HEARTLAND FINANCIAL USA INC, 10-K filed on 2/23/2024
Annual Report
v3.24.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2023
Feb. 21, 2024
Jun. 30, 2023
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-15393    
Entity Registrant Name HEARTLAND FINANCIAL USA, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 42-1405748    
Entity Address, Address Line One 1800 Larimer Street, Suite 1800    
Entity Address, City or Town Denver    
Entity Address, State or Province CO    
Entity Address, Postal Zip Code 80202    
City Area Code (303)    
Local Phone Number 285-9200    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Documents Incorporated by Reference
Portions of the Proxy Statement for the 2024 Annual Meeting of Stockholders, which will be filed no later than 120 days after December 31, 2023, are incorporated by reference into Part III.
    
Entity Central Index Key 0000920112    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
Entity Common Stock, Shares Outstanding   42,689,058  
Entity Public Float     $ 1,167,506,494
Common Stock $1.00 par value      
Document Information [Line Items]      
Title of 12(b) Security Common Stock $1.00 par value    
Trading Symbol HTLF    
Security Exchange Name NASDAQ    
Depositary Shares, each representing 1/400th interest in a share of 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E      
Document Information [Line Items]      
Title of 12(b) Security Depositary Shares, each representing 1/400th interest in a share of 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E    
Trading Symbol HTLFP    
Security Exchange Name NASDAQ    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Location Des Moines, Iowa
Auditor Name KPMG LLP
Auditor Firm ID 185
v3.24.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
ASSETS    
Cash and due from banks $ 275,554 $ 309,045
Interest bearing deposits with other banks and other short-term investments 47,459 54,042
Cash and cash equivalents 323,013 363,087
Time deposits in other financial institutions 1,240 1,740
Securities:    
Carried at fair value (cost of $5,100,344 at December 31, 2023, and cost of $6,788,729 at December 31, 2022) 4,646,891 6,147,144
Held to maturity, net of allowance for credit losses of $0 at both December 31, 2023, and December 31, 2022 (fair value of $816,399 at December 31, 2023, and $776,557 at December 31, 2022) 838,241 829,403
Other investments, at cost 91,277 74,567
Loans held for sale 5,071 5,277
Loans receivable:    
Held to maturity 12,068,645 11,428,352
Allowance for credit losses (122,566) (109,483)
Loans receivable, net 11,946,079 11,318,869
Premises, furniture and equipment, net 177,001 190,479
Premises, furniture and equipment held for sale 4,069 6,851
Other real estate, net 12,548 8,401
Goodwill 576,005 576,005
Core deposit intangibles and customer relationship intangibles, net 18,415 25,154
Servicing rights, net 0 7,840
Cash surrender value on life insurance 197,085 193,403
Other assets 574,772 496,008
TOTAL ASSETS 19,411,707 20,244,228
Deposits:    
Demand 4,500,304 5,701,340
Savings 8,805,597 9,994,391
Time 2,895,813 1,817,278
Total deposits 16,201,714 17,513,009
Borrowings 622,255 376,117
Term debt 372,396 371,753
Accrued expenses and other liabilities 282,225 248,294
TOTAL LIABILITIES 17,478,590 18,509,173
STOCKHOLDERS' EQUITY:    
Common stock (par value $1 per share; 60,000,000 shares authorized at both December 31, 2023 and December 31, 2022; issued 42,688,008 shares at December 31, 2023, and 42,467,394 shares at December 31, 2022) 42,688 42,467
Capital surplus 1,090,740 1,080,964
Retained earnings 1,141,501 1,120,925
Accumulated other comprehensive loss (452,517) (620,006)
TOTAL STOCKHOLDERS' EQUITY 1,933,117 1,735,055
TOTAL LIABILITIES AND EQUITY 19,411,707 20,244,228
    Preferred Stock    
STOCKHOLDERS' EQUITY:    
Preferred stock 0 0
Series E preferred stock    
STOCKHOLDERS' EQUITY:    
Preferred stock $ 110,705 $ 110,705
v3.24.0.1
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Amortized cost of securities $ 5,100,344 $ 6,788,729
Held to maturity, allowance for credit losses 0 0
Held to maturity, fair value $ 838,241 $ 829,403
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares authorized (in shares) 60,000,000 60,000,000
Common stock, shares issued (in shares) 42,688,008 42,467,394
    Preferred Stock    
Preferred stock, par value (in dollars per share) $ 1 $ 1
Preferred stock, shares authorized (in shares) 188,500 6,104
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Series E preferred stock    
Preferred stock, par value (in dollars per share) $ 1 $ 1
Preferred stock, shares authorized (in shares) 11,500 11,500
Preferred stock, shares issued (in shares) 11,500 11,500
Preferred stock, shares outstanding (in shares) 11,500 11,500
Level 2    
Held to maturity, fair value $ 816,399 $ 776,557
Obligations of states and political subdivisions    
Held to maturity, allowance for credit losses 0 0
Held to maturity, fair value $ 838,241 $ 829,403
v3.24.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
INTEREST INCOME:      
Interest and fees on loans $ 697,997 $ 477,970 $ 444,137
Interest on securities:      
Taxable 223,521 169,544 125,010
Nontaxable 25,268 24,006 19,268
Interest on federal funds sold 3 11 1
Interest on interest bearing deposits in other financial institutions 7,007 3,125 344
TOTAL INTEREST INCOME 953,796 674,656 588,760
INTEREST EXPENSE:      
Interest on deposits 319,688 56,880 14,797
Interest on borrowings 10,311 2,717 471
Interest on term debt (includes $575, $246, and $(1,601) of interest (income) expense related to derivatives reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022, and 2021, respectively) 22,560 16,823 12,932
TOTAL INTEREST EXPENSE 352,559 76,420 28,200
NET INTEREST INCOME 601,237 598,236 560,560
Provision (benefit) for credit losses 21,707 15,370 (17,575)
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 579,530 582,866 578,135
NONINTEREST INCOME:      
Revenue from contract with customers 97,533 93,587 87,666
Loan servicing income 1,561 2,741 3,276
Capital markets fees 10,007 11,543 1,324
Securities (losses) gains, net (includes $(141,377), $(1,892), and $5,910 of net security gains (losses) reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022, and 2021, respectively) (141,539) (425) 5,910
Unrealized (loss) gain on equity securities, net 240 (622) 58
Net gains on sale of loans held for sale 3,880 9,032 20,605
Valuation adjustment on servicing rights 0 1,658 1,088
Income on bank owned life insurance 3,771 2,341 3,762
Other noninterest income 3,621 8,409 5,246
TOTAL NONINTEREST INCOME (LOSS) (20,926) 128,264 128,935
NONINTEREST EXPENSES:      
Salaries and employee benefits 251,276 254,478 240,114
Occupancy 26,847 28,155 29,965
Furniture and equipment 11,599 12,499 13,323
Professional fees 58,667 58,606 58,843
FDIC insurance assessments 19,940 7,000 5,757
Advertising 8,347 6,221 7,257
Core deposit intangibles and customer relationship intangibles amortization 6,739 7,834 9,395
Other real estate and loan collection expenses 1,489 950 990
(Gain) loss on sales/valuations of assets, net (77) (1,047) 588
Acquisition, integration and restructuring costs 10,359 7,586 5,331
Partnership investment in tax credit projects 5,401 5,040 6,303
Other noninterest expenses 61,240 56,055 53,946
TOTAL NONINTEREST EXPENSES 461,827 443,377 431,812
INCOME BEFORE INCOME TAXES 96,777 267,753 275,258
Income taxes (includes $(43,560), $(355), and $1,896 of income tax expense (benefit) reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022, and 2021, respectively) 16,857 55,573 55,335
NET INCOME 79,920 212,180 219,923
Preferred dividends (8,050) (8,050) (8,050)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 71,870 $ 204,130 $ 211,873
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 1.68 $ 4.80 $ 5.01
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 1.68 4.79 5.00
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 1.20 $ 1.09 $ 0.96
Service charges and fees      
NONINTEREST INCOME:      
Revenue from contract with customers $ 74,024 $ 68,031 $ 59,703
Trust fees      
NONINTEREST INCOME:      
Revenue from contract with customers 20,715 22,570 24,417
Brokerage and insurance commissions      
NONINTEREST INCOME:      
Revenue from contract with customers $ 2,794 $ 2,986 $ 3,546
v3.24.0.1
CONSOLIDATED STATEMENTS OF INCOME (Parentheticals) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest on other borrowings $ 22,560 $ 16,823 $ 12,932
Securities gains, net (141,539) (425) 5,910
Income taxes 16,857 55,573 55,335
Reclassification out of Accumulated Other Comprehensive Income      
Interest on other borrowings 575 246 (1,601)
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Unrealized Investment Gain (Loss)      
Securities gains, net (141,377) (1,892) 5,910
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss)      
Income taxes $ (43,560) $ (355) $ 1,896
v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income $ 79,920 $ 212,180 $ 219,923
Change in available for sale ("AFS") securities:      
Net change in unrealized gain (loss) on securities 46,755 (637,513) (103,807)
Reclassification adjustment for net (gains) losses realized in net income 141,377 1,892 (5,910)
Reclassification adjustment for net losses on hedged AFS securities 20,913 0 0
Income tax benefit (expense) (52,096) 158,049 28,573
Other comprehensive income (loss) on AFS securities 156,949 (477,572) (81,144)
Change in securities held to maturity      
Adjustment for securities transferred from AFS 0 (186,286) 0
Net amortization of unrealized losses on securities transferred from AFS 11,237 3,842 0
Income tax benefit (expense) (2,633) 45,174 0
Other comprehensive income (loss) on held to maturity securities 8,604 (137,270) 0
Change in cash flow hedges:      
Net change in unrealized gain on derivatives 1,952 500 5,037
Reclassification adjustment for net (gains) losses on derivatives realized in net income 575 246 (1,601)
Income tax expense (591) (158) (763)
Other comprehensive income on cash flow hedges 1,936 588 2,673
Other comprehensive income (loss) 167,489 (614,254) (78,471)
TOTAL COMPREHENSIVE INCOME (LOSS) $ 247,409 $ (402,074) $ 141,452
v3.24.0.1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
    Preferred Stock
    Common Stock
    Capital Surplus
    Retained Earnings
    Retained Earnings
Series D Preferred Stock
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period at Dec. 31, 2020 $ 2,079,231 $ 110,705 $ 42,094 $ 1,062,083 $ 791,630   $ 72,719
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Comprehensive income (loss) 141,452       219,923   (78,471)
Cash dividends declared:              
Preferred stock (8,050)         $ (8,050)  
Common (40,509)       (40,509)    
Issuance of shares of common stock 1,311   181 1,130      
Stock based compensation 8,743     8,743      
Balance at end of period at Dec. 31, 2021 2,182,178 110,705 42,275 1,071,956 962,994   (5,752)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Comprehensive income (loss) (402,074)       212,180   (614,254)
Cash dividends declared:              
Preferred stock (8,050)       (8,050)    
Common (46,199)       (46,199)    
Issuance of shares of common stock 1,038   192 846      
Stock based compensation 8,162     8,162      
Balance at end of period at Dec. 31, 2022 1,735,055 110,705 42,467 1,080,964 1,120,925   (620,006)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Comprehensive income (loss) 247,409       79,920   167,489
Cash dividends declared:              
Preferred stock (8,050)       (8,050)    
Common (51,294)       (51,294)    
Issuance of shares of common stock 548   221 327      
Stock based compensation 9,449     9,449      
Balance at end of period at Dec. 31, 2023 $ 1,933,117 $ 110,705 $ 42,688 $ 1,090,740 $ 1,141,501   $ (452,517)
v3.24.0.1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash dividends per share preferred stock (in dollars per share) $ 700.00 $ 700.00 $ 700.00
Cash dividends per share common stock (in dollars per share) $ 1.20 $ 1.09 $ 0.96
Issuance of common stock (in shares) 220,614 192,130 181,402
Series C Preferred Stock      
Cash dividends per share preferred stock (in dollars per share)     $ 2.50
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 79,920 $ 212,180 $ 219,923
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 20,385 24,479 26,894
Provision (benefit) for credit losses 21,707 15,370 (17,575)
Net amortization of premium on securities 29,671 59,454 52,145
Provision (benefit) for deferred taxes (9,196) (3,887) 11,543
Securities losses (gains), net 141,539 425 (5,910)
Unrealized loss (gain) on equity securities, net (240) 622 (58)
Stock based compensation 9,449 8,162 8,743
Loss (gain) on sales/valuations of assets, net (77) 1,998 2,222
Loans originated for sale (136,734) (284,324) (466,071)
Proceeds on sales of loans held for sale 160,705 308,294 521,463
Net gains on sales of loans held for sale (3,856) (7,607) (19,083)
Increase in accrued interest receivable (11,294) (17,530) (1,590)
Increase in prepaid expenses (1,183) (1,580) (1,102)
Increase (decrease) in accrued interest payable 45,987 3,737 (497)
Capitalization of servicing rights (24) (1,425) (1,522)
Valuation adjustment on servicing rights 0 (1,658) (1,088)
Net excess tax (expense) benefit from stock-based compensation (123) 131 312
Income from fair value hedge activity (4,021) 0 0
Other, net (62,303) 71,167 (2,712)
NET CASH PROVIDED BY OPERATING ACTIVITIES 280,312 388,008 326,037
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of time deposits in other financial institutions 0 0 (10)
Proceeds from the sale of securities available for sale 1,196,586 1,048,525 1,475,598
Proceeds from the sale of securities held to maturity 0 2,337 0
Proceeds from the sale, maturity of and principal paydowns on other investments 42,875 22,359 4,858
Proceeds from the maturity of and principal paydowns on securities available for sale 604,088 903,514 1,059,292
Proceeds from the maturity of and principal paydowns on securities held to maturity 2,427 6,082 5,659
Proceeds from the maturity of time deposits in other financial institutions 500 1,154 245
Purchase of securities available for sale (337,667) (2,226,881) (4,094,661)
Purchase of other investments (59,747) (12,992) (12,172)
Net (increase) decrease in loans (661,445) (1,506,338) 50,437
Purchase of bank owned life insurance policies (320) (283) (288)
Proceeds from bank owned life insurance policies 0 966 0
Proceeds from sale of mortgage servicing rights 6,714 0 0
Capital expenditures and investments (7,060) (14,804) (17,203)
Net cash expended in divestitures 0 (50,616) (15,682)
Proceeds from sale of premises, furniture and equipment 9,254 10,872 10,489
Proceeds on sale of OREO and other repossessed assets 5,990 3,062 8,338
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES 802,195 (1,813,043) (1,525,100)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase (decrease) in demand deposits (1,201,036) (206,366) 813,600
Net increase (decrease) in savings accounts (1,188,794) 566,033 893,569
Net increase (decrease) in time deposit accounts 1,078,535 799,938 (242,321)
Net increase (decrease) in borrowings (225,048) 194,520 (36,275)
Proceeds from short term FHLB advances 1,295,488 286,000 141,700
Repayments of short term FHLB advances (824,302) (236,000) (141,700)
Proceeds from other borrowings 0 0 147,614
Repayments of other borrowings (740) (228) (233,794)
Proceeds from issuance of common stock 2,467 2,875 2,925
Dividends paid (59,151) (54,249) (48,559)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES (1,122,581) 1,352,523 1,296,759
Net increase (decrease) in cash and cash equivalents (40,074) (72,512) 97,696
Cash and cash equivalents at beginning of year 363,087 435,599 337,903
CASH AND CASH EQUIVALENTS AT END OF PERIOD 323,013 363,087 435,599
Supplemental disclosures:      
Cash paid for income/franchise taxes 48,624 37,782 49,914
Cash paid for interest 306,572 72,683 28,703
Loans transferred to OREO 13,181 9,423 2,807
Transfer of premises from premises, furniture and equipment held for sale to premises, furniture and equipment, net 5,824 0 396
Transfer of premises from premises, furniture and equipment, net to premises, furniture and equipment held for sale 6,786 5,188 12,662
Securities transferred from available for sale to held to maturity 0 934,538 0
Dividends declared, not paid $ 2,205 $ 2,013 $ 2,013
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations - Heartland Financial USA, Inc. ("HTLF") is a bank holding company with locations in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Colorado, Montana, Minnesota, Kansas, Missouri, Texas and California. The principal services of HTLF, which are provided through HTLF Bank, are FDIC-insured deposit accounts and related services, and loans to businesses and consumers. The loans consist primarily of commercial and industrial, owner-occupied commercial real estate, non-owner occupied commercial real estate, real estate construction, agricultural and agricultural real estate, residential real estate and consumer loans.

Principles of Presentation - The consolidated financial statements include the accounts of HTLF and its subsidiaries: HTLF Bank; DB&T Community Development Corp.; Heartland Community Development, Inc.; Heartland Financial USA, Inc. Insurance Services; Heartland Financial Statutory Trust IV; Heartland Financial Statutory Trust V; Heartland Financial Statutory Trust VI; Heartland Financial Statutory Trust VII; Morrill Statutory Trust I; Morrill Statutory Trust II; Sheboygan Statutory Trust I, CBNM Capital Trust I, Citywide Capital Trust III, Citywide Capital Trust IV, Citywide Capital Trust V, OCGI Statutory Trust III, OCGI Capital Trust IV, BVBC Capital Trust II, and BVBC Capital Trust III. All HTLF’s subsidiaries are wholly-owned as of December 31, 2023.

As of December 31, 2023, HTLF Bank and its respective bank brands listed below operated as divisions of HTLF Bank:
•Arizona Bank & Trust
•Bank of Blue Valley
•Citywide Banks
•Dubuque Bank & Trust
•First Bank & Trust
•Illinois Bank & Trust
•Minnesota Bank & Trust
•New Mexico Bank & Trust
•Premier Valley Bank
•Rocky Mountain Bank
•Wisconsin Bank & Trust

During the first quarter of 2023, HTLF reclassified swap and loan syndication income (collectively, "capital markets fees") to capital markets fees from other noninterest income on the consolidated statements of income, and all prior periods have been adjusted.

During the second quarter of 2023, HTLF reclassified Federal Deposit Insurance Corporation ("FDIC") insurance premiums to FDIC insurance assessments from professional fees on the consolidated statements of income, and all prior periods have been adjusted.

In the second quarter of 2023, HTLF amended and restated its Certificate of Incorporation and filed Certificates of Elimination with the state of Delaware with respect to Series A, B, C, and D preferred stock issuances, which returned these previously designated shares to authorized but unissued. The following shows the details of Series A, B, C and D preferred stock at December 31, 2022:
•Series A Junior Participating preferred stock-par value $1 per share; authorized 16,000 shares; none issued or outstanding at December 31, 2022
•Series B Fixed Rate Cumulative Perpetual Preferred Stock-par value $1 per share; 81,698 shares authorized at December 31, 2022; none issued or outstanding at December 31, 2022
•Series C Senior Non-Cumulative Perpetual Preferred Stock-par value $1 per share; 81,698 shares authorized at December 31, 2022; none issued or outstanding at December 31, 2022
•Series D Senior Non-Cumulative Perpetual Convertible Preferred Stock-par value $1 per share; 3,000 shares authorized at December 31, 2022; none issued or outstanding at December 31, 2022
After the cancellation of Series A, B, C and D preferred shares, total undesignated preferred shares authorized increased to 188,500 from 6,104 at December 31, 2022, of which none were issued or outstanding at both December 31, 2023 and December 31, 2022.

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and prevailing practices within the banking industry. In preparing such financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheets and revenues and expenses for the years then ended. Actual results could differ significantly from those estimates. A material estimate that is particularly susceptible to significant change relates to the determination of the allowance for credit losses.

Business Combinations - HTLF applies the acquisition method of accounting in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 805, Business Combinations. Under the acquisition method, HTLF recognizes assets acquired, including identified intangible assets, and the liabilities assumed in acquisitions at fair value as of the acquisition date, with the acquisition-related transaction costs expensed in the period incurred. Determining the fair value of assets acquired and liabilities assumed often involves estimates based on third-party valuations, such as appraisals, or internal valuations based on discounted cash flow analyses or other valuation techniques that may include estimates of attrition, inflation, asset growth rates, discount rates, multiples of earnings or other relevant factors. In addition, the determination of the useful lives over which an intangible asset will be amortized is subjective.

Cash and Cash Equivalents - For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest bearing deposits held at the Federal Reserve Bank, federal funds sold to other banks and other short-term investments. Generally, federal funds are purchased and sold for one-day periods.

Trading Securities - Trading securities represent those securities HTLF intends to actively trade and are stated at fair value with changes in fair value reflected in noninterest income. HTLF had no trading securities at both December 31, 2023 and 2022.

Available for Sale ("AFS") Debt Securities and Equity Securities - Available for sale securities consist of those securities not classified as held to maturity or trading, which management intends to hold for indefinite periods of time or that may be sold in response to changes in interest rates, prepayments or other similar factors. Available for sale securities are stated at fair value with any unrealized gain or loss, net of applicable income tax, reported as a separate component of stockholders’ equity. Security premiums and discounts are amortized/accreted using the interest method over the period from the purchase date to the expected maturity or call date of the related security.

HTLF reviews the investment securities portfolio at the security level on a quarterly basis for potential credit losses, which takes into consideration numerous factors, and the relative significance of any single factor can vary by security. Some factors HTLF may consider include changes in security ratings, the financial condition of the issuer, as well as security and industry-specific economic conditions. In addition, regarding debt securities, HTLF may also evaluate payment structure, whether there are defaulted payments or expected defaults, prepayment speeds and the value of any underlying collateral. For certain debt securities in unrealized loss positions, HTLF prepares cash flow analyses to compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security.

Realized securities gains or losses on securities sales (using a specific identification method) are included in securities gains, net in the consolidated statements of income.

Equity securities include Community Reinvestment Act funds with readily determinable fair values and are carried at fair value. Certain equity securities do not have readily determinable fair values, such as Federal Reserve Bank stock and Federal Home Loan Bank stock, which are held for debt and regulatory purposes and are carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes for the identical or similar investment of the same issuer. HTLF did not record any impairment or other adjustments to the carrying amount of these investments during the years ended December 31, 2023, and December 31, 2022.

Allowance for Credit Losses on AFS Debt Securities - HTLF reviews the investment securities portfolio at the security level on a quarterly basis for potential credit losses, which takes into consideration numerous factors, and the relative significance of any single factor can vary by security. Some factors HTLF may consider include changes in security ratings, financial condition of the issuer, as well as security and industry-specific economic conditions. In addition, with regard to debt securities, HTLF may also evaluate payment structure, whether there are defaulted payments or expected defaults, prepayment speeds and the
value of any underlying collateral. For certain debt securities in unrealized loss positions, HTLF prepares cash flow analyses to compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security.

The decline in fair value of an AFS debt security due to credit loss results in recording an allowance for credit losses to the extent the fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through other comprehensive income, net of applicable taxes. Although these evaluations involve judgment, an unrealized loss in the fair value of a debt security is generally considered to not be related to credit when the fair value of the security is below the carrying value primarily due to changes in risk-free interest rates, there has not been significant deterioration in the financial condition of the issuer, and HTLF does not intend to sell nor does it believe it will be required to sell the security before the recovery of its cost basis. HTLF had no allowance for credit losses on AFS debt securities recorded at December 31, 2023, and December 31, 2022.

Securities Held to Maturity - Securities which HTLF has the ability and positive intent to hold to maturity are classified as held to maturity. Such securities are stated at amortized cost, adjusted for premiums and discounts that are amortized/accreted using the interest method over the period from the purchase date to the expected maturity or call date of the related security.

Allowance for Credit Losses on Held to Maturity Debt Securities - HTLF measures expected credit losses on held to maturity debt securities on a collective basis based on security type. The estimate of expected credit losses considers historical credit information that is adjusted for current conditions and supportable forecasts. HTLF's held to maturity debt securities consist primarily of investment grade obligations of states and political subdivisions. The forecast and forecast period used in the calculation of the allowance for credit losses for loans is used in calculating the allowance for credit losses on held to maturity debt securities. HTLF had no allowance for credit losses on held to maturity debt securities recorded at both December 31, 2023, and December 31, 2022.

Loans Held to Maturity - Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, which is the principal amount outstanding, net of cumulative charge-offs, unamortized net deferred loan origination fees and costs and unamortized premiums or discounts on purchased loans. HTLF has a loan policy which establishes the credit risk appetite, lending standards and underwriting criteria designed so that HTLF may extend credit in a prudent and sound manner. The HTLF loan policy is reviewed and approved on a regular basis. A reporting system supplements the review process by providing management and the board with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and nonperforming loans and potential problem loans.

HTLF originates commercial and industrial loans and owner occupied commercial real estate loans for a wide variety of business purposes, including lines of credit for capital and operating purposes and term loans for real estate and equipment purchases. Non-owner occupied commercial real estate loans provide financing for various non-owner occupied or income producing properties. Real estate construction loans are generally short-term or interim loans that provide financing for acquiring or developing commercial income properties, multi-family projects or single-family residential homes. Agricultural and agricultural real estate loans provide financing for capital improvements and farm operations, as well as livestock and machinery purchases. Residential real estate loans are originated for the purchase or refinancing of single-family residential properties. Consumer loans include loans for motor vehicles, home improvement, home equity and personal lines of credit.

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. HTLF’s policy is to discontinue the accrual of interest income on any loan when, in the opinion of management, there is a reasonable doubt as to the timely collection of the interest and principal, normally when a loan is 90 days past due. When interest accruals are deemed uncollectible, interest credited to income in the current year is reversed and interest accrued in prior years is charged to the allowance for credit losses. A loan can be restored to accrual status if the borrower has resumed paying the full amount of the scheduled contractual interest and principal payments on the loan, and (1) all principal and interest amounts contractually due (including arrearages) are reasonably assured of repayment within a reasonable period of time, and (2) there is a sustained period of repayment performance (generally a minimum of six months) by the borrower in accordance with the scheduled contractual terms.

Allowance for Credit Losses for Loans - The allowance for credit losses is a valuation account that is deducted from the loans held to maturity amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged-off against the allowance when management believes the loan balance is deemed to be uncollectible. Provisions for credit losses for loans and recoveries on loans previously charged-off by HTLF are added back to the allowance.

HTLF's allowance model is designed to consider the current contractual term of the loan, defined as starting as of the most recent renewal date and ending at maturity date.
Management's estimation of expected credit losses is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts, including expected defaults and prepayments. Historical loss experience is generally the starting point for estimating expected credit losses. Adjustments are made to historical loss experience to reflect differences in asset-specific risk characteristics, such as underwriting standards, portfolio mix or asset terms and differences in economic conditions, both current conditions and reasonable and supportable forecasts. If HTLF is not able to make or obtain reasonable and supportable forecasts for the entire life of the financial asset, it is required to estimate expected credit losses for the remaining life using an approach that reverts to historical credit loss information. The components of the allowance for credit losses are described more specifically below.

Quantitative Factors
The quantitative component of the allowance for credit losses is measured using historical loss experience using a look back period, currently over the most recent 16 years, on a pool basis for loans with similar risk characteristics. HTLF utilizes third-party software to calculate the expected credit losses using two separate methodologies. For certain commercial and agricultural loans, the expected credit losses are calculated through a transition matrix model derived probability of default and loss given default methodology. The transition matrix model determines the life of loan probability of default using the historical transitions of loans between risk ratings and through default. The probability of default and loss given default methodology has been developed using HTLF’s historical loss experience over the look back period. For smaller commercial and agricultural loans, residential real estate loans and consumer loans, a lifetime average historical loss rate is established for each pool of loans based upon an average loss rate calculated using HTLF historical loss experience over the look back period.

The risks in the commercial and industrial loan portfolio include the unpredictability of the cash flow of the borrowers and the variability in the value of the collateral securing the loans. Owner occupied commercial real estate loans depend upon the cash flow of the borrowers and the collateral value of the real estate. Non-owner occupied commercial real estate loans typically depend, in large part, on sufficient income from the properties securing the loans to cover the operating expenses and debt service. Real estate construction loans involve additional risks because funds are advanced based upon estimates of costs and the estimated value of the completed project. Additionally, real estate construction loans have a greater risk of default in a weaker economy because the source of repayment relies on the successful and timely completion of the project. Agricultural and agricultural real estate loans depend upon the profitable operation or management of the farm property securing the loan. Loans secured by farm equipment, livestock or crops may not provide an adequate source of repayment because of damage or depreciation. Residential real estate loans depend upon the borrower's ability to repay the loan and the underlying collateral value. Consumer loans depend upon the borrower's personal financial circumstances and continued financial stability.

If a loan no longer shares similar risk characteristics with other loans in the pool, it is evaluated on an individual basis and is not included in the collective evaluation. Lending relationships with $500,000 or more of total exposure and on nonaccrual status are individually assessed using a collateral dependency calculation. A loan is collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. The impairment will be recognized by creating a specific reserve against the loan with a corresponding charge to provision expense. In most cases, the specific reserve will be charged off in the same quarter the loss is probable. In some cases, when HTLF believes certain loans do not share the same risk characteristics with other loans in the pool, the standard allows for these loans to be individually assessed. All individually assessed loan calculations are completed at least semi-annually.

Qualitative Factors
HTLF's allowance methodology also has a qualitative component, the purpose of which is to provide management with a means to take into consideration changes in current conditions that could potentially have an effect on the level of recognized loan losses, that otherwise fail to show up in the quantitative analysis performed in determining its base loan loss rates.

HTLF utilizes the following qualitative factors:
•changes in lending policies and procedures
•changes in the nature of loans
•experience and ability of management
•changes in the credit quality of the loan portfolio
•risk in acquired portfolios
•concentrations of credit

The qualitative factors for changes in lending policies and procedures, management and acquired portfolios are weighted as one factor. The other qualitative factors noted above are equally weighted as individual factors.
The qualitative adjustments are based on the comparison of the current condition to the average condition over the look back period. The adjustment amount can be either positive or negative depending on whether the current condition is better or worse than the historical average. HTLF incorporates the adjustments for changes in current conditions using an overlay approach. The adjustments are applied as a percentage adjustment in addition to the calculated historical loss rates of each pool. These adjustments reflect the extent to which HTLF expects current conditions to differ from the conditions that existed for the period over which historical information was evaluated. HTLF utilizes an anchoring approach to determine the minimum and maximum amount of qualitative allowance for credit losses, which is determined by comparing the highest and lowest historical rate to the current quantitative allowance rate to calculate the rate for the adjustment.

Economic Forecasting
The allowance for credit losses estimate incorporates a reasonable and supportable forecast of various macro-economic indices over the remaining life of HTLF’s assets. HTLF utilizes an overlay approach for its economic forecasting component, similar to the method utilized for the qualitative factors. The length of the reasonable and supportable forecast period is a judgmental determination based on the level to which the entity can support its forecast of economic conditions that drive its estimate of expected loss. HTLF compares forecasted macro-economic indices, such as unemployment and gross domestic product, to the economic conditions that existed over HTLF's look back period.

HTLF uses Moody's baseline economic forecast scenario, which is updated quarterly in HTLF's methodology, and considers other Moody's forecast scenarios to support the economic forecast component of the allowance for credit losses. The economic forecast reverts to the historical mean immediately at the end of the reasonable and supportable forecast period. HTLF utilized a one-year reasonable and supportable forecast period for the calculation of the December 31, 2023, and December 31, 2022, allowance for credit losses.

It is expected that actual economic conditions will, in many cases, differ from forecasts because the ultimate outcomes during the forecast period may be affected by events that were unforeseen, such as economic disruption and fiscal or monetary policy actions, which are exacerbated by longer forecasting periods. This uncertainty would be relevant to the entity’s confidence level as to the outcomes being forecasted. That is, an entity is likely less confident in the ultimate outcome of events that will occur at the end of the forecast period as compared to the beginning. As a result, actual future economic conditions may not be an effective indicator of the quality of management’s forecasting process, including the length of the forecast period.

Financial Difficulty Modifications - Any loans that are modified are reviewed by HTLF to identify if a financial difficulty modification has occurred, which is when HTLF modifies a loan related to a borrower experiencing financial difficulties. Terms may be modified to fit the ability of the borrower to repay in line with its current financial status. The modification of the terms of such loans includes one or a combination of the following: a reduction of the stated interest rate of the loan, an extension of the maturity date, a permanent reduction of the recorded investment of the loan, or an other-than-insignificant payment delay. The adoption of ASU 2022-02 on January 1, 2023 eliminated the recognition and measurement of TDRs and enhanced disclosures for modifications to loans related to borrowers experiencing financial difficulties. See Note Four to the consolidated financial statements for additional detail regarding the adoption of ASU 2022-02.

Loans Held for Sale - Loans held for sale are stated at the lower of cost or fair value on an aggregate basis. Gains or losses on sales are recorded in noninterest income. Direct loan origination costs and fees are deferred at origination of the loan. These deferred costs and fees are recognized in noninterest income as part of the gain or loss on sales of loans upon sale of the loan.

At December 31, 2023 and 2022, loans held for sale primarily consisted of 1-4 family residential mortgages.

Allowance for Credit Losses on Unfunded Loan Commitments - HTLF estimates expected credit losses over the contractual term of the loan for the unfunded portion of the loan commitment that is not unconditionally cancellable by HTLF using the same collective allowance methodology for credit losses for loans described above. Management uses an estimated average utilization rate to determine the exposure at default. The allowance for unfunded commitments is recorded in the Accrued Expenses and Other Liabilities section of the consolidated balance sheets.

Mortgage Servicing and Transfers of Financial Assets - Prior to dissolving its mortgage operations in 2023, HTLF regularly sold residential mortgage loans to others, primarily government sponsored entities, on a non-recourse basis. Sold loans are not included in the accompanying consolidated balance sheets. HTLF generally retained the right to service the sold loans for a fee prior to the sale of its mortgage servicing rights portfolio in the first quarter of 2023. First Bank & Trust, a division of HTLF Bank, serviced mortgage loans primarily for government sponsored entities with aggregate unpaid principal balance of $0 and $725.9 million, at December 31, 2023 and 2022, respectively.
Premises, Furniture and Equipment, net - Premises, furniture and equipment are stated at cost less accumulated depreciation. The provision for depreciation of premises, furniture and equipment is determined by straight-line and accelerated methods over the estimated useful lives of 18 to 39 years for buildings, 15 years for land improvements and 3 to 7 years for furniture and equipment.

Premises, Furniture and Equipment Held for Sale - Premises, furniture and equipment are stated at the estimated fair value less disposal costs. Subsequent write-downs and gains or losses on the sales are recorded to gain (loss) on sales/valuation of assets, net.

Other Real Estate - Other real estate represents property acquired through foreclosures and settlements of loans. Property acquired is recorded at the estimated fair value of the property less disposal costs. The excess of carrying value over fair value less disposal costs is charged against the allowance for credit losses. Subsequent write downs estimated on the basis of later valuations and gains or losses on sales are charged to gain (loss) on sales/valuation of assets, net. Expenses incurred in maintaining such properties are charged to other real estate and loan collection expenses.

Goodwill - Goodwill represents the excess of the purchase price of acquired subsidiaries’ net assets over their fair value at the purchase date. HTLF assesses goodwill for impairment annually, and more frequently if events occur which may indicate possible impairment, and assesses goodwill at the reporting unit level, also giving consideration to overall enterprise value as part of that assessment.

In evaluating goodwill for impairment, HTLF first assesses qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount. If HTLF concludes that it is more likely than not that the fair value of a reporting unit is more than its carrying value, then no further testing of goodwill assigned to the reporting unit is required. However, if HTLF concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then HTLF performs a quantitative goodwill impairment test to identify potential goodwill impairment and measure the amount of goodwill impairment to recognize, if any. In addition, the income tax effects of tax-deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. A goodwill impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized cannot exceed the total amount of goodwill allocated to that reporting unit.

Core Deposit Intangibles and Customer Relationship Intangibles, Net - Core deposit intangibles are amortized over 8 to 18 years on an accelerated basis. Customer relationship intangibles were amortized over 22 years on an accelerated basis. Annually, HTLF reviews these intangible assets for events or circumstances that may indicate a change in the recoverability of the underlying basis.

Servicing Rights, Net - Mortgage and commercial servicing rights associated with loans originated and sold, where servicing is retained, are initially capitalized at fair value and recorded on the consolidated statements of income as a component of gains on sale of loans held for sale. The values of these capitalized servicing rights are amortized as an offset to the loan servicing income earned in relation to the servicing revenue expected to be earned.

First Bank & Trust, a division of HTLF Bank, sold its mortgage servicing portfolio in the first quarter of 2023, and the value of the mortgage servicing rights was derecognized on the consolidated balance sheet. In prior periods, the carrying values of these rights were reviewed quarterly for impairment based on the calculation of their fair value as performed by an outside third-party. For purposes of measuring impairment, the rights were stratified into certain risk characteristics including loan type and loan term. At December 31, 2022, no valuation allowance was required on HTLF's mortgage servicing rights with an original term of 15 years, and no valuation allowance was required on HTLF's mortgage servicing rights with an original term of 30 years.

Cash Surrender Value on Life Insurance - HTLF and its subsidiaries have purchased life insurance policies on the lives of certain officers. The one-time premiums paid for the policies, which coincide with the initial cash surrender value, are recorded as an asset. Increases or decreases in the cash surrender value, other than proceeds from death benefits, are recorded as noninterest income in income on bank owned life insurance. Proceeds from death benefits first reduce the cash surrender value attributable to the individual policy and then any additional proceeds are recorded in other noninterest income.

Income Taxes - HTLF and its subsidiaries file a consolidated federal income tax return and separate or combined income or franchise tax returns as required by the various states. HTLF recognizes certain income and expenses in different time periods for financial reporting and income tax purposes. The provision for deferred income taxes is based on an asset and liability
approach and represents the change in deferred income tax accounts during the year, including the effect of enacted tax rate changes. A valuation allowance is provided to reduce deferred tax assets if their expected realization is deemed not to be more likely than not.

A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. HTLF recognizes interest and penalties related to income tax matters in income tax expense.

Derivative Financial Instruments - HTLF uses derivative financial instruments as part of its interest rate risk management, which includes interest rate swaps, certain interest rate lock commitments and forward sales of securities related to mortgage banking activities. FASB ASC Topic 815 establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by ASC 815, HTLF records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives used to manage the exposure to changes in the fair value of a recognized asset or liability on the consolidated balance sheets are fair value hedges. To qualify for hedge accounting, HTLF must comply with the detailed rules and documentation requirements at the inception of the hedge, and hedge effectiveness is assessed at inception and periodically throughout the life of each hedging relationship. Hedge ineffectiveness, if any, is measured periodically throughout the life of the hedging relationship.

For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (loss) and subsequently reclassified to interest income or expense when the hedged transaction affects earnings, while the ineffective portion of changes in the fair value of the derivative, if any, is recognized immediately in other noninterest income. HTLF assesses the effectiveness of each hedging relationship by comparing the cumulative changes in cash flows of the derivative hedging instrument with the cumulative changes in cash flows of the designated hedged item or transaction. No component of the change in the fair value of the hedging instrument is excluded from the assessment of hedge effectiveness. In the first quarter of 2023 HTLF terminated its cash flow hedges. It was determined that the forecasted transactions remain probable, so the unrealized gains at termination were kept in accumulated comprehensive income and are being amortized into income over the remaining life of the forecasted transaction.

HTLF had multiple fair value hedging relationships at December 31, 2023. HTLF uses hedge accounting in accordance with ASC 815. For hedges where the fair value change in the loan portfolio is being hedged, unrealized gains and losses representing the change in fair value of the derivative and the change in fair value of the risk being hedged on the related loan are being recorded in the consolidated statements of income. The ineffective portions of the unrealized gains or losses, if any, are recorded in interest income in the consolidated statements of income. For hedges where the fair value change in the investment portfolio are being hedged, the change in the fair value of the derivative and the change in the fair value of the risk being hedged on the related investments is being recorded in interest income on the consolidated statements of income. The ineffective portions of the unrealized gains or losses, if any, are recorded in interest income in the consolidated statements of income. HTLF uses statistical regression to assess hedge effectiveness, both at the inception of the hedge as well as on a continual basis. The regression analysis involves regressing the periodic change in fair value of the hedging instrument against the periodic changes in the fair value of the asset being hedged due to changes in the hedge risk.

HTLF also has loan interest rate swap relationships with customers to assist them in managing their interest rate risk. Upon entering into these loan swaps HTLF enters into offsetting positions with counterparties in order to minimize interest rate risk to HTLF. These back-to-back loan swaps qualify as free standing financial derivatives with the fair values reported in other assets and other liabilities on the consolidated balance sheets. Any gains and losses on these back-to-back swaps are recorded in noninterest income on the consolidated statements of income.

HTLF does not use derivatives for speculative purposes. Derivatives not designated as hedges are not speculative and are used to manage HTLF’s exposure to interest rate movements and other identified risks, but do not meet the strict hedge accounting requirements of ASC 815.

Mortgage Derivatives - HTLF uses interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans and mortgage-backed securities. These commitments are considered derivative instruments. The fair value of these commitments is recorded on the consolidated balance sheets with the changes in fair value recorded in the consolidated statements of income as a component of gains on sale of loans held for sale. These derivative contracts are designated as free-standing derivative contracts and are not designated against specific assets and liabilities on the consolidated balance sheets or forecasted transactions and therefore do not qualify for hedge accounting treatment. As of December 31, 2023, HTLF was winding out of this activity due to dissolving its mortgage operations.
Fair Value Measurements - Fair value represents the estimated price at which an orderly transaction to sell an asset or transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept). Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using discounted cash flow or other valuation techniques. Inputs into the valuation methods are subjective in nature, involve uncertainties, and require judgment and therefore cannot be determined with precision. Accordingly, the derived fair value estimates presented herein are not necessarily indicative of the amounts HTLF could realize in a current market exchange. Assets and liabilities are categorized into three levels based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine the fair value. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy in which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. HTLF's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Below is a brief description of each fair value level:

Level 1 — Valuation is based upon quoted prices for identical instruments in active markets.

Level 2 — Valuation is based upon quoted prices for similar instruments in active markets, or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3 — Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.

Segment Reporting - Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker ("CODM"), which is the Chief Executive Officer of HTLF, in deciding how to allocate resources and assess the financial and operating performance of HTLF. HTLF’s operating segments provide, and primarily derive revenue, through full service commercial and consumer banking. HTLF has determined that the economic characteristics, operating models, performance metrics, suite of products and services, customer base, and regulatory requirements are similar for its operating segments and has therefore aggregated them into one reportable segment.

Treasury Stock - Treasury stock is accounted for by the cost method, whereby shares of common stock reacquired are recorded at their purchase price. When treasury stock is reissued, any difference between the sales proceeds, or fair value when issued for business combinations, and the cost is recognized as a charge or credit to capital surplus. HTLF had no treasury stock at December 31, 2023 and December 31, 2022.

Trust Department Assets - Property held for customers in fiduciary or agency capacities is not included in the accompanying consolidated balance sheets because such items are not assets of HTLF Bank.
Earnings Per Share - Basic earnings per share is determined using net income available to common stockholders and weighted average common shares outstanding. Diluted earnings per share is computed by dividing net income available to common stockholders by the weighted average common shares and assumed incremental common shares issued. Amounts used in the determination of basic and diluted earnings per share for the years ended December 31, 2023, 2022 and 2021, are shown in the table below, dollars and number of shares in thousands, except per share data:
202320222021
Net income attributable to HTLF$79,920 $212,180 $219,923 
Preferred dividends(8,050)(8,050)(8,050)
Net income available to common stockholders$71,870 $204,130 $211,873 
Weighted average common shares outstanding for basic earnings per share42,701 42,496 42,260 
Assumed incremental common shares issued upon vesting of restricted stock units91 135 151 
Weighted average common shares for diluted earnings per share42,792 42,631 42,411 
Earnings per common share — basic$1.68 $4.80 $5.01 
Earnings per common share — diluted$1.68 $4.79 $5.00 
Number of antidilutive stock units excluded from diluted earnings per share computation112 5 1 
Number of antidilutive stock options excluded from diluted earnings per share computation60 5 — 

Subsequent Events - HTLF has evaluated subsequent events that may require recognition or disclosure through the filing date of this Annual Report on Form 10-K with the SEC.

Subsequent to December 31, 2023, in February of 2024, HTLF announced that HTLF Bank had signed definitive agreements to sell its nine Rocky Mountain Bank division branches to two purchasers. The agreements include the sale of approximately $588.9 million of deposits, $365.9 million of loans and $13.6 million of premises, furniture and equipment. The transaction is expected to close in the latter half of 2024.


Effect of New Financial Accounting Standards

ASU 2022-01
In March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-01, "Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method," which expands the current last-of-layer method by allowing multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments. HTLF adopted this ASU on January 1, 2023, and these amendments were applied prospectively.

ASU 2022-02
In March 2022, the FASB issued ASU 2022-02, "Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." These amendments eliminate the troubled debt restructurings ("TDR") recognition and measurement guidance and, instead, require that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. Additionally, these amendments require that an entity disclose current-period gross charge-offs by year of origination for loans receivable within the scope of Subtopic 326-20. The guidance is effective for entities that have adopted ASU 2016-13 for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. These amendments should be applied prospectively. If an entity elects to early adopt ASU 2022-02 in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. HTLF adopted this ASU on January 1, 2023, as required, and the adoption did not have a material impact on its results of operations, financial position or liquidity.

ASU 2023-02
In March 2023, the FASB issued ASU 2023-02 "Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Task Force)." ASU 2023-02 expands the permitted use of the proportional amortization method, which is currently only available to low-income housing tax credit investments, to other tax equity investments if certain conditions are met. Under the proportional
amortization method, the initial cost of an investment is amortized in proportion to the income tax benefits received and both the amortization of the investment and the income tax benefits received are recognized as a component of income tax expense. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and must be applied on either a modified retrospective or a retrospective basis. The adoption of this amendment is not expected to have a material impact on the results of operations or financial position.

ASU 2023-06
In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative." The amendments in this Update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to, or technical corrections of, the current requirements. Each amendment in the ASU will only become effective if the SEC removes the related disclosure or presentation requirement from its existing regulations by June 30, 2027. The amendments in this ASU are not expected to have a material impact on the results of operations or financial position.
v3.24.0.1
CASH AND DUE FROM BANKS
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
CASH AND DUE FROM BANKS
CASH AND DUE FROM BANKS
HTLF Bank is required to maintain certain average cash reserve balances as a non-member bank of the Federal Reserve System. On March 15, 2020, the Federal Reserve temporarily suspended the reserve requirement due to the COVID-19 pandemic, and as a result, there was no reserve requirement at both December 31, 2023, and December 31, 2022.
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SECURITIES
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
SECURITIES
SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair values of debt securities available for sale and equity securities with a readily determinable fair value as of December 31, 2023, and December 31, 2022, are summarized in the table below, in thousands:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
December 31, 2023    
U.S. treasuries$32,459 $— $(341)$32,118 
U.S. agencies14,724 — (194)14,530 
Obligations of states and political subdivisions839,754 25 (98,534)741,245 
Mortgage-backed securities - agency1,620,409 13 (226,793)1,393,629 
Mortgage-backed securities - non-agency1,616,414 363 (87,649)1,529,128 
Commercial mortgage-backed securities - agency76,076 — (11,288)64,788 
Commercial mortgage-backed securities - non-agency526,974 — (12,116)514,858 
Asset-backed securities232,140 — (14,770)217,370 
Corporate bonds120,338 — (2,169)118,169 
Total debt securities5,079,288 401 (453,854)4,625,835 
Equity securities with a readily determinable fair value21,056 — — 21,056 
Total$5,100,344 $401 $(453,854)$4,646,891 
December 31, 2022
U.S. treasuries$32,369 $8 $(678)$31,699 
U.S. agencies49,437 — (6,302)43,135 
Obligations of states and political subdivisions1,049,578 14 (170,155)879,437 
Mortgage-backed securities - agency2,042,092 56 (270,043)1,772,105 
Mortgage-backed securities - non-agency2,327,308 1,417 (146,849)2,181,876 
Commercial mortgage-backed securities - agency100,518 — (15,395)85,123 
Commercial mortgage-backed securities - non-agency679,511 — (20,052)659,459 
Asset-backed securities428,397 — (12,343)416,054 
Corporate bonds59,205 — (1,263)57,942 
Total debt securities6,768,415 1,495 (643,080)6,126,830 
Equity securities20,314 — — 20,314 
Total$6,788,729 $1,495 $(643,080)$6,147,144 

The amortized cost, gross unrealized gains and losses and estimated fair values of held to maturity securities as of December 31, 2023, and December 31, 2022, are summarized in the table below, in thousands:
 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Allowance for Credit Losses
December 31, 2023    
Obligations of states and political subdivisions$838,241 $3,622 $(25,464)$816,399 $— 
Total$838,241 $3,622 $(25,464)$816,399 $— 
December 31, 2022
Obligations of states and political subdivisions$829,403 $3,096 $(55,942)$776,557 $— 
Total$829,403 $3,096 $(55,942)$776,557 $— 
During the third quarter of 2022, HTLF transferred taxable municipal bonds with an amortized cost basis of $934.5 million and fair value of $748.3 million from available for sale to held to maturity. On the date of the transfer, accumulated other comprehensive income (loss) included $186.3 million of net unrealized losses, after tax, attributable to these securities, and the net unrealized losses will be amortized into interest income over the remaining life of the transferred securities. The bonds were transferred at fair value at the date of transfer.

As of December 31, 2023, HTLF had $28.0 million compared to $33.0 million at December 31, 2022, of accrued interest receivable, which is included in other assets on the consolidated balance sheets. HTLF does not consider accrued interest receivable in the carrying amount of financial assets held at amortized cost basis or in the allowance for credit losses calculation.

The amortized cost and estimated fair value of investment securities carried at fair value at December 31, 2023, by contractual maturity are as follows, in thousands. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties.
December 31, 2023
Amortized CostEstimated Fair Value
Due in 1 year or less$25,138 $24,897 
Due in 1 to 5 years62,537 61,413 
Due in 5 to 10 years20,231 18,036 
Due after 10 years899,369 801,716 
    Total debt securities1,007,275 906,062 
Mortgage and asset-backed securities4,072,013 3,719,773 
Equity securities with a readily determinable fair value 21,056 21,056 
Total investment securities$5,100,344 $4,646,891 

The amortized cost and estimated fair value of debt securities held to maturity at December 31, 2023, by contractual maturity are as follows, in thousands. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties.
December 31, 2023
Amortized CostEstimated Fair Value
Due in 1 year or less$8,116 $8,126 
Due in 1 to 5 years88,728 88,646 
Due in 5 to 10 years158,686 158,430 
Due after 10 years582,711 561,197 
Total investment securities$838,241 $816,399 

As of December 31, 2023, securities with a carrying value of $2.63 billion compared to $1.49 billion at December 31, 2022, were pledged to secure public and trust deposits, short-term borrowings and for other purposes as required and permitted by law.

Gross gains and losses realized related to sales of securities carried at fair value for the years ended December 31, 2023, 2022 and 2021 are summarized as follows, in thousands:
For the Years Ended December 31,
 202320222021
Proceeds from sales$1,196,586 $1,048,525 $1,475,598 
Gross security gains589 7,299 11,892 
Gross security losses141,966 9,191 5,982 
The following tables summarize, in thousands, the amount of unrealized losses, defined as the amount by which cost or amortized cost exceeds fair value, and the related fair value of investments with unrealized losses in HTLF's securities portfolio as of December 31, 2023, and December 31, 2022. The investments were segregated into two categories: those that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months. The reference point for determining how long an investment was in an unrealized loss position was December 31, 2023, and December 31, 2022, respectively. For securities transferred to held to maturity during the third quarter of 2022, the reference point was the date of transfer.
Debt securities available for saleLess than 12 months12 months or longerTotal
 Fair
Value		Unrealized
Losses		CountFair
Value		Unrealized
Losses		CountFair
Value		Unrealized
Losses		Count
December 31, 2023
U.S. treasuries$2,985 $(12)1 $26,138 $(329)3 $29,123 $(341)4 
U.S. agencies$— $— — $14,530 $(194)4 $14,530 $(194)4 
Obligations of states and political subdivisions1,440 (65)1 736,653 (98,469)150 738,093 (98,534)151 
Mortgage-backed securities - agency194 (2)2 1,392,769 (226,791)166 1,392,963 (226,793)168 
Mortgage-backed securities - non-agency415,934 (24,568)12 902,291 (63,081)35 1,318,225 (87,649)47 
Commercial mortgage-backed securities - agency— — — 64,788 (11,288)17 64,788 (11,288)17 
Commercial mortgage-backed securities - non-agency— — — 507,044 (12,116)16 507,044 (12,116)16 
Asset-backed securities148,063 (9,723)4 69,307 (5,047)7 217,370 (14,770)11 
Corporate bonds61,031 (111)1 57,138 (2,058)8 118,169 (2,169)9 
Total temporarily impaired securities$629,647 $(34,481)21 $3,770,658 $(419,373)406 $4,400,305 $(453,854)427 
December 31, 2022
U.S. treasuries$28,699 $(678)4 $— $— — $28,699 $(678)4 
U.S. agencies$16,487 $(222)5 $26,648 $(6,080)2 $43,135 $(6,302)7 
Obligations of states and political subdivisions288,457 (28,378)69 589,641 (141,777)113 878,098 (170,155)182 
Mortgage-backed securities - agency241,288 (21,420)99 1,528,951 (248,623)126 1,770,239 (270,043)225 
Mortgage-backed securities - non-agency950,054 (70,213)25 693,531 (76,636)25 1,643,585 (146,849)50 
Commercial mortgage-backed securities - agency27,732 (2,291)12 57,392 (13,104)7 85,124 (15,395)19 
Commercial mortgage-backed securities - non-agency530,541 (16,830)15 84,619 (3,222)4 615,160 (20,052)19 
Asset-backed securities118,613 (6,107)7 56,621 (6,236)6 175,234 (12,343)13 
Corporate bonds57,544 (1,257)7 398 (6)1 57,942 (1,263)8 
Total temporarily impaired securities$2,259,415 $(147,396)243 $3,037,801 $(495,684)284 $5,297,216 $(643,080)527 
Securities held to maturityLess than 12 months12 months or longerTotal
Fair
 Value		Unrealized
Losses		CountFair
 Value		Unrealized
Losses		CountFair
Value		Unrealized
Losses		Count
December 31, 2023
Obligations of states and political subdivisions$145,471 $(3,706)23 $569,691 $(21,758)126 $715,162 $(25,464)149 
Total temporarily impaired securities$145,471 $(3,706)23$569,691 $(21,758)126$715,162 $(25,464)149 
December 31, 2022
Obligations of states and political subdivisions$697,424 $(55,942)155 $— $— — $697,424 $(55,942)155 
Total temporarily impaired securities$697,424 $(55,942)155$— $— $697,424 $(55,942)155 

HTLF reviews the investment securities portfolio at the security level on a quarterly basis for potential credit losses, which takes into consideration numerous factors, and the relative significance of any single factor can vary by security. Some factors HTLF may consider include changes in security ratings, the financial condition of the issuer, as well as security and industry specific economic conditions. In addition, regarding debt securities, HTLF may also evaluate payment structure, whether there are defaulted payments or expected defaults, prepayment speeds and the value of any underlying collateral. For certain debt securities in unrealized loss positions, HTLF prepares cash flow analyses to compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security.

The unrealized losses on HTLF's mortgage and asset-backed securities are the result of changes in market interest rates or widening of market spreads after the initial purchase of the securities. The losses are not related to concerns regarding the underlying credit of the issuers or the underlying collateral. It is expected that the securities will not be settled at a price less than the amortized cost of the investment. Because the decline in fair value is attributable to changes in interest rates or widening market spreads and not credit quality, and because HTLF has the intent and ability to hold these investments until a market price recovery or to maturity and does not believe it will be required to sell the securities before maturity, no credit losses were recognized on these securities during the years ended December 31, 2023 and December 31, 2022.

The unrealized losses on HTLF's obligations of states and political subdivisions are the result of changes in market interest rates or widening of market spreads after the initial purchase of the securities. Management monitors the published credit ratings of these securities and the stability of the underlying municipalities. Because the decline in fair value is attributable to changes in interest rates or widening market spreads due to insurance company downgrades and not underlying credit quality, and because HTLF has the intent and ability to hold these investments until a market price recovery or to maturity and does not believe it will be required to sell the securities before maturity, no credit losses were recognized on these securities during the years ended December 31, 2023 and December 31, 2022.

In the first quarter of 2022, HTLF sold two obligations of states and political subdivisions securities from the held to maturity portfolio. Because the evaluation of the underlying credit quality of the individual securities indicated significant deterioration, it was unlikely HTLF would recover the remaining basis of the securities prior to maturity and therefore inconsistent with HTLF's original intent upon purchase and classification of these held to maturity securities. The carrying value of these securities was $2.2 million, and the associated gross gains were $100,000.

The following table summarizes, in thousands, the carrying amount of HTLF's held to maturity debt securities by investment rating as of December 31, 2023 and December 31, 2022, which are updated quarterly and used to monitor the credit quality of the securities:
December 31, 2023December 31, 2022
Rating
AAA$88,550 $79,598 
AA, AA+, AA-583,816 588,354 
A+, A, A-139,658 136,624 
BBB20,133 20,623 
Not Rated6,084 4,204 
Total $838,241 $829,403 
Included in other securities were shares of stock in each Federal Home Loan Bank (the "FHLB") of Des Moines, Dallas and Topeka at an amortized cost of $25.8 million at December 31, 2023 and $12.3 million at December 31, 2022.

HTLF Bank is required to maintain FHLB stock as a member of the FHLB. These equity securities are "restricted" in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other marketable equity securities and their fair value approximates amortized cost. HTLF considers its FHLB stock as a long-term investment that provides access to competitive products and liquidity. HTLF evaluates impairment in these investments based on the ultimate recoverability of the par value and at December 31, 2023, did not consider the investments to be other than temporarily impaired.
v3.24.0.1
LOANS
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
LOANS
LOANS

Loans as of December 31, 2023, and December 31, 2022, were as follows, in thousands:
December 31, 2023December 31, 2022
Loans receivable held to maturity:  
Commercial and industrial$3,652,047 $3,464,414 
Paycheck Protection Program ("PPP")2,777 11,025 
Owner occupied commercial real estate2,638,175 2,265,307 
Non-owner occupied commercial real estate2,553,711 2,330,940 
Real estate construction1,011,716 1,076,082 
Agricultural and agricultural real estate919,184 920,510 
Residential real estate797,829 853,361 
Consumer493,206 506,713 
Total loans receivable held to maturity12,068,645 11,428,352 
Allowance for credit losses(122,566)(109,483)
Loans receivable, net$11,946,079 $11,318,869 

As of December 31, 2023, HTLF had $65.4 million compared to $49.1 million as of December 31, 2022, of accrued interest receivable, which is included in other assets on the consolidated balance sheets. HTLF does not consider accrued interest receivable in the allowance for credit losses calculation.

The following table shows the balance in the allowance for credit losses at December 31, 2023, and December 31, 2022, and the related loan balances, disaggregated on the basis of measurement methodology, in thousands. If a loan no longer shares similar risk characteristics with other loans in the pool, it is evaluated on an individual basis and is not included in the collective evaluation. Lending relationships with $500,000 or more of total exposure and are on nonaccrual are individually assessed using a collateral dependency calculation. All other loans are collectively evaluated for losses.
Allowance For Credit LossesGross Loans Receivable Held to Maturity
Individually Evaluated for Credit LossesCollectively Evaluated for Credit LossesTotalLoans Individually Evaluated for Credit LossesLoans Collectively Evaluated for Credit Losses Total
December 31, 2023
Commercial and industrial$18,425 $22,254 $40,679 $41,847 $3,610,200 $3,652,047 
PPP— — — — 2,777 2,777 
Owner occupied commercial real estate— 17,156 17,156 30,400 2,607,775 2,638,175 
Non-owner occupied commercial real estate— 17,249 17,249 — 2,553,711 2,553,711 
Real estate construction56 28,717 28,773 697 1,011,019 1,011,716 
Agricultural and agricultural real estate1,932 2,360 4,292 6,700 912,484 919,184 
Residential real estate— 5,845 5,845 741 797,088 797,829 
Consumer— 8,572 8,572 — 493,206 493,206 
Total$20,413 $102,153 $122,566 $80,385 $11,988,260 $12,068,645 
Allowance For Credit LossesGross Loans Receivable Held to Maturity
Individually Evaluated for Credit LossesCollectively Evaluated for Credit LossesTotalLoans Individually Evaluated for Credit LossesLoans Collectively Evaluated for Credit Losses Total
December 31, 2022
Commercial and industrial$6,670 $22,401 $29,071 $18,712 $3,445,702 $3,464,414 
PPP— — — — 11,025 11,025 
Owner occupied commercial real estate376 13,572 13,948 7,932 2,257,375 2,265,307 
Non-owner occupied commercial real estate— 16,539 16,539 11,371 2,319,569 2,330,940 
Real estate construction— 29,998 29,998 1,518 1,074,564 1,076,082 
Agricultural and agricultural real estate63 2,571 2,634 3,851 916,659 920,510 
Residential real estate— 7,711 7,711 1,607 851,754 853,361 
Consumer— 9,582 9,582 — 506,713 506,713 
Total$7,109 $102,374 $109,483 $44,991 $11,383,361 $11,428,352 

The following tables show the amortized cost basis as of December 31, 2023, of the loans modified during the year ended December 31, 2023, to borrowers experiencing financial difficulty by loan category and type of concession granted, dollars in thousands.

For the Year Ended December 31, 2023Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Term ExtensionTerm Extension and Interest Only Payments
Amortized
Cost Basis		% of Loan
Category		Amortized
Cost Basis		% of Loan
Category
Commercial and industrial$4,088 0.11 %$— — %
PPP— — — — 
Owner occupied commercial real estate— — 5,043 0.19 
Non-owner occupied commercial real estate— — — — 
Real estate construction— — — — 
Agricultural and agricultural real estate1,936 0.21 — — 
Residential real estate741 0.09 — — 
Consumer— — — — 
Total$6,765 0.06 %$5,043 0.04 %

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty in the year ended December 31, 2023.
Loan TypeWeighted Average
Term Extension
(months)		Weighted Average Term Extension
and Interest Only Payments
(months)
Commercial and industrial70
Owner occupied commercial real estate012
Real estate construction00
Agricultural and agricultural real estate70
Residential real estate120

At December 31, 2023, there was $43,000 in unfunded commitments to extend credit to the borrowers experiencing financial difficulty.
HTLF had no loans to borrowers experiencing financial difficulty that had a payment default during the year ended December 31, 2023, that had been modified in the twelve-month period prior to the default.

HTLF closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table shows the performance of loans that have been modified in the year ended December 31, 2023, dollars in thousands.
Accruing Loans
30-59
Days
Past Due		60-89
Days
Past Due		90 Days or
More
Past Due		Total Past DueCurrentNonaccrual
December 31, 2023
Commercial and industrial$— $— $— $— $3,986 $102 
PPP— — — — — — 
Owner occupied commercial real estate— — — — 5,043 — 
Non-owner occupied commercial real estate— — — — — — 
Real estate construction— — — — — — 
Agricultural and agricultural real estate— — — — 1,936 — 
Residential real estate— — — — — 741 
Consumer— — — — — — 
Total$— $— $— $— $10,965 $843 

HTLF's internal rating system is a series of grades reflecting management's risk assessment, based on its analysis of the borrower's financial condition. The "pass" category consists of all loans that are not in the "nonpass" category and categorized into a range of loan grades that reflect increasing, though still acceptable risk. Movement of risk through the various grade levels in the pass category is monitored for early identification of credit deterioration.

The "nonpass" category consists of watch, substandard, doubtful and loss loans. The "watch" rating is attached to loans where the borrower exhibits negative trends in financial circumstances due to borrower specific or systemic conditions that, if left uncorrected, threaten the borrower's capacity to meet its debt obligations. The borrower is believed to have sufficient financial flexibility to react to and resolve its negative financial situation. These credits are closely monitored for improvement or deterioration.

The "substandard" rating is assigned to loans that are inadequately protected by the current net worth and repaying capacity of the borrower and that may be further at risk due to deterioration in the value of collateral pledged. Well-defined weaknesses jeopardize liquidation of the debt. These loans are still considered collectible; however, a distinct possibility exists that HTLF will sustain some loss if deficiencies are not corrected. Substandard loans may exhibit some or all the following weaknesses: deteriorating financial trends, lack of earnings, inadequate debt service capacity, excessive debt and/or lack of liquidity.

The "doubtful" rating is assigned to loans where identified weaknesses in the borrowers' ability to repay the loan make collection or liquidation in full, based on existing facts, conditions and values, highly questionable and improbable. These borrowers are usually in default, lack liquidity and capital, as well as resources necessary to remain as an operating entity. Specific pending events, such as capital injections, liquidations or perfection of liens on additional collateral, may strengthen the credit, thus deferring the rating of the loan as "loss" until the exact status of the loan can be determined. The loss rating is assigned to loans considered uncollectible. As of December 31, 2023, and December 31, 2022, HTLF had no loans classified as doubtful and no loans classified as loss.

The following tables show the risk category of loans by loan category and year of origination as of December 31, 2023 and December 31, 2022, in thousands:
As of December 31, 2023Amortized Cost Basis of Term Loans by Year of Origination
202320222021202020192018 and PriorRevolvingTotal
Commercial and industrial
Pass$608,030 $779,218 $333,900 $187,406 $78,455 $327,775 $1,159,397 $3,474,181 
As of December 31, 2023Amortized Cost Basis of Term Loans by Year of Origination
202320222021202020192018 and PriorRevolvingTotal
Watch20,694 19,788 257 3,631 2,398 2,953 28,749 78,470 
Substandard20,171 12,658 2,636 5,447 18,535 7,489 32,460 99,396 
Commercial and industrial total$648,895 $811,664 $336,793 $196,484 $99,388 $338,217 $1,220,606 $3,652,047 
Commercial and industrial charge-offs2457946801,4255631,9492,9668,622
PPP
Pass$— $— $2,591 $50 $— $— $— $2,641 
Watch — — 89 — — — — 89 
Substandard— — 47 — — — — 47 
PPP total$— $— $2,727 $50 $— $— $— $2,777 
PPP charge-offs— — — — — — — — 
Owner occupied commercial real estate
Pass$443,683 $547,898 $799,978 $225,257 $225,405 $224,608 $41,072 $2,507,901 
Watch8,052 25,947 13,114 2,662 8,115 7,553 — 65,443 
Substandard31,904 10,489 2,268 11,609 6,390 2,171 — 64,831 
Owner occupied commercial real estate total$483,639 $584,334 $815,360 $239,528 $239,910 $234,332 $41,072 $2,638,175 
Owner occupied commercial real estate charge-offs— 802 — 5 — 63 — 870 
Non-owner occupied commercial real estate
Pass$480,683 $656,824 $423,420 $203,330 $262,541 $251,499 $26,978 $2,305,275 
Watch71,400 34,651 8,237 3,834 27,345 57,083 — 202,550 
Substandard5,043 952 1,391 — 4,238 34,262 — 45,886 
Non-owner occupied commercial real estate total$557,126 $692,427 $433,048 $207,164 $294,124 $342,844 $26,978 $2,553,711 
As of December 31, 2023Amortized Cost Basis of Term Loans by Year of Origination
202320222021202020192018 and PriorRevolvingTotal
Non-owner occupied commercial real estate charge-offs— 52 — 29 399 147 — 627 
Real estate construction
Pass$283,519 $468,646 $176,604 $9,889 $11,048 $3,405 $6,486 $959,597 
Watch 629 33,220 9,418 72 — 65 — 43,404
Substandard— 8,522 — 107 — — 86 8,715
Real estate construction total$284,148 $510,388 $186,022 $10,068 $11,048 $3,470 $6,572 $1,011,716 
Real estate construction charge-offs284 — — 32 — — — 316 
Agricultural and agricultural real estate
Pass $152,665 $208,375 $114,798 $67,006 $28,247 $43,663 $260,941 $875,695 
Watch 2,245 16,257 293 622 70 349 427 20,263 
Substandard12 7,616 1,649 4 855 12,591 499 23,226 
Agricultural and agricultural real estate total$154,922 $232,248 $116,740 $67,632 $29,172 $56,603 $261,867 $919,184 
Agricultural and agricultural real estate charge-offs— — — 9 — 1 5,309 5,319 
Residential real estate
Pass$71,470 $177,564 $241,362 $73,029 $42,526 $155,899 $19,534 $781,384 
Watch 171 973 945 659 158 4,845 — 7,751
Substandard741 150 3,400 464 290 3,649 — 8,694
Residential real estate total$72,382 $178,687 $245,707 $74,152 $42,974 $164,393 $19,534 $797,829 
Residential real estate charge-offs— 59 124 — — — — 183 
Consumer
Pass$45,595 $62,900 $35,459 $7,731 $3,663 $6,109 $324,218 $485,675 
Watch730 84 694 21 41 644 2,060 4,274
Substandard80 308 401 75 159 1,769 465 3,257
Consumer total$46,405 $63,292 $36,554 $7,827 $3,863 $8,522 $326,743 $493,206 
Consumer charge-offs224615427191123,1173,677
Total pass$2,085,645 $2,901,425 $2,128,112 $773,698 $651,885 $1,012,958 $1,838,626 $11,392,349 
Total watch103,921 130,920 33,047 11,501 38,127 73,492 31,236 422,244
Total substandard57,951 40,695 11,792 17,706 30,467 61,931 33,510 254,052
Total loans $2,247,517 $3,073,040 $2,172,951 $802,905 $720,479 $1,148,381 $1,903,372 $12,068,645 
Total Charge-offs$531 $1,953 $958 $1,527 $981 $2,272 $11,392 $19,614 

As of December 31, 2022Amortized Cost Basis of Term Loans by Year of Origination
202220212020201920182017 and PriorRevolvingTotal
Commercial and industrial
Pass$967,103 $442,001 $260,021 $101,998 $57,776 $421,312 $1,064,333 $3,314,544 
Watch12,638 1,370 685 5,487 2,882 3,315 21,984 48,361 
Substandard6,691 14,366 9,369 22,171 5,546 6,758 36,608 101,509 
Commercial and industrial total$986,432 $457,737 $270,075 $129,656 $66,204 $431,385 $1,122,925 $3,464,414 
PPP
Pass$— $7,807 $526 $— $— $— $— $8,333 
Watch— 7 — — — — — 7 
Substandard— 2,685 — — — — — 2,685 
PPP total$— $10,499 $526 $— $— $— $— $11,025 
Owner occupied commercial real estate
As of December 31, 2022Amortized Cost Basis of Term Loans by Year of Origination
202220212020201920182017 and PriorRevolvingTotal
Pass$511,547 $781,946 $255,476 $266,228 $103,943 $179,503 $34,117 $2,132,760 
Watch22,079 3,410 12,346 8,520 3,645 11,899 — 61,899 
Substandard2,971 23,802 26,490 6,358 2,574 7,353 1,100 70,648 
Owner occupied commercial real estate total$536,597 $809,158 $294,312 $281,106 $110,162 $198,755 $35,217 $2,265,307 
Non-owner occupied commercial real estate
Pass$756,059 $515,075 $227,383 $261,964 $127,400 $210,289 $70,398 $2,168,568 
Watch8,131 792 2,849 38,218 38,510 16,180 547 105,227 
Substandard202 6,784 1,838 16,019 22,332 9,970 — 57,145 
Non-owner occupied commercial real estate total$764,392 $522,651 $232,070 $316,201 $188,242 $236,439 $70,945 $2,330,940 
Real estate construction
Pass$597,370 $328,391 $88,660 $21,221 $2,568 $6,274 $8,252 $1,052,736 
Watch665 16,218 1,257 — — 122 — 18,262
Substandard2,587 356 173 446 1,478 44 — 5,084
Real estate construction total$600,622 $344,965 $90,090 $21,667 $4,046 $6,440 $8,252 $1,076,082 
Agricultural and agricultural real estate
Pass$324,791 $140,252 $79,307 $34,447 $22,600 $38,672 $239,686 $879,755 
Watch3,795 515 3,865 641 444 672 902 10,834 
Substandard8,674 3,224 204 1,859 12,323 2,682 955 29,921 
Agricultural and agricultural real estate total$337,260 $143,991 $83,376 $36,947 $35,367 $42,026 $241,543 $920,510 
Residential real estate
Pass$189,133 $268,561 $64,627 $39,468 $34,863 $217,489 $23,331 $837,472 
Watch706 1,095 88 957 2,296 2,237 399 7,778
Substandard28 1,273 1,024 99 792 4,895 — 8,111
Residential real estate total$189,867 $270,929 $65,739 $40,524 $37,951 $224,621 $23,730 $853,361 
Consumer
Pass$80,592 $47,787 $11,722 $6,022 $4,840 $24,655 $325,247 $500,865 
Watch20 191 35 119 74 1,584 953 2,976
Substandard188 331 242 303 75 1,539 194 2,872
Consumer total$80,800 $48,309 $11,999 $6,444 $4,989 $27,778 $326,394 $506,713 
Total pass$3,426,595 $2,531,820 $987,722 $731,348 $353,990 $1,098,194 $1,765,364 $10,895,033 
Total watch48,034 23,598 21,125 53,942 47,851 36,009 24,785 255,344
Total substandard21,341 52,821 39,340 47,255 45,120 33,241 38,857 277,975
Total loans$3,495,970 $2,608,239 $1,048,187 $832,545 $446,961 $1,167,444 $1,829,006 $11,428,352 

Included in HTLF's nonpass loans at December 31, 2023 were $136,000 compared to $2.7 million at December 31, 2022, of nonpass PPP loans as a result of risk ratings on non-PPP related credits. HTLF's risk rating methodology assigns a risk rating to the whole lending relationship. HTLF has no allowance recorded related to the PPP loans because of the 100% SBA guarantee.

As of December 31, 2023, HTLF had $127,000 of loans secured by residential real estate property that were in the process of foreclosure.

The following table sets forth information regarding HTLF's accruing and nonaccrual loans at December 31, 2023, and December 31, 2022, in thousands:
Accruing Loans
30-59
Days
Past Due		60-89
Days
Past Due		90 Days
or More
Past Due		Total
Past Due		CurrentNonaccrualTotal Loans
December 31, 2023
Commercial and industrial$1,738 $126 $2,203 $4,067 $3,601,165 $46,815 $3,652,047 
PPP94 53 — 147 2,630 — 2,777 
Accruing Loans
30-59
Days
Past Due		60-89
Days
Past Due		90 Days
or More
Past Due		Total
Past Due		CurrentNonaccrualTotal Loans
Owner occupied commercial real estate205 2,664 74 2,943 2,603,640 31,592 2,638,175 
Non-owner occupied commercial real estate875 — — 875 2,552,469 367 2,553,711 
Real estate construction332 — — 332 1,010,601 783 1,011,716 
Agricultural and agricultural real estate121 — 12 133 909,841 9,210 919,184 
Residential real estate2,082 273 21 2,376 790,367 5,086 797,829 
Consumer2,257 150 197 2,604 489,029 1,573 493,206 
Total loans receivable held to maturity$7,704 $3,266 $2,507 $13,477 $11,959,742 $95,426 $12,068,645 
December 31, 2022
Commercial and industrial$1,099 $356 $131 $1,586 $3,440,062 $22,766 $3,464,414 
PPP— — — — 11,006 19 11,025 
Owner occupied commercial real estate12 127 — 139 2,256,365 8,803 2,265,307 
Non-owner occupied commercial real estate— — — — 2,319,282 11,658 2,330,940 
Real estate construction16 28 — 44 1,073,687 2,351 1,076,082 
Agricultural and agricultural real estate48 — 142 190 914,088 6,232 920,510 
Residential real estate1,206 152 — 1,358 846,739 5,264 853,361 
Consumer1,526 196 — 1,722 503,853 1,138 506,713 
Total loans receivable held to maturity$3,907 $859 $273 $5,039 $11,365,082 $58,231 $11,428,352 

Loans delinquent 30 to 89 days as a percent of total loans were 0.09% at December 31, 2023, compared to 0.04% at December 31, 2022. Changes in credit risk are monitored on a continuous basis and changes in risk ratings are made when identified. All individually assessed loans are reviewed at least semi-annually.

HTLF recognized $0 of interest income on nonaccrual loans during the years ended December 31, 2023 and December 31, 2022. As of December 31, 2023, HTLF had $52.5 million compared to $26.7 million at December 31, 2022, of nonaccrual loans with no related allowance.
v3.24.0.1
ALLOWANCE FOR CREDIT LOSSES
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES

Changes in the allowance for credit losses for loans for the years ended December 31, 2023, 2022, and 2021 were as follows, in thousands:
 202320222021
Balance at beginning of year$109,483 $110,088 $131,606 
Provision (benefit) for credit losses25,435 10,636 (17,706)
Recoveries on loans previously charged-off7,262 7,055 4,931 
Charge-offs on loans(19,614)(18,296)(8,743)
Balance at end of year$122,566 $109,483 $110,088 
Changes in the allowance for credit losses for loans by loan category for the years ended December 31, 2023, and December 31, 2022, were as follows, in thousands:
Balance at 12/31/2022Charge-offsRecoveriesProvision (Benefit)Balance at 12/31/2023
Commercial and industrial$29,071 $(8,622)$5,069 $15,161 $40,679 
Owner occupied commercial real estate13,948 (870)113 3,965 17,156 
Non-owner occupied commercial real estate16,539 (627)268 1,069 17,249 
Real estate construction29,998 (316)26 (935)28,773 
Agricultural and agricultural real estate2,634 (5,319)11 6,966 4,292 
Residential real estate7,711 (183)19 (1,702)5,845 
Consumer9,582 (3,677)1,756 911 8,572 
Total $109,483 $(19,614)$7,262 $25,435 $122,566 

Balance at 12/31/2021Charge-offsRecoveriesProvision (Benefit)Balance at 12/31/2022
Commercial and industrial$27,738 $(6,964)$4,951 $3,346 $29,071 
Owner occupied commercial real estate19,214 (129)112 (5,249)13,948 
Non-owner occupied commercial real estate17,908 (193)60 (1,236)16,539 
Real estate construction22,538 (35)13 7,482 29,998 
Agricultural and agricultural real estate5,213 (3,217)653 (15)2,634 
Residential real estate8,427 (307)— (409)7,711 
Consumer9,050 (7,451)1,266 6,717 9,582 
Total$110,088 $(18,296)$7,055 $10,636 $109,483 

Changes in the allowance for credit losses on unfunded commitments for the years ended December 31, 2023 and December 31, 2022, were as follows:
For the Years Ended December 31,
20232022
Beginning balance$20,196 $15,462 
Provision(3,728)4,734 
Ending balance$16,468 $20,196 

Management allocates the allowance for credit losses by pools of risk within each loan portfolio. The total allowance for credit losses is available to absorb losses from any segment of the loan portfolio.
v3.24.0.1
PREMISES, FURNITURE AND EQUIPMENT
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PREMISES, FURNITURE AND EQUIPMENT
PREMISES, FURNITURE AND EQUIPMENT

Premises, furniture and equipment, excluding those held for sale, as of December 31, 2023, and December 31, 2022, were as follows, in thousands:
 20232022
Land and land improvements$53,434 $56,599 
Buildings and building improvements168,244 172,585 
Furniture and equipment56,378 66,685 
Total278,056 295,869 
Less accumulated depreciation(101,055)(105,390)
Premises, furniture and equipment, net$177,001 $190,479 

Depreciation expense on premises, furniture and equipment was $11.7 million, $13.2 million and $13.5 million for 2023, 2022 and 2021, respectively. Depreciation expense on buildings and building improvements of $6.0 million, $6.3 million and $6.9 million for the years ended December 31, 2023, 2022, and 2021, respectively, is recorded in occupancy expense on the
consolidated statements of income. Depreciation expense on furniture and equipment of $5.7 million, $6.9 million and $6.6 million for the years ended December 31, 2023, 2022, and 2021, respectively, is recorded in furniture and equipment expense on the consolidated statements of income.
v3.24.0.1
GOODWILL, CORE DEPOSIT INTANGIBLES AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL, CORE DEPOSIT INTANGIBLES AND OTHER INTANGIBLE ASSETS
GOODWILL, CORE DEPOSIT INTANGIBLES AND OTHER INTANGIBLE ASSETS

HTLF had goodwill of $576.0 million at both December 31, 2023, and December 31, 2022. HTLF conducts its annual internal assessment of the goodwill both at the consolidated level and at the reporting unit level as of September 30. However, due the sustained decline in HTLF's stock price, which management considered a triggering event, HTLF performed an interim quantitative goodwill assessment during the second quarter of 2023, and there was no goodwill impairment identified. HTLF also conducted its annual internal assessment of the goodwill at HTLF or HTLF's reporting units as of September 30. There was no goodwill impairment as of the most recent assessment.

The gross carrying amount of other intangible assets, which consisted of core deposit intangibles and mortgage servicing rights, and the associated accumulated amortization at December 31, 2023, and December 31, 2022, are presented in the table below, in thousands:
 December 31, 2023December 31, 2022
 
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Amortizing intangible assets:    
Core deposit intangibles$101,185 $82,770 $18,415 $101,185 $76,031 $25,154 
Mortgage servicing rights— — — 13,700 5,860 7,840 
Total$101,185 $82,770 $18,415 $114,885 $81,891 $32,994 

The following table shows the estimated future amortization expense for amortizable intangible assets, in thousands:
 Core Deposit Intangibles
Year ending December 31,
2024$5,591 
20254,700 
20263,533 
20272,601 
20281,287 
Thereafter703 
Total$18,415 



On March 31, 2023, First Bank & Trust, a division of HTLF Bank, sold its mortgage servicing rights portfolio, which contained loans with an unpaid principal balance of $698.5 million, to two unrelated third parties. The transaction qualified as a sale, and $7.7 million of mortgage servicing rights was derecognized on the consolidated balance sheet as of March 31, 2023. Cash of approximately $6.7 million was received on March 31, 2023, and an estimated loss of $203,000 was recorded. A receivable of approximately $580,000 was recorded in other assets on the consolidated balance sheet as of March 31, 2023, due to the timing of the servicing transfer per the terms of the sale agreement. First Bank & Trust provided interim servicing of the loans until the transfer date, which was May 1, 2023.
The following table summarizes, in thousands, the changes in capitalized mortgage servicing rights for the twelve months ended December 31, 2023, and December 31, 2022:
 20232022
Balance at January 1,$7,840 $6,412 
Originations24 1,425 
Amortization(210)(1,139)
Sale of mortgage servicing rights(7,654)(516)
Valuation adjustment— 1,658 
Balance at December 31,$— $7,840 
Fair value of mortgage servicing rights $— $7,840 

The following table summarizes, in thousands, the book value, the fair value of each tranche of the mortgage servicing rights and any recorded valuation allowance at December 31, 2022:
Book Value
15-Year
Tranche
Fair Value
15-Year
Tranche
Valuation
Allowance
15-Year
Tranche
Book Value
30-Year
Tranche
Fair Value
30-Year
Tranche
Valuation
Allowance
30-Year
Tranche
December 31, 2022$1,388 $1,388 $— $6,452 $6,452 $— 
v3.24.0.1
DEPOSITS
 12 Months Ended
Dec. 31, 2023
Deposits [Abstract]  
DEPOSITS
DEPOSITS

At December 31, 2023, the scheduled maturities of time certificates of deposit were as follows, in thousands:
2024$2,726,098 
2025126,415 
202618,949 
202718,703 
20284,697 
Thereafter951 
Total $2,895,813 

The aggregate amount of time certificates of deposit in denominations of $250,000 or more as of December 31, 2023, and December 31, 2022 were $1.80 billion and $1.28 billion, respectively.

Interest expense on deposits for the years ended December 31, 2023, 2022, and 2021, was as follows, in thousands:
 202320222021
Savings and money market accounts$182,179 $46,623 $9,063 
Time deposits137,509 10,257 5,734 
Interest expense on deposits$319,688 $56,880 $14,797 
v3.24.0.1
BORROWINGS
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
BORROWINGS
BORROWINGS

Borrowings as of December 31, 2023, and 2022, were as follows, in thousands:
 20232022
Retail repurchase agreements$42,447 $95,303 
Advances from the FHLB521,186 50,000 
Advances from the federal discount window— 224,000 
Other borrowings 58,622 6,814 
Total$622,255 $376,117 

HTLF Bank is a member of the FHLB of Topeka. At December 31, 2023, none of HTLF's FHLB advances had call features. The advances from the FHLB are collateralized by HTLF Bank's investments in FHLB stock of $25.8 million and $10.9 million at December 31, 2023 and 2022, respectively. In addition, the FHLB advances are collateralized with pledges of one- to four-family residential mortgages, commercial and agricultural mortgages and securities totaling $2.07 billion at December 31, 2023, and $4.00 billion at December 31, 2022. At December 31, 2023, HTLF Bank had $629.9 million of remaining FHLB borrowing capacity.

HTLF renewed its revolving credit line agreement with an unaffiliated bank on June 14, 2022, which provides $100.0 million of borrowing capacity. This revolving credit line agreement is included in borrowings, and the primary purpose of this credit line agreement is to provide liquidity to HTLF. HTLF had no advances on this line during 2023 and 2022, and there was no outstanding balance at both December 31, 2023, and December 31, 2022. The credit agreement contains specific financial covenants which HTLF complied with as of December 31, 2023 with the exception of the return on average assets covenant for which HTLF obtained a waiver through February 22, 2024. The revolving credit line agreement expires on June 14, 2024, at which time any outstanding balance is due.

All retail repurchase agreements as of December 31, 2023, and 2022, were due within twelve months.

Average and maximum balances and rates on aggregate borrowings outstanding during the years ended December 31, 2023, December 31, 2022, and December 31, 2021, were as follows, in thousands:
 202320222021
Maximum month-end balance$622,255 $376,117 $299,457 
Average month-end balance227,993 191,306 173,556 
Weighted average interest rate for the year5.04 %1.61 %0.26 %
Weighted average interest rate at year-end5.28 %4.07 %0.19 %

HTLF Bank has availability to borrow funds under the Discount Window Program and the Bank Term Funding Program based upon pledged securities with an outstanding balance of $2.63 billion, which provided total borrowing capacity of $1.92 billion, of which $1.92 billion was available at December 31, 2023. There was no outstanding balance at December 31, 2023 and $224.0 million outstanding balance at December 31, 2022.
v3.24.0.1
TERM DEBT
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
TERM DEBT
TERM DEBT

Term debt outstanding at December 31, 2023 and 2022, are shown in the table below, net of unamortized discount and issuance costs, in thousands:
 20232022
Advances from the FHLB; weighted average interest rate was 3.03% at December 31, 2022
$— $740 
Trust preferred securities149,288 148,284 
Contracts payable for purchase of real estate and other assets80 82 
Subordinated notes223,028 222,647 
Total$372,396 $371,753 
At December 31, 2023, HTLF had fifteen wholly-owned trust subsidiaries that were formed to issue trust preferred securities, which includes trust subsidiaries acquired in acquisitions since 2013. The proceeds from the offerings were used to purchase junior subordinated debentures from HTLF and were in turn used by HTLF or entities acquired by HTLF for general corporate purposes. HTLF has the option to shorten the maturity date to a date not earlier than the callable date. HTLF may not shorten the maturity date without prior approval of the Board of Governors of the Federal Reserve System, if required. Early redemption is permitted under certain circumstances, such as changes in tax or regulatory capital rules. In connection with these offerings of trust preferred securities, the balance of deferred issuance costs included in term debt was $0 and $40,000 as of December 31, 2023 and December 31, 2022, respectively. The majority of the interest payments are due quarterly.

A schedule of HTLF’s trust preferred offerings outstanding, as of December 31, 2023, were as follows, in thousands:
Amount
Issued
Interest
Rate
Interest Rate as
of 12/31/23
Maturity
Date
Callable
Date
Heartland Financial Statutory Trust IV$10,310 
2.75% over SOFR
8.39%03/17/203403/17/2024
Heartland Financial Statutory Trust V20,619 
1.33% over SOFR
6.9904/07/203604/07/2024
Heartland Financial Statutory Trust VI20,619 
1.48% over SOFR
7.1309/15/203703/15/2024
Heartland Financial Statutory Trust VII18,042 
1.48% over SOFR
7.1209/01/203703/01/2024
Morrill Statutory Trust I9,464 
3.25% over SOFR
8.8712/26/203203/26/2024
Morrill Statutory Trust II9,198 
2.85% over SOFR
8.4912/17/203303/17/2024
Sheboygan Statutory Trust I 6,878 
2.95% over SOFR
8.5909/17/203303/17/2024
CBNM Capital Trust I4,608 
3.25% over SOFR
8.9012/15/203403/15/2024
Citywide Capital Trust III6,661 
2.80% over SOFR
8.4512/19/203304/23/2024
Citywide Capital Trust IV4,526 
2.20% over SOFR
7.8409/30/203405/23/2024
Citywide Capital Trust V12,649 
1.54% over SOFR
7.1907/25/203603/15/2024
OCGI Statutory Trust III3,028 
3.65% over SOFR
9.3109/30/203203/30/2024
OCGI Capital Trust IV5,567 
2.50% over SOFR
8.1512/15/203403/15/2024
BVBC Capital Trust II7,359 
3.25% over SOFR
8.8904/24/203304/24/2024
BVBC Capital Trust III9,760 
1.60% over SOFR
7.1909/30/203503/30/2024
Total trust preferred offerings$149,288     

On September 8, 2021, HTLF issued $150.0 million of Fixed-to-Floating Rate Subordinated Notes due 2031 (the "2021 subordinated notes"), which were issued at par with an underwriting discount of $1.9 million. The 2021 subordinated notes have a fixed interest rate of 2.75% until September 15, 2026, at which time the interest rate will be reset quarterly to a benchmark interest rate, which is expected to be three-month term SOFR plus a spread of 210 basis points. Interest is payable quarterly. The 2021 subordinated notes mature on September 15, 2031, and become redeemable at HTLF's option on September 15, 2026. In connection with the sale of the notes, the balance of deferred issuance costs included in term debt was $392,000 at December 31, 2023, and $443,000 at December 31,2022. These deferred costs are amortized on a straight-line basis over the life of the notes.

On December 17, 2014, HTLF issued $75.0 million of subordinated notes with a maturity date of December 30, 2024. The notes were issued at par with an underwriting discount of $1.1 million. The interest rate on the notes is fixed at 5.75% per annum, payable semi-annually. In connection with the sale of the notes, the balance of deferred issuance costs included in term debt was $38,000 at December 31, 2023, and $76,000 at December 31, 2022. These deferred costs are amortized on a straight-line basis over the life of the notes.

For regulatory purposes, $148.2 million of the total $223.0 million of subordinated notes qualified as Tier 2 capital as of December 31, 2023.
Future payments, net of unamortized discount and issuance costs, at December 31, 2023, for term debt at their maturity date follow in the table below, in thousands.
2024$74,937 
2025— 
2026— 
2027— 
2028— 
Thereafter297,459 
Total$372,396 
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS
DERIVATIVE FINANCIAL INSTRUMENTS

HTLF considers and uses derivative financial instruments as part of its interest rate risk management strategy, which may include interest rate swaps, fair value hedges, risk participation agreements, caps, floors, collars, and certain interest rate lock commitments and forward sales of securities related to mortgage banking activities. HTLF's current strategy includes the use of interest rate swaps. In addition, HTLF facilitates back-to-back loan swaps to assist customers in managing their interest rate risk while executing offsetting interest rate swaps with dealer counterparties.

HTLF's objectives are to add stability to its net interest margin and to manage its exposure to movements in interest rates. The contract or notional amount of a derivative is used to determine, along with the other terms of the derivative, the amounts to be exchanged between the counterparties. HTLF is exposed to credit risk in the event of nonperformance by counterparties to financial instruments. HTLF minimizes this risk by entering into derivative contracts with counterparties that meet HTLF’s credit standards, and the contracts contain collateral provisions protecting the at-risk party. HTLF has not experienced any losses from nonperformance by these counterparties. HTLF monitors counterparty risk in accordance with the provisions of ASC 815. HTLF was required to post $27.7 million of collateral at December 31, 2023, compared to $793,000 as of December 31, 2022, related to derivative financial instruments. HTLF's counterparties were required to pledge $44.8 million at December 31, 2023, compared to $45.1 million at December 31, 2022. HTLF records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative assets and liabilities on the consolidated balance sheets.

HTLF's derivative and hedging instruments are recorded at fair value on the consolidated balance sheets. See Note Eighteen, "Fair Value," for additional fair value information and disclosures.

Cash Flow Hedges
In 2021, two interest rate swap transactions were terminated, and the debt was converted to variable rate subordinated debentures. For the next twelve months, HTLF estimates cash payments and reclassification from accumulated other comprehensive income (loss) to interest expense related to the terminated swaps will total $227,000.

In the first quarter of 2023, HTLF terminated its interest rate swap agreement, which effectively converted $500.0 million of variable rate loans to fixed rate loans. For the next twelve months, HTLF estimates cash payments and reclassification from accumulated other comprehensive income (loss) to interest expense will total $985,000.

HTLF had no derivative instruments designated as cash flow hedges at December 31, 2023. The table below identifies the balance sheet category and fair value of HTLF's derivative instrument designated as a cash flow hedge at December 31, 2022, in thousands:
Notional AmountFair Value Balance Sheet Category
December 31, 2022
Interest rate swap500,000 13 Other Assets

The table below identifies the gains recognized on HTLF's derivative instrument designated as a cash flow hedge for the year ended December 31, 2023, and December 31, 2022, in thousands:
Recognized in OCIReclassified from AOCI into Income
Amount of Gain (Loss)CategoryAmount of Gain (Loss)
For the Year Ended December 31, 2023
Interest rate swap $1,952 Interest income$(575)
For the Year Ended December 31, 2022
Interest rate swap $13 Interest income$487 

Fair Value Hedges
HTLF uses interest rate swaps to convert certain long term fixed rate loans to floating rates to hedge interest rate risk exposure. HTLF also uses interest rate swaps to mitigate the risk of changes in the fair market value of certain municipal and mortgage-backed securities. The changes in the fair values of derivatives that have been designated and qualify for fair value hedge accounting are recorded in the same line item in the consolidated statements of income as the changes in the fair value of the hedged items attributable to the risk being hedged.

HTLF uses statistical regression to assess hedge effectiveness, both at the inception of the hedge as well as on a continual basis. The regression analysis involves regressing the periodic change in the fair value of the hedging instrument against the periodic changes in the fair value of the asset being hedged due to changes in the hedge risk.

During 2023, HTLF entered into interest rate swaps designated as fair value hedges with initial notional amounts totaling $838.1 million primarily designed to provide protection for unrealized securities losses against the impact of higher mid-to-long term interest rates. HTLF also executed interest rate swaps designated as a fair value hedges with total original notional amounts of $2.5 billion to convert certain long-term fixed rate loans to floating rates to hedge interest rate risk exposure using the portfolio layer method, which allows HTLF to designate as the hedged item a stated amount of the assets that are not expected to be affected by prepayments, defaults and other factors that would affect the timing and amount of cash flow.

The table below identifies the fair value of the interest rate swaps designated as fair value hedges and the balance sheet category of the interest rate swaps at December 31, 2023, and December 31, 2022, in thousands:
Fair ValueBalance Sheet Category
December 31, 2023
Interest rate swaps-loans receivable held to maturity$5,027 Other assets
Interest rate swaps-securities carried at fair value23,182 Other assets
Interest rate swaps-loans receivable held to maturity27,554 Other liabilities
December 31, 2022
Interest rate swaps-loans receivable held to maturity$54 Other assets

The table below identifies the carrying amount of the hedged assets and cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets that are designated as a fair value hedge accounting relationship at December 31, 2023, and December 31, 2022, in thousands:
Location in the consolidated
balance sheet		Carrying Amount of
the Hedged Assets		Cumulative Amount of Fair Value
Hedging Adjustment Included in
Carrying Amount of Hedged Assets
December 31, 2023
Interest rate swapLoans receivable held to maturity$2,525,261 $24,652 
Interest rate swapSecurities carried at fair value 786,716(20,979)
December 31, 2022
Interest rate swap Loans receivable held to maturity$1,185 $(54)

The table below identifies the net impact to interest income recognized on HTLF's fair value hedges specific to the fair value remeasurements and the income statement classification where it is recorded in comparison to the total amount of interest income presented on the consolidated statements of income for the year ended December 31, 2023, and December 31, 2022, in thousands:
Year Ended December 31,
20232022
Gain (loss) recognized in interest income and fees on loans
$(386)$46 
Total amount of interest and fees on loans697,997477,970 
Gain (loss) recognized in interest income on securities-taxable
66 — 
Total amount of interest on securities-taxable223,521169,544 

The table below identifies the effect of fair value hedge accounting on the consolidated statements of income, in thousands:

Year Ended December 31,
20232022
Hedged item (loans receivable held to maturity)$24,318 $(113)
Hedged item (securities carried at fair value)(20,913)— 
Derivatives designated as hedging instruments on loans receivable held to maturity(24,704)159 
Derivatives designated as hedging instruments on securities carried at fair value20,979 — 

Embedded Derivatives
HTLF has fixed rate loans with embedded derivatives. The loans contain terms that affect the cash flows or value of the loan similar to a derivative instrument, and therefore are considered to contain an embedded derivative. The embedded derivatives are bifurcated from the loans because the terms of the derivative instrument are not clearly and closely related to the loans. The embedded derivatives are recorded at fair value on the consolidated balance sheets as a part of other assets, and changes in the fair value are a component of noninterest income. The table below identifies the notional amount, fair value and balance sheet category of HTLF's embedded derivatives as of December 31, 2023, and December 31, 2022, in thousands:
Notional AmountFair ValueBalance Sheet Category
December 31, 2023
Embedded derivatives $2,391 $61 Other Assets
December 31, 2022
Embedded derivatives $6,028 $135 Other Assets
The table below identifies the gains and losses recognized on HTLF's embedded derivatives for the years ended December 31, 2023 and December 31, 2022, in thousands:
Year Ended December 31,
20232022
Gain (loss) recognized in other noninterest income on embedded derivatives$(74)$452 

Back-to-Back Loan Swaps
HTLF has loan interest rate swap relationships with customers to assist them in managing their interest rate risk. Upon entering into these loan swaps, HTLF enters into offsetting positions with counterparties in order to minimize interest rate risk to HTLF. These back-to-back loan swaps qualify as free-standing financial derivatives with the fair values reported in other assets and other liabilities on the consolidated balance sheets. Any gains and losses on these back-to-back swaps are recorded in noninterest income on the consolidated statements of income, and for the years ended December 31, 2023, and December 31, 2022, no gains or losses were recognized. HTLF recognized $7.7 million in fee income for the year ended December 31, 2023, compared to $6.6 million for the year ended December 31, 2022.

The table below identifies the balance sheet category and fair values of HTLF's derivative instruments designated as loan swaps at December 31, 2023 and 2022, in thousands:
Notional
Amount
Fair
Value
Balance Sheet
Category
Weighted
Average
Receive
Rate
Weighted
Average
Pay
Rate
December 31, 2023
Customer interest rate swaps$1,672,729 $56,634 Other Assets4.12 %4.96 %
Customer interest rate swaps1,672,729 (56,634)Other Liabilities4.96 %4.12 %
December 31, 2022
Customer interest rate swaps$819,662 $46,091 Other Assets4.23 %6.76 %
Customer interest rate swaps819,662 (46,091)Other Liabilities6.76 %4.23 %

Other Free-Standing Derivatives
HTLF has entered into interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans and mortgage-backed securities that are considered derivative instruments. HTLF enters into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rates on the commitments to fund the loans as well as on residential mortgage loans available for sale. The fair value of these commitments is recorded on the consolidated balance sheets with the changes in fair value recorded in the consolidated statements of income as a component of gains on sale of loans held for sale. These derivative contracts are designated as free-standing derivative contracts and are not designated against specific assets and liabilities on the consolidated balance sheets or forecasted transactions and therefore do not qualify for hedge accounting treatment. HTLF was required to pledge $0 at both December 31, 2023, and December 31, 2022, as collateral for these forward commitments. HTLF's counterparties were required to pledge no cash as collateral at both December 31, 2023, and December 31, 2022, as collateral for these forward commitments.

HTLF acquired undesignated interest rate swaps in 2015. These swaps were entered into primarily for the benefit of customers seeking to manage their interest rate risk and are not designated against specific assets or liabilities on the consolidated balance sheet or forecasted transactions and therefore do not qualify for hedge accounting in accordance with ASC 815. These swaps are carried at fair value on the consolidated balance sheets as a component of other liabilities, with changes in the fair value recorded as a component of other noninterest income.
The table below identifies the balance sheet category and fair values of HTLF's other free standing derivative instruments not designated as hedging instruments at December 31, 2023, and December 31, 2022, in thousands:
 
Notional
Amount
Fair
Value
Balance Sheet
Category
December 31, 2023
Interest rate lock commitments (mortgage)$— $— Other Assets
Forward commitments— — Other Assets
Forward commitments— — Other Liabilities
Undesignated interest rate swaps2,391 (61)Other Liabilities
December 31, 2022
Interest rate lock commitments (mortgage)$9,340 $174 Other Assets
Forward commitments6,400 47 Other Assets
Forward commitments5,750 (99)Other Liabilities
Undesignated interest rate swaps6,028 (135)Other Liabilities

HTLF recognizes gains and losses on other free-standing derivatives in two separate income statement categories. Interest rate lock commitments and forward commitments are recognized in net gains on sale of loans held for sale and undesignated interest rate swaps are recognized in other noninterest income. The table below identifies the gains and losses recognized in income on HTLF's other free standing derivative instruments not designated as hedging instruments for the years ended December 31, 2023, and December 31, 2022, in thousands:
Year Ended December 31,
 20232022
Interest rate lock commitments (mortgage)$(291)$(1,828)
Forward commitments52 11 
Undesignated interest rate swaps74 (452)
v3.24.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES

The current income tax provision reflects the tax consequences of revenue and expenses currently taxable or deductible on various income tax returns for the year reported. The deferred income tax provision generally reflects the net change in deferred income tax assets and liabilities during the year, excluding any deferred income tax assets and liabilities of acquired businesses. The components of the provision for income taxes for the years ended December 31, 2023, 2022, and 2021 were as follows, in thousands:
 202320222021
Current:   
Federal$18,844 $45,911 $32,440 
State7,209 13,549 11,352 
Total current expense$26,053 $59,460 $43,792 
Deferred: 
Federal$(7,442)$(3,637)$8,938 
State(1,754)(250)2,605 
Total deferred expense (benefit)(9,196)(3,887)11,543 
Total income tax expense$16,857 $55,573 $55,335 
Temporary differences between the amounts reported in the financial statements and the tax basis of assets and liabilities result in deferred taxes. Deferred tax assets and liabilities at December 31, 2023 and 2022, were as follows, in thousands:
 20232022
Deferred tax assets:  
Net unrealized loss on securities carried at fair value reflected in stockholders' equity$107,669 $159,763 
Net unrealized loss on derivatives reflected in stockholders’ equity(382)210 
Net unrealized loss on securities transferred from carried at fair value to held to maturity reflected in stockholders' equity 42,541 45,174 
Allowance for credit losses34,527 28,732 
Deferred compensation13,055 12,861 
Net operating loss carryforwards14,789 21,844 
Lease liability7,241 7,731 
Investments in partnerships 2,042 2,843 
Other7,971 5,476 
Total deferred tax assets229,453 284,634 
Valuation allowance for deferred tax assets (13,000)(19,001)
Total deferred tax assets after valuation allowance $216,453 $265,633 
Deferred tax liabilities:
Premises, furniture and equipment$8,245 $9,227 
Purchase accounting10,070 7,954 
Lease right-of-use asset6,391 7,182 
Deferred loan costs6,031 6,078 
Other912 3,846 
Total deferred tax liabilities31,649 34,287 
Net deferred tax assets$184,804 $231,346 

As a result of acquisitions, HTLF had net operating loss carryforwards for federal income tax purposes of approximately $14.0 million at December 31, 2023, and $17.2 million at December 31, 2022. The associated deferred tax asset was $2.9 million at December 31, 2023, and $3.6 million at December 31, 2022. These net carryforwards expire during the period from December 31, 2025, through December 31, 2035, and are subject to an annual limitation of approximately $3.1 million. Net operating loss carryforwards for state income tax purposes were approximately $191.9 million at December 31, 2023, and $203.4 million at December 31, 2022. The associated deferred tax asset, net of federal tax, was $9.9 million at December 31, 2023, and $16.3 million at December 31, 2022. These carryforwards have begun to expire and will continue to do so until December 31, 2031.

A valuation allowance against the deferred tax asset due to the uncertainty surrounding the utilization of these state net operating loss carryforwards was $9.4 million at December 31, 2023, and $15.5 million at December 31, 2022. During both 2023 and 2022, HTLF had book write-downs on investments that, for tax purposes, would generate capital losses upon disposal. Due to the uncertainty of HTLF's ability to utilize the potential capital losses, a valuation allowance for these potential losses totaled $1.7 million at December 31, 2023, and $1.5 million at December 31, 2022. HTLF released valuation allowances of $0 and $165,000 in 2023 and 2022, respectively, on deferred tax assets for capital losses it expects to realize on the disposal of partnership investments.

Realization of the deferred tax asset over time is dependent upon the existence of taxable income in carryback periods or the ability to generate sufficient taxable income in future periods. In determining that realization of the deferred tax asset was more likely than not, HTLF considered a number of factors, including its taxable income during carryback periods, its recent earnings history, its expectations for earnings in the future and, where applicable, the expiration dates associated with its tax carryforwards.
The actual income tax expense from continuing operations differs from the expected amounts for the years ended December 31, 2023, 2022, and 2021, (computed by applying the U.S. federal corporate tax rate of 21% for 2023, 2022, and 2021 income before income taxes) are as follows, in thousands:
 202320222021
Computed "expected" tax on net income$20,323 $56,228 $57,804 
Increase (decrease) resulting from: 
Tax-exempt interest benefit(2,624)(5,804)(5,504)
State income taxes, net of federal tax benefit4,310 10,523 11,026 
Tax credits(6,966)(6,613)(7,613)
Partnership investments1,105 (351)572 
Valuation allowance214 13 (440)
Excess tax expense/(benefit) on stock compensation107 (113)(270)
Other388 1,690 (240)
Income taxes$16,857 $55,573 $55,335 
Effective tax rates17.4 %20.8 %20.1 %

HTLF's income taxes included solar energy tax credits totaling $4.2 million, $4.2 million, and $6.1 million during 2023, 2022 and 2021, respectively. Federal historic rehabilitation tax credits included in HTLF's income taxes totaled $1.1 million, $1.0 million, and $720,000 in 2023, 2022, and 2021, respectively. Additionally, investments in certain low-income housing partnerships totaled $9.3 million at December 31, 2023, $10.4 million at December 31, 2022, and $5.1 million at December 31, 2021. These investments generated federal low-income housing tax credits of $1.2 million during 2023, $1.1 million at December 31, 2022, and $538,000 at December 31, 2021. These investments are expected to generate federal low-income housing tax credits of approximately $1.0 million for 2024, $790,000 for 2025, $740,000 for 2026 and $705,000 for 2027. Additionally, HTLF had new markets tax credits of $360,000 and $300,000 in 2023 and 2022, respectively.

On December 31, 2023, the amount of unrecognized tax benefits was $709,000, including $129,000 of accrued interest and penalties. On December 31, 2022, the amount of unrecognized tax benefits was $719,000, including $91,000 of accrued interest and penalties. If recognized, the entire amount of the unrecognized tax benefits would affect the effective tax rate.

The tax years ended December 31, 2020, and later remain subject to examination by the Internal Revenue Service. For state purposes, the tax years ended December 31, 2018, and later remain open for examination. HTLF does not anticipate any significant increase or decrease in unrecognized tax benefits during the next twelve months.
v3.24.0.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS

HTLF sponsors a defined contribution retirement plan covering substantially all employees. The plan includes matching contributions and non-elective contributions. Matching contributions and non-elective contributions are limited to a maximum amount of the participant's wages as defined by federal law.

HTLF's subsidiaries made matching contributions of up to 5% of participants' wages in 2023 and 3% of participants' wages in 2022 and 2021. Costs charged to operating expenses with respect to the matching contributions were $7.9 million, $5.3 million, and $5.1 million for 2023, 2022 and 2021, respectively.

Non-elective contributions to this plan are subject to approval by the HTLF Board of Directors. The HTLF subsidiaries fund and record as an expense all approved contributions. Costs of these contributions, charged to operating expenses, were $3.1 million, $5.8 million, and $5.1 million for 2023, 2022 and 2021, respectively.
In addition, HTLF has a non-qualified defined contribution plan that allows eligible employees to make voluntary contributions into a deferred compensation plan. Any non-elective contributions to this plan are subject to approval by the HTLF Board of Directors. For the years ended December 31, 2023, 2022 and 2021, the employer contributions to the non-qualified defined contribution plan were $235,000, $222,500 and $237,200, respectively, and are included in the matching contributions and non-elective contributions amounts noted above.
v3.24.0.1
COMMITMENTS AND CONTINGENT LIABILITIES
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENT LIABILITIES
COMMITMENTS AND CONTINGENT LIABILITIES

HTLF utilizes a variety of financial instruments in the normal course of business to meet the financial needs of customers and to manage its exposure to fluctuations in interest rates. These financial instruments include lending related and other commitments as indicated below as well as derivative instruments shown in Note Eleven, "Derivative Financial Instruments." HTLF Bank makes various commitments and incurs certain contingent liabilities that are not presented in the accompanying consolidated financial statements. The commitments and contingent liabilities include various guarantees, commitments to extend credit and standby letters of credit.

Commitments to extend credit are agreements to lend to a customer if there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. HTLF Bank evaluates the creditworthiness of customers to which they extend a credit commitment on a case-by-case basis and may require collateral to secure any credit extended. The amount of collateral obtained is based upon management's credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment and income-producing commercial properties. Standby letters of credit and financial guarantees are conditional commitments issued by HTLF Bank to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. At December 31, 2023, and at December 31, 2022, commitments to extend credit aggregated $4.62 billion and $4.73 billion, respectively, and standby letters of credit aggregated $56.4 million and $55.1 million, respectively.

Previously, HTLF entered into commitments to sell mortgage loans to reduce interest rate risk on certain mortgage loans held for sale and loan commitments, which were recorded in the consolidated balance sheets at their fair values. HTLF does not anticipate any material loss as a result of the commitments and contingent liabilities. Residential mortgage loans sold to others were predominantly conventional residential first lien mortgages originated under HTLF's usual underwriting procedures and were most often sold on a nonrecourse basis. HTLF's agreements to sell residential mortgage loans in the normal course of business, primarily to GSE's, which usually required certain representations and warranties on the underlying loans sold, related to credit information, loan documentation, collateral, and insurability, which if subsequently are untrue or breached, could require HTLF to repurchase certain loans affected. HTLF had no repurchase obligation at both December 31, 2023 and December 31, 2022. HTLF had no new requests for repurchases during 2023 and 2022.
There are certain legal proceedings pending against HTLF and its subsidiaries at December 31, 2023, that are ordinary routine litigation incidental to business. While the ultimate outcome of current legal proceedings cannot be predicted with certainty, it is the opinion of management that the resolution of these legal actions should not have a material effect on HTLF's consolidated financial position or results of operation.
v3.24.0.1
STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION

HTLF may grant, through its Compensation and Human Capital Committee (the "Compensation Committee") non-qualified and incentive stock options, stock appreciation rights, stock awards, restricted stock, restricted stock units and cash incentive awards, under its 2020 Long-Term Incentive Plan (the "Plan") which authorized 1,460,000 of common stock available for issuance. At December 31, 2023, 744,310 shares of common stock were reserved for future issuance under awards that may be granted under the Plan to employees and directors of, and service providers to, HTLF or its subsidiaries.

ASC Topic 718, "Compensation-Stock Compensation" requires the measurement of the cost of employee services received in exchange for an award of equity instruments based upon the fair value of the award on the grant date. The cost of the award is based upon its fair value estimated on the date of grant and recognized in the consolidated statements of income over the vesting period of the award. The fair market value of restricted stock and restricted stock units is based on the fair value of the underlying shares of common stock on the date of grant. Forfeitures are accounted for as they occur.

HTLF's income tax expense included $123,000 of expense and $131,000 of benefit for the years ended December 31, 2023, and December 31, 2022, respectively, related to the vesting and forfeiture of equity-based awards.
Restricted Stock Units
The Plan permits the Compensation Committee to grant restricted stock units ("RSUs"). The time-based RSUs represent the right, without payment, to receive shares of HTLF common stock at a specified date in the future. Generally, the time-based RSUs vest over three years in equal installments in March of each of the three years following the year of the grant.

The Compensation Committee has granted three-year performance-based RSUs. These performance-based RSUs will be earned based upon satisfaction of performance targets for the three-year performance period, which is defined in the RSU agreement. These performance-based RSUs or a portion thereof may vest after measurement of performance in relation to the performance targets.

The time-based RSUs may also vest upon death or disability, upon a change in control or upon a "qualified retirement" (as defined in the RSU agreement), and the three-year performance-based RSUs vest to the extent that they are earned upon death or disability or upon a "qualified retirement" (as defined in the RSU agreement) after measurement of performance.

All of HTLF's RSUs will be settled in common stock upon vesting. Most RSUs granted after March 2023 accrue dividends, which are paid without interest only upon vesting. Dividend equivalents with respect to RSUs forfeited are also forfeited. RSUs granted prior to 2023 are not entitled to dividend equivalents.

A summary of the status of RSUs as of December 31, 2023, 2022 and 2021, and changes during the years ended December 31, 2023, 2022, and 2021, follows:
 202320222021
 SharesWeighted-Average Grant Date Fair ValueSharesWeighted-Average Grant Date Fair ValueSharesWeighted-Average Grant Date Fair Value
Outstanding at January 1424,086 $46.15 389,885 $44.19 348,275 $38.22 
Granted278,999 44.94 242,718 48.38 216,560 51.44 
Vested(183,511)41.39 (159,880)44.96 (149,350)40.83 
Forfeited(53,469)46.84 (48,637)45.49 (25,600)40.96 
Outstanding at December 31466,105 $47.22 424,086 $46.15 389,885 $44.19 

Total compensation costs recorded for RSUs were $9.0 million, $7.8 million and $8.5 million, for 2023, 2022 and 2021, respectively. As of December 31, 2023, there were $8.8 million of total unrecognized compensation costs related to the Plan for RSUs which are expected to be recognized through 2026.

Stock Options
The plan provides the Compensation Committee the authority to grant stock options. During the year ended December 31, 2023, 0 options were granted. There were 64,518 options granted in the year ended December 31, 2022, and no options granted in the year ended December 31, 2021. Options granted generally vest over the first four years in equal installments on the anniversary date of the grant. The exercise price of the stock options granted is established by the Compensation Committee, but the exercise price may not be less than the fair market value of the shares on the date the options are granted.

The stock options may also vest upon death or disability, upon a change in control or upon a "qualified retirement" as defined in the stock option agreement.
A summary of the status of the stock options as of December 31, 2023, 2022, and 2021, and changes during the years ended December 31, 2023, 2022, and 2021 follows:

202320222021
SharesWeighted
Average
Exercise
Price 		SharesWeighted
Average
Exercise
Price		SharesWeighted
Average
Exercise
Price
Outstanding at January 1,64,518 $48.79 — $— — $— 
Granted— — 64,518 48.79 — — 
Exercised— — — — — — 
Forfeited(6,452)— — — — — 
Outstanding at December 3158,066 48.79 64,518 48.79 — — 
Options exercisable at December 31,— $— — $— — $— 

At December 31, 2023, the vested options have a weighted average remaining contractual life of 8.92 years. The intrinsic value for the vested options as of December 31, 2023, was $0. The intrinsic value for the total of all options exercised during year ended December 31, 2023, was $0. The total fair value of shares under stock options that vested during the year ended December 31, 2023, was $0. Total compensation costs recorded for stock options were $221,000, $167,000, and $0 for 2023, 2022, and 2021, respectively. As of December 31, 2023, there was $490,000 of total unrecognized compensation costs related to the Plan for options that are expected to be recognized through 2026.

Employee Stock Purchase Plan
HTLF maintains an employee stock purchase plan (the "ESPP"), which was adopted in May 2016 and replaced the 2006 ESPP, that permits all eligible employees to purchase shares of HTLF common stock at a discounted price as determined by the Compensation Committee. Under ASC Topic 718, compensation expense related to the ESPP of $192,000 was recorded in 2023, $214,000 was recorded in 2022, and $228,000 was recorded in 2021.

A maximum of 500,000 shares is available for purchase under the ESPP, and as of December 31, 2023, 171,537 shares remain available for purchase. Beginning with the 2020 plan year, the Compensation Committee authorized HTLF to make ESPP purchases semi-annually, and the purchases are to be made as soon as practicable on or after June 30 and December 31. For employee deferrals made in the 2023 plan year, shares purchased in 2023 totaled 60,583. For employee deferrals made in the 2022 plan year, shares purchased in 2022 totaled 49,169. For employee deferrals made in the 2021 plan year, shares purchased in 2021 totaled 46,899.
v3.24.0.1
CAPITAL ISSUANCES
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
CAPITAL ISSUANCES
CAPITAL ISSUANCES

Common Stock
For a description of the issuance of shares of HTLF common stock in connection with the 2020 Long-Term Incentive Plan and the 2016 ESPP, see Note Fifteen, "Stock-Based Compensation."

Shelf Registration
HTLF filed a universal shelf registration with the SEC to register debt or equity securities on August 8, 2022, that expires on August 8, 2025. This registration statement, which was effective immediately, provides HTLF the ability to raise capital, subject to market conditions and SEC rules and limitations, if HTLF's board of directors decides to do so. This registration statement permits HTLF, from time to time, in one or more public offerings, to offer debt securities, subordinated notes, common stock, preferred stock, depositary shares, warrants, rights, units or any combination of these securities. The amount of securities that may have been offered was not specified in the registration statement, and the terms of any future offerings were to be established at the time of the offering
v3.24.0.1
REGULATORY CAPITAL REQUIREMENTS AND RESTRICTIONS ON SUBSIDIARY DIVIDENDS
 12 Months Ended
Dec. 31, 2023
Federal Home Loan Banks [Abstract]  
REGULATORY CAPITAL REQUIREMENTS AND RESTRICTIONS ON SUBSIDIARY DIVIDENDS
REGULATORY CAPITAL REQUIREMENTS AND RESTRICTIONS ON SUBSIDIARY DIVIDENDS

HTLF Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that,
if undertaken, could have a direct material effect on HTLF Bank's financial statements. The regulations prescribe specific capital adequacy guidelines that involve quantitative measures of a bank’s assets, liabilities and certain off balance sheet items as calculated under regulatory accounting practices. Capital classification is also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation to ensure capital adequacy require HTLF Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined).

The requirements to be categorized as well-capitalized under the Tier 1 leverage capital ratio is 4% for all banks. The minimum requirement to be well-capitalized for the Tier 1 risk-based capital ratio is 8%. The total risk-based capital ratio minimum requirement to be well-capitalized remained is 10%. Management believes, as of December 31, 2023 and 2022, that HTLF Bank met all capital adequacy requirements to which it was subject.

As of December 31, 2023 and 2022, the FDIC categorized HTLF Bank, and all HTLF member banks prior to charter consolidation, as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Banks must maintain minimum total risk-based, Tier 1 risk-based, Tier 1 common equity and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since December 31, 2023, that management believes have changed each institution’s category.

HTLF Bank's, and all HTLF member banks prior to charter consolidation, actual capital amounts and ratios are also presented in the tables below, in thousands:
 Actual
For Capital
Adequacy Purposes
To Be Well Capitalized Under Prompt Corrective Action Provisions
 AmountRatioAmountRatioAmountRatio
As of December 31, 2023      
Total Capital (to Risk-Weighted Assets)      
Consolidated$2,237,035 14.53 %$1,231,972 8.00 %$1,539,965 10.00 %
HTLF Bank 1,969,006 12.85 1,225,669 8.00 1,532,087 10.00 
Tier 1 Capital (to Risk-Weighted Assets)
Consolidated$1,800,542 11.69 %$923,979 6.00 %$923,979 6.00 %
HTLF Bank1,829,972 11.94 919,252 6.00 1,225,669 8.00 
Common Equity Tier 1 (to Risk-Weighted Assets)
Consolidated$1,689,837 10.97 %$692,984 4.50 %N/A
HTLF Bank 1,829,972 11.94 689,439 4.50 $995,856 6.50 %
Tier 1 Capital (to Average Assets)
Consolidated$1,800,542 9.44 %$763,309 4.00 %N/A
HTLF Bank1,829,972 9.26 790,709 4.00 $988,386 5.00 %
 Actual
For Capital
Adequacy Purposes
To Be Well Capitalized Under Prompt Corrective Action Provisions
 AmountRatioAmountRatioAmountRatio
As of December 31, 2022      
Total Capital (to Risk-Weighted Assets)      
Consolidated$2,204,829 14.76 %$1,194,970 8.00 % N/A 
HTLF Bank824,069 11.72 562,497 8.00 $703,122 10.00 %
Dubuque Bank and Trust Company184,096 13.01 113,197 8.00 141,497 10.00 
Wisconsin Bank & Trust128,490 13.12 78,336 8.00 97,920 10.00 
New Mexico Bank & Trust238,190 13.23 144,059 8.00 180,073 10.00 
Rocky Mountain Bank69,792 12.84 43,489 8.00 54,361 10.00 
Bank of Blue Valley162,131 16.07 80,689 8.00 100,861 10.00 
First Bank & Trust288,518 13.51 170,835 8.00 213,543 10.00 
Tier 1 Capital (to Risk-Weighted Assets) 
Consolidated$1,763,990 11.81 %$896,228 6.00 % N/A
HTLF Bank762,103 10.84 421,873 6.00 $562,497 8.00 %
Dubuque Bank and Trust Company174,684 12.35 84,898 6.00 113,197 8.00 
Wisconsin Bank & Trust119,231 12.18 58,752 6.00 78,336 8.00 
New Mexico Bank & Trust223,602 12.42 108,044 6.00 144,059 8.00 
Rocky Mountain Bank63,814 11.74 32,617 6.00 43,489 8.00 
Bank of Blue Valley155,002 15.37 60,516 6.00 80,689 8.00 
First Bank & Trust267,169 12.51 128,126 6.00 170,835 8.00 
Common Equity Tier 1 (to Risk Weighted Assets)
Consolidated $1,653,285 11.07 %$672,171 4.50 %N/A
HTLF Bank762,103 10.84 316,405 4.50 $457,029 6.50 %
Dubuque Bank and Trust Company174,684 12.35 63,674 4.50 91,973 6.50 
Wisconsin Bank & Trust119,231 12.18 44,064 4.50 63,648 6.50 
New Mexico Bank & Trust223,602 12.42 81,033 4.50 117,048 6.50 
Rocky Mountain Bank63,814 11.74 24,463 4.50 35,335 6.50 
Bank of Blue Valley155,002 15.37 45,387 4.50 65,560 6.50 
First Bank & Trust267,169 12.51 96,094 4.50 138,803 6.50 
Tier 1 Capital (to Average Assets)
Consolidated$1,763,990 9.13 %$772,911 4.00 % N/A
HTLF Bank762,103 8.64 352,914 4.00 $441,143 5.00 %
Dubuque Bank and Trust Company174,684 8.08 86,473 4.00 108,091 5.00 
Wisconsin Bank & Trust119,231 9.22 51,753 4.00 64,691 5.00 
New Mexico Bank & Trust223,602 8.12 110,214 4.00 137,767 5.00 
Rocky Mountain Bank63,814 8.49 30,064 4.00 37,580 5.00 
Bank of Blue Valley155,002 10.75 57,676 4.00 72,095 5.00 
First Bank & Trust267,169 9.29 115,026 4.00 143,782 5.00 

The ability of HTLF to pay dividends to its stockholders is dependent upon dividends paid by its subsidiaries. HTLF Bank is subject to certain statutory and regulatory restrictions on the amount it may pay in dividends. To maintain acceptable capital ratios for the HTLF Bank, certain portions of their retained earnings are not available for the payment of dividends. Retained earnings that could be available for the payment of dividends to HTLF totaled approximately $743.3 million as of December 31, 2023, under the most restrictive minimum capital requirements. Retained earnings that could be available for the payment of dividends to HTLF totaled approximately $436.9 million as of December 31, 2023, under the capital requirements to remain well capitalized.
v3.24.0.1
FAIR VALUE
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE
FAIR VALUE

HTLF utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities carried at fair value, which include available for sale, trading securities and equity securities with a readily determinable fair value, and derivatives are recorded in the consolidated balance sheets at fair value on a recurring basis. Additionally, from time to time, HTLF may be required to record at fair value other assets on a nonrecurring basis such as loans held for sale, loans held to maturity and certain other assets including, but not limited to, mortgage servicing rights and other real estate owned. These nonrecurring fair value adjustments typically involve application of lower of cost or fair value accounting or write-downs of individual assets.

Fair Value Hierarchy

Under ASC 820, assets and liabilities are grouped at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are:

Level 1 — Valuation is based upon quoted prices for identical instruments in active markets.

Level 2 — Valuation is based upon quoted prices for similar instruments in active markets, or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3 — Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. The following is a description of valuation methodologies used for assets and liabilities recorded at fair value on a recurring or non-recurring basis.

Assets

Securities Available for Sale and Held to Maturity
Securities available for sale are recorded at fair value on a recurring basis. Securities held to maturity are generally recorded at cost. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security's credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, as well as U.S. Treasury securities. Level 2 securities include U.S. government and agency securities, mortgage and asset-backed securities and private collateralized mortgage obligations, municipal bonds, equity securities and corporate debt securities. On a quarterly basis, a secondary independent pricing service is used for the securities portfolio to validate the pricing from HTLF's primary pricing service.

Equity Securities with a Readily Determinable Fair Value
Equity securities with a readily determinable fair value generally include Community Reinvestment Act mutual funds and are classified as Level 2 due to the infrequent trading of these securities. The fair value is based on the price per share.

Loans Held for Sale
Loans held for sale are carried at the lower of cost or fair value on an aggregate basis. The fair value of loans held for sale is based on what secondary markets are currently offering for portfolios with similar characteristics. As such, HTLF classifies loans held for sale subjected to nonrecurring fair value adjustments as Level 2.

Loans Held to Maturity
HTLF does not record loans held to maturity at fair value on a recurring basis. However, from time to time, certain loans are considered collateral dependent and an allowance for credit losses is established. The fair value of individually assessed loans is measured using the fair value of the collateral. In accordance with ASC 820, individually assessed loans measured at fair value are classified as nonrecurring Level 3 in the fair value hierarchy.

Premises, Furniture and Equipment Held for Sale
HTLF values premises, furniture and equipment held for sale based on third-party appraisals less estimated disposal costs. HTLF considers third-party appraisals, as well as independent fair value assessments from realtors or persons involved in
selling bank premises, furniture and equipment, in determining the fair value of particular properties. Accordingly, the valuation of premises, furniture and equipment held for sale is subject to significant external and internal judgment. HTLF periodically reviews premises, furniture and equipment held for sale to determine if the fair value of the property, less disposal costs, has declined below its recorded book value and records any adjustments accordingly. Premises, furniture and equipment held for sale are measured at fair value and are classified as nonrecurring Level 3 in the fair value hierarchy.

Mortgage Servicing Rights
Mortgage servicing rights assets represent the value associated with servicing residential real estate loans that have been sold to outside investors with servicing retained. The fair value for servicing assets is determined through discounted cash flow analysis and utilizes discount rates, prepayment speeds and delinquency rate assumptions as inputs. All these assumptions require a significant degree of management estimation and judgment. Mortgage servicing rights are subject to impairment testing. The carrying values of these rights are reviewed quarterly for impairment based upon the calculation of fair value as performed by an outside third-party. For purposes of measuring impairment, the rights are stratified into certain risk characteristics including note type and note term. If the valuation model reflects a value less than the carrying value, mortgage servicing rights are adjusted to fair value through a valuation allowance. HTLF classifies mortgage servicing rights as nonrecurring with Level 3 measurement inputs.

On March 31, 2023, HTLF sold its mortgage servicing rights portfolio. The transaction qualified as a sale, and $7.7 million of mortgage servicing rights were derecognized on the consolidated balance sheet as of March 31, 2023. The book value and fair value were both $0 as of March 31, 2023.

Derivative Financial Instruments
HTLF's current interest rate risk strategy includes cash flow hedges and interest rate swaps. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. To comply with the provisions of ASC 820, HTLF incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, HTLF has considered the impact of netting any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Although HTLF has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2023, and December 31, 2022, HTLF has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, HTLF has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Interest Rate Lock Commitments
HTLF uses an internal valuation model that relies on internally developed inputs to estimate the fair value of its interest rate lock commitments which is based on unobservable inputs that reflect management's assumptions and specific information about each borrower. Interest rate lock commitments are classified in Level 3 of the fair value hierarchy.

Forward Commitments
The fair value of forward commitments is estimated using an internal valuation model, which includes current trade pricing for similar financial instruments in active markets that HTLF has the ability to access and are classified in Level 2 of the fair value hierarchy.

Other Real Estate Owned
Other real estate owned ("OREO") represents property acquired through foreclosures and settlements of loans. Property acquired is carried at the fair value of the property at the time of acquisition (representing the property's cost basis), plus any acquisition costs, or the estimated fair value of the property, less disposal costs. HTLF considers third-party appraisals, as well as independent fair value assessments from realtors or persons involved in selling OREO, in determining the fair value of particular properties. Accordingly, the valuation of OREO is subject to significant external and internal judgment. HTLF periodically reviews OREO to determine if the fair value of the property, less disposal costs, has declined below its recorded book value and records any adjustments accordingly. OREO is classified as nonrecurring Level 3 of the fair value hierarchy.
The tables below present HTLF's assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023, and December 31, 2022, in thousands, aggregated by the level in the fair value hierarchy within which those measurements fall:
Total Fair ValueLevel 1Level 2Level 3
December 31, 2023
Assets
Securities available for sale
U.S. treasuries$32,118 $32,118 $— $— 
U.S. agencies14,530 — 14,530 — 
Obligations of states and political subdivisions741,245 — 741,245 — 
Mortgage-backed securities - agency1,393,629 — 1,393,629 — 
Mortgage-backed securities - non-agency1,529,128 — 1,529,128 — 
Commercial mortgage-backed securities - agency64,788 — 64,788 — 
Commercial mortgage-backed securities - non-agency514,858 — 514,858 — 
Asset-backed securities217,370 — 217,370 — 
Corporate bonds 118,169 — 118,169 — 
Equity securities with a readily determinable fair value21,056 — 21,056 — 
Derivative financial instruments(1)
84,904 — 84,904 — 
Interest rate lock commitments— — — — 
Forward commitments— — — — 
Total assets at fair value$4,731,795 $32,118 $4,699,677 $— 
Liabilities
Derivative financial instruments(2)
$84,249 $— $84,249 $— 
Forward commitments— — — — 
Total liabilities at fair value$84,249 $— $84,249 $— 
(1) Includes interest rate swaps, fair value hedges, embedded derivatives, and back-to-back loan swaps.
(2) Includes fair value hedges, back-to-back loan swaps and free-standing derivatives.
Total Fair ValueLevel 1Level 2Level 3
December 31, 2022
Assets
Securities available for sale
U.S. treasuries$31,699 $31,699 $— $— 
U.S. agencies43,135 — 43,135 — 
Obligations of states and political subdivisions879,437 — 879,437 — 
Mortgage-backed securities - agency1,772,105 — 1,772,105 — 
Mortgage-backed securities - non-agency2,181,876 — 2,181,876 — 
Commercial mortgage-backed securities - agency85,123 — 85,123 — 
Commercial mortgage-backed securities - non-agency659,459 — 659,459 — 
Asset-backed securities416,054 — 416,054 — 
Corporate bonds 57,942 — 57,942 — 
Equity securities20,314 — 20,314 — 
Derivative financial instruments(1)
46,293 — 46,293 — 
Interest rate lock commitments174 — — 174 
Forward commitments47 — 47 — 
Total assets at fair value$6,193,658 $31,699 $6,161,785 $174 
Liabilities
Derivative financial instruments(2)
$46,226 $— $46,226 $— 
Forward commitments99 — 99 — 
Total liabilities at fair value$46,325 $— $46,325 $— 
(1) Includes embedded derivatives, back-to-back loan swaps and cash flow hedges.
(2) Includes cash flow hedges, fair value hedges, back-to-back loan swaps and free-standing derivative instruments.

The tables below present HTLF's assets that are measured at fair value on a nonrecurring basis, in thousands:
Fair Value Measurements at December 31, 2023
Total
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
 Inputs
(Level 3)
(Gains)/Losses
Collateral dependent individually assessed loans:
Commercial and industrial$23,422 $— $— $23,422 $554 
Owner occupied commercial real estate 30,400 — — 30,400 — 
Non-owner occupied commercial real estate— — — — — 
Real estate construction 642 — — 642 — 
Agricultural and agricultural real estate4,768 — — 4,768 5,309 
Residential real estate 741 — — 741 — 
Total collateral dependent individually assessed loans $59,973 $— $— $59,973 $5,863 
Loans held for sale$5,071 $— $5,071 $— $— 
Other real estate owned12,548 — — 12,548 2,967 
Premises, furniture and equipment held for sale 4,069 — — 4,069 2,786 
Servicing rights — — — — — 
Fair Value Measurements at December 31, 2022
Total
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
 Inputs
(Level 3)
(Gains)/Losses
Collateral dependent individually assessed loans:
Commercial and industrial$12,042 $— $— $12,042 $4,186 
Owner occupied commercial real estate7,556 — — 7,556 — 
Non-owner occupied commercial real estate11,371 — — 11,371 — 
Real estate construction1,518 — — 1,518 — 
Agricultural and agricultural real estate3,788 — — 3,788 — 
Residential real estate1,607 — — 1,607 — 
Total collateral dependent impaired loans$37,882 $— $— $37,882 $4,186 
Loans held for sale$5,277 $— $5,277 $— $(116)
Other real estate owned8,401 — — 8,401 180 
Premises, furniture and equipment held for sale 6,851 — — 6,851 1,562 
Servicing rights 7,840 — — 7,840 516 

The following tables present additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which HTLF has utilized Level 3 inputs to determine fair value, in thousands:
Fair Value at 12/31/23Valuation TechniqueUnobservable InputRange (Weighted Average)
Premises, furniture and equipment held for sale$4,069 Modified appraised valueThird-party appraisal(1)
Appraisal discount
0-10%(2)
Other real estate owned12,548 Modified appraised valueThird-party appraisal(1)
Appraisal discounts
0-10%(2)
Collateral dependent individually assessed loans:
Commercial and industrial23,422 Modified appraised valueThird-party appraisal
(1)
Appraisal discount
0-12%(2)
Owner occupied commercial real estate30,400 Modified appraised valueThird-party appraisal
(1)
Appraisal discount
0-20%(2)
Non-owner occupied commercial real estate — Modified appraised valueThird-party appraisal
(1)
Appraisal discount
0-10%(2)
Real estate construction 642 Modified appraised valueThird-party appraisal(1)
Appraisal discount
0-10%(2)
Agricultural and agricultural real estate4,768 Modified appraised valueThird-party appraisal(1)
Appraisal discount
0%-10%(2)
Residential real estate741 Modified appraised valueThird-party appraisal(1)
Appraisal discount
0-10%(2)
(1) Third-party appraisals are obtained and updated at least annually to establish the value of the underlying asset, but the disclosure of the unobservable inputs used by the appraisers would not be meaningful because the range will vary widely from appraisal to appraisal.
(2) Discounts applied to the appraised values primarily include estimated sales costs, but also consider the age of the appraisal, changes in local market conditions and changes in the current condition of the collateral.
Fair Value at 12/31/22Valuation TechniqueUnobservable InputRange (Weighted Average)
Interest rate lock commitments $174 Discounted cash flowsClosing ratio
0 - 99% (88%)(1)
Premises, furniture and equipment held for sale6,851 Modified appraised valueThird-party appraisal
(2)
Appraisal discount
0-10%(3)
Other real estate owned8,401 Modified appraised valueThird-party appraisal
(2)
Appraisal discounts
0-10%(3)
Servicing rights 7,840 Discounted cash flowsDiscount rate
9.98 - 11.72% (10.02%)(4)
Constant prepayment rate
7.8 - 14.2% (7.9%)(4)
Collateral dependent individually assessed loans:
Commercial and industrial12,042 Modified appraised valueThird-party appraisal
(2)
Appraisal discount
0-10%(3)
Owner occupied commercial real estate7,556 Modified appraised valueThird-party appraisal
(2)
Appraisal discounts
0-10%(3)
Non-owner occupied commercial real estate11,371 Modified appraised valueThird-party appraisal
(2)
Appraisal discounts
0-10%(3)
Real estate construction 1,518 Modified appraised valueThird-party appraisal
(2)
Appraisal discount
0-10%(3)
Agricultural and agricultural real estate3,788 Modified appraised valueThird-party appraisal
(2)
Appraisal discount
0-15%(3)
Residential real estate1,607 Modified appraised valueThird-party appraisal
(2)
Appraisal discount
0-10%(3)
(1) The significant unobservable input used in the fair value measurement is the closing ratio, which represents the percentage of loans currently in a lock position which management estimates will ultimately close. The closing ratio calculation takes into consideration historical data and loan-level data.
(2) Third-party appraisals are obtained and updated at least annually to establish the value of the underlying asset, but the disclosure of the unobservable inputs used by the appraisers would not be meaningful because the range will vary widely from appraisal to appraisal.
(3) Discounts applied to the appraised values primarily include estimated sales costs, but also consider the age of the appraisal, changes in local market conditions and changes in the current condition of the collateral.
(4) The significant unobservable inputs used in the discounted cash flow analysis are the discount rate and constant prepayment rate.

The changes in fair value of the interest rate lock commitments, which are Level 3 financial instruments and are measured on a recurring basis, are summarized in the following table, in thousands:
For the Years Ended
December 31, 2023December 31, 2022
Balance at January 1,$174 $1,306 
Total gains (losses), net, included in earnings(290)(1,828)
Issuances1,864 3,683 
Settlements(1,748)(2,987)
Balance at period end$— $174 

Gains included in net gains on sale of loans held for sale attributable to interest rate lock commitments held at December 31, 2023, and December 31, 2022, were $0 and $174,000, respectively.

The table below is a summary of the estimated fair value of HTLF's financial instruments (as defined by ASC 825) as of December 31, 2023, and December 31, 2022, in thousands. The carrying amounts in the following table are recorded in the consolidated balance sheets under the indicated captions. In accordance with ASC 825, the assets and liabilities that are not financial instruments are not included in the disclosure, including the value of the commercial and mortgage servicing rights, premises, furniture and equipment, premises, furniture and equipment held for sale, OREO, goodwill, other intangibles and other liabilities.
HTLF does not believe that the estimated information presented below is representative of the earnings power or value of HTLF. The following analysis, which is inherently limited in depicting fair value, also does not consider any value associated with either existing customer relationships or the ability of HTLF to create value through loan origination, obtaining deposits or fee generating activities. Many of the estimates presented below are based upon the use of highly subjective information and assumptions and, accordingly, the results may not be precise. Management believes that fair value estimates may not be comparable between financial institutions due to the wide range of permitted valuation techniques and numerous estimates which must be made. Furthermore, because the disclosed fair value amounts were estimated as of the balance sheet date, the amounts actually realized or paid upon maturity or settlement of the various financial instruments could be significantly different.
Fair Value Measurements at
December 31, 2023
Carrying
Amount		Estimated
Fair
Value		Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
 Inputs
(Level 3)
Financial assets:
Cash and cash equivalents$323,013 $323,013 $323,013 $— $— 
Time deposits in other financial institutions1,240 1,240 1,240 — — 
Securities:
Carried at fair value 4,646,891 4,646,891 32,118 4,614,773 — 
Held to maturity838,241 816,399 — 816,399 — 
Other investments91,277 91,277 — 91,277 — 
Loans held for sale5,071 5,071 — 5,071 — 
Loans, net:
Commercial3,611,368 3,396,628 — 3,373,206 23,422 
PPP2,777 2,777 — 2,777 — 
Owner occupied commercial real estate2,621,019 2,444,540 — 2,414,140 30,400 
Non-owner occupied commercial real estate2,536,462 2,393,931 — 2,393,931 — 
Real estate construction 982,943 979,105 — 978,463 642 
Agricultural and agricultural real estate914,892 839,572 — 834,804 4,768 
Residential real estate791,984 687,428 — 686,687 741 
Consumer484,634 465,686 — 465,686 — 
Total Loans, net11,946,079 11,209,667 — 11,149,694 59,973 
Cash surrender value on life insurance197,085 197,085 — 197,085 — 
Derivative financial instruments(1)
84,904 84,904 — 84,904 — 
Financial liabilities:
Deposits
Demand deposits$4,500,304 $4,500,304 $— $4,500,304 $— 
Savings deposits8,805,597 8,805,597 — 8,805,597 — 
Time deposits2,895,813 2,895,813 — 2,895,813 — 
Borrowings622,255 622,255 — 622,255 — 
Term debt372,396 374,017 — 374,017 — 
Derivative financial instruments(2)
84,249 84,249 — 84,249 — 
(1) Includes interest rate swaps, fair value hedges, embedded derivatives, and back-to-back loan swaps.
(2) Includes fair value hedges, back-to-back loan swaps and undesignated interest rate swaps.
Fair Value Measurements at
December 31, 2022
Carrying
Amount		Estimated
Fair
Value		Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
 Inputs
(Level 3)
Financial assets:
Cash and cash equivalents$363,087 $363,087 $363,087 $— $— 
Time deposits in other financial institutions1,740 1,740 1,740 — — 
Securities:
Carried at fair value6,147,144 6,147,144 31,699 6,115,445 — 
Held to maturity829,403 776,557 — 776,557 — 
Other investments
74,567 74,567 — 74,567 — 
Loans held for sale5,277 5,277 — 5,277 — 
Loans, net:
Commercial and industrial3,435,343 3,270,127 — 3,258,085 12,042 
PPP11,025 11,025 — 11,025 — 
Owner occupied commercial real estate2,251,359 2,084,665 — 2,077,109 7,556 
Non-owner occupied commercial real estate2,314,401 2,184,796 — 2,173,425 11,371 
Real estate construction 1,046,084 1,039,244 — 1,037,726 1,518 
Agricultural and agricultural real estate917,876 842,637 — 838,849 3,788 
Residential real estate845,650 741,325 — 739,718 1,607 
Consumer497,131 480,018 — 480,018 — 
Total Loans, net
11,318,869 10,653,837 — 10,615,955 37,882 
Financial assets
Cash surrender value on life insurance$193,403 $193,403 $— $193,403 $— 
Derivative financial instruments(1)
46,293 46,293 — 46,293 — 
Interest rate lock commitments 174 174 — — 174 
Forward commitments 47 47 — 47 — 
Financial liabilities:
Deposits
Demand deposits
5,701,340 5,701,340 — 5,701,340 — 
Savings deposits
9,994,391 9,994,391 — 9,994,391 — 
Time deposits
1,817,278 1,817,278 — 1,817,278 — 
Borrowings376,117 376,117 — 376,117 — 
Term debt371,753 372,473 — 372,473 — 
Derivative financial instruments(2)
46,226 46,226 — 46,226 — 
Forward commitments 99 99 — 99 — 
(1) Includes interest rate swaps, fair value hedges, embedded derivatives and back-to-back loan swaps.
(2) Includes fair value hedges, back-to-back loan swaps and undesignated interest rate swaps.

Cash and Cash Equivalents — The carrying amount is a reasonable estimate of fair value due to the short-term nature of these instruments.

Time Deposits in Other Financial Institutions — The carrying amount is a reasonable estimate of the fair value due to the short-term nature of these instruments.
Securities — For equity securities with a readily determinable fair value and debt securities either held to maturity, available for
sale or trading, fair value equals quoted market price if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. For Level 3 securities, HTLF utilizes independent pricing provided by third-party vendors or brokers.

Other Investments — Fair value measurement of other investments, which consists primarily of FHLB stock, are based on their redeemable value, which is at cost. The market for these securities is restricted to the issuer of the stock and subject to impairment evaluation.

Loans — The fair value of loans were determined using an exit price methodology. The exit price estimation of fair value is based on the present value of the expected cash flows. The projected cash flows are based on the contractual terms of the loans, adjusted for prepayments and a discount rate based on the relative risk of the cash flows. Other considerations include the loan type, the remaining life of the loan and credit risk.

The fair value of individually assessed or impaired loans is measured using the fair value of the underlying collateral. The fair value of loans held for sale is estimated using quoted market prices or sales contracts.

Cash surrender value on life insurance — Life insurance policies are held on certain officers. The carrying value of these policies approximates fair value as it is based on the cash surrender value adjusted for other charges or amounts due that are probable at settlement. As such, HTLF classifies the estimated fair value of the cash surrender value on life insurance as Level 2.

Derivative Financial Instruments — The fair value of all derivatives is estimated based on the amount that HTLF would pay or would be paid to terminate the contract or agreement, using current rates, and when appropriate, the current creditworthiness of the counterparty.

Interest Rate Lock Commitments — The fair value of interest rate lock commitments is estimated using an internal valuation model, which includes grouping the interest rate lock commitments by interest rate and terms, applying an estimated closing ratio based on historical experience, and then multiplying by quoted investor prices determined to be reasonably applicable to the loan commitment groups based on interest rate, terms, and rate lock expiration dates of the loan commitment group.

Forward Commitments — The fair value of these instruments is estimated using an internal valuation model, which includes current trade pricing for similar financial instruments.

Deposits — The fair value of demand deposits, savings accounts and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. If the fair value of the fixed maturity certificates of deposit is calculated at less than the carrying amount, the carrying value of these deposits is reported as the fair value.

Borrowings and Term Debt — Rates currently available to HTLF for debt with similar terms and remaining maturities are used to estimate fair value of existing debt.

Commitments to Extend Credit, Unused Lines of Credit and Standby Letters of Credit — Based upon management's analysis of the off balance sheet financial instruments, there are no significant unrealized gains or losses associated with these financial instruments based upon review of the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties.
v3.24.0.1
REVENUE
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE
REVENUE

ASC 606, Revenue from Contracts with Customers, requires revenue to be recognized at an amount that reflects the consideration to which HTLF expects to be entitled in exchange for transferring goods or services to a customer. ASC 606 applies to all contracts with customers to provide goods or services in the ordinary course of business, except for contracts that are specifically excluded from its scope. The majority of HTLF's revenue streams including interest income, loan servicing income, net securities gain and losses, net unrealized gains and losses on equity securities, net gains on sale of loans held for sale, valuation adjustment on servicing rights, income from bank owned life insurance and other noninterest income are outside the scope of ASC 606. Revenue streams including service charges and fees, interchange fees on credit and debit cards, trust fees and brokerage and insurance commissions are within the scope of ASC 606.
Service Charges and Fees
Service charges and fees consist of revenue generated from deposit account related service charges and fees, overdraft fees, customer service fees and other service charges, credit card fee income, debit card income and other service charges and fees.

Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders and other deposit account related fees. HTLF's performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees, including overdraft fees, are largely transaction based, and therefore, the performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts.

Customer service fees and other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. HTLF's performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month.

Credit card fee income and debit card income are comprised of interchange fees, ATM fees, and merchant services income. Credit card fee income and debit card income are earned whenever HTLF Bank's debit and credit cards are processed through card payment networks such as Visa. ATM fees are primarily generated when a Bank cardholder uses an ATM that is not owned by one of HTLF's Banks or a non-bank cardholder uses HTLF-owned ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees.

Trust Fees
Trust fees are primarily comprised of fees earned from the management and administration of trusts and other customer assets. HTLF's performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the average daily market value or month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days before or after month end through a direct charge to customers’ accounts. HTLF does not earn performance-based incentives. Optional services such as real estate sales and tax return preparation services are also available to existing trust and asset management customers. HTLF's performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered.

Brokerage and Insurance Commissions
Brokerage commission primarily consists of commissions related to broker-dealer contracts. The contracts are between the customer and the broker-dealer, and HTLF satisfies its performance obligation and earns commission when the transactions are completed. The recognition of revenue is based on a defined fee schedule and does not require significant judgment. Payment is received shortly after services are rendered. Insurance commissions are related to commissions received directly from the insurance carrier. HTLF acts as an insurance agent between the customer and the insurance carrier. HTLF's performance obligations and associated fee and commission income are defined with each insurance product with the insurance company. When insurance payments are received from customers, a portion of the payment is recognized as commission revenue.
The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the year ended December 31, 2023, 2022, and 2021, in thousands:
For the Years Ended December 31,
202320222021
In-scope of Topic 606
Service charges and fees
Service charges and fees on deposit accounts$21,037 $18,625 $16,414 
Overdraft fees11,878 12,136 11,005 
Customer service and other service fees358 375 220 
Credit card fee income31,102 27,560 21,623 
Debit card income9,649 9,335 10,441 
Total service charges and fees74,024 68,031 59,703 
Trust fees20,715 22,570 24,417 
Brokerage and insurance commissions2,794 2,986 3,546 
Total noninterest income in-scope of Topic 606$97,533 $93,587 $87,666 
Out-of-scope of Topic 606
Loan servicing income$1,561 $2,741 $3,276 
Capital markets fees10,007 11,543 1,324 
Securities gains (losses), net(141,539)(425)5,910 
Unrealized gain (loss) on equity securities, net240 (622)58 
Net gains on sale of loans held for sale3,880 9,032 20,605 
Valuation adjustment on servicing rights— 1,658 1,088 
Income on bank owned life insurance3,771 2,341 3,762 
Other noninterest income3,621 8,409 5,246 
Total noninterest income out-of-scope of Topic 606(118,459)34,677 41,269 
Total noninterest income$(20,926)$128,264 $128,935 

Contract Balances
HTLF does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of December 31, 2023, 2022, and 2021, HTLF did not have any significant contract balances or capitalized contract acquisition costs.
v3.24.0.1
PARENT COMPANY ONLY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY ONLY FINANCIAL INFORMATION
PARENT COMPANY ONLY FINANCIAL INFORMATION

Condensed financial information for Heartland Financial USA, Inc. is as follows:
BALANCE SHEETS (Dollars in thousands)
 December 31,
 20232022
Assets:  
Cash and interest-bearing deposits$288,203 $307,026 
Investment in subsidiaries1,971,014 1,747,188 
Other assets72,501 94,953 
Total assets$2,331,718 $2,149,167 
Liabilities and Stockholders’ equity:
Borrowings$372,316 $370,930 
Accrued expenses and other liabilities26,285 43,182 
Total liabilities398,601 414,112 
Stockholders’ equity:
Preferred stock110,705 110,705 
Common stock42,688 42,467 
Capital surplus1,090,740 1,080,964 
Retained earnings1,141,501 1,120,925 
Accumulated other comprehensive loss(452,517)(620,006)
Total stockholders’ equity1,933,117 1,735,055 
Total liabilities and stockholders’ equity$2,331,718 $2,149,167 
INCOME STATEMENTS (Dollars in thousands)
 For the Years Ended December 31,
 202320222021
Operating revenues:   
Dividends from subsidiaries$50,000 $142,500 $163,500 
Other1,486 1,200 1,885 
Total operating revenues51,486 143,700 165,385 
Operating expenses: 
Interest22,637 16,886 12,851 
Salaries and employee benefits4,610 7,225 7,509 
Professional fees8,807 11,594 5,161 
Other operating expenses9,287 10,474 10,984 
Total operating expenses45,341 46,179 36,505 
Equity in undistributed earnings57,799 98,983 75,368 
Income before income tax benefit63,944 196,504 204,248 
Income tax benefit15,976 15,676 15,675 
Net income79,920 212,180 219,923 
Preferred dividends(8,050)(8,050)(8,050)
Net income available to common stockholders$71,870 $204,130 $211,873 
STATEMENTS OF CASH FLOWS (Dollars in thousands)
 For the Years Ended December 31,
 202320222021
Cash flows from operating activities:   
Net income$79,920 $212,180 $219,923 
Adjustments to reconcile net income to net cash provided by operating activities: 
Undistributed earnings of subsidiaries(57,799)(98,983)(75,368)
Increase (decrease) in accrued expenses and other liabilities(17,090)(8,946)8,723 
Increase (decrease) in other assets
23,335 (13,933)(13,069)
Excess tax (expense) benefit from stock-based compensation(123)131 312 
Other, net11,537 9,958 12,632 
Net cash provided by operating activities39,780 100,407 153,153 
Cash flows from investing activities: 
Capital contributions to subsidiaries— — (34,000)
Net cash used by investing activities— — (34,000)
Cash flows from financing activities: 
Proceeds from borrowings— — 147,614 
Repayments of borrowings— — (44,417)
Cash dividends paid(59,151)(54,249)(48,559)
Proceeds from issuance of common stock548 1,038 1,311 
Net cash provided by (used in) by financing activities(58,603)— (53,211)— 55,949 
Net increase (decrease) in cash and cash equivalents
(18,823)47,196 175,102 
Cash and cash equivalents at beginning of year307,026 259,830 84,728 
Cash and cash equivalents at end of year$288,203 $307,026 $259,830 
Supplemental disclosure:
Dividends declared, not paid 2,013 2,013 2,013 
Net assets from dissolved subsidiary
883 — — 
v3.24.0.1
LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASES
LEASES

HTLF, as lessee, leases certain assets for use in its operations. Leased assets primarily include real estate property for retail branches, ATM locations and operations centers with terms extending through 2031. All HTLF's leases are classified as operating leases. HTLF excludes leases with an original term of twelve months or less and equipment leases (deemed immaterial) on the consolidated balance sheets. HTLF leases some of its facilities to third parties and receives rental income from such lease agreements which is not significant.

The table below presents HTLF's right-of-use ("ROU") assets and lease liabilities as of December 31, 2023 and December 31, 2022, in thousands:
As of December 31,
Classification20232022
Operating lease right-of-use assets Other assets$25,859 $29,429 
Operating lease liabilitiesAccrued expenses and other liabilities$29,333 $31,681 

The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. HTLF’s lease agreements often include one or more options to renew at HTLF’s discretion. If at lease inception, HTLF considers the exercising of a renewal option to be reasonably certain, HTLF will include the extended term in the calculation of the ROU asset and lease liability. HTLF utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. The variable lease cost primarily represents variable payments such as common area maintenance and utilities.
The table below presents the lease costs and supplemental information as of December 31, 2023, 2022, and 2021, in thousands:
Income Statement CategoryAs of December 31,
Lease Cost202320222021
Operating lease costOccupancy expense$7,768 $7,256 $8,013 
Variable lease costOccupancy expense11 16 47 
Total lease cost$7,779 $7,272 $8,060 
Supplemental Information
Noncash reduction of ROU assetsOccupancy expense$1,164 $32 $1,244 
Noncash reduction lease liabilitiesOccupancy expense— 10 — 
Supplemental balance sheet informationAs of December 31, 2023
Weighted-average remaining operating lease term (in years)5.53
Weighted-average discount rate for operating leases3.08 %

Included in the noncash reduction of ROU assets in 2023 and 2022 are expenses related to lease modifications and ROU acceleration related to lease abandonments.

HTLF recorded $63,000 of impairment on one lease in 2023, which was recorded in gain (loss) on sales/valuations of assets, net. HTLF recorded $360,000 of impairment on two leases in 2022, and no impairment on leases in 2021.

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities as of December 31, 2023 is as follows, in thousands:
Year ending December 31,
2024$6,386 
20256,221 
20265,535 
20274,581 
20283,997 
Thereafter5,219 
Total lease payments$31,939 
Less interest(2,606)
Present value of lease liabilities$29,333 
v3.24.0.1
SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
 12 Months Ended
Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]  
SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
(Dollars in thousands, except per share data)
As of and for the Quarter Ended
2023December 31September 30June 30March 31
Net interest income$156,137 $145,756 $147,132 $152,212 
Provision for credit losses11,738 1,516 5,379 3,074 
Net interest income after provision for credit losses144,399 144,240 141,753 149,138 
Noninterest income(111,801)28,383 32,493 29,999 
Noninterest expense130,285 111,053 109,446 111,043 
Income taxes(27,324)13,479 15,384 15,318 
Net income (loss)(70,363)48,091 49,416 52,776 
Preferred dividends(2,012)(2,013)(2,012)(2,013)
Net income (loss) available to common stockholders$(72,375)$46,078 $47,404 $50,763 
Per share:
Earnings (loss) per share-basic$(1.69)$1.08 $1.11 $1.19 
Earnings (loss) per share-diluted(1.69)1.08 1.11 1.19 
Cash dividends declared on common stock0.30 0.30 0.30 0.30 
Book value per common share42.69 40.20 41.00 40.38 
Weighted average common shares outstanding42,770,347 42,760,406 42,695,522 42,614,806 
Weighted average diluted common shares outstanding42,838,405 42,812,563 42,757,603 42,742,878 
(Dollars in thousands, except per share data)
As of and for the Quarter Ended
2022December 31September 30June 30March 31
Net interest income$165,220 $155,876 $142,461 $134,679 
Provision for credit losses3,387 5,492 3,246 3,245 
Net interest income after provision for credit losses161,833 150,384 139,215 131,434 
Noninterest income29,975 29,181 34,539 34,569 
Noninterest expense117,218 108,883 106,479 110,797 
Income taxes13,936 14,118 15,402 12,117 
Net income60,654 56,564 51,873 43,089 
Preferred dividends(2,012)(2,013)(2,012)(2,013)
Net income available to common stockholders$58,642 $54,551 $49,861 $41,076 
Per share:
Earnings per share-basic$1.38 $1.28 $1.17 $0.97 
Earnings per share-diluted1.37 1.28 1.17 0.97 
Cash dividends declared on common stock0.28 0.27 0.27 0.27 
Book value per common share38.25 36.41 39.19 42.98 
Weighted average common shares outstanding42,578,977 42,574,557 42,474,835 42,359,582 
Weighted average diluted common shares outstanding42,699,752 42,643,940 42,565,391 42,540,953 
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Principles of Presentation
Principles of Presentation - The consolidated financial statements include the accounts of HTLF and its subsidiaries: HTLF Bank; DB&T Community Development Corp.; Heartland Community Development, Inc.; Heartland Financial USA, Inc. Insurance Services; Heartland Financial Statutory Trust IV; Heartland Financial Statutory Trust V; Heartland Financial Statutory Trust VI; Heartland Financial Statutory Trust VII; Morrill Statutory Trust I; Morrill Statutory Trust II; Sheboygan Statutory Trust I, CBNM Capital Trust I, Citywide Capital Trust III, Citywide Capital Trust IV, Citywide Capital Trust V, OCGI Statutory Trust III, OCGI Capital Trust IV, BVBC Capital Trust II, and BVBC Capital Trust III. All HTLF’s subsidiaries are wholly-owned as of December 31, 2023.

As of December 31, 2023, HTLF Bank and its respective bank brands listed below operated as divisions of HTLF Bank:
•Arizona Bank & Trust
•Bank of Blue Valley
•Citywide Banks
•Dubuque Bank & Trust
•First Bank & Trust
•Illinois Bank & Trust
•Minnesota Bank & Trust
•New Mexico Bank & Trust
•Premier Valley Bank
•Rocky Mountain Bank
•Wisconsin Bank & Trust

During the first quarter of 2023, HTLF reclassified swap and loan syndication income (collectively, "capital markets fees") to capital markets fees from other noninterest income on the consolidated statements of income, and all prior periods have been adjusted.

During the second quarter of 2023, HTLF reclassified Federal Deposit Insurance Corporation ("FDIC") insurance premiums to FDIC insurance assessments from professional fees on the consolidated statements of income, and all prior periods have been adjusted.

In the second quarter of 2023, HTLF amended and restated its Certificate of Incorporation and filed Certificates of Elimination with the state of Delaware with respect to Series A, B, C, and D preferred stock issuances, which returned these previously designated shares to authorized but unissued. The following shows the details of Series A, B, C and D preferred stock at December 31, 2022:
•Series A Junior Participating preferred stock-par value $1 per share; authorized 16,000 shares; none issued or outstanding at December 31, 2022
•Series B Fixed Rate Cumulative Perpetual Preferred Stock-par value $1 per share; 81,698 shares authorized at December 31, 2022; none issued or outstanding at December 31, 2022
•Series C Senior Non-Cumulative Perpetual Preferred Stock-par value $1 per share; 81,698 shares authorized at December 31, 2022; none issued or outstanding at December 31, 2022
•Series D Senior Non-Cumulative Perpetual Convertible Preferred Stock-par value $1 per share; 3,000 shares authorized at December 31, 2022; none issued or outstanding at December 31, 2022
After the cancellation of Series A, B, C and D preferred shares, total undesignated preferred shares authorized increased to 188,500 from 6,104 at December 31, 2022, of which none were issued or outstanding at both December 31, 2023 and December 31, 2022.

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and prevailing practices within the banking industry. In preparing such financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheets and revenues and expenses for the years then ended. Actual results could differ significantly from those estimates. A material estimate that is particularly susceptible to significant change relates to the determination of the allowance for credit losses.
Business Combinations
Business Combinations - HTLF applies the acquisition method of accounting in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 805, Business Combinations. Under the acquisition method, HTLF recognizes assets acquired, including identified intangible assets, and the liabilities assumed in acquisitions at fair value as of the acquisition date, with the acquisition-related transaction costs expensed in the period incurred. Determining the fair value of assets acquired and liabilities assumed often involves estimates based on third-party valuations, such as appraisals, or internal valuations based on discounted cash flow analyses or other valuation techniques that may include estimates of attrition, inflation, asset growth rates, discount rates, multiples of earnings or other relevant factors. In addition, the determination of the useful lives over which an intangible asset will be amortized is subjective.
Cash and Cash Equivalents
Cash and Cash Equivalents - For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest bearing deposits held at the Federal Reserve Bank, federal funds sold to other banks and other short-term investments. Generally, federal funds are purchased and sold for one-day periods.
Trading Securities, Available for Sale Debt Securities and Equity Securities, Allowance for Credit Losses on AFS Debt Securities, Securities, Securities Held to Maturity, and Allowance for Credit Losses on Held to Maturity Debt Securities
Trading Securities - Trading securities represent those securities HTLF intends to actively trade and are stated at fair value with changes in fair value reflected in noninterest income. HTLF had no trading securities at both December 31, 2023 and 2022.

Available for Sale ("AFS") Debt Securities and Equity Securities - Available for sale securities consist of those securities not classified as held to maturity or trading, which management intends to hold for indefinite periods of time or that may be sold in response to changes in interest rates, prepayments or other similar factors. Available for sale securities are stated at fair value with any unrealized gain or loss, net of applicable income tax, reported as a separate component of stockholders’ equity. Security premiums and discounts are amortized/accreted using the interest method over the period from the purchase date to the expected maturity or call date of the related security.

HTLF reviews the investment securities portfolio at the security level on a quarterly basis for potential credit losses, which takes into consideration numerous factors, and the relative significance of any single factor can vary by security. Some factors HTLF may consider include changes in security ratings, the financial condition of the issuer, as well as security and industry-specific economic conditions. In addition, regarding debt securities, HTLF may also evaluate payment structure, whether there are defaulted payments or expected defaults, prepayment speeds and the value of any underlying collateral. For certain debt securities in unrealized loss positions, HTLF prepares cash flow analyses to compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security.

Realized securities gains or losses on securities sales (using a specific identification method) are included in securities gains, net in the consolidated statements of income.

Equity securities include Community Reinvestment Act funds with readily determinable fair values and are carried at fair value. Certain equity securities do not have readily determinable fair values, such as Federal Reserve Bank stock and Federal Home Loan Bank stock, which are held for debt and regulatory purposes and are carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes for the identical or similar investment of the same issuer. HTLF did not record any impairment or other adjustments to the carrying amount of these investments during the years ended December 31, 2023, and December 31, 2022.

Allowance for Credit Losses on AFS Debt Securities - HTLF reviews the investment securities portfolio at the security level on a quarterly basis for potential credit losses, which takes into consideration numerous factors, and the relative significance of any single factor can vary by security. Some factors HTLF may consider include changes in security ratings, financial condition of the issuer, as well as security and industry-specific economic conditions. In addition, with regard to debt securities, HTLF may also evaluate payment structure, whether there are defaulted payments or expected defaults, prepayment speeds and the
value of any underlying collateral. For certain debt securities in unrealized loss positions, HTLF prepares cash flow analyses to compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security.

The decline in fair value of an AFS debt security due to credit loss results in recording an allowance for credit losses to the extent the fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through other comprehensive income, net of applicable taxes. Although these evaluations involve judgment, an unrealized loss in the fair value of a debt security is generally considered to not be related to credit when the fair value of the security is below the carrying value primarily due to changes in risk-free interest rates, there has not been significant deterioration in the financial condition of the issuer, and HTLF does not intend to sell nor does it believe it will be required to sell the security before the recovery of its cost basis. HTLF had no allowance for credit losses on AFS debt securities recorded at December 31, 2023, and December 31, 2022.

Securities Held to Maturity - Securities which HTLF has the ability and positive intent to hold to maturity are classified as held to maturity. Such securities are stated at amortized cost, adjusted for premiums and discounts that are amortized/accreted using the interest method over the period from the purchase date to the expected maturity or call date of the related security.
Allowance for Credit Losses on Held to Maturity Debt Securities - HTLF measures expected credit losses on held to maturity debt securities on a collective basis based on security type. The estimate of expected credit losses considers historical credit information that is adjusted for current conditions and supportable forecasts. HTLF's held to maturity debt securities consist primarily of investment grade obligations of states and political subdivisions. The forecast and forecast period used in the calculation of the allowance for credit losses for loans is used in calculating the allowance for credit losses on held to maturity debt securities. HTLF had no allowance for credit losses on held to maturity debt securities recorded at both December 31, 2023, and December 31, 2022.
Loans Held to Maturity, Acquired Loans, Allowance for Credit Losses for Loans, Loans Held for Sale, Other Real Estate
Loans Held to Maturity - Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, which is the principal amount outstanding, net of cumulative charge-offs, unamortized net deferred loan origination fees and costs and unamortized premiums or discounts on purchased loans. HTLF has a loan policy which establishes the credit risk appetite, lending standards and underwriting criteria designed so that HTLF may extend credit in a prudent and sound manner. The HTLF loan policy is reviewed and approved on a regular basis. A reporting system supplements the review process by providing management and the board with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and nonperforming loans and potential problem loans.

HTLF originates commercial and industrial loans and owner occupied commercial real estate loans for a wide variety of business purposes, including lines of credit for capital and operating purposes and term loans for real estate and equipment purchases. Non-owner occupied commercial real estate loans provide financing for various non-owner occupied or income producing properties. Real estate construction loans are generally short-term or interim loans that provide financing for acquiring or developing commercial income properties, multi-family projects or single-family residential homes. Agricultural and agricultural real estate loans provide financing for capital improvements and farm operations, as well as livestock and machinery purchases. Residential real estate loans are originated for the purchase or refinancing of single-family residential properties. Consumer loans include loans for motor vehicles, home improvement, home equity and personal lines of credit.

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. HTLF’s policy is to discontinue the accrual of interest income on any loan when, in the opinion of management, there is a reasonable doubt as to the timely collection of the interest and principal, normally when a loan is 90 days past due. When interest accruals are deemed uncollectible, interest credited to income in the current year is reversed and interest accrued in prior years is charged to the allowance for credit losses. A loan can be restored to accrual status if the borrower has resumed paying the full amount of the scheduled contractual interest and principal payments on the loan, and (1) all principal and interest amounts contractually due (including arrearages) are reasonably assured of repayment within a reasonable period of time, and (2) there is a sustained period of repayment performance (generally a minimum of six months) by the borrower in accordance with the scheduled contractual terms.

Allowance for Credit Losses for Loans - The allowance for credit losses is a valuation account that is deducted from the loans held to maturity amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged-off against the allowance when management believes the loan balance is deemed to be uncollectible. Provisions for credit losses for loans and recoveries on loans previously charged-off by HTLF are added back to the allowance.

HTLF's allowance model is designed to consider the current contractual term of the loan, defined as starting as of the most recent renewal date and ending at maturity date.
Management's estimation of expected credit losses is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts, including expected defaults and prepayments. Historical loss experience is generally the starting point for estimating expected credit losses. Adjustments are made to historical loss experience to reflect differences in asset-specific risk characteristics, such as underwriting standards, portfolio mix or asset terms and differences in economic conditions, both current conditions and reasonable and supportable forecasts. If HTLF is not able to make or obtain reasonable and supportable forecasts for the entire life of the financial asset, it is required to estimate expected credit losses for the remaining life using an approach that reverts to historical credit loss information. The components of the allowance for credit losses are described more specifically below.

Quantitative Factors
The quantitative component of the allowance for credit losses is measured using historical loss experience using a look back period, currently over the most recent 16 years, on a pool basis for loans with similar risk characteristics. HTLF utilizes third-party software to calculate the expected credit losses using two separate methodologies. For certain commercial and agricultural loans, the expected credit losses are calculated through a transition matrix model derived probability of default and loss given default methodology. The transition matrix model determines the life of loan probability of default using the historical transitions of loans between risk ratings and through default. The probability of default and loss given default methodology has been developed using HTLF’s historical loss experience over the look back period. For smaller commercial and agricultural loans, residential real estate loans and consumer loans, a lifetime average historical loss rate is established for each pool of loans based upon an average loss rate calculated using HTLF historical loss experience over the look back period.

The risks in the commercial and industrial loan portfolio include the unpredictability of the cash flow of the borrowers and the variability in the value of the collateral securing the loans. Owner occupied commercial real estate loans depend upon the cash flow of the borrowers and the collateral value of the real estate. Non-owner occupied commercial real estate loans typically depend, in large part, on sufficient income from the properties securing the loans to cover the operating expenses and debt service. Real estate construction loans involve additional risks because funds are advanced based upon estimates of costs and the estimated value of the completed project. Additionally, real estate construction loans have a greater risk of default in a weaker economy because the source of repayment relies on the successful and timely completion of the project. Agricultural and agricultural real estate loans depend upon the profitable operation or management of the farm property securing the loan. Loans secured by farm equipment, livestock or crops may not provide an adequate source of repayment because of damage or depreciation. Residential real estate loans depend upon the borrower's ability to repay the loan and the underlying collateral value. Consumer loans depend upon the borrower's personal financial circumstances and continued financial stability.

If a loan no longer shares similar risk characteristics with other loans in the pool, it is evaluated on an individual basis and is not included in the collective evaluation. Lending relationships with $500,000 or more of total exposure and on nonaccrual status are individually assessed using a collateral dependency calculation. A loan is collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. The impairment will be recognized by creating a specific reserve against the loan with a corresponding charge to provision expense. In most cases, the specific reserve will be charged off in the same quarter the loss is probable. In some cases, when HTLF believes certain loans do not share the same risk characteristics with other loans in the pool, the standard allows for these loans to be individually assessed. All individually assessed loan calculations are completed at least semi-annually.

Qualitative Factors
HTLF's allowance methodology also has a qualitative component, the purpose of which is to provide management with a means to take into consideration changes in current conditions that could potentially have an effect on the level of recognized loan losses, that otherwise fail to show up in the quantitative analysis performed in determining its base loan loss rates.

HTLF utilizes the following qualitative factors:
•changes in lending policies and procedures
•changes in the nature of loans
•experience and ability of management
•changes in the credit quality of the loan portfolio
•risk in acquired portfolios
•concentrations of credit

The qualitative factors for changes in lending policies and procedures, management and acquired portfolios are weighted as one factor. The other qualitative factors noted above are equally weighted as individual factors.
The qualitative adjustments are based on the comparison of the current condition to the average condition over the look back period. The adjustment amount can be either positive or negative depending on whether the current condition is better or worse than the historical average. HTLF incorporates the adjustments for changes in current conditions using an overlay approach. The adjustments are applied as a percentage adjustment in addition to the calculated historical loss rates of each pool. These adjustments reflect the extent to which HTLF expects current conditions to differ from the conditions that existed for the period over which historical information was evaluated. HTLF utilizes an anchoring approach to determine the minimum and maximum amount of qualitative allowance for credit losses, which is determined by comparing the highest and lowest historical rate to the current quantitative allowance rate to calculate the rate for the adjustment.

Economic Forecasting
The allowance for credit losses estimate incorporates a reasonable and supportable forecast of various macro-economic indices over the remaining life of HTLF’s assets. HTLF utilizes an overlay approach for its economic forecasting component, similar to the method utilized for the qualitative factors. The length of the reasonable and supportable forecast period is a judgmental determination based on the level to which the entity can support its forecast of economic conditions that drive its estimate of expected loss. HTLF compares forecasted macro-economic indices, such as unemployment and gross domestic product, to the economic conditions that existed over HTLF's look back period.

HTLF uses Moody's baseline economic forecast scenario, which is updated quarterly in HTLF's methodology, and considers other Moody's forecast scenarios to support the economic forecast component of the allowance for credit losses. The economic forecast reverts to the historical mean immediately at the end of the reasonable and supportable forecast period. HTLF utilized a one-year reasonable and supportable forecast period for the calculation of the December 31, 2023, and December 31, 2022, allowance for credit losses.

It is expected that actual economic conditions will, in many cases, differ from forecasts because the ultimate outcomes during the forecast period may be affected by events that were unforeseen, such as economic disruption and fiscal or monetary policy actions, which are exacerbated by longer forecasting periods. This uncertainty would be relevant to the entity’s confidence level as to the outcomes being forecasted. That is, an entity is likely less confident in the ultimate outcome of events that will occur at the end of the forecast period as compared to the beginning. As a result, actual future economic conditions may not be an effective indicator of the quality of management’s forecasting process, including the length of the forecast period.
Loans Held for Sale - Loans held for sale are stated at the lower of cost or fair value on an aggregate basis. Gains or losses on sales are recorded in noninterest income. Direct loan origination costs and fees are deferred at origination of the loan. These deferred costs and fees are recognized in noninterest income as part of the gain or loss on sales of loans upon sale of the loan.

At December 31, 2023 and 2022, loans held for sale primarily consisted of 1-4 family residential mortgages.
Other Real Estate - Other real estate represents property acquired through foreclosures and settlements of loans. Property acquired is recorded at the estimated fair value of the property less disposal costs. The excess of carrying value over fair value less disposal costs is charged against the allowance for credit losses. Subsequent write downs estimated on the basis of later valuations and gains or losses on sales are charged to gain (loss) on sales/valuation of assets, net. Expenses incurred in maintaining such properties are charged to other real estate and loan collection expenses.
Allowance for Credit Losses on Unfunded Loan Commitments
Allowance for Credit Losses on Unfunded Loan Commitments - HTLF estimates expected credit losses over the contractual term of the loan for the unfunded portion of the loan commitment that is not unconditionally cancellable by HTLF using the same collective allowance methodology for credit losses for loans described above. Management uses an estimated average utilization rate to determine the exposure at default. The allowance for unfunded commitments is recorded in the Accrued Expenses and Other Liabilities section of the consolidated balance sheets.
Mortgage Servicing and Transfers of Financial Assets, and Servicing Rights, Net Mortgage Servicing and Transfers of Financial Assets - Prior to dissolving its mortgage operations in 2023, HTLF regularly sold residential mortgage loans to others, primarily government sponsored entities, on a non-recourse basis. Sold loans are not included in the accompanying consolidated balance sheets. HTLF generally retained the right to service the sold loans for a fee prior to the sale of its mortgage servicing rights portfolio in the first quarter of 2023. First Bank & Trust, a division of HTLF Bank, serviced mortgage loans primarily for government sponsored entities with aggregate unpaid principal balance of
Servicing Rights, Net - Mortgage and commercial servicing rights associated with loans originated and sold, where servicing is retained, are initially capitalized at fair value and recorded on the consolidated statements of income as a component of gains on sale of loans held for sale. The values of these capitalized servicing rights are amortized as an offset to the loan servicing income earned in relation to the servicing revenue expected to be earned.
First Bank & Trust, a division of HTLF Bank, sold its mortgage servicing portfolio in the first quarter of 2023, and the value of the mortgage servicing rights was derecognized on the consolidated balance sheet. In prior periods, the carrying values of these rights were reviewed quarterly for impairment based on the calculation of their fair value as performed by an outside third-party. For purposes of measuring impairment, the rights were stratified into certain risk characteristics including loan type and loan term. At December 31, 2022, no valuation allowance was required on HTLF's mortgage servicing rights with an original term of 15 years, and no valuation allowance was required on HTLF's mortgage servicing rights with an original term of 30 years.
Premises, Furniture and Equipment, net and Premises, Furniture and Equipment Held for Sale
Premises, Furniture and Equipment, net - Premises, furniture and equipment are stated at cost less accumulated depreciation. The provision for depreciation of premises, furniture and equipment is determined by straight-line and accelerated methods over the estimated useful lives of 18 to 39 years for buildings, 15 years for land improvements and 3 to 7 years for furniture and equipment.

Premises, Furniture and Equipment Held for Sale - Premises, furniture and equipment are stated at the estimated fair value less disposal costs. Subsequent write-downs and gains or losses on the sales are recorded to gain (loss) on sales/valuation of assets, net.
Goodwill and Core Deposit Intangibles and Customer Relationship Intangibles, Net
Goodwill - Goodwill represents the excess of the purchase price of acquired subsidiaries’ net assets over their fair value at the purchase date. HTLF assesses goodwill for impairment annually, and more frequently if events occur which may indicate possible impairment, and assesses goodwill at the reporting unit level, also giving consideration to overall enterprise value as part of that assessment.

In evaluating goodwill for impairment, HTLF first assesses qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount. If HTLF concludes that it is more likely than not that the fair value of a reporting unit is more than its carrying value, then no further testing of goodwill assigned to the reporting unit is required. However, if HTLF concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then HTLF performs a quantitative goodwill impairment test to identify potential goodwill impairment and measure the amount of goodwill impairment to recognize, if any. In addition, the income tax effects of tax-deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. A goodwill impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized cannot exceed the total amount of goodwill allocated to that reporting unit.

Core Deposit Intangibles and Customer Relationship Intangibles, Net - Core deposit intangibles are amortized over 8 to 18 years on an accelerated basis. Customer relationship intangibles were amortized over 22 years on an accelerated basis. Annually, HTLF reviews these intangible assets for events or circumstances that may indicate a change in the recoverability of the underlying basis.
Cash Surrender Value on Life Insurance
Cash Surrender Value on Life Insurance - HTLF and its subsidiaries have purchased life insurance policies on the lives of certain officers. The one-time premiums paid for the policies, which coincide with the initial cash surrender value, are recorded as an asset. Increases or decreases in the cash surrender value, other than proceeds from death benefits, are recorded as noninterest income in income on bank owned life insurance. Proceeds from death benefits first reduce the cash surrender value attributable to the individual policy and then any additional proceeds are recorded in other noninterest income.
Income Taxes
Income Taxes - HTLF and its subsidiaries file a consolidated federal income tax return and separate or combined income or franchise tax returns as required by the various states. HTLF recognizes certain income and expenses in different time periods for financial reporting and income tax purposes. The provision for deferred income taxes is based on an asset and liability
approach and represents the change in deferred income tax accounts during the year, including the effect of enacted tax rate changes. A valuation allowance is provided to reduce deferred tax assets if their expected realization is deemed not to be more likely than not.

A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. HTLF recognizes interest and penalties related to income tax matters in income tax expense.
Derivative Financial Instruments and Mortgage Derivatives
Derivative Financial Instruments - HTLF uses derivative financial instruments as part of its interest rate risk management, which includes interest rate swaps, certain interest rate lock commitments and forward sales of securities related to mortgage banking activities. FASB ASC Topic 815 establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by ASC 815, HTLF records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives used to manage the exposure to changes in the fair value of a recognized asset or liability on the consolidated balance sheets are fair value hedges. To qualify for hedge accounting, HTLF must comply with the detailed rules and documentation requirements at the inception of the hedge, and hedge effectiveness is assessed at inception and periodically throughout the life of each hedging relationship. Hedge ineffectiveness, if any, is measured periodically throughout the life of the hedging relationship.

For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (loss) and subsequently reclassified to interest income or expense when the hedged transaction affects earnings, while the ineffective portion of changes in the fair value of the derivative, if any, is recognized immediately in other noninterest income. HTLF assesses the effectiveness of each hedging relationship by comparing the cumulative changes in cash flows of the derivative hedging instrument with the cumulative changes in cash flows of the designated hedged item or transaction. No component of the change in the fair value of the hedging instrument is excluded from the assessment of hedge effectiveness. In the first quarter of 2023 HTLF terminated its cash flow hedges. It was determined that the forecasted transactions remain probable, so the unrealized gains at termination were kept in accumulated comprehensive income and are being amortized into income over the remaining life of the forecasted transaction.

HTLF had multiple fair value hedging relationships at December 31, 2023. HTLF uses hedge accounting in accordance with ASC 815. For hedges where the fair value change in the loan portfolio is being hedged, unrealized gains and losses representing the change in fair value of the derivative and the change in fair value of the risk being hedged on the related loan are being recorded in the consolidated statements of income. The ineffective portions of the unrealized gains or losses, if any, are recorded in interest income in the consolidated statements of income. For hedges where the fair value change in the investment portfolio are being hedged, the change in the fair value of the derivative and the change in the fair value of the risk being hedged on the related investments is being recorded in interest income on the consolidated statements of income. The ineffective portions of the unrealized gains or losses, if any, are recorded in interest income in the consolidated statements of income. HTLF uses statistical regression to assess hedge effectiveness, both at the inception of the hedge as well as on a continual basis. The regression analysis involves regressing the periodic change in fair value of the hedging instrument against the periodic changes in the fair value of the asset being hedged due to changes in the hedge risk.

HTLF also has loan interest rate swap relationships with customers to assist them in managing their interest rate risk. Upon entering into these loan swaps HTLF enters into offsetting positions with counterparties in order to minimize interest rate risk to HTLF. These back-to-back loan swaps qualify as free standing financial derivatives with the fair values reported in other assets and other liabilities on the consolidated balance sheets. Any gains and losses on these back-to-back swaps are recorded in noninterest income on the consolidated statements of income.

HTLF does not use derivatives for speculative purposes. Derivatives not designated as hedges are not speculative and are used to manage HTLF’s exposure to interest rate movements and other identified risks, but do not meet the strict hedge accounting requirements of ASC 815.
Mortgage Derivatives - HTLF uses interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans and mortgage-backed securities. These commitments are considered derivative instruments. The fair value of these commitments is recorded on the consolidated balance sheets with the changes in fair value recorded in the consolidated statements of income as a component of gains on sale of loans held for sale. These derivative contracts are designated as free-standing derivative contracts and are not designated against specific assets and liabilities on the consolidated balance sheets or forecasted transactions and therefore do not qualify for hedge accounting treatment. As of December 31, 2023, HTLF was winding out of this activity due to dissolving its mortgage operations.
Fair Value Measurements
Fair Value Measurements - Fair value represents the estimated price at which an orderly transaction to sell an asset or transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept). Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using discounted cash flow or other valuation techniques. Inputs into the valuation methods are subjective in nature, involve uncertainties, and require judgment and therefore cannot be determined with precision. Accordingly, the derived fair value estimates presented herein are not necessarily indicative of the amounts HTLF could realize in a current market exchange. Assets and liabilities are categorized into three levels based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine the fair value. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy in which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. HTLF's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Below is a brief description of each fair value level:

Level 1 — Valuation is based upon quoted prices for identical instruments in active markets.

Level 2 — Valuation is based upon quoted prices for similar instruments in active markets, or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3 — Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.
Segment Reporting Segment Reporting - Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker ("CODM"), which is the Chief Executive Officer of HTLF, in deciding how to allocate resources and assess the financial and operating performance of HTLF. HTLF’s operating segments provide, and primarily derive revenue, through full service commercial and consumer banking. HTLF has determined that the economic characteristics, operating models, performance metrics, suite of products and services, customer base, and regulatory requirements are similar for its operating segments and has therefore aggregated them into one reportable segment.
Treasury Stock
Treasury Stock - Treasury stock is accounted for by the cost method, whereby shares of common stock reacquired are recorded at their purchase price. When treasury stock is reissued, any difference between the sales proceeds, or fair value when issued for business combinations, and the cost is recognized as a charge or credit to capital surplus. HTLF had no treasury stock at December 31, 2023 and December 31, 2022.
Trust Department Assets
Trust Department Assets - Property held for customers in fiduciary or agency capacities is not included in the accompanying consolidated balance sheets because such items are not assets of HTLF Bank.
Earnings Per Share Earnings Per Share - Basic earnings per share is determined using net income available to common stockholders and weighted average common shares outstanding. Diluted earnings per share is computed by dividing net income available to common stockholders by the weighted average common shares and assumed incremental common shares issued.
Subsequent Events
Subsequent Events - HTLF has evaluated subsequent events that may require recognition or disclosure through the filing date of this Annual Report on Form 10-K with the SEC.

Subsequent to December 31, 2023, in February of 2024, HTLF announced that HTLF Bank had signed definitive agreements to sell its nine Rocky Mountain Bank division branches to two purchasers. The agreements include the sale of approximately $588.9 million of deposits, $365.9 million of loans and $13.6 million of premises, furniture and equipment. The transaction is expected to close in the latter half of 2024.
Effect of New Financial Accounting Standards
Effect of New Financial Accounting Standards

ASU 2022-01
In March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-01, "Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method," which expands the current last-of-layer method by allowing multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments. HTLF adopted this ASU on January 1, 2023, and these amendments were applied prospectively.

ASU 2022-02
In March 2022, the FASB issued ASU 2022-02, "Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." These amendments eliminate the troubled debt restructurings ("TDR") recognition and measurement guidance and, instead, require that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. Additionally, these amendments require that an entity disclose current-period gross charge-offs by year of origination for loans receivable within the scope of Subtopic 326-20. The guidance is effective for entities that have adopted ASU 2016-13 for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. These amendments should be applied prospectively. If an entity elects to early adopt ASU 2022-02 in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. HTLF adopted this ASU on January 1, 2023, as required, and the adoption did not have a material impact on its results of operations, financial position or liquidity.

ASU 2023-02
In March 2023, the FASB issued ASU 2023-02 "Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Task Force)." ASU 2023-02 expands the permitted use of the proportional amortization method, which is currently only available to low-income housing tax credit investments, to other tax equity investments if certain conditions are met. Under the proportional
amortization method, the initial cost of an investment is amortized in proportion to the income tax benefits received and both the amortization of the investment and the income tax benefits received are recognized as a component of income tax expense. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and must be applied on either a modified retrospective or a retrospective basis. The adoption of this amendment is not expected to have a material impact on the results of operations or financial position.

ASU 2023-06
In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative." The amendments in this Update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to, or technical corrections of, the current requirements. Each amendment in the ASU will only become effective if the SEC removes the related disclosure or presentation requirement from its existing regulations by June 30, 2027. The amendments in this ASU are not expected to have a material impact on the results of operations or financial position.
Fair Value Hierarchy
Fair Value Hierarchy

Under ASC 820, assets and liabilities are grouped at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are:

Level 1 — Valuation is based upon quoted prices for identical instruments in active markets.

Level 2 — Valuation is based upon quoted prices for similar instruments in active markets, or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3 — Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. The following is a description of valuation methodologies used for assets and liabilities recorded at fair value on a recurring or non-recurring basis.

Assets

Securities Available for Sale and Held to Maturity
Securities available for sale are recorded at fair value on a recurring basis. Securities held to maturity are generally recorded at cost. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security's credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, as well as U.S. Treasury securities. Level 2 securities include U.S. government and agency securities, mortgage and asset-backed securities and private collateralized mortgage obligations, municipal bonds, equity securities and corporate debt securities. On a quarterly basis, a secondary independent pricing service is used for the securities portfolio to validate the pricing from HTLF's primary pricing service.

Equity Securities with a Readily Determinable Fair Value
Equity securities with a readily determinable fair value generally include Community Reinvestment Act mutual funds and are classified as Level 2 due to the infrequent trading of these securities. The fair value is based on the price per share.

Loans Held for Sale
Loans held for sale are carried at the lower of cost or fair value on an aggregate basis. The fair value of loans held for sale is based on what secondary markets are currently offering for portfolios with similar characteristics. As such, HTLF classifies loans held for sale subjected to nonrecurring fair value adjustments as Level 2.

Loans Held to Maturity
HTLF does not record loans held to maturity at fair value on a recurring basis. However, from time to time, certain loans are considered collateral dependent and an allowance for credit losses is established. The fair value of individually assessed loans is measured using the fair value of the collateral. In accordance with ASC 820, individually assessed loans measured at fair value are classified as nonrecurring Level 3 in the fair value hierarchy.

Premises, Furniture and Equipment Held for Sale
HTLF values premises, furniture and equipment held for sale based on third-party appraisals less estimated disposal costs. HTLF considers third-party appraisals, as well as independent fair value assessments from realtors or persons involved in
selling bank premises, furniture and equipment, in determining the fair value of particular properties. Accordingly, the valuation of premises, furniture and equipment held for sale is subject to significant external and internal judgment. HTLF periodically reviews premises, furniture and equipment held for sale to determine if the fair value of the property, less disposal costs, has declined below its recorded book value and records any adjustments accordingly. Premises, furniture and equipment held for sale are measured at fair value and are classified as nonrecurring Level 3 in the fair value hierarchy.

Mortgage Servicing Rights
Mortgage servicing rights assets represent the value associated with servicing residential real estate loans that have been sold to outside investors with servicing retained. The fair value for servicing assets is determined through discounted cash flow analysis and utilizes discount rates, prepayment speeds and delinquency rate assumptions as inputs. All these assumptions require a significant degree of management estimation and judgment. Mortgage servicing rights are subject to impairment testing. The carrying values of these rights are reviewed quarterly for impairment based upon the calculation of fair value as performed by an outside third-party. For purposes of measuring impairment, the rights are stratified into certain risk characteristics including note type and note term. If the valuation model reflects a value less than the carrying value, mortgage servicing rights are adjusted to fair value through a valuation allowance. HTLF classifies mortgage servicing rights as nonrecurring with Level 3 measurement inputs.

On March 31, 2023, HTLF sold its mortgage servicing rights portfolio. The transaction qualified as a sale, and $7.7 million of mortgage servicing rights were derecognized on the consolidated balance sheet as of March 31, 2023. The book value and fair value were both $0 as of March 31, 2023.

Derivative Financial Instruments
HTLF's current interest rate risk strategy includes cash flow hedges and interest rate swaps. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. To comply with the provisions of ASC 820, HTLF incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, HTLF has considered the impact of netting any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Although HTLF has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2023, and December 31, 2022, HTLF has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, HTLF has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Interest Rate Lock Commitments
HTLF uses an internal valuation model that relies on internally developed inputs to estimate the fair value of its interest rate lock commitments which is based on unobservable inputs that reflect management's assumptions and specific information about each borrower. Interest rate lock commitments are classified in Level 3 of the fair value hierarchy.

Forward Commitments
The fair value of forward commitments is estimated using an internal valuation model, which includes current trade pricing for similar financial instruments in active markets that HTLF has the ability to access and are classified in Level 2 of the fair value hierarchy.

Other Real Estate Owned
Other real estate owned ("OREO") represents property acquired through foreclosures and settlements of loans. Property acquired is carried at the fair value of the property at the time of acquisition (representing the property's cost basis), plus any acquisition costs, or the estimated fair value of the property, less disposal costs. HTLF considers third-party appraisals, as well as independent fair value assessments from realtors or persons involved in selling OREO, in determining the fair value of particular properties. Accordingly, the valuation of OREO is subject to significant external and internal judgment. HTLF periodically reviews OREO to determine if the fair value of the property, less disposal costs, has declined below its recorded book value and records any adjustments accordingly. OREO is classified as nonrecurring Level 3 of the fair value hierarchy.
Revenue
ASC 606, Revenue from Contracts with Customers, requires revenue to be recognized at an amount that reflects the consideration to which HTLF expects to be entitled in exchange for transferring goods or services to a customer. ASC 606 applies to all contracts with customers to provide goods or services in the ordinary course of business, except for contracts that are specifically excluded from its scope. The majority of HTLF's revenue streams including interest income, loan servicing income, net securities gain and losses, net unrealized gains and losses on equity securities, net gains on sale of loans held for sale, valuation adjustment on servicing rights, income from bank owned life insurance and other noninterest income are outside the scope of ASC 606. Revenue streams including service charges and fees, interchange fees on credit and debit cards, trust fees and brokerage and insurance commissions are within the scope of ASC 606.
Service Charges and Fees
Service charges and fees consist of revenue generated from deposit account related service charges and fees, overdraft fees, customer service fees and other service charges, credit card fee income, debit card income and other service charges and fees.

Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders and other deposit account related fees. HTLF's performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees, including overdraft fees, are largely transaction based, and therefore, the performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts.

Customer service fees and other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. HTLF's performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month.

Credit card fee income and debit card income are comprised of interchange fees, ATM fees, and merchant services income. Credit card fee income and debit card income are earned whenever HTLF Bank's debit and credit cards are processed through card payment networks such as Visa. ATM fees are primarily generated when a Bank cardholder uses an ATM that is not owned by one of HTLF's Banks or a non-bank cardholder uses HTLF-owned ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees.

Trust Fees
Trust fees are primarily comprised of fees earned from the management and administration of trusts and other customer assets. HTLF's performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the average daily market value or month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days before or after month end through a direct charge to customers’ accounts. HTLF does not earn performance-based incentives. Optional services such as real estate sales and tax return preparation services are also available to existing trust and asset management customers. HTLF's performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered.

Brokerage and Insurance Commissions
Brokerage commission primarily consists of commissions related to broker-dealer contracts. The contracts are between the customer and the broker-dealer, and HTLF satisfies its performance obligation and earns commission when the transactions are completed. The recognition of revenue is based on a defined fee schedule and does not require significant judgment. Payment is received shortly after services are rendered. Insurance commissions are related to commissions received directly from the insurance carrier. HTLF acts as an insurance agent between the customer and the insurance carrier. HTLF's performance obligations and associated fee and commission income are defined with each insurance product with the insurance company. When insurance payments are received from customers, a portion of the payment is recognized as commission revenue.
Contract Balances
HTLF does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of December 31, 2023, 2022, and 2021, HTLF did not have any significant contract balances or capitalized contract acquisition costs.
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted Amounts used in the determination of basic and diluted earnings per share for the years ended December 31, 2023, 2022 and 2021, are shown in the table below, dollars and number of shares in thousands, except per share data:
202320222021
Net income attributable to HTLF$79,920 $212,180 $219,923 
Preferred dividends(8,050)(8,050)(8,050)
Net income available to common stockholders$71,870 $204,130 $211,873 
Weighted average common shares outstanding for basic earnings per share42,701 42,496 42,260 
Assumed incremental common shares issued upon vesting of restricted stock units91 135 151 
Weighted average common shares for diluted earnings per share42,792 42,631 42,411 
Earnings per common share — basic$1.68 $4.80 $5.01 
Earnings per common share — diluted$1.68 $4.79 $5.00 
Number of antidilutive stock units excluded from diluted earnings per share computation112 5 1 
Number of antidilutive stock options excluded from diluted earnings per share computation60 5 — 
v3.24.0.1
SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains and Losses and Estimated Fair Value of Investment Securities
The amortized cost, gross unrealized gains and losses and estimated fair values of debt securities available for sale and equity securities with a readily determinable fair value as of December 31, 2023, and December 31, 2022, are summarized in the table below, in thousands:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
December 31, 2023    
U.S. treasuries$32,459 $— $(341)$32,118 
U.S. agencies14,724 — (194)14,530 
Obligations of states and political subdivisions839,754 25 (98,534)741,245 
Mortgage-backed securities - agency1,620,409 13 (226,793)1,393,629 
Mortgage-backed securities - non-agency1,616,414 363 (87,649)1,529,128 
Commercial mortgage-backed securities - agency76,076 — (11,288)64,788 
Commercial mortgage-backed securities - non-agency526,974 — (12,116)514,858 
Asset-backed securities232,140 — (14,770)217,370 
Corporate bonds120,338 — (2,169)118,169 
Total debt securities5,079,288 401 (453,854)4,625,835 
Equity securities with a readily determinable fair value21,056 — — 21,056 
Total$5,100,344 $401 $(453,854)$4,646,891 
December 31, 2022
U.S. treasuries$32,369 $8 $(678)$31,699 
U.S. agencies49,437 — (6,302)43,135 
Obligations of states and political subdivisions1,049,578 14 (170,155)879,437 
Mortgage-backed securities - agency2,042,092 56 (270,043)1,772,105 
Mortgage-backed securities - non-agency2,327,308 1,417 (146,849)2,181,876 
Commercial mortgage-backed securities - agency100,518 — (15,395)85,123 
Commercial mortgage-backed securities - non-agency679,511 — (20,052)659,459 
Asset-backed securities428,397 — (12,343)416,054 
Corporate bonds59,205 — (1,263)57,942 
Total debt securities6,768,415 1,495 (643,080)6,126,830 
Equity securities20,314 — — 20,314 
Total$6,788,729 $1,495 $(643,080)$6,147,144 
The amortized cost and estimated fair value of investment securities carried at fair value at December 31, 2023, by contractual maturity are as follows, in thousands. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties.
December 31, 2023
Amortized CostEstimated Fair Value
Due in 1 year or less$25,138 $24,897 
Due in 1 to 5 years62,537 61,413 
Due in 5 to 10 years20,231 18,036 
Due after 10 years899,369 801,716 
    Total debt securities1,007,275 906,062 
Mortgage and asset-backed securities4,072,013 3,719,773 
Equity securities with a readily determinable fair value 21,056 21,056 
Total investment securities$5,100,344 $4,646,891 
Schedule of Securities Held to Maturity
The amortized cost, gross unrealized gains and losses and estimated fair values of held to maturity securities as of December 31, 2023, and December 31, 2022, are summarized in the table below, in thousands:
 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Allowance for Credit Losses
December 31, 2023    
Obligations of states and political subdivisions$838,241 $3,622 $(25,464)$816,399 $— 
Total$838,241 $3,622 $(25,464)$816,399 $— 
December 31, 2022
Obligations of states and political subdivisions$829,403 $3,096 $(55,942)$776,557 $— 
Total$829,403 $3,096 $(55,942)$776,557 $— 
The amortized cost and estimated fair value of debt securities held to maturity at December 31, 2023, by contractual maturity are as follows, in thousands. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties.
December 31, 2023
Amortized CostEstimated Fair Value
Due in 1 year or less$8,116 $8,126 
Due in 1 to 5 years88,728 88,646 
Due in 5 to 10 years158,686 158,430 
Due after 10 years582,711 561,197 
Total investment securities$838,241 $816,399 
Securities held to maturityLess than 12 months12 months or longerTotal
Fair
 Value		Unrealized
Losses		CountFair
 Value		Unrealized
Losses		CountFair
Value		Unrealized
Losses		Count
December 31, 2023
Obligations of states and political subdivisions$145,471 $(3,706)23 $569,691 $(21,758)126 $715,162 $(25,464)149 
Total temporarily impaired securities$145,471 $(3,706)23$569,691 $(21,758)126$715,162 $(25,464)149 
December 31, 2022
Obligations of states and political subdivisions$697,424 $(55,942)155 $— $— — $697,424 $(55,942)155 
Total temporarily impaired securities$697,424 $(55,942)155$— $— $697,424 $(55,942)155 
Schedule of Realized Gross Gains and Losses on Sales of Securities Available for Sale
Gross gains and losses realized related to sales of securities carried at fair value for the years ended December 31, 2023, 2022 and 2021 are summarized as follows, in thousands:
For the Years Ended December 31,
 202320222021
Proceeds from sales$1,196,586 $1,048,525 $1,475,598 
Gross security gains589 7,299 11,892 
Gross security losses141,966 9,191 5,982 
Schedule of Available for Sale Securities
The following tables summarize, in thousands, the amount of unrealized losses, defined as the amount by which cost or amortized cost exceeds fair value, and the related fair value of investments with unrealized losses in HTLF's securities portfolio as of December 31, 2023, and December 31, 2022. The investments were segregated into two categories: those that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months. The reference point for determining how long an investment was in an unrealized loss position was December 31, 2023, and December 31, 2022, respectively. For securities transferred to held to maturity during the third quarter of 2022, the reference point was the date of transfer.
Debt securities available for saleLess than 12 months12 months or longerTotal
 Fair
Value		Unrealized
Losses		CountFair
Value		Unrealized
Losses		CountFair
Value		Unrealized
Losses		Count
December 31, 2023
U.S. treasuries$2,985 $(12)1 $26,138 $(329)3 $29,123 $(341)4 
U.S. agencies$— $— — $14,530 $(194)4 $14,530 $(194)4 
Obligations of states and political subdivisions1,440 (65)1 736,653 (98,469)150 738,093 (98,534)151 
Mortgage-backed securities - agency194 (2)2 1,392,769 (226,791)166 1,392,963 (226,793)168 
Mortgage-backed securities - non-agency415,934 (24,568)12 902,291 (63,081)35 1,318,225 (87,649)47 
Commercial mortgage-backed securities - agency— — — 64,788 (11,288)17 64,788 (11,288)17 
Commercial mortgage-backed securities - non-agency— — — 507,044 (12,116)16 507,044 (12,116)16 
Asset-backed securities148,063 (9,723)4 69,307 (5,047)7 217,370 (14,770)11 
Corporate bonds61,031 (111)1 57,138 (2,058)8 118,169 (2,169)9 
Total temporarily impaired securities$629,647 $(34,481)21 $3,770,658 $(419,373)406 $4,400,305 $(453,854)427 
December 31, 2022
U.S. treasuries$28,699 $(678)4 $— $— — $28,699 $(678)4 
U.S. agencies$16,487 $(222)5 $26,648 $(6,080)2 $43,135 $(6,302)7 
Obligations of states and political subdivisions288,457 (28,378)69 589,641 (141,777)113 878,098 (170,155)182 
Mortgage-backed securities - agency241,288 (21,420)99 1,528,951 (248,623)126 1,770,239 (270,043)225 
Mortgage-backed securities - non-agency950,054 (70,213)25 693,531 (76,636)25 1,643,585 (146,849)50 
Commercial mortgage-backed securities - agency27,732 (2,291)12 57,392 (13,104)7 85,124 (15,395)19 
Commercial mortgage-backed securities - non-agency530,541 (16,830)15 84,619 (3,222)4 615,160 (20,052)19 
Asset-backed securities118,613 (6,107)7 56,621 (6,236)6 175,234 (12,343)13 
Corporate bonds57,544 (1,257)7 398 (6)1 57,942 (1,263)8 
Total temporarily impaired securities$2,259,415 $(147,396)243 $3,037,801 $(495,684)284 $5,297,216 $(643,080)527 
Schedule of Financing Receivable Credit Quality Indicators
The following table summarizes, in thousands, the carrying amount of HTLF's held to maturity debt securities by investment rating as of December 31, 2023 and December 31, 2022, which are updated quarterly and used to monitor the credit quality of the securities:
December 31, 2023December 31, 2022
Rating
AAA$88,550 $79,598 
AA, AA+, AA-583,816 588,354 
A+, A, A-139,658 136,624 
BBB20,133 20,623 
Not Rated6,084 4,204 
Total $838,241 $829,403 
The following tables show the risk category of loans by loan category and year of origination as of December 31, 2023 and December 31, 2022, in thousands:
As of December 31, 2023Amortized Cost Basis of Term Loans by Year of Origination
202320222021202020192018 and PriorRevolvingTotal
Commercial and industrial
Pass$608,030 $779,218 $333,900 $187,406 $78,455 $327,775 $1,159,397 $3,474,181 
As of December 31, 2023Amortized Cost Basis of Term Loans by Year of Origination
202320222021202020192018 and PriorRevolvingTotal
Watch20,694 19,788 257 3,631 2,398 2,953 28,749 78,470 
Substandard20,171 12,658 2,636 5,447 18,535 7,489 32,460 99,396 
Commercial and industrial total$648,895 $811,664 $336,793 $196,484 $99,388 $338,217 $1,220,606 $3,652,047 
Commercial and industrial charge-offs2457946801,4255631,9492,9668,622
PPP
Pass$— $— $2,591 $50 $— $— $— $2,641 
Watch — — 89 — — — — 89 
Substandard— — 47 — — — — 47 
PPP total$— $— $2,727 $50 $— $— $— $2,777 
PPP charge-offs— — — — — — — — 
Owner occupied commercial real estate
Pass$443,683 $547,898 $799,978 $225,257 $225,405 $224,608 $41,072 $2,507,901 
Watch8,052 25,947 13,114 2,662 8,115 7,553 — 65,443 
Substandard31,904 10,489 2,268 11,609 6,390 2,171 — 64,831 
Owner occupied commercial real estate total$483,639 $584,334 $815,360 $239,528 $239,910 $234,332 $41,072 $2,638,175 
Owner occupied commercial real estate charge-offs— 802 — 5 — 63 — 870 
Non-owner occupied commercial real estate
Pass$480,683 $656,824 $423,420 $203,330 $262,541 $251,499 $26,978 $2,305,275 
Watch71,400 34,651 8,237 3,834 27,345 57,083 — 202,550 
Substandard5,043 952 1,391 — 4,238 34,262 — 45,886 
Non-owner occupied commercial real estate total$557,126 $692,427 $433,048 $207,164 $294,124 $342,844 $26,978 $2,553,711 
As of December 31, 2023Amortized Cost Basis of Term Loans by Year of Origination
202320222021202020192018 and PriorRevolvingTotal
Non-owner occupied commercial real estate charge-offs— 52 — 29 399 147 — 627 
Real estate construction
Pass$283,519 $468,646 $176,604 $9,889 $11,048 $3,405 $6,486 $959,597 
Watch 629 33,220 9,418 72 — 65 — 43,404
Substandard— 8,522 — 107 — — 86 8,715
Real estate construction total$284,148 $510,388 $186,022 $10,068 $11,048 $3,470 $6,572 $1,011,716 
Real estate construction charge-offs284 — — 32 — — — 316 
Agricultural and agricultural real estate
Pass $152,665 $208,375 $114,798 $67,006 $28,247 $43,663 $260,941 $875,695 
Watch 2,245 16,257 293 622 70 349 427 20,263 
Substandard12 7,616 1,649 4 855 12,591 499 23,226 
Agricultural and agricultural real estate total$154,922 $232,248 $116,740 $67,632 $29,172 $56,603 $261,867 $919,184 
Agricultural and agricultural real estate charge-offs— — — 9 — 1 5,309 5,319 
Residential real estate
Pass$71,470 $177,564 $241,362 $73,029 $42,526 $155,899 $19,534 $781,384 
Watch 171 973 945 659 158 4,845 — 7,751
Substandard741 150 3,400 464 290 3,649 — 8,694
Residential real estate total$72,382 $178,687 $245,707 $74,152 $42,974 $164,393 $19,534 $797,829 
Residential real estate charge-offs— 59 124 — — — — 183 
Consumer
Pass$45,595 $62,900 $35,459 $7,731 $3,663 $6,109 $324,218 $485,675 
Watch730 84 694 21 41 644 2,060 4,274
Substandard80 308 401 75 159 1,769 465 3,257
Consumer total$46,405 $63,292 $36,554 $7,827 $3,863 $8,522 $326,743 $493,206 
Consumer charge-offs224615427191123,1173,677
Total pass$2,085,645 $2,901,425 $2,128,112 $773,698 $651,885 $1,012,958 $1,838,626 $11,392,349 
Total watch103,921 130,920 33,047 11,501 38,127 73,492 31,236 422,244
Total substandard57,951 40,695 11,792 17,706 30,467 61,931 33,510 254,052
Total loans $2,247,517 $3,073,040 $2,172,951 $802,905 $720,479 $1,148,381 $1,903,372 $12,068,645 
Total Charge-offs$531 $1,953 $958 $1,527 $981 $2,272 $11,392 $19,614 

As of December 31, 2022Amortized Cost Basis of Term Loans by Year of Origination
202220212020201920182017 and PriorRevolvingTotal
Commercial and industrial
Pass$967,103 $442,001 $260,021 $101,998 $57,776 $421,312 $1,064,333 $3,314,544 
Watch12,638 1,370 685 5,487 2,882 3,315 21,984 48,361 
Substandard6,691 14,366 9,369 22,171 5,546 6,758 36,608 101,509 
Commercial and industrial total$986,432 $457,737 $270,075 $129,656 $66,204 $431,385 $1,122,925 $3,464,414 
PPP
Pass$— $7,807 $526 $— $— $— $— $8,333 
Watch— 7 — — — — — 7 
Substandard— 2,685 — — — — — 2,685 
PPP total$— $10,499 $526 $— $— $— $— $11,025 
Owner occupied commercial real estate
As of December 31, 2022Amortized Cost Basis of Term Loans by Year of Origination
202220212020201920182017 and PriorRevolvingTotal
Pass$511,547 $781,946 $255,476 $266,228 $103,943 $179,503 $34,117 $2,132,760 
Watch22,079 3,410 12,346 8,520 3,645 11,899 — 61,899 
Substandard2,971 23,802 26,490 6,358 2,574 7,353 1,100 70,648 
Owner occupied commercial real estate total$536,597 $809,158 $294,312 $281,106 $110,162 $198,755 $35,217 $2,265,307 
Non-owner occupied commercial real estate
Pass$756,059 $515,075 $227,383 $261,964 $127,400 $210,289 $70,398 $2,168,568 
Watch8,131 792 2,849 38,218 38,510 16,180 547 105,227 
Substandard202 6,784 1,838 16,019 22,332 9,970 — 57,145 
Non-owner occupied commercial real estate total$764,392 $522,651 $232,070 $316,201 $188,242 $236,439 $70,945 $2,330,940 
Real estate construction
Pass$597,370 $328,391 $88,660 $21,221 $2,568 $6,274 $8,252 $1,052,736 
Watch665 16,218 1,257 — — 122 — 18,262
Substandard2,587 356 173 446 1,478 44 — 5,084
Real estate construction total$600,622 $344,965 $90,090 $21,667 $4,046 $6,440 $8,252 $1,076,082 
Agricultural and agricultural real estate
Pass$324,791 $140,252 $79,307 $34,447 $22,600 $38,672 $239,686 $879,755 
Watch3,795 515 3,865 641 444 672 902 10,834 
Substandard8,674 3,224 204 1,859 12,323 2,682 955 29,921 
Agricultural and agricultural real estate total$337,260 $143,991 $83,376 $36,947 $35,367 $42,026 $241,543 $920,510 
Residential real estate
Pass$189,133 $268,561 $64,627 $39,468 $34,863 $217,489 $23,331 $837,472 
Watch706 1,095 88 957 2,296 2,237 399 7,778
Substandard28 1,273 1,024 99 792 4,895 — 8,111
Residential real estate total$189,867 $270,929 $65,739 $40,524 $37,951 $224,621 $23,730 $853,361 
Consumer
Pass$80,592 $47,787 $11,722 $6,022 $4,840 $24,655 $325,247 $500,865 
Watch20 191 35 119 74 1,584 953 2,976
Substandard188 331 242 303 75 1,539 194 2,872
Consumer total$80,800 $48,309 $11,999 $6,444 $4,989 $27,778 $326,394 $506,713 
Total pass$3,426,595 $2,531,820 $987,722 $731,348 $353,990 $1,098,194 $1,765,364 $10,895,033 
Total watch48,034 23,598 21,125 53,942 47,851 36,009 24,785 255,344
Total substandard21,341 52,821 39,340 47,255 45,120 33,241 38,857 277,975
Total loans$3,495,970 $2,608,239 $1,048,187 $832,545 $446,961 $1,167,444 $1,829,006 $11,428,352 
v3.24.0.1
LOANS (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Loans and Leases
Loans as of December 31, 2023, and December 31, 2022, were as follows, in thousands:
December 31, 2023December 31, 2022
Loans receivable held to maturity:  
Commercial and industrial$3,652,047 $3,464,414 
Paycheck Protection Program ("PPP")2,777 11,025 
Owner occupied commercial real estate2,638,175 2,265,307 
Non-owner occupied commercial real estate2,553,711 2,330,940 
Real estate construction1,011,716 1,076,082 
Agricultural and agricultural real estate919,184 920,510 
Residential real estate797,829 853,361 
Consumer493,206 506,713 
Total loans receivable held to maturity12,068,645 11,428,352 
Allowance for credit losses(122,566)(109,483)
Loans receivable, net$11,946,079 $11,318,869 
The following table shows the balance in the allowance for credit losses at December 31, 2023, and December 31, 2022, and the related loan balances, disaggregated on the basis of measurement methodology, in thousands. If a loan no longer shares similar risk characteristics with other loans in the pool, it is evaluated on an individual basis and is not included in the collective evaluation. Lending relationships with $500,000 or more of total exposure and are on nonaccrual are individually assessed using a collateral dependency calculation. All other loans are collectively evaluated for losses.
Allowance For Credit LossesGross Loans Receivable Held to Maturity
Individually Evaluated for Credit LossesCollectively Evaluated for Credit LossesTotalLoans Individually Evaluated for Credit LossesLoans Collectively Evaluated for Credit Losses Total
December 31, 2023
Commercial and industrial$18,425 $22,254 $40,679 $41,847 $3,610,200 $3,652,047 
PPP— — — — 2,777 2,777 
Owner occupied commercial real estate— 17,156 17,156 30,400 2,607,775 2,638,175 
Non-owner occupied commercial real estate— 17,249 17,249 — 2,553,711 2,553,711 
Real estate construction56 28,717 28,773 697 1,011,019 1,011,716 
Agricultural and agricultural real estate1,932 2,360 4,292 6,700 912,484 919,184 
Residential real estate— 5,845 5,845 741 797,088 797,829 
Consumer— 8,572 8,572 — 493,206 493,206 
Total$20,413 $102,153 $122,566 $80,385 $11,988,260 $12,068,645 
Allowance For Credit LossesGross Loans Receivable Held to Maturity
Individually Evaluated for Credit LossesCollectively Evaluated for Credit LossesTotalLoans Individually Evaluated for Credit LossesLoans Collectively Evaluated for Credit Losses Total
December 31, 2022
Commercial and industrial$6,670 $22,401 $29,071 $18,712 $3,445,702 $3,464,414 
PPP— — — — 11,025 11,025 
Owner occupied commercial real estate376 13,572 13,948 7,932 2,257,375 2,265,307 
Non-owner occupied commercial real estate— 16,539 16,539 11,371 2,319,569 2,330,940 
Real estate construction— 29,998 29,998 1,518 1,074,564 1,076,082 
Agricultural and agricultural real estate63 2,571 2,634 3,851 916,659 920,510 
Residential real estate— 7,711 7,711 1,607 851,754 853,361 
Consumer— 9,582 9,582 — 506,713 506,713 
Total$7,109 $102,374 $109,483 $44,991 $11,383,361 $11,428,352 
Schedule of Troubled Debt Restructured Loans Modified
The following tables show the amortized cost basis as of December 31, 2023, of the loans modified during the year ended December 31, 2023, to borrowers experiencing financial difficulty by loan category and type of concession granted, dollars in thousands.

For the Year Ended December 31, 2023Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Term ExtensionTerm Extension and Interest Only Payments
Amortized
Cost Basis		% of Loan
Category		Amortized
Cost Basis		% of Loan
Category
Commercial and industrial$4,088 0.11 %$— — %
PPP— — — — 
Owner occupied commercial real estate— — 5,043 0.19 
Non-owner occupied commercial real estate— — — — 
Real estate construction— — — — 
Agricultural and agricultural real estate1,936 0.21 — — 
Residential real estate741 0.09 — — 
Consumer— — — — 
Total$6,765 0.06 %$5,043 0.04 %

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty in the year ended December 31, 2023.
Loan TypeWeighted Average
Term Extension
(months)		Weighted Average Term Extension
and Interest Only Payments
(months)
Commercial and industrial70
Owner occupied commercial real estate012
Real estate construction00
Agricultural and agricultural real estate70
Residential real estate120
The following table shows the performance of loans that have been modified in the year ended December 31, 2023, dollars in thousands.
Accruing Loans
30-59
Days
Past Due		60-89
Days
Past Due		90 Days or
More
Past Due		Total Past DueCurrentNonaccrual
December 31, 2023
Commercial and industrial$— $— $— $— $3,986 $102 
PPP— — — — — — 
Owner occupied commercial real estate— — — — 5,043 — 
Non-owner occupied commercial real estate— — — — — — 
Real estate construction— — — — — — 
Agricultural and agricultural real estate— — — — 1,936 — 
Residential real estate— — — — — 741 
Consumer— — — — — — 
Total$— $— $— $— $10,965 $843 
Schedule of Financing Receivable Credit Quality Indicators
The following table summarizes, in thousands, the carrying amount of HTLF's held to maturity debt securities by investment rating as of December 31, 2023 and December 31, 2022, which are updated quarterly and used to monitor the credit quality of the securities:
December 31, 2023December 31, 2022
Rating
AAA$88,550 $79,598 
AA, AA+, AA-583,816 588,354 
A+, A, A-139,658 136,624 
BBB20,133 20,623 
Not Rated6,084 4,204 
Total $838,241 $829,403 
The following tables show the risk category of loans by loan category and year of origination as of December 31, 2023 and December 31, 2022, in thousands:
As of December 31, 2023Amortized Cost Basis of Term Loans by Year of Origination
202320222021202020192018 and PriorRevolvingTotal
Commercial and industrial
Pass$608,030 $779,218 $333,900 $187,406 $78,455 $327,775 $1,159,397 $3,474,181 
As of December 31, 2023Amortized Cost Basis of Term Loans by Year of Origination
202320222021202020192018 and PriorRevolvingTotal
Watch20,694 19,788 257 3,631 2,398 2,953 28,749 78,470 
Substandard20,171 12,658 2,636 5,447 18,535 7,489 32,460 99,396 
Commercial and industrial total$648,895 $811,664 $336,793 $196,484 $99,388 $338,217 $1,220,606 $3,652,047 
Commercial and industrial charge-offs2457946801,4255631,9492,9668,622
PPP
Pass$— $— $2,591 $50 $— $— $— $2,641 
Watch — — 89 — — — — 89 
Substandard— — 47 — — — — 47 
PPP total$— $— $2,727 $50 $— $— $— $2,777 
PPP charge-offs— — — — — — — — 
Owner occupied commercial real estate
Pass$443,683 $547,898 $799,978 $225,257 $225,405 $224,608 $41,072 $2,507,901 
Watch8,052 25,947 13,114 2,662 8,115 7,553 — 65,443 
Substandard31,904 10,489 2,268 11,609 6,390 2,171 — 64,831 
Owner occupied commercial real estate total$483,639 $584,334 $815,360 $239,528 $239,910 $234,332 $41,072 $2,638,175 
Owner occupied commercial real estate charge-offs— 802 — 5 — 63 — 870 
Non-owner occupied commercial real estate
Pass$480,683 $656,824 $423,420 $203,330 $262,541 $251,499 $26,978 $2,305,275 
Watch71,400 34,651 8,237 3,834 27,345 57,083 — 202,550 
Substandard5,043 952 1,391 — 4,238 34,262 — 45,886 
Non-owner occupied commercial real estate total$557,126 $692,427 $433,048 $207,164 $294,124 $342,844 $26,978 $2,553,711 
As of December 31, 2023Amortized Cost Basis of Term Loans by Year of Origination
202320222021202020192018 and PriorRevolvingTotal
Non-owner occupied commercial real estate charge-offs— 52 — 29 399 147 — 627 
Real estate construction
Pass$283,519 $468,646 $176,604 $9,889 $11,048 $3,405 $6,486 $959,597 
Watch 629 33,220 9,418 72 — 65 — 43,404
Substandard— 8,522 — 107 — — 86 8,715
Real estate construction total$284,148 $510,388 $186,022 $10,068 $11,048 $3,470 $6,572 $1,011,716 
Real estate construction charge-offs284 — — 32 — — — 316 
Agricultural and agricultural real estate
Pass $152,665 $208,375 $114,798 $67,006 $28,247 $43,663 $260,941 $875,695 
Watch 2,245 16,257 293 622 70 349 427 20,263 
Substandard12 7,616 1,649 4 855 12,591 499 23,226 
Agricultural and agricultural real estate total$154,922 $232,248 $116,740 $67,632 $29,172 $56,603 $261,867 $919,184 
Agricultural and agricultural real estate charge-offs— — — 9 — 1 5,309 5,319 
Residential real estate
Pass$71,470 $177,564 $241,362 $73,029 $42,526 $155,899 $19,534 $781,384 
Watch 171 973 945 659 158 4,845 — 7,751
Substandard741 150 3,400 464 290 3,649 — 8,694
Residential real estate total$72,382 $178,687 $245,707 $74,152 $42,974 $164,393 $19,534 $797,829 
Residential real estate charge-offs— 59 124 — — — — 183 
Consumer
Pass$45,595 $62,900 $35,459 $7,731 $3,663 $6,109 $324,218 $485,675 
Watch730 84 694 21 41 644 2,060 4,274
Substandard80 308 401 75 159 1,769 465 3,257
Consumer total$46,405 $63,292 $36,554 $7,827 $3,863 $8,522 $326,743 $493,206 
Consumer charge-offs224615427191123,1173,677
Total pass$2,085,645 $2,901,425 $2,128,112 $773,698 $651,885 $1,012,958 $1,838,626 $11,392,349 
Total watch103,921 130,920 33,047 11,501 38,127 73,492 31,236 422,244
Total substandard57,951 40,695 11,792 17,706 30,467 61,931 33,510 254,052
Total loans $2,247,517 $3,073,040 $2,172,951 $802,905 $720,479 $1,148,381 $1,903,372 $12,068,645 
Total Charge-offs$531 $1,953 $958 $1,527 $981 $2,272 $11,392 $19,614 

As of December 31, 2022Amortized Cost Basis of Term Loans by Year of Origination
202220212020201920182017 and PriorRevolvingTotal
Commercial and industrial
Pass$967,103 $442,001 $260,021 $101,998 $57,776 $421,312 $1,064,333 $3,314,544 
Watch12,638 1,370 685 5,487 2,882 3,315 21,984 48,361 
Substandard6,691 14,366 9,369 22,171 5,546 6,758 36,608 101,509 
Commercial and industrial total$986,432 $457,737 $270,075 $129,656 $66,204 $431,385 $1,122,925 $3,464,414 
PPP
Pass$— $7,807 $526 $— $— $— $— $8,333 
Watch— 7 — — — — — 7 
Substandard— 2,685 — — — — — 2,685 
PPP total$— $10,499 $526 $— $— $— $— $11,025 
Owner occupied commercial real estate
As of December 31, 2022Amortized Cost Basis of Term Loans by Year of Origination
202220212020201920182017 and PriorRevolvingTotal
Pass$511,547 $781,946 $255,476 $266,228 $103,943 $179,503 $34,117 $2,132,760 
Watch22,079 3,410 12,346 8,520 3,645 11,899 — 61,899 
Substandard2,971 23,802 26,490 6,358 2,574 7,353 1,100 70,648 
Owner occupied commercial real estate total$536,597 $809,158 $294,312 $281,106 $110,162 $198,755 $35,217 $2,265,307 
Non-owner occupied commercial real estate
Pass$756,059 $515,075 $227,383 $261,964 $127,400 $210,289 $70,398 $2,168,568 
Watch8,131 792 2,849 38,218 38,510 16,180 547 105,227 
Substandard202 6,784 1,838 16,019 22,332 9,970 — 57,145 
Non-owner occupied commercial real estate total$764,392 $522,651 $232,070 $316,201 $188,242 $236,439 $70,945 $2,330,940 
Real estate construction
Pass$597,370 $328,391 $88,660 $21,221 $2,568 $6,274 $8,252 $1,052,736 
Watch665 16,218 1,257 — — 122 — 18,262
Substandard2,587 356 173 446 1,478 44 — 5,084
Real estate construction total$600,622 $344,965 $90,090 $21,667 $4,046 $6,440 $8,252 $1,076,082 
Agricultural and agricultural real estate
Pass$324,791 $140,252 $79,307 $34,447 $22,600 $38,672 $239,686 $879,755 
Watch3,795 515 3,865 641 444 672 902 10,834 
Substandard8,674 3,224 204 1,859 12,323 2,682 955 29,921 
Agricultural and agricultural real estate total$337,260 $143,991 $83,376 $36,947 $35,367 $42,026 $241,543 $920,510 
Residential real estate
Pass$189,133 $268,561 $64,627 $39,468 $34,863 $217,489 $23,331 $837,472 
Watch706 1,095 88 957 2,296 2,237 399 7,778
Substandard28 1,273 1,024 99 792 4,895 — 8,111
Residential real estate total$189,867 $270,929 $65,739 $40,524 $37,951 $224,621 $23,730 $853,361 
Consumer
Pass$80,592 $47,787 $11,722 $6,022 $4,840 $24,655 $325,247 $500,865 
Watch20 191 35 119 74 1,584 953 2,976
Substandard188 331 242 303 75 1,539 194 2,872
Consumer total$80,800 $48,309 $11,999 $6,444 $4,989 $27,778 $326,394 $506,713 
Total pass$3,426,595 $2,531,820 $987,722 $731,348 $353,990 $1,098,194 $1,765,364 $10,895,033 
Total watch48,034 23,598 21,125 53,942 47,851 36,009 24,785 255,344
Total substandard21,341 52,821 39,340 47,255 45,120 33,241 38,857 277,975
Total loans$3,495,970 $2,608,239 $1,048,187 $832,545 $446,961 $1,167,444 $1,829,006 $11,428,352 
Schedule of Accruing and Nonaccrual Loans and Leases Not Covered by Loss Share Agreements
The following table sets forth information regarding HTLF's accruing and nonaccrual loans at December 31, 2023, and December 31, 2022, in thousands:
Accruing Loans
30-59
Days
Past Due		60-89
Days
Past Due		90 Days
or More
Past Due		Total
Past Due		CurrentNonaccrualTotal Loans
December 31, 2023
Commercial and industrial$1,738 $126 $2,203 $4,067 $3,601,165 $46,815 $3,652,047 
PPP94 53 — 147 2,630 — 2,777 
Accruing Loans
30-59
Days
Past Due		60-89
Days
Past Due		90 Days
or More
Past Due		Total
Past Due		CurrentNonaccrualTotal Loans
Owner occupied commercial real estate205 2,664 74 2,943 2,603,640 31,592 2,638,175 
Non-owner occupied commercial real estate875 — — 875 2,552,469 367 2,553,711 
Real estate construction332 — — 332 1,010,601 783 1,011,716 
Agricultural and agricultural real estate121 — 12 133 909,841 9,210 919,184 
Residential real estate2,082 273 21 2,376 790,367 5,086 797,829 
Consumer2,257 150 197 2,604 489,029 1,573 493,206 
Total loans receivable held to maturity$7,704 $3,266 $2,507 $13,477 $11,959,742 $95,426 $12,068,645 
December 31, 2022
Commercial and industrial$1,099 $356 $131 $1,586 $3,440,062 $22,766 $3,464,414 
PPP— — — — 11,006 19 11,025 
Owner occupied commercial real estate12 127 — 139 2,256,365 8,803 2,265,307 
Non-owner occupied commercial real estate— — — — 2,319,282 11,658 2,330,940 
Real estate construction16 28 — 44 1,073,687 2,351 1,076,082 
Agricultural and agricultural real estate48 — 142 190 914,088 6,232 920,510 
Residential real estate1,206 152 — 1,358 846,739 5,264 853,361 
Consumer1,526 196 — 1,722 503,853 1,138 506,713 
Total loans receivable held to maturity$3,907 $859 $273 $5,039 $11,365,082 $58,231 $11,428,352 
v3.24.0.1
ALLOWANCE FOR CREDIT LOSSES (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Changes in Allowance for Credit Losses
Changes in the allowance for credit losses for loans for the years ended December 31, 2023, 2022, and 2021 were as follows, in thousands:
 202320222021
Balance at beginning of year$109,483 $110,088 $131,606 
Provision (benefit) for credit losses25,435 10,636 (17,706)
Recoveries on loans previously charged-off7,262 7,055 4,931 
Charge-offs on loans(19,614)(18,296)(8,743)
Balance at end of year$122,566 $109,483 $110,088 
Changes in the allowance for credit losses for loans by loan category for the years ended December 31, 2023, and December 31, 2022, were as follows, in thousands:
Balance at 12/31/2022Charge-offsRecoveriesProvision (Benefit)Balance at 12/31/2023
Commercial and industrial$29,071 $(8,622)$5,069 $15,161 $40,679 
Owner occupied commercial real estate13,948 (870)113 3,965 17,156 
Non-owner occupied commercial real estate16,539 (627)268 1,069 17,249 
Real estate construction29,998 (316)26 (935)28,773 
Agricultural and agricultural real estate2,634 (5,319)11 6,966 4,292 
Residential real estate7,711 (183)19 (1,702)5,845 
Consumer9,582 (3,677)1,756 911 8,572 
Total $109,483 $(19,614)$7,262 $25,435 $122,566 

Balance at 12/31/2021Charge-offsRecoveriesProvision (Benefit)Balance at 12/31/2022
Commercial and industrial$27,738 $(6,964)$4,951 $3,346 $29,071 
Owner occupied commercial real estate19,214 (129)112 (5,249)13,948 
Non-owner occupied commercial real estate17,908 (193)60 (1,236)16,539 
Real estate construction22,538 (35)13 7,482 29,998 
Agricultural and agricultural real estate5,213 (3,217)653 (15)2,634 
Residential real estate8,427 (307)— (409)7,711 
Consumer9,050 (7,451)1,266 6,717 9,582 
Total$110,088 $(18,296)$7,055 $10,636 $109,483 

Changes in the allowance for credit losses on unfunded commitments for the years ended December 31, 2023 and December 31, 2022, were as follows:
For the Years Ended December 31,
20232022
Beginning balance$20,196 $15,462 
Provision(3,728)4,734 
Ending balance$16,468 $20,196 
v3.24.0.1
PREMISES, FURNITURE AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Premises, Furniture and Equipment
Premises, furniture and equipment, excluding those held for sale, as of December 31, 2023, and December 31, 2022, were as follows, in thousands:
 20232022
Land and land improvements$53,434 $56,599 
Buildings and building improvements168,244 172,585 
Furniture and equipment56,378 66,685 
Total278,056 295,869 
Less accumulated depreciation(101,055)(105,390)
Premises, furniture and equipment, net$177,001 $190,479 
v3.24.0.1
GOODWILL, CORE DEPOSIT INTANGIBLES AND OTHER INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets
The gross carrying amount of other intangible assets, which consisted of core deposit intangibles and mortgage servicing rights, and the associated accumulated amortization at December 31, 2023, and December 31, 2022, are presented in the table below, in thousands:
 December 31, 2023December 31, 2022
 
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Amortizing intangible assets:    
Core deposit intangibles$101,185 $82,770 $18,415 $101,185 $76,031 $25,154 
Mortgage servicing rights— — — 13,700 5,860 7,840 
Total$101,185 $82,770 $18,415 $114,885 $81,891 $32,994 
Schedule of Estimated Future Amortization Expense of Amortizable Intangible Assets
The following table shows the estimated future amortization expense for amortizable intangible assets, in thousands:
 Core Deposit Intangibles
Year ending December 31,
2024$5,591 
20254,700 
20263,533 
20272,601 
20281,287 
Thereafter703 
Total$18,415 
Summary of Changes in Servicing Rights
The following table summarizes, in thousands, the changes in capitalized mortgage servicing rights for the twelve months ended December 31, 2023, and December 31, 2022:
 20232022
Balance at January 1,$7,840 $6,412 
Originations24 1,425 
Amortization(210)(1,139)
Sale of mortgage servicing rights(7,654)(516)
Valuation adjustment— 1,658 
Balance at December 31,$— $7,840 
Fair value of mortgage servicing rights $— $7,840 
Schedule of Servicing Asset at Fair Value and Amortized Cost
The following table summarizes, in thousands, the book value, the fair value of each tranche of the mortgage servicing rights and any recorded valuation allowance at December 31, 2022:
Book Value
15-Year
Tranche
Fair Value
15-Year
Tranche
Valuation
Allowance
15-Year
Tranche
Book Value
30-Year
Tranche
Fair Value
30-Year
Tranche
Valuation
Allowance
30-Year
Tranche
December 31, 2022$1,388 $1,388 $— $6,452 $6,452 $— 
v3.24.0.1
DEPOSITS (Tables)
 12 Months Ended
Dec. 31, 2023
Deposits [Abstract]  
Schedule of Maturities of Time Certificates of Deposit
At December 31, 2023, the scheduled maturities of time certificates of deposit were as follows, in thousands:
2024$2,726,098 
2025126,415 
202618,949 
202718,703 
20284,697 
Thereafter951 
Total $2,895,813 
Schedule of Interest Expense on Deposits
Interest expense on deposits for the years ended December 31, 2023, 2022, and 2021, was as follows, in thousands:
 202320222021
Savings and money market accounts$182,179 $46,623 $9,063 
Time deposits137,509 10,257 5,734 
Interest expense on deposits$319,688 $56,880 $14,797 
v3.24.0.1
BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Short-term Borrowings
Borrowings as of December 31, 2023, and 2022, were as follows, in thousands:
 20232022
Retail repurchase agreements$42,447 $95,303 
Advances from the FHLB521,186 50,000 
Advances from the federal discount window— 224,000 
Other borrowings 58,622 6,814 
Total$622,255 $376,117 
Average and maximum balances and rates on aggregate borrowings outstanding during the years ended December 31, 2023, December 31, 2022, and December 31, 2021, were as follows, in thousands:
 202320222021
Maximum month-end balance$622,255 $376,117 $299,457 
Average month-end balance227,993 191,306 173,556 
Weighted average interest rate for the year5.04 %1.61 %0.26 %
Weighted average interest rate at year-end5.28 %4.07 %0.19 %
v3.24.0.1
TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Other Borrowings
Term debt outstanding at December 31, 2023 and 2022, are shown in the table below, net of unamortized discount and issuance costs, in thousands:
 20232022
Advances from the FHLB; weighted average interest rate was 3.03% at December 31, 2022
$— $740 
Trust preferred securities149,288 148,284 
Contracts payable for purchase of real estate and other assets80 82 
Subordinated notes223,028 222,647 
Total$372,396 $371,753 
Schedule of Trust Preferred Offerings Outstanding
A schedule of HTLF’s trust preferred offerings outstanding, as of December 31, 2023, were as follows, in thousands:
Amount
Issued
Interest
Rate
Interest Rate as
of 12/31/23
Maturity
Date
Callable
Date
Heartland Financial Statutory Trust IV$10,310 
2.75% over SOFR
8.39%03/17/203403/17/2024
Heartland Financial Statutory Trust V20,619 
1.33% over SOFR
6.9904/07/203604/07/2024
Heartland Financial Statutory Trust VI20,619 
1.48% over SOFR
7.1309/15/203703/15/2024
Heartland Financial Statutory Trust VII18,042 
1.48% over SOFR
7.1209/01/203703/01/2024
Morrill Statutory Trust I9,464 
3.25% over SOFR
8.8712/26/203203/26/2024
Morrill Statutory Trust II9,198 
2.85% over SOFR
8.4912/17/203303/17/2024
Sheboygan Statutory Trust I 6,878 
2.95% over SOFR
8.5909/17/203303/17/2024
CBNM Capital Trust I4,608 
3.25% over SOFR
8.9012/15/203403/15/2024
Citywide Capital Trust III6,661 
2.80% over SOFR
8.4512/19/203304/23/2024
Citywide Capital Trust IV4,526 
2.20% over SOFR
7.8409/30/203405/23/2024
Citywide Capital Trust V12,649 
1.54% over SOFR
7.1907/25/203603/15/2024
OCGI Statutory Trust III3,028 
3.65% over SOFR
9.3109/30/203203/30/2024
OCGI Capital Trust IV5,567 
2.50% over SOFR
8.1512/15/203403/15/2024
BVBC Capital Trust II7,359 
3.25% over SOFR
8.8904/24/203304/24/2024
BVBC Capital Trust III9,760 
1.60% over SOFR
7.1909/30/203503/30/2024
Total trust preferred offerings$149,288     
Schedule of Future Payments of Other Borrowings
Future payments, net of unamortized discount and issuance costs, at December 31, 2023, for term debt at their maturity date follow in the table below, in thousands.
2024$74,937 
2025— 
2026— 
2027— 
2028— 
Thereafter297,459 
Total$372,396 
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Balance Sheet Category and Fair Values of Derivatives The table below identifies the balance sheet category and fair value of HTLF's derivative instrument designated as a cash flow hedge at December 31, 2022, in thousands:
Notional AmountFair Value Balance Sheet Category
December 31, 2022
Interest rate swap500,000 13 Other Assets
The table below identifies the fair value of the interest rate swaps designated as fair value hedges and the balance sheet category of the interest rate swaps at December 31, 2023, and December 31, 2022, in thousands:
Fair ValueBalance Sheet Category
December 31, 2023
Interest rate swaps-loans receivable held to maturity$5,027 Other assets
Interest rate swaps-securities carried at fair value23,182 Other assets
Interest rate swaps-loans receivable held to maturity27,554 Other liabilities
December 31, 2022
Interest rate swaps-loans receivable held to maturity$54 Other assets
The table below identifies the effect of fair value hedge accounting on the consolidated statements of income, in thousands:

Year Ended December 31,
20232022
Hedged item (loans receivable held to maturity)$24,318 $(113)
Hedged item (securities carried at fair value)(20,913)— 
Derivatives designated as hedging instruments on loans receivable held to maturity(24,704)159 
Derivatives designated as hedging instruments on securities carried at fair value20,979 — 
The table below identifies the notional amount, fair value and balance sheet category of HTLF's embedded derivatives as of December 31, 2023, and December 31, 2022, in thousands:
Notional AmountFair ValueBalance Sheet Category
December 31, 2023
Embedded derivatives $2,391 $61 Other Assets
December 31, 2022
Embedded derivatives $6,028 $135 Other Assets
The table below identifies the gains and losses recognized on HTLF's embedded derivatives for the years ended December 31, 2023 and December 31, 2022, in thousands:
Year Ended December 31,
20232022
Gain (loss) recognized in other noninterest income on embedded derivatives$(74)$452 
Gains and Losses Recognized on Derivative Instruments Designated as Cash Flow Hedges
The table below identifies the gains recognized on HTLF's derivative instrument designated as a cash flow hedge for the year ended December 31, 2023, and December 31, 2022, in thousands:
Recognized in OCIReclassified from AOCI into Income
Amount of Gain (Loss)CategoryAmount of Gain (Loss)
For the Year Ended December 31, 2023
Interest rate swap $1,952 Interest income$(575)
For the Year Ended December 31, 2022
Interest rate swap $13 Interest income$487 
The table below identifies the net impact to interest income recognized on HTLF's fair value hedges specific to the fair value remeasurements and the income statement classification where it is recorded in comparison to the total amount of interest income presented on the consolidated statements of income for the year ended December 31, 2023, and December 31, 2022, in thousands:
Year Ended December 31,
20232022
Gain (loss) recognized in interest income and fees on loans
$(386)$46 
Total amount of interest and fees on loans697,997477,970 
Gain (loss) recognized in interest income on securities-taxable
66 — 
Total amount of interest on securities-taxable223,521169,544 
Balance Sheet Category and Fair Value of Derivative Instruments Designated as Cash Flow Hedges
The table below identifies the carrying amount of the hedged assets and cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets that are designated as a fair value hedge accounting relationship at December 31, 2023, and December 31, 2022, in thousands:
Location in the consolidated
balance sheet		Carrying Amount of
the Hedged Assets		Cumulative Amount of Fair Value
Hedging Adjustment Included in
Carrying Amount of Hedged Assets
December 31, 2023
Interest rate swapLoans receivable held to maturity$2,525,261 $24,652 
Interest rate swapSecurities carried at fair value 786,716(20,979)
December 31, 2022
Interest rate swap Loans receivable held to maturity$1,185 $(54)
The table below identifies the balance sheet category and fair values of HTLF's derivative instruments designated as loan swaps at December 31, 2023 and 2022, in thousands:
Notional
Amount
Fair
Value
Balance Sheet
Category
Weighted
Average
Receive
Rate
Weighted
Average
Pay
Rate
December 31, 2023
Customer interest rate swaps$1,672,729 $56,634 Other Assets4.12 %4.96 %
Customer interest rate swaps1,672,729 (56,634)Other Liabilities4.96 %4.12 %
December 31, 2022
Customer interest rate swaps$819,662 $46,091 Other Assets4.23 %6.76 %
Customer interest rate swaps819,662 (46,091)Other Liabilities6.76 %4.23 %
Balance Sheet Category and Fair Values of Derivative Instruments Not Designated as Hedging Instruments
The table below identifies the balance sheet category and fair values of HTLF's other free standing derivative instruments not designated as hedging instruments at December 31, 2023, and December 31, 2022, in thousands:
 
Notional
Amount
Fair
Value
Balance Sheet
Category
December 31, 2023
Interest rate lock commitments (mortgage)$— $— Other Assets
Forward commitments— — Other Assets
Forward commitments— — Other Liabilities
Undesignated interest rate swaps2,391 (61)Other Liabilities
December 31, 2022
Interest rate lock commitments (mortgage)$9,340 $174 Other Assets
Forward commitments6,400 47 Other Assets
Forward commitments5,750 (99)Other Liabilities
Undesignated interest rate swaps6,028 (135)Other Liabilities

HTLF recognizes gains and losses on other free-standing derivatives in two separate income statement categories. Interest rate lock commitments and forward commitments are recognized in net gains on sale of loans held for sale and undesignated interest rate swaps are recognized in other noninterest income. The table below identifies the gains and losses recognized in income on HTLF's other free standing derivative instruments not designated as hedging instruments for the years ended December 31, 2023, and December 31, 2022, in thousands:
Year Ended December 31,
 20232022
Interest rate lock commitments (mortgage)$(291)$(1,828)
Forward commitments52 11 
Undesignated interest rate swaps74 (452)
v3.24.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense The components of the provision for income taxes for the years ended December 31, 2023, 2022, and 2021 were as follows, in thousands:
 202320222021
Current:   
Federal$18,844 $45,911 $32,440 
State7,209 13,549 11,352 
Total current expense$26,053 $59,460 $43,792 
Deferred: 
Federal$(7,442)$(3,637)$8,938 
State(1,754)(250)2,605 
Total deferred expense (benefit)(9,196)(3,887)11,543 
Total income tax expense$16,857 $55,573 $55,335 
Schedule of Deferred Tax Assets and Liabilities Deferred tax assets and liabilities at December 31, 2023 and 2022, were as follows, in thousands:
 20232022
Deferred tax assets:  
Net unrealized loss on securities carried at fair value reflected in stockholders' equity$107,669 $159,763 
Net unrealized loss on derivatives reflected in stockholders’ equity(382)210 
Net unrealized loss on securities transferred from carried at fair value to held to maturity reflected in stockholders' equity 42,541 45,174 
Allowance for credit losses34,527 28,732 
Deferred compensation13,055 12,861 
Net operating loss carryforwards14,789 21,844 
Lease liability7,241 7,731 
Investments in partnerships 2,042 2,843 
Other7,971 5,476 
Total deferred tax assets229,453 284,634 
Valuation allowance for deferred tax assets (13,000)(19,001)
Total deferred tax assets after valuation allowance $216,453 $265,633 
Deferred tax liabilities:
Premises, furniture and equipment$8,245 $9,227 
Purchase accounting10,070 7,954 
Lease right-of-use asset6,391 7,182 
Deferred loan costs6,031 6,078 
Other912 3,846 
Total deferred tax liabilities31,649 34,287 
Net deferred tax assets$184,804 $231,346 
Schedule of Effective Income Tax Rate Reconciliation
The actual income tax expense from continuing operations differs from the expected amounts for the years ended December 31, 2023, 2022, and 2021, (computed by applying the U.S. federal corporate tax rate of 21% for 2023, 2022, and 2021 income before income taxes) are as follows, in thousands:
 202320222021
Computed "expected" tax on net income$20,323 $56,228 $57,804 
Increase (decrease) resulting from: 
Tax-exempt interest benefit(2,624)(5,804)(5,504)
State income taxes, net of federal tax benefit4,310 10,523 11,026 
Tax credits(6,966)(6,613)(7,613)
Partnership investments1,105 (351)572 
Valuation allowance214 13 (440)
Excess tax expense/(benefit) on stock compensation107 (113)(270)
Other388 1,690 (240)
Income taxes$16,857 $55,573 $55,335 
Effective tax rates17.4 %20.8 %20.1 %
v3.24.0.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Status of RSUs
A summary of the status of RSUs as of December 31, 2023, 2022 and 2021, and changes during the years ended December 31, 2023, 2022, and 2021, follows:
 202320222021
 SharesWeighted-Average Grant Date Fair ValueSharesWeighted-Average Grant Date Fair ValueSharesWeighted-Average Grant Date Fair Value
Outstanding at January 1424,086 $46.15 389,885 $44.19 348,275 $38.22 
Granted278,999 44.94 242,718 48.38 216,560 51.44 
Vested(183,511)41.39 (159,880)44.96 (149,350)40.83 
Forfeited(53,469)46.84 (48,637)45.49 (25,600)40.96 
Outstanding at December 31466,105 $47.22 424,086 $46.15 389,885 $44.19 
Schedule of Stock Options Activity
A summary of the status of the stock options as of December 31, 2023, 2022, and 2021, and changes during the years ended December 31, 2023, 2022, and 2021 follows:

202320222021
SharesWeighted
Average
Exercise
Price 		SharesWeighted
Average
Exercise
Price		SharesWeighted
Average
Exercise
Price
Outstanding at January 1,64,518 $48.79 — $— — $— 
Granted— — 64,518 48.79 — — 
Exercised— — — — — — 
Forfeited(6,452)— — — — — 
Outstanding at December 3158,066 48.79 64,518 48.79 — — 
Options exercisable at December 31,— $— — $— — $— 
v3.24.0.1
REGULATORY CAPITAL REQUIREMENTS AND RESTRICTIONS ON SUBSIDIARY DIVIDENDS (Tables)
 12 Months Ended
Dec. 31, 2023
Federal Home Loan Banks [Abstract]  
Schedule of Actual Capital Amounts and Ratios
HTLF Bank's, and all HTLF member banks prior to charter consolidation, actual capital amounts and ratios are also presented in the tables below, in thousands:
 Actual
For Capital
Adequacy Purposes
To Be Well Capitalized Under Prompt Corrective Action Provisions
 AmountRatioAmountRatioAmountRatio
As of December 31, 2023      
Total Capital (to Risk-Weighted Assets)      
Consolidated$2,237,035 14.53 %$1,231,972 8.00 %$1,539,965 10.00 %
HTLF Bank 1,969,006 12.85 1,225,669 8.00 1,532,087 10.00 
Tier 1 Capital (to Risk-Weighted Assets)
Consolidated$1,800,542 11.69 %$923,979 6.00 %$923,979 6.00 %
HTLF Bank1,829,972 11.94 919,252 6.00 1,225,669 8.00 
Common Equity Tier 1 (to Risk-Weighted Assets)
Consolidated$1,689,837 10.97 %$692,984 4.50 %N/A
HTLF Bank 1,829,972 11.94 689,439 4.50 $995,856 6.50 %
Tier 1 Capital (to Average Assets)
Consolidated$1,800,542 9.44 %$763,309 4.00 %N/A
HTLF Bank1,829,972 9.26 790,709 4.00 $988,386 5.00 %
 Actual
For Capital
Adequacy Purposes
To Be Well Capitalized Under Prompt Corrective Action Provisions
 AmountRatioAmountRatioAmountRatio
As of December 31, 2022      
Total Capital (to Risk-Weighted Assets)      
Consolidated$2,204,829 14.76 %$1,194,970 8.00 % N/A 
HTLF Bank824,069 11.72 562,497 8.00 $703,122 10.00 %
Dubuque Bank and Trust Company184,096 13.01 113,197 8.00 141,497 10.00 
Wisconsin Bank & Trust128,490 13.12 78,336 8.00 97,920 10.00 
New Mexico Bank & Trust238,190 13.23 144,059 8.00 180,073 10.00 
Rocky Mountain Bank69,792 12.84 43,489 8.00 54,361 10.00 
Bank of Blue Valley162,131 16.07 80,689 8.00 100,861 10.00 
First Bank & Trust288,518 13.51 170,835 8.00 213,543 10.00 
Tier 1 Capital (to Risk-Weighted Assets) 
Consolidated$1,763,990 11.81 %$896,228 6.00 % N/A
HTLF Bank762,103 10.84 421,873 6.00 $562,497 8.00 %
Dubuque Bank and Trust Company174,684 12.35 84,898 6.00 113,197 8.00 
Wisconsin Bank & Trust119,231 12.18 58,752 6.00 78,336 8.00 
New Mexico Bank & Trust223,602 12.42 108,044 6.00 144,059 8.00 
Rocky Mountain Bank63,814 11.74 32,617 6.00 43,489 8.00 
Bank of Blue Valley155,002 15.37 60,516 6.00 80,689 8.00 
First Bank & Trust267,169 12.51 128,126 6.00 170,835 8.00 
Common Equity Tier 1 (to Risk Weighted Assets)
Consolidated $1,653,285 11.07 %$672,171 4.50 %N/A
HTLF Bank762,103 10.84 316,405 4.50 $457,029 6.50 %
Dubuque Bank and Trust Company174,684 12.35 63,674 4.50 91,973 6.50 
Wisconsin Bank & Trust119,231 12.18 44,064 4.50 63,648 6.50 
New Mexico Bank & Trust223,602 12.42 81,033 4.50 117,048 6.50 
Rocky Mountain Bank63,814 11.74 24,463 4.50 35,335 6.50 
Bank of Blue Valley155,002 15.37 45,387 4.50 65,560 6.50 
First Bank & Trust267,169 12.51 96,094 4.50 138,803 6.50 
Tier 1 Capital (to Average Assets)
Consolidated$1,763,990 9.13 %$772,911 4.00 % N/A
HTLF Bank762,103 8.64 352,914 4.00 $441,143 5.00 %
Dubuque Bank and Trust Company174,684 8.08 86,473 4.00 108,091 5.00 
Wisconsin Bank & Trust119,231 9.22 51,753 4.00 64,691 5.00 
New Mexico Bank & Trust223,602 8.12 110,214 4.00 137,767 5.00 
Rocky Mountain Bank63,814 8.49 30,064 4.00 37,580 5.00 
Bank of Blue Valley155,002 10.75 57,676 4.00 72,095 5.00 
First Bank & Trust267,169 9.29 115,026 4.00 143,782 5.00 
v3.24.0.1
FAIR VALUE (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The tables below present HTLF's assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023, and December 31, 2022, in thousands, aggregated by the level in the fair value hierarchy within which those measurements fall:
Total Fair ValueLevel 1Level 2Level 3
December 31, 2023
Assets
Securities available for sale
U.S. treasuries$32,118 $32,118 $— $— 
U.S. agencies14,530 — 14,530 — 
Obligations of states and political subdivisions741,245 — 741,245 — 
Mortgage-backed securities - agency1,393,629 — 1,393,629 — 
Mortgage-backed securities - non-agency1,529,128 — 1,529,128 — 
Commercial mortgage-backed securities - agency64,788 — 64,788 — 
Commercial mortgage-backed securities - non-agency514,858 — 514,858 — 
Asset-backed securities217,370 — 217,370 — 
Corporate bonds 118,169 — 118,169 — 
Equity securities with a readily determinable fair value21,056 — 21,056 — 
Derivative financial instruments(1)
84,904 — 84,904 — 
Interest rate lock commitments— — — — 
Forward commitments— — — — 
Total assets at fair value$4,731,795 $32,118 $4,699,677 $— 
Liabilities
Derivative financial instruments(2)
$84,249 $— $84,249 $— 
Forward commitments— — — — 
Total liabilities at fair value$84,249 $— $84,249 $— 
(1) Includes interest rate swaps, fair value hedges, embedded derivatives, and back-to-back loan swaps.
(2) Includes fair value hedges, back-to-back loan swaps and free-standing derivatives.
Total Fair ValueLevel 1Level 2Level 3
December 31, 2022
Assets
Securities available for sale
U.S. treasuries$31,699 $31,699 $— $— 
U.S. agencies43,135 — 43,135 — 
Obligations of states and political subdivisions879,437 — 879,437 — 
Mortgage-backed securities - agency1,772,105 — 1,772,105 — 
Mortgage-backed securities - non-agency2,181,876 — 2,181,876 — 
Commercial mortgage-backed securities - agency85,123 — 85,123 — 
Commercial mortgage-backed securities - non-agency659,459 — 659,459 — 
Asset-backed securities416,054 — 416,054 — 
Corporate bonds 57,942 — 57,942 — 
Equity securities20,314 — 20,314 — 
Derivative financial instruments(1)
46,293 — 46,293 — 
Interest rate lock commitments174 — — 174 
Forward commitments47 — 47 — 
Total assets at fair value$6,193,658 $31,699 $6,161,785 $174 
Liabilities
Derivative financial instruments(2)
$46,226 $— $46,226 $— 
Forward commitments99 — 99 — 
Total liabilities at fair value$46,325 $— $46,325 $— 
(1) Includes embedded derivatives, back-to-back loan swaps and cash flow hedges.
(2) Includes cash flow hedges, fair value hedges, back-to-back loan swaps and free-standing derivative instruments.
Fair Value Measurements, Nonrecurring
The tables below present HTLF's assets that are measured at fair value on a nonrecurring basis, in thousands:
Fair Value Measurements at December 31, 2023
Total
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
 Inputs
(Level 3)
(Gains)/Losses
Collateral dependent individually assessed loans:
Commercial and industrial$23,422 $— $— $23,422 $554 
Owner occupied commercial real estate 30,400 — — 30,400 — 
Non-owner occupied commercial real estate— — — — — 
Real estate construction 642 — — 642 — 
Agricultural and agricultural real estate4,768 — — 4,768 5,309 
Residential real estate 741 — — 741 — 
Total collateral dependent individually assessed loans $59,973 $— $— $59,973 $5,863 
Loans held for sale$5,071 $— $5,071 $— $— 
Other real estate owned12,548 — — 12,548 2,967 
Premises, furniture and equipment held for sale 4,069 — — 4,069 2,786 
Servicing rights — — — — — 
Fair Value Measurements at December 31, 2022
Total
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
 Inputs
(Level 3)
(Gains)/Losses
Collateral dependent individually assessed loans:
Commercial and industrial$12,042 $— $— $12,042 $4,186 
Owner occupied commercial real estate7,556 — — 7,556 — 
Non-owner occupied commercial real estate11,371 — — 11,371 — 
Real estate construction1,518 — — 1,518 — 
Agricultural and agricultural real estate3,788 — — 3,788 — 
Residential real estate1,607 — — 1,607 — 
Total collateral dependent impaired loans$37,882 $— $— $37,882 $4,186 
Loans held for sale$5,277 $— $5,277 $— $(116)
Other real estate owned8,401 — — 8,401 180 
Premises, furniture and equipment held for sale 6,851 — — 6,851 1,562 
Servicing rights 7,840 — — 7,840 516 
Quantitative Information on Assets Measured at Fair Value on Recurring and Nonrecurring Basis Using Level 3
The following tables present additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which HTLF has utilized Level 3 inputs to determine fair value, in thousands:
Fair Value at 12/31/23Valuation TechniqueUnobservable InputRange (Weighted Average)
Premises, furniture and equipment held for sale$4,069 Modified appraised valueThird-party appraisal(1)
Appraisal discount
0-10%(2)
Other real estate owned12,548 Modified appraised valueThird-party appraisal(1)
Appraisal discounts
0-10%(2)
Collateral dependent individually assessed loans:
Commercial and industrial23,422 Modified appraised valueThird-party appraisal
(1)
Appraisal discount
0-12%(2)
Owner occupied commercial real estate30,400 Modified appraised valueThird-party appraisal
(1)
Appraisal discount
0-20%(2)
Non-owner occupied commercial real estate — Modified appraised valueThird-party appraisal
(1)
Appraisal discount
0-10%(2)
Real estate construction 642 Modified appraised valueThird-party appraisal(1)
Appraisal discount
0-10%(2)
Agricultural and agricultural real estate4,768 Modified appraised valueThird-party appraisal(1)
Appraisal discount
0%-10%(2)
Residential real estate741 Modified appraised valueThird-party appraisal(1)
Appraisal discount
0-10%(2)
(1) Third-party appraisals are obtained and updated at least annually to establish the value of the underlying asset, but the disclosure of the unobservable inputs used by the appraisers would not be meaningful because the range will vary widely from appraisal to appraisal.
(2) Discounts applied to the appraised values primarily include estimated sales costs, but also consider the age of the appraisal, changes in local market conditions and changes in the current condition of the collateral.
Fair Value at 12/31/22Valuation TechniqueUnobservable InputRange (Weighted Average)
Interest rate lock commitments $174 Discounted cash flowsClosing ratio
0 - 99% (88%)(1)
Premises, furniture and equipment held for sale6,851 Modified appraised valueThird-party appraisal
(2)
Appraisal discount
0-10%(3)
Other real estate owned8,401 Modified appraised valueThird-party appraisal
(2)
Appraisal discounts
0-10%(3)
Servicing rights 7,840 Discounted cash flowsDiscount rate
9.98 - 11.72% (10.02%)(4)
Constant prepayment rate
7.8 - 14.2% (7.9%)(4)
Collateral dependent individually assessed loans:
Commercial and industrial12,042 Modified appraised valueThird-party appraisal
(2)
Appraisal discount
0-10%(3)
Owner occupied commercial real estate7,556 Modified appraised valueThird-party appraisal
(2)
Appraisal discounts
0-10%(3)
Non-owner occupied commercial real estate11,371 Modified appraised valueThird-party appraisal
(2)
Appraisal discounts
0-10%(3)
Real estate construction 1,518 Modified appraised valueThird-party appraisal
(2)
Appraisal discount
0-10%(3)
Agricultural and agricultural real estate3,788 Modified appraised valueThird-party appraisal
(2)
Appraisal discount
0-15%(3)
Residential real estate1,607 Modified appraised valueThird-party appraisal
(2)
Appraisal discount
0-10%(3)
(1) The significant unobservable input used in the fair value measurement is the closing ratio, which represents the percentage of loans currently in a lock position which management estimates will ultimately close. The closing ratio calculation takes into consideration historical data and loan-level data.
(2) Third-party appraisals are obtained and updated at least annually to establish the value of the underlying asset, but the disclosure of the unobservable inputs used by the appraisers would not be meaningful because the range will vary widely from appraisal to appraisal.
(3) Discounts applied to the appraised values primarily include estimated sales costs, but also consider the age of the appraisal, changes in local market conditions and changes in the current condition of the collateral.
(4) The significant unobservable inputs used in the discounted cash flow analysis are the discount rate and constant prepayment rate.
Summary of Changes in Fair Value of Level 3 Assets Measured at Fair Value on Recurring Basis
The changes in fair value of the interest rate lock commitments, which are Level 3 financial instruments and are measured on a recurring basis, are summarized in the following table, in thousands:
For the Years Ended
December 31, 2023December 31, 2022
Balance at January 1,$174 $1,306 
Total gains (losses), net, included in earnings(290)(1,828)
Issuances1,864 3,683 
Settlements(1,748)(2,987)
Balance at period end$— $174 
Fair Value, by Balance Sheet Grouping The following analysis, which is inherently limited in depicting fair value, also does not consider any value associated with either existing customer relationships or the ability of HTLF to create value through loan origination, obtaining deposits or fee generating activities. Many of the estimates presented below are based upon the use of highly subjective information and assumptions and, accordingly, the results may not be precise. Management believes that fair value estimates may not be comparable between financial institutions due to the wide range of permitted valuation techniques and numerous estimates which must be made. Furthermore, because the disclosed fair value amounts were estimated as of the balance sheet date, the amounts actually realized or paid upon maturity or settlement of the various financial instruments could be significantly different.
Fair Value Measurements at
December 31, 2023
Carrying
Amount		Estimated
Fair
Value		Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
 Inputs
(Level 3)
Financial assets:
Cash and cash equivalents$323,013 $323,013 $323,013 $— $— 
Time deposits in other financial institutions1,240 1,240 1,240 — — 
Securities:
Carried at fair value 4,646,891 4,646,891 32,118 4,614,773 — 
Held to maturity838,241 816,399 — 816,399 — 
Other investments91,277 91,277 — 91,277 — 
Loans held for sale5,071 5,071 — 5,071 — 
Loans, net:
Commercial3,611,368 3,396,628 — 3,373,206 23,422 
PPP2,777 2,777 — 2,777 — 
Owner occupied commercial real estate2,621,019 2,444,540 — 2,414,140 30,400 
Non-owner occupied commercial real estate2,536,462 2,393,931 — 2,393,931 — 
Real estate construction 982,943 979,105 — 978,463 642 
Agricultural and agricultural real estate914,892 839,572 — 834,804 4,768 
Residential real estate791,984 687,428 — 686,687 741 
Consumer484,634 465,686 — 465,686 — 
Total Loans, net11,946,079 11,209,667 — 11,149,694 59,973 
Cash surrender value on life insurance197,085 197,085 — 197,085 — 
Derivative financial instruments(1)
84,904 84,904 — 84,904 — 
Financial liabilities:
Deposits
Demand deposits$4,500,304 $4,500,304 $— $4,500,304 $— 
Savings deposits8,805,597 8,805,597 — 8,805,597 — 
Time deposits2,895,813 2,895,813 — 2,895,813 — 
Borrowings622,255 622,255 — 622,255 — 
Term debt372,396 374,017 — 374,017 — 
Derivative financial instruments(2)
84,249 84,249 — 84,249 — 
(1) Includes interest rate swaps, fair value hedges, embedded derivatives, and back-to-back loan swaps.
(2) Includes fair value hedges, back-to-back loan swaps and undesignated interest rate swaps.
Fair Value Measurements at
December 31, 2022
Carrying
Amount		Estimated
Fair
Value		Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
 Inputs
(Level 3)
Financial assets:
Cash and cash equivalents$363,087 $363,087 $363,087 $— $— 
Time deposits in other financial institutions1,740 1,740 1,740 — — 
Securities:
Carried at fair value6,147,144 6,147,144 31,699 6,115,445 — 
Held to maturity829,403 776,557 — 776,557 — 
Other investments
74,567 74,567 — 74,567 — 
Loans held for sale5,277 5,277 — 5,277 — 
Loans, net:
Commercial and industrial3,435,343 3,270,127 — 3,258,085 12,042 
PPP11,025 11,025 — 11,025 — 
Owner occupied commercial real estate2,251,359 2,084,665 — 2,077,109 7,556 
Non-owner occupied commercial real estate2,314,401 2,184,796 — 2,173,425 11,371 
Real estate construction 1,046,084 1,039,244 — 1,037,726 1,518 
Agricultural and agricultural real estate917,876 842,637 — 838,849 3,788 
Residential real estate845,650 741,325 — 739,718 1,607 
Consumer497,131 480,018 — 480,018 — 
Total Loans, net
11,318,869 10,653,837 — 10,615,955 37,882 
Financial assets
Cash surrender value on life insurance$193,403 $193,403 $— $193,403 $— 
Derivative financial instruments(1)
46,293 46,293 — 46,293 — 
Interest rate lock commitments 174 174 — — 174 
Forward commitments 47 47 — 47 — 
Financial liabilities:
Deposits
Demand deposits
5,701,340 5,701,340 — 5,701,340 — 
Savings deposits
9,994,391 9,994,391 — 9,994,391 — 
Time deposits
1,817,278 1,817,278 — 1,817,278 — 
Borrowings376,117 376,117 — 376,117 — 
Term debt371,753 372,473 — 372,473 — 
Derivative financial instruments(2)
46,226 46,226 — 46,226 — 
Forward commitments 99 99 — 99 — 
(1) Includes interest rate swaps, fair value hedges, embedded derivatives and back-to-back loan swaps.
(2) Includes fair value hedges, back-to-back loan swaps and undesignated interest rate swaps.
v3.24.0.1
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of noninterest income in-scope and out-of-scope of Topic 606
The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the year ended December 31, 2023, 2022, and 2021, in thousands:
For the Years Ended December 31,
202320222021
In-scope of Topic 606
Service charges and fees
Service charges and fees on deposit accounts$21,037 $18,625 $16,414 
Overdraft fees11,878 12,136 11,005 
Customer service and other service fees358 375 220 
Credit card fee income31,102 27,560 21,623 
Debit card income9,649 9,335 10,441 
Total service charges and fees74,024 68,031 59,703 
Trust fees20,715 22,570 24,417 
Brokerage and insurance commissions2,794 2,986 3,546 
Total noninterest income in-scope of Topic 606$97,533 $93,587 $87,666 
Out-of-scope of Topic 606
Loan servicing income$1,561 $2,741 $3,276 
Capital markets fees10,007 11,543 1,324 
Securities gains (losses), net(141,539)(425)5,910 
Unrealized gain (loss) on equity securities, net240 (622)58 
Net gains on sale of loans held for sale3,880 9,032 20,605 
Valuation adjustment on servicing rights— 1,658 1,088 
Income on bank owned life insurance3,771 2,341 3,762 
Other noninterest income3,621 8,409 5,246 
Total noninterest income out-of-scope of Topic 606(118,459)34,677 41,269 
Total noninterest income$(20,926)$128,264 $128,935 
v3.24.0.1
PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Balance Sheets
Condensed financial information for Heartland Financial USA, Inc. is as follows:
BALANCE SHEETS (Dollars in thousands)
 December 31,
 20232022
Assets:  
Cash and interest-bearing deposits$288,203 $307,026 
Investment in subsidiaries1,971,014 1,747,188 
Other assets72,501 94,953 
Total assets$2,331,718 $2,149,167 
Liabilities and Stockholders’ equity:
Borrowings$372,316 $370,930 
Accrued expenses and other liabilities26,285 43,182 
Total liabilities398,601 414,112 
Stockholders’ equity:
Preferred stock110,705 110,705 
Common stock42,688 42,467 
Capital surplus1,090,740 1,080,964 
Retained earnings1,141,501 1,120,925 
Accumulated other comprehensive loss(452,517)(620,006)
Total stockholders’ equity1,933,117 1,735,055 
Total liabilities and stockholders’ equity$2,331,718 $2,149,167 
Schedule of Condensed Income Statements
INCOME STATEMENTS (Dollars in thousands)
 For the Years Ended December 31,
 202320222021
Operating revenues:   
Dividends from subsidiaries$50,000 $142,500 $163,500 
Other1,486 1,200 1,885 
Total operating revenues51,486 143,700 165,385 
Operating expenses: 
Interest22,637 16,886 12,851 
Salaries and employee benefits4,610 7,225 7,509 
Professional fees8,807 11,594 5,161 
Other operating expenses9,287 10,474 10,984 
Total operating expenses45,341 46,179 36,505 
Equity in undistributed earnings57,799 98,983 75,368 
Income before income tax benefit63,944 196,504 204,248 
Income tax benefit15,976 15,676 15,675 
Net income79,920 212,180 219,923 
Preferred dividends(8,050)(8,050)(8,050)
Net income available to common stockholders$71,870 $204,130 $211,873 
Schedule of Condensed Statements of Cash Flows
STATEMENTS OF CASH FLOWS (Dollars in thousands)
 For the Years Ended December 31,
 202320222021
Cash flows from operating activities:   
Net income$79,920 $212,180 $219,923 
Adjustments to reconcile net income to net cash provided by operating activities: 
Undistributed earnings of subsidiaries(57,799)(98,983)(75,368)
Increase (decrease) in accrued expenses and other liabilities(17,090)(8,946)8,723 
Increase (decrease) in other assets
23,335 (13,933)(13,069)
Excess tax (expense) benefit from stock-based compensation(123)131 312 
Other, net11,537 9,958 12,632 
Net cash provided by operating activities39,780 100,407 153,153 
Cash flows from investing activities: 
Capital contributions to subsidiaries— — (34,000)
Net cash used by investing activities— — (34,000)
Cash flows from financing activities: 
Proceeds from borrowings— — 147,614 
Repayments of borrowings— — (44,417)
Cash dividends paid(59,151)(54,249)(48,559)
Proceeds from issuance of common stock548 1,038 1,311 
Net cash provided by (used in) by financing activities(58,603)— (53,211)— 55,949 
Net increase (decrease) in cash and cash equivalents
(18,823)47,196 175,102 
Cash and cash equivalents at beginning of year307,026 259,830 84,728 
Cash and cash equivalents at end of year$288,203 $307,026 $259,830 
Supplemental disclosure:
Dividends declared, not paid 2,013 2,013 2,013 
Net assets from dissolved subsidiary
883 — — 
v3.24.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of ROU Assets and Lease Liabilities
The table below presents HTLF's right-of-use ("ROU") assets and lease liabilities as of December 31, 2023 and December 31, 2022, in thousands:
As of December 31,
Classification20232022
Operating lease right-of-use assets Other assets$25,859 $29,429 
Operating lease liabilitiesAccrued expenses and other liabilities$29,333 $31,681 
Schedule of Lease Costs and Supplemental Information
The table below presents the lease costs and supplemental information as of December 31, 2023, 2022, and 2021, in thousands:
Income Statement CategoryAs of December 31,
Lease Cost202320222021
Operating lease costOccupancy expense$7,768 $7,256 $8,013 
Variable lease costOccupancy expense11 16 47 
Total lease cost$7,779 $7,272 $8,060 
Supplemental Information
Noncash reduction of ROU assetsOccupancy expense$1,164 $32 $1,244 
Noncash reduction lease liabilitiesOccupancy expense— 10 — 
Supplemental balance sheet informationAs of December 31, 2023
Weighted-average remaining operating lease term (in years)5.53
Weighted-average discount rate for operating leases3.08 %
Schedule of Maturity Analysis of Operating Lease Liabilities and Reconciliation of the Undiscounted Cash Flows to the Total of Operating Lease Liabilities
A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities as of December 31, 2023 is as follows, in thousands:
Year ending December 31,
2024$6,386 
20256,221 
20265,535 
20274,581 
20283,997 
Thereafter5,219 
Total lease payments$31,939 
Less interest(2,606)
Present value of lease liabilities$29,333 
v3.24.0.1
SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Financial Information (Unaudited)
(Dollars in thousands, except per share data)
As of and for the Quarter Ended
2023December 31September 30June 30March 31
Net interest income$156,137 $145,756 $147,132 $152,212 
Provision for credit losses11,738 1,516 5,379 3,074 
Net interest income after provision for credit losses144,399 144,240 141,753 149,138 
Noninterest income(111,801)28,383 32,493 29,999 
Noninterest expense130,285 111,053 109,446 111,043 
Income taxes(27,324)13,479 15,384 15,318 
Net income (loss)(70,363)48,091 49,416 52,776 
Preferred dividends(2,012)(2,013)(2,012)(2,013)
Net income (loss) available to common stockholders$(72,375)$46,078 $47,404 $50,763 
Per share:
Earnings (loss) per share-basic$(1.69)$1.08 $1.11 $1.19 
Earnings (loss) per share-diluted(1.69)1.08 1.11 1.19 
Cash dividends declared on common stock0.30 0.30 0.30 0.30 
Book value per common share42.69 40.20 41.00 40.38 
Weighted average common shares outstanding42,770,347 42,760,406 42,695,522 42,614,806 
Weighted average diluted common shares outstanding42,838,405 42,812,563 42,757,603 42,742,878 
(Dollars in thousands, except per share data)
As of and for the Quarter Ended
2022December 31September 30June 30March 31
Net interest income$165,220 $155,876 $142,461 $134,679 
Provision for credit losses3,387 5,492 3,246 3,245 
Net interest income after provision for credit losses161,833 150,384 139,215 131,434 
Noninterest income29,975 29,181 34,539 34,569 
Noninterest expense117,218 108,883 106,479 110,797 
Income taxes13,936 14,118 15,402 12,117 
Net income60,654 56,564 51,873 43,089 
Preferred dividends(2,012)(2,013)(2,012)(2,013)
Net income available to common stockholders$58,642 $54,551 $49,861 $41,076 
Per share:
Earnings per share-basic$1.38 $1.28 $1.17 $0.97 
Earnings per share-diluted1.37 1.28 1.17 0.97 
Cash dividends declared on common stock0.28 0.27 0.27 0.27 
Book value per common share38.25 36.41 39.19 42.98 
Weighted average common shares outstanding42,578,977 42,574,557 42,474,835 42,359,582 
Weighted average diluted common shares outstanding42,699,752 42,643,940 42,565,391 42,540,953 
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Trading Securities) (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Trading securities $ 0 $ 0
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Mortgage Servicing and Transfers of Financial Assets and Servicing Rights, Net) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2023
Servicing Asset at Amortized Cost [Line Items]    
Aggregate unpaid principal balance $ 725.9 $ 0.0
Mortgage Servicing Rights 15 Year    
Servicing Asset at Amortized Cost [Line Items]    
Servicing rights, term 15 years  
Mortgage Servicing Rights 30 Year    
Servicing Asset at Amortized Cost [Line Items]    
Servicing rights, term 30 years  
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Premises, Furniture and Equipment, net) (Details)
Dec. 31, 2023
Building | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life 18 years
Building | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life 39 years
Land Improvements  
Property, Plant and Equipment [Line Items]  
Useful life 15 years
Furniture and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life 3 years
Furniture and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life 7 years
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Core Deposit Intangibles and Customer Relationship Intangibles, Net) (Details)
Dec. 31, 2023
Core Deposit Intangibles | Minimum  
Finite-Lived Intangible Assets [Line Items]  
Useful life 8 years
Core Deposit Intangibles | Maximum  
Finite-Lived Intangible Assets [Line Items]  
Useful life 18 years
Customer Relationship Intangible  
Finite-Lived Intangible Assets [Line Items]  
Useful life 22 years
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
segment
$ / shares
shares
Dec. 31, 2024
USD ($)
purchaser
branch
Dec. 31, 2022
USD ($)
$ / shares
shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Number of reportable segments (segment) | segment 1    
Treasury stock, value | $ $ 0.0   $ 0.0
Rocky Mountain Bank | Forecast      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Disposal group, number of division branches sold | branch   9  
Disposal group, number of purchasers | purchaser   2  
Disposal group, deposits assets | $   $ 588.9  
Disposal group, financing receivable | $   365.9  
Disposal group, property, plant and equipment | $   $ 13.6  
Series A Preferred Stock      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Preferred stock, par value (in dollars per share) | $ / shares     $ 1
Preferred stock, shares authorized (in shares)     16,000
Preferred stock, shares issued (in shares)     0
Preferred stock, shares outstanding (in shares)     0
Series B Preferred Stock      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Preferred stock, par value (in dollars per share) | $ / shares     $ 1
Preferred stock, shares authorized (in shares)     81,698
Preferred stock, shares issued (in shares)     0
Preferred stock, shares outstanding (in shares)     0
Series C Preferred Stock      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Preferred stock, par value (in dollars per share) | $ / shares     $ 1
Preferred stock, shares authorized (in shares)     81,698
Preferred stock, shares issued (in shares)     0
Preferred stock, shares outstanding (in shares)     0
Series D Preferred Stock      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Preferred stock, par value (in dollars per share) | $ / shares     $ 1
Preferred stock, shares authorized (in shares)     3,000
Preferred stock, shares issued (in shares)     0
Preferred stock, shares outstanding (in shares)     0
    Preferred Stock      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Preferred stock, par value (in dollars per share) | $ / shares $ 1   $ 1
Preferred stock, shares authorized (in shares) 188,500   6,104
Preferred stock, shares issued (in shares) 0   0
Preferred stock, shares outstanding (in shares) 0   0
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Earnings Per Share) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                      
Net income attributable to HTLF $ (70,363) $ 48,091 $ 49,416 $ 52,776 $ 60,654 $ 56,564 $ 51,873 $ 43,089 $ 79,920 $ 212,180 $ 219,923
Preferred dividends (2,012) (2,013) (2,012) (2,013) (2,012) (2,013) (2,012) (2,013) (8,050) (8,050) (8,050)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ (72,375) $ 46,078 $ 47,404 $ 50,763 $ 58,642 $ 54,551 $ 49,861 $ 41,076 $ 71,870 $ 204,130 $ 211,873
Weighted average common shares outstanding for basic earnings per share (in shares) 42,770,347 42,760,406 42,695,522 42,614,806 42,578,977 42,574,557 42,474,835 42,359,582 42,701,000 42,496,000 42,260,000
Assumed incremental common shares issued upon exercise of stock options and non-vested restricted stock units (in shares)                 91,000 135,000 151,000
Weighted average common shares for diluted earnings per share (in shares) 42,838,405 42,812,563 42,757,603 42,742,878 42,699,752 42,643,940 42,565,391 42,540,953 42,792,000 42,631,000 42,411,000
Earnings per common share — basic (in dollars per share) $ (1.69) $ 1.08 $ 1.11 $ 1.19 $ 1.38 $ 1.28 $ 1.17 $ 0.97 $ 1.68 $ 4.80 $ 5.01
Earnings per common share — diluted (in dollars per share) $ (1.69) $ 1.08 $ 1.11 $ 1.19 $ 1.37 $ 1.28 $ 1.17 $ 0.97 $ 1.68 $ 4.79 $ 5.00
Stock Units                      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                      
Number of antidilutive stock units excluded from diluted earnings per share computation                 112,000 5,000 1,000
Employee Stock Option                      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                      
Number of antidilutive stock units excluded from diluted earnings per share computation                 60,000 5,000 0
v3.24.0.1
CASH AND DUE FROM BANKS (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Cash and Cash Equivalents [Abstract]    
Reserve balance requirement $ 0.0 $ 0.0
v3.24.0.1
SECURITIES (Available-for-sale Securities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Amortized cost of securities $ 5,100,344 $ 6,788,729
Gross Unrealized Gains 401 1,495
Gross Unrealized Losses (453,854) (643,080)
Debt Securities, Available-for-Sale, Excluding Accrued Interest 906,062  
Equity securities with a readily determinable fair value 21,056 20,314
Estimated Fair Value 4,646,891 6,147,144
U.S. treasuries    
Debt Securities, Available-for-sale [Line Items]    
Total debt securities 32,459 32,369
Gross Unrealized Gains 0 8
Gross Unrealized Losses (341) (678)
Debt Securities, Available-for-Sale, Excluding Accrued Interest 32,118 31,699
U.S. agencies    
Debt Securities, Available-for-sale [Line Items]    
Total debt securities 14,724 49,437
Gross Unrealized Gains 0 0
Gross Unrealized Losses (194) (6,302)
Debt Securities, Available-for-Sale, Excluding Accrued Interest 14,530 43,135
Obligations of states and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Total debt securities 839,754 1,049,578
Gross Unrealized Gains 25 14
Gross Unrealized Losses (98,534) (170,155)
Debt Securities, Available-for-Sale, Excluding Accrued Interest 741,245 879,437
Mortgage-backed securities - agency    
Debt Securities, Available-for-sale [Line Items]    
Total debt securities 1,620,409 2,042,092
Gross Unrealized Gains 13 56
Gross Unrealized Losses (226,793) (270,043)
Debt Securities, Available-for-Sale, Excluding Accrued Interest 1,393,629 1,772,105
Mortgage-backed securities - non-agency    
Debt Securities, Available-for-sale [Line Items]    
Total debt securities 1,616,414 2,327,308
Gross Unrealized Gains 363 1,417
Gross Unrealized Losses (87,649) (146,849)
Debt Securities, Available-for-Sale, Excluding Accrued Interest 1,529,128 2,181,876
Commercial mortgage-backed securities - agency    
Debt Securities, Available-for-sale [Line Items]    
Total debt securities 76,076 100,518
Gross Unrealized Gains 0 0
Gross Unrealized Losses (11,288) (15,395)
Debt Securities, Available-for-Sale, Excluding Accrued Interest 64,788 85,123
Commercial mortgage-backed securities - non-agency    
Debt Securities, Available-for-sale [Line Items]    
Total debt securities 526,974 679,511
Gross Unrealized Gains 0 0
Gross Unrealized Losses (12,116) (20,052)
Debt Securities, Available-for-Sale, Excluding Accrued Interest 514,858 659,459
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Total debt securities 232,140 428,397
Gross Unrealized Gains 0 0
Gross Unrealized Losses (14,770) (12,343)
Debt Securities, Available-for-Sale, Excluding Accrued Interest 217,370 416,054
Corporate bonds    
Debt Securities, Available-for-sale [Line Items]    
Total debt securities 120,338 59,205
Gross Unrealized Gains 0 0
Gross Unrealized Losses (2,169) (1,263)
Debt Securities, Available-for-Sale, Excluding Accrued Interest 118,169 57,942
Total debt securities    
Debt Securities, Available-for-sale [Line Items]    
Total debt securities 5,079,288 6,768,415
Gross Unrealized Gains 401 1,495
Gross Unrealized Losses (453,854) (643,080)
Debt Securities, Available-for-Sale, Excluding Accrued Interest $ 4,625,835 $ 6,126,830
v3.24.0.1
SECURITIES (Held-to-maturity Securities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]    
Total investment securities $ 838,241 $ 829,403
Gross Unrealized Gains 3,622 3,096
Gross Unrealized Losses (25,464) (55,942)
Held to maturity securities, fair value 816,399 776,557
Held to maturity, allowance for credit losses 0 0
Obligations of states and political subdivisions    
Schedule of Held-to-maturity Securities [Line Items]    
Total investment securities 838,241 829,403
Gross Unrealized Gains 3,622 3,096
Gross Unrealized Losses (25,464) (55,942)
Held to maturity securities, fair value 816,399 776,557
Held to maturity, allowance for credit losses $ 0 $ 0
v3.24.0.1
SECURITIES (Narrative) (Details)
$ in Thousands
 3 Months Ended
Sep. 30, 2022
USD ($)
Mar. 31, 2022
USD ($)
bankLocation
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]        
Debt securities, held-to-maturity, transferred from available-for-sale, book value $ 934,500      
OCI, debt securities, held-to-maturity, transferred from available-for-sale, unrealized gain (loss), after tax 186,300      
Accrued interest receivable     $ 28,000 $ 33,000
Debt securities, held-to-maturity, sold | bankLocation   2    
Debt securities, held-to-maturity, sale   $ 2,200    
Gain (loss) on sale of investments   $ 100    
FHLB stock     25,800 12,300
Held to maturity securities, fair value     0 0
Obligations of states and political subdivisions        
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]        
Held to maturity securities, fair value     0 0
Municipal Bonds        
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]        
Debt securities, held-to-maturity, transferred from available-for-sale, fair value $ 748,300      
Collateral Pledged        
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]        
Securities pledged as collateral     $ 2,630,000 $ 1,490,000
v3.24.0.1
SECURITIES (Available-for-sale Securities, Debt Maturities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Amortized Cost    
Due in 1 year or less $ 25,138  
Due in 1 to 5 years 62,537  
Due in 5 to 10 years 20,231  
Due after 10 years 899,369  
Total debt securities 1,007,275  
Mortgage and asset-backed securities 4,072,013  
Equity securities with a readily determinable fair value 21,056  
Total investment securities 5,100,344  
Estimated Fair Value    
Due in 1 year or less 24,897  
Due in 1 to 5 years 61,413  
Due in 5 to 10 years 18,036  
Due after 10 years 801,716  
Estimated Fair Value 906,062  
Mortgage and asset-backed securities 3,719,773  
Equity securities with a readily determinable fair value 21,056 $ 20,314
Total investment securities $ 4,646,891  
v3.24.0.1
SECURITIES (Held-to-maturity Securities, Debt Maturities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Amortized Cost    
Due in 1 year or less $ 8,116  
Due in 1 to 5 years 88,728  
Due in 5 to 10 years 158,686  
Due after 10 years 582,711  
Total investment securities 838,241 $ 829,403
Estimated Fair Value    
Due in 1 year or less 8,126  
Due in 1 to 5 years 88,646  
Due in 5 to 10 years 158,430  
Due after 10 years 561,197  
Total investment securities $ 816,399 $ 776,557
v3.24.0.1
SECURITIES (Gross Realized Gain (Loss)) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Debt Securities, Available-for-Sale, Realized Gain (Loss) [Abstract]      
Proceeds from sales of available for sale securities $ 1,196,586 $ 1,048,525 $ 1,475,598
Gross security gains 589 7,299 11,892
Gross security losses $ 141,966 $ 9,191 $ 5,982
v3.24.0.1
SECURITIES (Available for Sale Securities Unrealized Losses) (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
security
Dec. 31, 2022
USD ($)
security
Fair Value    
Less than 12 months $ 629,647 $ 2,259,415
12 months or longer 3,770,658 3,037,801
Total 4,400,305 5,297,216
Unrealized Losses    
Less than 12 months (34,481) (147,396)
12 months or longer (419,373) (495,684)
Total $ (453,854) $ (643,080)
Less than 12 Months, Count | security 21 243
12 Months or Longer, Count | security 406 284
Total, Count | security 427 527
U.S. treasuries    
Fair Value    
Less than 12 months $ 2,985 $ 28,699
12 months or longer 26,138 0
Total 29,123 28,699
Unrealized Losses    
Less than 12 months (12) (678)
12 months or longer (329) 0
Total $ (341) $ (678)
Less than 12 Months, Count | security 1 4
12 Months or Longer, Count | security 3 0
Total, Count | security 4 4
U.S. agencies    
Fair Value    
Less than 12 months $ 0 $ 16,487
12 months or longer 14,530 26,648
Total 14,530 43,135
Unrealized Losses    
Less than 12 months 0 (222)
12 months or longer (194) (6,080)
Total $ (194) $ (6,302)
Less than 12 Months, Count | security 0 5
12 Months or Longer, Count | security 4 2
Total, Count | security 4 7
Obligations of states and political subdivisions    
Fair Value    
Less than 12 months $ 1,440 $ 288,457
12 months or longer 736,653 589,641
Total 738,093 878,098
Unrealized Losses    
Less than 12 months (65) (28,378)
12 months or longer (98,469) (141,777)
Total $ (98,534) $ (170,155)
Less than 12 Months, Count | security 1 69
12 Months or Longer, Count | security 150 113
Total, Count | security 151 182
Mortgage-backed securities - agency    
Fair Value    
Less than 12 months $ 194 $ 241,288
12 months or longer 1,392,769 1,528,951
Total 1,392,963 1,770,239
Unrealized Losses    
Less than 12 months (2) (21,420)
12 months or longer (226,791) (248,623)
Total $ (226,793) $ (270,043)
Less than 12 Months, Count | security 2 99
12 Months or Longer, Count | security 166 126
Total, Count | security 168 225
Mortgage-backed securities - non-agency    
Fair Value    
Less than 12 months $ 415,934 $ 950,054
12 months or longer 902,291 693,531
Total 1,318,225 1,643,585
Unrealized Losses    
Less than 12 months (24,568) (70,213)
12 months or longer (63,081) (76,636)
Total $ (87,649) $ (146,849)
Less than 12 Months, Count | security 12 25
12 Months or Longer, Count | security 35 25
Total, Count | security 47 50
Commercial mortgage-backed securities - agency    
Fair Value    
Less than 12 months $ 0 $ 27,732
12 months or longer 64,788 57,392
Total 64,788 85,124
Unrealized Losses    
Less than 12 months 0 (2,291)
12 months or longer (11,288) (13,104)
Total $ (11,288) $ (15,395)
Less than 12 Months, Count | security 0 12
12 Months or Longer, Count | security 17 7
Total, Count | security 17 19
Commercial mortgage-backed securities - non-agency    
Fair Value    
Less than 12 months $ 0 $ 530,541
12 months or longer 507,044 84,619
Total 507,044 615,160
Unrealized Losses    
Less than 12 months 0 (16,830)
12 months or longer (12,116) (3,222)
Total $ (12,116) $ (20,052)
Less than 12 Months, Count | security 0 15
12 Months or Longer, Count | security 16 4
Total, Count | security 16 19
Asset-backed securities    
Fair Value    
Less than 12 months $ 148,063 $ 118,613
12 months or longer 69,307 56,621
Total 217,370 175,234
Unrealized Losses    
Less than 12 months (9,723) (6,107)
12 months or longer (5,047) (6,236)
Total $ (14,770) $ (12,343)
Less than 12 Months, Count | security 4 7
12 Months or Longer, Count | security 7 6
Total, Count | security 11 13
Corporate bonds    
Fair Value    
Less than 12 months $ 61,031 $ 57,544
12 months or longer 57,138 398
Total 118,169 57,942
Unrealized Losses    
Less than 12 months (111) (1,257)
12 months or longer (2,058) (6)
Total $ (2,169) $ (1,263)
Less than 12 Months, Count | security 1 7
12 Months or Longer, Count | security 8 1
Total, Count | security 9 8
v3.24.0.1
SECURITIES (Securities held to maturity) (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
security
Dec. 31, 2022
USD ($)
security
Debt Securities, Available-for-sale [Line Items]    
Fair Value, Less than 12 months $ 145,471 $ 697,424
Unrealized Losses, Less than 12 months $ (3,706) $ (55,942)
Count, Less than 12 months | security 23 155
Fair Value, 12 months or longer $ 569,691 $ 0
Unrealized Losses, 12 months or longer $ (21,758) $ 0
Count, 12 months or longer | security 126
Fair Value, Total $ 715,162 $ 697,424
Unrealized Losses, Total $ (25,464) $ (55,942)
Count, Total | security 149 155
Obligations of states and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Fair Value, Less than 12 months $ 145,471 $ 697,424
Unrealized Losses, Less than 12 months $ (3,706) $ (55,942)
Count, Less than 12 months | security 23 155
Fair Value, 12 months or longer $ 569,691 $ 0
Unrealized Losses, 12 months or longer $ (21,758) $ 0
Count, 12 months or longer | security 126 0
Fair Value, Total $ 715,162 $ 697,424
Unrealized Losses, Total $ (25,464) $ (55,942)
Count, Total | security 149 155
v3.24.0.1
SECURITIES (Schedule of financing receivable credit quality indicators) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Recorded Investment [Line Items]    
Amortized Cost $ 838,241 $ 829,403
Obligations of states and political subdivisions    
Financing Receivable, Recorded Investment [Line Items]    
Amortized Cost 838,241 829,403
Standard & Poor's, AAA Rating | Obligations of states and political subdivisions    
Financing Receivable, Recorded Investment [Line Items]    
Amortized Cost 88,550 79,598
Standard & Poor's, AA, AA+, AA- | Obligations of states and political subdivisions    
Financing Receivable, Recorded Investment [Line Items]    
Amortized Cost 583,816 588,354
Standard & Poor's, A+, A, A- Rating | Obligations of states and political subdivisions    
Financing Receivable, Recorded Investment [Line Items]    
Amortized Cost 139,658 136,624
Standard & Poor's, BBB Rating | Obligations of states and political subdivisions    
Financing Receivable, Recorded Investment [Line Items]    
Amortized Cost 20,133 20,623
Standard & Poor's, Not Rated | Obligations of states and political subdivisions    
Financing Receivable, Recorded Investment [Line Items]    
Amortized Cost $ 6,084 $ 4,204
v3.24.0.1
LOANS (Loans Held to Maturity) (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Loans and Leases Receivable Disclosure [Line Items]    
Total loans receivable held to maturity $ 12,068,645,000 $ 11,428,352,000
Allowance for credit losses (122,566,000) (109,483,000)
Additional collateral, aggregate fair value 11,946,079,000 11,318,869,000
PPP    
Loans and Leases Receivable Disclosure [Line Items]    
Allowance for credit losses 0  
Commercial and industrial | Commercial and industrial    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans receivable held to maturity 3,652,047,000 3,464,414,000
Allowance for credit losses (40,679,000) (29,071,000)
Commercial and industrial | PPP    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans receivable held to maturity 2,777,000 11,025,000
Allowance for credit losses 0 0
Commercial and industrial | Owner occupied commercial real estate    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans receivable held to maturity 2,638,175,000 2,265,307,000
Allowance for credit losses (17,156,000) (13,948,000)
Commercial and industrial | Non-owner occupied commercial real estate    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans receivable held to maturity 2,553,711,000 2,330,940,000
Allowance for credit losses (17,249,000) (16,539,000)
Commercial and industrial | Real estate construction    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans receivable held to maturity 1,011,716,000 1,076,082,000
Allowance for credit losses (28,773,000) (29,998,000)
Agricultural and agricultural real estate    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans receivable held to maturity 919,184,000 920,510,000
Allowance for credit losses (4,292,000) (2,634,000)
Residential real estate    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans receivable held to maturity 797,829,000 853,361,000
Allowance for credit losses (5,845,000) (7,711,000)
Consumer    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans receivable held to maturity 493,206,000 506,713,000
Allowance for credit losses $ (8,572,000) $ (9,582,000)
v3.24.0.1
LOANS (Narrative) (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
loan
Dec. 31, 2022
USD ($)
loan
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accrued interest receivable $ 65,400,000 $ 49,100,000
Unfunded commitments $ 43,000  
Number of loans classified as doubtful | loan 0 0
Number of loans classified as loss | loan 0 0
Total loans receivable held to maturity $ 12,068,645,000 $ 11,428,352,000
Increase in allowance 122,566,000 $ 109,483,000
Loans secured by real estate property in process of foreclosure $ 127,000  
Loans delinquent 30-89 days as a percentage of total loans 0.09% 0.04%
Interest income on nonaccrual loans $ 0 $ 0
Nonaccrual loans with no related allowance 52,500,000 26,700,000
Substandard    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans receivable held to maturity 254,052,000 277,975,000
PPP    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Increase in allowance 0  
PPP | Nonpass    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans receivable held to maturity $ 136,000 $ 2,700,000
v3.24.0.1
LOANS (Allowance for Credit Losses on Financing Receivables) (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Allowance for Credit Losses [Line Items]    
Loans individually evaluated for impairment, nonaccrual threshold $ 500,000  
Allowance For Credit Losses    
Individually Evaluated for Credit Losses 20,413,000 $ 7,109,000
Collectively Evaluated for Credit Losses 102,153,000 102,374,000
Total 122,566,000 109,483,000
Gross Loans Receivable Held to Maturity    
Loans Individually Evaluated for Credit Losses 80,385,000 44,991,000
Loans Collectively Evaluated for Credit Losses 11,988,260,000 11,383,361,000
Total 12,068,645,000 11,428,352,000
Paycheck Protection Program ("PPP")    
Allowance For Credit Losses    
Total 0  
Commercial and industrial | Commercial and industrial    
Allowance For Credit Losses    
Individually Evaluated for Credit Losses 18,425,000 6,670,000
Collectively Evaluated for Credit Losses 22,254,000 22,401,000
Total 40,679,000 29,071,000
Gross Loans Receivable Held to Maturity    
Loans Individually Evaluated for Credit Losses 41,847,000 18,712,000
Loans Collectively Evaluated for Credit Losses 3,610,200,000 3,445,702,000
Total 3,652,047,000 3,464,414,000
Commercial and industrial | Paycheck Protection Program ("PPP")    
Allowance For Credit Losses    
Individually Evaluated for Credit Losses 0 0
Collectively Evaluated for Credit Losses 0 0
Total 0 0
Gross Loans Receivable Held to Maturity    
Loans Individually Evaluated for Credit Losses 0 0
Loans Collectively Evaluated for Credit Losses 2,777,000 11,025,000
Total 2,777,000 11,025,000
Commercial and industrial | Owner occupied commercial real estate    
Allowance For Credit Losses    
Individually Evaluated for Credit Losses 0 376,000
Collectively Evaluated for Credit Losses 17,156,000 13,572,000
Total 17,156,000 13,948,000
Gross Loans Receivable Held to Maturity    
Loans Individually Evaluated for Credit Losses 30,400,000 7,932,000
Loans Collectively Evaluated for Credit Losses 2,607,775,000 2,257,375,000
Total 2,638,175,000 2,265,307,000
Commercial and industrial | Non-owner occupied commercial real estate    
Allowance For Credit Losses    
Individually Evaluated for Credit Losses 0 0
Collectively Evaluated for Credit Losses 17,249,000 16,539,000
Total 17,249,000 16,539,000
Gross Loans Receivable Held to Maturity    
Loans Individually Evaluated for Credit Losses 0 11,371,000
Loans Collectively Evaluated for Credit Losses 2,553,711,000 2,319,569,000
Total 2,553,711,000 2,330,940,000
Commercial and industrial | Real estate construction    
Allowance For Credit Losses    
Individually Evaluated for Credit Losses 56,000 0
Collectively Evaluated for Credit Losses 28,717,000 29,998,000
Total 28,773,000 29,998,000
Gross Loans Receivable Held to Maturity    
Loans Individually Evaluated for Credit Losses 697,000 1,518,000
Loans Collectively Evaluated for Credit Losses 1,011,019,000 1,074,564,000
Total 1,011,716,000 1,076,082,000
Agricultural and agricultural real estate    
Allowance For Credit Losses    
Individually Evaluated for Credit Losses 1,932,000 63,000
Collectively Evaluated for Credit Losses 2,360,000 2,571,000
Total 4,292,000 2,634,000
Gross Loans Receivable Held to Maturity    
Loans Individually Evaluated for Credit Losses 6,700,000 3,851,000
Loans Collectively Evaluated for Credit Losses 912,484,000 916,659,000
Total 919,184,000 920,510,000
Residential real estate    
Allowance For Credit Losses    
Individually Evaluated for Credit Losses 0 0
Collectively Evaluated for Credit Losses 5,845,000 7,711,000
Total 5,845,000 7,711,000
Gross Loans Receivable Held to Maturity    
Loans Individually Evaluated for Credit Losses 741,000 1,607,000
Loans Collectively Evaluated for Credit Losses 797,088,000 851,754,000
Total 797,829,000 853,361,000
Consumer    
Allowance For Credit Losses    
Individually Evaluated for Credit Losses 0 0
Collectively Evaluated for Credit Losses 8,572,000 9,582,000
Total 8,572,000 9,582,000
Gross Loans Receivable Held to Maturity    
Loans Individually Evaluated for Credit Losses 0 0
Loans Collectively Evaluated for Credit Losses 493,206,000 506,713,000
Total $ 493,206,000 $ 506,713,000
v3.24.0.1
LOANS (Loan Modifications) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Term Extension  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 6,765
% of Loan Category 0.06%
Term Extension and Interest Only Payments  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 5,043
% of Loan Category 0.04%
Commercial and industrial | Commercial and industrial | Term Extension  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 4,088
% of Loan Category 0.11%
Commercial and industrial | Commercial and industrial | Term Extension and Interest Only Payments  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 0
% of Loan Category 0.00%
Commercial and industrial | PPP | Term Extension  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 0
% of Loan Category 0.00%
Commercial and industrial | PPP | Term Extension and Interest Only Payments  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 0
% of Loan Category 0.00%
Commercial and industrial | Owner occupied commercial real estate | Term Extension  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 0
% of Loan Category 0.00%
Commercial and industrial | Owner occupied commercial real estate | Term Extension and Interest Only Payments  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 5,043
% of Loan Category 0.19%
Commercial and industrial | Non-owner occupied commercial real estate | Term Extension  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 0
% of Loan Category 0.00%
Commercial and industrial | Non-owner occupied commercial real estate | Term Extension and Interest Only Payments  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 0
% of Loan Category 0.00%
Commercial and industrial | Real estate construction | Term Extension  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 0
% of Loan Category 0.00%
Commercial and industrial | Real estate construction | Term Extension and Interest Only Payments  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 0
% of Loan Category 0.00%
Agricultural and agricultural real estate | Term Extension  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 1,936
% of Loan Category 0.21%
Agricultural and agricultural real estate | Term Extension and Interest Only Payments  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 0
% of Loan Category 0.00%
Residential real estate | Term Extension  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 741
% of Loan Category 0.09%
Residential real estate | Term Extension and Interest Only Payments  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 0
% of Loan Category 0.00%
Consumer | Term Extension  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 0
% of Loan Category 0.00%
Consumer | Term Extension and Interest Only Payments  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized Cost Basis $ 0
% of Loan Category 0.00%
v3.24.0.1
LOANS (Financial Effect of Loan Modifications) (Details)
 12 Months Ended
Dec. 31, 2023
Commercial and industrial | Commercial and industrial  
Financing Receivable, Modifications [Line Items]  
Weighted Average Term Extension (months) 7 months
Weighted Average Term Extension and Interest Only Payments (months) 0 months
Commercial and industrial | Owner occupied commercial real estate  
Financing Receivable, Modifications [Line Items]  
Weighted Average Term Extension (months) 0 months
Weighted Average Term Extension and Interest Only Payments (months) 12 months
Commercial and industrial | Real estate construction  
Financing Receivable, Modifications [Line Items]  
Weighted Average Term Extension (months) 0 months
Weighted Average Term Extension and Interest Only Payments (months) 0 months
Commercial and industrial | Agricultural and agricultural real estate  
Financing Receivable, Modifications [Line Items]  
Weighted Average Term Extension (months) 7 months
Weighted Average Term Extension and Interest Only Payments (months) 0 months
Residential real estate  
Financing Receivable, Modifications [Line Items]  
Weighted Average Term Extension (months) 12 months
Weighted Average Term Extension and Interest Only Payments (months) 0 months
v3.24.0.1
LOANS (Accruing Loans - Aging Analysis) (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Total Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans $ 0
30-59 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
60-89 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
90 Days or More Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Current  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 10,965
Nonaccrual  
Financing Receivable, Modifications [Line Items]  
Nonaccrual 843
Commercial and industrial | Commercial and industrial | Total Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Commercial and industrial | 30-59 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Commercial and industrial | 60-89 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Commercial and industrial | 90 Days or More Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Commercial and industrial | Current  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 3,986
Commercial and industrial | Commercial and industrial | Nonaccrual  
Financing Receivable, Modifications [Line Items]  
Nonaccrual 102
Commercial and industrial | PPP | Total Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | PPP | 30-59 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | PPP | 60-89 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | PPP | 90 Days or More Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | PPP | Current  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | PPP | Nonaccrual  
Financing Receivable, Modifications [Line Items]  
Nonaccrual 0
Commercial and industrial | Owner occupied commercial real estate | Total Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Owner occupied commercial real estate | 30-59 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Owner occupied commercial real estate | 60-89 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Owner occupied commercial real estate | 90 Days or More Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Owner occupied commercial real estate | Current  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 5,043
Commercial and industrial | Owner occupied commercial real estate | Nonaccrual  
Financing Receivable, Modifications [Line Items]  
Nonaccrual 0
Commercial and industrial | Non-owner occupied commercial real estate | Total Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Non-owner occupied commercial real estate | 30-59 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Non-owner occupied commercial real estate | 60-89 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Non-owner occupied commercial real estate | 90 Days or More Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Non-owner occupied commercial real estate | Current  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Non-owner occupied commercial real estate | Nonaccrual  
Financing Receivable, Modifications [Line Items]  
Nonaccrual 0
Commercial and industrial | Real estate construction | Total Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Real estate construction | 30-59 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Real estate construction | 60-89 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Real estate construction | 90 Days or More Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Real estate construction | Current  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Commercial and industrial | Real estate construction | Nonaccrual  
Financing Receivable, Modifications [Line Items]  
Nonaccrual 0
Residential real estate | Total Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Residential real estate | 30-59 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Residential real estate | 60-89 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Residential real estate | 90 Days or More Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Residential real estate | Current  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Residential real estate | Nonaccrual  
Financing Receivable, Modifications [Line Items]  
Nonaccrual 741
Agricultural and agricultural real estate | Total Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Agricultural and agricultural real estate | 30-59 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Agricultural and agricultural real estate | 60-89 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Agricultural and agricultural real estate | 90 Days or More Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Agricultural and agricultural real estate | Current  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 1,936
Agricultural and agricultural real estate | Nonaccrual  
Financing Receivable, Modifications [Line Items]  
Nonaccrual 0
Consumer | Total Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Consumer | 30-59 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Consumer | 60-89 Days Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Consumer | 90 Days or More Past Due  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Consumer | Current  
Financing Receivable, Modifications [Line Items]  
Accruing Loans 0
Consumer | Nonaccrual  
Financing Receivable, Modifications [Line Items]  
Nonaccrual $ 0
v3.24.0.1
LOANS (Loans by Credit Quality Indicator) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Recorded Investment [Line Items]      
Year One $ 2,247,517 $ 3,495,970  
Year Two 3,073,040 2,608,239  
Year Three 2,172,951 1,048,187  
Year Four 802,905 832,545  
Year Five 720,479 446,961  
Year Six and Prior 1,148,381 1,167,444  
Revolving 1,903,372 1,829,006  
Total 12,068,645 11,428,352  
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 531    
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff 1,953    
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 958    
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 1,527    
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 981    
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 2,272    
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 11,392    
Charge-offs 19,614 18,296 $ 8,743
Pass      
Financing Receivable, Recorded Investment [Line Items]      
Year One 2,085,645 3,426,595  
Year Two 2,901,425 2,531,820  
Year Three 2,128,112 987,722  
Year Four 773,698 731,348  
Year Five 651,885 353,990  
Year Six and Prior 1,012,958 1,098,194  
Revolving 1,838,626 1,765,364  
Total 11,392,349 10,895,033  
Substandard      
Financing Receivable, Recorded Investment [Line Items]      
Year One 57,951 21,341  
Year Two 40,695 52,821  
Year Three 11,792 39,340  
Year Four 17,706 47,255  
Year Five 30,467 45,120  
Year Six and Prior 61,931 33,241  
Revolving 33,510 38,857  
Total 254,052 277,975  
Watch      
Financing Receivable, Recorded Investment [Line Items]      
Year One 103,921 48,034  
Year Two 130,920 23,598  
Year Three 33,047 21,125  
Year Four 11,501 53,942  
Year Five 38,127 47,851  
Year Six and Prior 73,492 36,009  
Revolving 31,236 24,785  
Total 422,244 255,344  
Commercial and industrial | Commercial and industrial      
Financing Receivable, Recorded Investment [Line Items]      
Year One 648,895 986,432  
Year Two 811,664 457,737  
Year Three 336,793 270,075  
Year Four 196,484 129,656  
Year Five 99,388 66,204  
Year Six and Prior 338,217 431,385  
Revolving 1,220,606 1,122,925  
Total 3,652,047 3,464,414  
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 245    
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff 794    
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 680    
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 1,425    
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 563    
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 1,949    
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 2,966    
Charge-offs 8,622 6,964  
Commercial and industrial | Commercial and industrial | Pass      
Financing Receivable, Recorded Investment [Line Items]      
Year One 608,030 967,103  
Year Two 779,218 442,001  
Year Three 333,900 260,021  
Year Four 187,406 101,998  
Year Five 78,455 57,776  
Year Six and Prior 327,775 421,312  
Revolving 1,159,397 1,064,333  
Total 3,474,181 3,314,544  
Commercial and industrial | Commercial and industrial | Substandard      
Financing Receivable, Recorded Investment [Line Items]      
Year One 20,171 6,691  
Year Two 12,658 14,366  
Year Three 2,636 9,369  
Year Four 5,447 22,171  
Year Five 18,535 5,546  
Year Six and Prior 7,489 6,758  
Revolving 32,460 36,608  
Total 99,396 101,509  
Commercial and industrial | Commercial and industrial | Watch      
Financing Receivable, Recorded Investment [Line Items]      
Year One 20,694 12,638  
Year Two 19,788 1,370  
Year Three 257 685  
Year Four 3,631 5,487  
Year Five 2,398 2,882  
Year Six and Prior 2,953 3,315  
Revolving 28,749 21,984  
Total 78,470 48,361  
Commercial and industrial | PPP      
Financing Receivable, Recorded Investment [Line Items]      
Year One 0 0  
Year Two 0 10,499  
Year Three 2,727 526  
Year Four 50 0  
Year Five 0 0  
Year Six and Prior 0 0  
Revolving 0 0  
Total 2,777 11,025  
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 0    
Charge-offs 0    
Commercial and industrial | PPP | Pass      
Financing Receivable, Recorded Investment [Line Items]      
Year One 0 0  
Year Two 0 7,807  
Year Three 2,591 526  
Year Four 50 0  
Year Five 0 0  
Year Six and Prior 0 0  
Revolving 0 0  
Total 2,641 8,333  
Commercial and industrial | PPP | Substandard      
Financing Receivable, Recorded Investment [Line Items]      
Year One 0 0  
Year Two 0 2,685  
Year Three 47 0  
Year Four 0 0  
Year Five 0 0  
Year Six and Prior 0 0  
Revolving 0 0  
Total 47 2,685  
Commercial and industrial | PPP | Watch      
Financing Receivable, Recorded Investment [Line Items]      
Year One 0 0  
Year Two 0 7  
Year Three 89 0  
Year Four 0 0  
Year Five 0 0  
Year Six and Prior 0 0  
Revolving 0 0  
Total 89 7  
Commercial and industrial | Owner occupied commercial real estate      
Financing Receivable, Recorded Investment [Line Items]      
Year One 483,639 536,597  
Year Two 584,334 809,158  
Year Three 815,360 294,312  
Year Four 239,528 281,106  
Year Five 239,910 110,162  
Year Six and Prior 234,332 198,755  
Revolving 41,072 35,217  
Total 2,638,175 2,265,307  
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff 802    
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 5    
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 63    
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 0    
Charge-offs 870 129  
Commercial and industrial | Owner occupied commercial real estate | Pass      
Financing Receivable, Recorded Investment [Line Items]      
Year One 443,683 511,547  
Year Two 547,898 781,946  
Year Three 799,978 255,476  
Year Four 225,257 266,228  
Year Five 225,405 103,943  
Year Six and Prior 224,608 179,503  
Revolving 41,072 34,117  
Total 2,507,901 2,132,760  
Commercial and industrial | Owner occupied commercial real estate | Substandard      
Financing Receivable, Recorded Investment [Line Items]      
Year One 31,904 2,971  
Year Two 10,489 23,802  
Year Three 2,268 26,490  
Year Four 11,609 6,358  
Year Five 6,390 2,574  
Year Six and Prior 2,171 7,353  
Revolving 0 1,100  
Total 64,831 70,648  
Commercial and industrial | Owner occupied commercial real estate | Watch      
Financing Receivable, Recorded Investment [Line Items]      
Year One 8,052 22,079  
Year Two 25,947 3,410  
Year Three 13,114 12,346  
Year Four 2,662 8,520  
Year Five 8,115 3,645  
Year Six and Prior 7,553 11,899  
Revolving 0 0  
Total 65,443 61,899  
Commercial and industrial | Non-owner occupied commercial real estate      
Financing Receivable, Recorded Investment [Line Items]      
Year One 557,126 764,392  
Year Two 692,427 522,651  
Year Three 433,048 232,070  
Year Four 207,164 316,201  
Year Five 294,124 188,242  
Year Six and Prior 342,844 236,439  
Revolving 26,978 70,945  
Total 2,553,711 2,330,940  
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff 52    
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 29    
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 399    
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 147    
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 0    
Charge-offs 627 193  
Commercial and industrial | Non-owner occupied commercial real estate | Pass      
Financing Receivable, Recorded Investment [Line Items]      
Year One 480,683 756,059  
Year Two 656,824 515,075  
Year Three 423,420 227,383  
Year Four 203,330 261,964  
Year Five 262,541 127,400  
Year Six and Prior 251,499 210,289  
Revolving 26,978 70,398  
Total 2,305,275 2,168,568  
Commercial and industrial | Non-owner occupied commercial real estate | Substandard      
Financing Receivable, Recorded Investment [Line Items]      
Year One 5,043 202  
Year Two 952 6,784  
Year Three 1,391 1,838  
Year Four 0 16,019  
Year Five 4,238 22,332  
Year Six and Prior 34,262 9,970  
Revolving 0 0  
Total 45,886 57,145  
Commercial and industrial | Non-owner occupied commercial real estate | Watch      
Financing Receivable, Recorded Investment [Line Items]      
Year One 71,400 8,131  
Year Two 34,651 792  
Year Three 8,237 2,849  
Year Four 3,834 38,218  
Year Five 27,345 38,510  
Year Six and Prior 57,083 16,180  
Revolving 0 547  
Total 202,550 105,227  
Commercial and industrial | Real estate construction      
Financing Receivable, Recorded Investment [Line Items]      
Year One 284,148 600,622  
Year Two 510,388 344,965  
Year Three 186,022 90,090  
Year Four 10,068 21,667  
Year Five 11,048 4,046  
Year Six and Prior 3,470 6,440  
Revolving 6,572 8,252  
Total 1,011,716 1,076,082  
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 284    
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 32    
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 0    
Charge-offs 316 35  
Commercial and industrial | Real estate construction | Pass      
Financing Receivable, Recorded Investment [Line Items]      
Year One 283,519 597,370  
Year Two 468,646 328,391  
Year Three 176,604 88,660  
Year Four 9,889 21,221  
Year Five 11,048 2,568  
Year Six and Prior 3,405 6,274  
Revolving 6,486 8,252  
Total 959,597 1,052,736  
Commercial and industrial | Real estate construction | Substandard      
Financing Receivable, Recorded Investment [Line Items]      
Year One 0 2,587  
Year Two 8,522 356  
Year Three 0 173  
Year Four 107 446  
Year Five 0 1,478  
Year Six and Prior 0 44  
Revolving 86 0  
Total 8,715 5,084  
Commercial and industrial | Real estate construction | Watch      
Financing Receivable, Recorded Investment [Line Items]      
Year One 629 665  
Year Two 33,220 16,218  
Year Three 9,418 1,257  
Year Four 72 0  
Year Five 0 0  
Year Six and Prior 65 122  
Revolving 0 0  
Total 43,404 18,262  
Agricultural and agricultural real estate      
Financing Receivable, Recorded Investment [Line Items]      
Year One 154,922 337,260  
Year Two 232,248 143,991  
Year Three 116,740 83,376  
Year Four 67,632 36,947  
Year Five 29,172 35,367  
Year Six and Prior 56,603 42,026  
Revolving 261,867 241,543  
Total 919,184 920,510  
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 9    
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 1    
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 5,309    
Charge-offs 5,319 3,217  
Agricultural and agricultural real estate | Pass      
Financing Receivable, Recorded Investment [Line Items]      
Year One 152,665 324,791  
Year Two 208,375 140,252  
Year Three 114,798 79,307  
Year Four 67,006 34,447  
Year Five 28,247 22,600  
Year Six and Prior 43,663 38,672  
Revolving 260,941 239,686  
Total 875,695 879,755  
Agricultural and agricultural real estate | Substandard      
Financing Receivable, Recorded Investment [Line Items]      
Year One 12 8,674  
Year Two 7,616 3,224  
Year Three 1,649 204  
Year Four 4 1,859  
Year Five 855 12,323  
Year Six and Prior 12,591 2,682  
Revolving 499 955  
Total 23,226 29,921  
Agricultural and agricultural real estate | Watch      
Financing Receivable, Recorded Investment [Line Items]      
Year One 2,245 3,795  
Year Two 16,257 515  
Year Three 293 3,865  
Year Four 622 641  
Year Five 70 444  
Year Six and Prior 349 672  
Revolving 427 902  
Total 20,263 10,834  
Residential real estate      
Financing Receivable, Recorded Investment [Line Items]      
Year One 72,382 189,867  
Year Two 178,687 270,929  
Year Three 245,707 65,739  
Year Four 74,152 40,524  
Year Five 42,974 37,951  
Year Six and Prior 164,393 224,621  
Revolving 19,534 23,730  
Total 797,829 853,361  
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff 59    
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 124    
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 0    
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 0    
Charge-offs 183 307  
Residential real estate | Pass      
Financing Receivable, Recorded Investment [Line Items]      
Year One 71,470 189,133  
Year Two 177,564 268,561  
Year Three 241,362 64,627  
Year Four 73,029 39,468  
Year Five 42,526 34,863  
Year Six and Prior 155,899 217,489  
Revolving 19,534 23,331  
Total 781,384 837,472  
Residential real estate | Substandard      
Financing Receivable, Recorded Investment [Line Items]      
Year One 741 28  
Year Two 150 1,273  
Year Three 3,400 1,024  
Year Four 464 99  
Year Five 290 792  
Year Six and Prior 3,649 4,895  
Revolving 0 0  
Total 8,694 8,111  
Residential real estate | Watch      
Financing Receivable, Recorded Investment [Line Items]      
Year One 171 706  
Year Two 973 1,095  
Year Three 945 88  
Year Four 659 957  
Year Five 158 2,296  
Year Six and Prior 4,845 2,237  
Revolving 0 399  
Total 7,751 7,778  
Consumer      
Financing Receivable, Recorded Investment [Line Items]      
Year One 46,405 80,800  
Year Two 63,292 48,309  
Year Three 36,554 11,999  
Year Four 7,827 6,444  
Year Five 3,863 4,989  
Year Six and Prior 8,522 27,778  
Revolving 326,743 326,394  
Total 493,206 506,713  
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff 2    
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff 246    
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 154    
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 27    
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 19    
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff 112    
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff 3,117    
Charge-offs 3,677 7,451  
Consumer | Pass      
Financing Receivable, Recorded Investment [Line Items]      
Year One 45,595 80,592  
Year Two 62,900 47,787  
Year Three 35,459 11,722  
Year Four 7,731 6,022  
Year Five 3,663 4,840  
Year Six and Prior 6,109 24,655  
Revolving 324,218 325,247  
Total 485,675 500,865  
Consumer | Substandard      
Financing Receivable, Recorded Investment [Line Items]      
Year One 80 188  
Year Two 308 331  
Year Three 401 242  
Year Four 75 303  
Year Five 159 75  
Year Six and Prior 1,769 1,539  
Revolving 465 194  
Total 3,257 2,872  
Consumer | Watch      
Financing Receivable, Recorded Investment [Line Items]      
Year One 730 20  
Year Two 84 191  
Year Three 694 35  
Year Four 21 119  
Year Five 41 74  
Year Six and Prior 644 1,584  
Revolving 2,060 953  
Total $ 4,274 $ 2,976  
v3.24.0.1
LOANS (Not Covered by Share Agreements (Past Due Financing Receivables)) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual $ 95,426 $ 58,231
Total loans receivable held to maturity 12,068,645 11,428,352
Financial Asset, Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 13,477 5,039
30-59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 7,704 3,907
60-89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 3,266 859
90 Days or More Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 2,507 273
Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 11,959,742 11,365,082
Commercial and industrial | Commercial and industrial    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 46,815 22,766
Total loans receivable held to maturity 3,652,047 3,464,414
Commercial and industrial | PPP    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 0 19
Total loans receivable held to maturity 2,777 11,025
Commercial and industrial | Owner occupied commercial real estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 31,592 8,803
Total loans receivable held to maturity 2,638,175 2,265,307
Commercial and industrial | Non-owner occupied commercial real estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 367 11,658
Total loans receivable held to maturity 2,553,711 2,330,940
Commercial and industrial | Real estate construction    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 783 2,351
Total loans receivable held to maturity 1,011,716 1,076,082
Commercial and industrial | Financial Asset, Past Due | Commercial and industrial    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 4,067 1,586
Commercial and industrial | Financial Asset, Past Due | PPP    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 147 0
Commercial and industrial | Financial Asset, Past Due | Owner occupied commercial real estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 2,943 139
Commercial and industrial | Financial Asset, Past Due | Non-owner occupied commercial real estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 875 0
Commercial and industrial | Financial Asset, Past Due | Real estate construction    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 332 44
Commercial and industrial | 30-59 Days Past Due | Commercial and industrial    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 1,738 1,099
Commercial and industrial | 30-59 Days Past Due | PPP    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 94 0
Commercial and industrial | 30-59 Days Past Due | Owner occupied commercial real estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 205 12
Commercial and industrial | 30-59 Days Past Due | Non-owner occupied commercial real estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 875 0
Commercial and industrial | 30-59 Days Past Due | Real estate construction    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 332 16
Commercial and industrial | 60-89 Days Past Due | Commercial and industrial    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 126 356
Commercial and industrial | 60-89 Days Past Due | PPP    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 53 0
Commercial and industrial | 60-89 Days Past Due | Owner occupied commercial real estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 2,664 127
Commercial and industrial | 60-89 Days Past Due | Non-owner occupied commercial real estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 0 0
Commercial and industrial | 60-89 Days Past Due | Real estate construction    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 0 28
Commercial and industrial | 90 Days or More Past Due | Commercial and industrial    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 2,203 131
Commercial and industrial | 90 Days or More Past Due | PPP    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 0 0
Commercial and industrial | 90 Days or More Past Due | Owner occupied commercial real estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 74 0
Commercial and industrial | 90 Days or More Past Due | Non-owner occupied commercial real estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 0 0
Commercial and industrial | 90 Days or More Past Due | Real estate construction    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 0 0
Commercial and industrial | Current | Commercial and industrial    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 3,601,165 3,440,062
Commercial and industrial | Current | PPP    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 2,630 11,006
Commercial and industrial | Current | Owner occupied commercial real estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 2,603,640 2,256,365
Commercial and industrial | Current | Non-owner occupied commercial real estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 2,552,469 2,319,282
Commercial and industrial | Current | Real estate construction    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 1,010,601 1,073,687
Agricultural and agricultural real estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 9,210 6,232
Total loans receivable held to maturity 919,184 920,510
Agricultural and agricultural real estate | Financial Asset, Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 133 190
Agricultural and agricultural real estate | 30-59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 121 48
Agricultural and agricultural real estate | 60-89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 0 0
Agricultural and agricultural real estate | 90 Days or More Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 12 142
Agricultural and agricultural real estate | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 909,841 914,088
Residential real estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 5,086 5,264
Total loans receivable held to maturity 797,829 853,361
Residential real estate | Financial Asset, Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 2,376 1,358
Residential real estate | 30-59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 2,082 1,206
Residential real estate | 60-89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 273 152
Residential real estate | 90 Days or More Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 21 0
Residential real estate | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 790,367 846,739
Consumer    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 1,573 1,138
Total loans receivable held to maturity 493,206 506,713
Consumer | Financial Asset, Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 2,604 1,722
Consumer | 30-59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 2,257 1,526
Consumer | 60-89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 150 196
Consumer | 90 Days or More Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity 197 0
Consumer | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans receivable held to maturity $ 489,029 $ 503,853
v3.24.0.1
ALLOWANCE FOR CREDIT LOSSES (Change in Allowance For Credit Losses) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Allowance for Credit Losses [Roll Forward]      
Balance at beginning of year $ 109,483 $ 110,088 $ 131,606
Provision (benefit) for credit losses 25,435 10,636 (17,706)
Recoveries on loans previously charged-off 7,262 7,055 4,931
Charge-offs on loans (19,614) (18,296) (8,743)
Balance at end of year $ 122,566 $ 109,483 $ 110,088
v3.24.0.1
ALLOWANCE FOR CREDIT LOSSES (Allowance for Credit Losses by Loan Category) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Allowance for Credit Losses [Roll Forward]      
Balance at beginning of year $ 109,483 $ 110,088 $ 131,606
Charge-offs 19,614 18,296 8,743
Recoveries 7,262 7,055 4,931
Provision (Benefit) 25,435 10,636 (17,706)
Balance at end of year 122,566 109,483 110,088
Commercial and industrial | Commercial and industrial      
Financing Receivable, Allowance for Credit Losses [Roll Forward]      
Balance at beginning of year 29,071 27,738  
Charge-offs 8,622 6,964  
Recoveries 5,069 4,951  
Provision (Benefit) 15,161 3,346  
Balance at end of year 40,679 29,071 27,738
Commercial and industrial | Owner occupied commercial real estate      
Financing Receivable, Allowance for Credit Losses [Roll Forward]      
Balance at beginning of year 13,948 19,214  
Charge-offs 870 129  
Recoveries 113 112  
Provision (Benefit) 3,965 (5,249)  
Balance at end of year 17,156 13,948 19,214
Commercial and industrial | Non-owner occupied commercial real estate      
Financing Receivable, Allowance for Credit Losses [Roll Forward]      
Balance at beginning of year 16,539 17,908  
Charge-offs 627 193  
Recoveries 268 60  
Provision (Benefit) 1,069 (1,236)  
Balance at end of year 17,249 16,539 17,908
Commercial and industrial | Real estate construction      
Financing Receivable, Allowance for Credit Losses [Roll Forward]      
Balance at beginning of year 29,998 22,538  
Charge-offs 316 35  
Recoveries 26 13  
Provision (Benefit) (935) 7,482  
Balance at end of year 28,773 29,998 22,538
Agricultural and agricultural real estate      
Financing Receivable, Allowance for Credit Losses [Roll Forward]      
Balance at beginning of year 2,634 5,213  
Charge-offs 5,319 3,217  
Recoveries 11 653  
Provision (Benefit) 6,966 (15)  
Balance at end of year 4,292 2,634 5,213
Residential real estate      
Financing Receivable, Allowance for Credit Losses [Roll Forward]      
Balance at beginning of year 7,711 8,427  
Charge-offs 183 307  
Recoveries 19 0  
Provision (Benefit) (1,702) (409)  
Balance at end of year 5,845 7,711 8,427
Consumer      
Financing Receivable, Allowance for Credit Losses [Roll Forward]      
Balance at beginning of year 9,582 9,050  
Charge-offs 3,677 7,451  
Recoveries 1,756 1,266  
Provision (Benefit) 911 6,717  
Balance at end of year $ 8,572 $ 9,582 $ 9,050
v3.24.0.1
ALLOWANCE FOR CREDIT LOSSES (Change in Allowance for Credit Losses on Unfunded Commitments) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Allowance for Credit Losses [Roll Forward]    
Beginning balance $ 20,196 $ 15,462
Provision (3,728) 4,734
Ending balance $ 16,468 $ 20,196
v3.24.0.1
PREMISES, FURNITURE AND EQUIPMENT (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]      
Total $ 278,056 $ 295,869  
Less accumulated depreciation (101,055) (105,390)  
Premises, furniture and equipment, net 177,001 190,479  
Depreciation expense 11,700 13,200 $ 13,500
Land and land improvements      
Property, Plant and Equipment [Line Items]      
Total 53,434 56,599  
Buildings and building improvements      
Property, Plant and Equipment [Line Items]      
Total 168,244 172,585  
Depreciation expense 6,000 6,300 6,900
Furniture and equipment      
Property, Plant and Equipment [Line Items]      
Total 56,378 66,685  
Depreciation expense $ 5,700 $ 6,900 $ 6,600
v3.24.0.1
GOODWILL, CORE DEPOSIT INTANGIBLES AND OTHER INTANGIBLE ASSETS (Narrative) (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2023
USD ($)
thirdParty
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
thirdParty
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Goodwill [Line Items]            
Goodwill       $ 576,005,000 $ 576,005,000  
Goodwill, impairment loss   $ 0   0    
Proceeds from sale of mortgage servicing rights       $ 6,714,000 $ 0 $ 0
Mortgage Servicing Rights            
Goodwill [Line Items]            
Unpaid principal balance of underlying loans $ 698,500,000   $ 698,500,000      
Number of unrelated third-parties | thirdParty 2   2      
Sale of mortgage servicing rights $ 7,700,000   $ 7,700,000      
Proceeds from sale of mortgage servicing rights 6,700,000          
Loss on disposition of intangible assets 203,000          
Nontrade receivables $ 580,000   $ 580,000      
v3.24.0.1
GOODWILL, CORE DEPOSIT INTANGIBLES AND OTHER INTANGIBLE ASSETS (Carrying Amount of Intangible Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 101,185 $ 114,885
Accumulated Amortization 82,770 81,891
Net Carrying Amount 18,415 32,994
Core Deposit Intangibles    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 101,185 101,185
Accumulated Amortization 82,770 76,031
Net Carrying Amount 18,415 25,154
Mortgage Servicing Rights    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 0 13,700
Accumulated Amortization 0 5,860
Net Carrying Amount $ 0 $ 7,840
v3.24.0.1
GOODWILL, CORE DEPOSIT INTANGIBLES AND OTHER INTANGIBLE ASSETS (Estimated Future Amortization Expense for Amortizable Intangible Assets) (Details) - Core Deposit Intangibles
$ in Thousands
Dec. 31, 2023
USD ($)
Year ending December 31,  
2024 $ 5,591
2025 4,700
2026 3,533
2027 2,601
2028 1,287
Thereafter 703
Total $ 18,415
v3.24.0.1
GOODWILL, CORE DEPOSIT INTANGIBLES AND OTHER INTANGIBLE ASSETS (Changes in Capitalized Mortgage and Commercial Servicing Rights) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Servicing Assets at Fair Value [Line Items]    
Servicing Asset, Fair Value, Change in Fair Value, Other, Statement of Income or Comprehensive Income [Extensible Enumeration] Net gains on sale of loans held for sale Net gains on sale of loans held for sale
Mortgage Servicing Rights    
Servicing Asset at Fair Value, Amount [Roll Forward]    
Balance at beginning of period $ 7,840 $ 6,412
Originations 24 1,425
Amortization (210) (1,139)
Sale of mortgage servicing rights (7,654) (516)
Valuation adjustment 0 1,658
Balance at end of period 0 7,840
Fair value of mortgage servicing rights $ 0 $ 7,840
v3.24.0.1
GOODWILL, CORE DEPOSIT INTANGIBLES AND OTHER INTANGIBLE ASSETS (Book Value, Fair Value, and Valuation Allowance of Mortgage and Commercial Servicing Rights) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
Mortgage Servicing Rights 15-year Tranche  
Finite-Lived Intangible Assets [Line Items]  
Book Value $ 1,388
Fair Value 1,388
Impairment 0
Mortgage Servicing Rights 30-year Tranche  
Finite-Lived Intangible Assets [Line Items]  
Book Value 6,452
Fair Value 6,452
Impairment $ 0
v3.24.0.1
DEPOSITS (Scheduled Maturities of Time Certificates of Deposit) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deposits [Abstract]    
2024 $ 2,726,098  
2025 126,415  
2026 18,949  
2027 18,703  
2028 4,697  
Thereafter 951  
Total 2,895,813 $ 1,817,278
Time deposits over $250,000 $ 1,800,000 $ 1,280,000
v3.24.0.1
DEPOSITS (Interest Expense on Deposits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deposits [Abstract]      
Savings and money market accounts $ 182,179 $ 46,623 $ 9,063
Time deposits 137,509 10,257 5,734
Interest expense on deposits $ 319,688 $ 56,880 $ 14,797
v3.24.0.1
BORROWINGS (Summary of Short-term Borrowings) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Short-term Debt [Line Items]    
Borrowings $ 622,255 $ 376,117
Retail repurchase agreements    
Short-term Debt [Line Items]    
Borrowings 42,447 95,303
Advances from the FHLB    
Short-term Debt [Line Items]    
Borrowings 521,186 50,000
Advances from the federal discount window    
Short-term Debt [Line Items]    
Borrowings 0 224,000
Other borrowings    
Short-term Debt [Line Items]    
Borrowings $ 58,622 $ 6,814
v3.24.0.1
BORROWINGS (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Short-term Debt [Line Items]    
FHLB stock, required collateral $ 25,800,000 $ 10,900,000
FHLB borrowing capacity 629,900,000  
Borrowings 622,255,000 376,117,000
Retail Repurchase Agreements    
Short-term Debt [Line Items]    
Borrowings $ 42,447,000 $ 95,303,000
Debt term 12 months 12 months
Advances from the federal discount window    
Short-term Debt [Line Items]    
Borrowing capacity $ 1,920,000,000  
Borrowings 0 $ 224,000,000
Remaining borrowing capacity 1,920,000,000  
Advances from the federal discount window | Asset Pledged as Collateral without Right    
Short-term Debt [Line Items]    
Pledged securities 2,630,000,000  
Revolving Credit Facility    
Short-term Debt [Line Items]    
Borrowing capacity 100,000,000  
Borrowings $ 0 $ 0
v3.24.0.1
BORROWINGS (Balances and Rates) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Debt Disclosure [Abstract]      
Maximum month-end balance $ 622,255 $ 376,117 $ 299,457
Average month-end balance $ 227,993 $ 191,306 $ 173,556
Weighted average interest rate for the year 5.04% 1.61% 0.26%
Weighted average interest rate at year-end 5.28% 4.07% 0.19%
v3.24.0.1
TERM DEBT (Schedule of Other Borrowings) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Long-term debt $ 372,396 $ 371,753
Advances from the FHLB    
Debt Instrument [Line Items]    
Weighted average interest rate 3.03%  
Long-term debt $ 0 740
Trust preferred securities    
Debt Instrument [Line Items]    
Long-term debt 149,288 148,284
Contracts payable for purchase of real estate and other assets    
Debt Instrument [Line Items]    
Long-term debt 80 82
Subordinated notes    
Debt Instrument [Line Items]    
Long-term debt $ 223,028 $ 222,647
v3.24.0.1
TERM DEBT (Narrative) (Details)
 12 Months Ended
Sep. 08, 2021
USD ($)
Dec. 31, 2023
USD ($)
subsidiary
Dec. 31, 2022
USD ($)
Dec. 17, 2014
USD ($)
Debt Instrument [Line Items]        
Long-term debt   $ 372,396,000 $ 371,753,000  
FHLB stock, required collateral   25,800,000 10,900,000  
Additional collateral, aggregate fair value   11,946,079,000 11,318,869,000  
FHLB borrowing capacity   $ 629,900,000    
Number of wholly-owned trust subsidiaries that issue preferred securities | subsidiary   15    
Subordinated notes qualified as Tier 2 capital   $ 223,000,000    
Asset Pledged as Collateral without Right | Advances from the FHLB        
Debt Instrument [Line Items]        
Additional collateral, aggregate fair value   2,070,000,000.00 4,000,000,000  
Tier 2        
Debt Instrument [Line Items]        
Subordinated notes qualified as Tier 2 capital   148,200,000    
Trust preferred securities        
Debt Instrument [Line Items]        
Long-term debt   149,288,000 148,284,000  
Deferred issuance costs   0 40,000  
Contracts payable for purchase of real estate and other assets        
Debt Instrument [Line Items]        
Long-term debt   80,000 82,000  
Debt issued       $ 75,000,000
Debt discount       $ 1,100,000
Stated interest rate (as a percent)       5.75%
Contracts payable for purchase of real estate and other assets | Subordinated Notes 2021        
Debt Instrument [Line Items]        
Deferred issuance costs   392,000 443,000  
Debt issued $ 150,000,000      
Debt discount $ 1,900,000      
Stated interest rate (as a percent) 2.75%      
Basis spread on variable rate (as a percent) 2.10%      
Contracts payable for purchase of real estate and other assets | Other Assets        
Debt Instrument [Line Items]        
Unamortized debt issuance expense   $ 38,000 $ 76,000  
v3.24.0.1
TERM DEBT (Trust Preferred Offerings) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Long-term debt $ 372,396 $ 371,753
Trust preferred securities    
Debt Instrument [Line Items]    
Long-term debt 149,288 $ 148,284
Heartland Financial Statutory Trust IV | Trust preferred securities    
Debt Instrument [Line Items]    
Total trust preferred offerings $ 10,310  
Interest rate (as a percent) 8.39%  
Heartland Financial Statutory Trust V | Trust preferred securities    
Debt Instrument [Line Items]    
Total trust preferred offerings $ 20,619  
Interest rate (as a percent) 6.99%  
Heartland Financial Statutory Trust VI | Trust preferred securities    
Debt Instrument [Line Items]    
Total trust preferred offerings $ 20,619  
Interest rate (as a percent) 7.13%  
Heartland Financial Statutory Trust VII | Trust preferred securities    
Debt Instrument [Line Items]    
Total trust preferred offerings $ 18,042  
Interest rate (as a percent) 7.12%  
Morrill Statutory Trust I | Trust preferred securities    
Debt Instrument [Line Items]    
Total trust preferred offerings $ 9,464  
Interest rate (as a percent) 8.87%  
Morrill Statutory Trust II | Trust preferred securities    
Debt Instrument [Line Items]    
Total trust preferred offerings $ 9,198  
Interest rate (as a percent) 8.49%  
Sheboygan Statutory Trust I | Trust preferred securities    
Debt Instrument [Line Items]    
Total trust preferred offerings $ 6,878  
Interest rate (as a percent) 8.59%  
CBNM Capital Trust I | Trust preferred securities    
Debt Instrument [Line Items]    
Total trust preferred offerings $ 4,608  
Interest rate (as a percent) 8.90%  
Citywide Capital Trust III | Trust preferred securities    
Debt Instrument [Line Items]    
Total trust preferred offerings $ 6,661  
Interest rate (as a percent) 8.45%  
Citywide Capital Trust IV | Trust preferred securities    
Debt Instrument [Line Items]    
Total trust preferred offerings $ 4,526  
Interest rate (as a percent) 7.84%  
Citywide Capital Trust V | Trust preferred securities    
Debt Instrument [Line Items]    
Total trust preferred offerings $ 12,649  
Interest rate (as a percent) 7.19%  
OCGI Statutory Trust III | Trust preferred securities    
Debt Instrument [Line Items]    
Total trust preferred offerings $ 3,028  
Interest rate (as a percent) 9.31%  
OCGI Capital Trust IV | Trust preferred securities    
Debt Instrument [Line Items]    
Total trust preferred offerings $ 5,567  
Interest rate (as a percent) 8.15%  
BVBC Capital Trust II | Trust preferred securities    
Debt Instrument [Line Items]    
Total trust preferred offerings $ 7,359  
Interest rate (as a percent) 8.89%  
BVBC Capital Trust III | Trust preferred securities    
Debt Instrument [Line Items]    
Total trust preferred offerings $ 9,760  
Interest rate (as a percent) 7.19%  
Secured Overnight Financing Rate (SOFR) | Heartland Financial Statutory Trust IV | Trust preferred securities    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 2.75%  
Secured Overnight Financing Rate (SOFR) | Heartland Financial Statutory Trust V | Trust preferred securities    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 1.33%  
Secured Overnight Financing Rate (SOFR) | Heartland Financial Statutory Trust VI | Trust preferred securities    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 1.48%  
Secured Overnight Financing Rate (SOFR) | Heartland Financial Statutory Trust VII | Trust preferred securities    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 1.48%  
Secured Overnight Financing Rate (SOFR) | Morrill Statutory Trust I | Trust preferred securities    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 3.25%  
Secured Overnight Financing Rate (SOFR) | Morrill Statutory Trust II | Trust preferred securities    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 2.85%  
Secured Overnight Financing Rate (SOFR) | Sheboygan Statutory Trust I | Trust preferred securities    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 2.95%  
Secured Overnight Financing Rate (SOFR) | CBNM Capital Trust I | Trust preferred securities    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 3.25%  
Secured Overnight Financing Rate (SOFR) | Citywide Capital Trust III | Trust preferred securities    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 2.80%  
Secured Overnight Financing Rate (SOFR) | Citywide Capital Trust IV | Trust preferred securities    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 2.20%  
Secured Overnight Financing Rate (SOFR) | Citywide Capital Trust V | Trust preferred securities    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 1.54%  
Secured Overnight Financing Rate (SOFR) | OCGI Statutory Trust III | Trust preferred securities    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 3.65%  
Secured Overnight Financing Rate (SOFR) | OCGI Capital Trust IV | Trust preferred securities    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 2.50%  
Secured Overnight Financing Rate (SOFR) | BVBC Capital Trust II | Trust preferred securities    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 3.25%  
Secured Overnight Financing Rate (SOFR) | BVBC Capital Trust III | Trust preferred securities    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 1.60%  
v3.24.0.1
TERM DEBT (Schedule of Maturities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
2024 $ 74,937  
2025 0  
2026 0  
2027 0  
2028 0  
Thereafter 297,459  
Total $ 372,396 $ 371,753
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Derivatives Narrative) (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Counterparties    
Derivative [Line Items]    
Cash pledged as collateral   $ 0
Interest rate swap | Back-to-back Swaps    
Derivative [Line Items]    
Cash pledged as collateral $ 27,700,000 793,000
Interest rate swap | Counterparties | Back-to-back Swaps    
Derivative [Line Items]    
Cash pledged as collateral $ 44,800,000 $ 45,100,000
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Cash Flow Hedges Narrative) (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
USD ($)
Dec. 31, 2021
USD ($)
swap
Derivative [Line Items]    
Cash flow hedge gain (loss) to be reclassified within twelve months $ (985)  
Interest rate swap | Cash Flow Hedging    
Derivative [Line Items]    
Derivative, notional amount $ 500,000  
Unaffiliated Bank    
Derivative [Line Items]    
Derivative, number of swaps | swap   2
Cash flow hedge gain (loss) to be reclassified within twelve months   $ (227)
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Balance Sheet Category and Fair Values of Derivative Instruments (Cash Flow Hedges)) (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Interest rate swap    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 500,000,000
Fair Value   $ 13,000
Other Assets | Interest rate swap    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 0  
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Gains (Losses) Recognized on Derivatives (Cash Flow Hedges)) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Trading Activity, Gains and Losses, Net [Line Items]      
Amount of gain (loss) recognized in OCI $ 1,952 $ 500 $ 5,037
Amount of gain (loss) reclassified from AOCI into income (575) (246) $ 1,601
Interest rate swap      
Trading Activity, Gains and Losses, Net [Line Items]      
Amount of gain (loss) recognized in OCI 1,952 13  
Interest income | Interest rate swap      
Trading Activity, Gains and Losses, Net [Line Items]      
Amount of gain (loss) reclassified from AOCI into income $ (575) $ 487  
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Fair Value Hedges Narrative) (Details) - Fair Value Hedging
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Interest Rate Swap, Protection For Unrealized Securities Losses  
Derivative [Line Items]  
Derivative, notional amount, executed $ 838.1
Interest Rate Swap, Conversion From Fixed To Floating Rates  
Derivative [Line Items]  
Derivative, notional amount, executed $ 2,500.0
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Fair Value Hedges Balance Sheet Category and Fair Values) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Hedged Asset, Statement of Financial Position [Extensible Enumeration]   Total loans receivable held to maturity
Interest Rate Swaps, Loans Receivable Held to Maturity    
Derivative [Line Items]    
Hedged Asset, Statement of Financial Position [Extensible Enumeration] Other assets  
Fair Value $ 5,027 $ 54
Fair Value $ 27,554  
Interest Rate Swaps, Securities Carried At Fair Value    
Derivative [Line Items]    
Hedged Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Fair Value $ 23,182  
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Carrying amount of hedged assets and fair value hedging adjustment) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Hedged Asset, Statement of Financial Position [Extensible Enumeration]   Total loans receivable held to maturity
Interest rate swap    
Derivative [Line Items]    
Carrying Amount of the Hedged Assets   $ 1,185
Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount of Hedged Assets   $ (54)
Interest rate swap | Loans receivable held to maturity    
Derivative [Line Items]    
Carrying Amount of the Hedged Assets $ 2,525,261  
Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount of Hedged Assets 24,652  
Interest rate swap | Securities carried at fair value    
Derivative [Line Items]    
Carrying Amount of the Hedged Assets 786,716  
Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount of Hedged Assets $ (20,979)  
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Fair value hedges gains (losses) recognized) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]      
Interest and fees on loans $ 697,997 $ 477,970 $ 444,137
Taxable 223,521 169,544 $ 125,010
Gain (loss) recognized in interest income and fees on loans      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) recognized in interest income and fees on loans (386) 46  
Gain (loss) recognized in interest income on securities-taxable      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) recognized in interest income and fees on loans $ 66 $ 0  
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Effects of Fair Value Hedging) (Details) - Designated as Hedging Instrument - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Loans Receivable    
Derivative [Line Items]    
Hedged item $ 24,318 $ (113)
Derivatives designated as hedging instruments (24,704) $ 159
Securities (Assets)    
Derivative [Line Items]    
Hedged item (20,913)  
Derivatives designated as hedging instruments $ 20,979  
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Balance Sheet Category and Fair Values of Embedded Derivatives) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Other Nonoperating Income (Expense)    
Derivative [Line Items]    
Gain (loss) recognized in other noninterest income on embedded derivatives $ (74) $ 452
Embedded conversion option    
Derivative [Line Items]    
Notional Amount 2,391 6,028
Fair Value $ 61 $ 135
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Back-to-back loan swaps narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Counterparties    
Derivative [Line Items]    
Cash pledged as collateral   $ 0
Back-to-back Swaps    
Derivative [Line Items]    
Fee Income $ 7,700,000 $ 6,600,000
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Loan Swaps) (Details) - Back-to-back Swaps - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Other Assets    
Derivative [Line Items]    
Notional Amount $ 1,672,729 $ 819,662
Fair Value $ 56,634 $ 46,091
Other Assets | Weighted Average Receive Rate    
Derivative [Line Items]    
Weighted Average Rate 4.12% 4.23%
Other Assets | Weighted Average Pay Rate    
Derivative [Line Items]    
Weighted Average Rate 4.96% 6.76%
Other Liabilities    
Derivative [Line Items]    
Notional Amount $ 1,672,729 $ 819,662
Fair Value $ (56,634) $ (46,091)
Other Liabilities | Weighted Average Receive Rate    
Derivative [Line Items]    
Weighted Average Rate 4.96% 6.76%
Other Liabilities | Weighted Average Pay Rate    
Derivative [Line Items]    
Weighted Average Rate 4.12% 4.23%
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Other Free Standing Derivatives Narrative) (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Counterparties    
Derivative [Line Items]    
Cash pledged as collateral   $ 0
Not Designated as Hedging Instrument    
Derivative [Line Items]    
Cash pledged as collateral $ 0  
Not Designated as Hedging Instrument | Counterparties    
Derivative [Line Items]    
Cash pledged as collateral $ 0 $ 0
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Balance Sheet Category and Fair Values of Derivative Instruments (Not Designated as Hedging Instruments)) (Details) - Not Designated as Hedging Instrument - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Other Assets | Interest rate lock commitments (mortgage)    
Assets    
Fair Value $ 0 $ 9,340
Fair Value 0 174
Other Assets | Forward commitments    
Assets    
Fair Value 0 6,400
Fair Value 0 47
Other Liabilities | Forward commitments    
Liabilities    
Fair Value 0 5,750
Fair Value 0 (99)
Other Liabilities | Undesignated interest rate swaps    
Liabilities    
Fair Value 2,391 6,028
Fair Value $ (61) $ (135)
v3.24.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Derivative Instruments Gains and Losses Recognized (Not Designated as Hedging Instruments)) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Interest rate lock commitments (mortgage)    
Trading Activity, Gains and Losses, Net [Line Items]    
Year-to-date gain (loss) recognized $ (291) $ (1,828)
Forward commitments    
Trading Activity, Gains and Losses, Net [Line Items]    
Year-to-date gain (loss) recognized 52 11
Undesignated interest rate swaps    
Trading Activity, Gains and Losses, Net [Line Items]    
Year-to-date gain (loss) recognized $ 74 $ (452)
v3.24.0.1
INCOME TAXES (Components of Income Tax Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current:                      
Federal                 $ 18,844 $ 45,911 $ 32,440
State                 7,209 13,549 11,352
Total current expense                 26,053 59,460 43,792
Deferred:                      
Federal                 (7,442) (3,637) 8,938
State                 (1,754) (250) 2,605
Total deferred expense (benefit)                 (9,196) (3,887) 11,543
Total income tax expense $ (27,324) $ 13,479 $ 15,384 $ 15,318 $ 13,936 $ 14,118 $ 15,402 $ 12,117 $ 16,857 $ 55,573 $ 55,335
v3.24.0.1
INCOME TAXES (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:    
Net unrealized loss on securities carried at fair value reflected in stockholders' equity $ 107,669 $ 159,763
Net unrealized loss on derivatives reflected in stockholders’ equity (382) 210
Net unrealized loss on securities transferred from carried at fair value to held to maturity reflected in stockholders' equity 42,541 45,174
Allowance for credit losses 34,527 28,732
Deferred compensation 13,055 12,861
Net operating loss carryforwards 14,789 21,844
Lease liability 7,241 7,731
Investments in partnerships 2,042 2,843
Other 7,971 5,476
Total deferred tax assets 229,453 284,634
Valuation allowance for deferred tax assets (13,000) (19,001)
Total deferred tax assets after valuation allowance 216,453 265,633
Deferred tax liabilities:    
Premises, furniture and equipment 8,245 9,227
Purchase accounting 10,070 7,954
Lease right-of-use asset 6,391 7,182
Deferred loan costs 6,031 6,078
Other 912 3,846
Total deferred tax liabilities 31,649 34,287
Net deferred tax asset $ 184,804 $ 231,346
v3.24.0.1
INCOME TAXES (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Loss Carryforwards [Line Items]      
Annual limitation on deferred tax asset $ 3,100    
Deferred tax assets, state operating loss carryforwards 9,900 $ 16,300  
Valuation allowance 13,000 19,001  
Tax credits 6,966 6,613 $ 7,613
Investment in low-income housing 9,300 10,400 5,100
Tax credits, new market 360 300  
Unrecognized tax benefits 709 719  
Unrecognized tax benefits, accrued interest and penalties 129 91  
Solar Energy Tax Credit      
Operating Loss Carryforwards [Line Items]      
Tax credits 4,200 4,200 6,100
Historic Rehabilitation Credit      
Operating Loss Carryforwards [Line Items]      
Tax credits 1,100 1,000 720
Low-income Housing      
Operating Loss Carryforwards [Line Items]      
Tax credits 1,200 1,100 $ 538
Tax credits, expected utilization, 2023 1,000    
Tax credits, expected utilization, 2024 790    
Tax credits, expected utilization, 2025 740    
Tax credits, expected utilization, 2026 705    
Capital Loss Carryforward      
Operating Loss Carryforwards [Line Items]      
Valuation allowance 1,700 1,500  
Decrease in valuation allowance 0 165  
State and Local Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforwards 191,900 203,400  
State and Local Jurisdiction | Operating Loss Carryforwards      
Operating Loss Carryforwards [Line Items]      
Valuation allowance 9,400 15,500  
FSI      
Operating Loss Carryforwards [Line Items]      
Deferred tax assets, federal operating loss carryforwards 2,900 3,600  
FSI | Federal      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforwards $ 14,000 $ 17,200  
v3.24.0.1
INCOME TAXES (Effective Income Tax Rate Reconciliation) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]                      
Computed "expected" tax on net income                 $ 20,323 $ 56,228 $ 57,804
Increase (decrease) resulting from:                      
Tax-exempt interest benefit                 (2,624) (5,804) (5,504)
State income taxes, net of federal tax benefit                 4,310 10,523 11,026
Tax credits                 (6,966) (6,613) (7,613)
Partnership investments                 1,105 (351) 572
Valuation allowance                 214 13 (440)
Excess tax expense/(benefit) on stock compensation                 107 (113) (270)
Other                 388 1,690 (240)
Total income tax expense $ (27,324) $ 13,479 $ 15,384 $ 15,318 $ 13,936 $ 14,118 $ 15,402 $ 12,117 $ 16,857 $ 55,573 $ 55,335
Effective tax rates                 17.40% 20.80% 20.10%
v3.24.0.1
EMPLOYEE BENEFIT PLANS (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Employer matching contribution, percent 5.00% 3.00% 3.00%
Contributions by employer $ 7,900,000 $ 5,300,000 $ 5,100,000
Cost recognized 3,100,000 5,800,000 5,100,000
Nonqualified Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Contributions by employer $ 235,000 $ 222,500 $ 237,200
v3.24.0.1
COMMITMENTS AND CONTINGENT LIABILITIES (Commitments to Extend Credit) (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
request
Dec. 31, 2022
USD ($)
request
Long-term Credit Commitments [Line Items]    
Residential mortgage loans, repurchase obligation amount $ 0 $ 0
Number of repurchase requests | request 0 0
Commitments to Extend Credit    
Long-term Credit Commitments [Line Items]    
Commitments to extend credit, amount $ 4,620,000,000 $ 4,730,000,000
Standby Letters of Credit    
Long-term Credit Commitments [Line Items]    
Commitments to extend credit, amount $ 56,400,000 $ 55,100,000
v3.24.0.1
STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Maximum number of shares issuable (in shares) 1,460,000    
Shares available for issuance (in shares) 744,310    
Excess tax expense (benefit) related to share-based payment awards $ 123 $ (131)  
Granted (in shares) 0 64,518 0
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation costs $ 9,000 $ 7,800 $ 8,500
Share-based unrecognized compensation costs $ 8,800    
Performance-based RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, award vesting periods 3 years    
Employee Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, award vesting periods 4 years    
Share-based compensation costs $ 221 $ 167 $ 0
Share-based unrecognized compensation costs $ 490    
Granted (in shares) 0 64,518 0
Share-based compensation arrangement, contractual term 8 years 11 months 1 day    
Share-based compensation arrangement, intrinsic value $ 0    
Intrinsic value for the total of all options exercised 0    
Fair value of shares under vested stock options and awards $ 0    
Time-based RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, award vesting periods 3 years    
ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Maximum number of shares issuable (in shares) 500,000    
Shares available for issuance (in shares) 171,537    
Share-based compensation costs $ 192 $ 214 $ 228
Stocks purchased under the plan (in shares) 60,583 49,169 46,899
v3.24.0.1
STOCK-BASED COMPENSATION (Summary of RSUs Activity) (Details) - RSUs - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Shares      
Outstanding at beginning of period (in shares) 424,086 389,885 348,275
Granted (in shares) 278,999 242,718 216,560
Vested (in shares) (183,511) (159,880) (149,350)
Forfeited (in shares) (53,469) (48,637) (25,600)
Outstanding at end of period (in shares) 466,105 424,086 389,885
Weighted-Average Grant Date Fair Value      
Outstanding at beginning of period (in dollars per share) $ 46.15 $ 44.19 $ 38.22
Granted (in dollars per share) 44.94 48.38 51.44
Vested (in dollars per share) 41.39 44.96 40.83
Forfeited (in dollars per share) 46.84 45.49 40.96
Outstanding at end of period (in dollars per share) $ 47.22 $ 46.15 $ 44.19
v3.24.0.1
STOCK-BASED COMPENSATION (Summary of Stock Options Activity) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Shares      
Outstanding at beginning of period (in shares) 64,518 0 0
Granted (in shares) 0 64,518 0
Exercised (in shares) 0 0 0
Forfeited (in shares) (6,452) 0 0
Outstanding at end of period (in shares) 58,066 64,518 0
Options exercisable at end of period (in shares) 0 0 0
Weighted Average Exercise Price      
Outstanding at beginning of period (in dollars per share) $ 48.79 $ 0 $ 0
Granted (in dollars per share) 0 48.79 0
Exercised (in dollars per share) 0 0 0
Forfeited (in dollars per share) 0 0 0
Outstanding at end of period (in dollars per share) 48.79 48.79 0
Options exercisable at end of period (in dollars per share) $ 0 $ 0 $ 0
v3.24.0.1
REGULATORY CAPITAL REQUIREMENTS AND RESTRICTIONS ON SUBSIDIARY DIVIDENDS (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Total Capital (to Risk-Weighted Assets)    
Actual - Amount $ 2,237,035 $ 2,204,829
Actual - Ratio 0.1453 0.1476
For Capital Adequacy Purposes - Amount $ 1,231,972 $ 1,194,970
For Capital Adequacy Purposes - Ratio 0.0800 0.0800
To Be Well Capitalized Under Prompt Corrective Action - Amount $ 1,539,965  
To Be Well Capitalized Under Prompt Corrective Action - Ratio 0.1000  
Tier 1 Capital (to Risk-Weighted Assets)    
Actual - Amount $ 1,800,542 $ 1,763,990
Actual - Ratio 0.1169 0.1181
For Capital Adequacy Purposes - Amount $ 923,979 $ 896,228
For Capital Adequacy Purposes - Ratio 0.0600 0.0600
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount $ 923,979  
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio 0.0600  
Common Equity Tier 1 (to Risk-Weighted Assets)    
Actual - Amount $ 1,689,837 $ 1,653,285
Actual - Ratio 10.97% 11.07%
For Capital Adequacy Purposes - Amount $ 692,984 $ 672,171
For Capital Adequacy Purposes - Ratio 4.50% 4.50%
Tier 1 Capital (to Average Assets)    
Actual - Amount $ 1,800,542 $ 1,763,990
Actual - Ratio 0.0944 0.0913
For Capital Adequacy Purposes - Amount $ 763,309 $ 772,911
For Capital Adequacy Purposes - Ratio 0.0400 0.0400
Minimum Capital Requirement    
Tier 1 Capital (to Average Assets)    
Retained earnings available for dividend payments $ 743,300  
Capital Requirement to Remain Well Capitalized    
Tier 1 Capital (to Average Assets)    
Retained earnings available for dividend payments 436,900  
HTLF Bank    
Total Capital (to Risk-Weighted Assets)    
Actual - Amount $ 1,969,006 $ 824,069
Actual - Ratio 0.1285 0.1172
For Capital Adequacy Purposes - Amount $ 1,225,669 $ 562,497
For Capital Adequacy Purposes - Ratio 0.0800 0.0800
To Be Well Capitalized Under Prompt Corrective Action - Amount $ 1,532,087 $ 703,122
To Be Well Capitalized Under Prompt Corrective Action - Ratio 0.1000 0.1000
Tier 1 Capital (to Risk-Weighted Assets)    
Actual - Amount $ 1,829,972 $ 762,103
Actual - Ratio 0.1194 0.1084
For Capital Adequacy Purposes - Amount $ 919,252 $ 421,873
For Capital Adequacy Purposes - Ratio 0.0600 0.0600
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount $ 1,225,669 $ 562,497
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio 0.0800 0.0800
Common Equity Tier 1 (to Risk-Weighted Assets)    
Actual - Amount $ 1,829,972 $ 762,103
Actual - Ratio 11.94% 10.84%
For Capital Adequacy Purposes - Amount $ 689,439 $ 316,405
For Capital Adequacy Purposes - Ratio 4.50% 4.50%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount $ 995,856 $ 457,029
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio 6.50% 6.50%
Tier 1 Capital (to Average Assets)    
Actual - Amount $ 1,829,972 $ 762,103
Actual - Ratio 0.0926 0.0864
For Capital Adequacy Purposes - Amount $ 790,709 $ 352,914
For Capital Adequacy Purposes - Ratio 0.0400 0.0400
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount $ 988,386 $ 441,143
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio 0.0500 0.0500
Dubuque Bank and Trust Company    
Total Capital (to Risk-Weighted Assets)    
Actual - Amount   $ 184,096
Actual - Ratio   0.1301
For Capital Adequacy Purposes - Amount   $ 113,197
For Capital Adequacy Purposes - Ratio   0.0800
To Be Well Capitalized Under Prompt Corrective Action - Amount   $ 141,497
To Be Well Capitalized Under Prompt Corrective Action - Ratio   0.1000
Tier 1 Capital (to Risk-Weighted Assets)    
Actual - Amount   $ 174,684
Actual - Ratio   0.1235
For Capital Adequacy Purposes - Amount   $ 84,898
For Capital Adequacy Purposes - Ratio   0.0600
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 113,197
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   0.0800
Common Equity Tier 1 (to Risk-Weighted Assets)    
Actual - Amount   $ 174,684
Actual - Ratio   12.35%
For Capital Adequacy Purposes - Amount   $ 63,674
For Capital Adequacy Purposes - Ratio   4.50%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 91,973
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   6.50%
Tier 1 Capital (to Average Assets)    
Actual - Amount   $ 174,684
Actual - Ratio   0.0808
For Capital Adequacy Purposes - Amount   $ 86,473
For Capital Adequacy Purposes - Ratio   0.0400
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 108,091
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   0.0500
Wisconsin Bank & Trust    
Total Capital (to Risk-Weighted Assets)    
Actual - Amount   $ 128,490
Actual - Ratio   0.1312
For Capital Adequacy Purposes - Amount   $ 78,336
For Capital Adequacy Purposes - Ratio   0.0800
To Be Well Capitalized Under Prompt Corrective Action - Amount   $ 97,920
To Be Well Capitalized Under Prompt Corrective Action - Ratio   0.1000
Tier 1 Capital (to Risk-Weighted Assets)    
Actual - Amount   $ 119,231
Actual - Ratio   0.1218
For Capital Adequacy Purposes - Amount   $ 58,752
For Capital Adequacy Purposes - Ratio   0.0600
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 78,336
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   0.0800
Common Equity Tier 1 (to Risk-Weighted Assets)    
Actual - Amount   $ 119,231
Actual - Ratio   12.18%
For Capital Adequacy Purposes - Amount   $ 44,064
For Capital Adequacy Purposes - Ratio   4.50%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 63,648
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   6.50%
Tier 1 Capital (to Average Assets)    
Actual - Amount   $ 119,231
Actual - Ratio   0.0922
For Capital Adequacy Purposes - Amount   $ 51,753
For Capital Adequacy Purposes - Ratio   0.0400
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 64,691
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   0.0500
New Mexico Bank & Trust    
Total Capital (to Risk-Weighted Assets)    
Actual - Amount   $ 238,190
Actual - Ratio   0.1323
For Capital Adequacy Purposes - Amount   $ 144,059
For Capital Adequacy Purposes - Ratio   0.0800
To Be Well Capitalized Under Prompt Corrective Action - Amount   $ 180,073
To Be Well Capitalized Under Prompt Corrective Action - Ratio   0.1000
Tier 1 Capital (to Risk-Weighted Assets)    
Actual - Amount   $ 223,602
Actual - Ratio   0.1242
For Capital Adequacy Purposes - Amount   $ 108,044
For Capital Adequacy Purposes - Ratio   0.0600
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 144,059
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   0.0800
Common Equity Tier 1 (to Risk-Weighted Assets)    
Actual - Amount   $ 223,602
Actual - Ratio   12.42%
For Capital Adequacy Purposes - Amount   $ 81,033
For Capital Adequacy Purposes - Ratio   4.50%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 117,048
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   6.50%
Tier 1 Capital (to Average Assets)    
Actual - Amount   $ 223,602
Actual - Ratio   0.0812
For Capital Adequacy Purposes - Amount   $ 110,214
For Capital Adequacy Purposes - Ratio   0.0400
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 137,767
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   0.0500
Rocky Mountain Bank    
Total Capital (to Risk-Weighted Assets)    
Actual - Amount   $ 69,792
Actual - Ratio   0.1284
For Capital Adequacy Purposes - Amount   $ 43,489
For Capital Adequacy Purposes - Ratio   0.0800
To Be Well Capitalized Under Prompt Corrective Action - Amount   $ 54,361
To Be Well Capitalized Under Prompt Corrective Action - Ratio   0.1000
Tier 1 Capital (to Risk-Weighted Assets)    
Actual - Amount   $ 63,814
Actual - Ratio   0.1174
For Capital Adequacy Purposes - Amount   $ 32,617
For Capital Adequacy Purposes - Ratio   0.0600
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 43,489
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   0.0800
Common Equity Tier 1 (to Risk-Weighted Assets)    
Actual - Amount   $ 63,814
Actual - Ratio   11.74%
For Capital Adequacy Purposes - Amount   $ 24,463
For Capital Adequacy Purposes - Ratio   4.50%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 35,335
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   6.50%
Tier 1 Capital (to Average Assets)    
Actual - Amount   $ 63,814
Actual - Ratio   0.0849
For Capital Adequacy Purposes - Amount   $ 30,064
For Capital Adequacy Purposes - Ratio   0.0400
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 37,580
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   0.0500
Bank of Blue Valley    
Total Capital (to Risk-Weighted Assets)    
Actual - Amount   $ 162,131
Actual - Ratio   0.1607
For Capital Adequacy Purposes - Amount   $ 80,689
For Capital Adequacy Purposes - Ratio   0.0800
To Be Well Capitalized Under Prompt Corrective Action - Amount   $ 100,861
To Be Well Capitalized Under Prompt Corrective Action - Ratio   0.1000
Tier 1 Capital (to Risk-Weighted Assets)    
Actual - Amount   $ 155,002
Actual - Ratio   0.1537
For Capital Adequacy Purposes - Amount   $ 60,516
For Capital Adequacy Purposes - Ratio   0.0600
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 80,689
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   0.0800
Common Equity Tier 1 (to Risk-Weighted Assets)    
Actual - Amount   $ 155,002
Actual - Ratio   15.37%
For Capital Adequacy Purposes - Amount   $ 45,387
For Capital Adequacy Purposes - Ratio   4.50%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 65,560
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   6.50%
Tier 1 Capital (to Average Assets)    
Actual - Amount   $ 155,002
Actual - Ratio   0.1075
For Capital Adequacy Purposes - Amount   $ 57,676
For Capital Adequacy Purposes - Ratio   0.0400
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 72,095
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   0.0500
First Bank & Trust    
Total Capital (to Risk-Weighted Assets)    
Actual - Amount   $ 288,518
Actual - Ratio   0.1351
For Capital Adequacy Purposes - Amount   $ 170,835
For Capital Adequacy Purposes - Ratio   0.0800
To Be Well Capitalized Under Prompt Corrective Action - Amount   $ 213,543
To Be Well Capitalized Under Prompt Corrective Action - Ratio   0.1000
Tier 1 Capital (to Risk-Weighted Assets)    
Actual - Amount   $ 267,169
Actual - Ratio   0.1251
For Capital Adequacy Purposes - Amount   $ 128,126
For Capital Adequacy Purposes - Ratio   0.0600
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 170,835
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   0.0800
Common Equity Tier 1 (to Risk-Weighted Assets)    
Actual - Amount   $ 267,169
Actual - Ratio   12.51%
For Capital Adequacy Purposes - Amount   $ 96,094
For Capital Adequacy Purposes - Ratio   4.50%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 138,803
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   6.50%
Tier 1 Capital (to Average Assets)    
Actual - Amount   $ 267,169
Actual - Ratio   0.0929
For Capital Adequacy Purposes - Amount   $ 115,026
For Capital Adequacy Purposes - Ratio   0.0400
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount   $ 143,782
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio   0.0500
v3.24.0.1
FAIR VALUE (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2023
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Servicing rights, book value     $ 0   $ 7,840
Mortgage Servicing Rights          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Sale of mortgage servicing rights $ 7,700 $ 7,700      
Servicing right, fair value       $ 0  
Servicing rights, book value $ 0 $ 0      
v3.24.0.1
FAIR VALUE (Fair Value Measurement Recurring) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest $ 906,062  
Equity securities with a readily determinable fair value 21,056 $ 20,314
U.S. treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 32,118 31,699
Obligations of states and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 741,245 879,437
Commercial mortgage-backed securities - agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 64,788 85,123
Commercial mortgage-backed securities - non-agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 514,858 659,459
Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 217,370 416,054
Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 118,169 57,942
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 32,118 31,699
Fair Value 0 0
Derivative liabilities 0 0
Level 1 | Interest rate lock commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value   0
Level 1 | Forward commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value   0
Derivative liabilities   0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 4,614,773 6,115,445
Fair Value 84,904 46,293
Derivative liabilities 84,249 46,226
Level 2 | Interest rate lock commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value   0
Level 2 | Forward commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value   47
Derivative liabilities   99
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Fair Value 0 0
Derivative liabilities 0 0
Level 3 | Interest rate lock commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value   174
Level 3 | Forward commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value   0
Derivative liabilities   0
Recurring Basis    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets at fair value 4,731,795 6,193,658
Total liabilities at fair value 84,249 46,325
Recurring Basis | U.S. treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 32,118 31,699
Recurring Basis | U.S. agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 14,530 43,135
Recurring Basis | Obligations of states and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 741,245 879,437
Recurring Basis | Mortgage-backed securities - agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 1,393,629 1,772,105
Recurring Basis | Mortgage-backed securities - non-agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 1,529,128 2,181,876
Recurring Basis | Commercial mortgage-backed securities - agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 64,788 85,123
Recurring Basis | Commercial mortgage-backed securities - non-agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 514,858 659,459
Recurring Basis | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 217,370 416,054
Recurring Basis | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 118,169 57,942
Recurring Basis | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities with a readily determinable fair value 21,056 20,314
Recurring Basis | Derivative financial instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 84,904 46,293
Recurring Basis | Interest rate lock commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 0 174
Recurring Basis | Derivative financial instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities 84,249 46,226
Recurring Basis | Forward commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 0 47
Derivative liabilities 0 99
Recurring Basis | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets at fair value 32,118 31,699
Total liabilities at fair value 0 0
Recurring Basis | Level 1 | U.S. treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 32,118 31,699
Recurring Basis | Level 1 | U.S. agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 1 | Obligations of states and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 1 | Mortgage-backed securities - agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 1 | Mortgage-backed securities - non-agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 1 | Commercial mortgage-backed securities - agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 1 | Commercial mortgage-backed securities - non-agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 1 | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 1 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 1 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities with a readily determinable fair value 0 0
Recurring Basis | Level 1 | Derivative financial instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 0 0
Recurring Basis | Level 1 | Interest rate lock commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 0 0
Recurring Basis | Level 1 | Derivative financial instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities 0 0
Recurring Basis | Level 1 | Forward commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 0 0
Derivative liabilities 0 0
Recurring Basis | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets at fair value 4,699,677 6,161,785
Total liabilities at fair value 84,249 46,325
Recurring Basis | Level 2 | U.S. treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 2 | U.S. agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 14,530 43,135
Recurring Basis | Level 2 | Obligations of states and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 741,245 879,437
Recurring Basis | Level 2 | Mortgage-backed securities - agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 1,393,629 1,772,105
Recurring Basis | Level 2 | Mortgage-backed securities - non-agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 1,529,128 2,181,876
Recurring Basis | Level 2 | Commercial mortgage-backed securities - agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 64,788 85,123
Recurring Basis | Level 2 | Commercial mortgage-backed securities - non-agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 514,858 659,459
Recurring Basis | Level 2 | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 217,370 416,054
Recurring Basis | Level 2 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 118,169 57,942
Recurring Basis | Level 2 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities with a readily determinable fair value 21,056 20,314
Recurring Basis | Level 2 | Derivative financial instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 84,904 46,293
Recurring Basis | Level 2 | Interest rate lock commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 0 0
Recurring Basis | Level 2 | Derivative financial instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities 84,249 46,226
Recurring Basis | Level 2 | Forward commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 0 47
Derivative liabilities 0 99
Recurring Basis | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets at fair value 0 174
Total liabilities at fair value 0 0
Recurring Basis | Level 3 | U.S. treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 3 | U.S. agencies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 3 | Obligations of states and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 3 | Mortgage-backed securities - agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 3 | Mortgage-backed securities - non-agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 3 | Commercial mortgage-backed securities - agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 3 | Commercial mortgage-backed securities - non-agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 3 | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 3 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities, Available-for-Sale, Excluding Accrued Interest 0 0
Recurring Basis | Level 3 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities with a readily determinable fair value 0 0
Recurring Basis | Level 3 | Derivative financial instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 0 0
Recurring Basis | Level 3 | Interest rate lock commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 0 174
Recurring Basis | Level 3 | Derivative financial instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities 0 0
Recurring Basis | Level 3 | Forward commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 0 0
Derivative liabilities $ 0 $ 0
v3.24.0.1
FAIR VALUE (Fair Value Measurement Non-recurring) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale $ 0 $ 0
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale 5,071 5,277
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale 0 0
Servicing rights   7,840
Nonrecurring Basis    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 59,973 37,882
Loans held for sale 5,071 5,277
Other real estate owned 12,548 8,401
Premises, furniture and equipment held for sale 4,069 6,851
Nonrecurring Basis | Agricultural and agricultural real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 4,768  
Nonrecurring Basis | Residential real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 741  
Nonrecurring Basis | (Gains)/Losses    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 5,863 4,186
Loans held for sale 0 (116)
Other real estate owned 2,967 180
Premises, furniture and equipment held for sale 2,786 1,562
Nonrecurring Basis | Commercial and industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 23,422 12,042
Nonrecurring Basis | Commercial and industrial | Owner occupied commercial real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 30,400 7,556
Nonrecurring Basis | Commercial and industrial | Non-owner occupied commercial real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 11,371
Nonrecurring Basis | Commercial and industrial | (Gains)/Losses    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 554 4,186
Nonrecurring Basis | Commercial and industrial | (Gains)/Losses | Owner occupied commercial real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Nonrecurring Basis | Commercial and industrial | (Gains)/Losses | Non-owner occupied commercial real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Nonrecurring Basis | Real estate construction    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 642 1,518
Nonrecurring Basis | Real estate construction | (Gains)/Losses    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Nonrecurring Basis | Agricultural and agricultural real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans   3,788
Nonrecurring Basis | Agricultural and agricultural real estate | (Gains)/Losses    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 5,309 0
Nonrecurring Basis | Residential real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans   1,607
Nonrecurring Basis | Residential real estate | (Gains)/Losses    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Nonrecurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Loans held for sale 0 0
Other real estate owned 0 0
Premises, furniture and equipment held for sale 0 0
Nonrecurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial and industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Nonrecurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial and industrial | Owner occupied commercial real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Nonrecurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial and industrial | Non-owner occupied commercial real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Nonrecurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Real estate construction    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Nonrecurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Agricultural and agricultural real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Nonrecurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Nonrecurring Basis | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Loans held for sale 5,071 5,277
Other real estate owned 0 0
Premises, furniture and equipment held for sale 0 0
Nonrecurring Basis | Significant Other Observable Inputs (Level 2) | Commercial and industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Nonrecurring Basis | Significant Other Observable Inputs (Level 2) | Commercial and industrial | Owner occupied commercial real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Nonrecurring Basis | Significant Other Observable Inputs (Level 2) | Commercial and industrial | Non-owner occupied commercial real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Nonrecurring Basis | Significant Other Observable Inputs (Level 2) | Real estate construction    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Nonrecurring Basis | Significant Other Observable Inputs (Level 2) | Agricultural and agricultural real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Nonrecurring Basis | Significant Other Observable Inputs (Level 2) | Residential real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 0
Nonrecurring Basis | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 59,973 37,882
Loans held for sale 0 0
Other real estate owned 12,548 8,401
Premises, furniture and equipment held for sale 4,069 6,851
Nonrecurring Basis | Significant Unobservable Inputs (Level 3) | Commercial and industrial    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 23,422 12,042
Nonrecurring Basis | Significant Unobservable Inputs (Level 3) | Commercial and industrial | Owner occupied commercial real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 30,400 7,556
Nonrecurring Basis | Significant Unobservable Inputs (Level 3) | Commercial and industrial | Non-owner occupied commercial real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 0 11,371
Nonrecurring Basis | Significant Unobservable Inputs (Level 3) | Real estate construction    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 642 1,518
Nonrecurring Basis | Significant Unobservable Inputs (Level 3) | Agricultural and agricultural real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 4,768 3,788
Nonrecurring Basis | Significant Unobservable Inputs (Level 3) | Residential real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral dependent impaired loans 741 1,607
Nonrecurring Basis | Commercial Servicing Rights    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Servicing rights 0 7,840
Nonrecurring Basis | Commercial Servicing Rights | (Gains)/Losses    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Servicing rights 0 516
Nonrecurring Basis | Commercial Servicing Rights | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Servicing rights 0 0
Nonrecurring Basis | Commercial Servicing Rights | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Servicing rights 0 0
Nonrecurring Basis | Commercial Servicing Rights | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Servicing rights $ 0 $ 7,840
v3.24.0.1
FAIR VALUE (Quantitative Information About Level 3 Fair Value Measurements) (Details) - Level 3
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Interest rate lock commitments $ 0 $ 0
Other real estate owned 12,548 8,401
Servicing rights   7,840
Loans receivable 59,973 37,882
Commercial and industrial    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable 23,422 12,042
Owner occupied commercial real estate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable 30,400 7,556
Non-owner occupied commercial real estate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable 0 11,371
Real estate construction    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable 642 1,518
Premises, Furniture and Equipment Held for Sale    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Premises, furniture and equipment held for sale $ 4,069 6,851
Interest rate lock commitments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Interest rate lock commitments   $ 174
Interest rate lock commitments | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Interest rate lock commitments, measurement input (percent)   0
Interest rate lock commitments | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Interest rate lock commitments, measurement input (percent)   0.99
Interest rate lock commitments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Interest rate lock commitments   $ 174
Measurement Input, Closing Ratio | Interest rate lock commitments | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Interest rate lock commitments, measurement input (percent)   0.88
Measurement Input, Appraised Value | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Other real estate owned, measurement input (percent) 0 0
Measurement Input, Appraised Value | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Other real estate owned, measurement input (percent) 0.10 0.10
Measurement Input, Appraised Value | Premises, Furniture and Equipment Held for Sale | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Premises, furniture and equipment held for sale, measurement input (percent) 0.00% 0.00%
Measurement Input, Appraised Value | Premises, Furniture and Equipment Held for Sale | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Premises, furniture and equipment held for sale, measurement input (percent) 10.00% 10.00%
Measurement Input, Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights, measurement input (percent)   9.98%
Measurement Input, Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights, measurement input (percent)   11.72%
Measurement Input, Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights, measurement input (percent)   10.02%
Measurement Input, Constant Prepayment Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights, measurement input (percent)   7.80%
Measurement Input, Constant Prepayment Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights, measurement input (percent)   14.20%
Measurement Input, Constant Prepayment Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights, measurement input (percent)   7.90%
Commercial and industrial | Commercial and industrial    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable $ 23,422 $ 12,042
Commercial and industrial | Real estate construction    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable $ 642 $ 1,518
Commercial and industrial | Measurement Input, Appraised Value | Commercial and industrial | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable, measurement input (percent) 0.00% 0.00%
Commercial and industrial | Measurement Input, Appraised Value | Commercial and industrial | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable, measurement input (percent) 12.00% 10.00%
Commercial and industrial | Measurement Input, Appraised Value | Owner occupied commercial real estate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable, measurement input (percent) 0.00% 0.00%
Commercial and industrial | Measurement Input, Appraised Value | Owner occupied commercial real estate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable, measurement input (percent) 20.00% 10.00%
Commercial and industrial | Measurement Input, Appraised Value | Non-owner occupied commercial real estate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable, measurement input (percent) 0.00% 0.00%
Commercial and industrial | Measurement Input, Appraised Value | Non-owner occupied commercial real estate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable, measurement input (percent) 10.00% 10.00%
Commercial and industrial | Measurement Input, Appraised Value | Real estate construction | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable, measurement input (percent)   0.00%
Commercial and industrial | Measurement Input, Appraised Value | Real estate construction | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable, measurement input (percent)   10.00%
Agricultural and agricultural real estate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable $ 4,768 $ 3,788
Agricultural and agricultural real estate | Measurement Input, Appraised Value | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable, measurement input (percent) 0.00% 0.00%
Agricultural and agricultural real estate | Measurement Input, Appraised Value | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable, measurement input (percent) 10.00% 15.00%
Residential real estate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable $ 741 $ 1,607
Residential real estate | Measurement Input, Appraised Value | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable, measurement input (percent) 0.00% 0.00%
Residential real estate | Measurement Input, Appraised Value | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans receivable, measurement input (percent) 10.00% 10.00%
v3.24.0.1
FAIR VALUE (Changes Level 3 Assets (Fair Value, Recurring)) (Details) - Interest rate lock commitments - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period $ 174 $ 1,306
Total gains (losses), net, included in earnings (290) (1,828)
Issuances 1,864 3,683
Settlements (1,748) (2,987)
Balance at end of period $ 0 $ 174
v3.24.0.1
FAIR VALUE (Estimated Fair Value Financial Instruments (Including Carrying Amounts)) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Financial assets:    
Carried at fair value $ 906,062  
Held to maturity $ 816,399 $ 776,557
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Financial liabilities:    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other liabilities  
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Financial assets:    
Cash and cash equivalents $ 323,013 $ 363,087
Time deposits in other financial institutions 1,240 1,740
Carried at fair value 32,118 31,699
Held to maturity 0 0
Other investments 0 0
Loans held for sale 0 0
Loans, net 0 0
Cash surrender value on life insurance 0 0
Derivatives 0 0
Financial liabilities:    
Borrowings 0 0
Term debt 0 0
Derivatives 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate lock commitments    
Financial assets:    
Derivatives   0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Forward commitments    
Financial assets:    
Derivatives   0
Financial liabilities:    
Derivatives   0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Demand deposits    
Financial liabilities:    
Deposits 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Savings deposits    
Financial liabilities:    
Deposits 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Time deposits    
Financial liabilities:    
Deposits 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer    
Financial assets:    
Loans, net 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | PPP | Commercial and industrial    
Financial assets:    
Loans, net 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Owner occupied commercial real estate | Commercial and industrial    
Financial assets:    
Loans, net 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial and industrial | Commercial and industrial    
Financial assets:    
Loans, net 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial and industrial | Real estate construction    
Financial assets:    
Loans, net 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Agricultural and agricultural real estate    
Financial assets:    
Loans, net 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential real estate    
Financial assets:    
Loans, net 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-owner occupied commercial real estate | Commercial and industrial    
Financial assets:    
Loans, net 0 0
Significant Other Observable Inputs (Level 2)    
Financial assets:    
Cash and cash equivalents 0 0
Time deposits in other financial institutions 0 0
Carried at fair value 4,614,773 6,115,445
Held to maturity 816,399 776,557
Other investments 91,277 74,567
Loans held for sale 5,071 5,277
Loans, net 11,149,694 10,615,955
Cash surrender value on life insurance 197,085 193,403
Derivatives 84,904 46,293
Financial liabilities:    
Borrowings 622,255 376,117
Term debt 374,017 372,473
Derivatives 84,249 46,226
Significant Other Observable Inputs (Level 2) | Interest rate lock commitments    
Financial assets:    
Derivatives   0
Significant Other Observable Inputs (Level 2) | Forward commitments    
Financial assets:    
Derivatives   47
Financial liabilities:    
Derivatives   99
Significant Other Observable Inputs (Level 2) | Demand deposits    
Financial liabilities:    
Deposits 4,500,304 5,701,340
Significant Other Observable Inputs (Level 2) | Savings deposits    
Financial liabilities:    
Deposits 8,805,597 9,994,391
Significant Other Observable Inputs (Level 2) | Time deposits    
Financial liabilities:    
Deposits 2,895,813 1,817,278
Significant Other Observable Inputs (Level 2) | Consumer    
Financial assets:    
Loans, net 465,686 480,018
Significant Other Observable Inputs (Level 2) | PPP | Commercial and industrial    
Financial assets:    
Loans, net 2,777 11,025
Significant Other Observable Inputs (Level 2) | Owner occupied commercial real estate | Commercial and industrial    
Financial assets:    
Loans, net 2,414,140 2,077,109
Significant Other Observable Inputs (Level 2) | Commercial and industrial | Commercial and industrial    
Financial assets:    
Loans, net 3,373,206 3,258,085
Significant Other Observable Inputs (Level 2) | Commercial and industrial | Real estate construction    
Financial assets:    
Loans, net 978,463 1,037,726
Significant Other Observable Inputs (Level 2) | Agricultural and agricultural real estate    
Financial assets:    
Loans, net 834,804 838,849
Significant Other Observable Inputs (Level 2) | Residential real estate    
Financial assets:    
Loans, net 686,687 739,718
Significant Other Observable Inputs (Level 2) | Non-owner occupied commercial real estate | Commercial and industrial    
Financial assets:    
Loans, net 2,393,931 2,173,425
Significant Unobservable Inputs (Level 3)    
Financial assets:    
Cash and cash equivalents 0 0
Time deposits in other financial institutions 0 0
Carried at fair value 0 0
Held to maturity 0 0
Other investments 0 0
Loans held for sale 0 0
Loans, net 59,973 37,882
Cash surrender value on life insurance 0 0
Derivatives 0 0
Financial liabilities:    
Borrowings 0 0
Term debt 0 0
Derivatives 0 0
Significant Unobservable Inputs (Level 3) | Interest rate lock commitments    
Financial assets:    
Derivatives   174
Significant Unobservable Inputs (Level 3) | Forward commitments    
Financial assets:    
Derivatives   0
Financial liabilities:    
Derivatives   0
Significant Unobservable Inputs (Level 3) | Demand deposits    
Financial liabilities:    
Deposits 0 0
Significant Unobservable Inputs (Level 3) | Savings deposits    
Financial liabilities:    
Deposits 0 0
Significant Unobservable Inputs (Level 3) | Time deposits    
Financial liabilities:    
Deposits 0 0
Significant Unobservable Inputs (Level 3) | Commercial and industrial    
Financial assets:    
Loans, net 23,422 12,042
Significant Unobservable Inputs (Level 3) | Real estate construction    
Financial assets:    
Loans, net 642 1,518
Significant Unobservable Inputs (Level 3) | Consumer    
Financial assets:    
Loans, net 0 0
Significant Unobservable Inputs (Level 3) | PPP | Commercial and industrial    
Financial assets:    
Loans, net 0 0
Significant Unobservable Inputs (Level 3) | Owner occupied commercial real estate | Commercial and industrial    
Financial assets:    
Loans, net 30,400 7,556
Significant Unobservable Inputs (Level 3) | Commercial and industrial | Commercial and industrial    
Financial assets:    
Loans, net 23,422 12,042
Significant Unobservable Inputs (Level 3) | Commercial and industrial | Real estate construction    
Financial assets:    
Loans, net 642 1,518
Significant Unobservable Inputs (Level 3) | Agricultural and agricultural real estate    
Financial assets:    
Loans, net 4,768 3,788
Significant Unobservable Inputs (Level 3) | Residential real estate    
Financial assets:    
Loans, net 741 1,607
Significant Unobservable Inputs (Level 3) | Non-owner occupied commercial real estate | Commercial and industrial    
Financial assets:    
Loans, net 0 11,371
Carrying Amount    
Financial assets:    
Cash and cash equivalents 323,013 363,087
Time deposits in other financial institutions 1,240 1,740
Carried at fair value 4,646,891 6,147,144
Held to maturity 838,241 829,403
Other investments 91,277 74,567
Loans held for sale 5,071 5,277
Loans, net 11,946,079 11,318,869
Cash surrender value on life insurance 197,085 193,403
Derivatives 84,904 46,293
Financial liabilities:    
Borrowings 622,255 376,117
Term debt 372,396 371,753
Derivatives 84,249 46,226
Carrying Amount | Interest rate lock commitments    
Financial assets:    
Derivatives   174
Carrying Amount | Forward commitments    
Financial assets:    
Derivatives   47
Financial liabilities:    
Derivatives   99
Carrying Amount | Demand deposits    
Financial liabilities:    
Deposits 4,500,304 5,701,340
Carrying Amount | Savings deposits    
Financial liabilities:    
Deposits 8,805,597 9,994,391
Carrying Amount | Time deposits    
Financial liabilities:    
Deposits 2,895,813 1,817,278
Carrying Amount | Consumer    
Financial assets:    
Loans, net 484,634 497,131
Carrying Amount | PPP | Commercial and industrial    
Financial assets:    
Loans, net 2,777 11,025
Carrying Amount | Owner occupied commercial real estate | Commercial and industrial    
Financial assets:    
Loans, net 2,621,019 2,251,359
Carrying Amount | Commercial and industrial | Commercial and industrial    
Financial assets:    
Loans, net 3,611,368 3,435,343
Carrying Amount | Commercial and industrial | Real estate construction    
Financial assets:    
Loans, net 982,943 1,046,084
Carrying Amount | Agricultural and agricultural real estate    
Financial assets:    
Loans, net 914,892 917,876
Carrying Amount | Residential real estate    
Financial assets:    
Loans, net 791,984 845,650
Carrying Amount | Non-owner occupied commercial real estate | Commercial and industrial    
Financial assets:    
Loans, net 2,536,462 2,314,401
Estimated Fair Value    
Financial assets:    
Cash and cash equivalents 323,013 363,087
Time deposits in other financial institutions 1,240 1,740
Carried at fair value 4,646,891 6,147,144
Held to maturity 816,399 776,557
Other investments 91,277 74,567
Loans held for sale 5,071 5,277
Loans, net 11,209,667 10,653,837
Cash surrender value on life insurance 197,085 193,403
Derivatives 84,904 46,293
Financial liabilities:    
Borrowings 622,255 376,117
Term debt 374,017 372,473
Derivatives 84,249 46,226
Estimated Fair Value | Interest rate lock commitments    
Financial assets:    
Derivatives   174
Estimated Fair Value | Forward commitments    
Financial assets:    
Derivatives   47
Financial liabilities:    
Derivatives   99
Estimated Fair Value | Demand deposits    
Financial liabilities:    
Deposits 4,500,304 5,701,340
Estimated Fair Value | Savings deposits    
Financial liabilities:    
Deposits 8,805,597 9,994,391
Estimated Fair Value | Time deposits    
Financial liabilities:    
Deposits 2,895,813 1,817,278
Estimated Fair Value | Consumer    
Financial assets:    
Loans, net 465,686 480,018
Estimated Fair Value | PPP | Commercial and industrial    
Financial assets:    
Loans, net 2,777 11,025
Estimated Fair Value | Owner occupied commercial real estate | Commercial and industrial    
Financial assets:    
Loans, net 2,444,540 2,084,665
Estimated Fair Value | Commercial and industrial | Commercial and industrial    
Financial assets:    
Loans, net 3,396,628 3,270,127
Estimated Fair Value | Commercial and industrial | Real estate construction    
Financial assets:    
Loans, net 979,105 1,039,244
Estimated Fair Value | Agricultural and agricultural real estate    
Financial assets:    
Loans, net 839,572 842,637
Estimated Fair Value | Residential real estate    
Financial assets:    
Loans, net 687,428 741,325
Estimated Fair Value | Non-owner occupied commercial real estate | Commercial and industrial    
Financial assets:    
Loans, net $ 2,393,931 $ 2,184,796
v3.24.0.1
REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]                      
Total noninterest income in-scope of Topic 606                 $ 97,533 $ 93,587 $ 87,666
Loan servicing income                 1,561 2,741 3,276
Capital markets fees                 10,007 11,543 1,324
Securities gains, net                 (141,539) (425) 5,910
Unrealized (loss) gain on equity securities, net                 240 (622) 58
Net gains on sale of loans held for sale                 3,880 9,032 20,605
Valuation adjustment on servicing rights                 0 1,658 1,088
Income on bank owned life insurance                 3,771 2,341 3,762
Other noninterest income                 3,621 8,409 5,246
Total noninterest income out-of-scope of Topic 606                 (118,459) 34,677 41,269
TOTAL NONINTEREST INCOME (LOSS) $ (111,801) $ 28,383 $ 32,493 $ 29,999 $ 29,975 $ 29,181 $ 34,539 $ 34,569 (20,926) 128,264 128,935
Service charges and fees on deposit accounts                      
Disaggregation of Revenue [Line Items]                      
Total noninterest income in-scope of Topic 606                 21,037 18,625 16,414
Overdraft fees                      
Disaggregation of Revenue [Line Items]                      
Total noninterest income in-scope of Topic 606                 11,878 12,136 11,005
Customer service and other service fees                      
Disaggregation of Revenue [Line Items]                      
Total noninterest income in-scope of Topic 606                 358 375 220
Credit card fee income                      
Disaggregation of Revenue [Line Items]                      
Total noninterest income in-scope of Topic 606                 31,102 27,560 21,623
Debit card income                      
Disaggregation of Revenue [Line Items]                      
Total noninterest income in-scope of Topic 606                 9,649 9,335 10,441
Total service charges and fees                      
Disaggregation of Revenue [Line Items]                      
Total noninterest income in-scope of Topic 606                 74,024 68,031 59,703
Trust fees                      
Disaggregation of Revenue [Line Items]                      
Total noninterest income in-scope of Topic 606                 20,715 22,570 24,417
Brokerage and insurance commissions                      
Disaggregation of Revenue [Line Items]                      
Total noninterest income in-scope of Topic 606                 $ 2,794 $ 2,986 $ 3,546
v3.24.0.1
PARENT COMPANY ONLY FINANCIAL INFORMATION (Balance Sheets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Assets:        
Cash and interest-bearing deposits $ 323,013 $ 363,087    
Other assets 574,772 496,008    
TOTAL ASSETS 19,411,707 20,244,228    
Liabilities and Stockholders’ equity:        
Accrued expenses and other liabilities 282,225 248,294    
TOTAL LIABILITIES 17,478,590 18,509,173    
Stockholders’ equity:        
Common stock 42,688 42,467    
Capital surplus 1,090,740 1,080,964    
Retained earnings 1,141,501 1,120,925    
Accumulated other comprehensive loss (452,517) (620,006)    
TOTAL STOCKHOLDERS' EQUITY 1,933,117 1,735,055 $ 2,182,178 $ 2,079,231
TOTAL LIABILITIES AND EQUITY 19,411,707 20,244,228    
Parent        
Assets:        
Cash and interest-bearing deposits 288,203 307,026    
Investment in subsidiaries 1,971,014 1,747,188    
Other assets 72,501 94,953    
TOTAL ASSETS 2,331,718 2,149,167    
Liabilities and Stockholders’ equity:        
Borrowings 372,316 370,930    
Accrued expenses and other liabilities 26,285 43,182    
TOTAL LIABILITIES 398,601 414,112    
Stockholders’ equity:        
Preferred stock 110,705 110,705    
Common stock 42,688 42,467    
Capital surplus 1,090,740 1,080,964    
Retained earnings 1,141,501 1,120,925    
Accumulated other comprehensive loss (452,517) (620,006)    
TOTAL STOCKHOLDERS' EQUITY 1,933,117 1,735,055    
TOTAL LIABILITIES AND EQUITY $ 2,331,718 $ 2,149,167    
v3.24.0.1
PARENT COMPANY ONLY FINANCIAL INFORMATION (Income Statements) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating expenses:                      
Interest                 $ 352,559 $ 76,420 $ 28,200
Salaries and employee benefits                 251,276 254,478 240,114
Professional fees                 58,667 58,606 58,843
INCOME BEFORE INCOME TAXES                 96,777 267,753 275,258
Income tax benefit $ 27,324 $ (13,479) $ (15,384) $ (15,318) $ (13,936) $ (14,118) $ (15,402) $ (12,117) (16,857) (55,573) (55,335)
NET INCOME (70,363) 48,091 49,416 52,776 60,654 56,564 51,873 43,089 79,920 212,180 219,923
Preferred dividends (2,012) (2,013) (2,012) (2,013) (2,012) (2,013) (2,012) (2,013) (8,050) (8,050) (8,050)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ (72,375) $ 46,078 $ 47,404 $ 50,763 $ 58,642 $ 54,551 $ 49,861 $ 41,076 71,870 204,130 211,873
Parent                      
Operating revenues:                      
Dividends from subsidiaries                 50,000 142,500 163,500
Other                 1,486 1,200 1,885
Total operating revenues                 51,486 143,700 165,385
Operating expenses:                      
Interest                 22,637 16,886 12,851
Salaries and employee benefits                 4,610 7,225 7,509
Professional fees                 8,807 11,594 5,161
Other operating expenses                 9,287 10,474 10,984
Total operating expenses                 45,341 46,179 36,505
Equity in undistributed earnings                 57,799 98,983 75,368
INCOME BEFORE INCOME TAXES                 63,944 196,504 204,248
Income tax benefit                 15,976 15,676 15,675
NET INCOME                 79,920 212,180 219,923
Preferred dividends                 (8,050) (8,050) (8,050)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS                 $ 71,870 $ 204,130 $ 211,873
v3.24.0.1
PARENT COMPANY ONLY FINANCIAL INFORMATION (Cash Flows) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:                      
Net income $ (70,363) $ 48,091 $ 49,416 $ 52,776 $ 60,654 $ 56,564 $ 51,873 $ 43,089 $ 79,920 $ 212,180 $ 219,923
Adjustments to reconcile net income to net cash provided by operating activities:                      
Other, net                 (62,303) 71,167 (2,712)
NET CASH PROVIDED BY OPERATING ACTIVITIES                 280,312 388,008 326,037
Cash flows from investing activities:                      
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES                 802,195 (1,813,043) (1,525,100)
Cash flows from financing activities:                      
Proceeds from other borrowings                 0 0 147,614
Repayments of other borrowings                 (740) (228) (233,794)
Cash dividends paid                 (59,151) (54,249) (48,559)
Proceeds from issuance of common stock                 2,467 2,875 2,925
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES                 (1,122,581) 1,352,523 1,296,759
Net increase (decrease) in cash and cash equivalents                 (40,074) (72,512) 97,696
Cash and cash equivalents at beginning of year       363,087       435,599 363,087 435,599 337,903
CASH AND CASH EQUIVALENTS AT END OF PERIOD 323,013       363,087       323,013 363,087 435,599
Supplemental disclosure:                      
Dividends declared, not paid 2,205       2,013       2,205 2,013 2,013
Dividend Declared                      
Supplemental disclosure:                      
Dividends declared, not paid 2,013       2,013       2,013 2,013 2,013
Parent                      
Cash flows from operating activities:                      
Net income                 79,920 212,180 219,923
Adjustments to reconcile net income to net cash provided by operating activities:                      
Undistributed earnings of subsidiaries                 (57,799) (98,983) (75,368)
Increase (decrease) in accrued expenses and other liabilities                 (17,090) (8,946) 8,723
Increase (decrease) in other assets                 23,335 (13,933) (13,069)
Excess tax (expense) benefit from stock-based compensation                 (123) 131 312
Other, net                 11,537 9,958 12,632
NET CASH PROVIDED BY OPERATING ACTIVITIES                 39,780 100,407 153,153
Cash flows from investing activities:                      
Capital contributions to subsidiaries                 0 0 (34,000)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES                 0 0 (34,000)
Cash flows from financing activities:                      
Proceeds from other borrowings                 0 0 147,614
Repayments of other borrowings                 0 0 (44,417)
Cash dividends paid                 (59,151) (54,249) (48,559)
Proceeds from issuance of common stock                 548 1,038 1,311
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES                 (58,603) (53,211) 55,949
Net increase (decrease) in cash and cash equivalents                 (18,823) 47,196 175,102
Cash and cash equivalents at beginning of year       $ 307,026       $ 259,830 307,026 259,830 84,728
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 288,203       $ 307,026       288,203 307,026 259,830
Supplemental disclosure:                      
Stock consideration granted for acquisitions                 $ 883 $ 0 $ 0
v3.24.0.1
LEASES (Schedule of ROU Assets and Lease Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Operating lease right-of-use assets $ 25,859 $ 29,429
Operating lease liabilities $ 29,333 $ 31,681
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List] Accrued expenses and other liabilities Accrued expenses and other liabilities
v3.24.0.1
LEASES (Schedule of Lease Costs and Supplemental Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Lease Cost      
Operating lease cost $ 7,768 $ 7,256 $ 8,013
Variable lease cost 11 16 47
Total lease cost 7,779 7,272 8,060
Supplemental Information      
Noncash reduction of ROU assets 1,164 32 1,244
Noncash reduction lease liabilities $ 0 $ 10 $ 0
Supplemental balance sheet information      
Weighted-average remaining operating lease term (in years) 5 years 6 months 10 days    
Weighted-average discount rate for operating leases 3.08%    
v3.24.0.1
LEASES (Narrative) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
loan
Dec. 31, 2022
USD ($)
loan
Dec. 31, 2021
USD ($)
Leases [Abstract]      
Number of impaired leases | loan 1 2  
Impairment loss | $ $ 63 $ 360 $ 0
v3.24.0.1
LEASES (Schedule of Minimum Payments for Operating Leases) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]    
2024 $ 6,386  
2025 6,221  
2026 5,535  
2027 4,581  
2028 3,997  
Thereafter 5,219  
Total lease payments 31,939  
Less interest (2,606)  
Operating lease liabilities $ 29,333 $ 31,681
v3.24.0.1
SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]                      
Net interest income $ 156,137 $ 145,756 $ 147,132 $ 152,212 $ 165,220 $ 155,876 $ 142,461 $ 134,679 $ 601,237 $ 598,236 $ 560,560
Provision (benefit) for credit losses 11,738 1,516 5,379 3,074 3,387 5,492 3,246 3,245 21,707 15,370 (17,575)
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 144,399 144,240 141,753 149,138 161,833 150,384 139,215 131,434 579,530 582,866 578,135
Noninterest income (111,801) 28,383 32,493 29,999 29,975 29,181 34,539 34,569 (20,926) 128,264 128,935
Noninterest expense 130,285 111,053 109,446 111,043 117,218 108,883 106,479 110,797 461,827 443,377 431,812
Income taxes (27,324) 13,479 15,384 15,318 13,936 14,118 15,402 12,117 16,857 55,573 55,335
NET INCOME (70,363) 48,091 49,416 52,776 60,654 56,564 51,873 43,089 79,920 212,180 219,923
Preferred dividends (2,012) (2,013) (2,012) (2,013) (2,012) (2,013) (2,012) (2,013) (8,050) (8,050) (8,050)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ (72,375) $ 46,078 $ 47,404 $ 50,763 $ 58,642 $ 54,551 $ 49,861 $ 41,076 $ 71,870 $ 204,130 $ 211,873
Per share:                      
Earnings (loss) per share — basic (in dollars per share) $ (1.69) $ 1.08 $ 1.11 $ 1.19 $ 1.38 $ 1.28 $ 1.17 $ 0.97 $ 1.68 $ 4.80 $ 5.01
Earnings (loss) per share — diluted (in dollars per share) (1.69) 1.08 1.11 1.19 1.37 1.28 1.17 0.97 1.68 4.79 5.00
Cash dividends declared on common stock (in dollars per share) 0.30 0.30 0.30 0.30 0.28 0.27 0.27 0.27 $ 1.20 $ 1.09 $ 0.96
Book value per common share (in dollars per share) $ 42.69 $ 40.20 $ 41.00 $ 40.38 $ 38.25 $ 36.41 $ 39.19 $ 42.98      
Weighted average common shares outstanding (in shares) 42,770,347 42,760,406 42,695,522 42,614,806 42,578,977 42,574,557 42,474,835 42,359,582 42,701,000 42,496,000 42,260,000
Weighted average diluted common shares outstanding (in shares) 42,838,405 42,812,563 42,757,603 42,742,878 42,699,752 42,643,940 42,565,391 42,540,953 42,792,000 42,631,000 42,411,000