05/06/2025 | Press release | Distributed by Public on 05/06/2025 11:05
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Commission file number | 001-35968 |
Iowa | 42-1206172 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
102 South Clinton Street, Iowa City, IA 52240
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(319) 356-5800
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(Address of principal executive offices, including zip code) | (Registrant's telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common stock, $1.00 par value | MOFG | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer |
x
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Non-accelerated filer | ☐ | Smaller reporting company |
☐
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Emerging growth company |
☐
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Page No. | ||||||||||||||
PART I | ||||||||||||||
Item 1. |
Financial Statements (unaudited)
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1
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Consolidated Balance Sheets
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1
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Consolidated Statements of Income
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2
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Consolidated Statements of Comprehensive Income
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3
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Consolidated Statements of Shareholders' Equity
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4
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Consolidated Statements of Cash Flows
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5
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|||||||||||||
Notes to Consolidated Financial Statements
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7
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Item 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations
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35
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Item 3. |
Quantitative and Qualitative Disclosures about Market Risk
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50
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Item 4. |
Controls and Procedures
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53
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Part II | ||||||||||||||
Item 1. |
Legal Proceedings
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54
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Item 1A. |
Risk Factors
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54
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Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
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54
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Item 3. |
Defaults Upon Senior Securities
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54
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Item 4. |
Mine Safety Disclosures
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54
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Item 5. |
Other Information
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54
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Item 6. |
Exhibits
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55
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Signatures
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57
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ACL | Allowance for Credit Losses | FASB | Financial Accounting Standards Board | ||||||||
AFS | Available for Sale | FDIC | Federal Deposit Insurance Corporation | ||||||||
AOCI | Accumulated Other Comprehensive Income | FHLB | Federal Home Loan Bank | ||||||||
ASC | Accounting Standards Codification | FHLBDM | Federal Home Loan Bank of Des Moines | ||||||||
ASU | Accounting Standards Update | FHLMC | Federal Home Loan Mortgage Corporation | ||||||||
ATM | Automated Teller Machine | FRB | Board of Governors of the Federal Reserve System | ||||||||
BHCA | Bank Holding Company Act of 1956, as amended | GAAP | U.S. Generally Accepted Accounting Principles | ||||||||
BOD | Bank of Denver | GLBA | Gramm-Leach-Bliley Act of 1999 | ||||||||
BOLI | Bank Owned Life Insurance | HTM | Held to Maturity | ||||||||
CECL | Current Expected Credit Loss | MBS | Mortgage-Backed Securities | ||||||||
CMO | Collateralized Mortgage Obligations | RPA | Credit Risk Participation Agreement | ||||||||
CRE | Commercial Real Estate | RRE | Residential Real Estate | ||||||||
DNVB | Denver Bankshares, Inc. | SBA | U.S. Small Business Administration | ||||||||
ECL | Expected Credit Losses | SEC | U.S. Securities and Exchange Commission | ||||||||
EVE | Economic Value of Equity | SOFR | Secured Overnight Financing Rate |
March 31, 2025 | December 31, 2024 | ||||||||||
(unaudited) (in thousands, except per share amounts) | |||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 68,545 | $ | 71,803 | |||||||
Interest earning deposits in banks | 182,360 | 133,092 | |||||||||
Total cash and cash equivalents | 250,905 | 204,895 | |||||||||
Debt securities available for sale at fair value | 1,305,530 | 1,328,433 | |||||||||
Loans held for sale | 13,836 | 749 | |||||||||
Gross loans held for investment | 4,315,546 | 4,328,413 | |||||||||
Unearned income, net | (11,362) | (12,786) | |||||||||
Loans held for investment, net of unearned income | 4,304,184 | 4,315,627 | |||||||||
Allowance for credit losses | (53,900) | (55,200) | |||||||||
Total loans held for investment, net | 4,250,284 | 4,260,427 | |||||||||
Premises and equipment, net | 90,031 | 90,851 | |||||||||
Goodwill | 69,788 | 69,788 | |||||||||
Other intangible assets, net | 23,611 | 25,019 | |||||||||
Foreclosed assets, net | 3,419 | 3,337 | |||||||||
Other assets | 246,990 | 252,830 | |||||||||
Total assets | $ | 6,254,394 | $ | 6,236,329 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Noninterest bearing deposits | $ | 903,714 | $ | 951,423 | |||||||
Interest bearing deposits | 4,585,428 | 4,526,559 | |||||||||
Total deposits | 5,489,142 | 5,477,982 | |||||||||
Short-term borrowings | 1,482 | 3,186 | |||||||||
Long-term debt | 111,398 | 113,376 | |||||||||
Other liabilities | 72,747 | 82,089 | |||||||||
Total liabilities | 5,674,769 | 5,676,633 | |||||||||
Shareholders' equity | |||||||||||
Preferred stock, no par value; authorized 500,000 shares; no shares issued and outstanding
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- | - | |||||||||
Common stock, $1.00 par value; authorized 30,000,000 shares; issued shares of 21,580,067 and 21,580,067; outstanding shares of 20,815,715 and 20,777,485
|
21,580 | 21,580 | |||||||||
Additional paid-in capital | 414,258 | 414,987 | |||||||||
Retained earnings | 227,790 | 217,776 | |||||||||
Treasury stock at cost, 764,352 and 802,582 shares
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(20,905) | (21,885) | |||||||||
Accumulated other comprehensive loss | (63,098) | (72,762) | |||||||||
Total shareholders' equity | 579,625 | 559,696 | |||||||||
Total liabilities and shareholders' equity | $ | 6,254,394 | $ | 6,236,329 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(unaudited) (in thousands, except per share amounts) | 2025 | 2024 | ||||||||||||
Interest income | ||||||||||||||
Loans, including fees | $ | 59,462 | $ | 57,947 | ||||||||||
Taxable investment securities | 13,327 | 9,460 | ||||||||||||
Tax-exempt investment securities | 703 | 1,710 | ||||||||||||
Other | 1,247 | 418 | ||||||||||||
Total interest income | 74,739 | 69,535 | ||||||||||||
Interest expense | ||||||||||||||
Deposits | 25,484 | 27,726 | ||||||||||||
Short-term borrowings | 25 | 4,975 | ||||||||||||
Long-term debt | 1,791 | 2,103 | ||||||||||||
Total interest expense | 27,300 | 34,804 | ||||||||||||
Net interest income | 47,439 | 34,731 | ||||||||||||
Credit loss expense | 1,687 | 4,689 | ||||||||||||
Net interest income after credit loss expense | 45,752 | 30,042 | ||||||||||||
Noninterest income | ||||||||||||||
Investment services and trust activities | 3,544 | 3,503 | ||||||||||||
Service charges and fees | 2,131 | 2,144 | ||||||||||||
Card revenue | 1,744 | 1,943 | ||||||||||||
Loan revenue | 1,194 | 856 | ||||||||||||
Bank-owned life insurance | 1,057 | 660 | ||||||||||||
Investment securities gains, net | 33 | 36 | ||||||||||||
Other | 433 | 608 | ||||||||||||
Total noninterest income | 10,136 | 9,750 | ||||||||||||
Noninterest expense | ||||||||||||||
Compensation and employee benefits | 21,212 | 20,930 | ||||||||||||
Occupancy expense of premises, net | 2,588 | 2,813 | ||||||||||||
Equipment | 2,426 | 2,600 | ||||||||||||
Legal and professional | 2,226 | 2,059 | ||||||||||||
Data processing | 1,698 | 1,360 | ||||||||||||
Marketing | 552 | 598 | ||||||||||||
Amortization of intangibles | 1,408 | 1,637 | ||||||||||||
FDIC insurance | 917 | 942 | ||||||||||||
Communications | 159 | 196 | ||||||||||||
Foreclosed assets, net | 74 | 358 | ||||||||||||
Other | 3,033 | 2,072 | ||||||||||||
Total noninterest expense | 36,293 | 35,565 | ||||||||||||
Income before income tax expense | 19,595 | 4,227 | ||||||||||||
Income tax expense | 4,457 | 958 | ||||||||||||
Net income | $ | 15,138 | $ | 3,269 | ||||||||||
Per common share information | ||||||||||||||
Earnings - basic | $ | 0.73 | $ | 0.21 | ||||||||||
Earnings - diluted | $ | 0.73 | $ | 0.21 | ||||||||||
Dividends paid | $ | 0.2425 | $ | 0.2425 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(unaudited) (in thousands) | 2025 | 2024 | ||||||||||||
Net income | $ | 15,138 | $ | 3,269 | ||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Unrealized gain (loss) from AFS debt securities: | ||||||||||||||
Unrealized net gain on debt securities AFS
|
13,281 | 2,151 | ||||||||||||
Reclassification adjustment for gains included in net income
|
(33) | (36) | ||||||||||||
Reclassification of the change in fair value of AFS debt securities attributable to change in hedged risk | 168 | 882 | ||||||||||||
Income tax expense
|
(3,396) | (758) | ||||||||||||
Unrealized net gain on AFS debt securities, net of reclassification adjustments
|
10,020 | 2,239 | ||||||||||||
Reclassification of AFS debt securities to HTM on January 1, 2022: | ||||||||||||||
Amortization of the net unrealized loss from the reclassification of AFS debt securities to HTM
|
- | 501 | ||||||||||||
Income tax expense
|
- | (127) | ||||||||||||
Amortization of net unrealized loss from the reclassification of AFS debt securities to HTM, net | - | 374 | ||||||||||||
Unrealized (loss) gain from cash flow hedging instruments: | ||||||||||||||
Unrealized net (loss) gain in cash flow hedging instruments
|
(198) | 2,772 | ||||||||||||
Reclassification adjustment for net gain in cash flow hedging instruments included in income
|
(279) | (788) | ||||||||||||
Income tax benefit (expense)
|
121 | (502) | ||||||||||||
Unrealized net (losses) gains on cash flow hedging instruments, net of reclassification adjustment
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(356) | 1,482 | ||||||||||||
Other comprehensive income, net of tax | 9,664 | 4,095 | ||||||||||||
Comprehensive income | $ | 24,802 | $ | 7,364 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
(unaudited) (in thousands, except per share amounts) |
Par Value |
Additional
Paid-in
Capital
|
Retained Earnings | Treasury Stock |
Accumulated
Other
Comprehensive
Income (Loss)
|
Total | ||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | 16,581 | $ | 302,157 | $ | 294,784 | $ | (24,245) | $ | (64,899) | $ | 524,378 | ||||||||||||||||||||||||||
Net income | - | - | 3,269 | - | - | 3,269 | ||||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | 4,095 | 4,095 | ||||||||||||||||||||||||||||||||
Release/lapse of restriction on RSUs (56,165 shares)
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- | (1,953) | (167) | 1,597 | - | (523) | ||||||||||||||||||||||||||||||||
Share-based compensation | - | 641 | - | - | - | 641 | ||||||||||||||||||||||||||||||||
Dividends paid on common stock ($0.2425 per share)
|
- | - | (3,820) | - | - | (3,820) | ||||||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | 16,581 | $ | 300,845 | $ | 294,066 | $ | (22,648) | $ | (60,804) | $ | 528,040 | ||||||||||||||||||||||||||
Balance at December 31, 2024 | $ | 21,580 | $ | 414,987 | $ | 217,776 | $ | (21,885) | $ | (72,762) | $ | 559,696 | ||||||||||||||||||||||||||
Net income | - | - | 15,138 | - | - | 15,138 | ||||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | 9,664 | 9,664 | ||||||||||||||||||||||||||||||||
Release/lapse of restriction on RSUs (38,230 shares, net)
|
- | (1,324) | (76) | 980 | - | (420) | ||||||||||||||||||||||||||||||||
Share-based compensation | - | 595 | - | - | - | 595 | ||||||||||||||||||||||||||||||||
Dividends paid on common stock ($0.2425 per share)
|
- | - | (5,048) | - | - | (5,048) | ||||||||||||||||||||||||||||||||
Balance at March 31, 2025 | $ | 21,580 | $ | 414,258 | $ | 227,790 | $ | (20,905) | $ | (63,098) | $ | 579,625 | ||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
(unaudited) (in thousands) | 2025 | 2024 | |||||||||
Operating Activities: | |||||||||||
Net income
|
$ | 15,138 | $ | 3,269 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|||||||||||
Credit loss expense
|
1,687 | 4,689 | |||||||||
Depreciation, amortization, and accretion
|
176 | 2,992 | |||||||||
Net change in premises and equipment due to writedown or sale | 213 | 79 | |||||||||
Share-based compensation
|
595 | 641 | |||||||||
Net gain on call or sale of debt securities available for sale
|
(33) | (36) | |||||||||
Net change in foreclosed assets due to writedown or sale | 59 | 311 | |||||||||
Net gain on sale of loans held for sale | (241) | (181) | |||||||||
Origination of loans held for sale
|
(13,664) | (9,386) | |||||||||
Proceeds from sales of loans held for sale
|
11,858 | 8,283 | |||||||||
Increase in cash surrender value of bank-owned life insurance | (1,057) | (661) | |||||||||
Decrease (increase) in deferred income taxes, net | 3,066 | (221) | |||||||||
Change in:
|
|||||||||||
Other assets
|
120 | (2,430) | |||||||||
Other liabilities
|
(9,242) | 2,239 | |||||||||
Net cash provided by operating activities
|
$ | 8,675 | $ | 9,588 | |||||||
Investing Activities: | |||||||||||
Purchases of equity securities | $ | (500) | $ | (250) | |||||||
Proceeds from sales of debt securities available for sale
|
- | 52,323 | |||||||||
Proceeds from maturities, calls and payments of debt securities available for sale
|
42,502 | 27,951 | |||||||||
Purchases of debt securities available for sale
|
(5,015) | (28,376) | |||||||||
Proceeds from maturities, calls, and payments of debt securities held to maturity
|
- | 10,268 | |||||||||
Net decrease (increase) in loans held for investment
|
(1,495) | (79,756) | |||||||||
Purchases of premises and equipment
|
(410) | (519) | |||||||||
Proceeds from sale of foreclosed assets
|
- | 2 | |||||||||
Net cash paid in business acquisition | - | (19,980) | |||||||||
Proceeds of principal and earnings from bank-owned life insurance
|
380 | - | |||||||||
Net cash provided by (used in) investing activities
|
$ | 35,462 | $ | (38,337) | |||||||
Financing Activities: | |||||||||||
Net increase (decrease) in: | |||||||||||
Deposits
|
$ | 11,100 | $ | (34,797) | |||||||
Short-term borrowings
|
(1,704) | 85,224 | |||||||||
Payments on finance lease liability | (55) | (50) | |||||||||
Payments of other long-term debt | (2,000) | (1,250) | |||||||||
Taxes paid relating to the release/lapse of restriction on RSUs
|
(420) | (523) | |||||||||
Dividends paid
|
(5,048) | (3,820) | |||||||||
Net cash provided by financing activities
|
$ | 1,873 | $ | 44,784 | |||||||
Net change in cash and cash equivalents
|
$ | 46,010 | $ | 16,035 | |||||||
Cash and cash equivalents at beginning of period | 204,895 | 81,727 | |||||||||
Cash and cash equivalents at end of period | $ | 250,905 | $ | 97,762 | |||||||
Three Months Ended March 31, | |||||||||||
(unaudited) (in thousands) | 2025 | 2024 | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid during the period for interest
|
$ | 27,734 | $ | 33,369 | |||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||
Transfer of loans to foreclosed assets, net
|
$ | 141 | $ | 281 | |||||||
Transfer of loans held for investment to loans held for sale | 11,040 | - | |||||||||
Supplemental schedule of non-cash investing activities from acquisition: | |||||||||||
Non-cash assets acquired:
|
|||||||||||
Investment securities | $ | - | $ | 52,493 | |||||||
Total loans held for investment, net | - | 207,095 | |||||||||
Premises and equipment | - | 11,091 | |||||||||
Assets held for sale | - | 2,379 | |||||||||
Goodwill | - | 8,641 | |||||||||
Core deposit intangible | - | 7,100 | |||||||||
Other assets | - | 4,987 | |||||||||
Total non-cash assets acquired | $ | - | $ | 293,786 | |||||||
Liabilities assumed: | |||||||||||
Deposits | $ | - | $ | 224,248 | |||||||
Short-term borrowings | - | 37,500 | |||||||||
Other liabilities | - | 3,417 | |||||||||
Total liabilities assumed | $ | - | $ | 265,165 |
(in thousands) | January 31, 2024 | |||||||
Merger consideration | ||||||||
Cash consideration
|
$ | 32,600 | ||||||
Identifiable net assets acquired, at fair value | ||||||||
Assets acquired | ||||||||
Cash and due from banks
|
$ | 462 | ||||||
Interest earning deposits in banks
|
3,517 | |||||||
Debt securities
|
52,493 | |||||||
Loans held for investment
|
207,095 | |||||||
Premises and equipment
|
12,857 | |||||||
Core deposit intangible
|
7,100 | |||||||
Other assets
|
5,200 | |||||||
Total assets acquired
|
288,724 | |||||||
Liabilities assumed | ||||||||
Deposits
|
$ | (224,248) | ||||||
Short-term borrowings | (37,500) | |||||||
Other liabilities
|
(3,417) | |||||||
Total liabilities assumed
|
(265,165) | |||||||
Identifiable net assets acquired, at fair value | 23,559 | |||||||
Goodwill | $ | 9,041 |
Unaudited | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in thousands, except per share amounts) | 2024 | |||||||
Total revenues | $ | 45,298 | ||||||
Net income | $ | 6,466 | ||||||
EPS - basic | $ | 0.41 | ||||||
EPS - diluted | $ | 0.41 |
(in thousands) | June 7, 2024 | |||||||
Assets | ||||||||
Cash and due from banks | $ | 353 | ||||||
Loans held for investment, net of unearned income | 163,302 | |||||||
Allowance for credit losses | (1,943) | |||||||
Total loans held for investment, net | 161,359 | |||||||
Premises and equipment | 3,511 | |||||||
Goodwill | 1,730 | |||||||
Other assets | 375 | |||||||
Total assets | $ | 167,328 | ||||||
Liabilities | ||||||||
Deposits | $ | 133,403 | ||||||
Other liabilities | 231 | |||||||
Total liabilities | $ | 133,634 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
(in thousands) | 2025 | 2024 | |||||||||
Noninterest Expense | |||||||||||
Compensation and employee benefits | $ | - | $ | 241 | |||||||
Occupancy expense of premises, net | - | 152 | |||||||||
Equipment | - | 149 | |||||||||
Legal and professional | 40 | 573 | |||||||||
Data processing | - | 61 | |||||||||
Marketing | - | 32 | |||||||||
Communications | - | 1 | |||||||||
Other | - | 105 | |||||||||
Total acquisition and divestiture-related expenses
|
$ | 40 | $ | 1,314 |
As of March 31, 2025 | |||||||||||||||||||||||||||||
(in thousands) |
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Allowance for Credit Loss related to Debt Securities | Fair Value | ||||||||||||||||||||||||
U.S. treasuries | $ | 50,647 | $ | 26 | $ | - | $ | - | $ | 50,673 | |||||||||||||||||||
U.S. government agencies and corporations | 15,015 | 38 | - | - | 15,053 | ||||||||||||||||||||||||
State and political subdivisions | 152,319 | 2 | 25,121 | - | 127,200 | ||||||||||||||||||||||||
Mortgage-backed securities
|
326,984 | 746 | 4,891 | - | 322,839 | ||||||||||||||||||||||||
Collateralized loan obligations | 45,128 | 51 | 20 | - | 45,159 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 678,221 | 567 | 47,550 | - | 631,238 | ||||||||||||||||||||||||
Corporate debt securities | 122,535 | 88 | 9,255 | - | 113,368 | ||||||||||||||||||||||||
Total available for sale debt securities
|
$ | 1,390,849 | $ | 1,518 | $ | 86,837 | $ | - | $ | 1,305,530 |
As of December 31, 2024 | |||||||||||||||||||||||||||||
(in thousands) |
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Allowance for Credit Loss related to Debt Securities |
Fair Value |
||||||||||||||||||||||||
U.S. treasuries | $ | 50,371 | $ | 28 | $ | - | $ | - | $ | 50,399 | |||||||||||||||||||
U.S. Government agencies and corporations | 10,000 | - | 59 | - | 9,941 | ||||||||||||||||||||||||
State and political subdivisions | 159,293 | 2 | 23,575 | - | 135,720 | ||||||||||||||||||||||||
Mortgage-backed securities
|
331,956 | 6 | 8,523 | - | 323,439 | ||||||||||||||||||||||||
Collateralized loan obligations | 48,747 | 148 | 26 | - | 48,869 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 702,138 | 83 | 56,112 | - | 646,109 | ||||||||||||||||||||||||
Corporate debt securities | 124,495 | 86 | 10,625 | - | 113,956 | ||||||||||||||||||||||||
Total available for sale debt securities
|
$ | 1,427,000 | $ | 353 | $ | 98,920 | $ | - | $ | 1,328,433 |
As of March 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
Number
of
Securities
|
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
||||||||||||||||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 119 | $ | 600 | $ | - | $ | 125,313 | $ | 25,121 | $ | 125,913 | $ | 25,121 | ||||||||||||||||||||||||||||
Mortgage-backed securities
|
30 | 181,246 | 1,774 | 17,814 | 3,117 | 199,060 | 4,891 | ||||||||||||||||||||||||||||||||||
Collateralized loan obligations
|
2 | 5,007 | 11 | 2,115 | 9 | 7,122 | 20 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations
|
47 | 272,840 | 2,126 | 185,466 | 45,424 | 458,306 | 47,550 | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 82 | 1,482 | 18 | 102,634 | 9,237 | 104,116 | 9,255 | ||||||||||||||||||||||||||||||||||
Total
|
280 | $ | 461,175 | $ | 3,929 | $ | 433,342 | $ | 82,908 | $ | 894,517 | $ | 86,837 |
As of December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
Number
of
Securities
|
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
||||||||||||||||||||||||||||||||||||
(in thousands, except number of securities) | |||||||||||||||||||||||||||||||||||||||||
U.S. government agencies and corporations
|
1 | $ | 9,941 | $ | 59 | $ | - | $ | - | $ | 9,941 | $ | 59 | ||||||||||||||||||||||||||||
State and political subdivisions | 121 | 839 | 11 | 127,094 | 23,564 | 127,933 | 23,575 | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities
|
48 | 305,140 | 5,091 | 17,699 | 3,432 | 322,839 | 8,523 | ||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 2 | 5,014 | 13 | 2,133 | 13 | 7,147 | 26 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 56 | 432,201 | 7,196 | 186,883 | 48,916 | 619,084 | 56,112 | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 83 | - | - | 103,496 | 10,625 | 103,496 | 10,625 | ||||||||||||||||||||||||||||||||||
Total
|
311 | $ | 753,135 | $ | 12,370 | $ | 437,305 | $ | 86,550 | $ | 1,190,440 | $ | 98,920 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
(in thousands) | 2025 | 2024 | |||||||||
Proceeds from sales of debt securities available for sale | $ | - | $ | 52,323 | |||||||
Gross realized losses from sales of debt securities available for sale(1)
|
- | - | |||||||||
Net realized loss from sales of debt securities available for sale(1)
|
$ | - | $ | - | |||||||
(1) The difference in investment securities (losses) gains, net reported herein as compared to the Consolidated Statements of Income for the three months ended March 31, 2025 and March 31, 2024 is associated with the net realized gain from the call of debt securities of $33 thousand and $36 thousand, respectively.
|
(in thousands) | Amortized Cost | Fair Value | |||||||||
Due in one year or less | $ | 54,310 | $ | 54,306 | |||||||
Due after one year through five years | 55,780 | 54,322 | |||||||||
Due after five years through ten years | 171,113 | 150,675 | |||||||||
Due after ten years | 59,313 | 46,991 | |||||||||
$ | 340,516 | $ | 306,294 | ||||||||
Mortgage-backed securities | 326,984 | 322,839 | |||||||||
Collateralized loan obligations | 45,128 | 45,159 | |||||||||
Collateralized mortgage obligations | 678,221 | 631,238 | |||||||||
Total | $ | 1,390,849 | $ | 1,305,530 |
(in thousands) | As of March 31, 2025 | As of December 31, 2024 | |||||||||
Agricultural | $ | 131,409 | $ | 119,051 | |||||||
Commercial and industrial | 1,140,138 | 1,126,813 | |||||||||
Commercial real estate: | |||||||||||
Construction & development | 293,280 | 324,896 | |||||||||
Farmland | 180,633 | 182,460 | |||||||||
Multifamily | 421,204 | 423,157 | |||||||||
Commercial real estate-other | 1,425,062 | 1,414,168 | |||||||||
Total commercial real estate | 2,320,179 | 2,344,681 | |||||||||
Residential real estate: | |||||||||||
One- to four- family first liens | 471,688 | 477,150 | |||||||||
One- to four- family junior liens | 182,346 | 179,232 | |||||||||
Total residential real estate | 654,034 | 656,382 | |||||||||
Consumer | 58,424 | 68,700 | |||||||||
Loans held for investment, net of unearned income | 4,304,184 | 4,315,627 | |||||||||
Allowance for credit losses | (53,900) | (55,200) | |||||||||
Total loans held for investment, net | $ | 4,250,284 | $ | 4,260,427 |
Age Analysis of Past-Due Financial Assets | 90 Days or More Past Due And Accruing | ||||||||||||||||||||||||||||||||||
(in thousands) | Current | 30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total | ||||||||||||||||||||||||||||||
March 31, 2025 | |||||||||||||||||||||||||||||||||||
Agricultural
|
$ | 131,131 | $ | - | $ | - | $ | 278 | $ | 131,409 | $ | - | |||||||||||||||||||||||
Commercial and industrial
|
1,137,341 | 155 | 100 | 2,542 | 1,140,138 | - | |||||||||||||||||||||||||||||
Commercial real estate:
|
|||||||||||||||||||||||||||||||||||
Construction and development
|
293,280 | - | - | - | 293,280 | - | |||||||||||||||||||||||||||||
Farmland
|
178,874 | - | 595 | 1,164 | 180,633 | - | |||||||||||||||||||||||||||||
Multifamily
|
421,189 | 15 | - | - | 421,204 | - | |||||||||||||||||||||||||||||
Commercial real estate-other
|
1,420,489 | 2,461 | - | 2,112 | 1,425,062 | - | |||||||||||||||||||||||||||||
Total commercial real estate
|
2,313,832 | 2,476 | 595 | 3,276 | 2,320,179 | - | |||||||||||||||||||||||||||||
Residential real estate:
|
|||||||||||||||||||||||||||||||||||
One- to four- family first liens
|
466,256 | 3,344 | 166 | 1,922 | 471,688 | 41 | |||||||||||||||||||||||||||||
One- to four- family junior liens
|
181,601 | 293 | 364 | 88 | 182,346 | 4 | |||||||||||||||||||||||||||||
Total residential real estate
|
647,857 | 3,637 | 530 | 2,010 | 654,034 | 45 | |||||||||||||||||||||||||||||
Consumer
|
58,075 | 239 | 77 | 33 | 58,424 | 8 | |||||||||||||||||||||||||||||
Total
|
$ | 4,288,236 | $ | 6,507 | $ | 1,302 | $ | 8,139 | $ | 4,304,184 | $ | 53 |
Age Analysis of Past-Due Financial Assets | 90 Days or More Past Due And Accruing | ||||||||||||||||||||||||||||||||||
(in thousands) | Current | 30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total | ||||||||||||||||||||||||||||||
December 31, 2024 | |||||||||||||||||||||||||||||||||||
Agricultural
|
$ | 118,659 | $ | - | $ | - | $ | 392 | $ | 119,051 | $ | - | |||||||||||||||||||||||
Commercial and industrial
|
1,122,382 | 918 | 651 | 2,862 | 1,126,813 | - | |||||||||||||||||||||||||||||
Commercial real estate:
|
|||||||||||||||||||||||||||||||||||
Construction and development
|
324,896 | - | - | - | 324,896 | - | |||||||||||||||||||||||||||||
Farmland
|
182,025 | 71 | - | 364 | 182,460 | - | |||||||||||||||||||||||||||||
Multifamily
|
423,157 | - | - | - | 423,157 | - | |||||||||||||||||||||||||||||
Commercial real estate-other
|
1,405,377 | 2,806 | 26 | 5,959 | 1,414,168 | - | |||||||||||||||||||||||||||||
Total commercial real estate
|
2,335,455 | 2,877 | 26 | 6,323 | 2,344,681 | - | |||||||||||||||||||||||||||||
Residential real estate:
|
|||||||||||||||||||||||||||||||||||
One- to four- family first liens
|
470,300 | 2,770 | 1,680 | 2,400 | 477,150 | 49 | |||||||||||||||||||||||||||||
One- to four- family junior liens
|
178,225 | 580 | 98 | 329 | 179,232 | 6 | |||||||||||||||||||||||||||||
Total residential real estate
|
648,525 | 3,350 | 1,778 | 2,729 | 656,382 | 55 | |||||||||||||||||||||||||||||
Consumer
|
68,232 | 239 | 142 | 87 | 68,700 | 87 | |||||||||||||||||||||||||||||
Total
|
$ | 4,293,253 | $ | 7,384 | $ | 2,597 | $ | 12,393 | $ | 4,315,627 | $ | 142 |
Nonaccrual | Nonaccrual with no Allowance for Credit Losses | 90 Days or More Past Due And Accruing | |||||||||||||||||||||||||||||||||
(in thousands) | March 31, 2025 | December 31, 2024 | March 31, 2025 | December 31, 2024 | March 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||
Agricultural
|
$ | 332 | $ | 447 | $ | 66 | $ | 208 | $ | - | $ | - | |||||||||||||||||||||||
Commercial and industrial
|
2,705 | 2,986 | 147 | 1 | - | - | |||||||||||||||||||||||||||||
Commercial real estate:
|
|||||||||||||||||||||||||||||||||||
Construction and development
|
- | 27 | - | - | - | - | |||||||||||||||||||||||||||||
Farmland
|
1,163 | 483 | 1,151 | 352 | - | - | |||||||||||||||||||||||||||||
Multifamily
|
- | - | - | - | - | - | |||||||||||||||||||||||||||||
Commercial real estate-other
|
8,520 | 12,982 | 623 | 623 | - | - | |||||||||||||||||||||||||||||
Total commercial real estate
|
9,683 | 13,492 | 1,774 | 975 | - | - | |||||||||||||||||||||||||||||
Residential real estate:
|
|||||||||||||||||||||||||||||||||||
One- to four- family first liens
|
3,654 | 3,667 | 1,712 | 1,748 | 41 | 49 | |||||||||||||||||||||||||||||
One- to four- family junior liens
|
929 | 1,015 | 374 | 378 | 4 | 6 | |||||||||||||||||||||||||||||
Total residential real estate
|
4,583 | 4,682 | 2,086 | 2,126 | 45 | 55 | |||||||||||||||||||||||||||||
Consumer
|
114 | 98 | 13 | - | 8 | 87 | |||||||||||||||||||||||||||||
Total
|
$ | 17,417 | $ | 21,705 | $ | 4,086 | $ | 3,310 | $ | 53 | $ | 142 |
Term Loans by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2025
(in thousands)
|
2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||
Agricultural
|
|||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 7,528 | $ | 10,515 | $ | 7,294 | $ | 7,738 | $ | 4,695 | $ | 2,675 | $ | 87,211 | $ | 127,656 | |||||||||||||||||||||||||||||||
Special mention | 203 | 100 | 120 | 134 | 210 | 28 | 1,433 | 2,228 | |||||||||||||||||||||||||||||||||||||||
Substandard | - | 183 | 35 | 163 | 245 | 253 | 646 | 1,525 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 7,731 | $ | 10,798 | $ | 7,449 | $ | 8,035 | $ | 5,150 | $ | 2,956 | $ | 89,290 | $ | 131,409 | |||||||||||||||||||||||||||||||
Commercial and industrial
|
|||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 74,672 | $ | 111,416 | $ | 146,493 | $ | 163,495 | $ | 159,968 | $ | 205,886 | $ | 201,826 | $ | 1,063,756 | |||||||||||||||||||||||||||||||
Special mention | 74 | 6,133 | 1,509 | 22,886 | 5,200 | 5,121 | 3,366 | 44,289 | |||||||||||||||||||||||||||||||||||||||
Substandard | 164 | 873 | 1,066 | 2,390 | 645 | 20,104 | 6,851 | 32,093 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 74,910 | $ | 118,422 | $ | 149,068 | $ | 188,771 | $ | 165,813 | $ | 231,111 | $ | 212,043 | $ | 1,140,138 | |||||||||||||||||||||||||||||||
CRE - Construction and development
|
|||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 13,242 | $ | 96,946 | $ | 87,690 | $ | 68,364 | $ | 12,465 | $ | 4,888 | $ | 9,685 | $ | 293,280 | |||||||||||||||||||||||||||||||
Special mention | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Total | $ | 13,242 | $ | 96,946 | $ | 87,690 | $ | 68,364 | $ | 12,465 | $ | 4,888 | $ | 9,685 | $ | 293,280 | |||||||||||||||||||||||||||||||
CRE - Farmland
|
|||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 9,003 | $ | 29,296 | $ | 22,278 | $ | 38,687 | $ | 38,173 | $ | 30,430 | $ | 2,353 | $ | 170,220 | |||||||||||||||||||||||||||||||
Special mention | - | 677 | - | 313 | 1,177 | 2,879 | - | 5,046 | |||||||||||||||||||||||||||||||||||||||
Substandard | 373 | 838 | 271 | 1,239 | 596 | 1,094 | 956 | 5,367 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 9,376 | $ | 30,811 | $ | 22,549 | $ | 40,239 | $ | 39,946 | $ | 34,403 | $ | 3,309 | $ | 180,633 | |||||||||||||||||||||||||||||||
CRE - Multifamily
|
|||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 6,641 | $ | 20,379 | $ | 83,795 | $ | 98,453 | $ | 103,140 | $ | 92,368 | $ | 4,403 | $ | 409,179 | |||||||||||||||||||||||||||||||
Special mention | 9,182 | 64 | 1,029 | - | 256 | 1,494 | - | 12,025 | |||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Total | $ | 15,823 | $ | 20,443 | $ | 84,824 | $ | 98,453 | $ | 103,396 | $ | 93,862 | $ | 4,403 | $ | 421,204 | |||||||||||||||||||||||||||||||
CRE - Other
|
|||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 59,361 | $ | 176,931 | $ | 165,166 | $ | 310,801 | $ | 227,419 | $ | 308,032 | $ | 59,305 | $ | 1,307,015 | |||||||||||||||||||||||||||||||
Special mention | 1,923 | 1,314 | 5,953 | 9,513 | 19,608 | 7,053 | 6,612 | 51,976 | |||||||||||||||||||||||||||||||||||||||
Substandard | 190 | 7,059 | 2,589 | 35,800 | 1,870 | 18,192 | 371 | 66,071 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 61,474 | $ | 185,304 | $ | 173,708 | $ | 356,114 | $ | 248,897 | $ | 333,277 | $ | 66,288 | $ | 1,425,062 | |||||||||||||||||||||||||||||||
RRE - One- to four- family first liens
|
|||||||||||||||||||||||||||||||||||||||||||||||
Pass / Performing | $ | 14,499 | $ | 56,545 | $ | 50,360 | $ | 118,653 | $ | 85,530 | $ | 118,881 | $ | 13,985 | $ | 458,453 | |||||||||||||||||||||||||||||||
Special mention | - | 210 | 1,101 | 2,887 | 194 | 1,538 | - | 5,930 | |||||||||||||||||||||||||||||||||||||||
Substandard / Nonperforming | - | - | 1,285 | 1,223 | 909 | 3,888 | - | 7,305 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 14,499 | $ | 56,755 | $ | 52,746 | $ | 122,763 | $ | 86,633 | $ | 124,307 | $ | 13,985 | $ | 471,688 | |||||||||||||||||||||||||||||||
RRE - One- to four- family junior liens
|
|||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 1,578 | $ | 9,158 | $ | 15,664 | $ | 20,857 | $ | 14,295 | $ | 13,102 | $ | 106,192 | $ | 180,846 | |||||||||||||||||||||||||||||||
Nonperforming | - | 132 | 215 | 909 | 79 | 165 | - | 1,500 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 1,578 | $ | 9,290 | $ | 15,879 | $ | 21,766 | $ | 14,374 | $ | 13,267 | $ | 106,192 | $ | 182,346 | |||||||||||||||||||||||||||||||
Consumer
|
|||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 4,740 | $ | 13,850 | $ | 15,999 | $ | 9,109 | $ | 5,042 | $ | 3,481 | $ | 6,081 | $ | 58,302 | |||||||||||||||||||||||||||||||
Nonperforming | - | 10 | 41 | 46 | - | 25 | - | 122 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 4,740 | $ | 13,860 | $ | 16,040 | $ | 9,155 | $ | 5,042 | $ | 3,506 | $ | 6,081 | $ | 58,424 | |||||||||||||||||||||||||||||||
Term Loans by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2025
(in thousands)
|
2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||
Total by Credit Quality Indicator Category | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 184,946 | $ | 502,028 | $ | 563,076 | $ | 806,191 | $ | 631,390 | $ | 763,160 | $ | 378,768 | $ | 3,829,559 | |||||||||||||||||||||||||||||||
Special mention | 11,382 | 8,498 | 9,712 | 35,733 | 26,645 | 18,113 | 11,411 | 121,494 | |||||||||||||||||||||||||||||||||||||||
Substandard | 727 | 8,953 | 5,246 | 40,815 | 4,265 | 43,531 | 8,824 | 112,361 | |||||||||||||||||||||||||||||||||||||||
Performing | 6,318 | 23,008 | 31,663 | 29,966 | 19,337 | 16,583 | 112,273 | 239,148 | |||||||||||||||||||||||||||||||||||||||
Nonperforming | - | 142 | 256 | 955 | 79 | 190 | - | 1,622 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 203,373 | $ | 542,629 | $ | 609,953 | $ | 913,660 | $ | 681,716 | $ | 841,577 | $ | 511,276 | $ | 4,304,184 | |||||||||||||||||||||||||||||||
Term Loans by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2025 (in thousands) |
2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||
Year-to-date Current Period Gross Write-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | - | $ | 58 | $ | 45 | $ | - | $ | - | $ | - | $ | - | $ | 103 | |||||||||||||||||||||||||||||||
CRE - Other | - | - | - | - | - | 2,635 | - | 2,635 | |||||||||||||||||||||||||||||||||||||||
RRE - One-to-four-family first liens | - | - | - | - | - | 14 | - | 14 | |||||||||||||||||||||||||||||||||||||||
RRE - One-to-four-family junior liens | - | - | - | 25 | - | - | - | 25 | |||||||||||||||||||||||||||||||||||||||
Consumer | - | 135 | 104 | 128 | 1 | 10 | - | 378 | |||||||||||||||||||||||||||||||||||||||
Total Current Period Gross Write-offs | $ | - | $ | 193 | $ | 149 | $ | 153 | $ | 1 | $ | 2,659 | $ | - | $ | 3,155 | |||||||||||||||||||||||||||||||
Term Loans by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2024
(in thousands)
|
2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||
Agricultural
|
|||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 13,364 | $ | 7,533 | $ | 8,405 | $ | 5,452 | $ | 1,772 | $ | 1,131 | $ | 78,123 | 115,780 | ||||||||||||||||||||||||||||||||
Special mention | 234 | 186 | 152 | 224 | - | 28 | 761 | 1,585 | |||||||||||||||||||||||||||||||||||||||
Substandard | 30 | - | 209 | 109 | 211 | 185 | 942 | 1,686 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 13,628 | $ | 7,719 | $ | 8,766 | $ | 5,785 | $ | 1,983 | $ | 1,344 | $ | 79,826 | $ | 119,051 | |||||||||||||||||||||||||||||||
Commercial and industrial
|
|||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 132,974 | $ | 150,944 | $ | 168,448 | $ | 165,044 | $ | 95,206 | $ | 121,761 | $ | 211,223 | $ | 1,045,600 | |||||||||||||||||||||||||||||||
Special mention | 6,262 | 2,306 | 24,261 | 3,121 | 5,042 | 2,202 | 8,856 | 52,050 | |||||||||||||||||||||||||||||||||||||||
Substandard | 864 | 545 | 1,859 | 2,977 | 39 | 20,596 | 2,283 | 29,163 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 140,100 | $ | 153,795 | $ | 194,568 | $ | 171,142 | $ | 100,287 | $ | 144,559 | $ | 222,362 | $ | 1,126,813 | |||||||||||||||||||||||||||||||
CRE - Construction and development
|
|||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 97,609 | $ | 137,742 | $ | 65,684 | $ | 12,571 | $ | 2,994 | $ | 1,972 | $ | 6,101 | $ | 324,673 | |||||||||||||||||||||||||||||||
Special mention | - | - | 27 | - | - | - | - | 27 | |||||||||||||||||||||||||||||||||||||||
Substandard | 196 | - | - | - | - | - | - | 196 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 97,805 | $ | 137,742 | $ | 65,711 | $ | 12,571 | $ | 2,994 | $ | 1,972 | $ | 6,101 | $ | 324,896 | |||||||||||||||||||||||||||||||
CRE - Farmland
|
|||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 31,398 | $ | 22,842 | $ | 39,300 | $ | 39,489 | $ | 18,802 | $ | 13,259 | $ | 5,594 | $ | 170,684 | |||||||||||||||||||||||||||||||
Special mention | 1,684 | - | 2,350 | 960 | 495 | 1,001 | 478 | 6,968 | |||||||||||||||||||||||||||||||||||||||
Substandard | 561 | 516 | 355 | 585 | 1,131 | 1,660 | - | 4,808 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 33,643 | $ | 23,358 | $ | 42,005 | $ | 41,034 | $ | 20,428 | $ | 15,920 | $ | 6,072 | $ | 182,460 | |||||||||||||||||||||||||||||||
CRE - Multifamily
|
|||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 32,274 | $ | 70,843 | $ | 99,228 | $ | 104,206 | $ | 82,750 | $ | 18,663 | $ | 122 | $ | 408,086 | |||||||||||||||||||||||||||||||
Special mention | 78 | 1,031 | 448 | 260 | 1,444 | 11,810 | - | 15,071 | |||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Total | $ | 32,352 | $ | 71,874 | $ | 99,676 | $ | 104,466 | $ | 84,194 | $ | 30,473 | $ | 122 | $ | 423,157 | |||||||||||||||||||||||||||||||
CRE - Other
|
|||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 192,608 | $ | 145,595 | $ | 322,545 | $ | 232,349 | $ | 191,697 | $ | 134,798 | $ | 60,681 | $ | 1,280,273 | |||||||||||||||||||||||||||||||
Special mention | 1,902 | 8,546 | 19,573 | 18,577 | 4,702 | 5,129 | 8,350 | 66,779 | |||||||||||||||||||||||||||||||||||||||
Substandard | 4,517 | 86 | 24,314 | 1,242 | 17,792 | 19,165 | - | 67,116 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 199,027 | $ | 154,227 | $ | 366,432 | $ | 252,168 | $ | 214,191 | $ | 159,092 | $ | 69,031 | $ | 1,414,168 | |||||||||||||||||||||||||||||||
RRE - One- to four- family first liens
|
|||||||||||||||||||||||||||||||||||||||||||||||
Pass / Performing | $ | 60,765 | $ | 53,273 | $ | 121,536 | $ | 88,067 | $ | 45,026 | $ | 82,679 | $ | 13,187 | $ | 464,533 | |||||||||||||||||||||||||||||||
Special mention | 588 | 1,123 | 1,944 | 197 | 593 | 991 | 546 | 5,982 | |||||||||||||||||||||||||||||||||||||||
Substandard / Nonperforming | - | 1,302 | 1,019 | 690 | 102 | 3,522 | - | 6,635 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 61,353 | $ | 55,698 | $ | 124,499 | $ | 88,954 | $ | 45,721 | $ | 87,192 | $ | 13,733 | $ | 477,150 | |||||||||||||||||||||||||||||||
RRE - One- to four- family junior liens
|
|||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 10,503 | $ | 16,894 | $ | 22,506 | $ | 14,906 | $ | 6,237 | $ | 7,481 | $ | 99,690 | $ | 178,217 | |||||||||||||||||||||||||||||||
Nonperforming | - | - | 701 | 69 | - | 245 | - | 1,015 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 10,503 | $ | 16,894 | $ | 23,207 | $ | 14,975 | $ | 6,237 | $ | 7,726 | $ | 99,690 | $ | 179,232 | |||||||||||||||||||||||||||||||
Consumer
|
|||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 17,808 | $ | 19,253 | $ | 10,262 | $ | 5,877 | $ | 2,035 | $ | 7,612 | $ | 5,668 | $ | 68,515 | |||||||||||||||||||||||||||||||
Nonperforming | 11 | 63 | 90 | - | 21 | - | - | 185 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 17,819 | $ | 19,316 | $ | 10,352 | $ | 5,877 | $ | 2,056 | $ | 7,612 | $ | 5,668 | $ | 68,700 | |||||||||||||||||||||||||||||||
Term Loans by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2024 (in thousands) |
2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||
Total by Credit Quality Indicator Category | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 560,992 | $ | 588,772 | $ | 825,146 | $ | 647,178 | $ | 438,247 | $ | 374,263 | $ | 375,031 | $ | 3,809,629 | |||||||||||||||||||||||||||||||
Special mention | 10,748 | 13,192 | 48,755 | 23,339 | 12,276 | 21,161 | 18,991 | 148,462 | |||||||||||||||||||||||||||||||||||||||
Substandard | 6,168 | 2,449 | 27,756 | 5,603 | 19,275 | 45,128 | 3,225 | 109,604 | |||||||||||||||||||||||||||||||||||||||
Performing | 28,311 | 36,147 | 32,768 | 20,783 | 8,272 | 15,093 | 105,358 | 246,732 | |||||||||||||||||||||||||||||||||||||||
Nonperforming | 11 | 63 | 791 | 69 | 21 | 245 | - | 1,200 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 606,230 | $ | 640,623 | $ | 935,216 | $ | 696,972 | $ | 478,091 | $ | 455,890 | $ | 502,605 | $ | 4,315,627 | |||||||||||||||||||||||||||||||
Term Loans by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2024 (in thousands) |
2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||
Year-to-date Current Period Gross Write-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | $ | - | $ | - | $ | - | $ | 48 | $ | - | $ | - | $ | - | $ | 48 | |||||||||||||||||||||||||||||||
Commercial and industrial | - | 59 | 327 | 145 | 29 | 1,658 | - | 2,218 | |||||||||||||||||||||||||||||||||||||||
CRE - Other | 836 | - | - | - | - | 243 | - | 1,079 | |||||||||||||||||||||||||||||||||||||||
RRE - One-to-four-family first liens | - | - | 53 | 22 | - | - | - | 75 | |||||||||||||||||||||||||||||||||||||||
Consumer | 23 | 839 | 413 | 11 | 4 | 69 | - | 1,359 | |||||||||||||||||||||||||||||||||||||||
Total Current Period Gross Write-offs | $ | 859 | $ | 898 | $ | 793 | $ | 226 | $ | 33 | $ | 1,970 | $ | - | $ | 4,779 |
Three Months Ended March 31, 2025 and 2024 | |||||||||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Total | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 249 | $ | 21,040 | $ | 27,641 | $ | 4,929 | $ | 1,341 | $ | 55,200 | |||||||||||||||||||||||
Charge-offs
|
- | (103) | (2,635) | (39) | (378) | (3,155) | |||||||||||||||||||||||||||||
Recoveries
|
1 | 27 | 5 | 4 | 31 | 68 | |||||||||||||||||||||||||||||
Credit loss expense (benefit)(1)
|
144 | 1,127 | (208) | 286 | 438 | 1,787 | |||||||||||||||||||||||||||||
Ending balance | $ | 394 | $ | 22,091 | $ | 24,803 | $ | 5,180 | $ | 1,432 | $ | 53,900 | |||||||||||||||||||||||
For the Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 613 | $ | 21,743 | $ | 23,759 | $ | 4,762 | $ | 623 | $ | 51,500 | |||||||||||||||||||||||
Charge-offs
|
(4) | (299) | (35) | (19) | (290) | (647) | |||||||||||||||||||||||||||||
Recoveries
|
355 | 46 | 8 | 9 | 40 | 458 | |||||||||||||||||||||||||||||
Credit loss expense (benefit)(1)
|
(316) | 392 | 3,040 | 262 | 1,211 | 4,589 | |||||||||||||||||||||||||||||
Ending balance | $ | 648 | $ | 21,882 | $ | 26,772 | $ | 5,014 | $ | 1,584 | $ | 55,900 | |||||||||||||||||||||||
(1) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss benefit of $0.1 million and credit loss expense of $0.1 million related to off-balance sheet credit exposures for the three months ended March 31, 2025 and March 31, 2024, respectively.
|
As of March 31, 2025 | |||||||||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Total | |||||||||||||||||||||||||||||
Loans held for investment, net of unearned income | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 66 | $ | 2,140 | $ | 11,494 | $ | 2,669 | $ | 34 | $ | 16,403 | |||||||||||||||||||||||
Collectively evaluated for impairment
|
131,343 | 1,137,998 | 2,308,685 | 651,365 | 58,390 | 4,287,781 | |||||||||||||||||||||||||||||
Total
|
$ | 131,409 | $ | 1,140,138 | $ | 2,320,179 | $ | 654,034 | $ | 58,424 | $ | 4,304,184 | |||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | - | $ | 614 | $ | 2,183 | $ | 218 | $ | 7 | $ | 3,022 | |||||||||||||||||||||||
Collectively evaluated for impairment
|
394 | 21,477 | 22,620 | 4,962 | 1,425 | 50,878 | |||||||||||||||||||||||||||||
Total
|
$ | 394 | $ | 22,091 | $ | 24,803 | $ | 5,180 | $ | 1,432 | $ | 53,900 |
As of December 31, 2024
|
|||||||||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Total | |||||||||||||||||||||||||||||
Loans held for investment, net of unearned income | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 208 | $ | 2,488 | $ | 15,334 | $ | 2,710 | $ | 21 | $ | 20,761 | |||||||||||||||||||||||
Collectively evaluated for impairment
|
118,843 | 1,124,325 | 2,329,347 | 653,672 | 68,679 | 4,294,866 | |||||||||||||||||||||||||||||
Total
|
$ | 119,051 | $ | 1,126,813 | $ | 2,344,681 | $ | 656,382 | $ | 68,700 | $ | 4,315,627 | |||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | - | $ | 406 | $ | 4,011 | $ | 164 | $ | 8 | $ | 4,589 | |||||||||||||||||||||||
Collectively evaluated for impairment
|
249 | 20,634 | 23,630 | 4,765 | 1,333 | 50,611 | |||||||||||||||||||||||||||||
Total
|
$ | 249 | $ | 21,040 | $ | 27,641 | $ | 4,929 | $ | 1,341 | $ | 55,200 |
As of March 31, 2025
|
||||||||||||||||||||||||||||||||
Primary Type of Collateral | ||||||||||||||||||||||||||||||||
(in thousands) |
Real Estate | Equipment | Other | Total | ACL Allocation | |||||||||||||||||||||||||||
Agricultural | $ | 66 | $ | - | $ | - | $ | 66 | $ | - | ||||||||||||||||||||||
Commercial and industrial | 1,614 | 358 | 168 | 2,140 | 614 | |||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Farmland | 3,350 | - | - | 3,350 | - | |||||||||||||||||||||||||||
Commercial real estate-other | 8,144 | - | - | 8,144 | 2,183 | |||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||
One- to four- family first liens | 2,153 | - | - | 2,153 | 135 | |||||||||||||||||||||||||||
One- to four- family junior liens | 516 | - | - | 516 | 83 | |||||||||||||||||||||||||||
Consumer | - | 34 | - | 34 | 7 | |||||||||||||||||||||||||||
Total | $ | 15,843 | $ | 392 | $ | 168 | $ | 16,403 | $ | 3,022 |
As of December 31, 2024 | ||||||||||||||||||||||||||||||||
Primary Type of Collateral | ||||||||||||||||||||||||||||||||
(in thousands) |
Real Estate | Equipment | Other | Total | ACL Allocation | |||||||||||||||||||||||||||
Agricultural | $ | 208 | $ | - | $ | - | $ | 208 | $ | - | ||||||||||||||||||||||
Commercial and industrial | 203 | - | 2,285 | 2,488 | 406 | |||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Farmland | 2,449 | 70 | - | 2,519 | - | |||||||||||||||||||||||||||
Commercial real estate-other | 12,815 | - | - | 12,815 | 4,011 | |||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||
One- to four- family first liens | 2,189 | - | - | 2,189 | 79 | |||||||||||||||||||||||||||
One- to four- family junior liens | 521 | - | - | 521 | 85 | |||||||||||||||||||||||||||
Consumer | - | 21 | - | 21 | 8 | |||||||||||||||||||||||||||
Total | $ | 18,385 | $ | 91 | $ | 2,285 | $ | 20,761 | $ | 4,589 |
For the Three Months and Three Months Ended March 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combination: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Principal Forgiveness | Payment Delay | Term Extension | Interest Rate Reduction | Term Extension & Interest Rate Reduction | Principal Forgiveness & Term Extension | Payment Delay & Term Extension | Term Extension, Interest Rate Reduction, & Payment Delay | Total Class of Financing Receivable | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | $ | - | $ | - | $ | 569 | $ | - | $ | - | $ | - | $ | - | $ | - | 0.43 | % | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | - | - | - | - | 19 | - | - | - | - | % | ||||||||||||||||||||||||||||||||||||||||||||||
CRE - Farmland | - | - | 373 | - | - | - | - | - | 0.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||
CRE - Other | - | - | 190 | - | - | - | - | - | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 1,132 | $ | - | $ | 19 | $ | - | $ | - | $ | - |
For the Three Months and Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combination: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Principal Forgiveness | Payment Delay | Term Extension | Interest Rate Reduction | Term Extension & Interest Rate Reduction | Principal Forgiveness & Term Extension | Payment Delay & Term Extension | Term Extension, Interest Rate Reduction, & Payment Delay | Total Class of Financing Receivable | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | - | $ | - | $ | 350 | $ | - | $ | - | $ | - | $ | - | $ | - | 0.03 | % | ||||||||||||||||||||||||||||||||||||||
CRE - Other | - | - | 202 | - | - | - | - | - | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
RRE - One- to four- family first liens | - | 253 | - | - | - | - | - | - | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||
RRE - One- to four- family junior liens | - | - | 136 | - | - | - | - | - | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | - | $ | 253 | $ | 688 | $ | - | $ | - | $ | - | $ | - | $ | - |
As of March 31, 2025 | |||||||||||||||||||||||||||||
(in thousands) | Current | 30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total | ||||||||||||||||||||||||
Agricultural
|
$ | 568 | $ | - | $ | - | $ | - | $ | 568 | |||||||||||||||||||
Commercial and industrial
|
410 | - | - | 81 | 491 | ||||||||||||||||||||||||
CRE - Farmland
|
373 | - | - | - | 373 | ||||||||||||||||||||||||
CRE - Other
|
5,455 | - | - | - | 5,455 | ||||||||||||||||||||||||
RRE - One- to four- family first liens
|
459 | - | - | - | 459 | ||||||||||||||||||||||||
Consumer
|
11 | - | - | - | 11 | ||||||||||||||||||||||||
Total
|
$ | 7,276 | $ | - | $ | - | $ | 81 | $ | 7,357 | |||||||||||||||||||
As of March 31, 2024
|
|||||||||||||||||||||||||||||
(in thousands) | Current | 30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total | ||||||||||||||||||||||||
Commercial and industrial
|
$ | 4,028 | $ | 76 | $ | - | $ | 995 | $ | 5,099 | |||||||||||||||||||
CRE - Construction and development
|
559 | - | - | - | 559 | ||||||||||||||||||||||||
CRE - Farmland
|
29 | - | - | 352 | 381 | ||||||||||||||||||||||||
CRE - Other
|
6,066 | - | - | - | 6,066 | ||||||||||||||||||||||||
RRE - One- to four- family first liens
|
253 | - | - | - | 253 | ||||||||||||||||||||||||
RRE - One- to four- family junior liens
|
149 | - | - | - | 149 | ||||||||||||||||||||||||
Total
|
$ | 11,084 | $ | 76 | $ | - | $ | 1,347 | $ | 12,507 |
(in thousands)
|
Principal Forgiveness | Weighted Average Interest Rate Reduction | Weighted Average Term Extension (Months) | |||||||||||||||||
Three Months Ended March 31, 2025 | ||||||||||||||||||||
Agricultural
|
$ | - | - | % | 2.01 | |||||||||||||||
Commercial and industrial
|
- | 6.75 | 59.4 | |||||||||||||||||
CRE - Farmland
|
- | - | 62.2 | |||||||||||||||||
CRE - Other
|
- | - | 11.3 | |||||||||||||||||
Total
|
$ | - | - | % | 32.3 |
(in thousands)
|
Principal Forgiveness | Weighted Average Interest Rate Reduction | Weighted Average Term Extension (Months) | |||||||||||||||||
Three Months Ended March 31, 2024
|
||||||||||||||||||||
Commercial and industrial
|
$ | - | - | % | 4.4 | |||||||||||||||
CRE - Other
|
- | - | 5.4 | |||||||||||||||||
RRE - One- to four- family junior liens
|
- | - | 122.0 | |||||||||||||||||
Total
|
$ | - | - | % | 27.9 |
As of March 31, 2025 | As of December 31, 2024 | |||||||||||||||||||||||||||||||||||||
Notional
Amount
|
Fair Value |
Notional
Amount
|
Fair Value | |||||||||||||||||||||||||||||||||||
(in thousands) | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||||||||
Designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps - loans
|
$ | 55,256 | $ | 1,910 | $ | 983 | $ | 49,486 | $ | 2,416 | $ | 294 | ||||||||||||||||||||||||||
Interest rate swaps - securities | 50,000 | - | 62 | 150,000 | - | 239 | ||||||||||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps
|
200,000 | 416 | 106 | 200,000 | 813 | 26 | ||||||||||||||||||||||||||||||||
Total | $ | 305,256 | $ | 2,326 | $ | 1,151 | $ | 399,486 | $ | 3,229 | $ | 559 | ||||||||||||||||||||||||||
Not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps
|
$ | 687,215 | $ | 20,259 | $ | 20,270 | $ | 697,969 | $ | 21,145 | $ | 21,153 | ||||||||||||||||||||||||||
RPAs - participated out contracts | 55,585 | 5 | - | 55,088 | 4 | - | ||||||||||||||||||||||||||||||||
RPAs - participated in contracts
|
29,921 | - | - | 29,982 | - | - | ||||||||||||||||||||||||||||||||
Interest rate lock commitments | 3,442 | 58 | - | 912 | 10 | - | ||||||||||||||||||||||||||||||||
Interest rate forward loan sales contracts | 3,634 | - | 13 | 1,312 | 9 | - | ||||||||||||||||||||||||||||||||
Total | $ | 779,797 | $ | 20,322 | $ | 20,283 | $ | 785,263 | $ | 21,168 | $ | 21,153 |
Amount of Gain (Loss) Recognized in AOCI on Derivative | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain Reclassified from AOCI into Income | ||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||
(in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||
Interest rate swaps | $ | (198) | $ | 2,772 | Interest Expense | $ | 279 | $ | 788 | |||||||||||||||||||||||
Location and Amount of Gain or Loss Recognized in Income on Hedging Relationships | |||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||
(in thousands) | Interest Income | Other Income | Interest Income | Other Income | |||||||||||||||||||
Income and expense included in the consolidated statements of income related to the effects of fair value or cash flow hedges are recorded
|
$ | 12 | $ | - | $ | 408 | $ | - | |||||||||||||||
The effects of fair value and cash flow hedging: | |||||||||||||||||||||||
Gain (loss) on fair value hedging relationships in subtopic 815-20: | |||||||||||||||||||||||
Interest contracts - loans: | |||||||||||||||||||||||
Hedged items | 1,201 | - | (764) | - | |||||||||||||||||||
Derivative designated as hedging instruments
|
(1,045) | - | 1,023 | - | |||||||||||||||||||
Interest contracts - securities: | |||||||||||||||||||||||
Hedged items | (168) | - | (882) | - | |||||||||||||||||||
Derivative designated as hedging instruments
|
24 | - | 1,059 | - | |||||||||||||||||||
Line Item in the Balance
Sheet in Which the
Hedged Item is Included
|
Carrying Amount of the
Hedged Assets
|
Cumulative Amount of Fair Value
Hedging Adjustment Included in the Carrying Amount of the Hedged Asset
|
||||||||||||
(in thousands) | ||||||||||||||
Loans | $ | 54,378 | $ | (927) | ||||||||||
Securities | $ | 50,058 | $ | 58 |
Location in the Consolidated Statements of Income | For the Three Months Ended March 31, | |||||||||||||||||||
(in thousands) | 2025 | 2024 | ||||||||||||||||||
Interest rate swaps | Other income | $ | (1) | $ | - | |||||||||||||||
RPAs | Other income | 1 | 5 | |||||||||||||||||
Interest rate lock commitments | Loan revenue | 48 | 27 | |||||||||||||||||
Interest rate forward loan sales contracts | Loan revenue | (22) | 14 | |||||||||||||||||
Total | $ | 26 | $ | 46 |
Gross Amounts Not Offset in the Balance Sheet | |||||||||||||||||||||||||||||||||||
(in thousands) | Gross Amounts Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts presented in the Balance Sheet | Financial Instruments | Cash Collateral Received / Paid | Net Assets /Liabilities | |||||||||||||||||||||||||||||
As of March 31, 2025 | |||||||||||||||||||||||||||||||||||
Asset Derivatives | $ | 22,648 | $ | - | $ | 22,648 | $ | - | $ | 14,434 | $ | 8,214 | |||||||||||||||||||||||
Liability Derivatives | 21,434 | - | 21,434 | - | 3,630 | 17,804 | |||||||||||||||||||||||||||||
As of December 31, 2024 | |||||||||||||||||||||||||||||||||||
Asset Derivatives | $ | 24,397 | $ | - | $ | 24,397 | $ | - | $ | 17,011 | $ | 7,386 | |||||||||||||||||||||||
Liability Derivatives | 21,712 | - | 21,712 | - | 110 | 21,602 |
(in thousands) | March 31, 2025 | December 31, 2024 | |||||||||
Goodwill, beginning of period | $ | 69,788 | $ | 62,477 | |||||||
Established in acquisition | - | 9,041 | |||||||||
Allocated to divestiture | - | (1,730) | |||||||||
Total goodwill, end of period | $ | 69,788 | $ | 69,788 |
As of March 31, 2025 | As of December 31, 2024 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||
Core deposit intangible | $ | 65,345 | $ | (48,780) | $ | 16,565 | $ | 65,345 | $ | (47,388) | $ | 17,957 | ||||||||||||||||||||||||||
Customer relationship intangible | 5,265 | (5,259) | 6 | 5,265 | (5,243) | 22 | ||||||||||||||||||||||||||||||||
$ | 70,610 | $ | (54,039) | $ | 16,571 | $ | 70,610 | $ | (52,631) | $ | 17,979 | |||||||||||||||||||||||||||
Indefinite-lived trade name intangible | 7,040 | 7,040 | ||||||||||||||||||||||||||||||||||||
Total other intangible assets, net | $ | 23,611 | $ | 25,019 |
(in thousands) | Core Deposit Intangible | Customer Relationship Intangible | Total | ||||||||||||||
2025 | $ | 3,532 | $ | 6 | $ | 3,538 | |||||||||||
2026 | 3,840 | - | 3,840 | ||||||||||||||
2027 | 2,757 | - | 2,757 | ||||||||||||||
2028 | 2,110 | - | 2,110 | ||||||||||||||
2029 | 1,681 | - | 1,681 | ||||||||||||||
Thereafter | 2,645 | - | 2,645 | ||||||||||||||
Total | $ | 16,565 | $ | 6 | $ | 16,571 |
(in thousands) | March 31, 2025 | December 31, 2024 | |||||||||
Bank-owned life insurance | $ | 100,487 | $ | 99,810 | |||||||
Interest receivable | 26,668 | 26,467 | |||||||||
FHLB stock | 5,025 | 5,156 | |||||||||
Mortgage servicing rights | 12,019 | 12,232 | |||||||||
Operating lease right-of-use assets, net | 2,067 | 1,576 | |||||||||
Federal and state income taxes, current | 7,105 | 8,282 | |||||||||
Federal and state income taxes, deferred | 51,786 | 58,127 | |||||||||
Derivative assets | 22,648 | 24,397 | |||||||||
Other receivables/assets | 19,185 | 16,783 | |||||||||
$ | 246,990 | $ | 252,830 |
(in thousands) | March 31, 2025 | December 31, 2024 | |||||||||
Noninterest bearing deposits | $ | 903,714 | $ | 951,423 | |||||||
Interest checking deposits | 1,283,328 | 1,258,191 | |||||||||
Money market deposits | 1,002,066 | 1,053,988 | |||||||||
Savings deposits | 877,348 | 820,549 | |||||||||
Time deposits of $250 and under | 1,018,012 | 1,026,793 | |||||||||
Time deposits over $250 | 404,674 | 367,038 | |||||||||
Total deposits
|
$ | 5,489,142 | $ | 5,477,982 |
March 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||
(in thousands) | Weighted Average Rate | Balance | Weighted Average Rate | Balance | ||||||||||||||||||||||
Securities sold under agreements to repurchase | 0.70 | % | $ | 1,482 | 0.70 | % | $ | 3,186 |
March 31, | December 31, | March 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Face Value | Book Value |
Interest Rate(1)
|
Rate | Maturity Date | Callable Date | ||||||||||||||||||||||||||||||||||||||||||||
ATBancorp Statutory Trust I | $ | 7,732 | $ | 7,026 | $ | 7,014 |
1.68% Margin
|
6.24 | % | 6.30 | % | 06/15/2036 | 06/15/2011 | |||||||||||||||||||||||||||||||||||||
ATBancorp Statutory Trust II | 12,372 | 11,120 | 11,103 |
1.65% Margin
|
6.21 | % | 6.27 | % | 09/15/2037 | 06/15/2012 | ||||||||||||||||||||||||||||||||||||||||
Barron Investment Capital Trust I | 2,062 | 1,895 | 1,888 |
2.15% Margin
|
6.71 | % | 6.75 | % | 09/23/2036 | 09/23/2011 | ||||||||||||||||||||||||||||||||||||||||
Central Bancshares Capital Trust II | 7,217 | 7,011 | 7,002 |
3.50% Margin
|
8.06 | % | 8.12 | % | 03/15/2038 | 03/15/2013 | ||||||||||||||||||||||||||||||||||||||||
MidWestOne Statutory Trust II | 15,464 | 15,464 | 15,464 |
1.59% Margin
|
6.15 | % | 6.21 | % | 12/15/2037 | 12/15/2012 | ||||||||||||||||||||||||||||||||||||||||
Total
|
$ | 44,847 | $ | 42,516 | $ | 42,471 | ||||||||||||||||||||||||||||||||||||||||||||
(1) Interest rate is equal to the Three-month CME Term SOFR + 0.26% Spread + Applicable Margin
|
March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
(in thousands) | Weighted Average Rate | Balance | Weighted Average Rate | Balance | |||||||||||||||||||
Finance lease payable | 8.89 | % | $ | 343 | 8.89 | % | $ | 398 | |||||||||||||||
FHLB borrowings | - | 4,239 | - | 4,239 | |||||||||||||||||||
Note payable to unaffiliated bank | - | - | 6.10 | 2,000 | |||||||||||||||||||
Total
|
0.67 | % | $ | 4,582 | 2.37 | % | $ | 6,637 |
Three Months Ended March 31, | |||||||||||
(in thousands, except per share amounts) | 2025 | 2024 | |||||||||
Basic Earnings Per Share: | |||||||||||
Net income | $ | 15,138 | $ | 3,269 | |||||||
Weighted average shares outstanding | 20,796,600 | 15,722,697 | |||||||||
Basic earnings per common share | $ | 0.73 | $ | 0.21 | |||||||
Diluted Earnings Per Share: | |||||||||||
Net income | $ | 15,138 | $ | 3,269 | |||||||
Weighted average shares outstanding, including all dilutive potential shares
|
20,849,255 | 15,773,521 | |||||||||
Diluted earnings per common share | $ | 0.73 | $ | 0.21 |
Actual |
For Capital Adequacy Purposes With Capital Conservation Buffer(1)
|
To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
(in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
At March 31, 2025 | |||||||||||||||||||||||||||||||||||
Consolidated: | |||||||||||||||||||||||||||||||||||
Total capital/risk weighted assets | $706,187 | 14.34% | $517,032 | 10.50% | N/A | N/A | |||||||||||||||||||||||||||||
Tier 1 capital/risk weighted assets | 582,817 | 11.84 | 418,550 | 8.50 | N/A | N/A | |||||||||||||||||||||||||||||
Common equity tier 1 capital/risk weighted assets
|
540,301 | 10.97 | 344,688 | 7.00 | N/A | N/A | |||||||||||||||||||||||||||||
Tier 1 leverage capital/average assets | 582,817 | 9.50 | 245,417 | 4.00 | N/A | N/A | |||||||||||||||||||||||||||||
MidWestOneBank:
|
|||||||||||||||||||||||||||||||||||
Total capital/risk weighted assets | $697,182 | 14.21% | $515,255 | 10.50% | $490,719 | 10.00% | |||||||||||||||||||||||||||||
Tier 1 capital/risk weighted assets | 638,812 | 13.02 | 417,111 | 8.50 | 392,575 | 8.00 | |||||||||||||||||||||||||||||
Common equity tier 1 capital/risk weighted assets
|
638,812 | 13.02 | 343,503 | 7.00 | 318,967 | 6.50 | |||||||||||||||||||||||||||||
Tier 1 leverage capital/average assets | 638,812 | 10.42 | 245,265 | 4.00 | 306,581 | 5.00 | |||||||||||||||||||||||||||||
At December 31, 2024 | |||||||||||||||||||||||||||||||||||
Consolidated: | |||||||||||||||||||||||||||||||||||
Total capital/risk weighted assets | $692,834 | 14.07% | $517,026 | 10.50% | N/A | N/A | |||||||||||||||||||||||||||||
Tier 1 capital/risk weighted assets | 570,896 | 11.59 | 418,545 | 8.50 | N/A | N/A | |||||||||||||||||||||||||||||
Common equity tier 1 capital/risk weighted assets
|
528,425 | 10.73 | 344,684 | 7.00 | N/A | N/A | |||||||||||||||||||||||||||||
Tier 1 leverage capital/average assets | 570,896 | 9.15 | 249,689 | 4.00 | N/A | N/A | |||||||||||||||||||||||||||||
MidWestOneBank:
|
|||||||||||||||||||||||||||||||||||
Total capital/risk weighted assets | $688,190 | 14.02% | $515,575 | 10.50% | $491,024 | 10.00% | |||||||||||||||||||||||||||||
Tier 1 capital/risk weighted assets | 631,252 | 12.86 | 417,370 | 8.50 | 392,819 | 8.00 | |||||||||||||||||||||||||||||
Common equity tier 1 capital/risk weighted assets
|
631,252 | 12.86 | 343,717 | 7.00 | 319,166 | 6.50 | |||||||||||||||||||||||||||||
Tier 1 leverage capital/average assets | 631,252 | 10.12 | 249,584 | 4.00 | 311,980 | 5.00 |
March 31, 2025 | December 31, 2024 | ||||||||||
(in thousands) | |||||||||||
Commitments to extend credit | $ | 1,071,636 | $ | 1,073,297 | |||||||
Commitments to sell loans | 13,836 | 749 | |||||||||
Standby letters of credit | 8,664 | 7,440 | |||||||||
Total | $ | 1,094,136 | $ | 1,081,486 |
Fair Value Measurement at March 31, 2025 Using
|
|||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Available for sale debt securities:
|
|||||||||||||||||||||||
U.S. Treasury securities | $ | 50,673 | $ | - | $ | 50,673 | $ | - | |||||||||||||||
U.S. Government agencies and corporations | 15,053 | - | 15,053 | - | |||||||||||||||||||
State and political subdivisions
|
127,200 | - | 127,200 | - | |||||||||||||||||||
Mortgage-backed securities
|
322,839 | - | 322,839 | - | |||||||||||||||||||
Collateralized loan obligations | 45,159 | - | 45,159 | - | |||||||||||||||||||
Collateralized mortgage obligations
|
631,238 | - | 631,238 | - | |||||||||||||||||||
Corporate debt securities
|
113,368 | - | 113,368 | - | |||||||||||||||||||
Derivative assets | 22,648 | - | 22,590 | 58 | |||||||||||||||||||
Mortgage servicing rights | 12,019 | - | 12,019 | - | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative liabilities
|
$ | 21,434 | $ | - | $ | 21,434 | $ | - |
Fair Value Measurement at December 31, 2024 Using
|
|||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Available for sale debt securities:
|
|||||||||||||||||||||||
U.S. Treasury securities
|
$ | 50,399 | $ | - | $ | 50,399 | $ | - | |||||||||||||||
U.S. Government agencies and corporations
|
9,941 | - | 9,941 | - | |||||||||||||||||||
State and political subdivisions
|
135,720 | - | 135,720 | - | |||||||||||||||||||
Mortgage-backed securities
|
323,439 | - | 323,439 | - | |||||||||||||||||||
Collateralized loan obligations | 48,869 | - | 48,869 | - | |||||||||||||||||||
Collateralized mortgage obligations
|
646,109 | - | 646,109 | - | |||||||||||||||||||
Corporate debt securities
|
113,956 | - | 113,956 | - | |||||||||||||||||||
Derivative assets | 24,397 | - | 24,387 | 10 | |||||||||||||||||||
Mortgage servicing rights | 12,232 | - | 12,232 | - | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative liabilities | $ | 21,712 | $ | - | $ | 21,712 | $ | - |
Fair Value at | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | March 31, 2025 | December 31, 2024 | Valuation Techniques(s) | Unobservable Input | Range of Inputs | Weighted Average | |||||||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | 58 | $ | 10 | Quoted or published market prices of similar instruments, adjusted for factors such as pull-through rate assumptions | Pull-through rate | 91% | - | 100% | 96% |
Fair Value Measurement at March 31, 2025 Using
|
|||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Collateral dependent individually analyzed loans | $ | 7,136 | $ | - | $ | - | $ | 7,136 | |||||||||||||||
Foreclosed assets, net
|
3,419 | - | - | 3,419 |
Fair Value Measurement at December 31, 2024 Using
|
|||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Collateral dependent individually analyzed loans | $ | 10,697 | $ | - | $ | - | $ | 10,697 | |||||||||||||||
Foreclosed assets, net
|
3,337 | - | - | 3,337 |
Fair Value at | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | March 31, 2025 | December 31, 2024 | Valuation Techniques(s) | Unobservable Input | Range of Inputs | Weighted Average | |||||||||||||||||||||||||||||||||||
Collateral dependent individually analyzed loans | $ | 7,136 | $ | 10,697 | Fair value of collateral | Valuation adjustments | -% | - | 55% | 6% | |||||||||||||||||||||||||||||||
Foreclosed assets, net | $ | 3,419 | $ | 3,337 | Fair value of collateral | Valuation adjustments | 21% | - | 21% | 21% |
March 31, 2025 | |||||||||||||||||||||||||||||
(in thousands) |
Carrying Amount |
Estimated Fair Value |
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 250,905 | $ | 250,905 | $ | 250,905 | $ | - | $ | - | |||||||||||||||||||
Debt securities available for sale | 1,305,530 | 1,305,530 | - | 1,305,530 | - | ||||||||||||||||||||||||
Loans held for sale | 13,836 | 15,155 | - | 15,155 | - | ||||||||||||||||||||||||
Loans held for investment, net | 4,250,284 | 4,169,681 | - | - | 4,169,681 | ||||||||||||||||||||||||
Interest receivable | 26,668 | 26,668 | - | 26,668 | - | ||||||||||||||||||||||||
FHLB stock | 5,025 | 5,025 | - | 5,025 | - | ||||||||||||||||||||||||
Derivative assets | 22,648 | 22,648 | - | 22,590 | 58 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Noninterest bearing deposits | 903,714 | 903,714 | 903,714 | - | - | ||||||||||||||||||||||||
Interest bearing deposits | 4,585,428 | 4,558,287 | 3,162,742 | 1,395,545 | |||||||||||||||||||||||||
Short-term borrowings | 1,482 | 1,482 | 1,482 | - | - | ||||||||||||||||||||||||
Finance leases payable | 343 | 343 | - | 343 | - | ||||||||||||||||||||||||
FHLB borrowings | 4,239 | 4,065 | - | 4,065 | - | ||||||||||||||||||||||||
Junior subordinated notes issued to capital trusts | 42,516 | 37,917 | - | 37,917 | - | ||||||||||||||||||||||||
Subordinated debentures | 64,300 | 64,095 | - | 64,095 | - | ||||||||||||||||||||||||
Derivative liabilities | 21,434 | 21,434 | - | 21,434 | - |
December 31, 2024 | |||||||||||||||||||||||||||||
(in thousands) |
Carrying
Amount
|
Estimated
Fair Value
|
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 204,895 | $ | 204,895 | $ | 204,895 | $ | - | $ | - | |||||||||||||||||||
Debt securities available for sale | 1,328,433 | 1,328,433 | - | 1,328,433 | - | ||||||||||||||||||||||||
Loans held for sale | 749 | 758 | - | 758 | - | ||||||||||||||||||||||||
Loans held for investment, net | 4,260,427 | 4,156,142 | - | - | 4,156,142 | ||||||||||||||||||||||||
Interest receivable | 26,467 | 26,467 | - | 26,467 | - | ||||||||||||||||||||||||
FHLB stock | 5,156 | 5,156 | - | 5,156 | - | ||||||||||||||||||||||||
Derivative assets | 24,397 | 24,397 | - | 24,387 | 10 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Noninterest bearing deposits | 951,423 | 951,423 | 951,423 | - | - | ||||||||||||||||||||||||
Interest bearing deposits | 4,526,559 | 4,508,773 | 3,132,728 | 1,376,045 | - | ||||||||||||||||||||||||
Short-term borrowings | 3,186 | 3,186 | 3,186 | - | - | ||||||||||||||||||||||||
Finance leases payable | 398 | 398 | - | 398 | - | ||||||||||||||||||||||||
FHLB borrowings | 4,239 | 4,064 | - | 4,064 | - | ||||||||||||||||||||||||
Junior subordinated notes issued to capital trusts | 42,471 | 37,845 | - | 37,845 | - | ||||||||||||||||||||||||
Subordinated debentures | 64,268 | 63,469 | - | 63,469 | - | ||||||||||||||||||||||||
Other long-term debt | 2,000 | 2,000 | - | 2,000 | - | ||||||||||||||||||||||||
Derivative liabilities | 21,712 | 21,712 | - | 21,712 | - |
(in thousands) | Classification | March 31, 2025 | December 31, 2024 | |||||||||||||||||
Operating lease right-of-use assets
|
Other assets
|
$ | 2,067 | $ | 1,576 | |||||||||||||||
Finance lease right-of-use asset
|
Premises and equipment, net
|
135 | 159 | |||||||||||||||||
Total right-of-use assets
|
$ | 2,202 | $ | 1,735 | ||||||||||||||||
Operating lease liability
|
Other liabilities
|
$ | 2,629 | $ | 2,179 | |||||||||||||||
Finance lease liability
|
Long-term debt
|
343 | 398 | |||||||||||||||||
Total lease liabilities
|
$ | 2,972 | $ | 2,577 | ||||||||||||||||
Weighted-average remaining lease term: |
Operating leases
|
10.92 years | 12.26 years | |||||||||||||||||
Finance lease
|
1.42 years | 1.67 years | ||||||||||||||||||
Weighted-average discount rate: |
Operating leases
|
4.67 | % | 4.92 | % | |||||||||||||||
Finance lease
|
8.89 | % | 8.89 | % |
Three Months Ended | |||||||||||
March 31, | |||||||||||
(in thousands) | 2025 | 2024 | |||||||||
Lease Costs | |||||||||||
Operating lease cost
|
$ | 170 | $ | 388 | |||||||
Variable lease cost
|
9 | 7 | |||||||||
Interest on lease liabilities(1)
|
8 | 13 | |||||||||
Amortization of right-of-use assets
|
24 | 24 | |||||||||
Net lease cost
|
$ | 211 | $ | 432 | |||||||
Other Information | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
|||||||||||
Operating cash flows from operating leases
|
$ | 378 | $ | 822 | |||||||
Operating cash flows from finance lease
|
8 | 13 | |||||||||
Finance cash flows from finance lease
|
55 | 50 | |||||||||
Supplemental non-cash information on lease liabilities: | |||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | 627 | 156 |
(in thousands) | Finance Leases | Operating Leases | |||||||||
December 31, 2025 | $ | 192 | $ | 507 | |||||||
December 31, 2026 | 172 | 576 | |||||||||
December 31, 2027 | - | 435 | |||||||||
December 31, 2028 | - | 274 | |||||||||
December 31, 2029 | - | 237 | |||||||||
Thereafter | - | 1,526 | |||||||||
Total undiscounted lease payment | $ | 364 | $ | 3,555 | |||||||
Amounts representing interest | (21) | (926) | |||||||||
Lease liability | $ | 343 | $ | 2,629 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(in thousands) | Unrealized Gain (Loss) from AFS Debt Securities | Reclassification of AFS Debt Securities to HTM | Unrealized Gain (Loss) from Cash Flow Hedging Instruments | Total | ||||||||||||||||||||||
Balance, December 31, 2023 | $ | (69,915) | $ | 4,511 | $ | 505 | $ | (64,899) | ||||||||||||||||||
Other comprehensive income before reclassifications | 1,607 | 374 | 2,071 | 4,052 | ||||||||||||||||||||||
Amounts reclassified from AOCI | 632 | - | (589) | 43 | ||||||||||||||||||||||
Net current-period other comprehensive income | 2,239 | 374 | 1,482 | 4,095 | ||||||||||||||||||||||
Balance, March 31, 2024 | $ | (67,676) | $ | 4,885 | $ | 1,987 | $ | (60,804) | ||||||||||||||||||
Balance, December 31, 2024 | $ | (73,350) | $ | - | $ | 588 | $ | (72,762) | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 9,919 | - | (148) | 9,771 | ||||||||||||||||||||||
Amounts reclassified from AOCI | 101 | - | (208) | (107) | ||||||||||||||||||||||
Net current-period other comprehensive income (loss) | 10,020 | - | (356) | 9,664 | ||||||||||||||||||||||
Balance, March 31, 2025 | $ | (63,330) | $ | - | $ | 232 | $ | (63,098) | ||||||||||||||||||
Three Months Ended March 31, | |||||||||||
(in thousands) | 2025 | 2024 | |||||||||
Investment securities gains, net | $ | (33) | $ | (36) | |||||||
Interest income | 168 | 882 | |||||||||
Interest expense | (279) | (788) | |||||||||
Income tax benefit (expense) | 37 | (15) | |||||||||
Net of tax | $ | (107) | $ | 43 |
As of or for the Three Months Ended March 31, | |||||||||||
(in thousands, except per share amounts) | 2025 | 2024 | |||||||||
Net Interest Income | $ | 47,439 | $ | 34,731 | |||||||
Noninterest Income | 10,136 | 9,750 | |||||||||
Total Revenue, Net of Interest Expense | 57,575 | 44,481 | |||||||||
Credit Loss Expense | 1,687 | 4,689 | |||||||||
Noninterest Expense | 36,293 | 35,565 | |||||||||
Income Before Income Tax Expense | 19,595 | 4,227 | |||||||||
Income Tax Expense | 4,457 | 958 | |||||||||
Net Income | 15,138 | 3,269 | |||||||||
Adjusted Earnings(1)
|
$ | 15,301 | $ | 4,504 | |||||||
Diluted Earnings Per Share | $ | 0.73 | $ | 0.21 | |||||||
Adjusted Earnings Per Share(1)
|
0.73 | 0.29 | |||||||||
Return on Average Assets | 1.00 | % | 0.20 | % | |||||||
Return on Average Equity | 10.74 | 2.49 | |||||||||
Return on Average Tangible Equity(1)
|
13.75 | 4.18 | |||||||||
Efficiency Ratio(1)
|
59.38 | 71.28 | |||||||||
Dividend Payout Ratio | 33.22 | 115.48 | |||||||||
Common Equity Ratio | 9.27 | 7.83 | |||||||||
Tangible Common Equity Ratio(1)
|
7.89 | 6.43 | |||||||||
Book Value per Share | $ | 27.85 | $ | 33.53 | |||||||
Tangible Book Value per Share(1)
|
23.36 | 27.14 | |||||||||
(1) A non-GAAP financial measure. See "Non-GAAP Financial Measures" for a reconciliation to the most comparable GAAP equivalents. |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||||||||||||||
Average Balance |
Interest Income/ Expense |
Average Yield/ Cost |
Average Balance |
Interest Income/ Expense |
Average Yield/ Cost |
||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Loans, including fees (1)(2)(3)
|
$ | 4,290,710 | $ | 60,443 | 5.71 | % | $ | 4,298,216 | $ | 58,867 | 5.51 | % | |||||||||||||||||||||||
Taxable investment securities
|
1,207,844 | 13,327 | 4.47 | 1,557,603 | 9,460 | 2.44 | |||||||||||||||||||||||||||||
Tax-exempt investment securities (2)(4)
|
105,563 | 865 | 3.32 | 328,736 | 2,097 | 2.57 | |||||||||||||||||||||||||||||
Total securities held for investment (2)
|
1,313,407 | 14,192 | 4.38 | 1,886,339 | 11,557 | 2.46 | |||||||||||||||||||||||||||||
Other
|
124,133 | 1,247 | 4.07 | 30,605 | 418 | 5.49 | |||||||||||||||||||||||||||||
Total interest earning assets (2)
|
$ | 5,728,250 | $ | 75,882 | 5.37 | % | $ | 6,215,160 | $ | 70,842 | 4.58 | % | |||||||||||||||||||||||
Other assets
|
440,296 | 420,219 | |||||||||||||||||||||||||||||||||
Total assets
|
$ | 6,168,546 | $ | 6,635,379 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||
Interest checking deposits
|
$ | 1,240,586 | $ | 2,127 | 0.70 | % | $ | 1,301,470 | $ | 2,890 | 0.89 | % | |||||||||||||||||||||||
Money market deposits
|
1,002,743 | 6,333 | 2.56 | 1,102,543 | 8,065 | 2.94 | |||||||||||||||||||||||||||||
Savings deposits
|
835,731 | 3,057 | 1.48 | 694,143 | 2,047 | 1.19 | |||||||||||||||||||||||||||||
Time deposits
|
1,397,595 | 13,967 | 4.05 | 1,446,981 | 14,724 | 4.09 | |||||||||||||||||||||||||||||
Total interest bearing deposits
|
4,476,655 | 25,484 | 2.31 | 4,545,137 | 27,726 | 2.45 | |||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 2,705 | 5 | 0.75 | 5,330 | 11 | 0.83 | |||||||||||||||||||||||||||||
Other short-term borrowings | - | 20 | - | 409,525 | 4,964 | 4.88 | |||||||||||||||||||||||||||||
Total short-term borrowings | 2,705 | 25 | 3.75 | 414,855 | 4,975 | 4.82 | |||||||||||||||||||||||||||||
Long-term debt | 113,364 | 1,791 | 6.41 | 123,266 | 2,103 | 6.86 | |||||||||||||||||||||||||||||
Total borrowed funds
|
116,069 | 1,816 | 6.35 | 538,121 | 7,078 | 5.29 | |||||||||||||||||||||||||||||
Total interest bearing liabilities
|
$ | 4,592,724 | $ | 27,300 | 2.41 | % | $ | 5,083,258 | $ | 34,804 | 2.75 | % | |||||||||||||||||||||||
Noninterest bearing deposits
|
922,164 | 935,977 | |||||||||||||||||||||||||||||||||
Other liabilities
|
82,280 | 88,611 | |||||||||||||||||||||||||||||||||
Shareholders' equity
|
571,378 | 527,533 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$ | 6,168,546 | $ | 6,635,379 | |||||||||||||||||||||||||||||||
Net interest income (2)
|
$ | 48,582 | $ | 36,038 | |||||||||||||||||||||||||||||||
Net interest spread(2)
|
2.96 | % | 1.83 | % | |||||||||||||||||||||||||||||||
Net interest margin(2)
|
3.44 | % | 2.33 | % | |||||||||||||||||||||||||||||||
Total deposits(5)
|
$ | 5,398,819 | $ | 25,484 | 1.91 | % | $ | 5,481,114 | $ | 27,726 | 2.03 | % | |||||||||||||||||||||||
Cost of funds(6)
|
2.01 | % | 2.33 | % |
(1) | Average balance includes nonaccrual loans. | ||||
(2) | Tax equivalent (a non-GAAP financial measure - see the "Non-GAAP Presentations" section for a reconciliation to the most comparable GAAP equivalent). The federal statutory tax rate utilized was 21%. | ||||
(3) |
Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $256 thousand and $237 thousand for the three months ended March 31, 2025 and March 31, 2024, respectively. Loan purchase discount accretion was $1.2 million for the three months ended March 31, 2025 and March 31, 2024. Tax equivalent adjustments were $981 thousand and $920 thousand for the three months ended March 31, 2025 and March 31, 2024, respectively. The federal statutory tax rate utilized was 21%.
|
||||
(4) |
Interest income includes tax equivalent adjustments of $162 thousand and $387 thousand for the three months ended March 31, 2025 and March 31, 2024, respectively. The federal statutory tax rate utilized was 21%.
|
||||
(5) | Total deposits is the sum of total interest bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits. | ||||
(6) | Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds. |
Three Months Ended March 31, | |||||||||||||||||
2025 Compared to 2024
|
|||||||||||||||||
Change due to | |||||||||||||||||
(in thousands) | Volume | Yield/Cost | Net | ||||||||||||||
Increase (decrease) in interest income: | |||||||||||||||||
Loans, including fees (1)
|
$ | (122) | $ | 1,698 | $ | 1,576 | |||||||||||
Taxable investment securities
|
(2,492) | 6,359 | 3,867 | ||||||||||||||
Tax-exempt investment securities (1)
|
(1,712) | 480 | (1,232) | ||||||||||||||
Total securities held for investment (1)
|
(4,204) | 6,839 | 2,635 | ||||||||||||||
Other
|
962 | (133) | 829 | ||||||||||||||
Change in interest income (1)
|
(3,364) | 8,404 | 5,040 | ||||||||||||||
Increase (decrease) in interest expense: | |||||||||||||||||
Interest checking deposits
|
(137) | (626) | (763) | ||||||||||||||
Money market deposits
|
(713) | (1,019) | (1,732) | ||||||||||||||
Savings deposits
|
460 | 550 | 1,010 | ||||||||||||||
Time deposits
|
(588) | (169) | (757) | ||||||||||||||
Total interest-bearing deposits
|
(978) | (1,264) | (2,242) | ||||||||||||||
Securities sold under agreements to repurchase | (5) | (1) | (6) | ||||||||||||||
Other short-term borrowings | (4,944) | - | (4,944) | ||||||||||||||
Total short-term borrowings | (4,949) | (1) | (4,950) | ||||||||||||||
Long-term debt
|
(171) | (141) | (312) | ||||||||||||||
Total borrowed funds
|
(5,120) | (142) | (5,262) | ||||||||||||||
Change in interest expense
|
(6,098) | (1,406) | (7,504) | ||||||||||||||
Change in net interest income | $ | 2,734 | $ | 9,810 | $ | 12,544 | |||||||||||
Percentage increase in net interest income over prior period | 34.8 | % | |||||||||||||||
(1) Tax equivalent, using a federal statutory tax rate of 21%.
|
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands) | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||
Investment services and trust activities | $ | 3,544 | $ | 3,503 | $ | 41 | 1.2 | % | |||||||||||||||
Service charges and fees | 2,131 | 2,144 | (13) | (0.6) | |||||||||||||||||||
Card revenue | 1,744 | 1,943 | (199) | (10.2) | |||||||||||||||||||
Loan revenue | 1,194 | 856 | 338 | 39.5 | |||||||||||||||||||
Bank-owned life insurance | 1,057 | 660 | 397 | 60.2 | |||||||||||||||||||
Investment securities gains, net | 33 | 36 | (3) | (8.3) | |||||||||||||||||||
Other | 433 | 608 | (175) | (28.8) | |||||||||||||||||||
Total noninterest income
|
$ | 10,136 | $ | 9,750 | $ | 386 | 4.0 | % | |||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands) | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||
Compensation and employee benefits | $ | 21,212 | $ | 20,930 | $ | 282 | 1.3 | % | |||||||||||||||
Occupancy expense of premises, net | 2,588 | 2,813 | (225) | (8.0) | |||||||||||||||||||
Equipment | 2,426 | 2,600 | (174) | (6.7) | |||||||||||||||||||
Legal and professional | 2,226 | 2,059 | 167 | 8.1 | |||||||||||||||||||
Data processing | 1,698 | 1,360 | 338 | 24.9 | |||||||||||||||||||
Marketing | 552 | 598 | (46) | (7.7) | |||||||||||||||||||
Amortization of intangibles | 1,408 | 1,637 | (229) | (14.0) | |||||||||||||||||||
FDIC insurance | 917 | 942 | (25) | (2.7) | |||||||||||||||||||
Communications | 159 | 196 | (37) | (18.9) | |||||||||||||||||||
Foreclosed assets, net | 74 | 358 | (284) | (79.3) | |||||||||||||||||||
Other | 3,033 | 2,072 | 961 | 46.4 | |||||||||||||||||||
Total noninterest expense
|
$ | 36,293 | $ | 35,565 | $ | 728 | 2.0 | % | |||||||||||||||
Three Months Ended March 31, | |||||||||||
Merger-related expenses: | 2025 | 2024 | |||||||||
(in thousands) | |||||||||||
Compensation and employee benefits | $ | - | $ | 241 | |||||||
Occupancy expense of premises, net | - | 152 | |||||||||
Equipment | - | 149 | |||||||||
Legal and professional | 40 | 573 | |||||||||
Data processing | - | 61 | |||||||||
Marketing | - | 32 | |||||||||
Communications | - | 1 | |||||||||
Other | - | 105 | |||||||||
Total merger-related expenses
|
$ | 40 | $ | 1,314 |
(in thousands) | March 31, 2025 | December 31, 2024 | $ Change | % Change | |||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 250,905 | $ | 204,895 | $ | 46,010 | 22.5 | % | |||||||||||||||
Loans held for sale | 13,836 | 749 | 13,087 | n/m | |||||||||||||||||||
Debt securities available for sale at fair value | 1,305,530 | 1,328,433 | (22,903) | (1.7) | |||||||||||||||||||
Loans held for investment, net of unearned income | 4,304,184 | 4,315,627 | (11,443) | (0.3) | |||||||||||||||||||
Allowance for credit losses | (53,900) | (55,200) | 1,300 | (2.4) | |||||||||||||||||||
Total loans held for investment, net | 4,250,284 | 4,260,427 | (10,143) | (0.2) | |||||||||||||||||||
Other assets | 433,839 | 441,825 | (7,986) | (1.8) | |||||||||||||||||||
Total assets | $ | 6,254,394 | $ | 6,236,329 | $ | 18,065 | 0.3 | % | |||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
Total deposits | $ | 5,489,142 | $ | 5,477,982 | $ | 11,160 | 0.2 | % | |||||||||||||||
Total borrowings | 112,880 | 116,562 | (3,682) | (3.2) | |||||||||||||||||||
Other liabilities | 72,747 | 82,089 | (9,342) | (11.4) | |||||||||||||||||||
Total shareholders' equity | 579,625 | 559,696 | 19,929 | 3.6 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 6,254,394 | $ | 6,236,329 | $ | 18,065 | 0.3 | % | |||||||||||||||
n/m - Not Meaningful
|
March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
(in thousands) | Balance | % of Total | Balance | % of Total | |||||||||||||||||||
Available for Sale | |||||||||||||||||||||||
U.S. Treasuries | $ | 50,673 | 3.9 | % | $ | 50,399 | 3.8 | % | |||||||||||||||
U.S. Government agencies and corporations | 15,053 | 1.2 | 9,941 | 0.7 | |||||||||||||||||||
States and political subdivisions
|
127,200 | 9.7 | 135,720 | 10.2 | |||||||||||||||||||
Mortgage-backed securities
|
322,839 | 24.7 | 323,439 | 24.3 | |||||||||||||||||||
Collateralized loan obligations | 45,159 | 3.5 | 48,869 | 3.7 | |||||||||||||||||||
Collateralized mortgage obligations
|
631,238 | 48.3 | 646,109 | 48.7 | |||||||||||||||||||
Corporate debt securities
|
113,368 | 8.7 | 113,956 | 8.6 | |||||||||||||||||||
Fair value of debt securities available for sale
|
$ | 1,305,530 | 100.0 | % | $ | 1,328,433 | 100.0 | % |
March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
(in thousands) | Balance | % of Total | Balance | % of Total | |||||||||||||||||||
Agricultural | $ | 131,409 | 3.1 | % | $ | 119,051 | 2.8 | % | |||||||||||||||
Commercial and industrial
|
1,140,138 | 26.5 | 1,126,813 | 26.1 | |||||||||||||||||||
Commercial real estate
|
2,320,179 | 53.8 | 2,344,681 | 54.2 | |||||||||||||||||||
Residential real estate
|
654,034 | 15.2 | 656,382 | 15.3 | |||||||||||||||||||
Consumer
|
58,424 | 1.4 | 68,700 | 1.6 | |||||||||||||||||||
Loans held for investment, net of unearned income
|
$ | 4,304,184 | 100.0 | % | $ | 4,315,627 | 100.0 | % | |||||||||||||||
Loans held for sale | $ | 13,836 | $ | 749 |
(in thousands) | Amount | % of Total Loans | |||||||||
Construction & Development | $ | 293,280 | 6.8 | % | |||||||
Farmland | 180,633 | 4.2 | |||||||||
Multifamily | 421,204 | 9.8 | |||||||||
CRE Other: | |||||||||||
NOO CRE Office | 131,440 | 3.1 | |||||||||
OO CRE Office | 70,833 | 1.6 | |||||||||
Industrial and Warehouse | 426,637 | 9.8 | |||||||||
Retail | 294,137 | 6.8 | |||||||||
Hotel | 128,246 | 3.0 | |||||||||
Other | 373,769 | 8.7 | |||||||||
Total CRE | $ | 2,320,179 | 53.8 | % |
(in thousands) | March 31, 2025 | December 31, 2024 | |||||||||||||||
Nonaccrual loans held for investment | $ | 17,417 | $ | 21,705 | |||||||||||||
Accruing loans contractually past due 90 days or more | 53 | 142 | |||||||||||||||
Total nonperforming loans | 17,470 | 21,847 | |||||||||||||||
Foreclosed assets, net | 3,419 | 3,337 | |||||||||||||||
Total nonperforming assets | 20,889 | 25,184 | |||||||||||||||
Nonaccrual loans ratio (1)
|
0.40 | % | 0.50 | % | |||||||||||||
Nonperforming loans ratio (2)
|
0.41 | % | 0.51 | % | |||||||||||||
Nonperforming assets ratio (3)
|
0.33 | % | 0.40 | % | |||||||||||||
(1)Nonaccrual loans ratio is calculated as nonaccrual loans divided by loans held for investment, net of unearned income, at the end of the period.
|
|||||||||||||||||
(2)Nonperforming loans ratio is calculated as total nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period.
|
|||||||||||||||||
(3) Nonperforming assets ratio is calculated as total nonperforming assets divided by total assets at the end of the period.
|
March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
(in thousands) | Allowance for Credit Losses | % of Loans in Each Segment to Total Loans | Allowance for Credit Losses | % of Loans in Each Segment to Total Loans | |||||||||||||||||||
Agricultural | $ | 394 | 3.1 | % | $ | 249 | 2.8 | % | |||||||||||||||
Commercial and industrial | 22,091 | 26.5 | 21,040 | 26.1 | |||||||||||||||||||
Commercial real estate | 24,803 | 53.8 | 27,641 | 54.2 | |||||||||||||||||||
Residential real estate | 5,180 | 15.2 | 4,929 | 15.3 | |||||||||||||||||||
Consumer | 1,432 | 1.4 | 1,341 | 1.6 | |||||||||||||||||||
Total | $ | 53,900 | 100.0 | % | $ | 55,200 | 100.0 | % | |||||||||||||||
Allowance for credit losses ratio(1)
|
1.25 | % | 1.28 | % | |||||||||||||||||||
Allowance for credit losses to nonaccrual loans ratio(2)
|
309.47 | % | 254.32 | % | |||||||||||||||||||
(1) Allowance for credit losses ratio is calculated as allowance for credit losses divided by loans held for investment, net of unearned income at the end of the period.
|
|||||||||||||||||||||||
(2) Allowance for credit losses to nonaccrual loans ratio is calculated as allowance for credit losses divided by nonaccrual loans at the end of the period.
|
Three Months Ended March 31, 2025 and 2024 | |||||||||||||||||||||||||||||||||||
(in thousands) | Agricultural | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Consumer | Total | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||||||||
Charge-offs
|
$ | - | $ | (103) | $ | (2,635) | $ | (39) | $ | (378) | $ | (3,155) | |||||||||||||||||||||||
Recoveries
|
1 | 27 | 5 | 4 | 31 | 68 | |||||||||||||||||||||||||||||
Net (charge-offs) recoveries | $ | 1 | $ | (76) | $ | (2,630) | $ | (35) | $ | (347) | $ | (3,087) | |||||||||||||||||||||||
Net (charge-off) recovery ratio(1)
|
- | % | (0.01) | % | (0.25) | % | - | % | (0.03) | % | (0.29) | % | |||||||||||||||||||||||
For the Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
Charge-offs
|
$ | (4) | $ | (299) | $ | (35) | $ | (19) | $ | (290) | $ | (647) | |||||||||||||||||||||||
Recoveries
|
355 | 46 | 8 | 9 | 40 | 458 | |||||||||||||||||||||||||||||
Net (charge-offs) recoveries | $ | 351 | $ | (253) | $ | (27) | $ | (10) | $ | (250) | $ | (189) | |||||||||||||||||||||||
Net (charge-off) recovery ratio(1)
|
0.03 | % | (0.02) | % | - | % | - | % | (0.02) | % | (0.02) | % | |||||||||||||||||||||||
(1) Net (charge-off) recovery ratio is calculated as the annualized net (charge-offs) recoveries divided by average loans held for investment, net of unearned income and average loans held for sale, during the period.
|
As of March 31, 2025 | As of December 31, 2024 | ||||||||||||||||||||||
(in thousands) | Balance | % of Total | Balance | % of Total | |||||||||||||||||||
Noninterest bearing deposits | $ | 903,714 | 16.5 | % | $ | 951,423 | 17.4 | % | |||||||||||||||
Interest checking deposits | 1,283,328 | 23.3 | 1,258,191 | 22.9 | |||||||||||||||||||
Money market deposits | 1,002,066 | 18.3 | 1,053,988 | 19.2 | |||||||||||||||||||
Savings deposits | 877,348 | 16.0 | 820,549 | 15.0 | |||||||||||||||||||
Total non-maturity deposits | 4,066,456 | 74.1 | 4,084,151 | 74.5 | |||||||||||||||||||
Time deposits of $250 and under | 818,012 | 14.9 | 826,793 | 15.1 | |||||||||||||||||||
Brokered deposits | 200,000 | 3.6 | 200,000 | 3.7 | |||||||||||||||||||
Time deposits over $250 | 404,674 | 7.4 | 367,038 | 6.7 | |||||||||||||||||||
Total time deposits | $ | 1,422,686 | 25.9 | % | $ | 1,393,831 | 25.5 | % | |||||||||||||||
Total deposits
|
$ | 5,489,142 | 100.0 | % | $ | 5,477,982 | 100.0 | % |
(in thousands) | March 31, 2025 | December 31, 2024 | |||||||||
Securities sold under agreements to repurchase | $ | 1,482 | $ | 3,186 | |||||||
Junior subordinated notes issued to capital trusts | $ | 42,516 | $ | 42,471 | |||||||
Subordinated debentures | 64,300 | 64,268 | |||||||||
Finance lease payable | 343 | 398 | |||||||||
Federal Home Loan Bank borrowings | 4,239 | 4,239 | |||||||||
Other long-term debt | - | 2,000 | |||||||||
Total long-term debt | $ | 111,398 | $ | 113,376 |
March 31, 2025 | December 31, 2024 | |||||||||||||
Common equity ratio | 9.27 | % | 8.97 | % | ||||||||||
Tangible common equity ratio(1)
|
7.89 | % | 7.57 | % | ||||||||||
Total risk-based capital ratio | 14.34 | % | 14.07 | % | ||||||||||
Tier 1 risk-based capital ratio | 11.84 | % | 11.59 | % | ||||||||||
Common equity tier 1 risk-based capital ratio | 10.97 | % | 10.73 | % | ||||||||||
Tier 1 leverage ratio | 9.50 | % | 9.15 | % | ||||||||||
Book value per share | $ | 27.85 | $ | 26.94 | ||||||||||
Tangible book value per share(1)
|
$ | 23.36 | $ | 22.37 | ||||||||||
(1)A non-GAAP financial measure - see the "Non-GAAP Presentations" section for a reconciliation to the most comparable GAAP equivalent.
|
(in thousands) | As of March 31, 2025 | As of December 31, 2024 | |||||||||
Cash and due from banks | $ | 68,545 | $ | 71,803 | |||||||
Interest-bearing deposits | 182,360 | 133,092 | |||||||||
Total | $ | 250,905 | $ | 204,895 |
Three Months Ended | ||||||||||||||
(in thousands) | March 31, | |||||||||||||
Return on Average Tangible Equity | 2025 | 2024 | ||||||||||||
Net income | $ | 15,138 | $ | 3,269 | ||||||||||
Intangible amortization, net of tax (1)
|
1,047 | 1,228 | ||||||||||||
Tangible net income | $ | 16,185 | $ | 4,497 | ||||||||||
Average shareholders' equity | $ | 571,378 | $ | 527,533 | ||||||||||
Average intangible assets, net | (94,169) | (95,296) | ||||||||||||
Average tangible equity | $ | 477,209 | $ | 432,237 | ||||||||||
Return on average equity | 10.74 | % | 2.49 | % | ||||||||||
Return on average tangible equity (2)
|
13.75 | % | 4.18 | % | ||||||||||
(1) The income tax rate utilized was the blended marginal rate.
|
||||||||||||||
(2) Annualized tangible net income divided by average tangible equity. |
(in thousands, except per share data) | ||||||||||||||
Tangible Common Equity/Tangible Book Value per Share / Tangible Common Equity Ratio |
March 31, 2025 | December 31, 2024 | ||||||||||||
Total shareholders' equity | $ | 579,625 | $ | 559,696 | ||||||||||
Intangible assets, net | (93,399) | (94,807) | ||||||||||||
Tangible common equity | $ | 486,226 | $ | 464,889 | ||||||||||
Total assets | $ | 6,254,394 | $ | 6,236,329 | ||||||||||
Intangible assets, net | (93,399) | (94,807) | ||||||||||||
Tangible assets | $ | 6,160,995 | $ | 6,141,522 | ||||||||||
Book value per share | $ | 27.85 | $ | 26.94 | ||||||||||
Tangible book value per share (1)
|
$ | 23.36 | $ | 22.37 | ||||||||||
Shares outstanding | 20,815,715 | 20,777,485 | ||||||||||||
Equity to assets ratio | 9.27 | % | 8.97 | % | ||||||||||
Tangible common equity ratio (2)
|
7.89 | % | 7.57 | % | ||||||||||
(1) Tangible common equity divided by shares outstanding. | ||||||||||||||
(2) Tangible common equity divided by tangible assets. |
Three Months Ended | ||||||||||||||
(in thousands) | March 31, | |||||||||||||
Net Interest Margin, Tax Equivalent/Core Net Interest Margin | 2025 | 2024 | ||||||||||||
Net interest income | $ | 47,439 | $ | 34,731 | ||||||||||
Tax equivalent adjustments: | ||||||||||||||
Loans (1)
|
981 | 920 | ||||||||||||
Securities (1)
|
162 | 387 | ||||||||||||
Net interest income, tax equivalent | $ | 48,582 | $ | 36,038 | ||||||||||
Loan purchase discount accretion | (1,166) | (1,152) | ||||||||||||
Core net interest income | $ | 47,416 | $ | 34,886 | ||||||||||
Net interest margin | 3.36 | % | 2.25 | % | ||||||||||
Net interest margin, tax equivalent (2)
|
3.44 | % | 2.33 | % | ||||||||||
Core net interest margin (3)
|
3.36 | % | 2.26 | % | ||||||||||
Average interest earning assets | $ | 5,728,250 | $ | 6,215,160 | ||||||||||
(1) The federal statutory tax rate utilized was 21%. | ||||||||||||||
(2) Annualized tax equivalent net interest income divided by average interest earning assets. | ||||||||||||||
(3) Annualized core net interest income divided by average interest earning assets.
|
Three Months Ended | ||||||||||||||
(in thousands) | March 31, | |||||||||||||
Efficiency Ratio | 2025 | 2024 | ||||||||||||
Total noninterest expense | $ | 36,293 | $ | 35,565 | ||||||||||
Amortization of intangibles | (1,408) | (1,637) | ||||||||||||
Merger-related expenses | (40) | (1,314) | ||||||||||||
Noninterest expense used for efficiency ratio | $ | 34,845 | $ | 32,614 | ||||||||||
Net interest income, tax equivalent(1)
|
$ | 48,582 | $ | 36,038 | ||||||||||
Noninterest income | 10,136 | 9,750 | ||||||||||||
Investment security gains, net | (33) | (36) | ||||||||||||
Net revenues used for efficiency ratio | $ | 58,685 | $ | 45,752 | ||||||||||
Efficiency ratio(2)
|
59.38 | % | 71.28 | % | ||||||||||
(1) The federal statutory tax rate utilized was 21%. | ||||||||||||||
(2) Noninterest expense adjusted for amortization of intangibles and merger-related expenses divided by the sum of tax equivalent net interest income, noninterest income and net investment securities gains. |
Three Months Ended | ||||||||||||||
(in thousands, except per share data) | March 31, | |||||||||||||
Adjusted Earnings | 2025 | 2024 | ||||||||||||
Net income | $ | 15,138 | $ | 3,269 | ||||||||||
Less: Investment securities gains, net of tax(1)
|
25 | 27 | ||||||||||||
Less: Mortgage servicing rights loss, net of tax(1)
|
(158) | (276) | ||||||||||||
Plus: Merger-related expenses, net of tax(1)
|
30 | 986 | ||||||||||||
Adjusted earnings | $ | 15,301 | $ | 4,504 | ||||||||||
Weighted average diluted common shares outstanding | 20,849,255 | 15,773,521 | ||||||||||||
Earnings per common share | ||||||||||||||
Earnings per common share - diluted | $ | 0.73 | $ | 0.21 | ||||||||||
Adjusted earnings per common share(2)
|
$ | 0.73 | $ | 0.29 | ||||||||||
(1) The income tax rate utilized was the blended marginal tax rate. | ||||||||||||||
(2) Adjusted earnings divided by weighted average diluted common shares outstanding.
|
Immediate Change in Rates | |||||||||||||||||||||||||||||
(in thousands) | -200 | -100 | +100 | +200 | |||||||||||||||||||||||||
March 31, 2025 | |||||||||||||||||||||||||||||
Dollar change
|
$ | (15,324) | $ | (6,889) | $ | 6,948 | $ | 13,641 | |||||||||||||||||||||
Percent change
|
(7.3) | % | (3.3) | % | 3.3 | % | 6.5 | % | |||||||||||||||||||||
December 31, 2024 | |||||||||||||||||||||||||||||
Dollar change
|
$ | (16,026) | $ | (7,283) | $ | 6,707 | $ | 13,028 | |||||||||||||||||||||
Percent change
|
(7.8) | % | (3.5) | % | 3.2 | % | 6.3 | % |
Total Number of Shares Purchased(1)
|
Average Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Programs(2)
|
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program | |||||||||||||||||||||||
January 1 - 31, 2025 | - | $ | - | - | $ | 15,000,000 | ||||||||||||||||||||
February 1 - 28, 2025 | 13,014 | 32.07 | - | 15,000,000 | ||||||||||||||||||||||
March 1 - 31, 2025 | - | - | - | 15,000,000 | ||||||||||||||||||||||
Total | 13,014 | $ | 32.07 | - | $ | 15,000,000 | ||||||||||||||||||||
Exhibit
Number
|
Description | Incorporated by Reference to: | ||||||||||||
Amended and Restated Articles of Incorporation of MidWestOneFinancial Group, Inc. filed with the Secretary of State of the State of Iowa on March 14, 2008
|
Exhibit 3.3 to the Company's Amendment No. 1 to Registration Statement on Form S-4 (File No. 333-147628) filed with the SEC on January 14, 2008 | |||||||||||||
Articles of Amendment (First Amendment) to the Amended and Restated Articles of Incorporation of MidWestOneFinancial Group, Inc. filed with the Secretary of State of the State of Iowa on January 23, 2009
|
Exhibit 3.1 to the Company's Current Report on Form 8-K filed with the SEC on January 23, 2009 | |||||||||||||
Articles of Amendment (Second Amendment) to the Amended and Restated Articles of Incorporation of MidWestOneFinancial Group, Inc. filed with the Secretary of State of the State of Iowa on February 4, 2009 (containing the Certificate of Designations for the Company's Fixed Rate Cumulative Perpetual Preferred Stock, Series A)
|
Exhibit 3.1 to the Company's Current Report on Form 8-K filed with the SEC on February 6, 2009 | |||||||||||||
Articles of Amendment (Third Amendment) to the Amended and Restated Articles of Incorporation of MidWestOneFinancial Group, Inc., filed with the Secretary of State of the State of Iowa on April 21, 2017
|
Exhibit 3.1 to the Company's Form 10-Q for the quarter ended March 31, 2017, filed with the SEC on May 4, 2017 | |||||||||||||
Third Amended and Restated Bylaws, as Amended of MidWestOne Financial Group, Inc. as of October 18, 2022
|
Exhibit 3.1 to the Company's Current Report on Form 8-K filed with the SEC on October 19, 2022 | |||||||||||||
Form of MidWestOneFinancial Group, Inc. 2023 Equity Incentive Plan Restricted Stock Unit Award Agreement
|
Exhibit 4.7 to the Company's Form S-8 filed with the SEC on May 5, 2023 | |||||||||||||
Form of MidWestOneFinancial Group, Inc. 2023 Equity Incentive Plan Performance-Based Restricted Stock Unit Award Agreement
|
Exhibit 4.8 to the Company's Form S-8 filed with the SEC on May 5, 2023 | |||||||||||||
Amended Form of MidWestOneFinancial Group, Inc. 2023 Equity Incentive Plan Restricted Stock Unit Award Agreement
|
Exhibit 10.19 to the Company's Form 10-K filed with the SEC on March 11, 2025 | |||||||||||||
Amended Form of MidWestOneFinancial Group, Inc. 2023 Equity Incentive Plan Performance-Based Restricted Stock Unit Award Agreement
|
Exhibit 10.20 to the Company's Form 10-K filed with the SEC on March 11, 2025 | |||||||||||||
Third Amendment to the Credit Agreement by and between MidWestOneFinancial Group, Inc. and U.S. Bank National Association dated February 12, 2024
|
Exhibit 10.11 to the Company's Annual Report on Form 10-K filed with the SEC on March 8, 2024 | |||||||||||||
31.1
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) | Filed herewith | ||||||||||||
31.2
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) | Filed herewith | ||||||||||||
31.3
|
Certification of Principal Accounting Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) | Filed herewith | ||||||||||||
32.1
|
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Filed herewith | ||||||||||||
32.2
|
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Filed herewith | ||||||||||||
32.3
|
Certification of Principal Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Filed herewith | ||||||||||||
101 |
The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Shareholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
|
Filed herewith | ||||||||||||
Exhibit
Number
|
Description | Incorporated by Reference to: | ||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | Filed herewith | ||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith | ||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | ||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | ||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith | ||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Filed herewith |
MIDWESTONEFINANCIALGROUP, INC.
|
|||||||||||||||||||||||
Dated: | May 6, 2025 | By: | /s/ CHARLES N. REEVES | ||||||||||||||||||||
Charles N. Reeves | |||||||||||||||||||||||
Chief Executive Officer | |||||||||||||||||||||||
(Principal Executive Officer) | |||||||||||||||||||||||
By: | /s/ BARRY S. RAY | ||||||||||||||||||||||
Barry S. Ray | |||||||||||||||||||||||
Chief Financial Officer
|
|||||||||||||||||||||||
(Principal Financial Officer) | |||||||||||||||||||||||
By: | /s/ JOHN J. RUPPEL | ||||||||||||||||||||||
John J. Ruppel | |||||||||||||||||||||||
Chief Accounting Officer
|
|||||||||||||||||||||||
(Principal Accounting Officer) | |||||||||||||||||||||||