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Loans (Tables)
12 Months Ended
Dec. 31, 2023
Loans  
Loan Portfolio Composition Including Carrying Value by Segment of Originated and Acquired Loans Accounted for under ASC Topic 310-30 and Loans Covered by the FDIC Loss Sharing Agreements

December 31, 2023

Total loans

    

% of total

Commercial

$

4,499,035

58.4%

Commercial real estate non-owner occupied

 

1,856,750

24.1%

Residential real estate

 

1,323,787

17.2%

Consumer

 

19,186

0.3%

Total

$

7,698,758

100.0%

December 31, 2022

Total loans

    

% of total

Commercial

$

4,251,780

58.9%

Commercial real estate non-owner occupied

 

1,696,050

23.5%

Residential real estate

 

1,251,281

17.3%

Consumer

 

21,358

0.3%

Total

$

7,220,469

100.0%

Past Due Financing Receivables

Information about delinquent and non-accrual loans is shown in the following tables at December 31, 2023 and 2022:

December 31, 2023

Greater

30-89 days

than 90 days

Total past

past due and

past due and

Non-accrual

due and

accruing

accruing

loans

non-accrual

Current

Total loans

Commercial:

Commercial and industrial

$

9,179

$

$

2,250

$

11,429

$

1,955,480

$

1,966,909

Municipal and non-profit

1,083,756

1,083,756

Owner occupied commercial real estate

755

755

1,123,018

1,123,773

Food and agribusiness

12

5,762

5,774

318,823

324,597

Total commercial

9,179

12

8,767

17,958

4,481,077

4,499,035

Commercial real estate non-owner occupied:

Construction

 

 

 

 

 

405,250

 

405,250

Acquisition/development

 

1,077

 

 

 

1,077

 

99,019

 

100,096

Multifamily

 

 

 

 

 

311,770

 

311,770

Non-owner occupied

 

60

 

 

13,472

 

13,532

 

1,026,102

 

1,039,634

Total commercial real estate and non-owner occupied

 

1,137

 

 

13,472

 

14,609

 

1,842,141

 

1,856,750

Residential real estate:

 

 

 

 

 

 

Senior lien

1,410

50

5,488

6,948

1,226,651

1,233,599

Junior lien

 

375

528

448

1,351

88,837

90,188

Total residential real estate

 

1,785

578

5,936

8,299

1,315,488

1,323,787

Consumer

 

131

1

53

185

19,001

 

19,186

Total loans

$

12,232

$

591

$

28,228

$

41,051

$

7,657,707

$

7,698,758

December 31, 2023

Non-accrual loans

Non-accrual loans

with a related

with no related

allowance for

allowance for

Non-accrual

credit loss

credit loss

loans

Commercial:

Commercial and industrial

$

2,250

$

$

2,250

Municipal and non-profit

Owner occupied commercial real estate

755

755

Food and agribusiness

5,176

586

5,762

Total commercial

8,181

586

8,767

Commercial real estate non-owner occupied:

Construction

 

 

 

Acquisition/development

 

 

 

Multifamily

 

 

 

Non-owner occupied

 

13,472

 

 

13,472

Total commercial real estate non-owner occupied

 

13,472

 

 

13,472

Residential real estate:

 

 

 

Senior lien

3,277

2,211

5,488

Junior lien

448

 

448

Total residential real estate

3,725

2,211

 

5,936

Consumer

 

53

 

 

53

Total loans

$

25,431

$

2,797

$

28,228

December 31, 2022

Greater

30-89 days

than 90 days

Total past

past due and

past due and

Non-accrual

due and

accruing

accruing

loans

non-accrual

Current

Total loans

Commercial:

Commercial and industrial

$

919

$

53

$

2,601

$

3,573

$

2,021,262

$

2,024,835

Municipal and non-profit

959,626

959,626

Owner occupied commercial real estate

 

6,551

6,551

906,789

 

913,340

Food and agribusiness

 

699

2,148

2,847

351,132

 

353,979

Total commercial

1,618

53

11,300

12,971

4,238,809

4,251,780

Commercial real estate non-owner occupied:

Construction

 

 

 

 

 

341,325

 

341,325

Acquisition/development

 

 

 

 

 

129,102

 

129,102

Multifamily

 

 

 

 

 

213,677

 

213,677

Non-owner occupied

 

629

 

 

685

 

1,314

 

1,010,632

 

1,011,946

Total commercial real estate and non-owner occupied

 

629

 

 

685

 

1,314

 

1,694,736

 

1,696,050

Residential real estate:

 

 

 

 

Senior lien

 

446

4,174

4,620

1,149,728

1,154,348

Junior lien

 

255

341

596

96,337

96,933

Total residential real estate

 

701

4,515

5,216

1,246,065

1,251,281

Consumer

 

38

42

12

92

21,266

21,358

Total loans

$

2,986

$

95

$

16,512

$

19,593

$

7,200,876

$

7,220,469

December 31, 2022

Non-accrual loans

Non-accrual loans

with a related

with no related

allowance for

allowance for

Non-accrual

credit loss

credit loss

loans

Commercial:

Commercial and industrial

$

1,640

$

961

$

2,601

Municipal and non-profit

Owner occupied commercial real estate

693

5,858

6,551

Food and agribusiness

455

1,693

2,148

Total commercial

2,788

8,512

11,300

Commercial real estate non-owner occupied:

Construction

 

 

 

Acquisition/development

 

 

 

Multifamily

 

 

 

Non-owner occupied

 

685

 

 

685

Total commercial real estate non-owner occupied

 

685

 

 

685

Residential real estate:

 

 

 

Senior lien

3,019

1,155

4,174

Junior lien

341

 

341

Total residential real estate

3,360

1,155

 

4,515

Consumer

 

12

 

 

12

Total loans

$

6,845

$

9,667

$

16,512

Credit Exposure for Loans as Determined by Company's Internal Risk Rating System

The amortized cost basis and current period gross charge-offs for all loans as determined by the Company’s internal risk rating system and year of origination is shown in the following table as of December 31, 2023:

December 31, 2023

Revolving

Revolving

loans

loans

Origination year

amortized

converted

2023

2022

2021

2020

2019

Prior

cost basis

to term

Total

Commercial:

Commercial and industrial:

Pass

$

348,103

$

396,618

$

271,201

$

87,234

$

41,261

$

106,711

$

563,924

$

31,620

$

1,846,672

Special mention

4,775

12,259

31,895

20,340

2,202

683

18,344

3,470

93,968

Substandard

13,729

4,555

4,248

1,314

179

347

910

25,282

Doubtful

600

387

987

Total commercial and industrial

367,207

413,432

307,344

109,275

43,642

107,741

583,178

35,090

1,966,909

Gross charge-offs: Commercial and industrial

12

215

47

3

277

Municipal and non-profit:

Pass

139,591

140,626

246,088

82,590

53,460

389,867

31,534

1,083,756

Total municipal and non-profit

139,591

140,626

246,088

82,590

53,460

389,867

31,534

1,083,756

Owner occupied commercial real estate:

Pass

236,897

275,644

181,472

97,523

86,761

163,997

18,281

1,060,575

Special mention

2,074

19,191

7,808

2,650

27,653

59,376

Substandard

515

1,732

687

234

3,168

Doubtful

6

648

654

Total owner occupied commercial real estate

238,971

295,356

191,012

97,523

90,098

192,532

18,281

1,123,773

Food and agribusiness:

Pass

16,917

69,212

14,159

15,379

10,417

34,592

149,125

51

309,852

Special mention

4,646

3,724

450

8,820

Substandard

586

180

1,786

2,552

Doubtful

3,373

3,373

Total food and agribusiness

16,917

69,212

19,391

15,379

10,417

38,496

154,734

51

324,597

Total commercial

762,686

918,626

763,835

304,767

197,617

728,636

787,727

35,141

4,499,035

Gross charge-offs: Commercial

12

215

47

3

277

Commercial real estate non-owner occupied:

Construction:

Pass

43,385

190,826

59,477

63,486

1,006

47,070

405,250

Total construction

43,385

190,826

59,477

63,486

1,006

47,070

405,250

Acquisition/development:

Pass

13,228

39,000

21,011

5,992

597

8,814

7,416

2,961

99,019

Special mention

1,077

1,077

Total acquisition/development

13,228

40,077

21,011

5,992

597

8,814

7,416

2,961

100,096

Multifamily:

Pass

16,450

113,936

92,574

16,938

39,371

31,671

830

311,770

Total multifamily

16,450

113,936

92,574

16,938

39,371

31,671

830

311,770

Non-owner occupied

Pass

116,168

241,563

172,042

91,188

124,291

236,694

6,694

988,640

Special mention

21,268

3,876

2,489

27,633

Substandard

19,848

19,848

Doubtful

280

3,233

3,513

Total non-owner occupied

116,168

241,563

172,042

112,736

128,167

262,264

6,694

1,039,634

Total commercial real estate non-owner occupied

189,231

586,402

345,104

199,152

169,141

302,749

62,010

2,961

1,856,750

Residential real estate:

Senior lien

Pass

87,608

434,963

316,080

112,582

42,752

183,890

48,462

94

1,226,431

Special mention

515

515

Substandard

1,555

1,119

740

415

620

2,167

6,616

Doubtful

37

37

Total senior lien

89,163

436,082

316,820

112,997

43,372

186,609

48,462

94

1,233,599

Gross charge-offs: Senior lien

48

48

Junior lien

Pass

4,920

4,464

1,712

2,947

2,270

4,729

66,441

684

88,167

Special mention

27

249

276

Substandard

263

149

236

758

339

1,745

Total junior lien

5,183

4,613

1,948

3,705

2,270

5,095

66,690

684

90,188

Total residential real estate

94,346

440,695

318,768

116,702

45,642

191,704

115,152

778

1,323,787

Gross charge-offs: Residential real estate

48

48

Consumer

Pass

5,945

3,330

2,233

997

244

410

5,947

27

19,133

Substandard

50

3

53

Total consumer

5,945

3,330

2,233

997

244

460

5,950

27

19,186

Gross charge-offs: Consumer

1,225

13

1

2

1

8

1,250

Total loans

$

1,052,208

$

1,949,053

$

1,429,940

$

621,618

$

412,644

$

1,223,549

$

970,839

$

38,907

$

7,698,758

Gross charge-offs: Total loans

1,225

25

216

2

48

59

1,575

The amortized cost basis for all loans as determined by the Company’s internal risk rating system and year of origination is shown in the following table as of December 31, 2022:

December 31, 2022

Revolving

Revolving

loans

loans

Origination year

amortized

converted

2022

2021

2020

2019

2018

Prior

cost basis

to term

Total

Commercial:

Commercial and industrial:

Pass

$

528,180

$

351,003

$

129,453

$

95,003

$

101,951

$

88,038

$

688,398

$

17,883

$

1,999,909

Special mention

66

137

388

2,887

588

4,440

3,512

12,018

Substandard

34

7

1,882

200

189

10,270

50

30

12,662

Doubtful

246

246

Total commercial and industrial

528,280

351,147

131,969

98,090

102,728

102,748

691,960

17,913

2,024,835

Municipal and non-profit:

Pass

105,630

246,696

89,562

59,066

73,013

383,158

2,501

959,626

Total municipal and non-profit

105,630

246,696

89,562

59,066

73,013

383,158

2,501

959,626

Owner occupied commercial real estate:

Pass

263,635

203,628

100,522

92,653

70,447

121,448

24,930

894

878,157

Special mention

515

6,956

2,616

17,360

27,447

Substandard

1,185

4,612

931

234

6,962

Doubtful

85

108

581

774

Total owner occupied commercial real estate

263,635

204,143

101,707

104,306

73,171

140,320

24,930

1,128

913,340

Food and agribusiness:

Pass

36,505

23,907

25,285

11,035

19,689

31,210

191,785

1,663

341,079

Special mention

204

4,573

3,486

195

1,750

10,208

Substandard

1,747

12

324

173

2,256

Doubtful

186

250

436

Total food and agribusiness

36,505

26,044

30,108

11,047

23,175

31,729

193,535

1,836

353,979

Total commercial

934,050

828,030

353,346

272,509

272,087

657,955

912,926

20,877

4,251,780

Commercial real estate non-owner occupied:

Construction:

Pass

106,197

139,012

56,489

14,387

213

25,027

341,325

Total construction

106,197

139,012

56,489

14,387

213

25,027

341,325

Acquisition/development:

Pass

57,773

33,663

7,810

1,921

3,939

16,648

7,348

129,102

Total acquisition/development

57,773

33,663

7,810

1,921

3,939

16,648

7,348

129,102

Multifamily:

Pass

99,988

22,022

17,658

39,547

17,358

16,009

1,095

213,677

Total multifamily

99,988

22,022

17,658

39,547

17,358

16,009

1,095

213,677

Non-owner occupied

Pass

235,958

172,648

120,871

138,711

42,489

249,461

11,707

971,845

Special mention

7,313

4,048

3,947

12,658

27,966

Substandard

629

7,912

8,541

Doubtful

280

3,314

3,594

Total non-owner occupied

235,958

172,648

128,464

142,759

47,065

273,345

11,707

1,011,946

Total commercial real estate non-owner occupied

499,916

367,345

210,421

198,614

68,362

306,215

45,177

1,696,050

Residential real estate:

Senior lien

Pass

361,405

323,984

133,847

47,557

30,283

184,998

66,792

496

1,149,362

Special mention

362

362

Substandard

191

186

468

854

105

2,769

4,573

Doubtful

51

51

Total senior lien

361,596

324,170

134,315

48,411

30,439

188,129

66,792

496

1,154,348

Junior lien

Pass

6,429

5,977

3,010

4,163

1,726

3,773

69,059

1,286

95,423

Special mention

351

351

Substandard

9

89

54

242

305

251

950

Doubtful

209

209

Total junior lien

6,438

5,977

3,099

4,163

1,780

4,366

69,364

1,746

96,933

Total residential real estate

368,034

330,147

137,414

52,574

32,219

192,495

136,156

2,242

1,251,281

Consumer

Pass

8,576

4,816

2,209

607

282

531

4,292

33

21,346

Substandard

3

5

4

12

Total consumer

8,579

4,816

2,209

607

282

536

4,296

33

21,358

Total loans

$

1,810,579

$

1,530,338

$

703,390

$

524,304

$

372,950

$

1,157,201

$

1,098,555

$

23,152

$

7,220,469

Schedule of collateral dependent loans

December 31, 2023

Total amortized

Real property

Business assets

cost basis

Commercial

Commercial and industrial

$

1,946

$

220

$

2,166

Owner-occupied commercial real estate

1,883

1,883

Food and agribusiness

586

5,159

5,745

Total Commercial

4,415

5,379

9,794

Commercial real estate non owner-occupied

Non-owner occupied

 

19,993

 

 

19,993

Total commercial real estate non owner-occupied

 

19,993

 

 

19,993

Residential real estate

 

 

 

Senior lien

 

2,661

 

 

2,661

Total residential real estate

 

2,661

 

 

2,661

Total loans

$

27,069

$

5,379

$

32,448

December 31, 2022

Total amortized

Real property

Business assets

cost basis

Commercial

Commercial and industrial

$

2,869

$

791

$

3,660

Owner-occupied commercial real estate

6,711

1,346

8,057

Food and agribusiness

3,020

173

3,193

Total Commercial

12,600

2,310

14,910

Commercial real estate non owner-occupied

Non-owner occupied

 

8,561

 

 

8,561

Total commercial real estate non owner-occupied

 

8,561

 

 

8,561

Residential real estate

 

 

 

Senior lien

 

2,806

 

 

2,806

Junior lien

 

460

 

 

460

Total residential real estate

 

3,266

 

 

3,266

Total loans

$

24,427

$

2,310

$

26,737

Schedule of Modified Loans to Borrowers Experiencing Financial Difficulty

December 31, 2023

Term extension

Payment delay

Amortized

% of loan

Amortized

% of loan

cost basis

class

cost basis

class

Commercial:

Commercial and industrial

$

0.0%

$

8,936

0.5%

Total commercial

0.0%

8,936

0.2%

Commercial real estate non-owner occupied:

 

 

Non-owner occupied

 

18,770

1.8%

 

0.0%

Total commercial real estate non-owner occupied

18,770

1.0%

0.0%

Residential real estate:

 

 

Senior lien

 

652

0.1%

 

0.0%

Junior lien

 

263

0.3%

 

0.0%

Total residential real estate

915

0.1%

0.0%

Total loans

$

19,685

0.3%

$

8,936

0.1%

Schedule of Payment Status of Financing Receivable Modified Past 12 Months

December 31, 2023

Current

Non-accrual

Commercial:

Commercial and industrial

$

8,936

$

Total commercial

8,936

Commercial real estate non-owner occupied:

 

 

Non-owner occupied

 

5,298

 

13,472

Total commercial real estate non-owner occupied

5,298

13,472

Residential real estate:

 

 

Senior lien

 

652

 

Junior lien

 

263

 

Total residential real estate

915

Total loans

$

15,149

$

13,472

Schedule of Financial Effect of Loan Restructuring Modifications

December 31, 2023

Financial effect

Term extension

Payment delay

Combination - Interest Rate Reduction and Term Extension

Commercial:

Commercial and industrial

Delayed payments for a weighted average of 0.5 years

Commercial real estate non-owner occupied:

Non-owner occupied

Extended a weighted average of 0.3 years to the life of loans, which reduced monthly payment amounts

Residential real estate:

Senior lien

Reduced weighted average contractual interest rate by -2.5% and renewed with a weighted average life of 30 years, which reduced monthly payment amounts

Junior lien

Extended a weighted average 1.3 years to the life of loans, which reduced monthly payment amounts

Additional Information Related to Accruing TDR's

December 31, 2022

Amortized

Average year-to-date

Unpaid

Unfunded commitments

cost basis

amortized cost basis

principal balance

to fund TDRs

Commercial

$

2,160

$

2,348

$

2,150

$

150

Commercial real estate non-owner occupied

 

685

 

734

 

699

 

Residential real estate

 

1,809

 

1,867

 

1,964

 

Consumer

 

 

 

 

Total

$

4,654

$

4,949

$

4,813

$

150

Summary of Company's Carrying Value of Non-Accrual TDR's

The following table summarizes the Company’s carrying value of non-accrual TDRs as of December 31, 2022:

December 31, 2022

Commercial

$

356

Commercial real estate non-owner occupied

 

81

Residential real estate

 

2,041

Consumer

 

Total non-accruing TDRs

$

2,478