Term Loan | 1,128,244 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Pass [Member] | |||
Current Fiscal Year | 232,985 | 381,014 | |
Fiscal Year before Current Fiscal Year | 390,203 | 298,177 | |
Two Years before Current Fiscal Year | 283,758 | 134,286 | |
Three Years before Current Fiscal Year | 143,894 | 86,638 | |
Four Years before Current Fiscal Year | 82,816 | 85,110 | |
More than Five Years before Current Fiscal Year | 179,300 | 81,635 | |
Revolving | 21,526 | 19,465 | |
Loans | 1,334,482 | ||
Revolving, Converted to Term Loan | 1,086,325 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Special Mention [Member] | |||
Current Fiscal Year | 168 | 3,186 | |
Fiscal Year before Current Fiscal Year | 5,740 | 2,666 | |
Two Years before Current Fiscal Year | 2,340 | 19,784 | |
Three Years before Current Fiscal Year | 19,201 | 0 | |
Four Years before Current Fiscal Year | 0 | 353 | |
More than Five Years before Current Fiscal Year | 5,542 | 1,619 | |
Revolving | 6,095 | 248 | |
Loans | 39,086 | ||
Revolving, Converted to Term Loan | 27,856 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 4,174 | 4,174 | |
Fiscal Year before Current Fiscal Year | 298 | 1,440 | |
Two Years before Current Fiscal Year | 3,041 | 0 | |
Three Years before Current Fiscal Year | 8,124 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 7,378 | 7,629 | |
Revolving | 100 | 100 | |
Loans | 23,115 | ||
Revolving, Converted to Term Loan | 13,343 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 39 | |
Two Years before Current Fiscal Year | 39 | 78 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 592 | |
More than Five Years before Current Fiscal Year | 608 | 11 | |
Revolving | 0 | 0 | |
Loans | 647 | ||
Revolving, Converted to Term Loan | 720 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Current Fiscal Year | 83,843 | 211,536 | |
Fiscal Year before Current Fiscal Year | 210,106 | 197,407 | |
Two Years before Current Fiscal Year | 200,097 | 100,631 | |
Three Years before Current Fiscal Year | 114,293 | 76,806 | |
Four Years before Current Fiscal Year | 75,681 | 35,878 | |
More than Five Years before Current Fiscal Year | 93,317 | 44,945 | |
Revolving | 10,222 | 11,202 | |
Loans | 787,559 | 678,405 | |
Revolving, Converted to Term Loan | 678,405 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Pass [Member] | |||
Current Fiscal Year | 81,564 | 203,545 | |
Fiscal Year before Current Fiscal Year | 206,021 | 192,322 | |
Two Years before Current Fiscal Year | 198,696 | 91,078 | |
Three Years before Current Fiscal Year | 105,386 | 75,062 | |
Four Years before Current Fiscal Year | 73,275 | 33,713 | |
More than Five Years before Current Fiscal Year | 92,744 | 44,364 | |
Revolving | 8,592 | 9,236 | |
Loans | 766,278 | ||
Revolving, Converted to Term Loan | 649,320 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Special Mention [Member] | |||
Current Fiscal Year | 0 | 1,681 | |
Fiscal Year before Current Fiscal Year | 1,681 | 1,480 | |
Two Years before Current Fiscal Year | 1,401 | 3,568 | |
Three Years before Current Fiscal Year | 1,942 | 469 | |
Four Years before Current Fiscal Year | 413 | 1,506 | |
More than Five Years before Current Fiscal Year | 140 | 124 | |
Revolving | 1,630 | 570 | |
Loans | 7,207 | ||
Revolving, Converted to Term Loan | 9,398 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 2,279 | 5,051 | |
Fiscal Year before Current Fiscal Year | 1,170 | 3,605 | |
Two Years before Current Fiscal Year | 0 | 5,985 | |
Three Years before Current Fiscal Year | 6,965 | 1,275 | |
Four Years before Current Fiscal Year | 1,993 | 627 | |
More than Five Years before Current Fiscal Year | 74 | 0 | |
Revolving | 0 | 1,396 | |
Loans | 12,481 | ||
Revolving, Converted to Term Loan | 17,939 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 1,259 | |
Fiscal Year before Current Fiscal Year | 1,234 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 32 | |
More than Five Years before Current Fiscal Year | 359 | 457 | |
Revolving | 0 | 0 | |
Loans | 1,593 | ||
Revolving, Converted to Term Loan | 1,748 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | |||
Current Fiscal Year | 33,875 | ||
Fiscal Year before Current Fiscal Year | 8,352 | ||
Two Years before Current Fiscal Year | 13,019 | ||
Three Years before Current Fiscal Year | 1,039 | ||
Four Years before Current Fiscal Year | 1,756 | ||
More than Five Years before Current Fiscal Year | 193 | ||
Revolving | 312,078 | ||
Loans | 423,066 | 370,312 | |
Revolving, Converted to Term Loan | 370,312 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Pass [Member] | |||
Current Fiscal Year | 24,723 | 33,875 | |
Fiscal Year before Current Fiscal Year | 20,389 | 8,352 | |
Two Years before Current Fiscal Year | 6,400 | 11,103 | |
Three Years before Current Fiscal Year | 11,627 | 1,039 | |
Four Years before Current Fiscal Year | 1,348 | 207 | |
More than Five Years before Current Fiscal Year | 1,425 | 193 | |
Revolving | 348,812 | 303,682 | |
Loans | 414,724 | ||
Revolving, Converted to Term Loan | 358,451 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Special Mention [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 415 | 0 | |
Revolving | 4,319 | 6,355 | |
Loans | 4,734 | ||
Revolving, Converted to Term Loan | 6,355 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 952 | 1,916 | |
Three Years before Current Fiscal Year | 1,950 | 0 | |
Four Years before Current Fiscal Year | 0 | 1,549 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 542 | 1,813 | |
Loans | 3,444 | ||
Revolving, Converted to Term Loan | 5,278 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 38 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 126 | 228 | |
Loans | 164 | ||
Revolving, Converted to Term Loan | 228 | ||
Commercial and Industrial Portfolio Segment [Member] | Lines of Credit [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | |||
Current Fiscal Year | 123,932 | 284,058 | |
Fiscal Year before Current Fiscal Year | 279,512 | 143,882 | |
Two Years before Current Fiscal Year | 121,705 | 61,981 | |
Three Years before Current Fiscal Year | 53,250 | 56,001 | |
Four Years before Current Fiscal Year | 45,611 | 26,200 | |
More than Five Years before Current Fiscal Year | 43,328 | 24,588 | |
Revolving | 0 | 0 | |
Loans | 667,338 | ||
Revolving, Converted to Term Loan | 596,710 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Pass [Member] | |||
Current Fiscal Year | 119,240 | 283,150 | |
Fiscal Year before Current Fiscal Year | 279,221 | 143,211 | |
Two Years before Current Fiscal Year | 121,168 | 58,988 | |
Three Years before Current Fiscal Year | 51,121 | 52,388 | |
Four Years before Current Fiscal Year | 43,235 | 26,081 | |
More than Five Years before Current Fiscal Year | 42,936 | 24,421 | |
Revolving | 0 | 0 | |
Loans | 656,921 | ||
Revolving, Converted to Term Loan | 588,239 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Special Mention [Member] | |||
Current Fiscal Year | 4,043 | 738 | |
Fiscal Year before Current Fiscal Year | 290 | 86 | |
Two Years before Current Fiscal Year | 0 | 254 | |
Three Years before Current Fiscal Year | 387 | 3,382 | |
Four Years before Current Fiscal Year | 2,187 | 8 | |
More than Five Years before Current Fiscal Year | 4 | 0 | |
Revolving | 0 | 0 | |
Loans | 6,911 | ||
Revolving, Converted to Term Loan | 4,468 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 201 | 170 | |
Fiscal Year before Current Fiscal Year | 1 | 42 | |
Two Years before Current Fiscal Year | 0 | 2,667 | |
Three Years before Current Fiscal Year | 1,742 | 176 | |
Four Years before Current Fiscal Year | 151 | 111 | |
More than Five Years before Current Fiscal Year | 388 | 167 | |
Revolving | 0 | 0 | |
Loans | 2,483 | ||
Revolving, Converted to Term Loan | 3,333 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 448 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 543 | |
Two Years before Current Fiscal Year | 537 | 72 | |
Three Years before Current Fiscal Year | 0 | 55 | |
Four Years before Current Fiscal Year | 38 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 1,023 | ||
Revolving, Converted to Term Loan | 670 | ||
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | PPP Loans [Member] | |||
Current Fiscal Year | 0 | 128,409 | |
Fiscal Year before Current Fiscal Year | 31,798 | 12,325 | |
Two Years before Current Fiscal Year | 4,969 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 36,767 | ||
Revolving, Converted to Term Loan | 140,734 | ||
Commercial and Industrial Portfolio Segment [Member] | PPP Loans [Member] | Pass [Member] | |||
Current Fiscal Year | 0 | 128,409 | |
Fiscal Year before Current Fiscal Year | 31,798 | 12,325 | |
Two Years before Current Fiscal Year | 4,969 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 36,767 | ||
Revolving, Converted to Term Loan | 140,734 | ||
Commercial and Industrial Portfolio Segment [Member] | PPP Loans [Member] | Special Mention [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | PPP Loans [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | PPP Loans [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial and Industrial Portfolio Segment [Member] | PPP Loans [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Consumer Portfolio Segment [Member] | |||
Current Fiscal Year | 12,199 | 23,921 | |
Fiscal Year before Current Fiscal Year | 21,612 | 9,620 | |
Two Years before Current Fiscal Year | 7,892 | 5,044 | |
Three Years before Current Fiscal Year | 7,440 | 1,271 | |
Four Years before Current Fiscal Year | 3,683 | 555 | |
More than Five Years before Current Fiscal Year | 2,914 | 650 | |
Revolving | 81,538 | 63,233 | |
Loans | 137,278 | 104,294 | |
Revolving, Converted to Term Loan | 104,294 | ||
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Current Fiscal Year | 12,199 | 23,866 | |
Fiscal Year before Current Fiscal Year | 21,563 | 9,316 | |
Two Years before Current Fiscal Year | 7,733 | 5,014 | |
Three Years before Current Fiscal Year | 7,333 | 1,260 | |
Four Years before Current Fiscal Year | 3,662 | 555 | |
More than Five Years before Current Fiscal Year | 2,829 | 646 | |
Revolving | 81,518 | 63,227 | |
Loans | 136,837 | ||
Revolving, Converted to Term Loan | 103,884 | ||
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 55 | |
Fiscal Year before Current Fiscal Year | 49 | 304 | |
Two Years before Current Fiscal Year | 159 | 30 | |
Three Years before Current Fiscal Year | 107 | 11 | |
Four Years before Current Fiscal Year | 21 | 0 | |
More than Five Years before Current Fiscal Year | 85 | 4 | |
Revolving | 20 | 6 | |
Loans | 441 | ||
Revolving, Converted to Term Loan | 410 | ||
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial and Industrial Loans [Member] | Lines of Credit [Member] | |||
Current Fiscal Year | 24,723 | ||
Fiscal Year before Current Fiscal Year | 20,427 | ||
Two Years before Current Fiscal Year | 7,352 | ||
Three Years before Current Fiscal Year | 13,577 | ||
Four Years before Current Fiscal Year | 1,348 | ||
More than Five Years before Current Fiscal Year | 1,840 | ||
Revolving | 353,799 | ||
Loans | 423,066 | ||
Residential Real Estate Portfolio Segment [Member] | |||
Loans | 827,429 | 681,713 | |
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Current Fiscal Year | 55,398 | 94,937 | |
Fiscal Year before Current Fiscal Year | 88,734 | 78,911 | |
Two Years before Current Fiscal Year | 61,832 | 46,503 | |
Three Years before Current Fiscal Year | 38,242 | 27,654 | |
Four Years before Current Fiscal Year | 21,110 | 16,171 | |
More than Five Years before Current Fiscal Year | 28,536 | 16,842 | |
Revolving | 0 | 0 | |
Loans | 293,852 | 281,018 | |
Revolving, Converted to Term Loan | 281,018 | ||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Pass [Member] | |||
Current Fiscal Year | 55,304 | 94,482 | |
Fiscal Year before Current Fiscal Year | 88,711 | 78,785 | |
Two Years before Current Fiscal Year | 61,711 | 46,177 | |
Three Years before Current Fiscal Year | 37,971 | 27,494 | |
Four Years before Current Fiscal Year | 20,982 | 16,171 | |
More than Five Years before Current Fiscal Year | 27,693 | 15,909 | |
Revolving | 0 | 0 | |
Loans | 292,372 | ||
Revolving, Converted to Term Loan | 279,018 | ||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Special Mention [Member] | |||
Current Fiscal Year | 0 | 352 | |
Fiscal Year before Current Fiscal Year | 0 | 126 | |
Two Years before Current Fiscal Year | 121 | 281 | |
Three Years before Current Fiscal Year | 271 | 132 | |
Four Years before Current Fiscal Year | 128 | 0 | |
More than Five Years before Current Fiscal Year | 375 | 462 | |
Revolving | 0 | 0 | |
Loans | 895 | ||
Revolving, Converted to Term Loan | 1,353 | ||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 352 | 354 | |
Revolving | 0 | 0 | |
Loans | 352 | ||
Revolving, Converted to Term Loan | 354 | ||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 94 | 103 | |
Fiscal Year before Current Fiscal Year | 23 | 0 | |
Two Years before Current Fiscal Year | 0 | 45 | |
Three Years before Current Fiscal Year | 0 | 28 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 116 | 117 | |
Revolving | 0 | 0 | |
Loans | 233 | ||
Revolving, Converted to Term Loan | 293 | ||
Residential Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Current Fiscal Year | 101,018 | 176,752 | |
Fiscal Year before Current Fiscal Year | 196,801 | 100,039 | |
Two Years before Current Fiscal Year | 101,429 | 31,637 | |
Three Years before Current Fiscal Year | 32,749 | 17,489 | |
Four Years before Current Fiscal Year | 17,487 | 17,421 | |
More than Five Years before Current Fiscal Year | 84,093 | 57,357 | |
Revolving | 0 | 0 | |
Loans | 533,577 | 400,695 | |
Revolving, Converted to Term Loan | 400,695 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Pass [Member] | |||
Current Fiscal Year | 100,970 | 176,487 | |
Fiscal Year before Current Fiscal Year | 196,501 | 99,936 | |
Two Years before Current Fiscal Year | 101,346 | 31,327 | |
Three Years before Current Fiscal Year | 32,169 | 17,259 | |
Four Years before Current Fiscal Year | 17,044 | 16,599 | |
More than Five Years before Current Fiscal Year | 81,166 | 56,639 | |
Revolving | 0 | 0 | |
Loans | 529,196 | ||
Revolving, Converted to Term Loan | 398,247 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Special Mention [Member] | |||
Current Fiscal Year | 0 | 101 | |
Fiscal Year before Current Fiscal Year | 98 | 0 | |
Two Years before Current Fiscal Year | 0 | 174 | |
Three Years before Current Fiscal Year | 80 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 178 | ||
Revolving, Converted to Term Loan | 275 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 10 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 144 | 108 | |
More than Five Years before Current Fiscal Year | 701 | 68 | |
Revolving | 0 | 0 | |
Loans | 855 | ||
Revolving, Converted to Term Loan | 176 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 48 | 164 | |
Fiscal Year before Current Fiscal Year | 202 | 103 | |
Two Years before Current Fiscal Year | 73 | 136 | |
Three Years before Current Fiscal Year | 500 | 230 | |
Four Years before Current Fiscal Year | 299 | 714 | |
More than Five Years before Current Fiscal Year | 2,226 | 650 | |
Revolving | 0 | 0 | |
Loans | 3,348 | ||
Revolving, Converted to Term Loan | 1,997 | ||
Residential Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Finance Leases Portfolio Segment [Member] | |||
Current Fiscal Year | 3,503 | 5,375 | |
Fiscal Year before Current Fiscal Year | 4,837 | 3,596 | |
Two Years before Current Fiscal Year | 3,041 | 1,375 | |
Three Years before Current Fiscal Year | 1,095 | 1,331 | |
Four Years before Current Fiscal Year | 962 | 406 | |
More than Five Years before Current Fiscal Year | 1,173 | 1,539 | |
Revolving | 0 | 0 | |
Loans | 14,611 | 13,622 | |
Revolving, Converted to Term Loan | 13,622 | ||
Finance Leases Portfolio Segment [Member] | Pass [Member] | |||
Current Fiscal Year | 3,503 | 5,375 | |
Fiscal Year before Current Fiscal Year | 4,837 | 3,596 | |
Two Years before Current Fiscal Year | 3,041 | 1,375 | |
Three Years before Current Fiscal Year | 1,095 | 1,331 | |
Four Years before Current Fiscal Year | 962 | 406 | |
More than Five Years before Current Fiscal Year | 1,173 | 1,539 | |
Revolving | 0 | 0 | |
Loans | 14,611 | ||
Revolving, Converted to Term Loan | 13,622 | ||
Finance Leases Portfolio Segment [Member] | Special Mention [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Finance Leases Portfolio Segment [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Finance Leases Portfolio Segment [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Finance Leases Portfolio Segment [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 21,647 | 17,087 | |
Loans | 21,647 | 17,087 | |
Revolving, Converted to Term Loan | 17,087 | ||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Performing Financial Instruments [Member] | |||
Loans | 21,647 | 17,087 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Pass [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 21,647 | 17,087 | |
Loans | 21,647 | ||
Revolving, Converted to Term Loan | 17,087 | ||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Special Mention [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Construction and Development [Member] | |||
Current Fiscal Year | 107,261 | 160,696 | |
Fiscal Year before Current Fiscal Year | 120,811 | 99,699 | |
Two Years before Current Fiscal Year | 93,015 | 16,665 | |
Three Years before Current Fiscal Year | 18,585 | 6,262 | |
Four Years before Current Fiscal Year | 6,116 | 1,992 | |
More than Five Years before Current Fiscal Year | 2,114 | 1,156 | |
Revolving | 24,295 | 12,736 | |
Loans | 372,197 | 299,206 | |
Revolving, Converted to Term Loan | 299,206 | ||
Construction and Development [Member] | Pass [Member] | |||
Current Fiscal Year | 107,261 | 160,696 | |
Fiscal Year before Current Fiscal Year | 120,471 | 99,699 | |
Two Years before Current Fiscal Year | 93,015 | 16,665 | |
Three Years before Current Fiscal Year | 15,495 | 6,262 | |
Four Years before Current Fiscal Year | 6,116 | 1,890 | |
More than Five Years before Current Fiscal Year | 1,740 | 1,156 | |
Revolving | 24,295 | 12,736 | |
Loans | 368,393 | ||
Revolving, Converted to Term Loan | 299,104 | ||
Construction and Development [Member] | Special Mention [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 102 | |
More than Five Years before Current Fiscal Year | 87 | 0 | |
Revolving | 0 | 0 | |
Loans | 87 | ||
Revolving, Converted to Term Loan | 102 | ||
Construction and Development [Member] | Substandard [Member] | Performing Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 340 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 3,090 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 287 | 0 | |
Revolving | 0 | 0 | |
Loans | 3,717 | ||
Revolving, Converted to Term Loan | 0 | ||
Construction and Development [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Construction and Development [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Home Equity Line of Credit [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 192,102 | 138,976 | |
Loans | 192,102 | ||
Revolving, Converted to Term Loan | 138,976 | ||
Home Equity Line of Credit [Member] | Pass [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 191,685 | 138,239 | |
Loans | 191,685 | ||
Revolving, Converted to Term Loan | 138,239 | ||
Home Equity Line of Credit [Member] | Substandard [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 39 | 0 | |
Loans | 39 | ||
Revolving, Converted to Term Loan | 0 | ||
Home Equity Line of Credit [Member] | Substandard [Member] | Nonperforming Financial Instruments [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 378 | 646 | |
Loans | 378 | ||
Revolving, Converted to Term Loan | 646 | ||
Home Equity Line of Credit [Member] | Doubtful [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 0 | |
Loans | 0 | ||
Revolving, Converted to Term Loan | 0 | ||
Home Equity Line of Credit [Member] | OAEM [Member] | |||
Current Fiscal Year | 0 | 0 | |
Fiscal Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving | 0 | 91 | |
Loans | $ 0 | ||
Revolving, Converted to Term Loan | $ 91 | ||
[1]Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs. |
Note 4 - Loans and Allowance_10
Note 4 - Loans and Allowance for Credit Losses on Loans - Credit Card Loan Payment Activity (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Loans | [1] | $ 4,877,324 | $ 4,169,303 |
Credit Card Receivable [Member] | |||
Loans | 21,647 | 17,087 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | |||
Loans | 21,647 | 17,087 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Performing Financial Instruments [Member] | |||
Loans | 21,647 | 17,087 | |
Commercial Portfolio Segment [Member] | Credit Card Receivable [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | $ 0 | $ 0 | |
[1]Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs. |
Note 4 - Loans and Allowance_11
Note 4 - Loans and Allowance for Credit Losses on Loans - Outstanding TDRs (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Balance | $ 917 | $ 962 |
Specific Reserve Allocation | 202 | 214 |
Additional Commitment to Lend | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||
Balance | 917 | 950 |
Specific Reserve Allocation | 202 | 202 |
Additional Commitment to Lend | 0 | 0 |
Commercial and Industrial Portfolio Segment [Member] | Term [Member] | ||
Balance | 0 | 12 |
Specific Reserve Allocation | 0 | 12 |
Additional Commitment to Lend | $ 0 | $ 0 |
Note 5 - Goodwill (Details Text
Note 5 - Goodwill (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 07, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill, Ending Balance | $ 202,524 | $ 202,524 | $ 135,830 | $ 136,529 | $ 12,513 | $ 12,513 | |
Commercial Banking [Member] | |||||||
Goodwill, Ending Balance | 175,000 | ||||||
WM&T [Member] | |||||||
Goodwill, Ending Balance | 28,000 | ||||||
Commonwealth [Member] | |||||||
Goodwill, Ending Balance | 66,694 | $ 67,000 | $ 0 | ||||
Commonwealth [Member] | WM&T [Member] | |||||||
Goodwill, Ending Balance | $ 67,000 |
Note 5 - Goodwill - Carrying Va
Note 5 - Goodwill - Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 07, 2022 | May 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Goodwill | $ 202,524 | $ 136,529 | $ 202,524 | $ 136,529 | $ 135,830 | ||
Balance at beginning of period | 202,524 | 12,513 | 135,830 | 12,513 | 12,513 | ||
Goodwill recorded due to acquisition | 0 | 124,016 | 66,694 | 124,016 | |||
Provisional period adjustments | 0 | 0 | 0 | 0 | |||
Impairment | 0 | 0 | 0 | 0 | 0 | ||
Balance at end of period | 202,524 | $ 136,529 | 202,524 | $ 136,529 | 135,830 | ||
Commonwealth [Member] | |||||||
Goodwill | $ 67,000 | 66,694 | 66,694 | 0 | |||
Balance at beginning of period | 0 | ||||||
Goodwill recorded due to acquisition | 66,694 | ||||||
Balance at end of period | $ 67,000 | 66,694 | 66,694 | 0 | |||
Kentucky Bancshares [Member] | |||||||
Goodwill | 123,317 | 123,317 | 123,317 | ||||
Balance at beginning of period | 123,317 | ||||||
Goodwill recorded due to acquisition | $ 123,317 | ||||||
Balance at end of period | 123,317 | 123,317 | 123,317 | ||||
King Southern Bancorp [Member] | |||||||
Goodwill | 11,831 | 11,831 | 11,831 | ||||
Balance at beginning of period | 11,831 | ||||||
Balance at end of period | 11,831 | 11,831 | 11,831 | ||||
Austin State Bank [Member] | |||||||
Goodwill | 682 | 682 | 682 | ||||
Balance at beginning of period | 682 | ||||||
Balance at end of period | $ 682 | $ 682 | $ 682 |
Note 6 - Core Deposit and Cus_3
Note 6 - Core Deposit and Customer List Intangible Assets (Details Textual) - USD ($) $ in Thousands | Mar. 07, 2022 | May 31, 2021 | May 01, 2019 | Dec. 31, 2013 |
Kentucky Bancshares [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 4,403 | |||
Core Deposits [Member] | Commonwealth [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 12,724 | |||
Core Deposits [Member] | Kentucky Bancshares [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 4,000 | |||
Core Deposits [Member] | King Bancorp Inc. [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,000 | |||
Core Deposits [Member] | THE BANCorp [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,000 | |||
Customer Lists [Member] | Commonwealth [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 14,360 | |||
Customer Lists [Member] | WM&T [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 12,000 | |||
Customer Lists [Member] | Landmark Financial Advisors, LLC (LFA) [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,000 |
Note 6 - Core Deposit and Cus_4
Note 6 - Core Deposit and Customer List Intangible Assets - Changes in the Net Carrying Amount of Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Amortization | $ (1,611) | $ (127) | $ (2,324) | $ (204) |
Core Deposits [Member] | ||||
Balance at beginning of period | 17,826 | 1,885 | 5,596 | 1,962 |
Intangible acquired | 0 | 3,404 | 12,724 | 3,404 |
Provisional period adjustments | 0 | 0 | 0 | 0 |
Amortization | (956) | (127) | (1,450) | (204) |
Balance at end of period | 16,870 | 5,162 | 16,870 | 5,162 |
Customer Lists [Member] | ||||
Balance at beginning of period | 14,142 | 0 | 0 | 0 |
Intangible acquired | 0 | 0 | 14,360 | 0 |
Provisional period adjustments | 0 | 0 | 0 | 0 |
Amortization | (655) | 0 | (873) | 0 |
Balance at end of period | $ 13,487 | $ 0 | $ 13,487 | $ 0 |
Note 6 - Core Deposit and Cus_5
Note 6 - Core Deposit and Customer List Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Core Deposits [Member] | ||||||
2022 | $ 1,912 | |||||
2023 | 3,015 | |||||
2024 | 2,686 | |||||
2025 | 2,375 | |||||
2026 | 2,063 | |||||
2027 | 1,752 | |||||
2028 | 1,339 | |||||
2029 | 888 | |||||
2030 | 576 | |||||
2031 | 264 | |||||
2032 | 0 | |||||
2033 | 0 | |||||
2034 | 0 | |||||
Total future expense | 16,870 | $ 17,826 | $ 5,596 | $ 5,162 | $ 1,885 | $ 1,962 |
Customer Lists [Member] | ||||||
2022 | 1,308 | |||||
2023 | 2,002 | |||||
2024 | 1,823 | |||||
2025 | 1,643 | |||||
2026 | 1,464 | |||||
2027 | 1,284 | |||||
2028 | 1,105 | |||||
2029 | 925 | |||||
2030 | 745 | |||||
2031 | 566 | |||||
2032 | 387 | |||||
2033 | 207 | |||||
2034 | 28 | |||||
Total future expense | $ 13,487 | $ 14,142 | $ 0 | $ 0 | $ 0 | $ 0 |
Note 7 - Other Assets - Summary
Note 7 - Other Assets - Summary of Major Components of Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Cash surrender value of life insurance other than BOLI | $ 15,297 | $ 17,875 | ||||
Net deferred tax asset | 41,138 | 24,340 | ||||
Investments in tax credit related ventures | 14,626 | 11,084 | ||||
Swap assets | 6,475 | 3,148 | ||||
Prepaid assets | 4,016 | 4,469 | ||||
Trust fees receivable | 3,298 | 2,868 | ||||
Mortgage servicing rights | 16,504 | $ 16,877 | 4,528 | $ 4,657 | $ 2,865 | $ 2,710 |
Other real estate owned | 7,601 | 7,212 | ||||
Other | 16,967 | 10,478 | ||||
Total other assets | $ 125,922 | $ 86,002 |
Note 8 - Income Taxes - Compone
Note 8 - Income Taxes - Components of Income Tax Expense (Benefit) from Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Federal | $ 3,393 | $ (21) | $ 3,607 | $ 3,472 |
State | 614 | 24 | 614 | 546 |
Total current income tax expense | 4,007 | 3 | 4,221 | 4,018 |
Federal | 2,622 | 679 | 3,464 | 1,516 |
State | 918 | 182 | 1,307 | 791 |
Total deferred income tax expense | 3,540 | 861 | 4,771 | 2,307 |
Change in valuation allowance | 0 | 0 | 0 | 0 |
Total income tax expense | $ 7,547 | $ 864 | $ 8,992 | $ 6,325 |
Note 8 - Income Taxes - Differe
Note 8 - Income Taxes - Difference Between Statutory and Effective Tax Rates (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
U.S. federal statutory income tax rate | 21% | 21% | 21% | 21% |
State income taxes, net of federal benefit | 3.50% | 3.20% | 3.50% | 3.10% |
Excess tax benefit from stock-based compensation arrangements | (1.60%) | (2.90%) | (2.40%) | (3.20%) |
Change in cash surrender value of life insurance | 0.90% | (4.40%) | 1.10% | (1.10%) |
Tax credits | (0.50%) | (1.20%) | (0.70%) | (0.60%) |
Tax exempt interest income | (0.60%) | (1.30%) | (0.80%) | (0.30%) |
Non-deductible merger expenses | 0.10% | 4.20% | 0.30% | 0.90% |
Insurance captive | (0.20%) | (0.40%) | (0.40%) | (0.10%) |
Other, net | (0.70%) | (1.10%) | (1.10%) | (0.70%) |
Effective tax rate | 21.90% | 17.10% | 20.50% | 19% |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 07, 2022 | Dec. 31, 2021 |
Interest-Bearing Domestic Deposit, Brokered | $ 10,000 | $ 5,000 | |
Commonwealth [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | $ 1,120,803 |
Note 9 - Deposits - Composition
Note 9 - Deposits - Composition of Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Non-interest bearing demand deposits | $ 2,121,304 | $ 1,755,754 | |
Interest bearing demand | 2,184,579 | 2,131,928 | |
Savings | 571,856 | 415,258 | |
Money market | 1,167,538 | 1,050,352 | |
Time deposits of $250 thousand or more | 95,958 | 89,745 | |
Other time deposits | [1] | 407,895 | 344,477 |
Total time deposits | 503,853 | 434,222 | |
Total interest bearing deposits | 4,427,826 | 4,031,760 | |
Total deposits | $ 6,549,130 | $ 5,787,514 | |
[1]Includes $21 million and $5 million in brokered deposits as of March 31, 2022 and December 31, 2021, respectively. |
Note 10 - Securities Sold Und_3
Note 10 - Securities Sold Under Agreements to Repurchase (Details Textual) $ in Thousands | Mar. 07, 2022 USD ($) |
Commonwealth [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Securities Sold under Repurchase Agreement | $ 66,220 |
Note 10 - Securities Sold Und_4
Note 10 - Securities Sold Under Agreements to Repurchase - Securities Sold Under Agreements to Repurchase (Details) - Securities Sold under Agreements to Repurchase [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Outstanding balance at end of period | $ 161,512 | $ 161,512 | $ 75,466 | ||
Weighted average interest rate at end of period | 0.44% | 0.44% | 0.04% | ||
Average outstanding balance during the period | $ 140,169 | $ 55,673 | $ 115,761 | $ 51,330 | |
Average interest rate during the period | 0.16% | 0.04% | 0.13% | 0.04% | |
Maximum outstanding at any month end during the period | $ 161,512 | $ 63,942 | $ 161,512 | $ 63,942 |
Note 11 - Subordinated Debent_3
Note 11 - Subordinated Debentures and Other Borrowings (Details Textual) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 07, 2022 | Dec. 31, 2021 |
FFP Lines [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | $ 80 | |
Unsecured Borrowing Line [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 20 | ||
Federal Home Loan Bank of Cincinnati [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 1,220 | $ 1,000 | |
Commonwealth [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100% |
Note 11 - Subordinated Debent_4
Note 11 - Subordinated Debentures and Other Borrowings - Subordinated Notes (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Trust Preferred Securities [Member] | |
Long term debt | $ 26,806 |
Trust Preferred Securities [Member] | Commonwealth Statutory Trust III [Member] | |
Long term debt | 3,093 |
Trust Preferred Securities [Member] | Commonwealth Statutory Trust IV [Member] | |
Long term debt | 12,372 |
Trust Preferred Securities [Member] | Commonwealth Statutory Trust V [Member] | |
Long term debt | 11,341 |
Subordinated Debt [Member] | |
Long term debt | 26,000 |
Subordinated Debt [Member] | Commonwealth Statutory Trust III [Member] | |
Long term debt | $ 3,000 |
Subordinated Debt [Member] | Commonwealth Statutory Trust III [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Index | 2.85% |
Subordinated Debt [Member] | Commonwealth Statutory Trust IV [Member] | |
Long term debt | $ 12,000 |
Subordinated Debt [Member] | Commonwealth Statutory Trust IV [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Index | 1.35% |
Subordinated Debt [Member] | Commonwealth Statutory Trust V [Member] | |
Long term debt | $ 11,000 |
Subordinated Debt [Member] | Commonwealth Statutory Trust V [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Index | 1.40% |
Note 12 - Commitments and Con_3
Note 12 - Commitments and Contingent Liabilities (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 07, 2022 | Dec. 31, 2021 | |
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | $ 500,000 | $ (400,000) | $ (550,000) | $ 100,000 | $ (825,000) | ||
Standby Letters of Credit [Member] | Minimum [Member] | |||||||
Guarantee Obligations, Agreement Term (Month) | 1 month | ||||||
Standby Letters of Credit [Member] | Maximum [Member] | |||||||
Guarantee Obligations, Agreement Term (Month) | 2 months | ||||||
Performance Guarantee [Member] | |||||||
Guarantee Obligation, Estimated Payment Under Default on Contract | 3,000,000 | $ 3,000,000 | |||||
Commonwealth [Member] | |||||||
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | $ 500,000 | ||||||
Other Liabilities [Member] | |||||||
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | $ 4,100,000 | $ 4,100,000 | $ 3,500,000 |
Note 12 - Commitments and Con_4
Note 12 - Commitments and Contingent Liabilities - Off Balance Sheet Commitments to Extend Credit (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Off balance sheet commitments to extend credit | $ 2,164,029 | $ 1,691,152 |
Commercial and Industrial Loans [Member] | ||
Off balance sheet commitments to extend credit | 773,639 | 625,858 |
Construction and Development [Member] | ||
Off balance sheet commitments to extend credit | 456,863 | 292,351 |
Home Equity Loans [Member] | ||
Off balance sheet commitments to extend credit | 356,309 | 247,885 |
Credit Cards [Member] | ||
Off balance sheet commitments to extend credit | 58,391 | 40,471 |
Overdrafts [Member] | ||
Off balance sheet commitments to extend credit | 61,377 | 51,104 |
Letters of Credit [Member] | ||
Off balance sheet commitments to extend credit | 34,877 | 30,779 |
Other Off Balance Sheet Commitments [Member] | ||
Off balance sheet commitments to extend credit | 93,596 | 76,721 |
Future Loan Commitments [Member] | ||
Off balance sheet commitments to extend credit | $ 328,977 | $ 325,983 |
Note 13 - Assets and Liabilit_3
Note 13 - Assets and Liabilities Measured and Reported at Fair Value (Details Textual) $ in Thousands | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value, Nonrecurring [Member] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Selling and Closing Costs [Member] | Minimum [Member] | ||
Impaired Loans, Measurement Input | 0.08 | |
Other Real Estate Owned, Measurement Input | 0.08 | |
Selling and Closing Costs [Member] | Maximum [Member] | ||
Impaired Loans, Measurement Input | 0.10 | |
Other Real Estate Owned, Measurement Input | 0.10 | |
Mortgage Servicing Rights [Member] | ||
Impaired Financing Receivable, Related Allowance | $ 0 | $ 0 |
Note 13 - Assets and Liabilit_4
Note 13 - Assets and Liabilities Measured and Reported at Fair Value - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Securities available-for-sale | $ 1,140,039 | $ 1,180,298 |
Derivative | 6,475 | 3,148 |
US Treasury Securities and US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale | 115,532 | 122,501 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale | 117,703 | 135,021 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available-for-sale | 765,522 | 846,624 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale | 135,268 | 75,075 |
Other Debt Obligations [Member] | ||
Securities available-for-sale | 6,014 | 1,077 |
Fair Value, Recurring [Member] | ||
Securities available-for-sale | 1,140,039 | 1,180,298 |
Mortgage loans held for sale | 10,045 | |
Interest rate swaps | 6,475 | 3,148 |
Total assets | 1,157,075 | 1,183,446 |
Interest rate swaps | 6,487 | 3,162 |
Fair Value, Recurring [Member] | Rate Lock Loan Commitments [Member] | ||
Derivative | 472 | |
Fair Value, Recurring [Member] | Mandatory Forward Contract [Member] | ||
Derivative | 44 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 115,532 | 122,501 |
Mortgage loans held for sale | 0 | |
Interest rate swaps | 0 | 0 |
Total assets | 115,532 | 122,501 |
Interest rate swaps | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Rate Lock Loan Commitments [Member] | ||
Derivative | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mandatory Forward Contract [Member] | ||
Derivative | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 1,024,507 | 1,057,797 |
Mortgage loans held for sale | 10,045 | |
Interest rate swaps | 6,475 | 3,148 |
Total assets | 1,041,543 | 1,060,945 |
Interest rate swaps | 6,487 | 3,162 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Rate Lock Loan Commitments [Member] | ||
Derivative | 472 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mandatory Forward Contract [Member] | ||
Derivative | 44 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Mortgage loans held for sale | 0 | |
Interest rate swaps | 0 | 0 |
Total assets | 0 | 0 |
Interest rate swaps | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Rate Lock Loan Commitments [Member] | ||
Derivative | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mandatory Forward Contract [Member] | ||
Derivative | 0 | |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Securities available-for-sale | 115,532 | |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 115,532 | |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 0 | |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | |
Fair Value, Recurring [Member] | US Treasury Securities and US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale | 122,501 | |
Fair Value, Recurring [Member] | US Treasury Securities and US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 122,501 | |
Fair Value, Recurring [Member] | US Treasury Securities and US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 0 | |
Fair Value, Recurring [Member] | US Treasury Securities and US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale | 117,703 | 135,021 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 117,703 | 135,021 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available-for-sale | 765,522 | 846,624 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 765,522 | 846,624 |
Fair Value, Recurring [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale | 135,268 | 75,075 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 135,268 | 75,075 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | ||
Securities available-for-sale | 6,014 | 1,077 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 6,014 | 1,077 |
Fair Value, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | $ 0 | $ 0 |
Note 13 - Assets and Liabilit_5
Note 13 - Assets and Liabilities Measured and Reported at Fair Value - Assets Measured at Fair Value on a Non-recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Other real estate owned, gain (loss) | $ 0 | $ 47 | |||
Fair Value, Nonrecurring [Member] | |||||
Collateral dependent loans, fair value | $ 0 | 0 | $ 0 | ||
Collateral dependent loans | 0 | $ 0 | 0 | 0 | |
Other real estate owned, fair value | 0 | 0 | 0 | ||
Other real estate owned, gain (loss) | 0 | $ 0 | 0 | $ 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Collateral dependent loans, fair value | 0 | 0 | 0 | ||
Other real estate owned, fair value | 0 | 0 | 0 | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Collateral dependent loans, fair value | 12,554 | 12,554 | 4,487 | ||
Other real estate owned, fair value | 7,601 | 7,601 | 7,212 | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Collateral dependent loans, fair value | 12,554 | 12,554 | 4,487 | ||
Other real estate owned, fair value | $ 7,601 | $ 7,601 | $ 7,212 |
Note 13 - Assets and Liabilit_6
Note 13 - Assets and Liabilities Measured and Reported at Fair Value - Significant Unobservable Inputs (Details) - Appraisal Discount Method [Member] - Fair Value, Inputs, Level 3 [Member] - Impaired Loans [Member] $ in Thousands | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Collateral dependent loans, fair value | $ 12,554 | $ 4,487 |
Other real estate owned, fair value | $ 7,601 | $ 7,212 |
Weighted Average [Member] | ||
Impaired Loans, Measurement Input | 0.232 | 0.411 |
Other Real Estate Owned, Measurement Input | 0.307 | 0.316 |
Note 14 - Disclosure of Finan_3
Note 14 - Disclosure of Financial Instruments Not Reported at Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 573,869 | $ 961,192 |
Accrued interest receivable | 17,056 | 13,745 |
Non-interest bearing | 2,121,304 | 1,755,754 |
Time deposits | 503,853 | 434,222 |
Accrued interest payable | 277 | 300 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 573,869 | 961,192 |
HTM debt securities | 485,449 | |
Federal Home Loan Bank stock | 13,811 | 9,376 |
Loans, net | 4,810,962 | 4,115,405 |
Accrued interest receivable | 17,056 | 13,745 |
Non-interest bearing | 2,121,304 | 1,755,754 |
Transaction deposits | 3,923,973 | 3,597,538 |
Time deposits | 503,853 | 434,222 |
Securities sold under agreement to repurchase | 161,512 | 75,466 |
Federal funds purchased | 8,771 | 10,374 |
Subordinated debentures | 26,144 | |
Accrued interest payable | 277 | 300 |
Mortgage loans held for sale | 8,614 | |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 573,869 | 961,192 |
HTM debt securities | 460,846 | |
Federal Home Loan Bank stock | 13,811 | 9,376 |
Loans, net | 4,699,580 | 4,129,091 |
Accrued interest receivable | 17,056 | 13,745 |
Non-interest bearing | 2,121,304 | 1,755,754 |
Transaction deposits | 3,923,973 | 3,597,538 |
Time deposits | 494,585 | 433,813 |
Securities sold under agreement to repurchase | 161,512 | 75,466 |
Federal funds purchased | 8,771 | 10,374 |
Subordinated debentures | 26,262 | |
Accrued interest payable | 277 | 300 |
Mortgage loans held for sale | 8,818 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 573,869 | 961,192 |
HTM debt securities | 0 | |
Federal Home Loan Bank stock | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 17,056 | 13,745 |
Non-interest bearing | 2,121,304 | 1,755,754 |
Transaction deposits | 0 | 0 |
Time deposits | 0 | 0 |
Securities sold under agreement to repurchase | 0 | 0 |
Federal funds purchased | 0 | 0 |
Subordinated debentures | 0 | |
Accrued interest payable | 277 | 300 |
Mortgage loans held for sale | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
HTM debt securities | 460,846 | |
Federal Home Loan Bank stock | 13,811 | 9,376 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Non-interest bearing | 0 | 0 |
Transaction deposits | 3,923,973 | 3,597,538 |
Time deposits | 494,585 | 433,813 |
Securities sold under agreement to repurchase | 161,512 | 75,466 |
Federal funds purchased | 8,771 | 10,374 |
Subordinated debentures | 26,262 | |
Accrued interest payable | 0 | 0 |
Mortgage loans held for sale | 8,818 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
HTM debt securities | 0 | |
Federal Home Loan Bank stock | 0 | 0 |
Loans, net | 4,699,580 | 4,129,091 |
Accrued interest receivable | 0 | 0 |
Non-interest bearing | 0 | 0 |
Transaction deposits | 0 | 0 |
Time deposits | 0 | 0 |
Securities sold under agreement to repurchase | 0 | 0 |
Federal funds purchased | 0 | 0 |
Subordinated debentures | 0 | |
Accrued interest payable | $ 0 | 0 |
Mortgage loans held for sale | $ 0 |
Note 15 - Mortgage Banking Ac_3
Note 15 - Mortgage Banking Activities (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 07, 2022 | Dec. 31, 2021 |
Principal Amount Outstanding on Loans Managed and Securitized or Asset-Backed Financing Arrangement | $ 2,160,000 | $ 698,000 | |
Commonwealth [Member] | |||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-Backed Financing Arrangement | $ 1,500,000 | ||
Mortgage Servicing Rights [Member] | |||
Servicing Asset at Fair Value, Amount, Ending Balance | 26,000 | 6,000 | |
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance, Ending Balance | $ 0 | $ 0 | |
Mortgage Servicing Rights [Member] | Commonwealth [Member] | |||
Servicing Asset at Fair Value, Amount, Ending Balance | $ 13,000 |
Note 15 - Mortgage Banking Ac_4
Note 15 - Mortgage Banking Activities - Activity in Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Balance, beginning of period: | $ 9,323 | $ 6,579 | $ 8,614 | $ 22,547 |
Origination of mortgage loans held for sale | 43,814 | 50,692 | 79,643 | 119,431 |
Loans held for sale acquired | 0 | 3,071 | 3,559 | 3,071 |
Proceeds from the sale of mortgage loans held for sale | (43,504) | (55,844) | (82,275) | (141,747) |
Net gain on sale of mortgage loans held for sale | 412 | 922 | 504 | 2,118 |
Balance, end of period | $ 10,045 | $ 5,420 | $ 10,045 | $ 5,420 |
Note 15 - Mortgage Banking Ac_5
Note 15 - Mortgage Banking Activities - Mortgage Banking Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net gain on sale of mortgage loans held for sale | $ 412 | $ 922 | $ 504 | $ 2,118 |
Net change in fair value recognized on loans held for sale | 70 | 0 | 43 | 0 |
Net change in fair value recognized on rate lock loan commitments | 797 | 0 | 1,189 | 0 |
Net gain recognized | 465 | 922 | 1,101 | 2,118 |
Net loan servicing income | 1,215 | 333 | 1,917 | 588 |
Amortization | (856) | (174) | (1,337) | (426) |
Change in mortgage servicing rights valuation allowance | 0 | 0 | 0 | 0 |
Net servicing income recognized | 359 | 159 | 580 | 162 |
Other mortgage banking income | 471 | 222 | 617 | 467 |
Total mortgage banking income | 1,295 | 1,303 | 2,298 | 2,747 |
Foreign Exchange Forward [Member] | ||||
Net change in fair value recognized on forward contracts | $ (814) | $ 0 | $ (635) | $ 0 |
Note 15 - Mortgage Banking Ac_6
Note 15 - Mortgage Banking Activities - Changes in the Net Carrying Amount of MSRs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Balance at beginning of period | $ 16,877 | $ 2,865 | $ 4,528 | $ 2,710 |
MSRs acquired | 0 | 1,662 | 12,676 | 1,662 |
Additions for mortgage loans sold | 483 | 304 | 637 | 711 |
Amortization | (856) | (174) | (1,337) | (426) |
Balance at end of period | $ 16,504 | $ 4,657 | $ 16,504 | $ 4,657 |
Note 15 - Mortgage Banking Ac_7
Note 15 - Mortgage Banking Activities - Notional Amounts and Fair Values (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Mortgage loans held for sale, at fair value | $ 9,989 | |
Mortgage loans held for sale, at fair value | 10,045 | |
Derivative assets | 6,475 | $ 3,148 |
Other Assets [Member] | Rate Lock Loan Commitments [Member] | ||
Derivative, notional amount | 17,951 | |
Derivative assets | 472 | |
Other Assets [Member] | Mandatory Forward Contract [Member] | ||
Derivative, notional amount | 18,459 | |
Derivative assets | $ 44 |
Note 16 - Accumulated Other C_3
Note 16 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Balance, beginning of period | $ 675,869 | |||
Balance, end of period | $ 747,131 | 747,131 | ||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Balance, beginning of period | (57,316) | $ (2,513) | (7,657) | $ 9,310 |
Net current period other comprehensive loss | (29,738) | 4,808 | (79,397) | (7,015) |
Balance, end of period | (87,054) | 2,295 | (87,054) | 2,295 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Balance, beginning of period | 0 | (90) | 0 | (122) |
Net current period other comprehensive loss | 0 | 32 | 0 | 64 |
Balance, end of period | 0 | (58) | 0 | (58) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Balance, beginning of period | (283) | (447) | (283) | (447) |
Net current period other comprehensive loss | 0 | 0 | 0 | 0 |
Balance, end of period | (283) | (447) | (283) | (447) |
AOCI Attributable to Parent [Member] | ||||
Balance, beginning of period | (57,599) | (3,050) | (7,940) | 8,741 |
Net current period other comprehensive loss | (29,738) | 4,840 | (79,397) | (6,951) |
Balance, end of period | $ (87,337) | $ 1,790 | $ (87,337) | $ 1,790 |
Note 17 - Preferred Stock (Deta
Note 17 - Preferred Stock (Details Textual) - $ / shares $ / shares in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Preferred Stock, No Par Value (in dollars per share) | $ 0 | $ 0 |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 |
Note 18 - Net Income Per Shar_2
Note 18 - Net Income Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income available to stockholders | $ 26,794 | $ 4,184 | $ 34,700 | $ 26,894 |
Weighted average shares outstanding - basic (in shares) | 29,131 | 24,140 | 28,186 | 23,489 |
Dilutive securities (in shares) | 215 | 239 | 235 | 242 |
Weighted average shares outstanding- diluted (in shares) | 29,346 | 24,379 | 28,421 | 23,731 |
Net income per common share, basic (in dollars per share) | $ 0.92 | $ 0.17 | $ 1.23 | $ 1.14 |
Net income per common share, diluted (in dollars per share) | $ 0.91 | $ 0.17 | $ 1.22 | $ 1.13 |
Note 18 - Net Income Per Shar_3
Note 18 - Net Income Per Share - Antidilutive SARs (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock Appreciation Rights (SARs) [Member] | ||||
Antidilutive SARs (in shares) | 61 | 29 | 61 | 29 |
Note 19 - Stock-based Compens_3
Note 19 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 500,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 379,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award Liquidity Discount | 5.80% | |||||
Proceeds (Used for) and Received from Settlement of Stock Awards | $ 233,000 | $ 164,000 | ||||
Stock Appreciation Rights (SARs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 33,000 | 30,000 | ||||
Stock Appreciation Rights (SARs) [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20% | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 36,000 | 39,000 | ||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Sharebased Compensation Arrangement by Share-based Payment Award Post Vesting Holding Period (Year) | 1 year | |||||
Share-based Compensation Arrangement by Share-based Payment Award Liquidity Discount | 6.10% | |||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 12 months | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 5,410 | 7,758 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Fair Value Granted | $ 350,000 | $ 315,000 |
Note 19 - Stock-based Compens_4
Note 19 - Stock-based Compensation - Fair Value Assumptions (Details) - Stock Appreciation Rights (SARs) [Member] | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Dividend yield | 2.38% | 2.52% |
Expected volatility | 25.42% | 25.21% |
Risk free interest rate | 1.98% | 1.23% |
Expected life (in years) (Year) | 7 years 1 month 6 days | 7 years 1 month 6 days |
Note 19 - Stock-based Compens_5
Note 19 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Expense | $ 1,057 | $ 1,414 | $ 2,048 | $ 2,263 |
Deferred tax benefit | (222) | (297) | (431) | (476) |
Total net expense | 835 | 1,117 | 1,617 | 1,787 |
Stock Appreciation Rights (SARs) [Member] | ||||
Expense | 94 | 86 | 187 | 175 |
Deferred tax benefit | (19) | (18) | (39) | (37) |
Total net expense | 75 | 68 | 148 | 138 |
Restricted Stock [Member] | ||||
Expense | 350 | 337 | 682 | 666 |
Deferred tax benefit | (74) | (71) | (144) | (140) |
Total net expense | 276 | 266 | 538 | 526 |
Restricted Stock Units (RSUs) [Member] | ||||
Expense | 87 | 78 | 172 | 154 |
Deferred tax benefit | (18) | (16) | (36) | (32) |
Total net expense | 69 | 62 | 136 | 122 |
Performance Shares [Member] | ||||
Expense | 526 | 913 | 1,007 | 1,268 |
Deferred tax benefit | (111) | (192) | (212) | (267) |
Total net expense | $ 415 | $ 721 | $ 795 | $ 1,001 |
Note 19 - Stock-based Compens_6
Note 19 - Stock-based Compensation - Unrecognized Stock-based Compensation Expense (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Remainder of 2022 | $ 2,117 |
2023 | 2,848 |
2024 | 1,810 |
2025 | 909 |
2026 | 524 |
2027 | 60 |
Total estimated expense | 8,268 |
Stock Appreciation Rights (SARs) [Member] | |
Remainder of 2022 | 189 |
2023 | 311 |
2024 | 205 |
2025 | 146 |
2026 | 88 |
2027 | 10 |
Total estimated expense | 949 |
Restricted Stock [Member] | |
Remainder of 2022 | 715 |
2023 | 1,232 |
2024 | 1,002 |
2025 | 763 |
2026 | 436 |
2027 | 50 |
Total estimated expense | 4,198 |
Restricted Stock Units (RSUs) [Member] | |
Remainder of 2022 | 159 |
2023 | 2 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Total estimated expense | 161 |
Performance Shares [Member] | |
Remainder of 2022 | 1,054 |
2023 | 1,303 |
2024 | 603 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Total estimated expense | $ 2,960 |
Note 19 - Stock-based Compens_7
Note 19 - Stock-based Compensation - SARs Activity (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | ||
Unvested (in shares) | 515 | 593 | ||
Outstanding, aggregate intrinsic value | [1] | $ 12,294 | $ 16,854 | $ 7,706 |
Unvested, grant date weighted average cost (in dollars per share) | $ 5.08 | $ 4.44 | ||
Outstanding, weighted average remaining contractual life (Year) | 5 years 4 months 24 days | 5 years 1 month 6 days | 5 years 1 month 6 days | |
Awarded (in shares) | 33 | 30 | ||
Granted, aggregate intrinsic value | [1] | $ 0 | $ 0 | |
Fair value at grant date (in dollars per share) | $ 11.82 | $ 9.69 | ||
Exercised (in shares) | (61) | (108) | ||
Exercised, aggregate intrinsic value | [1] | $ 2,544 | $ 4,239 | |
Exercised weighted average fair value (in dollars per share) | $ 2.78 | $ 2.85 | ||
Forfeited (in shares) | 0 | |||
Vested and exercisable (in shares) | 349 | |||
Vested and exercisable, aggregate intrinsic value | [1] | $ 10,121 | ||
Vested and exercisable, weighted average fair value (in dollars per share) | $ 4.97 | |||
Vested and exercisable, weighted average remaining contractual life (Year) | 4 years 4 months 24 days | |||
Unvested (in shares) | 138 | |||
Unvested, aggregate intrinsic value | [1] | $ 2,173 | ||
Unvested, weighted average fair value (in dollars per share) | $ 8.08 | |||
Unvested, weighted average remaining contractual life (Year) | 3 years 3 months 18 days | |||
Unvested (in shares) | 487 | 515 | ||
Unvested, grant date weighted average cost (in dollars per share) | $ 5.83 | $ 5.08 | ||
Vested in the current year (in shares) | 43 | |||
Vested in the current year, aggregate intrinsic value | [1] | $ 881 | ||
Vested in the current year (in dollars per share) | $ 6.71 | |||
Minimum [Member] | ||||
Outstanding, exercise price (in dollars per share) | 15.24 | 15.24 | ||
Granted, exercise price (in dollars per share) | 53.29 | 47.17 | ||
Exercised, exercise price (in dollars per share) | 15.24 | 15.24 | ||
Vested and exercisable, exercise price (in dollars per share) | 15.24 | |||
Unvested, exercise price (in dollars per share) | 35.90 | |||
Outstanding, exercise price (in dollars per share) | 15.24 | 15.24 | ||
Vested in the current year, exercise price (in dollars per share) | 35.90 | |||
Maximum [Member] | ||||
Outstanding, exercise price (in dollars per share) | 50.71 | 40 | ||
Granted, exercise price (in dollars per share) | 54.91 | 50.71 | ||
Exercised, exercise price (in dollars per share) | 36.65 | 19.37 | ||
Vested and exercisable, exercise price (in dollars per share) | 50.71 | |||
Unvested, exercise price (in dollars per share) | 54.91 | |||
Outstanding, exercise price (in dollars per share) | 54.91 | 50.71 | ||
Vested in the current year, exercise price (in dollars per share) | 50.71 | |||
Weighted Average [Member] | ||||
Outstanding, exercise price (in dollars per share) | 31.16 | 27.47 | ||
Granted, exercise price (in dollars per share) | 54.86 | 50.48 | ||
Exercised, exercise price (in dollars per share) | 16.69 | 16.40 | ||
Vested and exercisable, exercise price (in dollars per share) | 30.84 | |||
Unvested, exercise price (in dollars per share) | 44.06 | |||
Outstanding, exercise price (in dollars per share) | 34.58 | $ 31.16 | ||
Vested in the current year, exercise price (in dollars per share) | $ 39.29 | |||
[1]Aggregate intrinsic value for SARs is defined as the amount by which the current market price of the underlying stock exceeds the exercise or grant price. |
Note 19 - Stock-based Compens_8
Note 19 - Stock-based Compensation - Restricted Stock (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Unvested (in shares) | 99 | 99 |
Unvested, grant date weighted average cost (in dollars per share) | $ 41.07 | $ 36.85 |
Awarded (in shares) | 36 | 39 |
Fair value at grant date (in dollars per share) | $ 58.47 | $ 46.90 |
Restrictions lapsed and shares released (in shares) | (31) | (34) |
Restrictions lapsed and shares released (in dollars per share) | $ 40.38 | $ 35.48 |
Forfeited (in shares) | (3) | (5) |
Shares forfeited, grant date weighted average cost (in dollars per share) | $ 45.15 | $ 40.81 |
Unvested (in shares) | 101 | 99 |
Unvested, grant date weighted average cost (in dollars per share) | $ 47.25 | $ 41.07 |
Note 19 - Stock-based Compens_9
Note 19 - Stock-based Compensation - Performance-based Restricted Stock Units (Details) - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expected shares to be awarded (in shares) | 379,000 | ||
Performance Shares [Member] | |||
Vesting period (Year) | 3 years | ||
Performance Shares [Member] | Executive Officer [Member] | |||
Vesting period (Year) | 3 years | 3 years | 3 years |
Fair value at grant date (in dollars per share) | $ 48.48 | $ 44.44 | $ 32.27 |
Expected shares to be awarded (in shares) | 36,350 | 47,280 | 65,111 |
Note 20 - Interest Rate Swaps -
Note 20 - Interest Rate Swaps - Outstanding Undesignated Interest Rate Swap Contracts (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Receiving [Member] | ||
Notional amount | $ 141,432 | $ 123,983 |
Weighted average maturity (Year) | 7 years 7 months 6 days | 7 years 2 months 12 days |
Fair value | $ 6,475 | $ 3,148 |
Paying [Member] | ||
Notional amount | $ 141,432 | $ 123,983 |
Weighted average maturity (Year) | 7 years 7 months 6 days | 7 years 2 months 12 days |
Fair value | $ 6,487 | $ 3,162 |
Note 21 - Regulatory Matters (D
Note 21 - Regulatory Matters (Details Textual) $ in Thousands | Jun. 30, 2022 USD ($) | Mar. 07, 2022 | Dec. 31, 2021 USD ($) | Jan. 01, 2019 | Jan. 01, 2016 | ||
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 0.025 | ||||||
Common Equity Tier One Risk Based Capital, Required to Be Well Capitalized to Risk Weighted Assets | 6% | ||||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets Including Capital Conservation Buffer | 8.50% | ||||||
Capital Required for Capital Adequacy to Risk Weighted Assets Including Capital Conservation Buffer | 10.50% | ||||||
Capital Conservation Buffer | 2.50% | 0.625% | |||||
Subordinated Debt, Ending Balance | $ 26,144 | $ 0 | |||||
Commonwealth [Member] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||||
Subordinated Debt, Ending Balance | $ 26,000 | ||||||
Commonwealth Statutory Trust III [Member] | Commonwealth [Member] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||||
Commonwealth Statutory Trust IV [Member] | Commonwealth [Member] | |||||||
Business Combination, Unconsolidated Trust Subsidiaries Acquired, Percent | 100% | ||||||
Commonwealth Statutory Trust V [Member] | Commonwealth [Member] | |||||||
Business Combination, Unconsolidated Trust Subsidiaries Acquired, Percent | 100% | ||||||
Subsidiaries [Member] | |||||||
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.065 | [1] | 0.0650 | ||||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | [1] | 0.080 | 0.0800 | ||||
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum | [1] | 0.100 | 0.1000 | ||||
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | [2] | 0.050 | 0.0500 | ||||
[1]Ratio is computed in relation to risk-weighted assets.[2]Ratio is computed in relation to average assets. |
Note 21 - Regulatory Matters -
Note 21 - Regulatory Matters - Risk Based Capital Amounts and Ratios (Details) $ in Thousands | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |||
Total risk-based capital, actual amount | [1] | $ 701,168 | $ 596,411 | ||
Total risk-based capital, actual ratio | [1] | 0.1227 | 0.1279 | ||
Total risk-based capital, minimum for adequately capitalized amount | [1] | $ 457,306 | $ 372,929 | ||
Total risk-based capital, minimum for adequately capitalized ratio | [1] | 0.0800 | 0.0800 | ||
Common Equity Tier 1 risk-based capital, actual amount | $ 617,901 | [1] | $ 556,590 | ||
Common Equity Tier 1 risk-based capital, actual ratio | 0.1081 | [1] | 0.1194 | ||
Common Equity Tier 1 risk-based capital, minimum for adequately capitalized amount | $ 257,235 | [1] | $ 209,772 | ||
Common Equity Tier 1 risk-based capital, minimum for adequately capitalized ratio | 0.0450 | [1] | 0.0450 | ||
Tier 1 risk-based capital, actual amount | [1] | $ 643,901 | [2] | $ 556,590 | |
Tier 1 risk-based capita, actual ratio | [1] | 0.1126 | 0.1194 | ||
Tier 1 risk-based capital, minimum for adequately capitalized amount | [1] | $ 342,980 | $ 279,696 | ||
Tier 1 risk-based capital, minimum for adequately capitalized ratio | [1] | 0.0600 | 0.0600 | ||
Tier 1 risk-based capital, actual amount | [1] | $ 643,901 | [2] | $ 556,590 | |
Leverage, actual ratio | [2] | 0.0858 | 0.0886 | ||
Leverage, minimum for adequately capitalized amount | [2] | $ 300,343 | $ 251,348 | ||
Leverage, minimum for adequately capitalized ratio | 0.0400 | [1] | 0.0400 | [2] | |
Leverage, actual amount | [2] | $ 556,590 | |||
Subsidiaries [Member] | |||||
Total risk-based capital, actual amount | [1] | $ 662,354 | $ 577,078 | ||
Total risk-based capital, actual ratio | [1] | 0.1163 | 0.1242 | ||
Total risk-based capital, minimum for adequately capitalized amount | [1] | $ 455,798 | $ 371,809 | ||
Total risk-based capital, minimum for adequately capitalized ratio | [1] | 0.0800 | 0.0800 | ||
Total risk-based capital, minimum for well capitalized amount | [1] | $ 569,747 | $ 464,761 | ||
Total risk-based capital, minimum for well capitalized ratio | [1] | 0.100 | 0.1000 | ||
Common Equity Tier 1 risk-based capital, actual amount | $ 605,087 | [1] | $ 537,257 | ||
Common Equity Tier 1 risk-based capital, actual ratio | 0.1062 | [1] | 0.1156 | ||
Common Equity Tier 1 risk-based capital, minimum for adequately capitalized amount | $ 256,386 | [1] | $ 209,142 | ||
Common Equity Tier 1 risk-based capital, minimum for adequately capitalized ratio | 0.0450 | [1] | 0.0450 | ||
Common Equity Tier 1 risk-based capital, minimum for well capitalized amount | $ 370,336 | [1] | $ 302,095 | ||
Common Equity Tier 1 risk-based capital, minimum for well capitalized ratio | 0.065 | [1] | 0.0650 | ||
Tier 1 risk-based capital, actual amount | [1] | $ 605,087 | $ 537,257 | ||
Tier 1 risk-based capita, actual ratio | [1] | 0.1062 | 0.1156 | ||
Tier 1 risk-based capital, minimum for adequately capitalized amount | [1] | $ 341,848 | $ 278,857 | ||
Tier 1 risk-based capital, minimum for adequately capitalized ratio | [1] | 0.0600 | 0.0600 | ||
Tier 1 risk-based capital, minimum for well capitalized amount | [1] | $ 455,798 | $ 371,809 | ||
Tier 1 risk-based capital, minimum for well capitalized ratio | [1] | 0.080 | 0.0800 | ||
Tier 1 risk-based capital, actual amount | [1] | $ 605,087 | $ 537,257 | ||
Leverage, actual ratio | [2] | 0.0806 | 0.0857 | ||
Leverage, minimum for adequately capitalized amount | [2] | $ 300,127 | $ 250,871 | ||
Leverage, minimum for adequately capitalized ratio | [2] | 0.0400 | 0.0400 | ||
Leverage, actual amount | [2] | $ 605,087 | $ 537,257 | ||
Leverage, minimum for well capitalized amount | [2] | $ 375,159 | $ 313,588 | ||
Leverage, minimum for well capitalized ratio | [2] | 0.050 | 0.0500 | ||
[1]Ratio is computed in relation to risk-weighted assets.[2]Ratio is computed in relation to average assets. |
Note 22 - Segments (Details Tex
Note 22 - Segments (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 07, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill, Ending Balance | $ 202,524 | $ 202,524 | $ 135,830 | $ 136,529 | $ 12,513 | $ 12,513 | |
Commonwealth [Member] | |||||||
Goodwill, Ending Balance | 66,694 | $ 67,000 | $ 0 | ||||
Commercial Banking [Member] | |||||||
Goodwill, Ending Balance | 175,000 | ||||||
WM&T [Member] | |||||||
Goodwill, Ending Balance | 28,000 | ||||||
WM&T [Member] | Commonwealth [Member] | |||||||
Goodwill, Ending Balance | 67,000 | ||||||
Operating Segments [Member] | |||||||
Goodwill, Ending Balance | 203,000 | ||||||
Operating Segments [Member] | Commercial Banking [Member] | |||||||
Goodwill, Ending Balance | 175,000 | ||||||
Operating Segments [Member] | WM&T [Member] | |||||||
Goodwill, Ending Balance | 28,000 | ||||||
Operating Segments [Member] | WM&T [Member] | Commonwealth [Member] | |||||||
Goodwill, Ending Balance | $ 67,000 |
Note 22 - Segments - Financial
Note 22 - Segments - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Net interest income | $ 56,984 | $ 41,584 | $ 105,744 | $ 79,409 | |||
Provision for credit losses | (200) | 4,147 | 2,079 | 2,672 | |||
All other non-interest income | 12,445 | 8,930 | 23,405 | 16,526 | |||
Non-interest expenses | 44,675 | 48,177 | 100,972 | 73,150 | |||
Income before income tax expense | 34,449 | 5,048 | 43,836 | 33,219 | |||
Income tax expense | 7,547 | 864 | 8,992 | 6,325 | |||
Net income | 26,902 | $ 7,942 | 4,184 | $ 22,710 | 34,844 | 26,894 | |
Less net income attributable to NCI | 108 | 0 | 144 | 0 | |||
Net income attributable to stockholders | 26,794 | 4,184 | 34,700 | 26,894 | |||
Segment assets | 7,583,105 | 6,088,072 | 7,583,105 | 6,088,072 | $ 6,646,025 | ||
Fiduciary and Trust [Member] | |||||||
Wealth management and trust services | 9,495 | 6,858 | 17,738 | 13,106 | |||
Commercial Banking [Member] | |||||||
Net interest income | 56,888 | 41,516 | 105,541 | 79,258 | |||
Provision for credit losses | (200) | 4,147 | 2,079 | 2,672 | |||
All other non-interest income | 12,445 | 8,930 | 23,405 | 16,526 | |||
Non-interest expenses | 38,876 | 44,481 | 90,566 | 66,177 | |||
Income before income tax expense | 30,657 | 1,818 | 36,301 | 26,935 | |||
Income tax expense | 6,724 | 190 | 7,357 | 4,988 | |||
Net income | 23,933 | 1,628 | 28,944 | 21,947 | |||
Less net income attributable to NCI | 108 | 0 | 144 | 0 | |||
Net income attributable to stockholders | 23,825 | 1,628 | 28,800 | 21,947 | |||
Segment assets | 7,550,846 | 6,084,185 | 7,550,846 | 6,084,185 | |||
Commercial Banking [Member] | Fiduciary and Trust [Member] | |||||||
Wealth management and trust services | 0 | 0 | 0 | 0 | |||
Investment Management and Trust [Member] | |||||||
Net interest income | 96 | 68 | 203 | 151 | |||
Provision for credit losses | 0 | 0 | 0 | 0 | |||
All other non-interest income | 0 | 0 | 0 | 0 | |||
Non-interest expenses | 5,799 | 3,696 | 10,406 | 6,973 | |||
Income before income tax expense | 3,792 | 3,230 | 7,535 | 6,284 | |||
Income tax expense | 823 | 674 | 1,635 | 1,337 | |||
Net income | 2,969 | 2,556 | 5,900 | 4,947 | |||
Less net income attributable to NCI | 0 | 0 | 0 | 0 | |||
Net income attributable to stockholders | 2,969 | 2,556 | 5,900 | 4,947 | |||
Segment assets | 32,259 | 3,887 | 32,259 | 3,887 | |||
Investment Management and Trust [Member] | Fiduciary and Trust [Member] | |||||||
Wealth management and trust services | $ 9,495 | $ 6,858 | $ 17,738 | $ 13,106 |
Note 23 - Revenue From Contra_3
Note 23 - Revenue From Contracts With Customers (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Trading Activity Charges Reducing Product Sales Commissions and Fees | $ 395,000 | $ 289,000 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | ||
Contract with Customer, Liability, Total | 0 | ||
Fiduciary and Trust [Member] | |||
Accrued Fees and Other Revenue Receivable | $ 3,300,000 | $ 2,900,000 |
Note 23 - Revenue From Contra_4
Note 23 - Revenue From Contracts With Customers - Revenue by Operating Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Mortgage banking income | [1] | $ 1,295 | $ 1,303 | $ 2,298 | $ 2,747 |
Bank owned life insurance | [1] | 270 | 206 | 536 | 367 |
Other | [2] | 1,153 | 629 | 2,351 | 1,399 |
Non-interest income | 21,940 | 15,788 | 41,143 | 29,632 | |
Gain on sale of securities | 0 | 0 | |||
Commercial Banking [Member] | |||||
Mortgage banking income | [1] | 1,295 | 1,303 | 2,298 | 2,747 |
Bank owned life insurance | [1] | 270 | 206 | 536 | 367 |
Other | [2] | 1,153 | 629 | 2,351 | 1,399 |
Non-interest income | 12,445 | 8,930 | 23,405 | 16,526 | |
Gain on sale of securities | 0 | 0 | |||
WM&T [Member] | |||||
Mortgage banking income | [1] | 0 | 0 | 0 | 0 |
Bank owned life insurance | [1] | 0 | 0 | 0 | 0 |
Other | [2] | 0 | 0 | 0 | 0 |
Non-interest income | 9,495 | 6,858 | 17,738 | 13,106 | |
Gain on sale of securities | 0 | 0 | |||
Fiduciary and Trust [Member] | |||||
Non-interest income | 9,495 | 6,858 | 17,738 | 13,106 | |
Fiduciary and Trust [Member] | Commercial Banking [Member] | |||||
Non-interest income | 0 | 0 | 0 | 0 | |
Fiduciary and Trust [Member] | WM&T [Member] | |||||
Non-interest income | 9,495 | 6,858 | 17,738 | 13,106 | |
Deposit Account [Member] | |||||
Non-interest income | 2,061 | 1,233 | 3,924 | 2,177 | |
Deposit Account [Member] | Commercial Banking [Member] | |||||
Non-interest income | 2,061 | 1,233 | 3,924 | 2,177 | |
Deposit Account [Member] | WM&T [Member] | |||||
Non-interest income | 0 | 0 | 0 | 0 | |
Credit and Debit Card [Member] | |||||
Non-interest income | 4,748 | 3,284 | 8,867 | 5,557 | |
Credit and Debit Card [Member] | Commercial Banking [Member] | |||||
Non-interest income | 4,748 | 3,284 | 8,867 | 5,557 | |
Credit and Debit Card [Member] | WM&T [Member] | |||||
Non-interest income | 0 | 0 | 0 | 0 | |
Treasury Management [Member] | |||||
Non-interest income | 2,187 | 1,730 | 4,091 | 3,270 | |
Treasury Management [Member] | Commercial Banking [Member] | |||||
Non-interest income | 2,187 | 1,730 | 4,091 | 3,270 | |
Treasury Management [Member] | WM&T [Member] | |||||
Non-interest income | 0 | 0 | 0 | 0 | |
Product Sales Commissions and Fees [Member] | |||||
Non-interest income | 731 | 545 | 1,338 | 1,009 | |
Product Sales Commissions and Fees [Member] | Commercial Banking [Member] | |||||
Non-interest income | 731 | 545 | 1,338 | 1,009 | |
Product Sales Commissions and Fees [Member] | WM&T [Member] | |||||
Non-interest income | $ 0 | $ 0 | $ 0 | $ 0 | |
[1]Outside of the scope of ASC 606.[2]Outside of the scope of ASC 606, with the exception of safe deposit fees which were nominal for all periods. |
Note 24 - Leases (Details Textu
Note 24 - Leases (Details Textual) | 6 Months Ended |
Jun. 30, 2022 | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Commonwealth [Member] | |
Number of Operating Leases Added in Acquisition | 4 |
Minimum [Member] | |
Operating Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Operating Lease, Remaining Lease Term (Year) | 18 years |
Note 24 - Leases - Balance Shee
Note 24 - Leases - Balance Sheet, Income Statement, and Cash Flow Detail Regarding Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Weighted average remaining lease term (years) (Year) | 8 years 6 months | 8 years 6 months | 9 years 4 months 24 days | ||
Weighted average discount rate | 2.90% | 2.90% | 3.02% | ||
One year or less | $ 1,675 | $ 1,675 | $ 2,634 | ||
Year two | 3,358 | 3,358 | 2,673 | ||
Year three | 3,057 | 3,057 | 2,408 | ||
Year four | 2,318 | 2,318 | 1,924 | ||
Year five | 1,842 | 1,842 | 1,608 | ||
Greater than five years | 8,330 | 8,330 | 7,699 | ||
Total lease payments | 20,580 | 20,580 | 18,946 | ||
Less imputed interest | 2,467 | 2,467 | 2,538 | ||
Operating lease cost | 792 | $ 520 | 1,448 | $ 1,007 | |
Variable lease cost | 58 | 62 | 115 | 113 | |
Less sublease income | 24 | 13 | 48 | 27 | |
Total lease cost | 826 | $ 569 | 1,515 | 1,093 | |
Cash paid for operating lease liabilities | 1,800 | $ 1,190 | |||
Premises and Equipment, Net [Member] | |||||
Operating lease right-of-use asset | 16,711 | 16,711 | 14,958 | ||
Other Liabilities [Member] | |||||
Operating lease liability | $ 18,113 | $ 18,113 | $ 16,408 |