Tennessee | 37-1641316 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
1736 Carothers Parkway, Suite 100, | 37027 | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $1.00 par value per share | RBNC | NASDAQ |
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | ||||||||
Non-Accelerated Filer | ☒ | Smaller Reporting Company | ☒ | ||||||||
Emerging growth company | ☐ |
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS | 3 | |||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | Risk Factors | |||||||
Item 2. | ||||||||
Item 6. | ||||||||
June 30, 2021 (unaudited) | December 31, 2020 | September 30, 2021 (unaudited) | December 31, 2020 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 11,763 | $ | 13,717 | Cash and due from banks | $ | 13,270 | $ | 13,717 | ||||||||||||
Interest-bearing deposits in financial institutions | Interest-bearing deposits in financial institutions | 43,676 | 79,756 | Interest-bearing deposits in financial institutions | 66,155 | 79,756 | ||||||||||||||||
Federal funds sold | Federal funds sold | 656 | 1,572 | Federal funds sold | 1,002 | 1,572 | ||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | 56,095 | 95,045 | Total cash and cash equivalents | 80,427 | 95,045 | ||||||||||||||||
Securities available for sale | Securities available for sale | 266,695 | 256,653 | Securities available for sale | 254,416 | 256,653 | ||||||||||||||||
Loans | Loans | 2,321,070 | 2,300,783 | Loans | 2,389,833 | 2,300,783 | ||||||||||||||||
Less: allowance for loan losses | Less: allowance for loan losses | (20,894) | (20,636) | Less: allowance for loan losses | (20,897) | (20,636) | ||||||||||||||||
Loans, net | Loans, net | 2,300,176 | 2,280,147 | Loans, net | 2,368,936 | 2,280,147 | ||||||||||||||||
Mortgage loans held for sale, net | Mortgage loans held for sale, net | 229,418 | 147,524 | Mortgage loans held for sale, net | 62,543 | 147,524 | ||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 14,492 | 14,889 | Accrued interest receivable | 14,374 | 14,889 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 29,183 | 31,462 | Premises and equipment, net | 27,519 | 31,462 | ||||||||||||||||
Operating leases right of use assets | Operating leases right of use assets | 12,744 | 13,103 | Operating leases right of use assets | 12,427 | 13,103 | ||||||||||||||||
Restricted equity securities, at cost | Restricted equity securities, at cost | 15,770 | 16,551 | Restricted equity securities, at cost | 15,770 | 16,551 | ||||||||||||||||
Other real estate, net | Other real estate, net | 2,233 | 1,246 | Other real estate, net | 3,088 | 1,246 | ||||||||||||||||
Cash surrender value of life insurance contracts | Cash surrender value of life insurance contracts | 78,979 | 77,988 | Cash surrender value of life insurance contracts | 78,460 | 77,988 | ||||||||||||||||
Deferred tax assets, net | Deferred tax assets, net | 5,978 | 7,121 | Deferred tax assets, net | 5,788 | 7,121 | ||||||||||||||||
Goodwill | Goodwill | 54,396 | 54,396 | Goodwill | 54,396 | 54,396 | ||||||||||||||||
Core deposit intangibles | Core deposit intangibles | 10,434 | 11,347 | Core deposit intangibles | 9,978 | 11,347 | ||||||||||||||||
Other assets | Other assets | 21,871 | 19,063 | Other assets | 25,437 | 19,063 | ||||||||||||||||
TOTAL ASSETS | TOTAL ASSETS | $ | 3,098,464 | $ | 3,026,535 | TOTAL ASSETS | $ | 3,013,559 | $ | 3,026,535 | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Deposits | Deposits | Deposits | ||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 602,555 | $ | 575,289 | Noninterest-bearing demand | $ | 626,598 | $ | 575,289 | ||||||||||||
Interest-bearing demand | Interest-bearing demand | 441,161 | 350,392 | Interest-bearing demand | 410,923 | 350,392 | ||||||||||||||||
Savings and money market deposit accounts | Savings and money market deposit accounts | 1,003,402 | 857,210 | Savings and money market deposit accounts | 989,677 | 857,210 | ||||||||||||||||
Time | Time | 582,722 | 796,344 | Time | 520,507 | 796,344 | ||||||||||||||||
Total deposits | Total deposits | 2,629,840 | 2,579,235 | Total deposits | 2,547,705 | 2,579,235 | ||||||||||||||||
Accrued interest payable | Accrued interest payable | 1,967 | 2,571 | Accrued interest payable | 2,302 | 2,571 | ||||||||||||||||
Subordinated debentures | Subordinated debentures | 70,770 | 70,446 | Subordinated debentures | 70,821 | 70,446 | ||||||||||||||||
Federal Home Loan Bank advances | Federal Home Loan Bank advances | 16,000 | 10,000 | Federal Home Loan Bank advances | — | 10,000 | ||||||||||||||||
Operating leases liabilities | Operating leases liabilities | 13,932 | 14,231 | Operating leases liabilities | 13,605 | 14,231 | ||||||||||||||||
Other liabilities | Other liabilities | 19,666 | 28,079 | Other liabilities | 22,811 | 28,079 | ||||||||||||||||
TOTAL LIABILITIES | TOTAL LIABILITIES | 2,752,175 | 2,704,562 | TOTAL LIABILITIES | 2,657,244 | 2,704,562 | ||||||||||||||||
Preferred stock, $1 par value per share; 10,000,000 shares authorized, 0 shares issued to date | 0 | 0 | ||||||||||||||||||||
Common stock, $1 par value per share; 30,000,000 shares authorized; 16,672,511 and 16,654,409 shares issued and outstanding at June 30, 2021, and December 31, 2020, respectively | 16,673 | 16,654 | ||||||||||||||||||||
Preferred stock, $1 par value per share; 10,000,000 shares authorized, zero shares issued to date | Preferred stock, $1 par value per share; 10,000,000 shares authorized, zero shares issued to date | — | — | |||||||||||||||||||
Common stock, $1 par value per share; 30,000,000 shares authorized; 16,682,928 and 16,654,409 shares issued and outstanding at September 30, 2021, and December 31, 2020, respectively | Common stock, $1 par value per share; 30,000,000 shares authorized; 16,682,928 and 16,654,409 shares issued and outstanding at September 30, 2021, and December 31, 2020, respectively | 16,683 | 16,654 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 234,390 | 233,331 | Additional paid-in capital | 234,696 | 233,331 | ||||||||||||||||
Retained earnings | Retained earnings | 86,917 | 65,757 | Retained earnings | 98,182 | 65,757 | ||||||||||||||||
Accumulated other comprehensive income | Accumulated other comprehensive income | 8,309 | 6,231 | Accumulated other comprehensive income | 6,754 | 6,231 | ||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | TOTAL SHAREHOLDERS’ EQUITY | 346,289 | 321,973 | TOTAL SHAREHOLDERS’ EQUITY | 356,315 | 321,973 | ||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 3,098,464 | $ | 3,026,535 | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 3,013,559 | $ | 3,026,535 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTEREST INCOME | INTEREST INCOME | INTEREST INCOME | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | Interest and fees on loans | $ | 31,183 | $ | 33,447 | $ | 62,172 | $ | 54,092 | Interest and fees on loans | $ | 30,817 | $ | 32,895 | $ | 92,989 | $ | 86,987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans held for sale | Interest and fees on loans held for sale | 1,807 | 815 | 3,138 | 1,375 | Interest and fees on loans held for sale | 1,184 | 1,037 | 4,322 | 2,412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on investment securities, taxable | Interest on investment securities, taxable | 663 | 128 | 1,273 | 579 | Interest on investment securities, taxable | 786 | 399 | 2,059 | 978 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on investment securities, nontaxable | Interest on investment securities, nontaxable | 1,216 | 1,317 | 2,441 | 2,688 | Interest on investment securities, nontaxable | 928 | 1,186 | 3,369 | 3,874 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted equity securities and other | Restricted equity securities and other | 226 | 208 | 453 | 487 | Restricted equity securities and other | 215 | 251 | 668 | 738 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INTEREST INCOME | TOTAL INTEREST INCOME | 35,095 | 35,915 | 69,477 | 59,221 | TOTAL INTEREST INCOME | 33,930 | 35,768 | 103,407 | 94,989 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTEREST EXPENSE | INTEREST EXPENSE | INTEREST EXPENSE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | Deposits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand | Demand | 216 | 218 | 488 | 318 | Demand | 153 | 236 | 641 | 554 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings and money market deposit accounts | Savings and money market deposit accounts | 647 | 1,476 | 1,486 | 2,506 | Savings and money market deposit accounts | 441 | 1,162 | 1,927 | 3,668 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time | Time | 4,678 | 3,135 | 6,966 | 6,842 | Time | 3,348 | 2,735 | 10,314 | 9,577 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | Federal Home Loan Bank advances and other borrowings | 13 | 148 | 17 | 509 | Federal Home Loan Bank advances and other borrowings | 9 | 104 | 26 | 613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | Subordinated debentures | 980 | 982 | 1,933 | 1,975 | Subordinated debentures | 980 | 992 | 2,913 | 2,967 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INTEREST EXPENSE | TOTAL INTEREST EXPENSE | 6,534 | 5,959 | 10,890 | 12,150 | TOTAL INTEREST EXPENSE | 4,931 | 5,229 | 15,821 | 17,379 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME | NET INTEREST INCOME | 28,561 | 29,956 | 58,587 | 47,071 | NET INTEREST INCOME | 28,999 | 30,539 | 87,586 | 77,610 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROVISION FOR LOAN LOSSES | PROVISION FOR LOAN LOSSES | 0 | 3,000 | 0 | 5,900 | PROVISION FOR LOAN LOSSES | — | 1,500 | — | 7,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 28,561 | 26,956 | 58,587 | 41,171 | NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 28,999 | 29,039 | 87,586 | 70,210 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NONINTEREST INCOME | NONINTEREST INCOME | NONINTEREST INCOME | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 1,656 | 1,381 | 3,217 | 2,589 | Service charges on deposit accounts | 1,678 | 1,583 | 4,895 | 4,172 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains on mortgage loans sold, net | Gains on mortgage loans sold, net | 2,978 | 2,248 | 7,906 | 3,821 | Gains on mortgage loans sold, net | 4,218 | 3,784 | 12,124 | 7,605 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on securities transactions, net | Gain on securities transactions, net | 2,966 | 327 | 3,095 | 327 | Gain on securities transactions, net | 2,419 | — | 5,514 | 327 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from bank owned life insurance | Income from bank owned life insurance | 2,181 | 386 | 3,172 | 1,073 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest income | Other noninterest income | 710 | 466 | 1,429 | 967 | Other noninterest income | 373 | 249 | 811 | 529 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL NONINTEREST INCOME | TOTAL NONINTEREST INCOME | 8,310 | 4,422 | 15,647 | 7,704 | TOTAL NONINTEREST INCOME | 10,869 | 6,002 | 26,516 | 13,706 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NONINTEREST EXPENSE | NONINTEREST EXPENSE | NONINTEREST EXPENSE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 12,793 | 12,464 | 26,145 | 21,701 | Salaries and employee benefits | 12,426 | 12,184 | 38,571 | 33,885 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 1,999 | 2,026 | 4,007 | 3,512 | Occupancy | 2,038 | 2,054 | 6,045 | 5,566 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and software | Data processing and software | 2,262 | 2,026 | 4,491 | 3,845 | Data processing and software | 2,265 | 2,240 | 6,756 | 6,085 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 358 | 680 | 1,601 | 1,158 | Professional fees | 526 | 775 | 2,127 | 1,933 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory fees | Regulatory fees | 343 | 537 | 704 | 991 | Regulatory fees | 328 | 365 | 1,032 | 1,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger expenses | Merger expenses | 0 | 2,632 | 0 | 6,818 | Merger expenses | 1,453 | 77 | 1,453 | 6,895 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expense | Other operating expense | 2,729 | 1,899 | 5,200 | 3,837 | Other operating expense | 3,345 | 2,639 | 8,545 | 6,476 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL NONINTEREST EXPENSE | TOTAL NONINTEREST EXPENSE | 20,484 | 22,264 | 42,148 | 41,862 | TOTAL NONINTEREST EXPENSE | 22,381 | 20,334 | 64,529 | 62,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 16,387 | 9,114 | 32,086 | 7,013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAX EXPENSE (BENEFIT) | 3,202 | 1,634 | 6,182 | 724 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | INCOME BEFORE PROVISION FOR INCOME TAXES | 17,487 | 14,707 | 49,573 | 21,720 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAX EXPENSE | INCOME TAX EXPENSE | 3,551 | 2,800 | 9,733 | 3,524 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED NET INCOME | CONSOLIDATED NET INCOME | 13,185 | 7,480 | 25,904 | 6,289 | CONSOLIDATED NET INCOME | 13,936 | 11,907 | 39,840 | 18,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NONCONTROLLING INTEREST IN NET (INCOME) LOSS OF SUBSIDIARY | NONCONTROLLING INTEREST IN NET (INCOME) LOSS OF SUBSIDIARY | (140) | 388 | (710) | 1,364 | NONCONTROLLING INTEREST IN NET (INCOME) LOSS OF SUBSIDIARY | (647) | (374) | (1,357) | 990 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 13,045 | $ | 7,868 | $ | 25,194 | $ | 7,653 | NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 13,289 | $ | 11,533 | $ | 38,483 | $ | 19,186 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic net income attributable to common shareholders, per share | Basic net income attributable to common shareholders, per share | $ | 0.79 | $ | 0.48 | $ | 1.52 | $ | 0.54 | Basic net income attributable to common shareholders, per share | $ | 0.80 | $ | 0.70 | $ | 2.31 | $ | 1.27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted net income attributable to common shareholders, per share | Diluted net income attributable to common shareholders, per share | $ | 0.78 | $ | 0.48 | $ | 1.50 | $ | 0.54 | Diluted net income attributable to common shareholders, per share | $ | 0.79 | $ | 0.69 | $ | 2.29 | $ | 1.27 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 13,185 | $ | 7,480 | $ | 25,904 | $ | 6,289 | Net income | $ | 13,936 | $ | 11,907 | $ | 39,840 | $ | 18,196 | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income: | Other comprehensive income: | Other comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holdings (losses) arising during the period | 3,254 | 4,309 | 897 | 1,941 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for (gains) losses included in net income (loss) | (2,966) | (327) | (3,095) | (327) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (losses) gains on securities available for sale: | Unrealized (losses) gains on securities available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holdings (losses) gains arising during the period | Unrealized holdings (losses) gains arising during the period | (1,864) | 1,365 | (967) | 3,306 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for gains included in net income | Reclassification adjustment for gains included in net income | (2,419) | — | (5,514) | (327) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | (75) | (1,041) | 574 | (422) | Tax effect | 1,119 | (357) | 1,694 | (779) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net of tax | Net of tax | 213 | 2,941 | (1,624) | 1,192 | Net of tax | (3,164) | 1,008 | (4,787) | 2,200 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on cash flow hedges | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holdings gains (losses) arising during the period | 675 | (1,086) | 2,153 | (6,956) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (losses) gains on cash flow hedges | Unrealized (losses) gains on cash flow hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holdings (losses) gains arising during the period | Unrealized holdings (losses) gains arising during the period | (113) | 508 | 2,040 | (6,448) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for losses included in net income | Reclassification adjustment for losses included in net income | 2,859 | 0 | 2,859 | 0 | Reclassification adjustment for losses included in net income | 2,290 | — | 5,149 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | (925) | 284 | (1,310) | 1,819 | Tax effect | (568) | (133) | (1,879) | 1,686 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net of tax | Net of tax | 2,609 | (802) | 3,702 | (5,137) | Net of tax | 1,609 | 375 | 5,310 | (4,762) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 2,822 | 2,139 | 2,078 | (3,945) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | Other comprehensive (loss) income | (1,555) | 1,383 | 523 | (2,562) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | $ | 16,007 | $ | 9,619 | $ | 27,982 | $ | 2,344 | Comprehensive income | $ | 12,381 | $ | 13,290 | $ | 40,363 | $ | 15,634 | ||||||||||||||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | Comprehensive (income) loss attributable to noncontrolling interest | (140) | 388 | (710) | 1,364 | Comprehensive (income) loss attributable to noncontrolling interest | (647) | (374) | (1,357) | 990 | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to the controlling interest | Comprehensive income attributable to the controlling interest | $ | 15,867 | $ | 10,007 | $ | 27,272 | $ | 3,708 | Comprehensive income attributable to the controlling interest | $ | 11,734 | $ | 12,916 | $ | 39,006 | $ | 16,624 |
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NONCONTROLLING INTEREST | TOTAL | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NONCONTROLLING INTEREST | TOTAL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE - JANUARY 1, 2021 | BALANCE - JANUARY 1, 2021 | 16,654,409 | $ | 16,654 | $ | 233,331 | $ | 65,757 | $ | 6,231 | $ | 0 | $ | 321,973 | BALANCE - JANUARY 1, 2021 | 16,654,409 | $ | 16,654 | $ | 233,331 | $ | 65,757 | $ | 6,231 | $ | — | $ | 321,973 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | Stock based compensation expense | — | — | 339 | — | — | — | 339 | Stock based compensation expense | — | — | 339 | — | — | — | 339 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | 600 | 1 | 7 | — | — | — | 8 | Exercise of stock options | 600 | 1 | 7 | — | — | — | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards, net of taxes withheld and stock and dividend forfeitures | Restricted stock awards, net of taxes withheld and stock and dividend forfeitures | (594) | (1) | (10) | — | — | — | (11) | Restricted stock awards, net of taxes withheld and stock and dividend forfeitures | (594) | (1) | (10) | — | — | — | (11) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | Noncontrolling interest contributions | — | — | — | — | — | (570) | (570) | Noncontrolling interest contributions | — | — | — | — | — | (570) | (570) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend declared to common shareholders ($0.12 per share) | Cash dividend declared to common shareholders ($0.12 per share) | — | — | — | (2,015) | — | — | (2,015) | Cash dividend declared to common shareholders ($0.12 per share) | — | — | — | (2,015) | — | — | (2,015) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 12,149 | — | 570 | 12,719 | Net income | — | — | — | 12,149 | — | 570 | 12,719 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | (744) | — | (744) | Other comprehensive loss | — | — | — | (744) | — | (744) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE - MARCH 31, 2021 | BALANCE - MARCH 31, 2021 | 16,654,415 | $ | 16,654 | $ | 233,667 | $ | 75,891 | $ | 5,487 | $ | 0 | $ | 331,699 | BALANCE - MARCH 31, 2021 | 16,654,415 | $ | 16,654 | $ | 233,667 | $ | 75,891 | $ | 5,487 | $ | — | $ | 331,699 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | Stock based compensation expense | — | — | 468 | — | — | — | 468 | Stock based compensation expense | — | — | 468 | — | — | — | 468 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Purchase Plan stock issuance | Employee Stock Purchase Plan stock issuance | 18,986 | 20 | 278 | — | — | — | 298 | Employee Stock Purchase Plan stock issuance | 18,986 | 20 | 278 | — | — | — | 298 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards, net of taxes withheld and stock and dividend forfeitures | Restricted stock awards, net of taxes withheld and stock and dividend forfeitures | (890) | (1) | (23) | — | — | — | (24) | Restricted stock awards, net of taxes withheld and stock and dividend forfeitures | (890) | (1) | (23) | — | — | — | (24) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | Noncontrolling interest contributions | — | — | — | — | — | (140) | (140) | Noncontrolling interest contributions | — | — | — | — | — | (140) | (140) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend declared to common shareholders ($0.12 per share) | Cash dividend declared to common shareholders ($0.12 per share) | — | — | — | (2,019) | — | — | (2,019) | Cash dividend declared to common shareholders ($0.12 per share) | — | — | — | (2,019) | — | — | (2,019) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 13,045 | — | 140 | 13,185 | Net income | — | — | — | 13,045 | — | 140 | 13,185 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | — | 2,822 | — | 2,822 | Other comprehensive income | — | — | — | — | 2,822 | — | 2,822 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE - JUNE 30, 2021 | BALANCE - JUNE 30, 2021 | 16,672,511 | $ | 16,673 | $ | 234,390 | $ | 86,917 | $ | 8,309 | $ | 0 | $ | 346,289 | BALANCE - JUNE 30, 2021 | 16,672,511 | $ | 16,673 | $ | 234,390 | $ | 86,917 | $ | 8,309 | $ | — | $ | 346,289 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | Stock based compensation expense | — | — | 458 | — | — | — | 458 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | 1,102 | 1 | 14 | — | — | — | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Purchase Plan stock issuance | Employee Stock Purchase Plan stock issuance | 2,795 | 3 | 63 | — | — | — | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vesting, net of taxes withheld and stock and dividend forfeitures | Restricted stock units vesting, net of taxes withheld and stock and dividend forfeitures | 6,520 | 6 | (229) | — | — | — | (223) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | Noncontrolling interest contributions | — | — | — | — | — | (647) | (647) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend declared to common shareholders ($0.12 per share) | Cash dividend declared to common shareholders ($0.12 per share) | — | — | — | (2,024) | — | — | (2,024) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 13,289 | — | 647 | 13,936 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | — | (1,555) | — | (1,555) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE - SEPTEMBER 30, 2021 | BALANCE - SEPTEMBER 30, 2021 | 16,682,928 | $ | 16,683 | $ | 234,696 | $ | 98,182 | $ | 6,754 | $ | — | $ | 356,315 |
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NONCONTROLLING INTEREST | TOTAL | ||||||||||||||||||||||||||||||||||||
SHARES | AMOUNT | ||||||||||||||||||||||||||||||||||||||||
BALANCE - JANUARY 1, 2020 | 11,206,254 | $ | 11,206 | $ | 167,006 | $ | 40,472 | $ | 5,069 | $ | 0 | $ | 223,753 | ||||||||||||||||||||||||||||
Stock based compensation expense | — | — | 349 | — | — | — | 349 | ||||||||||||||||||||||||||||||||||
Exercise of stock options | 868 | 1 | 7 | — | — | — | 8 | ||||||||||||||||||||||||||||||||||
Restricted stock awards, net of taxes withheld and stock and dividend forfeitures | (3,837) | (4) | (69) | — | — | — | (73) | ||||||||||||||||||||||||||||||||||
Conversion shares issued to shareholders of Tennessee Community Bank Holdings, Inc. | 811,210 | 811 | 17,230 | — | — | — | 18,041 | ||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | — | — | — | — | — | 976 | 976 | ||||||||||||||||||||||||||||||||||
Cash dividend declared to common shareholders ($0.10 per share) | — | — | — | (1,207) | — | — | (1,207) | ||||||||||||||||||||||||||||||||||
Cumulative effect of lease standard adoption | — | — | — | 100 | — | — | 100 | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (215) | — | (976) | (1,191) | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (6,084) | — | (6,084) | ||||||||||||||||||||||||||||||||||
BALANCE - MARCH 31, 2020 | 12,014,495 | $ | 12,014 | $ | 184,523 | $ | 39,150 | $ | (1,015) | $ | 0 | $ | 234,672 | ||||||||||||||||||||||||||||
Stock based compensation expense | — | — | 485 | — | — | — | 485 | ||||||||||||||||||||||||||||||||||
Exercise of stock options | 1,021 | 1 | 14 | — | — | — | 15 | ||||||||||||||||||||||||||||||||||
Employee Stock Purchase Plan stock issuance | 8,344 | 8 | 108 | — | — | — | 116 | ||||||||||||||||||||||||||||||||||
Restricted stock awards, net of taxes withheld and stock and dividend forfeitures | 1,325 | 2 | (2) | — | — | — | 0 | ||||||||||||||||||||||||||||||||||
Conversion shares issued to shareholders of First Advantage Bancorp | 4,606,419 | 4,607 | 47,308 | — | — | — | 51,915 | ||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | — | — | — | — | — | 388 | 388 | ||||||||||||||||||||||||||||||||||
Cash dividend declared to common shareholders ($0.10 per share) | — | — | — | (1,667) | — | — | (1,667) | ||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 7,868 | — | (388) | 7,480 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 2,139 | — | 2,139 | ||||||||||||||||||||||||||||||||||
BALANCE - JUNE 30, 2020 | 16,631,604 | $ | 16,632 | $ | 232,436 | $ | 45,351 | $ | 1,124 | $ | 0 | $ | 295,543 | ||||||||||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NONCONTROLLING INTEREST | TOTAL | ||||||||||||||||||||||||||||||||||||
SHARES | AMOUNT | ||||||||||||||||||||||||||||||||||||||||
BALANCE - JANUARY 1, 2020 | 11,206,254 | $ | 11,206 | $ | 167,006 | $ | 40,472 | $ | 5,069 | $ | — | $ | 223,753 | ||||||||||||||||||||||||||||
Stock based compensation expense | — | — | 349 | — | — | — | 349 | ||||||||||||||||||||||||||||||||||
Exercise of stock options | 868 | 1 | 7 | — | — | — | 8 | ||||||||||||||||||||||||||||||||||
Restricted stock awards, net of taxes withheld and stock and dividend forfeitures | (3,837) | (4) | (69) | — | — | — | (73) | ||||||||||||||||||||||||||||||||||
Conversion shares issued to shareholders of Tennessee Community Bank Holdings, Inc. | 811,210 | 811 | 17,230 | — | — | — | 18,041 | ||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | — | — | — | — | — | 976 | 976 | ||||||||||||||||||||||||||||||||||
Cash dividend declared to common shareholders ($0.10 per share) | — | — | — | (1,207) | — | — | (1,207) | ||||||||||||||||||||||||||||||||||
Cumulative effect of lease standard adoption | — | — | — | 100 | — | — | 100 | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (215) | — | (976) | (1,191) | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (6,084) | — | (6,084) | ||||||||||||||||||||||||||||||||||
BALANCE - MARCH 31, 2020 | 12,014,495 | $ | 12,014 | $ | 184,523 | $ | 39,150 | $ | (1,015) | $ | — | $ | 234,672 | ||||||||||||||||||||||||||||
Stock based compensation expense | — | — | 485 | — | — | — | 485 | ||||||||||||||||||||||||||||||||||
Exercise of stock options | 1,021 | 1 | 14 | — | — | — | 15 | ||||||||||||||||||||||||||||||||||
Employee Stock Purchase Plan stock issuance | 8,344 | 8 | 108 | — | — | — | 116 | ||||||||||||||||||||||||||||||||||
Restricted stock awards, net of taxes withheld and stock and dividend forfeitures | 1,325 | 2 | (2) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Conversion shares issued to shareholders of First Advantage Bancorp | 4,606,419 | 4,607 | 47,308 | — | — | — | 51,915 | ||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | — | — | — | — | — | 388 | 388 | ||||||||||||||||||||||||||||||||||
Cash dividend declared to common shareholders ($0.10 per share) | — | — | — | (1,667) | — | — | (1,667) | ||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 7,868 | — | (388) | 7,480 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 2,139 | — | 2,139 | ||||||||||||||||||||||||||||||||||
BALANCE - JUNE 30, 2020 | 16,631,604 | $ | 16,632 | $ | 232,436 | $ | 45,351 | $ | 1,124 | $ | — | $ | 295,543 | ||||||||||||||||||||||||||||
Stock based compensation expense | — | — | 349 | — | — | — | 349 | ||||||||||||||||||||||||||||||||||
Exercise of stock options | 4,655 | 5 | 61 | — | — | — | 66 | ||||||||||||||||||||||||||||||||||
Employee Stock Purchase Plan stock issuance | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Restricted stock units vesting, net of taxes withheld and stock and dividend forfeitures | (1,687) | (2) | (108) | — | — | — | (110) | ||||||||||||||||||||||||||||||||||
Noncontrolling interest contributions | — | — | — | — | — | (374) | (374) | ||||||||||||||||||||||||||||||||||
Cash dividend declared to common shareholders ($0.10 per share) | — | — | — | (1,678) | — | — | (1,678) | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | 11,533 | — | 374 | 11,907 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 1,383 | — | 1,383 | ||||||||||||||||||||||||||||||||||
BALANCE - SEPTEMBER 30, 2020 | 16,634,572 | $ | 16,635 | $ | 232,738 | $ | 55,206 | $ | 2,507 | $ | — | $ | 307,086 | ||||||||||||||||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | 2021 | 2020 | OPERATING ACTIVITIES | 2021 | 2020 | ||||||||||||||||
Consolidated net income | Consolidated net income | $ | 25,904 | $ | 6,289 | Consolidated net income | $ | 39,840 | $ | 18,196 | ||||||||||||
Adjustments to reconcile consolidated net income (loss) to net cash (used in) provided by operating activities | ||||||||||||||||||||||
Adjustments to reconcile consolidated net income to net cash (used in) provided by operating activities | Adjustments to reconcile consolidated net income to net cash (used in) provided by operating activities | |||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 0 | 5,900 | Provision for loan losses | — | 7,400 | ||||||||||||||||
Deferred income taxes | Deferred income taxes | 407 | 1,997 | Deferred income taxes | 1,148 | 2,003 | ||||||||||||||||
Loss (gain) on disposal of premises and equipment | Loss (gain) on disposal of premises and equipment | 40 | (9) | Loss (gain) on disposal of premises and equipment | 74 | (1) | ||||||||||||||||
Depreciation of premises and equipment | Depreciation of premises and equipment | 1,455 | 1,327 | Depreciation of premises and equipment | 2,127 | 2,084 | ||||||||||||||||
Net amortization of securities | Net amortization of securities | 844 | 1,354 | Net amortization of securities | 1,202 | 1,980 | ||||||||||||||||
Net realized gains on sales of securities | Net realized gains on sales of securities | (3,095) | (327) | Net realized gains on sales of securities | (5,514) | (327) | ||||||||||||||||
Gains on mortgage loans sold, net | Gains on mortgage loans sold, net | (7,906) | (3,821) | Gains on mortgage loans sold, net | (12,124) | (7,605) | ||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 807 | 834 | Stock-based compensation expense | 1,265 | 1,183 | ||||||||||||||||
Gain on other real estate | Gain on other real estate | (14) | (25) | Gain on other real estate | (33) | (24) | ||||||||||||||||
Provision for losses on other real estate | Provision for losses on other real estate | 98 | — | |||||||||||||||||||
Earnings on bank-owned life insurance | Earnings on bank-owned life insurance | (991) | (687) | Earnings on bank-owned life insurance | (3,172) | (1,073) | ||||||||||||||||
Mortgage loans originated for resale | Mortgage loans originated for resale | (593,801) | (184,146) | Mortgage loans originated for resale | (699,551) | (327,521) | ||||||||||||||||
Proceeds from sale of mortgage loans | Proceeds from sale of mortgage loans | 519,813 | 129,742 | Proceeds from sale of mortgage loans | 796,656 | 278,893 | ||||||||||||||||
Right of use asset amortization | Right of use asset amortization | 1,304 | 1,224 | Right of use asset amortization | 1,951 | 1,224 | ||||||||||||||||
Other accretion, net of other amortization | Other accretion, net of other amortization | (2,378) | (4,875) | Other accretion, net of other amortization | (2,827) | (8,256) | ||||||||||||||||
Change in | Change in | Change in | ||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 397 | (3,058) | Accrued interest receivable | 515 | (4,094) | ||||||||||||||||
Other assets | Other assets | (2,862) | (3,441) | Other assets | (3,729) | (3,794) | ||||||||||||||||
Accrued interest payable | Accrued interest payable | (604) | (1,170) | Accrued interest payable | (269) | (526) | ||||||||||||||||
Other liabilities | Other liabilities | (4,094) | (6,512) | Other liabilities | 640 | 4,367 | ||||||||||||||||
TOTAL ADJUSTMENTS | TOTAL ADJUSTMENTS | (90,678) | (65,693) | TOTAL ADJUSTMENTS | 78,457 | (54,087) | ||||||||||||||||
NET CASH USED IN OPERATING ACTIVITIES | (64,774) | (59,404) | ||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 118,297 | (35,891) | |||||||||||||||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | INVESTING ACTIVITIES | ||||||||||||||||||||
Cash (used in) received from acquisitions, net | Cash (used in) received from acquisitions, net | 0 | (8,500) | Cash (used in) received from acquisitions, net | — | (8,500) | ||||||||||||||||
Activities in available for sale securities | Activities in available for sale securities | Activities in available for sale securities | ||||||||||||||||||||
Purchases | Purchases | (48,070) | (6,000) | Purchases | (68,164) | (31,179) | ||||||||||||||||
Sales | Sales | 35,751 | 103,668 | Sales | 58,855 | 103,901 | ||||||||||||||||
Maturities, prepayments and calls | Maturities, prepayments and calls | 1,779 | 9,635 | Maturities, prepayments and calls | 8,730 | 10,370 | ||||||||||||||||
Redemptions (purchases) of restricted equity securities | Redemptions (purchases) of restricted equity securities | 781 | (2,009) | Redemptions (purchases) of restricted equity securities | 781 | (1,867) | ||||||||||||||||
Net change in loans | Net change in loans | (16,443) | (108,983) | Net change in loans | (84,218) | (146,777) | ||||||||||||||||
Purchase of premises and equipment | Purchase of premises and equipment | (261) | (1,896) | Purchase of premises and equipment | (297) | (2,709) | ||||||||||||||||
Proceeds from sale of premises and equipment | Proceeds from sale of premises and equipment | 56 | 90 | Proceeds from sale of premises and equipment | 51 | 257 | ||||||||||||||||
Proceeds from sale of other real estate | Proceeds from sale of other real estate | 62 | 889 | Proceeds from sale of other real estate | 126 | 2,273 | ||||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | NET CASH USED IN INVESTING ACTIVITIES | (26,345) | (13,106) | NET CASH USED IN INVESTING ACTIVITIES | (84,136) | (74,231) | ||||||||||||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | FINANCING ACTIVITIES | ||||||||||||||||||||
Net change in deposits | Net change in deposits | 50,642 | 127,398 | Net change in deposits | (31,493) | 163,839 | ||||||||||||||||
Proceeds from Federal Home Loan Bank advances | Proceeds from Federal Home Loan Bank advances | 346,962 | 313,898 | Proceeds from Federal Home Loan Bank advances | 423,000 | 444,000 | ||||||||||||||||
Payments on Federal Home Loan Bank advances | Payments on Federal Home Loan Bank advances | (340,962) | (324,515) | Payments on Federal Home Loan Bank advances | (433,000) | (463,156) | ||||||||||||||||
Issuance of ESPP shares and exercise of common stock options and warrants, net of repurchase of restricted shares | Issuance of ESPP shares and exercise of common stock options and warrants, net of repurchase of restricted shares | 271 | 66 | Issuance of ESPP shares and exercise of common stock options and warrants, net of repurchase of restricted shares | 129 | 22 | ||||||||||||||||
Noncontrolling interest contributions | Noncontrolling interest contributions | (710) | 1,364 | Noncontrolling interest contributions | (1,357) | 990 | ||||||||||||||||
Cash dividends paid on common stock | Cash dividends paid on common stock | (4,034) | (2,874) | Cash dividends paid on common stock | (6,058) | (4,550) | ||||||||||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 52,169 | 115,337 | ||||||||||||||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (48,779) | 146,145 | |||||||||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | NET CHANGE IN CASH AND CASH EQUIVALENTS | (38,950) | 42,827 | NET CHANGE IN CASH AND CASH EQUIVALENTS | (14,618) | 36,023 | ||||||||||||||||
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 95,045 | 51,649 | CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 95,045 | 51,649 | ||||||||||||||||
CASH AND CASH EQUIVALENTS - END OF PERIOD | CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 56,095 | $ | 94,476 | CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 80,427 | $ | 87,672 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||||||||||
Cash paid during the period for | Cash paid during the period for | Cash paid during the period for | ||||||||||||||||||||
Interest | Interest | $ | 11,207 | $ | 12,382 | Interest | $ | 15,752 | $ | 20,508 | ||||||||||||
Income taxes | Income taxes | 5,760 | 31 | Income taxes | 7,790 | 4,565 | ||||||||||||||||
Supplemental disclosures of non-cash transactions | Supplemental disclosures of non-cash transactions | Supplemental disclosures of non-cash transactions | ||||||||||||||||||||
Unrealized (gain) loss on securities available-for-sale | $ | (2,749) | $ | 2,745 | ||||||||||||||||||
Unrealized (loss) gain on securities available-for-sale | Unrealized (loss) gain on securities available-for-sale | $ | (7,128) | $ | 4,039 | |||||||||||||||||
Unrealized gain (loss) on derivatives | Unrealized gain (loss) on derivatives | 5,563 | (8,087) | Unrealized gain (loss) on derivatives | 7,836 | (7,508) | ||||||||||||||||
Change in due to/from noncontrolling interest | Change in due to/from noncontrolling interest | (710) | 1,364 | Change in due to/from noncontrolling interest | (1,357) | 990 | ||||||||||||||||
Bank facilities no longer in use transferred to other real estate from premises and equipment | Bank facilities no longer in use transferred to other real estate from premises and equipment | 990 | 0 | Bank facilities no longer in use transferred to other real estate from premises and equipment | 1,988 | — | ||||||||||||||||
Loans foreclosed and transferred to other real estate | Loans foreclosed and transferred to other real estate | 45 | 0 | Loans foreclosed and transferred to other real estate | 45 | 197 | ||||||||||||||||
Right of use assets obtained in exchange for operating lease liabilities | Right of use assets obtained in exchange for operating lease liabilities | 945 | 11,973 | Right of use assets obtained in exchange for operating lease liabilities | 1,302 | 11,973 | ||||||||||||||||
BOLI proceeds receivable recognized in income | BOLI proceeds receivable recognized in income | 2,699 | — |
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
U. S. Treasury and other U. S. government agencies | U. S. Treasury and other U. S. government agencies | $ | 222 | $ | 0 | $ | 0 | $ | 222 | U. S. Treasury and other U. S. government agencies | $ | 218 | $ | — | $ | — | $ | 218 | ||||||||||||||||||||||||||||
State and municipal | State and municipal | 174,093 | 13,611 | (170) | 187,534 | State and municipal | 161,733 | 10,039 | (801) | 170,971 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 27,000 | 1,123 | (41) | 28,082 | Corporate bonds | 27,000 | 1,160 | (8) | 28,152 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | 47,908 | 392 | (56) | 48,244 | Mortgage-backed securities - Residential | 52,736 | 295 | (208) | 52,823 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 2,634 | 1 | (22) | 2,613 | Asset-backed securities | 2,270 | 1 | (19) | 2,252 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 251,857 | $ | 15,127 | $ | (289) | $ | 266,695 | Total | $ | 243,957 | $ | 11,495 | $ | (1,036) | $ | 254,416 |
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
U. S. Treasury and other U. S. government agencies | U. S. Treasury and other U. S. government agencies | $ | 47 | $ | 1 | $ | 0 | $ | 48 | U. S. Treasury and other U. S. government agencies | $ | 47 | $ | 1 | $ | — | $ | 48 | ||||||||||||||||||||||||||||
State and municipal | State and municipal | 184,102 | 16,963 | (77) | 200,988 | State and municipal | 184,102 | 16,963 | (77) | 200,988 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 23,750 | 397 | (34) | 24,113 | Corporate bonds | 23,750 | 397 | (34) | 24,113 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | 28,084 | 360 | (2) | 28,442 | Mortgage-backed securities - Residential | 28,084 | 360 | (2) | 28,442 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 3,083 | 1 | (22) | 3,062 | Asset-backed securities | 3,083 | 1 | (22) | 3,062 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 239,066 | $ | 17,722 | $ | (135) | $ | 256,653 | Total | $ | 239,066 | $ | 17,722 | $ | (135) | $ | 256,653 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Proceeds | Proceeds | $ | 33,955 | $ | 47,332 | $ | 35,751 | $ | 103,668 | Proceeds | $ | 23,104 | $ | 233 | $ | 58,855 | $ | 103,901 | ||||||||||||||||||||||||||||
Gross gains | Gross gains | 2,966 | 439 | 3,095 | 439 | Gross gains | 2,419 | 371 | 5,514 | 810 | ||||||||||||||||||||||||||||||||||||
Gross losses | Gross losses | 0 | (112) | 0 | (112) | Gross losses | — | (371) | — | (483) |
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||
Due within one year | Due within one year | $ | 222 | $ | 223 | Due within one year | $ | 218 | $ | 218 | ||||||||||||
Due in one to five years | Due in one to five years | 2,085 | 2,129 | Due in one to five years | 2,085 | 2,120 | ||||||||||||||||
Due in five to ten years | Due in five to ten years | 33,773 | 35,729 | Due in five to ten years | 31,473 | 33,239 | ||||||||||||||||
Due after ten years | Due after ten years | 165,235 | 177,757 | Due after ten years | 155,175 | 163,764 | ||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 47,908 | 48,244 | Mortgage-backed securities | 52,736 | 52,823 | ||||||||||||||||
Asset-backed securities | Asset-backed securities | 2,634 | 2,613 | Asset-backed securities | 2,270 | 2,252 | ||||||||||||||||
Total | Total | $ | 251,857 | $ | 266,695 | Total | $ | 243,957 | $ | 254,416 |
Less than 12 months | 12 months or more | Total | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal | State and municipal | $ | 21,952 | $ | 170 | $ | 0 | $ | 0 | $ | 21,952 | $ | 170 | State and municipal | $ | 37,064 | $ | 801 | $ | — | $ | — | $ | 37,064 | $ | 801 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 5,209 | 41 | 0 | 0 | 5,209 | 41 | Corporate bonds | 1,742 | 8 | — | — | 1,742 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | 16,019 | 55 | 76 | 1 | 16,095 | 56 | Mortgage-backed securities - Residential | 33,283 | 207 | 74 | 1 | 33,357 | 208 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 0 | 0 | 2,424 | 22 | 2,424 | 22 | Asset-backed securities | — | — | 2,045 | 19 | 2,045 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total temporarily impaired | Total temporarily impaired | $ | 43,180 | $ | 266 | $ | 2,500 | $ | 23 | $ | 45,680 | $ | 289 | Total temporarily impaired | $ | 72,089 | $ | 1,016 | $ | 2,119 | $ | 20 | $ | 74,208 | $ | 1,036 |
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal | State and municipal | $ | 9,475 | $ | 77 | $ | 0 | $ | 0 | $ | 9,475 | $ | 77 | State and municipal | $ | 9,475 | $ | 77 | $ | — | $ | — | $ | 9,475 | $ | 77 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 5,716 | 34 | 0 | 0 | 5,716 | 34 | Corporate bonds | 5,716 | 34 | — | — | 5,716 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Residential | Mortgage-backed securities - Residential | 5,024 | 1 | 92 | 1 | 5,116 | 2 | Mortgage-backed securities - Residential | 5,024 | 1 | 92 | 1 | 5,116 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 729 | 2 | 2,013 | 20 | 2,742 | 22 | Asset-backed securities | 729 | 2 | 2,013 | 20 | 2,742 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total temporarily impaired | Total temporarily impaired | $ | 20,944 | $ | 114 | $ | 2,105 | $ | 21 | $ | 23,049 | $ | 135 | Total temporarily impaired | $ | 20,944 | $ | 114 | $ | 2,105 | $ | 21 | $ | 23,049 | $ | 135 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Commercial, Industrial and Agricultural | Commercial, Industrial and Agricultural | $ | 435,093 | $ | 459,739 | Commercial, Industrial and Agricultural | $ | 450,710 | $ | 459,739 | ||||||||||||
Real Estate | Real Estate | Real Estate | ||||||||||||||||||||
1-4 Family Residential | 1-4 Family Residential | 326,768 | 323,473 | 1-4 Family Residential | 310,855 | 323,473 | ||||||||||||||||
1-4 Family HELOC | 1-4 Family HELOC | 100,614 | 100,525 | 1-4 Family HELOC | 100,895 | 100,525 | ||||||||||||||||
Multi-family and Commercial | Multi-family and Commercial | 831,093 | 834,000 | Multi-family and Commercial | 873,265 | 834,000 | ||||||||||||||||
Construction, Land Development and Farmland | Construction, Land Development and Farmland | 397,557 | 365,058 | Construction, Land Development and Farmland | 417,258 | 365,058 | ||||||||||||||||
Consumer | Consumer | 225,433 | 213,863 | Consumer | 234,734 | 213,863 | ||||||||||||||||
Other | Other | 7,614 | 8,669 | Other | 5,298 | 8,669 | ||||||||||||||||
Gross loans | Gross loans | 2,324,172 | 2,305,327 | Gross loans | 2,393,015 | 2,305,327 | ||||||||||||||||
Less: Deferred loan fees | Less: Deferred loan fees | 3,102 | 4,544 | Less: Deferred loan fees | 3,182 | 4,544 | ||||||||||||||||
Less: Allowance for loan losses | Less: Allowance for loan losses | 20,894 | 20,636 | Less: Allowance for loan losses | 20,897 | 20,636 | ||||||||||||||||
Loans, net | Loans, net | $ | 2,300,176 | $ | 2,280,147 | Loans, net | $ | 2,368,936 | $ | 2,280,147 |
Pass | Special Mention | Substandard | Total | Pass | Special Mention | Substandard | Total | |||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Loans excluding PCI | Loans excluding PCI | Loans excluding PCI | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, Industrial and Agricultural | Commercial, Industrial and Agricultural | $ | 432,841 | $ | 1,098 | $ | 996 | $ | 434,935 | Commercial, Industrial and Agricultural | $ | 448,003 | $ | 1,077 | $ | 1,573 | $ | 450,653 | ||||||||||||||||||||||||||||
1-4 Family Residential Real Estate | 1-4 Family Residential Real Estate | 323,591 | 961 | 1,572 | 326,124 | 1-4 Family Residential Real Estate | 308,977 | 1 | 1,234 | 310,212 | ||||||||||||||||||||||||||||||||||||
1-4 Family HELOC | 1-4 Family HELOC | 100,315 | 0 | 285 | 100,600 | 1-4 Family HELOC | 100,529 | — | 352 | 100,881 | ||||||||||||||||||||||||||||||||||||
Multi-family and Commercial Real Estate | Multi-family and Commercial Real Estate | 823,945 | 1,741 | 4,856 | 830,542 | Multi-family and Commercial Real Estate | 867,351 | 257 | 5,144 | 872,752 | ||||||||||||||||||||||||||||||||||||
Construction, Land Development and Farmland | Construction, Land Development and Farmland | 391,793 | 0 | 5,036 | 396,829 | Construction, Land Development and Farmland | 415,235 | — | 1,304 | 416,539 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 222,959 | 2 | 1,589 | 224,550 | Consumer | 232,185 | 1 | 1,747 | 233,933 | ||||||||||||||||||||||||||||||||||||
Other | Other | 7,614 | 0 | 0 | 7,614 | Other | 5,298 | — | — | 5,298 | ||||||||||||||||||||||||||||||||||||
Total loans excluding PCI | Total loans excluding PCI | $ | 2,303,058 | $ | 3,802 | $ | 14,334 | $ | 2,321,194 | Total loans excluding PCI | $ | 2,377,578 | $ | 1,336 | $ | 11,354 | $ | 2,390,268 | ||||||||||||||||||||||||||||
Total PCI loans | Total PCI loans | $ | 967 | $ | 0 | $ | 2,011 | $ | 2,978 | Total PCI loans | $ | 1,031 | $ | — | $ | 1,716 | $ | 2,747 | ||||||||||||||||||||||||||||
Total loans | Total loans | $ | 2,304,025 | $ | 3,802 | $ | 16,345 | $ | 2,324,172 | Total loans | $ | 2,378,609 | $ | 1,336 | $ | 13,070 | $ | 2,393,015 |
Pass | Special Mention | Substandard | Total | Pass | Special Mention | Substandard | Total | |||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Loans excluding PCI | Loans excluding PCI | Loans excluding PCI | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, Industrial and Agricultural | Commercial, Industrial and Agricultural | $ | 456,170 | $ | 1,519 | $ | 1,863 | $ | 459,552 | Commercial, Industrial and Agricultural | $ | 456,170 | $ | 1,519 | $ | 1,863 | $ | 459,552 | ||||||||||||||||||||||||||||
1-4 Family Residential Real Estate | 1-4 Family Residential Real Estate | 320,555 | 5 | 2,165 | 322,725 | 1-4 Family Residential Real Estate | 320,555 | 5 | 2,165 | 322,725 | ||||||||||||||||||||||||||||||||||||
1-4 Family HELOC | 1-4 Family HELOC | 100,391 | 0 | 120 | 100,511 | 1-4 Family HELOC | 100,391 | — | 120 | 100,511 | ||||||||||||||||||||||||||||||||||||
Multi-family and Commercial Real Estate | Multi-family and Commercial Real Estate | 829,353 | 653 | 3,337 | 833,343 | Multi-family and Commercial Real Estate | 829,353 | 653 | 3,337 | 833,343 | ||||||||||||||||||||||||||||||||||||
Construction, Land Development and Farmland | Construction, Land Development and Farmland | 358,606 | 0 | 5,676 | 364,282 | Construction, Land Development and Farmland | 358,606 | — | 5,676 | 364,282 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 211,305 | 7 | 1,346 | 212,658 | Consumer | 211,305 | 7 | 1,346 | 212,658 | ||||||||||||||||||||||||||||||||||||
Other | Other | 7,150 | 1,519 | 0 | 8,669 | Other | 7,150 | 1,519 | — | 8,669 | ||||||||||||||||||||||||||||||||||||
Total loans excluding PCI | Total loans excluding PCI | $ | 2,283,530 | $ | 3,703 | $ | 14,507 | $ | 2,301,740 | Total loans excluding PCI | $ | 2,283,530 | $ | 3,703 | $ | 14,507 | $ | 2,301,740 | ||||||||||||||||||||||||||||
Total PCI loans | Total PCI loans | $ | 998 | $ | 0 | $ | 2,589 | $ | 3,587 | Total PCI loans | $ | 998 | $ | — | $ | 2,589 | $ | 3,587 | ||||||||||||||||||||||||||||
Total loans | Total loans | $ | 2,284,528 | $ | 3,703 | $ | 17,096 | $ | 2,305,327 | Total loans | $ | 2,284,528 | $ | 3,703 | $ | 17,096 | $ | 2,305,327 |
Commercial Industrial and Agricultural | 1-4 Family Residential Real Estate | 1-4 Family HELOC | Multi-family and Commercial Real Estate | Construction Land Development and Farmland | Consumer | Other | Total | Commercial Industrial and Agricultural | 1-4 Family Residential Real Estate | 1-4 Family HELOC | Multi-family and Commercial Real Estate | Construction Land Development and Farmland | Consumer | Other | Total | |||||||||||||||||||||||||||||||||||||
Beginning balance at March 31, 2021 | $ | 6,072 | $ | 2,438 | $ | 1,110 | $ | 8,065 | $ | 1,905 | $ | 1,163 | $ | 32 | $ | 20,785 | ||||||||||||||||||||||||||||||||||||
Beginning balance at June 30, 2021 | Beginning balance at June 30, 2021 | $ | 6,614 | $ | 1,923 | $ | 610 | $ | 8,498 | $ | 2,011 | $ | 1,222 | $ | 16 | $ | 20,894 | |||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | 0 | (14) | 0 | 0 | 0 | (195) | 0 | (209) | Charge-offs | (3) | (42) | — | — | — | (150) | — | (195) | ||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 50 | 14 | 3 | 206 | 6 | 39 | 0 | 318 | Recoveries | 14 | 58 | 2 | 42 | 1 | 81 | — | 198 | ||||||||||||||||||||||||||||||||||
Provision | Provision | 492 | (515) | (503) | 227 | 100 | 215 | (16) | 0 | Provision | 362 | (642) | (2) | 66 | 78 | 143 | (5) | — | ||||||||||||||||||||||||||||||||||
Ending balance at June 30, 2021 | $ | 6,614 | $ | 1,923 | $ | 610 | $ | 8,498 | $ | 2,011 | $ | 1,222 | $ | 16 | $ | 20,894 | ||||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2021 | Ending balance at September 30, 2021 | $ | 6,987 | $ | 1,297 | $ | 610 | $ | 8,606 | $ | 2,090 | $ | 1,296 | $ | 11 | $ | 20,897 | |||||||||||||||||||||||||||||||||||
Beginning balance at March 31, 2020 | $ | 3,851 | $ | 1,488 | $ | 873 | $ | 6,760 | $ | 1,836 | $ | 298 | $ | 15 | $ | 15,121 | ||||||||||||||||||||||||||||||||||||
Beginning balance at June 30, 2020 | Beginning balance at June 30, 2020 | $ | 4,675 | $ | 1,454 | $ | 975 | $ | 8,407 | $ | 2,126 | $ | 584 | $ | 16 | $ | 18,237 | |||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (245) | (60) | (98) | 0 | 0 | (264) | 0 | (667) | Charge-offs | — | (8) | — | — | — | (60) | — | (68) | ||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 9 | 736 | 2 | 8 | 4 | 24 | 0 | 783 | Recoveries | 88 | 22 | 12 | 9 | 4 | 30 | — | 165 | ||||||||||||||||||||||||||||||||||
Provision | Provision | 1,060 | (710) | 198 | 1,639 | 286 | 526 | 1 | 3,000 | Provision | 249 | 821 | 498 | (169) | (175) | 272 | 4 | 1,500 | ||||||||||||||||||||||||||||||||||
Ending balance at June 30, 2020 | $ | 4,675 | $ | 1,454 | $ | 975 | $ | 8,407 | $ | 2,126 | $ | 584 | $ | 16 | $ | 18,237 | ||||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2020 | Ending balance at September 30, 2020 | $ | 5,012 | $ | 2,289 | $ | 1,485 | $ | 8,247 | $ | 1,955 | $ | 826 | $ | 20 | $ | 19,834 |
Commercial Industrial and Agricultural | 1-4 Family Residential Real Estate | 1-4 Family HELOC | Multi-family and Commercial Real Estate | Construction Land Development and Farmland | Consumer | Other | Total | Commercial Industrial and Agricultural | 1-4 Family Residential Real Estate | 1-4 Family HELOC | Multi-family and Commercial Real Estate | Construction Land Development and Farmland | Consumer | Other | Total | |||||||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2020 | Beginning balance at December 31, 2020 | $ | 5,441 | $ | 2,445 | $ | 1,416 | $ | 8,535 | $ | 1,841 | $ | 928 | $ | 30 | $ | 20,636 | Beginning balance at December 31, 2020 | $ | 5,441 | $ | 2,445 | $ | 1,416 | $ | 8,535 | $ | 1,841 | $ | 928 | $ | 30 | $ | 20,636 | ||||||||||||||||||
Charge-offs | Charge-offs | (32) | (21) | 0 | 0 | 0 | (454) | 0 | (507) | Charge-offs | (35) | (63) | — | — | — | (604) | — | (702) | ||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 301 | 96 | 5 | 215 | 91 | 57 | 0 | 765 | Recoveries | 315 | 154 | 7 | 257 | 92 | 138 | — | 963 | ||||||||||||||||||||||||||||||||||
Provision | Provision | 904 | (597) | (811) | (252) | 79 | 691 | (14) | 0 | Provision | 1,266 | (1,239) | (813) | (186) | 157 | 834 | (19) | — | ||||||||||||||||||||||||||||||||||
Ending balance at June 30, 2021 | $ | 6,614 | $ | 1,923 | $ | 610 | $ | 8,498 | $ | 2,011 | $ | 1,222 | $ | 16 | $ | 20,894 | ||||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2021 | Ending balance at September 30, 2021 | $ | 6,987 | $ | 1,297 | $ | 610 | $ | 8,606 | $ | 2,090 | $ | 1,296 | $ | 11 | $ | 20,897 | |||||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2019 | Beginning balance at December 31, 2019 | $ | 2,529 | $ | 1,280 | $ | 624 | $ | 5,285 | $ | 2,649 | $ | 177 | $ | 34 | $ | 12,578 | Beginning balance at December 31, 2019 | $ | 2,529 | $ | 1,280 | $ | 624 | $ | 5,285 | $ | 2,649 | $ | 177 | $ | 34 | $ | 12,578 | ||||||||||||||||||
Charge-offs | Charge-offs | (539) | (60) | (98) | 0 | (114) | (295) | 0 | (1,106) | Charge-offs | (507) | (68) | (98) | — | (114) | (355) | — | (1,142) | ||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 70 | 747 | 3 | 11 | 4 | 30 | 0 | 865 | Recoveries | 126 | 769 | 15 | 20 | 8 | 60 | — | 998 | ||||||||||||||||||||||||||||||||||
Provision | Provision | 2,615 | (513) | 446 | 3,111 | (413) | 672 | (18) | 5,900 | Provision | 2,864 | 308 | 944 | 2,942 | (588) | 944 | (14) | 7,400 | ||||||||||||||||||||||||||||||||||
Ending balance at June 30, 2020 | $ | 4,675 | $ | 1,454 | $ | 975 | $ | 8,407 | $ | 2,126 | $ | 584 | $ | 16 | $ | 18,237 | ||||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2020 | Ending balance at September 30, 2020 | $ | 5,012 | $ | 2,289 | $ | 1,485 | $ | 8,247 | $ | 1,955 | $ | 826 | $ | 20 | $ | 19,834 |
Commercial Industrial and Agricultural | 1-4 Family Residential Real Estate | 1-4 Family HELOC | Multi-family and Commercial Real Estate | Construction Land Development and Farmland | Consumer | Other | Total | Commercial Industrial and Agricultural | 1-4 Family Residential Real Estate | 1-4 Family HELOC | Multi-family and Commercial Real Estate | Construction Land Development and Farmland | Consumer | Other | Total | |||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | Allowance for loan losses | Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | Individually evaluated for impairment | $ | 847 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 5 | $ | 0 | $ | 852 | Individually evaluated for impairment | $ | 847 | $ | — | $ | — | $ | — | $ | 67 | $ | 4 | $ | — | $ | 918 | ||||||||||||||||||
Acquired with credit impairment | Acquired with credit impairment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Acquired with credit impairment | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | Collectively evaluated for impairment | 5,767 | 1,923 | 610 | 8,498 | 2,011 | 1,217 | 16 | 20,042 | Collectively evaluated for impairment | 6,140 | 1,297 | 610 | 8,606 | 2,023 | 1,292 | 11 | 19,979 | ||||||||||||||||||||||||||||||||||
Total | Total | $ | 6,614 | $ | 1,923 | $ | 610 | $ | 8,498 | $ | 2,011 | $ | 1,222 | $ | 16 | $ | 20,894 | Total | $ | 6,987 | $ | 1,297 | $ | 610 | $ | 8,606 | $ | 2,090 | $ | 1,296 | $ | 11 | $ | 20,897 | ||||||||||||||||||
Loans | Loans | Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | Individually evaluated for impairment | $ | 934 | $ | 1,428 | $ | 284 | $ | 4,856 | $ | 5,506 | $ | 1,587 | $ | 0 | $ | 14,595 | Individually evaluated for impairment | $ | 1,433 | $ | 1,371 | $ | 352 | $ | 5,390 | $ | 1,750 | $ | 1,747 | $ | — | $ | 12,043 | ||||||||||||||||||
Acquired with credit impairment | Acquired with credit impairment | 158 | 644 | 14 | 551 | 728 | 883 | 0 | 2,978 | Acquired with credit impairment | 57 | 643 | 14 | 513 | 719 | 801 | — | 2,747 | ||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | Collectively evaluated for impairment | 434,001 | 324,696 | 100,316 | 825,686 | 391,323 | 222,963 | 7,614 | 2,306,599 | Collectively evaluated for impairment | 449,220 | 308,841 | 100,529 | 867,362 | 414,789 | 232,186 | 5,298 | 2,378,225 | ||||||||||||||||||||||||||||||||||
Total | Total | $ | 435,093 | $ | 326,768 | $ | 100,614 | $ | 831,093 | $ | 397,557 | $ | 225,433 | $ | 7,614 | $ | 2,324,172 | Total | $ | 450,710 | $ | 310,855 | $ | 100,895 | $ | 873,265 | $ | 417,258 | $ | 234,734 | $ | 5,298 | $ | 2,393,015 |
Commercial Industrial and Agricultural | 1-4 Family Residential Real Estate | 1-4 Family HELOC | Multi-family and Commercial Real Estate | Construction Land Development and Farmland | Consumer | Other | Total | Commercial Industrial and Agricultural | 1-4 Family Residential Real Estate | 1-4 Family HELOC | Multi-family and Commercial Real Estate | Construction Land Development and Farmland | Consumer | Other | Total | |||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | Allowance for loan losses | Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | Individually evaluated for impairment | $ | 717 | $ | 18 | $ | 0 | $ | 0 | $ | 0 | $ | 13 | $ | 0 | $ | 748 | Individually evaluated for impairment | $ | 717 | $ | 18 | $ | — | $ | — | $ | — | $ | 13 | $ | — | $ | 748 | ||||||||||||||||||
Acquired with credit impairment | Acquired with credit impairment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Acquired with credit impairment | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | Collectively evaluated for impairment | 4,724 | 2,427 | 1,416 | 8,535 | 1,841 | 915 | 30 | 19,888 | Collectively evaluated for impairment | 4,724 | 2,427 | 1,416 | 8,535 | 1,841 | 915 | 30 | 19,888 | ||||||||||||||||||||||||||||||||||
Total | Total | $ | 5,441 | $ | 2,445 | $ | 1,416 | $ | 8,535 | $ | 1,841 | $ | 928 | $ | 30 | $ | 20,636 | Total | $ | 5,441 | $ | 2,445 | $ | 1,416 | $ | 8,535 | $ | 1,841 | $ | 928 | $ | 30 | $ | 20,636 | ||||||||||||||||||
Loans | Loans | Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | Individually evaluated for impairment | $ | 1,027 | $ | 1,829 | $ | 110 | $ | 2,504 | $ | 5,676 | $ | 1,177 | $ | 0 | $ | 12,323 | Individually evaluated for impairment | $ | 1,027 | $ | 1,829 | $ | 110 | $ | 2,504 | $ | 5,676 | $ | 1,177 | $ | — | $ | 12,323 | ||||||||||||||||||
Acquired with credit impairment | Acquired with credit impairment | 187 | 748 | 14 | 657 | 776 | 1,205 | 0 | 3,587 | Acquired with credit impairment | 187 | 748 | 14 | 657 | 776 | 1,205 | — | 3,587 | ||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | Collectively evaluated for impairment | 458,525 | 320,896 | 100,401 | 830,839 | 358,606 | 211,481 | 8,669 | 2,289,417 | Collectively evaluated for impairment | 458,525 | 320,896 | 100,401 | 830,839 | 358,606 | 211,481 | 8,669 | 2,289,417 | ||||||||||||||||||||||||||||||||||
Total | Total | $ | 459,739 | $ | 323,473 | $ | 100,525 | $ | 834,000 | $ | 365,058 | $ | 213,863 | $ | 8,669 | $ | 2,305,327 | Total | $ | 459,739 | $ | 323,473 | $ | 100,525 | $ | 834,000 | $ | 365,058 | $ | 213,863 | $ | 8,669 | $ | 2,305,327 |
Current and Accruing | 30-89 Days Past Due | 90+ Days Past Due and Accruing Interest | Nonaccrual Loans | Total Loans | Current and Accruing | 30-89 Days Past Due | 90+ Days Past Due and Accruing Interest | Nonaccrual Loans | Total Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans excluding PCI | Loans excluding PCI | Loans excluding PCI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Industrial and Agricultural | Commercial, Industrial and Agricultural | $ | 434,662 | $ | 0 | $ | 0 | $ | 273 | $ | 434,935 | Commercial, Industrial and Agricultural | $ | 450,349 | $ | 19 | $ | — | $ | 285 | $ | 450,653 | ||||||||||||||||||||||||||||||||||||||||||||||||
1-4 Family Residential Real Estate | 1-4 Family Residential Real Estate | 325,100 | 385 | 0 | 639 | 326,124 | 1-4 Family Residential Real Estate | 308,897 | 503 | — | 812 | 310,212 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-4 Family HELOC | 1-4 Family HELOC | 100,450 | 150 | 0 | 0 | 100,600 | 1-4 Family HELOC | 100,777 | — | — | 104 | 100,881 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family and Commercial Real Estate | Multi-family and Commercial Real Estate | 829,306 | 0 | 0 | 1,236 | 830,542 | Multi-family and Commercial Real Estate | 871,921 | — | — | 831 | 872,752 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction, Land Development and Farmland | Construction, Land Development and Farmland | 395,711 | 0 | 0 | 1,118 | 396,829 | Construction, Land Development and Farmland | 415,350 | 144 | — | 1,045 | 416,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 222,527 | 1,293 | 9 | 721 | 224,550 | Consumer | 231,504 | 1,347 | 5 | 1,077 | 233,933 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 7,614 | 0 | 0 | 0 | 7,614 | Other | 5,298 | — | — | — | 5,298 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans excluding PCI | Total loans excluding PCI | $ | 2,315,370 | $ | 1,828 | $ | 9 | $ | 3,987 | $ | 2,321,194 | Total loans excluding PCI | $ | 2,384,096 | $ | 2,013 | $ | 5 | $ | 4,154 | $ | 2,390,268 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total PCI loans | Total PCI loans | $ | 1,619 | $ | 0 | $ | 0 | $ | 1,359 | $ | 2,978 | Total PCI loans | $ | 1,580 | $ | 24 | $ | — | $ | 1,143 | $ | 2,747 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 2,316,989 | $ | 1,828 | $ | 9 | $ | 5,346 | $ | 2,324,172 | Total loans | $ | 2,385,676 | $ | 2,037 | $ | 5 | $ | 5,297 | $ | 2,393,015 |
Current and Accruing | 30-89 Days Past Due | 90+ Days Past Due and Accruing Interest | Nonaccrual Loans | Total Loans | Current and Accruing | 30-89 Days Past Due | 90+ Days Past Due and Accruing Interest | Nonaccrual Loans | Total Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans excluding PCI | Loans excluding PCI | Loans excluding PCI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Industrial and Agricultural | Commercial, Industrial and Agricultural | $ | 458,974 | $ | 126 | $ | 0 | $ | 452 | $ | 459,552 | Commercial, Industrial and Agricultural | $ | 458,974 | $ | 126 | $ | — | $ | 452 | $ | 459,552 | ||||||||||||||||||||||||||||||||||||||||||||||||
1-4 Family Residential Real Estate | 1-4 Family Residential Real Estate | 319,180 | 2,071 | 0 | 1,474 | 322,725 | 1-4 Family Residential Real Estate | 319,180 | 2,071 | — | 1,474 | 322,725 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-4 Family HELOC | 1-4 Family HELOC | 100,501 | 10 | 0 | 0 | 100,511 | 1-4 Family HELOC | 100,501 | 10 | — | — | 100,511 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family and Commercial Real Estate | Multi-family and Commercial Real Estate | 832,697 | 150 | 0 | 496 | 833,343 | Multi-family and Commercial Real Estate | 832,697 | 150 | — | 496 | 833,343 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction, Land Development and Farmland | Construction, Land Development and Farmland | 363,376 | 0 | 0 | 906 | 364,282 | Construction, Land Development and Farmland | 363,376 | — | — | 906 | 364,282 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 210,552 | 1,413 | 1 | 692 | 212,658 | Consumer | 210,552 | 1,413 | 1 | 692 | 212,658 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 8,669 | 0 | 0 | 0 | 8,669 | Other | 8,669 | — | — | — | 8,669 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans excluding PCI | Total loans excluding PCI | $ | 2,293,949 | $ | 3,770 | $ | 1 | $ | 4,020 | $ | 2,301,740 | Total loans excluding PCI | $ | 2,293,949 | $ | 3,770 | $ | 1 | $ | 4,020 | $ | 2,301,740 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total PCI loans | Total PCI loans | $ | 1,584 | $ | 37 | $ | 0 | $ | 1,966 | $ | 3,587 | Total PCI loans | $ | 1,584 | $ | 37 | $ | — | $ | 1,966 | $ | 3,587 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 2,295,533 | $ | 3,807 | $ | 1 | $ | 5,986 | $ | 2,305,327 | Total loans | $ | 2,295,533 | $ | 3,807 | $ | 1 | $ | 5,986 | $ | 2,305,327 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Commercial, Industrial and Agricultural | Commercial, Industrial and Agricultural | $ | 889 | $ | 919 | Commercial, Industrial and Agricultural | $ | 782 | $ | 919 | ||||||||||||
1-4 Family Residential Real Estate | 1-4 Family Residential Real Estate | 885 | 1,004 | 1-4 Family Residential Real Estate | 868 | 1,004 | ||||||||||||||||
1-4 Family HELOC | 1-4 Family HELOC | 19 | 19 | 1-4 Family HELOC | 19 | 19 | ||||||||||||||||
Multi-family and Commercial Real Estate | Multi-family and Commercial Real Estate | 1,218 | 1,325 | Multi-family and Commercial Real Estate | 1,175 | 1,325 | ||||||||||||||||
Construction, Land Development and Farmland | Construction, Land Development and Farmland | 944 | 992 | Construction, Land Development and Farmland | 935 | 992 | ||||||||||||||||
Consumer | Consumer | 1,552 | 1,924 | Consumer | 1,426 | 1,924 | ||||||||||||||||
Total outstanding balance | Total outstanding balance | 5,507 | 6,183 | Total outstanding balance | 5,205 | 6,183 | ||||||||||||||||
Less remaining purchase discount | Less remaining purchase discount | 2,529 | 2,596 | Less remaining purchase discount | 2,458 | 2,596 | ||||||||||||||||
Allowance for loan losses | Allowance for loan losses | 0 | 0 | Allowance for loan losses | — | — | ||||||||||||||||
Carrying amount, net of allowance for loan losses and remaining purchase discounts | Carrying amount, net of allowance for loan losses and remaining purchase discounts | $ | 2,978 | $ | 3,587 | Carrying amount, net of allowance for loan losses and remaining purchase discounts | $ | 2,747 | $ | 3,587 |
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Balance at January 1, | Balance at January 1, | $ | 580 | $ | 98 | Balance at January 1, | $ | 580 | $ | 98 | ||||||||||||
New loans purchased | New loans purchased | 0 | 870 | New loans purchased | — | 870 | ||||||||||||||||
Accretion income | Accretion income | (38) | (80) | Accretion income | (52) | (137) | ||||||||||||||||
Balance at June 30, | $ | 542 | $ | 888 | ||||||||||||||||||
Balance at September 30, | Balance at September 30, | $ | 528 | $ | 831 |
Tennessee Community Bank Holdings, Inc. acquisition on January 1, 2020 | First Advantage Bancorp acquisition on April 1, 2020 | ||||||||||
Contractually required payments receivable of loans purchased during the year: | $ | 2,799 | $ | 7,540 | |||||||
Nonaccretable difference | (980) | (2,133) | |||||||||
Cash flows expected to be collected at acquisition | $ | 1,819 | $ | 5,407 | |||||||
Accretable yield | (131) | (739) | |||||||||
Fair value of acquired loans at acquisition | $ | 1,688 | $ | 4,668 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Related Allowance | Unpaid Principal Balance | Recorded Investment | Related Allowance | Unpaid Principal Balance | Recorded Investment | Related Allowance | Unpaid Principal Balance | Recorded Investment | Related Allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded | With no related allowance recorded | With no related allowance recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Industrial and Agricultural | Commercial, Industrial and Agricultural | $ | 1,294 | $ | 245 | $ | — | $ | 1,400 | $ | 367 | $ | — | Commercial, Industrial and Agricultural | $ | 1,691 | $ | 642 | $ | — | $ | 1,400 | $ | 367 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
1-4 Family Residential Real Estate | 1-4 Family Residential Real Estate | 2,490 | 2,072 | — | 3,034 | 2,473 | — | 1-4 Family Residential Real Estate | 2,419 | 2,015 | — | 3,034 | 2,473 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-4 Family HELOC | 1-4 Family HELOC | 311 | 298 | — | 130 | 124 | — | 1-4 Family HELOC | 378 | 366 | — | 130 | 124 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family and Commercial Real Estate | Multi-family and Commercial Real Estate | 6,856 | 5,407 | — | 4,549 | 3,161 | — | Multi-family and Commercial Real Estate | 7,141 | 5,903 | — | 4,549 | 3,161 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction, Land Development and Farmland | Construction, Land Development and Farmland | 6,619 | 6,234 | — | 6,809 | 6,452 | — | Construction, Land Development and Farmland | 2,617 | 2,210 | — | 6,809 | 6,452 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 3,716 | 2,433 | — | 3,590 | 2,348 | — | Consumer | 3,848 | 2,512 | — | 3,590 | 2,348 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | $ | 21,286 | $ | 16,689 | $ | — | $ | 19,512 | $ | 14,925 | $ | — | Subtotal | $ | 18,094 | $ | 13,648 | $ | — | $ | 19,512 | $ | 14,925 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded | With an allowance recorded | With an allowance recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Industrial and Agricultural | Commercial, Industrial and Agricultural | $ | 859 | $ | 847 | $ | 847 | $ | 859 | $ | 847 | $ | 717 | Commercial, Industrial and Agricultural | $ | 859 | $ | 847 | $ | 847 | $ | 859 | $ | 847 | $ | 717 | ||||||||||||||||||||||||||||||||||||||||||||
1-4 Family Residential Real Estate | 1-4 Family Residential Real Estate | 0 | 0 | 0 | 104 | 104 | 18 | 1-4 Family Residential Real Estate | — | — | — | 104 | 104 | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-4 Family HELOC | 1-4 Family HELOC | 0 | 0 | 0 | 0 | 0 | 0 | 1-4 Family HELOC | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family and Commercial Real Estate | Multi-family and Commercial Real Estate | 0 | 0 | 0 | 0 | 0 | 0 | Multi-family and Commercial Real Estate | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction, Land Development and Farmland | Construction, Land Development and Farmland | 0 | 0 | 0 | 0 | 0 | 0 | Construction, Land Development and Farmland | 259 | 259 | 67 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 40 | 37 | 5 | 34 | 34 | 13 | Consumer | 39 | 36 | 4 | 34 | 34 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | 899 | 884 | 852 | 997 | 985 | 748 | Subtotal | 1,157 | 1,142 | 918 | 997 | 985 | 748 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 22,185 | $ | 17,573 | $ | 852 | $ | 20,509 | $ | 15,910 | $ | 748 | Total | $ | 19,251 | $ | 14,790 | $ | 918 | $ | 20,509 | $ | 15,910 | $ | 748 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average recorded investment | Interest income recognized | Average recorded investment | Interest income recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average recorded investment | Interest income recognized | Average recorded investment | Interest income recognized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no allowance | With no allowance | With no allowance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Industrial and Agricultural | Commercial, Industrial and Agricultural | $ | 206 | $ | 2 | $ | 491 | $ | 9 | $ | 260 | $ | 10 | $ | 450 | $ | 14 | Commercial, Industrial and Agricultural | $ | 444 | $ | 6 | $ | 594 | $ | 42 | $ | 355 | $ | 26 | $ | 354 | $ | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-4 Family Residential Real Estate | 1-4 Family Residential Real Estate | 2,348 | 34 | 3,086 | 60 | 2,389 | 64 | 2,881 | 100 | 1-4 Family Residential Real Estate | 2,044 | 31 | 3,002 | 54 | 2,296 | 109 | 2,631 | 154 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-4 Family HELOC | 1-4 Family HELOC | 299 | 3 | 382 | 0 | 241 | 6 | 296 | 0 | 1-4 Family HELOC | 332 | 3 | 331 | — | 272 | 11 | 367 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family and Commercial Real Estate | Multi-family and Commercial Real Estate | 4,949 | 74 | 4,575 | 162 | 4,353 | 179 | 4,103 | 215 | Multi-family and Commercial Real Estate | 5,655 | 86 | 4,375 | 63 | 4,741 | 271 | 4,138 | 278 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction, Land Development and Farmland | Construction, Land Development and Farmland | 6,518 | 76 | 2,730 | 33 | 6,496 | 186 | 3,971 | 87 | Construction, Land Development and Farmland | 4,222 | 42 | 2,949 | 28 | 5,424 | 114 | 2,471 | 115 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,393 | 88 | 1,177 | 136 | 2,378 | 177 | 1,567 | 137 | Consumer | 2,473 | 83 | 2,118 | 68 | 2,411 | 275 | 1,076 | 205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | $ | 16,713 | $ | 277 | $ | 12,441 | $ | 400 | $ | 16,117 | $ | 622 | $ | 13,268 | $ | 553 | Subtotal | $ | 15,170 | $ | 251 | $ | 13,369 | $ | 255 | $ | 15,499 | $ | 806 | $ | 11,037 | $ | 808 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average recorded investment | Interest income recognized | Average recorded investment | Interest income recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average recorded investment | Interest income recognized | Average recorded investment | Interest income recognized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded | With an allowance recorded | With an allowance recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Industrial and Agricultural | Commercial, Industrial and Agricultural | $ | 847 | $ | 6 | $ | 923 | $ | 6 | $ | 847 | $ | 12 | $ | 898 | $ | 26 | Commercial, Industrial and Agricultural | $ | 847 | $ | 6 | $ | 947 | $ | 6 | $ | 847 | $ | 18 | $ | 976 | $ | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-4 Family Residential Real Estate | 1-4 Family Residential Real Estate | 0 | 0 | 0 | 0 | 35 | 0 | 35 | 0 | 1-4 Family Residential Real Estate | — | — | — | — | 26 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-4 Family HELOC | 1-4 Family HELOC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1-4 Family HELOC | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family and Commercial Real Estate | Multi-family and Commercial Real Estate | 75 | 0 | 0 | 0 | 50 | 0 | 0 | 0 | Multi-family and Commercial Real Estate | 50 | — | — | — | 38 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction, Land Development and Farmland | Construction, Land Development and Farmland | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Construction, Land Development and Farmland | 86 | 3 | — | — | 65 | 4 | 43 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 51 | 1 | 2 | 0 | 45 | 1 | 13 | 0 | Consumer | 46 | 1 | — | — | 43 | 2 | 1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | $ | 973 | $ | 7 | $ | 925 | $ | 6 | $ | 977 | $ | 13 | $ | 946 | $ | 26 | Subtotal | $ | 1,029 | $ | 10 | $ | 947 | $ | 6 | $ | 1,019 | $ | 24 | $ | 1,020 | $ | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 17,686 | $ | 284 | $ | 13,366 | $ | 406 | $ | 17,094 | $ | 635 | $ | 14,214 | $ | 579 | Total | $ | 16,199 | $ | 261 | $ | 14,316 | $ | 261 | $ | 16,518 | $ | 830 | $ | 12,057 | $ | 840 |
Number of Contracts | Pre-Modification Outstanding Recorded Investments | Post-Modification Outstanding Recorded Investments | |||||||||||||||
Commercial, Industrial and Agricultural | 1 | $ | 150 | $ | 150 | ||||||||||||
1-4 Family Residential | 1 | 721 | 721 | ||||||||||||||
Multi-family and Commercial Real Estate | 1 | 394 | 394 | ||||||||||||||
Total | 3 | $ | 1,265 | $ | 1,265 |
June 30, 2021 | ||||||||||||||
Active Deferrals | % of Loans | |||||||||||||
Multi-family and Commercial | $ | 54,984 | 2.37 | % | ||||||||||
Construction, Land Development and Farmland | 13,000 | 0.56 | % | |||||||||||
Total | $ | 67,984 | 2.93 | % |
September 30, 2021 | ||||||||||||||
Active Deferrals | % of Loans | |||||||||||||
Multi-family and Commercial | $ | 67,372 | 2.82 | % | ||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Interest | Interest | $ | 58 | $ | 148 | $ | 197 | $ | 148 | Interest | $ | 19 | $ | 210 | $ | 216 | $ | 358 | ||||||||||||||||||||||||||||
Fees | Fees | 729 | 284 | 1,632 | 284 | Fees | 176 | 455 | 1,808 | 739 | ||||||||||||||||||||||||||||||||||||
Total PPP Income | Total PPP Income | $ | 787 | $ | 432 | $ | 1,829 | $ | 432 | Total PPP Income | $ | 195 | $ | 665 | $ | 2,024 | $ | 1,097 |
Notional amounts | $ | ||||
Weighted average pay rates | % | ||||
Weighted average receive rates | % | ||||
Weighted average maturity | |||||
Unrealized losses | $ |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||
Included in other liabilities: | Included in other liabilities: | Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps related to: | Interest rate swaps related to: | Interest rate swaps related to: | ||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | Subordinated debentures | $ | 10,000 | $ | (532) | $ | 10,000 | $ | (690) | Subordinated debentures | $ | 10,000 | $ | (468) | $ | 10,000 | $ | (690) | ||||||||||||||||||||||||||||
Short-term interest-bearing liabilities | Short-term interest-bearing liabilities | 100,000 | (2,113) | 150,000 | (6,967) | Short-term interest-bearing liabilities | — | — | 150,000 | (6,967) | ||||||||||||||||||||||||||||||||||||
Total included in other liabilities | Total included in other liabilities | $ | 110,000 | $ | (2,645) | $ | 160,000 | $ | (7,657) | Total included in other liabilities | $ | 10,000 | $ | (468) | $ | 160,000 | $ | (7,657) |
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) | Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Interest rate swaps - subordinate debentures | Interest rate swaps - subordinate debentures | $ | 49 | $ | 8 | $ | 117 | $ | (281) | Interest rate swaps - subordinate debentures | $ | 47 | $ | 51 | $ | 164 | $ | (230) | ||||||||||||||||||||||||||||
Interest rate swaps - interest-bearing liabilities | Interest rate swaps - interest-bearing liabilities | 2,560 | (810) | 3,585 | (4,856) | Interest rate swaps - interest-bearing liabilities | 1,562 | 324 | 5,146 | (4,532) | ||||||||||||||||||||||||||||||||||||
$ | 2,609 | $ | (802) | $ | 3,702 | $ | (5,137) | $ | 1,609 | $ | 375 | $ | 5,310 | $ | (4,762) |
Notional amounts | $ | ||||
Weighted average pay rates | % | ||||
Weighted average receive rates | % | ||||
Weighted average maturity | |||||
Unrealized losses | $ |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||
Included in other liabilities: | Included in other liabilities: | Included in other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps related to investments | Interest rate swaps related to investments | 17,925 | (944) | 18,525 | (1,495) | Interest rate swaps related to investments | 17,090 | (848) | 18,525 | (1,495) | ||||||||||||||||||||||||||||||||||||
Total included in other liabilities | Total included in other liabilities | $ | 17,925 | $ | (944) | $ | 18,525 | $ | (1,495) | Total included in other liabilities | $ | 17,090 | $ | (848) | $ | 18,525 | $ | (1,495) |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Item | Item | Location | 2021 | 2020 | 2021 | 2020 | Item | Location | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps - securities | Interest rate swaps - securities | Interest on investment securities, nontaxable | $ | (117) | $ | (78) | $ | (238) | $ | (125) | Interest rate swaps - securities | Interest on investment securities, nontaxable | $ | (118) | $ | (118) | $ | (356) | $ | (243) | ||||||||||||||||||||||||||||||||||||||
Hedged item - securities | Hedged item - securities | Interest on investment securities, nontaxable | $ | 117 | $ | 78 | $ | 238 | $ | 125 | Hedged item - securities | Interest on investment securities, nontaxable | $ | 118 | $ | 118 | $ | 356 | $ | 243 |
Three months ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense before income taxes | Stock-based compensation expense before income taxes | $ | 468 | $ | 485 | $ | 807 | $ | 834 | Stock-based compensation expense before income taxes | $ | 458 | $ | 349 | $ | 1,265 | $ | 1,183 | ||||||||||||||||||||||||||||
Less: deferred tax benefit | Less: deferred tax benefit | (122) | (127) | (211) | (218) | Less: deferred tax benefit | (120) | (91) | (331) | (309) | ||||||||||||||||||||||||||||||||||||
Reduction of net income | Reduction of net income | $ | 346 | $ | 358 | $ | 596 | $ | 616 | Reduction of net income | $ | 338 | $ | 258 | $ | 934 | $ | 874 |
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||||||||||||||||||||||||||||
Outstanding at December 31, 2020 | Outstanding at December 31, 2020 | 116,621 | $ | 18.97 | 5.87 years | $ | 304 | Outstanding at December 31, 2020 | 116,621 | $ | 18.97 | 5.87 years | $ | 304 | ||||||||||||||||||||||||||||||||
Granted | Granted | 0 | $ | 0 | Granted | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Exercised | Exercised | (600) | $ | 13.65 | 4 | Exercised | (1,702) | $ | 14.36 | 20 | ||||||||||||||||||||||||||||||||||||
Forfeited or expired | Forfeited or expired | (5,600) | $ | 13.42 | Forfeited or expired | (5,600) | $ | 13.42 | ||||||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2021 | 110,421 | $ | 19.28 | 5.66 years | $ | 938 | ||||||||||||||||||||||||||||||||||||||||
Exercisable at June 30, 2021 | 75,721 | $ | 16.94 | 4.90 years | $ | 819 | ||||||||||||||||||||||||||||||||||||||||
Outstanding at September 30, 2021 | Outstanding at September 30, 2021 | 109,319 | $ | 19.33 | 5.32 years | $ | 1,340 | |||||||||||||||||||||||||||||||||||||||
Exercisable at September 30, 2021 | Exercisable at September 30, 2021 | 86,519 | $ | 17.88 | 4.81 years | $ | 1,186 |
Restricted Stock Units | Restricted Stock | Restricted Stock Units | Restricted Stock | |||||||||||||||||||||||||||||||||||||||||||
Underlying Shares | Weighted Average Grant-Date Fair Value | Shares | Weighted Average Grant-Date Fair Value | Underlying Shares | Weighted Average Grant-Date Fair Value | Shares | Weighted Average Grant-Date Fair Value | |||||||||||||||||||||||||||||||||||||||
Outstanding at January 1, 2021 | Outstanding at January 1, 2021 | 132,650 | $ | 16.93 | 40,910 | $ | 26.82 | Outstanding at January 1, 2021 | 132,650 | $ | 16.93 | 40,910 | $ | 26.82 | ||||||||||||||||||||||||||||||||
Granted | Granted | 70,655 | 26.07 | 0 | 0 | Granted | 70,655 | 26.07 | — | — | ||||||||||||||||||||||||||||||||||||
Vested | Vested | 0 | 0 | (5,000) | 24.76 | Vested | (14,400) | 14.81 | (35,410) | 27.54 | ||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | (5,500) | 16.20 | 0 | 0 | Forfeited | (9,500) | 17.59 | — | — | ||||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2021 | 197,805 | $ | 20.22 | 35,910 | $ | 27.10 | ||||||||||||||||||||||||||||||||||||||||
Outstanding at September 30, 2021 | Outstanding at September 30, 2021 | 179,405 | $ | 20.67 | 5,500 | $ | 22.17 |
Actual Regulatory Capital | Minimum Required Capital Including Capital Conservation Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | Actual Regulatory Capital | Minimum Required Capital Including Capital Conservation Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reliant Bancorp | Reliant Bancorp | Reliant Bancorp | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier I leverage | Tier I leverage | $ | 285,363 | 9.47 | % | $ | 120,533 | 4.00 | % | $ | 150,667 | 5.00 | % | Tier I leverage | $ | 297,367 | 10.04 | % | $ | 118,473 | 4.00 | % | $ | 148,091 | 5.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Common equity tier I | Common equity tier I | 273,553 | 10.18 | % | 188,101 | 7.00 | % | 174,665 | 6.50 | % | Common equity tier I | 285,537 | 10.52 | % | 189,996 | 7.00 | % | 176,425 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier I risk-based capital | Tier I risk-based capital | 285,363 | 10.62 | % | 228,398 | 8.50 | % | 214,963 | 8.00 | % | Tier I risk-based capital | 297,367 | 10.95 | % | 230,833 | 8.50 | % | 217,254 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital | Total risk-based capital | 365,942 | 13.62 | % | 282,114 | 10.50 | % | 268,680 | 10.00 | % | Total risk-based capital | 377,977 | 13.92 | % | 285,112 | 10.50 | % | 271,535 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier I leverage | Tier I leverage | $ | 334,911 | 11.14 | % | $ | 120,255 | 4.00 | % | $ | 150,319 | 5.00 | % | Tier I leverage | $ | 347,450 | 11.76 | % | $ | 118,185 | 4.00 | % | $ | 147,732 | 5.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Common equity tier I | Common equity tier I | 334,911 | 12.50 | % | 187,550 | 7.00 | % | 174,154 | 6.50 | % | Common equity tier I | 347,450 | 14.10 | % | 172,493 | 7.00 | % | 160,172 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier I risk-based capital | Tier I risk-based capital | 334,911 | 12.50 | % | 227,739 | 8.50 | % | 214,343 | 8.00 | % | Tier I risk-based capital | 347,450 | 14.10 | % | 209,456 | 8.50 | % | 197,135 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital | Total risk-based capital | 356,530 | 13.30 | % | 281,471 | 10.50 | % | 268,068 | 10.00 | % | Total risk-based capital | 369,072 | 14.98 | % | 258,695 | 10.50 | % | 246,377 | 10.00 | % |
Actual Regulatory Capital | Minimum Required Capital Including Capital Conservation Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Reliant Bancorp | |||||||||||||||||||||||||||||||||||
Tier I leverage | $ | 262,282 | 8.91 | % | $ | 117,747 | 4.00 | % | $ | 147,184 | 5.00 | % | |||||||||||||||||||||||
Common equity tier I | 250,513 | 10.22 | % | 171,584 | 7.00 | % | 159,328 | 6.50 | % | ||||||||||||||||||||||||||
Tier I risk-based capital | 262,282 | 10.70 | % | 208,355 | 8.50 | % | 196,099 | 8.00 | % | ||||||||||||||||||||||||||
Total risk-based capital | 342,246 | 13.96 | % | 257,420 | 10.50 | % | 245,162 | 10.00 | % | ||||||||||||||||||||||||||
Bank | |||||||||||||||||||||||||||||||||||
Tier I leverage | $ | 313,633 | 10.64 | % | $ | 117,907 | 4.00 | % | $ | 147,384 | 5.00 | % | |||||||||||||||||||||||
Common equity tier I | 313,633 | 12.83 | % | 171,117 | 7.00 | % | 158,894 | 6.50 | % | ||||||||||||||||||||||||||
Tier I risk-based capital | 313,633 | 12.83 | % | 207,785 | 8.50 | % | 195,562 | 8.00 | % | ||||||||||||||||||||||||||
Total risk-based capital | 334,919 | 13.71 | % | 256,503 | 10.50 | % | 244,288 | 10.00 | % |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Basic EPS Computation | Basic EPS Computation | Basic EPS Computation | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | $ | 13,045 | $ | 7,868 | $ | 25,194 | $ | 7,653 | Net income attributable to common shareholders | $ | 13,289 | $ | 11,533 | $ | 38,483 | $ | 19,186 | ||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 16,616,888 | 16,496,817 | 16,616,034 | 14,196,254 | Weighted average common shares outstanding | 16,665,155 | 16,587,274 | 16,632,587 | 15,053,087 | ||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.79 | $ | 0.48 | $ | 1.52 | $ | 0.54 | Basic earnings per common share | $ | 0.80 | $ | 0.70 | $ | 2.31 | $ | 1.27 | ||||||||||||||||||||||||||||
Diluted EPS Computation | Diluted EPS Computation | Diluted EPS Computation | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | $ | 13,045 | $ | 7,868 | $ | 25,194 | $ | 7,653 | Net income attributable to common shareholders | $ | 13,289 | $ | 11,533 | $ | 38,483 | $ | 19,186 | ||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 16,616,888 | 16,496,817 | 16,616,034 | 14,196,254 | Weighted average common shares outstanding | 16,665,155 | 16,587,274 | 16,632,587 | 15,053,087 | ||||||||||||||||||||||||||||||||||||
Dilutive effect of stock options, restricted stock shares and units, and employee stock purchase plan | Dilutive effect of stock options, restricted stock shares and units, and employee stock purchase plan | 167,856 | 32,263 | 146,613 | 44,911 | Dilutive effect of stock options, restricted stock shares and units, and employee stock purchase plan | 140,002 | 62,399 | 144,385 | 67,616 | ||||||||||||||||||||||||||||||||||||
Adjusted weighted average common shares outstanding | Adjusted weighted average common shares outstanding | 16,784,744 | 16,529,080 | 16,762,647 | 14,241,165 | Adjusted weighted average common shares outstanding | 16,805,157 | 16,649,673 | 16,776,972 | 15,120,703 | ||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.78 | $ | 0.48 | $ | 1.50 | $ | 0.54 | Diluted earnings per common share | $ | 0.79 | $ | 0.69 | $ | 2.29 | $ | 1.27 |
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
U. S. Treasury and other U. S. government agencies | U. S. Treasury and other U. S. government agencies | $ | 222 | $ | 0 | $ | 222 | $ | 0 | U. S. Treasury and other U. S. government agencies | $ | 218 | $ | — | $ | 218 | $ | — | ||||||||||||||||||||||||||||
State and municipal | State and municipal | 187,534 | 0 | 187,534 | 0 | State and municipal | 170,971 | — | 170,971 | — | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 28,082 | 0 | 28,082 | 0 | Corporate bonds | 28,152 | — | 28,152 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 48,244 | 0 | 48,244 | 0 | Mortgage-backed securities | 52,823 | — | 52,823 | — | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 2,613 | 0 | 2,613 | 0 | Asset-backed securities | 2,252 | — | 2,252 | — | ||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | $ | 3,589 | $ | 0 | $ | 3,589 | $ | 0 | Derivative liabilities | $ | 1,316 | $ | — | $ | 1,316 | $ | — | ||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
U. S. Treasury and other U. S. government agencies | U. S. Treasury and other U. S. government agencies | $ | 48 | $ | 0 | $ | 48 | $ | 0 | U. S. Treasury and other U. S. government agencies | $ | 48 | $ | — | $ | 48 | $ | — | ||||||||||||||||||||||||||||
State and municipal | State and municipal | 200,988 | 0 | 200,988 | 0 | State and municipal | 200,988 | — | 200,988 | — | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 24,113 | 0 | 24,113 | 0 | Corporate bonds | 24,113 | — | 24,113 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 28,442 | 0 | 28,442 | 0 | Mortgage-backed securities | 28,442 | — | 28,442 | — | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 3,062 | 0 | 3,062 | 0 | Asset-backed securities | 3,062 | — | 3,062 | — | ||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | $ | 9,152 | $ | 0 | $ | 9,152 | $ | 0 | Derivative liabilities | $ | 9,152 | $ | — | $ | 9,152 | $ | — |
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | Impaired loans | $ | 16,721 | $ | 0 | $ | 0 | $ | 16,721 | Impaired loans | $ | 13,872 | $ | — | $ | — | $ | 13,872 | ||||||||||||||||||||||||||||
Other real estate | Other real estate | 2,233 | 0 | 0 | 2,233 | Other real estate | 3,088 | — | — | 3,088 | ||||||||||||||||||||||||||||||||||||
Other repossessions | Other repossessions | 1,161 | 0 | 0 | 1,161 | Other repossessions | 865 | — | — | 865 | ||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | Impaired loans | $ | 15,162 | $ | 0 | $ | 0 | $ | 15,162 | Impaired loans | $ | 15,162 | $ | — | $ | — | $ | 15,162 | ||||||||||||||||||||||||||||
Other real estate | Other real estate | 1,246 | 0 | 0 | 1,246 | Other real estate | 1,246 | — | — | 1,246 | ||||||||||||||||||||||||||||||||||||
Other repossessions | Other repossessions | 1,424 | 0 | 0 | 1,424 | Other repossessions | 1,424 | — | — | 1,424 |
Valuation Techniques (1) | Significant Unobservable Inputs | Range (Weighted Average) | |||||||||||||||
Impaired loans | Appraisal | Estimated costs to sell | 10% | ||||||||||||||
Other real estate | Appraisal | Estimated costs to sell | 10% | ||||||||||||||
Other repossessions | Third-party guidelines | Estimated costs to sell | 10% |
June 30, 2021 | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial assets | Financial assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 11,763 | $ | 11,763 | $ | 11,763 | $ | 0 | $ | 0 | Cash and due from banks | $ | 13,270 | $ | 13,270 | $ | 13,270 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits in financial institutions | Interest-bearing deposits in financial institutions | 43,676 | 43,676 | 43,676 | 0 | 0 | Interest-bearing deposits in financial institutions | 66,155 | 66,155 | 66,155 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 656 | 656 | 0 | 656 | 0 | Federal funds sold | 1,002 | 1,002 | — | 1,002 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 2,300,176 | 2,330,188 | 0 | 0 | 2,330,188 | Loans, net | 2,368,936 | 2,393,109 | — | — | 2,393,109 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | Mortgage loans held for sale | 229,418 | 231,779 | 0 | 231,779 | 0 | Mortgage loans held for sale | 62,543 | 62,521 | — | 62,521 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 14,492 | 14,492 | 0 | 14,492 | 0 | Accrued interest receivable | 14,374 | 14,374 | — | 14,374 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted equity securities | Restricted equity securities | 15,770 | 15,770 | 0 | 15,770 | 0 | Restricted equity securities | 15,770 | 15,770 | — | 15,770 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities | Financial liabilities | Financial liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 2,629,840 | $ | 2,631,464 | $ | 0 | $ | 0 | $ | 2,631,464 | Deposits | $ | 2,547,705 | $ | 2,548,511 | $ | — | $ | — | $ | 2,548,511 | ||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 1,967 | 1,967 | 0 | 1,967 | 0 | Accrued interest payable | 2,302 | 2,302 | — | 2,302 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinate debentures | Subordinate debentures | 70,770 | 72,650 | 0 | 0 | 72,650 | Subordinate debentures | 70,821 | 72,373 | — | — | 72,373 | ||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | Federal Home Loan Bank advances | 16,000 | 16,000 | 0 | 0 | 16,000 | Federal Home Loan Bank advances | — | — | — | — | — |
December 31, 2020 | December 31, 2020 | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | December 31, 2020 | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Financial assets | Financial assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 13,717 | $ | 13,717 | $ | 13,717 | $ | 0 | $ | 0 | Cash and due from banks | $ | 13,717 | $ | 13,717 | $ | 13,717 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits in financial institutions | Interest-bearing deposits in financial institutions | 79,756 | 79,756 | 79,756 | 0 | 0 | Interest-bearing deposits in financial institutions | 79,756 | 79,756 | 79,756 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 1,572 | 1,572 | 0 | 1,572 | 0 | Federal funds sold | 1,572 | 1,572 | — | 1,572 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 2,280,147 | 2,293,723 | 0 | 0 | 2,293,723 | Loans, net | 2,280,147 | 2,293,723 | — | — | 2,293,723 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | Mortgage loans held for sale | 147,524 | 149,342 | 0 | 149,342 | 0 | Mortgage loans held for sale | 147,524 | 149,342 | — | 149,342 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 14,889 | 14,889 | 0 | 14,889 | 0 | Accrued interest receivable | 14,889 | 14,889 | — | 14,889 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted equity securities | Restricted equity securities | 16,551 | 16,551 | 0 | 16,551 | 0 | Restricted equity securities | 16,551 | 16,551 | — | 16,551 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities | Financial liabilities | Financial liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 2,579,235 | $ | 2,583,525 | $ | 0 | $ | 0 | $ | 2,583,525 | Deposits | $ | 2,579,235 | $ | 2,583,525 | $ | — | $ | — | $ | 2,583,525 | ||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 2,571 | 2,571 | 0 | 2,571 | 0 | Accrued interest payable | 2,571 | 2,571 | — | 2,571 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinate debentures | Subordinate debentures | 70,446 | 71,750 | 0 | 0 | 71,750 | Subordinate debentures | 70,446 | 71,750 | — | — | 71,750 | ||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | Federal Home Loan Bank advances | 10,000 | 10,000 | 0 | 0 | 10,000 | Federal Home Loan Bank advances | 10,000 | 10,000 | — | — | 10,000 |
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking | Residential Mortgage Banking | Elimination Entries | Consolidated | Commercial Banking | Residential Mortgage Banking | Elimination Entries | Consolidated | |||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 27,440 | $ | 1,121 | $ | 0 | $ | 28,561 | Net interest income | $ | 28,164 | $ | 835 | $ | — | $ | 28,999 | ||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 0 | 0 | 0 | 0 | Provision for loan losses | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 5,335 | 3,251 | (276) | 8,310 | Noninterest income | 6,651 | 4,177 | 41 | 10,869 | ||||||||||||||||||||||||||||||||||||
Noninterest expense (excluding merger expense) | Noninterest expense (excluding merger expense) | 16,570 | 3,914 | 0 | 20,484 | Noninterest expense (excluding merger expense) | 16,551 | 4,377 | — | 20,928 | ||||||||||||||||||||||||||||||||||||
Merger expense | Merger expense | 0 | 0 | 0 | 0 | Merger expense | 1,453 | — | — | 1,453 | ||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 3,160 | 42 | 0 | 3,202 | Income tax expense | 3,522 | 29 | — | 3,551 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | 13,045 | 416 | (276) | 13,185 | Net income | 13,289 | 606 | 41 | 13,936 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest in net income of subsidiary | Noncontrolling interest in net income of subsidiary | 0 | (416) | 276 | (140) | Noncontrolling interest in net income of subsidiary | — | (606) | (41) | (647) | ||||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | $ | 13,045 | $ | 0 | $ | 0 | $ | 13,045 | Net income attributable to common shareholders | $ | 13,289 | $ | — | $ | — | $ | 13,289 |
Three Months Ended June 30, 2020 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking | Residential Mortgage Banking | Elimination Entries | Consolidated | Commercial Banking | Residential Mortgage Banking | Elimination Entries | Consolidated | |||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 29,420 | $ | 536 | $ | 0 | $ | 29,956 | Net interest income | $ | 29,731 | $ | 808 | $ | — | $ | 30,539 | ||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 3,000 | 0 | 0 | 3,000 | Provision for loan losses | 1,500 | — | — | 1,500 | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 2,174 | 2,240 | 8 | 4,422 | Noninterest income | 2,219 | 3,797 | (14) | 6,002 | ||||||||||||||||||||||||||||||||||||
Noninterest expense (excluding merger expense) | Noninterest expense (excluding merger expense) | 16,433 | 3,199 | 0 | 19,632 | Noninterest expense (excluding merger expense) | 16,067 | 4,190 | — | 20,257 | ||||||||||||||||||||||||||||||||||||
Merger expense | Merger expense | 2,632 | 0 | 0 | 2,632 | Merger expense | 77 | — | — | 77 | ||||||||||||||||||||||||||||||||||||
Income tax (benefit) expense | Income tax (benefit) expense | 1,661 | (27) | 0 | 1,634 | Income tax (benefit) expense | 2,773 | 27 | — | 2,800 | ||||||||||||||||||||||||||||||||||||
Net (loss) income | Net (loss) income | 7,868 | (396) | 8 | 7,480 | Net (loss) income | 11,533 | 388 | (14) | 11,907 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest in net loss of subsidiary | 0 | 396 | (8) | 388 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest in net income of subsidiary | Noncontrolling interest in net income of subsidiary | — | (388) | 14 | (374) | |||||||||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | $ | 7,868 | $ | 0 | $ | 0 | $ | 7,868 | Net income attributable to common shareholders | $ | 11,533 | $ | — | $ | — | $ | 11,533 |
Six months ended June 30, 2021 | Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking | Residential Mortgage Banking | Elimination Entries | Consolidated | Commercial Banking | Residential Mortgage Banking | Elimination Entries | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 56,573 | $ | 2,014 | $ | 0 | $ | 58,587 | Net interest income | $ | 84,737 | $ | 2,849 | $ | — | $ | 87,586 | ||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 0 | 0 | 0 | 0 | Provision for loan losses | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 7,744 | 8,284 | (381) | 15,647 | Noninterest income | 14,395 | 12,461 | (340) | 26,516 | ||||||||||||||||||||||||||||||||||||||||||
Noninterest expense (excluding merger expense) | Noninterest expense (excluding merger expense) | 33,030 | 9,118 | 0 | 42,148 | Noninterest expense (excluding merger expense) | 49,581 | 13,495 | — | 63,076 | ||||||||||||||||||||||||||||||||||||||||||
Merger expense | Merger expense | 0 | 0 | 0 | 0 | Merger expense | 1,453 | — | — | 1,453 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 6,093 | 89 | 0 | 6,182 | Income tax expense (benefit) | 9,615 | 118 | — | 9,733 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 25,194 | 1,091 | (381) | 25,904 | Net income (loss) | 38,483 | 1,697 | (340) | 39,840 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest in net loss of subsidiary | 0 | (1,091) | 381 | (710) | ||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest in net income of subsidiary | Noncontrolling interest in net income of subsidiary | — | (1,697) | 340 | (1,357) | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | $ | 25,194 | $ | 0 | $ | 0 | $ | 25,194 | Net income attributable to common shareholders | $ | 38,483 | $ | — | $ | — | $ | 38,483 |
Six months ended June 30, 2020 | Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Banking | Residential Mortgage Banking | Elimination Entries | Consolidated | Commercial Banking | Residential Mortgage Banking | Elimination Entries | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 46,202 | $ | 869 | $ | 0 | $ | 47,071 | Net interest income | $ | 75,933 | $ | 1,677 | $ | — | $ | 77,610 | ||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 5,900 | 0 | 0 | 5,900 | Provision for loan losses | 7,400 | — | — | 7,400 | ||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 3,883 | 3,804 | 17 | 7,704 | Noninterest income | 6,102 | 7,601 | 3 | 13,706 | ||||||||||||||||||||||||||||||||||||||||||
Noninterest expense (excluding merger expense) | Noninterest expense (excluding merger expense) | 28,894 | 6,150 | 0 | 35,044 | Noninterest expense (excluding merger expense) | 44,961 | 10,340 | — | 55,301 | ||||||||||||||||||||||||||||||||||||||||||
Merger expense | Merger expense | 6,818 | 0 | 0 | 6,818 | Merger expense | 6,895 | — | — | 6,895 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 820 | (96) | 0 | 724 | Income tax expense (benefit) | 3,593 | (69) | — | 3,524 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 7,653 | (1,381) | 17 | 6,289 | Net income (loss) | 19,186 | (993) | 3 | 18,196 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest in net loss of subsidiary | Noncontrolling interest in net loss of subsidiary | 0 | 1,381 | (17) | 1,364 | Noncontrolling interest in net loss of subsidiary | — | 993 | (3) | 990 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | $ | 7,653 | $ | 0 | $ | 0 | $ | 7,653 | Net income attributable to common shareholders | $ | 19,186 | $ | — | $ | — | $ | 19,186 |
Calculation of Purchase Price | ||||||||
Shares of Tennessee Community Bank Holdings, Inc. common stock outstanding as of January 1, 2020 | 1,055,041 | |||||||
Exchange ratio for Reliant Bancorp, Inc. common stock | 0.769 | |||||||
Reliant Bancorp, Inc. common stock shares issued | 811,210 | |||||||
Reliant Bancorp, Inc. share price at January 1, 2020 | $ | 22.24 | ||||||
Estimated value of Reliant Bancorp, Inc. shares issued | 18,041 | |||||||
Cash settlement for Tennessee Community Bank Holdings, Inc. common stock ($17.13 per share) | 18,073 | |||||||
Cash settlement for Tennessee Community Bank Holdings, Inc.'s 26,450 outstanding stock options ($34.25 settlement price less weighted average exercise price of $18.00) | 430 | |||||||
Cash settlement for Reliant Bancorp, Inc. fractional shares ($22.36 per pro rata fractional share) | 3 | |||||||
Estimated fair value of Tennessee Community Bank Holdings, Inc. | $ | 36,547 |
Allocation of Purchase Price | |||||
Total consideration above | $ | 36,547 | |||
Fair value of assets acquired and liabilities assumed | |||||
Cash and cash equivalents | 11,026 | ||||
Investment securities available for sale | 56,336 | ||||
Loans, net of unearned income | 171,445 | ||||
Accrued interest receivable | 948 | ||||
Premises and equipment | 5,221 | ||||
Cash surrender value of life insurance contracts | 5,629 | ||||
Restricted equity securities | 909 | ||||
Core deposit intangible | 3,617 | ||||
Other assets | 833 | ||||
Deposits | (210,538) | ||||
Deferred tax liability | (157) | ||||
Borrowings | (58) | ||||
FHLB advances | (13,102) | ||||
Other liabilities | (4,337) | ||||
Total fair value of net assets acquired | 27,772 | ||||
Goodwill | $ | 8,775 |
Calculation of Purchase Price | |||||
Shares of First Advantage Bancorp common stock outstanding as of April 1, 2020 | 3,935,165 | ||||
Conversion of restricted stock units to shares of common stock of First Advantage Bancorp as of April 1, 2020 | 2,000 | ||||
Total First Advantage Bancorp common stock outstanding as of April 1, 2020 | 3,937,165 | ||||
Exchange ratio for Reliant Bancorp, Inc. common stock | 1.17 | ||||
Reliant Bancorp, Inc. common stock shares issued | 4,606,483 | ||||
Remove fractional shares | (64) | ||||
Reliant Bancorp, Inc. common stock shares issued | 4,606,419 | ||||
Reliant Bancorp, Inc. share price at April 1, 2020 | $ | 11.27 | |||
Estimated value of Reliant Bancorp, Inc. shares issued | 51,914 | ||||
Cash settlement for Reliant Bancorp, Inc. fractional shares ($11.74 per pro rata fractional share) | 1 | ||||
Cash settlement for First Advantage Bancorp common stock ($3.00 per share) | 11,805 | ||||
Cash settlement for First Advantage Bancorp restricted stock units ($3.00 per share) | 6 | ||||
Cash settlement for First Advantage Bancorp's 34,800 outstanding stock options ($30.00 settlement price less weighted average exercise price of $19.44) | 368 | ||||
Estimated fair value of First Advantage Bancorp | $ | 64,094 |
Allocation of Purchase Price | |||||
Total consideration above | $ | 64,094 | |||
Fair value of assets acquired and liabilities assumed | |||||
Cash and cash equivalents | 11,159 | ||||
Investment securities available for sale | 35,970 | ||||
Loans, net of unearned income | 622,423 | ||||
Mortgage loans held for sale, net | 5,878 | ||||
Premises and equipment | 7,757 | ||||
Deferred tax asset | 4,937 | ||||
Cash surrender value of life insurance contracts | 14,776 | ||||
Other real estate and repossessed assets | 1,259 | ||||
Core deposit intangible | 2,280 | ||||
Operating lease right-of-use assets | 5,846 | ||||
Other assets | 11,624 | ||||
Deposits | (608,690) | ||||
Borrowings | (35,962) | ||||
Operating lease liabilities | (6,536) | ||||
Other liabilities | (10,606) | ||||
Total fair value of net assets acquired | 62,115 | ||||
Goodwill | $ | 1,979 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
June 30, | September 30, | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Revenue(1) | Revenue(1) | $ | 36,871 | $ | 34,378 | $ | 74,234 | $ | 61,644 | Revenue(1) | $ | 39,868 | $ | 36,541 | $ | 114,102 | $ | 97,623 | ||||||||||||||||||||||
Net interest income | Net interest income | $ | 28,561 | $ | 29,956 | $ | 58,587 | $ | 52,709 | Net interest income | $ | 28,999 | $ | 30,539 | $ | 87,586 | $ | 82,686 | ||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | $ | 13,045 | $ | 7,868 | $ | 25,194 | $ | 2,963 | Net income attributable to common shareholders | $ | 13,289 | $ | 11,533 | $ | 38,483 | $ | 13,768 | ||||||||||||||||||||||
(1) Net interest income plus noninterest income | (1) Net interest income plus noninterest income | (1) Net interest income plus noninterest income |
(Dollar amounts in thousands, except per share amounts) | (Dollar amounts in thousands, except per share amounts) | Three months ended, | Six months ended | (Dollar amounts in thousands, except per share amounts) | Three months ended, | Nine months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Statement of Income Data | Selected Statement of Income Data | Selected Statement of Income Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | $ | 35,095 | $ | 35,915 | $ | 69,477 | $ | 59,221 | Total interest income | $ | 33,930 | $ | 35,768 | $ | 103,407 | $ | 94,989 | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 6,534 | 5,959 | 10,890 | 12,150 | Total interest expense | 4,931 | 5,229 | 15,821 | 17,379 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 28,561 | 29,956 | 58,587 | 47,071 | Net interest income | 28,999 | 30,539 | 87,586 | 77,610 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit loss | Provision for credit loss | — | 3,000 | — | 5,900 | Provision for credit loss | — | 1,500 | — | 7,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 8,310 | 4,422 | 15,647 | 7,704 | Total noninterest income | 10,869 | 6,002 | 26,516 | 13,706 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 20,484 | 22,264 | 42,148 | 41,862 | Total noninterest expense | 22,381 | 20,334 | 64,529 | 62,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income before income taxes | Net income before income taxes | 16,387 | 9,114 | 32,086 | 0 | 7,013 | Net income before income taxes | 17,487 | 14,707 | 49,573 | 0 | 21,720 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 3,202 | 1,634 | 6,182 | 724 | Income tax expense | 3,551 | 2,800 | 9,733 | 3,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated net income | Consolidated net income | 13,185 | 7,480 | 25,904 | 6,289 | Consolidated net income | 13,936 | 11,907 | 39,840 | 18,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest in net loss of subsidiary | Noncontrolling interest in net loss of subsidiary | (140) | 388 | (710) | 1,364 | Noncontrolling interest in net loss of subsidiary | (647) | (374) | (1,357) | 990 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | $ | 13,045 | $ | 7,868 | $ | 25,194 | $ | 7,653 | Net income attributable to common shareholders | $ | 13,289 | $ | 11,533 | $ | 38,483 | $ | 19,186 | ||||||||||||||||||||||||||||||||||||||||||||||
Per Common Share | Per Common Share | Per Common Share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic net income | Basic net income | $ | 0.79 | $ | 0.48 | $ | 1.52 | $ | 0.54 | Basic net income | $ | 0.80 | $ | 0.70 | $ | 2.31 | $ | 1.27 | ||||||||||||||||||||||||||||||||||||||||||||||
Diluted net income | Diluted net income | 0.78 | 0.48 | 1.50 | 0.54 | Diluted net income | 0.79 | 0.69 | 2.29 | 1.27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted diluted income (1) | Adjusted diluted income (1) | 0.78 | 0.60 | 1.50 | 0.90 | Adjusted diluted income (1) | 0.87 | 0.70 | 2.38 | 1.62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Book value | Book value | 20.77 | 17.77 | 20.77 | 17.77 | Book value | 21.36 | 18.46 | 21.36 | 18.46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible book value(1) | Tangible book value(1) | 16.88 | 13.96 | 16.88 | 13.96 | Tangible book value(1) | 17.50 | 14.65 | 17.50 | 14.65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Outstanding | Shares Outstanding | Shares Outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic weighted average common shares | Basic weighted average common shares | 16,616,888 | 16,496,817 | 16,616,034 | 14,196,254 | Basic weighted average common shares | 16,665,155 | 16,587,274 | 16,632,587 | 15,053,087 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted weighted average common shares | Diluted weighted average common shares | 16,784,744 | 16,529,080 | 16,762,647 | 14,241,165 | Diluted weighted average common shares | 16,805,157 | 16,649,673 | 16,776,972 | 15,120,703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares outstanding at period end | Common shares outstanding at period end | 16,672,511 | 16,631,604 | 16,672,511 | 16,631,604 | Common shares outstanding at period end | 16,682,928 | 16,634,572 | 16,682,928 | 16,634,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data | Selected Balance Sheet Data | Selected Balance Sheet Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | Loans, net of unearned income | $ | 2,321,070 | $ | 2,317,324 | $ | 2,321,070 | $ | 2,317,324 | Loans, net of unearned income | $ | 2,389,833 | $ | 2,357,898 | $ | 2,389,833 | $ | 2,357,898 | ||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | 3,098,464 | 2,990,126 | 3,098,464 | 2,990,126 | Total assets | 3,013,559 | 3,044,512 | 3,013,559 | 3,044,512 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer deposits | Customer deposits | 2,320,054 | 2,177,734 | 2,320,054 | 2,177,734 | Customer deposits | 2,289,737 | 2,185,915 | 2,289,737 | 2,185,915 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale and institutional deposits | Wholesale and institutional deposits | 309,786 | 352,280 | 309,786 | 352,280 | Wholesale and institutional deposits | 257,968 | 379,587 | 257,968 | 379,587 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 2,629,840 | 2,530,014 | 2,629,840 | 2,530,014 | Total deposits | 2,547,705 | 2,565,502 | 2,547,705 | 2,565,502 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 2,752,175 | 2,694,583 | 2,752,175 | 2,694,583 | Total liabilities | 2,657,244 | 2,737,426 | 2,657,244 | 2,737,426 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shareholders' equity | Total shareholders' equity | 346,289 | 295,543 | 346,289 | 295,543 | Total shareholders' equity | 356,315 | 307,086 | 356,315 | 307,086 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | Total liabilities and shareholders' equity | 3,098,464 | 2,990,126 | 3,098,464 | 2,990,126 | Total liabilities and shareholders' equity | 3,013,559 | 3,044,512 | 3,013,559 | 3,044,512 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data - Averages | Selected Balance Sheet Data - Averages | Selected Balance Sheet Data - Averages | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | $ | 2,288,841 | $ | 2,302,639 | $ | 2,284,633 | $ | 1,957,834 | Loans held for investment | $ | 2,360,073 | $ | 2,337,958 | $ | 2,310,056 | $ | 2,085,467 | ||||||||||||||||||||||||||||||||||||||||||||||
Earning assets(1) | Earning assets(1) | 2,868,803 | 2,735,404 | 2,831,071 | 2,363,975 | Earning assets(1) | 2,818,164 | 2,771,917 | 2,826,721 | 2,500,951 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | 3,088,329 | 2,956,942 | 3,050,929 | 2,569,376 | Total assets | 3,036,777 | 2,991,818 | 3,046,160 | 2,711,218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | 2,113,993 | 2,158,990 | 2,096,711 | 1,878,376 | Interest-bearing liabilities | 2,032,296 | 2,108,428 | 2,075,003 | 1,955,621 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 2,748,825 | 2,667,981 | 2,717,628 | 2,303,949 | Total liabilities | 2,685,605 | 2,692,383 | 2,706,837 | 2,434,372 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shareholders' equity | Total shareholders' equity | 339,504 | 288,961 | 333,301 | 265,427 | Total shareholders' equity | 351,172 | 299,435 | 339,323 | 276,846 |
(Dollar amounts in thousands, except per share amounts) | (Dollar amounts in thousands, except per share amounts) | Three months ended, | Six months ended | (Dollar amounts in thousands, except per share amounts) | Three months ended, | Nine months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Performance Ratios | Selected Performance Ratios | Selected Performance Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average assets (2) | Return on average assets (2) | 1.69 | % | 1.07 | % | 1.67 | % | 0.60 | % | Return on average assets (2) | 1.74 | % | 1.53 | % | 1.69 | % | 0.95 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Return on shareholders' equity (2) | Return on shareholders' equity (2) | 15.41 | % | 10.95 | % | 15.24 | % | 5.80 | % | Return on shareholders' equity (2) | 15.01 | % | 15.32 | % | 15.16 | % | 9.26 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Return on average tangible common equity (1) (2) | Return on average tangible common equity (1) (2) | 19.07 | % | 14.04 | % | 18.96 | % | 7.66 | % | Return on average tangible common equity (1) (2) | 18.40 | % | 19.42 | % | 18.76 | % | 12.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Average shareholders' equity to average assets | Average shareholders' equity to average assets | 10.99 | % | 9.77 | % | 10.92 | % | 10.33 | % | Average shareholders' equity to average assets | 11.56 | % | 10.01 | % | 11.14 | % | 10.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (tax-equivalent basis) (2) | Net interest margin (tax-equivalent basis) (2) | 4.14 | % | 4.58 | % | 4.32 | % | 4.16 | % | Net interest margin (tax-equivalent basis) (2) | 4.22 | % | 4.54 | % | 4.28 | % | 4.30 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Efficiency Ratio (tax-equivalent basis) | Efficiency Ratio (tax-equivalent basis) | 54.1 | % | 62.7 | % | 55.3 | % | 73.9 | % | Efficiency Ratio (tax-equivalent basis) | 54.8 | % | 54.0 | % | 55.1 | % | 66.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Bank Segment efficiency ratio (1) | Bank Segment efficiency ratio (1) | 50.6 | % | 60.3 | % | 51.4 | % | 71.3 | % | Bank Segment efficiency ratio (1) | 51.7 | % | 50.5 | % | 51.5 | % | 63.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment to deposits ratio | Loans held for investment to deposits ratio | 88.3 | % | 91.6 | % | 88.3 | % | 91.6 | % | Loans held for investment to deposits ratio | 93.8 | % | 91.9 | % | 93.8 | % | 91.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Interest Rates and Yields (2) | Interest Rates and Yields (2) | Interest Rates and Yields (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Yield on interest-earning assets | Yield on interest-earning assets | 5.05 | % | 5.45 | % | 5.09 | % | 5.20 | % | Yield on interest-earning assets | 4.91 | % | 5.29 | % | 5.03 | % | 5.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Yield on loans held for investment | Yield on loans held for investment | 5.58 | % | 5.98 | % | 5.60 | % | 5.67 | % | Yield on loans held for investment | 5.29 | % | 5.73 | % | 5.50 | % | 5.69 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Cost of interest-bearing liabilities | Cost of interest-bearing liabilities | 1.24 | % | 1.11 | % | 1.05 | % | 1.30 | % | Cost of interest-bearing liabilities | 0.96 | % | 0.99 | % | 1.02 | % | 1.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Adjust cost of interest-bearing liabilities (1) | Adjust cost of interest-bearing liabilities (1) | 0.70 | % | 1.11 | % | 0.77 | % | 1.30 | % | Adjust cost of interest-bearing liabilities (1) | 0.52 | % | 0.99 | % | 0.69 | % | 1.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Cost of funds | Cost of funds | 0.97 | % | 0.91 | % | 0.82 | % | 1.08 | % | Cost of funds | 0.74 | % | 0.79 | % | 0.79 | % | 0.97 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted cost of funds (1) | Adjusted cost of funds (1) | 0.54 | % | 0.91 | % | 0.60 | % | 1.08 | % | Adjusted cost of funds (1) | 0.40 | % | 0.79 | % | 0.53 | % | 0.97 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Cost of total deposits | Cost of total deposits | 0.83 | % | 0.79 | % | 0.67 | % | 0.93 | % | Cost of total deposits | 0.58 | % | 0.62 | % | 0.64 | % | 0.81 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted cost of total deposits (1) | Adjusted cost of total deposits (1) | 0.41 | % | 0.79 | % | 0.47 | % | 0.93 | % | Adjusted cost of total deposits (1) | 0.26 | % | 0.62 | % | 0.40 | % | 0.81 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Preliminary Consolidated Capital Ratios (3) | Preliminary Consolidated Capital Ratios (3) | Preliminary Consolidated Capital Ratios (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | Tier 1 leverage | 9.47 | % | 8.47 | % | 9.47 | % | 8.47 | % | Tier 1 leverage | 10.04 | % | 8.72 | % | 10.04 | % | 8.72 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 | Common equity tier 1 | 10.18 | % | 9.25 | % | 10.18 | % | 9.25 | % | Common equity tier 1 | 10.52 | % | 9.77 | % | 10.52 | % | 9.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital | Tier 1 risk-based capital | 10.62 | % | 9.71 | % | 10.62 | % | 9.71 | % | Tier 1 risk-based capital | 10.95 | % | 10.25 | % | 10.95 | % | 10.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital | Total risk-based capital | 13.62 | % | 12.80 | % | 13.62 | % | 12.80 | % | Total risk-based capital | 13.92 | % | 13.44 | % | 13.92 | % | 13.44 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Selected Asset Quality Measures | Selected Asset Quality Measures | Selected Asset Quality Measures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses to total loans | Allowance for loan losses to total loans | 0.90 | % | 0.79 | % | 0.90 | % | 0.79 | % | Allowance for loan losses to total loans | 0.87 | % | 0.84 | % | 0.87 | % | 0.84 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses and purchase loan discounts to total loans | 1.46 | % | 1.73 | % | 1.46 | % | 1.73 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses plus unaccreted purchased loan discounts to total loans (1) | Allowance for loan losses plus unaccreted purchased loan discounts to total loans (1) | 1.38 | % | 1.64 | % | 1.38 | % | 1.64 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (recoveries) charge offs | Net (recoveries) charge offs | $ | (109) | $ | (116) | $ | (258) | $ | 241 | Net (recoveries) charge offs | $ | (3) | $ | (97) | $ | (261) | $ | 144 | ||||||||||||||||||||||||||||||||||||||||||||||
Net (recoveries) charge offs to average loans (2) | Net (recoveries) charge offs to average loans (2) | (0.02) | % | (0.02) | % | (0.02) | % | 0.02 | % | Net (recoveries) charge offs to average loans (2) | — | % | (0.02) | % | (0.02) | % | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming loans held for investment (HFI) | Total nonperforming loans held for investment (HFI) | $ | 5,355 | $ | 7,549 | $ | 5,355 | $ | 7,549 | Total nonperforming loans held for investment (HFI) | $ | 5,302 | $ | 6,802 | $ | 5,302 | $ | 6,802 | ||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming assets (4) | Total nonperforming assets (4) | $ | 9,726 | $ | 11,571 | $ | 9,726 | $ | 11,571 | Total nonperforming assets (4) | $ | 10,232 | $ | 9,731 | $ | 10,232 | $ | 9,731 | ||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming loans HFI to total loans HFI | Nonperforming loans HFI to total loans HFI | 0.23 | % | 0.33 | % | 0.23 | % | 0.33 | % | Nonperforming loans HFI to total loans HFI | 0.22 | % | 0.29 | % | 0.22 | % | 0.29 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming assets to total assets | Nonperforming assets to total assets | 0.31 | % | 0.39 | % | 0.31 | % | 0.39 | % | Nonperforming assets to total assets | 0.34 | % | 0.32 | % | 0.34 | % | 0.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming assets to total loans HFI and NPAs | Nonperforming assets to total loans HFI and NPAs | 0.42 | % | 0.50 | % | 0.42 | % | 0.50 | % | Nonperforming assets to total loans HFI and NPAs | 0.43 | % | 0.41 | % | 0.43 | % | 0.41 | % |
Three Months Ended | Six months ended | ||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||||||
Adjusted net interest margin (1): | |||||||||||||||||||||||||||||
Net interest income | $ | 28,561 | $ | 29,956 | $ | 58,587 | $ | 47,071 | |||||||||||||||||||||
Add: tax equivalent interest income | 1,021 | 1,161 | 2,040 | 1,854 | |||||||||||||||||||||||||
Add: swap termination fees | 2,859 | — | 2,859 | — | |||||||||||||||||||||||||
Less: purchase accounting adjustments | (1,839) | (5,232) | (3,683) | (5,905) | |||||||||||||||||||||||||
Adjusted net interest income | $ | 30,602 | $ | 25,885 | $ | 59,803 | $ | 43,020 |
Three Months Ended | Six months ended | ||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||||||
Average Earning Assets | $ | 2,868,803 | $ | 2,735,404 | $ | 2,831,071 | $ | 2,363,975 | |||||||||||||||||||||
Net interest margin-tax equivalent | 4.14 | % | 4.58 | % | 4.32 | % | 4.16 | % | |||||||||||||||||||||
Adjusted net interest margin | 4.28 | % | 3.81 | % | 4.26 | % | 3.66 | % | |||||||||||||||||||||
Adjusted net income (2): | |||||||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 13,045 | $ | 7,868 | $ | 25,194 | $ | 7,653 | |||||||||||||||||||||
Add: merger related expenses | — | 2,632 | — | 6,818 | |||||||||||||||||||||||||
Less: income tax impact of merger related expenses | — | (565) | — | (1,597) | |||||||||||||||||||||||||
Adjusted net income | $ | 13,045 | $ | 9,935 | $ | 25,194 | $ | 12,874 | |||||||||||||||||||||
Adjusted diluted earnings per share: | |||||||||||||||||||||||||||||
Adjusted net income | $ | 13,045 | $ | 9,935 | $ | 25,194 | $ | 12,874 | |||||||||||||||||||||
Weighted average shares - diluted | 16,784,744 | 16,529,080 | 16,762,647 | 14,241,165 | |||||||||||||||||||||||||
Diluted earnings per share | $ | 0.78 | $ | 0.48 | $ | 1.50 | $ | 0.54 | |||||||||||||||||||||
Adjusted diluted earnings per share | $ | 0.78 | $ | 0.60 | $ | 1.50 | $ | 0.90 | |||||||||||||||||||||
Adjusted annualized return on average assets: | |||||||||||||||||||||||||||||
Adjusted net income | $ | 13,045 | $ | 9,935 | $ | 25,194 | $ | 12,874 | |||||||||||||||||||||
Average assets | 3,088,329 | 2,956,942 | 3,050,929 | 2,569,376 | |||||||||||||||||||||||||
Annualized return on average assets | 1.69 | % | 1.07 | % | 1.67 | % | 0.60 | % | |||||||||||||||||||||
Adjusted annualized return on average assets | 1.69 | % | 1.35 | % | 1.67 | % | 1.01 | % | |||||||||||||||||||||
Adjusted annualized return on average equity: | |||||||||||||||||||||||||||||
Adjusted net income | $ | 13,045 | $ | 9,935 | $ | 25,194 | $ | 12,874 | |||||||||||||||||||||
Average total shareholders' equity | 339,504 | 288,961 | 333,301 | 265,427 | |||||||||||||||||||||||||
Annualized return on average equity | 15.41 | % | 10.95 | % | 15.24 | % | 5.80 | % | |||||||||||||||||||||
Adjusted annualized return on average equity | 15.41 | % | 13.83 | % | 15.24 | % | 9.75 | % | |||||||||||||||||||||
Adjusted annualized return on average tangible common equity: | |||||||||||||||||||||||||||||
Average total shareholders' equity | $ | 339,504 | $ | 288,961 | $ | 333,301 | $ | 265,427 | |||||||||||||||||||||
Less: average intangible assets | (65,088) | (63,594) | (65,308) | (64,461) | |||||||||||||||||||||||||
Average tangible common equity | $ | 274,416 | $ | 225,367 | $ | 267,993 | $ | 200,966 | |||||||||||||||||||||
Adjusted net income | 13,045 | 9,935 | 25,194 | 12,874 | |||||||||||||||||||||||||
Annualized return on average tangible common equity | 19.07 | % | 14.04 | % | 18.96 | % | 7.66 | % | |||||||||||||||||||||
Adjusted annualized return on average tangible common equity | 19.07 | % | 17.73 | % | 18.96 | % | 12.88 | % | |||||||||||||||||||||
Adjusted pre-tax pre-provision income: | |||||||||||||||||||||||||||||
Income before provision for income taxes | $ | 16,387 | $ | 9,114 | $ | 32,086 | $ | 7,013 | |||||||||||||||||||||
Add: merger related expenses | — | 2,632 | — | 6,818 | |||||||||||||||||||||||||
Add: provision for loan losses | — | 3,000 | — | 5,900 | |||||||||||||||||||||||||
Adjusted pre-tax pre-provision income | $ | 16,387 | $ | 14,746 | $ | 32,086 | $ | 19,731 | |||||||||||||||||||||
Three Months Ended | Nine months ended | ||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||
Adjusted net interest margin: | |||||||||||||||||||||||||||||
Net interest income | $ | 28,999 | $ | 30,539 | $ | 87,586 | $ | 77,610 | |||||||||||||||||||||
Add: tax equivalent interest income | 947 | 1,107 | 2,987 | 2,960 | |||||||||||||||||||||||||
Add: swap termination fees | 2,290 | — | 5,149 | — | |||||||||||||||||||||||||
Less: purchase accounting adjustments | (993) | (3,868) | (4,676) | (9,773) | |||||||||||||||||||||||||
Adjusted net interest income | $ | 31,243 | $ | 27,778 | $ | 91,046 | $ | 70,797 | |||||||||||||||||||||
Average earning assets | $ | 2,818,164 | $ | 2,771,917 | $ | 2,826,721 | $ | 2,500,951 | |||||||||||||||||||||
Net interest margin-tax equivalent | 4.22 | % | 4.54 | % | 4.28 | % | 4.30 | % | |||||||||||||||||||||
Adjusted net interest margin | 4.40 | % | 3.99 | % | 4.31 | % | 3.78 | % | |||||||||||||||||||||
Adjusted net income (1): | |||||||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 13,289 | $ | 11,533 | $ | 38,483 | $ | 19,186 | |||||||||||||||||||||
Add: merger related expenses | 1,453 | 77 | 1,453 | 6,895 | |||||||||||||||||||||||||
Less: income tax impact of merger related expenses | (48) | (10) | (48) | (1,607) | |||||||||||||||||||||||||
Adjusted net income | $ | 14,694 | $ | 11,600 | $ | 39,888 | $ | 24,474 | |||||||||||||||||||||
Adjusted diluted earnings per share: | |||||||||||||||||||||||||||||
Adjusted net income | $ | 14,694 | $ | 11,600 | $ | 39,888 | $ | 24,474 | |||||||||||||||||||||
Weighted average shares - diluted | 16,805,157 | 16,649,673 | 16,776,972 | 15,120,703 | |||||||||||||||||||||||||
Diluted earnings per share | $ | 0.79 | $ | 0.69 | $ | 2.29 | $ | 1.27 | |||||||||||||||||||||
Adjusted diluted earnings per share | $ | 0.87 | $ | 0.70 | $ | 2.38 | $ | 1.62 | |||||||||||||||||||||
Adjusted annualized return on average assets: | |||||||||||||||||||||||||||||
Adjusted net income | $ | 14,694 | $ | 11,600 | $ | 39,888 | $ | 24,474 | |||||||||||||||||||||
Average assets | 3,036,777 | 2,991,818 | 3,046,160 | 2,711,218 | |||||||||||||||||||||||||
Annualized return on average assets | 1.74 | % | 1.53 | % | 1.69 | % | 0.95 | % | |||||||||||||||||||||
Adjusted annualized return on average assets | 1.92 | % | 1.54 | % | 1.75 | % | 1.21 | % | |||||||||||||||||||||
Adjusted annualized return on average equity: | |||||||||||||||||||||||||||||
Adjusted net income | $ | 14,694 | $ | 11,600 | $ | 39,888 | $ | 24,474 | |||||||||||||||||||||
Average total shareholders' equity | 351,172 | 299,435 | 339,323 | 276,846 | |||||||||||||||||||||||||
Annualized return on average equity | 15.01 | % | 15.32 | % | 15.16 | % | 9.26 | % | |||||||||||||||||||||
Adjusted annualized return on average equity | 16.60 | % | 15.41 | % | 15.72 | % | 11.81 | % | |||||||||||||||||||||
Adjusted annualized return on average tangible common equity: | |||||||||||||||||||||||||||||
Average total shareholders' equity | $ | 351,172 | $ | 299,435 | $ | 339,323 | $ | 276,846 | |||||||||||||||||||||
Less: average intangible assets | (64,607) | (63,212) | (65,072) | (64,042) | |||||||||||||||||||||||||
Average tangible common equity | $ | 286,565 | $ | 236,223 | $ | 274,251 | $ | 212,804 | |||||||||||||||||||||
Adjusted net income | 14,694 | 11,600 | 39,888 | 24,474 | |||||||||||||||||||||||||
Annualized return on average tangible common equity | 18.40 | % | 19.42 | % | 18.76 | % | 12.04 | % | |||||||||||||||||||||
Adjusted annualized return on average tangible common equity | 20.34 | % | 19.54 | % | 19.45 | % | 15.36 | % | |||||||||||||||||||||
Three Months Ended | Six months ended | Three Months Ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted pre-tax pre-provision income: | Adjusted pre-tax pre-provision income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | Income before provision for income taxes | $ | 17,487 | $ | 14,707 | $ | 49,573 | $ | 21,720 | |||||||||||||||||||||||||||||||||||||||||||||||||
Add: merger related expenses | Add: merger related expenses | 1,453 | 77 | 1,453 | 6,895 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Add: provision for loan losses | Add: provision for loan losses | — | 1,500 | — | 7,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted pre-tax pre-provision income | Adjusted pre-tax pre-provision income | $ | 18,940 | $ | 16,284 | $ | 51,026 | $ | 36,015 | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets: | Tangible common equity to tangible assets: | Tangible common equity to tangible assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity: | Tangible common equity: | Tangible common equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shareholders' equity | Total shareholders' equity | $ | 346,289 | $ | 295,543 | $ | 346,289 | $ | 295,543 | Total shareholders' equity | $ | 356,315 | $ | 307,086 | $ | 356,315 | $ | 307,086 | ||||||||||||||||||||||||||||||||||||||||
Less: intangible assets | Less: intangible assets | (64,830) | (63,351) | (64,830) | (63,351) | Less: intangible assets | (64,374) | (63,326) | (64,374) | (63,326) | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity | Tangible common equity | $ | 281,459 | $ | 232,192 | $ | 281,459 | $ | 232,192 | Tangible common equity | $ | 291,941 | $ | 243,760 | $ | 291,941 | $ | 243,760 | ||||||||||||||||||||||||||||||||||||||||
Tangible assets: | Tangible assets: | Tangible assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 3,098,464 | $ | 2,990,126 | $ | 3,098,464 | $ | 2,990,126 | Total assets | $ | 3,013,559 | $ | 3,044,512 | $ | 3,013,559 | $ | 3,044,512 | ||||||||||||||||||||||||||||||||||||||||
Less: intangible assets | Less: intangible assets | (64,830) | (63,351) | (64,830) | (63,351) | Less: intangible assets | (64,374) | (63,326) | (64,374) | (63,326) | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangible assets | Tangible assets | $ | 3,033,634 | $ | 2,926,775 | $ | 3,033,634 | $ | 2,926,775 | Tangible assets | $ | 2,949,185 | $ | 2,981,186 | $ | 2,949,185 | $ | 2,981,186 | ||||||||||||||||||||||||||||||||||||||||
Total shareholders' equity to total assets | Total shareholders' equity to total assets | 11.18 | % | 9.88 | % | 11.18 | % | 9.88 | % | Total shareholders' equity to total assets | 11.82 | % | 10.09 | % | 11.82 | % | 10.09 | % | ||||||||||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets | Tangible common equity to tangible assets | 9.28 | % | 7.93 | % | 9.28 | % | 7.93 | % | Tangible common equity to tangible assets | 9.90 | % | 8.18 | % | 9.90 | % | 8.18 | % | ||||||||||||||||||||||||||||||||||||||||
Tangible book value per share: | Tangible book value per share: | Tangible book value per share: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity | Tangible common equity | $ | 281,459 | $ | 232,192 | $ | 281,459 | $ | 232,192 | Tangible common equity | $ | 291,941 | $ | 243,760 | $ | 291,941 | $ | 243,760 | ||||||||||||||||||||||||||||||||||||||||
Total shares of common stock outstanding | Total shares of common stock outstanding | 16,672,511 | 16,631,604 | 16,672,511 | 16,631,604 | Total shares of common stock outstanding | 16,682,928 | 16,634,572 | 16,682,928 | 16,634,572 | ||||||||||||||||||||||||||||||||||||||||||||||||
Book value per common share | Book value per common share | $ | 20.77 | $ | 17.77 | $ | 20.77 | $ | 17.77 | Book value per common share | $ | 21.36 | $ | 18.46 | $ | 21.36 | $ | 18.46 | ||||||||||||||||||||||||||||||||||||||||
Tangible book value per share | Tangible book value per share | $ | 16.88 | $ | 13.96 | $ | 16.88 | $ | 13.96 | Tangible book value per share | $ | 17.50 | $ | 14.65 | $ | 17.50 | $ | 14.65 | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses plus unaccreted loan purchase discounts: | Allowance for loan losses plus unaccreted loan purchase discounts: | Allowance for loan losses plus unaccreted loan purchase discounts: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | Allowance for loan losses | $ | 20,894 | $ | 18,237 | $ | 20,894 | $ | 18,237 | Allowance for loan losses | $ | 20,897 | $ | 19,834 | $ | 20,897 | $ | 19,834 | ||||||||||||||||||||||||||||||||||||||||
Unaccreted loan purchase discounts | Unaccreted loan purchase discounts | 12,980 | 21,939 | 12,980 | 21,939 | Unaccreted loan purchase discounts | 11,993 | 18,939 | 11,993 | 18,939 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses plus unaccreted loan purchase discounts: | Allowance for loan losses plus unaccreted loan purchase discounts: | $ | 33,874 | $ | 40,176 | $ | 33,874 | $ | 40,176 | Allowance for loan losses plus unaccreted loan purchase discounts: | $ | 32,890 | $ | 38,773 | $ | 32,890 | $ | 38,773 | ||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 2,321,070 | 2,317,324 | 2,321,070 | 2,317,324 | Total loans | 2,389,833 | 2,357,898 | 2,389,833 | 2,357,898 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses plus unaccreted purchased loan discounts to total loans | Allowance for loan losses plus unaccreted purchased loan discounts to total loans | 1.46 | % | 1.73 | % | 1.46 | % | 1.73 | % | Allowance for loan losses plus unaccreted purchased loan discounts to total loans | 1.38 | % | 1.64 | % | 1.38 | % | 1.64 | % | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses to total loans | Allowance for loan losses to total loans | 0.90 | % | 0.79 | % | 0.90 | % | 0.79 | % | Allowance for loan losses to total loans | 0.87 | % | 0.84 | % | 0.87 | % | 0.84 | % | ||||||||||||||||||||||||||||||||||||||||
Bank segment adjusted net income: | Bank segment adjusted net income: | Bank segment adjusted net income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank segment net income | Bank segment net income | $ | 13,045 | $ | 7,868 | $ | 25,194 | $ | 7,653 | Bank segment net income | $ | 13,289 | $ | 11,533 | $ | 38,483 | $ | 19,186 | ||||||||||||||||||||||||||||||||||||||||
Add: merger related expenses | Add: merger related expenses | — | 2,632 | — | 6,818 | Add: merger related expenses | 1,453 | 77 | 1,453 | 6,895 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: income tax impact of merger related expenses | Less: income tax impact of merger related expenses | — | (565) | — | (1,597) | Less: income tax impact of merger related expenses | (48) | (10) | (48) | (1,607) | ||||||||||||||||||||||||||||||||||||||||||||||||
Bank segment adjusted net income | Bank segment adjusted net income | $ | 13,045 | $ | 9,935 | $ | 25,194 | $ | 12,874 | Bank segment adjusted net income | $ | 14,694 | $ | 11,600 | $ | 39,888 | $ | 24,474 | ||||||||||||||||||||||||||||||||||||||||
Bank segment adjusted noninterest expense: | Bank segment adjusted noninterest expense: | Bank segment adjusted noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank segment noninterest expense | Bank segment noninterest expense | $ | 16,570 | $ | 19,065 | $ | 33,030 | $ | 35,712 | Bank segment noninterest expense | $ | 18,004 | $ | 16,144 | $ | 51,034 | $ | 51,856 | ||||||||||||||||||||||||||||||||||||||||
Add: merger related expenses | — | (2,632) | — | (6,818) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: merger related expenses | Less: merger related expenses | (1,453) | (77) | (1,453) | (6,895) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank segment adjusted noninterest expense | Bank segment adjusted noninterest expense | $ | 16,570 | $ | 16,433 | $ | 33,030 | $ | 28,894 | Bank segment adjusted noninterest expense | $ | 16,551 | $ | 16,067 | $ | 49,581 | $ | 44,961 |
Three Months Ended | Six months ended | Three Months Ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bank segment adjusted efficiency ratio: | Bank segment adjusted efficiency ratio: | Bank segment adjusted efficiency ratio: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank segment adjusted total revenues: | Bank segment adjusted total revenues: | Bank segment adjusted total revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank segment net interest income | Bank segment net interest income | $ | 27,440 | $ | 29,420 | $ | 56,573 | $ | 46,202 | Bank segment net interest income | $ | 28,164 | $ | 29,731 | $ | 84,737 | $ | 75,933 | ||||||||||||||||||||||||||||||||||||||||
Add: Tax equivalent interest income | Add: Tax equivalent interest income | 1,021 | 1,161 | 2,040 | 1,854 | Add: Tax equivalent interest income | 947 | 1,107 | 2,987 | 2,960 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Bank segment noninterest income | Add: Bank segment noninterest income | 5,335 | 2,174 | 7,744 | 3,883 | Add: Bank segment noninterest income | 6,651 | 2,219 | 14,395 | 6,102 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Gains on sale of securities, OREO, premises and equipment | Less: Gains on sale of securities, OREO, premises and equipment | (2,922) | (338) | (3,069) | (361) | Less: Gains on sale of securities, OREO, premises and equipment | (2,405) | 9 | (5,473) | (352) | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Swap termination fee (3) | 2,859 | — | 2,859 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Add: Swap termination fees (2) | Add: Swap termination fees (2) | 2,290 | — | 5,149 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank segment adjusted total revenues | Bank segment adjusted total revenues | $ | 33,733 | $ | 32,417 | $ | 66,147 | $ | 51,578 | Bank segment adjusted total revenues | $ | 35,647 | $ | 33,066 | $ | 101,795 | $ | 84,643 | ||||||||||||||||||||||||||||||||||||||||
Bank segment efficiency ratio | Bank segment efficiency ratio | 50.6 | % | 60.3 | % | 51.4 | % | 71.3 | % | Bank segment efficiency ratio | 51.7 | % | 50.5 | % | 51.5 | % | 63.2 | % | ||||||||||||||||||||||||||||||||||||||||
Bank segment adjusted efficiency ratio | Bank segment adjusted efficiency ratio | 49.1 | % | 50.7 | % | 49.9 | % | 56.0 | % | Bank segment adjusted efficiency ratio | 46.4 | % | 48.6 | % | 48.7 | % | 53.1 | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted cost of funds: | Adjusted cost of funds: | Adjusted cost of funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted interest expense: | Adjusted interest expense: | Adjusted interest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | Interest Expense | $ | 6,534 | $ | 5,959 | $ | 10,890 | $ | 12,150 | Interest Expense | $ | 4,931 | $ | 5,229 | $ | 15,821 | $ | 17,379 | ||||||||||||||||||||||||||||||||||||||||
Less: Swap termination fees | Less: Swap termination fees | (2,859) | — | (2,859) | — | Less: Swap termination fees | (2,290) | — | (5,149) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted interest expense | Adjusted interest expense | $ | 3,675 | $ | 5,959 | $ | 8,031 | $ | 12,150 | Adjusted interest expense | $ | 2,641 | $ | 5,229 | $ | 10,672 | $ | 17,379 | ||||||||||||||||||||||||||||||||||||||||
Average funds | Average funds | 2,711,181 | 2,627,565 | 2,678,277 | 2,268,700 | Average funds | 2,649,200 | 2,644,781 | 2,668,477 | 2,394,976 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of funds | Cost of funds | 0.97 | % | 0.91 | % | 0.82 | % | 1.08 | % | Cost of funds | 0.74 | % | 0.79 | % | 0.79 | % | 0.97 | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted cost of funds | Adjusted cost of funds | 0.54 | % | 0.91 | % | 0.60 | % | 1.08 | % | Adjusted cost of funds | 0.40 | % | 0.79 | % | 0.53 | % | 0.97 | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted cost of interest-bearing liabilities: | Adjusted cost of interest-bearing liabilities: | Adjusted cost of interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted interest expense | Adjusted interest expense | $ | 3,675 | $ | 5,959 | $ | 8,031 | $ | 12,150 | Adjusted interest expense | $ | 2,641 | $ | 5,229 | $ | 10,672 | $ | 17,379 | ||||||||||||||||||||||||||||||||||||||||
Average interest-bearing liabilities | Average interest-bearing liabilities | 2,113,993 | 2,158,990 | 2,096,711 | 1,878,376 | Average interest-bearing liabilities | 2,032,296 | 2,108,428 | 2,075,003 | 1,955,621 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of interest-bearing liabilities | Cost of interest-bearing liabilities | 1.24 | % | 1.11 | % | 1.05 | % | 1.30 | % | Cost of interest-bearing liabilities | 0.96 | % | 0.99 | % | 1.02 | % | 1.19 | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted cost of interest-bearing liabilities | Adjusted cost of interest-bearing liabilities | 0.70 | % | 1.11 | % | 0.77 | % | 1.30 | % | Adjusted cost of interest-bearing liabilities | 0.52 | % | 0.99 | % | 0.69 | % | 1.19 | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted cost of deposits: | Adjusted cost of deposits: | Adjusted cost of deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted deposit expense: | Adjusted deposit expense: | Adjusted deposit expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit expense | Deposit expense | $ | 5,541 | $ | 4,829 | $ | 8,940 | $ | 9,666 | Deposit expense | $ | 3,942 | $ | 4,133 | $ | 12,882 | $ | 13,799 | ||||||||||||||||||||||||||||||||||||||||
Less: Swap termination fees | Less: Swap termination fees | (2,859) | — | (2,859) | — | Less: Swap termination fees | (2,290) | — | (5,149) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted deposit expense | Adjusted deposit expense | $ | 2,682 | $ | 4,829 | $ | 6,081 | $ | 9,666 | Adjusted deposit expense | $ | 1,652 | $ | 4,133 | $ | 7,733 | $ | 13,799 | ||||||||||||||||||||||||||||||||||||||||
Average deposits | Average deposits | 2,617,853 | 2,429,818 | 2,592,542 | 2,079,863 | Average deposits | 2,567,679 | 2,533,853 | 2,584,162 | 2,232,298 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of deposits | Cost of deposits | 0.83 | % | 0.79 | % | 0.67 | % | 0.93 | % | Cost of deposits | 0.58 | % | 0.62 | % | 0.64 | % | 0.81 | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted cost of deposits | Adjusted cost of deposits | 0.41 | % | 0.79 | % | 0.47 | % | 0.93 | % | Adjusted cost of deposits | 0.26 | % | 0.62 | % | 0.40 | % | 0.81 | % |
Three Months Ended June 30, | Change | Three Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balances (1) | Rates / Yields (%) | Interest Income / Expense | Average Balances (1) | Rates / Yields (%) | Interest Income / Expense | Due to Volume | Due to Rate | Total | Average Balances (1) | Rates / Yields (%) | Interest Income / Expense | Average Balances (1) | Rates / Yields (%) | Interest Income / Expense | Due to Volume | Due to Rate | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets | Interest earning assets | Interest earning assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (2) (3) | Loans (2) (3) | $ | 2,288,841 | 5.12 | $ | 28,539 | $ | 2,302,639 | 5.68 | $ | 31,708 | $ | (189) | $ | (3,103) | $ | (3,292) | Loans (2) (3) | $ | 2,360,073 | 4.96 | $ | 28,847 | $ | 2,337,958 | 5.34 | $ | 30,640 | $ | 289 | $ | (2,173) | $ | (1,884) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan fees | Loan fees | — | 0.46 | 2,644 | — | 0.30 | 1,739 | 905 | — | 905 | Loan fees | — | 0.33 | 1,970 | — | 0.38 | 2,255 | (285) | — | (285) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans with fees | Loans with fees | 2,288,841 | 5.58 | 31,183 | 2,302,639 | 5.98 | 33,447 | 716 | (3,103) | (2,387) | Loans with fees | 2,360,073 | 5.29 | 30,817 | 2,337,958 | 5.73 | 32,895 | 4 | (2,173) | (2,169) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | Mortgage loans held for sale | 232,850 | 3.11 | 1,807 | 85,313 | 3.84 | 815 | 1,115 | (123) | 992 | Mortgage loans held for sale | 134,245 | 3.50 | 1,184 | 103,729 | 3.98 | 1,037 | 249 | (102) | 147 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits with banks | Deposits with banks | 58,619 | 0.36 | 52 | 66,052 | 0.30 | 50 | (3) | 5 | 2 | Deposits with banks | 45,885 | 0.39 | 45 | 57,909 | 0.47 | 68 | (13) | (10) | (23) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities - taxable | Investment securities - taxable | 73,368 | 3.62 | 663 | 66,234 | 0.78 | 128 | 15 | 520 | 535 | Investment securities - taxable | 106,433 | 2.93 | 786 | 67,569 | 2.35 | 399 | 271 | 116 | 387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities - tax-exempt (4) | Investment securities - tax-exempt (4) | 197,309 | 3.19 | 1,216 | 193,216 | 3.51 | 1,317 | 36 | (154) | (118) | Investment securities - tax-exempt (4) | 154,417 | 3.10 | 928 | 185,058 | 3.30 | 1,186 | (239) | (88) | (327) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted equity securities and other | Restricted equity securities and other | 17,816 | 3.92 | 174 | 21,950 | 2.90 | 158 | (18) | 34 | 16 | Restricted equity securities and other | 17,111 | 3.94 | 170 | 19,694 | 3.70 | 183 | (26) | 13 | (13) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 2,868,803 | 5.05 | 35,095 | 2,735,404 | 5.45 | 35,915 | 1,861 | (2,821) | (960) | Total earning assets | 2,818,164 | 4.91 | 33,930 | 2,771,917 | 5.29 | 35,768 | 246 | (2,244) | (1,998) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonearning assets | Nonearning assets | 219,526 | 221,538 | Nonearning assets | 218,613 | 219,901 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 3,088,329 | $ | 2,956,942 | Total assets | $ | 3,036,777 | $ | 2,991,818 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing liabilities | Interest bearing liabilities | Interest bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand | Interest bearing demand | 412,117 | 0.21 | 216 | 279,092 | 0.31 | 218 | (6) | 4 | (2) | Interest bearing demand | 411,796 | 0.15 | 153 | 272,506 | 0.34 | 236 | 890 | (973) | (83) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings and money market | Savings and money market | 972,082 | 0.27 | 647 | 731,278 | 0.81 | 1,476 | 809 | (1,638) | (829) | Savings and money market | 980,069 | 0.18 | 441 | 786,589 | 0.59 | 1,162 | 395 | (1,116) | (721) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits - retail | Time deposits - retail | 443,512 | 0.94 | 1,042 | 749,566 | 1.19 | 2,217 | (776) | (399) | (1,175) | Time deposits - retail | 440,390 | 0.74 | 825 | 715,310 | 0.97 | 1,744 | (568) | (351) | (919) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits - wholesale | Time deposits - wholesale | 192,954 | 7.56 | 3,636 | 201,307 | 1.83 | 918 | (37) | 2,755 | 2,718 | Time deposits - wholesale | 118,520 | 8.45 | 2,523 | 223,095 | 1.77 | 991 | (217) | 1,749 | 1,532 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 2,020,665 | 1.10 | 5,541 | 1,961,243 | 0.99 | 4,829 | (9) | 721 | 712 | Total interest-bearing deposits | 1,950,775 | 0.80 | 3,942 | 1,997,500 | 0.82 | 4,133 | 499 | (690) | (191) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | Federal Home Loan Bank advances and other borrowings | 22,582 | 0.23 | 13 | 127,350 | 0.47 | 148 | (83) | (52) | (135) | Federal Home Loan Bank advances and other borrowings | 10,724 | 0.33 | 9 | 40,567 | 1.02 | 104 | (49) | (46) | (95) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 70,746 | 5.56 | 980 | 70,397 | 5.61 | 982 | 3 | (5) | (2) | Subordinated debt | 70,797 | 5.49 | 980 | 70,361 | 5.61 | 992 | 5 | (17) | (12) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total borrowed funds | Total borrowed funds | 93,328 | 4.27 | 993 | 197,747 | 2.30 | 1,130 | (81) | (56) | (137) | Total borrowed funds | 81,521 | 4.81 | 989 | 110,928 | 3.93 | 1,096 | (45) | (62) | (107) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 2,113,993 | 1.24 | 6,534 | 2,158,990 | 1.11 | 5,959 | (90) | 665 | 575 | Total interest-bearing liabilities | 2,032,296 | 0.96 | 4,931 | 2,108,428 | 0.99 | 5,229 | 455 | (753) | (298) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread (5) | Net interest spread (5) | 3.81 | $ | 28,561 | 4.34 | $ | 29,956 | $ | 1,951 | $ | (3,486) | $ | (1,535) | Net interest spread (5) | 3.95 | $ | 28,999 | 4.30 | $ | 30,539 | $ | (209) | $ | (1,491) | $ | (1,700) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing deposits | Noninterest bearing deposits | 597,188 | (0.27) | 468,575 | (0.20) | Noninterest bearing deposits | 616,904 | (0.22) | 536,353 | (0.20) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest bearing liabilities | Other noninterest bearing liabilities | 37,644 | 40,416 | Other noninterest bearing liabilities | 36,405 | 47,602 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | Shareholders' equity | 339,504 | 288,961 | Shareholders' equity | 351,172 | 299,435 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | Total liabilities and shareholders' equity | $ | 3,088,329 | $ | 2,956,942 | Total liabilities and shareholders' equity | $ | 3,036,777 | $ | 2,991,818 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of funds | Cost of funds | 0.97 | 0.91 | Cost of funds | 0.74 | 0.79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (6) | Net interest margin (6) | 4.14 | 4.58 | Net interest margin (6) | 4.22 | 4.54 |
Three months ended June 30, | Three months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Interest Income | Average Yield | Interest Income | Average Yield | Interest Income | Average Yield | Interest Income | Average Yield | |||||||||||||||||||||||||||||||||||||||
Loan yield components: | Loan yield components: | Loan yield components: | ||||||||||||||||||||||||||||||||||||||||||||
Contractual interest rate on loans held for investment (1) | Contractual interest rate on loans held for investment (1) | $ | 26,707 | 4.68 | % | $ | 27,468 | 4.80 | % | Contractual interest rate on loans held for investment (1) | $ | 27,862 | 4.68 | % | $ | 27,760 | 4.73 | % | ||||||||||||||||||||||||||||
Origination and other fee income (2) | Origination and other fee income (2) | 2,644 | 0.46 | % | 1,739 | 0.30 | % | Origination and other fee income (2) | 1,970 | 0.33 | % | 2,255 | 0.38 | % | ||||||||||||||||||||||||||||||||
Accretion on purchased loans | Accretion on purchased loans | 1,832 | 0.32 | % | 4,240 | 0.74 | % | Accretion on purchased loans | 985 | 0.17 | % | 2,880 | 0.49 | % | ||||||||||||||||||||||||||||||||
Loan tax credits | Loan tax credits | 667 | 0.12 | % | 790 | 0.14 | % | Loan tax credits | 669 | 0.11 | % | 760 | 0.13 | % | ||||||||||||||||||||||||||||||||
Tax-equivalent loan interest income | Tax-equivalent loan interest income | $ | 31,850 | 5.58 | % | $ | 34,237 | 5.98 | % | Tax-equivalent loan interest income | $ | 31,486 | 5.29 | % | $ | 33,655 | 5.73 | % |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | Change | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balances (1) | Rates / Yields (%) | Interest Income / Expense | Average Balances (1) | Rates / Yields (%) | Interest Income / Expense | Due to Volume | Due to Rate | Total | Average Balances (1) | Rates / Yields (%) | Interest Income / Expense | Average Balances (1) | Rates / Yields (%) | Interest Income / Expense | Due to Volume | Due to Rate | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets | Interest earning assets | Interest earning assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (2) (3) | Loans (2) (3) | $ | 2,284,633 | 5.13 | $ | 56,828 | $ | 1,957,834 | 5.40 | $ | 51,463 | $ | 12,434 | $ | (6,847) | $ | 5,587 | Loans (2) (3) | $ | 2,310,056 | 5.07 | $ | 85,675 | $ | 2,085,467 | 5.38 | $ | 82,105 | $ | 10,835 | $ | (7,133) | $ | 3,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan fees | Loan fees | — | 0.47 | 5,344 | — | 0.27 | 2,629 | 2,715 | — | 2,715 | Loan fees | — | 0.42 | 7,314 | — | 0.31 | 4,882 | 2,432 | — | 2,432 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans with fees | Loans with fees | 2,284,633 | 5.60 | 62,172 | 1,957,834 | 5.67 | 54,092 | 15,149 | (6,847) | 8,302 | Loans with fees | 2,310,056 | 5.50 | 92,989 | 2,085,467 | 5.69 | 86,987 | 13,267 | (7,133) | 6,134 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | Mortgage loans held for sale | 201,473 | 3.14 | 3,138 | 66,499 | 4.16 | 1,375 | 2,783 | (1,020) | 1,763 | Mortgage loans held for sale | 178,817 | 3.23 | 4,322 | 79,000 | 4.08 | 2,412 | 2,793 | (883) | 1,910 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits with banks | Deposits with banks | 60,270 | 0.34 | 103 | 54,817 | 0.64 | 174 | 45 | (116) | (71) | Deposits with banks | 55,422 | 0.36 | 149 | 55,856 | 0.58 | 242 | (2) | (91) | (93) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities - taxable | Investment securities - taxable | 69,455 | 3.70 | 1,273 | 70,461 | 1.65 | 579 | (26) | 720 | 694 | Investment securities - taxable | 81,917 | 3.36 | 2,059 | 69,490 | 1.88 | 978 | 200 | 881 | 1,081 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities - tax-exempt (4) | Investment securities - tax-exempt (4) | 197,670 | 3.22 | 2,441 | 195,228 | 3.54 | 2,688 | 117 | (400) | (283) | Investment securities - tax-exempt (4) | 183,094 | 3.18 | 3,369 | 191,814 | 3.46 | 3,874 | (220) | (390) | (610) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted equity securities and other | Restricted equity securities and other | 17,570 | 4.02 | 350 | 19,136 | 3.29 | 313 | (66) | 103 | 37 | Restricted equity securities and other | 17,415 | 3.98 | 519 | 19,324 | 3.43 | 496 | (72) | 95 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 2,831,071 | 5.09 | 69,477 | 2,363,975 | 5.20 | 59,221 | 18,002 | (7,560) | 10,442 | Total earning assets | 2,826,721 | 5.03 | 103,407 | 2,500,951 | 5.23 | 94,989 | 15,966 | (7,521) | 8,445 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonearning assets | Nonearning assets | 219,858 | 205,401 | Nonearning assets | 219,439 | 210,267 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 3,050,929 | $ | 2,569,376 | Total assets | $ | 3,046,160 | $ | 2,711,218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing liabilities | Interest bearing liabilities | Interest bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand | Interest bearing demand | 395,011 | 0.25 | 488 | 232,664 | 0.27 | 318 | 238 | (68) | 170 | Interest bearing demand | 400,667 | 0.21 | 641 | 246,042 | 0.30 | 554 | 358 | (271) | 87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings and money market | Savings and money market | 936,958 | 0.32 | 1,486 | 595,517 | 0.85 | 2,506 | 2,535 | (3,555) | (1,020) | Savings and money market | 951,486 | 0.27 | 1,927 | 659,673 | 0.74 | 3,668 | 1,831 | (3,572) | (1,741) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits - retail | Time deposits - retail | 468,869 | 1.05 | 2,446 | 645,769 | 1.47 | 4,713 | (1,110) | (1,157) | (2,267) | Time deposits - retail | 459,272 | 0.95 | 3,271 | 669,119 | 1.29 | 6,457 | (1,731) | (1,455) | (3,186) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits - wholesale | Time deposits - wholesale | 210,138 | 4.34 | 4,520 | 215,589 | 1.99 | 2,129 | (162) | 2,553 | 2,391 | Time deposits - wholesale | 179,263 | 5.25 | 7,043 | 218,109 | 1.91 | 3,120 | (984) | 4,907 | 3,923 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 2,010,976 | 0.90 | 8,940 | 1,689,539 | 1.15 | 9,666 | 1,501 | (2,227) | (726) | Total interest-bearing deposits | 1,990,688 | 0.87 | 12,882 | 1,792,943 | 1.03 | 13,799 | (526) | (391) | (917) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances and other borrowings | Federal Home Loan Bank advances and other borrowings | 15,066 | 0.23 | 17 | 118,335 | 0.86 | 509 | (267) | (225) | (492) | Federal Home Loan Bank advances and other borrowings | 13,603 | 0.26 | 26 | 92,223 | 0.89 | 613 | (321) | (266) | (587) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 70,669 | 5.52 | 1,933 | 70,502 | 5.63 | 1,975 | 12 | (54) | (42) | Subordinated debt | 70,712 | 5.51 | 2,913 | 70,455 | 5.63 | 2,967 | 16 | (70) | (54) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total borrowed funds | Total borrowed funds | 85,735 | 4.59 | 1,950 | 188,837 | 2.65 | 2,484 | (255) | (279) | (534) | Total borrowed funds | 84,315 | 4.66 | 2,939 | 162,678 | 2.94 | 3,580 | (305) | (336) | (641) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 2,096,711 | 1.05 | 10,890 | 1,878,376 | 1.30 | 12,150 | 1,246 | (2,506) | (1,260) | Total interest-bearing liabilities | 2,075,003 | 1.02 | 15,821 | 1,955,621 | 1.19 | 17,379 | (831) | (727) | (1,558) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread (5) | Net interest spread (5) | 4.04 | $ | 58,587 | 3.90 | $ | 47,071 | $ | 16,756 | $ | (5,054) | $ | 11,702 | Net interest spread (5) | 4.01 | $ | 87,586 | 4.04 | $ | 77,610 | $ | 16,797 | $ | (6,794) | $ | 10,003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing deposits | Noninterest bearing deposits | 581,566 | (0.23) | 390,324 | (0.22) | Noninterest bearing deposits | 593,474 | (0.23) | 439,355 | (0.22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest bearing liabilities | Other noninterest bearing liabilities | 39,351 | 35,249 | Other noninterest bearing liabilities | 38,360 | 39,396 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | Shareholders' equity | 333,301 | 265,427 | Shareholders' equity | 339,323 | 276,846 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | Total liabilities and shareholders' equity | $ | 3,050,929 | $ | 2,569,376 | Total liabilities and shareholders' equity | $ | 3,046,160 | $ | 2,711,218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of funds | Cost of funds | 0.82 | 1.08 | Cost of funds | 0.79 | 0.97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (6) | Net interest margin (6) | 4.32 | 4.16 | Net interest margin (6) | 4.28 | 4.30 |
Six months ended June 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Interest Income | Average Yield | Interest Income | Average Yield | Interest Income | Average Yield | Interest Income | Average Yield | |||||||||||||||||||||||||||||||||||||||
Loan yield components: | Loan yield components: | Loan yield components: | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate on loans held for investment (1) | Interest rate on loans held for investment (1) | $ | 53,197 | 4.69 | % | $ | 46,701 | 4.80 | % | Interest rate on loans held for investment (1) | $ | 81,059 | 4.69 | % | $ | 74,463 | 4.77 | % | ||||||||||||||||||||||||||||
Origination and other fee income (2) | Origination and other fee income (2) | 5,344 | 0.47 | % | 2,629 | 0.27 | % | Origination and other fee income (2) | 7,314 | 0.42 | % | 4,882 | 0.31 | % | ||||||||||||||||||||||||||||||||
Accretion on purchased loans | Accretion on purchased loans | 3,631 | 0.32 | % | 4,762 | 0.49 | % | Accretion on purchased loans | 4,616 | 0.27 | % | 7,642 | 0.49 | % | ||||||||||||||||||||||||||||||||
Loan tax credits | Loan tax credits | 1,328 | 0.12 | % | 1,106 | 0.11 | % | Loan tax credits | 1,997 | 0.12 | % | 1,865 | 0.12 | % | ||||||||||||||||||||||||||||||||
Tax-equivalent loan interest income | Tax-equivalent loan interest income | $ | 63,500 | 5.60 | % | $ | 55,198 | 5.67 | % | Tax-equivalent loan interest income | $ | 94,986 | 5.50 | % | $ | 88,852 | 5.69 | % |
Three Months Ended June 30, | Percent Increase | Six Months Ended June 30, | Percent Increase | Three Months Ended September 30, | Percent Increase | Nine Months Ended September 30, | Percent Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | (Decrease) | 2021 | 2020 | (Decrease) | 2021 | 2020 | (Decrease) | 2021 | 2020 | (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Interest Income | Non-Interest Income | Non-Interest Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges and fees on deposits | Service charges and fees on deposits | $ | 1,656 | $ | 1,381 | 19.9 | % | $ | 3,217 | $ | 2,589 | 24.3 | % | Service charges and fees on deposits | $ | 1,678 | $ | 1,583 | 6.0 | % | $ | 4,895 | $ | 4,172 | 17.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains on mortgage loans sold, net | Gains on mortgage loans sold, net | 2,978 | 2,248 | 32.5 | % | 7,906 | 3,821 | 106.9 | % | Gains on mortgage loans sold, net | 4,218 | 3,784 | 11.5 | % | 12,124 | 7,605 | 59.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on securities transactions, net | 2,966 | 327 | 807.0 | % | 3,095 | 327 | 846.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on securities transactions, net | Gain on securities transactions, net | 2,419 | — | 100.0 | % | 5,514 | 327 | 1586.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 556 | 392 | 41.8 | % | 991 | 687 | 44.3 | % | Bank-owned life insurance | 2,181 | 386 | 465.0 | % | 3,172 | 1,073 | 195.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokerage revenue | Brokerage revenue | 84 | 45 | 86.7 | % | 153 | 77 | 98.7 | % | Brokerage revenue | 79 | 65 | 21.5 | % | 232 | 142 | 63.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous noninterest income | Miscellaneous noninterest income | 70 | 29 | 141.4 | % | 311 | 169 | 84.0 | % | Miscellaneous noninterest income | 294 | 184 | 59.8 | % | 579 | 387 | 49.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 8,310 | $ | 4,422 | 87.9 | % | $ | 15,647 | $ | 7,704 | 103.1 | % | Total noninterest income | $ | 10,869 | $ | 6,002 | 81.1 | % | $ | 26,516 | $ | 13,706 | 93.5 | % |
Three Months Ended June 30, | Percent Increase | Six Months Ended June 30, | Percent Increase | Three Months Ended September 30, | Percent Increase | Nine Months Ended September 30, | Percent Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | (Decrease) | 2021 | 2020 | (Decrease) | 2021 | 2020 | (Decrease) | 2021 | 2020 | (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Interest Expense | Non-Interest Expense | Non-Interest Expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | $ | 12,793 | $ | 12,464 | 2.6 | % | $ | 26,145 | $ | 21,701 | 20.5 | % | Salaries and employee benefits | $ | 12,426 | $ | 12,184 | 2.0 | % | $ | 38,571 | $ | 33,885 | 13.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 1,999 | 2,026 | (1.3) | % | 4,007 | 3,512 | 14.1 | % | Occupancy | 2,038 | 2,054 | (0.8) | % | 6,045 | 5,566 | 8.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and software | Data processing and software | 2,262 | 2,026 | 11.6 | % | 4,491 | 3,845 | 16.8 | % | Data processing and software | 2,265 | 2,240 | 1.1 | % | 6,756 | 6,085 | 11.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 358 | 680 | (47.4) | % | 1,601 | 1,158 | 38.3 | % | Professional fees | 526 | 775 | (32.1) | % | 2,127 | 1,933 | 10.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory fees | Regulatory fees | 343 | 537 | (36.1) | % | 704 | 991 | (29.0) | % | Regulatory fees | 328 | 365 | (10.1) | % | 1,032 | 1,356 | (23.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger expenses | Merger expenses | — | 2,632 | (100.0) | % | — | 6,818 | (100.0) | % | Merger expenses | 1,453 | 77 | 1787.0 | % | 1,453 | 6,895 | (78.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expense | Other operating expense | 2,729 | 1,899 | 43.7 | % | 5,200 | 3,837 | 35.5 | % | Other operating expense | 3,345 | 2,639 | 26.8 | % | 8,545 | 6,476 | 31.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 20,484 | $ | 22,264 | (8.0) | % | $ | 42,148 | $ | 41,862 | 0.7 | % | Total noninterest expense | $ | 22,381 | $ | 20,334 | 10.1 | % | $ | 64,529 | $ | 62,196 | 3.8 | % |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||
Commercial, Industrial and Agricultural | Commercial, Industrial and Agricultural | $ | 435,093 | 18.7 | % | $ | 459,739 | 19.9 | % | Commercial, Industrial and Agricultural | $ | 450,710 | 18.8 | % | $ | 459,739 | 19.9 | % | ||||||||||||||||||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||||||||||||||||||||||||||
1-4 Family Residential | 1-4 Family Residential | 326,768 | 14.1 | % | 323,473 | 14.0 | % | 1-4 Family Residential | 310,855 | 13.0 | % | 323,473 | 14.0 | % | ||||||||||||||||||||||||||||||||
1-4 Family HELOC | 1-4 Family HELOC | 100,614 | 4.3 | % | 100,525 | 4.4 | % | 1-4 Family HELOC | 100,895 | 4.2 | % | 100,525 | 4.4 | % | ||||||||||||||||||||||||||||||||
Multifamily and Commercial | Multifamily and Commercial | 831,093 | 35.8 | % | 834,000 | 36.2 | % | Multifamily and Commercial | 873,265 | 36.6 | % | 834,000 | 36.2 | % | ||||||||||||||||||||||||||||||||
Construction, Land Development and Farmland | Construction, Land Development and Farmland | 397,557 | 17.1 | % | 365,058 | 15.8 | % | Construction, Land Development and Farmland | 417,258 | 17.4 | % | 365,058 | 15.8 | % | ||||||||||||||||||||||||||||||||
Consumer | Consumer | 225,433 | 9.7 | % | 213,863 | 9.3 | % | Consumer | 234,734 | 9.8 | % | 213,863 | 9.3 | % | ||||||||||||||||||||||||||||||||
Other | Other | 7,614 | 0.3 | % | 8,669 | 0.4 | % | Other | 5,298 | 0.2 | % | 8,669 | 0.4 | % | ||||||||||||||||||||||||||||||||
2,324,172 | 100.0 | % | 2,305,327 | 100.0 | % | 2,393,015 | 100.0 | % | 2,305,327 | 100.0 | % | |||||||||||||||||||||||||||||||||||
Less: | Less: | Less: | ||||||||||||||||||||||||||||||||||||||||||||
Deferred loan fees | Deferred loan fees | 3,102 | 4,544 | Deferred loan fees | 3,182 | 4,544 | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | Allowance for loan losses | 20,894 | 20,636 | Allowance for loan losses | 20,897 | 20,636 | ||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | $ | 2,300,176 | $ | 2,280,147 | Loans, net | $ | 2,368,936 | $ | 2,280,147 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||
Commercial, Industrial and Agricultural | Commercial, Industrial and Agricultural | $ | 889 | $ | 919 | Commercial, Industrial and Agricultural | $ | 782 | $ | 919 | ||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||
1-4 Family Residential | 1-4 Family Residential | 885 | 1,004 | 1-4 Family Residential | 868 | 1,004 | ||||||||||
1-4 Family HELOC | 1-4 Family HELOC | 19 | 19 | 1-4 Family HELOC | 19 | 19 | ||||||||||
Multifamily and Commercial | Multifamily and Commercial | 1,218 | 1,325 | Multifamily and Commercial | 1,175 | 1,325 | ||||||||||
Construction, Land Development and Farmland | Construction, Land Development and Farmland | 944 | 992 | Construction, Land Development and Farmland | 935 | 992 | ||||||||||
Consumer | Consumer | 1,552 | 1,924 | Consumer | 1,426 | 1,924 | ||||||||||
Total gross PCI loans | Total gross PCI loans | 5,507 | 6,183 | Total gross PCI loans | 5,205 | 6,183 | ||||||||||
Less: | Less: | Less: | ||||||||||||||
Remaining purchase discount | Remaining purchase discount | 2,529 | 2,596 | Remaining purchase discount | 2,458 | 2,596 | ||||||||||
Allowance for loan losses | Allowance for loan losses | — | — | Allowance for loan losses | — | — | ||||||||||
Loans, net | Loans, net | $ | 2,978 | $ | 3,587 | Loans, net | $ | 2,747 | $ | 3,587 |
One Year or Less | One to Five Years | Over Five Years | Total | One Year or Less | One to Five Years | Over Five Years | Total | |||||||||||||||||||||||||||||||||||||||
Gross loans | Gross loans | $ | 701,267 | $ | 1,275,256 | $ | 347,649 | $ | 2,324,172 | Gross loans | $ | 566,044 | $ | 1,290,581 | $ | 536,390 | $ | 2,393,015 | ||||||||||||||||||||||||||||
Fixed interest rate | Fixed interest rate | $ | 1,224,723 | Fixed interest rate | $ | 1,213,415 | ||||||||||||||||||||||||||||||||||||||||
Variable interest rate | Variable interest rate | 1,099,449 | Variable interest rate | 1,179,600 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,324,172 | Total | $ | 2,393,015 |
June 30, 2021 | June 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||
Beginning Balance, January 1, 2021 and 2020, respectively | Beginning Balance, January 1, 2021 and 2020, respectively | $ | 20,636 | $ | 12,578 | Beginning Balance, January 1, 2021 and 2020, respectively | $ | 20,636 | $ | 12,578 | ||||||||||||
Loans charged off: | Loans charged off: | Loans charged off: | ||||||||||||||||||||
Commercial, Industrial and Agricultural | Commercial, Industrial and Agricultural | (32) | (539) | Commercial, Industrial and Agricultural | (35) | (507) | ||||||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||
1-4 Family Residential | 1-4 Family Residential | (21) | (60) | 1-4 Family Residential | (63) | (68) | ||||||||||||||||
1-4 Family HELOC | 1-4 Family HELOC | — | (98) | 1-4 Family HELOC | — | (98) | ||||||||||||||||
Multifamily and Commercial | Multifamily and Commercial | — | — | Multifamily and Commercial | — | — | ||||||||||||||||
Construction, Land Development and Farmland | Construction, Land Development and Farmland | — | (114) | Construction, Land Development and Farmland | — | (114) | ||||||||||||||||
Consumer | Consumer | (454) | (295) | Consumer | (604) | (355) | ||||||||||||||||
Other | Other | — | — | Other | — | — | ||||||||||||||||
Total loans charged off | Total loans charged off | (507) | (1,106) | Total loans charged off | (702) | (1,142) | ||||||||||||||||
Recoveries on loans previously charged off: | Recoveries on loans previously charged off: | Recoveries on loans previously charged off: | ||||||||||||||||||||
Commercial, Industrial and Agricultural | Commercial, Industrial and Agricultural | 301 | 70 | Commercial, Industrial and Agricultural | 315 | 126 | ||||||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||
1-4 Family Residential | 1-4 Family Residential | 96 | 747 | 1-4 Family Residential | 154 | 769 | ||||||||||||||||
1-4 Family HELOC | 1-4 Family HELOC | 5 | 3 | 1-4 Family HELOC | 7 | 15 | ||||||||||||||||
Multifamily and Commercial | Multifamily and Commercial | 215 | 11 | Multifamily and Commercial | 257 | 20 | ||||||||||||||||
Construction, Land Development and Farmland | Construction, Land Development and Farmland | 91 | 4 | Construction, Land Development and Farmland | 92 | 8 | ||||||||||||||||
Consumer | Consumer | 57 | 30 | Consumer | 138 | 60 | ||||||||||||||||
Other | Other | — | — | Other | — | — | ||||||||||||||||
Total loan recoveries | Total loan recoveries | 765 | 865 | Total loan recoveries | 963 | 998 | ||||||||||||||||
Net recoveries (charge-offs) | Net recoveries (charge-offs) | 258 | (241) | Net recoveries (charge-offs) | 261 | (144) | ||||||||||||||||
Provision for loan losses | Provision for loan losses | — | 5,900 | Provision for loan losses | — | 7,400 | ||||||||||||||||
Total allowance for loan losses at end of period | Total allowance for loan losses at end of period | $ | 20,894 | $ | 18,237 | Total allowance for loan losses at end of period | $ | 20,897 | $ | 19,834 | ||||||||||||
Allowance for loan losses to total loans, net | Allowance for loan losses to total loans, net | 0.90 | % | 0.79 | % | Allowance for loan losses to total loans, net | 0.87 | % | 0.84 | % | ||||||||||||
Net (recoveries) charge-offs to average loans outstanding | Net (recoveries) charge-offs to average loans outstanding | (0.02) | % | 0.02 | % | Net (recoveries) charge-offs to average loans outstanding | (0.02) | % | 0.01 | % |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | % of Allowance to Allowance | % of Loan Type to Total Loans | Amount | % of Allowance to Allowance | % of Loan Type to Total Loans | Amount | % of Allowance to Allowance | % of Loan Type to Total Loans | Amount | % of Allowance to Allowance | % of Loan Type to Total Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Industrial and Agricultural | Commercial, Industrial and Agricultural | $ | 6,614 | 31.7 | % | 18.7 | % | $ | 5,441 | 26.4 | % | 19.9 | % | Commercial, Industrial and Agricultural | $ | 6,987 | 33.4 | % | 18.8 | % | $ | 5,441 | 26.4 | % | 19.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-4 Family Residential | 1-4 Family Residential | 1,923 | 9.2 | % | 14.1 | % | 2,445 | 11.8 | % | 14.0 | % | 1-4 Family Residential | 1,297 | 6.2 | % | 13.0 | % | 2,445 | 11.8 | % | 14.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
1-4 Family HELOC | 1-4 Family HELOC | 610 | 2.9 | % | 4.3 | % | 1,416 | 6.9 | % | 4.4 | % | 1-4 Family HELOC | 610 | 2.9 | % | 4.2 | % | 1,416 | 6.9 | % | 4.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily and Commercial | Multifamily and Commercial | 8,498 | 40.7 | % | 35.8 | % | 8,535 | 41.4 | % | 36.2 | % | Multifamily and Commercial | 8,606 | 41.2 | % | 36.6 | % | 8,535 | 41.4 | % | 36.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction, Land Development and Farmland | Construction, Land Development and Farmland | 2,011 | 9.6 | % | 17.1 | % | 1,841 | 8.9 | % | 15.8 | % | Construction, Land Development and Farmland | 2,090 | 10.0 | % | 17.4 | % | 1,841 | 8.9 | % | 15.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 1,222 | 5.8 | % | 9.7 | % | 928 | 4.5 | % | 9.3 | % | Consumer | 1,296 | 6.2 | % | 9.8 | % | 928 | 4.5 | % | 9.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 16 | 0.1 | % | 0.3 | % | 30 | 0.1 | % | 0.4 | % | Other | 11 | 0.1 | % | 0.2 | % | 30 | 0.1 | % | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 20,894 | 100.0 | % | 100.0 | % | $ | 20,636 | 100.0 | % | 100.0 | % | $ | 20,897 | 100.0 | % | 100.0 | % | $ | 20,636 | 100.0 | % | 100.0 | % |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Total nonperforming loans | Total nonperforming loans | $ | 5,355 | $ | 5,987 | Total nonperforming loans | $ | 5,302 | $ | 5,987 | ||||||||||||
Foreclosed real estate ("OREO") | Foreclosed real estate ("OREO") | 2,233 | 1,246 | Foreclosed real estate ("OREO") | 3,088 | 1,246 | ||||||||||||||||
Repossessed collateral | Repossessed collateral | 1,161 | 1,424 | Repossessed collateral | 865 | 1,424 | ||||||||||||||||
Mortgage Loans HFS | Mortgage Loans HFS | 977 | 630 | Mortgage Loans HFS | 977 | 630 | ||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 9,726 | $ | 9,287 | Total nonperforming assets | $ | 10,232 | $ | 9,287 | ||||||||||||
Total nonperforming loans HFI as a percentage of total loans HFI | Total nonperforming loans HFI as a percentage of total loans HFI | 0.23 | % | 0.26 | % | Total nonperforming loans HFI as a percentage of total loans HFI | 0.22 | % | 0.26 | % | ||||||||||||
Total nonperforming assets as a percentage of total assets | Total nonperforming assets as a percentage of total assets | 0.31 | % | 0.31 | % | Total nonperforming assets as a percentage of total assets | 0.34 | % | 0.31 | % | ||||||||||||
Allowance for loan losses as a percentage of nonperforming loans HFI | Allowance for loan losses as a percentage of nonperforming loans HFI | 390.18 | % | 344.68 | % | Allowance for loan losses as a percentage of nonperforming loans HFI | 394.13 | % | 344.68 | % | ||||||||||||
Troubled Debt Restructurings ("TDRs") | Troubled Debt Restructurings ("TDRs") | $ | 3,490 | $ | 4,236 | Troubled Debt Restructurings ("TDRs") | $ | 2,903 | $ | 4,236 | ||||||||||||
TDRs as a percentage of total loans | TDRs as a percentage of total loans | 0.15 | % | 0.18 | % | TDRs as a percentage of total loans | 0.12 | % | 0.18 | % |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | % of Total | Amortized Cost | Fair Value | % of Total | Amortized Cost | Fair Value | % of Total | Amortized Cost | Fair Value | % of Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | U.S. Treasury and other U.S. government agencies | $ | 222 | 222 | 0.08 | % | $ | 47 | 48 | 0.02 | % | U.S. Treasury and other U.S. government agencies | $ | 218 | 218 | 0.09 | % | $ | 47 | 48 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal bonds | State and municipal bonds | 174,093 | 187,534 | 70.32 | % | 184,102 | 200,988 | 78.31 | % | State and municipal bonds | 161,733 | 170,971 | 67.19 | % | 184,102 | 200,988 | 78.31 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 27,000 | 28,082 | 10.53 | % | 23,750 | 24,113 | 9.40 | % | Corporate bonds | 27,000 | 28,152 | 11.07 | % | 23,750 | 24,113 | 9.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 47,908 | 48,244 | 18.09 | % | 28,084 | 28,442 | 11.08 | % | Mortgage-backed securities | 52,736 | 52,823 | 20.76 | % | 28,084 | 28,442 | 11.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 2,634 | 2,613 | 0.98 | % | 3,083 | 3,062 | 1.19 | % | Asset-backed securities | 2,270 | 2,252 | 0.89 | % | 3,083 | 3,062 | 1.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 251,857 | 266,695 | 100.00 | % | $ | 239,066 | 256,653 | 100.00 | % | Total | $ | 243,957 | 254,416 | 100.00 | % | $ | 239,066 | 256,653 | 100.00 | % |
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||
Due within one year | Due within one year | $ | 222 | $ | 223 | Due within one year | $ | 218 | $ | 218 | ||||||||||||
Due in one to five years | Due in one to five years | 2,085 | 2,129 | Due in one to five years | 2,085 | 2,120 | ||||||||||||||||
Due in five to ten years | Due in five to ten years | 33,773 | 35,729 | Due in five to ten years | 31,473 | 33,239 | ||||||||||||||||
Due after ten years | Due after ten years | 165,235 | 177,757 | Due after ten years | 155,175 | 163,764 | ||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 47,908 | 48,244 | Mortgage-backed securities | 52,736 | 52,823 | ||||||||||||||||
Asset-backed securities | Asset-backed securities | 2,634 | 2,613 | Asset-backed securities | 2,270 | 2,252 | ||||||||||||||||
Total | Total | $ | 251,857 | $ | 266,695 | Total | $ | 243,957 | $ | 254,416 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | % of Total Deposits | Average Rate | Ending Balance | % of Total Deposits | Average Rate | Ending Balance | % of Total Deposits | Average Rate | Ending Balance | % of Total Deposits | Average Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 602,555 | 22.9 | % | — | % | $ | 575,289 | 22.3 | % | — | % | Noninterest-bearing demand | $ | 626,598 | 24.6 | % | — | % | $ | 575,289 | 22.3 | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand | Interest bearing demand | 441,161 | 16.8 | % | 0.25 | % | $ | 350,392 | 13.6 | % | 0.30 | % | Interest bearing demand | 410,923 | 16.1 | % | 0.21 | % | $ | 350,392 | 13.6 | % | 0.30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings and money market | Savings and money market | 1,003,402 | 38.2 | % | 0.32 | % | $ | 857,210 | 33.2 | % | 0.67 | % | Savings and money market | 989,677 | 38.9 | % | 0.27 | % | $ | 857,210 | 33.2 | % | 0.67 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits - retail | Time deposits - retail | 445,432 | 16.9 | % | 1.05 | % | 527,985 | 20.5 | % | 1.19 | % | Time deposits - retail | 433,442 | 17.0 | % | 0.95 | % | 527,985 | 20.5 | % | 1.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits - wholesale | Time deposits - wholesale | 137,290 | 5.2 | % | 4.34 | % | 268,359 | 10.4 | % | 1.77 | % | Time deposits - wholesale | 87,065 | 3.4 | % | 5.25 | % | 268,359 | 10.4 | % | 1.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 2,629,840 | 100.00 | % | 0.67 | % | $ | 2,579,235 | 100.00 | % | 0.73 | % | Total deposits | $ | 2,547,705 | 100.00 | % | 0.64 | % | $ | 2,579,235 | 100.00 | % | 0.73 | % |
Twelve months or less | $ | ||||
Over twelve months through three years | |||||
Over three years | |||||
Total | $ |
Instantaneous, Parallel Change in Prevailing Interest Rates Equal to | Instantaneous, Parallel Change in Prevailing Interest Rates Equal to | Estimated Change in Net Interest Income and Policy of Maximum Percentage Decline in Net Interest Income | Instantaneous, Parallel Change in Prevailing Interest Rates Equal to | Estimated Change in Net Interest Income and Policy of Maximum Percentage Decline in Net Interest Income | ||||||||||||||||||||||||||||||||||||||||||||||||
Next 12 | Next 24 | Next 12 | Next 24 | |||||||||||||||||||||||||||||||||||||||||||||||||
Months | Months | Months | Months | |||||||||||||||||||||||||||||||||||||||||||||||||
Estimate | Policy | Estimate | Policy | Estimate | Policy | Estimate | Policy | |||||||||||||||||||||||||||||||||||||||||||||
-200 bp | -200 bp | (4.0)% | (15)% | (7.4)% | (15)% | -200 bp | (3.0)% | (15)% | (6.7)% | (15)% | ||||||||||||||||||||||||||||||||||||||||||
-100 bp | -100 bp | (2.7)% | (10)% | (5.3)% | (10)% | -100 bp | (2.0)% | (10)% | (4.9)% | (10)% | ||||||||||||||||||||||||||||||||||||||||||
+100 bp | +100 bp | 2.3% | (10)% | 4.9% | (10)% | +100 bp | 1.5% | (10)% | 3.8% | (10)% | ||||||||||||||||||||||||||||||||||||||||||
+200 bp | +200 bp | 5.1% | (15)% | 9.6% | (15)% | +200 bp | 3.6% | (15)% | 7.6% | (15)% | ||||||||||||||||||||||||||||||||||||||||||
+300 bp | +300 bp | 8.3% | (20)% | 14.7% | (20)% | +300 bp | 6.0% | (20)% | 11.7% | (20)% | ||||||||||||||||||||||||||||||||||||||||||
+400 bp | +400 bp | 11.5% | (25)% | 19.8% | (25)% | +400 bp | 8.4% | (25)% | 15.9% | (25)% |
Instantaneous, Parallel Change in Prevailing Interest Rates Equal to | Maximum Percentage Decline in Economic Value of Equity from the Economic Value of Equity at Currently Prevailing Interest Rates | |||||||
±100bp | 15% | |||||||
±200 bp | 25% | |||||||
±300 bp | 30% | |||||||
±400 bp | 35% | |||||||
Non-parallel shifts | 35% |
Actual Regulatory Capital | Minimum Required Capital Including Capital Conservation Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | Actual Regulatory Capital | Minimum Required Capital Including Capital Conservation Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | Company | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier I leverage | Tier I leverage | $ | 285,363 | 9.47 | % | $ | 120,533 | 4.00 | % | $ | 150,667 | 5.00 | % | Tier I leverage | $ | 297,367 | 10.04 | % | $ | 118,473 | 4.00 | % | $ | 148,091 | 5.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 | Common equity Tier 1 | 273,553 | 10.18 | % | 188,101 | 7.00 | % | 174,665 | 6.50 | % | Common equity Tier 1 | 285,537 | 10.52 | % | 189,996 | 7.00 | % | 176,425 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier I risk-based capital | Tier I risk-based capital | 285,363 | 10.62 | % | 228,398 | 8.50 | % | 214,963 | 8.00 | % | Tier I risk-based capital | 297,367 | 10.95 | % | 230,833 | 8.50 | % | 217,254 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital | Total risk-based capital | 365,942 | 13.62 | % | 282,114 | 10.50 | % | 268,680 | 10.00 | % | Total risk-based capital | 377,977 | 13.92 | % | 285,112 | 10.50 | % | 271,535 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier I leverage | Tier I leverage | $ | 334,911 | 11.14 | % | $ | 120,255 | 4.00 | % | $ | 150,319 | 5.00 | % | Tier I leverage | $ | 347,450 | 11.76 | % | $ | 118,185 | 4.00 | % | $ | 147,732 | 5.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 | Common equity Tier 1 | 334,911 | 12.50 | % | 187,550 | 7.00 | % | 174,154 | 6.50 | % | Common equity Tier 1 | 347,450 | 14.10 | % | 172,493 | 7.00 | % | 160,172 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier I risk-based capital | Tier I risk-based capital | 334,911 | 12.50 | % | 227,739 | 8.50 | % | 214,343 | 8.00 | % | Tier I risk-based capital | 347,450 | 14.10 | % | 209,456 | 8.50 | % | 197,135 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital | Total risk-based capital | 356,530 | 13.30 | % | 281,471 | 10.50 | % | 268,068 | 10.00 | % | Total risk-based capital | 369,072 | 14.98 | % | 258,695 | 10.50 | % | 246,377 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | Company | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier I leverage | Tier I leverage | $ | 262,282 | 8.91 | % | $ | 117,747 | 4.00 | % | $ | 147,184 | 5.00 | % | Tier I leverage | $ | 262,282 | 8.91 | % | $ | 117,747 | 4.00 | % | $ | 147,184 | 5.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 | Common equity Tier 1 | 250,513 | 10.22 | % | 171,584 | 7.00 | % | 159,328 | 6.50 | % | Common equity Tier 1 | 250,513 | 10.22 | % | 171,584 | 7.00 | % | 159,328 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier I risk-based capital | Tier I risk-based capital | 262,282 | 10.70 | % | 208,355 | 8.50 | % | 196,099 | 8.00 | % | Tier I risk-based capital | 262,282 | 10.70 | % | 208,355 | 8.50 | % | 196,099 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital | Total risk-based capital | 342,246 | 13.96 | % | 257,420 | 10.50 | % | 245,162 | 10.00 | % | Total risk-based capital | 342,246 | 13.96 | % | 257,420 | 10.50 | % | 245,162 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier I leverage | Tier I leverage | $ | 313,633 | 10.64 | % | $ | 117,907 | 4.00 | % | $ | 147,384 | 5.00 | % | Tier I leverage | $ | 313,633 | 10.64 | % | $ | 117,907 | 4.00 | % | $ | 147,384 | 5.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 | Common equity Tier 1 | 313,633 | 12.83 | % | 171,117 | 7.00 | % | 158,894 | 6.50 | % | Common equity Tier 1 | 313,633 | 12.83 | % | 171,117 | 7.00 | % | 158,894 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier I risk-based capital | Tier I risk-based capital | 313,633 | 12.83 | % | 207,785 | 8.50 | % | 195,562 | 8.00 | % | Tier I risk-based capital | 313,633 | 12.83 | % | 207,785 | 8.50 | % | 195,562 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital | Total risk-based capital | 334,919 | 13.71 | % | 256,503 | 10.50 | % | 244,288 | 10.00 | % | Total risk-based capital | 334,919 | 13.71 | % | 256,503 | 10.50 | % | 244,288 | 10.00 | % |
Unused lines of credit | $ | ||||
Standby letters of credit | |||||
Total commitments | $ |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs (2) (in thousands) | ||||||||||
April 1, 2021 to April 30, 2021 | 297 | $28.50 | — | $10,000 | ||||||||||
May 1, 2021 to May 31, 2021 | 593 | $27.63 | — | $10,000 | ||||||||||
June 1, 2021 to June 30, 2021 | — | $— | — | $10,000 | ||||||||||
Total | 890 | $28.50 | — | $10,000 | ||||||||||
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs (2) (in thousands) | ||||||||||
July 1, 2021 to July 31, 2021 | 7,746 | $28.21 | — | $10,000 | ||||||||||
August 1, 2021 to August 31, 2021 | 134 | $29.91 | — | $10,000 | ||||||||||
September 1, 2021 to September 30, 2021 | — | $— | — | $10,000 | ||||||||||
Total | 7,880 | $28.24 | — | $10,000 | ||||||||||
Exhibit No. | Description | ||||
2.1 | |||||
101.INS* | Inline XBRL Instance Document. | ||||
101.SCH* | Inline XBRL Schema Documents. | ||||
101.CAL* | Inline XBRL Calculation Linkbase Document. | ||||
101.LAB* | Inline XBRL Label Linkbase Document. | ||||
101.PRE* | Inline XBRL Presentation Linkbase Document. | ||||
101.DEF* | Inline XBRL Definition Linkbase Document. | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | ||||
RELIANT BANCORP, INC. | ||||||||||||||
/s/ DeVan D. Ard, Jr. | ||||||||||||||
DeVan D. Ard, Jr. | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
/s/ Jerry Cooksey | ||||||||||||||
Jerry Cooksey | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |