QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer |
☐ | Smaller reporting company | ||||
Emerging growth company |
Class |
Outstanding at April 27, 2021 | |
Common Stock, $0.01 par value per share |
Item |
Page |
|||||
1. |
Consolidated Financial Statements - Unaudited | 3 | ||||
4 | ||||||
5 | ||||||
6 | ||||||
7 | ||||||
8 | ||||||
9 | ||||||
2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations | 46 | ||||
3. |
Quantitative and Qualitative Disclosures About Market Risk | 69 | ||||
4. |
Controls and Procedures | 69 | ||||
PART II - OTHER INFORMATION |
||||||
1. |
Legal Proceedings | 70 | ||||
1A. |
Risk Factors | 70 | ||||
2. |
Unregistered Sales of Equity Securities and Use of Proceeds | 70 | ||||
3. |
Defaults Upon Senior Securities | 70 | ||||
4. |
Mine Safety Disclosures | 70 | ||||
5. |
Other Information | 70 | ||||
6. |
Exhibits | 71 | ||||
73 |
March 31, | December 31, | |||||||||||
2021 | 2020 | 2020 | ||||||||||
(Unaudited) | ||||||||||||
ASSETS |
||||||||||||
CASH AND DUE FROM BANKS |
$ | $ | $ | |||||||||
INTEREST-BEARING DEMAND DEPOSITS IN BANKS |
||||||||||||
Total cash and cash equivalents |
||||||||||||
SECURITIES AVAILABLE-FOR-SALE, |
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LOANS: |
||||||||||||
Held-for-investment |
||||||||||||
Less - allowance for credit losses |
( |
) | ( |
) | ( |
) | ||||||
Net loans held-for-investment |
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Held-for-sale |
||||||||||||
BANK PREMISES AND EQUIPMENT, net |
||||||||||||
INTANGIBLE ASSETS, net |
||||||||||||
OTHER ASSETS |
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Total assets |
$ | |
$ | |
$ | |
||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||
NONINTEREST-BEARING DEPOSITS |
$ | $ | $ | |||||||||
INTEREST-BEARING DEPOSITS |
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Total deposits |
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DIVIDENDS PAYABLE |
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BORROWINGS |
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OTHER LIABILITIES |
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Total liabilities |
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COMMITMENTS AND CONTINGENCIES |
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SHAREHOLDERS’ EQUITY: |
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Common stock - ($ |
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Capital surplus |
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Retained earnings |
||||||||||||
Treasury stock (shares at cost: |
( |
) | ( |
) | ( |
) | ||||||
Deferred compensation |
||||||||||||
Accumulated other comprehensive earnings, net |
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Total shareholders’ equity |
||||||||||||
Total liabilities and shareholders’ equity |
$ | $ | $ | |||||||||
Three-Months Ended March 31, |
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2021 | 2020 | |||||||
INTEREST INCOME: |
||||||||
Interest and fees on loans |
$ | $ | ||||||
Interest on investment securities: |
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Taxable |
||||||||
Exempt from federal income tax |
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Interest on federal funds sold and interest-bearing demand deposits in banks |
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Total interest income |
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INTEREST EXPENSE: |
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Interest on deposits |
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Other |
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Total interest expense |
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Net interest income |
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PROVISION FOR CREDIT LOSSES |
( |
) | ||||||
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Net interest income after provisions for credit losses |
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NONINTEREST INCOME: |
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Trust fees |
||||||||
Service charges on deposit accounts |
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ATM, interchange and credit card fees |
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Gain on sale and fees on mortgage loans |
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Net gain on sale of available-for-sale |
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Net gain on sale of foreclosed assets |
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Net gain on sale of assets |
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Interest on loan recoveries |
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Other |
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Total noninterest income |
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NONINTEREST EXPENSE: |
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Salaries, commissions and employee benefits |
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Net occupancy expense |
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Equipment expense |
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FDIC insurance premiums |
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ATM, interchange and credit card expenses |
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Professional and service fees |
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Printing, stationery and supplies |
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Operational and other losses |
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Software amortization and expense |
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Amortization of intangible assets |
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Other |
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Total noninterest expense |
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EARNINGS BEFORE INCOME TAXES |
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INCOME TAX EXPENSE |
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NET EARNINGS |
$ | |
$ | |||||
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NET EARNINGS PER SHARE, BASIC |
$ | $ | ||||||
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NET EARNINGS PER SHARE, DILUTED |
$ | $ | ||||||
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DIVIDENDS PER SHARE |
$ | $ | ||||||
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Three-Months Ended March 31, |
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2021 | 2020 | |||||||
NET EARNINGS |
$ | $ | ||||||
OTHER ITEMS OF COMPREHENSIVE EARNINGS: |
||||||||
Change in unrealized gain on investment securities available-for-sale, |
( |
) | ||||||
Reclassification adjustment for realized gains on investment securities included in net earnings, before income taxes |
( |
) | ( |
) | ||||
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Total other items of comprehensive earnings |
( |
) | ||||||
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Income tax benefit (expense) related to: |
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Change in unrealized gain on investment securities available-for-sale |
( |
) | ||||||
Reclassification adjustment for realized gains on investment securities included in net earnings |
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Total income tax benefit (expense) |
( |
) | ||||||
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COMPREHENSIVE EARNINGS |
$ | $ | ||||||
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Accumulated | ||||||||||||||||||||||||||||||||||||
Other | Total | |||||||||||||||||||||||||||||||||||
Common Stock | Capital | Retained | Treasury Stock | Deferred | Comprehensive | Shareholders’ | ||||||||||||||||||||||||||||||
Shares | Amount | Surplus | Earnings | Shares | Amounts | Compensation | Earnings | Equity | ||||||||||||||||||||||||||||
Balances at December 31, 2019 |
$ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | |||||||||||||||||||||||||
Stock issued in acquisition of TB&T Bancshares, Inc. (unaudited) |
||||||||||||||||||||||||||||||||||||
Net earnings (unaudited) |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Stock option exercises (unaudited) |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Restricted stock grant (unaudited) |
— | — | — | — | — | — | ||||||||||||||||||||||||||||||
Cash dividends declared, $ |
— | — | — | ( |
) | — | — | — | — | ( |
) | |||||||||||||||||||||||||
Change in unrealized gain in investment securities available-for-sale, |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Shares purchased (redeemed) in connection with directors’ deferred compensation plan, net (unaudited) |
— | — | — | — | ( |
) | ( |
) | — | — | ||||||||||||||||||||||||||
Stock option expense (unaudited) |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
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Balances at March 31, 2020 (unaudited) |
$ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | |||||||||||||||||||||||||
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Balances at December 31, 2020 |
$ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | |||||||||||||||||||||||||
Net earnings (unaudited) |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Stock option exercises (unaudited) |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Restricted stock grant/fortfeiture, net (unaudited) |
( |
) | — | ( |
) | — | — | — | — | — | ( |
) | ||||||||||||||||||||||||
Cash dividends declared, $ |
— | — | — | ( |
) | — | — | — | — | ( |
) | |||||||||||||||||||||||||
Change in unrealized gain in investment securities available-for-sale, |
— | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||
Shares purchased in connection with directors’ deferred compensation plan, net (unaudited) |
— | — | — | — | ( |
) | — | — | ||||||||||||||||||||||||||||
Stock option expense (unaudited) |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
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|||||||||||||||||||
Balances at March 31, 2021 (unaudited) |
$ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | |||||||||||||||||||||||||
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Three-Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
Net earnings |
$ | $ | ||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
||||||||
Provision for credit losses |
( |
) | ||||||
Securities premium amortization, net |
||||||||
Discount accretion on purchased loans |
( |
) | ( |
) | ||||
Gain on sale of assets, net |
( |
) | ( |
) | ||||
Change in loans held-for-sale |
( |
) | ||||||
Change in other assets |
( |
) | ||||||
Change in other liabilities |
||||||||
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|
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Total adjustments |
( |
) | ||||||
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|||||
Net cash provided by operating activities |
||||||||
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|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
Cash received in acquisition of TB&T Bancshares, Inc. |
— | |||||||
Activity in available-for-sale |
||||||||
Sales |
||||||||
Maturities |
||||||||
Purchases |
( |
) | ( |
) | ||||
Net (increase) decrease in loans held-for-investment |
( |
) | ||||||
Purchases of bank premises and equipment |
( |
) | ( |
) | ||||
Proceeds from sale of bank premises and equipment and other assets |
||||||||
|
|
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|
|||||
Net cash used in investing activities |
( |
) | ( |
) | ||||
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|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
Net increase (decrease) in noninterest-bearing deposits |
( |
) | ||||||
Net increase in interest-bearing deposits |
||||||||
Net increase in borrowings |
||||||||
Common stock transactions: |
||||||||
Proceeds from stock option exercises |
||||||||
Dividends paid |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash provided by financing activities |
||||||||
|
|
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|
|||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
( |
) | ||||||
CASH AND CASH EQUIVALENTS, beginning of period |
||||||||
|
|
|
|
|||||
CASH AND CASH EQUIVALENTS, end of period |
$ | $ | ||||||
|
|
|
|
|||||
SUPPLEMENTAL INFORMATION AND NONCASH TRANSACTIONS: |
|
|||||||
Interest paid |
$ | $ | ||||||
Transfer of loans and bank premises to other real estate |
— | |||||||
Investment securities purchased but not settled |
||||||||
Investment securities sold but not yet settled |
— | |||||||
Restricted stock grant (forfeiture) |
( |
) | ||||||
Stock issued in acquisition of TB&T Bancshares, Inc. |
— |
Net Earnings (in thousands) |
Weighted Average Shares |
Per Share Amount |
||||||||||
For the three-months ended March 31, 2021: |
||||||||||||
Net earnings per share, basic |
$ | $ | ||||||||||
Effect of stock options and stock grants |
||||||||||||
Net earnings per share, diluted |
$ | $ | ||||||||||
Net Earnings (in thousands) |
Weighted Average Shares |
Per Share Amount |
||||||||||
For the three-months ended March 31, 2020: |
||||||||||||
Net earnings per share, basic |
$ |
$ |
||||||||||
Effect of stock options and stock grants |
||||||||||||
Net earnings per share, diluted |
$ |
$ |
||||||||||
March 31, 2021 | ||||||||||||||||
Amortized Cost Basis |
Gross Unrealized Holding Gains |
Gross Unrealized Holding Losses |
Estimated Fair Value |
|||||||||||||
Securities available-for-sale: |
||||||||||||||||
Obligations of states and political subdivisions |
$ | $ | $ | ( |
) | $ | ||||||||||
Residential mortgage-backed securities |
( |
) | ||||||||||||||
Commercial mortgage-backed securities |
— | |||||||||||||||
Corporate bonds and other |
( |
) | ||||||||||||||
Total securities available-for-sale |
$ | $ | $ | ( |
) | $ | ||||||||||
March 31, 2020 | ||||||||||||||||
Amortized Cost Basis |
Gross Unrealized Holding G ains |
Gross Unrealized Holding Losses |
Estimated Fair Value |
|||||||||||||
Securities available-for-sale: |
||||||||||||||||
U.S. Treasury securities |
$ | $ | $ | — | $ | |||||||||||
Obligations of states and political subdivisions |
( |
) | ||||||||||||||
Residential mortgage-backed securities |
( |
) | ||||||||||||||
Commercial mortgage-backed securities |
( |
) | ||||||||||||||
Corporate bonds and other |
( |
) | ||||||||||||||
Total securities available-for-sale |
$ | $ | $ | ( |
) | $ | ||||||||||
December 31, 2020 | ||||||||||||||||
Amortized Cost Basis |
Gross Unrealized Holding Gains |
Gross Unrealized Holding Losses |
Estimated Fair Value |
|||||||||||||
Securities available-for-sale: |
||||||||||||||||
Obligations of states and political subdivisions |
$ | $ | $ | ( |
) | $ | ||||||||||
Residential mortgage-backed securities |
( |
) | ||||||||||||||
Commercial mortgage-backed securities |
( |
) | ||||||||||||||
Corporate bonds and other |
— | |||||||||||||||
Total securities available-for-sale |
$ | $ | $ | ( |
) | $ | ||||||||||
Amortized Cost Basis |
Estimated Fair Value |
|||||||
Due within one year |
$ | $ | ||||||
Due after one year through five years |
||||||||
Due after five years through ten years |
||||||||
Due after ten years |
||||||||
Total |
$ | $ | ||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
March 31, 2021 |
Fair Value | Unrealized Loss |
Fair Value | Unrealized Loss |
Fair Value | Unrealized Loss |
||||||||||||||||||
Obligations of states and political subdivisions |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Residential mortgage-backed securities |
||||||||||||||||||||||||
Commercial mortgage-backed securities |
||||||||||||||||||||||||
Corporate bonds and other |
||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
March 31, 2020 |
Fair Value | Unrealized Loss |
Fair Value | Unrealized Loss |
Fair Value | Unrealized Loss |
||||||||||||||||||
Obligations of states and political subdivisions |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Residential mortgage-backed securities |
||||||||||||||||||||||||
Commercial mortgage-backed securities |
||||||||||||||||||||||||
Corporate bonds and other |
||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
December 31, 2020 |
Fair Value |
Unrealized Loss |
Fair Value | Unrealized Loss |
Fair Value |
Unrealized Loss |
||||||||||||||||||
Obligations of state and political subdivisions |
$ |
|
|
$ | $ | $ |
$ |
|
|
$ | ||||||||||||||
Residential mortgage-backed securities |
||||||||||||||||||||||||
Commercial mortgage-backed securities |
||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
March 31, | December 31, | |||||||||||
2021 | 2020 | 2020 | ||||||||||
Commercial: |
||||||||||||
C&I |
$ | $ | N/A | $ | ||||||||
Municipal |
N/A | |||||||||||
Total Commercial |
||||||||||||
Agricultural |
||||||||||||
Real Estate: |
||||||||||||
Construction & Development |
N/A | |||||||||||
Farm |
N/A | |||||||||||
Non-Owner Occupied CRE |
N/A | |||||||||||
Owner Occupied CRE |
N/A | |||||||||||
Residential |
N/A | |||||||||||
Total Real Estate |
||||||||||||
Consumer: |
||||||||||||
Auto |
N/A | |||||||||||
Non-Auto |
N/A | |||||||||||
Total Consumer |
||||||||||||
Total Loans |
||||||||||||
Less: Allowance for credit losses |
( |
) | ( |
) | ( |
) | ||||||
Loans, net |
$ | $ | $ | |||||||||
March 31, | December 31, | |||||||||||
2021 | 2020 | 2020 | ||||||||||
Non-accrual loans |
$ | $ | $ | |||||||||
Loans still accruing and past due 90 days or more |
||||||||||||
Troubled debt restructured loans still accruing* |
||||||||||||
Total |
$ | $ | $ | |||||||||
* | Troubled debt restructured loans of $ |
March 31, | December 31, | |||||||||||
2021 | 2020 | 2020 | ||||||||||
Commercial: |
||||||||||||
C&I |
$ | $ | N/A | $ | ||||||||
Municipal |
— | N/A | — | |||||||||
|
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|
|
|
|||||||
Total Commercial |
||||||||||||
Agricultural |
||||||||||||
Real Estate: |
||||||||||||
Construction & Development |
N/A | |||||||||||
Farm |
N/A | |||||||||||
Non-Owner Occupied CRE |
N/A | |||||||||||
Owner Occupied CRE |
N/A | |||||||||||
Residential |
N/A | |||||||||||
|
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|
|
|
|
|||||||
Total Real Estate |
||||||||||||
Consumer: |
||||||||||||
Auto |
N/A | |||||||||||
Non-Auto |
N/A | |||||||||||
|
|
|
|
|
|
|||||||
Total Consumer |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
$ | $ | $ | |||||||||
|
|
|
|
|
|
March 31, 2021 |
C&I | Municipal | Agricultural | Construction & Development |
Farm | |||||||||||||||
Beginning balance |
$ | $ | $ | $ | $ | |||||||||||||||
Provision for loan losses |
( |
) | ( |
) | ( |
) | ||||||||||||||
Recoveries |
||||||||||||||||||||
Charge-offs |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ending balance |
$ | $ | $ | $ | $ | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
March 31, 2021 (continued) |
Non-Owner Occupied CRE |
Owner Occupied CRE |
Residential | Auto | Non-Auto |
Total | ||||||||||||||||||
Beginning balance |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Provision for loan losses |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Recoveries |
||||||||||||||||||||||||
Charge-offs |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
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|
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|
|||||||||||||
Ending balance |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
|
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|
|
|
|
|
|
|
March 31, 2020 |
Commercial | Agricultural | Real Estate | Consumer | Total | |||||||||||||||
Beginning balance |
$ | $ | $ | $ | $ | |||||||||||||||
Provision for loan losses |
||||||||||||||||||||
Recoveries |
||||||||||||||||||||
Charge-offs |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ending balance |
$ | $ | $ | $ | $ | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
March 31, 2021 |
Collateral Dependent Loans Individually Evaluated for Credit Losses Without an Allowance |
Collateral Dependent Loans Individually Evaluated for Credit Losses With an Allowance |
Non-Collateral Dependent Loans Individually Evaluated for Credit Losses |
Total Loans Individually Evaluated for Credit Losses |
Related Allowance on Collateral Dependent Loans |
Related Allowance on Non-Collateral Dependent Loans |
Total Allowance for Credit Losses on Loans Individually Evaluated for Credit Losses |
|||||||||||||||||||||
Commercial: |
||||||||||||||||||||||||||||
C&I |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Municipal |
— | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Commercial |
||||||||||||||||||||||||||||
Agricultural |
||||||||||||||||||||||||||||
Real Estate: |
||||||||||||||||||||||||||||
Construction & Development |
||||||||||||||||||||||||||||
Farm |
||||||||||||||||||||||||||||
Non-Owner Occupied CRE |
||||||||||||||||||||||||||||
Owner Occupied CRE |
||||||||||||||||||||||||||||
Residential |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Real Estate |
||||||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||||||
Auto |
— | |||||||||||||||||||||||||||
Non-Auto |
— | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Consumer |
— | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
Collateral Dependent Loans Individually Evaluated for Credit Losses Without an Allowance |
Collateral Dependent Loans Individually Evaluated for Credit Losses With an Allowance |
Non-Collateral Dependent Loans Individually Evaluated for Credit Losses |
Total Loans Individually Evaluated for Credit Losses |
Related Allowance on Collateral Dependent Loans |
Related Allowance on Non-Collateral Dependent Loans |
Total Allowance for Credit Losses on Loans Individually Evaluated for Credit Losses |
|||||||||||||||||||||
Commercial: |
||||||||||||||||||||||||||||
C&I |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Municipal |
— | — | — | |||||||||||||||||||||||||
Total Commercial |
||||||||||||||||||||||||||||
Agricultural |
||||||||||||||||||||||||||||
Real Estate: |
||||||||||||||||||||||||||||
Construction & Development |
||||||||||||||||||||||||||||
Farm |
||||||||||||||||||||||||||||
Non-Owner Occupied CRE |
||||||||||||||||||||||||||||
Owner Occupied CRE |
||||||||||||||||||||||||||||
Residential |
||||||||||||||||||||||||||||
Total Real Estate |
||||||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||||||
Auto |
— | |||||||||||||||||||||||||||
Non-Auto |
— | |||||||||||||||||||||||||||
Total Consumer |
— | |||||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
March 31, 2020 |
Unpaid Contractual Principal Balance |
Recorded Investment With No Allowance |
Recorded Investment With Allowance |
Total Recorded Investment |
Related Allowance |
Three-Month Average Recorded Investment |
||||||||||||||||||
Commercial |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Agricultural |
||||||||||||||||||||||||
Real Estate |
||||||||||||||||||||||||
Consumer |
— |
|||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
March 31, 2021 |
C&I |
Municipal |
Agricultural |
Construction & Development |
Farm |
|||||||||||||||
Loans individually evaluated for credit losses |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Loans collectively evaluated for credit losses |
||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
March 31, 2021 (continued) |
Non-Owner Occupied CRE |
Owner Occupied CRE |
Residential | Auto | Non-Auto |
Total | ||||||||||||||||||
Loans individually evaluated for credit losses |
$ | $ | $ | $ | $ | $ | |
|||||||||||||||||
Loans collectively evaluated for credit losses |
||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
December 31, 2020 |
C&I |
Municipal |
Agricultural |
Construction & Development |
Farm |
|||||||||||||||
Loans individually evaluated for credit losses |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Loans collectively evaluated for credit losses |
||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
December 31, 2020 (continued) |
Non-Owner Occupied CRE |
Owner Occupied CRE |
Residential |
Auto |
Non-Auto |
Total |
||||||||||||||||||
Loans individually evaluated for credit losses |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Loans collectively evaluated for credit losses |
||||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
March 31, 2020 |
Commercial |
Agricultural |
Real Estate |
Consumer |
Total |
|||||||||||||||
Loans individually evaluated for impairment |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Loan collectively evaluated for impairment |
||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
March 31, 2021 |
C&I |
Municipal |
Agricultural |
Construction & Development |
Farm |
|||||||||||||||
Loans individually evaluated for credit losses |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Loans collectively evaluated for credit losses |
||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
March 31, 2021 (continued) |
Non-Owner Occupied CRE |
Owner Occupied CRE |
Residential |
Auto |
Non-Auto |
Total |
||||||||||||||||||
Loans individually evaluated for credit losses |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Loans collectively evaluated for credit losses |
||||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
December 31, 2020 |
C&I | Municipal | Agricultural | Construction & Development |
Farm | |||||||||||||||
Loans individually evaluated for credit losses |
$ | $ | $ | $ | $ | |||||||||||||||
Loans collectively evaluated for credit losses |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | $ | $ | $ | $ | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
December 31, 2020 (continued) |
Non-Owner Occupied CRE |
Owner Occupied CRE |
Residential | Auto | Non-Auto |
Total | ||||||||||||||||||
Loans individually evaluated for credit losses |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Loans collectively evaluated for credit losses |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2020 |
Commercial | Agricultural | Real Estate | Consumer | Total | |||||||||||||||
Loans individually evaluated for impairment |
$ | $ | $ | $ | $ | |||||||||||||||
Loan collectively evaluated for impairment |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | $ | $ | $ | $ | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
March 31, |
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
C&I |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Special mention |
— | — | — | |||||||||||||||||||||||||||||
Substandard |
— | — | ||||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Municipal |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Special mention |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Substandard |
— | — | — | — | ||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Agricultural |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Special mention |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Substandard |
— | — | — | — | — | |||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Construction & Development |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Special mention |
— | — | — | — | ||||||||||||||||||||||||||||
Substandard |
— | — | — | |||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | — | $ | |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Farm |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Special mention |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Substandard |
— | — | — | |||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Non-Owner Occupied CRE |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Special mention |
— | — | ||||||||||||||||||||||||||||||
Substandard |
— | — | — | — | ||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Owner Occupied CRE |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Special mention |
— | — | — | — | ||||||||||||||||||||||||||||
Substandard |
— | |||||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | $ | $ | $ | |
$ | $ | $ | — | $ | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Residential |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Special mention |
— | — | ||||||||||||||||||||||||||||||
Substandard |
1 | |||||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Auto |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Special mention |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Substandard |
— | — | — | — | — | |||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Non-Auto |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Special mention |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Substandard |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Total Loans |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Special mention |
— | |||||||||||||||||||||||||||||||
Substandard |
1 | |||||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | $ | $ | |
$ | |
$ | |
$ | |
$ | |
$ | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
C&I |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | |
$ | |
$ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||
Special mention |
— | — | — | — | ||||||||||||||||||||||||||||
Substandard |
— | — | — | — | ||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Municipal |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Special mention |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Substandard |
— | — | — | |||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Agricultural |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | — | $ | — | $ | ||||||||||||||||||||||
Special mention |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Substandard |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | — | $ | — | $ | ||||||||||||||||||||||
December 31, |
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Construction & Development |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ |
|
|
$ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||
Special mention |
— | — | — | — | — | |||||||||||||||||||||||||||
Substandard |
— | — | — | |||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
December 31, |
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Farm |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Special mention |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Substandard |
— | — | — | |||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
December 31, |
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Non-Owner Occupied CRE |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Special mention |
— | — | — | |||||||||||||||||||||||||||||
Substandard |
— | — | — | — | — | |||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
December 31, |
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Owner Occupied CRE |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Special mention |
— | |||||||||||||||||||||||||||||||
Substandard |
— | |||||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
December 31, |
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Residential |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Special mention |
— | |||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
December 31, |
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Auto |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Special mention |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Substandard |
— | — | — | — | — | |||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
December 31, |
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Non-Auto |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Special mention |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Substandard |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
December 31, |
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amort Cost Basis |
Total | ||||||||||||||||||||||||
Total Loans |
||||||||||||||||||||||||||||||||
Risk rating: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Special mention |
— | |||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
March 31, 2020 |
Pass | Special Mention |
Substandard | Doubtful | Total | |||||||||||||||
Commercial |
$ | $ | $ | $ | — | $ | ||||||||||||||
Agricultural |
— | |||||||||||||||||||
Real Estate |
— | |||||||||||||||||||
Consumer |
— | — | ||||||||||||||||||
Total |
$ | $ | $ | $ | — | $ | ||||||||||||||
March 31, 2021 |
15-59 Days Past Due* |
60-89 Days Past Due |
Greater Than 90 Days |
Total Past Due |
Current | Total Loans | 90 Days Past Due Still Accruing |
|||||||||||||||||||||
Commercial: |
||||||||||||||||||||||||||||
C&I |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Municipal |
— | — | — | |||||||||||||||||||||||||
Total Commercial |
||||||||||||||||||||||||||||
Agricultural |
— | — | — | |||||||||||||||||||||||||
Real Estate: |
||||||||||||||||||||||||||||
Construction & Development |
— | |||||||||||||||||||||||||||
Farm |
— | — | — | |||||||||||||||||||||||||
Non-Owner Occupied CRE |
— | — | ||||||||||||||||||||||||||
Owner Occupied CRE |
— | — | 1 | |||||||||||||||||||||||||
Residential |
— | — | ||||||||||||||||||||||||||
Total Real Estate |
||||||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||||||
Auto |
— | |||||||||||||||||||||||||||
Non-Auto |
— | — | ||||||||||||||||||||||||||
Total Consumer |
— | |||||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
December 31, 2020 |
15-59 Days Past Due* |
60-89 Days Past Due |
Greater Than 90 Days |
Total Past Due |
Current | Total Loans | 90 Days Past Due Still Accruing |
|||||||||||||||||||||
Commercial: |
||||||||||||||||||||||||||||
C&I |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Municipal |
— | — | — | — | — | |||||||||||||||||||||||
Total Commercial |
||||||||||||||||||||||||||||
Agricultural |
— | — | ||||||||||||||||||||||||||
Real Estate: |
||||||||||||||||||||||||||||
Construction & Development |
— | — | ||||||||||||||||||||||||||
Farm |
— | — | — | |||||||||||||||||||||||||
Non-Owner Occupied CRE |
— | — | — | |||||||||||||||||||||||||
Owner Occupied CRE |
— | |||||||||||||||||||||||||||
Residential |
||||||||||||||||||||||||||||
Total Real Estate |
||||||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||||||
Auto |
||||||||||||||||||||||||||||
Non-Auto |
— | — | ||||||||||||||||||||||||||
Total Consumer |
||||||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
March 31, 2020 |
15-59 Days Past Due* |
60-89 Days Past Due |
Greater Than 90 Days |
Total Past Due |
Current | Total Loans | 90 Days Past Due Still Accruing |
|||||||||||||||||||||
Commercial |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Agricultural |
— | — | ||||||||||||||||||||||||||
Real Estate |
— | |||||||||||||||||||||||||||
Consumer |
||||||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
* | The Company monitors commercial, agricultural and real estate loans after such loans are 15 days past due. Consumer loans are monitored after such loans are 30 days past due. |
Three-Months Ended March 31, 2021 | ||||||||||||
Pre-Modification |
Post- Modification |
|||||||||||
Recorded | Recorded | |||||||||||
Number | Investment | Investment | ||||||||||
Commercial: |
||||||||||||
C&I |
$ | $ | ||||||||||
Municipal |
— | — | — | |||||||||
Total Commercial |
||||||||||||
Agricultural |
— | — | — | |||||||||
Real Estate: |
||||||||||||
Construction & Development |
— | — | — | |||||||||
Farm |
— | — | — | |||||||||
Non-Owner Occupied CRE |
— | — | — | |||||||||
Owner Occupied CRE |
||||||||||||
Residential |
||||||||||||
Total Real Estate |
||||||||||||
Consumer: |
||||||||||||
Auto |
— | — | — | |||||||||
Non-Auto |
— | — | — | |||||||||
Total Consumer |
— | — | — | |||||||||
Total |
$ | $ | ||||||||||
Three-Months Ended March 31, 2020 | ||||||||||||
Pre-Modification |
Post- Modification |
|||||||||||
Recorded | Recorded | |||||||||||
Number | Investment | Investment | ||||||||||
Commercial |
$ | $ | ||||||||||
Agricultural |
||||||||||||
Real Estate |
— | — | — | |||||||||
Consumer |
||||||||||||
Total |
$ | $ | ||||||||||
Three-Months Ended March 31, 2021 |
||||||||||||
Adjusted | Combined | |||||||||||
Interest | Extended | Rate and | ||||||||||
Rate | Maturity | Maturity | ||||||||||
Commercial: |
||||||||||||
C&I |
$ | — | $ | — | $ | |||||||
Municipal |
— | — | — | |||||||||
Total Commercial |
— | — | ||||||||||
Agricultural |
— | — | — | |||||||||
Real Estate: |
||||||||||||
Construction & Development |
— | — | — | |||||||||
Farm |
— | — | — | |||||||||
Non-Owner Occupied CRE |
— | — | — | |||||||||
Owner Occupied CRE |
— | — | ||||||||||
Residential |
— | — | ||||||||||
Total Real Estate |
— | — | ||||||||||
Consumer: |
||||||||||||
Auto |
— | — | — | |||||||||
Non-Auto |
— | — | — | |||||||||
Total Consumer |
— | — | — | |||||||||
Total |
$ | — | $ | — | $ | |||||||
Three-Months Ended March 31, 2020 |
||||||||||||
Adjusted Interest Rate |
Extended Maturity |
Combined Rate and Maturity |
||||||||||
Commercial |
$ | — | $ | $ | ||||||||
Agricultural |
— | — | ||||||||||
Real Estate |
— | — | — | |||||||||
Consumer |
— | — | ||||||||||
Total |
$ | — | $ | $ | ||||||||
March 31, 2021: |
Outstanding Notional Balance |
Asset Derivative Fair Value |
Liability Derivative Fair Value |
|||||||||
IRLCs |
$ | $ | $ | |||||||||
Forward mortgage-backed securities trades |
March 31, 2020: |
Outstanding Notional Balance |
Asset Derivative Fair Value |
Liability Derivative Fair Value |
|||||||||
IRLCs |
$ | $ | $ | |||||||||
Forward mortgage-backed securities trades |
December 31, 2020: |
Outstanding Notional Balance |
Asset Derivative Fair Value |
Liability Derivative Fair Value |
|||||||||
IRLCs |
$ | $ | $ | |||||||||
Forward mortgage-backed securities trades |
March 31, | December 31, | |||||||||||
2021 | 2020 | 2020 | ||||||||||
Securities sold under agreements with customers to repurchase |
$ | $ | $ | |||||||||
Federal funds purchased |
||||||||||||
Advances from Federal Home Loan Bank of Dallas |
— | |||||||||||
Total |
$ | $ | $ | |||||||||
Shares | Weighted- Average Ex. Price |
|||||||
Outstanding, December 31, 2020 |
$ | |||||||
Granted |
— | — | ||||||
Exercised |
( |
) | ||||||
Cancelled |
( |
) | ||||||
Outstanding, March 31, 2021 |
||||||||
Exercisable, March 31, 2021 |
$ | |||||||
For the three-months ended March 31, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Restricted Stock Outstanding |
Weighted Average Grant Date Fair Value |
Restricted Stock Outstanding |
Weighted Average Grant Date Fair Value |
|||||||||||||
Balance at beginning of period |
$ | $ | ||||||||||||||
Grants |
— | — | ||||||||||||||
Vesting |
( |
) | — | — | ||||||||||||
Forfeited/expired |
( |
) | — | — | ||||||||||||
Balance at end of period |
$ | $ | ||||||||||||||
• | Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. |
• | Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
• | Level 3 Inputs – Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities. |
Level 1 Inputs |
Level 2 Inputs |
Level 3 Inputs |
Total Fair Value |
|||||||||||||
Available-for-sale |
||||||||||||||||
Obligations of states and political subdivisions |
$ | — | $ | $ | — | $ | ||||||||||
Corporate bonds |
— | — | ||||||||||||||
Residential mortgage-backed securities |
— | — | ||||||||||||||
Commercial mortgage-backed securities |
— | — | ||||||||||||||
Other securities |
— | — | ||||||||||||||
Total |
$ | $ | $ | — | $ | |||||||||||
Loans held-for-sale |
$ | — | $ | $ | — | $ | ||||||||||
IRLCs |
$ | — | $ | $ | — | $ | ||||||||||
Forward mortgage-backed securities trades asset |
$ | — | $ | $ | — | $ | ||||||||||
Level 1 Inputs |
Level 2 Inputs |
Level 3 Inputs |
Total Fair Value |
|||||||||||||
Available-for-sale |
||||||||||||||||
U.S. Treasury securities |
$ | $ | — | $ | — | $ | ||||||||||
Obligations of states and political subdivisions |
— | — | ||||||||||||||
Corporate bonds |
— | — | ||||||||||||||
Residential mortgage-backed securities |
— | — | ||||||||||||||
Commercial mortgage-backed securities |
— | — | ||||||||||||||
Other securities |
— | — | ||||||||||||||
Total |
$ | $ | $ | — | $ | |||||||||||
Loans held-for-sale |
$ | — | $ | $ | — | $ | ||||||||||
IRLCs |
$ | — | $ | $ | — | $ | ||||||||||
Forward mortgage-backed securities trades liability |
$ | — | $ | ( |
) | $ | — | $ | ( |
) | ||||||
Level 1 Inputs |
Level 2 Inputs |
Level 3 Inputs |
Total Fair Value |
|||||||||||||
Available-for-sale |
||||||||||||||||
Obligations of state and political subdivisions |
$ | — | $ | $ | — | $ | ||||||||||
Residential mortgage-backed securities |
— | — | ||||||||||||||
Commercial mortgage-backed securities |
— | — | ||||||||||||||
Other securities |
— | — | ||||||||||||||
Total |
$ | $ | $ | — | $ | |||||||||||
Loans held-for-sale |
$ | — | $ | $ | — | $ | ||||||||||
IRLCs |
$ | — | $ | $ | — | $ | ||||||||||
Forward mortgage-backed securities trades liability |
$ | — | $ | ( |
) | $ | — | $ | ( |
) | ||||||
March 31, | December 31, | |||||||||||
2021 | 2020 | 2020 | ||||||||||
Unpaid principal balance on loans held-for-sale |
$ | $ | $ | |||||||||
Net unrealized gains on loans held-for-sale |
||||||||||||
Loans held-for-sale |
$ | $ | $ | |||||||||
Three-Months ended March 31, |
||||||||
2021 | 2020 | |||||||
Realized gain on sale and fees on mortgage loans* |
$ | $ | ||||||
Change in fair value on loans held-for-sale |
( |
) | ||||||
Change in forward mortgage-backed securities trades |
( |
) | ||||||
Total gain on sale of mortgage loans |
$ | $ | ||||||
* | This includes gains on loans held-for-sale |
March 31, | December 31, | |||||||||||||||||||||||||||
2021 | 2020 | 2020 | ||||||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | Carrying | Estimated | Fair Value | ||||||||||||||||||||||
Value | Fair Value | Value | Fair Value | Value | Fair Value | Hierarchy | ||||||||||||||||||||||
Cash and due from banks |
$ | $ | $ | $ | $ | $ | Level 1 | |||||||||||||||||||||
Interest-bearing demand deposits in banks |
Level 1 | |||||||||||||||||||||||||||
Available-for-sale |
Levels 1 and 2 |
|||||||||||||||||||||||||||
Loans held-for-investment, net of allowance for credit losses |
Level 3 | |||||||||||||||||||||||||||
Loans held-for-sale |
Level 2 | |||||||||||||||||||||||||||
Accrued interest receivable |
Level 2 | |||||||||||||||||||||||||||
Deposits with stated maturities |
Level 2 | |||||||||||||||||||||||||||
Deposits with no stated maturities |
Level 1 | |||||||||||||||||||||||||||
Borrowings |
Level 2 | |||||||||||||||||||||||||||
Accrued interest payable |
Level 2 | |||||||||||||||||||||||||||
IRLCs |
Level 2 | |||||||||||||||||||||||||||
Forward mortgage-backed securi-ties trades asset (liability) |
( |
) | ( |
) | ( |
) | ( |
) | Level 2 |
Fair value of consideration paid: |
||||
Common stock issued ( |
$ | |||
Fair value of identifiable assets acquired: |
||||
Cash and cash equivalents |
$ | |||
Securities available-for-sale |
||||
Loans |
||||
Identifiable intangible assets |
||||
Other assets |
||||
Total identifiable assets acquired |
$ | |||
Fair value of liabilities assumed: |
||||
Deposits |
$ | |||
Other liabilities |
||||
Total liabilities assumed |
$ | |||
Fair value of net identifiable assets acquired |
||||
Goodwill resulting from acquisition |
$ | |||
• | general economic conditions, including our local, state and national real estate markets and employment trends; |
• | effect of the coronavirus (“COVID”) on our Company, the communities where we have our branches, the state of Texas and the United States, related to the economy and overall financial stability; |
• | government and regulatory responses to the COVID pandemic; |
• | effect of severe weather conditions, including hurricanes, tornadoes, flooding and droughts; |
• | volatility and disruption in national and international financial and commodity markets; |
• | government intervention in the U.S. financial system including the effects of recent legislative, tax, accounting and regulatory actions and reforms, including the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the Jumpstart Our Business Startups Act, the Consumer Financial Protection Bureau (“CFPB”), the capital ratios of Basel III as adopted by the federal banking authorities and the Tax Cuts and Jobs Act; |
• | political and racial instability; |
• | the ability of the Federal government to address the national economy; |
• | changes in our competitive environment from other financial institutions and financial service providers; |
• | the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”); |
• | the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board (“PCAOB”), the Financial Accounting Standards Board (“FASB”) and other accounting standard setters; |
• | the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which we and our subsidiaries must comply; |
• | changes in the demand for loans, including loans originated for sale in the secondary market; |
• | fluctuations in the value of collateral securing our loan portfolio and in the level of the allowance for credit losses; |
• | the accuracy of our estimates of future credit losses; |
• | the accuracy of our estimates and assumptions regarding the performance of our securities portfolio; |
• | soundness of other financial institutions with which we have transactions; |
• | inflation, interest rate, market and monetary fluctuations; |
• | changes in consumer spending, borrowing and savings habits; |
• | changes in commodity prices (e.g., oil and gas, cattle, and wind energy); |
• | our ability to attract deposits and increase market share; |
• | changes in our liquidity position; |
• | changes in the reliability of our vendors, internal control system or information systems; |
• | cyber attacks on our technology information systems, including fraud from our customers and external third-party vendors; |
• | our ability to attract and retain qualified employees; |
• | acquisitions and integration of acquired businesses; |
• | the possible impairment of goodwill and other intangibles associated with our acquisitions; |
• | consequences of continued bank mergers and acquisitions in our market area, resulting in fewer but much larger and stronger competitors; |
• | expansion of operations, including branch openings, new product offerings and expansion into new markets; |
• | changes in our compensation and benefit plans; |
• | acts of God or of war or terrorism; |
• | potential risk of environmental liability associated with lending activities; and |
• | our success at managing the risk involved in the foregoing items. |
• | Currently, the Company is assisting borrowers in the second round of the PPP under the December 2020 Bipartisan-Bicameral Omnibus COVID Relief Deal. Through March 31, 2021, we had funded approximately 8,500 PPP loans in total from both the first and second rounds of PPP loans totaling $920.13 million. At March 31, 2021, the Company’s total PPP loans have an outstanding balance of $531.81 million following repayments and forgiveness by the SBA. We did not participate in the PPP Facility program. |
• | We are continuing to encourage our employees to take the COVID vaccinations when available and allowing employees and customers to wear a mask on an optional basis based on their preferences. |
• | During the first quarter of 2021, President Biden signed a number of executive orders relating to stimulus and relief measures. These orders include, among other things, (i) an extension, through March 31, 2021, of the moratorium on evictions and foreclosures, (ii) an extension, through September 30, 2021, of the deferral of federal student loan payments and interest and (iii) an extension, through June 30, 2021, of certain mortgage forbearance programs and guidelines. |
• | On March 11, 2021, the American Rescue Plan Act of 2021 (the “ARP Act”) was enacted, implementing a $1.9 trillion package of stimulus and relief proposals. Among other things, the ARP Act provides (i) additional funding for the PPP program and an expansion of the program for the benefit of certain nonprofits, (ii) funding for the Small Business Administration (“SBA”) to make targeted grants for restaurants and similar establishments, (iii) direct cash payments of up to $1,400 to individuals, subject to income provisions, (iv) an increase in the maximum annual Child Tax Credit, subject to income limitation provisions, (v) $300 a week in expanded unemployment insurance lasting through September 6, 2021 and makes $10,200 in unemployment benefits tax free for households, subject to income limitation provisions, (vi) tax relief making any student loan forgiveness incurred between December 31, 2020, and January 1, 2026 non-taxable income, and (vii) funding to support state and local governments; K-12 schools and higher education; the Centers for Disease Control; public transit; rental assistance; child care; and airline industry workers. |
• | On March 27, 2021, the COVID-19 Bankruptcy Relief Extension Act of 2021 was enacted, extending the bankruptcy relief provisions enacted in the CARES Act of 2020 bill until March 27, 2022. These provisions provide financially distressed small businesses and individuals greater access to bankruptcy relief. |
• | On March 30, 2021, the PPP Extension Act of 2021 was enacted, extending the Paycheck Protection Program (“PPP”) from its previous expiration date of March 31, 2021 to June 30, 2021. Beginning June 1, 2021, the SBA may only process applications submitted prior to that date, and it may not accept any new loan applications. We are continuing to monitor the potential development of additional legislation and further actions taken by the U.S. government. |
PPP Loans Originated |
PPP Loans Outstanding at March 31, 2021 |
|||||||||||||||
Number of Loans |
Dollars of Loans |
Number of Loans |
Dollars of Loans |
|||||||||||||
PPP Round 1 |
6,530 | $ | 703,450 | 2,759 | $ | 315,879 | ||||||||||
PPP Round 2 |
2,016 | 216,683 | 1,990 | 215,931 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
PPP Totals |
8,546 | $ | 920,133 | 4,749 | $ | 531,810 | ||||||||||
|
|
|
|
|
|
|
|
Three-Months Ended March 31, 2021 Compared to Three-Months Ended March 31, 2020 |
||||||||||||
Change Attributable to |
Total Change |
|||||||||||
Volume |
Rate |
|||||||||||
Short-term investments |
$ | 1,401 | $ | (1,994 | ) | $ | (593 | ) | ||||
Taxable investment securities |
(77 | ) | (4,314 | ) | (4,391 | ) | ||||||
Tax-exempt investment securities (1) |
8,497 | (2,718 | ) | 5,779 | ||||||||
Loans (1) (2) |
8,530 | (5,100 | ) | 3,430 | ||||||||
|
|
|
|
|
|
|||||||
Interest income |
18,351 | (14,126 | ) | 4,225 | ||||||||
Interest-bearing deposits |
1,380 | (6,364 | ) | (4,984 | ) | |||||||
Short-term borrowings |
(5 | ) | (421 | ) | (426 | ) | ||||||
|
|
|
|
|
|
|||||||
Interest expense |
1,375 | (6,785 | ) | (5,410 | ) | |||||||
|
|
|
|
|
|
|||||||
Net interest income |
$ | 16,976 | $ | (7,341 | ) | $ | 9,635 | |||||
|
|
|
|
|
|
(1) | Computed on a tax-equivalent basis assuming a marginal tax rate of 21%. |
(2) | Non-accrual loans are included in loans. |
Three-Months Ended March 31, |
||||||||||||||||||||||||
2021 |
2020 |
|||||||||||||||||||||||
Average Balance |
Income/ Expense |
Yield/ Rate |
Average Balance |
Income/ Expense |
Yield/ Rate |
|||||||||||||||||||
Assets |
||||||||||||||||||||||||
Short-term investments (1) |
$ | 639,071 | $ | 162 | 0.10 | % | $ | 223,618 | $ | 755 | 1.36 | % | ||||||||||||
Taxable investment securities (2) |
2,251,419 | 10,264 | 1.82 | 2,263,329 | 14,655 | 2.59 | ||||||||||||||||||
Tax-exempt investment securities (2)(3) |
2,368,615 | 16,979 | 2.87 | 1,346,842 | 11,200 | 3.33 | ||||||||||||||||||
Loans (3)(4) |
5,296,149 | 66,753 | 5.11 | 4,667,436 | 63,323 | 5.46 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total earning assets |
10,555,254 | $ | 94,158 | 3.62 | % | 8,501,225 | $ | 89,933 | 4.25 | % | ||||||||||||||
Cash and due from banks |
209,438 | 204,220 | ||||||||||||||||||||||
Bank premises and equipment, net |
141,901 | 140,295 | ||||||||||||||||||||||
Other assets |
98,301 | 88,548 | ||||||||||||||||||||||
Goodwill and other intangible assets, net |
318,141 | 318,445 | ||||||||||||||||||||||
Allowance for credit losses |
(67,231 | ) | (59,076 | ) | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total assets |
$ | 11,255,804 | $ | 9,193,657 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Liabilities and Shareholders’ Equity |
||||||||||||||||||||||||
Interest-bearing deposits |
$ | 5,916,237 | $ | 1,696 | 0.12 | % | $ | 4,904,087 | $ | 6,680 | 0.55 | % | ||||||||||||
Short-term borrowings |
456,620 | 91 | 0.08 | 460,605 | 517 | 0.45 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total interest-bearing liabilities |
6,372,857 | $ | 1,787 | 0.11 | % | 5,364,692 | $ | 7,197 | 0.54 | % | ||||||||||||||
Noninterest-bearing deposits |
3,114,656 | 2,291,535 | ||||||||||||||||||||||
Other liabilities |
99,581 | 56,950 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total liabilities |
9,587,094 | 7,713,177 | ||||||||||||||||||||||
Shareholders’ equity |
1,668,710 | 1,480,480 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total liabilities and shareholders’ equity |
$ | 11,255,804 | $ | 9,193,657 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net interest income |
$ | 92,371 | $ | 82,736 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Rate Analysis: |
||||||||||||||||||||||||
Interest income/earning assets |
3.62 | % | 4.25 | % | ||||||||||||||||||||
Interest expense/earning assets |
(0.07 | ) | (0.34 | ) | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net interest margin |
3.55 | % | 3.91 | % | ||||||||||||||||||||
|
|
|
|
(1) | Short-term investments are comprised of federal funds sold, interest-bearing deposits in banks and interest-bearing time deposits in banks. |
(2) | Average balances include unrealized gains and losses on available-for-sale |
(3) | Computed on a tax-equivalent basis assuming a marginal tax rate of 21%. |
(4) | Non-accrual loans are included in loans. |
Three-Months Ended March 31, |
||||||||||||
2021 |
Increase (Decrease) |
2020 |
||||||||||
Trust fees |
$ | 8,299 | $ | 862 | $ | 7,437 | ||||||
Service charges on deposit accounts |
4,793 | (1,122 | ) | 5,915 | ||||||||
ATM, interchange and credit card fees |
8,677 | 1,277 | 7,400 | |||||||||
Gain on sale and fees on mortgage loans |
9,894 | 6,042 | 3,852 | |||||||||
Net gain on sale of available-for-sale |
808 | (1,254 | ) | 2,062 | ||||||||
Net gain on sale of foreclosed assets |
55 | 54 | 1 | |||||||||
Net gain on sale of assets |
145 | 29 | 116 | |||||||||
Interest on loan recoveries |
382 | 117 | 265 | |||||||||
Other: |
||||||||||||
Check printing fees |
34 | (28 | ) | 62 | ||||||||
Safe deposit rental fees |
306 | 113 | 193 | |||||||||
Credit life fees |
215 | 43 | 172 | |||||||||
Brokerage commissions |
345 | (40 | ) | 385 | ||||||||
Wire transfer fees |
315 | 52 | 263 | |||||||||
Miscellaneous income |
606 | (3 | ) | 609 | ||||||||
|
|
|
|
|
|
|||||||
Total other |
1,821 | 137 | 1,684 | |||||||||
|
|
|
|
|
|
|||||||
Total Noninterest Income |
$ | 34,874 | $ | 6,142 | $ | 28,732 | ||||||
|
|
|
|
|
|
Three-Months Ended March 31, |
||||||||||||
2021 |
Increase (Decrease) |
2020 |
||||||||||
Salaries and commissions |
$ | 26,094 | $ | 3,391 | $ | 22,703 | ||||||
Medical |
2,840 | 143 | 2,697 | |||||||||
Profit sharing |
2,295 | 1,323 | 972 | |||||||||
401(k) match expense |
963 | 124 | 839 | |||||||||
Payroll taxes |
2,131 | 316 | 1,815 | |||||||||
Stock option and stock grant expense |
608 | (8 | ) | 616 | ||||||||
|
|
|
|
|
|
|||||||
Total salaries and employee benefits |
34,931 | 5,289 | 29,642 | |||||||||
Net occupancy expense |
3,147 | 120 | 3,027 | |||||||||
Equipment expense |
2,164 | 89 | 2,075 | |||||||||
FDIC assessment fees |
701 | 656 | 45 | |||||||||
ATM, interchange and credit card expense |
2,772 | (213 | ) | 2,985 | ||||||||
Professional and service fees |
2,139 | (455 | ) | 2,594 | ||||||||
Printing, stationery and supplies |
325 | (241 | ) | 566 | ||||||||
Operational and other losses |
287 | (289 | ) | 576 | ||||||||
Software amortization and expense |
2,619 | 595 | 2,024 | |||||||||
Amortization of intangible assets |
412 | (97 | ) | 509 | ||||||||
Other: |
||||||||||||
Data processing fees |
406 | (17 | ) | 423 | ||||||||
Postage |
377 | 76 | 301 | |||||||||
Advertising |
721 | 401 | 320 | |||||||||
Correspondent bank service charges |
230 | 26 | 204 | |||||||||
Telephone |
1,276 | 313 | 963 | |||||||||
Public relations and business development |
667 | (208 | ) | 875 | ||||||||
Directors’ fees |
616 | (9 | ) | 625 | ||||||||
Audit and accounting fees |
346 | (98 | ) | 444 | ||||||||
Legal fees and other related costs |
522 | 228 | 294 | |||||||||
Regulatory exam fees |
337 | 61 | 276 | |||||||||
Travel |
245 | (67 | ) | 312 | ||||||||
Courier expense |
206 | (10 | ) | 216 | ||||||||
Other real estate owned |
28 | (12 | ) | 40 | ||||||||
Other |
2,249 | (3,733 | ) | 5,982 | ||||||||
|
|
|
|
|
|
|||||||
Total other |
8,226 | (3,049 | ) | 11,275 | ||||||||
|
|
|
|
|
|
|||||||
Total Noninterest Expense |
$ | 57,723 | $ | 2,405 | $ | 55,318 | ||||||
|
|
|
|
|
|
March 31, |
December 31, |
|||||||||||
2021 |
2020 |
2020 |
||||||||||
Commercial: |
||||||||||||
C&I |
$ | 1,178,126 | $ | N/A | $ | 1,131,382 | ||||||
Municipal |
176,949 | N/A | 181,325 | |||||||||
|
|
|
|
|
|
|||||||
Total Commercial |
1,355,075 | 869,450 | 1,312,707 | |||||||||
Agricultural |
90,366 | 99,582 | 94,864 | |||||||||
Real Estate: |
||||||||||||
Construction & Development |
587,928 | N/A | 553,959 | |||||||||
Farm |
162,046 | N/A | 152,237 | |||||||||
Non-Owner Occupied CRE |
650,144 | N/A | 617,686 | |||||||||
Owner Occupied CRE |
759,906 | N/A | 746,974 | |||||||||
Residential |
1,254,727 | N/A | 1,248,409 | |||||||||
|
|
|
|
|
|
|||||||
Total Real Estate |
3,414,751 | 3,249,249 | 3,319,265 | |||||||||
Consumer: |
||||||||||||
Auto |
370,027 | N/A | 353,595 | |||||||||
Non-Auto |
92,343 | N/A | 90,602 | |||||||||
|
|
|
|
|
|
|||||||
Total Consumer |
462,370 | 421,108 | 444,197 | |||||||||
|
|
|
|
|
|
|||||||
Total |
$ | 5,322,562 | $ | 4,639,389 | $ | 5,171,033 | ||||||
|
|
|
|
|
|
March 31, |
December 31, |
|||||||||||
2021 |
2020 |
2020 |
||||||||||
Oil and gas related loans, excluding PPP loans |
$ | 105,261 | $ | 117,223 | $ | 106,237 | ||||||
Oil and gas related loans as a % of total loans held-for-investment, |
2.20 | % | 2.53 | % | 2.27 | % | ||||||
Classified oil and gas related loans |
$ | 10,079 | $ | 22,032 | $ | 13,298 | ||||||
Nonaccrual oil and gas related loans |
4,759 | 3,477 | 4,774 | |||||||||
Net charge-offs for oil and gas related loans for quarter/year then ended |
40 | 606 | 825 |
March 31, |
December 31, |
|||||||||||
2021 |
2020 |
2020 |
||||||||||
Retail loans |
$ | 282,310 | $ | 217,380 | $ | 216,244 | ||||||
Restaurant loans |
51,772 | 25,570 | 48,618 | |||||||||
Hotel loans |
71,435 | 46,690 | 71,716 | |||||||||
Other hospitality loans |
24,014 | 8,470 | 21,970 | |||||||||
Travel loans |
664 | 937 | 780 | |||||||||
|
|
|
|
|
|
|||||||
Total Retail/Restaurant/Hospitality loans, excluding PPP loans |
$ | 430,195 | $ | 299,047 | $ | 359,328 | ||||||
|
|
|
|
|
|
|||||||
Retail/Restaurant/Hospitality loans as a % of total loans held-for-investment, |
8.98 | % | 6.45 | % | 7.67 | % | ||||||
Classified Retail/Restaurant/Hospitality loans |
$ | 45,214 | $ | 5,680 | $ | 31,192 | ||||||
Nonaccrual Retail/Restaurant/Hospitality loans |
6,575 | 867 | 5,975 | |||||||||
Net Charge-Offs for Retail/Restaurant/Hospitality loans quarter/year then ended |
— | 130 | 561 |
March 31, |
|
December 31, |
||||||||||
2021 |
2020 |
2020 |
||||||||||
Nonaccrual loans |
$ | 39,333 | $ | 39,226 | $ | 42,619 | ||||||
Loans still accruing and past due 90 days or more |
2 | 209 | 113 | |||||||||
Troubled debt restructured loans* |
23 | 26 | 24 | |||||||||
|
|
|
|
|
|
|||||||
Nonperforming loans |
39,358 | 39,461 | 42,756 | |||||||||
Foreclosed assets |
300 | 983 | 142 | |||||||||
|
|
|
|
|
|
|||||||
Total nonperforming assets |
$ | 39,658 | $ | 40,444 | $ | 42,898 | ||||||
|
|
|
|
|
|
|||||||
As a % of loans held-for-investment |
0.75 | % | 0.87 | % | 0.83 | % | ||||||
As a % of total assets |
0.33 | 0.42 | 0.39 |
* | Troubled debt restructured loans of $6.62 million, $7.77 million and $7.41 million, whose interest collection, after considering economic and business conditions and collection efforts, is doubtful are included in nonaccrual loans at March 31, 2021 and 2020, and December 31, 2020, respectively. |
Three-Months Ended March 31, |
||||||||
2021 |
2020 |
|||||||
Allowance for credit losses at period-end |
$ | 62,974 | $ | 60,440 | ||||
Loans held-for-investment period-end |
5,322,562 | 4,639,389 | ||||||
Average loans for period |
5,296,149 | 4,667,436 | ||||||
Net charge-offs/average loans (annualized) |
0.01 | % | 0.16 | % | ||||
Allowance for loan losses/period-end loans held-for-investment |
1.18 | % | 1.30 | % | ||||
Allowance for loan losses/non-accrual loans, past due 90 days still accruing and restructured loans |
160.00 | % | 153.16 | % |
Maturing by Contractual Maturity |
||||||||||||||||||||||||||||||||||||||||
One Year or Less |
After One Year Through Five Years |
After Five Years Through Ten Years |
After Ten Years |
Total |
||||||||||||||||||||||||||||||||||||
Available-for-Sale: |
Amount |
Yield |
Amount |
Yield |
Amount |
Yield |
Amount |
Yield |
Amount |
Yield |
||||||||||||||||||||||||||||||
Obligations of states and political subdivisions |
$ | 130,649 | 4.72 | % | $ | 732,873 | 3.89 | % | $ | 1,585,842 | 2.73 | % | $ | 67,653 | 2.24 | % | $ | 2,517,017 | 3.25 | % | ||||||||||||||||||||
Corporate bonds and other securities |
4,477 | 1.42 | — | — | 32,490 | 1.65 | — | — | 36,967 | 1.62 | ||||||||||||||||||||||||||||||
Mortgage-backed securities |
160,019 | 1.97 | 1,724,083 | 2.02 | 569,992 | 1.61 | 101,553 | 2.07 | 2,555,647 | 1.93 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total |
$ | 295,145 | 3.18 | % | $ | 2,456,956 | 2.58 | % | $ | 2,188,324 | 2.42 | % | $ | 169,206 | 2.14 | % | $ | 5,109,631 | 2.53 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-Months Ended March 31, |
||||||||||||||||
2021 |
2020 |
|||||||||||||||
Average Balance |
Average Rate |
Average Balance |
Average Rate |
|||||||||||||
Noninterest-bearing deposits |
$ | 3,114,656 | — | % | $ | 2,291,535 | — | % | ||||||||
Interest-bearing deposits: |
||||||||||||||||
Interest-bearing checking |
2,901,819 | 0.09 | 2,446,031 | 0.53 | ||||||||||||
Savings and money market accounts |
2,535,474 | 0.09 | 1,983,701 | 0.47 | ||||||||||||
Time deposits under $250,000 |
324,758 | 0.34 | 341,514 | 0.87 | ||||||||||||
Time deposits of $250,000 or more |
154,186 | 0.60 | 132,841 | 1.33 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total interest-bearing deposits |
5,916,237 | 0.12 | % | 4,904,087 | 0.55 | % | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total average deposits |
$ | 9,030,893 | $ | 7,195,622 | ||||||||||||
|
|
|
|
|||||||||||||
Total cost of deposits |
0.08 | % | 0.37 | % | ||||||||||||
|
|
|
|
Actual |
Minimum Capital Required-Basel III Fully Phased-In* |
Required to be Considered Well- Capitalized |
||||||||||||||||||||||
As of March 31, 2021: |
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
||||||||||||||||||
Total Capital to Risk-Weighted Assets: |
||||||||||||||||||||||||
Consolidated |
$ | 1,312,779 | 21.47 | % | $ | 642,092 | 10.50 | % | $ | 611,516 | 10.00 | % | ||||||||||||
First Financial Bank, N.A |
$ | 1,174,022 | 19.24 | % | $ | 640,757 | 10.50 | % | $ | 610,245 | 10.00 | % | ||||||||||||
Tier 1 Capital to Risk-Weighted Assets: |
||||||||||||||||||||||||
Consolidated |
$ | 1,242,887 | 20.32 | % | $ | 519,788 | 8.50 | % | $ | 366,909 | 6.00 | % | ||||||||||||
First Financial Bank, N.A |
$ | 1,104,130 | 18.09 | % | $ | 518,708 | 8.50 | % | $ | 488,196 | 8.00 | % | ||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets: |
||||||||||||||||||||||||
Consolidated |
$ | 1,242,887 | 20.32 | % | $ | 428,061 | 7.00 | % | — | N/A | ||||||||||||||
First Financial Bank, N.A |
$ | 1,104,130 | 18.09 | % | $ | 427,172 | 7.00 | % | $ | 396,659 | 6.50 | % | ||||||||||||
Leverage Ratio: |
||||||||||||||||||||||||
Consolidated |
$ | 1,242,887 | 11.55 | % | $ | 430,308 | 4.00 | % | — | N/A | ||||||||||||||
First Financial Bank, N.A |
$ | 1,104,130 | 10.30 | % | $ | 428,971 | 4.00 | % | $ | 536,214 | 5.00 | % |
* | At March 31, 2021, the capital conservation buffer under Basel III has been fully phased-in. |
Actual |
Minimum Capital Required-Basel III Fully Phased-In* |
Required to be Considered Well- Capitalized |
||||||||||||||||||||||
As of March 31, 2020: |
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
||||||||||||||||||
Total Capital to Risk-Weighted Assets: |
||||||||||||||||||||||||
Consolidated |
$ | 1,156,657 | 20.65 | % | $ | 588,194 | 10.50 | % | $ | 560,185 | 10.00 | % | ||||||||||||
First Financial Bank, N.A |
$ | 1,026,860 | 18.37 | % | $ | 586,949 | 10.50 | % | $ | 558,999 | 10.00 | % | ||||||||||||
Tier 1 Capital to Risk-Weighted Assets: |
||||||||||||||||||||||||
Consolidated |
$ | 1,095,409 | 19.55 | % | $ | 476,157 | 8.50 | % | $ | 336,111 | 6.00 | % | ||||||||||||
First Financial Bank, N.A |
$ | 965,612 | 17.27 | % | $ | 475,149 | 8.50 | % | $ | 447,200 | 8.00 | % | ||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets: |
||||||||||||||||||||||||
Consolidated |
$ | 1,095,409 | 19.55 | % | $ | 392,129 | 7.00 | % | — | N/A | ||||||||||||||
First Financial Bank, N.A |
$ | 965,612 | 17.27 | % | $ | 391,300 | 7.00 | % | $ | 363,350 | 6.50 | % | ||||||||||||
Leverage Ratio: |
||||||||||||||||||||||||
Consolidated |
$ | 1,095,409 | 12.49 | % | $ | 350,764 | 4.00 | % | — | N/A | ||||||||||||||
First Financial Bank, N.A |
$ | 965,612 | 11.05 | % | $ | 349,495 | 4.00 | % | $ | 436,869 | 5.00 | % |
Actual |
Minimum Capital Required Under Basel III Phase-In |
Required to be Considered Well- Capitalized |
||||||||||||||||||||||
As of December 31, 2020: |
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
||||||||||||||||||
Total Capital to Risk-Weighted Assets: |
||||||||||||||||||||||||
Consolidated |
$ | 1,273,749 | 22.03 | % | $ | 607,038 | 10.50 | % | $ | 578,131 | 10.00 | % | ||||||||||||
First Financial Bank, N.A |
$ | 1,123,275 | 19.47 | % | $ | 605,830 | 10.50 | % | $ | 576,981 | 10.00 | % | ||||||||||||
Tier 1 Capital to Risk-Weighted Assets: |
||||||||||||||||||||||||
Consolidated |
$ | 1,201,729 | 20.79 | % | $ | 491,412 | 8.50 | % | $ | 346,879 | 6.00 | % | ||||||||||||
First Financial Bank, N.A |
$ | 1,051,255 | 18.22 | % | $ | 490,434 | 8.50 | % | $ | 461,585 | 8.00 | % | ||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets: |
||||||||||||||||||||||||
Consolidated |
$ | 1,201,729 | 20.79 | % | $ | 404,692 | 7.00 | % | — | N/A | ||||||||||||||
First Financial Bank, N.A |
$ | 1,051,255 | 18.22 | % | $ | 403,887 | 7.00 | % | $ | 375,038 | 6.50 | % | ||||||||||||
Leverage Ratio: |
||||||||||||||||||||||||
Consolidated |
$ | 1,201,729 | 11.86 | % | $ | 405,268 | 4.00 | % | — | N/A | ||||||||||||||
First Financial Bank, N.A |
$ | 1,051,255 | 10.41 | % | $ | 404,002 | 4.00 | % | $ | 505,002 | 5.00 | % |
Percentage change in net interest income: |
||||||||||||
Change in interest rates: |
March 31, |
December 31, |
||||||||||
(in basis points) |
2021 |
2020 |
2020 |
|||||||||
+400 |
17.54 | % | 0.31 | % | 18.18 | % | ||||||
+300 |
13.39 | % | 0.38 | % | 13.99 | % | ||||||
+200 |
9.05 | % | 0.19 | % | 9.51 | % | ||||||
+100 |
4.51 | % | 0.03 | % | 4.75 | % | ||||||
-100 |
(4.72 | )% | (0.88 | )% | (3.46 | )% | ||||||
-200 |
(7.21 | )% | (1.70 | )% | (5.44 | )% |
Total Notional Amounts Committed |
||||
Unfunded lines of credit |
$ | 886,274 | ||
Unfunded commitments to extend credit |
788,842 | |||
Standby letters of credit |
41,202 | |||
|
|
|||
Total commercial commitments |
$ | 1,716,318 | ||
|
|
101.SCH | — | XBRL Taxonomy Extension Schema Document.* | ||
101.CAL | — | XBRL Taxonomy Extension Calculation Linkbase Document.* | ||
101.DEF | — | XBRL Taxonomy Extension Definition Linkbase Document.* | ||
101.LAB | — | XBRL Taxonomy Extension Label Linkbase Document.* |
* | Filed herewith |
+ | Furnished herewith. This Exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934. |
++ | Management contract or compensatory plan on arrangement. |
FIRST FINANCIAL BANKSHARES, INC. | ||||||
Date: May 5, 2021 |
By: |
/s/ F. Scott Dueser | ||||
F. Scott Dueser | ||||||
Chairman of the Board, President | ||||||
and Chief Executive Officer | ||||||
Date: May 5, 2021 |
By: |
/s/ James R. Gordon | ||||
James R. Gordon | ||||||
Executive Vice President and | ||||||
Chief Financial Officer, Secretary | ||||||
and Treasurer |