West Virginia | 55-0672148 | ||||
(State or other jurisdiction of | (IRS Employer | ||||
incorporation or organization) | Identification No.) |
300 North Main Street | ||||||||
Moorefield | West Virginia | 26836 | ||||||
(Address of principal executive offices) | (Zip Code) |
Yes | ☑ | No | ☐ |
Yes | ☑ | No | ☐ |
Yes | ☐ | No | ☑ |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, Par Value $2.50 per share | SMMF | NASDAQ |
Page | |||||||||||
PART I. | FINANCIAL INFORMATION | ||||||||||
Item 1. | Financial Statements | ||||||||||
Consolidated balance sheets September 30, December 31, | |||||||||||
Consolidated statements of income for the three months and nine months ended September 30, 2020 and 2019 | |||||||||||
Consolidated statements of comprehensive income for the three months and nine months ended September 30, 2020 and 2019 | |||||||||||
Consolidated statements of shareholders’ equity for the three months and nine months ended September 30, 2020 and 2019 | |||||||||||
Consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019 | |||||||||||
Notes to consolidated financial statements (unaudited) | |||||||||||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | ||||||||||
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | ||||||||||
Item 4. | Controls and Procedures | ||||||||||
PART II. | OTHER INFORMATION | ||||||||||
Item 1. | Legal Proceedings | ||||||||||
Item 1A. | Risk Factors | ||||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | None | |||||||||
Item 3. | Defaults upon Senior Securities | None | |||||||||
Item 4. | Mine Safety Disclosures | None | |||||||||
Item 5. | Other Information | None | |||||||||
Item 6. | Exhibits | ||||||||||
EXHIBIT INDEX | |||||||||||
SIGNATURES |
September 30, 2020 | December 31, 2019 | ||||||||||
Dollars in thousands, except per share amounts | (unaudited) | (*) | |||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 16,257 | $ | 28,137 | |||||||
Interest bearing deposits with other banks | 92,729 | 33,751 | |||||||||
Cash and cash equivalents | 108,986 | 61,888 | |||||||||
Debt securities available for sale | 297,989 | 276,355 | |||||||||
Debt securities held to maturity (estimated fair value - $92,786) | 91,600 | 0 | |||||||||
Other investments | 10,766 | 12,972 | |||||||||
Loans held for sale | 2,538 | 1,319 | |||||||||
Loans, net of unearned income | 2,251,804 | 1,913,499 | |||||||||
Less: allowance for credit losses - loans | (29,354) | (13,074) | |||||||||
Loans, net | 2,222,450 | 1,900,425 | |||||||||
Property held for sale | 17,831 | 19,276 | |||||||||
Premises and equipment, net | 52,880 | 44,168 | |||||||||
Accrued interest receivable | 10,978 | 8,439 | |||||||||
Goodwill and other intangible assets | 48,101 | 23,022 | |||||||||
Cash surrender value of life insurance policies and annuities | 57,029 | 43,603 | |||||||||
Other assets | 25,714 | 12,025 | |||||||||
Total assets | $ | 2,946,862 | $ | 2,403,492 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Liabilities | |||||||||||
Deposits | |||||||||||
Non-interest bearing | $ | 420,070 | $ | 260,553 | |||||||
Interest bearing | 2,031,821 | 1,652,684 | |||||||||
Total deposits | 2,451,891 | 1,913,237 | |||||||||
Short-term borrowings | 140,145 | 199,345 | |||||||||
Long-term borrowings | 703 | 717 | |||||||||
Subordinated debentures | 29,336 | 0 | |||||||||
Subordinated debentures owed to unconsolidated subsidiary trusts | 19,589 | 19,589 | |||||||||
Other liabilities | 33,235 | 22,840 | |||||||||
Total liabilities | 2,674,899 | 2,155,728 | |||||||||
Commitments and Contingencies | |||||||||||
Shareholders' Equity | |||||||||||
Preferred stock, $1.00 par value, authorized 250,000 shares | 0 | 0 | |||||||||
Common stock and related surplus, $2.50 par value; authorized 20,000,000 shares; issued: 2020 - 12,981,717 shares and 2019 - 12,474,641 shares; outstanding: 2020 - 12,932,415 shares and 2019 - 12,408,542 | 94,717 | 80,084 | |||||||||
Unallocated common stock held by Employee Stock Ownership Plan - 2020 - 49,302 shares and 2019 - 66,099 shares | (532) | (714) | |||||||||
Retained earnings | 173,588 | 165,859 | |||||||||
Accumulated other comprehensive income | 4,190 | 2,535 | |||||||||
Total shareholders' equity | 271,963 | 247,764 | |||||||||
Total liabilities and shareholders' equity | $ | 2,946,862 | $ | 2,403,492 |
September 30, 2019 | December 31, 2018 | ||||||
Dollars in thousands, except per share amounts | (unaudited) | (*) | |||||
ASSETS | |||||||
Cash and due from banks | $ | 12,374 | $ | 23,061 | |||
Interest bearing deposits with other banks | 40,296 | 36,479 | |||||
Cash and cash equivalents | 52,670 | 59,540 | |||||
Debt securities available for sale | 265,347 | 293,147 | |||||
Other investments | 14,022 | 16,635 | |||||
Loans held for sale | 1,087 | 400 | |||||
Loans, net of unearned income | 1,851,832 | 1,695,052 | |||||
Less: allowance for loan losses | (12,941 | ) | (13,047 | ) | |||
Loans, net | 1,838,891 | 1,682,005 | |||||
Property held for sale | 20,979 | 21,432 | |||||
Premises and equipment, net | 43,592 | 37,553 | |||||
Accrued interest receivable | 8,704 | 8,708 | |||||
Goodwill and other intangible assets | 23,182 | 25,842 | |||||
Cash surrender value of life insurance policies | 43,216 | 42,386 | |||||
Other assets | 11,919 | 12,938 | |||||
Total assets | $ | 2,323,609 | $ | 2,200,586 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Liabilities | |||||||
Deposits | |||||||
Non interest bearing | $ | 241,999 | $ | 222,120 | |||
Interest bearing | 1,590,286 | 1,412,706 | |||||
Total deposits | 1,832,285 | 1,634,826 | |||||
Short-term borrowings | 206,694 | 309,084 | |||||
Long-term borrowings | 722 | 735 | |||||
Subordinated debentures owed to unconsolidated subsidiary trusts | 19,589 | 19,589 | |||||
Other liabilities | 21,897 | 16,522 | |||||
Total liabilities | 2,081,187 | 1,980,756 | |||||
Commitments and Contingencies | |||||||
Shareholders' Equity | |||||||
Preferred stock, $1.00 par value, authorized 250,000 shares | — | — | |||||
Common stock and related surplus, $2.50 par value; authorized 20,000,000 shares; issued: 2019 - 12,472,277 shares and 2018 - 12,399,887 shares; outstanding: 2019 - 12,400,804 shares and 2018 - 12,312,933 | 79,780 | 80,431 | |||||
Unallocated common stock held by Employee Stock Ownership Plan - 2019 - 71,473 shares and 2018 - 86,954 shares | (772 | ) | (939 | ) | |||
Retained earnings | 159,568 | 141,354 | |||||
Accumulated other comprehensive income (loss) | 3,846 | (1,016 | ) | ||||
Total shareholders' equity | 242,422 | 219,830 | |||||
Total liabilities and shareholders' equity | $ | 2,323,609 | $ | 2,200,586 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||
Dollars in thousands, except per share amounts | 2019 | 2018 | 2019 | 2018 | Dollars in thousands, except per share amounts | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Interest income | Interest income | |||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | Interest and fees on loans | |||||||||||||||||||||||||||||||||||||||||
Taxable | $ | 24,786 | $ | 21,154 | $ | 71,877 | $ | 62,196 | Taxable | $ | 26,656 | $ | 24,786 | $ | 77,211 | $ | 71,877 | |||||||||||||||||||||||||
Tax-exempt | 154 | 141 | 467 | 428 | Tax-exempt | 151 | 154 | 455 | 467 | |||||||||||||||||||||||||||||||||
Interest and dividends on securities | Interest and dividends on securities | |||||||||||||||||||||||||||||||||||||||||
Taxable | 1,566 | 1,227 | 4,859 | 3,838 | Taxable | 1,445 | 1,566 | 4,656 | 4,859 | |||||||||||||||||||||||||||||||||
Tax-exempt | 618 | 1,140 | 2,307 | 3,222 | Tax-exempt | 937 | 618 | 2,288 | 2,307 | |||||||||||||||||||||||||||||||||
Interest on interest bearing deposits with other banks | 125 | 138 | 490 | 412 | Interest on interest bearing deposits with other banks | 57 | 125 | 216 | 490 | |||||||||||||||||||||||||||||||||
Total interest income | 27,249 | 23,800 | 80,000 | 70,096 | Total interest income | 29,246 | 27,249 | 84,826 | 80,000 | |||||||||||||||||||||||||||||||||
Interest expense | Interest expense | |||||||||||||||||||||||||||||||||||||||||
Interest on deposits | 6,214 | 4,714 | 17,745 | 12,572 | Interest on deposits | 3,552 | 6,214 | 13,088 | 17,745 | |||||||||||||||||||||||||||||||||
Interest on short-term borrowings | 1,371 | 1,437 | 4,240 | 4,084 | Interest on short-term borrowings | 734 | 1,371 | 1,863 | 4,240 | |||||||||||||||||||||||||||||||||
Interest on long-term borrowings and subordinated debentures | 244 | 436 | 758 | 1,695 | Interest on long-term borrowings and subordinated debentures | 194 | 244 | 600 | 758 | |||||||||||||||||||||||||||||||||
Total interest expense | 7,829 | 6,587 | 22,743 | 18,351 | Total interest expense | 4,480 | 7,829 | 15,551 | 22,743 | |||||||||||||||||||||||||||||||||
Net interest income | 19,420 | 17,213 | 57,257 | 51,745 | Net interest income | 24,766 | 19,420 | 69,275 | 57,257 | |||||||||||||||||||||||||||||||||
Provision for loan losses | 500 | 500 | 1,050 | 1,750 | ||||||||||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 18,920 | 16,713 | 56,207 | 49,995 | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 3,250 | 500 | 11,500 | 1,050 | |||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 21,516 | 18,920 | 57,775 | 56,207 | |||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | |||||||||||||||||||||||||||||||||||||||||
Insurance commissions | 40 | 1,062 | 1,821 | 3,188 | Insurance commissions | 44 | 40 | 75 | 1,821 | |||||||||||||||||||||||||||||||||
Trust and wealth management fees | 632 | 687 | 1,830 | 2,026 | Trust and wealth management fees | 622 | 632 | 1,870 | 1,830 | |||||||||||||||||||||||||||||||||
Mortgage origination revenue | Mortgage origination revenue | 780 | 77 | 1,636 | 392 | |||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 1,312 | 1,215 | 3,716 | 3,421 | Service charges on deposit accounts | 1,138 | 1,312 | 3,283 | 3,716 | |||||||||||||||||||||||||||||||||
Bank card revenue | 924 | 793 | 2,631 | 2,343 | Bank card revenue | 1,237 | 924 | 3,257 | 2,631 | |||||||||||||||||||||||||||||||||
Realized securities gains, net | 453 | 8 | 1,535 | 828 | Realized securities gains, net | 1,522 | 453 | 2,560 | 1,535 | |||||||||||||||||||||||||||||||||
Gain on sale of Summit Insurance Services, LLC | — | — | 1,906 | — | Gain on sale of Summit Insurance Services, LLC | 0 | 0 | 0 | 1,906 | |||||||||||||||||||||||||||||||||
Bank owned life insurance income | 247 | 250 | 733 | 773 | ||||||||||||||||||||||||||||||||||||||
Bank owned life insurance and annuities income | Bank owned life insurance and annuities income | 795 | 247 | 1,334 | 733 | |||||||||||||||||||||||||||||||||||||
Other | 151 | 196 | 627 | 656 | Other | 69 | 74 | 292 | 235 | |||||||||||||||||||||||||||||||||
Total noninterest income | 3,759 | 4,211 | 14,799 | 13,235 | Total noninterest income | 6,207 | 3,759 | 14,307 | 14,799 | |||||||||||||||||||||||||||||||||
Noninterest expenses | Noninterest expenses | |||||||||||||||||||||||||||||||||||||||||
Salaries, commissions and employee benefits | 7,044 | 6,806 | 21,966 | 20,550 | Salaries, commissions and employee benefits | 8,108 | 7,044 | 23,709 | 21,966 | |||||||||||||||||||||||||||||||||
Net occupancy expense | 799 | 856 | 2,602 | 2,528 | Net occupancy expense | 1,057 | 799 | 2,917 | 2,602 | |||||||||||||||||||||||||||||||||
Equipment expense | 1,296 | 1,118 | 3,694 | 3,271 | Equipment expense | 1,474 | 1,296 | 4,263 | 3,694 | |||||||||||||||||||||||||||||||||
Professional fees | 388 | 503 | 1,266 | 1,222 | Professional fees | 364 | 388 | 1,168 | 1,266 | |||||||||||||||||||||||||||||||||
Advertising and public relations | 177 | 170 | 484 | 461 | Advertising and public relations | 145 | 177 | 389 | 484 | |||||||||||||||||||||||||||||||||
Amortization of intangibles | 404 | 413 | 1,300 | 1,261 | Amortization of intangibles | 412 | 404 | 1,251 | 1,300 | |||||||||||||||||||||||||||||||||
FDIC premiums | — | 210 | 88 | 690 | FDIC premiums | 320 | 0 | 595 | 88 | |||||||||||||||||||||||||||||||||
Bank card expense | 455 | 384 | 1,367 | 1,080 | Bank card expense | 589 | 455 | 1,652 | 1,367 | |||||||||||||||||||||||||||||||||
Foreclosed properties expense, net of losses | 305 | 169 | 2,236 | 843 | ||||||||||||||||||||||||||||||||||||||
Foreclosed properties expense, net | Foreclosed properties expense, net | 607 | 305 | 1,815 | 2,236 | |||||||||||||||||||||||||||||||||||||
Merger-related expenses | 74 | 86 | 519 | 86 | Merger-related expenses | 28 | 74 | 1,453 | 519 | |||||||||||||||||||||||||||||||||
Other | 1,864 | 1,643 | 6,473 | 5,415 | Other | 2,405 | 1,864 | 6,493 | 6,473 | |||||||||||||||||||||||||||||||||
Total noninterest expenses | 12,806 | 12,358 | 41,995 | 37,407 | Total noninterest expenses | 15,509 | 12,806 | 45,705 | 41,995 | |||||||||||||||||||||||||||||||||
Income before income tax expense | 9,873 | 8,566 | 29,011 | 25,823 | Income before income tax expense | 12,214 | 9,873 | 26,377 | 29,011 | |||||||||||||||||||||||||||||||||
Income tax expense | 1,812 | 1,667 | 5,293 | 5,201 | Income tax expense | 2,594 | 1,812 | 5,302 | 5,293 | |||||||||||||||||||||||||||||||||
Net income | $ | 8,061 | $ | 6,899 | $ | 23,718 | $ | 20,622 | Net income | $ | 9,620 | $ | 8,061 | $ | 21,075 | $ | 23,718 | |||||||||||||||||||||||||
Basic earnings per common share | $ | 0.65 | $ | 0.56 | $ | 1.89 | $ | 1.67 | Basic earnings per common share | $ | 0.74 | $ | 0.65 | $ | 1.63 | $ | 1.89 | |||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.65 | $ | 0.55 | $ | 1.88 | $ | 1.66 | Diluted earnings per common share | $ | 0.74 | $ | 0.65 | $ | 1.62 | $ | 1.88 |
For the Three Months Ended September 30, | |||||||||||
Dollars in thousands | 2020 | 2019 | |||||||||
Net income | $ | 9,620 | $ | 8,061 | |||||||
Other comprehensive income: | |||||||||||
Net unrealized gain on cashflow hedge of: 2020 - $555, net of deferred taxes of $133; 2019 - $70, net of deferred taxes of $17 | 422 | 53 | |||||||||
Net unrealized gain on securities available for sale of: 2020 - $587, net of deferred taxes of $141 and reclassification adjustment for net realized gains included in net income of $1,522, net of tax of $365; 2019 - $2,068, net of deferred taxes of $496 and reclassification adjustment for net realized gains included in net income of $453, net of tax of $109 | 446 | 1,572 | |||||||||
Total other comprehensive income | 868 | 1,625 | |||||||||
Total comprehensive income | $ | 10,488 | $ | 9,686 |
For the Nine Months Ended September 30, | |||||||||||
Dollars in thousands | 2020 | 2019 | |||||||||
Net income | $ | 21,075 | $ | 23,718 | |||||||
Other comprehensive income: | |||||||||||
Net unrealized loss on cashflow hedge of: 2020 - $(1,943), net of deferred taxes of $(466); 2019 - $(487), net of deferred taxes of $(117) | (1,477) | (370) | |||||||||
Net unrealized gain on securities available for sale of: 2020 - $4,121 net of deferred taxes of $989 and reclassification adjustment for net realized gains included in net income of $2,560, net of tax of $614; 2019 - $7,315, net of deferred taxes of $1,755 and reclassification adjustment for net realized gains included in net income of $1,535, net of tax of $368 | 3,132 | 5,560 | |||||||||
Net unrealized loss on pension plan of: 2019 - $(432), net of deferred taxes of $(104) | 0 | (328) | |||||||||
Total other comprehensive income | 1,655 | 4,862 | |||||||||
Total comprehensive income | $ | 22,730 | $ | 28,580 |
For the Three Months Ended September 30, | |||||||
Dollars in thousands | 2019 | 2018 | |||||
Net income | $ | 8,061 | $ | 6,899 | |||
Other comprehensive income (loss): | |||||||
Net unrealized gain on cashflow hedge of: 2019 - $70, net of deferred taxes of $17; 2018 - $336, net of deferred taxes of $81 | 53 | 255 | |||||
Net unrealized gain (loss) on securities available for sale of: 2019 - $2,068, net of deferred taxes of $496 and reclassification adjustment for net realized gains included in net income of $453, net of tax of $109; 2018 - ($2,861), net of deferred taxes of ($687) and reclassification adjustment for net realized gains included in net income of $8, net of tax of $2 | 1,572 | (2,174 | ) | ||||
Total other comprehensive income (loss) | 1,625 | (1,919 | ) | ||||
Total comprehensive income | $ | 9,686 | $ | 4,980 |
For the Nine Months Ended September 30, | |||||||
Dollars in thousands | 2019 | 2018 | |||||
Net income | $ | 23,718 | $ | 20,622 | |||
Other comprehensive income (loss): | |||||||
Net unrealized (loss) gain on cashflow hedge of: 2019 - ($487), net of deferred taxes of ($117); 2018 - $1,772, net of deferred taxes of $425 | (370 | ) | 1,347 | ||||
Net unrealized gain (loss) on securities available for sale of: 2019 - $7,315, net of deferred taxes of $1,755 and reclassification adjustment for net realized gains included in net income of $1,535, net of tax of $368; 2018 - ($7,873), net of deferred taxes of ($1,889) and reclassification adjustment for net realized gains included in net income of $828, net of tax of $199 | 5,560 | (5,984 | ) | ||||
Net unrealized loss on pension plan of: 2019 - ($432), net of deferred taxes of ($104) | (328 | ) | — | ||||
Total other comprehensive income (loss) | 4,862 | (4,637 | ) | ||||
Total comprehensive income | $ | 28,580 | $ | 15,985 |
Dollars in thousands, except per share amounts | Common Stock and Related Surplus | Unallocated Common Stock Held by ESOP | Retained Earnings | Accumulated Other Compre- hensive Income | Total Share- holders' Equity | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 94,539 | $ | (593) | $ | 166,163 | $ | 3,322 | $ | 263,431 | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 9,620 | — | 9,620 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 868 | 868 | ||||||||||||||||||||||||||||||||||||
Share-based compensation expense | 79 | — | — | — | 79 | ||||||||||||||||||||||||||||||||||||
Unallocated ESOP shares committed to be released - 5,599 shares | 27 | 61 | — | — | 88 | ||||||||||||||||||||||||||||||||||||
Common stock issuances from reinvested dividends - 4,771 shares | 72 | — | — | — | 72 | ||||||||||||||||||||||||||||||||||||
Common stock cash dividends declared ($0.17 per share) | — | — | (2,195) | — | (2,195) | ||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | 94,717 | $ | (532) | $ | 173,588 | $ | 4,190 | $ | 271,963 | |||||||||||||||||||||||||||||||
Balance June 30, 2019 | $ | 80,946 | $ | (828) | $ | 153,362 | $ | 2,221 | $ | 235,701 | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 8,061 | — | 8,061 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 1,625 | 1,625 | ||||||||||||||||||||||||||||||||||||
Share-based compensation expense | 149 | — | — | — | 149 | ||||||||||||||||||||||||||||||||||||
Unallocated ESOP shares committed to be released - 5,251 shares | 80 | 56 | — | — | 136 | ||||||||||||||||||||||||||||||||||||
Retirement of 52,460 shares of common stock | (1,453) | — | — | — | (1,453) | ||||||||||||||||||||||||||||||||||||
Common stock issuances from reinvested dividends - 2,227 shares | 58 | — | — | — | 58 | ||||||||||||||||||||||||||||||||||||
Common stock cash dividends declared ($0.15 per share) | — | — | (1,855) | — | (1,855) | ||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | 79,780 | $ | (772) | $ | 159,568 | $ | 3,846 | $ | 242,422 |
Dollars in thousands, except per share amounts | Common Stock and Related Surplus | Unallocated Common Stock Held by ESOP | Retained Earnings | Accumulated Other Compre- hensive Income (Loss) | Total Share- holders' Equity | ||||||||||||||
Balance June 30, 2019 | $ | 80,946 | $ | (828 | ) | $ | 153,362 | $ | 2,221 | $ | 235,701 | ||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||
Net income | — | — | 8,061 | — | 8,061 | ||||||||||||||
Other comprehensive income | — | — | — | 1,625 | 1,625 | ||||||||||||||
Share-based compensation expense | 149 | — | — | — | 149 | ||||||||||||||
Unallocated ESOP shares committed to be released - 5,251 shares | 80 | 56 | — | — | 136 | ||||||||||||||
Retirement of 52,460 shares of common stock | (1,453 | ) | — | — | — | (1,453 | ) | ||||||||||||
Common stock issuances from reinvested dividends - 2,227 shares | 58 | — | — | — | 58 | ||||||||||||||
Common stock cash dividends declared ($0.15 per share) | — | — | (1,855 | ) | — | (1,855 | ) | ||||||||||||
Balance, September 30, 2019 | $ | 79,780 | $ | (772 | ) | $ | 159,568 | $ | 3,846 | $ | 242,422 | ||||||||
Balance June 30, 2018 | $ | 81,572 | $ | (1,043 | ) | $ | 130,336 | $ | (986 | ) | $ | 209,879 | |||||||
Three Months Ended September 30, 2018 | |||||||||||||||||||
Net income | — | — | 6,899 | — | 6,899 | ||||||||||||||
Other comprehensive loss | — | — | — | (1,919 | ) | (1,919 | ) | ||||||||||||
Exercise of stock options - 1,400 shares | 25 | — | — | — | 25 | ||||||||||||||
Share-based compensation expense | 99 | — | — | — | 99 | ||||||||||||||
Unallocated ESOP shares committed to be released - 4,975 shares | 73 | 54 | — | — | 127 | ||||||||||||||
Common stock issuances from reinvested dividends - 2,328 shares | 53 | — | — | — | 53 | ||||||||||||||
Common stock cash dividends declared ($0.13 per share) | — | — | (1,607 | ) | — | (1,607 | ) | ||||||||||||
Balance, September 30, 2018 | $ | 81,822 | $ | (989 | ) | $ | 135,628 | $ | (2,905 | ) | $ | 213,556 |
Dollars in thousands, except per share amounts | Common Stock and Related Surplus | Unallocated Common Stock Held by ESOP | Retained Earnings | Accumulated Other Compre- hensive Income (Loss) | Total Share- holders' Equity | ||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 80,084 | $ | (714) | $ | 165,859 | $ | 2,535 | $ | 247,764 | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Impact of adoption of ASC 326 | — | — | (6,756) | — | (6,756) | ||||||||||||||||||||||||||||||||||||
Net income | — | — | 21,075 | — | 21,075 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 1,655 | 1,655 | ||||||||||||||||||||||||||||||||||||
Vesting of RSUs - 651 shares | 0 | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||
Share-based compensation expense | 402 | — | — | — | 402 | ||||||||||||||||||||||||||||||||||||
Unallocated ESOP shares committed to be released - 16,797 shares | 128 | 182 | — | — | 310 | ||||||||||||||||||||||||||||||||||||
Retirement of 75,333 shares of common stock | (1,444) | — | — | — | (1,444) | ||||||||||||||||||||||||||||||||||||
Acquisition of Cornerstone Financial Services, Inc. - 570,000 shares, net of issuance costs | 15,354 | — | — | — | 15,354 | ||||||||||||||||||||||||||||||||||||
Common stock issuances from reinvested dividends - 11,758 shares | 193 | — | — | — | 193 | ||||||||||||||||||||||||||||||||||||
Common stock cash dividends declared ($0.51 per share) | — | — | (6,590) | — | (6,590) | ||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | 94,717 | $ | (532) | $ | 173,588 | $ | 4,190 | $ | 271,963 | |||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | 80,431 | $ | (939) | $ | 141,354 | $ | (1,016) | $ | 219,830 | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 23,718 | — | 23,718 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 4,862 | 4,862 | ||||||||||||||||||||||||||||||||||||
Exercise of stock options and SARs - 17,255 shares | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||
Share-based compensation expense | 430 | — | — | — | 430 | ||||||||||||||||||||||||||||||||||||
Unallocated ESOP shares committed to be released - 15,481 shares | 222 | 167 | — | — | 389 | ||||||||||||||||||||||||||||||||||||
Retirement of 417,577 shares of common stock | (10,405) | — | — | — | (10,405) | ||||||||||||||||||||||||||||||||||||
Acquisition of Peoples Bankshares, Inc. - shares, net of 465,931 issuance costs | 8,918 | — | — | — | 8,918 | ||||||||||||||||||||||||||||||||||||
Common stock issuances from reinvested dividends - 6,781 shares | 177 | — | — | — | 177 | ||||||||||||||||||||||||||||||||||||
Common stock cash dividends declared ($0.44 per share) | — | — | (5,504) | — | (5,504) | ||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | 79,780 | $ | (772) | $ | 159,568 | $ | 3,846 | $ | 242,422 |
Dollars in thousands, except per share amounts | Common Stock and Related Surplus | Unallocated Common Stock Held by ESOP | Retained Earnings | Accumulated Other Compre- hensive Income (Loss) | Total Share- holders' Equity | ||||||||||||||
Balance, December 31, 2018 | $ | 80,431 | $ | (939 | ) | $ | 141,354 | $ | (1,016 | ) | $ | 219,830 | |||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||||
Net income | — | — | 23,718 | — | 23,718 | ||||||||||||||
Other comprehensive income | — | — | — | 4,862 | 4,862 | ||||||||||||||
Exercise of stock options and SARs - 17,255 shares | 7 | — | — | — | 7 | ||||||||||||||
Share-based compensation expense | 430 | — | — | — | 430 | ||||||||||||||
Unallocated ESOP shares committed to be released - 15,481 shares | 222 | 167 | — | — | 389 | ||||||||||||||
Retirement of 417,577 shares of common stock | (10,405 | ) | — | — | — | (10,405 | ) | ||||||||||||
Acquisition of Peoples Bankshares, Inc. - 465,931 shares, net of issuance costs | 8,918 | — | — | — | 8,918 | ||||||||||||||
Common stock issuances from reinvested dividends - 6,781 shares | 177 | — | — | — | 177 | ||||||||||||||
Common stock cash dividends declared ($0.44 per share) | — | — | (5,504 | ) | — | (5,504 | ) | ||||||||||||
Balance, September 30, 2019 | $ | 79,780 | $ | (772 | ) | $ | 159,568 | $ | 3,846 | $ | 242,422 | ||||||||
Balance, December 31, 2017 | $ | 81,098 | $ | (1,152 | ) | $ | 119,827 | $ | 1,732 | $ | 201,505 | ||||||||
Nine Months Ended September 30, 2018 | |||||||||||||||||||
Net income | — | — | 20,622 | — | 20,622 | ||||||||||||||
Other comprehensive loss | — | — | — | (4,637 | ) | (4,637 | ) | ||||||||||||
Exercise of stock options - 1,600 shares | 29 | — | — | — | 29 | ||||||||||||||
Share-based compensation expense | 292 | — | — | — | 292 | ||||||||||||||
Unallocated ESOP shares committed to be released - 15,122 shares | 224 | 163 | — | — | 387 | ||||||||||||||
Common stock issuances from reinvested dividends - 7,166 shares | 179 | — | — | — | 179 | ||||||||||||||
Common stock cash dividends declared ($0.39 per share) | — | — | (4,821 | ) | — | (4,821 | ) | ||||||||||||
Balance, September 30, 2018 | $ | 81,822 | $ | (989 | ) | $ | 135,628 | $ | (2,905 | ) | $ | 213,556 |
Nine Months Ended | ||||||||||||||
Dollars in thousands | September 30, 2020 | September 30, 2019 | ||||||||||||
Cash Flows from Operating Activities | ||||||||||||||
Net income | $ | 21,075 | $ | 23,718 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation | 2,359 | 1,921 | ||||||||||||
Provision for credit losses | 11,500 | 1,050 | ||||||||||||
Share-based compensation expense | 402 | 430 | ||||||||||||
Deferred income tax benefit | (3,459) | (336) | ||||||||||||
Loans originated for sale | (64,279) | (13,710) | ||||||||||||
Proceeds from sale of loans | 64,195 | 13,292 | ||||||||||||
Gains on loans held for sale | (1,135) | (270) | ||||||||||||
Realized securities gains, net | (2,560) | (1,535) | ||||||||||||
(Gain) loss on disposal of assets | (167) | 213 | ||||||||||||
Gain on sale of Summit Insurance Services, LLC | 0 | (1,906) | ||||||||||||
Write-downs of foreclosed properties | 1,719 | 1,578 | ||||||||||||
Amortization of securities premiums, net | 2,135 | 1,826 | ||||||||||||
Accretion related to acquisitions, net | (1,133) | (842) | ||||||||||||
Amortization of intangibles | 1,251 | 1,300 | ||||||||||||
Earnings on bank owned life insurance and annuities | (1,413) | (830) | ||||||||||||
(Increase) decrease in accrued interest receivable | (1,617) | 434 | ||||||||||||
(Increase) decrease in other assets | (48) | 221 | ||||||||||||
(Decrease) increase in other liabilities | (1,225) | 2,935 | ||||||||||||
Net cash provided by operating activities | 27,600 | 29,489 | ||||||||||||
Cash Flows from Investing Activities | ||||||||||||||
Proceeds from maturities and calls of securities available for sale | 2,810 | 1,766 | ||||||||||||
Proceeds from maturities and calls of held to maturity securities | 1,000 | 0 | ||||||||||||
Proceeds from sales of securities available for sale | 105,597 | 133,174 | ||||||||||||
Principal payments received on securities available for sale | 17,952 | 18,501 | ||||||||||||
Purchases of securities available for sale | (52,783) | (63,504) | ||||||||||||
Purchases of held to maturity securities | (93,234) | 0 | ||||||||||||
Purchases of other investments | (14,245) | (12,035) | ||||||||||||
Proceeds from redemptions of other investments | 16,461 | 14,332 | ||||||||||||
Net loan originations | (264,600) | (118,893) | ||||||||||||
Purchases of premises and equipment | (8,077) | (7,238) | ||||||||||||
Proceeds from disposal of premises and equipment | 9 | 11 | ||||||||||||
Improvements to property held for sale | (1,249) | (88) | ||||||||||||
Proceeds from sales of repossessed assets & property held for sale | 2,007 | 2,789 | ||||||||||||
Purchase of life insurance contracts and annuities | (9,298) | 0 | ||||||||||||
Proceeds from sale of Summit Insurance Services, LLC | 0 | 7,117 | ||||||||||||
Cash and cash equivalents from acquisitions, net of cash consideration paid 2020 - $27,215; 2019 - $12,740 | 183,688 | 20,589 | ||||||||||||
Net cash used in investing activities | (113,962) | (3,479) | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||||
Net increase in demand deposit, NOW and savings accounts | 307,957 | 45,706 | ||||||||||||
Net (decrease) increase in time deposits | (130,841) | 39,621 | ||||||||||||
Net decrease in short-term borrowings | (59,199) | (102,390) | ||||||||||||
Repayment of long-term borrowings | (14) | (13) | ||||||||||||
Proceeds from subordinated debt, net of issuance costs | 29,336 | 0 | ||||||||||||
Purchase of interest rate cap | (5,850) | 0 | ||||||||||||
Proceeds from issuance of common stock, net of issuance costs | 105 | 98 | ||||||||||||
Purchase and retirement of common stock | (1,444) | (10,405) | ||||||||||||
Exercise of stock options | 0 | 7 | ||||||||||||
Dividends paid on common stock | (6,590) | (5,504) | ||||||||||||
Net cash provided by (used in) financing activities | 133,460 | (32,880) | ||||||||||||
Increase (decrease) in cash and cash equivalents | 47,098 | (6,870) | ||||||||||||
continued | ||||||||||||||
See Notes to Consolidated Financial Statements |
Nine Months Ended | ||||||||
Dollars in thousands | September 30, 2019 | September 30, 2018 | ||||||
Cash Flows from Operating Activities | ||||||||
Net income | $ | 23,718 | $ | 20,622 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | 1,921 | 1,609 | ||||||
Provision for loan losses | 1,050 | 1,750 | ||||||
Share-based compensation expense | 430 | 292 | ||||||
Deferred income tax benefit | (336 | ) | (164 | ) | ||||
Loans originated for sale | (13,710 | ) | (11,197 | ) | ||||
Proceeds from sale of loans | 13,292 | 11,057 | ||||||
Gains on loans held for sale | (270 | ) | (208 | ) | ||||
Realized securities gains, net | (1,535 | ) | (828 | ) | ||||
Loss on disposal of assets | 213 | 2 | ||||||
Gain on sale of Summit Insurance Services, LLC | (1,906 | ) | — | |||||
Write-downs of foreclosed properties | 1,578 | 458 | ||||||
Amortization of securities premiums, net | 1,826 | 2,698 | ||||||
Accretion related to acquisitions, net | (842 | ) | (393 | ) | ||||
Amortization of intangibles | 1,300 | 1,261 | ||||||
Earnings on bank owned life insurance | (830 | ) | (850 | ) | ||||
Decrease (increase) in accrued interest receivable | 434 | (301 | ) | |||||
Decrease in other assets | 221 | 115 | ||||||
Increase in other liabilities | 2,935 | 2,172 | ||||||
Net cash provided by operating activities | 29,489 | 28,095 | ||||||
Cash Flows from Investing Activities | ||||||||
Proceeds from maturities and calls of securities available for sale | 1,766 | 1,050 | ||||||
Proceeds from sales of securities available for sale | 133,174 | 92,048 | ||||||
Principal payments received on securities available for sale | 18,501 | 19,770 | ||||||
Purchases of securities available for sale | (63,504 | ) | (81,929 | ) | ||||
Purchases of other investments | (12,035 | ) | (9,922 | ) | ||||
Proceeds from redemptions of other investments | 14,332 | 9,665 | ||||||
Net loan originations | (118,893 | ) | (42,807 | ) | ||||
Purchases of premises and equipment | (7,238 | ) | (4,288 | ) | ||||
Proceeds from disposal of premises and equipment | 11 | 12 | ||||||
Improvements to property held for sale | (88 | ) | (1,118 | ) | ||||
Proceeds from sales of repossessed assets & property held for sale | 2,789 | 1,723 | ||||||
Proceeds from sale of Summit Insurance Services, LLC | 7,117 | — | ||||||
Cash and cash equivalents from acquisition, net of $12,740 cash consideration paid | 20,589 | — | ||||||
Net cash used in investing activities | (3,479 | ) | (15,796 | ) | ||||
Cash Flows from Financing Activities | ||||||||
Net increase in demand deposit, NOW and savings accounts | 45,706 | 53,110 | ||||||
Net increase (decrease) in time deposits | 39,621 | (2,485 | ) | |||||
Net decrease in short-term borrowings | (102,390 | ) | (12,096 | ) | ||||
Repayment of long-term borrowings | (13 | ) | (45,012 | ) | ||||
Proceeds from issuance of common stock, net of issuance costs | 98 | 179 | ||||||
Purchase and retirement of common stock | (10,405 | ) | — | |||||
Exercise of stock options | 7 | 29 | ||||||
Dividends paid on common stock | (5,504 | ) | (4,821 | ) | ||||
Net cash used in financing activities | (32,880 | ) | (11,096 | ) | ||||
(Decrease) increase in cash and cash equivalents | (6,870 | ) | 1,203 | |||||
Cash and cash equivalents: | ||||||||
Beginning | 59,540 | 52,631 | ||||||
Ending | $ | 52,670 | $ | 53,834 | ||||
(Continued) | ||||||||
See Notes to Consolidated Financial Statements |
Nine Months Ended | ||||||||||||||
Dollars in thousands | September 30, 2020 | September 30, 2019 | ||||||||||||
Cash and cash equivalents: | ||||||||||||||
Beginning | 61,888 | 59,540 | ||||||||||||
Ending | $ | 108,986 | $ | 52,670 | ||||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||||||||
Cash payments for: | ||||||||||||||
Interest | $ | 15,887 | $ | 22,548 | ||||||||||
Income taxes | $ | 9,145 | $ | 6,080 | ||||||||||
Supplemental Disclosures of Noncash Investing and Financing Activities | ||||||||||||||
Real property and other assets acquired in settlement of loans | $ | 902 | $ | 4,060 | ||||||||||
Right of use assets obtained in exchange for lease obligations | $ | 3,293 | $ | 0 | ||||||||||
Supplemental Disclosures of Noncash Transactions Included in Acquisition | ||||||||||||||
Assets acquired | $ | 171,645 | $ | 100,377 | ||||||||||
Liabilities assumed | $ | 365,379 | $ | 114,151 |
Nine Months Ended | ||||||||
Dollars in thousands | September 30, 2019 | September 30, 2018 | ||||||
Supplemental Disclosures of Cash Flow Information | ||||||||
Cash payments for: | ||||||||
Interest | $ | 22,548 | $ | 18,199 | ||||
Income taxes | $ | 6,080 | $ | 5,674 | ||||
Supplemental Disclosures of Noncash Investing and Financing Activities | ||||||||
Real property and other assets acquired in settlement of loans | $ | 4,060 | $ | 1,542 | ||||
Supplemental Disclosures of Noncash Transactions Included in Acquisition | ||||||||
Assets acquired | $ | 100,377 | $ | — | ||||
Liabilities assumed | $ | 114,151 | $ | — |
Balance at | Fair Value Measurements Using: | Balance at | Fair Value Measurements Using: | |||||||||||||||||||||||||||||||||||
Dollars in thousands | September 30, 2019 | Level 1 | Level 2 | Level 3 | Dollars in thousands | September 30, 2020 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | |||||||||||||||||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 22,067 | $ | — | $ | 22,067 | $ | — | U.S. Government sponsored agencies | $ | 36,766 | $ | 0 | $ | 36,766 | $ | 0 | |||||||||||||||||||||
Mortgage backed securities: | Mortgage backed securities: | |||||||||||||||||||||||||||||||||||||
Government sponsored agencies | 71,887 | — | 71,887 | — | Government sponsored agencies | 62,351 | 0 | 62,351 | 0 | |||||||||||||||||||||||||||||
Nongovernment sponsored entities | 8,038 | — | 8,038 | — | Nongovernment sponsored entities | 15,190 | 0 | 15,190 | 0 | |||||||||||||||||||||||||||||
State and political subdivisions | 33,664 | — | 33,664 | — | State and political subdivisions | 52,300 | 0 | 52,300 | 0 | |||||||||||||||||||||||||||||
Corporate debt securities | 16,439 | — | 16,439 | — | Corporate debt securities | 25,956 | 0 | 25,956 | 0 | |||||||||||||||||||||||||||||
Asset-backed securities | 33,419 | — | 33,419 | — | Asset-backed securities | 46,035 | 0 | 46,035 | 0 | |||||||||||||||||||||||||||||
Tax-exempt state and political subdivisions | 79,833 | — | 79,833 | — | Tax-exempt state and political subdivisions | 59,391 | 0 | 59,391 | 0 | |||||||||||||||||||||||||||||
Total securities available for sale | $ | 265,347 | $ | — | $ | 265,347 | $ | — | Total securities available for sale | $ | 297,989 | $ | 0 | $ | 297,989 | $ | 0 | |||||||||||||||||||||
Derivative financial assets | Derivative financial assets | |||||||||||||||||||||||||||||||||||||
Interest rate cap | Interest rate cap | $ | 4,611 | $ | 0 | $ | 4,611 | $ | 0 | |||||||||||||||||||||||||||||
Derivative financial liabilities | Derivative financial liabilities | |||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 1,444 | $ | — | $ | 1,444 | $ | — | Interest rate swaps | $ | 3,067 | $ | 0 | $ | 3,067 | $ | 0 |
Balance at | Fair Value Measurements Using: | ||||||||||||||||||||||
Dollars in thousands | December 31, 2019 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Securities available for sale | |||||||||||||||||||||||
U.S. Government sponsored agencies | $ | 20,864 | $ | 0 | $ | 20,864 | $ | 0 | |||||||||||||||
Mortgage backed securities: | |||||||||||||||||||||||
Government sponsored agencies | 70,975 | 0 | 70,975 | 0 | |||||||||||||||||||
Nongovernment sponsored entities | 10,229 | 0 | 10,229 | 0 | |||||||||||||||||||
State and political subdivisions | 49,973 | 0 | 49,973 | 0 | |||||||||||||||||||
Corporate debt securities | 18,200 | 0 | 18,200 | 0 | |||||||||||||||||||
Asset-backed securities | 33,014 | 0 | 33,014 | 0 | |||||||||||||||||||
Tax-exempt state and political subdivisions | 73,100 | 0 | 73,100 | 0 | |||||||||||||||||||
Total securities available for sale | $ | 276,355 | $ | 0 | $ | 276,355 | $ | 0 | |||||||||||||||
Derivative financial liabilities | |||||||||||||||||||||||
Interest rate swaps | $ | 988 | $ | 0 | $ | 988 | $ | 0 |
Balance at | Fair Value Measurements Using: | ||||||||||||||
Dollars in thousands | December 31, 2018 | Level 1 | Level 2 | Level 3 | |||||||||||
Securities available for sale | |||||||||||||||
U.S. Government sponsored agencies | $ | 26,140 | $ | — | $ | 26,140 | $ | — | |||||||
Mortgage backed securities: | |||||||||||||||
Government sponsored agencies | 80,309 | — | 80,309 | — | |||||||||||
Nongovernment sponsored entities | 614 | — | 614 | — | |||||||||||
State and political subdivisions | 19,243 | — | 19,243 | — | |||||||||||
Corporate debt securities | 14,512 | — | 14,512 | — | |||||||||||
Asset-backed securities | 25,175 | — | 25,175 | — | |||||||||||
Tax-exempt state and political subdivisions | 127,154 | — | 127,154 | — | |||||||||||
Total securities available for sale | $ | 293,147 | $ | — | $ | 293,147 | $ | — | |||||||
Derivative financial assets | |||||||||||||||
Interest rate swaps | $ | 555 | $ | — | $ | 555 | $ | — | |||||||
Derivative financial liabilities | |||||||||||||||
Interest rate swaps | $ | 411 | $ | — | $ | 411 | $ | — |
Balance at | Fair Value Measurements Using: | ||||||||||||||||||||||
Dollars in thousands | September 30, 2020 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Residential mortgage loans held for sale | $ | 2,538 | $ | 0 | $ | 2,538 | $ | 0 | |||||||||||||||
Collateral-dependent loans with an ACLL | |||||||||||||||||||||||
Commercial | $ | 8 | $ | 0 | $ | 8 | $ | 0 | |||||||||||||||
Commercial real estate | 7,954 | 0 | 7,954 | 0 | |||||||||||||||||||
Construction and development | 355 | 0 | 355 | 0 | |||||||||||||||||||
Residential real estate | 90 | 0 | 90 | 0 | |||||||||||||||||||
Total collateral-dependent loans with an ACLL | $ | 8,407 | $ | 0 | $ | 8,407 | $ | 0 | |||||||||||||||
Property held for sale | |||||||||||||||||||||||
Commercial real estate | $ | 1,125 | $ | 0 | $ | 1,125 | $ | 0 | |||||||||||||||
Construction and development | 14,049 | 0 | 13,428 | 621 | |||||||||||||||||||
Residential real estate | 500 | 0 | 500 | 0 | |||||||||||||||||||
Total property held for sale | $ | 15,674 | $ | 0 | $ | 15,053 | $ | 621 |
Balance at | Fair Value Measurements Using: | ||||||||||||||
Dollars in thousands | September 30, 2019 | Level 1 | Level 2 | Level 3 | |||||||||||
Residential mortgage loans held for sale | $ | 1,087 | $ | — | $ | 1,087 | $ | — | |||||||
Collateral-dependent impaired loans | |||||||||||||||
Commercial | $ | 104 | $ | — | $ | 8 | $ | 96 | |||||||
Commercial real estate | 1,436 | $ | — | 1,436 | — | ||||||||||
Construction and development | 430 | $ | — | 430 | — | ||||||||||
Residential real estate | 657 | — | 657 | — | |||||||||||
Total collateral-dependent impaired loans | $ | 2,627 | $ | — | $ | 2,531 | $ | 96 | |||||||
Property held for sale | |||||||||||||||
Commercial real estate | $ | 1,384 | $ | — | $ | 1,304 | $ | 80 | |||||||
Construction and development | 14,168 | — | 14,168 | — | |||||||||||
Residential real estate | 730 | — | 730 | — | |||||||||||
Total property held for sale | $ | 16,282 | $ | — | $ | 16,202 | $ | 80 |
Balance at | Fair Value Measurements Using: | ||||||||||||||
Dollars in thousands | December 31, 2018 | Level 1 | Level 2 | Level 3 | |||||||||||
Residential mortgage loans held for sale | $ | 400 | $ | — | $ | 400 | $ | — | |||||||
Collateral-dependent impaired loans | |||||||||||||||
Commercial | $ | 2,660 | $ | — | $ | 2,611 | $ | 49 | |||||||
Commercial real estate | 420 | — | 420 | — | |||||||||||
Construction and development | 759 | — | 759 | — | |||||||||||
Residential real estate | 763 | — | 763 | — | |||||||||||
Total collateral-dependent impaired loans | $ | 4,602 | $ | — | $ | 4,553 | $ | 49 | |||||||
Property held for sale | |||||||||||||||
Commercial real estate | $ | 1,677 | $ | — | $ | 1,677 | $ | — | |||||||
Construction and development | 16,363 | — | 16,363 | — | |||||||||||
Residential real estate | 403 | — | 403 | — | |||||||||||
Total property held for sale | $ | 18,443 | $ | — | $ | 18,443 | $ | — |
Balance at | Fair Value Measurements Using: | ||||||||||||||||||||||
Dollars in thousands | December 31, 2019 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Residential mortgage loans held for sale | $ | 1,319 | $ | 0 | $ | 1,319 | $ | 0 | |||||||||||||||
Collateral-dependent impaired loans | |||||||||||||||||||||||
Commercial | $ | 4,831 | $ | 0 | $ | 4,831 | $ | 0 | |||||||||||||||
Commercial real estate | 1,863 | 0 | 1,863 | 0 | |||||||||||||||||||
Construction and development | 425 | 0 | 425 | 0 | |||||||||||||||||||
Residential real estate | 692 | 0 | 566 | 126 | |||||||||||||||||||
Total collateral-dependent impaired loans | $ | 7,811 | $ | 0 | $ | 7,685 | $ | 126 | |||||||||||||||
Property held for sale | |||||||||||||||||||||||
Commercial real estate | $ | 1,304 | $ | 0 | $ | 1,304 | $ | 0 | |||||||||||||||
Construction and development | 12,182 | 0 | 12,182 | 0 | |||||||||||||||||||
Residential real estate | 705 | 0 | 705 | 0 | |||||||||||||||||||
Total property held for sale | $ | 14,191 | $ | 0 | $ | 14,191 | $ | 0 |
September 30, 2019 | Fair Value Measurements Using: | September 30, 2020 | Fair Value Measurements Using: | |||||||||||||||||||||||||||||||||||||||||
Dollars in thousands | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | Dollars in thousands | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
Financial assets | Financial assets | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 52,670 | $ | 52,670 | $ | — | $ | 52,670 | $ | — | Cash and cash equivalents | $ | 108,986 | $ | 108,986 | $ | 0 | $ | 108,986 | $ | 0 | |||||||||||||||||||||||
Securities available for sale | 265,347 | 265,347 | — | 265,347 | — | Securities available for sale | 297,989 | 297,989 | 0 | 297,989 | 0 | |||||||||||||||||||||||||||||||||
Securities held to maturity | Securities held to maturity | 91,600 | 92,786 | 0 | 92,786 | 0 | ||||||||||||||||||||||||||||||||||||||
Other investments | 14,022 | 14,022 | — | 14,022 | — | Other investments | 10,766 | 10,766 | 0 | 10,766 | 0 | |||||||||||||||||||||||||||||||||
Loans held for sale, net | 1,087 | 1,087 | — | 1,087 | — | Loans held for sale, net | 2,538 | 2,538 | 0 | 2,538 | 0 | |||||||||||||||||||||||||||||||||
Loans, net | 1,838,891 | 1,837,454 | — | 2,531 | 1,834,923 | Loans, net | 2,222,450 | 2,228,148 | 0 | 8,407 | 2,219,741 | |||||||||||||||||||||||||||||||||
Accrued interest receivable | 8,704 | 8,704 | — | 8,704 | — | Accrued interest receivable | 10,978 | 10,978 | 0 | 10,978 | 0 | |||||||||||||||||||||||||||||||||
Derivative financial assets | — | — | — | — | — | Derivative financial assets | 4,611 | 4,611 | 0 | 4,611 | 0 | |||||||||||||||||||||||||||||||||
Cash surrender value of life insurance policies and annuities | Cash surrender value of life insurance policies and annuities | 57,029 | 57,029 | 0 | 57,029 | 0 | ||||||||||||||||||||||||||||||||||||||
$ | 2,180,721 | $ | 2,179,284 | $ | — | $ | 344,361 | $ | 1,834,923 | $ | 2,806,947 | $ | 2,813,831 | $ | 0 | $ | 594,090 | $ | 2,219,741 | |||||||||||||||||||||||||
Financial liabilities | Financial liabilities | |||||||||||||||||||||||||||||||||||||||||||
Deposits | $ | 1,832,285 | $ | 1,837,024 | $ | — | $ | 1,837,024 | $ | — | Deposits | $ | 2,451,891 | $ | 2,456,247 | $ | 0 | $ | 2,456,247 | $ | 0 | |||||||||||||||||||||||
Short-term borrowings | 206,694 | 206,694 | — | 206,694 | — | Short-term borrowings | 140,145 | 140,145 | 0 | 140,145 | 0 | |||||||||||||||||||||||||||||||||
Long-term borrowings | 722 | 868 | — | 868 | — | Long-term borrowings | 703 | 882 | 0 | 882 | 0 | |||||||||||||||||||||||||||||||||
Subordinated debentures | Subordinated debentures | 29,336 | 29,336 | 0 | 29,336 | 0 | ||||||||||||||||||||||||||||||||||||||
Subordinated debentures owed to unconsolidated subsidiary trusts | 19,589 | 19,589 | — | 19,589 | — | Subordinated debentures owed to unconsolidated subsidiary trusts | 19,589 | 19,589 | 0 | 19,589 | 0 | |||||||||||||||||||||||||||||||||
Accrued interest payable | 1,297 | 1,297 | — | 1,297 | — | Accrued interest payable | 898 | 898 | 0 | 898 | 0 | |||||||||||||||||||||||||||||||||
Derivative financial liabilities | 1,444 | 1,444 | — | 1,444 | — | Derivative financial liabilities | 3,067 | 3,067 | 0 | 3,067 | 0 | |||||||||||||||||||||||||||||||||
$ | 2,062,031 | $ | 2,066,916 | $ | — | $ | 2,066,916 | $ | — | $ | 2,645,629 | $ | 2,650,164 | $ | 0 | $ | 2,650,164 | $ | 0 |
December 31, 2018 | Fair Value Measurements Using: | |||||||||||||||||
Dollars in thousands | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets | ||||||||||||||||||
Cash and cash equivalents | $ | 59,540 | $ | 59,540 | $ | — | $ | 59,540 | $ | — | ||||||||
Securities available for sale | 293,147 | 293,147 | — | 293,147 | — | |||||||||||||
Other investments | 16,635 | 16,635 | — | 16,635 | — | |||||||||||||
Loans held for sale, net | 400 | 400 | — | 400 | — | |||||||||||||
Loans, net | 1,682,005 | 1,666,834 | — | 4,553 | 1,662,281 | |||||||||||||
Accrued interest receivable | 8,708 | 8,708 | — | 8,708 | — | |||||||||||||
Derivative financial assets | 555 | 555 | — | 555 | — | |||||||||||||
$ | 2,060,990 | $ | 2,045,819 | $ | — | $ | 383,538 | $ | 1,662,281 | |||||||||
Financial liabilities | ||||||||||||||||||
Deposits | $ | 1,634,826 | $ | 1,631,456 | $ | — | $ | 1,631,456 | $ | — | ||||||||
Short-term borrowings | 309,084 | 309,084 | — | 309,084 | — | |||||||||||||
Long-term borrowings | 735 | 843 | — | 843 | — | |||||||||||||
Subordinated debentures owed to unconsolidated subsidiary trusts | 19,589 | 19,589 | — | 19,589 | — | |||||||||||||
Accrued interest payable | 1,102 | 1,102 | — | 1,102 | — | |||||||||||||
Derivative financial liabilities | 411 | 411 | — | 411 | — | |||||||||||||
$ | 1,965,747 | $ | 1,962,485 | $ | — | $ | 1,962,485 | $ | — |
December 31, 2019 | Fair Value Measurements Using: | |||||||||||||||||||||||||
Dollars in thousands | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 61,888 | $ | 61,888 | $ | 0 | $ | 61,888 | $ | 0 | ||||||||||||||||
Securities available for sale | 276,355 | 276,355 | 0 | 276,355 | 0 | |||||||||||||||||||||
Other investments | 12,972 | 12,972 | 0 | 12,972 | 0 | |||||||||||||||||||||
Loans held for sale, net | 1,319 | 1,319 | 0 | 1,319 | 0 | |||||||||||||||||||||
Loans, net | 1,900,425 | 1,901,020 | 0 | 7,685 | 1,893,335 | |||||||||||||||||||||
Accrued interest receivable | 8,439 | 8,439 | 0 | 8,439 | 0 | |||||||||||||||||||||
Cash surrender value of life insurance policies | 43,603 | 43,603 | 0 | 43,603 | 0 | |||||||||||||||||||||
$ | 2,305,001 | $ | 2,305,596 | $ | 0 | $ | 412,261 | $ | 1,893,335 | |||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||
Deposits | $ | 1,913,237 | $ | 1,918,610 | $ | 0 | $ | 1,918,610 | $ | 0 | ||||||||||||||||
Short-term borrowings | 199,345 | 199,345 | 0 | 199,345 | 0 | |||||||||||||||||||||
Long-term borrowings | 717 | 854 | 0 | 854 | 0 | |||||||||||||||||||||
Subordinated debentures owed to unconsolidated subsidiary trusts | 19,589 | 19,589 | 0 | 19,589 | 0 | |||||||||||||||||||||
Accrued interest payable | 1,234 | 1,234 | 0 | 1,234 | 0 | |||||||||||||||||||||
Derivative financial liabilities | 988 | 988 | 0 | 988 | 0 | |||||||||||||||||||||
$ | 2,135,110 | $ | 2,140,620 | $ | 0 | $ | 2,140,620 | $ | 0 |
For the Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
Dollars in thousands,except per share amounts | Net Income (Numerator) | Common Shares (Denominator) | Per Share | Net Income (Numerator) | Common Shares (Denominator) | Per Share | ||||||||||||||||||||||||||||||||
Net income | $ | 9,620 | $ | 8,061 | ||||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 9,620 | 12,922,158 | $ | 0.74 | $ | 8,061 | 12,412,982 | $ | 0.65 | ||||||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||
Stock options | 4,182 | 4,654 | ||||||||||||||||||||||||||||||||||||
Stock appreciation rights (SARs) | 23,244 | 50,142 | ||||||||||||||||||||||||||||||||||||
Restricted stock units (RSUs) | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 9,620 | 12,949,584 | $ | 0.74 | $ | 8,061 | 12,467,778 | $ | 0.65 |
For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
Dollars in thousands,except per share amounts | Income (Numerator) | Common Shares (Denominator) | Per Share | Income (Numerator) | Common Shares (Denominator) | Per Share | ||||||||||||||||||||||||||||||||
Net income | $ | 21,075 | $ | 23,718 | ||||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 21,075 | 12,934,401 | $ | 1.63 | $ | 23,718 | 12,555,411 | $ | 1.89 | ||||||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||
Stock options | 4,308 | 5,006 | ||||||||||||||||||||||||||||||||||||
Stock appreciation rights (SARs) | 33,082 | 53,965 | ||||||||||||||||||||||||||||||||||||
Restricted stock units (RSUs) | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 21,075 | 12,971,913 | $ | 1.62 | $ | 23,718 | 12,614,382 | $ | 1.88 |
For the Three Months Ended September 30, | ||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||
Dollars in thousands,except per share amounts | Net Income (Numerator) | Common Shares (Denominator) | Per Share | Net Income (Numerator) | Common Shares (Denominator) | Per Share | ||||||||||||||||
Net income | $ | 8,061 | $ | 6,899 | ||||||||||||||||||
Basic earnings per share | $ | 8,061 | 12,412,982 | $ | 0.65 | $ | 6,899 | 12,374,350 | $ | 0.56 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||
Stock options | 4,654 | 7,349 | ||||||||||||||||||||
Stock appreciation rights (SARs) | 50,142 | 57,352 | ||||||||||||||||||||
Diluted earnings per share | $ | 8,061 | 12,467,777 | $ | 0.65 | $ | 6,899 | 12,439,051 | $ | 0.55 |
For the Nine Months Ended September 30, | ||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||
Dollars in thousands,except per share amounts | Income (Numerator) | Common Shares (Denominator) | Per Share | Income (Numerator) | Common Shares (Denominator) | Per Share | ||||||||||||||||
Net income | $ | 23,718 | $ | 20,622 | ||||||||||||||||||
Basic earnings per share | $ | 23,718 | 12,555,411 | $ | 1.89 | $ | 20,622 | 12,366,612 | $ | 1.67 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||
Stock options | 5,006 | 7,561 | ||||||||||||||||||||
Stock appreciation rights (SARs) | 53,965 | 56,054 | ||||||||||||||||||||
Diluted earnings per share | $ | 23,718 | 12,614,382 | $ | 1.88 | $ | 20,622 | 12,430,227 | $ | 1.66 |
September 30, 2020 | |||||||||||||||||||||||
Amortized | Unrealized | Estimated | |||||||||||||||||||||
Dollars in thousands | Cost | Gains | Losses | Fair Value | |||||||||||||||||||
Available for Sale (carried at estimated fair value) | |||||||||||||||||||||||
Taxable debt securities | |||||||||||||||||||||||
U.S. Government and agencies and corporations | $ | 36,818 | $ | 366 | $ | 418 | $ | 36,766 | |||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Government-sponsored agencies | 60,678 | 2,072 | 399 | 62,351 | |||||||||||||||||||
Nongovernment-sponsored entities | 15,255 | 187 | 252 | 15,190 | |||||||||||||||||||
State and political subdivisions | |||||||||||||||||||||||
General obligations | 12,756 | 749 | 0 | 13,505 | |||||||||||||||||||
Water and sewer revenues | 9,602 | 667 | 0 | 10,269 | |||||||||||||||||||
Lease revenues | 5,837 | 344 | 3 | 6,178 | |||||||||||||||||||
Income tax revenues | 5,055 | 435 | 0 | 5,490 | |||||||||||||||||||
Other revenues | 15,550 | 1,309 | 1 | 16,858 | |||||||||||||||||||
Corporate debt securities | 26,438 | 42 | 524 | 25,956 | |||||||||||||||||||
Asset-backed securities | 47,291 | 14 | 1,270 | 46,035 | |||||||||||||||||||
Total taxable debt securities | 235,280 | 6,185 | 2,867 | 238,598 | |||||||||||||||||||
Tax-exempt debt securities | |||||||||||||||||||||||
State and political subdivisions | |||||||||||||||||||||||
General obligations | 29,149 | 2,828 | 17 | 31,960 | |||||||||||||||||||
Water and sewer revenues | 8,290 | 669 | 0 | 8,959 | |||||||||||||||||||
Lease revenues | 7,283 | 743 | 0 | 8,026 | |||||||||||||||||||
Other revenues | 9,725 | 733 | 12 | 10,446 | |||||||||||||||||||
Total tax-exempt debt securities | 54,447 | 4,973 | 29 | 59,391 | |||||||||||||||||||
Total available for sale securities | $ | 289,727 | $ | 11,158 | $ | 2,896 | $ | 297,989 |
September 30, 2019 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Estimated | Amortized | Unrealized | Estimated | |||||||||||||||||||||||||||||||||
Dollars in thousands | Cost | Gains | Losses | Fair Value | Dollars in thousands | Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||||||||||||||||
Available for Sale (carried at estimated fair value) | Available for Sale (carried at estimated fair value) | |||||||||||||||||||||||||||||||||||||
Taxable debt securities | Taxable debt securities | |||||||||||||||||||||||||||||||||||||
U.S. Government and agencies and corporations | $ | 22,186 | $ | 248 | $ | 367 | $ | 22,067 | U.S. Government and agencies and corporations | $ | 21,036 | $ | 212 | $ | 384 | $ | 20,864 | |||||||||||||||||||||
Residential mortgage-backed securities: | Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||
Government-sponsored agencies | 71,119 | 1,245 | 477 | 71,887 | Government-sponsored agencies | 70,379 | 1,031 | 435 | 70,975 | |||||||||||||||||||||||||||||
Nongovernment-sponsored entities | 8,057 | 19 | 38 | 8,038 | Nongovernment-sponsored entities | 10,253 | 17 | 41 | 10,229 | |||||||||||||||||||||||||||||
State and political subdivisions | State and political subdivisions | |||||||||||||||||||||||||||||||||||||
General obligations | 6,716 | 143 | — | 6,859 | General obligations | 12,603 | 25 | 171 | 12,457 | |||||||||||||||||||||||||||||
Water and sewer revenues | 4,752 | 115 | 9 | 4,858 | Water and sewer revenues | 7,170 | 71 | 114 | 7,127 | |||||||||||||||||||||||||||||
University/college revenues | 4,598 | 244 | — | 4,842 | ||||||||||||||||||||||||||||||||||
Lease revenues | Lease revenues | 5,310 | 25 | 77 | 5,258 | |||||||||||||||||||||||||||||||||
University revenues | University revenues | 5,917 | 164 | 16 | 6,065 | |||||||||||||||||||||||||||||||||
Other revenues | 16,590 | 515 | — | 17,105 | Other revenues | 18,831 | 344 | 109 | 19,066 | |||||||||||||||||||||||||||||
Corporate debt securities | 16,553 | 50 | 164 | 16,439 | Corporate debt securities | 18,268 | 81 | 149 | 18,200 | |||||||||||||||||||||||||||||
Asset-backed securities | 33,957 | — | 538 | 33,419 | Asset-backed securities | 33,826 | 0 | 812 | 33,014 | |||||||||||||||||||||||||||||
Total taxable debt securities | 184,528 | 2,579 | 1,593 | 185,514 | Total taxable debt securities | 203,593 | 1,970 | 2,308 | 203,255 | |||||||||||||||||||||||||||||
Tax-exempt debt securities | Tax-exempt debt securities | |||||||||||||||||||||||||||||||||||||
State and political subdivisions | State and political subdivisions | |||||||||||||||||||||||||||||||||||||
General obligations | 41,473 | 3,095 | — | 44,568 | General obligations | 36,673 | 2,526 | 0 | 39,199 | |||||||||||||||||||||||||||||
Water and sewer revenues | 9,592 | 672 | — | 10,264 | Water and sewer revenues | 9,565 | 633 | 0 | 10,198 | |||||||||||||||||||||||||||||
Lease revenues | 8,542 | 650 | — | 9,192 | Lease revenues | 8,455 | 598 | 0 | 9,053 | |||||||||||||||||||||||||||||
Other revenues | 15,001 | 811 | 3 | 15,809 | Other revenues | 13,929 | 728 | 7 | 14,650 | |||||||||||||||||||||||||||||
Total tax-exempt debt securities | 74,608 | 5,228 | 3 | 79,833 | Total tax-exempt debt securities | 68,622 | 4,485 | 7 | 73,100 | |||||||||||||||||||||||||||||
Total securities available for sale | $ | 259,136 | $ | 7,807 | $ | 1,596 | $ | 265,347 | ||||||||||||||||||||||||||||||
Total available for sale securities | Total available for sale securities | $ | 272,215 | $ | 6,455 | $ | 2,315 | $ | 276,355 |
December 31, 2018 | |||||||||||||||
Amortized | Unrealized | Estimated | |||||||||||||
Dollars in thousands | Cost | Gains | Losses | Fair Value | |||||||||||
Available for Sale | |||||||||||||||
Taxable debt securities | |||||||||||||||
U.S. Government and agencies and corporations | $ | 26,303 | $ | 203 | $ | 366 | $ | 26,140 | |||||||
Residential mortgage-backed securities: | |||||||||||||||
Government-sponsored agencies | 80,883 | 603 | 1,177 | 80,309 | |||||||||||
Nongovernment-sponsored entities | 611 | 4 | 1 | 614 | |||||||||||
State and political subdivisions | |||||||||||||||
General obligations | 6,081 | — | 126 | 5,955 | |||||||||||
Other revenues | 13,457 | 17 | 186 | 13,288 | |||||||||||
Corporate debt securities | 14,807 | 9 | 304 | 14,512 | |||||||||||
Asset-backed securities | 25,288 | 10 | 123 | 25,175 | |||||||||||
Total taxable debt securities | 167,430 | 846 | 2,283 | 165,993 | |||||||||||
Tax-exempt debt securities | |||||||||||||||
State and political subdivisions | |||||||||||||||
General obligations | 65,626 | 624 | 344 | 65,906 | |||||||||||
Water and sewer revenues | 20,018 | 225 | 98 | 20,145 | |||||||||||
Lease revenues | 10,980 | 135 | 7 | 11,108 | |||||||||||
Other revenues | 30,197 | 77 | 279 | 29,995 | |||||||||||
Total tax-exempt debt securities | 126,821 | 1,061 | 728 | 127,154 | |||||||||||
Total securities available for sale | $ | 294,251 | $ | 1,907 | $ | 3,011 | $ | 293,147 |
September 30, 2020 | |||||||||||||||||||||||
Amortized | Unrealized | Estimated | |||||||||||||||||||||
Dollars in thousands | Cost | Gains | Losses | Fair Value | |||||||||||||||||||
California | $ | 15,323 | $ | 1,426 | $ | 0 | $ | 16,749 | |||||||||||||||
New York | 10,455 | 959 | 0 | 11,414 | |||||||||||||||||||
Texas | 9,887 | 844 | 0 | 10,731 | |||||||||||||||||||
Illinois | 9,248 | 636 | 18 | 9,866 | |||||||||||||||||||
Florida | 8,497 | 669 | 0 | 9,166 | |||||||||||||||||||
September 30, 2019 | |||||||||||||||
Amortized | Unrealized | Estimated | |||||||||||||
Dollars in thousands | Cost | Gains | Losses | Fair Value | |||||||||||
California | $ | 17,649 | $ | 1,573 | $ | — | $ | 19,222 | |||||||
Illinois | 13,180 | 613 | — | 13,793 | |||||||||||
Michigan | 10,902 | 655 | — | 11,557 | |||||||||||
New York | 8,546 | 476 | — | 9,022 | |||||||||||
West Virginia | 8,406 | 228 | 3 | 8,631 |
Dollars in thousands | Amortized Cost | Estimated Fair Value | ||||||||||||
Due in one year or less | $ | 32,295 | $ | 32,637 | ||||||||||
Due from one to five years | 84,789 | 86,143 | ||||||||||||
Due from five to ten years | 67,999 | 68,841 | ||||||||||||
Due after ten years | 104,644 | 110,368 | ||||||||||||
Total | $ | 289,727 | $ | 297,989 |
Dollars in thousands | Amortized Cost | Estimated Fair Value | ||||||
Due in one year or less | $ | 30,056 | $ | 30,214 | ||||
Due from one to five years | 77,571 | 78,032 | ||||||
Due from five to ten years | 60,653 | 61,130 | ||||||
Due after ten years | 90,856 | 95,971 | ||||||
$ | 259,136 | $ | 265,347 |
Proceeds from | Gross realized | |||||||||||||||||||||||||||||||
Dollars in thousands | Sales | Calls and Maturities | Principal Payments | Gains | Losses | |||||||||||||||||||||||||||
For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||
Securities available for sale | $ | 105,597 | $ | 2,810 | $ | 17,952 | $ | 2,560 | $ | 0 | ||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||
Securities available for sale | $ | 133,174 | $ | 1,766 | $ | 18,501 | $ | 1,867 | $ | 332 |
Proceeds from | Gross realized | |||||||||||||||||||
Dollars in thousands | Sales | Calls and Maturities | Principal Payments | Gains | Losses | |||||||||||||||
For the Nine Months Ended September 30, | ||||||||||||||||||||
2019 | ||||||||||||||||||||
Securities available for sale | $ | 133,174 | $ | 1,766 | $ | 18,501 | $ | 1,867 | $ | 332 | ||||||||||
2018 | ||||||||||||||||||||
Securities available for sale | $ | 92,048 | $ | 1,050 | $ | 19,770 | $ | 1,754 | $ | 926 |
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||
Dollars in thousands | # of securities in loss position | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||
Taxable debt securities | |||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and corporations | 34 | $ | 15,995 | $ | 61 | $ | 12,427 | $ | 357 | $ | 28,422 | $ | 418 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||
Government-sponsored agencies | 12 | 6,031 | 49 | 9,327 | 350 | 15,358 | 399 | ||||||||||||||||||||||||||||||||||
Nongovernment-sponsored entities | 4 | 3,492 | 22 | 2,726 | 230 | 6,218 | 252 | ||||||||||||||||||||||||||||||||||
State and political subdivisions: | |||||||||||||||||||||||||||||||||||||||||
Lease revenues | 1 | 1,515 | 3 | 0 | 0 | 1,515 | 3 | ||||||||||||||||||||||||||||||||||
Other revenues | 1 | 1,513 | 1 | 0 | 0 | 1,513 | 1 | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 10 | 8,381 | 410 | 1,886 | 114 | 10,267 | 524 | ||||||||||||||||||||||||||||||||||
Asset-backed securities | 21 | 11,391 | 204 | 31,930 | 1,066 | 43,321 | 1,270 | ||||||||||||||||||||||||||||||||||
Tax-exempt debt securities | |||||||||||||||||||||||||||||||||||||||||
State and political subdivisions: | |||||||||||||||||||||||||||||||||||||||||
General obligations | 1 | 972 | 17 | 0 | 0 | 972 | 17 | ||||||||||||||||||||||||||||||||||
Other revenues | 1 | 145 | 12 | 0 | 0 | 145 | 12 | ||||||||||||||||||||||||||||||||||
Total | 85 | $ | 49,435 | $ | 779 | $ | 58,296 | $ | 2,117 | $ | 107,731 | $ | 2,896 | ||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||
Dollars in thousands | # of securities in loss position | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||
Taxable debt securities | |||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and corporations | 15 | $ | 0 | $ | 0 | $ | 14,903 | $ | 384 | $ | 14,903 | $ | 384 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||
Government-sponsored agencies | 21 | 12,298 | 96 | 15,174 | 339 | 27,472 | 435 | ||||||||||||||||||||||||||||||||||
Nongovernment-sponsored entities | 4 | 8,323 | 41 | 0 | 0 | 8,323 | 41 | ||||||||||||||||||||||||||||||||||
State and political subdivisions: | |||||||||||||||||||||||||||||||||||||||||
General obligations | 10 | 10,581 | 171 | 0 | 0 | 10,581 | 171 | ||||||||||||||||||||||||||||||||||
Water and sewer revenues | 4 | 4,421 | 114 | 0 | 0 | 4,421 | 114 | ||||||||||||||||||||||||||||||||||
Lease revenues | 4 | 4,235 | 77 | 0 | 0 | 4,235 | 77 | ||||||||||||||||||||||||||||||||||
University revenues | 1 | 1,307 | 16 | 0 | 0 | 1,307 | 16 | ||||||||||||||||||||||||||||||||||
Other revenues | 6 | 6,517 | 109 | 0 | 0 | 6,517 | 109 | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 6 | 1,686 | 3 | 3,739 | 146 | 5,425 | 149 | ||||||||||||||||||||||||||||||||||
Asset-backed securities | 15 | 3,441 | 34 | 29,573 | 778 | 33,014 | 812 | ||||||||||||||||||||||||||||||||||
Tax-exempt debt securities | |||||||||||||||||||||||||||||||||||||||||
State and political subdivisions: | |||||||||||||||||||||||||||||||||||||||||
Other revenues | 2 | 1,183 | 7 | 0 | 0 | 1,183 | 7 | ||||||||||||||||||||||||||||||||||
Total | 88 | $ | 53,992 | $ | 668 | $ | 63,389 | $ | 1,647 | $ | 117,381 | $ | 2,315 | ||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
Amortized | Unrealized | Estimated | |||||||||||||||||||||
Dollars in thousands | Cost | Gains | Losses | Fair Value | |||||||||||||||||||
Held to Maturity (carried at amortized cost) | |||||||||||||||||||||||
Tax-exempt debt securities | |||||||||||||||||||||||
State and political subdivisions | |||||||||||||||||||||||
General obligations | $ | 69,731 | $ | 1,081 | $ | 37 | $ | 70,775 | |||||||||||||||
Water and sewer revenues | 7,181 | 104 | 8 | 7,277 | |||||||||||||||||||
Sales tax revenues | 4,665 | 28 | 45 | 4,648 | |||||||||||||||||||
Other revenues | 10,023 | 154 | 91 | 10,086 | |||||||||||||||||||
Total tax-exempt debt securities | 91,600 | 1,367 | 181 | 92,786 | |||||||||||||||||||
Total | $ | 91,600 | $ | 1,367 | $ | 181 | $ | 92,786 |
September 30, 2019 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Dollars in thousands | # of securities in loss position | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | ||||||||||||||||||
Taxable debt securities | |||||||||||||||||||||||||
U.S. Government agencies and corporations | 15 | $ | — | $ | — | $ | 15,730 | $ | 367 | $ | 15,730 | $ | 367 | ||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||
Government-sponsored agencies | 21 | 19,162 | 324 | 8,750 | 153 | 27,912 | 477 | ||||||||||||||||||
Nongovernment-sponsored entities | 3 | 5,998 | 38 | — | — | 5,998 | 38 | ||||||||||||||||||
State and political subdivisions: | |||||||||||||||||||||||||
Water and sewer revenues | 1 | 997 | 9 | — | — | 997 | 9 | ||||||||||||||||||
Corporate debt securities | 5 | 3,358 | 23 | 1,859 | 141 | 5,217 | 164 | ||||||||||||||||||
Asset-backed securities | 15 | 17,420 | 240 | 15,999 | 298 | 33,419 | 538 | ||||||||||||||||||
Tax-exempt debt securities | |||||||||||||||||||||||||
State and political subdivisions: | |||||||||||||||||||||||||
Other revenues | 1 | 1,031 | 3 | — | — | 1,031 | 3 | ||||||||||||||||||
Total | 61 | $ | 47,966 | $ | 637 | $ | 42,338 | $ | 959 | $ | 90,304 | $ | 1,596 |
September 30, 2020 | |||||||||||||||||||||||
Amortized | Unrealized | Estimated | |||||||||||||||||||||
Dollars in thousands | Cost | Gains | Losses | Fair Value | |||||||||||||||||||
Texas | $ | 14,528 | $ | 182 | $ | 0 | $ | 14,710 | |||||||||||||||
California | 10,132 | 216 | 8 | 10,340 | |||||||||||||||||||
Pennsylvania | 8,823 | 41 | 8 | 8,856 | |||||||||||||||||||
Michigan | 7,191 | 25 | 43 | 7,173 | |||||||||||||||||||
Nevada | 6,976 | 0 | 6 | 6,970 |
December 31, 2018 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Dollars in thousands | # of securities in loss position | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | ||||||||||||||||||
Taxable debt securities | |||||||||||||||||||||||||
U.S. Government agencies and corporations | 15 | $ | 12,185 | $ | 184 | $ | 7,464 | $ | 182 | $ | 19,649 | $ | 366 | ||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||
Government-sponsored agencies | 37 | 23,277 | 241 | 24,472 | 936 | 47,749 | 1,177 | ||||||||||||||||||
Nongovernment-sponsored entities | 1 | — | — | 436 | 1 | 436 | 1 | ||||||||||||||||||
State and political subdivisions: | |||||||||||||||||||||||||
General obligations | 8 | — | — | 5,222 | 126 | 5,222 | 126 | ||||||||||||||||||
Other revenues | 11 | 968 | 16 | 9,450 | 170 | 10,418 | 186 | ||||||||||||||||||
Corporate debt securities | 7 | 2,759 | 109 | 4,587 | 195 | 7,346 | 304 | ||||||||||||||||||
Asset-backed securities | 9 | 20,129 | 123 | — | — | 20,129 | 123 | ||||||||||||||||||
Tax-exempt debt securities | |||||||||||||||||||||||||
State and political subdivisions: | |||||||||||||||||||||||||
General obligations | 25 | 7,273 | 50 | 16,830 | 294 | 24,103 | 344 | ||||||||||||||||||
Water and sewer revenues | 7 | 989 | 6 | 4,311 | 92 | 5,300 | 98 | ||||||||||||||||||
Lease revenues | 2 | 553 | — | 557 | 7 | 1,110 | 7 | ||||||||||||||||||
Other revenues | 12 | 7,309 | 62 | 11,531 | 217 | 18,840 | 279 | ||||||||||||||||||
Total | 134 | $ | 75,442 | $ | 791 | $ | 84,860 | $ | 2,220 | $ | 160,302 | $ | 3,011 |
Dollars in thousands | Amortized Cost | Estimated Fair Value | ||||||||||||
Due in one year or less | $ | 0 | $ | 0 | ||||||||||
Due from one to five years | 0 | 0 | ||||||||||||
Due from five to ten years | 2,048 | 2,090 | ||||||||||||
Due after ten years | 89,552 | 90,696 | ||||||||||||
Held to Maturity | $ | 91,600 | $ | 92,786 |
Dollars in thousands | September 30, 2019 | December 31, 2018 | ||||||
Commercial | $ | 199,391 | $ | 194,315 | ||||
Commercial real estate | ||||||||
Owner-occupied | 255,828 | 257,256 | ||||||
Non-owner occupied | 567,670 | 573,932 | ||||||
Construction and development | ||||||||
Land and land development | 69,589 | 68,833 | ||||||
Construction | 56,255 | 24,731 | ||||||
Residential real estate | ||||||||
Non-jumbo | 359,399 | 336,977 | ||||||
Jumbo | 69,815 | 73,599 | ||||||
Home equity | 78,493 | 80,910 | ||||||
Mortgage warehouse lines | 145,039 | 39,140 | ||||||
Consumer | 36,982 | 32,460 | ||||||
Other | 13,371 | 12,899 | ||||||
Total loans, net of unearned fees | 1,851,832 | 1,695,052 | ||||||
Less allowance for loan losses | 12,941 | 13,047 | ||||||
Loans, net | $ | 1,838,891 | $ | 1,682,005 |
Proceeds from | Gross realized | |||||||||||||||||||||||||||||||
Dollars in thousands | Sales | Calls and Maturities | Principal Payments | Gains | Losses | |||||||||||||||||||||||||||
For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||
Securities held to maturity | $ | 0 | $ | 1,000 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||
Acquired Loans | ||||||||||||||||||||||||
September 30, 2019 | December 31, 2018 | |||||||||||||||||||||||
Dollars in thousands | Purchased Credit Impaired | Purchased Performing | Total | Purchased Credit Impaired | Purchased Performing | Total | ||||||||||||||||||
Outstanding balance | $ | 4,160 | $ | 143,441 | $ | 147,601 | $ | 4,275 | $ | 138,167 | $ | 142,442 | ||||||||||||
Recorded investment | ||||||||||||||||||||||||
Commercial | $ | — | $ | 3,688 | $ | 3,688 | $ | — | $ | 3,934 | $ | 3,934 | ||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner-occupied | — | 18,221 | 18,221 | — | 16,133 | 16,133 | ||||||||||||||||||
Non-owner occupied | 1,194 | 16,285 | 17,479 | 1,162 | 23,431 | 24,593 | ||||||||||||||||||
Construction and development | ||||||||||||||||||||||||
Land and land development | — | 3,369 | 3,369 | — | 5,161 | 5,161 | ||||||||||||||||||
Construction | — | — | — | — | — | — | ||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||
Non-jumbo | 1,265 | 89,697 | 90,962 | 1,374 | 77,894 | 79,268 | ||||||||||||||||||
Jumbo | 953 | 3,098 | 4,051 | 975 | 2,577 | 3,552 | ||||||||||||||||||
Home equity | — | 2,312 | 2,312 | — | 2,805 | 2,805 | ||||||||||||||||||
Consumer | — | 4,883 | 4,883 | — | 4,630 | 4,630 | ||||||||||||||||||
Other | — | 13 | 13 | — | 122 | 122 | ||||||||||||||||||
Total recorded investment | $ | 3,412 | $ | 141,566 | $ | 144,978 | $ | 3,511 | $ | 136,687 | $ | 140,198 |
Dollars in thousands | September 30, 2020 | December 31, 2019 | ||||||||||||
Commercial | $ | 350,985 | $ | 220,452 | ||||||||||
Commercial real estate - owner occupied | ||||||||||||||
Professional & medical | 94,635 | 81,973 | ||||||||||||
Retail | 100,926 | 100,993 | ||||||||||||
Other | 116,941 | 93,253 | ||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||
Hotels & motels | 120,324 | 128,665 | ||||||||||||
Mini-storage | 57,601 | 50,913 | ||||||||||||
Multifamily | 152,561 | 164,398 | ||||||||||||
Retail | 108,326 | 102,989 | ||||||||||||
Other | 179,812 | 182,242 | ||||||||||||
Construction and development | ||||||||||||||
Land & land development | 97,343 | 84,112 | ||||||||||||
Construction | 66,878 | 37,523 | ||||||||||||
Residential 1-4 family real estate | ||||||||||||||
Personal residence | 263,315 | 260,843 | ||||||||||||
Rental - small loan | 104,694 | 101,080 | ||||||||||||
Rental - large loan | 73,836 | 63,986 | ||||||||||||
Home equity | 82,991 | 76,568 | ||||||||||||
Mortgage warehouse lines | 243,730 | 126,237 | ||||||||||||
Consumer | 34,655 | 35,021 | ||||||||||||
Other | ||||||||||||||
Credit cards | 1,637 | 1,453 | ||||||||||||
Overdrafts | 614 | 798 | ||||||||||||
Total loans, net of unearned fees | 2,251,804 | 1,913,499 | ||||||||||||
Less allowance for credit losses - loans | 29,354 | 13,074 | ||||||||||||
Loans, net | $ | 2,222,450 | $ | 1,900,425 |
For the Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses - Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in thousands | Beginning Balance Prior to Adoption of ASC 326 | Impact of Adoption of ASC 326 | Provision for Credit Losses - Loans | Adjustment for PCD Acquired Loans | Charge- offs | Recoveries | Ending Balance | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,221 | $ | 1,064 | $ | 662 | $ | 0 | $ | (99) | $ | 27 | $ | 2,875 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional & medical | 1,058 | (390) | 1,209 | 0 | (1,005) | 0 | 872 | ||||||||||||||||||||||||||||||||||||||||||||||
Retail | 820 | (272) | 2,285 | 153 | 0 | 162 | 3,148 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 821 | (137) | (6) | 0 | 0 | 0 | 678 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotels & motels | 1,235 | (936) | 1,833 | 0 | 0 | 0 | 2,132 | ||||||||||||||||||||||||||||||||||||||||||||||
Mini-storage | 485 | (311) | 58 | 0 | 0 | 0 | 232 | ||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | 1,534 | 8 | (900) | 0 | 0 | 38 | 680 | ||||||||||||||||||||||||||||||||||||||||||||||
Retail | 964 | 279 | 403 | 0 | (343) | 2 | 1,305 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 1,721 | (1,394) | 600 | 0 | 0 | 0 | 927 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Land & land development | 600 | 2,136 | 1,334 | 111 | (4) | 39 | 4,216 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction | 242 | 996 | 2,150 | 0 | 0 | 0 | 3,388 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal residence | 1,275 | 1,282 | (35) | 146 | (45) | 49 | 2,672 | ||||||||||||||||||||||||||||||||||||||||||||||
Rental - small loan | 532 | 1,453 | 283 | 0 | (123) | 127 | 2,272 | ||||||||||||||||||||||||||||||||||||||||||||||
Rental - large loan | 49 | 2,884 | (317) | 0 | 0 | 0 | 2,616 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity | 138 | 308 | 499 | 0 | (23) | 39 | 961 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage warehouse lines | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 379 | (238) | 194 | 0 | (212) | 101 | 224 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit cards | 0 | 12 | 28 | 0 | (33) | 9 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||
Overdrafts | 0 | 182 | 128 | 0 | (288) | 118 | 140 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 13,074 | $ | 6,926 | $ | 10,408 | $ | 410 | $ | (2,175) | $ | 711 | $ | 29,354 |
September 30, 2020 | |||||||||||||||||||||||
Loan Balances | Allowance for Credit Losses - Loans | ||||||||||||||||||||||
Dollars in thousands | Loans Individually Evaluated | Loans Collectively Evaluated (1) | Total | Loans Individually Evaluated | Loans Collectively Evaluated | Total | |||||||||||||||||
Commercial | $ | 4,242 | $ | 346,743 | $ | 350,985 | $ | 20 | $ | 2,855 | $ | 2,875 | |||||||||||
Commercial real estate - owner occupied | |||||||||||||||||||||||
Professional & medical | 2,197 | 92,438 | 94,635 | 230 | 642 | 872 | |||||||||||||||||
Retail | 16,220 | 84,706 | 100,926 | 2,142 | 1,006 | 3,148 | |||||||||||||||||
Other | 0 | 116,941 | 116,941 | 0 | 678 | 678 | |||||||||||||||||
Commercial real estate - non-owner occupied | |||||||||||||||||||||||
Hotels & motels | 0 | 120,324 | 120,324 | 0 | 2,132 | 2,132 | |||||||||||||||||
Mini-storage | 0 | 57,601 | 57,601 | 0 | 232 | 232 | |||||||||||||||||
Multifamily | 0 | 152,561 | 152,561 | 0 | 680 | 680 | |||||||||||||||||
Retail | 2,507 | 105,819 | 108,326 | 57 | 1,248 | 1,305 | |||||||||||||||||
Other | 5,229 | 174,583 | 179,812 | 0 | 927 | 927 | |||||||||||||||||
Construction and development | |||||||||||||||||||||||
Land & land development | 1,621 | 95,722 | 97,343 | 640 | 3,576 | 4,216 | |||||||||||||||||
Construction | 0 | 66,878 | 66,878 | 0 | 3,388 | 3,388 | |||||||||||||||||
Residential 1-4 family real estate | |||||||||||||||||||||||
Personal residence | 0 | 263,315 | 263,315 | 0 | 2,672 | 2,672 | |||||||||||||||||
Rental - small loan | 726 | 103,968 | 104,694 | 44 | 2,228 | 2,272 | |||||||||||||||||
Rental - large loan | 4,445 | 69,391 | 73,836 | 0 | 2,616 | 2,616 | |||||||||||||||||
Home equity | 523 | 82,468 | 82,991 | 0 | 961 | 961 | |||||||||||||||||
Consumer | 0 | 34,655 | 34,655 | 0 | 224 | 224 | |||||||||||||||||
Other | |||||||||||||||||||||||
Credit cards | 0 | 1,637 | 1,637 | 0 | 16 | 16 | |||||||||||||||||
Overdrafts | 0 | 614 | 614 | 0 | 140 | 140 | |||||||||||||||||
Mortgage warehouse lines | 0 | 243,730 | 243,730 | 0 | 0 | 0 | |||||||||||||||||
Total | $ | 37,710 | $ | 2,214,094 | $ | 2,251,804 | $ | 3,133 | $ | 26,221 | $ | 29,354 |
September 30, 2020 | ||||||||||||||
Dollars in thousands | Real Estate Secured Loans | Non-Real Estate Secured Loans | Total Loans | Allowance for Credit Losses - Loans | ||||||||||
Commercial | $ | 0 | $ | 4,243 | $ | 4,243 | $ | 20 | ||||||
Commercial real estate - owner occupied | ||||||||||||||
Professional & medical | 0 | 0 | 0 | 0 | ||||||||||
Retail | 11,937 | 0 | 11,937 | 2,142 | ||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||
Hotels & motels | 0 | 0 | 0 | 0 | ||||||||||
Mini-storage | 0 | 0 | 0 | 0 | ||||||||||
Multifamily | 0 | 0 | 0 | 0 | ||||||||||
Retail | 653 | 0 | 653 | 57 | ||||||||||
Other | 2,890 | 0 | 2,890 | 0 | ||||||||||
Construction and development | ||||||||||||||
Land & land development | 995 | 0 | 995 | 640 | ||||||||||
Construction | 0 | 0 | 0 | 0 | ||||||||||
Residential 1-4 family real estate | ||||||||||||||
Personal residence | 0 | 0 | 0 | 0 | ||||||||||
Rental - small loan | 726 | 0 | 726 | 44 | ||||||||||
Rental - large loan | 4,444 | 0 | 4,444 | 0 | ||||||||||
Home equity | 0 | 0 | 0 | 0 | ||||||||||
Consumer | 0 | 0 | 0 | 0 | ||||||||||
Other | ||||||||||||||
Credit cards | 0 | 0 | 0 | 0 | ||||||||||
Overdrafts | 0 | 0 | 0 | 0 | ||||||||||
Total | $ | 21,645 | $ | 4,243 | $ | 25,888 | $ | 2,903 |
For the Year Ended December 31, 2019 | |||||||||||||||||
Allowance for Credit Losses - Loans | |||||||||||||||||
Dollars in thousands | Beginning Balance | Charge- offs | Recoveries | Provision | Ending Balance | ||||||||||||
Commercial | $ | 1,705 | $ | (281) | $ | 17 | $ | (295) | $ | 1,146 | |||||||
Commercial real estate | |||||||||||||||||
Owner occupied | 2,214 | (2) | 21 | 467 | 2,700 | ||||||||||||
Non-owner occupied | 5,742 | (170) | 1 | 366 | 5,939 | ||||||||||||
Construction and development | |||||||||||||||||
Land & land development | 339 | (2) | 108 | 155 | 600 | ||||||||||||
Construction | 64 | 0 | 0 | 178 | 242 | ||||||||||||
Residential real estate | |||||||||||||||||
Non-jumbo | 2,090 | (979) | 125 | 576 | 1,812 | ||||||||||||
Jumbo | 379 | 0 | 0 | (368) | 11 | ||||||||||||
Home equity | 167 | (24) | 19 | (24) | 138 | ||||||||||||
Mortgage warehouse lines | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Consumer | 79 | (285) | 168 | 173 | 135 | ||||||||||||
Other | 268 | (360) | 121 | 322 | 351 | ||||||||||||
Total | $ | 13,047 | $ | (2,103) | $ | 580 | $ | 1,550 | $ | 13,074 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
Dollars in thousands | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Accretable yield | $ | 597 | $ | 676 | $ | 632 | $ | 745 | ||||||||
Accretion | (12 | ) | (12 | ) | (46 | ) | (81 | ) | ||||||||
Reclassification of nonaccretable difference due to improvement in expected cash flows | — | — | — | — | ||||||||||||
Other changes, net | — | — | (1 | ) | — | |||||||||||
Accretable yield, September 30 | $ | 585 | $ | 664 | $ | 585 | $ | 664 |
At September 30, 2019 | At September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||
Past Due | > 90 days and Accruing | Past Due | 90 days or more and Accruing | ||||||||||||||||||||||||||||||||||||||||
Dollars in thousands | 30-59 days | 60-89 days | > 90 days | Total | Current | Dollars in thousands | 30-59 days | 60-89 days | 90 days or more | Total | Current | ||||||||||||||||||||||||||||||||
Commercial | $ | 405 | $ | 50 | $ | 483 | $ | 938 | $ | 198,453 | $ | — | Commercial | $ | 160 | $ | 42 | $ | 412 | $ | 614 | $ | 350,371 | $ | 0 | ||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | 137 | 175 | 3,859 | 4,171 | 251,657 | — | |||||||||||||||||||||||||||||||||||||
Non-owner occupied | 259 | — | 1,784 | 2,043 | 565,627 | — | |||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | ||||||||||||||||||||||||||||||||||||||||||
Professional & medical | Professional & medical | 116 | 0 | 453 | 569 | 94,066 | 0 | ||||||||||||||||||||||||||||||||||||
Retail | Retail | 307 | 591 | 2,445 | 3,343 | 97,583 | 0 | ||||||||||||||||||||||||||||||||||||
Other | Other | 0 | 0 | 149 | 149 | 116,792 | 0 | ||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | ||||||||||||||||||||||||||||||||||||||||||
Hotels & motels | Hotels & motels | 0 | 0 | 0 | 0 | 120,324 | 0 | ||||||||||||||||||||||||||||||||||||
Mini-storage | Mini-storage | 0 | 0 | 0 | 0 | 57,601 | 0 | ||||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | 0 | 417 | 0 | 417 | 152,144 | 0 | ||||||||||||||||||||||||||||||||||||
Retail | Retail | 0 | 0 | 821 | 821 | 107,505 | 0 | ||||||||||||||||||||||||||||||||||||
Other | Other | 0 | 310 | 53 | 363 | 179,449 | 0 | ||||||||||||||||||||||||||||||||||||
Construction and development | Construction and development | ||||||||||||||||||||||||||||||||||||||||||
Land and land development | 67 | 21 | 168 | 256 | 69,333 | — | |||||||||||||||||||||||||||||||||||||
Land & land development | Land & land development | 93 | 329 | 2 | 424 | 96,919 | 0 | ||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 56,255 | — | Construction | 0 | 0 | 0 | 0 | 66,878 | 0 | ||||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||||||||||||||||
Non-jumbo | 3,390 | 1,516 | 2,182 | 7,088 | 352,311 | — | |||||||||||||||||||||||||||||||||||||
Jumbo | 952 | — | — | 952 | 68,863 | — | |||||||||||||||||||||||||||||||||||||
Residential 1-4 family real estate | Residential 1-4 family real estate | ||||||||||||||||||||||||||||||||||||||||||
Personal residence | Personal residence | 3,062 | 579 | 1,112 | 4,753 | 258,562 | 0 | ||||||||||||||||||||||||||||||||||||
Rental - small loan | Rental - small loan | 243 | 0 | 794 | 1,037 | 103,657 | 0 | ||||||||||||||||||||||||||||||||||||
Rental - large loan | Rental - large loan | 0 | 0 | 1,127 | 1,127 | 72,709 | 0 | ||||||||||||||||||||||||||||||||||||
Home equity | 74 | 218 | 56 | 348 | 78,145 | — | Home equity | 516 | 156 | 137 | 809 | 82,182 | 0 | ||||||||||||||||||||||||||||||
Mortgage warehouse lines | — | — | — | — | 145,039 | — | Mortgage warehouse lines | 0 | 0 | 0 | 0 | 243,730 | 0 | ||||||||||||||||||||||||||||||
Consumer | 344 | 108 | 79 | 531 | 36,451 | 39 | Consumer | 128 | 32 | 27 | 187 | 34,468 | 0 | ||||||||||||||||||||||||||||||
Other | — | — | 100 | 100 | 13,271 | — | Other | ||||||||||||||||||||||||||||||||||||
Credit cards | Credit cards | 1 | 0 | 2 | 3 | 1,634 | 2 | ||||||||||||||||||||||||||||||||||||
Overdrafts | Overdrafts | 0 | 0 | 0 | 0 | 614 | 0 | ||||||||||||||||||||||||||||||||||||
Total | $ | 5,628 | $ | 2,088 | $ | 8,711 | $ | 16,427 | $ | 1,835,405 | $ | 39 | Total | $ | 4,626 | $ | 2,456 | $ | 7,534 | $ | 14,616 | $ | 2,237,188 | $ | 2 |
At December 31, 2018 | At December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||
Past Due | > 90 days and Accruing | Past Due | 90 days or more and Accruing | ||||||||||||||||||||||||||||||||||||||||
Dollars in thousands | 30-59 days | 60-89 days | > 90 days | Total | Current | Dollars in thousands | 30-59 days | 60-89 days | 90 days or more | Total | Current | ||||||||||||||||||||||||||||||||
Commercial | $ | 254 | $ | 51 | $ | 483 | $ | 788 | $ | 193,527 | $ | — | Commercial | $ | 216 | $ | 0 | $ | 483 | $ | 699 | $ | 219,753 | $ | 0 | ||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | — | — | 612 | 612 | 256,644 | — | |||||||||||||||||||||||||||||||||||||
Non-owner occupied | 156 | 255 | 1,756 | 2,167 | 571,765 | — | |||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | ||||||||||||||||||||||||||||||||||||||||||
Professional & medical | Professional & medical | 0 | 137 | 1,602 | 1,739 | 80,234 | 0 | ||||||||||||||||||||||||||||||||||||
Retail | Retail | 118 | 0 | 2,434 | 2,552 | 98,441 | 0 | ||||||||||||||||||||||||||||||||||||
Other | Other | 0 | 0 | 0 | 0 | 93,253 | 0 | ||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | Commercial real estate - non-owner occupied | ||||||||||||||||||||||||||||||||||||||||||
Hotels & motels | Hotels & motels | 0 | 0 | 0 | 0 | 128,665 | 0 | ||||||||||||||||||||||||||||||||||||
Mini-storage | Mini-storage | 0 | 0 | 0 | 0 | 50,913 | 0 | ||||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | 809 | 0 | 7 | 816 | 163,582 | 0 | ||||||||||||||||||||||||||||||||||||
Retail | Retail | 71 | 179 | 968 | 1,218 | 101,771 | 0 | ||||||||||||||||||||||||||||||||||||
Other | Other | 0 | 0 | 387 | 387 | 181,855 | 0 | ||||||||||||||||||||||||||||||||||||
Construction and development | Construction and development | ||||||||||||||||||||||||||||||||||||||||||
Land and land development | 190 | 4 | 3,174 | 3,368 | 65,465 | — | |||||||||||||||||||||||||||||||||||||
Land & land development | Land & land development | 208 | 28 | 188 | 424 | 83,688 | 0 | ||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 24,731 | — | Construction | 0 | 0 | 138 | 138 | 37,385 | 0 | ||||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||||||||||||||||
Non-jumbo | 4,120 | 2,235 | 3,753 | 10,108 | 326,869 | — | |||||||||||||||||||||||||||||||||||||
Jumbo | — | — | 675 | 675 | 72,924 | — | |||||||||||||||||||||||||||||||||||||
Residential 1-4 family real estate | Residential 1-4 family real estate | ||||||||||||||||||||||||||||||||||||||||||
Personal residence | Personal residence | 3,361 | 806 | 937 | 5,104 | 255,739 | 0 | ||||||||||||||||||||||||||||||||||||
Rental - small loan | Rental - small loan | 810 | 21 | 940 | 1,771 | 99,309 | 0 | ||||||||||||||||||||||||||||||||||||
Rental - large loan | Rental - large loan | 0 | 0 | 0 | 0 | 63,986 | 0 | ||||||||||||||||||||||||||||||||||||
Home equity | 754 | 261 | 181 | 1,196 | 79,714 | — | Home equity | 760 | 0 | 223 | 983 | 75,585 | 0 | ||||||||||||||||||||||||||||||
Mortgage warehouse lines | — | — | — | — | 39,140 | — | Mortgage warehouse lines | 0 | 0 | 0 | 0 | 126,237 | 0 | ||||||||||||||||||||||||||||||
Consumer | 502 | 121 | 125 | 748 | 31,712 | 36 | Consumer | 190 | 79 | 70 | 339 | 34,682 | 0 | ||||||||||||||||||||||||||||||
Other | 31 | — | — | 31 | 12,868 | — | Other | ||||||||||||||||||||||||||||||||||||
Credit cards | Credit cards | 19 | 6 | 42 | 67 | 1,386 | 42 | ||||||||||||||||||||||||||||||||||||
Overdrafts | Overdrafts | 0 | 0 | 0 | 0 | 798 | 0 | ||||||||||||||||||||||||||||||||||||
Total | $ | 6,007 | $ | 2,927 | $ | 10,759 | $ | 19,693 | $ | 1,675,359 | $ | 36 | Total | $ | 6,562 | $ | 1,256 | $ | 8,419 | $ | 16,237 | $ | 1,897,262 | $ | 42 |
September 30, | December 31, | |||||||
Dollars in thousands | 2019 | 2018 | ||||||
Commercial | $ | 835 | $ | 935 | ||||
Commercial real estate | ||||||||
Owner-occupied | 4,024 | 1,028 | ||||||
Non-owner occupied | 3,013 | 2,210 | ||||||
Construction and development | ||||||||
Land & land development | 191 | 3,198 | ||||||
Construction | — | — | ||||||
Residential mortgage | ||||||||
Non-jumbo | 4,299 | 6,532 | ||||||
Jumbo | — | 675 | ||||||
Home equity | 162 | 299 | ||||||
Mortgage warehouse lines | — | — | ||||||
Consumer | 76 | 112 | ||||||
Other | 100 | — | ||||||
Total | $ | 12,700 | $ | 14,989 |
September 30, | December 31, | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Dollars in thousands | Nonaccrual | Nonaccrual with No Allowance for Credit Losses - Loans | Nonaccrual | Nonaccrual with No Allowance for Credit Losses - Loans | ||||||||||||||||
Commercial | $ | 553�� | $ | 0 | $ | 864 | $ | 76 | ||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||
Professional & medical | 453 | 0 | 1,602 | 0 | ||||||||||||||||
Retail | 2,551 | 2,268 | 2,552 | 2,262 | ||||||||||||||||
Other | 383 | 0 | 43 | 0 | ||||||||||||||||
Commercial real estate - non-owner occupied | ||||||||||||||||||||
Hotels & motels | 0 | 0 | 0 | 0 | ||||||||||||||||
Mini-storage | 52 | 0 | 57 | 0 | ||||||||||||||||
Multifamily | 0 | 0 | 38 | 31 | ||||||||||||||||
Retail | 821 | 168 | 1,120 | 527 | ||||||||||||||||
Other | 53 | — | 388 | 40 | ||||||||||||||||
Construction and development | ||||||||||||||||||||
Land & land development | 2 | 0 | 188 | 0 | ||||||||||||||||
Construction | 0 | 0 | 138 | 0 | ||||||||||||||||
Residential 1-4 family real estate | ||||||||||||||||||||
Personal residence | 2,093 | 0 | 2,485 | 423 | ||||||||||||||||
Rental - small loan | 1,702 | 105 | 1,635 | 150 | ||||||||||||||||
Rental - large loan | 1,127 | 1,127 | 0 | 0 | ||||||||||||||||
Home equity | 182 | 0 | 284 | 0 | ||||||||||||||||
Mortgage warehouse lines | 0 | 0 | 0 | 0 | ||||||||||||||||
Consumer | 29 | 0 | 74 | 0 | ||||||||||||||||
Other | ||||||||||||||||||||
Credit cards | 0 | 0 | 0 | 0 | ||||||||||||||||
Overdrafts | 0 | 0 | 0 | 0 | ||||||||||||||||
Total | $ | 10,001 | $ | 3,668 | $ | 11,468 | $ | 3,509 |
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Dollars in thousands | Risk Rating | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolvi- ng | Revolving- Term | Total | ||||||||||||||||||||||||||||
Commercial | Pass | $ | 152,812 | $ | 51,021 | $ | 23,084 | $ | 20,745 | $ | 13,647 | $ | 14,098 | $ | 67,155 | $ | 0 | $ | 342,562 | |||||||||||||||||||
Special Mention | 10 | 40 | 1,959 | 81 | 90 | 918 | 558 | 0 | 3,656 | |||||||||||||||||||||||||||||
Substandard | 1,039 | 191 | 198 | 46 | 41 | 89 | 3,163 | 0 | 4,767 | |||||||||||||||||||||||||||||
Total Commercial | 153,861 | 51,252 | 25,241 | 20,872 | 13,778 | 15,105 | 70,876 | 0 | 350,985 | |||||||||||||||||||||||||||||
Commercial Real Estate - Owner Occupied | ||||||||||||||||||||||||||||||||||||||
Professional & medical | Pass | 7,435 | 14,460 | 2,580 | 27,117 | 3,370 | 30,154 | 2,689 | 0 | 87,805 | ||||||||||||||||||||||||||||
Special Mention | 1,178 | 0 | 0 | 0 | 0 | 5,199 | 0 | 0 | 6,377 | |||||||||||||||||||||||||||||
Substandard | 0 | 320 | 0 | 0 | 133 | 0 | 0 | 0 | 453 | |||||||||||||||||||||||||||||
Total Professional & Medical | 8,613 | 14,780 | 2,580 | 27,117 | 3,503 | 35,353 | 2,689 | 0 | 94,635 | |||||||||||||||||||||||||||||
Retail | Pass | 4,691 | 28,183 | 5,222 | 10,721 | 6,040 | 28,879 | 2,236 | 0 | 85,972 | ||||||||||||||||||||||||||||
Special Mention | 0 | 1,239 | 0 | 591 | 6 | 848 | 50 | 0 | 2,734 | |||||||||||||||||||||||||||||
Substandard | 0 | 9,669 | 0 | 0 | 0 | 2,551 | 0 | 0 | 12,220 | |||||||||||||||||||||||||||||
Total Retail | 4,691 | 39,091 | 5,222 | 11,312 | 6,046 | 32,278 | 2,286 | 0 | 100,926 | |||||||||||||||||||||||||||||
Other | Pass | 24,437 | 15,558 | 16,567 | 9,539 | 13,284 | 34,420 | 1,635 | 0 | 115,440 | ||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 0 | 760 | 0 | 0 | 760 | |||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 358 | 0 | 342 | 41 | 0 | 741 | |||||||||||||||||||||||||||||
Total Other | 24,437 | 15,558 | 16,567 | 9,897 | 13,284 | 35,522 | 1,676 | 0 | 116,941 | |||||||||||||||||||||||||||||
Total Commercial Real Estate - Owner Occupied | 37,741 | 69,429 | 24,369 | 48,326 | 22,833 | 103,153 | 6,651 | 0 | 312,502 | |||||||||||||||||||||||||||||
Commercial Real Estate - Non-Owner Occupied | ||||||||||||||||||||||||||||||||||||||
Hotels & motels | Pass | 3,457 | 61,244 | 15,796 | 9,901 | 10,417 | 14,692 | 4,817 | 0 | 120,324 | ||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total Hotels & Motels | 3,457 | 61,244 | 15,796 | 9,901 | 10,417 | 14,692 | 4,817 | 0 | 120,324 | |||||||||||||||||||||||||||||
Mini-storage | Pass | 6,200 | 19,974 | 14,971 | 4,029 | 7,239 | 4,869 | 267 | 0 | 57,549 | ||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 0 | 52 | 0 | 0 | 52 | |||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total Mini-storage | 6,200 | 19,974 | 14,971 | 4,029 | 7,239 | 4,921 | 267 | 0 | 57,601 | |||||||||||||||||||||||||||||
Multifamily | Pass | 17,022 | 26,957 | 26,917 | 18,556 | 11,271 | 49,091 | 2,648 | 0 | 152,462 | ||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 0 | 99 | 0 | 0 | 99 | |||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total Multifamily | 17,022 | 26,957 | 26,917 | 18,556 | 11,271 | 49,190 | 2,648 | 0 | 152,561 | |||||||||||||||||||||||||||||
September 30, 2019 | |||||||||||||||||||
Dollars in thousands | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Impaired Balance | Interest Income Recognized while impaired | ||||||||||||||
Without a related allowance | |||||||||||||||||||
Commercial | $ | 4,813 | $ | 4,813 | $ | — | $ | 5,193 | $ | 304 | |||||||||
Commercial real estate | |||||||||||||||||||
Owner-occupied | 7,245 | 7,246 | — | 7,637 | 229 | ||||||||||||||
Non-owner occupied | 10,683 | 10,690 | — | 10,127 | 502 | ||||||||||||||
Construction and development | |||||||||||||||||||
Land & land development | 954 | 954 | — | 1,209 | 70 | ||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||
Residential real estate | |||||||||||||||||||
Non-jumbo | 3,472 | 3,478 | — | 3,966 | 217 | ||||||||||||||
Jumbo | 4,000 | 3,999 | — | 4,029 | 221 | ||||||||||||||
Home equity | 523 | 523 | — | 523 | 29 | ||||||||||||||
Mortgage warehouse lines | — | — | — | — | — | ||||||||||||||
Consumer | 14 | 14 | — | 14 | 1 | ||||||||||||||
Total without a related allowance | $ | 31,704 | $ | 31,717 | $ | — | $ | 32,698 | $ | 1,573 | |||||||||
With a related allowance | |||||||||||||||||||
Commercial | $ | 116 | $ | 116 | $ | 12 | $ | 54 | $ | 2 | |||||||||
Commercial real estate | |||||||||||||||||||
Owner-occupied | 3,884 | 3,888 | 414 | 3,903 | 113 | ||||||||||||||
Non-owner occupied | — | — | — | — | — | ||||||||||||||
Construction and development | |||||||||||||||||||
Land & land development | 1,025 | 1,026 | 595 | 1,036 | 52 | ||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||
Residential real estate | |||||||||||||||||||
Non-jumbo | 1,831 | 1,829 | 201 | 2,145 | 72 | ||||||||||||||
Jumbo | — | — | — | — | — | ||||||||||||||
Home equity | — | — | — | — | — | ||||||||||||||
Mortgage warehouse lines | — | — | — | — | — | ||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||
Total with a related allowance | $ | 6,856 | $ | 6,859 | $ | 1,222 | $ | 7,138 | $ | 239 | |||||||||
Total | |||||||||||||||||||
Commercial | $ | 28,720 | $ | 28,733 | $ | 1,021 | $ | 29,159 | $ | 1,272 | |||||||||
Residential real estate | 9,826 | 9,829 | 201 | 10,663 | 539 | ||||||||||||||
Consumer | 14 | 14 | — | 14 | 1 | ||||||||||||||
Total | $ | 38,560 | $ | 38,576 | $ | 1,222 | $ | 39,836 | $ | 1,812 |
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Dollars in thousands | Risk Rating | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolvi- ng | Revolving- Term | Total | ||||||||||||||||||||||||||||
Retail | Pass | 13,044 | 23,808 | 9,980 | 8,399 | 5,410 | 40,150 | 6,158 | 0 | 106,949 | ||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 168 | 0 | 556 | 0 | 0 | 724 | |||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 653 | 0 | 0 | 653 | |||||||||||||||||||||||||||||
Total Retail | 13,044 | 23,808 | 9,980 | 8,567 | 5,410 | 41,359 | 6,158 | 0 | 108,326 | |||||||||||||||||||||||||||||
Other | Pass | 34,265 | 20,985 | 51,645 | 11,077 | 27,276 | 29,466 | 1,697 | 0 | 176,411 | ||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 0 | 458 | 0 | 0 | 458 | |||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 2,943 | 0 | 0 | 2,943 | |||||||||||||||||||||||||||||
Total Other | 34,265 | 20,985 | 51,645 | 11,077 | 27,276 | 32,867 | 1,697 | 0 | 179,812 | |||||||||||||||||||||||||||||
Total Commercial Real Estate - Non-Owner Occupied | 73,988 | 152,968 | 119,309 | 52,130 | 61,613 | 143,029 | 15,587 | 0 | 618,624 | |||||||||||||||||||||||||||||
Construction and Development | ||||||||||||||||||||||||||||||||||||||
Land & land development | Pass | 12,711 | 29,048 | 10,899 | 4,844 | 6,709 | 22,665 | 8,361 | 0 | 95,237 | ||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 13 | 0 | 0 | 955 | 0 | 0 | 968 | |||||||||||||||||||||||||||||
Substandard | 0 | 0 | 6 | 0 | 14 | 1,118 | 0 | 0 | 1,138 | |||||||||||||||||||||||||||||
Total Land & land development | 12,711 | 29,048 | 10,918 | 4,844 | 6,723 | 24,738 | 8,361 | 0 | 97,343 | |||||||||||||||||||||||||||||
Construction | Pass | 31,366 | 30,661 | 1,959 | 895 | 0 | 0 | 1,997 | 0 | 66,878 | ||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total Construction | 31,366 | 30,661 | 1,959 | 895 | 0 | 0 | 1,997 | 0 | 66,878 | |||||||||||||||||||||||||||||
Total Construction and Development | 44,077 | 59,709 | 12,877 | 5,739 | 6,723 | 24,738 | 10,358 | 0 | 164,221 | |||||||||||||||||||||||||||||
Residential 1-4 Family Real Estate | ||||||||||||||||||||||||||||||||||||||
Personal residence | Pass | 28,233 | 28,257 | 25,264 | 19,494 | 22,875 | 117,412 | 0 | 0 | 241,535 | ||||||||||||||||||||||||||||
Special Mention | 0 | 187 | 63 | 352 | 76 | 12,908 | 0 | 0 | 13,586 | |||||||||||||||||||||||||||||
Substandard | 0 | 46 | 463 | 213 | 186 | 7,286 | 0 | 0 | 8,194 | |||||||||||||||||||||||||||||
Total Personal Residence | 28,233 | 28,490 | 25,790 | 20,059 | 23,137 | 137,606 | 0 | 0 | 263,315 | |||||||||||||||||||||||||||||
Rental - small loan | Pass | 15,175 | 15,938 | 12,684 | 11,630 | 10,586 | 28,501 | 4,570 | 0 | 99,084 | ||||||||||||||||||||||||||||
Special Mention | 111 | 491 | 251 | 3 | 196 | 1,789 | 163 | 0 | 3,004 | |||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 45 | 2,561 | 0 | 0 | 2,606 | |||||||||||||||||||||||||||||
Total Rental - Small Loan | 15,286 | 16,429 | 12,935 | 11,633 | 10,827 | 32,851 | 4,733 | 0 | 104,694 | |||||||||||||||||||||||||||||
Rental - large loan | Pass | 13,396 | 6,089 | 10,906 | 5,423 | 8,317 | 21,491 | 2,306 | 0 | 67,928 | ||||||||||||||||||||||||||||
Special Mention | 0 | 1,430 | 0 | 0 | 0 | 33 | 0 | 0 | 1,463 | |||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 1,127 | 3,318 | 0 | 0 | 4,445 | |||||||||||||||||||||||||||||
Total Rental - Large Loan | 13,396 | 7,519 | 10,906 | 5,423 | 9,444 | 24,842 | 2,306 | 0 | 73,836 | |||||||||||||||||||||||||||||
Home equity | Pass | 131 | 0 | 90 | 46 | 266 | 1,434 | 78,799 | 0 | 80,766 | ||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 40 | 0 | 162 | 1,426 | 0 | 1,628 | |||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 355 | 242 | 0 | 597 | |||||||||||||||||||||||||||||
Total Home Equity | 131 | 0 | 90 | 86 | 266 | 1,951 | 80,467 | 0 | 82,991 |
December 31, 2018 | |||||||||||||||||||
Dollars in thousands | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Impaired Balance | Interest Income Recognized while impaired | ||||||||||||||
Without a related allowance | |||||||||||||||||||
Commercial | $ | 1,019 | $ | 1,253 | $ | — | $ | 321 | $ | 16 | |||||||||
Commercial real estate | |||||||||||||||||||
Owner-occupied | 8,600 | 8,605 | — | 7,730 | 318 | ||||||||||||||
Non-owner occupied | 9,666 | 9,673 | — | 9,753 | 493 | ||||||||||||||
Construction and development | |||||||||||||||||||
Land & land development | 4,767 | 4,767 | — | 4,947 | 102 | ||||||||||||||
Construction | — | — | — | — | ��� | ||||||||||||||
Residential real estate | |||||||||||||||||||
Non-jumbo | 3,279 | 3,284 | — | 3,401 | 180 | ||||||||||||||
Jumbo | 4,132 | 4,130 | — | 3,517 | 166 | ||||||||||||||
Home equity | 523 | 523 | — | 523 | 30 | ||||||||||||||
Mortgage warehouse lines | — | — | — | — | — | ||||||||||||||
Consumer | 9 | 10 | — | 13 | 1 | ||||||||||||||
Total without a related allowance | $ | 31,995 | $ | 32,245 | $ | — | $ | 30,205 | $ | 1,306 | |||||||||
With a related allowance | |||||||||||||||||||
Commercial | $ | 3,343 | $ | 3,342 | $ | 682 | $ | 705 | $ | 39 | |||||||||
Commercial real estate | |||||||||||||||||||
Owner-occupied | 2,969 | 2,969 | 462 | 2,397 | 117 | ||||||||||||||
Non-owner occupied | 189 | 191 | 9 | 226 | 16 | ||||||||||||||
Construction and development | |||||||||||||||||||
Land & land development | 1,057 | 1,057 | 298 | 1,073 | 56 | ||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||
Residential real estate | |||||||||||||||||||
Non-jumbo | 2,982 | 2,981 | 585 | 2,539 | 98 | ||||||||||||||
Jumbo | 821 | 822 | 106 | 827 | 48 | ||||||||||||||
Home equity | — | — | — | — | — | ||||||||||||||
Mortgage warehouse lines | — | — | — | — | — | ||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||
Total with a related allowance | $ | 11,361 | $ | 11,362 | $ | 2,142 | $ | 7,767 | $ | 374 | |||||||||
Total | |||||||||||||||||||
Commercial | $ | 31,610 | $ | 31,857 | $ | 1,451 | $ | 27,152 | $ | 1,157 | |||||||||
Residential real estate | 11,737 | 11,740 | 691 | 10,807 | 522 | ||||||||||||||
Consumer | 9 | 10 | — | 13 | 1 | ||||||||||||||
Total | $ | 43,356 | $ | 43,607 | $ | 2,142 | $ | 37,972 | $ | 1,680 |
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Dollars in thousands | Risk Rating | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolvi- ng | Revolving- Term | Total | ||||||||||||||||||||||||||||
Total Residential 1-4 Family Real Estate | 57,046 | 52,438 | 49,721 | 37,201 | 43,674 | 197,250 | 87,506 | 0 | 524,836 | |||||||||||||||||||||||||||||
Mortgage warehouse lines | Pass | 0 | 0 | 0 | 0 | 0 | 0 | 243,730 | 0 | 243,730 | ||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total Mortgage Warehouse Lines | 0 | 0 | 0 | 0 | 0 | 0 | 243,730 | 0 | 243,730 | |||||||||||||||||||||||||||||
Consumer | Pass | 10,441 | 10,748 | 5,139 | 1,977 | 1,432 | 1,679 | 862 | 0 | 32,278 | ||||||||||||||||||||||||||||
Special Mention | 789 | 549 | 270 | 170 | 81 | 62 | 17 | 0 | 1,938 | |||||||||||||||||||||||||||||
Substandard | 178 | 132 | 22 | 15 | 59 | 5 | 28 | 0 | 439 | |||||||||||||||||||||||||||||
Total Consumer | 11,408 | 11,429 | 5,431 | 2,162 | 1,572 | 1,746 | 907 | 0 | 34,655 | |||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Credit cards | Pass | 1,637 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,637 | ||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total Credit Cards | 1,637 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,637 | |||||||||||||||||||||||||||||
Overdrafts | Pass | 614 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 614 | ||||||||||||||||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total Overdrafts | 614 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 614 | |||||||||||||||||||||||||||||
Total Other | 2,251 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,251 | |||||||||||||||||||||||||||||
Total | $ | 380,372 | $ | 397,225 | $ | 236,948 | $ | 166,430 | $ | 150,193 | $ | 485,021 | $ | 435,615 | $ | 0 | $ | 2,251,804 | ||||||||||||||||||||
For the Three Months Ended September 30, 2020 | For the Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in thousands | Dollars in thousands | Number of Modifications | Pre- modification Recorded Investment | Post- modification Recorded Investment | Number of Modifications | Pre- modification Recorded Investment | Post- modification Recorded Investment | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2019 | For the Three Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in thousands | Number of Modifications | Pre-modification Recorded Investment | Post-modification Recorded Investment | Number of Modifications | Pre-modification Recorded Investment | Post-modification Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-jumbo | — | $ | — | $ | — | 2 | $ | 94 | $ | 94 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family real estate | Residential 1-4 family real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal residence | Personal residence | 1 | $ | 48 | $ | 48 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Rental - small loan | Rental - small loan | 1 | 399 | 399 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | — | $ | — | $ | — | 2 | $ | 94 | $ | 94 | Total | 2 | $ | 447 | $ | 447 | 0 | $ | 0 | $ | 0 |
For the Nine Months Ended September 30, 2019 | For the Nine Months Ended September 30, 2018 | ||||||||||||||||||||
Dollars in thousands | Number of Modifications | Pre-modification Recorded Investment | Post-modification Recorded Investment | Number of Modifications | Pre-modification Recorded Investment | Post-modification Recorded Investment | |||||||||||||||
Commercial | — | $ | — | $ | — | 2 | $ | 157 | $ | 157 | |||||||||||
Commercial real estate | |||||||||||||||||||||
Owner-occupied | 1 | 325 | 325 | — | — | — | |||||||||||||||
Non-owner occupied | 4 | 324 | 324 | — | — | — | |||||||||||||||
Residential real estate | |||||||||||||||||||||
Non-jumbo | 7 | 410 | 410 | 8 | 899 | 899 | |||||||||||||||
Consumer | 1 | 16 | 16 | — | — | — | |||||||||||||||
Total | 13 | $ | 1,075 | $ | 1,075 | 10 | $ | 1,056 | $ | 1,056 |
For the Nine Months Ended September 30, 2020 | For the Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
Dollars in thousands | Number of Modifications | Pre-modification Recorded Investment | Post-modification Recorded Investment | Number of Modifications | Pre-modification Recorded Investment | Post-modification Recorded Investment | |||||||||||||||||||||||||||||
Commercial real estate - owner occupied | |||||||||||||||||||||||||||||||||||
Other | 1 | $ | 361 | $ | 361 | 1 | $ | 325 | $ | 325 | |||||||||||||||||||||||||
Commercial real estate - non-owner occupied | |||||||||||||||||||||||||||||||||||
Multifamily | 0 | 0 | 0 | 1 | 35 | 35 | |||||||||||||||||||||||||||||
Retail | 0 | 0 | 0 | 2 | 162 | 162 | |||||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 1 | 127 | 127 | |||||||||||||||||||||||||||||
Residential 1-4 family real estate | |||||||||||||||||||||||||||||||||||
Personal residence | 1 | 48 | 48 | 3 | 151 | 151 | |||||||||||||||||||||||||||||
Rental - small loan | 1 | 399 | 399 | 4 | 259 | 259 | |||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 1 | 16 | 16 | |||||||||||||||||||||||||||||
Total | 3 | $ | 808 | $ | 808 | 13 | $ | 1,075 | $ | 1,075 |
For the Three Months Ended September 30, 2020 | For the Three Months Ended September 30, 2019 | ||||||||||||||||||||||
Dollars in thousands | Number of Defaults | Recorded Investment at Default Date | Number of Defaults | Recorded Investment at Default Date | |||||||||||||||||||
Commercial real estate - owner occupied | |||||||||||||||||||||||
Other | 1 | $ | 361 | 0 | $ | 0 | |||||||||||||||||
Commercial real estate - non-owner occupied | |||||||||||||||||||||||
Other | 0 | 0 | 1 | 126 | |||||||||||||||||||
Residential 1-4 family real estate | |||||||||||||||||||||||
Personal residence | 1 | 49 | 2 | 122 | |||||||||||||||||||
Rental - small loan | 0 | 0 | 1 | 52 | |||||||||||||||||||
Total | 2 | $ | 410 | 4 | $ | 300 |
For the Three Months Ended September 30, 2019 | For the Three Months Ended September 30, 2018 | ||||||||||||
Dollars in thousands | Number of Defaults | Recorded Investment at Default Date | Number of Defaults | Recorded Investment at Default Date | |||||||||
Commercial real estate | |||||||||||||
Non-owner occupied | 1 | $ | 126 | — | $ | — | |||||||
Residential real estate | |||||||||||||
Non-jumbo | 3 | 174 | — | — | |||||||||
Total | 4 | $ | 300 | — | $ | — |
For the Nine Months Ended September 30, 2019 | For the Nine Months Ended September 30, 2018 | ||||||||||||
Dollars in thousands | Number of Defaults | Recorded Investment at Default Date | Number of Defaults | Recorded Investment at Default Date | |||||||||
Commercial | — | $ | — | 2 | $ | 157 | |||||||
Commercial real estate | |||||||||||||
Non-owner occupied | 1 | 126 | 1 | 341 | |||||||||
Residential real estate | |||||||||||||
Non-jumbo | 3 | 174 | 3 | 628 | |||||||||
Total | 4 | $ | 300 | 6 | $ | 1,126 |
For the Nine Months Ended September 30, 2020 | For the Nine Months Ended September 30, 2019 | ||||||||||||||||||||||
Dollars in thousands | Number of Defaults | Recorded Investment at Default Date | Number of Defaults | Recorded Investment at Default Date | |||||||||||||||||||
Commercial real estate - owner occupied | |||||||||||||||||||||||
Other | 1 | $ | 361 | 0 | $ | 0 | |||||||||||||||||
Commercial real estate - non-owner occupied | |||||||||||||||||||||||
Other | 0 | — | 1 | 126 | |||||||||||||||||||
Residential 1-4 family real estate | |||||||||||||||||||||||
Personal residence | 1 | 49 | 2 | 122 | |||||||||||||||||||
Rental - small loan | 0 | 0 | 1 | 52 | |||||||||||||||||||
Total | 2 | $ | 410 | 4 | $ | 300 |
For the Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Construction & Land Development | Commercial Real Estate | Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||
Dollars in thousands | Land & Land Develop- ment | Construc- tion | Commer- cial | Owner Occupied | Non- Owner Occupied | Non- jumbo | Jumbo | Home Equity | Mortgage Warehouse Lines | Con- sumer | Other | Total | |||||||||||||||||||||||||||||||||||
Troubled debt restructurings | |||||||||||||||||||||||||||||||||||||||||||||||
Balance July 1, 2019 | $ | 2,123 | $ | — | $ | 233 | $ | 9,588 | $ | 5,624 | $ | 4,695 | $ | 3,380 | $ | 523 | $ | — | $ | 15 | $ | — | $ | 26,181 | |||||||||||||||||||||||
Additions | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Charge-offs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Net (paydowns) advances | (144 | ) | — | (21 | ) | (58 | ) | (49 | ) | (33 | ) | (12 | ) | — | — | (1 | ) | — | (318 | ) | |||||||||||||||||||||||||||
Transfer into foreclosed properties | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Refinance out of TDR status | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | 1,979 | $ | — | $ | 212 | $ | 9,530 | $ | 5,575 | $ | 4,662 | $ | 3,368 | $ | 523 | $ | — | $ | 14 | $ | — | $ | 25,863 | |||||||||||||||||||||||
Allowance related to troubled debt restructurings | $ | 595 | $ | — | $ | 4 | $ | 251 | $ | — | $ | 199 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,049 |
For the Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Construction & Land Development | Commercial Real Estate | Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||
Dollars in thousands | Land & Land Develop- ment | Construc- tion | Commer- cial | Owner Occupied | Non- Owner Occupied | Non- jumbo | Jumbo | Home Equity | Mortgage Warehouse Lines | Con- sumer | Other | Total | |||||||||||||||||||||||||||||||||||
Troubled debt restructurings | |||||||||||||||||||||||||||||||||||||||||||||||
Balance January 1, 2019 | $ | 2,654 | $ | — | $ | 273 | $ | 9,365 | $ | 5,404 | $ | 4,490 | $ | 4,278 | $ | 523 | $ | — | $ | 10 | $ | — | $ | 26,997 | |||||||||||||||||||||||
Additions | — | — | — | 325 | 324 | 410 | — | — | — | 16 | — | 1,075 | |||||||||||||||||||||||||||||||||||
Charge-offs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Net (paydowns) advances | (675 | ) | — | (61 | ) | (160 | ) | (153 | ) | (238 | ) | (910 | ) | — | — | (12 | ) | — | (2,209 | ) | |||||||||||||||||||||||||||
Transfer into foreclosed properties | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Refinance out of TDR status | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | 1,979 | $ | — | $ | 212 | $ | 9,530 | $ | 5,575 | $ | 4,662 | $ | 3,368 | $ | 523 | $ | — | $ | 14 | $ | — | $ | 25,863 | |||||||||||||||||||||||
Allowance related to troubled debt restructurings | $ | 595 | $ | — | $ | 4 | $ | 251 | $ | — | $ | 199 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,049 |
Loan Risk Profile by Internal Risk Rating | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development | Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||
Land and Land Development | Construction | Commercial | Owner Occupied | Non-Owner Occupied | Mortgage Warehouse Lines | |||||||||||||||||||||||||||||||||||||||||
Dollars in thousands | 9/30/2019 | 12/31/2018 | 9/30/2019 | 12/31/2018 | 9/30/2019 | 12/31/2018 | 9/30/2019 | 12/31/2018 | 9/30/2019 | 12/31/2018 | 9/30/2019 | 12/31/2018 | ||||||||||||||||||||||||||||||||||
Pass | $ | 67,740 | $ | 63,743 | $ | 56,115 | $ | 24,589 | $ | 192,576 | $ | 182,651 | $ | 248,890 | $ | 250,254 | $ | 558,634 | $ | 565,715 | $ | 145,039 | $ | 39,140 | ||||||||||||||||||||||
OLEM (Special Mention) | 454 | 472 | 140 | 142 | 1,333 | 6,748 | 2,602 | 1,864 | 1,643 | 1,554 | — | — | ||||||||||||||||||||||||||||||||||
Substandard | 1,395 | 4,618 | — | — | 5,482 | 4,916 | 4,336 | 5,138 | 7,393 | 6,663 | — | — | ||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 69,589 | $ | 68,833 | $ | 56,255 | $ | 24,731 | $ | 199,391 | $ | 194,315 | $ | 255,828 | $ | 257,256 | $ | 567,670 | $ | 573,932 | $ | 145,039 | $ | 39,140 |
Performing | Nonperforming | ||||||||||||||
Dollars in thousands | 9/30/2019 | 12/31/2018 | 9/30/2019 | 12/31/2018 | |||||||||||
Residential real estate | |||||||||||||||
Non-jumbo | $ | 355,100 | $ | 330,445 | $ | 4,299 | $ | 6,532 | |||||||
Jumbo | 69,815 | 72,924 | — | 675 | |||||||||||
Home Equity | 78,331 | 80,611 | 162 | 299 | |||||||||||
Consumer | 36,868 | 32,312 | 114 | 148 | |||||||||||
Other | 13,271 | 12,899 | 100 | — | |||||||||||
Total | $ | 553,385 | $ | 529,191 | $ | 4,675 | $ | 7,654 |
Dollars in thousands | January 1, 2020 | |||||||
Purchase price of PCD loans at acquisition | $ | 1,877 | ||||||
Allowance for credit losses - loans at acquisition | 410 | |||||||
Non-credit discount at acquisition | 159 | |||||||
Par value of PCD loans at acquisition | 1,308 |
September 30, | December 31, | |||||||
Dollars in thousands | 2019 | 2018 | ||||||
Balance, beginning of year | $ | 13,047 | $ | 12,565 | ||||
Charge-offs: | ||||||||
Commercial | 200 | 248 | ||||||
Commercial real estate | ||||||||
Owner occupied | 2 | 38 | ||||||
Non-owner occupied | 94 | 619 | ||||||
Construction and development | ||||||||
Land and land development | — | 259 | ||||||
Construction | — | — | ||||||
Residential real estate | ||||||||
Non-jumbo | 826 | 887 | ||||||
Jumbo | — | — | ||||||
Home equity | — | 26 | ||||||
Mortgage warehouse lines | — | — | ||||||
Consumer | 253 | 244 | ||||||
Other | 273 | 282 | ||||||
Total | 1,648 | 2,603 | ||||||
Recoveries: | ||||||||
Commercial | 11 | 16 | ||||||
Commercial real estate | ||||||||
Owner occupied | 17 | 23 | ||||||
Non-owner occupied | — | — | ||||||
Construction and development | ||||||||
Land and land development | 106 | 270 | ||||||
Construction | — | — | ||||||
Residential real estate | ||||||||
Non-jumbo | 106 | 228 | ||||||
Jumbo | — | 25 | ||||||
Home equity | 17 | 10 | ||||||
Mortgage warehouse lines | — | — | ||||||
Consumer | 136 | 141 | ||||||
Other | 99 | 122 | ||||||
Total | 492 | 835 | ||||||
Net charge-offs | 1,156 | 1,768 | ||||||
Provision for loan losses | 1,050 | 2,250 | ||||||
Balance, end of period | $ | 12,941 | $ | 13,047 |
For the Nine Months Ended September 30, 2019 | At September 30, 2019 | At September 30, 2019 | |||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | Allowance related to: | Loans | |||||||||||||||||||||||||||||||||||||||
Dollars in thousands | Beginning Balance | Charge- offs | Recoveries | Provision | Ending Balance | Loans individua- lly evaluated for impairm- ent | Loans collective- ly evaluated for impairm- ent | Loans acquired with deteriora- ted credit quality (PCI) | Total | Loans individua- lly evaluated for impairm- ent | Loans collective- ly evaluated for impairm- ent | Loans acquired with deteriora- ted credit quality (PCI) | Total | ||||||||||||||||||||||||||||
Commercial | $ | 1,705 | $ | (200 | ) | $ | 11 | $ | (991 | ) | $ | 525 | $ | 12 | $ | 513 | $ | — | $ | 525 | $ | 4,929 | $ | 194,462 | $ | — | $ | 199,391 | |||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||
Owner occupied | 2,214 | (2 | ) | 17 | 508 | 2,737 | 414 | 2,323 | — | 2,737 | 11,129 | 244,699 | — | 255,828 | |||||||||||||||||||||||||||
Non-owner occupied | 5,742 | (94 | ) | — | 194 | 5,842 | — | 5,750 | 92 | 5,842 | 10,683 | 555,793 | 1,194 | 567,670 | |||||||||||||||||||||||||||
Construction and development | |||||||||||||||||||||||||||||||||||||||||
Land and land development | 339 | — | 106 | 160 | 605 | 595 | 10 | — | 605 | 1,979 | 67,610 | — | 69,589 | ||||||||||||||||||||||||||||
Construction | 64 | — | — | 296 | 360 | — | 360 | — | 360 | — | 56,255 | — | 56,255 | ||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||||||||
Non-jumbo | 2,090 | (826 | ) | 106 | 577 | 1,947 | 201 | 1,736 | 10 | 1,947 | 5,303 | 352,831 | 1,265 | 359,399 | |||||||||||||||||||||||||||
Jumbo | 379 | — | — | (50 | ) | 329 | — | 323 | 6 | 329 | 4,000 | 64,862 | 953 | 69,815 | |||||||||||||||||||||||||||
Home equity | 167 | — | 17 | (101 | ) | 83 | — | 83 | — | 83 | 523 | 77,970 | — | 78,493 | |||||||||||||||||||||||||||
Mortgage warehouse lines | — | — | — | — | — | — | — | — | — | — | 145,039 | — | 145,039 | ||||||||||||||||||||||||||||
Consumer | 79 | (253 | ) | 136 | 211 | 173 | — | 173 | — | 173 | 14 | 36,968 | — | 36,982 | |||||||||||||||||||||||||||
Other | 268 | (273 | ) | 99 | 246 | 340 | — | 340 | — | 340 | — | 13,371 | — | 13,371 | |||||||||||||||||||||||||||
Total | $ | 13,047 | $ | (1,648 | ) | $ | 492 | $ | 1,050 | $ | 12,941 | $ | 1,222 | $ | 11,611 | $ | 108 | $ | 12,941 | $ | 38,560 | $ | 1,809,860 | $ | 3,412 | $ | 1,851,832 |
For the Year Ended December 31, 2018 | At December 31, 2018 | At December 31, 2018 | |||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | Allowance related to: | Loans | |||||||||||||||||||||||||||||||||||||||
Dollars in thousands | Beginning Balance | Charge- offs | Recoveries | Provision | Ending Balance | Loans individua- lly evaluated for impairm- ent | Loans collective- ly evaluated for impairm- ent | Loans acquired with deteriora- ted credit quality (PCI) | Total | Loans individua- lly evaluated for impairm- ent | Loans collective- ly evaluated for impairm- ent | Loans acquired with deteriora- ted credit quality (PCI) | Total | ||||||||||||||||||||||||||||
Commercial | $ | 1,303 | $ | (248 | ) | $ | 16 | $ | 634 | $ | 1,705 | $ | 682 | $ | 1,023 | $ | — | $ | 1,705 | $ | 4,362 | $ | 189,953 | $ | — | $ | 194,315 | ||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||
Owner occupied | 2,424 | (38 | ) | 23 | (195 | ) | 2,214 | 462 | 1,752 | — | 2,214 | 11,569 | 245,687 | — | 257,256 | ||||||||||||||||||||||||||
Non-owner occupied | 4,950 | (619 | ) | — | 1,411 | 5,742 | 9 | 5,729 | 4 | 5,742 | 9,855 | 562,915 | 1,162 | 573,932 | |||||||||||||||||||||||||||
Construction and development | |||||||||||||||||||||||||||||||||||||||||
Land and land development | 641 | (259 | ) | 270 | (313 | ) | 339 | 298 | 41 | — | 339 | 5,824 | 63,009 | — | 68,833 | ||||||||||||||||||||||||||
Construction | 153 | — | — | (89 | ) | 64 | — | 64 | — | 64 | — | 24,731 | — | 24,731 | |||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||||||||
Non-jumbo | 1,911 | (887 | ) | 228 | 838 | 2,090 | 585 | 1,495 | 10 | 2,090 | 6,261 | 329,342 | 1,374 | 336,977 | |||||||||||||||||||||||||||
Jumbo | 72 | — | 25 | 282 | 379 | 106 | 273 | — | 379 | 4,953 | 67,671 | 975 | 73,599 | ||||||||||||||||||||||||||||
Home equity | 638 | (26 | ) | 10 | (455 | ) | 167 | — | 167 | — | 167 | 523 | 80,387 | — | 80,910 | ||||||||||||||||||||||||||
Mortgage warehouse lines | — | — | — | — | — | — | — | — | — | — | 39,140 | — | 39,140 | ||||||||||||||||||||||||||||
Consumer | 210 | (244 | ) | 141 | (28 | ) | 79 | — | 79 | — | 79 | 9 | 32,451 | — | 32,460 | ||||||||||||||||||||||||||
Other | 263 | (282 | ) | 122 | 165 | 268 | — | 268 | — | 268 | — | 12,899 | — | 12,899 | |||||||||||||||||||||||||||
Total | $ | 12,565 | $ | (2,603 | ) | $ | 835 | $ | 2,250 | $ | 13,047 | $ | 2,142 | $ | 10,891 | $ | 14 | $ | 13,047 | $ | 43,356 | $ | 1,648,185 | $ | 3,511 | $ | 1,695,052 |
Dollars in thousands | Goodwill Activity | |||||||||||||||||||
Balance, January 1, 2020 | $ | 12,658 | ||||||||||||||||||
Reclassifications to goodwill | 0 | |||||||||||||||||||
Acquired goodwill | 25,487 | |||||||||||||||||||
Balance, September 30, 2020 | $ | 38,145 |
Other Intangible Assets | ||||||||||||||||||||||||||||||||||||||
Dollars in thousands | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||
Identifiable intangible assets | ||||||||||||||||||||||||||||||||||||||
Gross carrying amount | $ | 15,569 | $ | 14,727 | ||||||||||||||||||||||||||||||||||
Less: accumulated amortization | (5,613) | (4,363) | ||||||||||||||||||||||||||||||||||||
Net carrying amount | $ | 9,956 | $ | 10,364 |
Goodwill Activity | ||||||||||||
Dollars in thousands | Community Banking | Insurance Services | Total | |||||||||
Balance, January 1, 2019 | $ | 10,562 | $ | 4,710 | $ | 15,272 | ||||||
Reclassifications to goodwill | — | — | — | |||||||||
Acquired goodwill, net | 1,855 | — | 1,855 | |||||||||
Goodwill reduction in conjunction with sale of Summit Insurance Services, LLC | — | (4,710 | ) | (4,710 | ) | |||||||
Balance, September 30, 2019 | $ | 12,417 | $ | — | $ | 12,417 |
Other Intangible Assets | ||||||||||||||||||||||||
September 30, 2019 | December 31, 2018 | |||||||||||||||||||||||
Dollars in thousands | Community Banking | Insurance Services | Total | Community Banking | Insurances Services | Total | ||||||||||||||||||
Identifiable intangible assets | ||||||||||||||||||||||||
Gross carrying amount | $ | 14,727 | $ | 3,000 | $ | 17,727 | $ | 12,598 | $ | 3,000 | $ | 15,598 | ||||||||||||
Less: accumulated amortization | 3,962 | 2,367 | 6,329 | 2,728 | 2,300 | 5,028 | ||||||||||||||||||
Less: customer intangible reduction in conjunction with sale of Summit Insurance Services, LLC | — | 633 | 633 | — | — | — | ||||||||||||||||||
Net carrying amount | $ | 10,765 | $ | — | $ | 10,765 | $ | 9,870 | $ | 700 | $ | 10,570 |
Core Deposit | ||||
Dollars in thousands | Intangible | |||
2019 | $ | 1,634 | ||
2020 | 1,513 | |||
2021 | 1,393 | |||
2022 | 1,273 | |||
2023 | 1,152 |
Core Deposit | ||||||||
Dollars in thousands | Intangible | |||||||
Three month period ending December 31, 2020 | $ | 408 | ||||||
Year ending December 31, 2021 | 1,532 | |||||||
Year ending December 31, 2022 | 1,396 | |||||||
Year ending December 31, 2023 | 1,260 | |||||||
Year ending December 31, 2024 | 1,124 | |||||||
Thereafter | 4,165 |
Dollars in thousands | September 30, 2020 | December 31, 2019 | ||||||||||||
Demand deposits, interest bearing | $ | 867,442 | $ | 630,351 | ||||||||||
Savings deposits | 598,564 | 418,096 | ||||||||||||
Time deposits | 565,815 | 604,237 | ||||||||||||
Total | $ | 2,031,821 | $ | 1,652,684 |
Dollars in thousands | September 30, 2019 | December 31, 2018 | ||||||
Demand deposits, interest bearing | $ | 602,059 | $ | 523,257 | ||||
Savings deposits | 305,891 | 284,173 | ||||||
Time deposits | 682,336 | 605,276 | ||||||
Total | $ | 1,590,286 | $ | 1,412,706 |
Dollars in thousands | |||||
Three month period ending December 31, 2020 | $ | 105,223 | |||
Year ending December 31, 2021 | 332,065 | ||||
Year ending December 31, 2022 | 60,820 | ||||
Year ending December 31, 2023 | 35,732 | ||||
Year ending December 31, 2024 | 15,635 | ||||
Thereafter | 16,340 | ||||
Total | $ | 565,815 |
Dollars in thousands | |||
Three month period ending December 31, 2019 | $ | 112,664 | |
Year ending December 31, 2020 | 313,174 | ||
Year ending December 31, 2021 | 157,375 | ||
Year ending December 31, 2022 | 43,975 | ||
Year ending December 31, 2023 | 17,776 | ||
Thereafter | 37,372 | ||
Total | $ | 682,336 |
Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Dollars in thousands | Short-term FHLB Advances | Federal Funds Purchased and Lines of Credit | Short-term FHLB Advances | Federal Funds Purchased and Lines of Credit | |||||||||||||||||||
Balance at September 30 | $ | 140,000 | $ | 145 | $ | 206,550 | $ | 144 | |||||||||||||||
Average balance outstanding for the period | 126,964 | 145 | 196,058 | 564 | |||||||||||||||||||
Maximum balance outstanding at any month end during period | 215,700 | 145 | 225,200 | 144 | |||||||||||||||||||
Weighted average interest rate for the period | 0.79 | % | 0.64 | % | 2.63 | % | 2.48 | % | |||||||||||||||
Weighted average interest rate for balances | |||||||||||||||||||||||
outstanding at September 30 | 0.36 | % | 0.25 | % | 2.15 | % | 2.00 | % |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2019 | 2018 | Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||
Dollars in thousands | Short-term FHLB Advances | Federal Funds Purchased and Lines of Credit | Short-term FHLB Advances | Federal Funds Purchased and Lines of Credit | Dollars in thousands | Short-term FHLB Advances | Federal Funds Purchased and Lines of Credit | |||||||||||||||||||||||||
Balance at September 30 | $ | 206,550 | $ | 144 | $ | 233,300 | $ | 5,103 | ||||||||||||||||||||||||
Balance at December 31 | Balance at December 31 | $ | 199,200 | 145 | ||||||||||||||||||||||||||||
Average balance outstanding for the period | 196,058 | 564 | 209,877 | 4,128 | Average balance outstanding for the period | 193,992 | 458 | |||||||||||||||||||||||||
Maximum balance outstanding at any month end during period | 225,200 | 144 | 262,000 | 7,534 | Maximum balance outstanding at any month end during period | 237,400 | 145 | |||||||||||||||||||||||||
Weighted average interest rate for the period | 2.63 | % | 2.48 | % | 2.01 | % | 1.80 | % | Weighted average interest rate for the period | 2.48 | % | 2.43 | % | |||||||||||||||||||
Weighted average interest rate for balances | Weighted average interest rate for balances | |||||||||||||||||||||||||||||||
outstanding at September 30 | 2.15 | % | 2.00 | % | 2.41 | % | 2.25 | % | ||||||||||||||||||||||||
outstanding at December 31 | outstanding at December 31 | 1.83 | % | 1.75 | % |
Year Ended December 31, 2018 | ||||||
Dollars in thousands | Short-term FHLB Advances | Federal Funds Purchased and Lines of Credit | ||||
Balance at December 31 | $ | 303,950 | 5,134 | |||
Average balance outstanding for the period | 223,764 | 4,378 | ||||
Maximum balance outstanding at any month end during period | 303,950 | 7,534 | ||||
Weighted average interest rate for the period | 2.18 | % | 1.95 | % | ||
Weighted average interest rate for balances | ||||||
outstanding at December 31 | 2.71 | % | 2.50 | % |
Dollars in thousands | Long-term borrowings | Subordinated debentures | Subordinated debentures owed to unconsolidated subsidiary trusts | ||||||||||||||||||||
Year Ending December 31, | 2020 | $ | 5 | $ | 0 | $ | 0 | ||||||||||||||||
2021 | 20 | 0 | 0 | ||||||||||||||||||||
2022 | 21 | 0 | 0 | ||||||||||||||||||||
2023 | 22 | 0 | 0 | ||||||||||||||||||||
2024 | 22 | 0 | 0 | ||||||||||||||||||||
Thereafter | 613 | 29,336 | 19,589 | ||||||||||||||||||||
$ | 703 | $ | 29,336 | $ | 19,589 |
Dollars in thousands | Long-term borrowings | Subordinated debentures owed to unconsolidated subsidiary trusts | |||||||
Year Ending December 31, | 2019 | $ | 5 | $ | — | ||||
2020 | 18 | — | |||||||
2021 | 20 | — | |||||||
2022 | 21 | — | |||||||
2023 | 22 | — | |||||||
Thereafter | 636 | 19,589 | |||||||
$ | 722 | $ | 19,589 |
For the Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | |||||||||||||||||||||||
Options/SARs | Aggregate Intrinsic Value (in thousands) | Remaining Contractual Term (Yrs.) | Weighted-Average Exercise Price | ||||||||||||||||||||
Outstanding, January 1 | 330,703 | $ | 20.44 | ||||||||||||||||||||
Granted | 0 | 0 | |||||||||||||||||||||
Exercised | 0 | 0 | |||||||||||||||||||||
Forfeited | 0 | 0 | |||||||||||||||||||||
Expired | 0 | 0 | |||||||||||||||||||||
Outstanding, September 30 | 330,703 | $ | 349 | 6.58 | $ | 20.44 | |||||||||||||||||
Exercisable, September 30 | 179,375 | $ | 349 | 5.52 | $ | 17.03 |
5-year vesting SARs | 7-year vesting SARs | |||
Risk-free interest rate | 2.43 | % | 2.51 | % |
Expected dividend yield | 2.30 | % | 2.30 | % |
Expected common stock volatility | 35.71 | % | 40.84 | % |
Expected life | 6.5 years | 7.0 years |
For the Nine Months Ended September 30, | |||||||||||||||||||||||
2019 | |||||||||||||||||||||||
Options/SARs | Aggregate Intrinsic Value (in thousands) | Remaining Contractual Term (Yrs.) | Weighted-Average Exercise Price | ||||||||||||||||||||
Outstanding, January 1 | 232,091 | $ | 17.36 | ||||||||||||||||||||
Granted | 138,125 | 23.94 | |||||||||||||||||||||
Exercised | (31,413) | 11.83 | |||||||||||||||||||||
Forfeited | 0 | 0 | |||||||||||||||||||||
Expired | 0 | 0 | |||||||||||||||||||||
Outstanding, September 30 | 338,803 | $ | 1,745 | 7.41 | $ | 20.56 | |||||||||||||||||
Exercisable, September 30 | 112,989 | $ | 1,063 | 5.59 | $ | 16.32 |
Dollars in thousands, except per share amounts | RSUs | Weighted Average Grant Date Fair Value | |||||||||
Nonvested, December 31, 2019 | 2,892 | 25.93 | |||||||||
Granted | 12,841 | 18.19 | |||||||||
Forfeited | 0 | 0 | |||||||||
Vested | (651) | 25.60 | |||||||||
Nonvested, September 30, 2020 | 15,082 | 20.45 |
For the Nine Months Ended September 30, | ||||||||||||
2019 | ||||||||||||
Options/SARs | Aggregate Intrinsic Value (in thousands) | Remaining Contractual Term (Yrs.) | Weighted-Average Exercise Price | |||||||||
Outstanding, January 1 | 232,091 | $ | 17.36 | |||||||||
Granted | 138,125 | 23.94 | ||||||||||
Exercised | (31,413 | ) | 11.83 | |||||||||
Forfeited | — | — | ||||||||||
Expired | — | — | ||||||||||
Outstanding, September 30 | 338,803 | $ | 1,745 | 7.41 | $ | 20.56 | ||||||
Exercisable, September 30 | 112,989 | $ | 1,063 | 5.59 | $ | 16.32 |
For the Nine Months Ended September 30, | ||||||||||||
2018 | ||||||||||||
Options/SARs | Aggregate Intrinsic Value (in thousands) | Remaining Contractual Term (Yrs.) | Weighted-Average Exercise Price | |||||||||
Outstanding, January 1 | 250,291 | $ | 17.75 | |||||||||
Granted | — | — | ||||||||||
Exercised | (1,600 | ) | 17.79 | |||||||||
Forfeited | (3,200 | ) | 25.5 | |||||||||
Expired | — | — | ||||||||||
Outstanding, September 30 | 245,491 | $ | 1,645 | 6.62 | $ | 17.65 | ||||||
Exercisable, September 30 | 109,324 | $ | 898 | 5.55 | $ | 15.77 |
Dollars in thousands | September 30, 2020 | |||||||
Commitments to extend credit: | ||||||||
Revolving home equity and credit card lines | $ | 88,214 | ||||||
Construction loans | 110,896 | |||||||
Other loans | 320,318 | |||||||
Standby letters of credit | 11,200 | |||||||
Total | $ | 530,628 |
Dollars in thousands | September 30, 2019 | |||
Commitments to extend credit: | ||||
Revolving home equity and credit card lines | $ | 68,033 | ||
Construction loans | 118,245 | |||
Other loans | 199,696 | |||
Standby letters of credit | 7,338 | |||
Total | $ | 393,312 |
Actual | Minimum Required Capital - Basel III | Minimum Required To Be Well Capitalized | ||||||||||||||||||||||||||||||||||||
Dollars in thousands | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||
As of September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
CET1 (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||
Summit | $ | 231,568 | 9.9 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Summit Community | 276,361 | 11.8 | % | 163,943 | 7.0 | % | 152,233 | 6.5 | % | |||||||||||||||||||||||||||||
Tier I Capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||
Summit | 250,568 | 10.7 | % | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||
Summit Community | 276,361 | 11.8 | % | 199,074 | 8.5 | % | 187,363 | 8.0 | % | |||||||||||||||||||||||||||||
Total Capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||
Summit | 301,774 | 12.9 | % | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||
Summit Community | 297,567 | 12.7 | % | 246,020 | 10.5 | % | 234,305 | 10.0 | % | |||||||||||||||||||||||||||||
Tier I Capital (to average assets) | ||||||||||||||||||||||||||||||||||||||
Summit | 250,568 | 8.7 | % | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||
Summit Community | 276,361 | 9.6 | % | 115,150 | 4.0 | % | 143,938 | 5.0 | % |
Actual | Minimum Required Capital - Basel III | Minimum Required To Be Well Capitalized | Actual | Minimum Required Capital - Basel III Fully Phased-in | Minimum Required To Be Well Capitalized | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in thousands | Amount | Ratio | Amount | Ratio | Amount | Ratio | Dollars in thousands | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2019 | As of December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 (to risk weighted assets) | CET1 (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summit | $ | 217,934 | 11.2 | % | N/A | N/A | N/A | N/A | Summit | 224,679 | 11.1 | % | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||
Summit Community | 236,937 | 12.2 | % | 135,947 | 7.0 | % | 126,237 | 6.5 | % | Summit Community | 244,045 | 12.1 | % | 141,183 | 7.0 | % | 131,099 | 6.5 | % | ||||||||||||||||||||||||||||||||||||||
Tier I Capital (to risk weighted assets) | Tier I Capital (to risk weighted assets) | Tier I Capital (to risk weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summit | 236,934 | 12.2 | % | N/A | N/A | N/A | N/A | Summit | 243,679 | 12.1 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
Summit Community | 236,937 | 12.2 | % | 165,079 | 8.5 | % | 155,369 | 8.0 | % | Summit Community | 244,045 | 12.1 | % | 171,437 | 8.5 | % | 161,352 | 8.0 | % | ||||||||||||||||||||||||||||||||||||||
Total Capital (to risk weighted assets) | Total Capital (to risk weighted assets) | �� | Total Capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summit | 249,874 | 12.8 | % | N/A | N/A | N/A | N/A | Summit | 256,753 | 12.7 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
Summit Community | 249,878 | 12.9 | % | 203,389 | 10.5 | % | 193,704 | 10.0 | % | Summit Community | 257,119 | 12.7 | % | 212,579 | 10.5 | % | 202,456 | 10.0 | % | ||||||||||||||||||||||||||||||||||||||
Tier I Capital (to average assets) | Tier I Capital (to average assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summit | 236,934 | 10.4 | % | N/A | N/A | N/A | N/A | Summit | 243,679 | 10.5 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
Summit Community | 236,937 | 10.4 | % | 91,130 | 4.0 | % | 113,912 | 5.0 | % | Summit Community | 244,045 | 10.6 | % | 92,092 | 4.0 | % | 115,116 | 5.0 | % |
Actual | Minimum Required Capital - Basel III Fully Phased-in | Minimum Required To Be Well Capitalized | ||||||||||||||||
Dollars in thousands | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||
As of December 31, 2018 | ||||||||||||||||||
CET1 (to risk weighted assets) | ||||||||||||||||||
Summit | 197,551 | 11.1 | % | N/A | N/A | N/A | N/A | |||||||||||
Summit Community | 213,930 | 12.0 | % | 124,793 | 7.0 | % | 115,879 | 6.5 | % | |||||||||
Tier I Capital (to risk weighted assets) | ||||||||||||||||||
Summit | 216,551 | 12.2 | % | N/A | N/A | N/A | N/A | |||||||||||
Summit Community | 213,930 | 12.0 | % | 151,534 | 8.5 | % | 142,620 | 8.0 | % | |||||||||
Total Capital (to risk weighted assets) | ||||||||||||||||||
Summit | 229,598 | 12.9 | % | N/A | N/A | N/A | N/A | |||||||||||
Summit Community | 226,977 | 12.8 | % | 186,192 | 10.5 | % | 177,326 | 10.0 | % | |||||||||
Tier I Capital (to average assets) | ||||||||||||||||||
Summit | 216,551 | 10.1 | % | N/A | N/A | N/A | N/A | |||||||||||
Summit Community | 213,930 | 10.0 | % | 85,572 | 4.0 | % | 106,965 | 5.0 | % |
September 30, 2019 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||
Notional Amount | Derivative Fair Value | Net Ineffective | Notional Amount | Derivative Fair Value | Net Ineffective | |||||||||||||||||||||||||||||||||
Dollars in thousands | Asset | Liability | Hedge Gains/(Losses) | Dollars in thousands | Asset | Liability | Hedge Gains/(Losses) | |||||||||||||||||||||||||||||||
CASH FLOW HEDGES | CASH FLOW HEDGES | |||||||||||||||||||||||||||||||||||||
Pay-fixed/receive-variable interest rate swaps | Pay-fixed/receive-variable interest rate swaps | |||||||||||||||||||||||||||||||||||||
Short term borrowings | $ | 110,000 | $ | — | $ | 898 | $ | — | Short term borrowings | $ | 80,000 | $ | 0 | $ | 1,652 | $ | 0 | |||||||||||||||||||||
Interest rate cap | Interest rate cap | |||||||||||||||||||||||||||||||||||||
Short term borrowings | Short term borrowings | $ | 100,000 | $ | 4,611 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||
FAIR VALUE HEDGES | FAIR VALUE HEDGES | |||||||||||||||||||||||||||||||||||||
Pay-fixed/receive-variable interest rate swaps | Pay-fixed/receive-variable interest rate swaps | |||||||||||||||||||||||||||||||||||||
Commercial real estate loans | $ | 18,959 | $ | — | $ | 546 | $ | — | Commercial real estate loans | $ | 18,349 | $ | 0 | $ | 1,415 | $ | 0 |
December 31, 2019 | |||||||||||||||||||||||
Notional Amount | Derivative Fair Value | Net Ineffective | |||||||||||||||||||||
Dollars in thousands | Asset | Liability | Hedge Gains/(Losses) | ||||||||||||||||||||
CASH FLOW HEDGES | |||||||||||||||||||||||
Pay-fixed/receive-variable interest rate swaps | |||||||||||||||||||||||
Short term borrowings | $ | 70,000 | $ | 0 | $ | 679 | $ | 0 | |||||||||||||||
FAIR VALUE HEDGES | |||||||||||||||||||||||
Pay-fixed/receive-variable interest rate swaps | |||||||||||||||||||||||
Commercial real estate loans | $ | 18,809 | $ | 0 | $ | 309 | $ | 0 |
December 31, 2018 | |||||||||||||||
Notional Amount | Derivative Fair Value | Net Ineffective | |||||||||||||
Dollars in thousands | Asset | Liability | Hedge Gains/(Losses) | ||||||||||||
CASH FLOW HEDGES | |||||||||||||||
Pay-fixed/receive-variable interest rate swaps | |||||||||||||||
Short term borrowings | $ | 110,000 | $ | — | $ | 411 | $ | — | |||||||
FAIR VALUE HEDGES | |||||||||||||||
Pay-fixed/receive-variable interest rate swaps | |||||||||||||||
Commercial real estate loans | $ | 19,399 | $ | 555 | $ | — | $ | — |
(Dollars in thousands) | As Recorded by Cornerstone | Estimated Fair Value Adjustments | Estimated Fair Values as Recorded by Summit | |||||||||||||||||
Cash consideration | $ | 14,250 | ||||||||||||||||||
Stock consideration | 15,441 | |||||||||||||||||||
Total consideration | 29,691 | |||||||||||||||||||
Identifiable assets acquired: | ||||||||||||||||||||
Cash and cash equivalents | $ | 60,284 | $ | 0 | $ | 60,284 | ||||||||||||||
Securities available for sale, at fair value | 90,075 | (47) | 90,028 | |||||||||||||||||
Loans | ||||||||||||||||||||
Purchased performing | 37,965 | 188 | 38,153 | |||||||||||||||||
Purchased credit deteriorated | 1,877 | (569) | 1,308 | |||||||||||||||||
Allowance for loan losses | (312) | 312 | 0 | |||||||||||||||||
Premises and equipment | 806 | (142) | 664 | |||||||||||||||||
Property held for sale | 10 | 0 | 10 | |||||||||||||||||
Core deposit intangibles | 0 | 717 | 717 | |||||||||||||||||
Other assets | 4,324 | (74) | 4,250 | |||||||||||||||||
Total identifiable assets acquired | $ | 195,029 | $ | 385 | $ | 195,414 | ||||||||||||||
Identifiable liabilities assumed: | ||||||||||||||||||||
Deposits | 173,027 | 239 | 173,266 | |||||||||||||||||
Other liabilities | 3,286 | (7) | 3,279 | |||||||||||||||||
Total identifiable liabilities assumed | $ | 176,313 | $ | 232 | $ | 176,545 | ||||||||||||||
Net identifiable assets acquired | $ | 18,716 | $ | 153 | $ | 18,869 | ||||||||||||||
Preliminary goodwill resulting from acquisition | $ | 10,822 |
(Dollars in thousands) | As Recorded by PBI | Estimated Fair Value Adjustments | Estimated Fair Values as Recorded by Summit | (Dollars in thousands) | As Recorded by MVB | Estimated Fair Value Adjustments | Estimated Fair Values as Recorded by Summit | |||||||||||||||||||||||||
Cash consideration | $ | 12,740 | Cash consideration | $ | 12,965 | |||||||||||||||||||||||||||
Stock consideration | 8,997 | |||||||||||||||||||||||||||||||
Total consideration | 21,737 | Total consideration | 12,965 | |||||||||||||||||||||||||||||
Identifiable assets acquired: | Identifiable assets acquired: | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 33,422 | $ | (93 | ) | $ | 33,329 | Cash and cash equivalents | $ | 800 | $ | 0 | $ | 800 | ||||||||||||||||||
Securities available for sale, at fair value | 55,206 | (93 | ) | 55,113 | ||||||||||||||||||||||||||||
Loans | Loans | |||||||||||||||||||||||||||||||
Purchased performing | 42,376 | (977 | ) | 41,399 | Purchased performing | 35,127 | (1,185) | 33,942 | ||||||||||||||||||||||||
Purchased credit impaired | — | — | — | |||||||||||||||||||||||||||||
Allowance for loan losses | (410 | ) | 410 | — | ||||||||||||||||||||||||||||
Premises and equipment | 1,382 | (567 | ) | 815 | Premises and equipment | 2,376 | (42) | 2,334 | ||||||||||||||||||||||||
Property held for sale | — | — | — | |||||||||||||||||||||||||||||
Core deposit intangibles | — | 2,129 | 2,129 | Core deposit intangibles | 0 | 125 | 125 | |||||||||||||||||||||||||
Other assets | 1,110 | (100 | ) | 1,010 | Other assets | 114 | 0 | 114 | ||||||||||||||||||||||||
Total identifiable assets acquired | $ | 133,086 | $ | 709 | $ | 133,795 | Total identifiable assets acquired | $ | 38,417 | $ | (1,102) | $ | 37,315 | |||||||||||||||||||
Identifiable liabilities assumed: | Identifiable liabilities assumed: | |||||||||||||||||||||||||||||||
Deposits | 112,064 | 315 | 112,379 | Deposits | 188,134 | 598 | 188,732 | |||||||||||||||||||||||||
Other liabilities | 1,422 | 111 | 1,533 | Other liabilities | 102 | 0 | 102 | |||||||||||||||||||||||||
Total identifiable liabilities assumed | $ | 113,486 | $ | 426 | $ | 113,912 | Total identifiable liabilities assumed | $ | 188,236 | $ | 598 | $ | 188,834 | |||||||||||||||||||
Net identifiable assets acquired | $ | 19,600 | $ | 283 | $ | 19,883 | ||||||||||||||||||||||||||
Net liabilities assumed | Net liabilities assumed | $ | (149,819) | $ | (1,700) | $ | (151,519) | |||||||||||||||||||||||||
Goodwill resulting from acquisition | $ | 1,854 | ||||||||||||||||||||||||||||||
Net cash received from MVB | Net cash received from MVB | 136,854 | ||||||||||||||||||||||||||||||
Preliminary goodwill resulting from acquisition | Preliminary goodwill resulting from acquisition | $ | 14,665 |
Income increase (decrease) | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
Dollars in thousands | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||
Interest and fees on loans | $ | 161 | $ | 137 | $ | 680 | $ | 604 | ||||||||||||
Interest expense on deposits | 175 | 77 | 461 | 247 | ||||||||||||||||
Amortization of intangibles | (412) | (404) | (1,251) | (1,234) | ||||||||||||||||
Income before income tax expense | $ | (76) | $ | (190) | $ | (110) | $ | (383) |
Income increase (decrease) | ||||||||||||||
Dollars in thousands | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
Interest and fees on loans | $ | 137 | $ | 38 | $ | 604 | $ | 239 | ||||||
Interest expense on deposits | 77 | 48 | 247 | 162 | ||||||||||
Amortization of intangibles | (404 | ) | (363 | ) | (1,234 | ) | (1,111 | ) | ||||||
Income before income tax expense | $ | (190 | ) | $ | (277 | ) | $ | (383 | ) | $ | (710 | ) |
For the Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||
Dollars in thousands | Gains and Losses on Pension Plan | Gains and Losses on Other Post-Retirement Benefits | Gains and Losses on Cash Flow Hedges | Unrealized Gains (Losses) on Available-for-Sale Securities | Total | |||||||||||||||||||||||||||
Beginning balance | $ | (140) | $ | 48 | $ | (2,417) | $ | 5,831 | $ | 3,322 | ||||||||||||||||||||||
Other comprehensive income before reclassification | 0 | 0 | 422 | 1,603 | 2,025 | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | (1,157) | (1,157) | |||||||||||||||||||||||||||
Net current period other comprehensive income | 0 | 0 | 422 | 446 | 868 | |||||||||||||||||||||||||||
Ending balance | $ | (140) | $ | 48 | $ | (1,995) | $ | 6,277 | $ | 4,190 |
For the Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||
Dollars in thousands | Gains and Losses on Pension Plan | Gains and Losses on Other Post-Retirement Benefits | Gains and Losses on Cash Flow Hedges | Unrealized Gains (Losses) on Available-for-Sale Securities | Total | |||||||||||||||||||||||||||
Beginning balance | $ | (328) | $ | 139 | $ | (737) | $ | 3,147 | $ | 2,221 | ||||||||||||||||||||||
Other comprehensive income income before reclassification | 0 | 0 | 53 | 1,916 | 1,969 | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | (344) | (344) | |||||||||||||||||||||||||||
Net current period other comprehensive income | 0 | 0 | 53 | 1,572 | 1,625 | |||||||||||||||||||||||||||
Ending balance | $ | (328) | $ | 139 | $ | (684) | $ | 4,719 | $ | 3,846 |
For the Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||
Dollars in thousands | Gains and Losses on Pension Plan | Gains and Losses on Other Post-Retirement Benefits | Gains and Losses on Cash Flow Hedges | Unrealized Gains (Losses) on Available-for-Sale Securities | Total | |||||||||||||||||||||||||||
Beginning balance | $ | (140) | $ | 48 | $ | (518) | $ | 3,145 | $ | 2,535 | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassification | 0 | 0 | (1,477) | 5,078 | 3,601 | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | (1,946) | (1,946) | |||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | 0 | 0 | (1,477) | 3,132 | 1,655 | |||||||||||||||||||||||||||
Ending balance | $ | (140) | $ | 48 | $ | (1,995) | $ | 6,277 | $ | 4,190 |
For the Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||
Dollars in thousands | Gains and Losses on Pension Plan | Gains and Losses on Other Post-Retirement Benefits | Gains and Losses on Cash Flow Hedges | Unrealized Gains (Losses) on Available-for-Sale Securities | Total | |||||||||||||||||||||||||||
Beginning balance | $ | 0 | $ | 139 | $ | (314) | $ | (841) | $ | (1,016) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassification | (328) | 0 | (370) | 6,727 | 6,029 | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | (1,167) | (1,167) | |||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | (328) | 0 | (370) | 5,560 | 4,862 | |||||||||||||||||||||||||||
Ending balance | $ | (328) | $ | 139 | $ | (684) | $ | 4,719 | $ | 3,846 |
For the Three Months Ended September 30, 2019 | ||||||||||||||||||||
Dollars in thousands | Gains and Losses on Pension Plan | Gains and Losses on Other Post-Retirement Benefits | Gains and Losses on Cash Flow Hedges | Unrealized Gains (Losses) on Available-for-Sale Securities | Total | |||||||||||||||
Beginning balance | $ | (328 | ) | $ | 139 | $ | (737 | ) | $ | 3,147 | $ | 2,221 | ||||||||
Other comprehensive income (loss) before reclassification | — | — | 53 | 1,916 | 1,969 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | (344 | ) | (344 | ) | |||||||||||||
Net current period other comprehensive income (loss) | — | — | 53 | 1,572 | 1,625 | |||||||||||||||
Ending balance | $ | (328 | ) | $ | 139 | $ | (684 | ) | $ | 4,719 | $ | 3,846 |
For the Three Months Ended September 30, 2018 | ||||||||||||||||
Dollars in thousands | Gains and Losses on Other Post-Retirement Benefits | Gains and Losses on Cash Flow Hedges | Unrealized Gains (Losses) on Available-for-Sale Securities | Total | ||||||||||||
Beginning balance | $ | 398 | $ | (472 | ) | $ | (912 | ) | $ | (986 | ) | |||||
Other comprehensive (loss) income before reclassification | — | 255 | (2,168 | ) | (1,913 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | (6 | ) | (6 | ) | ||||||||||
Net current period other comprehensive (loss) income | — | 255 | (2,174 | ) | (1,919 | ) | ||||||||||
Ending balance | $ | 398 | $ | (217 | ) | $ | (3,086 | ) | $ | (2,905 | ) |
For the Nine Months Ended September 30, 2019 | ||||||||||||||||||||
Dollars in thousands | Gains and Losses on Pension Plan | Gains and Losses on Other Post-Retirement Benefits | Gains and Losses on Cash Flow Hedges | Unrealized Gains (Losses) on Available-for-Sale Securities | Total | |||||||||||||||
Beginning balance | $ | — | $ | 139 | $ | (314 | ) | $ | (841 | ) | $ | (1,016 | ) | |||||||
Other comprehensive income (loss) before reclassification | (328 | ) | — | (370 | ) | 6,727 | 6,029 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | (1,167 | ) | (1,167 | ) | |||||||||||||
Net current period other comprehensive income (loss) | (328 | ) | — | (370 | ) | 5,560 | 4,862 | |||||||||||||
Ending balance | $ | (328 | ) | $ | 139 | $ | (684 | ) | $ | 4,719 | $ | 3,846 |
For the Nine Months Ended September 30, 2018 | ||||||||||||||||
Dollars in thousands | Gains and Losses on Other Post-Retirement Benefits | Gains and Losses on Cash Flow Hedges | Unrealized Gains (Losses) on Available-for-Sale Securities | Total | ||||||||||||
Beginning balance | $ | 398 | $ | (1,564 | ) | $ | 2,898 | $ | 1,732 | |||||||
Other comprehensive (loss) income before reclassification | — | 1,347 | (5,355 | ) | (4,008 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | (629 | ) | (629 | ) | ||||||||||
Net current period other comprehensive (loss) income | — | 1,347 | (5,984 | ) | (4,637 | ) | ||||||||||
Ending balance | $ | 398 | $ | (217 | ) | $ | (3,086 | ) | $ | (2,905 | ) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Dollars in thousands | Percent | Percent | Percent | Percent | |||||||||||||||||||
Applicable statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||||||
Increase (decrease) in rate resulting from: | |||||||||||||||||||||||
Tax-exempt interest and dividends, net | (1.9) | % | (1.6) | % | (2.2) | % | (2.0) | % | |||||||||||||||
State income taxes, net of Federal income tax benefit | 1.9 | % | 1.9 | % | 1.6 | % | 1.8 | % | |||||||||||||||
Low-income housing and rehabilitation tax credits | (0.1) | % | (0.5) | % | (0.6) | % | (0.6) | % | |||||||||||||||
Other, net | 0.3 | % | (2.4) | % | 0.3 | % | (2.0) | % | |||||||||||||||
Effective income tax rate | 21.2 | % | 18.4 | % | 20.1 | % | 18.2 | % |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Dollars in thousands | Percent | Percent | Percent | Percent | |||||||
Applicable statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | |||
Increase (decrease) in rate resulting from: | |||||||||||
Tax-exempt interest and dividends, net | (1.6 | )% | (3.1 | )% | (2.0 | )% | (3.0 | )% | |||
State income taxes, net of Federal income tax benefit | 1.9 | % | 2.1 | % | 1.8 | % | 2.2 | % | |||
Low-income housing and rehabilitation tax credits | (0.4 | )% | (0.9 | )% | (0.6 | )% | (1.1 | )% | |||
Other, net | (2.4 | )% | 0.4 | % | (2.0 | )% | 1.0 | % | |||
Effective income tax rate | 18.5 | % | 19.5 | % | 18.2 | % | 20.1 | % |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||
Dollars in thousands | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Current | |||||||||||||||||
Federal | $ | 2,697 | $ | 1,666 | $ | 7,689 | $ | 4,913 | |||||||||
State | 372 | 246 | 1,072 | 716 | |||||||||||||
3,069 | 1,912 | 8,761 | 5,629 | ||||||||||||||
Deferred | |||||||||||||||||
Federal | (416) | (88) | (3,025) | (294) | |||||||||||||
State | (59) | (12) | (434) | (42) | |||||||||||||
(475) | (100) | (3,459) | (336) | ||||||||||||||
Total | $ | 2,594 | $ | 1,812 | $ | 5,302 | $ | 5,293 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||
Dollars in thousands | 2019 | 2018 | 2019 | 2018 | |||||||||
Current | |||||||||||||
Federal | $ | 1,666 | $ | 1,410 | $ | 4,913 | $ | 4,628 | |||||
State | 246 | 228 | 716 | 737 | |||||||||
1,912 | 1,638 | 5,629 | 5,365 | ||||||||||
Deferred | |||||||||||||
Federal | (88 | ) | 25 | (294 | ) | (142 | ) | ||||||
State | (12 | ) | 4 | (42 | ) | (22 | ) | ||||||
(100 | ) | 29 | (336 | ) | (164 | ) | |||||||
Total | $ | 1,812 | $ | 1,667 | $ | 5,293 | $ | 5,201 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Dollars in thousands | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Service fees on deposit accounts | $ | 1,312 | $ | 1,215 | $ | 3,716 | $ | 3,421 | ||||||||
Bank card revenue | 924 | 793 | 2,631 | 2,343 | ||||||||||||
Trust and wealth management fees | 632 | 687 | 1,830 | 2,026 | ||||||||||||
Insurance commissions | 40 | 1,062 | 1,821 | 3,188 | ||||||||||||
Other | 66 | 53 | 224 | 189 | ||||||||||||
Net revenue from contracts with customers | 2,974 | 3,810 | 10,222 | 11,167 | ||||||||||||
Non-interest income within the scope of other ASC topics | 785 | 401 | 4,577 | 2,068 | ||||||||||||
Total noninterest income | $ | 3,759 | $ | 4,211 | $ | 14,799 | $ | 13,235 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Dollars in thousands | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Service fees on deposit accounts | $ | 1,138 | $ | 1,312 | $ | 3,283 | $ | 3,716 | ||||||||||||||||||
Bank card revenue | 1,237 | 924 | 3,257 | 2,631 | ||||||||||||||||||||||
Trust and wealth management fees | 622 | 632 | 1,870 | 1,830 | ||||||||||||||||||||||
Insurance commissions | 44 | 40 | 75 | 1,821 | ||||||||||||||||||||||
Other | 69 | 66 | 292 | 224 | ||||||||||||||||||||||
Net revenue from contracts with customers | 3,110 | 2,974 | 8,777 | 10,222 | ||||||||||||||||||||||
Non-interest income within the scope of other ASC topics | 3,097 | 785 | 5,530 | 4,577 | ||||||||||||||||||||||
Total noninterest income | $ | 6,207 | $ | 3,759 | $ | 14,307 | $ | 14,799 |
Loan Balances Modified Due to COVID-19 as of September 30, 2020 | |||||||||||||||||
Dollars in thousands | Total Loan Balance as of 9/30/2020 | Interest Only Payments | Payment Deferral | Total Loans Modified | Percentage of Loans Modified | ||||||||||||
Hospitality industry | $ | 120,324 | $ | 36,803 | $ | 11,466 | $ | 48,269 | 40.1 | % | |||||||
Non-owner occupied retail stores | 108,326 | 19,497 | — | 19,497 | 18.0 | % | |||||||||||
Owner-occupied retail stores | 100,926 | 1,601 | 1,409 | 3,010 | 3.0 | % | |||||||||||
Restaurants | 7,968 | — | — | — | — | % | |||||||||||
Oil & gas industry | 24,404 | 914 | — | 914 | 3.7 | % | |||||||||||
Other commercial | 1,084,385 | 40,846 | — | 40,846 | 3.8 | % | |||||||||||
Total Commercial Loans | 1,446,333 | 99,661 | 12,875 | 112,536 | 7.8 | % | |||||||||||
Residential 1-4 family personal | 263,315 | 195 | 991 | 1,186 | 0.5 | % | |||||||||||
Residential 1-4 family rentals | 178,529 | 3,567 | 336 | 3,903 | 2.2 | % | |||||||||||
Home equity | 82,991 | — | — | — | — | % | |||||||||||
Total Residential Real Estate Loans | 524,835 | 3,762 | 1,327 | 5,089 | 1.0 | % | |||||||||||
Consumer | 34,655 | 34 | 22 | 56 | 0.2 | % | |||||||||||
Mortgage warehouse lines | 243,730 | — | — | — | 0.0 | % | |||||||||||
Credit cards and overdrafts | 2,251 | — | — | — | 0.0 | % | |||||||||||
Total Loans | $ | 2,251,804 | $ | 103,457 | $ | 14,224 | $ | 117,681 | 5.2 | % |
Loan Balances Modified Due to COVID-19 as of June 30, 2020 | |||||||||||||||||
Dollars in thousands | Total Loan Balance as of 6/30/2020 | Interest Only Payments | Payment Deferral | Total Loans Modified | Percentage of Loans Modified | ||||||||||||
Hospitality industry | $ | 119,204 | $ | 55,849 | $ | 43,030 | $ | 98,879 | 82.9 | % | |||||||
Non-owner occupied retail stores | 109,078 | 38,354 | 13,802 | 52,156 | 47.8 | % | |||||||||||
Owner-occupied retail stores | 119,794 | 21,956 | 9,372 | 31,328 | 26.2 | % | |||||||||||
Restaurants | 8,126 | 2,392 | 1,877 | 4,269 | 52.5 | % | |||||||||||
Oil & gas industry | 31,977 | 914 | 4,378 | 5,292 | 16.5 | % | |||||||||||
Other commercial | 1,005,740 | 88,285 | 34,634 | 122,919 | 12.2 | % | |||||||||||
Total Commercial Loans | 1,393,919 | 207,750 | 107,093 | 314,843 | 22.6 | % | |||||||||||
Residential 1-4 family personal | 267,170 | 3,933 | 13,404 | 17,337 | 6.5 | % | |||||||||||
Residential 1-4 family rentals | 180,415 | 20,348 | 6,032 | 26,380 | 14.6 | % | |||||||||||
Home equity | 88,929 | — | 569 | 569 | 0.6 | % | |||||||||||
Total Residential Real Estate Loans | 536,514 | 24,281 | 20,005 | 44,286 | 8.3 | % | |||||||||||
Consumer | 34,640 | 595 | 605 | 1,200 | 3.5 | % | |||||||||||
Mortgage warehouse lines | 252,472 | — | — | — | 0.0 | % | |||||||||||
Credit cards and overdrafts | 2,162 | — | — | — | 0.0 | % | |||||||||||
Total Loans | $ | 2,219,707 | $ | 232,626 | $ | 127,703 | $ | 360,329 | 16.2 | % |
Table I - Average Balance Sheet and Net Interest Income Analysis | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in thousands | Average Balance | Earnings/ Expense | Yield/ Rate | Average Balance | Earnings/ Expense | Yield/ Rate | Average Balance | Earnings/ Expense | Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned fees (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | $ | 2,251,722 | $ | 26,656 | 4.71 | % | $ | 2,118,158 | $ | 25,466 | 4.84 | % | $ | 1,813,555 | $ | 24,786 | 5.42 | % | |||||||||||||||||||||||||||||||||||
Tax-exempt (2) | 16,245 | 191 | 4.68 | % | 17,244 | 200 | 4.66 | % | 15,903 | 195 | 4.86 | % | |||||||||||||||||||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 261,231 | 1,445 | 2.20 | % | 248,792 | 1,453 | 2.35 | % | 203,288 | 1,566 | 3.06 | % | |||||||||||||||||||||||||||||||||||||||||
Tax-exempt (2) | 150,350 | 1,186 | 3.14 | % | 120,385 | 1,012 | 3.38 | % | 79,387 | 782 | 3.91 | % | |||||||||||||||||||||||||||||||||||||||||
Federal funds sold and interest bearing deposits with other banks | 60,639 | 57 | 0.37 | % | 41,776 | 60 | 0.58 | % | 35,214 | 125 | 1.41 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 2,740,187 | 29,535 | 4.29 | % | 2,546,355 | 28,191 | 4.45 | % | 2,147,347 | 27,454 | 5.07 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest earning assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash & due from banks | 16,603 | 16,672 | 12,815 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 52,329 | 50,457 | 43,160 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Property held for sale | 17,801 | 18,122 | 21,180 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 136,777 | 122,233 | 83,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (28,144) | (25,799) | (13,276) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,935,553 | $ | 2,728,040 | $ | 2,294,835 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand deposits | $ | 850,281 | $ | 380 | 0.18 | % | $ | 764,852 | $ | 369 | 0.19 | % | $ | 594,772 | $ | 1,621 | 1.08 | % | |||||||||||||||||||||||||||||||||||
Savings deposits | 588,085 | 925 | 0.63 | % | 512,634 | 1,200 | 0.94 | % | 302,331 | 949 | 1.25 | % | |||||||||||||||||||||||||||||||||||||||||
Time deposits | 585,092 | 2,247 | 1.53 | % | 625,717 | 2,617 | 1.68 | % | 674,869 | 3,644 | 2.14 | % | |||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 165,555 | 734 | 1.76 | % | 95,744 | 499 | 2.10 | % | 202,425 | 1,372 | 2.69 | % | |||||||||||||||||||||||||||||||||||||||||
Long-term borrowings and capital trust securities | 23,230 | 194 | 3.32 | % | 20,299 | 186 | 3.69 | % | 20,312 | 243 | 4.75 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 2,212,243 | 4,480 | 0.81 | % | 2,019,246 | 4,871 | 0.97 | % | 1,794,709 | 7,829 | 1.73 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest bearing liabilities and shareholders' equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 421,741 | 417,992 | 240,193 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 33,978 | 32,238 | 21,320 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 2,667,962 | 2,469,476 | 2,056,222 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 267,591 | 258,564 | 238,613 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,935,553 | $ | 2,728,040 | $ | 2,294,835 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest earnings | $ | 25,055 | $ | 23,320 | $ | 19,625 | |||||||||||||||||||||||||||||||||||||||||||||||
Net yield on interest earning assets | 3.64 | % | 3.68 | % | 3.63 | % |
Table I - Average Balance Sheet and Net Interest Income Analysis | ||||||||||||||||||||||||||||||||
For the Quarter Ended | ||||||||||||||||||||||||||||||||
September 30, 2019 | June 30, 2019 | September 30, 2018 | ||||||||||||||||||||||||||||||
Dollars in thousands | Average Balance | Earnings/ Expense | Yield/ Rate | Average Balance | Earnings/ Expense | Yield/ Rate | Average Balance | Earnings/ Expense | Yield/ Rate | |||||||||||||||||||||||
Interest earning assets | ||||||||||||||||||||||||||||||||
Loans, net of unearned fees (1) | ||||||||||||||||||||||||||||||||
Taxable | $ | 1,813,555 | $ | 24,786 | 5.42 | % | $ | 1,749,032 | $ | 24,184 | 5.55 | % | $ | 1,615,700 | $ | 21,154 | 5.19 | % | ||||||||||||||
Tax-exempt (2) | 15,903 | 195 | 4.86 | % | 14,695 | 213 | 5.81 | % | 15,688 | 178 | 4.50 | % | ||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||
Taxable | 203,288 | 1,566 | 3.06 | % | 203,049 | 1,607 | 3.17 | % | 155,574 | 1,227 | 3.13 | % | ||||||||||||||||||||
Tax-exempt (2) | 79,387 | 782 | 3.91 | % | 100,307 | 999 | 3.99 | % | 146,174 | 1,443 | 3.92 | % | ||||||||||||||||||||
Federal funds sold and interest bearing deposits with other banks | 35,214 | 125 | 1.41 | % | 38,214 | 134 | 1.41 | % | 38,642 | 138 | 1.42 | % | ||||||||||||||||||||
Total interest earning assets | 2,147,347 | 27,454 | 5.07 | % | 2,105,297 | 27,137 | 5.17 | % | 1,971,778 | 24,140 | 4.86 | % | ||||||||||||||||||||
Noninterest earning assets | ||||||||||||||||||||||||||||||||
Cash & due from banks | 12,815 | 14,124 | 9,326 | |||||||||||||||||||||||||||||
Premises and equipment | 43,160 | 41,318 | 36,533 | |||||||||||||||||||||||||||||
Property held for sale | 21,180 | 23,149 | 21,591 | |||||||||||||||||||||||||||||
Other assets | 83,609 | 86,493 | 87,037 | |||||||||||||||||||||||||||||
Allowance for loan losses | (13,276 | ) | (13,260 | ) | (12,865 | ) | ||||||||||||||||||||||||||
Total assets | $ | 2,294,835 | $ | 2,257,121 | $ | 2,113,400 | ||||||||||||||||||||||||||
Interest bearing liabilities | ||||||||||||||||||||||||||||||||
Interest bearing demand deposits | $ | 594,772 | $ | 1,621 | 1.08 | % | $ | 575,240 | $ | 1,731 | 1.21 | % | $ | 486,107 | $ | 1,168 | 0.95 | % | ||||||||||||||
Savings deposits | 302,331 | 949 | 1.25 | % | 305,342 | 921 | 1.21 | % | 312,467 | 857 | 1.09 | % | ||||||||||||||||||||
Time deposits | 674,869 | 3,644 | 2.14 | % | 673,272 | 3,315 | 1.97 | % | 616,657 | 2,689 | 1.73 | % | ||||||||||||||||||||
Short-term borrowings | 202,425 | 1,371 | 2.69 | % | 187,120 | 1,397 | 2.99 | % | 211,211 | 1,437 | 2.70 | % | ||||||||||||||||||||
Long-term borrowings and capital trust securities | 20,312 | 244 | 4.75 | % | 20,317 | 255 | 5.03 | % | 39,265 | 436 | 4.42 | % | ||||||||||||||||||||
Total interest bearing liabilities | 1,794,709 | 7,829 | 1.73 | % | 1,761,291 | 7,619 | 1.74 | % | 1,665,707 | 6,587 | 1.57 | % | ||||||||||||||||||||
Noninterest bearing liabilities and shareholders' equity | ||||||||||||||||||||||||||||||||
Demand deposits | 240,193 | 241,811 | 219,986 | |||||||||||||||||||||||||||||
Other liabilities | 21,320 | 19,750 | 15,447 | |||||||||||||||||||||||||||||
Total liabilities | 2,056,222 | 2,022,852 | 1,901,140 | |||||||||||||||||||||||||||||
Shareholders' equity | 238,613 | 234,269 | 212,260 | |||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,294,835 | $ | 2,257,121 | $ | 2,113,400 | ||||||||||||||||||||||||||
Net interest earnings | $ | 19,625 | $ | 19,518 | $ | 17,553 | ||||||||||||||||||||||||||
Net yield on interest earning assets | 3.63 | % | 3.72 | % | 3.53 | % |
Table II - Changes in Net Interest Income Attributable to Rate and Volume | ||||||||||||||||||||||||||||||||||||||
For the Quarter Ended | For the Quarter Ended | |||||||||||||||||||||||||||||||||||||
September 30, 2020 vs. June 30, 2020 | September 30, 2020 vs. September 30, 2019 | |||||||||||||||||||||||||||||||||||||
Increase (Decrease) Due to Change in: | Increase (Decrease) Due to Change in: | |||||||||||||||||||||||||||||||||||||
Dollars in thousands | Volume | Rate | Net | Volume | Rate | Net | ||||||||||||||||||||||||||||||||
Interest earned on: | ||||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||
Taxable | $ | 1,794 | $ | (604) | $ | 1,190 | $ | 5,431 | $ | (3,561) | $ | 1,870 | ||||||||||||||||||||||||||
Tax-exempt | (10) | 1 | (9) | 4 | (8) | (4) | ||||||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||||||||
Taxable | 79 | (87) | (8) | 381 | (502) | (121) | ||||||||||||||||||||||||||||||||
Tax-exempt | 249 | (75) | 174 | 583 | (179) | 404 | ||||||||||||||||||||||||||||||||
Federal funds sold and interest bearing deposits with other banks | 22 | (25) | (3) | 57 | (125) | (68) | ||||||||||||||||||||||||||||||||
Total interest earned on interest earning assets | 2,134 | (790) | 1,344 | 6,456 | (4,375) | 2,081 | ||||||||||||||||||||||||||||||||
Interest paid on: | ||||||||||||||||||||||||||||||||||||||
Interest bearing demand deposits | 42 | (31) | 11 | 498 | (1,739) | (1,241) | ||||||||||||||||||||||||||||||||
Savings deposits | 165 | (440) | (275) | 603 | (627) | (24) | ||||||||||||||||||||||||||||||||
Time deposits | (153) | (217) | (370) | (443) | (954) | (1,397) | ||||||||||||||||||||||||||||||||
Short-term borrowings | 325 | (90) | 235 | (221) | (417) | (638) | ||||||||||||||||||||||||||||||||
Long-term borrowings and capital trust securities | 27 | (19) | 8 | 31 | (80) | (49) | ||||||||||||||||||||||||||||||||
Total interest paid on interest bearing liabilities | 406 | (797) | (391) | 468 | (3,817) | (3,349) | ||||||||||||||||||||||||||||||||
Net interest income | $ | 1,728 | $ | 7 | $ | 1,735 | $ | 5,988 | $ | (558) | $ | 5,430 |
Table II - Changes in Net Interest Income Attributable to Rate and Volume | ||||||||||||||||||||||||
For the Quarter Ended | For the Quarter Ended | |||||||||||||||||||||||
September 30, 2019 vs. June 30, 2019 | September 30, 2019 vs. September 30, 2018 | |||||||||||||||||||||||
Increase (Decrease) Due to Change in: | Increase (Decrease) Due to Change in: | |||||||||||||||||||||||
Dollars in thousands | Volume | Rate | Net | Volume | Rate | Net | ||||||||||||||||||
Interest earned on: | ||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||
Taxable | $ | 1,055 | $ | (453 | ) | $ | 602 | $ | 2,674 | $ | 958 | $ | 3,632 | |||||||||||
Tax-exempt | 18 | (36 | ) | (18 | ) | 2 | 15 | 17 | ||||||||||||||||
Securities | ||||||||||||||||||||||||
Taxable | 3 | (44 | ) | (41 | ) | 368 | (29 | ) | 339 | |||||||||||||||
Tax-exempt | (197 | ) | (20 | ) | (217 | ) | (658 | ) | (3 | ) | (661 | ) | ||||||||||||
Federal funds sold and interest bearing deposits with other banks | (10 | ) | 1 | (9 | ) | (12 | ) | (1 | ) | (13 | ) | |||||||||||||
Total interest earned on interest earning assets | 869 | (552 | ) | 317 | 2,374 | 940 | 3,314 | |||||||||||||||||
Interest paid on: | ||||||||||||||||||||||||
Interest bearing demand deposits | 62 | (172 | ) | (110 | ) | 283 | 170 | 453 | ||||||||||||||||
Savings deposits | (7 | ) | 35 | 28 | (29 | ) | 121 | 92 | ||||||||||||||||
Time deposits | 9 | 320 | 329 | 271 | 684 | 955 | ||||||||||||||||||
Short-term borrowings | 118 | (144 | ) | (26 | ) | (60 | ) | (5 | ) | (65 | ) | |||||||||||||
Long-term borrowings and capital trust securities | — | (11 | ) | (11 | ) | (225 | ) | 32 | (193 | ) | ||||||||||||||
Total interest paid on interest bearing liabilities | 182 | 28 | 210 | 240 | 1,002 | 1,242 | ||||||||||||||||||
Net interest income | $ | 687 | $ | (580 | ) | $ | 107 | $ | 2,134 | $ | (62 | ) | $ | 2,072 |
Table III - Average Balance Sheet and Net Interest Income Analysis | |||||||||||||||||||||||||||||||||||
For the Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | ||||||||||||||||||||||||||||||||||
Dollars in thousands | Average Balance | Earnings/ Expense | Yield/ Rate | Average Balance | Earnings/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||
Interest earning assets | |||||||||||||||||||||||||||||||||||
Loans, net of unearned fees (1) | |||||||||||||||||||||||||||||||||||
Taxable | $ | 2,102,331 | $ | 77,211 | 4.91 | % | $ | 1,758,645 | $ | 71,877 | 5.46 | % | |||||||||||||||||||||||
Tax-exempt (2) | 16,121 | 576 | 4.77 | % | 15,172 | 591 | 5.2 | % | |||||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||||||||||||
Taxable | 256,322 | 4,657 | 2.43 | % | 200,947 | 4,858 | 3.23 | % | |||||||||||||||||||||||||||
Tax-exempt (2) | 113,793 | 2,897 | 3.40 | % | 98,084 | 2,920 | 3.98 | % | |||||||||||||||||||||||||||
Federal funds sold and interest bearing deposits with other banks | 46,074 | 215 | 0.62 | % | 41,642 | 490 | 1.57 | % | |||||||||||||||||||||||||||
Total interest earning assets | 2,534,641 | 85,556 | 4.51 | % | 2,114,490 | 80,736 | 5.10 | % | |||||||||||||||||||||||||||
Noninterest earning assets | |||||||||||||||||||||||||||||||||||
Cash & due from banks | 15,901 | 12,941 | |||||||||||||||||||||||||||||||||
Premises and equipment | 49,655 | 40,983 | |||||||||||||||||||||||||||||||||
Property held for sale | 18,423 | 21,904 | |||||||||||||||||||||||||||||||||
Other assets | 120,228 | 87,080 | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (25,618) | (13,283) | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,713,230 | $ | 2,264,115 | |||||||||||||||||||||||||||||||
Interest bearing liabilities | |||||||||||||||||||||||||||||||||||
Interest bearing demand deposits | $ | 753,384 | $ | 1,830 | 0.32 | % | $ | 575,817 | $ | 5,016 | 1.16 | % | |||||||||||||||||||||||
Savings deposits | 516,841 | 3,462 | 0.89 | % | 306,083 | 2,768 | 1.21 | % | |||||||||||||||||||||||||||
Time deposits | 608,551 | 7,796 | 1.71 | % | 667,565 | 9,960 | 1.99 | % | |||||||||||||||||||||||||||
Short-term borrowings | 127,109 | 1,863 | 1.96 | % | 196,622 | 4,241 | 2.88 | % | |||||||||||||||||||||||||||
Long-term borrowings and capital trust securities | 21,284 | 600 | 3.77 | % | 20,317 | 757 | 4.98 | % | |||||||||||||||||||||||||||
Total interest bearing liabilities | 2,027,169 | 15,551 | 1.02 | % | 1,766,404 | 22,742 | 1.72 | % | |||||||||||||||||||||||||||
Noninterest bearing liabilities and shareholders' equity | |||||||||||||||||||||||||||||||||||
Demand deposits | 393,128 | 243,356 | |||||||||||||||||||||||||||||||||
Other liabilities | 30,741 | 19,669 | |||||||||||||||||||||||||||||||||
Total liabilities | 2,451,038 | 2,029,429 | |||||||||||||||||||||||||||||||||
Shareholders' equity - common | 262,192 | 234,686 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,713,230 | $ | 2,264,115 | |||||||||||||||||||||||||||||||
Net interest earnings | $ | 70,005 | $ | 57,994 | |||||||||||||||||||||||||||||||
Net yield on interest earning assets | 3.69 | % | 3.67 | % |
Table III - Average Balance Sheet and Net Interest Income Analysis | |||||||||||||||||||||
For the Nine Months Ended | |||||||||||||||||||||
September 30, 2019 | September 30, 2018 | ||||||||||||||||||||
Dollars in thousands | Average Balance | Earnings/ Expense | Yield/ Rate | Average Balance | Earnings/ Expense | Yield/ Rate | |||||||||||||||
Interest earning assets | |||||||||||||||||||||
Loans, net of unearned fees (1) | |||||||||||||||||||||
Taxable | $ | 1,758,645 | $ | 71,877 | 5.46 | % | $ | 1,615,427 | $ | 62,196 | 5.15 | % | |||||||||
Tax-exempt (2) | 15,172 | 591 | 5.21 | % | 15,929 | 542 | 4.55 | % | |||||||||||||
Securities | |||||||||||||||||||||
Taxable | 200,947 | 4,858 | 3.23 | % | 169,177 | 3,839 | 3.03 | % | |||||||||||||
Tax-exempt (2) | 98,084 | 2,920 | 3.98 | % | 138,539 | 4,078 | 3.94 | % | |||||||||||||
Federal funds sold and interest bearing deposits with other banks | 41,642 | 490 | 1.57 | % | 39,075 | 412 | 1.41 | % | |||||||||||||
Total interest earning assets | 2,114,490 | 80,736 | 5.10 | % | 1,978,147 | 71,067 | 4.80 | % | |||||||||||||
Noninterest earning assets | |||||||||||||||||||||
Cash & due from banks | 12,941 | 9,459 | |||||||||||||||||||
Premises and equipment | 40,983 | 35,620 | |||||||||||||||||||
Property held for sale | 21,904 | 21,452 | |||||||||||||||||||
Other assets | 87,080 | 86,337 | |||||||||||||||||||
Allowance for loan losses | (13,283 | ) | (12,715 | ) | |||||||||||||||||
Total assets | $ | 2,264,115 | $ | 2,118,300 | |||||||||||||||||
Interest bearing liabilities | |||||||||||||||||||||
Interest bearing demand deposits | $ | 575,817 | $ | 5,016 | 1.16 | % | $ | 455,637 | $ | 2,701 | 0.79 | % | |||||||||
Savings deposits | 306,083 | 2,768 | 1.21 | % | 330,420 | 2,373 | 0.96 | % | |||||||||||||
Time deposits | 667,565 | 9,961 | 1.99 | % | 626,587 | 7,498 | 1.60 | % | |||||||||||||
Short-term borrowings | 196,622 | 4,240 | 2.88 | % | 214,005 | 4,084 | 2.55 | % | |||||||||||||
Long-term borrowings and capital trust securities | 20,317 | 758 | 4.98 | % | 52,155 | 1,695 | 4.35 | % | |||||||||||||
Total interest bearing liabilities | 1,766,404 | 22,743 | 1.72 | % | 1,678,804 | 18,351 | 1.46 | % | |||||||||||||
Noninterest bearing liabilities and shareholders' equity | |||||||||||||||||||||
Demand deposits | 243,356 | 216,701 | |||||||||||||||||||
Other liabilities | 19,669 | 15,778 | |||||||||||||||||||
Total liabilities | 2,029,429 | 1,911,283 | |||||||||||||||||||
Shareholders' equity - common | 234,686 | 207,017 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,264,115 | $ | 2,118,300 | |||||||||||||||||
Net interest earnings | $ | 57,993 | $ | 52,716 | |||||||||||||||||
Net yield on interest earning assets | 3.67 | % | 3.56 | % |
Table IV - Changes in Net Interest Income Attributable to Rate and Volume | Table IV - Changes in Net Interest Income Attributable to Rate and Volume | Table IV - Changes in Net Interest Income Attributable to Rate and Volume | ||||||||||||||||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, 2019 versus September 30, 2018 | September 30, 2020 versus September 30, 2019 | |||||||||||||||||||||||||||||||
Increase (Decrease) Due to Change in: | Increase (Decrease) Due to Change in: | |||||||||||||||||||||||||||||||
Dollars in thousands | Volume | Rate | Net | Dollars in thousands | Volume | Rate | Net | |||||||||||||||||||||||||
Interest earned on: | Interest earned on: | |||||||||||||||||||||||||||||||
Loans | Loans | |||||||||||||||||||||||||||||||
Taxable | $ | 5,714 | $ | 3,967 | $ | 9,681 | Taxable | $ | 13,135 | $ | (7,801) | $ | 5,334 | |||||||||||||||||||
Tax-exempt | (27 | ) | 76 | 49 | Tax-exempt | 36 | (51) | (15) | ||||||||||||||||||||||||
Securities | Securities | |||||||||||||||||||||||||||||||
Taxable | 756 | 263 | 1,019 | Taxable | 1,167 | (1,368) | (201) | |||||||||||||||||||||||||
Tax-exempt | (1,204 | ) | 46 | (1,158 | ) | Tax-exempt | 433 | (456) | (23) | |||||||||||||||||||||||
Federal funds sold and interest bearing deposits with other banks | 28 | 50 | 78 | Federal funds sold and interest bearing deposits with other banks | 47 | (322) | (275) | |||||||||||||||||||||||||
Total interest earned on interest earning assets | 5,267 | 4,402 | 9,669 | Total interest earned on interest earning assets | 14,818 | (9,998) | 4,820 | |||||||||||||||||||||||||
Interest paid on: | Interest paid on: | |||||||||||||||||||||||||||||||
Interest bearing demand deposits | 832 | 1,483 | 2,315 | Interest bearing demand deposits | 1,219 | (4,405) | (3,186) | |||||||||||||||||||||||||
Savings deposits | (185 | ) | 580 | 395 | Savings deposits | 1,550 | (856) | 694 | ||||||||||||||||||||||||
Time deposits | 515 | 1,948 | 2,463 | Time deposits | (833) | (1,331) | (2,164) | |||||||||||||||||||||||||
Short-term borrowings | (349 | ) | 505 | 156 | Short-term borrowings | (1,247) | (1,131) | (2,378) | ||||||||||||||||||||||||
Long-term borrowings and capital trust securities | (1,158 | ) | 221 | (937 | ) | Long-term borrowings and capital trust securities | 35 | (192) | (157) | |||||||||||||||||||||||
Total interest paid on interest bearing liabilities | (345 | ) | 4,737 | 4,392 | Total interest paid on interest bearing liabilities | 724 | (7,915) | (7,191) | ||||||||||||||||||||||||
Net interest income | $ | 5,612 | $ | (335 | ) | $ | 5,277 | Net interest income | $ | 14,094 | $ | (2,083) | $ | 12,011 |
Table V - Noninterest Income | |||||||||||||||||||||||
For the Quarter Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
Dollars in thousands | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Insurance commissions | $ | 44 | $ | 40 | $ | 75 | $ | 1,821 | |||||||||||||||
Trust and wealth management fees | 622 | 632 | 1,870 | 1,830 | |||||||||||||||||||
Mortgage origination revenue | 780 | 77 | 1,636 | 392 | |||||||||||||||||||
Service charges on deposit accounts | 1,138 | 1,312 | 3,283 | 3,716 | |||||||||||||||||||
Bank card revenue | 1,237 | 924 | 3,257 | 2,631 | |||||||||||||||||||
Realized securities gains | 1,522 | 453 | 2,560 | 1,535 | |||||||||||||||||||
Gain on sale of Summit Insurance Services, LLC | — | — | — | 1,906 | |||||||||||||||||||
Bank owned life insurance income | 795 | 247 | 1,334 | 733 | |||||||||||||||||||
Other | 69 | 74 | 292 | 235 | |||||||||||||||||||
Total | $ | 6,207 | $ | 3,759 | $ | 14,307 | $ | 14,799 |
Table V - Noninterest Income | |||||||||||||||
For the Quarter Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
Dollars in thousands | 2019 | 2018 | 2019 | 2018 | |||||||||||
Insurance commissions | $ | 40 | $ | 1,062 | $ | 1,821 | $ | 3,188 | |||||||
Trust and wealth management fees | 632 | 687 | 1,830 | 2,026 | |||||||||||
Service charges on deposit accounts | 1,312 | 1,215 | 3,716 | 3,421 | |||||||||||
Bank card revenue | 924 | 793 | 2,631 | 2,343 | |||||||||||
Realized securities gains | 453 | 8 | 1,535 | 828 | |||||||||||
Gain on sale of Summit Insurance Services, LLC | — | — | 1,906 | — | |||||||||||
Bank owned life insurance income | 247 | 250 | 733 | 773 | |||||||||||
Other | 151 | 196 | 627 | 656 | |||||||||||
Total | $ | 3,759 | $ | 4,211 | $ | 14,799 | $ | 13,235 |
Table VI - Noninterest Expense | |||||||||||||||||||||||||||||||||||||||||||||||
For the Quarter Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||
Dollars in thousands | 2020 | $ | % | 2019 | 2020 | $ | % | 2019 | |||||||||||||||||||||||||||||||||||||||
Salaries, commissions, and employee benefits | $ | 8,108 | $ | 1,064 | 15.1 | % | $ | 7,044 | $ | 23,709 | $ | 1,743 | 7.9 | % | $ | 21,966 | |||||||||||||||||||||||||||||||
Net occupancy expense | 1,057 | 258 | 32.3 | % | 799 | 2,917 | 315 | 12.1 | % | 2,602 | |||||||||||||||||||||||||||||||||||||
Equipment expense | 1,474 | 178 | 13.7 | % | 1,296 | 4,263 | 569 | 15.4 | % | 3,694 | |||||||||||||||||||||||||||||||||||||
Professional fees | 364 | (24) | (6.2) | % | 388 | 1,168 | (98) | (7.7) | % | 1,266 | |||||||||||||||||||||||||||||||||||||
Advertising and public relations | 145 | (32) | (18.1) | % | 177 | 389 | (95) | (19.6) | % | 484 | |||||||||||||||||||||||||||||||||||||
Amortization of intangibles | 412 | 8 | 2.0 | % | 404 | 1,251 | (49) | (3.8) | % | 1,300 | |||||||||||||||||||||||||||||||||||||
FDIC premiums | 320 | 320 | n/a | — | 595 | 507 | 576.1 | % | 88 | ||||||||||||||||||||||||||||||||||||||
Bank card expense | 589 | 134 | 29.5 | % | 455 | 1,652 | 285 | 20.8 | % | 1,367 | |||||||||||||||||||||||||||||||||||||
Foreclosed properties expense, net | 607 | 302 | 99.0 | % | 305 | 1,815 | (421) | (18.8) | % | 2,236 | |||||||||||||||||||||||||||||||||||||
Merger-related expenses | 28 | (46) | (62.2) | % | 74 | 1,453 | 934 | 180.0 | % | 519 | |||||||||||||||||||||||||||||||||||||
Other | 2,405 | 541 | 29.0 | % | 1,864 | 6,493 | 20 | 0.3 | % | 6,473 | |||||||||||||||||||||||||||||||||||||
Total | $ | 15,509 | $ | 2,703 | 21.1 | % | $ | 12,806 | $ | 45,705 | $ | 3,710 | 8.8 | % | $ | 41,995 |
Table VI - Noninterest Expense | |||||||||||||||||||||||||||||
For the Quarter Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||
Change | Change | ||||||||||||||||||||||||||||
Dollars in thousands | 2019 | $ | % | 2018 | 2019 | $ | % | 2018 | |||||||||||||||||||||
Salaries, commissions, and employee benefits | $ | 7,044 | $ | 238 | 3.5 | % | $ | 6,806 | $ | 21,966 | $ | 1,416 | 6.9 | % | $ | 20,550 | |||||||||||||
Net occupancy expense | 799 | (57 | ) | (6.7 | )% | 856 | 2,602 | 74 | 2.9 | % | 2,528 | ||||||||||||||||||
Equipment expense | 1,296 | 178 | 15.9 | % | 1,118 | 3,694 | 423 | 12.9 | % | 3,271 | |||||||||||||||||||
Professional fees | 388 | (115 | ) | (22.9 | )% | 503 | 1,266 | 44 | 3.6 | % | 1,222 | ||||||||||||||||||
Advertising and public relations | 177 | 7 | 4.1 | % | 170 | 484 | 23 | 5.0 | % | 461 | |||||||||||||||||||
Amortization of intangibles | 404 | (9 | ) | (2.2 | )% | 413 | 1,300 | 39 | 3.1 | % | 1,261 | ||||||||||||||||||
FDIC premiums | — | (210 | ) | (100.0 | )% | 210 | 88 | (602 | ) | (87.2 | )% | 690 | |||||||||||||||||
Bank card expense | 455 | 71 | 18.5 | % | 384 | 1,367 | 287 | 26.6 | % | 1,080 | |||||||||||||||||||
Foreclosed properties expense, net of losses | 305 | 136 | 80.5 | % | 169 | 2,236 | 1,393 | 165.2 | % | 843 | |||||||||||||||||||
Merger-related expenses | 74 | (12 | ) | (14.0 | )% | 86 | 519 | 433 | 503.5 | % | 86 | ||||||||||||||||||
Other | 1,864 | 221 | 13.5 | % | 1,643 | 6,473 | 1,058 | 19.5 | % | 5,415 | |||||||||||||||||||
Total | $ | 12,806 | $ | 448 | 3.6 | % | $ | 12,358 | $ | 41,995 | $ | 4,588 | 12.3 | % | $ | 37,407 |
Table VII - Summary of Non-Performing Assets | ||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||
Dollars in thousands | 2020 | 2019 | 2019 | |||||||||||||||||
Accruing loans past due 90 days or more | $ | 2 | $ | 39 | $ | 42 | ||||||||||||||
Nonaccrual loans | ||||||||||||||||||||
Commercial | 553 | 835 | 764 | |||||||||||||||||
Commercial real estate | 4,313 | 7,037 | 5,800 | |||||||||||||||||
Commercial construction and development | — | — | — | |||||||||||||||||
Residential construction and development | 2 | 191 | 326 | |||||||||||||||||
Residential real estate | 5,104 | 4,461 | 4,404 | |||||||||||||||||
Consumer | 29 | 76 | 74 | |||||||||||||||||
Other | — | 100 | 100 | |||||||||||||||||
Total nonaccrual loans | 10,001 | 12,700 | 11,468 | |||||||||||||||||
Foreclosed properties | ||||||||||||||||||||
Commercial | — | — | — | |||||||||||||||||
Commercial real estate | 2,499 | 1,514 | 1,930 | |||||||||||||||||
Commercial construction and development | 4,154 | 4,910 | 4,601 | |||||||||||||||||
Residential construction and development | 10,330 | 12,846 | 11,169 | |||||||||||||||||
Residential real estate | 847 | 1,709 | 1,576 | |||||||||||||||||
Total foreclosed properties | 17,830 | 20,979 | 19,276 | |||||||||||||||||
Repossessed assets | — | 16 | 17 | |||||||||||||||||
Total nonperforming assets | $ | 27,833 | $ | 33,734 | $ | 30,803 | ||||||||||||||
Total nonperforming loans as a percentage of total loans | 0.44 | % | 0.69 | % | 0.60 | % | ||||||||||||||
Total nonperforming assets as a percentage of total assets | 0.94 | % | 1.45 | % | 1.28 | % | ||||||||||||||
Allowance for credit losses-loans as a percentage of nonperforming loans | 293.45 | % | 101.59 | % | 113.58 | % | ||||||||||||||
Allowance for credit losses-loans as a percentage of period end loans | 1.30 | % | 0.70 | % | 0.68 | % |
Table VII - Summary of Non-Performing Assets | ||||||||||||
September 30, | December 31, | |||||||||||
Dollars in thousands | 2019 | 2018 | 2018 | |||||||||
Accruing loans past due 90 days or more | $ | 39 | $ | 2,215 | $ | 36 | ||||||
Nonaccrual loans | ||||||||||||
Commercial | 835 | 801 | 935 | |||||||||
Commercial real estate | 7,037 | 3,099 | 3,238 | |||||||||
Commercial construction and development | — | — | — | |||||||||
Residential construction and development | 191 | 3,200 | 3,198 | |||||||||
Residential real estate | 4,461 | 7,575 | 7,506 | |||||||||
Consumer | 76 | 80 | 112 | |||||||||
Other | 100 | — | — | |||||||||
Total nonaccrual loans | 12,700 | 14,755 | 14,989 | |||||||||
Foreclosed properties | ||||||||||||
Commercial | — | — | — | |||||||||
Commercial real estate | 1,514 | 1,762 | 1,762 | |||||||||
Commercial construction and development | 4,910 | 6,790 | 6,479 | |||||||||
Residential construction and development | 12,846 | 11,614 | 11,543 | |||||||||
Residential real estate | 1,709 | 1,851 | 1,648 | |||||||||
Total foreclosed properties | 20,979 | 22,017 | 21,432 | |||||||||
Repossessed assets | 16 | 5 | 5 | |||||||||
Total nonperforming assets | $ | 33,734 | $ | 38,992 | $ | 36,462 | ||||||
Total nonperforming loans as a percentage of total loans | 0.69 | % | 1.03 | % | 0.89 | % | ||||||
Total nonperforming assets as a percentage of total assets | 1.45 | % | 1.82 | % | 1.66 | % | ||||||
Allowance for loan losses as a percentage of nonperforming loans | 101.59 | % | 76.28 | % | 86.84 | % | ||||||
Allowance for loan losses as a percentage of period end loans | 0.70 | % | 0.79 | % | 0.77 | % |
Table VIII - Foreclosed Property Activity | Table VIII - Foreclosed Property Activity | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
Dollars in thousands | 2019 | 2018 | 2019 | 2018 | Dollars in thousands | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
Beginning balance | $ | 21,390 | $ | 21,606 | $ | 21,432 | $ | 21,470 | Beginning balance | $ | 17,954 | $ | 21,390 | $ | 19,276 | $ | 21,432 | |||||||||||||||||||||
Acquisitions | 106 | 622 | 4,009 | 1,525 | Acquisitions | 725 | 106 | 888 | 4,009 | |||||||||||||||||||||||||||||
Improvements | 55 | 323 | 88 | 1,118 | Improvements | 177 | 55 | 1,249 | 88 | |||||||||||||||||||||||||||||
Disposals | (439 | ) | (496 | ) | (2,972 | ) | (1,638 | ) | Disposals | (470) | (439) | (1,863) | (2,972) | |||||||||||||||||||||||||
Writedowns to fair value | (133 | ) | (38 | ) | (1,578 | ) | (458 | ) | Writedowns to fair value | (555) | (133) | (1,719) | (1,578) | |||||||||||||||||||||||||
Balance June 30 | $ | 20,979 | $ | 22,017 | $ | 20,979 | $ | 22,017 | ||||||||||||||||||||||||||||||
Balance September 30 | Balance September 30 | $ | 17,831 | $ | 20,979 | $ | 17,831 | $ | 20,979 |
Table IX - Summary of Significant Changes in Financial Position | ||||||||||||||||||||||||||||||||
Increase (Decrease) | ||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | Impact of Cornerstone Acquisition | Impact of MVB Branches Acquisition | Other Changes | Balance at September 30, 2020 | ||||||||||||||||||||||||||||
Dollars in thousands | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 61,888 | $ | 46,034 | 137,654 | $ | (136,590) | $ | 108,986 | |||||||||||||||||||||||
Securities available for sale | 276,355 | 90,028 | — | (68,394) | 297,989 | |||||||||||||||||||||||||||
Securities held to maturity | — | — | — | 91,600 | 91,600 | |||||||||||||||||||||||||||
Other investments | 12,972 | 349 | — | (2,555) | 10,766 | |||||||||||||||||||||||||||
Loans, net | 1,900,425 | 39,461 | 33,942 | 248,622 | 2,222,450 | |||||||||||||||||||||||||||
Property held for sale | 19,276 | 10 | — | (1,455) | 17,831 | |||||||||||||||||||||||||||
Premises and equipment | 44,168 | 664 | 2,334 | 5,714 | 52,880 | |||||||||||||||||||||||||||
Goodwill and other intangibles | 23,022 | 11,539 | 14,790 | (1,250) | 48,101 | |||||||||||||||||||||||||||
Cash surrender value of life insurance policies | 43,603 | 2,715 | — | 10,711 | 57,029 | |||||||||||||||||||||||||||
Other assets | 21,783 | 1,186 | 114 | 16,147 | 39,230 | |||||||||||||||||||||||||||
Total assets | $ | 2,403,492 | $ | 191,986 | $ | 188,834 | $ | 162,550 | $ | 2,946,862 | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Deposits | $ | 1,913,237 | $ | 173,266 | 188,732 | $ | 176,656 | $ | 2,451,891 | |||||||||||||||||||||||
Short-term borrowings | 199,345 | — | — | (59,200) | 140,145 | |||||||||||||||||||||||||||
Long-term borrowings | 717 | — | — | (14) | 703 | |||||||||||||||||||||||||||
Subordinated debentures | — | — | — | 29,336 | 29,336 | |||||||||||||||||||||||||||
Subordinated debentures owed to unconsolidated subsidiary trusts | 19,589 | — | — | — | 19,589 | |||||||||||||||||||||||||||
Other liabilities | 22,840 | 3,279 | 102 | 7,014 | 33,235 | |||||||||||||||||||||||||||
Shareholders' Equity | 247,764 | 15,441 | — | 8,758 | 271,963 | |||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,403,492 | $ | 191,986 | 188,834 | $ | 162,550 | $ | 2,946,862 |
Table IX - Summary of Significant Changes in Financial Position | ||||||||||||||||
Increase (Decrease) | ||||||||||||||||
Balance December 31, | Impact of PBI Acquisition | Other Changes | Balance September 30, | |||||||||||||
Dollars in thousands | 2018 | 2019 | ||||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 59,540 | $ | 33,329 | $ | (40,199 | ) | $ | 52,670 | |||||||
Securities available for sale | 293,147 | 55,113 | (82,913 | ) | 265,347 | |||||||||||
Other investments | 16,635 | 72 | (2,685 | ) | 14,022 | |||||||||||
Loans, net | 1,682,005 | 41,398 | 115,488 | 1,838,891 | ||||||||||||
Property held for sale | 21,432 | — | (453 | ) | 20,979 | |||||||||||
Premises and equipment | 37,553 | 815 | 5,224 | 43,592 | ||||||||||||
Goodwill and other intangibles | 25,842 | 3,983 | (6,643 | ) | 23,182 | |||||||||||
Cash surrender value of life insurance policies | 42,386 | — | 830 | 43,216 | ||||||||||||
Other assets | 22,046 | 939 | (1,275 | ) | 21,710 | |||||||||||
Total Assets | $ | 2,200,586 | $ | 135,649 | $ | (12,626 | ) | $ | 2,323,609 | |||||||
Liabilities | ||||||||||||||||
Deposits | $ | 1,634,826 | $ | 112,379 | $ | 85,080 | $ | 1,832,285 | ||||||||
Short-term borrowings | 309,084 | — | (102,390 | ) | 206,694 | |||||||||||
Long-term borrowings | 735 | — | (13 | ) | 722 | |||||||||||
Subordinated debentures owed to unconsolidated subsidiary trusts | 19,589 | — | — | 19,589 | ||||||||||||
Other liabilities | 16,522 | 1,533 | 3,842 | 21,897 | ||||||||||||
Shareholders' Equity | 219,830 | 21,737 | 855 | 242,422 | ||||||||||||
Total liabilities and shareholders' equity | $ | 2,200,586 | $ | 135,649 | $ | (12,626 | ) | $ | 2,323,609 |
Table X - Contractual Cash Obligations | ||||||||||||||||||||||||||
Dollars in thousands | Long Term Debt | Subordinated Debentures | Capital Trust Securities | Operating Leases | ||||||||||||||||||||||
2019 | $ | 5 | $ | — | $ | — | $ | 297 | ||||||||||||||||||
2020 | 20 | — | — | 480 | ||||||||||||||||||||||
2021 | 21 | — | — | 443 | ||||||||||||||||||||||
2022 | 22 | — | — | 305 | ||||||||||||||||||||||
2023 | 22 | — | — | 261 | ||||||||||||||||||||||
Thereafter | 613 | 29,336 | 19,589 | 1,325 | ||||||||||||||||||||||
Total | $ | 703 | $ | 29,336 | $ | 19,589 | $ | 3,111 |
Table X - Contractual Cash Obligations | ||||||||||||
Dollars in thousands | Long Term Debt | Capital Trust Securities | Operating Leases | |||||||||
2019 | $ | 5 | $ | — | $ | 62 | ||||||
2020 | 18 | — | 124 | |||||||||
2021 | 20 | — | 103 | |||||||||
2022 | 21 | — | 105 | |||||||||
2023 | 22 | — | 69 | |||||||||
Thereafter | 636 | 19,589 | 102 | |||||||||
Total | $ | 722 | $ | 19,589 | $ | 565 |
Table XI - Off-Balance Sheet Arrangements | September 30, | |||||||
Dollars in thousands | 2020 | |||||||
Commitments to extend credit: | ||||||||
Revolving home equity and credit card lines | $ | 88,214 | ||||||
Construction loans | 110,896 | |||||||
Other loans | 320,318 | |||||||
Standby letters of credit | 11,200 | |||||||
Total | $ | 530,628 |
Table XI - Off-Balance Sheet Arrangements | September 30, | |||
Dollars in thousands | 2019 | |||
Commitments to extend credit: | ||||
Revolving home equity and credit card lines | $ | 68,033 | ||
Construction loans | 118,245 | |||
Other loans | 199,696 | |||
Standby letters of credit | 7,338 | |||
Total | $ | 393,312 |
Estimated % Change in Net Interest Income over: | ||||||||||||||
Change in | 0 - 12 Months | 13 - 24 Months | ||||||||||||
Interest Rates | Actual | Actual | ||||||||||||
Down 100 basis points (1) | 0.32 | % | -4.52 | % | ||||||||||
Up 200 basis points (1) | -2.87 | % | -2.64 | % | ||||||||||
Up 200 basis points (2) | -1.51 | % | -4.92 | % | ||||||||||
(1) assumes a parallel shift in the yield curve over 12 months, with no change thereafter | ||||||||||||||
(2) assumes a parallel shift in the yield curve over 24 months, with no change thereafter |
Estimated % Change in Net Interest Income over: | ||||||
Change in | 0 - 12 Months | 13 - 24 Months | ||||
Interest Rates | Actual | Actual | ||||
Down 100 basis points (1) | 1.31 | % | 4.10 | % | ||
Up 100 basis points (1) | -0.18 | % | 3.00 | % | ||
Up 200 basis points (1) | -1.00 | % | 1.83 | % | ||
(1) assumes a parallel shift in the yield curve over 12 months, with no change thereafter |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs | |||||||||||||||||||
July 1, 2020 - July 31, 2020 | — | $ | — | — | 674,667 | ||||||||||||||||||
August 1, 2020 - August 31, 2020 | — | — | — | 674,667 | |||||||||||||||||||
September 1, 2020 - September 30, 2020 | — | — | — | 674,667 | |||||||||||||||||||
Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs | ||||||||
July 1, 2019 - July 31, 2019 | 12,700 | $ | 25.92 | 12,700 | 39,760 | |||||||
August 1, 2019 - August 31, 2019 | 39,760 | 25.49 | 39,760 | — | ||||||||
September 1, 2019 - September 30, 2019 | — | — | — | — |
Exhibit 3.i | Amended and Restated Articles of Incorporation of Summit Financial Group, Inc. | ||||
Exhibit 3.ii | Articles of Amendment 2009 | ||||
Exhibit 3.iii | Articles of Amendment 2011 | ||||
Exhibit 3.iv | Amended and Restated By-Laws of Summit Financial Group, Inc. | ||||
Exhibit 11 | Statement re: Computation of Earnings per Share – Information contained in Note 4 to the Consolidated Financial Statements on page 13 of this Quarterly Report is incorporated herein by reference. | ||||
Exhibit 31.1 | Sarbanes-Oxley Act Section 302 Certification of Chief Executive Officer | ||||
Exhibit 31.2 | Sarbanes-Oxley Act Section 302 Certification of Chief Financial Officer | ||||
Exhibit 32.1 | Sarbanes-Oxley Act Section 906 Certification of Chief Executive Officer | ||||
Exhibit 32.2 | Sarbanes-Oxley Act Section 906 Certification of Chief Financial Officer | ||||
Exhibit 101 | Interactive Data File (XBRL) |
Exhibit No. | Description | Page Number | ||||||
(3) | Articles of Incorporation and By-laws: | |||||||
(a) | ||||||||
(b) | ||||||||
(c) | ||||||||
(d) | ||||||||
11 | 14 | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101** | Interactive data file (XBRL) |
Exhibit No. | Description | Page Number |
(3) | Articles of Incorporation and By-laws: | |
(a) | ||
(b) | ||
(c) | ||
(d) | ||
11 | 15 | |
31.1 | ||
31.2 | ||
32.1* | ||
32.2* | ||
101** | Interactive data file (XBRL) |
SUMMIT FINANCIAL GROUP, INC. | |||||||||||
(registrant) | |||||||||||
By: | /s/ H. Charles Maddy, III | ||||||||||
H. Charles Maddy, III, | |||||||||||
President and Chief Executive Officer | |||||||||||
By: | /s/ Robert S. Tissue | ||||||||||
Robert S. Tissue, | |||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
By: | /s/ Julie R. Markwood | ||||||||||
Julie R. Markwood, | |||||||||||
Senior Vice President and Chief Accounting Officer | |||||||||||
Date: | November |