Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
| ||||||||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
None | N/A | N/A |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||||||||
☒ | Smaller reporting company | |||||||||||||||||||
Emerging growth company |
Item 1. | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
Item 1. | ||||||||||||||
Item 1A. | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
Item 5. | ||||||||||||||
Item 6. | ||||||||||||||
ACL: Allowance for credit losses | GAAP: U.S. generally accepted accounting principles | |||||||
AFS: Available-for-sale | IFRS: International Financial Reporting Standards | |||||||
ALCO: Asset-Liability Committee | IRR: Interest rate risk | |||||||
ALLL: Allowance for loan and lease losses | ISDA: International Swaps and Derivatives Association | |||||||
AOCI: Accumulated other comprehensive income | LIBOR: London Interbank Offered Rate | |||||||
ASC: FASB Accounting Standards Codification | N/A: Not applicable | |||||||
ASU: FASB Accounting Standards Update | N/M: Not meaningful | |||||||
ATM: Automated teller machine | NAV: Net asset value | |||||||
BHC Act: Bank Holding Company Act of 1956 | NSF: Non-sufficient funds | |||||||
CARES Act: Coronavirus Aid, Relief, and Economic Security Act | OCI: Other comprehensive income (loss) | |||||||
CECL: Current expected credit losses | OMSR: Originated mortgage servicing rights | |||||||
CFPB: Consumer Financial Protection Bureau | OREO: Other real estate owned | |||||||
CIK: Central Index Key | OTTI: Other-than-temporary impairment | |||||||
COVID-19: Coronavirus disease 2019 | PBO: Projected benefit obligation | |||||||
CRA: Community Reinvestment Act | PCAOB: Public Company Accounting Oversight Board | |||||||
DIF: Deposit Insurance Fund | PPP: Paycheck Protection Program | |||||||
DIFS: Department of Insurance and Financial Services | Rabbi Trust: A trust established to fund our Directors Plan | |||||||
Directors Plan: Isabella Bank Corporation and Related Companies Deferred Compensation Plan for Directors | RSP: Isabella Bank Corporation Restricted Stock Plan | |||||||
Dividend Reinvestment Plan: Isabella Bank Corporation Stockholder Dividend Reinvestment Plan and Employee Stock Purchase Plan | SBA: Small Business Administration | |||||||
Exchange Act: Securities Exchange Act of 1934 | SOFR: Secured Overnight Financing Rate | |||||||
FASB: Financial Accounting Standards Board | SEC: U.S. Securities and Exchange Commission | |||||||
FDIC: Federal Deposit Insurance Corporation | SOX: Sarbanes-Oxley Act of 2002 | |||||||
FFIEC: Federal Financial Institutions Examinations Council | Tax Act: Tax Cuts and Jobs Act, enacted December 22, 2017 | |||||||
FRB: Federal Reserve Bank | TDR: Troubled debt restructuring | |||||||
FHLB: Federal Home Loan Bank | XBRL: eXtensible Business Reporting Language | |||||||
Freddie Mac: Federal Home Loan Mortgage Corporation | Yield Curve: U.S. Treasury Yield Curve | |||||||
FTE: Fully taxable equivalent |
September 30 2022 | December 31 2021 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | |||||||||||
Cash and demand deposits due from banks | $ | $ | |||||||||
Fed Funds sold and interest bearing balances due from banks | |||||||||||
Total cash and cash equivalents | |||||||||||
AFS securities, at fair value | |||||||||||
Mortgage loans AFS | |||||||||||
Loans | |||||||||||
Commercial | |||||||||||
Agricultural | |||||||||||
Residential real estate | |||||||||||
Consumer | |||||||||||
Gross loans | |||||||||||
Less allowance for loan and lease losses | |||||||||||
Net loans | |||||||||||
Premises and equipment | |||||||||||
Corporate owned life insurance policies | |||||||||||
Equity securities without readily determinable fair values | |||||||||||
Goodwill and other intangible assets | |||||||||||
Accrued interest receivable and other assets | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Deposits | |||||||||||
Noninterest bearing | $ | $ | |||||||||
Interest bearing demand deposits | |||||||||||
Certificates of deposit under $250 and other savings | |||||||||||
Certificates of deposit over $250 | |||||||||||
Total deposits | |||||||||||
Borrowed funds | |||||||||||
Federal funds purchased and repurchase agreements | |||||||||||
FHLB advances | |||||||||||
Subordinated debt, net of unamortized issuance costs | |||||||||||
Total borrowed funds | |||||||||||
Accrued interest payable and other liabilities | |||||||||||
Total liabilities | |||||||||||
Shareholders’ equity | |||||||||||
Common stock — no par value | |||||||||||
Shares to be issued for deferred compensation obligations | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss) | ( | ||||||||||
Total shareholders’ equity | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | $ |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Loans, including fees | $ | $ | $ | $ | |||||||||||||||||||
AFS securities | |||||||||||||||||||||||
Taxable | |||||||||||||||||||||||
Nontaxable | |||||||||||||||||||||||
Federal funds sold and other | |||||||||||||||||||||||
Total interest income | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Federal funds purchased and repurchase agreements | |||||||||||||||||||||||
FHLB advances | |||||||||||||||||||||||
Subordinated debt, net of unamortized issuance costs | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Provision for loan losses | ( | ( | |||||||||||||||||||||
Net interest income after provision for loan losses | |||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Service charges and fees | |||||||||||||||||||||||
Wealth management fees | |||||||||||||||||||||||
Earnings on corporate owned life insurance policies | |||||||||||||||||||||||
Net gain on sale of mortgage loans | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total noninterest income | |||||||||||||||||||||||
Noninterest expenses | |||||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||||
Furniture and equipment | |||||||||||||||||||||||
Occupancy | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total noninterest expenses | |||||||||||||||||||||||
Income before federal income tax expense | |||||||||||||||||||||||
Federal income tax expense | |||||||||||||||||||||||
NET INCOME | $ | $ | $ | $ | |||||||||||||||||||
Earnings per common share | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Cash dividends per common share | $ | $ | $ | $ |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Unrealized gains (losses) on AFS securities arising during the period | ( | ( | ( | ( | |||||||||||||||||||
Tax effect (1) | |||||||||||||||||||||||
Unrealized gains (losses) on AFS securities, net of tax | ( | ( | ( | ( | |||||||||||||||||||
Unrealized gains (losses) on derivative instruments arising during the period | |||||||||||||||||||||||
Tax effect (1) | ( | ||||||||||||||||||||||
Unrealized gains (losses) on derivative instruments, net of tax | |||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income (loss) | $ | ( | $ | $ | ( | $ |
Common Stock | |||||||||||||||||||||||||||||||||||
Common Shares Outstanding | Amount | Common Shares to be Issued for Deferred Compensation Obligations | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Totals | ||||||||||||||||||||||||||||||
January 1, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | ( | |||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | ||||||||||||||||||||||||||||||||
Common stock transferred from the Rabbi Trust to satisfy deferred compensation obligations | — | ( | — | — | |||||||||||||||||||||||||||||||
Share-based payment awards under the Directors Plan | — | — | — | — | |||||||||||||||||||||||||||||||
Share-based compensation expense recognized in earnings under the RSP | — | — | — | — | |||||||||||||||||||||||||||||||
Common stock purchased for deferred compensation obligations | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Common stock repurchased | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Cash dividends paid ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
September 30, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
January 1, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | ||||||||||||||||||||||||||||||||
Common stock transferred from the Rabbi Trust to satisfy deferred compensation obligations | — | ( | — | — | |||||||||||||||||||||||||||||||
Share-based payment awards under the Directors Plan | — | — | — | — | |||||||||||||||||||||||||||||||
Share-based compensation expense recognized in earnings under the RSP | — | — | — | — | |||||||||||||||||||||||||||||||
Common stock purchased for deferred compensation obligations | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Common stock repurchased | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Cash dividends paid ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
September 30, 2022 | $ | $ | $ | $ | ( | $ |
Nine Months Ended September 30 | |||||||||||
2022 | 2021 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | $ | |||||||||
Reconciliation of net income to net cash provided by operating activities: | |||||||||||
Provision for loan losses | ( | ||||||||||
Depreciation | |||||||||||
Amortization of OMSR | |||||||||||
Amortization of acquisition intangibles | |||||||||||
Amortization of subordinated debt issuance costs | |||||||||||
Net amortization of AFS securities | |||||||||||
Net gain on sale of mortgage loans | ( | ( | |||||||||
Change in OMSR valuation allowance | ( | ||||||||||
Net (gains) losses on foreclosed assets | ( | ||||||||||
Increase in cash value of corporate owned life insurance policies, net of expenses | ( | ( | |||||||||
Gains from redemption of corporate owned life insurance policies | ( | ( | |||||||||
Share-based payment awards under the Directors Plan | |||||||||||
Share-based payment awards under the RSP | |||||||||||
Origination of loans held-for-sale | ( | ( | |||||||||
Proceeds from loan sales | |||||||||||
Net changes in operating assets and liabilities which provided (used) cash: | |||||||||||
Accrued interest receivable and other assets | ( | ||||||||||
Accrued interest payable and other liabilities | ( | ||||||||||
Net cash provided by (used in) operating activities | |||||||||||
INVESTING ACTIVITIES | |||||||||||
Activity in AFS securities | |||||||||||
Maturities, calls, and principal payments | |||||||||||
Purchases | ( | ( | |||||||||
Net loan principal (originations) collections | ( | ||||||||||
Proceeds from sales of foreclosed assets | |||||||||||
Purchases of premises and equipment | ( | ( | |||||||||
Purchases of corporate owned life insurance policies | ( | ||||||||||
Proceeds from redemption of corporate owned life insurance policies | |||||||||||
Proceeds from sale of FHLB Stock | |||||||||||
Purchases of FRB Stock | ( | ||||||||||
Funding of low income housing tax credit investments | ( | ( | |||||||||
Net cash provided by (used in) investing activities | ( | ( |
Nine Months Ended September 30 | |||||||||||
2022 | 2021 | ||||||||||
FINANCING ACTIVITIES | |||||||||||
Net increase (decrease) in deposits | $ | $ | |||||||||
Net increase (decrease) in fed funds purchased and repurchase agreements | ( | ||||||||||
Net increase (decrease) in FHLB advances | ( | ( | |||||||||
Issuance of subordinated debt, net of unamortized issuance costs | |||||||||||
Cash dividends paid on common stock | ( | ( | |||||||||
Proceeds from issuance of common stock | |||||||||||
Common stock repurchased | ( | ( | |||||||||
Common stock purchased for deferred compensation obligations | ( | ( | |||||||||
Net cash provided by (used in) financing activities | |||||||||||
Increase (decrease) in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
SUPPLEMENTAL CASH FLOWS INFORMATION: | |||||||||||
Interest paid | $ | $ | |||||||||
Income taxes paid | |||||||||||
SUPPLEMENTAL NONCASH INFORMATION: | |||||||||||
Transfers of loans to foreclosed assets | $ | $ |
September 30, 2022 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | |||||||||||||||||||
States and political subdivisions | |||||||||||||||||||||||
Auction rate money market preferred | |||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | |||||||||||||||||||
States and political subdivisions | |||||||||||||||||||||||
Auction rate money market preferred | |||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Maturing | Securities with Variable Monthly Payments or Noncontractual Maturities | ||||||||||||||||||||||||||||||||||
Due in One Year or Less | After One Year But Within Five Years | After Five Years But Within Ten Years | After Ten Years | Total | |||||||||||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
States and political subdivisions | |||||||||||||||||||||||||||||||||||
Auction rate money market preferred | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||
Total amortized cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Fair value | $ | $ | $ | $ | $ | $ |
September 30, 2022 | |||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | ||||||||||||||||||||||||||||
Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Total Unrealized Losses | |||||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
States and political subdivisions | |||||||||||||||||||||||||||||
Auction rate money market preferred | |||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Number of securities in an unrealized loss position: |
December 31, 2021 | |||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | ||||||||||||||||||||||||||||
Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Total Unrealized Losses | |||||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
States and political subdivisions | |||||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Number of securities in an unrealized loss position: |
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||
July 1, 2022 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Charge-offs | ( | ( | |||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
Provision for loan losses | ( | ( | ( | ||||||||||||||||||||||||||||||||
September 30, 2022 | $ | $ | $ | $ | $ | $ |
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||
January 1, 2022 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
Provision for loan losses | ( | ( | |||||||||||||||||||||||||||||||||
September 30, 2022 | $ | $ | $ | $ | $ | $ |
Allowance for Loan Losses and Recorded Investment in Loans | |||||||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||
ALLL | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||
July 1, 2021 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
Provision for loan losses | ( | ( | ( | ||||||||||||||||||||||||||||||||
September 30, 2021 | $ | $ | $ | $ | $ | $ |
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||
January 1, 2021 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
Provision for loan losses | ( | ( | ( | ||||||||||||||||||||||||||||||||
September 30, 2021 | $ | $ | $ | $ | $ | $ |
Allowance for Loan Losses and Recorded Investment in Loans | |||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Residential Real Estate | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||
ALLL | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Other | Advances to Mortgage Brokers | Total | Real Estate | Other | Total | Total | ||||||||||||||||||||||||||||||||||||||||
Rating | |||||||||||||||||||||||||||||||||||||||||||||||
1 - Excellent | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
2 - High quality | |||||||||||||||||||||||||||||||||||||||||||||||
3 - High satisfactory | |||||||||||||||||||||||||||||||||||||||||||||||
4 - Low satisfactory | |||||||||||||||||||||||||||||||||||||||||||||||
5 - Special mention | |||||||||||||||||||||||||||||||||||||||||||||||
6 - Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
7 - Vulnerable | |||||||||||||||||||||||||||||||||||||||||||||||
8 - Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
9 - Loss | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Other | Advances to Mortgage Brokers | Total | Real Estate | Other | Total | Total | ||||||||||||||||||||||||||||||||||||||||
Rating | |||||||||||||||||||||||||||||||||||||||||||||||
1 - Excellent | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
2 - High quality | |||||||||||||||||||||||||||||||||||||||||||||||
3 - High satisfactory | |||||||||||||||||||||||||||||||||||||||||||||||
4 - Low satisfactory | |||||||||||||||||||||||||||||||||||||||||||||||
5 - Special mention | |||||||||||||||||||||||||||||||||||||||||||||||
6 - Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
7 - Vulnerable | |||||||||||||||||||||||||||||||||||||||||||||||
8 - Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
9 - Loss | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Accruing Interest and Past Due: | Total Past Due and Nonaccrual | ||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or More | Nonaccrual | Current | Total | ||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Commercial other | |||||||||||||||||||||||||||||||||||||||||
Advances to mortgage brokers | |||||||||||||||||||||||||||||||||||||||||
Total commercial | |||||||||||||||||||||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||||||||||||||||||||
Agricultural real estate | |||||||||||||||||||||||||||||||||||||||||
Agricultural other | |||||||||||||||||||||||||||||||||||||||||
Total agricultural | |||||||||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||||||||
Senior liens | |||||||||||||||||||||||||||||||||||||||||
Junior liens | |||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | |||||||||||||||||||||||||||||||||||||||||
Total residential real estate | |||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Secured | |||||||||||||||||||||||||||||||||||||||||
Unsecured | |||||||||||||||||||||||||||||||||||||||||
Total consumer | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Accruing Interest and Past Due: | Total Past Due and Nonaccrual | ||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or More | Nonaccrual | Current | Total | ||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Commercial other | |||||||||||||||||||||||||||||||||||||||||
Advances to mortgage brokers | |||||||||||||||||||||||||||||||||||||||||
Total commercial | |||||||||||||||||||||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||||||||||||||||||||
Agricultural real estate | |||||||||||||||||||||||||||||||||||||||||
Agricultural other | |||||||||||||||||||||||||||||||||||||||||
Total agricultural | |||||||||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||||||||
Senior liens | |||||||||||||||||||||||||||||||||||||||||
Junior liens | |||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | |||||||||||||||||||||||||||||||||||||||||
Total residential real estate | |||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Secured | |||||||||||||||||||||||||||||||||||||||||
Unsecured | |||||||||||||||||||||||||||||||||||||||||
Total consumer | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Recorded Balance | Unpaid Principal Balance | Valuation Allowance | Recorded Balance | Unpaid Principal Balance | Valuation Allowance | ||||||||||||||||||||||||||||||
Impaired loans with a valuation allowance | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial other | |||||||||||||||||||||||||||||||||||
Residential real estate senior liens | |||||||||||||||||||||||||||||||||||
Total impaired loans with a valuation allowance | |||||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance | |||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Commercial other | |||||||||||||||||||||||||||||||||||
Agricultural real estate | |||||||||||||||||||||||||||||||||||
Agricultural other | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | |||||||||||||||||||||||||||||||||||
Total impaired loans without a valuation allowance | |||||||||||||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||
Total impaired loans | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30 | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Average Recorded Balance | Interest Income Recognized | Average Recorded Balance | Interest Income Recognized | ||||||||||||||||||||
Impaired loans with a valuation allowance | |||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | |||||||||||||||||||
Commercial other | |||||||||||||||||||||||
Agricultural real estate | |||||||||||||||||||||||
Residential real estate senior liens | |||||||||||||||||||||||
Total impaired loans with a valuation allowance | |||||||||||||||||||||||
Impaired loans without a valuation allowance | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Commercial other | |||||||||||||||||||||||
Agricultural real estate | |||||||||||||||||||||||
Agricultural other | |||||||||||||||||||||||
Total impaired loans without a valuation allowance | |||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||
Total impaired loans | $ | $ | $ | $ |
Nine Months Ended September 30 | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Average Recorded Balance | Interest Income Recognized | Average Recorded Balance | Interest Income Recognized | ||||||||||||||||||||
Impaired loans with a valuation allowance | |||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | |||||||||||||||||||
Commercial other | |||||||||||||||||||||||
Agricultural real estate | |||||||||||||||||||||||
Agricultural other | |||||||||||||||||||||||
Residential real estate senior liens | |||||||||||||||||||||||
Total impaired loans with a valuation allowance | |||||||||||||||||||||||
Impaired loans without a valuation allowance | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Commercial other | |||||||||||||||||||||||
Agricultural real estate | |||||||||||||||||||||||
Agricultural other | |||||||||||||||||||||||
Home equity lines of credit | |||||||||||||||||||||||
Total impaired loans without a valuation allowance | |||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Agricultural | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||
Total impaired loans | $ | $ | $ | $ |
Three Months Ended September 30 | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Recorded Investment | Post-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Post-Modification Recorded Investment | ||||||||||||||||||||||||||||||
Commercial other | $ | $ | $ | $ |
Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Recorded Investment | Post-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Post-Modification Recorded Investment | ||||||||||||||||||||||||||||||
Commercial other | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Agricultural other | |||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Below Market Interest Rate | Below Market Interest Rate and Extension of Amortization Period | Below Market Interest Rate | Below Market Interest Rate and Extension of Amortization Period | ||||||||||||||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | ||||||||||||||||||||||||||||||||||||||||
Commercial other | $ | $ | $ | $ |
Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Below Market Interest Rate | Below Market Interest Rate and Extension of Amortization Period | Below Market Interest Rate | Below Market Interest Rate and Extension of Amortization Period | ||||||||||||||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | Number of Loans | Pre-Modification Recorded Investment | ||||||||||||||||||||||||||||||||||||||||
Commercial other | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Agricultural other | |||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
September 30 2022 | December 31 2021 | ||||||||||
TDRs | $ | $ |
Three Months Ended September 30 | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Maximum Month End Balance | Average Balance | Weighted Average Interest Rate During the Period | Maximum Month End Balance | Average Balance | Weighted Average Interest Rate During the Period | ||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase without stated maturity dates | $ | $ | % | $ | $ | % | |||||||||||||||||||||||||||||
Federal funds purchased | $ | $ | % | $ | $ | % |
Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Maximum Month End Balance | Average Balance | Weighted Average Interest Rate During the Period | Maximum Month End Balance | Average Balance | Weighted Average Interest Rate During the Period | ||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase without stated maturity dates | $ | $ | % | $ | $ | % | |||||||||||||||||||||||||||||
Federal funds purchased | $ | $ | % | $ | $ | % |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Amount | Rate | Amount | Rate | ||||||||||||||||||||
Securities sold under agreements to repurchase without stated maturity dates | $ | % | $ | % |
September 30 2022 | December 31 2021 | ||||||||||
Pledged to secure borrowed funds | $ | $ | |||||||||
Pledged to secure repurchase agreements | |||||||||||
Pledged for public deposits and for other purposes necessary or required by law | |||||||||||
Total | $ | $ |
September 30 2022 | December 31 2021 | ||||||||||
U.S. Treasury | $ | $ | |||||||||
States and political subdivisions | |||||||||||
Mortgage-backed securities | |||||||||||
Collateralized mortgage obligations | |||||||||||
Total | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Amount | Rate | Amount | Rate | ||||||||||||||||||||
Fixed rate due 2022 | $ | % | $ | % |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Amount | Rate | Amount | Rate | ||||||||||||||||||||
Fixed rate at 3.25% to floating, due 2031 | $ | % | $ | % | |||||||||||||||||||
Unamortized issuance costs | ( | ( | |||||||||||||||||||||
Total subordinated debt, net | $ | $ |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Average number of common shares outstanding for basic calculation | |||||||||||||||||||||||
Average potential effect of common shares in the Directors Plan (1) | |||||||||||||||||||||||
Average potential effect of common shares in the RSP | |||||||||||||||||||||||
Average number of common shares outstanding used to calculate diluted earnings per common share | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Earnings per common share | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||||||||||||||
Number of Shares | Fair Value | Number of Shares | Fair Value | ||||||||||||||||||||
Balance, July 1 | $ | $ | |||||||||||||||||||||
Granted | ( | ( | |||||||||||||||||||||
Vested | |||||||||||||||||||||||
Forfeited | |||||||||||||||||||||||
Balance, September 30 | $ | $ |
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||
Number of Shares | Fair Value | Number of Shares | Fair Value | ||||||||||||||||||||
Balance, January 1 | $ | $ | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Vested | |||||||||||||||||||||||
Forfeited | |||||||||||||||||||||||
Balance, September 30 | $ | $ |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Audit, consulting, and legal fees | $ | $ | $ | $ | |||||||||||||||||||
ATM and debit card fees | |||||||||||||||||||||||
Marketing costs | |||||||||||||||||||||||
Donations and community relations | |||||||||||||||||||||||
Memberships and subscriptions | |||||||||||||||||||||||
Loan underwriting fees | |||||||||||||||||||||||
Director fees | |||||||||||||||||||||||
All other | |||||||||||||||||||||||
Total other noninterest expenses | $ | $ | $ | $ |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Income taxes at statutory rate | $ | $ | $ | $ | |||||||||||||||||||
Effect of nontaxable income | |||||||||||||||||||||||
Interest income on tax exempt municipal securities | ( | ( | ( | ( | |||||||||||||||||||
Earnings on corporate owned life insurance policies | ( | ( | ( | ( | |||||||||||||||||||
Other | ( | ( | ( | ( | |||||||||||||||||||
Total effect of nontaxable income | ( | ( | ( | ( | |||||||||||||||||||
Effect of nondeductible expenses | |||||||||||||||||||||||
Effect of tax credits | ( | ( | ( | ( | |||||||||||||||||||
Federal income tax expense | $ | $ | $ | $ |
Three Months Ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gains (Losses) on AFS Securities | Unrealized Gains (Losses) on Derivative Instruments | Defined Benefit Pension Plan | Total | Unrealized Gains (Losses) on AFS Securities | Unrealized Gains (Losses) on Derivative Instruments | Defined Benefit Pension Plan | Total | ||||||||||||||||||||||||||||||||||||||||
Balance, July 1 | $ | ( | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
OCI before reclassifications | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Tax effect | |||||||||||||||||||||||||||||||||||||||||||||||
OCI, net of tax | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Balance, September 30 | $ | ( | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ |
Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gains (Losses) on AFS Securities | Unrealized Gains (Losses) on Derivative Instruments | Defined Benefit Pension Plan | Total | Unrealized Gains (Losses) on AFS Securities | Unrealized Gains (Losses) on Derivative Instruments | Defined Benefit Pension Plan | Total | ||||||||||||||||||||||||||||||||||||||||
Balance, January 1 | $ | $ | $ | ( | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
OCI before reclassifications | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Tax effect | ( | ||||||||||||||||||||||||||||||||||||||||||||||
OCI, net of tax | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Balance, September 30 | $ | ( | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ |
Three Months Ended September 30 | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Auction Rate Money Market Preferred Stocks | All Other AFS Securities | Total | Auction Rate Money Market Preferred Stocks | All Other AFS Securities | Total | ||||||||||||||||||||||||||||||
Unrealized gains (losses) arising during the period | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||
Tax effect | |||||||||||||||||||||||||||||||||||
Unrealized gains (losses), net of tax | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Auction Rate Money Market Preferred Stocks | All Other AFS Securities | Total | Auction Rate Money Market Preferred Stocks | All Other AFS Securities | Total | ||||||||||||||||||||||||||||||
Unrealized gains (losses) arising during the period | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||||
Tax effect | |||||||||||||||||||||||||||||||||||
Unrealized gains (losses), net of tax | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( |
Level 1: | Valuation is based upon quoted prices for identical instruments traded in active markets. | ||||
Level 2: | Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||
Level 3: | Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. |
September 30, 2022 | ||||||||||||||||||||
Valuation Technique | Fair Value | Unobservable Input | Actual Range | Weighted Average | ||||||||||||||||
Discount applied to collateral: | ||||||||||||||||||||
Real Estate | ||||||||||||||||||||
Equipment | ||||||||||||||||||||
Discounted value | $ | Cash crop inventory | ||||||||||||||||||
Livestock | ||||||||||||||||||||
Accounts receivable | ||||||||||||||||||||
Furniture, fixtures & equipment |
December 31, 2021 | ||||||||||||||||||||
Valuation Technique | Fair Value | Unobservable Input | Actual Range | Weighted Average | ||||||||||||||||
Discount applied to collateral: | ||||||||||||||||||||
Real Estate | ||||||||||||||||||||
Equipment | ||||||||||||||||||||
Discounted value | $ | Cash crop inventory | ||||||||||||||||||
Livestock | ||||||||||||||||||||
Accounts receivable | ||||||||||||||||||||
Liquor license |
September 30, 2022 | |||||||||||||||||||||||||||||
Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Mortgage loans AFS | |||||||||||||||||||||||||||||
Gross loans | |||||||||||||||||||||||||||||
Less allowance for loan and lease losses | |||||||||||||||||||||||||||||
Net loans | |||||||||||||||||||||||||||||
Accrued interest receivable | |||||||||||||||||||||||||||||
Equity securities without readily determinable fair values (1) | N/A | ||||||||||||||||||||||||||||
OMSR | |||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Deposits without stated maturities | |||||||||||||||||||||||||||||
Deposits with stated maturities | |||||||||||||||||||||||||||||
Federal funds purchased and repurchase agreements | |||||||||||||||||||||||||||||
Subordinated debt, net of unamortized issuance costs | |||||||||||||||||||||||||||||
Accrued interest payable |
December 31, 2021 | |||||||||||||||||||||||||||||
Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Mortgage loans AFS | |||||||||||||||||||||||||||||
Gross loans | |||||||||||||||||||||||||||||
Less allowance for loan and lease losses | |||||||||||||||||||||||||||||
Net loans | |||||||||||||||||||||||||||||
Accrued interest receivable | |||||||||||||||||||||||||||||
Equity securities without readily determinable fair values (1) | N/A | ||||||||||||||||||||||||||||
OMSR | |||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Deposits without stated maturities | |||||||||||||||||||||||||||||
Deposits with stated maturities | |||||||||||||||||||||||||||||
Federal funds purchased and repurchase agreements | |||||||||||||||||||||||||||||
FHLB advances | |||||||||||||||||||||||||||||
Subordinated debt, net of unamortized issuance costs | |||||||||||||||||||||||||||||
Accrued interest payable |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
Recurring items | |||||||||||||||||||||||||||||||||||||||||||||||
AFS securities | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
States and political subdivisions | |||||||||||||||||||||||||||||||||||||||||||||||
Auction rate money market preferred | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||||||||||||||
Total AFS securities | |||||||||||||||||||||||||||||||||||||||||||||||
Nonrecurring items | |||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans (net of the ALLL) | |||||||||||||||||||||||||||||||||||||||||||||||
Foreclosed assets | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Percent of assets and liabilities measured at fair value | % | % | % | % | % | % |
September 30 2022 | December 31 2021 | ||||||||||
ASSETS | |||||||||||
Cash on deposit at the Bank | $ | $ | |||||||||
Investments in subsidiaries | |||||||||||
Premises and equipment | |||||||||||
Other assets | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Subordinated debt, net of unamortized issuance costs | $ | $ | |||||||||
Other liabilities | |||||||||||
Shareholders' equity | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | $ |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Income | |||||||||||||||||||||||
Dividends from subsidiaries | $ | $ | $ | $ | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Other income | |||||||||||||||||||||||
Total income | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||
Audit, consulting, and legal fees | |||||||||||||||||||||||
Director fees | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Income before income tax benefit and equity in undistributed earnings of subsidiaries | ( | ||||||||||||||||||||||
Federal income tax benefit | |||||||||||||||||||||||
Income before equity in undistributed earnings of subsidiaries | |||||||||||||||||||||||
Undistributed earnings of subsidiaries | |||||||||||||||||||||||
Net income | $ | $ | $ | $ |
Nine Months Ended September 30 | |||||||||||
2022 | 2021 | ||||||||||
Operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to cash provided by operations | |||||||||||
Undistributed earnings of subsidiaries | ( | ( | |||||||||
Share-based payment awards under the Directors Plan | |||||||||||
Share-based payment awards under the RSP | |||||||||||
Amortization of subordinated debt issuance costs | |||||||||||
Depreciation | |||||||||||
Changes in operating assets and liabilities which provided (used) cash | |||||||||||
Other assets | |||||||||||
Other liabilities | |||||||||||
Net cash provided by (used in) operating activities | |||||||||||
Investing activities | |||||||||||
Financing activities | |||||||||||
Issuance of subordinated debt, net of unamortized issuance costs | |||||||||||
Cash dividends paid on common stock | ( | ( | |||||||||
Proceeds from the issuance of common stock | |||||||||||
Common stock repurchased | ( | ( | |||||||||
Common stock purchased for deferred compensation obligations | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ |
September 30 2022 | June 30 2022 | March 31 2022 | December 31 2021 | September 30 2021 | |||||||||||||||||||||||||
INCOME STATEMENT DATA | |||||||||||||||||||||||||||||
Interest income | $ | 17,019 | $ | 16,102 | $ | 14,762 | $ | 15,041 | $ | 15,142 | |||||||||||||||||||
Interest expense | 1,216 | 1,175 | 1,283 | 1,567 | 1,829 | ||||||||||||||||||||||||
Net interest income | 15,803 | 14,927 | 13,479 | 13,474 | 13,313 | ||||||||||||||||||||||||
Provision for loan losses | 18 | 485 | 37 | 81 | (107) | ||||||||||||||||||||||||
Noninterest income | 3,252 | 3,595 | 3,547 | 3,608 | 3,367 | ||||||||||||||||||||||||
Noninterest expenses | 11,917 | 11,661 | 11,320 | 11,197 | 11,185 | ||||||||||||||||||||||||
Federal income tax expense (benefit) | 1,233 | 1,081 | 935 | 1,010 | 916 | ||||||||||||||||||||||||
Net income (loss) | $ | 5,887 | $ | 5,295 | $ | 4,734 | $ | 4,794 | $ | 4,686 | |||||||||||||||||||
PER SHARE | |||||||||||||||||||||||||||||
Basic earnings | $ | 0.78 | $ | 0.70 | $ | 0.63 | $ | 0.63 | $ | 0.59 | |||||||||||||||||||
Diluted earnings | $ | 0.77 | $ | 0.69 | $ | 0.62 | $ | 0.63 | $ | 0.58 | |||||||||||||||||||
Dividends | $ | 0.27 | $ | 0.27 | $ | 0.27 | $ | 0.27 | $ | 0.27 | |||||||||||||||||||
Tangible book value | $ | 16.96 | $ | 18.85 | $ | 19.56 | $ | 21.61 | $ | 21.87 | |||||||||||||||||||
Quoted market value | |||||||||||||||||||||||||||||
High | $ | 24.95 | $ | 26.25 | $ | 26.00 | $ | 29.00 | $ | 26.74 | |||||||||||||||||||
Low | $ | 21.39 | $ | 23.00 | $ | 24.50 | $ | 24.75 | $ | 22.55 | |||||||||||||||||||
Close (1) | $ | 21.40 | $ | 24.80 | $ | 25.85 | $ | 25.50 | $ | 26.03 | |||||||||||||||||||
Common shares outstanding (1) | 7,564,348 | 7,553,113 | 7,542,758 | 7,532,641 | 7,926,610 | ||||||||||||||||||||||||
PERFORMANCE RATIOS | |||||||||||||||||||||||||||||
Return on average total assets | 1.13 | % | 1.04 | % | 0.92 | % | 0.96 | % | 0.91 | % | |||||||||||||||||||
Return on average shareholders' equity | 12.13 | % | 10.83 | % | 9.02 | % | 8.83 | % | 8.35 | % | |||||||||||||||||||
Return on average tangible shareholders' equity | 16.15 | % | 14.38 | % | 11.72 | % | 11.31 | % | 10.65 | % | |||||||||||||||||||
Net interest margin yield (FTE) | 3.28 | % | 3.16 | % | 2.86 | % | 2.86 | % | 2.85 | % | |||||||||||||||||||
BALANCE SHEET DATA (1) | |||||||||||||||||||||||||||||
Gross loans | $ | 1,236,151 | $ | 1,271,910 | $ | 1,218,371 | $ | 1,301,037 | $ | 1,248,558 | |||||||||||||||||||
AFS securities | $ | 581,233 | $ | 557,590 | $ | 544,919 | $ | 490,601 | $ | 494,384 | |||||||||||||||||||
Total assets | $ | 2,063,977 | $ | 2,048,373 | $ | 2,060,933 | $ | 2,032,158 | $ | 2,082,701 | |||||||||||||||||||
Deposits | $ | 1,791,033 | $ | 1,759,866 | $ | 1,764,161 | $ | 1,710,339 | $ | 1,692,316 | |||||||||||||||||||
Borrowed funds | $ | 81,704 | $ | 86,450 | $ | 90,534 | $ | 99,320 | $ | 156,655 | |||||||||||||||||||
Shareholders' equity | $ | 176,612 | $ | 190,680 | $ | 195,842 | $ | 211,048 | $ | 221,642 | |||||||||||||||||||
Gross loans to deposits | 69.02 | % | 72.27 | % | 69.06 | % | 76.07 | % | 73.78 | % | |||||||||||||||||||
ASSETS UNDER MANAGEMENT (1) | |||||||||||||||||||||||||||||
Loans sold with servicing retained | $ | 268,879 | $ | 273,294 | $ | 275,556 | $ | 278,844 | $ | 285,392 | |||||||||||||||||||
Assets managed by Isabella Wealth | $ | 464,136 | $ | 454,535 | $ | 501,829 | $ | 516,243 | $ | 491,784 | |||||||||||||||||||
Total assets under management | $ | 2,796,992 | $ | 2,776,202 | $ | 2,838,318 | $ | 2,827,245 | $ | 2,859,877 | |||||||||||||||||||
ASSET QUALITY (1) | |||||||||||||||||||||||||||||
Nonperforming loans to gross loans | 0.05 | % | 0.05 | % | 0.06 | % | 0.10 | % | 0.25 | % | |||||||||||||||||||
Nonperforming assets to total assets | 0.04 | % | 0.05 | % | 0.05 | % | 0.08 | % | 0.18 | % | |||||||||||||||||||
ALLL to gross loans | 0.78 | % | 0.76 | % | 0.76 | % | 0.70 | % | 0.73 | % | |||||||||||||||||||
CAPITAL RATIOS (1) | |||||||||||||||||||||||||||||
Shareholders' equity to assets | 8.56 | % | 9.31 | % | 9.50 | % | 10.39 | % | 10.64 | % | |||||||||||||||||||
Tier 1 leverage | 8.44 | % | 8.38 | % | 8.12 | % | 7.97 | % | 8.37 | % | |||||||||||||||||||
Common equity tier 1 capital | 12.92 | % | 12.44 | % | 12.83 | % | 12.07 | % | 13.07 | % | |||||||||||||||||||
Tier 1 risk-based capital | 12.92 | % | 12.44 | % | 12.83 | % | 12.07 | % | 13.07 | % | |||||||||||||||||||
Total risk-based capital | 15.85 | % | 15.33 | % | 15.84 | % | 14.94 | % | 16.03 | % |
September 30 2022 | September 30 2021 | September 30 2020 | |||||||||||||||
INCOME STATEMENT DATA | |||||||||||||||||
Interest income | $ | 47,883 | $ | 45,072 | $ | 47,770 | |||||||||||
Interest expense | 3,674 | 5,845 | 10,967 | ||||||||||||||
Net interest income | 44,209 | 39,227 | 36,803 | ||||||||||||||
Provision for loan losses | 540 | (599) | 1,409 | ||||||||||||||
Noninterest income | 10,394 | 10,214 | 10,304 | ||||||||||||||
Noninterest expenses | 34,898 | 32,497 | 32,595 | ||||||||||||||
Federal income tax expense | 3,249 | 2,838 | 1,495 | ||||||||||||||
Net income | $ | 15,916 | $ | 14,705 | $ | 11,608 | |||||||||||
PER SHARE | |||||||||||||||||
Basic earnings | $ | 2.11 | $ | 1.85 | $ | 1.46 | |||||||||||
Diluted earnings | $ | 2.08 | $ | 1.82 | $ | 1.43 | |||||||||||
Dividends | $ | 0.81 | $ | 0.81 | $ | 0.81 | |||||||||||
Tangible book value | $ | 16.96 | $ | 21.87 | $ | 21.75 | |||||||||||
Quoted market value | |||||||||||||||||
High | $ | 26.25 | $ | 26.74 | $ | 24.50 | |||||||||||
Low | $ | 21.39 | $ | 19.45 | $ | 15.60 | |||||||||||
Close (1) | $ | 21.40 | $ | 26.03 | $ | 16.74 | |||||||||||
Common shares outstanding (1) | 7,564,348 | 7,926,610 | 8,007,901 | ||||||||||||||
PERFORMANCE RATIOS | |||||||||||||||||
Return on average total assets | 1.03 | % | 0.97 | % | 0.82 | % | |||||||||||
Return on average shareholders' equity | 10.62 | % | 8.82 | % | 7.04 | % | |||||||||||
Return on average tangible shareholders' equity | 14.01 | % | 11.28 | % | 9.05 | % | |||||||||||
Net interest margin yield (FTE) | 3.10 | % | 2.87 | % | 2.93 | % | |||||||||||
BALANCE SHEET DATA (1) | |||||||||||||||||
Gross loans | $ | 1,236,151 | $ | 1,248,558 | $ | 1,303,308 | |||||||||||
AFS securities | $ | 581,233 | $ | 494,384 | $ | 363,054 | |||||||||||
Total assets | $ | 2,063,977 | $ | 2,082,701 | $ | 1,971,697 | |||||||||||
Deposits | $ | 1,791,033 | $ | 1,692,316 | $ | 1,495,095 | |||||||||||
Borrowed funds | $ | 81,704 | $ | 156,655 | $ | 238,349 | |||||||||||
Shareholders' equity | $ | 176,612 | $ | 221,642 | $ | 222,545 | |||||||||||
Gross loans to deposits | 69.02 | % | 73.78 | % | 87.17 | % | |||||||||||
ASSETS UNDER MANAGEMENT (1) | |||||||||||||||||
Loans sold with servicing retained | $ | 268,879 | $ | 285,392 | $ | 289,524 | |||||||||||
Assets managed by Isabella Wealth | $ | 464,136 | $ | 491,784 | $ | 403,730 | |||||||||||
Total assets under management | $ | 2,796,992 | $ | 2,859,877 | $ | 2,664,951 | |||||||||||
ASSET QUALITY (1) | |||||||||||||||||
Nonperforming loans to gross loans | 0.05 | % | 0.25 | % | 0.38 | % | |||||||||||
Nonperforming assets to total assets | 0.04 | % | 0.18 | % | 0.30 | % | |||||||||||
ALLL to gross loans | 0.78 | % | 0.73 | % | 0.73 | % | |||||||||||
CAPITAL RATIOS (1) | |||||||||||||||||
Shareholders' equity to assets | 8.56 | % | 10.64 | % | 11.29 | % | |||||||||||
Tier 1 leverage | 8.44 | % | 8.37 | % | 8.76 | % | |||||||||||
Common equity tier 1 capital | 12.92 | % | 13.07 | % | 12.90 | % | |||||||||||
Tier 1 risk-based capital | 12.92 | % | 13.07 | % | 12.90 | % | |||||||||||
Total risk-based capital | 15.85 | % | 16.03 | % | 13.64 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Tax Equivalent Interest | Average Yield / Rate | Average Balance | Tax Equivalent Interest | Average Yield / Rate | Average Balance | Tax Equivalent Interest | Average Yield / Rate | |||||||||||||||||||||||||||||||||||||||||||||
INTEREST EARNING ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 1,256,723 | $ | 13,563 | 4.32 | % | $ | 1,259,573 | $ | 13,179 | 4.19 | % | $ | 1,203,468 | $ | 13,033 | 4.33 | % | |||||||||||||||||||||||||||||||||||
Taxable investment securities | 490,751 | 2,190 | 1.79 | % | 475,010 | 2,027 | 1.71 | % | 332,056 | 1,224 | 1.47 | % | |||||||||||||||||||||||||||||||||||||||||
Nontaxable investment securities | 110,058 | 1,002 | 3.64 | % | 109,367 | 975 | 3.57 | % | 113,857 | 1,035 | 3.64 | % | |||||||||||||||||||||||||||||||||||||||||
Fed funds sold | 16 | — | 1.98 | % | 6 | — | 1.47 | % | 4 | — | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||
Other | 101,687 | 521 | 2.05 | % | 77,176 | 192 | 1.00 | % | 262,023 | 160 | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||
Total earning assets | 1,959,235 | 17,276 | 3.53 | % | 1,921,132 | 16,373 | 3.41 | % | 1,911,408 | 15,452 | 3.23 | % | |||||||||||||||||||||||||||||||||||||||||
NONEARNING ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (9,691) | (9,288) | (9,361) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and demand deposits due from banks | 24,875 | 22,838 | 30,120 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 24,475 | 24,269 | 24,540 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued income and other assets | 78,151 | 84,590 | 109,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,077,045 | $ | 2,043,541 | $ | 2,066,457 | |||||||||||||||||||||||||||||||||||||||||||||||
INTEREST BEARING LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand deposits | $ | 381,282 | $ | 64 | 0.07 | % | $ | 375,123 | $ | 56 | 0.06 | % | $ | 366,345 | $ | 46 | 0.05 | % | |||||||||||||||||||||||||||||||||||
Savings deposits | 642,916 | 270 | 0.17 | % | 627,916 | 171 | 0.11 | % | 565,814 | 161 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||
Time deposits | 262,628 | 574 | 0.87 | % | 274,284 | 627 | 0.91 | % | 323,322 | 1,044 | 1.29 | % | |||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and repurchase agreements | 49,267 | 9 | 0.07 | % | 46,029 | 8 | 0.07 | % | 62,790 | 13 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||
FHLB advances | 6,739 | 33 | 1.96 | % | 10,000 | 47 | 1.88 | % | 62,718 | 299 | 1.91 | % | |||||||||||||||||||||||||||||||||||||||||
Subordinated debt, net of unamortized issuance costs | 29,211 | 266 | 3.64 | % | 29,188 | 266 | 3.65 | % | 29,124 | 266 | 3.65 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 1,372,043 | 1,216 | 0.35 | % | 1,362,540 | 1,175 | 0.34 | % | 1,410,113 | 1,829 | 0.52 | % | |||||||||||||||||||||||||||||||||||||||||
NONINTEREST BEARING LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 497,215 | 470,139 | 419,017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 13,627 | 15,237 | 12,826 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 194,160 | 195,625 | 224,501 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,077,045 | $ | 2,043,541 | $ | 2,066,457 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (FTE) | $ | 16,060 | $ | 15,198 | $ | 13,623 | |||||||||||||||||||||||||||||||||||||||||||||||
Net yield on interest earning assets (FTE) | 3.28 | % | 3.16 | % | 2.85 | % |
Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||||
Average Balance | Tax Equivalent Interest | Average Yield / Rate | Average Balance | Tax Equivalent Interest | Average Yield / Rate | ||||||||||||||||||||||||||||||
INTEREST EARNING ASSETS | |||||||||||||||||||||||||||||||||||
Loans | $ | 1,251,206 | $ | 39,120 | 4.17 | % | $ | 1,202,060 | $ | 38,634 | 4.29 | % | |||||||||||||||||||||||
Taxable investment securities | 462,675 | 5,795 | 1.67 | % | 268,435 | 3,529 | 1.75 | % | |||||||||||||||||||||||||||
Nontaxable investment securities | 107,041 | 2,934 | 3.65 | % | 122,675 | 3,346 | 3.64 | % | |||||||||||||||||||||||||||
Fed funds sold | 8 | — | 1.69 | % | 3 | — | 0.01 | % | |||||||||||||||||||||||||||
Other | 113,847 | 822 | 0.96 | % | 273,997 | 516 | 0.25 | % | |||||||||||||||||||||||||||
Total earning assets | 1,934,777 | 48,671 | 3.35 | % | 1,867,170 | 46,025 | 3.29 | % | |||||||||||||||||||||||||||
NONEARNING ASSETS | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | (9,372) | (9,502) | |||||||||||||||||||||||||||||||||
Cash and demand deposits due from banks | 24,843 | 29,236 | |||||||||||||||||||||||||||||||||
Premises and equipment | 24,401 | 24,836 | |||||||||||||||||||||||||||||||||
Accrued income and other assets | 87,989 | 109,835 | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,062,638 | $ | 2,021,575 | |||||||||||||||||||||||||||||||
INTEREST BEARING LIABILITIES | |||||||||||||||||||||||||||||||||||
Interest bearing demand deposits | $ | 379,952 | $ | 170 | 0.06 | % | $ | 337,561 | $ | 168 | 0.07 | % | |||||||||||||||||||||||
Savings deposits | 628,823 | 600 | 0.13 | % | 549,213 | 459 | 0.11 | % | |||||||||||||||||||||||||||
Time deposits | 275,586 | 1,928 | 0.93 | % | 345,960 | 3,736 | 1.44 | % | |||||||||||||||||||||||||||
Federal funds purchased and repurchase agreements | 48,119 | 26 | 0.07 | % | 56,424 | 40 | 0.09 | % | |||||||||||||||||||||||||||
FHLB advances | 10,513 | 152 | 1.93 | % | 79,048 | 1,093 | 1.84 | % | |||||||||||||||||||||||||||
Subordinated debt, net of unamortized issuance costs | 29,189 | 798 | 3.65 | % | 12,907 | 349 | 3.61 | % | |||||||||||||||||||||||||||
Total interest bearing liabilities | 1,372,182 | 3,674 | 0.36 | % | 1,381,113 | 5,845 | 0.56 | % | |||||||||||||||||||||||||||
NONINTEREST BEARING LIABILITIES | |||||||||||||||||||||||||||||||||||
Demand deposits | 475,373 | 405,046 | |||||||||||||||||||||||||||||||||
Other | 15,242 | 13,144 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 199,841 | 222,272 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,062,638 | $ | 2,021,575 | |||||||||||||||||||||||||||||||
Net interest income (FTE) | $ | 44,997 | $ | 40,180 | |||||||||||||||||||||||||||||||
Net yield on interest earning assets (FTE) | 3.10 | % | 2.87 | % |
Three Months Ended September 30, 2022 Compared to June 30, 2022 Increase (Decrease) Due to | Three Months Ended September 30, 2022 Compared to September 30, 2021 Increase (Decrease) Due to | Nine Months Ended September 30, 2022 Compared to September 30, 2021 Increase (Decrease) Due to | |||||||||||||||||||||||||||||||||||||||||||||||||||
Volume | Rate | Net | Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||||||||||||||||||||||||||||||
Changes in interest income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | (30) | $ | 414 | $ | 384 | $ | 575 | $ | (45) | $ | 530 | $ | 1,554 | $ | (1,068) | $ | 486 | |||||||||||||||||||||||||||||||||||
Taxable investment securities | 68 | 95 | 163 | 670 | 296 | 966 | 2,440 | (174) | 2,266 | ||||||||||||||||||||||||||||||||||||||||||||
Nontaxable investment securities | 6 | 21 | 27 | (35) | 2 | (33) | (428) | 16 | (412) | ||||||||||||||||||||||||||||||||||||||||||||
Other | 76 | 253 | 329 | (153) | 514 | 361 | (448) | 754 | 306 | ||||||||||||||||||||||||||||||||||||||||||||
Total changes in interest income | 120 | 783 | 903 | 1,057 | 767 | 1,824 | 3,118 | (472) | 2,646 | ||||||||||||||||||||||||||||||||||||||||||||
Changes in interest expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand deposits | 1 | 7 | 8 | 2 | 16 | 18 | 20 | (18) | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | 4 | 95 | 99 | 24 | 85 | 109 | 71 | 70 | 141 | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | (26) | (27) | (53) | (173) | (297) | (470) | (662) | (1,146) | (1,808) | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and repurchase agreements | 1 | — | 1 | (3) | (1) | (4) | (5) | (9) | (14) | ||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | (16) | 2 | (14) | (274) | 8 | (266) | (989) | 48 | (941) | ||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt, net of unamortized issuance costs | — | — | — | 1 | (1) | — | 445 | 4 | 449 | ||||||||||||||||||||||||||||||||||||||||||||
Total changes in interest expense | (36) | 77 | 41 | (423) | (190) | (613) | (1,120) | (1,051) | (2,171) | ||||||||||||||||||||||||||||||||||||||||||||
Net change in interest margin (FTE) | $ | 156 | $ | 706 | $ | 862 | $ | 1,480 | $ | 957 | $ | 2,437 | $ | 4,238 | $ | 579 | $ | 4,817 |
Average Yield / Rate for the Three-Month Periods Ended: | |||||||||||||||||||||||||||||
September 30 2022 | June 30 2022 | March 31 2022 | December 31 2021 | September 30 2021 | |||||||||||||||||||||||||
Total earning assets | 3.53 | % | 3.41 | % | 3.13 | % | 3.19 | % | 3.23 | % | |||||||||||||||||||
Total interest bearing liabilities | 0.35 | % | 0.34 | % | 0.37 | % | 0.45 | % | 0.52 | % | |||||||||||||||||||
Net yield on interest earning assets (FTE) | 3.28 | % | 3.16 | % | 2.86 | % | 2.86 | % | 2.85 | % |
Quarter to Date Net Interest Income (FTE) | |||||||||||||||||||||||||||||
September 30 2022 | June 30 2022 | March 31 2022 | December 31 2021 | September 30 2021 | |||||||||||||||||||||||||
Total interest income (FTE) | $ | 17,276 | $ | 16,373 | $ | 15,022 | $ | 15,246 | $ | 15,452 | |||||||||||||||||||
Total interest expense | 1,216 | 1,175 | 1,283 | 1,567 | 1,829 | ||||||||||||||||||||||||
Net interest income (FTE) | $ | 16,060 | $ | 15,198 | $ | 13,739 | $ | 13,679 | $ | 13,623 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
ALLL at beginning of period | $ | 9,700 | $ | 9,360 | $ | 9,103 | $ | 9,744 | |||||||||||||||
Charge-offs | |||||||||||||||||||||||
Commercial | — | 1 | 3 | 32 | |||||||||||||||||||
Agricultural | — | 77 | — | 77 | |||||||||||||||||||
Residential real estate | — | — | — | — | |||||||||||||||||||
Consumer | 173 | 168 | 367 | 349 | |||||||||||||||||||
Total charge-offs | 173 | 246 | 370 | 458 | |||||||||||||||||||
Recoveries | |||||||||||||||||||||||
Commercial | 14 | 22 | 54 | 121 | |||||||||||||||||||
Agricultural | 1 | 1 | 4 | 6 | |||||||||||||||||||
Residential real estate | 53 | 29 | 123 | 132 | |||||||||||||||||||
Consumer | 64 | 34 | 223 | 147 | |||||||||||||||||||
Total recoveries | 132 | 86 | 404 | 406 | |||||||||||||||||||
Net loan charge-offs (recoveries) | 41 | 160 | (34) | 52 | |||||||||||||||||||
Provision for loan losses | 18 | (107) | 540 | (599) | |||||||||||||||||||
ALLL at end of period | $ | 9,677 | $ | 9,093 | $ | 9,677 | $ | 9,093 | |||||||||||||||
Net loan charge-offs (recoveries) to average loans outstanding | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % |
September 30 2022 | June 30 2022 | March 31 2022 | December 31 2021 | September 30 2021 | |||||||||||||||||||||||||
Total charge-offs | $ | 173 | $ | 106 | $ | 91 | $ | 149 | $ | 246 | |||||||||||||||||||
Total recoveries | 132 | 117 | 155 | 78 | 86 | ||||||||||||||||||||||||
Net loan charge-offs (recoveries) | 41 | (11) | (64) | 71 | 160 | ||||||||||||||||||||||||
Net loan charge-offs (recoveries) to average loans outstanding | 0.00 | % | 0.00 | % | (0.01) | % | 0.01 | % | 0.01 | % | |||||||||||||||||||
Provision for loan losses | $ | 18 | $ | 485 | $ | 37 | $ | 81 | $ | (107) | |||||||||||||||||||
Provision for loan losses to average loans outstanding | 0.00 | % | 0.04 | % | 0.00 | % | 0.01 | % | (0.01) | % | |||||||||||||||||||
ALLL | $ | 9,677 | $ | 9,700 | $ | 9,204 | $ | 9,103 | $ | 9,093 | |||||||||||||||||||
ALLL as a % of loans at end of period | 0.78 | % | 0.76 | % | 0.76 | % | 0.70 | % | 0.73 | % | |||||||||||||||||||
ALLL as a % of nonaccrual loans | 1,668.45 | % | 1,796.30 | % | 1,232.13 | % | 731.16 | % | 295.52 | % |
September 30 2022 | June 30 2022 | March 31 2022 | December 31 2021 | September 30 2021 | |||||||||||||||||||||||||
ALLL | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 474 | $ | 515 | $ | 573 | $ | 578 | $ | 583 | |||||||||||||||||||
Collectively evaluated for impairment | 9,203 | 9,185 | 8,631 | 8,525 | 8,510 | ||||||||||||||||||||||||
Total | $ | 9,677 | $ | 9,700 | $ | 9,204 | $ | 9,103 | $ | 9,093 | |||||||||||||||||||
ALLL to gross loans | |||||||||||||||||||||||||||||
Individually evaluated for impairment | 0.04 | % | 0.04 | % | 0.05 | % | 0.04 | % | 0.05 | % | |||||||||||||||||||
Collectively evaluated for impairment | 0.74 | % | 0.72 | % | 0.71 | % | 0.66 | % | 0.68 | % | |||||||||||||||||||
Total | 0.78 | % | 0.76 | % | 0.76 | % | 0.70 | % | 0.73 | % |
Total Past Due and Nonaccrual Loans | |||||||||||||||||||||||||||||
September 30 2022 | June 30 2022 | March 31 2022 | December 31 2021 | September 30 2021 | |||||||||||||||||||||||||
Commercial | $ | 2,747 | $ | 432 | $ | 412 | $ | 561 | $ | 345 | |||||||||||||||||||
Agricultural | 574 | 271 | 283 | 987 | 2,860 | ||||||||||||||||||||||||
Residential real estate | 507 | 345 | 1,560 | 2,287 | 268 | ||||||||||||||||||||||||
Consumer | 180 | 457 | 109 | 196 | 25 | ||||||||||||||||||||||||
Total | $ | 4,008 | $ | 1,505 | $ | 2,364 | $ | 4,031 | $ | 3,498 | |||||||||||||||||||
Total past due and nonaccrual loans to gross loans | 0.32 | % | 0.12 | % | 0.19 | % | 0.31 | % | 0.28 | % |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Accruing Interest | Nonaccrual | Total | |||||||||||||||||||||||||||||||||
Number of Loans | Balance | Number of Loans | Balance | Number of Loans | Balance | ||||||||||||||||||||||||||||||
July 1, 2022 | 89 | $ | 22,003 | 6 | $ | 391 | 95 | $ | 22,394 | ||||||||||||||||||||||||||
New modifications | 1 | 55 | — | — | 1 | 55 | |||||||||||||||||||||||||||||
Principal advances (payments) | — | (296) | — | (10) | — | (306) | |||||||||||||||||||||||||||||
Loans paid off | (9) | (3,060) | — | — | (9) | (3,060) | |||||||||||||||||||||||||||||
September 30, 2022 | 81 | $ | 18,702 | 6 | $ | 381 | 87 | $ | 19,083 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Accruing Interest | Nonaccrual | Total | |||||||||||||||||||||||||||||||||
Number of Loans | Balance | Number of Loans | Balance | Number of Loans | Balance | ||||||||||||||||||||||||||||||
January 1, 2022 | 98 | $ | 25,276 | 6 | $ | 449 | 104 | $ | 25,725 | ||||||||||||||||||||||||||
New modifications | 2 | 153 | — | — | 2 | 153 | |||||||||||||||||||||||||||||
Principal advances (payments) | — | (1,971) | — | (68) | — | (2,039) | |||||||||||||||||||||||||||||
Loans paid off | (19) | (4,756) | — | — | (19) | (4,756) | |||||||||||||||||||||||||||||
September 30, 2022 | 81 | $ | 18,702 | 6 | $ | 381 | 87 | $ | 19,083 |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Accruing Interest | Nonaccrual | Total | |||||||||||||||||||||||||||||||||
Number of Loans | Balance | Number of Loans | Balance | Number of Loans | Balance | ||||||||||||||||||||||||||||||
July 1, 2021 | 101 | $ | 26,785 | 8 | $ | 2,562 | 109 | $ | 29,347 | ||||||||||||||||||||||||||
New modifications | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Principal advances (payments) | — | (235) | — | (28) | — | (263) | |||||||||||||||||||||||||||||
Loans paid off | (3) | (402) | — | — | (3) | (402) | |||||||||||||||||||||||||||||
Transfers to accrual status | 1 | 41 | (1) | (41) | — | — | |||||||||||||||||||||||||||||
September 30, 2021 | 99 | 26,189 | 7 | $ | 2,493 | 106 | $ | 28,682 |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Accruing Interest | Nonaccrual | Total | |||||||||||||||||||||||||||||||||
Number of Loans | Balance | Number of Loans | Balance | Number of Loans | Balance | ||||||||||||||||||||||||||||||
January 1, 2021 | 108 | $ | 22,200 | 7 | $ | 2,730 | 115 | $ | 24,930 | ||||||||||||||||||||||||||
New modifications | 11 | 8,473 | — | — | 11 | 8,473 | |||||||||||||||||||||||||||||
Principal advances (payments) | — | (1,073) | — | (235) | — | (1,308) | |||||||||||||||||||||||||||||
Loans paid off | (20) | (3,413) | — | — | (20) | (3,413) | |||||||||||||||||||||||||||||
Transfers to nonaccrual status | (1) | (39) | 1 | 39 | — | — | |||||||||||||||||||||||||||||
Transfers to accrual status | 1 | 41 | (1) | (41) | — | — | |||||||||||||||||||||||||||||
September 30, 2021 | 99 | $ | 26,189 | 7 | $ | 2,493 | 106 | $ | 28,682 |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Accruing Interest | Nonaccrual | Total | Accruing Interest | Nonaccrual | Total | Total Change | |||||||||||||||||||||||||||||||||||
Current | $ | 18,605 | $ | 251 | $ | 18,856 | $ | 25,236 | $ | 294 | $ | 25,530 | $ | (6,674) | |||||||||||||||||||||||||||
Past due 30-59 days | — | — | — | 40 | 85 | 125 | (125) | ||||||||||||||||||||||||||||||||||
Past due 60-89 days | 97 | — | 97 | — | — | — | 97 | ||||||||||||||||||||||||||||||||||
Past due 90 days or more | — | 130 | 130 | — | 70 | 70 | 60 | ||||||||||||||||||||||||||||||||||
Total | $ | 18,702 | $ | 381 | $ | 19,083 | $ | 25,276 | $ | 449 | $ | 25,725 | $ | (6,642) |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Recorded Balance | Unpaid Principal Balance | Valuation Allowance | Recorded Balance | Unpaid Principal Balance | Valuation Allowance | ||||||||||||||||||||||||||||||
TDRs | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 5,339 | $ | 5,593 | $ | 14 | $ | 5,707 | $ | 5,961 | $ | 9 | |||||||||||||||||||||||
Commercial other | 199 | 199 | — | 3,246 | 3,246 | 4 | |||||||||||||||||||||||||||||
Agricultural real estate | 8,611 | 8,611 | — | 9,182 | 9,181 | — | |||||||||||||||||||||||||||||
Agricultural other | 2,577 | 2,577 | — | 4,543 | 4,543 | — | |||||||||||||||||||||||||||||
Residential real estate senior liens | 2,357 | 2,427 | 378 | 3,047 | 3,203 | 504 | |||||||||||||||||||||||||||||
Total TDRs | 19,083 | 19,407 | 392 | 25,725 | 26,134 | 517 | |||||||||||||||||||||||||||||
Other impaired loans | |||||||||||||||||||||||||||||||||||
Commercial real estate | 165 | 227 | — | 314 | 377 | — | |||||||||||||||||||||||||||||
Agricultural real estate | — | — | — | 356 | 357 | — | |||||||||||||||||||||||||||||
Agricultural other | — | — | — | 108 | 108 | — | |||||||||||||||||||||||||||||
Residential real estate senior liens | 503 | 677 | 82 | 370 | 485 | 61 | |||||||||||||||||||||||||||||
Home equity lines of credit | — | — | — | 37 | 37 | — | |||||||||||||||||||||||||||||
Total other impaired loans | 668 | 904 | 82 | 1,185 | 1,364 | 61 | |||||||||||||||||||||||||||||
Total impaired loans | $ | 19,751 | $ | 20,311 | $ | 474 | $ | 26,910 | $ | 27,498 | $ | 578 |
September 30 2022 | June 30 2022 | March 31 2022 | December 31 2021 | September 30 2021 | |||||||||||||||||||||||||
Nonaccrual status loans | $ | 580 | $ | 540 | $ | 747 | $ | 1,245 | $ | 3,077 | |||||||||||||||||||
Accruing loans past due 90 days or more | 21 | 119 | — | 97 | — | ||||||||||||||||||||||||
Total nonperforming loans | 601 | 659 | 747 | 1,342 | 3,077 | ||||||||||||||||||||||||
Foreclosed assets | 240 | 241 | 187 | 211 | 348 | ||||||||||||||||||||||||
Debt securities | 77 | 131 | 131 | 131 | 230 | ||||||||||||||||||||||||
Total nonperforming assets | $ | 918 | $ | 1,031 | $ | 1,065 | $ | 1,684 | $ | 3,655 | |||||||||||||||||||
Nonperforming loans as a % of total loans | 0.05 | % | 0.05 | % | 0.06 | % | 0.10 | % | 0.25 | % | |||||||||||||||||||
Nonperforming assets as a % of total assets | 0.04 | % | 0.05 | % | 0.05 | % | 0.08 | % | 0.18 | % |
September 30 2022 | June 30 2022 | March 31 2022 | December 31 2021 | September 30 2021 | |||||||||||||||||||||||||
Commercial | $ | 178 | $ | 184 | $ | 319 | $ | 341 | $ | 161 | |||||||||||||||||||
Agricultural | 266 | 271 | 283 | 774 | 2,811 | ||||||||||||||||||||||||
Residential real estate | 136 | 85 | 145 | 130 | 105 | ||||||||||||||||||||||||
Total | $ | 580 | $ | 540 | $ | 747 | $ | 1,245 | $ | 3,077 | |||||||||||||||||||
Nonaccrual loans as a % of loans at end of period | 0.05 | % | 0.04 | % | 0.06 | % | 0.10 | % | 0.25 | % |
September 30 2022 | June 30 2022 | March 31 2022 | December 31 2021 | September 30 2021 | |||||||||||||||||||||||||
Commercial | $ | 115 | $ | 120 | $ | 127 | $ | 139 | $ | 146 | |||||||||||||||||||
Agricultural | 266 | 271 | 283 | 310 | 2,347 | ||||||||||||||||||||||||
Residential real estate | — | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 381 | $ | 391 | $ | 410 | $ | 449 | $ | 2,493 |
Three Months Ended September 30 | |||||||||||||||||||||||
Change | |||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
Service charges and fees | |||||||||||||||||||||||
ATM and debit card fees | $ | 1,212 | $ | 1,156 | $ | 56 | 4.84 | % | |||||||||||||||
Service charges and fees on deposit accounts | 673 | 601 | 72 | 11.98 | % | ||||||||||||||||||
Freddie Mac servicing fee | 168 | 177 | (9) | (5.08) | % | ||||||||||||||||||
Net OMSR income (loss) | — | (28) | 28 | N/M | |||||||||||||||||||
Other fees for customer services | 69 | 58 | 11 | 18.97 | % | ||||||||||||||||||
Total service charges and fees | 2,122 | 1,964 | 158 | 8.04 | % | ||||||||||||||||||
Wealth management fees | 679 | 772 | (93) | (12.05) | % | ||||||||||||||||||
Earnings on corporate owned life insurance policies | 223 | 201 | 22 | 10.95 | % | ||||||||||||||||||
Net gain on sale of mortgage loans | 174 | 339 | (165) | (48.67) | % | ||||||||||||||||||
All other | 54 | 91 | (37) | (40.66) | % | ||||||||||||||||||
Total noninterest income | $ | 3,252 | $ | 3,367 | $ | (115) | (3.42) | % |
Nine Months Ended September 30 | |||||||||||||||||||||||
Change | |||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
Service charges and fees | |||||||||||||||||||||||
ATM and debit card fees | $ | 3,507 | $ | 3,282 | $ | 225 | 6.86 | % | |||||||||||||||
Service charges and fees on deposit accounts | 1,913 | 1,518 | 395 | 26.02 | % | ||||||||||||||||||
Freddie Mac servicing fee | 506 | 572 | (66) | (11.54) | % | ||||||||||||||||||
Net OMSR income (loss) | 477 | (128) | 605 | N/M | |||||||||||||||||||
Other fees for customer services | 212 | 245 | (33) | (13.47) | % | ||||||||||||||||||
Total service charges and fees | 6,615 | 5,489 | 1,126 | 20.51 | % | ||||||||||||||||||
Wealth management fees | 2,217 | 2,274 | (57) | (2.51) | % | ||||||||||||||||||
Earnings on corporate owned life insurance policies | 655 | 577 | 78 | 13.52 | % | ||||||||||||||||||
Net gain on sale of mortgage loans | 568 | 1,459 | (891) | (61.07) | % | ||||||||||||||||||
All other | 339 | 415 | (76) | (18.31) | % | ||||||||||||||||||
Total noninterest income | $ | 10,394 | $ | 10,214 | $ | 180 | 1.76 | % |
Three Months Ended September 30 | |||||||||||||||||||||||
Change | |||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
Compensation and benefits | $ | 6,369 | $ | 6,116 | $ | 253 | 4.14 | % | |||||||||||||||
Furniture and equipment | 1,490 | 1,349 | 141 | 10.45 | % | ||||||||||||||||||
Occupancy | 918 | 866 | 52 | 6.00 | % | ||||||||||||||||||
Other | |||||||||||||||||||||||
Audit, consulting, and legal fees | 595 | 665 | (70) | (10.53) | % | ||||||||||||||||||
ATM and debit card fees | 543 | 473 | 70 | 14.80 | % | ||||||||||||||||||
Marketing costs | 209 | 236 | (27) | (11.44) | % | ||||||||||||||||||
Donations and community relations | 239 | 198 | 41 | 20.71 | % | ||||||||||||||||||
Memberships and subscriptions | 230 | 234 | (4) | (1.71) | % | ||||||||||||||||||
Loan underwriting fees | 243 | 238 | 5 | 2.10 | % | ||||||||||||||||||
Director fees | 210 | 166 | 44 | 26.51 | % | ||||||||||||||||||
All other | 871 | 644 | 227 | 35.25 | % | ||||||||||||||||||
Total other noninterest expenses | 3,140 | 2,854 | 286 | 10.02 | % | ||||||||||||||||||
Total noninterest expenses | $ | 11,917 | $ | 11,185 | $ | 732 | 6.54 | % |
Nine Months Ended September 30 | |||||||||||||||||||||||
Change | |||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
Compensation and benefits | $ | 18,480 | $ | 17,693 | $ | 787 | 4.45 | % | |||||||||||||||
Furniture and equipment | 4,382 | 4,049 | 333 | 8.22 | % | ||||||||||||||||||
Occupancy | 2,813 | 2,726 | 87 | 3.19 | % | ||||||||||||||||||
Other | |||||||||||||||||||||||
Audit, consulting, and legal fees | 1,749 | 1,553 | 196 | 12.62 | % | ||||||||||||||||||
ATM and debit card fees | 1,485 | 1,352 | 133 | 9.84 | % | ||||||||||||||||||
Marketing costs | 812 | 683 | 129 | 18.89 | % | ||||||||||||||||||
Donations and community relations | 665 | 452 | 213 | 47.12 | % | ||||||||||||||||||
Memberships and subscriptions | 654 | 662 | (8) | (1.21) | % | ||||||||||||||||||
Loan underwriting fees | 640 | 628 | 12 | 1.91 | % | ||||||||||||||||||
Director fees | 598 | 505 | 93 | 18.42 | % | ||||||||||||||||||
All other | 2,620 | 2,194 | 426 | 19.42 | % | ||||||||||||||||||
Total other noninterest expenses | 9,223 | 8,029 | 1,194 | 14.87 | % | ||||||||||||||||||
Total noninterest expenses | $ | 34,898 | $ | 32,497 | $ | 2,401 | 7.39 | % |
September 30 2022 | December 31 2021 | $ Change | % Change (unannualized) | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 98,912 | $ | 105,330 | $ | (6,418) | (6.09) | % | |||||||||||||||
AFS securities | |||||||||||||||||||||||
Amortized cost of AFS securities | 632,755 | 485,710 | 147,045 | 30.27 | % | ||||||||||||||||||
Unrealized gains (losses) on AFS securities | (51,522) | 4,891 | (56,413) | N/M | |||||||||||||||||||
AFS securities | 581,233 | 490,601 | 90,632 | 18.47 | % | ||||||||||||||||||
Mortgage loans AFS | 934 | 1,735 | (801) | (46.17) | % | ||||||||||||||||||
Loans | |||||||||||||||||||||||
Gross loans | 1,236,151 | 1,301,037 | (64,886) | (4.99) | % | ||||||||||||||||||
Less allowance for loan and lease losses | 9,677 | 9,103 | 574 | 6.31 | % | ||||||||||||||||||
Net loans | 1,226,474 | 1,291,934 | (65,460) | (5.07) | % | ||||||||||||||||||
Premises and equipment | 25,107 | 24,419 | 688 | 2.82 | % | ||||||||||||||||||
Corporate owned life insurance policies | 32,764 | 32,472 | 292 | 0.90 | % | ||||||||||||||||||
Equity securities without readily determinable fair values | 15,496 | 17,383 | (1,887) | (10.86) | % | ||||||||||||||||||
Goodwill and other intangible assets | 48,290 | 48,302 | (12) | (0.02) | % | ||||||||||||||||||
Accrued interest receivable and other assets | 34,767 | 19,982 | 14,785 | 73.99 | % | ||||||||||||||||||
TOTAL ASSETS | $ | 2,063,977 | $ | 2,032,158 | $ | 31,819 | 1.57 | % | |||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Deposits | $ | 1,791,033 | $ | 1,710,339 | $ | 80,694 | 4.72 | % | |||||||||||||||
Borrowed funds | 81,704 | 99,320 | (17,616) | (17.74) | % | ||||||||||||||||||
Accrued interest payable and other liabilities | 14,628 | 11,451 | 3,177 | 27.74 | % | ||||||||||||||||||
Total liabilities | 1,887,365 | 1,821,110 | 66,255 | 3.64 | % | ||||||||||||||||||
Shareholders’ equity | 176,612 | 211,048 | (34,436) | (16.32) | % | ||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 2,063,977 | $ | 2,032,158 | $ | 31,819 | 1.57 | % |
September 30 2022 | December 31 2021 | $ Change | % Change (unannualized) | ||||||||||||||||||||
Commercial | $ | 730,504 | $ | 807,439 | $ | (76,935) | (9.53) | % | |||||||||||||||
Agricultural | 96,850 | 93,955 | 2,895 | 3.08 | % | ||||||||||||||||||
Residential real estate | 334,412 | 326,361 | 8,051 | 2.47 | % | ||||||||||||||||||
Consumer | 74,385 | 73,282 | 1,103 | 1.51 | % | ||||||||||||||||||
Total | $ | 1,236,151 | $ | 1,301,037 | $ | (64,886) | (4.99) | % |
September 30 2022 | June 30 2022 | March 31 2022 | December 31 2021 | September 30 2021 | |||||||||||||||||||||||||
Commercial | $ | 730,504 | $ | 772,567 | $ | 727,614 | $ | 807,439 | $ | 757,993 | |||||||||||||||||||
Agricultural | 96,850 | 94,726 | 88,169 | 93,955 | 93,782 | ||||||||||||||||||||||||
Residential real estate | 334,412 | 329,795 | 328,559 | 326,361 | 321,620 | ||||||||||||||||||||||||
Consumer | 74,385 | 74,822 | 74,029 | 73,282 | 75,163 | ||||||||||||||||||||||||
Total | $ | 1,236,151 | $ | 1,271,910 | $ | 1,218,371 | $ | 1,301,037 | $ | 1,248,558 |
September 30 2022 | December 31 2021 | $ Change | % Change (unannualized) | ||||||||||||||||||||
Noninterest bearing demand deposits | $ | 510,127 | $ | 448,352 | $ | 61,775 | 13.78 | % | |||||||||||||||
Interest bearing demand deposits | 368,537 | 364,563 | 3,974 | 1.09 | % | ||||||||||||||||||
Savings deposits | 651,129 | 596,662 | 54,467 | 9.13 | % | ||||||||||||||||||
Certificates of deposit | 260,741 | 297,696 | (36,955) | (12.41) | % | ||||||||||||||||||
Internet certificates of deposit | 499 | 3,066 | (2,567) | (83.72) | % | ||||||||||||||||||
Total | $ | 1,791,033 | $ | 1,710,339 | $ | 80,694 | 4.72 | % |
September 30 2022 | June 30 2022 | March 31 2022 | December 31 2021 | September 30 2021 | |||||||||||||||||||||||||
Noninterest bearing demand deposits | $ | 510,127 | $ | 488,110 | $ | 461,473 | $ | 448,352 | $ | 430,950 | |||||||||||||||||||
Interest bearing demand deposits | 368,537 | 370,284 | 387,187 | 364,563 | 374,137 | ||||||||||||||||||||||||
Savings deposits | 651,129 | 635,397 | 635,195 | 596,662 | 572,136 | ||||||||||||||||||||||||
Certificates of deposit | 260,741 | 265,477 | 279,708 | 297,696 | 312,027 | ||||||||||||||||||||||||
Internet certificates of deposit | 499 | 598 | 598 | 3,066 | 3,066 | ||||||||||||||||||||||||
Total | $ | 1,791,033 | $ | 1,759,866 | $ | 1,764,161 | $ | 1,710,339 | $ | 1,692,316 |
September 30 2022 | June 30 2022 | March 31 2022 | December 31 2021 | September 30 2021 | |||||||||||||||||||||||||
U.S. Treasury | $ | 206,791 | $ | 214,474 | $ | 218,268 | $ | 209,703 | $ | 192,069 | |||||||||||||||||||
States and political subdivisions | 114,000 | 119,649 | 114,015 | 121,205 | 128,689 | ||||||||||||||||||||||||
Auction rate money market preferred | 2,479 | 2,497 | 2,867 | 3,242 | 3,246 | ||||||||||||||||||||||||
Mortgage-backed securities | 41,042 | 45,796 | 49,578 | 56,148 | 62,030 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 209,720 | 167,572 | 152,441 | 92,301 | 100,767 | ||||||||||||||||||||||||
Corporate | 7,201 | 7,602 | 7,750 | 8,002 | 7,583 | ||||||||||||||||||||||||
Total | $ | 581,233 | $ | 557,590 | $ | 544,919 | $ | 490,601 | $ | 494,384 |
September 30 2022 | June 30 2022 | March 31 2022 | December 31 2021 | September 30 2021 | |||||||||||||||||||||||||
Securities sold under agreements to repurchase without stated maturity dates | $ | 52,479 | $ | 47,247 | $ | 51,353 | $ | 50,162 | $ | 67,519 | |||||||||||||||||||
FHLB advances | — | 10,000 | 10,000 | 20,000 | 60,000 | ||||||||||||||||||||||||
Fixed rate at 3.25% to floating, due 2031 | 29,225 | 29,203 | 29,181 | 29,158 | 29,136 | ||||||||||||||||||||||||
Total | $ | 81,704 | $ | 86,450 | $ | 90,534 | $ | 99,320 | $ | 156,655 |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Actual | Minimum Required - BASEL III | Required to be Considered Well Capitalized | Actual | Minimum Required - BASEL III | Required to be Considered Well Capitalized | ||||||||||||||||||||||||||||||
Common equity tier 1 capital | 12.92 | % | 7.00 | % | 6.50 | % | 12.07 | % | 7.00 | % | 6.50 | % | |||||||||||||||||||||||
Tier 1 capital | 12.92 | % | 8.50 | % | 8.00 | % | 12.07 | % | 8.50 | % | 8.00 | % | |||||||||||||||||||||||
Total capital | 15.85 | % | 10.50 | % | 10.00 | % | 14.94 | % | 10.50 | % | 10.00 | % | |||||||||||||||||||||||
Tier 1 leverage | 8.44 | % | 4.00 | % | 5.00 | % | 7.97 | % | 4.00 | % | 5.00 | % |
September 30 2022 | |||||
Total cash and cash equivalents | $ | 98,912 | |||
Available lines of credit | |||||
Fed funds lines with correspondent banks | 93,000 | ||||
FHLB borrowings | 236,510 | ||||
FRB Discount Window | 8,927 | ||||
Other lines of credit | 5,000 | ||||
Total available lines of credit | 343,437 | ||||
Unencumbered lendable value of FRB collateral, estimated1 | 440,000 | ||||
Total cash and liquidity | $ | 882,349 |
2022 | 2021 | $ Variance | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 20,429 | $ | 21,163 | $ | (734) | |||||||||||
Net cash provided by (used in) investing activities | (83,778) | (176,457) | 92,679 | ||||||||||||||
Net cash provided by (used in) financing activities | 56,931 | 115,136 | (58,205) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | (6,418) | (40,158) | 33,740 | ||||||||||||||
Cash and cash equivalents January 1 | 105,330 | 246,640 | (141,310) | ||||||||||||||
Cash and cash equivalents September 30 | $ | 98,912 | $ | 206,482 | $ | (107,570) |
Common Shares Repurchased | Total Number of Common Shares Purchased as Part of Publicly Announced Plan or Program | Maximum Number of Common Shares That May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||||
Number | Average Price Per Common Share | ||||||||||||||||||||||
June 30, 2022 | 451,725 | ||||||||||||||||||||||
July 1 - 31 | 2,073 | $ | 24.12 | 2,073 | 449,652 | ||||||||||||||||||
August 1 - 31 | 2,903 | 23.42 | 2,903 | 446,749 | |||||||||||||||||||
September 1 - 30 | 3,100 | 22.58 | 3,100 | 443,649 | |||||||||||||||||||
September 30, 2022 | 8,076 | $ | 23.28 | 8,076 | 443,649 |
Exhibit Number | Exhibits | |||||||
101.1* | 101.INS (Inline XBRL Instance Document) | |||||||
101.SCH (Inline XBRL Taxonomy Extension Schema Document) | ||||||||
101.CAL (Inline XBRL Calculation Linkbase Document) | ||||||||
101.LAB (Inline XBRL Taxonomy Label Linkbase Document) | ||||||||
101.DEF (Inline XBRL Taxonomy Linkbase Document) | ||||||||
101.PRE (Inline XBRL Taxonomy Presentation Linkbase Document) | ||||||||
104 | Cover Page Interactive Data File |
Isabella Bank Corporation | ||||||||||||||
Date: | October 28, 2022 | /s/ Jae A. Evans | ||||||||||||
Jae A. Evans | ||||||||||||||
President and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: | October 28, 2022 | /s/ Neil M. McDonnell | ||||||||||||
Neil M. McDonnell | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Date: | October 28, 2022 | /s/ Jae A. Evans | |||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) |
Date: | October 28, 2022 | /s/ Neil M. McDonnell | |||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
/s/ Jae A. Evans | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
October 28, 2022 | |||||
/s/ Neil M. McDonnell | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
October 28, 2022 |
Cover Page - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Oct. 26, 2022 |
|
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-18415 | |
Entity Registrant Name | Isabella Bank Corp | |
Entity Incorporation, State or Country Code | MI | |
Entity Tax Identification Number | 38-2830092 | |
Entity Address, Address Line One | 401 N. Main St | |
Entity Address, City or Town | Mt. Pleasant | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48858 | |
City Area Code | 989 | |
Local Phone Number | 772-9471 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,567,023 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000842517 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Interim Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 15,000,000 | |
Common stock, shares issued | 7,564,348 | 7,532,641 |
Common stock, shares held in Rabbi Trust | 139,084 | 105,654 |
Interim Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Common Stock |
Shares to be Issued for Deferred Compensation Obligations |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Additional Paid-in Capital |
---|---|---|---|---|---|---|
Beginning balances at Dec. 31, 2020 | $ 218,588 | $ 142,247 | $ 4,183 | $ 64,460 | $ 7,698 | |
Beginning balances, shares at Dec. 31, 2020 | 7,997,247 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | 11,394 | 14,705 | (3,311) | |||
Issuance of common stock | 1,196 | $ 1,196 | ||||
Issuance of common stock, shares | 52,523 | |||||
Common stock transferred from the Rabbi Trust to satisfy deferred compensation obligations | 0 | $ (71) | 71 | |||
Share based payment awards under equity compensation plan | 343 | 343 | ||||
APIC, Share-based Payment Arrangement, Other, Increase for Cost Recognition | 58 | $ 58 | ||||
Common stock purchased for deferred compensation obligations | (869) | (869) | ||||
Common stock repurchased pursuant to publicly announced repurchase plan | (2,699) | $ (2,699) | ||||
Common stock repurchased pursuant to publicly announced repurchase plan, shares | (123,160) | |||||
Cash dividends | (6,369) | (6,369) | ||||
Ending balances at Sep. 30, 2021 | 221,642 | $ 140,004 | 4,455 | 72,796 | 4,387 | |
Ending balances, shares at Sep. 30, 2021 | 7,926,610 | |||||
Beginning balances at Dec. 31, 2021 | 211,048 | $ 129,052 | 4,545 | 75,592 | 1,859 | |
Beginning balances, shares at Dec. 31, 2021 | 7,532,641 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | (28,810) | 15,916 | (44,726) | |||
Issuance of common stock | 1,344 | $ 1,344 | ||||
Issuance of common stock, shares | 55,549 | |||||
Common stock transferred from the Rabbi Trust to satisfy deferred compensation obligations | 0 | $ (3) | 3 | |||
Share based payment awards under equity compensation plan | 346 | 346 | ||||
APIC, Share-based Payment Arrangement, Other, Increase for Cost Recognition | 108 | $ 108 | ||||
Common stock purchased for deferred compensation obligations | (828) | (828) | ||||
Common stock repurchased pursuant to publicly announced repurchase plan | (585) | $ (585) | ||||
Common stock repurchased pursuant to publicly announced repurchase plan, shares | (23,842) | |||||
Cash dividends | (6,011) | (6,011) | ||||
Ending balances at Sep. 30, 2022 | $ 176,612 | $ 129,094 | $ 4,888 | $ 85,497 | $ (42,867) | |
Ending balances, shares at Sep. 30, 2022 | 7,564,348 |
Interim Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per share (in dollars per share) | $ 0.27 | $ 0.27 | $ 0.81 | $ 0.81 |
Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Cash Flows [Abstract] | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 3,524 | $ 5,702 |
OPERATING ACTIVITIES | ||
NET INCOME | 15,916 | 14,705 |
Reconciliation of net income to net cash provided by operating activities: | ||
Provision for loan losses | 540 | (599) |
Depreciation | 1,591 | 1,761 |
Amortization of OMSR | 55 | 465 |
Amortization of acquisition intangibles | 12 | 22 |
Amortization of Debt Issuance Costs | 67 | 30 |
Net amortization of AFS securities | 1,568 | 1,656 |
Net gain on sale of mortgage loans | (568) | (1,459) |
Mortgage Servicing Rights (MSR) Impairment (Recovery) | (532) | 0 |
Bank Owned Life Insurance Income, Net of Expense | 605 | 538 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets, Valuation Adjustments | 5 | (1) |
Bank Owned Life Insurance Income, From Policy Redemption | (57) | (150) |
Payments for Origination of Mortgage Loans Held-for-sale | (19,566) | (40,329) |
Proceeds from Sale of Mortgage Loans Held-for-sale | 20,935 | 43,711 |
Net changes in operating assets and liabilities which provided (used) cash: | ||
Accrued interest receivable and other assets | (2,592) | 1,811 |
Accrued interest payable and other liabilities | 3,216 | (325) |
Net cash provided by (used in) operating activities | 20,429 | 21,163 |
Activity in AFS securities | ||
Maturities and calls | 56,044 | 79,020 |
Purchases | (204,657) | (240,079) |
Net loan principal (originations) collections | 64,791 | (10,583) |
Proceeds from sales of foreclosed assets | 105 | 462 |
Purchases of premises and equipment | (2,279) | (1,190) |
Payment to Acquire Life Insurance Policy, Investing Activities | 0 | (4,272) |
Proceeds from Life Insurance Policy | 370 | 562 |
Proceeds from Sale of Federal Home Loan Bank Stock | 2,288 | 0 |
Payments to Acquire Federal Reserve Bank Stock | (401) | 0 |
Payments to Acquire Other Investments | (39) | (377) |
Net cash provided by (used in) investing activities | (83,778) | (176,457) |
FINANCING ACTIVITIES | ||
Net increase (decrease) in deposits | 80,694 | 125,999 |
Increase in other borrowed funds | 2,317 | (1,228) |
Increase (Decrease) in Loans from Federal Home Loan Banks | (20,000) | (30,000) |
Proceeds from Issuance of Subordinated Long-term Debt | 0 | 29,106 |
Cash dividends paid on common stock | (6,011) | (6,369) |
Proceeds from issuance of common stock | 1,344 | 1,196 |
Common stock repurchased | (585) | (2,699) |
Common stock purchased for deferred compensation obligations | (828) | (869) |
Increase (decrease) in cash and cash equivalents | (6,418) | (40,158) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 98,912 | 206,482 |
Cash and cash equivalents at beginning of period | 105,330 | |
Cash and cash equivalents at end of period | 98,912 | |
Net cash provided by (used in) financing activities | 56,931 | 115,136 |
SUPPLEMENTAL CASH FLOWS INFORMATION: | ||
Federal income taxes paid | 2,500 | 2,250 |
SUPPLEMENTAL NONCASH INFORMATION: | ||
Transfers of loans to foreclosed assets | 129 | 284 |
Isabella Bank Corporation and Related Companies Deferred Compensation Plan for Directors | ||
Reconciliation of net income to net cash provided by operating activities: | ||
Share-based Payment Arrangement, Noncash Expense | 346 | 343 |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Share-based payment awards | $ 346 | $ 343 |
Parent Company Only Financial Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Parent Company Only Financial Information | Parent Company Only Financial Information Interim Condensed Balance Sheets
Interim Condensed Statements of Income Interim Condensed Statements of Cash Flows
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Parent Company Only Financial Information |
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interim Condensed Balance Sheets | Interim Condensed Balance Sheets
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Interim Condensed Statements of Income | Interim Condensed Statements of Income
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Interim Condensed Statements of Cash Flows | Interim Condensed Statements of Cash Flows
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Accumulated Other Comprehensive Income (Loss) (Components of unrealized holding gains on AFS securities) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Unrealized gains (losses) on AFS securities arising during the period | $ (22,815) | $ (1,690) | $ (56,413) | $ (4,247) | ||
Tax effect | [1] | 4,788 | 353 | 11,687 | 894 | |
Unrealized gains (losses), net of tax | (18,027) | (1,337) | (44,726) | (3,311) | ||
Unrealized Holding Gains (Losses) on AFS Securities [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Unrealized gains (losses) on AFS securities arising during the period | (22,815) | (1,690) | (56,413) | (4,247) | ||
Tax effect | 4,788 | 353 | 11,687 | 894 | ||
Unrealized gains (losses), net of tax | (18,027) | (1,337) | (44,726) | (3,353) | ||
Unrealized Holding Gains (Losses) on AFS Securities [Member] | Auction Rate Money Market Preferred and Preferred Stocks [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Unrealized gains (losses) on AFS securities arising during the period | (18) | (14) | (763) | 9 | ||
Tax effect | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses), net of tax | (18) | (14) | (763) | 9 | ||
Unrealized Holding Gains (Losses) on AFS Securities [Member] | All Other AFS Securities [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Unrealized gains (losses) on AFS securities arising during the period | (22,797) | (1,676) | (55,650) | (4,256) | ||
Tax effect | 4,788 | 353 | 11,687 | 894 | ||
Unrealized gains (losses), net of tax | (18,009) | (1,323) | (43,963) | (3,362) | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Unrealized gains (losses), net of tax | $ 0 | $ 0 | $ 0 | $ 0 | ||
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Parent Company Only Financial Information (Interim Condensed Balance Sheets) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
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ASSETS | ||
Premises and equipment | $ 25,107 | $ 24,419 |
TOTAL ASSETS | 2,063,977 | 2,032,158 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Subordinated Debt | 29,225 | 29,158 |
Shareholders' equity | 176,612 | 211,048 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 2,063,977 | 2,032,158 |
Parent Company [Member] | ||
ASSETS | ||
Cash on deposit at subsidiary Bank | 8,812 | 11,535 |
Investments in subsidiaries | 148,497 | 178,395 |
Premises and equipment | 1,444 | 1,482 |
Other assets | 47,462 | 48,923 |
TOTAL ASSETS | 206,215 | 240,335 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Subordinated Debt | 29,225 | 29,158 |
Other liabilities | 378 | 129 |
Shareholders' equity | 176,612 | 211,048 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 206,215 | $ 240,335 |
Parent Company Only Financial Information (Interim Condensed Statements of Income) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Income | ||||
Interest Expense | $ 1,216 | $ 1,829 | $ 3,674 | $ 5,845 |
Expenses | ||||
Occupancy and equipment | 918 | 866 | 2,813 | 2,726 |
Professional Fees | 595 | 665 | 1,749 | 1,553 |
Noninterest Expense Directors Fees | 210 | 166 | 598 | 505 |
Other | 3,140 | 2,854 | 9,223 | 8,029 |
Federal income tax benefit | (1,233) | (916) | (3,249) | (2,838) |
NET INCOME | 5,887 | 4,686 | 15,916 | 14,705 |
Parent Company [Member] | ||||
Income | ||||
Dividends from subsidiaries | 1,200 | 800 | 3,000 | 2,800 |
Interest income | 3 | 7 | 8 | 8 |
Management fee and other | 3 | 4 | 10 | 14 |
Total income | 1,206 | 811 | 3,018 | 2,822 |
Interest Expense | 266 | 266 | 798 | 349 |
Expenses | ||||
Occupancy and equipment | 17 | 16 | 50 | 49 |
Professional Fees | 135 | 187 | 411 | 440 |
Noninterest Expense Directors Fees | 108 | 87 | 313 | 258 |
Other | 275 | 277 | 865 | 852 |
Total expenses | 801 | 833 | 2,437 | 1,948 |
Income before income tax benefit and equity in undistributed earnings of subsidiaries | 405 | (22) | 581 | 874 |
Federal income tax benefit | 167 | 172 | 507 | 403 |
Income before equity in undistributed earnings of subsidiaries | 572 | 150 | 1,088 | 1,277 |
Income (Loss) from Subsidiaries, Net of Tax | 5,315 | 4,536 | 14,828 | 13,428 |
NET INCOME | $ 5,887 | $ 4,686 | $ 15,916 | $ 14,705 |
Parent Company Only Financial Information (Interim Condensed Statements of Cash Flows) - USD ($) $ in Thousands |
9 Months Ended | |
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Sep. 30, 2022 |
Sep. 30, 2021 |
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Operating activities | ||
NET INCOME | $ 15,916 | $ 14,705 |
Adjustments to reconcile net income to cash provided by operations | ||
Depreciation | 1,591 | 1,761 |
Changes in operating assets and liabilities which used cash | ||
Accrued interest receivable and other assets | (2,592) | 1,811 |
Accrued interest and other liabilities | 3,216 | (325) |
Net cash provided by (used in) operating activities | 20,429 | 21,163 |
Investing activities | ||
Net cash provided by (used in) investing activities | (83,778) | (176,457) |
Financing activities | ||
Proceeds from Issuance of Subordinated Long-term Debt | 0 | 29,106 |
Cash dividends paid on common stock | (6,011) | (6,369) |
Proceeds from the issuance of common stock | 1,344 | 1,196 |
Common stock repurchased | (585) | (2,699) |
Common stock purchased for deferred compensation obligations | (828) | (869) |
Net cash provided by (used in) financing activities | 56,931 | 115,136 |
Increase (decrease) in cash and cash equivalents | (6,418) | (40,158) |
Cash and cash equivalents at beginning of period | 105,330 | 246,640 |
Cash and cash equivalents at end of period | 98,912 | 206,482 |
Amortization of Debt Issuance Costs | 67 | 30 |
Isabella Bank Corporation Restricted Stock Plan | ||
Adjustments to reconcile net income to cash provided by operations | ||
Share-based payment awards | 108 | 58 |
Isabella Bank Corporation and Related Companies Deferred Compensation Plan for Directors | ||
Adjustments to reconcile net income to cash provided by operations | ||
Share-based payment awards | 346 | 343 |
Parent Company [Member] | ||
Operating activities | ||
NET INCOME | 15,916 | 14,705 |
Adjustments to reconcile net income to cash provided by operations | ||
Undistributed earnings of subsidiaries | (14,828) | (13,428) |
Depreciation | 38 | 38 |
Changes in operating assets and liabilities which used cash | ||
Accrued interest receivable and other assets | 1,461 | 673 |
Accrued interest and other liabilities | 249 | 390 |
Net cash provided by (used in) operating activities | 3,357 | 2,809 |
Financing activities | ||
Proceeds from Issuance of Subordinated Long-term Debt | 0 | (29,106) |
Cash dividends paid on common stock | (6,011) | (6,369) |
Proceeds from the issuance of common stock | 1,344 | 1,196 |
Common stock repurchased | (585) | (2,699) |
Common stock purchased for deferred compensation obligations | (828) | (869) |
Net cash provided by (used in) financing activities | (6,080) | 20,365 |
Increase (decrease) in cash and cash equivalents | (2,723) | 23,174 |
Cash and cash equivalents at beginning of period | 11,535 | 2,670 |
Cash and cash equivalents at end of period | 8,812 | 25,844 |
Amortization of Debt Issuance Costs | 67 | 30 |
Parent Company [Member] | Isabella Bank Corporation Restricted Stock Plan | ||
Adjustments to reconcile net income to cash provided by operations | ||
Share-based payment awards | 108 | 58 |
Parent Company [Member] | Isabella Bank Corporation and Related Companies Deferred Compensation Plan for Directors | ||
Adjustments to reconcile net income to cash provided by operations | ||
Share-based payment awards | $ 346 | $ 343 |
Basis of Presentation |
9 Months Ended |
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Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation As used in these notes, as well as in Management's Discussion and Analysis of Financial Condition and Results of Operations, references to the “Corporation”, “Isabella”, “we”, “our”, “us”, and similar terms refer to the consolidated entity consisting of Isabella Bank Corporation and its subsidiary. References to Isabella Bank or the “Bank” refer to Isabella Bank Corporation’s subsidiary, Isabella Bank. The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary for a fair presentation have been included. Operating results for the three and nine-month periods ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. For further information, refer to our Annual Report on Form 10-K for the year ended December 31, 2021. Our accounting policies are materially the same as those discussed in Note 1 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021. Reclassifications: Certain amounts reported in the interim 2021 consolidated financial statements have been reclassified to conform with the 2022 presentation.
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Pending Accounting Standards Updates |
9 Months Ended |
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Sep. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Pending Accounting Standards Updates | Accounting Standards Updates Pending ASU No. 2016-13: “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, as amended In June 2016, ASU No. 2016-13 was issued and updated the measurement for credit losses for AFS debt securities and assets measured at amortized cost which include loans, trade receivables, and any other financial assets with the contractual right to receive cash. Current GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. Under the incurred loss approach, entities are limited to a probable initial recognition threshold when credit losses are measured; an entity generally only considers past events and current conditions in measuring the incurred loss. Under the new guidance, the incurred loss impairment methodology is replaced with a methodology that reflects current expected credit losses (CECL). This methodology requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances which applies to assets measured either collectively or individually. The update allows an entity to revert to historical loss information that is reflective of the contractual term (considering the effect of prepayments) for periods that are beyond the time frame for which the entity is able to develop reasonable and supportable forecasts. In addition, the disclosures of credit quality indicators in relation to the amortized cost of financing receivables, a current disclosure requirement, are further disaggregated by year of origination (or vintage). The vintage information will be useful for financial statement users to better assess changes in underwriting standards and credit quality trends in asset portfolios over time and the effect of those changes on credit losses. Overall, the update will allow entities the ability to measure expected credit losses without the restriction of incurred or probable losses that exist under current GAAP. For users of the financial statements, the update requires disclosure of decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The new authoritative guidance was originally effective for interim and annual periods beginning after December 15, 2019. Effective October 16, 2019, the FASB approved and issued changes to the implementation date of this guidance for some filers. As a smaller reporting company, as defined by the SEC, our implementation date was delayed from January 1, 2020 to January 1, 2023. Early adoption continues to be permissible under the revised implementation date. Since 2016, we have invested a considerable amount of effort toward this guidance. An internal committee was formed and is accountable for timely and accurate adoption of the guidance. A service provider that has focused on the ALLL for more than 10 years and serves hundreds of financial institutions was engaged to provide us with education, advisory, and a software solution exclusively related to the ACL. We run parallel processes to ensure we are ready to calculate, review, and report the ACL by the required implementation date. Our CECL implementation efforts continue to focus on model validation, developing new disclosures, establishing formal policies and procedures and control documentation. Based on our loan balances and forecasted economic conditions as of September 30, 2022, management believes the adoption of CECL could result in an increase in the current reserves of approximately 20% to 40%, as compared to our current reserve levels as of September 30, 2022. The estimated increase in reserves is driven by the guidance changes, which requires us to reserve based on expected credit losses over the expected life of the loan and also considers reasonable and supportable forecasts of expected future economic conditions. This preliminary estimate is contingent upon continued testing and refinement of the model. The actual impact of the adoption will be dependent upon the loan portfolio size and composition, credit quality, and economic conditions and forecasts at the time of adoption. We will continue to evaluate and refine the results of our loss estimates through the end of 2022. Additionally, we will continue to run parallel calculations during the remainder of 2022. Upon adoption on January 1, 2023, we will record a cumulative-effect adjustment to retained earnings for the change in ACL. While not expected to be material, the impact of the adoption of CECL will also affect our regulatory capital and other asset quality ratios.
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AFS Securities | AFS SecuritiesThe amortized cost and fair value of AFS securities, with gross unrealized gains and losses, are as follows at:
The amortized cost and fair value of AFS securities by contractual maturity at September 30, 2022 are as follows:
Expected maturities for government sponsored enterprises and states and political subdivisions may differ from contractual maturities because issuers may have the right to call or prepay obligations. As the auction rate money market preferred investments have continual call dates, they are not reported by a specific maturity group. Because of their variable monthly payments, mortgage-backed securities and collateralized mortgage obligations are not reported by a specific maturity group. $170,400 of the collateralized mortgage portfolio consist of agency commercial mortgage-backed securities with defined maturity dates of less than ten years. The following information pertains to AFS securities with gross unrealized losses at September 30, 2022 and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous loss position.
The unrealized loss on our AFS securities portfolio resulted from the recent increases in short-term and intermediate-term benchmark interest rates. As of September 30, 2022 and December 31, 2021, we conducted an analysis to determine whether any AFS securities currently in an unrealized loss position should be identified as other-than-temporarily impaired. Such analyses considered, among other factors, the following criteria: •Has the value of the investment declined more than what is deemed to be reasonable based on a risk and maturity adjusted discount rate? •Is the investment credit rating below investment grade? •Is it probable the issuer will be unable to pay the amount when due? •Is it more likely than not that we will have to sell the security before recovery of its cost basis? •Has the duration of the investment been extended? Based on our analysis, which included the criteria outlined above and the fact that we have asserted that we do not have to sell any AFS securities in an unrealized loss position, we do not believe that the values of any AFS securities are other-than-temporarily impaired as of September 30, 2022 or December 31, 2021, with the exception of one municipal bond previously identified in 2016 which had no activity during the period.
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Loans and ALLL |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and ALLL | Loans and ALLL We grant commercial, agricultural, residential real estate, and consumer loans to customers situated primarily in Clare, Gratiot, Isabella, Mecosta, Midland, Montcalm, and Saginaw counties in Michigan. The ability of the borrowers to honor their repayment obligations is often dependent upon the real estate, agricultural, manufacturing, retail, gaming, tourism, health care, higher education, and general economic conditions of this region. Substantially all of our consumer and residential real estate loans are secured by various items of property, while commercial loans are secured primarily by real estate, business assets, and personal guarantees. A portion of loans are unsecured. Loans that we have the intent and ability to hold in our portfolio are reported at their outstanding principal balance adjusted for any charge-offs, the ALLL, and deferred fees or costs. Unless a loan has a nonaccrual status, interest income is accrued over the term of the loan based on the principal amount outstanding. Loan origination fees and certain direct loan origination costs are capitalized and recognized as a component of interest income over the term of the loan using the appropriate amortization method. The accrual of interest on commercial and agricultural loans, as well as residential real estate loans, is discontinued at the time a loan is 90 days or more past due unless the credit is well-secured and in the process of short-term collection. Upon transferring a loan to nonaccrual status, we perform an evaluation to determine the net realizable value of the underlying collateral. This evaluation is used to help determine if a charge-off is necessary. Consumer loans are typically charged-off no later than 180 days past due. Past due status is based on the contractual term of the loan. In all cases, a loan is placed in nonaccrual status at an earlier date if collection of principal or interest is considered doubtful. When a loan is placed in nonaccrual status, all interest accrued in the current calendar year, but not collected, is reversed against interest income while interest accrued in prior calendar years, but not collected, is charged against the ALLL. Loans may be returned to accrual status after six months of continuous performance and achievement of current payment status. Commercial and agricultural loans include loans for commercial real estate, commercial operating loans, advances to mortgage brokers, farmland and agricultural production, and loans to states and political subdivisions. Repayment of these loans is dependent upon the successful operation and management of a business. We minimize our risk by limiting the amount of direct credit exposure to any one borrower to $18,000. Borrowers with direct credit needs of more than $18,000 may be serviced through the use of loan participations with other commercial banks. Commercial and agricultural real estate loans commonly require loan-to-value limits of 80% or less. Depending upon the type of loan, past credit history, and current operating results, we may require the borrower to pledge accounts receivable, inventory, property, or equipment. Government agency guarantee may be required. Personal guarantees and/or life insurance beneficiary assignments are generally required from the owners of closely held corporations, partnerships, and sole proprietorships. In addition, we may require annual financial statements, prepare cash flow analyses, and review credit reports. We entered into a mortgage purchase program in 2016 with a financial institution where we participate in advances to mortgage brokers (“advances”). The mortgage brokers originate residential mortgage loans with the intent to sell them on the secondary market. We participate in the advance to the mortgage broker, which is secured by the underlying mortgage loan, until it is ultimately sold on the secondary market. As such, the average life of each participated advance is approximately 20-30 days. Funds from the sale of the loan are used to pay off our participation in the advance to the mortgage broker. We classify these advances as commercial loans and include the outstanding balance in commercial loans on our consolidated balance sheets. Under the participation agreement, we committed to a maximum outstanding aggregate amount of $40,000. The difference between our outstanding balance and the maximum outstanding aggregate amount is classified as an unfunded commitment. We offer adjustable rate mortgages, construction loans, and fixed rate residential real estate loans which have amortization periods up to a maximum of 30 years. We consider the anticipated direction of interest rates, balance sheet duration, the sensitivity of our balance sheet to changes in interest rates, our liquidity needs, and overall loan demand to determine whether or not to sell fixed rate loans to Freddie Mac. Our lending policies generally limit the maximum loan-to-value ratio on residential real estate loans to 100% of the lower of the appraised value of the property or the purchase price. Private mortgage insurance is typically required on loans with loan-to-value ratios in excess of 80% unless the loan qualifies for government guarantees. Underwriting criteria for originated residential real estate loans generally include: •Evaluation of the borrower’s ability to make monthly payments. •Evaluation of the value of the property securing the loan. •Ensuring the payment of principal, interest, taxes, and hazard insurance does not exceed 28% of a borrower’s gross income. •Ensuring all debt servicing does not exceed 40% of income. •Verification of acceptable credit reports. •Verification of employment, income, and financial information. Appraisals are performed by independent appraisers and are reviewed for appropriateness. Generally, mortgage loan requests are reviewed by our mortgage loan committee or through a secondary market underwriting system; loans in excess of $1,000 require the approval of our Internal Loan Committee, the Executive Loan Committee, the Board of Directors’ Loan Committee, or the Board of Directors. Consumer loans include secured and unsecured personal loans. Loans are amortized for a period of up to 15 years based on the age and value of the underlying collateral. The underwriting emphasis is on a borrower’s perceived intent and ability to pay rather than collateral value. No consumer loans are sold to the secondary market. The ALLL is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Full or partial loan balances are charged against the ALLL when we believe uncollectability is probable. Subsequent recoveries, if any, are credited to the ALLL. The ALLL is evaluated on a regular basis for appropriateness. Our periodic review of the collectability of a loan considers historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The primary factors behind the determination of the level of the ALLL are specific allocations for impaired loans, historical loss percentages, as well as unallocated components. Specific allocations for impaired loans are primarily determined based on the difference between the loan’s outstanding balance and the present value of expected future cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral, less costs to sell, if the loan is collateral dependent. Historical loss allocations are calculated at the loan class and segment levels based on a migration analysis of the loan portfolio, with the exception of advances to mortgage brokers, over the preceding five years. With no historical losses on advances to mortgage brokers, there is no allocation related to this portfolio. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. While we have experienced fluctuations in credit quality indicators in recent periods, credit quality remained strong at September 30, 2022. The COVID-19 pandemic led to the temporary and some permanent closures of businesses throughout the communities in which we serve, which also led to increased unemployment. We increased the ALLL during 2020 as a result of increased economic and environmental related risk factors, primarily driven by COVID-19. While these risk factors remain, improvement in credit quality indicators resulted in a reduction to the ALLL during 2021. There have been no material changes to the ALLL and credit quality has remained strong during 2022. Summaries of the ALLL and the recorded investment in loans by segments follows:
The following tables display the internally assigned credit risk ratings for commercial and agricultural credit exposures as of:
Internally assigned credit risk ratings are reviewed, at a minimum, when loans are renewed or when management has knowledge of improvements or deterioration of the credit quality of individual credits. Descriptions of the internally assigned credit risk ratings for commercial and agricultural loans are as follows: 1. EXCELLENT – Substantially Risk Free Credit has strong financial condition and solid earnings history, characterized by: •High liquidity, strong cash flow, low leverage. •Unquestioned ability to meet all obligations when due. •Experienced management, with management succession in place. •Secured by cash. 2. HIGH QUALITY – Limited Risk Credit with sound financial condition and a positive trend in earnings supplemented by: •Favorable liquidity and leverage ratios. •Ability to meet all obligations when due. •Management with successful track record. •Steady and satisfactory earnings history. •If loan is secured, collateral is of high quality and readily marketable. •Access to alternative financing. •Well defined primary and secondary source of repayment. •If supported by guaranty, the financial strength and liquidity of the guarantor(s) are clearly evident. 3. HIGH SATISFACTORY – Reasonable Risk Credit with satisfactory financial condition and further characterized by: •Working capital adequate to support operations. •Cash flow sufficient to pay debts as scheduled. •Management experience and depth appear favorable. •Loan performing according to terms. •If loan is secured, collateral is acceptable and loan is fully protected. 4. LOW SATISFACTORY – Acceptable Risk Credit with bankable risks, although some signs of weaknesses are shown: •Would include most start-up businesses. •Occasional instances of trade slowness or repayment delinquency – may have been 10-30 days slow within the past year. •Management’s abilities are apparent yet unproven. •Weakness in primary source of repayment with adequate secondary source of repayment. •Loan structure generally in accordance with policy. •If secured, loan collateral coverage is marginal. To be classified as less than satisfactory, only one of the following criteria must be met. 5. SPECIAL MENTION – Criticized Credit constitutes an undue and unwarranted credit risk but not to the point of justifying a classification of substandard. The credit risk may be relatively minor yet constitutes an unwarranted risk in light of the circumstances surrounding a specific loan: •Downward trend in sales, profit levels, and margins. •Impaired working capital position. •Cash flow is strained in order to meet debt repayment. •Loan delinquency (30-60 days) and overdrafts may occur. •Shrinking equity cushion. •Diminishing primary source of repayment and questionable secondary source. •Management abilities are questionable. •Weak industry conditions. •Litigation pending against the borrower. •Loan may need to be restructured to improve collateral position or reduce payments. •Collateral or guaranty offers limited protection. •Negative debt service coverage, however the credit is well collateralized and payments are current. 6. SUBSTANDARD – Classified Credit is inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged. There is a distinct possibility we will implement collection procedures if the loan deficiencies are not corrected. Any commercial loan placed in nonaccrual status will be rated “7” or worse. In addition, the following characteristics may apply: •Sustained losses have severely eroded the equity and cash flow. •Deteriorating liquidity. •Serious management problems or internal fraud. •Original repayment terms liberalized. •Likelihood of bankruptcy. •Inability to access other funding sources. •Reliance on secondary source of repayment. •Litigation filed against borrower. •Interest non-accrual may be warranted. •Collateral provides little or no value. •Requires excessive attention of the loan officer. •Borrower is uncooperative with loan officer. 7. VULNERABLE – Classified Credit is considered “Substandard” and warrants placing in nonaccrual status. Risk of loss is being evaluated and exit strategy options are under review. Other characteristics that may apply: •Insufficient cash flow to service debt. •Minimal or no payments being received. •Limited options available to avoid the collection process. •Transition status, expect action will take place to collect loan without immediate progress being made. 8. DOUBTFUL – Workout Credit has all the weaknesses inherent in a “Substandard” loan with the added characteristic that collection and/or liquidation is pending. The possibility of a loss is extremely high, but its classification as a loss is deferred until liquidation procedures are completed, or reasonably estimable. Other characteristics that may apply: •Normal operations are severely diminished or have ceased. •Seriously impaired cash flow. •Original repayment terms materially altered. •Secondary source of repayment is inadequate. •Survivability as a “going concern” is impossible. •Collection process has begun. •Bankruptcy petition has been filed. •Judgments have been filed. •Portion of the loan balance has been charged-off. 9. LOSS – Charge-off Credit is considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification is for charged-off loans but does not mean that the asset has absolutely no recovery or salvage value. These loans are further characterized by: •Liquidation or reorganization under Bankruptcy, with poor prospects of collection. •Fraudulently overstated assets and/or earnings. •Collateral has marginal or no value. •Debtor cannot be located. •Over 120 days delinquent. Our primary credit quality indicator for residential real estate and consumer loans is the individual loan’s past due aging. The following tables summarize the past due and current loans for the entire loan portfolio as of:
Impaired Loans Loans may be classified as impaired if they meet one or more of the following criteria: 1.There has been a charge-off of its principal balance (in whole or in part); 2.The loan has been classified as a TDR; or 3.The loan is in nonaccrual status. Impairment is measured on a loan-by-loan basis for commercial and agricultural loans by comparing the loan’s outstanding balance to the present value of expected future cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral, less costs to sell, if the loan is collateral dependent. Large groups of smaller-balance, homogeneous residential real estate and consumer loans are collectively evaluated for impairment by comparing the loan’s unpaid principal balance to the present value of expected future cash flows discounted at the loan’s effective interest rate. We do not recognize interest income on impaired loans in nonaccrual status. For impaired loans not classified as nonaccrual, interest income is recognized daily, as earned, according to the terms of the loan agreement and the principal amount outstanding. The following is a summary of impaired loans as of:
We had committed to advance $678 and $266 in additional funds to be disbursed in connection with impaired loans, which includes TDRs, of September 30, 2022 and December 31, 2021, respectively. Troubled Debt Restructurings A loan modification is considered to be a TDR when the modification includes terms outside of normal lending practices to a borrower who is experiencing financial difficulties. Typical concessions granted include, but are not limited to: •Agreeing to interest rates below prevailing market rates for debt with similar risk characteristics. •Extending the amortization period beyond typical lending guidelines for loans with similar risk characteristics. •Agreeing to an interest-only payment structure and delaying principal payments. •Forgiving principal. •Forgiving accrued interest. To determine if a borrower is experiencing financial difficulties, factors we consider include: •The borrower is currently in default on any debt. •The borrower would likely default on any debt if the concession is not granted. •The borrower’s cash flow is insufficient to service all debt if the concession is not granted. •The borrower has declared, or is in the process of declaring, bankruptcy. •The borrower is unlikely to continue as a going concern (if the entity is a business). The following is a summary of TDRs granted for the:
The following is a summary of concessions we granted to borrowers experiencing financial difficulty for the:
We did not restructure any loans by forgiving principal or accrued interest in the three and nine-month periods ended September 30, 2022 or 2021. Based on our historical loss experience, losses associated with TDRs are not significantly different than other impaired loans within the same loan segment. As such, TDRs, including TDRs that have been modified in the past 12 months that subsequently defaulted, are analyzed in the same manner as other impaired loans within their respective loan segment. We had no loans that defaulted in the three and nine-month periods ended September 30, 2022 and 2021 which were modified within 12 months prior to the default date. The following is a summary of TDR loan balances as of:
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Borrowed Funds |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed Funds | Borrowed Funds Federal funds purchased and repurchase agreements Securities sold under repurchase agreements without stated maturity dates, federal funds purchased, and FRB Discount Window advances generally mature within one to four days from the transaction date. We had no FRB Discount Window advances during the three and nine-month periods ended September 30, 2022 and 2021. A summary of securities sold under repurchase agreements without stated maturity dates was as follows for the:
Securities sold under agreements to repurchase are classified as secured borrowings and are reflected at the amount of cash received in connection with the transaction. The securities underlying the agreements have a carrying value and a fair value of $55,591 and $50,173 at September 30, 2022 and December 31, 2021, respectively. Such securities remain under our control. We may be required to provide additional collateral based on the fair value of underlying securities. Securities sold under repurchase agreements without stated maturity dates were as follows as of:
We had pledged AFS securities and 1-4 family residential real estate loans in the following amounts at:
AFS securities pledged to repurchase agreements without stated maturity dates consisted of the following at:
AFS securities pledged to repurchase agreements are monitored to ensure the appropriate level is collateralized. In the event of maturities, calls, significant principal repayments, or significant decline in market values, we have an adequate level of AFS securities to pledge to satisfy collateral requirements. As of September 30, 2022, we had the ability to borrow up to an additional $343,437, without pledging additional collateral. FHLB advances FHLB advances are collateralized by a blanket lien on all qualified 1-4 family residential real estate loans, specific AFS securities, and FHLB stock. The following table lists the maturities and weighted average interest rates of FHLB advances as of:
Subordinated Notes On June 2, 2021, we completed a private placement of $30,000 in aggregate principal amount of 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031 (the "Notes"). The Notes will initially bear a fixed interest rate of 3.25% until June 15, 2026, after which time until maturity on June 15, 2031, the interest rate will reset quarterly to an annual floating rate equal to the then-current 3-month SOFR plus 256 basis points. The Notes are redeemable by us at our option, in whole or in part, on or after June 15, 2026. The Notes are not subject to redemption at the option of the holders. The following table summarizes our outstanding notes as of:
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Computation of Earnings Per Common Share |
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Computation of Earnings Per Common Share | Computation of Earnings Per Common Share Basic earnings per common share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may be issued relate solely to outstanding shares in the Directors Plan and grant awards under the RSP. Earnings per common share have been computed based on the following for the:
(1)Exclusive of shares held in the Rabbi Trust
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Restricted Stock Plan (Notes) |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Text Block] | Restricted Stock Plan We adopted the RSP, an equity-based bonus plan, in 2020. Under the RSP, we may award restricted stock bonuses to eligible employees on an annual basis that are not fully transferable or vested until certain conditions are met. Currently, the eligible employees are the Bank's CEO, President, and CFO. The RSP authorizes the issuance of unvested restricted stock to an eligible employee with a maximum award ranging from 25% to 40% of the employee’s annual salary, on a calendar year basis. The employee must also satisfy the annual performance targets and measures established by the Board of Directors. If these grant conditions are not satisfied, then the award of restricted shares will lapse or be adjusted appropriately, at the discretion of the Board of Directors. All Grant Agreements contain vesting conditions and clawback provisions. A summary of changes in nonvested restricted stock awards is as follows for the:
Fluctuations in granted shares are due to the reassessment of the award achievement. Expense related to RSP awards were $108 and $58 for the nine-month periods ended September 30, 2022 and 2021. As of September 30, 2022, there was $369 of total remaining unrecognized compensation expense related to nonvested restricted stock awards granted under the RSP. The remaining expense is expected to be recognized over a weighted-average service period of 2.62 years.
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Other Noninterest Expenses |
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Other Noninterest Expenses | Other Noninterest ExpensesA summary of expenses included in other noninterest expenses is as follows for the:
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Federal Income Taxes |
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Federal Income Taxes | Federal Income TaxesThe reconciliation of the provision for federal income taxes and the amount computed at the federal statutory tax rate of 21% of income before federal income tax expense is as follows for the:
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Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income The following table summarizes the changes in AOCI by component for the:
Included in OCI for the three and nine-month periods ended September 30, 2022 and 2021 are changes in unrealized gains and losses related to auction rate money market preferred stocks. These investments, for federal income tax purposes, have no deferred federal income taxes related to unrealized gains or losses given the nature of the investments. A summary of the components of unrealized gains on AFS securities included in OCI follows for the:
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Under fair value measurement and disclosure authoritative guidance, we group assets and liabilities measured at fair value into three levels, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value, based on the prioritization of inputs in the valuation techniques. These levels are:
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. Transfers between measurement levels are recognized at the end of reporting periods. Fair value measurement requires the use of an exit price notion which may differ from entrance pricing. Generally we believe our assets and liabilities classified as Level 1 or Level 2 approximate an exit price notion. Following is a description of the valuation methodologies, key inputs, and an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. AFS securities: AFS securities are recorded at fair value on a recurring basis. Level 1 fair value measurement is based upon quoted prices for identical instruments. Level 2 fair value measurement is based upon quoted prices for similar instruments. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss and liquidity assumptions. The values for Level 1 and Level 2 investment securities are generally obtained from an independent third party. On a quarterly basis, we compare the values provided to alternative pricing sources. Loans: We do not record loans at fair value on a recurring basis. However, some loans are classified as impaired and a specific allowance for loan losses may be established. Loans for which it is probable that payment of interest and principal will be significantly different than the contractual terms of the original loan agreement are considered impaired. Once a loan is identified as impaired, we measure the estimated impairment. The fair value of impaired loans is estimated using one of several methods, including the present value of expected future cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral, less costs to sell, if the loan is collateral dependent. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. We review the net realizable values of the underlying collateral for collateral dependent impaired loans on at least a quarterly basis for all loan types. To determine the collateral value, we utilize independent appraisals, broker price opinions, or internal evaluations. We review these valuations to determine whether an additional discount should be applied given the age of market information that may have been considered as well as other factors such as costs to sell an asset if it is determined that the collateral will be liquidated in connection with the ultimate settlement of the loan. We use these valuations to determine if any specific reserves or charge-offs are necessary. We may obtain new valuations in certain circumstances, including when there has been significant deterioration in the condition of the collateral, if the foreclosure process has begun, or if the existing valuation is deemed to be outdated. The following tables list the quantitative fair value information about impaired loans as of:
Collateral discount rates may have ranges to accommodate differences in the age of the independent appraisal, broker price opinion, or internal evaluation. OMSR: OMSR (which are included in other assets) are subject to impairment testing. To test for impairment, we utilize a discounted cash flow analysis using interest rates and prepayment speed assumptions currently quoted for comparable instruments and discount rates. If the valuation model reflects a value less than the carrying value, OMSR are adjusted to fair value through a valuation allowance as determined by the model. As such, we classify OMSR subject to nonrecurring fair value adjustments as Level 2. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Although we believe our valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement. Estimated Fair Values of Financial Instruments Not Recorded at Fair Value in their Entirety on a Recurring Basis Disclosure of the estimated fair values of financial instruments, which differ from carrying values, often requires the use of estimates. In cases where quoted market values in an active market are not available, we use present value techniques and other valuation methods to estimate the fair values of our financial instruments. These valuation methods require considerable judgment and the resulting estimates of fair value can be significantly affected by the assumptions made and methods used. The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis were as follows as of:
(1)Due to the characteristics of equity securities without readily determinable fair values, they are not disclosed under a specific fair value hierarchy. When an impairment or write-down related to these securities is recorded, such amount would be classified as a nonrecurring Level 3 fair value adjustment. Financial Instruments Recorded at Fair Value The table below presents the recorded amount of assets and liabilities measured at fair value on:
We recorded an impairment related to foreclosed assets of $6 and $0 through earnings for the nine-month period ended September 30, 2022 and 2021, respectively. We had no other assets or liabilities recorded at fair value with changes in fair value recognized through earnings, on a recurring basis or nonrecurring basis, as of September 30, 2022. Further, we had no unrealized gains and losses included in OCI for recurring Level 3 fair value measurements held at the end of the reporting period.
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Operating Segments |
9 Months Ended |
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Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating SegmentsOur reportable segments are based on legal entities that account for at least 10% of net operating results. The Bank as of September 30, 2022 and December 31, 2021 and for the three and nine-month periods ended September 30, 2022 and 2021, represents approximately 90% or more of our consolidated total assets and operating results. As such, no additional segment reporting is presented. |
Basis of Presentation (Policies) |
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Sep. 30, 2022 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||
Consolidation | As used in these notes, as well as in Management's Discussion and Analysis of Financial Condition and Results of Operations, references to the “Corporation”, “Isabella”, “we”, “our”, “us”, and similar terms refer to the consolidated entity consisting of Isabella Bank Corporation and its subsidiary. References to Isabella Bank or the “Bank” refer to Isabella Bank Corporation’s subsidiary, Isabella Bank. | ||||||||||||||||||||||||
Basis of Accounting | The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary for a fair presentation have been included. Operating results for the three and nine-month periods ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. For further information, refer to our Annual Report on Form 10-K for the year ended December 31, 2021. | ||||||||||||||||||||||||
Earnings Per Share | Basic earnings per common share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may be issued relate solely to outstanding shares in the Directors Plan and grant awards under the RSP. | ||||||||||||||||||||||||
Available-for-sale Securities | As of September 30, 2022 and December 31, 2021, we conducted an analysis to determine whether any AFS securities currently in an unrealized loss position should be identified as other-than-temporarily impaired. Such analyses considered, among other factors, the following criteria: •Has the value of the investment declined more than what is deemed to be reasonable based on a risk and maturity adjusted discount rate? •Is the investment credit rating below investment grade? •Is it probable the issuer will be unable to pay the amount when due? •Is it more likely than not that we will have to sell the security before recovery of its cost basis? •Has the duration of the investment been extended?
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Nonaccrual Loan Status | The accrual of interest on commercial and agricultural loans, as well as residential real estate loans, is discontinued at the time a loan is 90 days or more past due unless the credit is well-secured and in the process of short-term collection. Upon transferring a loan to nonaccrual status, we perform an evaluation to determine the net realizable value of the underlying collateral. This evaluation is used to help determine if a charge-off is necessary. Consumer loans are typically charged-off no later than 180 days past due. Past due status is based on the contractual term of the loan. In all cases, a loan is placed in nonaccrual status at an earlier date if collection of principal or interest is considered doubtful. When a loan is placed in nonaccrual status, all interest accrued in the current calendar year, but not collected, is reversed against interest income while interest accrued in prior calendar years, but not collected, is charged against the ALLL. Loans may be returned to accrual status after six months of continuous performance and achievement of current payment status.
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Loans Receivable | Loans that we have the intent and ability to hold in our portfolio are reported at their outstanding principal balance adjusted for any charge-offs, the ALLL, and deferred fees or costs. Unless a loan has a nonaccrual status, interest income is accrued over the term of the loan based on the principal amount outstanding. Loan origination fees and certain direct loan origination costs are capitalized and recognized as a component of interest income over the term of the loan using the appropriate amortization method. Commercial and agricultural loans include loans for commercial real estate, commercial operating loans, advances to mortgage brokers, farmland and agricultural production, and loans to states and political subdivisions. Repayment of these loans is dependent upon the successful operation and management of a business. We minimize our risk by limiting the amount of direct credit exposure to any one borrower to $18,000. Borrowers with direct credit needs of more than $18,000 may be serviced through the use of loan participations with other commercial banks. Commercial and agricultural real estate loans commonly require loan-to-value limits of 80% or less. Depending upon the type of loan, past credit history, and current operating results, we may require the borrower to pledge accounts receivable, inventory, property, or equipment. Government agency guarantee may be required. Personal guarantees and/or life insurance beneficiary assignments are generally required from the owners of closely held corporations, partnerships, and sole proprietorships. In addition, we may require annual financial statements, prepare cash flow analyses, and review credit reports. We entered into a mortgage purchase program in 2016 with a financial institution where we participate in advances to mortgage brokers (“advances”). The mortgage brokers originate residential mortgage loans with the intent to sell them on the secondary market. We participate in the advance to the mortgage broker, which is secured by the underlying mortgage loan, until it is ultimately sold on the secondary market. As such, the average life of each participated advance is approximately 20-30 days. Funds from the sale of the loan are used to pay off our participation in the advance to the mortgage broker. We classify these advances as commercial loans and include the outstanding balance in commercial loans on our consolidated balance sheets. Under the participation agreement, we committed to a maximum outstanding aggregate amount of $40,000. The difference between our outstanding balance and the maximum outstanding aggregate amount is classified as an unfunded commitment. We offer adjustable rate mortgages, construction loans, and fixed rate residential real estate loans which have amortization periods up to a maximum of 30 years. We consider the anticipated direction of interest rates, balance sheet duration, the sensitivity of our balance sheet to changes in interest rates, our liquidity needs, and overall loan demand to determine whether or not to sell fixed rate loans to Freddie Mac. Our lending policies generally limit the maximum loan-to-value ratio on residential real estate loans to 100% of the lower of the appraised value of the property or the purchase price. Private mortgage insurance is typically required on loans with loan-to-value ratios in excess of 80% unless the loan qualifies for government guarantees. Underwriting criteria for originated residential real estate loans generally include: •Evaluation of the borrower’s ability to make monthly payments. •Evaluation of the value of the property securing the loan. •Ensuring the payment of principal, interest, taxes, and hazard insurance does not exceed 28% of a borrower’s gross income. •Ensuring all debt servicing does not exceed 40% of income. •Verification of acceptable credit reports. •Verification of employment, income, and financial information. Appraisals are performed by independent appraisers and are reviewed for appropriateness. Generally, mortgage loan requests are reviewed by our mortgage loan committee or through a secondary market underwriting system; loans in excess of $1,000 require the approval of our Internal Loan Committee, the Executive Loan Committee, the Board of Directors’ Loan Committee, or the Board of Directors. Consumer loans include secured and unsecured personal loans. Loans are amortized for a period of up to 15 years based on the age and value of the underlying collateral. The underwriting emphasis is on a borrower’s perceived intent and ability to pay rather than collateral value. No consumer loans are sold to the secondary market.
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Allowance for Loan Losses | The ALLL is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Full or partial loan balances are charged against the ALLL when we believe uncollectability is probable. Subsequent recoveries, if any, are credited to the ALLL. The ALLL is evaluated on a regular basis for appropriateness. Our periodic review of the collectability of a loan considers historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The primary factors behind the determination of the level of the ALLL are specific allocations for impaired loans, historical loss percentages, as well as unallocated components. Specific allocations for impaired loans are primarily determined based on the difference between the loan’s outstanding balance and the present value of expected future cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral, less costs to sell, if the loan is collateral dependent. Historical loss allocations are calculated at the loan class and segment levels based on a migration analysis of the loan portfolio, with the exception of advances to mortgage brokers, over the preceding five years. With no historical losses on advances to mortgage brokers, there is no allocation related to this portfolio. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. While we have experienced fluctuations in credit quality indicators in recent periods, credit quality remained strong at September 30, 2022. The COVID-19 pandemic led to the temporary and some permanent closures of businesses throughout the communities in which we serve, which also led to increased unemployment. We increased the ALLL during 2020 as a result of increased economic and environmental related risk factors, primarily driven by COVID-19. While these risk factors remain, improvement in credit quality indicators resulted in a reduction to the ALLL during 2021. There have been no material changes to the ALLL and credit quality has remained strong during 2022.
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Internal Credit Risk Ratings | Internally assigned credit risk ratings are reviewed, at a minimum, when loans are renewed or when management has knowledge of improvements or deterioration of the credit quality of individual credits. Descriptions of the internally assigned credit risk ratings for commercial and agricultural loans are as follows: 1. EXCELLENT – Substantially Risk Free Credit has strong financial condition and solid earnings history, characterized by: •High liquidity, strong cash flow, low leverage. •Unquestioned ability to meet all obligations when due. •Experienced management, with management succession in place. •Secured by cash. 2. HIGH QUALITY – Limited Risk Credit with sound financial condition and a positive trend in earnings supplemented by: •Favorable liquidity and leverage ratios. •Ability to meet all obligations when due. •Management with successful track record. •Steady and satisfactory earnings history. •If loan is secured, collateral is of high quality and readily marketable. •Access to alternative financing. •Well defined primary and secondary source of repayment. •If supported by guaranty, the financial strength and liquidity of the guarantor(s) are clearly evident. 3. HIGH SATISFACTORY – Reasonable Risk Credit with satisfactory financial condition and further characterized by: •Working capital adequate to support operations. •Cash flow sufficient to pay debts as scheduled. •Management experience and depth appear favorable. •Loan performing according to terms. •If loan is secured, collateral is acceptable and loan is fully protected. 4. LOW SATISFACTORY – Acceptable Risk Credit with bankable risks, although some signs of weaknesses are shown: •Would include most start-up businesses. •Occasional instances of trade slowness or repayment delinquency – may have been 10-30 days slow within the past year. •Management’s abilities are apparent yet unproven. •Weakness in primary source of repayment with adequate secondary source of repayment. •Loan structure generally in accordance with policy. •If secured, loan collateral coverage is marginal. To be classified as less than satisfactory, only one of the following criteria must be met. 5. SPECIAL MENTION – Criticized Credit constitutes an undue and unwarranted credit risk but not to the point of justifying a classification of substandard. The credit risk may be relatively minor yet constitutes an unwarranted risk in light of the circumstances surrounding a specific loan: •Downward trend in sales, profit levels, and margins. •Impaired working capital position. •Cash flow is strained in order to meet debt repayment. •Loan delinquency (30-60 days) and overdrafts may occur. •Shrinking equity cushion. •Diminishing primary source of repayment and questionable secondary source. •Management abilities are questionable. •Weak industry conditions. •Litigation pending against the borrower. •Loan may need to be restructured to improve collateral position or reduce payments. •Collateral or guaranty offers limited protection. •Negative debt service coverage, however the credit is well collateralized and payments are current. 6. SUBSTANDARD – Classified Credit is inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged. There is a distinct possibility we will implement collection procedures if the loan deficiencies are not corrected. Any commercial loan placed in nonaccrual status will be rated “7” or worse. In addition, the following characteristics may apply: •Sustained losses have severely eroded the equity and cash flow. •Deteriorating liquidity. •Serious management problems or internal fraud. •Original repayment terms liberalized. •Likelihood of bankruptcy. •Inability to access other funding sources. •Reliance on secondary source of repayment. •Litigation filed against borrower. •Interest non-accrual may be warranted. •Collateral provides little or no value. •Requires excessive attention of the loan officer. •Borrower is uncooperative with loan officer. 7. VULNERABLE – Classified Credit is considered “Substandard” and warrants placing in nonaccrual status. Risk of loss is being evaluated and exit strategy options are under review. Other characteristics that may apply: •Insufficient cash flow to service debt. •Minimal or no payments being received. •Limited options available to avoid the collection process. •Transition status, expect action will take place to collect loan without immediate progress being made. 8. DOUBTFUL – Workout Credit has all the weaknesses inherent in a “Substandard” loan with the added characteristic that collection and/or liquidation is pending. The possibility of a loss is extremely high, but its classification as a loss is deferred until liquidation procedures are completed, or reasonably estimable. Other characteristics that may apply: •Normal operations are severely diminished or have ceased. •Seriously impaired cash flow. •Original repayment terms materially altered. •Secondary source of repayment is inadequate. •Survivability as a “going concern” is impossible. •Collection process has begun. •Bankruptcy petition has been filed. •Judgments have been filed. •Portion of the loan balance has been charged-off. 9. LOSS – Charge-off Credit is considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification is for charged-off loans but does not mean that the asset has absolutely no recovery or salvage value. These loans are further characterized by: •Liquidation or reorganization under Bankruptcy, with poor prospects of collection. •Fraudulently overstated assets and/or earnings. •Collateral has marginal or no value. •Debtor cannot be located. •Over 120 days delinquent.
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Impaired Loans | Loans may be classified as impaired if they meet one or more of the following criteria: 1.There has been a charge-off of its principal balance (in whole or in part); 2.The loan has been classified as a TDR; or 3.The loan is in nonaccrual status. Impairment is measured on a loan-by-loan basis for commercial and agricultural loans by comparing the loan’s outstanding balance to the present value of expected future cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral, less costs to sell, if the loan is collateral dependent. Large groups of smaller-balance, homogeneous residential real estate and consumer loans are collectively evaluated for impairment by comparing the loan’s unpaid principal balance to the present value of expected future cash flows discounted at the loan’s effective interest rate. We do not recognize interest income on impaired loans in nonaccrual status. For impaired loans not classified as nonaccrual, interest income is recognized daily, as earned, according to the terms of the loan agreement and the principal amount outstanding.
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Troubled Debt Restructurings | A loan modification is considered to be a TDR when the modification includes terms outside of normal lending practices to a borrower who is experiencing financial difficulties. Typical concessions granted include, but are not limited to: •Agreeing to interest rates below prevailing market rates for debt with similar risk characteristics. •Extending the amortization period beyond typical lending guidelines for loans with similar risk characteristics. •Agreeing to an interest-only payment structure and delaying principal payments. •Forgiving principal. •Forgiving accrued interest. To determine if a borrower is experiencing financial difficulties, factors we consider include: •The borrower is currently in default on any debt. •The borrower would likely default on any debt if the concession is not granted. •The borrower’s cash flow is insufficient to service all debt if the concession is not granted. •The borrower has declared, or is in the process of declaring, bankruptcy. •The borrower is unlikely to continue as a going concern (if the entity is a business).
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Fair Value Measurement, Policy [Policy Text Block] | Under fair value measurement and disclosure authoritative guidance, we group assets and liabilities measured at fair value into three levels, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value, based on the prioritization of inputs in the valuation techniques. These levels are:
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. Transfers between measurement levels are recognized at the end of reporting periods. Fair value measurement requires the use of an exit price notion which may differ from entrance pricing. Generally we believe our assets and liabilities classified as Level 1 or Level 2 approximate an exit price notion.
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AFS Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost and fair value of available-for-sale securities | The amortized cost and fair value of AFS securities, with gross unrealized gains and losses, are as follows at:
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Amortized cost and fair value of available-for-sale securities by contractual maturity | The amortized cost and fair value of AFS securities by contractual maturity at September 30, 2022 are as follows:
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Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following information pertains to AFS securities with gross unrealized losses at September 30, 2022 and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous loss position.
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Loans and ALLL (Tables) |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | Summaries of the ALLL and the recorded investment in loans by segments follows:
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Credit quality indicators for commercial and agricultural credit exposures | The following tables display the internally assigned credit risk ratings for commercial and agricultural credit exposures as of:
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Summary of past due and current loans | The following tables summarize the past due and current loans for the entire loan portfolio as of:
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Information pertaining to impaired loans | The following is a summary of impaired loans as of:
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Information pertaining to TDR's | The following is a summary of TDRs granted for the:
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Borrowed Funds (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of short term borrowings | A summary of securities sold under repurchase agreements without stated maturity dates was as follows for the:
Securities sold under agreements to repurchase are classified as secured borrowings and are reflected at the amount of cash received in connection with the transaction. The securities underlying the agreements have a carrying value and a fair value of $55,591 and $50,173 at September 30, 2022 and December 31, 2021, respectively. Such securities remain under our control. We may be required to provide additional collateral based on the fair value of underlying securities. Securities sold under repurchase agreements without stated maturity dates were as follows as of:
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Summary of pledged financial instruments | We had pledged AFS securities and 1-4 family residential real estate loans in the following amounts at:
AFS securities pledged to repurchase agreements without stated maturity dates consisted of the following at:
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Federal Home Loan Bank, Advances | The following table lists the maturities and weighted average interest rates of FHLB advances as of:
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Schedule of Subordinated Borrowing | The following table summarizes our outstanding notes as of:
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Computation of Earnings Per Common Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of earnings per common share | Earnings per common share have been computed based on the following for the:
(1)Exclusive of shares held in the Rabbi Trust
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Restricted Stock Plan (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | A summary of changes in nonvested restricted stock awards is as follows for the:
|
Other Noninterest Expenses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of expenses included in other noninterest expenses | A summary of expenses included in other noninterest expenses is as follows for the:
|
Federal Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of federal income tax expense | The reconciliation of the provision for federal income taxes and the amount computed at the federal statutory tax rate of 21% of income before federal income tax expense is as follows for the:
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the components of accumulated other comprehensive income | The following table summarizes the changes in AOCI by component for the:
|
Fair Value (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quantitative information about assets measured utilizing Level 3 fair value measurement | The following tables list the quantitative fair value information about impaired loans as of:
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Carrying amount and estimated fair value of financial instruments not recorded at fair value | The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis were as follows as of:
(1)Due to the characteristics of equity securities without readily determinable fair values, they are not disclosed under a specific fair value hierarchy. When an impairment or write-down related to these securities is recorded, such amount would be classified as a nonrecurring Level 3 fair value adjustment.
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Assets and liabilities measured at fair value | The table below presents the recorded amount of assets and liabilities measured at fair value on:
|
AFS Securities (Amortized cost and fair value of AFS securities, with gross unrealized gains and losses) (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 632,755 | $ 485,710 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 111 | 7,832 |
Gross Unrealized Losses | 51,633 | 2,941 |
AFS securities | 581,233 | 490,601 |
States and political subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 121,414 | 116,836 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 111 | 4,457 |
Gross Unrealized Losses | 7,525 | 88 |
AFS securities | 114,000 | 121,205 |
Auction rate money market preferred [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,200 | 3,200 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 42 |
Gross Unrealized Losses | 721 | 0 |
AFS securities | 2,479 | 3,242 |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 45,087 | 54,710 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 1,438 |
Gross Unrealized Losses | 4,045 | 0 |
AFS securities | 41,042 | 56,148 |
Collateralized mortgage obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 223,181 | 90,435 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 1,876 |
Gross Unrealized Losses | 13,461 | 10 |
AFS securities | 209,720 | 92,301 |
Corporate Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 8,150 | 8,150 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 19 |
Gross Unrealized Losses | 949 | 167 |
AFS securities | 7,201 | 8,002 |
US Treasury Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 231,723 | 212,379 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Gross Unrealized Losses | 24,932 | 2,676 |
AFS securities | $ 206,791 | $ 209,703 |
AFS Securities (Amortized cost and fair value of AFS securities by contractual maturity) (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
Maturing, Due in One Year or Less | $ 15,459 | |
Maturing, After One Year But Within Five Years | 277,303 | |
Maturing, After Five Years But Within Ten Years | 29,650 | |
Maturing, After Ten Years | 38,875 | |
Securities With Variable Monthly Payments or Noncontractual Maturities | 271,468 | |
Amortized Cost | 632,755 | $ 485,710 |
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
Maturing, Due in One Year or Less, Fair value | 15,394 | |
Maturing, After One Year But Within Five Years, Fair value | 251,517 | |
Maturing, After Five Years But Within Ten Years, Fair value | 27,523 | |
Maturing, After Ten Years, Fair value | 33,558 | |
Securities With Variable Monthly Payments or Noncontractual Maturities, Fair value | 253,241 | |
Total, Fair value | 581,233 | 490,601 |
States and political subdivisions [Member] | ||
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
Maturing, Due in One Year or Less | 15,459 | |
Maturing, After One Year But Within Five Years | 45,580 | |
Maturing, After Five Years But Within Ten Years | 21,500 | |
Maturing, After Ten Years | 38,875 | |
Securities With Variable Monthly Payments or Noncontractual Maturities | 0 | |
Amortized Cost | 121,414 | 116,836 |
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
Total, Fair value | 114,000 | 121,205 |
Auction rate money market preferred [Member] | ||
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
Maturing, Due in One Year or Less | 0 | |
Maturing, After One Year But Within Five Years | 0 | |
Maturing, After Five Years But Within Ten Years | 0 | |
Maturing, After Ten Years | 0 | |
Securities With Variable Monthly Payments or Noncontractual Maturities | 3,200 | |
Amortized Cost | 3,200 | 3,200 |
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
Total, Fair value | 2,479 | 3,242 |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
Maturing, Due in One Year or Less | 0 | |
Maturing, After One Year But Within Five Years | 0 | |
Maturing, After Five Years But Within Ten Years | 0 | |
Maturing, After Ten Years | 0 | |
Securities With Variable Monthly Payments or Noncontractual Maturities | 45,087 | |
Amortized Cost | 45,087 | 54,710 |
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
Total, Fair value | 41,042 | 56,148 |
Collateralized mortgage obligations [Member] | ||
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
Maturing, Due in One Year or Less | 0 | |
Maturing, After One Year But Within Five Years | 0 | |
Maturing, After Five Years But Within Ten Years | 0 | |
Maturing, After Ten Years | 0 | |
Securities With Variable Monthly Payments or Noncontractual Maturities | 223,181 | |
Amortized Cost | 223,181 | 90,435 |
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
Total, Fair value | 209,720 | 92,301 |
Corporate Debt Securities | ||
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
Maturing, Due in One Year or Less | 0 | |
Maturing, After One Year But Within Five Years | 0 | |
Maturing, After Five Years But Within Ten Years | 8,150 | |
Maturing, After Ten Years | 0 | |
Securities With Variable Monthly Payments or Noncontractual Maturities | 0 | |
Amortized Cost | 8,150 | 8,150 |
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
Total, Fair value | 7,201 | 8,002 |
US Treasury Securities | ||
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract] | ||
Maturing, Due in One Year or Less | 0 | |
Maturing, After One Year But Within Five Years | 231,723 | |
Maturing, After Five Years But Within Ten Years | 0 | |
Maturing, After Ten Years | 0 | |
Securities With Variable Monthly Payments or Noncontractual Maturities | 0 | |
Amortized Cost | 231,723 | 212,379 |
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract] | ||
Total, Fair value | $ 206,791 | $ 209,703 |
AFS Securities (AFS securities with gross unrealized losses) (Details) $ in Thousands |
Sep. 30, 2022
USD ($)
Securities
|
Dec. 31, 2021
USD ($)
Securities
|
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | $ 28,926 | $ 2,941 |
Fair Value, Less Than Twelve Months | 372,655 | 236,825 |
Gross Unrealized Losses, Twelve Months or More | 22,707 | 0 |
Fair Value, Twelve Months or More | 194,643 | 0 |
Total Unrealized Losses | $ 51,633 | $ 2,941 |
Number of Securities in an unrealized loss position, Less Than Twelve Months, Fair Value | Securities | 249 | 40 |
Number of Securities in an unrealized loss position, Twelve Months or More, Fair Value | Securities | 305 | 0 |
Number of Securities in an unrealized loss position, Total Unrealized Losses | Securities | 554 | 40 |
States and political subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | $ 4,192 | $ 88 |
Fair Value, Less Than Twelve Months | 57,140 | 9,674 |
Gross Unrealized Losses, Twelve Months or More | 3,333 | 0 |
Fair Value, Twelve Months or More | 42,925 | 0 |
Total Unrealized Losses | 7,525 | 88 |
Auction rate money market preferred [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | 0 | |
Fair Value, Less Than Twelve Months | 0 | |
Gross Unrealized Losses, Twelve Months or More | 721 | |
Fair Value, Twelve Months or More | 2,479 | |
Total Unrealized Losses | 721 | |
Collateralized mortgage obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | 13,461 | 10 |
Fair Value, Less Than Twelve Months | 209,720 | 11,165 |
Gross Unrealized Losses, Twelve Months or More | 0 | 0 |
Fair Value, Twelve Months or More | 0 | 0 |
Total Unrealized Losses | 13,461 | 10 |
US Treasury Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | 6,996 | 2,676 |
Fair Value, Less Than Twelve Months | 62,985 | 209,703 |
Gross Unrealized Losses, Twelve Months or More | 17,936 | 0 |
Fair Value, Twelve Months or More | 143,806 | 0 |
Total Unrealized Losses | 24,932 | 2,676 |
Corporate Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | 232 | 167 |
Fair Value, Less Than Twelve Months | 1,768 | 6,283 |
Gross Unrealized Losses, Twelve Months or More | 717 | 0 |
Fair Value, Twelve Months or More | 5,433 | 0 |
Total Unrealized Losses | 949 | $ 167 |
Mortgage Backed Securities, Other [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | 4,045 | |
Fair Value, Less Than Twelve Months | 41,042 | |
Gross Unrealized Losses, Twelve Months or More | 0 | |
Fair Value, Twelve Months or More | 0 | |
Total Unrealized Losses | $ 4,045 |
Loans and ALLL (Narrative) (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
loan
|
Sep. 30, 2021
loan
|
Sep. 30, 2022
USD ($)
loan
|
Sep. 30, 2021
loan
|
Dec. 31, 2021
USD ($)
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Threshold period of continuous performance to return loans to accrual status | 6 months | ||||
Migration analysis of loan portfolio period | 5 years | ||||
Advance in connection with impaired loans | $ 678 | $ 678 | $ 266 | ||
Loans in default | loan | 0 | 0 | 0 | 0 | |
Minimum [Member] | 4 - Low satisfactory [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period | 10 days | ||||
Minimum [Member] | 5 - Special mention [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period | 30 days | ||||
Maximum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, amortization term | 30 years | ||||
Maximum [Member] | 4 - Low satisfactory [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period | 30 days | ||||
Maximum [Member] | 5 - Special mention [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period | 60 days | ||||
Commercial, Agricultural, and Residential Portfolio Segments [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of days past due (or more), accrual of interest discontinued | 90 days | ||||
Total Consumer [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maximum days of consumer loan charged off | 180 days | 180 days | |||
Total Consumer [Member] | Maximum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, amortization term | 15 years | ||||
Commercial And Agricultural Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maximum percentage of loan | 0.80 | ||||
Commercial And Agricultural Portfolio Segment [Member] | Customer Concentration Risk [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maximum amount of loans | $ 18,000 | ||||
Commercial Advances to Mortgage Brokers Segment [Member] | Customer Concentration Risk [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maximum amount of loans | $ 40,000 | ||||
Commercial Advances to Mortgage Brokers Segment [Member] | Customer Concentration Risk [Member] | Minimum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loan advance maturity period | 20 days | ||||
Commercial Advances to Mortgage Brokers Segment [Member] | Customer Concentration Risk [Member] | Maximum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loan advance maturity period | 30 days | ||||
Residential Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maximum percentage of loan | 1 | ||||
Maximum percentage of principal, interest, taxes and hazard insurance on property over gross income | 0.28 | ||||
Maximum percentage of debt servicing over gross income | 0.40 | ||||
Maximum amount without corporation approval | $ 1,000 | ||||
Residential, Privately Insured, Financing Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maximum percentage of loan | 0.80 |
Loans and ALLL (Summary of changes in ALLL by segments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Summary of changes in the ALLL and the recorded investment in loans by segments | ||||
Allowance for loan losses, Beginning Balance | $ 9,700 | $ 9,360 | $ 9,103 | $ 9,744 |
Allowance for loan losses, Charge-offs | (173) | (246) | (370) | (458) |
Allowance for loan losses, Recoveries | 132 | 86 | 404 | 406 |
Allowance for loan losses, Provision for loan losses | 18 | (107) | 540 | (599) |
Allowance for loan losses, Ending Balance | 9,677 | 9,093 | 9,677 | 9,093 |
Commercial [Member] | ||||
Summary of changes in the ALLL and the recorded investment in loans by segments | ||||
Allowance for loan losses, Beginning Balance | 1,758 | 2,311 | 1,740 | 2,162 |
Allowance for loan losses, Charge-offs | 0 | (1) | (3) | (32) |
Allowance for loan losses, Recoveries | 14 | 22 | 54 | 121 |
Allowance for loan losses, Provision for loan losses | (436) | (801) | (455) | (720) |
Allowance for loan losses, Ending Balance | 1,336 | 1,531 | 1,336 | 1,531 |
Agricultural [Member] | ||||
Summary of changes in the ALLL and the recorded investment in loans by segments | ||||
Allowance for loan losses, Beginning Balance | 451 | 248 | 289 | 311 |
Allowance for loan losses, Charge-offs | 0 | (77) | 0 | (77) |
Allowance for loan losses, Recoveries | 1 | 1 | 4 | 6 |
Allowance for loan losses, Provision for loan losses | 35 | 294 | 194 | 226 |
Allowance for loan losses, Ending Balance | 487 | 466 | 487 | 466 |
Residential Real Estate [Member] | ||||
Summary of changes in the ALLL and the recorded investment in loans by segments | ||||
Allowance for loan losses, Beginning Balance | 639 | 954 | 747 | 1,363 |
Allowance for loan losses, Charge-offs | 0 | 0 | 0 | 0 |
Allowance for loan losses, Recoveries | 53 | 29 | 123 | 132 |
Allowance for loan losses, Provision for loan losses | (70) | (226) | (248) | (738) |
Allowance for loan losses, Ending Balance | 622 | 757 | 622 | 757 |
Consumer Portfolio Segment [Member] | ||||
Summary of changes in the ALLL and the recorded investment in loans by segments | ||||
Allowance for loan losses, Beginning Balance | 1,323 | 938 | 908 | 798 |
Allowance for loan losses, Charge-offs | (173) | (168) | (367) | (349) |
Allowance for loan losses, Recoveries | 64 | 34 | 223 | 147 |
Allowance for loan losses, Provision for loan losses | (168) | 45 | 282 | 253 |
Allowance for loan losses, Ending Balance | 1,046 | 849 | 1,046 | 849 |
Unallocated [Member] | ||||
Summary of changes in the ALLL and the recorded investment in loans by segments | ||||
Allowance for loan losses, Beginning Balance | 5,529 | 4,909 | 5,419 | 5,110 |
Allowance for loan losses, Charge-offs | 0 | 0 | 0 | 0 |
Allowance for loan losses, Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Provision for loan losses | 657 | 581 | 767 | 380 |
Allowance for loan losses, Ending Balance | $ 6,186 | $ 5,490 | $ 6,186 | $ 5,490 |
Loans and ALLL (Summary of recorded investment in loans by segments) (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for impairment, ALLL | $ 474 | $ 578 | ||||
Collectively evaluated for impairment, ALLL | 9,203 | 8,525 | ||||
Total, ALLL | 9,677 | $ 9,700 | 9,103 | $ 9,093 | $ 9,360 | $ 9,744 |
Individually evaluated for impairment, Loans | 19,751 | 26,910 | ||||
Collectively evaluated for impairment, Loans | 1,216,400 | 1,274,127 | ||||
Total | 1,236,151 | 1,301,037 | ||||
Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for impairment, ALLL | 14 | 13 | ||||
Collectively evaluated for impairment, ALLL | 1,322 | 1,727 | ||||
Total, ALLL | 1,336 | 1,758 | 1,740 | 1,531 | 2,311 | 2,162 |
Individually evaluated for impairment, Loans | 5,703 | 9,267 | ||||
Collectively evaluated for impairment, Loans | 724,801 | 798,172 | ||||
Total | 730,504 | 807,439 | ||||
Agricultural [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for impairment, ALLL | 0 | 0 | ||||
Collectively evaluated for impairment, ALLL | 487 | 289 | ||||
Total, ALLL | 487 | 451 | 289 | 466 | 248 | 311 |
Individually evaluated for impairment, Loans | 11,188 | 14,189 | ||||
Collectively evaluated for impairment, Loans | 85,662 | 79,766 | ||||
Total | 96,850 | 93,955 | ||||
Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for impairment, ALLL | 460 | 565 | ||||
Collectively evaluated for impairment, ALLL | 162 | 182 | ||||
Total, ALLL | 622 | 639 | 747 | 757 | 954 | 1,363 |
Individually evaluated for impairment, Loans | 2,860 | 3,454 | ||||
Collectively evaluated for impairment, Loans | 331,552 | 322,907 | ||||
Total | 334,412 | 326,361 | ||||
Total Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for impairment, ALLL | 0 | 0 | ||||
Collectively evaluated for impairment, ALLL | 1,046 | 908 | ||||
Total, ALLL | 1,046 | 1,323 | 908 | 849 | 938 | 798 |
Individually evaluated for impairment, Loans | 0 | 0 | ||||
Collectively evaluated for impairment, Loans | 74,385 | 73,282 | ||||
Total | 74,385 | 73,282 | ||||
Unallocated [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for impairment, ALLL | 0 | 0 | ||||
Collectively evaluated for impairment, ALLL | 6,186 | 5,419 | ||||
Total, ALLL | $ 6,186 | $ 5,529 | $ 5,419 | $ 5,490 | $ 4,909 | $ 5,110 |
Loans and ALLL (Credit quality indicators for commercial and agricultural credit exposures) (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 1,236,151 | $ 1,301,037 |
Total commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 730,504 | 807,439 |
Commercial real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 561,959 | 570,587 |
Commercial other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 167,061 | 164,851 |
Commercial Advances to Mortgage Brokers Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,484 | 72,001 |
Total agricultural [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 96,850 | 93,955 |
Agricultural real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 66,162 | 66,144 |
Agricultural other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 30,688 | 27,811 |
Commercial And Agricultural Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 827,354 | 901,394 |
1 - Excellent [Member] | Total commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 300 | 300 |
1 - Excellent [Member] | Commercial real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
1 - Excellent [Member] | Commercial other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 300 | 300 |
1 - Excellent [Member] | Commercial Advances to Mortgage Brokers Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
1 - Excellent [Member] | Total agricultural [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
1 - Excellent [Member] | Agricultural real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
1 - Excellent [Member] | Agricultural other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
1 - Excellent [Member] | Commercial And Agricultural Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 300 | 300 |
2 - High quality [Member] | Total commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 14,375 | 15,891 |
2 - High quality [Member] | Commercial real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 9,331 | 9,010 |
2 - High quality [Member] | Commercial other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 5,044 | 6,881 |
2 - High quality [Member] | Commercial Advances to Mortgage Brokers Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
2 - High quality [Member] | Total agricultural [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 443 | 453 |
2 - High quality [Member] | Agricultural real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 383 | 453 |
2 - High quality [Member] | Agricultural other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 60 | 0 |
2 - High quality [Member] | Commercial And Agricultural Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 14,818 | 16,344 |
3 - High satisfactory [Member] | Total commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 109,576 | 204,223 |
3 - High satisfactory [Member] | Commercial real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 70,779 | 86,135 |
3 - High satisfactory [Member] | Commercial other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 37,313 | 46,087 |
3 - High satisfactory [Member] | Commercial Advances to Mortgage Brokers Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,484 | 72,001 |
3 - High satisfactory [Member] | Total agricultural [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 13,777 | 13,656 |
3 - High satisfactory [Member] | Agricultural real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 9,833 | 9,361 |
3 - High satisfactory [Member] | Agricultural other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,944 | 4,295 |
3 - High satisfactory [Member] | Commercial And Agricultural Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 123,353 | 217,879 |
4 - Low satisfactory [Member] | Total commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 571,453 | 552,864 |
4 - Low satisfactory [Member] | Commercial real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 457,821 | 448,489 |
4 - Low satisfactory [Member] | Commercial other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 113,632 | 104,375 |
4 - Low satisfactory [Member] | Commercial Advances to Mortgage Brokers Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
4 - Low satisfactory [Member] | Total agricultural [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 59,728 | 52,469 |
4 - Low satisfactory [Member] | Agricultural real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 38,935 | 36,483 |
4 - Low satisfactory [Member] | Agricultural other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 20,793 | 15,986 |
4 - Low satisfactory [Member] | Commercial And Agricultural Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 631,181 | 605,333 |
5 - Special mention [Member] | Total commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 25,423 | 14,563 |
5 - Special mention [Member] | Commercial real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 18,255 | 13,212 |
5 - Special mention [Member] | Commercial other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 7,168 | 1,351 |
5 - Special mention [Member] | Commercial Advances to Mortgage Brokers Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
5 - Special mention [Member] | Total agricultural [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 14,950 | 16,548 |
5 - Special mention [Member] | Agricultural real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 10,540 | 13,096 |
5 - Special mention [Member] | Agricultural other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 4,410 | 3,452 |
5 - Special mention [Member] | Commercial And Agricultural Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 40,373 | 31,111 |
6 - Substandard [Member] | Total commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 9,199 | 19,257 |
6 - Substandard [Member] | Commercial real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 5,695 | 13,519 |
6 - Substandard [Member] | Commercial other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,504 | 5,738 |
6 - Substandard [Member] | Commercial Advances to Mortgage Brokers Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
6 - Substandard [Member] | Total agricultural [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 7,686 | 10,055 |
6 - Substandard [Member] | Agricultural real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 6,373 | 6,252 |
6 - Substandard [Member] | Agricultural other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,313 | 3,803 |
6 - Substandard [Member] | Commercial And Agricultural Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 16,885 | 29,312 |
7 - Vulnerable [Member] | Total commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 178 | 341 |
7 - Vulnerable [Member] | Commercial real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 78 | 222 |
7 - Vulnerable [Member] | Commercial other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 100 | 119 |
7 - Vulnerable [Member] | Commercial Advances to Mortgage Brokers Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
7 - Vulnerable [Member] | Total agricultural [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 266 | 774 |
7 - Vulnerable [Member] | Agricultural real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 98 | 499 |
7 - Vulnerable [Member] | Agricultural other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 168 | 275 |
7 - Vulnerable [Member] | Commercial And Agricultural Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 444 | 1,115 |
8 - Doubtful [Member] | Total commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
8 - Doubtful [Member] | Commercial real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
8 - Doubtful [Member] | Commercial other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
8 - Doubtful [Member] | Commercial Advances to Mortgage Brokers Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
8 - Doubtful [Member] | Total agricultural [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
8 - Doubtful [Member] | Agricultural real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
8 - Doubtful [Member] | Agricultural other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
8 - Doubtful [Member] | Commercial And Agricultural Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Total commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Commercial real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Commercial other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Commercial Advances to Mortgage Brokers Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Total agricultural [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Agricultural real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Agricultural other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Commercial And Agricultural Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 0 | $ 0 |
Loans and ALLL (Past due and current loans) (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 21 | $ 97 |
Nonaccrual | 580 | 1,245 |
Total Past Due and Nonaccrual | 4,008 | 4,031 |
Total | 1,236,151 | 1,301,037 |
Loans and Leases Receivable, Gross | 1,236,151 | 1,301,037 |
Total commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Nonaccrual | 178 | 341 |
Total Past Due and Nonaccrual | 2,747 | 561 |
Total | 730,504 | 807,439 |
Loans and Leases Receivable, Gross | 730,504 | 807,439 |
Commercial real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Nonaccrual | 78 | 222 |
Total Past Due and Nonaccrual | 2,399 | 357 |
Total | 561,959 | 570,587 |
Loans and Leases Receivable, Gross | 561,959 | 570,587 |
Commercial other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Nonaccrual | 100 | 119 |
Total Past Due and Nonaccrual | 348 | 204 |
Total | 167,061 | 164,851 |
Loans and Leases Receivable, Gross | 167,061 | 164,851 |
Commercial Advances to Mortgage Brokers Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccrual | 0 | 0 |
Total | 1,484 | 72,001 |
Loans and Leases Receivable, Gross | 1,484 | 72,001 |
Total agricultural [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Nonaccrual | 266 | 774 |
Total Past Due and Nonaccrual | 574 | 987 |
Total | 96,850 | 93,955 |
Loans and Leases Receivable, Gross | 96,850 | 93,955 |
Agricultural real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Nonaccrual | 98 | 499 |
Total Past Due and Nonaccrual | 356 | 712 |
Total | 66,162 | 66,144 |
Loans and Leases Receivable, Gross | 66,162 | 66,144 |
Agricultural other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Nonaccrual | 168 | 275 |
Total Past Due and Nonaccrual | 218 | 275 |
Total | 30,688 | 27,811 |
Loans and Leases Receivable, Gross | 30,688 | 27,811 |
Total residential real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 21 | 97 |
Nonaccrual | 136 | 130 |
Total Past Due and Nonaccrual | 507 | 2,287 |
Total | 334,412 | 326,361 |
Loans and Leases Receivable, Gross | 334,412 | 326,361 |
Residential real estate senior liens [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 21 | 97 |
Nonaccrual | 136 | 93 |
Total Past Due and Nonaccrual | 507 | 2,243 |
Loans and Leases Receivable, Gross | 299,604 | 293,143 |
Residential real estate junior liens [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccrual | 0 | 0 |
Loans and Leases Receivable, Gross | 2,807 | 2,439 |
Residential real estate home equity lines of credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Nonaccrual | 0 | 37 |
Total Past Due and Nonaccrual | 0 | 44 |
Loans and Leases Receivable, Gross | 32,001 | 30,779 |
Total Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccrual | 180 | 196 |
Total | 74,385 | 73,282 |
Loans and Leases Receivable, Gross | 74,385 | 73,282 |
Consumer secured [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccrual | 176 | 186 |
Loans and Leases Receivable, Gross | 71,434 | 70,445 |
Consumer Unsecured Financing Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccrual | 4 | 10 |
Loans and Leases Receivable, Gross | 2,951 | 2,837 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,960 | 2,652 |
Financial Asset, 30 to 59 Days Past Due [Member] | Total commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,569 | 220 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,321 | 135 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 248 | 85 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Advances to Mortgage Brokers Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Total agricultural [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 213 |
Financial Asset, 30 to 59 Days Past Due [Member] | Agricultural real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 213 |
Financial Asset, 30 to 59 Days Past Due [Member] | Agricultural other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Total residential real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 213 | 2,023 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential real estate senior liens [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 213 | 2,016 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential real estate junior liens [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential real estate home equity lines of credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 7 |
Financial Asset, 30 to 59 Days Past Due [Member] | Total Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 178 | 196 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer secured [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 176 | 186 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Unsecured Financing Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2 | 10 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 447 | 37 |
Financial Asset, 60 to 89 Days Past Due [Member] | Total commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Advances to Mortgage Brokers Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Total agricultural [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 308 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Agricultural real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 258 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Agricultural other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 50 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Total residential real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 137 | 37 |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential real estate senior liens [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 137 | 37 |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential real estate junior liens [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential real estate home equity lines of credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Total Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer secured [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Unsecured Financing Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2 | 0 |
Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,232,143 | 1,297,006 |
Financial Asset, Not Past Due | Total commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 727,757 | 806,878 |
Financial Asset, Not Past Due | Commercial real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 559,560 | 570,230 |
Financial Asset, Not Past Due | Commercial other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 166,713 | 164,647 |
Financial Asset, Not Past Due | Commercial Advances to Mortgage Brokers Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,484 | 72,001 |
Financial Asset, Not Past Due | Total agricultural [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 96,276 | 92,968 |
Financial Asset, Not Past Due | Agricultural real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 65,806 | 65,432 |
Financial Asset, Not Past Due | Agricultural other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 30,470 | 27,536 |
Financial Asset, Not Past Due | Total residential real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 333,905 | 324,074 |
Financial Asset, Not Past Due | Residential real estate senior liens [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 299,097 | 290,900 |
Financial Asset, Not Past Due | Residential real estate junior liens [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,807 | 2,439 |
Financial Asset, Not Past Due | Residential real estate home equity lines of credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 32,001 | 30,735 |
Financial Asset, Not Past Due | Total Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 74,205 | 73,086 |
Financial Asset, Not Past Due | Consumer secured [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 71,258 | 70,259 |
Financial Asset, Not Past Due | Consumer Unsecured Financing Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 2,947 | $ 2,827 |
Loans and ALLL (Summary of information pertaining to impaired loans) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired loans with a valuation allowance, Outstanding Balance | $ 3,045 | $ 3,045 | $ 6,411 | ||
Impaired loans without a valuation allowance, Outstanding Balance | 16,706 | 16,706 | 20,499 | ||
Impaired loans, Outstanding Balance | 19,751 | 19,751 | 26,910 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired loans with a valuation allowance, Unpaid Principal Balance | 3,289 | 3,289 | 6,683 | ||
Impaired loans without a valuation allowance, Unpaid Principal Balance | 17,022 | 17,022 | 20,815 | ||
Impaired loans, Unpaid Principal Balance | 20,311 | 20,311 | 27,498 | ||
Impaired loans, Valuation Allowance | 474 | 474 | 578 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired loans with a valuation allowance, Average Outstanding Balance | 4,528 | $ 8,146 | 5,630 | $ 8,601 | |
Impaired loans without a valuation allowance, Average Outstanding Balance | 16,840 | 21,957 | 17,629 | 22,478 | |
Impaired loans, Average Outstanding Balance | 21,368 | 30,103 | 23,259 | 31,079 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Impaired loans with a valuation allowance, Interest Income Recognized | 34 | 75 | 168 | 263 | |
Impaired loans without a valuation allowance, Interest Income Recognized | 244 | 301 | 729 | 926 | |
Impaired loans, Interest Income Recognized | 278 | 376 | 897 | 1,189 | |
Total commercial [Member] | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired loans, Outstanding Balance | 5,703 | 5,703 | 9,267 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired loans, Unpaid Principal Balance | 6,019 | 6,019 | 9,584 | ||
Impaired loans, Valuation Allowance | 14 | 14 | 13 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired loans, Average Outstanding Balance | 7,168 | 11,785 | 8,396 | 12,333 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Impaired loans, Interest Income Recognized | 88 | 168 | 345 | 511 | |
Commercial real estate [Member] | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired loans with a valuation allowance, Outstanding Balance | 185 | 185 | 192 | ||
Impaired loans without a valuation allowance, Outstanding Balance | 5,319 | 5,319 | 5,829 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired loans with a valuation allowance, Unpaid Principal Balance | 185 | 185 | 193 | ||
Impaired loans without a valuation allowance, Unpaid Principal Balance | 5,635 | 5,635 | 6,145 | ||
Impaired loans, Valuation Allowance | 14 | 14 | 9 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired loans with a valuation allowance, Average Outstanding Balance | 188 | 1,377 | 190 | 2,161 | |
Impaired loans without a valuation allowance, Average Outstanding Balance | 5,359 | 7,013 | 5,571 | 6,109 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Impaired loans with a valuation allowance, Interest Income Recognized | 3 | 3 | 9 | 66 | |
Impaired loans without a valuation allowance, Interest Income Recognized | 82 | 121 | 256 | 315 | |
Commercial other [Member] | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired loans with a valuation allowance, Outstanding Balance | 0 | 0 | 2,802 | ||
Impaired loans without a valuation allowance, Outstanding Balance | 199 | 199 | 444 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired loans with a valuation allowance, Unpaid Principal Balance | 0 | 0 | 2,802 | ||
Impaired loans without a valuation allowance, Unpaid Principal Balance | 199 | 199 | 444 | ||
Impaired loans, Valuation Allowance | 0 | 0 | 4 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired loans with a valuation allowance, Average Outstanding Balance | 1,413 | 3,090 | 2,299 | 1,569 | |
Impaired loans without a valuation allowance, Average Outstanding Balance | 208 | 305 | 336 | 2,494 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Impaired loans with a valuation allowance, Interest Income Recognized | 0 | 35 | 62 | 71 | |
Impaired loans without a valuation allowance, Interest Income Recognized | 3 | 9 | 18 | 59 | |
Total agricultural [Member] | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired loans, Outstanding Balance | 11,188 | 11,188 | 14,189 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired loans, Unpaid Principal Balance | 11,188 | 11,188 | 14,189 | ||
Impaired loans, Valuation Allowance | 0 | 0 | 0 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired loans, Average Outstanding Balance | 11,273 | 14,733 | 11,716 | 14,838 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Impaired loans, Interest Income Recognized | 159 | 171 | 455 | 563 | |
Agricultural real estate [Member] | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired loans without a valuation allowance, Outstanding Balance | 8,611 | 8,611 | 9,538 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired loans without a valuation allowance, Unpaid Principal Balance | 8,611 | 8,611 | 9,538 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired loans with a valuation allowance, Average Outstanding Balance | 0 | 94 | 0 | 737 | |
Impaired loans without a valuation allowance, Average Outstanding Balance | 8,638 | 9,845 | 8,569 | 9,760 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Impaired loans with a valuation allowance, Interest Income Recognized | 0 | 0 | 0 | 11 | |
Impaired loans without a valuation allowance, Interest Income Recognized | 116 | 113 | 341 | 378 | |
Agricultural other [Member] | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired loans without a valuation allowance, Outstanding Balance | 2,577 | 2,577 | 4,651 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired loans without a valuation allowance, Unpaid Principal Balance | 2,577 | 2,577 | 4,651 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired loans with a valuation allowance, Average Outstanding Balance | 0 | 226 | |||
Impaired loans without a valuation allowance, Average Outstanding Balance | 2,635 | 4,794 | 3,147 | 4,115 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Impaired loans with a valuation allowance, Interest Income Recognized | 0 | 0 | |||
Impaired loans without a valuation allowance, Interest Income Recognized | 43 | 58 | 114 | 174 | |
Total residential real estate [Member] | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired loans, Outstanding Balance | 2,860 | 2,860 | 3,454 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired loans, Unpaid Principal Balance | 3,104 | 3,104 | 3,725 | ||
Impaired loans, Valuation Allowance | 460 | 460 | 565 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired loans, Average Outstanding Balance | 2,927 | 3,585 | 3,147 | 3,908 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Impaired loans, Interest Income Recognized | 31 | 37 | 97 | 115 | |
Residential real estate senior liens [Member] | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired loans with a valuation allowance, Outstanding Balance | 2,860 | 2,860 | 3,417 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired loans with a valuation allowance, Unpaid Principal Balance | 3,104 | 3,104 | 3,688 | ||
Impaired loans, Valuation Allowance | 460 | 460 | 565 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired loans with a valuation allowance, Average Outstanding Balance | 2,927 | 3,585 | 3,141 | 3,908 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Impaired loans with a valuation allowance, Interest Income Recognized | 31 | $ 37 | 97 | 115 | |
Residential real estate home equity lines of credit [Member] | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Impaired loans without a valuation allowance, Outstanding Balance | 0 | 0 | 37 | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Impaired loans without a valuation allowance, Unpaid Principal Balance | $ 0 | 0 | $ 37 | ||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Impaired loans without a valuation allowance, Average Outstanding Balance | 6 | 0 | |||
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||||
Impaired loans without a valuation allowance, Interest Income Recognized | $ 0 | $ 0 |
Loans and ALLL (Summary of information pertaining to TDRs) (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022
USD ($)
loan
|
Sep. 30, 2021
USD ($)
loan
|
Sep. 30, 2022
USD ($)
loan
|
Sep. 30, 2021
USD ($)
loan
|
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | $ 4,528 | $ 8,146 | $ 5,630 | $ 8,601 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 34 | 75 | $ 168 | $ 263 |
Number of Loans | loan | 2 | 11 | ||
Pre-Modification Recorded Investment | $ 153 | $ 8,473 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 153 | $ 8,473 | ||
Interest Rate Below Market Reduction [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 1 | 7 | ||
Pre-Modification Recorded Investment | $ 55 | $ 6,901 | ||
Below Market Interest Rate and Extension of Amortization Period [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 1 | 4 | ||
Pre-Modification Recorded Investment | $ 98 | $ 1,572 | ||
Commercial other [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,413 | 3,090 | 2,299 | 1,569 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | $ 0 | $ 35 | $ 62 | $ 71 |
Number of Loans | loan | 1 | 0 | 1 | 5 |
Pre-Modification Recorded Investment | $ 55 | $ 0 | $ 55 | $ 4,761 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 55 | $ 0 | $ 55 | $ 4,761 |
Commercial other [Member] | Interest Rate Below Market Reduction [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 1 | 0 | 1 | 1 |
Pre-Modification Recorded Investment | $ 55 | $ 0 | $ 55 | $ 3,189 |
Commercial other [Member] | Below Market Interest Rate and Extension of Amortization Period [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 0 | 0 | 4 |
Pre-Modification Recorded Investment | $ 0 | $ 0 | $ 0 | $ 1,572 |
Agricultural other [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 226 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | $ 0 | $ 0 | ||
Number of Loans | loan | 0 | 6 | ||
Pre-Modification Recorded Investment | $ 0 | $ 3,712 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 3,712 | ||
Agricultural other [Member] | Interest Rate Below Market Reduction [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 6 | ||
Pre-Modification Recorded Investment | $ 0 | $ 3,712 | ||
Agricultural other [Member] | Below Market Interest Rate and Extension of Amortization Period [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 0 | ||
Pre-Modification Recorded Investment | $ 0 | $ 0 | ||
Residential real estate senior liens [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 2,927 | 3,585 | 3,141 | 3,908 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | $ 31 | $ 37 | $ 97 | $ 115 |
Number of Loans | loan | 1 | 0 | ||
Pre-Modification Recorded Investment | $ 98 | $ 0 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 98 | $ 0 | ||
Residential real estate senior liens [Member] | Interest Rate Below Market Reduction [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 0 | ||
Pre-Modification Recorded Investment | $ 0 | $ 0 | ||
Residential real estate senior liens [Member] | Below Market Interest Rate and Extension of Amortization Period [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 1 | 0 | ||
Pre-Modification Recorded Investment | $ 98 | $ 0 |
Loans and ALLL (Summary of TDR loan balances) (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Receivables [Abstract] | ||
Troubled debt restructurings | $ 19,083 | $ 25,725 |
Borrowed Funds (Borrowed funds obligations) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Schedule of Debt [Line Items] | |||||
Borrowed funds | $ 81,704 | $ 81,704 | $ 99,320 | ||
Securities Sold under Agreements to Repurchase [Member] | |||||
Schedule of Debt [Line Items] | |||||
Short-term Debt, Maximum Month-end Outstanding Amount | 54,051 | $ 67,519 | 54,051 | $ 67,519 | |
Borrowed funds | $ 52,479 | $ 52,479 | $ 50,162 | ||
Borrowed funds, Rate | 0.07% | 0.07% | 0.07% | ||
Federal Funds Purchased [Member] | |||||
Schedule of Debt [Line Items] | |||||
Short-term Debt, Maximum Month-end Outstanding Amount | $ 0 | $ 0 | $ 0 | $ 80 |
Borrowed Funds (Maturity and weighted average interest rates of FHLB advances) (Details) - Federal Home Loan Bank, Advances, Fixed Rate Due 2022 [Member] - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances, rate | 0.00% | 1.97% |
FHLB fixed rate advances | $ 0 | $ 20,000 |
Borrowed Funds (Short-term borrowings) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Securities Sold under Agreements to Repurchase [Member] | ||||
Short-term Debt [Line Items] | ||||
Maximum Month End Balance | $ 54,051 | $ 67,519 | $ 54,051 | $ 67,519 |
Average Balance | $ 49,267 | $ 62,790 | $ 48,118 | $ 56,422 |
Weighted Average Interest Rate During the Period | 0.07% | 0.10% | 0.07% | 0.11% |
Federal Funds Purchased [Member] | ||||
Short-term Debt [Line Items] | ||||
Maximum Month End Balance | $ 0 | $ 0 | $ 0 | $ 80 |
Average Balance | $ 0 | $ 0 | $ 1 | $ 2 |
Weighted Average Interest Rate During the Period | 0.00% | 0.52% | 0.79% | 0.40% |
Borrowed Funds (Pledged financial instruments) (Details) - USD ($) |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Disclosure [Abstract] | ||
Total | $ 427,422,000 | $ 412,742,000 |
Short-term Debt [Line Items] | ||
AFS securities pledged without single maturity dates | 55,591,000 | 50,173,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 341,457,000 | 334,415,000 |
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 55,591,000 | 50,173,000 |
Deposit Liabilities, Collateral Issued, Financial Instruments | 30,374,000 | 28,154,000 |
State and Local Funds Purchased [Member] | ||
Short-term Debt [Line Items] | ||
AFS securities pledged without single maturity dates | 18,315,000 | 13,491,000 |
Mortgage Backed Securities, Other [Member] | ||
Short-term Debt [Line Items] | ||
AFS securities pledged without single maturity dates | 7,370,000 | 13,174,000 |
Collateralized Mortgage Obligations [Member] | ||
Short-term Debt [Line Items] | ||
AFS securities pledged without single maturity dates | 10,364,000 | 13,797,000 |
US Treasury Securities | ||
Short-term Debt [Line Items] | ||
AFS securities pledged without single maturity dates | $ 19,542,000 | $ 9,711,000 |
Borrowed Funds (Subordinated Debt) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
|
Subordinated Borrowing [Line Items] | ||
Subordinated Borrowing, Interest Rate | 3.25% | |
Subordinated Debt | $ 29,225 | $ 29,158 |
Subordinated Debt | ||
Subordinated Borrowing [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (775) | (842) |
Debt Instrument, Face Amount | $ 30,000 | $ 30,000 |
Borrowed Funds (Narrative) (Details) - USD ($) |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Short-term Debt [Line Items] | ||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 55,591,000 | $ 50,173,000 |
Additional borrowing capacity | $ 343,437,000 |
Computation of Earnings Per Common Share (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|||
Earnings Per Share [Abstract] | ||||||
Average number of common shares outstanding for basic calculation | 7,555,333 | 7,932,227 | 7,544,909 | 7,948,578 | ||
Average number of common shares outstanding used to calculate diluted earnings per common share | 7,650,950 | 8,044,572 | 7,647,117 | 8,065,252 | ||
NET INCOME | $ 5,887 | $ 4,686 | $ 15,916 | $ 14,705 | ||
Basic (in dollars per share) | $ 0.78 | $ 0.59 | $ 2.11 | $ 1.85 | ||
Diluted (in dollars per share) | $ 0.77 | $ 0.58 | $ 2.08 | $ 1.82 | ||
Isabella Bank Corporation Restricted Stock Plan | ||||||
Earnings Per Share [Abstract] | ||||||
Average potential effect of common shares in the Directors Plan | 29,111 | 17,517 | 27,277 | 12,858 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 29,111 | 17,517 | 27,277 | 12,858 | ||
Isabella Bank Corporation and Related Companies Deferred Compensation Plan for Directors | ||||||
Earnings Per Share [Abstract] | ||||||
Average potential effect of common shares in the Directors Plan | [1] | 66,506 | 94,828 | 74,931 | 103,816 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | [1] | 66,506 | 94,828 | 74,931 | 103,816 | |
|
Restricted Stock Plan (Details) - Restricted Stock - Isabella Bank Corporation Restricted Stock Plan - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 26,846 | 20,123 | 26,846 | 20,123 | 30,208 | 20,123 | 16,257 | 4,658 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 592 | $ 418 | $ 592 | $ 418 | $ 679 | $ 418 | $ 334 | $ 82 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Period Increase (Decrease) | (3,362) | 3,866 | 6,723 | 15,465 | ||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | $ (87) | $ 84 | $ 174 | $ 336 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | 0 | 0 | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | 0 | 0 | 0 |
Restricted Stock Plan (Narrative) (Details) - Restricted Stock - Isabella Bank Corporation Restricted Stock Plan - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 108 | $ 58 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 7 months 13 days | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 369 | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Employee Annual Salary | 2500.00% | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Employee Annual Salary | 4000.00% |
Other Noninterest Expenses (Expenses included in other noninterest expenses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Summary of expenses included in other noninterest expenses | ||||
ATM and Debit Card Expense | $ 543 | $ 473 | $ 1,485 | $ 1,352 |
Professional Fees | 595 | 665 | 1,749 | 1,553 |
Directors fees | 210 | 166 | 598 | 505 |
Expense Related to Distribution or Servicing and Underwriting Fees | 243 | 238 | 640 | 628 |
Donations and community relations | 239 | 198 | 665 | 452 |
Marketing Expense | 209 | 236 | 812 | 683 |
Memberships and Subscriptions Expense | 230 | 234 | 654 | 662 |
All other | 871 | 644 | 2,620 | 2,194 |
Total other | $ 3,140 | $ 2,854 | $ 9,223 | $ 8,029 |
Federal Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Federal statutory tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Income taxes at 34% statutory rate | $ 1,496 | $ 1,176 | $ 4,025 | $ 3,684 |
Interest income on tax exempt municipal securities | (147) | (143) | (425) | (474) |
Earnings on corporate owned life insurance policies | (47) | (43) | (150) | (153) |
Other | (4) | (9) | (12) | (22) |
Total effect of nontaxable income | (198) | (195) | (587) | (649) |
Effect of nondeductible expenses | 9 | 11 | 26 | 23 |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | 74 | 76 | 215 | 220 |
Federal income tax expense | $ 1,233 | $ 916 | $ 3,249 | $ 2,838 |
Accumulated Other Comprehensive Income (Loss) (Changes in AOCI by component) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ (24,840) | $ 5,724 | $ 1,859 | $ 7,698 |
OCI before reclassifications | 22,815 | 1,690 | 56,413 | 4,194 |
Tax effect | 4,788 | 353 | 11,687 | 883 |
Unrealized gains (losses), net of tax | (18,027) | (1,337) | (44,726) | (3,311) |
Ending Balance | (42,867) | 4,387 | (42,867) | 4,387 |
Unrealized Holding Gains (Losses) on AFS Securities [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (22,826) | 8,469 | 3,873 | 10,485 |
OCI before reclassifications | 22,815 | 1,690 | 56,413 | 4,247 |
Tax effect | 4,788 | 353 | 11,687 | 894 |
Unrealized gains (losses), net of tax | (18,027) | (1,337) | (44,726) | (3,353) |
Ending Balance | (40,853) | 7,132 | (40,853) | 7,132 |
Defined Benefit Pension Plan [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (2,014) | (2,745) | (2,014) | (2,745) |
OCI before reclassifications | 0 | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 | 0 |
Unrealized gains (losses), net of tax | 0 | 0 | 0 | 0 |
Ending Balance | (2,014) | (2,745) | (2,014) | (2,745) |
Gain (Loss) on Derivative Instruments [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 0 | 0 | 0 | (42) |
OCI before reclassifications | 0 | 0 | 0 | (53) |
Tax effect | 0 | 0 | 0 | (11) |
Unrealized gains (losses), net of tax | 0 | 0 | 0 | 42 |
Ending Balance | 0 | 0 | 0 | 0 |
Auction Rate Money Market Preferred Stocks [Member] | Unrealized Holding Gains (Losses) on AFS Securities [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Unrealized gains (losses), net of tax | $ (18) | $ (14) | $ (763) | $ 9 |
Fair Value (Quantitative information about impaired loans) (Details) - Discounted appraisal value [Member] - Level 3 [Member] - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Discounted appraisal value at fair value | $ 14,724 | $ 18,812 | |
Loans Receivable, Collateralized By Cash Crop Inventory [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
ImpairedFinancingReceivableFairValueDisclosureAppraisedValueDiscount | 40.00% | 40.00% | |
ImpairedFinancingReceivableFairValueDisclosureAppraisedValueWeightedAverage | 40.00% | 40.00% | |
Loans Receivable, Collateralized By Livestock [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
ImpairedFinancingReceivableFairValueDisclosureAppraisedValueDiscount | 30.00% | 30.00% | |
ImpairedFinancingReceivableFairValueDisclosureAppraisedValueWeightedAverage | 30.00% | 30.00% | |
Real Estate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
ImpairedFinancingReceivableFairValueDisclosureAppraisedValueWeightedAverage | 23.00% | 23.00% | |
Real Estate [Member] | Minimum [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
ImpairedFinancingReceivableFairValueDisclosureAppraisedValueDiscount | 20.00% | 20.00% | |
Real Estate [Member] | Maximum [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
ImpairedFinancingReceivableFairValueDisclosureAppraisedValueDiscount | 30.00% | 30.00% | |
Equipment [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
ImpairedFinancingReceivableFairValueDisclosureAppraisedValueWeightedAverage | 30.00% | 28.00% | |
Equipment [Member] | Minimum [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
ImpairedFinancingReceivableFairValueDisclosureAppraisedValueDiscount | 20.00% | 20.00% | |
Equipment [Member] | Maximum [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
ImpairedFinancingReceivableFairValueDisclosureAppraisedValueDiscount | 35.00% | 35.00% | |
Loans Receivable, Collateralized By Accounts Receivable [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
ImpairedFinancingReceivableFairValueDisclosureAppraisedValueDiscount | 50.00% | 50.00% | |
ImpairedFinancingReceivableFairValueDisclosureAppraisedValueWeightedAverage | 50.00% | 50.00% | |
Liquor License [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
ImpairedFinancingReceivableFairValueDisclosureAppraisedValueDiscount | 75.00% | ||
ImpairedFinancingReceivableFairValueDisclosureAppraisedValueWeightedAverage | 75.00% | ||
Furniture and Fixtures [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
ImpairedFinancingReceivableFairValueDisclosureAppraisedValueDiscount | 45.00% | ||
ImpairedFinancingReceivableFairValueDisclosureAppraisedValueWeightedAverage | 45.00% |
Fair Value (Carrying amount and estimated fair value of financial instruments) (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
LIABILITIES | ||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | $ 52,479 | $ 50,162 | ||
Level 1 [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 98,912 | 105,330 | ||
Mortgage loans AFS | 0 | 0 | ||
Total loans | 0 | 0 | ||
Less allowance for loan losses | 0 | 0 | ||
Net loans | 0 | 0 | ||
Accrued interest receivable | 6,406 | 5,804 | ||
Equity securities without readily determinable fair values | [1] | 0 | 0 | |
Originated mortgage servicing rights | 0 | 0 | ||
LIABILITIES | ||||
Deposits without stated maturities | 1,529,793 | 1,409,577 | ||
Deposits with stated maturities | 0 | 0 | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 0 | 0 | ||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 0 | |||
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 | ||
Accrued interest payable | 158 | 251 | ||
Level 2 [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Mortgage loans AFS | 942 | 1,797 | ||
Total loans | 0 | 0 | ||
Less allowance for loan losses | 0 | 0 | ||
Net loans | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Equity securities without readily determinable fair values | [1] | 0 | 0 | |
Originated mortgage servicing rights | 3,179 | 2,753 | ||
LIABILITIES | ||||
Deposits without stated maturities | 0 | 0 | ||
Deposits with stated maturities | 248,892 | 301,216 | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 52,349 | 50,153 | ||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 20,120 | |||
Subordinated Debt Obligations, Fair Value Disclosure | 26,548 | 27,435 | ||
Accrued interest payable | 0 | 0 | ||
Level 3 [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Mortgage loans AFS | 0 | 0 | ||
Total loans | 1,194,804 | 1,296,841 | ||
Less allowance for loan losses | 9,677 | 9,103 | ||
Net loans | 1,185,127 | 1,287,738 | ||
Accrued interest receivable | 0 | 0 | ||
Equity securities without readily determinable fair values | [1] | 0 | 0 | |
Originated mortgage servicing rights | 0 | 0 | ||
LIABILITIES | ||||
Deposits without stated maturities | 0 | 0 | ||
Deposits with stated maturities | 0 | 0 | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 0 | 0 | ||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 0 | |||
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Carrying Value [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 98,912 | 105,330 | ||
Mortgage loans AFS | 934 | 1,735 | ||
Total loans | 1,236,151 | 1,301,037 | ||
Less allowance for loan losses | 9,677 | 9,103 | ||
Net loans | 1,226,474 | 1,291,934 | ||
Accrued interest receivable | 6,406 | 5,804 | ||
Equity securities without readily determinable fair values | [1] | 15,496 | 17,383 | |
Originated mortgage servicing rights | 2,601 | 2,124 | ||
LIABILITIES | ||||
Deposits without stated maturities | 1,529,793 | 1,409,577 | ||
Deposits with stated maturities | 261,240 | 300,762 | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 52,479 | 50,162 | ||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 20,000 | |||
Subordinated Debt Obligations, Fair Value Disclosure | 29,225 | 29,158 | ||
Accrued interest payable | 158 | 251 | ||
Estimated Fair Value [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 98,912 | 105,330 | ||
Mortgage loans AFS | 942 | 1,797 | ||
Total loans | 1,194,804 | 1,296,841 | ||
Less allowance for loan losses | 9,677 | 9,103 | ||
Net loans | 1,185,127 | 1,287,738 | ||
Accrued interest receivable | 6,406 | 5,804 | ||
Originated mortgage servicing rights | 3,179 | 2,753 | ||
LIABILITIES | ||||
Deposits without stated maturities | 1,529,793 | 1,409,577 | ||
Deposits with stated maturities | 248,892 | 301,216 | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 52,349 | 50,153 | ||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 20,120 | |||
Subordinated Debt Obligations, Fair Value Disclosure | 26,548 | 27,435 | ||
Accrued interest payable | $ 158 | $ 251 | ||
|
Fair Value (Recorded amount of assets and liabilities measured at fair value) (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
AFS Securities | ||
AFS securities | $ 581,233 | $ 490,601 |
Fair value, total | 596,197 | 509,624 |
US Treasury Securities | ||
AFS Securities | ||
AFS securities | 206,791 | 209,703 |
Level 1 [Member] | ||
AFS Securities | ||
Fair value, total | $ 0 | $ 0 |
Percent of assets and liabilities measured at fair value | 0.00% | 0.00% |
Level 2 [Member] | ||
AFS Securities | ||
Fair value, total | $ 581,233 | $ 490,601 |
Percent of assets and liabilities measured at fair value | 97.49% | 96.27% |
Level 3 [Member] | ||
AFS Securities | ||
Fair value, total | $ 14,964 | $ 19,023 |
Percent of assets and liabilities measured at fair value | 2.51% | 3.73% |
Recurring items [Member] | ||
AFS Securities | ||
AFS securities | $ 581,233 | $ 490,601 |
Recurring items [Member] | States and political subdivisions [Member] | ||
AFS Securities | ||
AFS securities | 114,000 | 121,205 |
Recurring items [Member] | Auction rate money market preferred [Member] | ||
AFS Securities | ||
AFS securities | 2,479 | 3,242 |
Recurring items [Member] | Mortgage-backed securities [Member] | ||
AFS Securities | ||
AFS securities | 41,042 | 56,148 |
Recurring items [Member] | Collateralized mortgage obligations [Member] | ||
AFS Securities | ||
AFS securities | 209,720 | 92,301 |
Recurring items [Member] | Corporate Debt Securities | ||
AFS Securities | ||
AFS securities | 7,201 | 8,002 |
Recurring items [Member] | US Treasury Securities | ||
AFS Securities | ||
AFS securities | 206,791 | 209,703 |
Recurring items [Member] | Level 1 [Member] | ||
AFS Securities | ||
AFS securities | 0 | 0 |
Recurring items [Member] | Level 1 [Member] | States and political subdivisions [Member] | ||
AFS Securities | ||
AFS securities | 0 | 0 |
Recurring items [Member] | Level 1 [Member] | Auction rate money market preferred [Member] | ||
AFS Securities | ||
AFS securities | 0 | 0 |
Recurring items [Member] | Level 1 [Member] | Mortgage-backed securities [Member] | ||
AFS Securities | ||
AFS securities | 0 | 0 |
Recurring items [Member] | Level 1 [Member] | Collateralized mortgage obligations [Member] | ||
AFS Securities | ||
AFS securities | 0 | 0 |
Recurring items [Member] | Level 1 [Member] | Corporate Debt Securities | ||
AFS Securities | ||
AFS securities | 0 | 0 |
Recurring items [Member] | Level 1 [Member] | US Treasury Securities | ||
AFS Securities | ||
AFS securities | 0 | 0 |
Recurring items [Member] | Level 2 [Member] | ||
AFS Securities | ||
AFS securities | 581,233 | 490,601 |
Recurring items [Member] | Level 2 [Member] | States and political subdivisions [Member] | ||
AFS Securities | ||
AFS securities | 114,000 | 121,205 |
Recurring items [Member] | Level 2 [Member] | Auction rate money market preferred [Member] | ||
AFS Securities | ||
AFS securities | 2,479 | 3,242 |
Recurring items [Member] | Level 2 [Member] | Mortgage-backed securities [Member] | ||
AFS Securities | ||
AFS securities | 41,042 | 56,148 |
Recurring items [Member] | Level 2 [Member] | Collateralized mortgage obligations [Member] | ||
AFS Securities | ||
AFS securities | 209,720 | 92,301 |
Recurring items [Member] | Level 2 [Member] | Corporate Debt Securities | ||
AFS Securities | ||
AFS securities | 7,201 | 8,002 |
Recurring items [Member] | Level 2 [Member] | US Treasury Securities | ||
AFS Securities | ||
AFS securities | 206,791 | 209,703 |
Recurring items [Member] | Level 3 [Member] | ||
AFS Securities | ||
AFS securities | 0 | 0 |
Recurring items [Member] | Level 3 [Member] | States and political subdivisions [Member] | ||
AFS Securities | ||
AFS securities | 0 | 0 |
Recurring items [Member] | Level 3 [Member] | Auction rate money market preferred [Member] | ||
AFS Securities | ||
AFS securities | 0 | 0 |
Recurring items [Member] | Level 3 [Member] | Mortgage-backed securities [Member] | ||
AFS Securities | ||
AFS securities | 0 | 0 |
Recurring items [Member] | Level 3 [Member] | Collateralized mortgage obligations [Member] | ||
AFS Securities | ||
AFS securities | 0 | 0 |
Recurring items [Member] | Level 3 [Member] | Corporate Debt Securities | ||
AFS Securities | ||
AFS securities | 0 | 0 |
Recurring items [Member] | Level 3 [Member] | US Treasury Securities | ||
AFS Securities | ||
AFS securities | 0 | 0 |
Nonrecurring items [Member] | ||
AFS Securities | ||
Impaired loans (net of the allowance for loan losses) | 14,724 | 18,812 |
Foreclosed Assets, Fair Value Disclosure | 240 | 211 |
Nonrecurring items [Member] | Level 1 [Member] | ||
AFS Securities | ||
Impaired loans (net of the allowance for loan losses) | 0 | 0 |
Foreclosed Assets, Fair Value Disclosure | 0 | 0 |
Nonrecurring items [Member] | Level 2 [Member] | ||
AFS Securities | ||
Impaired loans (net of the allowance for loan losses) | 0 | 0 |
Foreclosed Assets, Fair Value Disclosure | 0 | 0 |
Nonrecurring items [Member] | Level 3 [Member] | ||
AFS Securities | ||
Impaired loans (net of the allowance for loan losses) | 14,724 | 18,812 |
Foreclosed Assets, Fair Value Disclosure | $ 240 | $ 211 |
Fair Value (Narrative) (Details Textual) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage Servicing Rights (MSR) Impairment (Recovery) | $ (532,000) | $ 0 |
Foreclosed Asset | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 6,000 | $ 0 |
Operating Segments (Narrative) (Details) |
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
---|---|---|---|
Segment Reporting [Abstract] | |||
Percentage of reportable segments total assets and operating results, or more | 90.00% | 90.00% | 90.00% |
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