XML 40 R33.htm IDEA: XBRL DOCUMENT v3.24.3
Loans and Allowance for Credit Losses (Tables)
9 Months Ended
Sep. 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)

 

September 30, 2024

 

 

December 31, 2023

 

Real estate loans:

 

 

 

 

 

 

Non-farm non-residential owner occupied

 

$

470,222

 

 

$

520,822

 

Non-farm non-residential non-owner occupied

 

 

611,617

 

 

 

586,626

 

Residential

 

 

339,558

 

 

 

342,589

 

Construction, development & other

 

 

825,302

 

 

 

693,553

 

Farmland

 

 

35,650

 

 

 

30,396

 

Commercial & industrial

 

 

1,499,302

 

 

 

1,263,077

 

Consumer

 

 

2,002

 

 

 

2,555

 

Municipal and other

 

 

106,178

 

 

 

199,170

 

 

 

3,889,831

 

 

 

3,638,788

 

Allowance for credit losses

 

 

(39,683

)

 

 

(37,022

)

Loans, net

 

$

3,850,148

 

 

$

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:

 

 

September 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

 

$

9,696

 

 

$

8,236

 

 

$

 

 

$

1,211

 

 

$

305

 

 

$

 

Non-farm non-residential non-owner occupied

 

 

68

 

 

 

68

 

 

 

 

 

 

1,235

 

 

 

246

 

 

 

 

Residential

 

 

2,664

 

 

 

2,664

 

 

 

250

 

 

 

2,938

 

 

 

2,938

 

 

 

 

Construction, development & other

 

 

1

 

 

 

1

 

 

 

 

 

 

247

 

 

 

247

 

 

 

 

Commercial & industrial

 

 

11,093

 

 

 

148

 

 

 

272

 

 

 

11,018

 

 

 

5,097

 

 

 

670

 

 

$

23,522

 

 

$

11,117

 

 

$

522

 

 

$

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

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

$

592

 

 

$

770

 

 

$

9,696

 

 

$

11,058

 

 

$

459,164

 

 

$

470,222

 

Non-farm non-residential
   non-owner occupied

 

 

 

 

 

 

 

 

68

 

 

 

68

 

 

 

611,549

 

 

 

611,617

 

Residential

 

 

1,103

 

 

 

2,690

 

 

 

2,914

 

 

 

6,707

 

 

 

332,851

 

 

 

339,558

 

Construction,
   development & other

 

 

611

 

 

 

401

 

 

 

1

 

 

 

1,013

 

 

 

824,289

 

 

 

825,302

 

Farmland

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,650

 

 

 

35,650

 

Commercial & industrial

 

 

2,159

 

 

 

4,121

 

 

 

11,365

 

 

 

17,645

 

 

 

1,481,657

 

 

 

1,499,302

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,002

 

 

 

2,002

 

Municipal and other

 

 

32

 

 

 

23

 

 

 

 

 

 

55

 

 

 

106,123

 

 

 

106,178

 

 

$

4,497

 

 

$

8,005

 

 

$

24,044

 

 

$

36,546

 

 

$

3,853,285

 

 

$

3,889,831

 

 

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 September 30, 2024 and December 31, 2023:

(Dollars in thousands)

 

Pass

 

 

Special
Mention

 

 

Substandard

 

 

Doubtful

 

 

Total

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

$

443,952

 

 

$

9,471

 

 

$

16,799

 

 

$

 

 

$

470,222

 

Non-farm non-residential
   non-owner occupied

 

 

611,549

 

 

 

 

 

 

68

 

 

 

 

 

 

611,617

 

Residential

 

 

336,196

 

 

 

523

 

 

 

2,839

 

 

 

 

 

 

339,558

 

Construction,
   development & other

 

 

820,901

 

 

 

4,000

 

 

 

401

 

 

 

 

 

 

825,302

 

Farmland

 

 

35,650

 

 

 

 

 

 

 

 

 

 

 

 

35,650

 

Commercial & industrial

 

 

1,429,685

 

 

 

53,178

 

 

 

14,939

 

 

 

1,500

 

 

 

1,499,302

 

Consumer

 

 

2,002

 

 

 

 

 

 

 

 

 

 

 

 

2,002

 

Municipal and other

 

 

106,178

 

 

 

 

 

 

 

 

 

 

 

 

106,178

 

 

$

3,786,113

 

 

$

67,172

 

 

$

35,046

 

 

$

1,500

 

 

$

3,889,831

 

 

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 September 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

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

47,964

 

 

$

37,117

 

 

$

135,128

 

 

$

112,867

 

 

$

57,080

 

 

$

50,114

 

 

$

3,682

 

 

$

443,952

 

Special Mention

 

 

162

 

 

 

94

 

 

 

6,912

 

 

 

2,303

 

 

 

 

 

 

 

 

 

 

 

 

9,471

 

Substandard

 

 

130

 

 

 

2,895

 

 

 

18

 

 

 

4,345

 

 

 

5,654

 

 

 

2,536

 

 

 

1,221

 

 

 

16,799

 

Total Non-Farm non-residential owner-occupied

 

$

48,256

 

 

$

40,106

 

 

$

142,058

 

 

$

119,515

 

 

$

62,734

 

 

$

52,650

 

 

$

4,903

 

 

$

470,222

 

Non-farm non-residential
   non-owner occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

66,687

 

 

$

111,037

 

 

$

172,169

 

 

$

201,296

 

 

$

20,894

 

 

$

34,767

 

 

$

4,699

 

 

$

611,549

 

Substandard

 

 

 

 

 

 

 

 

68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

68

 

Total Non-Farm non-residential non owner-occupied

 

$

66,687

 

 

$

111,037

 

 

$

172,237

 

 

$

201,296

 

 

$

20,894

 

 

$

34,767

 

 

$

4,699

 

 

$

611,617

 

Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

42,245

 

 

$

88,745

 

 

$

99,981

 

 

$

72,073

 

 

$

17,509

 

 

$

11,221

 

 

$

4,422

 

 

$

336,196

 

Special Mention

 

 

 

 

 

90

 

 

 

 

 

 

 

 

 

433

 

 

 

 

 

 

 

 

 

523

 

Substandard

 

 

2,191

 

 

 

25

 

 

 

237

 

 

 

384

 

 

 

 

 

 

2

 

 

 

 

 

 

2,839

 

Total Residential

 

$

44,436

 

 

$

88,860

 

 

$

100,218

 

 

$

72,457

 

 

$

17,942

 

 

$

11,223

 

 

$

4,422

 

 

$

339,558

 

Construction,
   development & other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

83,057

 

 

$

151,239

 

 

$

90,405

 

 

$

56,614

 

 

$

762

 

 

$

508

 

 

$

438,316

 

 

$

820,901

 

Special Mention

 

 

4,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,000

 

Substandard

 

 

401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

401

 

Total Construction, development & other

 

$

87,458

 

 

$

151,239

 

 

$

90,405

 

 

$

56,614

 

 

$

762

 

 

$

508

 

 

$

438,316

 

 

$

825,302

 

Farmland

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

4,244

 

 

$

9,703

 

 

$

11,223

 

 

$

1,960

 

 

$

 

 

$

4,224

 

 

$

4,296

 

 

$

35,650

 

Total Farmland

 

$

4,244

 

 

$

9,703

 

 

$

11,223

 

 

$

1,960

 

 

$

 

 

$

4,224

 

 

$

4,296

 

 

$

35,650

 

Commercial & industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

166,396

 

 

$

156,677

 

 

$

139,170

 

 

$

48,641

 

 

$

10,223

 

 

$

9,392

 

 

$

899,186

 

 

$

1,429,685

 

Special Mention

 

 

4,999

 

 

 

2,672

 

 

 

1,203

 

 

 

21,025

 

 

 

 

 

 

 

 

 

23,279

 

 

 

53,178

 

Substandard

 

 

3,603

 

 

 

131

 

 

 

1,928

 

 

 

393

 

 

 

 

 

 

1,284

 

 

 

7,600

 

 

 

14,939

 

Doubtful

 

 

 

 

 

 

 

 

1,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,500

 

Total Commercial & industrial

 

$

174,998

 

 

$

159,480

 

 

$

143,801

 

 

$

70,059

 

 

$

10,223

 

 

$

10,676

 

 

$

930,065

 

 

$

1,499,302

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

68

 

 

$

844

 

 

$

468

 

 

$

83

 

 

$

94

 

 

$

108

 

 

$

337

 

 

$

2,002

 

Total Consumer

 

$

68

 

 

$

844

 

 

$

468

 

 

$

83

 

 

$

94

 

 

$

108

 

 

$

337

 

 

$

2,002

 

Municipal and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

1,596

 

 

$

24,626

 

 

$

9,278

 

 

$

30,888

 

 

$

1,830

 

 

$

216

 

 

$

37,744

 

 

$

106,178

 

Total Municipal and other

 

$

1,596

 

 

$

24,626

 

 

$

9,278

 

 

$

30,888

 

 

$

1,830

 

 

$

216

 

 

$

37,744

 

 

$

106,178

 

Total Loans

 

$

427,743

 

 

$

585,895

 

 

$

669,688

 

 

$

552,872

 

 

$

114,479

 

 

$

114,372

 

 

$

1,424,782

 

 

$

3,889,831

 

 

 

 

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 nine months ended September 30, 2024 and the year ended December 31, 2023.

 

 

Gross Charge-offs by Origination Year

 

 

 

 

(Dollars in thousands)

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior Years

 

 

Total

 

September 30, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   non-owner occupied

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

(598

)

 

$

(598

)

Commercial & industrial

 

 

 

 

 

 

 

 

(233

)

 

 

(104

)

 

 

(1,198

)

 

 

(1,243

)

 

 

(2,778

)

Municipal and other

 

 

 

 

 

(12

)

 

 

(17

)

 

 

(15

)

 

 

 

 

 

 

 

 

(44

)

Total Charge-Offs

 

$

 

 

$

(12

)

 

$

(250

)

 

$

(119

)

 

$

(1,198

)

 

$

(1,841

)

 

$

(3,420

)

 

 

 

Gross Charge-offs by Origination Year

 

 

 

 

(Dollars in thousands)

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Prior Years

 

 

Total

 

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 September 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

 

September 30, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Modeled expected credit losses

 

$

2,273

 

 

$

2,913

 

 

$

1,523

 

 

$

6,895

 

 

$

177

 

 

$

9,821

 

 

$

7

 

 

$

375

 

 

$

23,984

 

Q-Factor and other qualitative adjustments

 

 

855

 

 

 

1,345

 

 

 

494

 

 

 

7,268

 

 

 

34

 

 

 

3,316

 

 

 

3

 

 

 

142

 

 

 

13,457

 

Specific allocations

 

 

175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,067

 

 

 

 

 

 

 

 

 

2,242

 

 

 

$

3,303

 

 

$

4,258

 

 

$

2,017

 

 

$

14,163

 

 

$

211

 

 

$

15,204

 

 

$

10

 

 

$

517

 

 

$

39,683

 

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 September 30, 2024 and December 31, 2023.

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

(Dollars in thousands)

 

Beginning
Balance

 

 

Provision for Credit Losses on Loans

 

 

Charge-offs

 

 

Recoveries

 

 

Ending
Balance

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

$

4,311

 

 

$

(1,008

)

 

$

 

 

$

 

 

$

3,303

 

Non-farm non-residential
   non-owner occupied

 

 

5,541

 

 

 

(685

)

 

 

(598

)

 

 

 

 

 

4,258

 

Residential

 

 

2,341

 

 

 

(324

)

 

 

 

 

 

 

 

 

2,017

 

Construction, development & other

 

 

5,853

 

 

 

8,310

 

 

 

 

 

 

 

 

 

14,163

 

Farmland

 

 

244

 

 

 

(33

)

 

 

 

 

 

 

 

 

211

 

Commercial & industrial

 

 

17,617

 

 

 

(529

)

 

 

(2,778

)

 

 

894

 

 

 

15,204

 

Consumer

 

 

14

 

 

 

(5

)

 

 

 

 

 

1

 

 

 

10

 

Municipal and other

 

 

1,101

 

 

 

(551

)

 

 

(44

)

 

 

11

 

 

 

517

 

 

 

$

37,022

 

 

$

5,175

 

 

$

(3,420

)

 

$

906

 

 

$

39,683

 

 

(Dollars in thousands)

 

Beginning
Balance

 

 

CECL Adoption Adjustment

 

 

Provision for Credit Losses on Loans

 

 

Charge-offs

 

 

Recoveries

 

 

Ending
Balance

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

$

3,773

 

 

$

1,324

 

 

$

(243

)

 

$

 

 

$

 

 

$

4,854

 

Non-farm non-residential
   non-owner occupied

 

 

5,741

 

 

 

2,610

 

 

 

1,062

 

 

 

 

 

 

 

 

 

9,413

 

Residential

 

 

1,064

 

 

 

996

 

 

 

5

 

 

 

 

 

 

 

 

 

2,065

 

Construction, development & other

 

 

3,053

 

 

 

1,608

 

 

 

(478

)

 

 

 

 

 

 

 

 

4,183

 

Farmland

 

 

82

 

 

 

12

 

 

 

18

 

 

 

 

 

 

 

 

 

112

 

Commercial & industrial

 

 

16,269

 

 

 

(2,903

)

 

 

3,031

 

 

 

(329

)

 

 

620

 

 

 

16,688

 

Consumer

 

 

6

 

 

 

4

 

 

 

16

 

 

 

(19

)

 

 

 

 

 

7

 

Municipal and other

 

 

363

 

 

 

349

 

 

 

37

 

 

 

(4

)

 

 

 

 

 

745

 

 

 

$

30,351

 

 

$

4,000

 

 

$

3,448

 

 

$

(352

)

 

$

620

 

 

$

38,067

 

 

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

(Dollars in thousands)

 

Beginning
Balance

 

 

Provision for Credit Losses on Loans

 

 

Charge-offs

 

 

Recoveries

 

 

Ending
Balance

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

$

4,712

 

 

$

(1,409

)

 

$

 

 

$

 

 

$

3,303

 

Non-farm non-residential
   non-owner occupied

 

 

5,257

 

 

 

(999

)

 

 

 

 

 

 

 

 

4,258

 

Residential

 

 

2,490

 

 

 

(473

)

 

 

 

 

 

 

 

 

2,017

 

Construction, development & other

 

 

6,436

 

 

 

7,727

 

 

 

 

 

 

 

 

 

14,163

 

Farmland

 

 

237

 

 

 

(26

)

 

 

 

 

 

 

 

 

211

 

Commercial & industrial

 

 

18,286

 

 

 

(3,139

)

 

 

(299

)

 

 

356

 

 

 

15,204

 

Consumer

 

 

14

 

 

 

(4

)

 

 

 

 

 

 

 

 

10

 

Municipal and other

 

 

779

 

 

 

(262

)

 

 

 

 

 

 

 

 

517

 

 

 

$

38,211

 

 

$

1,415

 

 

$

(299

)

 

$

356

 

 

$

39,683

 

 

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential
   owner occupied

 

$

5,223

 

 

$

(369

)

 

$

 

 

$

 

 

$

4,854

 

Non-farm non-residential
   non-owner occupied

 

 

8,775

 

 

 

638

 

 

 

 

 

 

 

 

 

9,413

 

Residential

 

 

2,142

 

 

 

(77

)

 

 

 

 

 

 

 

 

2,065

 

Construction, development & other

 

 

4,312

 

 

 

(129

)

 

 

 

 

 

 

 

 

4,183

 

Farmland

 

 

97

 

 

 

15

 

 

 

 

 

 

 

 

 

112

 

Commercial & industrial

 

 

15,722

 

 

 

988

 

 

 

(28

)

 

 

6

 

 

 

16,688

 

Consumer

 

 

10

 

 

 

(3

)

 

 

 

 

 

 

 

 

7

 

Municipal and other

 

 

962

 

 

 

(215

)

 

 

(2

)

 

 

 

 

 

745

 

 

 

$

37,243

 

 

$

848

 

 

$

(30

)

 

$

6

 

 

$

38,067

 

Schedule of Allowance for Credit Losses on Amortized Cost Basis of Collateral Dependent With and Without Specific Reserves Assessed Individually for Credit Losses

The following tables present the amortized cost basis of collateral dependent loans, with and without specific reserves, which have been assessed individually for credit losses:

(Dollars in thousands)

 

Real Estate

 

 

Business Assets

 

 

Other

 

 

Total

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm non-residential owner occupied

 

$

9,566

 

 

$

 

 

$

 

 

$

9,566

 

Non-farm non-residential non-owner occupied

 

 

130

 

 

 

 

 

 

 

 

 

130

 

Residential

 

 

2,664

 

 

 

 

 

 

 

 

 

2,664

 

Construction, development & other

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & industrial

 

 

 

 

 

13,532

 

 

 

80

 

 

 

13,612

 

 

 

$

12,360

 

 

$

13,532

 

 

$

80

 

 

$

25,972

 

 

(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