XML 33 R26.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Loans and Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Summary of Loans

A summary of loans at March 31, 2024 and December 31, 2023 follows (in thousands):

 

 

 

March 31, 2024

 

 

December 31, 2023

 

Construction and land development

 

$

188,662

 

 

$

207,033

 

Agricultural real estate

 

 

389,691

 

 

 

392,265

 

1-4 family residential properties

 

 

525,532

 

 

 

549,843

 

Multifamily residential properties

 

 

315,024

 

 

 

321,537

 

Commercial real estate

 

 

2,424,919

 

 

 

2,416,294

 

Loans secured by real estate

 

 

3,843,828

 

 

 

3,886,972

 

Agricultural loans

 

 

213,171

 

 

 

196,202

 

Commercial and industrial loans

 

 

1,234,776

 

 

 

1,273,637

 

Consumer loans

 

 

80,514

 

 

 

92,142

 

All other loans

 

 

175,318

 

 

 

184,609

 

Total gross loans

 

 

5,547,607

 

 

 

5,633,562

 

Less: loans held for sale

 

 

4,817

 

 

 

4,980

 

 

 

5,542,790

 

 

 

5,628,582

 

Less:

 

 

 

 

 

 

Net deferred loan fees, premiums and discounts

 

 

48,312

 

 

 

52,997

 

Allowance for credit losses

 

 

67,936

 

 

 

68,675

 

Net loans

 

$

5,426,542

 

 

$

5,506,910

 
Allowance for Credit Losses Based on Portfolio Segment

The following table presents the activity in the allowance for credit losses based on portfolio segment for the three months ended March 31, 2024 (in thousands):

 

 

 

Construction
and Land
Development

 

 

Agricultural
Real Estate

 

 

1-4 Family
Residential
Properties

 

 

Commercial
Real Estate

 

 

Agricultural
Loans

 

 

Commercial
and Industrial

 

 

Consumer
Loans

 

 

Total

 

Three months ended
March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

2,918

 

 

$

1,366

 

 

$

4,220

 

 

$

31,758

 

 

$

705

 

 

$

25,450

 

 

$

2,258

 

 

$

68,675

 

Initial allowance on loans purchased with credit deterioration

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Provision for credit loss expense

 

 

(217

)

 

 

(8

)

 

 

(424

)

 

 

618

 

 

 

125

 

 

 

(609

)

 

 

158

 

 

 

(357

)

Loans charged off

 

 

—

 

 

 

—

 

 

 

67

 

 

 

—

 

 

 

52

 

 

 

274

 

 

 

426

 

 

 

819

 

Recoveries collected

 

 

—

 

 

 

—

 

 

 

49

 

 

 

161

 

 

 

—

 

 

 

64

 

 

 

163

 

 

 

437

 

Ending balance

 

$

2,701

 

 

$

1,358

 

 

$

3,778

 

 

$

32,537

 

 

$

778

 

 

$

24,631

 

 

$

2,153

 

 

$

67,936

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following tables present the activity in the allowance for credit losses based on portfolio segment for the three months ended March 31, 2023 and for the year ended December 31, 2023 (in thousands):

 

 

 

Construction and Land Development

 

 

Agricultural Real Estate

 

 

1-4 Family Residential Properties

 

 

Commercial Real Estate

 

 

Agricultural Loans

 

 

Commercial and Industrial

 

 

Consumer Loans

 

 

Total

 

Three months ended
March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

2,250

 

 

$

1,433

 

 

$

3,742

 

 

$

28,157

 

 

$

585

 

 

$

20,808

 

 

$

2,118

 

 

$

59,093

 

Initial allowance on loans purchased with credit deterioration

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Provision for credit loss expense

 

 

176

 

 

 

(29

)

 

 

(306

)

 

 

(834

)

 

 

(8

)

 

 

91

 

 

 

93

 

 

 

(817

)

Loans charged off

 

 

—

 

 

 

—

 

 

 

40

 

 

 

—

 

 

 

—

 

 

 

13

 

 

 

427

 

 

 

480

 

Recoveries collected

 

 

—

 

 

 

—

 

 

 

24

 

 

 

4

 

 

 

3

 

 

 

256

 

 

 

140

 

 

 

427

 

Ending balance

 

$

2,426

 

 

$

1,404

 

 

$

3,420

 

 

$

27,327

 

 

$

580

 

 

$

21,142

 

 

$

1,924

 

 

$

58,223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended
December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

$

2,250

 

 

$

1,433

 

 

$

3,742

 

 

$

28,157

 

 

$

585

 

 

$

20,808

 

 

$

2,118

 

 

$

59,093

 

Initial allowance on loans purchased with credit deterioration

 

 

308

 

 

 

—

 

 

 

124

 

 

 

1,066

 

 

 

—

 

 

 

2,273

 

 

 

20

 

 

 

3,791

 

Provision for credit loss expense

 

 

374

 

 

 

(67

)

 

 

225

 

 

 

1,755

 

 

 

490

 

 

 

2,322

 

 

 

1,005

 

 

 

6,104

 

Loans charged off

 

 

14

 

 

 

—

 

 

 

87

 

 

 

25

 

 

 

408

 

 

 

529

 

 

 

1,568

 

 

 

2,631

 

Recoveries collected

 

 

—

 

 

 

—

 

 

 

216

 

 

 

805

 

 

 

38

 

 

 

576

 

 

 

683

 

 

 

2,318

 

Ending balance

 

$

2,918

 

 

$

1,366

 

 

$

4,220

 

 

$

31,758

 

 

$

705

 

 

$

25,450

 

 

$

2,258

 

 

$

68,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Amortized Cost Basis of Collateral-Dependent Loans by Class of Loans Individually Evaluated

The following table presents the amortized cost basis of collateral-dependent loans by class of loans that were individually evaluated to determine expected credit losses, and the related allowance for credit losses, as of March 31, 2024 (in thousands):

 

 

 

Collateral

 

 

Allowance

 

 

 

Real Estate

 

 

Business
Assets

 

 

Other

 

 

Total

 

 

for Credit
Losses

 

Construction and land development

 

$

406

 

 

$

—

 

 

$

—

 

 

$

406

 

 

$

175

 

1-4 family residential properties

 

 

1,174

 

 

 

—

 

 

 

—

 

 

 

1,174

 

 

 

—

 

Multifamily residential properties

 

 

1,066

 

 

 

—

 

 

 

—

 

 

 

1,066

 

 

 

—

 

Commercial real estate

 

 

8,349

 

 

 

—

 

 

 

—

 

 

 

8,349

 

 

 

133

 

Loans secured by real estate

 

 

10,995

 

 

 

—

 

 

 

—

 

 

 

10,995

 

 

 

308

 

Agricultural loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial and industrial loans

 

 

—

 

 

 

506

 

 

 

—

 

 

 

506

 

 

 

—

 

Consumer loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total loans

 

$

10,995

 

 

$

506

 

 

$

—

 

 

$

11,501

 

 

$

308

 
Credit Risk Profile of Loan Portfolio on Amortized Cost Basis Based on Risk Rating Category

The following tables present the credit risk profile of the Company’s loan portfolio on amortized cost basis based on risk rating category and year of origination as of March 31, 2024 (in thousands):

 

 

 

Term Loans by Origination Year

 

 

Revolving

 

 

 

 

Risk rating

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Loans

 

 

Total

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and land development loans

 

Pass

 

$

3,584

 

 

$

81,753

 

 

$

56,302

 

 

$

16,509

 

 

$

5,781

 

 

$

22,499

 

 

$

—

 

 

$

186,428

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

423

 

 

 

—

 

 

 

423

 

Total

 

$

3,584

 

 

$

81,753

 

 

$

56,302

 

 

$

16,509

 

 

$

5,781

 

 

$

22,922

 

 

$

—

 

 

$

186,851

 

Current period gross writeoffs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Agricultural real estate loans

 

Pass

 

$

8,930

 

 

$

18,867

 

 

$

162,999

 

 

$

56,265

 

 

$

52,598

 

 

$

83,981

 

 

$

—

 

 

$

383,640

 

Special mention

 

 

1,170

 

 

 

202

 

 

 

—

 

 

 

628

 

 

 

—

 

 

 

1,864

 

 

 

—

 

 

 

3,864

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

367

 

 

 

—

 

 

 

1,070

 

 

 

—

 

 

 

1,437

 

Total

 

$

10,100

 

 

$

19,069

 

 

$

162,999

 

 

$

57,260

 

 

$

52,598

 

 

$

86,915

 

 

$

—

 

 

$

388,941

 

Current period gross writeoffs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

1-4 family residential property loans

 

Pass

 

$

18,806

 

 

$

58,463

 

 

$

95,956

 

 

$

94,556

 

 

$

78,221

 

 

$

83,227

 

 

$

70,050

 

 

$

499,279

 

Special mention

 

 

—

 

 

 

—

 

 

 

853

 

 

 

3,143

 

 

 

—

 

 

 

3,847

 

 

 

—

 

 

 

7,843

 

Substandard

 

 

26

 

 

 

113

 

 

 

920

 

 

 

514

 

 

 

553

 

 

 

8,817

 

 

 

576

 

 

 

11,519

 

Total

 

$

18,832

 

 

$

58,576

 

 

$

97,729

 

 

$

98,213

 

 

$

78,774

 

 

$

95,891

 

 

$

70,626

 

 

$

518,641

 

Current period gross writeoffs

 

$

—

 

 

$

36

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

31

 

 

$

—

 

 

$

67

 

Commercial real estate loans

 

Pass

 

$

9,482

 

 

$

206,109

 

 

$

706,392

 

 

$

570,053

 

 

$

321,198

 

 

$

865,221

 

 

$

—

 

 

$

2,678,455

 

Special mention

 

 

10

 

 

 

3,634

 

 

 

2,854

 

 

 

1,716

 

 

 

824

 

 

 

8,647

 

 

 

—

 

 

 

17,685

 

Substandard

 

 

—

 

 

 

—

 

 

 

3,761

 

 

 

450

 

 

 

10

 

 

 

8,489

 

 

 

—

 

 

 

12,710

 

Total

 

$

9,492

 

 

$

209,743

 

 

$

713,007

 

 

$

572,219

 

 

$

322,032

 

 

$

882,357

 

 

$

—

 

 

$

2,708,850

 

Current period gross writeoffs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Agricultural loans

 

Pass

 

$

38,758

 

 

$

121,171

 

 

$

30,478

 

 

$

16,192

 

 

$

3,396

 

 

$

1,852

 

 

$

—

 

 

$

211,847

 

Special mention

 

 

—

 

 

 

11

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

748

 

 

 

—

 

 

 

759

 

Substandard

 

 

—

 

 

 

221

 

 

 

368

 

 

 

—

 

 

 

6

 

 

 

16

 

 

 

—

 

 

 

611

 

Total

 

$

38,758

 

 

$

121,403

 

 

$

30,846

 

 

$

16,192

 

 

$

3,402

 

 

$

2,616

 

 

$

—

 

 

$

213,217

 

Current period gross writeoffs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

52

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

52

 

Commercial and industrial loans

 

Pass

 

$

33,234

 

 

$

278,618

 

 

$

305,634

 

 

$

233,432

 

 

$

139,860

 

 

$

375,188

 

 

$

—

 

 

$

1,365,966

 

Special mention

 

 

103

 

 

 

1,061

 

 

 

1,528

 

 

 

7,073

 

 

 

1,359

 

 

 

24,394

 

 

 

—

 

 

 

35,519

 

Substandard

 

 

—

 

 

 

—

 

 

 

597

 

 

 

351

 

 

 

44

 

 

 

749

 

 

 

—

 

 

 

1,741

 

Total

 

$

33,337

 

 

$

279,679

 

 

$

307,759

 

 

$

240,856

 

 

$

141,263

 

 

$

400,331

 

 

$

—

 

 

$

1,403,226

 

Current period gross writeoffs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

273

 

 

$

—

 

 

$

1

 

 

$

—

 

 

$

274

 

Consumer loans

 

Pass

 

$

1,612

 

 

$

8,161

 

 

$

36,304

 

 

$

17,758

 

 

$

8,383

 

 

$

6,473

 

 

$

—

 

 

$

78,691

 

Special mention

 

 

—

 

 

 

—

 

 

 

23

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

23

 

Substandard

 

 

—

 

 

 

50

 

 

 

338

 

 

 

241

 

 

 

141

 

 

 

85

 

 

 

—

 

 

 

855

 

Total

 

$

1,612

 

 

$

8,211

 

 

$

36,665

 

 

$

17,999

 

 

$

8,524

 

 

$

6,558

 

 

$

—

 

 

$

79,569

 

Current period gross writeoffs

 

$

—

 

 

$

3

 

 

$

51

 

 

$

81

 

 

$

—

 

 

$

291

 

 

$

—

 

 

$

426

 

Total loans

 

Pass

 

$

114,406

 

 

$

773,142

 

 

$

1,394,065

 

 

$

1,004,765

 

 

$

609,437

 

 

$

1,438,441

 

 

$

70,050

 

 

$

5,404,306

 

Special mention

 

 

1,283

 

 

 

4,908

 

 

 

5,258

 

 

 

12,560

 

 

 

2,183

 

 

 

39,500

 

 

 

—

 

 

 

65,693

 

Substandard

 

 

26

 

 

 

384

 

 

 

5,984

 

 

 

1,923

 

 

 

754

 

 

 

19,649

 

 

 

576

 

 

 

29,296

 

Total

 

$

115,715

 

 

$

778,434

 

 

$

1,405,307

 

 

$

1,019,248

 

 

$

612,374

 

 

$

1,497,590

 

 

$

70,626

 

 

$

5,499,295

 

Current period gross writeoffs

 

$

—

 

 

$

39

 

 

$

51

 

 

$

406

 

 

$

—

 

 

$

323

 

 

$

—

 

 

$

819

 

 

The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category as of December 31, 2023 (in thousands):

 

 

 

Term Loans by Origination Year

 

 

Revolving

 

 

 

 

Risk rating

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Prior

 

 

Loans

 

 

Total

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and land development loans

 

Pass

 

$

68,086

 

 

$

74,065

 

 

$

27,392

 

 

$

5,188

 

 

$

10,795

 

 

$

19,115

 

 

$

—

 

 

$

204,641

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

436

 

 

 

—

 

 

 

436

 

Total

 

$

68,086

 

 

$

74,065

 

 

$

27,392

 

 

$

5,188

 

 

$

10,795

 

 

$

19,551

 

 

$

—

 

 

$

205,077

 

Current period gross writeoffs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

14

 

 

$

—

 

 

$

—

 

 

$

14

 

Agricultural real estate loans

 

Pass

 

$

19,231

 

 

$

164,812

 

 

$

57,815

 

 

$

53,249

 

 

$

19,419

 

 

$

71,189

 

 

$

—

 

 

$

385,715

 

Special mention

 

 

206

 

 

 

—

 

 

 

627

 

 

 

—

 

 

 

1,170

 

 

 

1,868

 

 

 

—

 

 

 

3,871

 

Substandard

 

 

—

 

 

 

—

 

 

 

371

 

 

 

—

 

 

 

—

 

 

 

1,175

 

 

 

—

 

 

 

1,546

 

Total

 

$

19,437

 

 

$

164,812

 

 

$

58,813

 

 

$

53,249

 

 

$

20,589

 

 

$

74,232

 

 

$

—

 

 

$

391,132

 

Current period gross writeoffs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

1-4 family residential property loans

 

Pass

 

$

66,119

 

 

$

96,995

 

 

$

79,085

 

 

$

73,073

 

 

$

26,854

 

 

$

105,257

 

 

$

75,700

 

 

$

523,083

 

Special mention

 

 

—

 

 

 

967

 

 

 

3,184

 

 

 

—

 

 

 

—

 

 

 

3,804

 

 

 

10

 

 

 

7,965

 

Substandard

 

 

152

 

 

 

759

 

 

 

460

 

 

 

396

 

 

 

288

 

 

 

8,865

 

 

 

501

 

 

 

11,421

 

Total

 

$

66,271

 

 

$

98,721

 

 

$

82,729

 

 

$

73,469

 

 

$

27,142

 

 

$

117,926

 

 

$

76,211

 

 

$

542,469

 

Current period gross writeoffs

 

$

10

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

14

 

 

$

63

 

 

$

—

 

 

$

87

 

Commercial real estate loans

 

Pass

 

$

185,628

 

 

$

680,099

 

 

$

548,733

 

 

$

317,075

 

 

$

239,323

 

 

$

701,464

 

 

$

—

 

 

$

2,672,322

 

Special mention

 

 

3,666

 

 

 

2,706

 

 

 

1,317

 

 

 

2,159

 

 

 

1,563

 

 

 

7,778

 

 

 

—

 

 

 

19,189

 

Substandard

 

 

—

 

 

 

3,899

 

 

 

520

 

 

 

20

 

 

 

775

 

 

 

7,108

 

 

 

—

 

 

 

12,322

 

Total

 

$

189,294

 

 

$

686,704

 

 

$

550,570

 

 

$

319,254

 

 

$

241,661

 

 

$

716,350

 

 

$

—

 

 

$

2,703,833

 

Current period gross writeoffs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

25

 

 

$

—

 

 

$

—

 

 

$

25

 

Agricultural loans

 

Pass

 

$

147,993

 

 

$

27,895

 

 

$

10,044

 

 

$

2,549

 

 

$

1,883

 

 

$

5,854

 

 

$

—

 

 

$

196,218

 

Special mention

 

 

6

 

 

 

10

 

 

 

—

 

 

 

—

 

 

 

38

 

 

 

—

 

 

 

—

 

 

 

54

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

147,999

 

 

$

27,905

 

 

$

10,044

 

 

$

2,549

 

 

$

1,921

 

 

$

5,854

 

 

$

—

 

 

$

196,272

 

Current period gross writeoffs

 

$

—

 

 

$

276

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

132

 

 

$

—

 

 

$

408

 

Commercial and industrial loans

 

Pass

 

$

290,304

 

 

$

306,794

 

 

$

232,198

 

 

$

154,499

 

 

$

73,906

 

 

$

347,957

 

 

$

—

 

 

$

1,405,658

 

Special mention

 

 

1,047

 

 

 

1,857

 

 

 

9,982

 

 

 

562

 

 

 

597

 

 

 

28,900

 

 

 

—

 

 

 

42,945

 

Substandard

 

 

—

 

 

 

537

 

 

 

791

 

 

 

58

 

 

 

29

 

 

 

750

 

 

 

—

 

 

 

2,165

 

Total

 

$

291,351

 

 

$

309,188

 

 

$

242,971

 

 

$

155,119

 

 

$

74,532

 

 

$

377,607

 

 

$

—

 

 

$

1,450,768

 

Current period gross writeoffs

 

$

—

 

 

$

353

 

 

$

—

 

 

$

49

 

 

$

20

 

 

$

107

 

 

$

—

 

 

$

529

 

Consumer loans

 

Pass

 

$

9,547

 

 

$

40,225

 

 

$

21,264

 

 

$

10,387

 

 

$

4,475

 

 

$

4,035

 

 

$

—

 

 

$

89,933

 

Special mention

 

 

—

 

 

 

26

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

26

 

Substandard

 

 

86

 

 

 

405

 

 

 

325

 

 

 

139

 

 

 

59

 

 

 

41

 

 

 

—

 

 

 

1,055

 

Total

 

$

9,633

 

 

$

40,656

 

 

$

21,589

 

 

$

10,526

 

 

$

4,534

 

 

$

4,076

 

 

$

—

 

 

$

91,014

 

Current period gross writeoffs

 

$

22

 

 

$

177

 

 

$

89

 

 

$

10

 

 

$

7

 

 

$

1,075

 

 

$

—

 

 

$

1,380

 

Total loans

 

Pass

 

$

786,908

 

 

$

1,390,885

 

 

$

976,531

 

 

$

616,020

 

 

$

376,655

 

 

$

1,254,871

 

 

$

75,700

 

 

$

5,477,570

 

Special mention

 

 

4,925

 

 

 

5,566

 

 

 

15,110

 

 

 

2,721

 

 

 

3,368

 

 

 

42,350

 

 

 

10

 

 

 

74,050

 

Substandard

 

 

238

 

 

 

5,600

 

 

 

2,467

 

 

 

613

 

 

 

1,151

 

 

 

18,375

 

 

 

501

 

 

 

28,945

 

Total

 

$

792,071

 

 

$

1,402,051

 

 

$

994,108

 

 

$

619,354

 

 

$

381,174

 

 

$

1,315,596

 

 

$

76,211

 

 

$

5,580,565

 

Current period gross writeoffs

 

$

10

 

 

$

761

 

 

$

208

 

 

$

51

 

 

$

93

 

 

$

1,508

 

 

$

—

 

 

$

2,631

 

 
Loan Portfolio Aging Analysis

The following table presents the Company’s loan portfolio aging analysis at March 31, 2024 and December 31, 2023 (in thousands):

 

 

 

30-59
Days Past
Due

 

 

60-89
Days Past
Due

 

 

90 Days or
More
Past Due

 

 

Total Past
Due

 

 

Current

 

 

Total Loans
Receivable

 

 

Total Loans
> 90 Days and
Accruing

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and land development

 

$

—

 

 

$

—

 

 

$

450

 

 

$

450

 

 

$

186,401

 

 

$

186,851

 

 

$

—

 

Agricultural real estate

 

 

—

 

 

 

—

 

 

 

1

 

 

 

1

 

 

 

388,940

 

 

 

388,941

 

 

 

—

 

1-4 family residential properties

 

 

1,965

 

 

 

1,227

 

 

 

1,179

 

 

 

4,371

 

 

 

514,270

 

 

 

518,641

 

 

 

—

 

Multifamily residential properties

 

 

—

 

 

 

—

 

 

 

551

 

 

 

551

 

 

 

312,207

 

 

 

312,758

 

 

 

—

 

Commercial real estate

 

 

1,784

 

 

 

4,319

 

 

 

3,852

 

 

 

9,955

 

 

 

2,386,137

 

 

 

2,396,092

 

 

 

—

 

Loans secured by real estate

 

 

3,749

 

 

 

5,546

 

 

 

6,033

 

 

 

15,328

 

 

 

3,787,955

 

 

 

3,803,283

 

 

 

—

 

Agricultural loans

 

 

—

 

 

 

25

 

 

 

596

 

 

 

621

 

 

 

212,596

 

 

 

213,217

 

 

 

—

 

Commercial and industrial loans

 

 

228

 

 

 

261

 

 

 

889

 

 

 

1,378

 

 

 

1,226,528

 

 

 

1,227,906

 

 

 

—

 

Consumer loans

 

 

245

 

 

 

31

 

 

 

216

 

 

 

492

 

 

 

79,077

 

 

 

79,569

 

 

 

—

 

All other loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

175,320

 

 

 

175,320

 

 

 

—

 

Total loans

 

$

4,222

 

 

$

5,863

 

 

$

7,734

 

 

$

17,819

 

 

$

5,481,476

 

 

$

5,499,295

 

 

$

—

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and land development

 

$

—

 

 

$

585

 

 

$

450

 

 

$

1,035

 

 

$

204,042

 

 

$

205,077

 

 

$

—

 

Agricultural real estate

 

 

—

 

 

 

—

 

 

 

1

 

 

 

1

 

 

 

391,131

 

 

 

391,132

 

 

 

—

 

1-4 family residential properties

 

 

3,054

 

 

 

530

 

 

 

1,018

 

 

 

4,602

 

 

 

537,867

 

 

 

542,469

 

 

 

—

 

Multifamily residential properties

 

 

150

 

 

 

—

 

 

 

551

 

 

 

701

 

 

 

318,428

 

 

 

319,129

 

 

 

—

 

Commercial real estate

 

 

819

 

 

 

74

 

 

 

3,765

 

 

 

4,658

 

 

 

23,800,446

 

 

 

2,384,704

 

 

 

—

 

Loans secured by real estate

 

 

4,023

 

 

 

1,189

 

 

 

5,785

 

 

 

10,997

 

 

 

3,831,514

 

 

 

3,842,511

 

 

 

—

 

Agricultural loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

196,272

 

 

 

196,272

 

 

 

—

 

Commercial and industrial loans

 

 

673

 

 

 

73

 

 

 

1,531

 

 

 

2,277

 

 

 

1,263,882

 

 

 

1,266,159

 

 

 

—

 

Consumer loans

 

 

983

 

 

 

162

 

 

 

330

 

 

 

1,475

 

 

 

89,539

 

 

 

91,014

 

 

 

—

 

All other loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

184,609

 

 

 

184,609

 

 

 

—

 

Total loans

 

$

5,679

 

 

$

1,424

 

 

$

7,646

 

 

$

14,749

 

 

$

5,565,816

 

 

$

5,580,565

 

 

$

—

 
Amortized Cost Basis of Loans on Nonaccrual Status and Nonaccrual Loans Individually Evaluated

The following table presents the amortized cost basis of loans on nonaccrual status and of nonaccrual loans individually evaluated for which no allowance was recorded as of March 31, 2024 and December 31, 2023 (in thousands). There were no loans past due over eighty-nine days that were still accruing.

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

Nonaccrual
with no
Allowance for

 

 

Total

 

 

Nonaccrual
with no
Allowance for

 

 

Total

 

 

 

Credit Loss

 

 

Nonaccrual

 

 

Credit Loss

 

 

Nonaccrual

 

Construction and land development

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Agricultural real estate

 

 

1,135

 

 

 

1,135

 

 

 

1,146

 

 

 

1,146

 

1-4 family residential properties

 

 

4,705

 

 

 

4,964

 

 

 

4,679

 

 

 

4,940

 

Multifamily residential properties

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial real estate

 

 

9,463

 

 

 

10,105

 

 

 

10,237

 

 

 

10,237

 

Loans secured by real estate

 

 

15,303

 

 

 

16,204

 

 

 

16,062

 

 

 

16,323

 

Agricultural loans

 

 

596

 

 

 

596

 

 

 

—

 

 

 

—

 

Commercial and industrial loans

 

 

1,501

 

 

 

1,501

 

 

 

1,931

 

 

 

1,931

 

Consumer loans

 

 

492

 

 

 

492

 

 

 

578

 

 

 

578

 

All other loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total loans

 

$

17,892

 

 

$

18,793

 

 

$

18,571

 

 

$

18,832

 
Amortized Cost Basis of Loans Experiencing Difficulty and Modified

The following table shows the amortized cost of loans at March 31, 2024 and 2023 that were both experiencing financial difficulty and modified segregated by portfolio segment and type of modification. The percentage of the amortized cost of loans that were modified to borrowers in financial distress as compared to outstanding loans is also presented below.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

Payment

 

 

Term

 

 

Interest

 

 

Class of

 

 

 

Principal

 

 

Delay

 

 

Extension

 

 

Rate

 

 

Financing

 

 

 

Forgiveness

 

 

Investment

 

 

Modifications

 

 

Reduction

 

 

Receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agricultural real estate

 

$

—

 

 

$

325

 

 

$

—

 

 

$

—

 

 

 

0.01

%

1-4 family residential properties

 

 

—

 

 

 

52

 

 

 

795

 

 

 

—

 

 

 

0.02

%

Commercial real estate

 

 

—

 

 

 

719

 

 

 

126

 

 

 

532

 

 

 

0.03

%

Loans secured by real estate

 

 

—

 

 

 

1,096

 

 

 

921

 

 

 

532

 

 

 

0.05

%

Commercial and industrial loans

 

 

—

 

 

 

185

 

 

 

196

 

 

 

—

 

 

 

0.01

%

Consumer loans

 

 

—

 

 

 

6

 

 

 

12

 

 

 

—

 

 

 

—

%

Total

 

$

—

 

 

$

1,287

 

 

$

1,129

 

 

$

532

 

 

 

0.05

%

March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agricultural real estate

 

$

—

 

 

$

347

 

 

$

—

 

 

$

—

 

 

 

0.09

%

1-4 family residential properties

 

 

—

 

 

 

62

 

 

 

880

 

 

 

—

 

 

 

0.22

%

Commercial real estate

 

 

—

 

 

 

826

 

 

 

91

 

 

 

—

 

 

 

0.05

%

Loans secured by real estate

 

 

—

 

 

 

1,235

 

 

 

971

 

 

 

—

 

 

 

0.07

%

Commercial and industrial loans

 

 

—

 

 

 

421

 

 

 

319

 

 

 

—

 

 

 

0.07

%

Consumer loans

 

 

—

 

 

 

8

 

 

 

45

 

 

 

—

 

 

 

0.06

%

Total

 

$

—

 

 

$

1,664

 

 

$

1,335

 

 

$

—

 

 

 

0.06

%

 
Performance of loans modified The following table shows the performance of such loans that have been modified in the last twelve months ended March 31, 2024 and 2023.

 

 

30-59
Days Past
Due

 

 

60-89
Days Past
Due

 

 

90 Days or
More
Past Due

 

 

Total Past
Due

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Loans secured by real estate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total loans

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

—

 

 

$

55

 

 

$

—

 

 

$

55

 

Loans secured by real estate

 

 

—

 

 

 

55

 

 

 

—

 

 

 

55

 

Total loans

 

$

—

 

 

$

55

 

 

$

—

 

 

$

55

 
Financial Effect of Loan Modifications

The following table shows the financial effect of loan modifications during the current quarter to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and 2023.

 

 

Weighted Average

 

 

Weighted Average

 

 

 

Interest Rate

 

 

Term Extension

 

 

 

Reduction

 

 

(in months)

 

March 31, 2024

 

 

 

 

 

 

Commercial and industrial loans

 

 

—

%

 

 

6.59

 

Consumer loans

 

 

—

%

 

 

—

 

 

 

 

—

%

 

 

6.59

 

March 31, 2023

 

 

 

 

 

 

Commercial and industrial loans

 

 

4.75

%

 

 

5.13

 

Consumer loans

 

 

—

%

 

 

3.00

 

 

 

 

4.75

%

 

 

4.93

 
Summary of Purchased Credit Deteriorated (PCD) Loans

The Company has acquired loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans at acquisition date is as follows (in thousands):

 

 

2023

 

 

 

Blackhawk
Acquisition

 

Purchase price of purchase credit deteriorated loans at acquisition

 

$

115,250

 

Allowance for credit losses at acquisition

 

 

(3,791

)

Non-credit discount/(premium) at acquisition

 

 

(5,476

)

Fair value of purchased credit deteriorated loans at acquisition

 

$

105,983