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Loans | 6 Months Ended
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Jun. 30, 2024
Receivables [Abstract] |
Loans | Loans: Loan balances were as follows:
(In Thousands of Dollars) |  | June 30, 2024 |  |  | December 31, 2023 |
Commercial real estate |  |  |  |  |  |
Owner occupied |  | $ | 389,882 |  |  | $ | 399,273 |
Non-owner occupied |  |  | 703,316 |  |  |  | 712,315 |
Farmland |  |  | 205,437 |  |  |  | 202,950 |
Other |  |  | 255,477 |  |  |  | 224,218 |
Commercial |  |  |  |  |  |
Commercial and industrial |  |  | 343,694 |  |  |  | 346,354 |
Agricultural |  |  | 59,598 |  |  |  | 58,338 |
Residential real estate |  |  |  |  |  |
1-4 family residential |  |  | 849,561 |  |  |  | 843,697 |
Home equity lines of credit |  |  | 151,511 |  |  |  | 142,441 |
Consumer |  |  |  |  |  |
Indirect |  |  | 238,437 |  |  |  | 226,815 |
Direct |  |  | 21,700 |  |  |  | 23,805 |
Other |  |  | 8,469 |  |  |  | 9,164 |
Total loans |  | $ | 3,227,082 |  |  | $ | 3,189,370 |
Net deferred loan costs |  |  | 10,287 |  |  |  | 8,757 |
Allowance for credit losses |  |  | (33,991 | ) |  |  | (34,440 | )
Net loans |  | $ | 3,203,378 |  |  | $ | 3,163,687 |
Allowance for credit loss activity The following tables present the activity in the allowance for credit losses by portfolio segment for the three and six month periods ended June 30, 2024 and 2023: Three Months Ended June 30, 2024
(In Thousands of Dollars) |  | Commercial Real Estate |  |  | Commercial |  |  | Residential Real Estate |  |  | Consumer |  |  | Total |
Allowance for credit losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 17,481 |  |  | $ | 4,543 |  |  | $ | 6,840 |  |  | $ | 4,295 |  |  | $ | 33,159 |
(Credit) Provision for credit losses |  |  | (258 | ) |  |  | 428 |  |  |  | 628 |  |  |  | 597 |  |  |  | 1,395 |
Loans charged off |  |  | 0 |  |  |  | (372 | ) |  |  | (51 | ) |  |  | (238 | ) |  |  | (661 | )
Recoveries |  |  | 0 |  |  |  | 29 |  |  |  | 5 |  |  |  | 64 |  |  |  | 98 |
Total ending allowance balance |  | $ | 17,223 |  |  | $ | 4,628 |  |  | $ | 7,422 |  |  | $ | 4,718 |  |  | $ | 33,991 |
Six Months Ended June 30, 2024
(In Thousands of Dollars) |  | Commercial Real Estate |  |  | Commercial |  |  | Residential Real Estate |  |  | Consumer |  |  | Total |
Allowance for credit losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 18,150 |  |  | $ | 5,087 |  |  | $ | 6,916 |  |  | $ | 4,287 |  |  | $ | 34,440 |
(Credit) Provision for credit losses |  |  | (799 | ) |  |  | 490 |  |  |  | 559 |  |  |  | 875 |  |  |  | 1,125 |
Loans charged off |  |  | (146 | ) |  |  | (1,015 | ) |  |  | (81 | ) |  |  | (701 | ) |  |  | (1,943 | )
Recoveries |  |  | 18 |  |  |  | 66 |  |  |  | 28 |  |  |  | 257 |  |  |  | 369 |
Total ending allowance balance |  | $ | 17,223 |  |  | $ | 4,628 |  |  | $ | 7,422 |  |  | $ | 4,718 |  |  | $ | 33,991 |
Three Months Ended June 30, 2023
(In Thousands of Dollars) |  | Commercial Real Estate |  |  | Commercial |  |  | Residential Real Estate |  |  | Consumer |  |  | Total |
Allowance for credit losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 19,819 |  |  | $ | 5,230 |  |  | $ | 6,732 |  |  | $ | 4,230 |  |  | $ | 36,011 |
PCD ACL on loans acquired |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
(Credit) Provision for credit losses |  |  | (1,125 | ) |  |  | 639 |  |  |  | 131 |  |  |  | 100 |  |  |  | (255 | )
Loans charged off |  |  | (157 | ) |  |  | (591 | ) |  |  | (11 | ) |  |  | (212 | ) |  |  | (971 | )
Recoveries |  |  | 0 |  |  |  | 17 |  |  |  | 14 |  |  |  | 141 |  |  |  | 172 |
Total ending allowance balance |  | $ | 18,537 |  |  | $ | 5,295 |  |  | $ | 6,866 |  |  | $ | 4,259 |  |  | $ | 34,957 |
Six Months Ended June 30, 2023
(In Thousands of Dollars) |  | Commercial Real Estate |  |  | Commercial |  |  | Residential Real Estate |  |  | Consumer |  |  | Total |
Allowance for credit losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 14,840 |  |  | $ | 4,186 |  |  | $ | 4,374 |  |  | $ | 3,578 |  |  | $ | 26,978 |
PCD ACL on loans acquired |  |  | 850 |  |  |  | 138 |  |  |  | 11 |  |  |  | 0 |  |  |  | 999 |
Provision for credit losses |  |  | 3,003 |  |  |  | 1,683 |  |  |  | 2,529 |  |  |  | 835 |  |  |  | 8,050 |
Loans charged off |  |  | (157 | ) |  |  | (734 | ) |  |  | (94 | ) |  |  | (455 | ) |  |  | (1,440 | )
Recoveries |  |  | 1 |  |  |  | 22 |  |  |  | 46 |  |  |  | 301 |  |  |  | 370 |
Total ending allowance balance |  | $ | 18,537 |  |  | $ | 5,295 |  |  | $ | 6,866 |  |  | $ | 4,259 |  |  | $ | 34,957 |
The cumulative loss rate used as the basis for the estimate of credit losses is comprised of the Company's historical loss experience from December 31, 2011 to June 30, 2024. As of June 30, 2024, the Company expects that the markets in which it operates will experience minimal changes to economic conditions, stable trend in unemployment rate, and a level trend of delinquencies. Management adjusted historical loss experience for these expectations. No reversion adjustments were necessary, as the starting point for the Company's estimate was a cumulative loss rate covering the expected contractual term of the portfolio. While there are many factors that go into the calculation of the allowance for credit losses, the change in the balances from June 30, 2023 to June 30, 2024 is largely attributed to adjustments made to the Commercial Staffing qualitative factor, release of reserves related to loans transferred to held for sale and reclassification of construction loan balances that were placed into their permanent loan pool. These factors were partially offset by increases to loan balances and increases in the Company's loss rates that anchor the qualitative factors and impact the quantitative reserve. The following tables present the amortized cost basis of loans on nonaccrual status and loans past due over 89 days still accruing as of June 30, 2024 and December 31, 2023:
(In Thousands of Dollars) |  | Nonaccrual with no allowance for credit loss |  |  | Nonaccrual with an allowance for credit loss |  |  | Loans past due over 89 days still accruing |
June 30, 2024 |  |  |  |  |  |  |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | 1,694 |  |  | $ | 762 |  |  | $ | 0 |
Non-owner occupied |  |  | 16 |  |  |  | 146 |  |  |  | 0 |
Farmland |  |  | 1,839 |  |  |  | 7 |  |  |  | 0 |
Other |  |  | 0 |  |  |  | 70 |  |  |  | 0 |
Commercial |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 944 |  |  |  | 1,311 |  |  |  | 432 |
Agricultural |  |  | 184 |  |  |  | 247 |  |  |  | 0 |
Residential real estate |  |  |  |  |  |  |  |  |
1-4 family residential |  |  | 373 |  |  |  | 2,592 |  |  |  | 1,412 |
Home equity lines of credit |  |  | 162 |  |  |  | 153 |  |  |  | 0 |
Consumer |  |  |  |  |  |  |  |  |
Indirect |  |  | 57 |  |  |  | 226 |  |  |  | 111 |
Direct |  |  | 66 |  |  |  | 45 |  |  |  | 20 |
Other |  |  | 0 |  |  |  | 1 |  |  |  | 0 |
Total loans |  | $ | 5,335 |  |  | $ | 5,560 |  |  | $ | 1,975 |
(In Thousands of Dollars) |  | Nonaccrual with no allowance for credit loss |  |  | Nonaccrual with an allowance for credit loss |  |  | Loans past due over 89 days still accruing |
December 31, 2023 |  |  |  |  |  |  |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | 1,804 |  |  | $ | 830 |  |  | $ | 0 |
Non-owner occupied |  |  | 19 |  |  |  | 1,491 |  |  |  | 0 |
Farmland |  |  | 1,957 |  |  |  | 9 |  |  |  | 0 |
Other |  |  | 0 |  |  |  | 80 |  |  |  | 0 |
Commercial |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 394 |  |  |  | 1,408 |  |  |  | 0 |
Agricultural |  |  | 203 |  |  |  | 317 |  |  |  | 0 |
Residential real estate |  |  |  |  |  |  |  |  |
1-4 family residential |  |  | 348 |  |  |  | 3,009 |  |  |  | 460 |
Home equity lines of credit |  |  | 240 |  |  |  | 210 |  |  |  | 69 |
Consumer |  |  |  |  |  |  |  |  |
Indirect |  |  | 22 |  |  |  | 300 |  |  |  | 125 |
Direct |  |  | 65 |  |  |  | 69 |  |  |  | 1 |
Other |  |  | 0 |  |  |  | 5 |  |  |  | 0 |
Total loans |  | $ | 5,052 |  |  | $ | 7,728 |  |  | $ | 655 |
The above table for the period ending December 31, 2023 does not include a $1.63 million non-owner occupied commercial real estate loan that was held-for-sale and in nonaccrual status. There were no nonaccrual or past due loans related to loans held-for-sale at June 30, 2024. The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of June 30, 2024 and December 31, 2023:
(In Thousands of Dollars) |  | Real Estate |  |  | Business Assets |  |  | Vehicles |  |  | Cash |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | 1,694 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Non-owner occupied |  |  | 16 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Farmland |  |  | 1,839 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Other |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 86 |  |  |  | 1,044 |  |  |  | 0 |  |  |  | 0 |
Agricultural |  |  | 0 |  |  |  | 184 |  |  |  | 0 |  |  |  | 0 |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |
1-4 family residential |  |  | 3,277 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Home equity lines of credit |  |  | 242 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Indirect |  |  | 0 |  |  |  | 0 |  |  |  | 99 |  |  |  | 0 |
Direct |  |  | 0 |  |  |  | 0 |  |  |  | 14 |  |  |  | 66 |
Other |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total loans |  | $ | 7,154 |  |  | $ | 1,228 |  |  | $ | 113 |  |  | $ | 66 |
(In Thousands of Dollars) |  | Real Estate |  |  | Business Assets |  |  | Vehicles |  |  | Cash |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | 1,804 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Non-owner occupied |  |  | 1,335 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Farmland |  |  | 1,957 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Other |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 94 |  |  |  | 867 |  |  |  | 0 |  |  |  | 0 |
Agricultural |  |  | 0 |  |  |  | 203 |  |  |  | 0 |  |  |  | 0 |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |
1-4 family residential |  |  | 3,352 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Home equity lines of credit |  |  | 294 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Indirect |  |  | 0 |  |  |  | 0 |  |  |  | 53 |  |  |  | 0 |
Direct |  |  | 0 |  |  |  | 0 |  |  |  | 19 |  |  |  | 66 |
Other |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total loans |  | $ | 8,836 |  |  | $ | 1,070 |  |  | $ | 72 |  |  | $ | 66 |
The following tables present the aging of the recorded investment in past due loans as of June 30, 2024 and December 31, 2023 by class of loans.
(In Thousands of Dollars) |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90 Days or More Past Due and Nonaccrual |  |  | Total Past Due |  |  | Loans Not Past Due |  |  | Total |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | 647 |  |  | $ | 1,070 |  |  | $ | 2,456 |  |  | $ | 4,173 |  |  | $ | 385,506 |  |  | $ | 389,679 |
Non-owner occupied |  |  | 13 |  |  |  | 0 |  |  |  | 162 |  |  |  | 175 |  |  |  | 702,678 |  |  |  | 702,853 |
Farmland |  |  | 145 |  |  |  | 0 |  |  |  | 1,846 |  |  |  | 1,991 |  |  |  | 203,233 |  |  |  | 205,224 |
Other |  |  | 528 |  |  |  | 0 |  |  |  | 70 |  |  |  | 598 |  |  |  | 254,496 |  |  |  | 255,094 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 636 |  |  |  | 347 |  |  |  | 2,687 |  |  |  | 3,670 |  |  |  | 341,644 |  |  |  | 345,314 |
Agricultural |  |  | 290 |  |  |  | 72 |  |  |  | 431 |  |  |  | 793 |  |  |  | 59,649 |  |  |  | 60,442 |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family residential |  |  | 11,346 |  |  |  | 946 |  |  |  | 4,377 |  |  |  | 16,669 |  |  |  | 833,124 |  |  |  | 849,793 |
Home equity lines of credit |  |  | 367 |  |  |  | 52 |  |  |  | 315 |  |  |  | 734 |  |  |  | 150,851 |  |  |  | 151,585 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indirect |  |  | 1,467 |  |  |  | 474 |  |  |  | 394 |  |  |  | 2,335 |  |  |  | 244,846 |  |  |  | 247,181 |
Direct |  |  | 110 |  |  |  | 34 |  |  |  | 131 |  |  |  | 275 |  |  |  | 21,457 |  |  |  | 21,732 |
Other |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 3 |  |  |  | 8,469 |  |  |  | 8,472 |
Total loans |  | $ | 15,550 |  |  | $ | 2,996 |  |  | $ | 12,870 |  |  | $ | 31,416 |  |  | $ | 3,205,953 |  |  | $ | 3,237,369 |
(In Thousands of Dollars) |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90 Days or More Past Due and Nonaccrual |  |  | Total Past Due |  |  | Loans Not Past Due |  |  | Total |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | $ | 302 |  |  | $ | 293 |  |  | $ | 2,634 |  |  | $ | 3,229 |  |  | $ | 395,799 |  |  | $ | 399,028 |
Non-owner occupied |  |  | 90 |  |  |  | 0 |  |  |  | 1,510 |  |  |  | 1,600 |  |  |  | 710,195 |  |  |  | 711,795 |
Farmland |  |  | 365 |  |  |  | 0 |  |  |  | 1,966 |  |  |  | 2,331 |  |  |  | 200,395 |  |  |  | 202,726 |
Other |  |  | 0 |  |  |  | 0 |  |  |  | 80 |  |  |  | 80 |  |  |  | 223,697 |  |  |  | 223,777 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 540 |  |  |  | 199 |  |  |  | 1,802 |  |  |  | 2,541 |  |  |  | 345,278 |  |  |  | 347,819 |
Agricultural |  |  | 292 |  |  |  | 40 |  |  |  | 520 |  |  |  | 852 |  |  |  | 58,223 |  |  |  | 59,075 |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family residential |  |  | 6,819 |  |  |  | 4,488 |  |  |  | 3,817 |  |  |  | 15,124 |  |  |  | 828,437 |  |  |  | 843,561 |
Home equity lines of credit |  |  | 729 |  |  |  | 34 |  |  |  | 519 |  |  |  | 1,282 |  |  |  | 141,189 |  |  |  | 142,471 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indirect |  |  | 2,045 |  |  |  | 289 |  |  |  | 447 |  |  |  | 2,781 |  |  |  | 232,105 |  |  |  | 234,886 |
Direct |  |  | 153 |  |  |  | 23 |  |  |  | 135 |  |  |  | 311 |  |  |  | 23,514 |  |  |  | 23,825 |
Other |  |  | 4 |  |  |  | 0 |  |  |  | 5 |  |  |  | 9 |  |  |  | 9,155 |  |  |  | 9,164 |
Total loans |  | $ | 11,339 |  |  | $ | 5,366 |  |  | $ | 13,435 |  |  | $ | 30,140 |  |  | $ | 3,167,987 |  |  | $ | 3,198,127 |

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- Definition The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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