XML 40 R33.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Loans and Allowance for Credit Losses (Tables)
6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Amounts Recognized in Balance Sheet

Loans in the accompanying consolidated balance sheets consisted of the following:

(Dollars in thousands)

 

June 30, 2024

 

 

December 31, 2023

 

Real estate loans:

 

 

 

 

 

 

Non-farm non-residential owner occupied

 

$

499,941

 

 

$

520,822

 

Non-farm non-residential non-owner occupied

 

 

612,268

 

 

 

586,626

 

Residential

 

 

349,461

 

 

 

342,589

 

Construction, development & other

 

 

756,646

 

 

 

693,553

 

Farmland

 

 

31,049

 

 

 

30,396

 

Commercial & industrial

 

 

1,361,401

 

 

 

1,263,077

 

Consumer

 

 

2,216

 

 

 

2,555

 

Municipal and other

 

 

145,177

 

 

 

199,170

 

 

 

3,758,159

 

 

 

3,638,788

 

Allowance for credit losses

 

 

(38,211

)

 

 

(37,022

)

Loans, net

 

$

3,719,948

 

 

$

3,601,766

 

Schedule of Non-accrual, Non-accrual Without Specifc ACL and Accruing Past Due Loans, Segregated by Class of Loans

Non-accrual loans, non-accrual loans without a specific ACL, and accruing loans past due more than 90 days segregated by class of loans were as follows:

 

 

June 30, 2024

 

 

December 31, 2023

 

(Dollars in thousands)

 

Non-accrual

 

 

Non-accrual loans without a specific ACL

 

 

Accruing loans
past due more
than 90 days

 

 

Non-accrual

 

 

Non-accrual loans without a specific ACL

 

 

Accruing loans
past due more
than 90 days

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential owner occupied

 

$

10,051

 

 

$

8,416

 

 

$

 

 

$

1,211

 

 

$

305

 

 

$

 

Non-farm non-residential non-owner occupied

 

 

74

 

 

 

211

 

 

 

 

 

 

1,235

 

 

 

246

 

 

 

 

Residential

 

 

2,767

 

 

 

2,721

 

 

 

 

 

 

2,938

 

 

 

2,938

 

 

 

 

Construction, development & other

 

 

301

 

 

 

79

 

 

 

407

 

 

 

247

 

 

 

247

 

 

 

 

Commercial & industrial

 

 

10,717

 

 

 

805

 

 

 

100

 

 

 

11,018

 

 

 

5,097

 

 

 

670

 

 

$

23,910

 

 

$

12,232

 

 

$

507

 

 

$

16,649

 

 

$

8,833

 

 

$

670

 

Schedule of Aging Past Due Loans, Segregated by Class of Loans

An age analysis of past due loans, segregated by class of loans, was as follows:

(Dollars in thousands)

 

30-59
days

 

 

60-89
days

 

 

Over 90
days

 

 

Total
past due

 

 

Total
current

 

 

Total
loans

 

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

$

 

 

$

 

 

$

10,051

 

 

$

10,051

 

 

$

489,890

 

 

$

499,941

 

Non-farm non-residential
   non-owner occupied

 

 

1,314

 

 

 

 

 

 

74

 

 

 

1,388

 

 

 

610,880

 

 

 

612,268

 

Residential

 

 

826

 

 

 

 

 

 

2,767

 

 

 

3,593

 

 

 

345,868

 

 

 

349,461

 

Construction,
   development & other

 

 

500

 

 

 

200

 

 

 

708

 

 

 

1,408

 

 

 

755,238

 

 

 

756,646

 

Farmland

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,049

 

 

 

31,049

 

Commercial & industrial

 

 

1,458

 

 

 

578

 

 

 

10,817

 

 

 

12,853

 

 

 

1,348,548

 

 

 

1,361,401

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,216

 

 

 

2,216

 

Municipal and other

 

 

67

 

 

 

 

 

 

 

 

 

67

 

 

 

145,110

 

 

 

145,177

 

 

$

4,165

 

 

$

778

 

 

$

24,417

 

 

$

29,360

 

 

$

3,728,799

 

 

$

3,758,159

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

$

 

 

$

 

 

$

1,211

 

 

$

1,211

 

 

$

519,611

 

 

$

520,822

 

Non-farm non-residential
   non-owner occupied

 

 

 

 

 

212

 

 

 

1,235

 

 

 

1,447

 

 

 

585,179

 

 

 

586,626

 

Residential

 

 

312

 

 

 

495

 

 

 

2,938

 

 

 

3,745

 

 

 

338,844

 

 

 

342,589

 

Construction,
   development & other

 

 

428

 

 

 

177

 

 

 

247

 

 

 

852

 

 

 

692,701

 

 

 

693,553

 

Farmland

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,396

 

 

 

30,396

 

Commercial & industrial

 

 

4,467

 

 

 

659

 

 

 

11,688

 

 

 

16,814

 

 

 

1,246,263

 

 

 

1,263,077

 

Consumer

 

 

2

 

 

 

 

 

 

 

 

 

2

 

 

 

2,553

 

 

 

2,555

 

Municipal and other

 

 

88

 

 

 

 

 

 

 

 

 

88

 

 

 

199,082

 

 

 

199,170

 

 

$

5,297

 

 

$

1,543

 

 

$

17,319

 

 

$

24,159

 

 

$

3,614,629

 

 

$

3,638,788

 

Summary of Loans Modified for Borrowers Experiencing Financial Difficulty

 

 

Loan modifications

(Dollars in thousands)

 

Number
 of
 loans

 

 

Post-
restructured
recorded
investment

 

 

Principal Forgiveness

 

 

Adjusted
interest
rate

 

 

Payment
deferral

 

 

Combined
rate and
payment
deferral

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & industrial

 

 

3

 

 

$

6,970

 

 

$

 

 

$

 

 

$

63

 

 

$

63

 

 

Summary of Internal Ratings of Loans

The following tables summarize the Company’s internal ratings of its loans at June 30, 2024 and December 31, 2023:

(Dollars in thousands)

 

Pass

 

 

Special
Mention

 

 

Substandard

 

 

Doubtful

 

 

Total

 

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

$

477,019

 

 

$

5,698

 

 

$

17,224

 

 

$

 

 

$

499,941

 

Non-farm non-residential
   non-owner occupied

 

 

612,194

 

 

 

 

 

 

74

 

 

 

 

 

 

612,268

 

Residential

 

 

346,132

 

 

 

528

 

 

 

2,801

 

 

 

 

 

 

349,461

 

Construction,
   development & other

 

 

755,229

 

 

 

710

 

 

 

707

 

 

 

 

 

 

756,646

 

Farmland

 

 

31,049

 

 

 

 

 

 

 

 

 

 

 

 

31,049

 

Commercial & industrial

 

 

1,304,848

 

 

 

37,422

 

 

 

17,631

 

 

 

1,500

 

 

 

1,361,401

 

Consumer

 

 

2,216

 

 

 

 

 

 

 

 

 

 

 

 

2,216

 

Municipal and other

 

 

145,177

 

 

 

 

 

 

 

 

 

 

 

 

145,177

 

 

$

3,673,864

 

 

$

44,358

 

 

$

38,437

 

 

$

1,500

 

 

$

3,758,159

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

$

510,811

 

 

$

5,517

 

 

$

4,494

 

 

$

 

 

$

520,822

 

Non-farm non-residential
   non-owner occupied

 

 

580,981

 

 

 

4,409

 

 

 

1,236

 

 

 

 

 

 

586,626

 

Residential

 

 

338,619

 

 

 

538

 

 

 

3,432

 

 

 

 

 

 

342,589

 

Construction,
   development & other

 

 

692,098

 

 

 

1,208

 

 

 

247

 

 

 

 

 

 

693,553

 

Farmland

 

 

29,547

 

 

 

 

 

 

849

 

 

 

 

 

 

30,396

 

Commercial & industrial

 

 

1,213,303

 

 

 

35,672

 

 

 

13,780

 

 

 

322

 

 

 

1,263,077

 

Consumer

 

 

2,555

 

 

 

 

 

 

 

 

 

 

 

 

2,555

 

Municipal and other

 

 

199,170

 

 

 

 

 

 

 

 

 

 

 

 

199,170

 

 

$

3,567,084

 

 

$

47,344

 

 

$

24,038

 

 

$

322

 

 

$

3,638,788

 

 

The following tables summarize the Company's loans by risk grades, loan class and vintage, at June 30, 2024 and December 31, 2023:

 

 

 

Term Loans Amortized Cost Basis by Origination Year

 

 

Revolving Loans Amortized

 

 

 

 

(Dollars in thousands)

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior Years

 

 

Cost Basis

 

 

Total

 

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

20,614

 

 

$

39,944

 

 

$

171,889

 

 

$

119,417

 

 

$

61,364

 

 

$

59,620

 

 

$

4,171

 

 

$

477,019

 

Special Mention

 

 

697

 

 

 

95

 

 

 

2,317

 

 

 

2,589

 

 

 

 

 

 

 

 

 

 

 

 

5,698

 

Substandard

 

 

 

 

 

3,032

 

 

 

116

 

 

 

4,405

 

 

 

5,654

 

 

 

2,778

 

 

 

1,239

 

 

 

17,224

 

Total Non-Farm non-residential owner-occupied

 

$

21,311

 

 

$

43,071

 

 

$

174,322

 

 

$

126,411

 

 

$

67,018

 

 

$

62,398

 

 

$

5,410

 

 

$

499,941

 

Non-farm non-residential
   non-owner occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

35,087

 

 

$

114,010

 

 

$

179,898

 

 

$

206,717

 

 

$

25,214

 

 

$

43,211

 

 

$

8,057

 

 

$

612,194

 

Substandard

 

 

 

 

 

 

 

 

74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74

 

Total Non-Farm non-residential non owner-occupied

 

$

35,087

 

 

$

114,010

 

 

$

179,972

 

 

$

206,717

 

 

$

25,214

 

 

$

43,211

 

 

$

8,057

 

 

$

612,268

 

Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

31,734

 

 

$

92,260

 

 

$

110,295

 

 

$

73,993

 

 

$

17,938

 

 

$

13,570

 

 

$

6,342

 

 

$

346,132

 

Special Mention

 

 

 

 

 

91

 

 

 

 

 

 

 

 

 

437

 

 

 

 

 

 

 

 

 

528

 

Substandard

 

 

2,140

 

 

 

27

 

 

 

242

 

 

 

388

 

 

 

 

 

 

4

 

 

 

 

 

 

2,801

 

Total Residential

 

$

33,874

 

 

$

92,378

 

 

$

110,537

 

 

$

74,381

 

 

$

18,375

 

 

$

13,574

 

 

$

6,342

 

 

$

349,461

 

Construction,
   development & other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

47,963

 

 

$

147,185

 

 

$

102,911

 

 

$

38,296

 

 

$

770

 

 

$

534

 

 

$

417,570

 

 

$

755,229

 

Special Mention

 

 

710

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

710

 

Substandard

 

 

 

 

 

633

 

 

 

73

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

707

 

Total Construction, development & other

 

$

48,673

 

 

$

147,818

 

 

$

102,984

 

 

$

38,296

 

 

$

770

 

 

$

535

 

 

$

417,570

 

 

$

756,646

 

Farmland

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

711

 

 

$

9,759

 

 

$

11,922

 

 

$

2,000

 

 

$

 

 

$

4,301

 

 

$

2,356

 

 

$

31,049

 

Total Farmland

 

$

711

 

 

$

9,759

 

 

$

11,922

 

 

$

2,000

 

 

$

 

 

$

4,301

 

 

$

2,356

 

 

$

31,049

 

Commercial & industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

93,870

 

 

$

161,402

 

 

$

94,322

 

 

$

53,792

 

 

$

12,106

 

 

$

11,752

 

 

$

877,604

 

 

$

1,304,848

 

Special Mention

 

 

3,945

 

 

 

218

 

 

 

678

 

 

 

22,085

 

 

 

 

 

 

14

 

 

 

10,482

 

 

 

37,422

 

Substandard

 

 

2,726

 

 

 

3,412

 

 

 

1,965

 

 

 

2,091

 

 

 

 

 

 

1,277

 

 

 

6,160

 

 

 

17,631

 

Doubtful

 

 

 

 

 

 

 

 

1,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,500

 

Total Commercial & industrial

 

$

100,541

 

 

$

165,032

 

 

$

98,465

 

 

$

77,968

 

 

$

12,106

 

 

$

13,043

 

 

$

894,246

 

 

$

1,361,401

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

71

 

 

$

938

 

 

$

533

 

 

$

100

 

 

$

110

 

 

$

127

 

 

$

337

 

 

$

2,216

 

Total Consumer

 

$

71

 

 

$

938

 

 

$

533

 

 

$

100

 

 

$

110

 

 

$

127

 

 

$

337

 

 

$

2,216

 

Municipal and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

1,761

 

 

$

61,103

 

 

$

10,146

 

 

$

31,517

 

 

$

2,523

 

 

$

459

 

 

$

37,668

 

 

$

145,177

 

Total Municipal and other

 

$

1,761

 

 

$

61,103

 

 

$

10,146

 

 

$

31,517

 

 

$

2,523

 

 

$

459

 

 

$

37,668

 

 

$

145,177

 

Total Loans

 

$

242,029

 

 

$

634,109

 

 

$

688,881

 

 

$

557,390

 

 

$

126,116

 

 

$

137,648

 

 

$

1,371,986

 

 

$

3,758,159

 

 

 

 

Term Loans Amortized Cost Basis by Origination Year

 

 

Revolving Loans Amortized

 

 

 

 

(Dollars in thousands)

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Prior Years

 

 

Cost Basis

 

 

Total

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

55,172

 

 

$

179,776

 

 

$

127,020

 

 

$

70,984

 

 

$

33,439

 

 

$

37,433

 

 

$

6,987

 

 

$

510,811

 

Special Mention

 

 

535

 

 

 

2,350

 

 

 

2,632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,517

 

Substandard

 

 

157

 

 

 

41

 

 

 

984

 

 

 

 

 

 

2,190

 

 

 

659

 

 

 

463

 

 

 

4,494

 

Total Non-Farm non-residential owner-occupied

 

$

55,864

 

 

$

182,167

 

 

$

130,636

 

 

$

70,984

 

 

$

35,629

 

 

$

38,092

 

 

$

7,450

 

 

$

520,822

 

Non-farm non-residential
   non-owner occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

105,084

 

 

$

180,054

 

 

$

212,484

 

 

$

26,559

 

 

$

23,112

 

 

$

25,486

 

 

$

8,202

 

 

$

580,981

 

Special Mention

 

 

4,197

 

 

 

 

 

 

 

 

 

212

 

 

 

 

 

 

 

 

 

 

 

 

4,409

 

Substandard

 

 

 

 

 

88

 

 

 

 

 

 

 

 

 

 

 

 

1,148

 

 

 

 

 

 

1,236

 

Total Non-Farm non-residential non owner-occupied

 

$

109,281

 

 

$

180,142

 

 

$

212,484

 

 

$

26,771

 

 

$

23,112

 

 

$

26,634

 

 

$

8,202

 

 

$

586,626

 

Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

97,867

 

 

$

112,138

 

 

$

86,117

 

 

$

19,178

 

 

$

10,027

 

 

$

7,275

 

 

$

6,017

 

 

$

338,619

 

Special Mention

 

 

94

 

 

 

 

 

 

 

 

 

444

 

 

 

 

 

 

 

 

 

 

 

 

538

 

Substandard

 

 

2,734

 

 

 

253

 

 

 

437

 

 

 

 

 

 

 

 

 

8

 

 

 

 

 

 

3,432

 

Total Residential

 

$

100,695

 

 

$

112,391

 

 

$

86,554

 

 

$

19,622

 

 

$

10,027

 

 

$

7,283

 

 

$

6,017

 

 

$

342,589

 

Construction,
   development & other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

136,888

 

 

$

110,486

 

 

$

55,938

 

 

$

785

 

 

$

86

 

 

$

529

 

 

$

387,386

 

 

$

692,098

 

Special Mention

 

 

 

 

 

 

 

 

1,208

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,208

 

Substandard

 

 

244

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

247

 

Total Construction, development & other

 

$

137,132

 

 

$

110,486

 

 

$

57,146

 

 

$

785

 

 

$

86

 

 

$

532

 

 

$

387,386

 

 

$

693,553

 

Farmland

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

11,030

 

 

$

11,328

 

 

$

2,070

 

 

$

96

 

 

$

3,619

 

 

$

818

 

 

$

586

 

 

$

29,547

 

Substandard

 

 

 

 

 

849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

849

 

Total Farmland

 

$

11,030

 

 

$

12,177

 

 

$

2,070

 

 

$

96

 

 

$

3,619

 

 

$

818

 

 

$

586

 

 

$

30,396

 

Commercial & industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

221,392

 

 

$

49,536

 

 

$

79,690

 

 

$

16,843

 

 

$

14,576

 

 

$

1,321

 

 

$

829,945

 

 

$

1,213,303

 

Special Mention

 

 

4,284

 

 

 

4,068

 

 

 

23,916

 

 

 

467

 

 

 

21

 

 

 

55

 

 

 

2,861

 

 

 

35,672

 

Substandard

 

 

483

 

 

 

3,783

 

 

 

4,461

 

 

 

1,276

 

 

 

1,377

 

 

 

82

 

 

 

2,318

 

 

 

13,780

 

Doubtful

 

 

 

 

 

 

 

 

 

 

 

 

 

 

322

 

 

 

 

 

 

 

 

 

322

 

Total Commercial & industrial

 

$

226,159

 

 

$

57,387

 

 

$

108,067

 

 

$

18,586

 

 

$

16,296

 

 

$

1,458

 

 

$

835,124

 

 

$

1,263,077

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

1,061

 

 

$

670

 

 

$

147

 

 

$

183

 

 

$

121

 

 

$

33

 

 

$

340

 

 

$

2,555

 

Total Consumer

 

$

1,061

 

 

$

670

 

 

$

147

 

 

$

183

 

 

$

121

 

 

$

33

 

 

$

340

 

 

$

2,555

 

Municipal and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

86,998

 

 

$

15,406

 

 

$

33,060

 

 

$

3,812

 

 

$

1,011

 

 

$

14

 

 

$

58,869

 

 

$

199,170

 

Total Municipal and other

 

$

86,998

 

 

$

15,406

 

 

$

33,060

 

 

$

3,812

 

 

$

1,011

 

 

$

14

 

 

$

58,869

 

 

$

199,170

 

Total Loans

 

$

728,220

 

 

$

670,826

 

 

$

630,164

 

 

$

140,839

 

 

$

89,901

 

 

$

74,864

 

 

$

1,303,974

 

 

$

3,638,788

 

 

The following tables summarize the Company's gross charge-offs by origination year and loan class for the six months ended June 30, 2024 and the year ended December 31, 2023.

 

 

 

Gross Charge-offs by Origination Year

 

 

Revolving Loans Amortized

 

 

 

 

(Dollars in thousands)

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior Years

 

 

Cost Basis

 

 

Total

 

June 30, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   non-owner occupied

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

(598

)

 

$

 

 

$

(598

)

Commercial & industrial

 

 

 

 

 

 

 

 

(233

)

 

 

(104

)

 

 

(1,198

)

 

 

(944

)

 

 

 

 

 

(2,479

)

Municipal and other

 

 

 

 

 

(12

)

 

 

(17

)

 

 

(15

)

 

 

 

 

 

 

 

 

 

 

 

(44

)

Total Charge-Offs

 

$

 

 

$

(12

)

 

$

(250

)

 

$

(119

)

 

$

(1,198

)

 

$

(1,542

)

 

$

 

 

$

(3,121

)

 

December 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & industrial

 

$

 

 

$

 

 

$

 

 

$

(181

)

 

$

(1,523

)

 

$

(120

)

 

$

 

 

$

(1,824

)

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19

)

 

 

 

 

 

(19

)

Municipal and other

 

 

(10

)

 

 

(6

)

 

 

(2

)

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

(20

)

Total Charge-Offs

 

$

(10

)

 

$

(6

)

 

$

(2

)

 

$

(183

)

 

$

(1,523

)

 

$

(139

)

 

$

 

 

$

(1,863

)

Schedule of Allowance for Credit Losses

The following table presents details of the allowance for credit losses on loans by portfolio segment as of June 30, 2024 and December 31, 2023:

(Dollars in thousands)

 

Non-Farm Non-Residential
   Owner Occupied

 

 

Non-Farm Non-Residential
   Non-Owner Occupied

 

 

Residential

 

 

Construction, Development & Other

 

 

Farmland

 

 

Commercial & Industrial

 

 

Consumer

 

 

Municipal and Other

 

 

Total

 

June 30, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Modeled expected credit losses

 

$

2,125

 

 

$

2,481

 

 

$

1,478

 

 

$

3,421

 

 

$

151

 

 

$

6,263

 

 

$

8

 

 

$

365

 

 

$

16,292

 

Q-Factor and other qualitative adjustments

 

 

2,199

 

 

 

2,776

 

 

 

1,012

 

 

 

3,013

 

 

 

86

 

 

 

9,945

 

 

 

6

 

 

 

414

 

 

 

19,451

 

Specific allocations

 

 

388

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

2,078

 

 

 

 

 

 

 

 

 

2,468

 

 

 

$

4,712

 

 

$

5,257

 

 

$

2,490

 

 

$

6,436

 

 

$

237

 

 

$

18,286

 

 

$

14

 

 

$

779

 

 

$

38,211

 

December 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Modeled expected credit losses

 

$

2,324

 

 

$

2,569

 

 

$

1,474

 

 

$

3,557

 

 

$

166

 

 

$

6,400

 

 

$

8

 

 

$

596

 

 

$

17,094

 

Q-Factor and other qualitative adjustments

 

 

1,952

 

 

 

2,321

 

 

 

867

 

 

 

2,296

 

 

 

78

 

 

 

7,507

 

 

 

6

 

 

 

505

 

 

 

15,532

 

Specific allocations

 

 

35

 

 

 

651

 

 

 

 

 

 

 

 

 

 

 

 

3,710

 

 

 

 

 

 

 

 

 

4,396

 

 

 

$

4,311

 

 

$

5,541

 

 

$

2,341

 

 

$

5,853

 

 

$

244

 

 

$

17,617

 

 

$

14

 

 

$

1,101

 

 

$

37,022

 

 

Management believes the allowance for credit losses is adequate to cover expected credit losses on loans at June 30, 2024 and December 31, 2023.

The following tables detail the activity in the allowance for credit losses by portfolio segment for the six months ended June 30, 2024 and 2023:

(Dollars in thousands)

 

Beginning
balance

 

 

Provision for Credit Losses on Loans

 

 

Charge-offs

 

 

Recoveries

 

 

Ending
balance

 

Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

$

4,311

 

 

$

401

 

 

$

 

 

$

 

 

$

4,712

 

Non-farm non-residential
   non-owner occupied

 

 

5,541

 

 

 

314

 

 

 

(598

)

 

 

 

 

 

5,257

 

Residential

 

 

2,341

 

 

 

149

 

 

 

 

 

 

 

 

 

2,490

 

Construction, development & other

 

 

5,853

 

 

 

583

 

 

 

 

 

 

 

 

 

6,436

 

Farmland

 

 

244

 

 

 

(7

)

 

 

 

 

 

 

 

 

237

 

Commercial & industrial

 

 

17,617

 

 

 

2,610

 

 

 

(2,479

)

 

 

538

 

 

 

18,286

 

Consumer

 

 

14

 

 

 

(1

)

 

 

 

 

 

1

 

 

 

14

 

Municipal and other

 

 

1,101

 

 

 

(289

)

 

 

(44

)

 

 

11

 

 

 

779

 

 

 

$

37,022

 

 

$

3,760

 

 

$

(3,121

)

 

$

550

 

 

$

38,211

 

 

(Dollars in thousands)

 

Beginning
balance

 

 

CECL Adoption Adjustment

 

 

Provision for Credit Losses on Loans

 

 

Charge-offs

 

 

Recoveries

 

 

Ending
balance

 

Six Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

$

3,773

 

 

$

1,324

 

 

$

126

 

 

$

 

 

$

 

 

$

5,223

 

Non-farm non-residential
   non-owner occupied

 

 

5,741

 

 

 

2,610

 

 

 

424

 

 

 

 

 

 

 

 

 

8,775

 

Residential

 

 

1,064

 

 

 

996

 

 

 

82

 

 

 

 

 

 

 

 

 

2,142

 

Construction, development & other

 

 

3,053

 

 

 

1,608

 

 

 

(349

)

 

 

 

 

 

 

 

 

4,312

 

Farmland

 

 

82

 

 

 

12

 

 

 

3

 

 

 

 

 

 

 

 

 

97

 

Commercial & industrial

 

 

16,269

 

 

 

(2,903

)

 

 

2,043

 

 

 

(301

)

 

 

614

 

 

 

15,722

 

Consumer

 

 

6

 

 

 

4

 

 

 

19

 

 

 

(19

)

 

 

 

 

 

10

 

Municipal and other

 

 

363

 

 

 

349

 

 

 

252

 

 

 

(2

)

 

 

 

 

 

962

 

 

 

$

30,351

 

 

$

4,000

 

 

$

2,600

 

 

$

(322

)

 

$

614

 

 

$

37,243

 

 

The following tables detail the activity in the allowance for credit losses by portfolio segment for the three months ended June 30, 2024 and 2023:

(Dollars in thousands)

 

Beginning
balance

 

 

Provision for Credit Losses on Loans

 

 

Charge-offs

 

 

Recoveries

 

 

Ending
balance

 

Three Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

$

4,295

 

 

$

417

 

 

$

 

 

$

 

 

$

4,712

 

Non-farm non-residential
   non-owner occupied

 

 

5,211

 

 

 

644

 

 

 

(598

)

 

 

 

 

 

5,257

 

Residential

 

 

2,142

 

 

 

348

 

 

 

 

 

 

 

 

 

2,490

 

Construction, development & other

 

 

5,676

 

 

 

760

 

 

 

 

 

 

 

 

 

6,436

 

Farmland

 

 

211

 

 

 

26

 

 

 

 

 

 

 

 

 

237

 

Commercial & industrial

 

 

19,633

 

 

 

(132

)

 

 

(1,667

)

 

 

452

 

 

 

18,286

 

Consumer

 

 

12

 

 

 

2

 

 

 

 

 

 

 

 

 

14

 

Municipal and other

 

 

960

 

 

 

(165

)

 

 

(17

)

 

 

1

 

 

 

779

 

 

 

$

38,140

 

 

$

1,900

 

 

$

(2,282

)

 

$

453

 

 

$

38,211

 

 

Three Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

$

5,276

 

 

$

(53

)

 

$

 

 

$

 

 

$

5,223

 

Non-farm non-residential
   non-owner occupied

 

 

8,388

 

 

 

387

 

 

 

 

 

 

 

 

 

8,775

 

Residential

 

 

2,071

 

 

 

71

 

 

 

 

 

 

 

 

 

2,142

 

Construction, development & other

 

 

5,297

 

 

 

(985

)

 

 

 

 

 

 

 

 

4,312

 

Farmland

 

 

93

 

 

 

4

 

 

 

 

 

 

 

 

 

97

 

Commercial & industrial

 

 

14,490

 

 

 

1,304

 

 

 

(181

)

 

 

109

 

 

 

15,722

 

Consumer

 

 

9

 

 

 

(1

)

 

 

2

 

 

 

 

 

 

10

 

Municipal and other

 

 

291

 

 

 

673

 

 

 

(2

)

 

 

 

 

 

962

 

 

 

$

35,915

 

 

$

1,400

 

 

$

(181

)

 

$

109

 

 

$

37,243

 

Schedule of allowance for credit losses on amortized cost basis of collateral dependent assessed individually for credit losses

The following tables present the amortized cost basis of collateral dependent loans which have been assessed individually for credit losses:

(Dollars in thousands)

 

Real Estate

 

 

Business Assets

 

 

Other

 

 

Total

 

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential owner occupied

 

$

9,913

 

 

$

 

 

$

 

 

$

9,913

 

Non-farm non-residential non-owner occupied

 

 

211

 

 

 

 

 

 

 

 

 

211

 

Residential

 

 

2,721

 

 

 

 

 

 

 

 

 

2,721

 

Construction, development & other

 

 

301

 

 

 

 

 

 

 

 

 

301

 

Commercial & industrial

 

 

213

 

 

 

12,979

 

 

 

87

 

 

 

13,279

 

 

 

$

13,359

 

 

$

12,979

 

 

$

87

 

 

$

26,425

 

 

(Dollars in thousands)

 

Real Estate

 

 

Business Assets

 

 

Other

 

 

Total

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential owner occupied

 

$

1,054

 

 

$

 

 

$

 

 

$

1,054

 

Non-farm non-residential non-owner occupied

 

 

1,393

 

 

 

 

 

 

 

 

 

1,393

 

Residential

 

 

2,940

 

 

 

 

 

 

 

 

 

2,940

 

Construction, development & other

 

 

247

 

 

 

 

 

 

 

 

 

247

 

Commercial & industrial

 

 

212

 

 

 

12,439

 

 

 

689

 

 

 

13,340

 

 

 

$

5,846

 

 

$

12,439

 

 

$

689

 

 

$

18,974