Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 01, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Central Index Key | 0001130144 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 000-33063 | ||
Entity Registrant Name | SIERRA BANCORP | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 33-0937517 | ||
Entity Address, Address Line One | 86 North Main Street | ||
Entity Address, City or Town | Porterville | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 93257 | ||
City Area Code | 559 | ||
Local Phone Number | 782-4900 | ||
Title of 12(b) Security | Common Stock, No Par Value | ||
Trading Symbol | BSRR | ||
Security Exchange Name | NASDAQ | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 262 | ||
Entity Common Stock, Shares Outstanding | 15,389,023 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 67,908 | $ 65,556 |
Interest bearing deposits in banks | 3,509 | 14,521 |
Cash and cash equivalents | 71,417 | 80,077 |
Securities available-for-sale | 543,974 | 600,799 |
Loans and leases: | ||
Gross loans and leases | 2,463,111 | 1,762,565 |
Allowance for loan and lease losses | (17,738) | (9,923) |
Deferred loan and lease (fees) costs, net | (3,147) | 2,896 |
Net loans and leases | 2,442,226 | 1,755,538 |
Foreclosed assets | 971 | 800 |
Premises and equipment, net | 27,505 | 27,435 |
Goodwill | 27,357 | 27,357 |
Other intangible assets, net | 4,307 | 5,381 |
Company owned life insurance | 52,539 | 50,517 |
Other assets | 50,446 | 45,915 |
Total assets | 3,220,742 | 2,593,819 |
Deposits: | ||
Noninterest bearing | 943,664 | 690,950 |
Interest bearing | 1,680,942 | 1,477,424 |
Total deposits | 2,624,606 | 2,168,374 |
Repurchase agreements | 39,138 | 25,711 |
Short-term borrowings | 142,900 | 20,000 |
Subordinated debentures, net | 35,124 | 34,945 |
Other liabilities | 35,078 | 35,504 |
Total liabilities | 2,876,846 | 2,284,534 |
Commitments and contingent liabilities (Notes 6 & 13) | ||
Shareholders' equity | ||
Serial Preferred stock, no par value; 10,000,000 shares authorized; none issued; | ||
Common stock, no par value; 24,000,000 shares authorized; 15,388,423 and 15,284,538 shares issued and outstanding in 2020 and 2019, respectively | 113,384 | 113,179 |
Additional paid-in capital | 3,736 | 3,307 |
Retained earnings | 208,371 | 186,867 |
Accumulated other comprehensive gain, net of taxes of $(7,725) in 2020 and $(2,490) in 2019 | 18,405 | 5,932 |
Total shareholders' equity | 343,896 | 309,285 |
Total liabilities and shareholders' equity | $ 3,220,742 | $ 2,593,819 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, No Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 24,000,000 | 24,000,000 |
Common Stock, Shares, Issued | 15,388,423 | 15,284,538 |
Common Stock Shares Outstanding | 15,388,423 | 15,284,538 |
Accumulated Other Comprehensive Income Loss Tax | $ (7,725) | $ (2,490) |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and dividend income | |||
Loans and leases, including fees | $ 96,181 | $ 95,898 | $ 87,792 |
Taxable securities | 8,199 | 10,139 | 9,548 |
Tax-exempt securities | 5,707 | 4,534 | 4,060 |
Federal funds sold and other | 156 | 376 | 238 |
Total interest income | 110,243 | 110,947 | 101,638 |
Interest expense | |||
Deposits | 3,948 | 11,380 | 7,260 |
Short-term borrowings | 243 | 362 | 253 |
Subordinated debentures | 1,217 | 1,836 | 1,731 |
Total interest expense | 5,408 | 13,578 | 9,244 |
Net interest income | 104,835 | 97,369 | 92,394 |
Provision for loan and lease losses | 8,550 | 2,550 | 4,350 |
Net interest income after provision for loan and lease losses | 96,285 | 94,819 | 88,044 |
Noninterest income | |||
Net gains (losses) on sale of securities available-for-sale | 390 | (198) | 2 |
Increase in cash surrender value of life insurance | 2,412 | 2,184 | 591 |
Other income | 4,560 | 2,165 | 2,654 |
Total noninterest income | 26,150 | 23,477 | 21,564 |
Noninterest expense | |||
Salaries and employee benefits | 40,178 | 35,978 | 36,133 |
Occupancy and equipment | 9,842 | 9,845 | 10,295 |
Acquisition costs | 22 | 449 | |
Other | 25,892 | 24,733 | 23,147 |
Total noninterest expense | 75,912 | 70,578 | 70,024 |
Income before income taxes | 46,523 | 47,718 | 39,584 |
Provision for income taxes | 11,079 | 11,757 | 9,907 |
Net income | $ 35,444 | $ 35,961 | $ 29,677 |
Earnings per share basic (in dollars per share) | $ 2.33 | $ 2.35 | $ 1.94 |
Earnings per share diluted (in dollars per share) | $ 2.32 | $ 2.33 | $ 1.92 |
Weighted average shares outstanding, basic (in shares) | 15,216,749 | 15,311,113 | 15,261,794 |
Weighted average shares outstanding, diluted (in shares) | 15,280,325 | 15,437,111 | 15,432,120 |
Deposit Account [Member] | |||
Noninterest income | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 11,765 | $ 12,742 | $ 12,439 |
Debit Card [Member] | |||
Noninterest income | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 7,023 | $ 6,584 | $ 5,878 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 35,444 | $ 35,961 | $ 29,677 |
Unrealized gain (loss) on securities: | |||
Unrealized holding gain (loss) arising during period | 18,099 | 17,686 | (6,154) |
Reclassification adjustment for (gains) losses included in net income (1) | (390) | 198 | (2) |
Other comprehensive gain (loss), before tax | 17,709 | 17,884 | (6,156) |
Income tax (expense) benefit related to items of other comprehensive income | (5,236) | (5,286) | 1,820 |
Total other comprehensive gain (loss), net of tax | 12,473 | 12,598 | (4,336) |
Comprehensive income | $ 47,917 | $ 48,559 | $ 25,341 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Reclassification adjustment for (losses) gains on securities available-for-sale included in net income, tax | $ (115) | $ 59 | $ (1) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (loss) [Member] | Total |
Balance at Dec. 31, 2017 | $ 111,138 | $ 2,937 | $ 144,197 | $ (2,330) | $ 255,942 |
Balance (in shares) at Dec. 31, 2017 | 15,223,360 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 29,677 | 29,677 | |||
Other comprehensive income, net of tax | (4,336) | (4,336) | |||
Exercise of stock options | $ 1,369 | (238) | 1,131 | ||
Exercise of stock options (in shares) | 77,100 | ||||
Stock compensation costs | 373 | 373 | |||
Stock issued-acquisition | (6) | (6) | |||
Cash dividends | (9,757) | (9,757) | |||
Balance at Dec. 31, 2018 | $ 112,507 | 3,066 | 164,117 | (6,666) | 273,024 |
Balance (in shares) at Dec. 31, 2018 | 15,300,460 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 35,961 | 35,961 | |||
Other comprehensive income, net of tax | 12,598 | 12,598 | |||
Exercise of stock options | $ 1,337 | (249) | 1,088 | ||
Exercise of stock options (in shares) | 82,681 | ||||
Stock compensation costs | 490 | 490 | |||
Stock repurchase | $ (665) | (1,879) | (2,544) | ||
Stock repurchase (in shares) | (98,603) | ||||
Cash dividends | (11,332) | (11,332) | |||
Balance at Dec. 31, 2019 | $ 113,179 | 3,307 | 186,867 | 5,932 | 309,285 |
Balance (in shares) at Dec. 31, 2019 | 15,284,538 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 35,444 | 35,444 | |||
Other comprehensive income, net of tax | 12,473 | 12,473 | |||
Exercise of stock options | $ 1,034 | (259) | 775 | ||
Exercise of stock options (in shares) | 67,050 | ||||
Unvested restricted stock issued (in shares) | 148,885 | ||||
Stock compensation costs | 688 | 688 | |||
Stock compensation costs (in shares) | 148,885 | ||||
Stock repurchase | $ (829) | (1,733) | $ (2,562) | ||
Stock repurchase (in shares) | (112,050) | (112,050) | |||
Cash dividends | (12,207) | $ (12,207) | |||
Balance at Dec. 31, 2020 | $ 113,384 | $ 3,736 | $ 208,371 | $ 18,405 | $ 343,896 |
Balance (in shares) at Dec. 31, 2020 | 15,388,423 |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.80 | $ 0.74 | $ 0.64 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 35,444 | $ 35,961 | $ 29,677 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Gain) loss on sales of securities | (390) | 198 | (2) |
Loss on disposal of fixed assets | 28 | 16 | |
Gain on sale of foreclosed assets | (10) | (107) | (1,423) |
Writedown of foreclosed assets | 124 | 77 | 439 |
Stock based compensation expense | 688 | 490 | 373 |
Provision for loan and lease losses | 8,550 | 2,550 | 4,350 |
Depreciation and amortization | 3,025 | 2,988 | 3,174 |
Net amortization on securities premiums and discounts | 4,789 | 4,449 | 5,452 |
Accretion of discounts for loans acquired and net deferred loan fees | (663) | (1,023) | (1,647) |
Increase in cash surrender value of life insurance policies | (2,412) | (2,184) | (591) |
Amortization of core deposit intangible | 1,074 | 1,074 | 1,020 |
Increase in interest receivable and other assets | (488) | (9,224) | (6,106) |
(Decrease) increase in other liabilities | (8,151) | 9,662 | (5,420) |
Deferred income tax benefit | (2,611) | (97) | (308) |
Increase in equity securities | (447) | (232) | (1,183) |
Net amortization of partnership investment | 1,505 | 2,127 | 2,625 |
Net cash provided by operating activities | 40,027 | 46,737 | 30,446 |
Cash flows from investing activities: | |||
Maturities and calls of securities available for sale | 12,385 | 9,809 | 9,730 |
Proceeds from sales of securities available for sale | 20,298 | 60,510 | 6,838 |
Purchases of securities available for sale | (71,816) | (190,168) | (122,818) |
Principal paydowns on securities available for sale | 109,267 | 92,766 | 92,494 |
Net purchases of FHLB stock | (833) | (300) | |
Loan originations and payments, net | (697,305) | (32,376) | (183,737) |
Purchases of premises and equipment, net | (2,916) | (783) | (3,123) |
Proceeds from sales of fixed assets | 10 | ||
Proceeds from sales of foreclosed assets | 2,445 | 7,955 | 13,188 |
Purchase of bank owned life insurance | (210) | (440) | (454) |
Liquidation of bank-owned life insurance | 326 | 260 | |
Proceeds from BOLI death benefit | 274 | ||
Net cash from bank acquisition | (6) | ||
Net cash used in investing activities | (627,252) | (53,290) | (188,188) |
Cash flows from financing activities: | |||
Increase in deposits | 456,232 | 52,034 | 127,954 |
Increase (decrease) in borrowed funds | 22,900 | (36,100) | 34,200 |
Increase in repurchase agreements | 13,427 | 9,352 | 8,209 |
Increase in fed funds purchased | 100,000 | ||
Cash dividends paid | (12,207) | (11,332) | (9,757) |
Repurchases of common stock | (2,562) | (2,544) | |
Stock options exercised | 775 | 1,088 | 1,131 |
Net cash provided by financing activities | 578,565 | 12,498 | 161,737 |
(Decrease) increase in cash and due from banks | (8,660) | 5,945 | 3,995 |
Cash and cash equivalents, beginning of year | 80,077 | 74,132 | 70,137 |
Cash and cash equivalents, end of year | 71,417 | 80,077 | 74,132 |
Supplemental disclosure of cash flow information: | |||
Interest | 6,007 | 13,769 | 8,707 |
Income taxes | 14,490 | 12,000 | 11,300 |
Supplemental noncash disclosures: | |||
Real estate acquired through foreclosure | 2,562 | 27 | 7,805 |
Change in unrealized net gains (losses) on securities available-for-sale | $ 17,709 | 17,884 | $ (6,156) |
Operating right-of-use asset pursuant to adoption of ASU 2016-02 | 8,308 | ||
Operating lease liability pursuant to adoption of ASU 2016-02 | $ 8,915 |
The Business of Sierra Bancorp
The Business of Sierra Bancorp | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Business of Sierra Bancorp | 1. THE BUSINESS OF SIERRA BANCORP Sierra Bancorp (the “Company”) is a California corporation registered as a bank holding company under the Bank Holding Company Act of 1956, as amended, and is headquartered in Porterville, California. The Company was incorporated in November 2000 and acquired all of the outstanding shares of Bank of the Sierra (the “Bank”) in August 2001. The Company’s principal subsidiary is the Bank, and the Company exists primarily for the purpose of holding the stock of the Bank and of such other subsidiaries it may acquire or establish. The Company’s only other direct subsidiaries are Sierra Statutory Trust II, Sierra Capital Trust III and Coast Bancorp Statutory Trust II, which were formed solely to facilitate the issuance of capital trust pass-through securities. At December 31, 2020, the Bank operated 40 full service branch offices, an online branch and provides specialized lending services through an agricultural credit center, an SBA center, Mortgage Warehouse lending divisions and a dedicated loan production office in Rocklin, California. The Bank’s deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to applicable legal limits. The Bank maintains a diversified loan portfolio comprised of agricultural, commercial, consumer, real estate, construction and mortgage loans. Loans are made in California within the market area of the South Central San Joaquin Valley, the Central Coast, Ventura County and neighboring communities. These areas have diverse economies with principal industries being agriculture, real estate and light manufacturing. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company and the consolidated accounts of its wholly-owned subsidiary, Bank of the Sierra. All significant intercompany balances and transactions have been eliminated. Certain reclassifications have been made to prior years’ balances to conform to classifications used in 2020. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (U.S. GAAP) and prevailing practices within the banking industry. In accordance with U.S. GAAP, the Company’s investments in Sierra Statutory Trust II, Sierra Capital Trust III and Coast Bancorp Statutory Trust II are not consolidated and are accounted for under the equity method and included in other assets on the consolidated balance sheet. The subordinated debentures issued and guaranteed by the Company and held by the trusts are reflected on the Company’s consolidated balance sheet. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. Material estimates that are particularly susceptible to significant changes in the near-term relate to the determination of the allowance for loan and lease losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowances for loan and lease losses and other real estate, management obtains independent appraisals for significant properties, evaluates the overall loan portfolio characteristics and delinquencies and monitors economic conditions. Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash and deposits with other financial institutions with original maturities within 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, and fed funds purchased and repurchase agreements. Securities Debt securities may be classified as held to maturity and carried at amortized cost when management has the positive ability and intent to hold them to maturity. Debt securities are classified as available for sale when they might be sold before maturity. Equity securities with readily determinable fair values are classified as available for sale. Debt securities available for sale are carried at fair value with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premium or discount. Premiums or discounts on securities are amortized on the level-yield method without anticipating prepayments. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management determines the appropriate classification of its investments at the time of purchase and may only change the classification in certain limited circumstances. All transfers between categories are accounted for at fair value. Although the Company currently has the intent and the ability to hold the securities in its investment portfolio to maturity, the securities are all marketable and are currently classified as “available for sale” to allow maximum flexibility with regard to interest rate risk and liquidity management. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of the impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. FHLB Stock and Other Investments The Bank is a member of the Federal Home Loan Bank ("FHLB") system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost in other assets, and periodically evaluated for impairment based on the ultimate recovery of par value. Both cash and stock dividends are reported as income. The Bank’s investment in FHLB stock was approximately $10.7 million at both December 31, 2020 and 2019. Pursuant to the adoption of ASU 2016-01 on January 1, 2018, the Company elected the measurement alternative for measuring equity securities without readily determinable fair values at cost less impairment, plus or minus observable price changes in orderly transactions. The carrying amount of equity securities without readily determinable fair values is $2.5 million and $2.0 million at December 31, 2020 and 2019, respectively. Equity securities primarily consist of an investment in Pacific Coast Bankers’ Bank (“PCBB”). A remeasurement gain of $0.4 million, $0.2 million and $1.2 million was recorded to income during the years ended December 31, 2020, 2019 and 2018, on PCBB stock. $1.8 million in cumulative remeasurement gains have been recorded as of December 31, 2020 on PCBB stock. Adjustments to the carrying value of PCBB stock were based on observable activity in the stock. Loans Held for Sale The Company may originate loans intended to be sold on the secondary market. Loans originated and intended for sale in the secondary market are carried at cost which approximates fair value since these loans are typically sold shortly after origination. The loan’s cost basis includes unearned deferred fees and costs, and premiums and discounts. If loans held for sale remain on our books for an extended period of time the fair value of those loans is determined using quoted secondary market prices. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Loans that might be held for sale by the Company typically consist of residential real estate loans. Loans classified as held for sale, if any, are disclosed in Note 4 to the consolidated financial statements. Gains and losses on sales of loans are recognized at the time of sale and are calculated based on the difference between the selling price and the allocated book value of loans sold. Book value allocations are determined in accordance with U.S. GAAP. Any inherent risk of loss on loans sold is transferred to the buyer at the date of sale. The Company has issued various representations and warranties associated with the sale of loans. These representations and warranties may require the Company to repurchase loans with underwriting deficiencies as defined per the applicable sales agreements and certain past due loans within 90 days of the sale. The Company did not experience losses during the years ended December 31, 2020, 2019, or 2018 regarding these representations and warranties. Loans and Leases (Financing Receivables) Our credit quality classifications of Loans and Leases include Pass, Special Mention, Substandard and Impaired. These classifications are defined in Note 4 to the consolidated financial statements. Loans and leases that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, purchase premiums and discounts, write-downs, and an allowance for loan and lease losses. Loan and lease origination fees, net of certain deferred origination costs, and purchase premiums and discounts are recognized in interest income as an adjustment to yield of the related loans and leases over the contractual life of the loan using both the effective interest and straight line methods without anticipating prepayments. Interest income for all performing loans, regardless of classification (Pass, Special Mention, Substandard and Impaired), is recognized on an accrual basis, with interest accrued daily. Costs associated with successful loan originations are netted from loan origination fees, with the net amount (net deferred loan fees) amortized over the contractual life of the loan in interest income. If a loan has scheduled periodic payments, the amortization of the net deferred loan fee is calculated using the effective interest method over the contractual life of the loan. If the loan does not have scheduled payments, such as a line of credit, the net deferred loan fee is recognized as interest income on a straight line basis over the contractual life of the loan. Fees received for loan commitments are recognized as interest income over the term of the commitment. When loans are repaid, any remaining unamortized balances of deferred fees and costs are accounted for through interest income. Generally, the Company places a loan or lease on nonaccrual status and ceases recognizing interest income when it has become delinquent more than 90 days and/or when Management determines that the repayment of principal and collection of interest is unlikely. The Company may decide that it is appropriate to continue to accrue interest on certain loans more than 90 days delinquent if they are well-secured by collateral and collection is in process. When a loan is placed on nonaccrual status, any accrued but uncollected interest for the loan is reversed out of interest income in the period in which the loan’s status changed. For loans with an interest reserve, i.e., where loan proceeds are advanced to the borrower to make interest payments, all interest recognized from the inception of the loan is reversed when the loan is placed on non-accrual. Once a loan is on non-accrual status subsequent payments received from the customer are applied to principal, and no further interest income is recognized until the principal has been paid in full or until circumstances have changed such that payments are again consistently received as contractually required. Generally, loans and leases are not restored to accrual status until the obligation is brought current and has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Impaired loans are classified as either nonaccrual or accrual, depending on individual circumstances regarding the collectability of interest and principal according to the contractual terms. Purchased Credit Impaired Loans The Company purchases individual loans and groups of loans, some of which may show evidence of credit deterioration since origination. These purchased credit impaired (“PCI”) loans are recorded at the amount paid, since there is no carryover of the seller’s allowance for loan and lease losses. After acquisition, additional deterioration in credit is recognized by an increase in the allowance for loan and lease losses. Such PCI loans are accounted for individually or aggregated into pools of loans based on common risk characteristics. The Company estimates the amount and timing of expected cash flows for the loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan and lease losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income Loans Modified in a Troubled Debt Restructuring Loans are considered to have been modified in a troubled debt restructuring (“TDR”) when due to a borrower’s financial difficulties the Company makes certain concessions to the borrower that it would not otherwise consider. Modifications may include interest rate reductions, principal or interest forgiveness, forbearance, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. Generally, a non-accrual loan that has been modified in a TDR remains on non-accrual status for a period of six months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on non-accrual status. A TDR is generally considered to be in default when it appears likely that the customer will not be able to repay all principal and interest pursuant to the terms of the restructured agreement. Allowance for Loan and Lease Losses The allowance for loan and lease losses is maintained at a level which, in management’s judgment, is adequate to absorb loan and lease losses inherent in the loan and lease portfolio. The allowance for loan and lease losses is increased by a provision for loan and lease losses, which is charged to expense, and by principal recovered on charged-off balances. It is reduced by principal charge-offs. The amount of the allowance is based on management’s evaluation of the collectability of the loan and lease portfolio, changes in its risk profile, credit concentrations, historical trends, and economic conditions. This evaluation also considers the balance of impaired loans and leases. A loan or lease is impaired when it is probable that the Company will be unable to collect all contractual principal and interest payments due in accordance with the terms of the loan or lease agreement. The impairment on certain individually identified loans or leases is measured based on the present value of expected future cash flows discounted at the original effective interest rate of the loan or lease. As a practical expedient, impairment may be measured based on the loan’s or lease’s observable market price or the fair value of collateral if the loan or lease is collateral dependent. The amount of impairment, if any, is recorded through the provision for loan and lease losses and is added to the allowance for loan and lease losses, with any changes over time recognized as additional bad debt expense in our provision for loan and lease losses. Impaired loans with homogenous characteristics, such as one-to-four family residential mortgages and consumer installment loans, may be subjected to a collective evaluation for impairment, considering delinquency and repossession statistics, historical loss experience, and other factors. General reserves cover non-impaired loans and are based on historical net loss rates for each portfolio segment by call report code, adjusted for the effects of qualitative or environmental factors that are likely to cause estimated credit losses as of the evaluation date to differ from the portfolio segment’s historical loss experience. Qualitative factors include consideration of the following: changes in lending policies and procedures; changes in international, national, regional, and local economic and business conditions and developments; changes in the nature and volume of the portfolio; changes in the experience, ability and depth of lending management and staff; changes in the volume and severity of past due, nonaccrual and other adversely graded loans; changes in quality of the loan review system; changes in the value of the underlying collateral for collateral-dependent loans; concentrations of credit; and the effect of the other external factors such as competition and legal and regulatory requirements. Most of the Company’s business activity is with customers located in California within the Southern Central San Joaquin Valley; in the corridor stretching between Santa Paula and Santa Clarita in Southern California, and on the Central Coast. Therefore the Company’s exposure to credit risk is significantly affected by changes in the economy in those regions. The Company considers this concentration of credit risk when assessing and assigning qualitative factors in the allowance for loan and lease losses. Portfolio segments identified by the Company include Agricultural, Commercial and Industrial, Real Estate, Small Business Administration, and Consumer loans. Relevant risk characteristics for these portfolio segments generally include debt service coverage, loan-to-value ratios and financial performance on non-consumer loans; and credit scores, debt-to-income ratios, collateral type and loan-to-value ratios for consumer loans. Though management believes the allowance for loan and lease losses to be adequate, ultimate losses may vary from their estimates. However, estimates are reviewed periodically, and as adjustments become necessary they are reported in earnings during the periods they become known. In addition, the FDIC and the California Department of Financial Protection and Innovation, as an integral part of their examination processes, review the allowance for loan and lease losses. These agencies may require additions to the allowance for loan and lease losses based on their judgment about information available at the time of their examinations. Reserve for Off-Balance Sheet Commitments In addition to the exposure to credit loss from outstanding loans, the Company is also exposed to credit loss from certain off-balance sheet commitments such as unused commitments from revolving lines of credit, mortgage warehouse lines of credit, construction loans and commercial and standby letters of credit. Because the available funds have not yet been disbursed on these commitments the estimated losses are not included in the calculation of the ALLL. The reserve for off-balance sheet commitments is an estimated loss contingency which is included in other liabilities on the Consolidated Balance Sheets. The adjustments to the reserve for off-balance sheet commitments are reported within noninterest expense. This reserve is for estimated losses that could occur when the Company is contractually obligated to make a payment under these instruments and must seek repayment from a party that may not be as financially sound in the current period as it was when the commitment was originally made. Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The useful lives of premises range between twenty-five three Impairment of long-lived assets is evaluated by management based upon an event or changes in circumstances surrounding the underlying assets which indicate long-lived assets may be impaired. Foreclosed Assets Foreclosed assets include real estate and other property acquired in full or partial settlement of loan obligations. Upon acquisition, any excess of the recorded investment in the loan balance over the appraised fair market value, net of estimated selling costs, is charged against the allowance for loan and lease losses. A valuation allowance for losses on foreclosed assets is maintained to provide for subsequent declines in value. The allowance is established through a provision for losses on foreclosed assets which is included in other noninterest expense. Subsequent gains or losses on sales or write-downs resulting from permanent impairments are recorded in other noninterest expense as incurred. Operating costs after acquisition are expensed. The Company had one foreclosed residential real estate property recorded at December 31, 2020, as a result of obtaining physical possession of the property. At December 31, 2020, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceeds were in process was $1.2 million. Goodwill and Other Intangible Assets The Company acquired Sierra National Bank in 2000, Santa Clara Valley Bank in 2014, Coast National Bank in 2016, and Ojai Community Bank and the Woodlake Branch of Citizen’s Business Bank in 2017. Goodwill resulting from business combinations after January 1, 2009 is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but are tested for impairment at least annually or more frequently if events and circumstances exist which indicate that an impairment test should be performed. The Company selected December 31, 2020 as the date to perform the annual impairment test for 2020. Goodwill is the only intangible asset with an indefinite life on our balance sheet. There was no impairment recognized for the years ended December 31, 2020, 2019, and 2018. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. The Company’s other intangible assets consist solely of core deposit intangible assets (CDI’s) arising from the acquisitions of Santa Clara Valley Bank, Coast National Bank, a Citizen’s Business Bank Porterville branch deposit portfolio, Ojai Community Bank, the Woodlake Branch of Citizen’s Business Bank and the Lompoc branch of Santa Maria Community Bank. All of the CDI’s are being amortized on a straight-line basis over eight years, except for the Citizen’s Business Bank Porterville branch deposit portfolio which is being amortized on a straight-line basis over five years. Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Details regarding these commitments and financial instruments are discussed in detail in Note 13 to the consolidated financial statements. Income Taxes The Company files its income taxes on a consolidated basis with its subsidiary. The allocation of income tax expense represents each entity’s proportionate share of the consolidated provision for income taxes. Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax basis of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely to be realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. We have determined that as of December 31, 2020 all tax positions taken to date are highly certain and, accordingly, no accounting adjustment has been made to the financial statements. The Company recognizes interest and penalties related to uncertain tax positions as part of income tax expense. Salary Continuation Agreements and Directors’ Retirement Plan The Company has entered into agreements to provide members of the Board of Directors and certain key executives, or their designated beneficiaries, with annual benefits for up to fifteen years after retirement or death. The Company accrues for these future benefits from the effective date of the plan until the director’s or executive’s expected retirement date in a systematic and rational manner. At the consolidated balance sheet date, the amount of accrued benefits equals the then present value of the benefits expected to be provided to the director or employee, any beneficiaries, and covered dependents in exchange for the director’s or employee’s services to that date. Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes fluctuations in unrealized gains and losses on securities available for sale, net of an adjustment for the effects of realized gains and losses and any applicable tax. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of other comprehensive income that historically has not been recognized in the calculation of net income. Unrealized gains and losses on the Company’s available for sale securities, net of tax, are included in other comprehensive income after adjusting for the effects of realized gains and losses. Total comprehensive income and the components of accumulated other comprehensive income (loss) are presented in the consolidated statements of comprehensive income. Stock-Based Compensation At December 31, 2020, the Company had one stock-based compensation plan, the Sierra Bancorp 2017 Stock Incentive Plan (the “2017 Plan”), which was adopted by the Company’s Board of Directors on March 16, 2017 and approved by the Company’s shareholders on May 24, 2017. The 2017 Plan replaced the Company’s 2007 Stock Incentive Plan (the “2007” Plan), which expired by its own terms on March 15, 2017. Options to purchase shares granted under the 2007 Plan that remained outstanding were unaffected by that plan’s termination. The 2017 Plan covers 850,000 shares of the Company’s authorized but unissued common stock, subject to adjustment for stock splits and dividends, and provides for the issuance of both “incentive” and “nonqualified” stock options to salaried officers and employees, and of “nonqualified” stock options to non-employee directors. The 2017 Plan also provides for the issuance of restricted stock awards to these same classes of eligible participants. Compensation cost and director’s expense is recognized for stock options and restricted stock awards issued to employees and directors and is recognized over the required service period, generally defined as the vesting period. The Company is using the Black-Scholes model to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. The “multiple option” approach for stock options is used to allocate the resulting valuation to actual expense for current period. Expected volatility is based on historical volatility of the Company’s common stock. The Company uses historical data to estimate stock option exercise and post-vesting termination behavior. The expected term of stock options granted is based on historical data and represents the period of time that options granted are expected to be outstanding subsequent to vesting, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the stock option is based on the U.S. Treasury yield curve in effect at the time of the grant. The fair value of each stock option is estimated on the date of grant using the following assumptions: Years Ended December 31, 2020 2019 2018 Dividend yield 3.02% 2.62% 2.12% Expected Volatility 25.06% 34.57% 26.26% Risk-free interest rate 1.47% 2.70% 2.38% Expected option life 6.4 years 5.4 years 5.3 years Revenue Recognition Revenue from contracts with customers subject to ASC 606 comprises the noninterest income earned by the Company in exchange for services provided to customers. Income associated with customer contracts generally involve transaction prices that are fixed and performance obligations which are satisfied as services are rendered. In most cases recognition occurs within a single financial reporting period as there is little or no judgement involved in the timing of revenues. We generally act in a principal capacity, on our own behalf, in most of our contracts with customers. In such transactions, we recognize revenue and the related costs to provide our services on a gross basis in our financial statements. Service Charges on Deposit Accounts comprise charges on retail and business accounts. Business customers can earn credits depending on account type and deposit balances maintained with the Company, which may be used to offset fees. Fees and credits are based on predetermined, agreed-upon rates. In some cases, we act in an agent capacity, deriving revenue through assisting other entities in transactions with our customers. In such transactions, we recognize revenue and those related costs to provide services on a gross basis in our financial statements. Debit card interchange income is derived from our customers’ use of various interchange and ATM/debit card networks which are the primary sources of revenue generated in an agent capacity. Recent Accounting Pronouncements In January 2016 the FASB issued ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities values and noninterest revenue for $1.2 million. In accordance with (iv) above, the Company measured the fair value of its loan portfolio at December 31, 2020 and 2019 using an exit price notion. See Note 20 Fair Value In February 25, 2016, the FASB issued Accounting Standards Update 2016-02 lease liability 6 In September 2016 the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments inputs, assumptions and methodologies within its CECL estimation process during 2021 as we prepare for implementation on January 1, 2022. In January 2017 the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment In March 2017 the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities In August 2018 the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, periods. In addition, an entity may early adopt any of the removed or modified disclosures immediately and delay adoption of the new disclosures until the effective date. The Company adopted ASU 2018-13 effective January 1, 2020 which impacts the disclosure requirements for fair value measurement. In May 2019, the FASB issued ASU 2019-05, Financial Instruments—Credit Losses (Topic 326) On March 22, 2020, a statement was issued by our banking regulators and titled the “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus” (the “Interagency Statement”) that encourages financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations due to the effects of COVID-19. Additionally, Section 4013 of the CARES Act, that passed on March 27, 2020, further provides that a qualified loan modification is exempt by law from cl |
Securities Available-for-Sale
Securities Available-for-Sale | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available-for-Sale | 3. SECURITIES AVAILABLE-FOR-SALE The amortized cost and fair value of the securities available-for-sale are as follows (dollars in thousands): December 31, 2020 Amortized Gross Gross Fair Value U.S. government agencies $ 1,725 $ 75 $ — $ 1,800 Mortgage-backed securities 304,108 10,389 (62) 314,435 State and political subdivisions 212,011 15,728 — 227,739 Total securities $ 517,844 $ 26,192 $ (62) $ 543,974 December 31, 2019 Amortized Gross Gross Fair Value U.S. government agencies $ 12,125 $ 124 $ (104) $ 12,145 Mortgage-backed securities 398,353 3,354 (1,318) 400,389 State and political subdivisions 181,900 6,478 (113) 188,265 Total securities $ 592,378 $ 9,956 $ (1,535) $ 600,799 For the years ended December 31, 2020, 2019, and 2018, proceeds from sales of securities available-for-sale were $20.3 million, $60.5 million, and $6.8 million, respectively. Gains and losses on the sale of investment securities are recorded on the trade date and are determined using the specific identification method. Gross gains and losses from the sales and calls of securities for the years ended were as follows (dollars in thousands): December 31, 2020 2019 2018 Gross gains on sales and calls of securities $ 433 $ 230 $ 21 Gross losses on sales and calls of securities (43) (428) (19) Net gains (losses) on sales and calls of securities $ 390 $ (198) $ 2 The Company has reviewed all sectors and securities in the portfolio for impairment. During the year ended December 31, 2020 the Company realized gains through earnings from the sale and call of 60 debt securities for $0.43 million. The securities were sold with 9 other debt securities, for which a $0.04 million loss was realized. During the year ended December 31, 2019, the Company realized gains through earnings from the sale and call of 74 debt securities for $0.2 million. The securities were sold with 108 other debt securities, for which a $0.4 million loss was realized, to improve the structure of the portfolio at year-end. During the year ended December 31, 2018 the Company realized gains through earnings from the sale and call of 11 debt securities for $0.02 million. The securities were sold with 8 other debt securities, for which a $0.02 million loss was realized, to improve the structure of the portfolio at year end. At December 31, 2020 and 2019, the Company had 2 and 198 securities with unrealized gross losses, respectively. Information pertaining to these securities aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows (dollars in thousands): December 31, 2020 Less than twelve months Twelve months or longer Gross Fair Value Gross Fair Value U.S. government agencies $ — $ — $ — $ — Mortgage-backed securities (62) 4,286 — — State and political subdivisions — — — — Total $ (62) $ 4,286 $ — $ — December 31, 2019 Less than twelve months Twelve months or longer Gross Fair Value Gross Fair Value U.S. government agencies $ (32) $ 3,240 $ (72) $ 2,689 Mortgage-backed securities (494) 100,518 (824) 78,538 State and political subdivisions (113) 19,762 — — Total $ (639) $ 123,520 $ (896) $ 81,227 The Company has concluded as of December 31, 2020 that all remaining securities, currently in an unrealized loss position, are not other-than-temporarily-impaired. This assessment was based on the following factors: 1) the Company has the ability to hold the securities, 2) the Company does not intend to sell the securities, 3) the Company does not anticipate it will be required to sell the securities before recovery, 4) and the Company expects to eventually recover the entire amortized cost basis of the securities. The amortized cost and estimated fair value of securities available-for-sale at December 31, 2020 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without penalties (dollars in thousands): Amortized Cost Fair Value Maturing within one year $ 3,812 $ 3,857 Maturing after one year through five years 9,475 9,732 Maturing after five years through ten years 27,250 28,745 Maturing after ten years 173,199 187,205 Mortgage-backed securities 157,201 163,029 Collateralized mortgage obligations 146,907 151,406 $ 517,844 $ 543,974 Securities available-for-sale with amortized costs totaling $224.1 million and estimated fair values totaling $232.0 million were pledged to secure other contractual obligations and short-term borrowing arrangements at December 31, 2020 (see Note 10). Securities available-for-sale with amortized costs totaling $233.0 million and estimated fair values totaling $234.8 million were pledged to secure other contractual obligations and short-term borrowing arrangements at December 31, 2019 (see Note 10). At December 31, 2020, the Company’s investment portfolio included securities issued by 282 different government municipalities and agencies located within 29 states with a fair value of $227.7 million. The largest exposure to any single municipality or agency was $4.0 million (fair value) in three bonds issued for the purpose of paying costs to acquire and construct improvements of various township facilities by the Charter Township of Washington, to be repaid by future tax revenues. The Company’s investments in bonds issued by states, municipalities and political subdivisions are evaluated in accordance with Supervision and Regulation Letter 12-15 (SR 12-15) issued by the Board of Governors of the Federal Reserve System, “Investing in Securities without Reliance on Nationally Recognized Statistical Rating Organization Ratings”, and other regulatory guidance. Credit ratings are considered in our analysis only as a guide to the historical default rate associated with similarly-rated bonds. There have been no significant differences in our internal analyses compared with the ratings assigned by the third party credit rating agencies. The following table summarizes the amortized cost and fair values of general obligation and revenue bonds in the Company’s investment securities portfolio at the indicated dates, identifying the state in which the issuing municipality or agency operates for our largest geographic concentrations (dollars in thousands): December 31, 2020 December 31, 2019 General obligation bonds Amortized Cost Fair Value Amortized Cost Fair Value State of Issuance: Texas $ 76,794 $ 82,888 $ 59,439 $ 61,519 California 31,122 33,100 23,882 25,030 Washington 22,896 25,072 23,392 24,313 Other (21 and 24 states, respectively) 51,827 55,352 49,326 50,725 Total general obligation bonds 182,639 196,412 156,039 161,587 Revenue bonds State of Issuance: Texas 7,023 7,516 6,035 6,298 Washington 2,249 2,406 1,737 1,856 California 363 379 365 380 Other (14 and 13 states, respectively) 19,737 21,026 17,724 18,144 Total revenue bonds 29,372 31,327 25,861 26,678 Total obligations of states and political subdivisions $ 212,011 $ 227,739 $ 181,900 $ 188,265 The following table summarizes the amortized cost and fair value of revenue bonds in the Company’s investment securities portfolio at the indicated dates, identifying the revenue source of repayment for our largest source concentrations (dollars in thousands): December 31, 2020 December 31, 2019 Revenue bonds Amortized Cost Fair Value Amortized Cost Fair Value Revenue Source: Water $ 12,609 $ 13,526 $ 7,515 $ 7,775 Sewer 4,584 4,891 4,760 4,811 Sales tax 3,083 3,308 1,949 1,995 Lease 2,707 2,773 3,596 3,678 Other (8 and 9 sources, respectively) 6,389 6,829 8,041 8,419 Total revenue bonds $ 29,372 $ 31,327 $ 25,861 $ 26,678 |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loans and Leases | 4. LOANS AND LEASES The composition of the loan and lease portfolio is as follows (dollars in thousands): December 31, 2020 2019 Real estate: Secured by commercial and professional office properties, including construction and development $ 1,477,677 $ 847,865 Secured by residential properties 288,341 410,216 Secured by farm land 129,905 144,033 Total real estate loans 1,895,923 1,402,114 Agricultural 44,872 48,036 Commercial and industrial 209,048 115,532 Mortgage warehouse lines 307,679 189,103 Consumer 5,589 7,780 Total loans 2,463,111 1,762,565 Deferred loan and lease origination (fee) cost, net (3,147) 2,896 Allowance for loan and lease losses (17,738) (9,923) Loans, net $ 2,442,226 $ 1,755,538 The Company monitors the credit quality of loans on a continuous basis using the regulatory and accounting classifications of pass, special mention, substandard and impaired to characterize and qualify the associated credit risk. Loans classified as “loss” are immediately charged-off. The Company uses the following definitions of risk classifications: Pass Special Mention – Substandard – Impaired – Credit quality classifications as of December 31, 2020 were as follows (dollars in thousands): Pass Special Substandard Impaired Total Real estate: 1-4 family residential construction $ 40,044 $ 8,521 $ — $ — $ 48,565 Other construction/land 61,809 7,478 2,148 545 71,980 1-4 family - closed-end 130,559 4,922 1,356 2,999 139,836 Equity lines 30,479 2,581 58 4,957 38,075 Multi-family residential 57,934 3,597 — 334 61,865 Commercial real estate owner occupied 308,819 21,148 5,652 7,580 343,199 Commercial real estate non-owner occupied 1,026,041 10,827 25,048 582 1,062,498 Farmland 104,826 21,468 3,169 442 129,905 Total real estate 1,760,511 80,542 37,431 17,439 1,895,923 Agricultural 39,391 3,617 1,614 250 44,872 Commercial and industrial 194,876 11,819 1,259 1,094 209,048 Mortgage warehouse lines 307,679 — — — 307,679 Consumer loans 5,323 58 11 197 5,589 Total gross loans and leases $ 2,307,780 $ 96,036 $ 40,315 $ 18,980 $ 2,463,111 Credit quality classifications as of December 31, 2019 were as follows (dollars in thousands): Pass Special Substandard Impaired Total Real estate: 1-4 family residential construction $ 105,979 $ — $ — $ — $ 105,979 Other construction/land 90,761 98 — 554 91,413 1-4 family - closed-end 194,572 2,425 164 3,020 200,181 Equity lines 43,111 1,995 72 4,421 49,599 Multi-family residential 54,104 — — 353 54,457 Commercial real estate owner occupied 334,460 4,005 3,384 2,034 343,883 Commercial real estate non-owner occupied 409,289 1,164 11 2,105 412,569 Farmland 142,594 1,048 132 259 144,033 Total real estate 1,374,870 10,735 3,763 12,746 1,402,114 Agricultural 47,814 217 — 5 48,036 Commercial and industrial 100,584 13,415 556 977 115,532 Mortgage warehouse lines 189,103 — — — 189,103 Consumer loans 7,245 85 25 425 7,780 Total gross loans and leases $ 1,719,616 $ 24,452 $ 4,344 $ 14,153 $ 1,762,565 Loans may or may not be collateralized, and collection efforts are continuously pursued. Loans or leases may be restructured by management when a borrower has experienced some change in financial status causing an inability to meet the original repayment terms and where the Company believes the borrower will eventually overcome those circumstances and make full restitution. Loans and leases are charged off when they are deemed to be uncollectible, while recoveries are generally recorded only when cash payments are received subsequent to the charge-off. The following tables present the activity in the allowance for loan and lease losses and the recorded investment in loans and impairment method by portfolio segment for each of the years ending December 31, 2020, 2019, and 2018 (dollars in thousands): Commercial and Real Estate Agricultural Industrial (1) Consumer Unallocated Total Allowance for credit losses: Balance, December 31, 2017 $ 4,786 208 2,772 1,231 46 9,043 Charge-offs (2,474) — (608) (2,226) — (5,308) Recoveries 374 23 148 1,120 — 1,665 Provision 3,145 25 82 1,114 (16) 4,350 Balance, December 31, 2018 5,831 256 2,394 1,239 30 9,750 Charge-offs (1,190) — (1,274) (2,409) — (4,873) Recoveries 647 — 690 1,159 — 2,496 Provision 347 (63) 875 1,289 102 2,550 Balance, December 31, 2019 5,635 193 2,685 1,278 132 9,923 Charge-offs — — (436) (1,397) — (1,833) Recoveries 87 — 129 882 — 1,098 Provision 6,044 289 2,343 (43) (83) 8,550 Balance, December 31, 2020 $ 11,766 $ 482 $ 4,721 $ 720 $ 49 $ 17,738 (1) Includes mortgage warehouse lines Loans evaluated for impairment: December 31, 2020 December 31, 2019 December 31, 2018 Individually Collectively Individually Collectively Individually Collectively Real estate $ 17,439 $ 1,878,484 $ 12,745 $ 1,389,368 $ 13,501 $ 1,440,429 Agricultural 250 44,622 5 48,031 6 49,097 Commercial and industrial (1) 1,094 515,633 977 303,658 1,744 218,289 Consumer 197 5,392 426 7,355 821 8,041 Total loans $ 18,980 $ 2,444,131 $ 14,153 $ 1,748,412 $ 16,072 $ 1,715,856 (1) Includes mortgage warehouse lines Reserves based on method of evaluation for impairment: December 31, 2020 December 31, 2019 December 31, 2018 Specific General Specific General Specific General Real estate $ 525 $ 11,241 $ 493 $ 5,142 $ 937 $ 4,894 Agricultural 250 232 1 192 2 254 Commercial and industrial (1) 202 4,519 219 2,466 918 1,476 Consumer 19 701 114 1,164 151 1,088 Unallocated — 49 — 132 — 30 Total loan and lease loss reserves $ 996 $ 16,742 $ 827 $ 9,096 $ 2,008 $ 7,742 (1) Includes mortgage warehouse lines The following tables present the recorded investment in nonaccrual loans and loans past due over 30 days as of December 31, 2020 and December 31, 2019 (dollars in thousands, except footnotes): December 31, 2020 30-59 Days 60-89 Days 90 Days Or Total Financing Non-Accrual Past Due Past Due Due (2) Total Past Due Current Receivables Loans (1) Real Estate: 1-4 family residential construction $ — $ — $ — $ — $ 48,565 $ 48,565 $ — Other construction/land — — — — 71,980 71,980 — 1-4 family - closed-end 210 37 150 397 139,439 139,836 1,193 Equity lines 1,409 — 551 1,960 36,115 38,075 2,403 Multi-family residential — — — — 61,865 61,865 — Commercial real estate owner occupied 101 1,187 78 1,366 341,833 343,199 1,678 Commercial real estate non-owner occupied — — 152 152 1,062,346 1,062,498 582 Farmland — 211 442 653 129,252 129,905 442 Total real estate loans 1,720 1,435 1,373 4,528 1,891,395 1,895,923 6,298 Agricultural — — 250 250 44,622 44,872 250 Commercial and industrial 325 — 237 562 208,486 209,048 1,026 Mortgage warehouse lines — — — — 307,679 307,679 — Consumer loans 38 — — 38 5,551 5,589 24 Total gross loans and leases $ 2,083 $ 1,435 $ 1,860 $ 5,378 $ 2,457,733 $ 2,463,111 $ 7,598 (1) Included in Total Financing Receivables (2) As of December 31, 2020 there were no loans over 90 days past due and still accruing. December 31, 2019 30-59 Days 60-89 Days 90 Days Or Total Financing Non-Accrual Past Due Past Due Due (2) Total Past Due Current Receivables Loans (1) Real Estate: 1-4 family residential construction $ — $ — $ — $ — $ 105,979 $ 105,979 $ — Other construction/land 16 — — 16 91,397 91,413 31 1-4 family - closed-end 485 380 659 1,524 198,657 200,181 741 Equity lines 177 10 78 265 49,334 49,599 480 Multi-family residential — — — — 54,457 54,457 — Commercial real estate owner occupied 1,552 — 88 1,640 342,243 343,883 1,440 Commercial real estate non-owner occupied 500 — 1,605 2,105 410,464 412,569 2,105 Farmland — — — — 144,033 144,033 258 Total real estate loans 2,730 390 2,430 5,550 1,396,564 1,402,114 5,055 Agricultural — — — — 48,036 48,036 — Commercial and industrial 160 215 — 375 115,157 115,532 651 Mortgage warehouse lines — — — — 189,103 189,103 — Consumer loans 55 12 2 69 7,711 7,780 31 Total gross loans and leases $ 2,945 $ 617 $ 2,432 $ 5,994 $ 1,756,571 $ 1,762,565 $ 5,737 (1) Included in Total Financing Receivables (2) As of December 31, 2019 there were no loans over 90 days past due and still accruing. Generally, the Company places a loan or lease on nonaccrual status and ceases recognizing interest income when it has become delinquent more than 90 days and/or when Management determines that the repayment of principal and collection of interest is unlikely. The Company may decide that it is appropriate to continue to accrue interest on certain loans more than 90 days delinquent if they are well-secured by collateral and collection is in process. When a loan is placed on nonaccrual status, any accrued but uncollected interest for the loan is reversed out of interest income in the period in which the loan’s status changed. Subsequent payments received from the customer are applied to principal, and no further interest income is recognized until the principal has been paid in full or until circumstances have changed such that payments are again consistently received as contractually required. As of December 31, 2020 there were 13 customers, for a total of $29.5 million, with payment deferrals either under section 4013 of the CARES Act or the April 7, 2020 Interagency Statement, that are not included in the table above. Individually impaired loans as of December 31, 2020, December 31, 2019 and December 31, 2018 were as follows (dollars in thousands): December 31, 2020 Unpaid Principal Recorded Average Recorded Interest Income Balance (1) Investment (2) Related Allowance Investment Recognized (3) With an Allowance Recorded Real estate: 1-4 family residential construction $ — $ — $ — $ — $ — Other construction/land 545 545 171 565 40 1-4 family - closed-end 2,078 2,077 51 2,141 104 Equity lines 2,875 2,875 233 2,989 98 Multifamily residential 334 334 16 343 23 Commercial real estate - owner occupied 6,076 6,076 54 6,135 226 Commercial real estate - non-owner occupied — — — — — Farmland — — — — — Total real estate 11,908 11,907 525 12,173 491 Agricultural 250 250 250 250 — Commercial and industrial 945 935 202 1,152 6 Consumer loans 235 197 19 221 16 13,338 13,289 996 13,796 513 With no Related Allowance Recorded Real estate: 1-4 family residential construction $ — $ — $ — $ — $ — Other construction/land 114 — — 5 — 1-4 family - closed-end 942 922 — 960 — Equity lines 2,160 2,082 — 2,127 3 Multifamily residential — — — — — Commercial real estate - owner occupied 1,624 1,504 — 1,590 — Commercial real estate - non-owner occupied 582 582 — 617 — Farmland 442 442 — 446 — Total real estate 5,864 5,532 — 5,745 3 Agricultural — — — — — Commercial and industrial 189 159 — 165 — Consumer loans 5 — — 5 2 6,058 5,691 — 5,915 5 Total $ 19,396 $ 18,980 $ 996 $ 19,711 $ 518 (1) Contractual principal balance due from customer. (2) Principal balance on Company’s books, less any direct charge offs. (3) Interest income is recognized on performing balances on a regular accrual basis. December 31, 2019 Unpaid Principal Recorded Average Recorded Interest Income Balance (1) Investment (2) Related Allowance Investment Recognized (3) With an Allowance Recorded Real estate: 1-4 family residential construction $ — $ — $ — $ — $ — Other construction/land 656 537 157 563 32 1-4 family - closed-end 2,298 2,298 58 2,365 146 Equity lines 4,173 4,120 252 4,185 200 Multifamily residential 353 353 17 361 23 Commercial real estate- owner occupied 593 593 6 606 38 Commercial real estate- non-owner occupied — — — — — Farmland 237 237 3 256 — Total real estate 8,310 8,138 493 8,336 439 Agricultural 5 5 1 6 — Commercial and industrial 915 896 219 1,140 29 Consumer loans 464 426 114 469 35 9,694 9,465 827 9,951 503 With no Related Allowance Recorded Real estate: 1-4 family residential construction $ — $ — $ — $ — $ — Other construction/land 52 17 — 577 4 1-4 family - closed-end 755 722 — 726 — Equity Lines 326 301 — 310 5 Multifamily residential — — — — — Commercial real estate- owner occupied 1,560 1,440 — 1,477 — Commercial real estate- non-owner occupied 3,295 2,105 — 3,267 — Farmland 22 22 — 25 — Total real estate 6,010 4,607 — 6,382 9 Agricultural — — — — — Commercial and industrial 102 81 — 162 — Consumer loans 9 — — 140 15 6,121 4,688 — 6,684 24 Total $ 15,815 $ 14,153 $ 827 $ 16,635 $ 527 (1) Contractual principal balance due from customer. (2) Principal balance on Company’s books, less any direct charge offs. (3) Interest income is recognized on performing balances on a regular accrual basis. December 31, 2018 Unpaid Principal Recorded Average Recorded Interest Income Balance (1) Investment (2) Related Allowance Investment Recognized (3) With an Allowance Recorded Real estate: 1-4 family residential construction $ — $ — $ — $ — $ — Other construction/land 593 438 44 648 40 1-4 family - closed-end 3,325 3,325 75 3,182 175 Equity lines 4,603 4,550 656 4,368 206 Multifamily residential 373 373 25 359 20 Commercial real estate- owner occupied 842 723 135 740 40 Commercial real estate- non-owner occupied 1,572 1,425 3 1,644 107 Farmland — — — — — Total real estate 11,308 10,834 938 10,941 588 Agricultural 6 6 1 6 — Commercial and industrial 1,724 1,534 918 1,965 40 Consumer loans 813 764 151 909 61 13,851 13,138 2,008 13,821 689 With no Related Allowance Recorded Real estate: 1-4 family residential construction $ — $ — $ — $ — $ — Other construction/land 54 50 — 58 — 1-4 family - closed-end 357 307 — 375 3 Equity Lines 224 166 — 221 — Multifamily residential — — — — — Commercial real estate- owner occupied 502 502 — 478 — Commercial real estate- non-owner occupied — — — — — Farmland 1,642 1,642 — 1,538 — Total real estate 2,779 2,667 — 2,670 3 Agricultural — — — — — Commercial and industrial 238 211 — 838 — Consumer loans 182 56 — 273 1 3,199 2,934 — 3,781 4 Total $ 17,050 $ 16,072 $ 2,008 $ 17,602 $ 693 (1) Contractual principal balance due from customer. (2) Principal balance on Company’s books, less any direct charge offs. (3) Interest income is recognized on performing balances on a regular accrual basis. Included in loans above are troubled debt restructurings that were classified as impaired. The Company had $0.4 million and $0.5 million in commercial loans, $13.0 million and $8.2 million in real estate secured loans and $0.2 million and $0.4 million in consumer loans, which were modified as troubled debt restructurings and consequently classified as impaired at December 31, 2020 and 2019, respectively. Additional commitments to existing customers with restructured loans totaled $0.05 million and $0.04 million at December 31, 2020 and 2019, respectively. Interest income recognized on impaired loans was $0.5 million, $0.5 million, and $0.7 million, for the years ended December 31, 2020, 2019, and 2018, respectively. There was no interest income recognized on a cash basis on impaired loans for the years ended December 31, 2020, 2019, and 2018, respectively. The following is a summary of interest income from non-accrual loans in the portfolio at year-end that was not recognized (dollars in thousands): Years Ended December 31, Non accrual loans 2020 2019 2018 Interest that would have been recorded under the loans’ original terms $ 605 $ 650 $ 484 Less gross interest recorded 201 289 167 Foregone interest $ 404 $ 361 $ 317 Certain loans have been pledged to secure short-term borrowing arrangements (see Note 10). These loans totaled $1.1 billion and $777.7 million at December 31, 2020 and 2019, respectively. Salaries and employee benefits totaling $3.3 million, $3.7 million, and $4.2 million, have been deferred as loan and lease origination costs to be amortized over the estimated lives of the related loans and leases for the years ended December 31, 2020, 2019, and 2018, respectively. During the periods ended December 31, 2020 and 2019, the terms of certain loans were modified as troubled debt restructurings. Types of modifications applied to these loans include a reduction of the stated interest rate, a modification of term, an agreement to collect only interest rather than principal and interest for a specified period, or any combination thereof. The following tables present troubled debt restructurings by type of modification during the period ending December 31, 2020, December 31, 2019 and December 31, 2018 (dollars in thousands): December 31, 2020 Rate Term Interest Only Rate & Term Term & Interest Modification Modification Modification Modification Modification Total Troubled debt restructurings Real estate: Other construction/land $ — $ 85 $ — $ — $ — $ 85 1-4 family - closed-end — 1,325 — — — 1,325 Equity lines — — — — — — Multi-family residential — — — — — — Commercial real estate owner occupied — 5,515 — — 338 5,853 Commercial real estate non-owner occupied — 443 — — — 443 Farmland — — — — — — Total real estate loans — 7,368 — — 338 7,706 Agricultural — — — — — — Commercial and industrial — 143 — — — 143 Consumer loans — — — — — — $ — $ 7,511 $ — $ — $ 338 $ 7,849 December 31, 2019 Rate Term Interest Only Rate & Term Term & Interest Modification Modification Modification Modification Modification Total Troubled debt restructurings Real estate: Other construction/land $ — $ 163 $ — $ — $ — $ 163 1-4 family - closed-end — — — — — — Equity lines — 344 — — — 344 Multi-family residential — — — — — — Commercial real estate owner occupied — — — — — — Commercial real estate non-owner occupied — — — — — — Farmland — — — — — — Total real estate loans — 507 — — — 507 Agricultural — — — — — — Commercial and industrial 94 255 — 52 — 401 Consumer loans — 9 — 50 — 59 $ 94 $ 771 $ — $ 102 $ — $ 967 December 31, 2018 Rate Term Interest Only Rate & Term Term & Interest Modification Modification Modification Modification Modification Total Troubled debt restructurings Real estate: Other construction/land $ — $ — $ — $ — $ — $ — 1-4 family - closed-end — — — — — — Equity lines — 460 504 — — 964 Multi-family residential — — — — — — Commercial real estate owner occupied — — — — — — Commercial real estate non-owner occupied — — — — — — Farmland — — — — — — Total real estate loans — 460 504 — — 964 Agricultural — 7 — — — 7 Commercial and industrial — 73 25 225 — 323 Consumer loans — — 10 — — 10 $ — $ 540 $ 539 $ 225 $ — $ 1,304 The following tables present loans by class modified as troubled debt restructurings including any subsequent defaults during the period ending December 31, 2020, December 31, 2019 and December 31, 2018 (dollars in thousands): Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Reserve December 31, 2020 Loans Investment Investment Difference (1) Real estate: Other construction/land 1 $ 86 $ 85 $ 40 1-4 family - closed-end 1 1,325 1,325 10 Equity lines — — — — Multi-family residential — — — — Commercial real estate - owner occupied 4 5,853 5,853 8 Commercial real estate - non-owner occupied 1 443 443 — Farmland — — — — Total real estate loans 7,707 7,706 58 Agricultural — — — — Commercial and industrial 3 143 143 3 Consumer loans — — — — $ 7,850 $ 7,849 $ 61 (1) This represents the increase or (decrease) in the allowance for loans and lease losses reserve for these credits measured as the difference between the specific post-modification impairment reserve and the pre-modification reserve calculated under our general allowance for loan and lease loss methodology. Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Reserve December 31, 2019 Loans Investment Investment Difference (1) Real estate: Other construction/land 1 $ 163 $ 163 $ 74 1-4 family - closed-end — — — — Equity lines 2 344 344 — Multi-family residential — — — — Commercial real estate - owner occupied — — — — Commercial real estate - non-owner occupied — — — — Farmland — — — — Total real estate loans 507 507 74 Agricultural — — — — Commercial and industrial 7 401 401 (59) Consumer loans 2 59 59 (47) $ 967 $ 967 $ (32) (1) This represents the increase or (decrease) in the allowance for loans and lease losses reserve for these credits measured as the difference between the specific post-modification impairment reserve and the pre-modification reserve calculated under our general allowance for loan and lease loss methodology. Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Reserve December 31, 2018 Loans Investment Investment Difference (1) Real estate: Other construction/land — $ — $ — $ — 1-4 family - closed-end — — — — Equity lines 8 964 964 4 Multi-family residential — — — — Commercial real estate - owner occupied — — — — Commercial real estate - non-owner occupied — — — — Farmland — — — — Total real estate loans 964 964 4 Agricultural 1 7 7 2 Commercial and industrial 4 323 323 — Consumer loans 1 10 10 — $ 1,304 $ 1,304 $ 6 (1) This represents the increase or (decrease) in the allowance for loans and lease losses reserve for these credits measured as the difference between the specific post-modification impairment reserve and the pre-modification reserve calculated under our general allowance for loan and lease loss methodology. In the tables above, there were no TDRs that subsequently defaulted necessitating an increase in the allowance for loan and lease losses for the years ended December 31, 2020, 2019 and 2018. The total allowance for loan and lease losses specifically allocated to the balances that were classified as TDRs during the year ended December 31, 2020 and 2019 is $0.6 million and $0.6 million, respectively. Purchased Credit Impaired Loans The Company has purchased loans from past acquisitions, some of which have shown evidence of credit deterioration since origination and it was probable at acquisition that all contractually required payments would not be collected. The carrying amount and unpaid principal balance of those loans are as follows (dollars in thousands): December 31, 2020 Unpaid Principal Balance Carrying Value Real estate secured $ 78 $ — Commercial and industrial — — Consumer — — Total purchased credit impaired loans $ 78 $ — December 31, 2019 Unpaid Principal Balance Carrying Value Real estate secured $ 88 $ — Commercial and industrial — — Consumer — — Total purchased credit impaired loans $ 88 $ — For those purchased credit impaired loans disclosed above, the Company did not increase the allowance for loan and lease losses There is no accretable yield, or income expected to be collected on these purchased credit impaired loans. there were no |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | 5. PREMISES AND EQUIPMENT Premises and equipment at cost consisted of the following (dollars in thousands): December 31, 2020 2019 Land $ 5,751 $ 5,751 Buildings and improvements 21,580 21,526 Furniture, fixtures and equipment 20,705 17,798 Leasehold improvements 15,226 15,357 63,262 60,432 Less accumulated depreciation and amortization 35,757 33,041 Construction in progress — 44 $ 27,505 $ 27,435 Depreciation and amortization included in occupancy and equipment expense totaled $2.8 million, $2.8 million, and $3.0 million, for the years ended December 31, 2020, 2019, and 2018, respectively. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Operating Leases | 6. OPERATING LEASES There were no sale and leaseback transactions, leveraged leases, or lease transactions with related parties during the years ending December 31, 2020 and 2019. At December 31, 2020, the Company’s right-of-use assets and operating lease liabilities were $7.2 million and $7.8 million, respectively. The weighted average remaining lease term for the lease liabilities was 6.8 years, and the weighted average discount rate of remaining payments was 5.5 percent. At December 31, 2019, the Company’s right-of-use assets and operating lease liabilities were $8.3 million and $8.9 million, respectively. The weighted average remaining lease term for the lease liabilities was 7.1 years, and the weighted average discount rate of remaining payments was 5.5 percent for the year ended December 31, 2019. Lease liabilities from new right-of-use assets obtained during the year ending December 31, 2020 and December 31, 2019 were $0.6 million and $0, respectively . There were no variable lease costs for the years ending December 31, 2020 and 2019. Cash paid on operating leases was $2.2 million for both years ending December 31, 2020 and 2019. Future undiscounted lease payments for operating leases with initial terms of one year or more as of December 31, 2020 are as follows (dollars in thousands): Year Ending December 31, 2021 $ 2,130 2022 1,722 2023 1,269 2024 910 2025 750 Thereafter 2,612 Total undiscounted lease payments $ 9,393 Less: imputed interest (1,633) Net lease liabilities $ 7,760 The Company generally has options to renew its facilities leases after the initial leases expire. The renewal options range from one |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. GOODWILL AND INTANGIBLE ASSETS Goodwill The rollforward of goodwill for each of the preceding three years is included in the table below (dollars in thousands): Years Ended December 31, 2020 2019 2018 Balance at January 1 $ 27,357 $ 27,357 $ 27,357 Acquired goodwill — — — Impairment — — — Balance at December 31 $ 27,357 $ 27,357 $ 27,357 Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. Bank of the Sierra (the “Bank”) is the only subsidiary of the Company that meets the materiality criteria necessary to be deemed an operating segment, and because the Company exists primarily for the purpose of holding the stock of the Bank we have determined that only one unified operating segment or reporting unit (the consolidated Company) exists. The fair value of the consolidated Company is its market capitalization, as determined by quoted prices in active markets. If the Company’s market capitalization exceeds recorded shareholders’ equity, the book value, it can be reasonably presumed that no impairment exists. At December 31, 2020 (the measurement date that the Company selected), the Company’s stock closed at $23.92 which resulted in a market capitalization in excess of shareholders book equity. Therefore it was determined that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment at December 31, 2020. Acquired Intangible Assets Acquired intangible assets were as follows at year-end (dollars in thousands): Years Ended December 31, 2020 2019 Gross Accumulated Gross Accumulated Core deposit intangibles $ 8,401 $ 4,094 $ 8,401 $ 3,020 Aggregate amortization expense was $1.1 million, $1.1 million, and $1.0 million for 2020, 2019, and 2018. Estimated amortization expense for each of the next five years and thereafter (dollars in thousands): 2021 $ 1,032 2022 1,000 2023 876 2024 781 2025 566 Thereafter 52 $ 4,307 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Other Assets [Abstract] | |
Other Assets | 8. OTHER ASSETS Other assets consisted of the following (dollars in thousands): December 31, 2020 2019 Accrued interest receivable $ 16,074 $ 8,229 Deferred tax assets 839 3,463 Investment in qualified affordable housing projects 3,473 4,104 Investment in limited partnerships 1,848 2,722 Federal Home Loan Bank stock, at cost 10,727 10,727 Other 17,485 16,670 $ 50,446 $ 45,915 The Company has invested in limited partnerships that operate qualified affordable housing projects to receive tax benefits in the form of tax deductions from operating losses and tax credits. The Company accounts for these investments under the cost method and management analyzes these investments annually for potential impairment. The Company had $0.1 million in remaining capital commitments to these partnerships at December 31, 2020. The Company holds certain equity investments that are not readily marketable securities and thus are classified as “other assets” on the Company’s balance sheet. These include investments in Pacific Coast Bankers Bancshares, California Economic Development Lending Initiative, and the Federal Home Loan Bank (“FHLB”). The largest of these is the Company’s $10.7 million investment in FHLB stock, carried at cost. Quarterly, the FHLB evaluates and adjusts the Company’s minimum stock requirement based on the Company’s borrowing activity and membership requirements. Any stock deemed in excess is automatically repurchased by the FHLB at cost. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Deposits | 9. DEPOSITS Interest-bearing deposits consisted of the following (dollars in thousands): December 31, 2020 2019 Interest bearing demand deposits $ 109,938 $ 91,212 NOW 558,407 458,600 Savings 368,420 294,317 Money market 131,232 118,933 Time, under $250,000 287,530 261,916 Time, $250,000 or more 225,415 252,446 $ 1,680,942 $ 1,477,424 Aggregate annual maturities of time deposits were as follows (dollars in thousands): Year Ending December 31, 2021 $ 453,119 2022 14,313 2023 23,481 2024 20,358 2025 968 Thereafter 706 $ 512,945 Interest expense recognized on interest-bearing deposits consisted of the following (dollars in thousands): Year Ended December 31, 2020 2019 2018 Interest bearing demand deposits $ 278 $ 316 $ 364 NOW 388 524 478 Savings 221 308 314 Money market 128 181 146 Time deposits 2,687 8,931 5,653 Brokered Deposits 246 1,120 305 $ 3,948 $ 11,380 $ 7,260 |
Other Borrowing Arrangements
Other Borrowing Arrangements | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Other Borrowing Arrangements | 10. OTHER BORROWING ARRANGEMENTS At year end, short-term borrowings consisted of the following (dollars in thousands): 2020 2019 Average Amount Average Maximum Weighted Average Amount Average Maximum Weighted As of December 31: Repurchase agreements $ 34,614 $ 39,138 .40% $ 41,449 .40% $ 22,090 $ 25,711 .40% $ 27,712 .40% Short term borrowings 53,593 142,900 .19% 195,100 .12% 13,543 20,000 2.02% 63,700 1.69% $ 88,207 $ 182,038 $ 236,549 $ 35,633 $ 45,711 $ 91,412 Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $1.1 billion of first mortgage loans under a blanket lien arrangement at year end 2020. Based on this collateral and the Company’s holdings of FHLB stock, the Company was eligible to borrow up to the total of $642.0 million at year-end 2020, with a remaining borrowing capacity of $652.1 million if sufficient additional collateral was pledged. The Company had no borrowings at December 31, 2020 and 2019, respectively from the FRB. The Company was eligible to borrow up to $58.1 million from FRB at year end 2020, which was collateralized by $75.2 million in first mortgage loans under a blanket lien arrangement. The Company had no long-term borrowings at December 31, 2020 and 2019, respectively. The Company had unsecured lines of credit with its correspondent banks which, in the aggregate, amounted to $275.0 million and $80.0 million at December 31, 2020 and 2019, respectively, at interest rates which vary with market conditions. There was $100.0 million and $0 outstanding under these lines of credit at December 31, 2020 and December 31, 2019, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. INCOME TAXES The provision for income taxes follows (dollars in thousands): Year Ended December 31, 2020 2019 2018 Federal: Current $ 7,979 $ 7,081 $ 5,780 Deferred (1,697) (228) 179 6,282 6,853 5,959 State: Current 5,711 4,771 3,819 Deferred (914) 133 129 4,797 4,904 3,948 $ 11,079 $ 11,757 $ 9,907 The components of the net deferred tax asset, included in other assets, are as follows (dollars in thousands): December 31, 2020 2019 Deferred tax assets: Allowance for loan and lease losses $ 5,244 $ 2,934 Foreclosed assets 126 200 Deferred compensation 4,147 3,895 Accrued reserves 325 312 Non accrual loans 403 181 Lease liability 2,283 2,461 Loan fair value adjustment 956 1,192 Capital losses carried forward 29 87 Net operating losses 1,751 1,909 State income tax deduction 1,170 1,019 Other 986 1,233 Total deferred tax assets 17,420 15,423 Deferred tax liabilities: Deferred loan costs (2,482) (2,656) Right-of-use asset (2,127) (2,456) Intangibles (832) (1,248) Premises and equipment (750) (325) Net unrealized gain on securities available-for-sale (7,725) (2,490) Other (2,665) (2,785) Total deferred tax liabilities (16,581) (11,960) Net deferred tax assets $ 839 $ 3,463 The expense for income taxes differs from amounts computed by applying the statutory Federal income tax rates to income before income taxes. The significant items comprising these differences consisted of the following (dollars in thousands): Year Ended December 31, 2020 2019 2018 Income tax expense at federal statutory rate $ 9,770 $ 10,021 $ 8,313 Increase (decrease) resulting from: State franchise tax expense, net of federal tax effect 3,790 3,872 3,390 Tax exempt municipal income (1,199) (952) (852) Affordable housing tax credits (518) (538) (632) Excess tax benefit of stock-based compensation (90) (133) (177) Other (674) (513) (135) 11,079 11,757 9,907 Effective tax rate 23.81% 24.64% 25.03% The Company is subject to federal income tax and income tax of the state of California. Our federal income tax returns for the years ended December 31, 2017, 2018 and 2019 are open to audit by the federal authorities and our California state tax returns for the years ended December 31, 2016, 2017, 2018 and 2019 are open to audit by the state authorities. The Company has net operating loss carry forwards of approximately $5.6 million for federal income and approximately $6.9 million for California franchise tax purposes. Net operating loss carry forwards, to the extent not used will begin to expire in 2031. Net operating loss carry forwards available from acquisitions are substantially limited by Section 382 of the Internal Revenue Code and benefits not expected to be realized due to the limitation have been excluded from the deferred tax asset and net operating loss carry forward amounts noted above. There were no recorded interest or penalties related to uncertain tax positions as part of income tax for the years ended December 31, 2020, 2019, and 2018, respectively. We do not expect the total amount of unrecognized tax benefits to significantly increase or decrease within the next twelve months. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2020 | |
Subordinated Borrowings [Abstract] | |
Subordinated Debentures | 12. SUBORDINATED DEBENTURES Sierra Statutory Trust II (“Trust II”), Sierra Capital Trust III (“Trust III”), and Coast Bancorp Statutory Trust II (“Trust IV”), (collectively, the “Trusts”) exist solely for the purpose of issuing trust preferred securities fully and unconditionally guaranteed by the Company. For financial reporting purposes, the Trusts are not consolidated and the Floating Rate Junior Subordinated Deferrable Interest Debentures (the “Subordinated Debentures”) held by the Trusts and issued and guaranteed by the Company are reflected in the Company’s consolidated balance sheet in accordance with provisions of ASC Topic 810. Under applicable regulatory guidance, the amount of trust preferred securities that is eligible as Tier 1 capital is limited to twenty-five percent of the Company’s Tier 1 capital on a pro forma basis. At December 31, 2020, all $35.1 million of the Company’s trust preferred securities qualified as Tier 1 capital. During the first quarter of 2004, Sierra Statutory Trust II issued 15,000 Floating Rate Capital Trust Pass-Through Securities (TRUPS II), with a liquidation value of $1,000 per security, for gross proceeds of $15,000,000. The entire proceeds of the issuance were invested by Trust II in $15,464,000 of Subordinated Debentures issued by the Company, with identical maturity, re-pricing and payment terms as the TRUPS II. The Subordinated Debentures, purchased by Trust II, represent the sole assets of the Trust II. Those Subordinated Debentures mature on March 17, 2034, bear a current interest rate of 2.98% (based on 3-month LIBOR plus 2.75%), with re-pricing and payments due quarterly. Those Subordinated Debentures are currently redeemable by the Company, subject to receipt by the Company of prior approval from the Federal Reserve Bank, on any March 17 th th th th The TRUPS II are subject to mandatory redemption to the extent of any early redemption of the related Subordinated Debentures and upon maturity of the Subordinated Debentures on March 17, 2034. Trust II has the option to defer payment of the distributions for a period of up to five years, subject to certain conditions, including that the Company may not pay dividends on its common stock during such period. The TRUPS II issued in the offering were sold in private transactions pursuant to an exemption from registration under the Securities Act of 1933, as amended. The Company has guaranteed, on a subordinated basis, distributions and other payments due on the TRUPS II. During the second quarter of 2006, Sierra Capital Trust III issued 15,000 Floating Rate Capital Trust Pass-Through Securities (TRUPS III), with a liquidation value of $1,000 per security, for gross proceeds of $15,000,000. The entire proceeds of the issuance were invested by Trust III in $15,464,000 of Subordinated Debentures issued by the Company, with identical maturity, repricing and payment terms as the TRUPS III. The Subordinated Debentures, purchased by Trust III, represent the sole assets of the Trust III. Those Subordinated Debentures mature on September 23, 2036, bear a current interest rate of 1.64% (based on 3-month LIBOR plus 1.40%), with repricing and payments due quarterly. Those Subordinated Debentures are redeemable by the Company, subject to receipt by the Company of prior approval from the Federal Reserve Bank, on any March 23 rd rd rd rd Trust III has the option to defer payment of the distributions for a period of up to five years, subject to certain conditions, including that the Company may not pay dividends on its common stock during such period. The TRUPS III issued in the offering were sold in private transactions pursuant to an exemption from registration under the Securities Act of 1933, as amended. The Company has guaranteed, on a subordinated basis, distributions and other payments due on the TRUPS III. During the third quarter of 2016, the Company acquired Coast Bancorp Statutory Trust II, which had issued 7,000 Floating Rate Capital Trust Pass-Through Securities (TRUPS IV), with a liquidation value of $1,000 per security, for gross proceeds of $7,000,000. The entire proceeds of the issuance were invested by Trust IV in $7,217,000 of Subordinated Debentures issued by Coast Bancorp with identical maturity, re-pricing and payment terms as the TRUPS IV. The Subordinated Debentures, purchased by Trust IV, represent the sole assets of the Trust IV. Those Subordinated Debentures mature on December 15, 2037, bear a current interest rate of 1.72% (based on 3-month LIBOR plus 1.50%), with re-pricing and payments due quarterly. Those Subordinated Debentures are currently redeemable by the Company, subject to receipt by the Company of prior approval from the Federal Reserve Bank, on any March 15 th th th th redemption price is par plus accrued and unpaid interest, except in the case of redemption under a special event which is defined in the debenture. The TRUPS IV are subject to mandatory redemption to the extent of any early redemption of the related Subordinated Debentures and upon maturity of the Subordinated Debentures on December 15, 2037. Coast Bancorp Statutory Trust II has the option to defer payment of the distributions for a period of up to five years, subject to certain conditions, including that the Company may not pay dividends on its common stock during such period. The TRUPS IV issued in the offering were sold in private transactions pursuant to an exemption from registration under the Securities Act of 1933, as amended. The Company has guaranteed, on a subordinated basis, distributions and other payments due on the TRUPS IV. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. COMMITMENTS AND CONTINGENCIES Letter of Credit The Company holds two letters of credit with the Federal Home Loan Bank of San Francisco totaling $104,854,000. A $100,000,000 letter of credit is pledged to secure public deposits at December 31, 2020 and a $4,854,000 standby letter of credit was obtained on behalf of one of our customers to guarantee financial performance. Should the standby letter of credit be drawn upon, the customer would reimburse the Company from an existing line of credit. Federal Reserve Requirements Banks are normally required to maintain reserves with the Federal Reserve Bank equal to a specified percentage of their reservable deposits less vault cash. The Federal Reserve Bank has temporarily eliminated the reserve requirement in response to the COVID-19 pandemic, in an effort to free up available cash for lending purposes. There were no reserve balances required to be maintained at the Federal Reserve Bank by the Company at December 31, 2020 and 2019. Financial Instruments with Off-Balance-Sheet Risk The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business. These financial instruments consist of commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party for commitments to extend credit and letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and letters of credit as it does for loans included on the balance sheet. The following financial instruments represent off-balance-sheet credit risk (dollars in thousands): December 31, 2020 2019 Fixed-rate commitments to extend credit $ 75,291 $ 80,674 Variable-rate commitments to extend credit $ 366,525 $ 411,366 Standby letters of credit $ 8,104 $ 8,619 Commitments to extend credit consist primarily of the unused or unfunded portions of the following: home equity lines of credit; commercial real estate construction loans, where disbursements are made over the course of construction; commercial revolving lines of credit; mortgage warehouse lines of credit; unsecured personal lines of credit; and formalized (disclosed) deposit account overdraft lines. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Commitments to extend credit are made at both fixed and variable rates of interest as stated in the table above. Standby letters of credit are generally unsecured and are issued by the Company to guarantee the performance of a customer to a third party, while commercial letters of credit represent the Company’s commitment to pay a third party on behalf of a customer upon fulfillment of contractual requirements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Concentration in Real Estate Lending At December 31, 2020, in management’s judgment the Company had, a concentration of loans secured by real estate. At that date, approximately 77% of the Company’s loans were real estate related. Balances secured by commercial buildings and construction and development loans represented 78% of all real estate loans, while loans secured by non-construction residential properties accounted for 15%, and loans secured by farmland were 7% of real estate loans. Although management believes the loans within these concentrations have no more than the normal risk of collectability, a decline in the performance of the economy in general or a decline in real estate values in the Company’s primary market areas, in particular, could have an adverse impact on collectability. Concentration by Geographic Location The Company extends commercial, real estate mortgage, real estate construction and consumer loans to customers primarily in the South Central San Joaquin Valley of California, specifically Tulare, Fresno, Kern, Kings and Madera counties; the Southern California corridor between Santa Paula and Santa Clarita in the counties of Ventura and Los Angeles; and the Coastal counties of San Luis Obispo, Ventura and Santa Barbara. The ability of a substantial portion of the Company’s customers to honor their contracts is dependent on the economy in these areas. Although the Company’s loan portfolio is diversified, there is a relationship in those regions between the local agricultural economy and the economic performance of loans made to non-agricultural customers. Contingencies The Company is subject to legal proceedings and claims which arise in the ordinary course of business. In the opinion of management, the amount of ultimate liability with respect to such actions, of which the Company is aware, will not materially affect the consolidated financial position or results of operations of the Company. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | 14. SHAREHOLDERS’ EQUITY Share Repurchase Plan At December 31, 2020, the Company had a stock repurchase plan which has no expiration date. During the year ended December 31, 2020, the Company repurchased 112,050 shares. The total number of shares available for repurchase at December 31, 2020 was 268,301. Repurchases are generally made in the open market at market prices. Earnings Per Share A reconciliation of the numerators and denominators of the basic and diluted earnings per share computations is as follows: For the Years Ended December 31, 2020 2019 2018 Basic Earnings Per Share Net income (dollars in thousands) $ 35,444 $ 35,961 $ 29,677 Weighted average shares outstanding 15,216,749 15,311,113 15,261,794 Basic earnings per share $ 2.33 $ 2.35 $ 1.94 Diluted Earnings Per Share Net income (dollars in thousands) $ 35,444 $ 35,961 $ 29,677 Weighted average shares outstanding 15,216,749 15,311,113 15,261,794 Effect of dilutive stock options 63,576 125,998 170,326 Weighted average shares outstanding 15,280,325 15,437,111 15,432,120 Diluted earnings per share $ 2.32 $ 2.33 $ 1.92 Stock options for 348,328, 243,657, and 157,532 shares of common stock were not considered in computing diluted earnings per common share for 2020, 2019, and 2018, respectively, because they were antidilutive. Stock Options On March 16, 2017 the Company’s Board of Directors approved and adopted the 2017 Stock Incentive Plan (the “2017 Plan”), which became effective May 24, 2017 pursuant to the approval of the Company’s shareholders. The 2017 Plan replaced the Company’s 2007 Stock Incentive Plan (the “2007 Plan”), which expired by its own terms on March 15, 2017. Options to purchase 323,289 shares that were granted under the 2007 Plan were still outstanding as of December 31, 2020, and remain unaffected by that plan’s expiration. The 2017 Plan provides for the issuance of both “incentive” and “nonqualified” stock options to officers and employees, and of “nonqualified” stock options to non-employee directors and consultants of the Company. The 2017 Plan also provides for the issuance of restricted stock awards to these same classes of eligible participants. The total number of shares of the Company’s authorized but unissued stock reserved for issuance pursuant to awards under the 2017 Plan was initially 850,000 shares, and the number remaining available for grant as of December 31, 2020 was 408,515. All options granted under the 2017 A summary of the Company’s stock option activity follows (shares in thousands, except exercise price): 2020 2019 2018 Shares Weighted Average Aggregate (1) Shares Weighted Average Shares Weighted Average Outstanding, beginning of year 458 $ 21.08 453 $ 18.45 455 $ 16.33 Exercised (67) $ 11.65 (83) $ 13.07 (77) $ 14.67 Granted 126 $ 27.11 102 $ 26.97 84 $ 27.35 Canceled (21) $ 26.01 (14) $ 26.77 (9) $ 26.73 Expired (1) $ 10.73 — $ — — $ — Outstanding, end of year 495 $ 23.67 $ 1,340 458 $ 21.08 453 $ 18.45 Exercisable, end of year (2) 324 $ 21.97 $ 1,323 322 $ 18.89 330 $ 15.77 (1) The aggregate intrinsic value of stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on December 31, 2020. This amount changes based on changes in the market value of the Company’s stock. (2) The weighted average remaining contractual life of stock options outstanding and exercisable on December 31, 2020 was 5.7 years and 6.1 years, respectively. Information related to stock options during each year follows (dollars in thousands, except per share data): 2020 2019 2018 Weighted-average grant-date fair value per share $ 4.76 $ 6.60 $ 5.94 Total intrinsic value of stock options exercised $ 705 $ 1,150 $ 988 Total fair value of stock options vested $ 489 $ 438 $ 55 $0.8 million in cash was received from the exercise of 66,470 shares during the period ended December 31, 2020 with a related tax benefit of $0.5 million. The Company is using the Black-Scholes model to value stock options. In accordance with U.S. GAAP, charges of $0.4 million, $0.5 million, and $0.4 million are reflected in the Company’s income statements for the years ended December 31, 2020, 2019, and 2018, respectively, as pre-tax compensation and directors’ expense related to stock options. The related tax benefit of these options is $0.1 million, for each of the years ended December 31, 2020, 2019, and 2018. Unamortized compensation expense associated with unvested stock options outstanding at December 31, 2020 was $0.4 million, which will be recognized over a weighted average period of 3.4 years. Restricted Stock Grants The Company’s restricted stock awards are time-vested, non-transferrable shares of common stock and are available to be granted to the Company’s employees and directors. The vesting period of restricted stock awards is determined at the time the awards are issued, and different awards may have different vesting terms; provided, however, that no installment of any restricted stock award shall become vested less than one year from the grant date. Restricted stock awards are valued utilizing the fair value of the Company’s stock at the grant date. During the year ending 2020, 148,885 shares were granted to employees and directors of the Company. These awards are expensed on a straight-line basis over the vesting period. As of December 31, 2020, there was $2.4 million of unamortized compensation and directors’ cost related to unvested restricted stock awards granted under the 2017 plan. That cost is expected to be amortized over a weighted average period of 4.1 years. A summary of the Company’s nonvested shares for the year follows (shares in thousands, except grant date fair value): Nonvested Shares Shares Weighted Average Grant-Date Fair Value Nonvested at January 1, 2020 — $ — Granted 149 18.00 Vested — — Forfeited — — Nonvested at December 31, 2020 149 $ 18.00 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2020 | |
Banking And Thrift [Abstract] | |
Regulatory Matters | 15. REGULATORY MATTERS The Company and the Bank are subject to regulatory capital requirements administered by the Board of Governors of the Federal Reserve System and the FDIC. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Management believes as of December 31, 2020, the Company and Bank meet all capital adequacy requirements to which they are subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized , significantly undercapitalized , and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At year-end December 31, 2020 and 2019, notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank's categorization. In 2019, the federal banking agencies jointly issued a final rule that provides for an optional, simplified measure of capital adequacy, the community bank leverage ratio framework (CBLR framework), for qualifying community banking organizations, consistent with Section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The final rule became effective on January 1, 2020 and was elected by the Bank at that time. In April 2020, the federal banking agencies issued an interim final rule that makes temporary changes to the CBLR framework, pursuant to section 4012 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and a second interim final rule that provides a graduated increase in the community bank leverage ratio requirement after the expiration of the temporary changes implemented pursuant to section 4012 of the CARES Act. The community bank leverage ratio removes the requirement for qualifying banking organizations to calculate and report risk-based capital but rather only requires a Tier 1 to average assets (leverage) ratio. Qualifying banking organizations that elect to use the community bank leverage ratio framework and that maintain a leverage ratio of greater than required minimums will be considered to have satisfied the generally applicable risk based and leverage capital requirements in the agencies' capital rules (generally applicable rule) and, if applicable, will be considered to have met the well capitalized ratio requirements for purposes of section 38 of the Federal Deposit Insurance Act. Under the interim final rules the community bank leverage ratio minimum requirement is 8% as of December 31, 2020, 8.5% for calendar year 2021, and 9% for calendar year 2022 and beyond. The interim rule allows for a two-quarter grace period to correct a ratio that falls below the required amount, provided that the bank maintains a leverage ratio of 7% as of December 31, 2020, 7.5% for calendar year 2021, and 8% for calendar year 2022 and beyond. Under the final rule, an eligible banking organization can opt out of the CBLR framework and revert back to the risk-weighting framework without restriction. As of December 31, 2020, both the Company and Bank were qualifying community banking organizations as defined by the federal banking agencies and elected to measure capital adequacy under the CBLR framework. Actual and required capital amounts (in thousands) and ratios are presented below at year end. Actual To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework) 2020 Capital Amount Ratio Capital Amount Ratio Tier 1 (Core) Capital to average total assets Sierra Bancorp and subsidiary $ 330,200 10.50% $ 251,595 8.00% Bank of the Sierra $ 318,194 10.12% $ 251,572 8.00% Actual Required for Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Regulations 2019 Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio Common Equity Tier 1 Capital Ratio Sierra Bancorp and subsidiary $ 271,799 13.27% $ 92,143 4.50% $ 133,095 6.50% Bank of the Sierra 301,963 14.75% 92,130 4.50% 133,077 6.50% Tier 1 Risk-Based Capital Ratio Sierra Bancorp and subsidiary $ 306,744 14.98% $ 122,857 6.00% $ 163,809 8.00% Bank of the Sierra 301,963 14.75% 122,840 6.00% 163,787 8.00% Total Risk-Based Capital Ratio Sierra Bancorp and subsidiary $ 316,981 15.48% $ 163,809 8.00% $ 204,762 10.00% Bank of the Sierra 312,200 15.25% 163,787 8.00% 204,734 10.00% Tier 1 (Core) Capital to average total assets Sierra Bancorp and subsidiary $ 306,744 11.91% $ 103,016 4.00% $ 128,769 5.00% Bank of the Sierra 301,963 11.73% 103,002 4.00% 128,753 5.00% Dividend Restrictions The Company’s ability to pay cash dividends is dependent on dividends paid to it by the Bank, and is also limited by state corporation law. California law allows a California corporation to pay dividends if the company’s retained earnings equal at least the amount of the proposed dividend plus any preferred dividend arrears amount. If a California corporation does not have sufficient retained earnings available for the proposed dividend, it may still pay a dividend to its shareholders if immediately after the dividend the value of the company’s assets would equal or exceed the sum of its total liabilities plus any preferred dividend arrears amount. Dividends from the Bank to the Company are restricted under California law to the lesser of the Bank’s retained earnings or the Bank’s net income for the latest three fiscal years, less dividends previously declared during that period, or, with the approval of the Department of Financial Protection and Innovation, to the greater of the retained earnings of the Bank, the net income of the Bank for its last fiscal year, or the net income of the Bank for its current fiscal year. As of December 31, 2020, the maximum amount available for dividend distribution under this restriction was approximately $59.1 million. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | 16. BENEFIT PLANS Salary Continuation Agreements, Directors’ Retirement and Officer Supplemental Life Insurance Plans The Company has entered into salary continuation agreements with its executive officers, and has established retirement plans for qualifying members of the Board of Directors. The plans provide for annual benefits for up to fifteen years after retirement or death. The benefit obligation under these plans totaled $5.1 million and $5.3 million and was fully accrued for the years ended December 31, 2020 and 2019, respectively. The expense recognized under these arrangements totaled $0.2 million, $0.3 million and $0.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. Salary continuation benefits paid to former directors or executives of the Company or their beneficiaries totaled $0.4 million, $0.3 million and $0.3 million for the years ended December 31, 2020, 2019 and 2018. Certain officers of the Company have supplemental life insurance policies with death benefits available to the officers’ beneficiaries. In connection with these plans the Company has purchased, or acquired through merger, single premium life insurance policies with cash surrender values totaling $43.2 million and $42.5 million at December 31, 2020 and 2019, respectively. Officer and Director Deferred Compensation Plan The Company has established a deferred compensation plan for certain members of the management group and a deferred fee plan for directors for the purpose of providing the opportunity for participants to defer compensation. The Company bears the costs for the plan’s administration and the interest earned on participant deferrals. The related administrative expense was not material for the years ended December 31, 2020, 2019 and 2018. In connection with this plan, life insurance policies with cash surrender values totaling $9.3 million and $8.0 million at December 31, 2020 and 2019, respectively, are included on the consolidated balance sheet in other assets. 401(k) Savings Plan The 401(k) savings plan (the “Plan”) allows participants to defer, on a pre-tax basis, up to 15% of their salary (subject to Internal Revenue Service limitations) and accumulate tax-deferred earnings as a retirement fund. The Bank may make a discretionary contribution to match a specified percentage of the first 6% of the participants’ contributions annually. The amount of the matching contribution was 90%, 95% and 75% for the years ended December 31, 2020, 2019 and 2018, respectively. The matching contribution is discretionary, vests over a period of five years from the participants’ hire date, and is subject to the approval of the Board of Directors. The Company contributed $1.1 million, $1.1 million, and $1.0 million to the Plan in 2020, 2019 and 2018, respectively. |
Noninterest Income
Noninterest Income | 12 Months Ended |
Dec. 31, 2020 | |
Non-Interest Revenue [Abstract] | |
Non-interest Income | 17. NONINTEREST INCOME The major grouping of noninterest revenue on the consolidated income statements includes several specific items: service charges on deposit accounts, gains on the sale of loans, credit card fees, check card fees, the net gain (loss) on sales and calls of investment securities available for sale, and the net increase (decrease) in the cash surrender value of life insurance. Noninterest income also includes one general category of “other income” of which the following are major components (dollars in thousands): Year Ended December 31, 2020 2019 2018 Included in other income: Amortization of limited partnerships $ (1,189) $ (2,079) $ (2,561) Dividends on equity investments 664 789 961 Unrealized gains recognized on equity investments 447 232 1,183 Other 4,638 3,223 3,071 Total other noninterest income $ 4,560 $ 2,165 $ 2,654 |
Other Noninterest Expense
Other Noninterest Expense | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Other Non-interest Expense | 18. OTHER NONINTEREST EXPENSE Other noninterest expense consisted of the following (dollars in thousands): Year Ended December 31, 2020 2019 2018 Legal, audit and professional $ 4,263 $ 4,039 $ 3,032 Data processing 4,661 4,564 5,015 Advertising and promotional 1,889 2,568 2,748 Deposit services 8,483 7,962 5,413 Stationery and supplies 446 318 1,387 Telephone and data communication 1,775 1,529 1,479 Loan and credit card processing 879 675 1,142 Foreclosed assets expense (income), net 253 35 (730) Postage 321 436 997 Other 2,205 2,082 1,808 Assessments 717 525 856 Total other noninterest expense $ 25,892 $ 24,733 $ 23,147 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 19. RELATED PARTY TRANSACTIONS During the normal course of business, the Bank enters into loans with related parties, including executive officers and directors. These loans are made with substantially the same terms, including rates and collateral, as loans to unrelated parties. The following is a summary of the aggregate activity involving related party borrowers (dollars in thousands): Year Ended December 31, 2020 2019 2018 Balance, beginning of year $ 2,731 $ 2,544 $ 3,047 Disbursements 7,114 18,681 13,873 Amounts repaid (8,051) (18,494) (14,376) Balance, end of year $ 1,794 $ 2,731 $ 2,544 Undisbursed commitments to related parties $ 2,635 $ 1,829 $ 2,130 Deposits from related parties held by the Bank at December 31, 2020 and 2019 amounted to $6.1 million and $7.6 million, respectively. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 20. FAIR VALUE Fair value is defined by U.S. GAAP as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. U.S. GAAP also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: ● Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. ● Level 2: Significant observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. ● Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the factors that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate fair values for each category of financial asset noted below: Securities Collateral-dependent impaired loans Foreclosed assets adjusted as necessary, subsequent to a periodic re-evaluation of expected cash flows and the timing of resolution. If impairment is determined to exist, the book value of a foreclosed asset is immediately written down to its estimated impaired value through the income statement, thus the carrying amount is equal to the fair value and there is no valuation allowance. Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands): Fair Value Measurements at December 31, 2020, using Quoted Prices in Significant Significant Total Realized Securities: U.S. government agencies $ — $ 1,800 $ — $ 1,800 $ — Mortgage-backed securities — 314,435 — 314,435 — State and political subdivisions — 227,739 — 227,739 — Total available-for-sale securities $ — $ 543,974 $ — $ 543,974 $ — Fair Value Measurements at December 31, 2019, using Quoted Prices in Significant Significant Total Realized Securities: U.S. government agencies $ — $ 12,145 $ — $ 12,145 $ — Mortgage-backed securities — 400,389 — 400,389 — State and political subdivisions — 188,265 — 188,265 — Total available-for-sale securities $ — $ 600,799 $ — $ 600,799 $ — Assets and liabilities measured at fair market value on a non-recurring basis are summarized below (dollars in thousands): Year Ended December 31, 2020 Quoted Prices in Significant Significant Total Collateral dependent impaired loans $ — $ 550 $ — $ 550 Foreclosed assets $ — $ 971 $ — $ 971 Year Ended December 31, 2019 Quoted Prices in Significant Significant Total Collateral dependent impaired loans $ — $ 1,692 $ — $ 1,692 Foreclosed assets $ — $ 800 $ — $ 800 |
Disclosures about Fair Value of
Disclosures about Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Investments All Other Investments [Abstract] | |
Disclosures about Fair Value of Financial Instruments | 21. DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS Disclosures include estimated fair values for financial instruments for which it is practicable to estimate fair value. These estimates are made as of the respective balance sheet dates based on relevant market data and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering the Company’s entire holdings of a particular financial instrument for sale at one time, nor do they attempt to estimate the value of anticipated future business related to the instruments. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of these estimates. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the fair values presented. The following methods and assumptions were used by the Company to estimate the fair value of its financial instruments at December 31, 2020 and 2019: Cash and cash equivalents, and fed funds sold Securities Loans and leases Loans held for sale Deposits Short-term borrowings: Long-term borrowings: Subordinated debentures Carrying amount and estimated fair values of financial instruments were as follows (dollars in thousands): Year Ended December 31, 2020 Estimated Fair Value Carrying Quoted Prices in Significant Significant Total Financial Assets: Cash and cash equivalents $ 71,417 $ 71,417 $ — $ — $ 71,417 Securities available for sale 543,974 — 543,974 — 543,974 Loans and leases held for investment 2,441,676 — — 2,450,340 2,450,340 Collateral dependent impaired loans 550 — 550 — 550 Financial Liabilities: Deposits: Noninterest bearing $ 943,664 $ 943,664 $ — $ — $ 943,664 Interest bearing 1,680,942 — 1,680,814 — 1,680,814 Fed funds purchased and repurchase agreements 39,138 — 39,138 — 39,138 Short-term borrowings 142,900 — 142,896 — 142,896 Subordinated debentures 35,124 — 24,364 — 24,364 Notional Off-balance-sheet financial instruments: Commitments to extend credit $ 441,816 Standby letters of credit 8,104 Carrying amount and estimated fair values of financial instruments were as follows (dollars in thousands): Year Ended December 31, 2019 Estimated Fair Value Carrying Quoted Prices in Significant Significant Total Financial Assets: Cash and cash equivalents $ 80,077 $ 80,076 $ — $ — $ 80,076 Securities available for sale 600,799 — 600,799 — 600,799 Loans and leases held for investment 1,753,846 — — 1,761,461 1,761,461 Collateral dependent impaired loans 1,692 — 1,692 — 1,692 Financial Liabilities: Deposits: Noninterest bearing $ 690,950 $ 690,950 $ — $ — $ 690,950 Interest bearing 1,477,424 — 1,477,497 — 1,477,497 Fed funds purchased and repurchase agreements 25,711 — 25,711 — 25,711 Short-term borrowings 20,000 — 20,000 — 20,000 Subordinated debentures 34,945 — 30,564 — 30,564 Notional Off-balance-sheet financial instruments: Commitments to extend credit $ 492,040 Standby letters of credit 8,619 |
Qualified Affordable Housing Pr
Qualified Affordable Housing Project Investments | 12 Months Ended |
Dec. 31, 2020 | |
Federal Home Loan Banks [Abstract] | |
Qualified Affordable Housing Project Investments | 22. QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS T During the years ended December 31, 2020, 2019 and 2018, the Company recognized amortization expense on these investments of $0.6 million, $1.8 million, and $2.5 million, respectively which was included within pretax income on the consolidated statements of income. Additionally, during the years ended December 31, 2020 and 2019, the Company recognized tax credits and other benefits from its investment in affordable housing tax credits of $0.5 million. The Company had no impairment losses during the years ended December 31, 2020 and 2019. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 23. REVENUE FROM CONTRACTS WITH CUSTOMERS All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within Noninterest Income. The following table presents the Company’s sources of Noninterest Income for the twelve months ended December 31, 2020 and 2019. Items outside the scope of ASC 606 are noted as such. Year Ended December 31, 2020 2019 Noninterest income Service charges on deposits Returned item and overdraft fees $ 5,078 $ 6,854 Other service charges on deposits 6,687 5,888 Debit card interchange income 7,023 6,584 Loss on limited partnerships (1) (1,189) (2,079) Dividends on equity investments (1) 664 789 Unrealized gains recognized on equity investments (1) 447 232 Net gains (losses) on sale of securities (1) 390 (198) Other (1) 7,050 5,407 Total noninterest income $ 26,150 $ 23,477 Noninterest expense Salaries and employee benefits (1) $ 40,178 $ 35,978 Occupancy expense (1) 9,842 9,845 Gains on sale or OREO (10) (107) Other (1) 25,902 24,862 Total noninterest expense $ 75,912 $ 70,578 (1) Not within the scope of ASC 606. Revenue streams are not related to contracts with customers and are accounted for on an accrual basis under other provisions of GAAP. |
Parent Only Condensed Financial
Parent Only Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Only Condensed Financial Statements | 24. PARENT ONLY CONDENSED FINANCIAL STATEMENTS BALANCE SHEETS Years Ended December 31, 2020 and 2019 (dollars in thousands) 2020 2019 ASSETS Cash and due from banks $ 12,000 $ 4,818 Investments in bank subsidiary 367,014 339,449 Investment in trust subsidiaries 1,145 1,145 Other assets 22 21 $ 380,181 $ 345,433 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Other liabilities $ 1,161 $ 1,203 Subordinated debentures 35,124 34,945 Total liabilities 36,285 36,148 Shareholders' equity: Common stock 117,120 116,486 Retained earnings 208,371 186,867 Accumulated other comprehensive gain, net of taxes 18,405 5,932 Total shareholders' equity 343,896 309,285 $ 380,181 $ 345,433 STATEMENTS OF INCOME Years Ended December 31, 2020, 2019 and 2018 (dollars in thousands) 2020 2019 2018 Income: Dividend from subsidiary $ 23,000 $ 17,200 $ 7,750 Gain on sale of securities — — — Other operating income 43 — — Total income 23,043 17,200 7,750 Expense Salaries and employee benefits 856 582 516 Other expenses 1,971 2,664 2,533 Total expenses 2,827 3,246 3,049 Income before income taxes 20,216 13,954 4,701 Income tax benefit (823) (1,138) (1,150) Income before equity in undistributed income of subsidiary 21,039 15,092 5,851 Equity in undistributed income of subsidiary 14,405 20,869 23,826 Net income $ 35,444 $ 35,961 $ 29,677 STATEMENTS OF CASH FLOWS Years Ended December 31, 2020, 2019 and 2018 (dollars in thousands) 2020 2019 2018 Cash flows from operating activities: Net income $ 35,444 $ 35,961 $ 29,677 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed net income of subsidiary (14,405) (20,869) (23,826) Decrease in other assets 178 178 183 (Decrease) increase in other liabilities (41) (2) 28 Net cash provided by operating activities 21,176 15,268 6,062 Cash flows from investing activities: Cash paid in acquisitions, net — — (6) Net cash used by investing activities — — (6) Cash flows from financing activities: Stock options exercised 775 1,088 1,131 Repurchase of common stock (2,562) (2,544) — Dividends paid (12,207) (11,332) (9,757) Net cash used in financing activities (13,994) (12,788) (8,626) Net decrease (increase) in cash and cash equivalents 7,182 2,480 (2,570) Cash and cash equivalents, beginning of year 4,818 2,338 4,908 Cash and cash equivalents, end of year $ 12,000 $ 4,818 $ 2,338 |
Condensed Quarterly Results of
Condensed Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Condensed Quarterly Results of Operations | 25. CONDENSED QUARTERLY RESULTS OF OPERATIONS The following table sets forth the Company’s unaudited results of operations for the four quarters of 2020 and 2019. In management’s opinion, the results of operations reflect all adjustments (which include only recurring adjustments) necessary to present fairly the condensed results for such periods (dollars in thousands, except per share data). 2020 Quarter Ended December 31, September 30, June 30, March 31, Interest income $ 29,762 $ 29,044 $ 25,386 $ 26,051 Interest expense 930 970 1,244 2,264 Net interest income 28,832 28,074 24,142 23,787 Provision for loan and lease losses 2,200 2,350 2,200 1,800 Noninterest income 6,040 7,104 6,900 6,106 Noninterest expense 20,757 19,304 18,033 17,818 Net income before taxes 11,915 13,524 10,809 10,275 Provision for taxes 2,936 3,169 2,506 2,468 Net income $ 8,979 $ 10,355 $ 8,303 $ 7,807 Diluted earnings per share $ 0.58 $ 0.68 $ 0.54 $ 0.52 Cash dividend per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 2019 Quarter Ended December 31, September 30, June 30, March 31, Interest income $ 27,775 $ 27,901 $ 27,788 $ 27,483 Interest expense 2,953 3,526 3,589 3,510 Net interest income 24,822 24,375 24,199 23,973 Provision for loan and lease losses 500 1,350 400 300 Noninterest income 5,847 5,869 5,855 5,906 Noninterest expense 17,982 17,088 17,656 17,852 Net income before taxes 12,187 11,806 11,998 11,727 Provision for taxes 2,902 2,854 3,169 2,832 Net income $ 9,285 $ 8,952 $ 8,829 $ 8,895 Diluted earnings per share $ 0.60 $ 0.58 $ 0.57 $ 0.58 Cash dividend per share $ 0.19 $ 0.19 $ 0.18 $ 0.18 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation and Basis of Presentation | Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company and the consolidated accounts of its wholly-owned subsidiary, Bank of the Sierra. All significant intercompany balances and transactions have been eliminated. Certain reclassifications have been made to prior years’ balances to conform to classifications used in 2020. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (U.S. GAAP) and prevailing practices within the banking industry. In accordance with U.S. GAAP, the Company’s investments in Sierra Statutory Trust II, Sierra Capital Trust III and Coast Bancorp Statutory Trust II are not consolidated and are accounted for under the equity method and included in other assets on the consolidated balance sheet. The subordinated debentures issued and guaranteed by the Company and held by the trusts are reflected on the Company’s consolidated balance sheet. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. Material estimates that are particularly susceptible to significant changes in the near-term relate to the determination of the allowance for loan and lease losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowances for loan and lease losses and other real estate, management obtains independent appraisals for significant properties, evaluates the overall loan portfolio characteristics and delinquencies and monitors economic conditions. |
Cash Flows | Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash and deposits with other financial institutions with original maturities within 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, and fed funds purchased and repurchase agreements. |
Securities | Securities Debt securities may be classified as held to maturity and carried at amortized cost when management has the positive ability and intent to hold them to maturity. Debt securities are classified as available for sale when they might be sold before maturity. Equity securities with readily determinable fair values are classified as available for sale. Debt securities available for sale are carried at fair value with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premium or discount. Premiums or discounts on securities are amortized on the level-yield method without anticipating prepayments. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management determines the appropriate classification of its investments at the time of purchase and may only change the classification in certain limited circumstances. All transfers between categories are accounted for at fair value. Although the Company currently has the intent and the ability to hold the securities in its investment portfolio to maturity, the securities are all marketable and are currently classified as “available for sale” to allow maximum flexibility with regard to interest rate risk and liquidity management. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of the impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. |
FHLB Stock and Other Investments | FHLB Stock and Other Investments The Bank is a member of the Federal Home Loan Bank ("FHLB") system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost in other assets, and periodically evaluated for impairment based on the ultimate recovery of par value. Both cash and stock dividends are reported as income. The Bank’s investment in FHLB stock was approximately $10.7 million at both December 31, 2020 and 2019. Pursuant to the adoption of ASU 2016-01 on January 1, 2018, the Company elected the measurement alternative for measuring equity securities without readily determinable fair values at cost less impairment, plus or minus observable price changes in orderly transactions. The carrying amount of equity securities without readily determinable fair values is $2.5 million and $2.0 million at December 31, 2020 and 2019, respectively. Equity securities primarily consist of an investment in Pacific Coast Bankers’ Bank (“PCBB”). A remeasurement gain of $0.4 million, $0.2 million and $1.2 million was recorded to income during the years ended December 31, 2020, 2019 and 2018, on PCBB stock. $1.8 million in cumulative remeasurement gains have been recorded as of December 31, 2020 on PCBB stock. Adjustments to the carrying value of PCBB stock were based on observable activity in the stock. |
Loans Held for Sale | Loans Held for Sale The Company may originate loans intended to be sold on the secondary market. Loans originated and intended for sale in the secondary market are carried at cost which approximates fair value since these loans are typically sold shortly after origination. The loan’s cost basis includes unearned deferred fees and costs, and premiums and discounts. If loans held for sale remain on our books for an extended period of time the fair value of those loans is determined using quoted secondary market prices. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Loans that might be held for sale by the Company typically consist of residential real estate loans. Loans classified as held for sale, if any, are disclosed in Note 4 to the consolidated financial statements. Gains and losses on sales of loans are recognized at the time of sale and are calculated based on the difference between the selling price and the allocated book value of loans sold. Book value allocations are determined in accordance with U.S. GAAP. Any inherent risk of loss on loans sold is transferred to the buyer at the date of sale. The Company has issued various representations and warranties associated with the sale of loans. These representations and warranties may require the Company to repurchase loans with underwriting deficiencies as defined per the applicable sales agreements and certain past due loans within 90 days of the sale. The Company did not experience losses during the years ended December 31, 2020, 2019, or 2018 regarding these representations and warranties. |
Loans and Leases (Financing Receivables) | Loans and Leases (Financing Receivables) Our credit quality classifications of Loans and Leases include Pass, Special Mention, Substandard and Impaired. These classifications are defined in Note 4 to the consolidated financial statements. Loans and leases that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, purchase premiums and discounts, write-downs, and an allowance for loan and lease losses. Loan and lease origination fees, net of certain deferred origination costs, and purchase premiums and discounts are recognized in interest income as an adjustment to yield of the related loans and leases over the contractual life of the loan using both the effective interest and straight line methods without anticipating prepayments. Interest income for all performing loans, regardless of classification (Pass, Special Mention, Substandard and Impaired), is recognized on an accrual basis, with interest accrued daily. Costs associated with successful loan originations are netted from loan origination fees, with the net amount (net deferred loan fees) amortized over the contractual life of the loan in interest income. If a loan has scheduled periodic payments, the amortization of the net deferred loan fee is calculated using the effective interest method over the contractual life of the loan. If the loan does not have scheduled payments, such as a line of credit, the net deferred loan fee is recognized as interest income on a straight line basis over the contractual life of the loan. Fees received for loan commitments are recognized as interest income over the term of the commitment. When loans are repaid, any remaining unamortized balances of deferred fees and costs are accounted for through interest income. Generally, the Company places a loan or lease on nonaccrual status and ceases recognizing interest income when it has become delinquent more than 90 days and/or when Management determines that the repayment of principal and collection of interest is unlikely. The Company may decide that it is appropriate to continue to accrue interest on certain loans more than 90 days delinquent if they are well-secured by collateral and collection is in process. When a loan is placed on nonaccrual status, any accrued but uncollected interest for the loan is reversed out of interest income in the period in which the loan’s status changed. For loans with an interest reserve, i.e., where loan proceeds are advanced to the borrower to make interest payments, all interest recognized from the inception of the loan is reversed when the loan is placed on non-accrual. Once a loan is on non-accrual status subsequent payments received from the customer are applied to principal, and no further interest income is recognized until the principal has been paid in full or until circumstances have changed such that payments are again consistently received as contractually required. Generally, loans and leases are not restored to accrual status until the obligation is brought current and has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Impaired loans are classified as either nonaccrual or accrual, depending on individual circumstances regarding the collectability of interest and principal according to the contractual terms. |
Purchased Credit Impaired Loans | Purchased Credit Impaired Loans The Company purchases individual loans and groups of loans, some of which may show evidence of credit deterioration since origination. These purchased credit impaired (“PCI”) loans are recorded at the amount paid, since there is no carryover of the seller’s allowance for loan and lease losses. After acquisition, additional deterioration in credit is recognized by an increase in the allowance for loan and lease losses. Such PCI loans are accounted for individually or aggregated into pools of loans based on common risk characteristics. The Company estimates the amount and timing of expected cash flows for the loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan and lease losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income |
Loans Modified in a Troubled Debt Restructuring | Loans Modified in a Troubled Debt Restructuring Loans are considered to have been modified in a troubled debt restructuring (“TDR”) when due to a borrower’s financial difficulties the Company makes certain concessions to the borrower that it would not otherwise consider. Modifications may include interest rate reductions, principal or interest forgiveness, forbearance, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. Generally, a non-accrual loan that has been modified in a TDR remains on non-accrual status for a period of six months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on non-accrual status. A TDR is generally considered to be in default when it appears likely that the customer will not be able to repay all principal and interest pursuant to the terms of the restructured agreement. |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses The allowance for loan and lease losses is maintained at a level which, in management’s judgment, is adequate to absorb loan and lease losses inherent in the loan and lease portfolio. The allowance for loan and lease losses is increased by a provision for loan and lease losses, which is charged to expense, and by principal recovered on charged-off balances. It is reduced by principal charge-offs. The amount of the allowance is based on management’s evaluation of the collectability of the loan and lease portfolio, changes in its risk profile, credit concentrations, historical trends, and economic conditions. This evaluation also considers the balance of impaired loans and leases. A loan or lease is impaired when it is probable that the Company will be unable to collect all contractual principal and interest payments due in accordance with the terms of the loan or lease agreement. The impairment on certain individually identified loans or leases is measured based on the present value of expected future cash flows discounted at the original effective interest rate of the loan or lease. As a practical expedient, impairment may be measured based on the loan’s or lease’s observable market price or the fair value of collateral if the loan or lease is collateral dependent. The amount of impairment, if any, is recorded through the provision for loan and lease losses and is added to the allowance for loan and lease losses, with any changes over time recognized as additional bad debt expense in our provision for loan and lease losses. Impaired loans with homogenous characteristics, such as one-to-four family residential mortgages and consumer installment loans, may be subjected to a collective evaluation for impairment, considering delinquency and repossession statistics, historical loss experience, and other factors. General reserves cover non-impaired loans and are based on historical net loss rates for each portfolio segment by call report code, adjusted for the effects of qualitative or environmental factors that are likely to cause estimated credit losses as of the evaluation date to differ from the portfolio segment’s historical loss experience. Qualitative factors include consideration of the following: changes in lending policies and procedures; changes in international, national, regional, and local economic and business conditions and developments; changes in the nature and volume of the portfolio; changes in the experience, ability and depth of lending management and staff; changes in the volume and severity of past due, nonaccrual and other adversely graded loans; changes in quality of the loan review system; changes in the value of the underlying collateral for collateral-dependent loans; concentrations of credit; and the effect of the other external factors such as competition and legal and regulatory requirements. Most of the Company’s business activity is with customers located in California within the Southern Central San Joaquin Valley; in the corridor stretching between Santa Paula and Santa Clarita in Southern California, and on the Central Coast. Therefore the Company’s exposure to credit risk is significantly affected by changes in the economy in those regions. The Company considers this concentration of credit risk when assessing and assigning qualitative factors in the allowance for loan and lease losses. Portfolio segments identified by the Company include Agricultural, Commercial and Industrial, Real Estate, Small Business Administration, and Consumer loans. Relevant risk characteristics for these portfolio segments generally include debt service coverage, loan-to-value ratios and financial performance on non-consumer loans; and credit scores, debt-to-income ratios, collateral type and loan-to-value ratios for consumer loans. Though management believes the allowance for loan and lease losses to be adequate, ultimate losses may vary from their estimates. However, estimates are reviewed periodically, and as adjustments become necessary they are reported in earnings during the periods they become known. In addition, the FDIC and the California Department of Financial Protection and Innovation, as an integral part of their examination processes, review the allowance for loan and lease losses. These agencies may require additions to the allowance for loan and lease losses based on their judgment about information available at the time of their examinations. |
Reserve for Off-Balance Sheet Commitments | Reserve for Off-Balance Sheet Commitments In addition to the exposure to credit loss from outstanding loans, the Company is also exposed to credit loss from certain off-balance sheet commitments such as unused commitments from revolving lines of credit, mortgage warehouse lines of credit, construction loans and commercial and standby letters of credit. Because the available funds have not yet been disbursed on these commitments the estimated losses are not included in the calculation of the ALLL. The reserve for off-balance sheet commitments is an estimated loss contingency which is included in other liabilities on the Consolidated Balance Sheets. The adjustments to the reserve for off-balance sheet commitments are reported within noninterest expense. This reserve is for estimated losses that could occur when the Company is contractually obligated to make a payment under these instruments and must seek repayment from a party that may not be as financially sound in the current period as it was when the commitment was originally made. |
Premises and Equipment | Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The useful lives of premises range between twenty-five three Impairment of long-lived assets is evaluated by management based upon an event or changes in circumstances surrounding the underlying assets which indicate long-lived assets may be impaired. |
Foreclosed Assets | Foreclosed Assets Foreclosed assets include real estate and other property acquired in full or partial settlement of loan obligations. Upon acquisition, any excess of the recorded investment in the loan balance over the appraised fair market value, net of estimated selling costs, is charged against the allowance for loan and lease losses. A valuation allowance for losses on foreclosed assets is maintained to provide for subsequent declines in value. The allowance is established through a provision for losses on foreclosed assets which is included in other noninterest expense. Subsequent gains or losses on sales or write-downs resulting from permanent impairments are recorded in other noninterest expense as incurred. Operating costs after acquisition are expensed. The Company had one foreclosed residential real estate property recorded at December 31, 2020, as a result of obtaining physical possession of the property. At December 31, 2020, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceeds were in process was $1.2 million. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company acquired Sierra National Bank in 2000, Santa Clara Valley Bank in 2014, Coast National Bank in 2016, and Ojai Community Bank and the Woodlake Branch of Citizen’s Business Bank in 2017. Goodwill resulting from business combinations after January 1, 2009 is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but are tested for impairment at least annually or more frequently if events and circumstances exist which indicate that an impairment test should be performed. The Company selected December 31, 2020 as the date to perform the annual impairment test for 2020. Goodwill is the only intangible asset with an indefinite life on our balance sheet. There was no impairment recognized for the years ended December 31, 2020, 2019, and 2018. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. The Company’s other intangible assets consist solely of core deposit intangible assets (CDI’s) arising from the acquisitions of Santa Clara Valley Bank, Coast National Bank, a Citizen’s Business Bank Porterville branch deposit portfolio, Ojai Community Bank, the Woodlake Branch of Citizen’s Business Bank and the Lompoc branch of Santa Maria Community Bank. All of the CDI’s are being amortized on a straight-line basis over eight years, except for the Citizen’s Business Bank Porterville branch deposit portfolio which is being amortized on a straight-line basis over five years. |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Details regarding these commitments and financial instruments are discussed in detail in Note 13 to the consolidated financial statements. |
Income Taxes | Income Taxes The Company files its income taxes on a consolidated basis with its subsidiary. The allocation of income tax expense represents each entity’s proportionate share of the consolidated provision for income taxes. Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax basis of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely to be realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. We have determined that as of December 31, 2020 all tax positions taken to date are highly certain and, accordingly, no accounting adjustment has been made to the financial statements. The Company recognizes interest and penalties related to uncertain tax positions as part of income tax expense. |
Salary Continuation Agreements and Directors' Retirement Plan | Salary Continuation Agreements and Directors’ Retirement Plan The Company has entered into agreements to provide members of the Board of Directors and certain key executives, or their designated beneficiaries, with annual benefits for up to fifteen years after retirement or death. The Company accrues for these future benefits from the effective date of the plan until the director’s or executive’s expected retirement date in a systematic and rational manner. At the consolidated balance sheet date, the amount of accrued benefits equals the then present value of the benefits expected to be provided to the director or employee, any beneficiaries, and covered dependents in exchange for the director’s or employee’s services to that date. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes fluctuations in unrealized gains and losses on securities available for sale, net of an adjustment for the effects of realized gains and losses and any applicable tax. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of other comprehensive income that historically has not been recognized in the calculation of net income. Unrealized gains and losses on the Company’s available for sale securities, net of tax, are included in other comprehensive income after adjusting for the effects of realized gains and losses. Total comprehensive income and the components of accumulated other comprehensive income (loss) are presented in the consolidated statements of comprehensive income. |
Stock-Based Compensation | Stock-Based Compensation At December 31, 2020, the Company had one stock-based compensation plan, the Sierra Bancorp 2017 Stock Incentive Plan (the “2017 Plan”), which was adopted by the Company’s Board of Directors on March 16, 2017 and approved by the Company’s shareholders on May 24, 2017. The 2017 Plan replaced the Company’s 2007 Stock Incentive Plan (the “2007” Plan), which expired by its own terms on March 15, 2017. Options to purchase shares granted under the 2007 Plan that remained outstanding were unaffected by that plan’s termination. The 2017 Plan covers 850,000 shares of the Company’s authorized but unissued common stock, subject to adjustment for stock splits and dividends, and provides for the issuance of both “incentive” and “nonqualified” stock options to salaried officers and employees, and of “nonqualified” stock options to non-employee directors. The 2017 Plan also provides for the issuance of restricted stock awards to these same classes of eligible participants. Compensation cost and director’s expense is recognized for stock options and restricted stock awards issued to employees and directors and is recognized over the required service period, generally defined as the vesting period. The Company is using the Black-Scholes model to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. The “multiple option” approach for stock options is used to allocate the resulting valuation to actual expense for current period. Expected volatility is based on historical volatility of the Company’s common stock. The Company uses historical data to estimate stock option exercise and post-vesting termination behavior. The expected term of stock options granted is based on historical data and represents the period of time that options granted are expected to be outstanding subsequent to vesting, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the stock option is based on the U.S. Treasury yield curve in effect at the time of the grant. The fair value of each stock option is estimated on the date of grant using the following assumptions: Years Ended December 31, 2020 2019 2018 Dividend yield 3.02% 2.62% 2.12% Expected Volatility 25.06% 34.57% 26.26% Risk-free interest rate 1.47% 2.70% 2.38% Expected option life 6.4 years 5.4 years 5.3 years |
Revenue Recognition | Revenue Recognition Revenue from contracts with customers subject to ASC 606 comprises the noninterest income earned by the Company in exchange for services provided to customers. Income associated with customer contracts generally involve transaction prices that are fixed and performance obligations which are satisfied as services are rendered. In most cases recognition occurs within a single financial reporting period as there is little or no judgement involved in the timing of revenues. We generally act in a principal capacity, on our own behalf, in most of our contracts with customers. In such transactions, we recognize revenue and the related costs to provide our services on a gross basis in our financial statements. Service Charges on Deposit Accounts comprise charges on retail and business accounts. Business customers can earn credits depending on account type and deposit balances maintained with the Company, which may be used to offset fees. Fees and credits are based on predetermined, agreed-upon rates. In some cases, we act in an agent capacity, deriving revenue through assisting other entities in transactions with our customers. In such transactions, we recognize revenue and those related costs to provide services on a gross basis in our financial statements. Debit card interchange income is derived from our customers’ use of various interchange and ATM/debit card networks which are the primary sources of revenue generated in an agent capacity. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2016 the FASB issued ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities values and noninterest revenue for $1.2 million. In accordance with (iv) above, the Company measured the fair value of its loan portfolio at December 31, 2020 and 2019 using an exit price notion. See Note 20 Fair Value In February 25, 2016, the FASB issued Accounting Standards Update 2016-02 lease liability 6 In September 2016 the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments inputs, assumptions and methodologies within its CECL estimation process during 2021 as we prepare for implementation on January 1, 2022. In January 2017 the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment In March 2017 the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities In August 2018 the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, periods. In addition, an entity may early adopt any of the removed or modified disclosures immediately and delay adoption of the new disclosures until the effective date. The Company adopted ASU 2018-13 effective January 1, 2020 which impacts the disclosure requirements for fair value measurement. In May 2019, the FASB issued ASU 2019-05, Financial Instruments—Credit Losses (Topic 326) On March 22, 2020, a statement was issued by our banking regulators and titled the “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus” (the “Interagency Statement”) that encourages financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations due to the effects of COVID-19. Additionally, Section 4013 of the CARES Act, that passed on March 27, 2020, further provides that a qualified loan modification is exempt by law from classification as a troubled debt restructuring (“TDR”) as defined by GAAP, from the period beginning March 1, 2020 until the earlier of December 31, 2020 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 outbreak declared by the President of the United States under the National Emergencies Act (50 U.S.C. 1601 et seq.) terminates. The Interagency Statement was subsequently revised in April 2020 to clarify the interaction of the original guidance with Section 4013 of the CARES Act, as well as setting forth the banking regulators’ views on consumer protection considerations. In accordance with such guidance, we processed short-term modifications for 311 loans and $424.9 million made in response to COVID-19 to borrowers who were current and otherwise not past due. These include short-term, 180 days or less, modifications in the form of payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. See Note 4 for further information on remaining non-TDR loan modifications. The Interagency Guidance and Section 4013 are expected to have a material impact on the Company’s financial statements; however, this impact cannot be quantified at this time. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Share-based Compensation, Fair Value Assumptions | Years Ended December 31, 2020 2019 2018 Dividend yield 3.02% 2.62% 2.12% Expected Volatility 25.06% 34.57% 26.26% Risk-free interest rate 1.47% 2.70% 2.38% Expected option life 6.4 years 5.4 years 5.3 years |
Securities Available-for-Sale (
Securities Available-for-Sale (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Available-For-Sale Investment Securities | The amortized cost and fair value of the securities available-for-sale are as follows (dollars in thousands): December 31, 2020 Amortized Gross Gross Fair Value U.S. government agencies $ 1,725 $ 75 $ — $ 1,800 Mortgage-backed securities 304,108 10,389 (62) 314,435 State and political subdivisions 212,011 15,728 — 227,739 Total securities $ 517,844 $ 26,192 $ (62) $ 543,974 December 31, 2019 Amortized Gross Gross Fair Value U.S. government agencies $ 12,125 $ 124 $ (104) $ 12,145 Mortgage-backed securities 398,353 3,354 (1,318) 400,389 State and political subdivisions 181,900 6,478 (113) 188,265 Total securities $ 592,378 $ 9,956 $ (1,535) $ 600,799 |
Realized Gain (Loss) on Investments | Gross gains and losses from the sales and calls of securities for the years ended were as follows (dollars in thousands): December 31, 2020 2019 2018 Gross gains on sales and calls of securities $ 433 $ 230 $ 21 Gross losses on sales and calls of securities (43) (428) (19) Net gains (losses) on sales and calls of securities $ 390 $ (198) $ 2 |
Information Pertaining to Investment Securities Aggregated by Investment Category and Length of Time that Individual Securities in a Continuous Loss Position | At December 31, 2020 and 2019, the Company had 2 and 198 securities with unrealized gross losses, respectively. Information pertaining to these securities aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows (dollars in thousands): December 31, 2020 Less than twelve months Twelve months or longer Gross Fair Value Gross Fair Value U.S. government agencies $ — $ — $ — $ — Mortgage-backed securities (62) 4,286 — — State and political subdivisions — — — — Total $ (62) $ 4,286 $ — $ — December 31, 2019 Less than twelve months Twelve months or longer Gross Fair Value Gross Fair Value U.S. government agencies $ (32) $ 3,240 $ (72) $ 2,689 Mortgage-backed securities (494) 100,518 (824) 78,538 State and political subdivisions (113) 19,762 — — Total $ (639) $ 123,520 $ (896) $ 81,227 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of securities available-for-sale at December 31, 2020 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without penalties (dollars in thousands): Amortized Cost Fair Value Maturing within one year $ 3,812 $ 3,857 Maturing after one year through five years 9,475 9,732 Maturing after five years through ten years 27,250 28,745 Maturing after ten years 173,199 187,205 Mortgage-backed securities 157,201 163,029 Collateralized mortgage obligations 146,907 151,406 $ 517,844 $ 543,974 |
Summary of Amortized Cost and Fair Values of General Obligation and Revenue Bonds | The following table summarizes the amortized cost and fair values of general obligation and revenue bonds in the Company’s investment securities portfolio at the indicated dates, identifying the state in which the issuing municipality or agency operates for our largest geographic concentrations (dollars in thousands): December 31, 2020 December 31, 2019 General obligation bonds Amortized Cost Fair Value Amortized Cost Fair Value State of Issuance: Texas $ 76,794 $ 82,888 $ 59,439 $ 61,519 California 31,122 33,100 23,882 25,030 Washington 22,896 25,072 23,392 24,313 Other (21 and 24 states, respectively) 51,827 55,352 49,326 50,725 Total general obligation bonds 182,639 196,412 156,039 161,587 Revenue bonds State of Issuance: Texas 7,023 7,516 6,035 6,298 Washington 2,249 2,406 1,737 1,856 California 363 379 365 380 Other (14 and 13 states, respectively) 19,737 21,026 17,724 18,144 Total revenue bonds 29,372 31,327 25,861 26,678 Total obligations of states and political subdivisions $ 212,011 $ 227,739 $ 181,900 $ 188,265 The following table summarizes the amortized cost and fair value of revenue bonds in the Company’s investment securities portfolio at the indicated dates, identifying the revenue source of repayment for our largest source concentrations (dollars in thousands): December 31, 2020 December 31, 2019 Revenue bonds Amortized Cost Fair Value Amortized Cost Fair Value Revenue Source: Water $ 12,609 $ 13,526 $ 7,515 $ 7,775 Sewer 4,584 4,891 4,760 4,811 Sales tax 3,083 3,308 1,949 1,995 Lease 2,707 2,773 3,596 3,678 Other (8 and 9 sources, respectively) 6,389 6,829 8,041 8,419 Total revenue bonds $ 29,372 $ 31,327 $ 25,861 $ 26,678 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Participating Mortgage Loans | The composition of the loan and lease portfolio is as follows (dollars in thousands): December 31, 2020 2019 Real estate: Secured by commercial and professional office properties, including construction and development $ 1,477,677 $ 847,865 Secured by residential properties 288,341 410,216 Secured by farm land 129,905 144,033 Total real estate loans 1,895,923 1,402,114 Agricultural 44,872 48,036 Commercial and industrial 209,048 115,532 Mortgage warehouse lines 307,679 189,103 Consumer 5,589 7,780 Total loans 2,463,111 1,762,565 Deferred loan and lease origination (fee) cost, net (3,147) 2,896 Allowance for loan and lease losses (17,738) (9,923) Loans, net $ 2,442,226 $ 1,755,538 |
Credit Quality Classifications for Loan Balances | Credit quality classifications as of December 31, 2020 were as follows (dollars in thousands): Pass Special Substandard Impaired Total Real estate: 1-4 family residential construction $ 40,044 $ 8,521 $ — $ — $ 48,565 Other construction/land 61,809 7,478 2,148 545 71,980 1-4 family - closed-end 130,559 4,922 1,356 2,999 139,836 Equity lines 30,479 2,581 58 4,957 38,075 Multi-family residential 57,934 3,597 — 334 61,865 Commercial real estate owner occupied 308,819 21,148 5,652 7,580 343,199 Commercial real estate non-owner occupied 1,026,041 10,827 25,048 582 1,062,498 Farmland 104,826 21,468 3,169 442 129,905 Total real estate 1,760,511 80,542 37,431 17,439 1,895,923 Agricultural 39,391 3,617 1,614 250 44,872 Commercial and industrial 194,876 11,819 1,259 1,094 209,048 Mortgage warehouse lines 307,679 — — — 307,679 Consumer loans 5,323 58 11 197 5,589 Total gross loans and leases $ 2,307,780 $ 96,036 $ 40,315 $ 18,980 $ 2,463,111 Credit quality classifications as of December 31, 2019 were as follows (dollars in thousands): Pass Special Substandard Impaired Total Real estate: 1-4 family residential construction $ 105,979 $ — $ — $ — $ 105,979 Other construction/land 90,761 98 — 554 91,413 1-4 family - closed-end 194,572 2,425 164 3,020 200,181 Equity lines 43,111 1,995 72 4,421 49,599 Multi-family residential 54,104 — — 353 54,457 Commercial real estate owner occupied 334,460 4,005 3,384 2,034 343,883 Commercial real estate non-owner occupied 409,289 1,164 11 2,105 412,569 Farmland 142,594 1,048 132 259 144,033 Total real estate 1,374,870 10,735 3,763 12,746 1,402,114 Agricultural 47,814 217 — 5 48,036 Commercial and industrial 100,584 13,415 556 977 115,532 Mortgage warehouse lines 189,103 — — — 189,103 Consumer loans 7,245 85 25 425 7,780 Total gross loans and leases $ 1,719,616 $ 24,452 $ 4,344 $ 14,153 $ 1,762,565 |
Allowance for Credit Losses on Financing Receivables | The following tables present the activity in the allowance for loan and lease losses and the recorded investment in loans and impairment method by portfolio segment for each of the years ending December 31, 2020, 2019, and 2018 (dollars in thousands): Commercial and Real Estate Agricultural Industrial (1) Consumer Unallocated Total Allowance for credit losses: Balance, December 31, 2017 $ 4,786 208 2,772 1,231 46 9,043 Charge-offs (2,474) — (608) (2,226) — (5,308) Recoveries 374 23 148 1,120 — 1,665 Provision 3,145 25 82 1,114 (16) 4,350 Balance, December 31, 2018 5,831 256 2,394 1,239 30 9,750 Charge-offs (1,190) — (1,274) (2,409) — (4,873) Recoveries 647 — 690 1,159 — 2,496 Provision 347 (63) 875 1,289 102 2,550 Balance, December 31, 2019 5,635 193 2,685 1,278 132 9,923 Charge-offs — — (436) (1,397) — (1,833) Recoveries 87 — 129 882 — 1,098 Provision 6,044 289 2,343 (43) (83) 8,550 Balance, December 31, 2020 $ 11,766 $ 482 $ 4,721 $ 720 $ 49 $ 17,738 (1) Includes mortgage warehouse lines Loans evaluated for impairment: December 31, 2020 December 31, 2019 December 31, 2018 Individually Collectively Individually Collectively Individually Collectively Real estate $ 17,439 $ 1,878,484 $ 12,745 $ 1,389,368 $ 13,501 $ 1,440,429 Agricultural 250 44,622 5 48,031 6 49,097 Commercial and industrial (1) 1,094 515,633 977 303,658 1,744 218,289 Consumer 197 5,392 426 7,355 821 8,041 Total loans $ 18,980 $ 2,444,131 $ 14,153 $ 1,748,412 $ 16,072 $ 1,715,856 (1) Includes mortgage warehouse lines Reserves based on method of evaluation for impairment: December 31, 2020 December 31, 2019 December 31, 2018 Specific General Specific General Specific General Real estate $ 525 $ 11,241 $ 493 $ 5,142 $ 937 $ 4,894 Agricultural 250 232 1 192 2 254 Commercial and industrial (1) 202 4,519 219 2,466 918 1,476 Consumer 19 701 114 1,164 151 1,088 Unallocated — 49 — 132 — 30 Total loan and lease loss reserves $ 996 $ 16,742 $ 827 $ 9,096 $ 2,008 $ 7,742 (1) Includes mortgage warehouse lines |
Aging of Loan Balances by Number of Days Past Due | The following tables present the recorded investment in nonaccrual loans and loans past due over 30 days as of December 31, 2020 and December 31, 2019 (dollars in thousands, except footnotes): December 31, 2020 30-59 Days 60-89 Days 90 Days Or Total Financing Non-Accrual Past Due Past Due Due (2) Total Past Due Current Receivables Loans (1) Real Estate: 1-4 family residential construction $ — $ — $ — $ — $ 48,565 $ 48,565 $ — Other construction/land — — — — 71,980 71,980 — 1-4 family - closed-end 210 37 150 397 139,439 139,836 1,193 Equity lines 1,409 — 551 1,960 36,115 38,075 2,403 Multi-family residential — — — — 61,865 61,865 — Commercial real estate owner occupied 101 1,187 78 1,366 341,833 343,199 1,678 Commercial real estate non-owner occupied — — 152 152 1,062,346 1,062,498 582 Farmland — 211 442 653 129,252 129,905 442 Total real estate loans 1,720 1,435 1,373 4,528 1,891,395 1,895,923 6,298 Agricultural — — 250 250 44,622 44,872 250 Commercial and industrial 325 — 237 562 208,486 209,048 1,026 Mortgage warehouse lines — — — — 307,679 307,679 — Consumer loans 38 — — 38 5,551 5,589 24 Total gross loans and leases $ 2,083 $ 1,435 $ 1,860 $ 5,378 $ 2,457,733 $ 2,463,111 $ 7,598 (1) Included in Total Financing Receivables (2) As of December 31, 2020 there were no loans over 90 days past due and still accruing. December 31, 2019 30-59 Days 60-89 Days 90 Days Or Total Financing Non-Accrual Past Due Past Due Due (2) Total Past Due Current Receivables Loans (1) Real Estate: 1-4 family residential construction $ — $ — $ — $ — $ 105,979 $ 105,979 $ — Other construction/land 16 — — 16 91,397 91,413 31 1-4 family - closed-end 485 380 659 1,524 198,657 200,181 741 Equity lines 177 10 78 265 49,334 49,599 480 Multi-family residential — — — — 54,457 54,457 — Commercial real estate owner occupied 1,552 — 88 1,640 342,243 343,883 1,440 Commercial real estate non-owner occupied 500 — 1,605 2,105 410,464 412,569 2,105 Farmland — — — — 144,033 144,033 258 Total real estate loans 2,730 390 2,430 5,550 1,396,564 1,402,114 5,055 Agricultural — — — — 48,036 48,036 — Commercial and industrial 160 215 — 375 115,157 115,532 651 Mortgage warehouse lines — — — — 189,103 189,103 — Consumer loans 55 12 2 69 7,711 7,780 31 Total gross loans and leases $ 2,945 $ 617 $ 2,432 $ 5,994 $ 1,756,571 $ 1,762,565 $ 5,737 (1) Included in Total Financing Receivables (2) As of December 31, 2019 there were no loans over 90 days past due and still accruing. |
Impaired Financing Receivables | Individually impaired loans as of December 31, 2020, December 31, 2019 and December 31, 2018 were as follows (dollars in thousands): December 31, 2020 Unpaid Principal Recorded Average Recorded Interest Income Balance (1) Investment (2) Related Allowance Investment Recognized (3) With an Allowance Recorded Real estate: 1-4 family residential construction $ — $ — $ — $ — $ — Other construction/land 545 545 171 565 40 1-4 family - closed-end 2,078 2,077 51 2,141 104 Equity lines 2,875 2,875 233 2,989 98 Multifamily residential 334 334 16 343 23 Commercial real estate - owner occupied 6,076 6,076 54 6,135 226 Commercial real estate - non-owner occupied — — — — — Farmland — — — — — Total real estate 11,908 11,907 525 12,173 491 Agricultural 250 250 250 250 — Commercial and industrial 945 935 202 1,152 6 Consumer loans 235 197 19 221 16 13,338 13,289 996 13,796 513 With no Related Allowance Recorded Real estate: 1-4 family residential construction $ — $ — $ — $ — $ — Other construction/land 114 — — 5 — 1-4 family - closed-end 942 922 — 960 — Equity lines 2,160 2,082 — 2,127 3 Multifamily residential — — — — — Commercial real estate - owner occupied 1,624 1,504 — 1,590 — Commercial real estate - non-owner occupied 582 582 — 617 — Farmland 442 442 — 446 — Total real estate 5,864 5,532 — 5,745 3 Agricultural — — — — — Commercial and industrial 189 159 — 165 — Consumer loans 5 — — 5 2 6,058 5,691 — 5,915 5 Total $ 19,396 $ 18,980 $ 996 $ 19,711 $ 518 (1) Contractual principal balance due from customer. (2) Principal balance on Company’s books, less any direct charge offs. (3) Interest income is recognized on performing balances on a regular accrual basis. December 31, 2019 Unpaid Principal Recorded Average Recorded Interest Income Balance (1) Investment (2) Related Allowance Investment Recognized (3) With an Allowance Recorded Real estate: 1-4 family residential construction $ — $ — $ — $ — $ — Other construction/land 656 537 157 563 32 1-4 family - closed-end 2,298 2,298 58 2,365 146 Equity lines 4,173 4,120 252 4,185 200 Multifamily residential 353 353 17 361 23 Commercial real estate- owner occupied 593 593 6 606 38 Commercial real estate- non-owner occupied — — — — — Farmland 237 237 3 256 — Total real estate 8,310 8,138 493 8,336 439 Agricultural 5 5 1 6 — Commercial and industrial 915 896 219 1,140 29 Consumer loans 464 426 114 469 35 9,694 9,465 827 9,951 503 With no Related Allowance Recorded Real estate: 1-4 family residential construction $ — $ — $ — $ — $ — Other construction/land 52 17 — 577 4 1-4 family - closed-end 755 722 — 726 — Equity Lines 326 301 — 310 5 Multifamily residential — — — — — Commercial real estate- owner occupied 1,560 1,440 — 1,477 — Commercial real estate- non-owner occupied 3,295 2,105 — 3,267 — Farmland 22 22 — 25 — Total real estate 6,010 4,607 — 6,382 9 Agricultural — — — — — Commercial and industrial 102 81 — 162 — Consumer loans 9 — — 140 15 6,121 4,688 — 6,684 24 Total $ 15,815 $ 14,153 $ 827 $ 16,635 $ 527 (1) Contractual principal balance due from customer. (2) Principal balance on Company’s books, less any direct charge offs. (3) Interest income is recognized on performing balances on a regular accrual basis. December 31, 2018 Unpaid Principal Recorded Average Recorded Interest Income Balance (1) Investment (2) Related Allowance Investment Recognized (3) With an Allowance Recorded Real estate: 1-4 family residential construction $ — $ — $ — $ — $ — Other construction/land 593 438 44 648 40 1-4 family - closed-end 3,325 3,325 75 3,182 175 Equity lines 4,603 4,550 656 4,368 206 Multifamily residential 373 373 25 359 20 Commercial real estate- owner occupied 842 723 135 740 40 Commercial real estate- non-owner occupied 1,572 1,425 3 1,644 107 Farmland — — — — — Total real estate 11,308 10,834 938 10,941 588 Agricultural 6 6 1 6 — Commercial and industrial 1,724 1,534 918 1,965 40 Consumer loans 813 764 151 909 61 13,851 13,138 2,008 13,821 689 With no Related Allowance Recorded Real estate: 1-4 family residential construction $ — $ — $ — $ — $ — Other construction/land 54 50 — 58 — 1-4 family - closed-end 357 307 — 375 3 Equity Lines 224 166 — 221 — Multifamily residential — — — — — Commercial real estate- owner occupied 502 502 — 478 — Commercial real estate- non-owner occupied — — — — — Farmland 1,642 1,642 — 1,538 — Total real estate 2,779 2,667 — 2,670 3 Agricultural — — — — — Commercial and industrial 238 211 — 838 — Consumer loans 182 56 — 273 1 3,199 2,934 — 3,781 4 Total $ 17,050 $ 16,072 $ 2,008 $ 17,602 $ 693 (1) Contractual principal balance due from customer. (2) Principal balance on Company’s books, less any direct charge offs. (3) Interest income is recognized on performing balances on a regular accrual basis. |
Schedule of Loans and Leases Receivable Impaired Interest Income and Lost from Non Accrual Loans | The following is a summary of interest income from non-accrual loans in the portfolio at year-end that was not recognized (dollars in thousands): Years Ended December 31, Non accrual loans 2020 2019 2018 Interest that would have been recorded under the loans’ original terms $ 605 $ 650 $ 484 Less gross interest recorded 201 289 167 Foregone interest $ 404 $ 361 $ 317 |
Troubled Debt Restructurings, by Type of Loan Modification | The following tables present troubled debt restructurings by type of modification during the period ending December 31, 2020, December 31, 2019 and December 31, 2018 (dollars in thousands): December 31, 2020 Rate Term Interest Only Rate & Term Term & Interest Modification Modification Modification Modification Modification Total Troubled debt restructurings Real estate: Other construction/land $ — $ 85 $ — $ — $ — $ 85 1-4 family - closed-end — 1,325 — — — 1,325 Equity lines — — — — — — Multi-family residential — — — — — — Commercial real estate owner occupied — 5,515 — — 338 5,853 Commercial real estate non-owner occupied — 443 — — — 443 Farmland — — — — — — Total real estate loans — 7,368 — — 338 7,706 Agricultural — — — — — — Commercial and industrial — 143 — — — 143 Consumer loans — — — — — — $ — $ 7,511 $ — $ — $ 338 $ 7,849 December 31, 2019 Rate Term Interest Only Rate & Term Term & Interest Modification Modification Modification Modification Modification Total Troubled debt restructurings Real estate: Other construction/land $ — $ 163 $ — $ — $ — $ 163 1-4 family - closed-end — — — — — — Equity lines — 344 — — — 344 Multi-family residential — — — — — — Commercial real estate owner occupied — — — — — — Commercial real estate non-owner occupied — — — — — — Farmland — — — — — — Total real estate loans — 507 — — — 507 Agricultural — — — — — — Commercial and industrial 94 255 — 52 — 401 Consumer loans — 9 — 50 — 59 $ 94 $ 771 $ — $ 102 $ — $ 967 December 31, 2018 Rate Term Interest Only Rate & Term Term & Interest Modification Modification Modification Modification Modification Total Troubled debt restructurings Real estate: Other construction/land $ — $ — $ — $ — $ — $ — 1-4 family - closed-end — — — — — — Equity lines — 460 504 — — 964 Multi-family residential — — — — — — Commercial real estate owner occupied — — — — — — Commercial real estate non-owner occupied — — — — — — Farmland — — — — — — Total real estate loans — 460 504 — — 964 Agricultural — 7 — — — 7 Commercial and industrial — 73 25 225 — 323 Consumer loans — — 10 — — 10 $ — $ 540 $ 539 $ 225 $ — $ 1,304 |
Schedule of Debtor Troubled Debt Restructuring, Subsequent Periods | Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Reserve December 31, 2020 Loans Investment Investment Difference (1) Real estate: Other construction/land 1 $ 86 $ 85 $ 40 1-4 family - closed-end 1 1,325 1,325 10 Equity lines — — — — Multi-family residential — — — — Commercial real estate - owner occupied 4 5,853 5,853 8 Commercial real estate - non-owner occupied 1 443 443 — Farmland — — — — Total real estate loans 7,707 7,706 58 Agricultural — — — — Commercial and industrial 3 143 143 3 Consumer loans — — — — $ 7,850 $ 7,849 $ 61 (1) This represents the increase or (decrease) in the allowance for loans and lease losses reserve for these credits measured as the difference between the specific post-modification impairment reserve and the pre-modification reserve calculated under our general allowance for loan and lease loss methodology. Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Reserve December 31, 2019 Loans Investment Investment Difference (1) Real estate: Other construction/land 1 $ 163 $ 163 $ 74 1-4 family - closed-end — — — — Equity lines 2 344 344 — Multi-family residential — — — — Commercial real estate - owner occupied — — — — Commercial real estate - non-owner occupied — — — — Farmland — — — — Total real estate loans 507 507 74 Agricultural — — — — Commercial and industrial 7 401 401 (59) Consumer loans 2 59 59 (47) $ 967 $ 967 $ (32) (1) This represents the increase or (decrease) in the allowance for loans and lease losses reserve for these credits measured as the difference between the specific post-modification impairment reserve and the pre-modification reserve calculated under our general allowance for loan and lease loss methodology. Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Reserve December 31, 2018 Loans Investment Investment Difference (1) Real estate: Other construction/land — $ — $ — $ — 1-4 family - closed-end — — — — Equity lines 8 964 964 4 Multi-family residential — — — — Commercial real estate - owner occupied — — — — Commercial real estate - non-owner occupied — — — — Farmland — — — — Total real estate loans 964 964 4 Agricultural 1 7 7 2 Commercial and industrial 4 323 323 — Consumer loans 1 10 10 — $ 1,304 $ 1,304 $ 6 (1) This represents the increase or (decrease) in the allowance for loans and lease losses reserve for these credits measured as the difference between the specific post-modification impairment reserve and the pre-modification reserve calculated under our general allowance for loan and lease loss methodology. |
Nonperforming Financial Instruments [Member] | |
Schedule of Debtor Troubled Debt Restructuring, Subsequent Periods | December 31, 2020 Unpaid Principal Balance Carrying Value Real estate secured $ 78 $ — Commercial and industrial — — Consumer — — Total purchased credit impaired loans $ 78 $ — December 31, 2019 Unpaid Principal Balance Carrying Value Real estate secured $ 88 $ — Commercial and industrial — — Consumer — — Total purchased credit impaired loans $ 88 $ — |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Premises and equipment at cost consisted of the following (dollars in thousands): December 31, 2020 2019 Land $ 5,751 $ 5,751 Buildings and improvements 21,580 21,526 Furniture, fixtures and equipment 20,705 17,798 Leasehold improvements 15,226 15,357 63,262 60,432 Less accumulated depreciation and amortization 35,757 33,041 Construction in progress — 44 $ 27,505 $ 27,435 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Maturities for Operating Lease Liabilities - ASC 842 | Year Ending December 31, 2021 $ 2,130 2022 1,722 2023 1,269 2024 910 2025 750 Thereafter 2,612 Total undiscounted lease payments $ 9,393 Less: imputed interest (1,633) Net lease liabilities $ 7,760 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of rollforward of goodwill | The rollforward of goodwill for each of the preceding three years is included in the table below (dollars in thousands): Years Ended December 31, 2020 2019 2018 Balance at January 1 $ 27,357 $ 27,357 $ 27,357 Acquired goodwill — — — Impairment — — — Balance at December 31 $ 27,357 $ 27,357 $ 27,357 |
Schedule of acquired intangible assets | Acquired intangible assets were as follows at year-end (dollars in thousands): Years Ended December 31, 2020 2019 Gross Accumulated Gross Accumulated Core deposit intangibles $ 8,401 $ 4,094 $ 8,401 $ 3,020 |
Schedule of estimated amortization expense for each of the next five years and thereafter | Estimated amortization expense for each of the next five years and thereafter (dollars in thousands): 2021 $ 1,032 2022 1,000 2023 876 2024 781 2025 566 Thereafter 52 $ 4,307 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Assets [Abstract] | |
Schedule of Other Assets | Other assets consisted of the following (dollars in thousands): December 31, 2020 2019 Accrued interest receivable $ 16,074 $ 8,229 Deferred tax assets 839 3,463 Investment in qualified affordable housing projects 3,473 4,104 Investment in limited partnerships 1,848 2,722 Federal Home Loan Bank stock, at cost 10,727 10,727 Other 17,485 16,670 $ 50,446 $ 45,915 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Schedule Of Interest Bearing Deposit Liabilities Domestic By Component | Interest-bearing deposits consisted of the following (dollars in thousands): December 31, 2020 2019 Interest bearing demand deposits $ 109,938 $ 91,212 NOW 558,407 458,600 Savings 368,420 294,317 Money market 131,232 118,933 Time, under $250,000 287,530 261,916 Time, $250,000 or more 225,415 252,446 $ 1,680,942 $ 1,477,424 |
Schedule Of Maturities Of Times Deposit | Aggregate annual maturities of time deposits were as follows (dollars in thousands): Year Ending December 31, 2021 $ 453,119 2022 14,313 2023 23,481 2024 20,358 2025 968 Thereafter 706 $ 512,945 |
Schedule Of Interest Expense Recognized In Interest Bearing Deposit | Interest expense recognized on interest-bearing deposits consisted of the following (dollars in thousands): Year Ended December 31, 2020 2019 2018 Interest bearing demand deposits $ 278 $ 316 $ 364 NOW 388 524 478 Savings 221 308 314 Money market 128 181 146 Time deposits 2,687 8,931 5,653 Brokered Deposits 246 1,120 305 $ 3,948 $ 11,380 $ 7,260 |
Other Borrowing Arrangements (T
Other Borrowing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | At year end, short-term borrowings consisted of the following (dollars in thousands): 2020 2019 Average Amount Average Maximum Weighted Average Amount Average Maximum Weighted As of December 31: Repurchase agreements $ 34,614 $ 39,138 .40% $ 41,449 .40% $ 22,090 $ 25,711 .40% $ 27,712 .40% Short term borrowings 53,593 142,900 .19% 195,100 .12% 13,543 20,000 2.02% 63,700 1.69% $ 88,207 $ 182,038 $ 236,549 $ 35,633 $ 45,711 $ 91,412 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes follows (dollars in thousands): Year Ended December 31, 2020 2019 2018 Federal: Current $ 7,979 $ 7,081 $ 5,780 Deferred (1,697) (228) 179 6,282 6,853 5,959 State: Current 5,711 4,771 3,819 Deferred (914) 133 129 4,797 4,904 3,948 $ 11,079 $ 11,757 $ 9,907 |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax asset, included in other assets, are as follows (dollars in thousands): December 31, 2020 2019 Deferred tax assets: Allowance for loan and lease losses $ 5,244 $ 2,934 Foreclosed assets 126 200 Deferred compensation 4,147 3,895 Accrued reserves 325 312 Non accrual loans 403 181 Lease liability 2,283 2,461 Loan fair value adjustment 956 1,192 Capital losses carried forward 29 87 Net operating losses 1,751 1,909 State income tax deduction 1,170 1,019 Other 986 1,233 Total deferred tax assets 17,420 15,423 Deferred tax liabilities: Deferred loan costs (2,482) (2,656) Right-of-use asset (2,127) (2,456) Intangibles (832) (1,248) Premises and equipment (750) (325) Net unrealized gain on securities available-for-sale (7,725) (2,490) Other (2,665) (2,785) Total deferred tax liabilities (16,581) (11,960) Net deferred tax assets $ 839 $ 3,463 |
Schedule of Effective Income Tax Rate Reconciliation | The expense for income taxes differs from amounts computed by applying the statutory Federal income tax rates to income before income taxes. The significant items comprising these differences consisted of the following (dollars in thousands): Year Ended December 31, 2020 2019 2018 Income tax expense at federal statutory rate $ 9,770 $ 10,021 $ 8,313 Increase (decrease) resulting from: State franchise tax expense, net of federal tax effect 3,790 3,872 3,390 Tax exempt municipal income (1,199) (952) (852) Affordable housing tax credits (518) (538) (632) Excess tax benefit of stock-based compensation (90) (133) (177) Other (674) (513) (135) 11,079 11,757 9,907 Effective tax rate 23.81% 24.64% 25.03% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Financial Instruments Representing Off-Balance-Sheet Credit Risk | The following financial instruments represent off-balance-sheet credit risk (dollars in thousands): December 31, 2020 2019 Fixed-rate commitments to extend credit $ 75,291 $ 80,674 Variable-rate commitments to extend credit $ 366,525 $ 411,366 Standby letters of credit $ 8,104 $ 8,619 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | A reconciliation of the numerators and denominators of the basic and diluted earnings per share computations is as follows: For the Years Ended December 31, 2020 2019 2018 Basic Earnings Per Share Net income (dollars in thousands) $ 35,444 $ 35,961 $ 29,677 Weighted average shares outstanding 15,216,749 15,311,113 15,261,794 Basic earnings per share $ 2.33 $ 2.35 $ 1.94 Diluted Earnings Per Share Net income (dollars in thousands) $ 35,444 $ 35,961 $ 29,677 Weighted average shares outstanding 15,216,749 15,311,113 15,261,794 Effect of dilutive stock options 63,576 125,998 170,326 Weighted average shares outstanding 15,280,325 15,437,111 15,432,120 Diluted earnings per share $ 2.32 $ 2.33 $ 1.92 |
Schedule of Options Indexed to Issuer Equity | Information related to stock options during each year follows (dollars in thousands, except per share data): 2020 2019 2018 Weighted-average grant-date fair value per share $ 4.76 $ 6.60 $ 5.94 Total intrinsic value of stock options exercised $ 705 $ 1,150 $ 988 Total fair value of stock options vested $ 489 $ 438 $ 55 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the Company’s stock option activity follows (shares in thousands, except exercise price): 2020 2019 2018 Shares Weighted Average Aggregate (1) Shares Weighted Average Shares Weighted Average Outstanding, beginning of year 458 $ 21.08 453 $ 18.45 455 $ 16.33 Exercised (67) $ 11.65 (83) $ 13.07 (77) $ 14.67 Granted 126 $ 27.11 102 $ 26.97 84 $ 27.35 Canceled (21) $ 26.01 (14) $ 26.77 (9) $ 26.73 Expired (1) $ 10.73 — $ — — $ — Outstanding, end of year 495 $ 23.67 $ 1,340 458 $ 21.08 453 $ 18.45 Exercisable, end of year (2) 324 $ 21.97 $ 1,323 322 $ 18.89 330 $ 15.77 (1) The aggregate intrinsic value of stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on December 31, 2020. This amount changes based on changes in the market value of the Company’s stock. (2) The weighted average remaining contractual life of stock options outstanding and exercisable on December 31, 2020 was 5.7 years and 6.1 years, respectively. |
Summary of Nonvested Restricted Stock Shares | A summary of the Company’s nonvested shares for the year follows (shares in thousands, except grant date fair value): Nonvested Shares Shares Weighted Average Grant-Date Fair Value Nonvested at January 1, 2020 — $ — Granted 149 18.00 Vested — — Forfeited — — Nonvested at December 31, 2020 149 $ 18.00 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Banking And Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Actual and required capital amounts (in thousands) and ratios are presented below at year end. Actual To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework) 2020 Capital Amount Ratio Capital Amount Ratio Tier 1 (Core) Capital to average total assets Sierra Bancorp and subsidiary $ 330,200 10.50% $ 251,595 8.00% Bank of the Sierra $ 318,194 10.12% $ 251,572 8.00% Actual Required for Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Regulations 2019 Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio Common Equity Tier 1 Capital Ratio Sierra Bancorp and subsidiary $ 271,799 13.27% $ 92,143 4.50% $ 133,095 6.50% Bank of the Sierra 301,963 14.75% 92,130 4.50% 133,077 6.50% Tier 1 Risk-Based Capital Ratio Sierra Bancorp and subsidiary $ 306,744 14.98% $ 122,857 6.00% $ 163,809 8.00% Bank of the Sierra 301,963 14.75% 122,840 6.00% 163,787 8.00% Total Risk-Based Capital Ratio Sierra Bancorp and subsidiary $ 316,981 15.48% $ 163,809 8.00% $ 204,762 10.00% Bank of the Sierra 312,200 15.25% 163,787 8.00% 204,734 10.00% Tier 1 (Core) Capital to average total assets Sierra Bancorp and subsidiary $ 306,744 11.91% $ 103,016 4.00% $ 128,769 5.00% Bank of the Sierra 301,963 11.73% 103,002 4.00% 128,753 5.00% |
Noninterest Income (Tables)
Noninterest Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Non-Interest Revenue [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Noninterest income also includes one general category of “other income” of which the following are major components (dollars in thousands): Year Ended December 31, 2020 2019 2018 Included in other income: Amortization of limited partnerships $ (1,189) $ (2,079) $ (2,561) Dividends on equity investments 664 789 961 Unrealized gains recognized on equity investments 447 232 1,183 Other 4,638 3,223 3,071 Total other noninterest income $ 4,560 $ 2,165 $ 2,654 |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Other noninterest expense consisted of the following (dollars in thousands): Year Ended December 31, 2020 2019 2018 Legal, audit and professional $ 4,263 $ 4,039 $ 3,032 Data processing 4,661 4,564 5,015 Advertising and promotional 1,889 2,568 2,748 Deposit services 8,483 7,962 5,413 Stationery and supplies 446 318 1,387 Telephone and data communication 1,775 1,529 1,479 Loan and credit card processing 879 675 1,142 Foreclosed assets expense (income), net 253 35 (730) Postage 321 436 997 Other 2,205 2,082 1,808 Assessments 717 525 856 Total other noninterest expense $ 25,892 $ 24,733 $ 23,147 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Summary of the Aggregate Activity Involving Related Party Borrowers | During the normal course of business, the Bank enters into loans with related parties, including executive officers and directors. These loans are made with substantially the same terms, including rates and collateral, as loans to unrelated parties. The following is a summary of the aggregate activity involving related party borrowers (dollars in thousands): Year Ended December 31, 2020 2019 2018 Balance, beginning of year $ 2,731 $ 2,544 $ 3,047 Disbursements 7,114 18,681 13,873 Amounts repaid (8,051) (18,494) (14,376) Balance, end of year $ 1,794 $ 2,731 $ 2,544 Undisbursed commitments to related parties $ 2,635 $ 1,829 $ 2,130 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets reported at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands): Fair Value Measurements at December 31, 2020, using Quoted Prices in Significant Significant Total Realized Securities: U.S. government agencies $ — $ 1,800 $ — $ 1,800 $ — Mortgage-backed securities — 314,435 — 314,435 — State and political subdivisions — 227,739 — 227,739 — Total available-for-sale securities $ — $ 543,974 $ — $ 543,974 $ — Fair Value Measurements at December 31, 2019, using Quoted Prices in Significant Significant Total Realized Securities: U.S. government agencies $ — $ 12,145 $ — $ 12,145 $ — Mortgage-backed securities — 400,389 — 400,389 — State and political subdivisions — 188,265 — 188,265 — Total available-for-sale securities $ — $ 600,799 $ — $ 600,799 $ — |
Schedule of assets reported at fair value on a nonrecurring basis | Assets and liabilities measured at fair market value on a non-recurring basis are summarized below (dollars in thousands): Year Ended December 31, 2020 Quoted Prices in Significant Significant Total Collateral dependent impaired loans $ — $ 550 $ — $ 550 Foreclosed assets $ — $ 971 $ — $ 971 Year Ended December 31, 2019 Quoted Prices in Significant Significant Total Collateral dependent impaired loans $ — $ 1,692 $ — $ 1,692 Foreclosed assets $ — $ 800 $ — $ 800 |
Disclosures about Fair Value _2
Disclosures about Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments All Other Investments [Abstract] | |
Carrying Amount And Estimated Fair Values of Financial Instruments | Carrying amount and estimated fair values of financial instruments were as follows (dollars in thousands): Year Ended December 31, 2020 Estimated Fair Value Carrying Quoted Prices in Significant Significant Total Financial Assets: Cash and cash equivalents $ 71,417 $ 71,417 $ — $ — $ 71,417 Securities available for sale 543,974 — 543,974 — 543,974 Loans and leases held for investment 2,441,676 — — 2,450,340 2,450,340 Collateral dependent impaired loans 550 — 550 — 550 Financial Liabilities: Deposits: Noninterest bearing $ 943,664 $ 943,664 $ — $ — $ 943,664 Interest bearing 1,680,942 — 1,680,814 — 1,680,814 Fed funds purchased and repurchase agreements 39,138 — 39,138 — 39,138 Short-term borrowings 142,900 — 142,896 — 142,896 Subordinated debentures 35,124 — 24,364 — 24,364 Carrying amount and estimated fair values of financial instruments were as follows (dollars in thousands): Year Ended December 31, 2019 Estimated Fair Value Carrying Quoted Prices in Significant Significant Total Financial Assets: Cash and cash equivalents $ 80,077 $ 80,076 $ — $ — $ 80,076 Securities available for sale 600,799 — 600,799 — 600,799 Loans and leases held for investment 1,753,846 — — 1,761,461 1,761,461 Collateral dependent impaired loans 1,692 — 1,692 — 1,692 Financial Liabilities: Deposits: Noninterest bearing $ 690,950 $ 690,950 $ — $ — $ 690,950 Interest bearing 1,477,424 — 1,477,497 — 1,477,497 Fed funds purchased and repurchase agreements 25,711 — 25,711 — 25,711 Short-term borrowings 20,000 — 20,000 — 20,000 Subordinated debentures 34,945 — 30,564 — 30,564 |
Schedule of Financial Instruments | Notional Off-balance-sheet financial instruments: Commitments to extend credit $ 441,816 Standby letters of credit 8,104 Notional Off-balance-sheet financial instruments: Commitments to extend credit $ 492,040 Standby letters of credit 8,619 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Sources of Non-interest Income | Year Ended December 31, 2020 2019 Noninterest income Service charges on deposits Returned item and overdraft fees $ 5,078 $ 6,854 Other service charges on deposits 6,687 5,888 Debit card interchange income 7,023 6,584 Loss on limited partnerships (1) (1,189) (2,079) Dividends on equity investments (1) 664 789 Unrealized gains recognized on equity investments (1) 447 232 Net gains (losses) on sale of securities (1) 390 (198) Other (1) 7,050 5,407 Total noninterest income $ 26,150 $ 23,477 Noninterest expense Salaries and employee benefits (1) $ 40,178 $ 35,978 Occupancy expense (1) 9,842 9,845 Gains on sale or OREO (10) (107) Other (1) 25,902 24,862 Total noninterest expense $ 75,912 $ 70,578 (1) Not within the scope of ASC 606. Revenue streams are not related to contracts with customers and are accounted for on an accrual basis under other provisions of GAAP. |
Parent Only Condensed Financi_2
Parent Only Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet | BALANCE SHEETS Years Ended December 31, 2020 and 2019 (dollars in thousands) 2020 2019 ASSETS Cash and due from banks $ 12,000 $ 4,818 Investments in bank subsidiary 367,014 339,449 Investment in trust subsidiaries 1,145 1,145 Other assets 22 21 $ 380,181 $ 345,433 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Other liabilities $ 1,161 $ 1,203 Subordinated debentures 35,124 34,945 Total liabilities 36,285 36,148 Shareholders' equity: Common stock 117,120 116,486 Retained earnings 208,371 186,867 Accumulated other comprehensive gain, net of taxes 18,405 5,932 Total shareholders' equity 343,896 309,285 $ 380,181 $ 345,433 |
Schedule of Condensed Income Statement | STATEMENTS OF INCOME Years Ended December 31, 2020, 2019 and 2018 (dollars in thousands) 2020 2019 2018 Income: Dividend from subsidiary $ 23,000 $ 17,200 $ 7,750 Gain on sale of securities — — — Other operating income 43 — — Total income 23,043 17,200 7,750 Expense Salaries and employee benefits 856 582 516 Other expenses 1,971 2,664 2,533 Total expenses 2,827 3,246 3,049 Income before income taxes 20,216 13,954 4,701 Income tax benefit (823) (1,138) (1,150) Income before equity in undistributed income of subsidiary 21,039 15,092 5,851 Equity in undistributed income of subsidiary 14,405 20,869 23,826 Net income $ 35,444 $ 35,961 $ 29,677 |
Schedule of Condensed Cash Flow Statement | STATEMENTS OF CASH FLOWS Years Ended December 31, 2020, 2019 and 2018 (dollars in thousands) 2020 2019 2018 Cash flows from operating activities: Net income $ 35,444 $ 35,961 $ 29,677 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed net income of subsidiary (14,405) (20,869) (23,826) Decrease in other assets 178 178 183 (Decrease) increase in other liabilities (41) (2) 28 Net cash provided by operating activities 21,176 15,268 6,062 Cash flows from investing activities: Cash paid in acquisitions, net — — (6) Net cash used by investing activities — — (6) Cash flows from financing activities: Stock options exercised 775 1,088 1,131 Repurchase of common stock (2,562) (2,544) — Dividends paid (12,207) (11,332) (9,757) Net cash used in financing activities (13,994) (12,788) (8,626) Net decrease (increase) in cash and cash equivalents 7,182 2,480 (2,570) Cash and cash equivalents, beginning of year 4,818 2,338 4,908 Cash and cash equivalents, end of year $ 12,000 $ 4,818 $ 2,338 |
Condensed Quarterly Results o_2
Condensed Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Results of Operations Activities Disclosure | The following table sets forth the Company’s unaudited results of operations for the four quarters of 2020 and 2019. In management’s opinion, the results of operations reflect all adjustments (which include only recurring adjustments) necessary to present fairly the condensed results for such periods (dollars in thousands, except per share data). 2020 Quarter Ended December 31, September 30, June 30, March 31, Interest income $ 29,762 $ 29,044 $ 25,386 $ 26,051 Interest expense 930 970 1,244 2,264 Net interest income 28,832 28,074 24,142 23,787 Provision for loan and lease losses 2,200 2,350 2,200 1,800 Noninterest income 6,040 7,104 6,900 6,106 Noninterest expense 20,757 19,304 18,033 17,818 Net income before taxes 11,915 13,524 10,809 10,275 Provision for taxes 2,936 3,169 2,506 2,468 Net income $ 8,979 $ 10,355 $ 8,303 $ 7,807 Diluted earnings per share $ 0.58 $ 0.68 $ 0.54 $ 0.52 Cash dividend per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 2019 Quarter Ended December 31, September 30, June 30, March 31, Interest income $ 27,775 $ 27,901 $ 27,788 $ 27,483 Interest expense 2,953 3,526 3,589 3,510 Net interest income 24,822 24,375 24,199 23,973 Provision for loan and lease losses 500 1,350 400 300 Noninterest income 5,847 5,869 5,855 5,906 Noninterest expense 17,982 17,088 17,656 17,852 Net income before taxes 12,187 11,806 11,998 11,727 Provision for taxes 2,902 2,854 3,169 2,832 Net income $ 9,285 $ 8,952 $ 8,829 $ 8,895 Diluted earnings per share $ 0.60 $ 0.58 $ 0.57 $ 0.58 Cash dividend per share $ 0.19 $ 0.19 $ 0.18 $ 0.18 |
The Business of Sierra Bancorp
The Business of Sierra Bancorp - Branches (Details) | Dec. 31, 2020item |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of full service branch offices | 40 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - FHLB Stock and Other Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Federal Home Loan Bank stock, at cost | $ 10,727 | $ 10,727 | |
Carrying amount of equity securities without readily determinable fair values | 2,500 | 2,000 | |
Increase in equity securities | 447 | $ 232 | $ 1,183 |
Cumulative remeasurement gain | $ 1,800 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Loans Held for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Losses on representations and warranties associated with sale of loans | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Purchased Credit Impaired Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Nonperforming Financial Instruments [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance for loan losses | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Premises and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 25 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 39 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Foreclosed Assets (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Financing Receivable Impaired [Line Items] | |||
Number of foreclosed residential real estate properties | item | 1 | ||
Proceeds from sales of foreclosed assets | $ 2,445 | $ 7,955 | $ 13,188 |
Residential Real Estate [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Proceeds from sales of foreclosed assets | $ 1,200 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets - Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Asset Impairment [Abstract] | |||
Goodwill and intangible asset impairment | $ 0 | $ 0 | $ 0 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets - Useful Lives (Details) - Core Deposits [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 8 years |
Citizen's Business Bank Porterville Branch [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Stock-Based Compensation - General Information (Details) | Dec. 31, 2020shares |
2017 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 850,000 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Stock-Based Compensation - Fair Value Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Dividend yield (as a percent) | 3.02% | 2.62% | 2.12% |
Expected Volatility (as a percent) | 25.06% | 34.57% | 26.26% |
Risk-free interest rate (as a percent) | 1.47% | 2.70% | 2.38% |
Expected option life | 6 years 4 months 24 days | 5 years 4 months 24 days | 5 years 3 months 18 days |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Recent Accounting Pronouncements - Equity Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Increase in equity securities | $ 447 | $ 232 | $ 1,183 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Recent Accounting Pronouncements - Leases (Details) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2020USD ($) | Dec. 31, 2020item | Dec. 31, 2020Office | Dec. 31, 2020store | Dec. 31, 2019USD ($)itemOffice | Jan. 01, 2019USD ($) |
Assets and Liabilities, Lessee [Abstract] | |||||||
Number of branch locations | 21 | 21 | 21 | ||||
Number of administration offices | Office | 1 | 1 | |||||
Number of ATM locations | 3 | 3 | 3 | ||||
Right-of-use assets | $ 7,200 | $ 8,300 | $ 10,000 | ||||
Operating Lease, Right-of-Use Asset, Statement of Financial Position | us-gaap:OtherAssets | us-gaap:OtherAssets | us-gaap:OtherAssets | ||||
Operating lease liabilities | $ 7,760 | $ 8,900 | $ 10,000 | ||||
Operating Lease, Liability, Statement of Financial Position | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Summary of Significant Accou_15
Summary of Significant Accounting Policies - Recent Accounting Pronouncements - Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Dec. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable, Net Amount [Abstract] | |||
Allowance for loan and lease losses | $ 17,738 | $ 9,923 | |
Accounting Standards Update 2016-13 [Member] | Forecast [Member] | |||
Loans and Leases Receivable, Net Amount [Abstract] | |||
Increase (Decrease) in Reserves for Unfunded Commitments | $ 800 | ||
Accounting Standards Update 2016-13 [Member] | Restatement Adjustment [Member] | Forecast [Member] | |||
Loans and Leases Receivable, Net Amount [Abstract] | |||
Allowance for loan and lease losses | $ 8,900 |
Summary of Significant Accou_16
Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)loan | |
COVID-19 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle | |
Financing Receivable, Modifications, Number of Contracts, Not Treated as Troubled Debt Restructurings | loan | 311 |
Financing Receivable, Modification, Not Treated Troubled Debt Restructuring | $ | $ 424.9 |
Accounting Standards Update 2016-01 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2018 |
Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2019 |
Change in Accounting Principle, Accounting Standards Update, Early Adoption | false |
Accounting Standards Update 2016-13 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 |
Change in Accounting Principle, Accounting Standards Update, Early Adoption | false |
Accounting Standards Update 2017-04 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle | |
Change in Accounting Principle, Accounting Standards Update, Adopted | false |
Accounting Standards Update 2017-08 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2019 |
Accounting Standards Update 2018-13 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 |
Change in Accounting Principle, Accounting Standards Update, Early Adoption | false |
Accounting Standards Update 2019-05 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 |
Securities Available-for-Sale -
Securities Available-for-Sale - Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | $ 517,844 | $ 592,378 |
Gross Unrealized Gains | 26,192 | 9,956 |
Gross Unrealized Losses | (62) | (1,535) |
Estimated Fair Value | 543,974 | 600,799 |
U.S. Government Agencies [Member] | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 1,725 | 12,125 |
Gross Unrealized Gains | 75 | 124 |
Gross Unrealized Losses | (104) | |
Estimated Fair Value | 1,800 | 12,145 |
Mortgage-backed Securities [Member] | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 304,108 | 398,353 |
Gross Unrealized Gains | 10,389 | 3,354 |
Gross Unrealized Losses | (62) | (1,318) |
Estimated Fair Value | 314,435 | 400,389 |
States and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 212,011 | 181,900 |
Gross Unrealized Gains | 15,728 | 6,478 |
Gross Unrealized Losses | (113) | |
Estimated Fair Value | $ 227,739 | $ 188,265 |
Securities Available-for-Sale_2
Securities Available-for-Sale - Proceeds from Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale [Abstract] | |||
Proceeds from sales of securities available for sale | $ 20,298 | $ 60,510 | $ 6,838 |
Securities Available-for-Sale_3
Securities Available-for-Sale - Realized Gains (Losses) - Tabular Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale, Realized Gain (Loss) [Abstract] | |||
Gross gains on sales, calls and maturities of securities available for sale | $ 433 | $ 230 | $ 21 |
Gross losses on sales, calls and maturities of securities available for sale | (43) | (428) | (19) |
Net gains (losses) on sales and calls securities | $ 390 | $ (198) | $ 2 |
Securities Available-for-Sale_4
Securities Available-for-Sale - Realized Gains (Losses) - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)security | Dec. 31, 2019USD ($)security | Dec. 31, 2018USD ($)security | |
Gross gains on sales and calls of securities | $ 433 | $ 230 | $ 21 |
Available-for-sale Securities, Gross Realized Losses | 43 | 428 | $ 19 |
Securities available-for-sale | 517,844 | 592,378 | |
Investment securities available for sale | 543,974 | $ 600,799 | |
States and Political Subdivisions [Member] | |||
Securities available-for-sale | $ 227,700 | ||
U.S. Government Agencies [Member] | |||
Number Of Securities With Realized Gross Gains | security | 60 | 74 | 11 |
Gross gains on sales and calls of securities | $ 430 | $ 200 | $ 20 |
Securities available-for-sale | 1,725 | 12,125 | |
Investment securities available for sale | $ 1,800 | $ 12,145 | |
Other Securities [Member] | |||
Number Of Securities With Unrealized Gross Losses | security | 9 | 108 | 8 |
Available-for-sale Securities, Gross Realized Losses | $ 40 | $ 400 | $ 20 |
States and Political Subdivisions [Member] | |||
Investment securities available for sale | $ 4,000 |
Securities Available-for-Sale_5
Securities Available-for-Sale - Gross Unrealized Losses - General Information (Details) - security | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, total | 2 | 198 |
Securities Available-for-Sale_6
Securities Available-for-Sale - Gross Unrealized Losses - Tabular Disclosure (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Gross Unrealized Losses, Less than twelve months | $ (62) | $ (639) |
Fair Value, Less than twelve months | 4,286 | 123,520 |
Gross Unrealized Losses, Twelve months or more | (896) | |
Fair Value, Twelve months or more | 81,227 | |
U.S. Government Agencies [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Gross Unrealized Losses, Less than twelve months | (32) | |
Fair Value, Less than twelve months | 3,240 | |
Gross Unrealized Losses, Twelve months or more | (72) | |
Fair Value, Twelve months or more | 2,689 | |
Mortgage-backed Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Gross Unrealized Losses, Less than twelve months | (62) | (494) |
Fair Value, Less than twelve months | $ 4,286 | 100,518 |
Gross Unrealized Losses, Twelve months or more | (824) | |
Fair Value, Twelve months or more | 78,538 | |
States and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Gross Unrealized Losses, Less than twelve months | (113) | |
Fair Value, Less than twelve months | $ 19,762 |
Securities Available-for-Sale_7
Securities Available-for-Sale - Estimated Fair Value of Contractual Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Maturing within one year, Amortized Cost | $ 3,812 | |
Maturing after one year through five years, Amortized Cost | 9,475 | |
Maturing after five years through ten years, Amortized Cost | 27,250 | |
Maturing after ten years, Amortized Cost | 173,199 | |
Amortized Cost | 517,844 | $ 592,378 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Maturing within one year, Fair Value | 3,857 | |
Maturing after one year through five years, Fair Value | 9,732 | |
Maturing after five years through ten years, Fair Value | 28,745 | |
Maturing after ten years, Fair Value | 187,205 | |
Fair Value, Total | 543,974 | 600,799 |
States and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost | 212,011 | 181,900 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Fair Value, Total | 227,739 | 188,265 |
Mortgage-backed Securities [Member] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Investment securities not due at a single maturity date, Amortized Cost | 157,201 | |
Amortized Cost | 304,108 | 398,353 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Investment securities not due at a single maturity date, Fair Value | 163,029 | |
Fair Value, Total | 314,435 | $ 400,389 |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Investment securities not due at a single maturity date, Amortized Cost | 146,907 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Investment securities not due at a single maturity date, Fair Value | $ 151,406 |
Securities Available-for-Sale_8
Securities Available-for-Sale - Securities Pledged (Details) - Other Contractual Obligations And Short Term Borrowing Arrangements [Member] - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Pledged Financial Instruments, Not Separately Reported, Securities, Total | $ 224.1 | $ 233 |
Pledged Assets Separately Reported, Securities Pledged as Collateral, at Fair Value, Total | $ 232 | $ 234.8 |
Securities Available-for-Sale_9
Securities Available-for-Sale - Revenue and General Obligation Bonds (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Securities available-for-sale | $ 543,974 | $ 600,799 |
States and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available-for-sale | 227,739 | 188,265 |
General Obligation Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities available-for-sale | $ 196,412 | $ 161,587 |
Securities Available-for-Sal_10
Securities Available-for-Sale - Revenue and General Obligation Bonds by Location (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 517,844 | $ 592,378 |
Fair Market Value | 543,974 | 600,799 |
States and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 212,011 | 181,900 |
Fair Market Value | 227,739 | 188,265 |
General Obligation Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 182,639 | 156,039 |
Fair Market Value | 196,412 | 161,587 |
General Obligation Bonds [Member] | Texas [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 76,794 | 59,439 |
Fair Market Value | 82,888 | 61,519 |
General Obligation Bonds [Member] | California [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 31,122 | 23,882 |
Fair Market Value | 33,100 | 25,030 |
General Obligation Bonds [Member] | Washington [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 22,896 | 23,392 |
Fair Market Value | 25,072 | 24,313 |
General Obligation Bonds [Member] | Other [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 51,827 | 49,326 |
Fair Market Value | 55,352 | 50,725 |
Revenue Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 29,372 | 25,861 |
Fair Market Value | 31,327 | 26,678 |
Revenue Bonds [Member] | Texas [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,023 | 6,035 |
Fair Market Value | 7,516 | 6,298 |
Revenue Bonds [Member] | California [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 363 | 365 |
Fair Market Value | 379 | 380 |
Revenue Bonds [Member] | Washington [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,249 | 1,737 |
Fair Market Value | 2,406 | 1,856 |
Revenue Bonds [Member] | Other [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 19,737 | 17,724 |
Fair Market Value | $ 21,026 | $ 18,144 |
Securities Available-for-Sal_11
Securities Available-for-Sale - Revenue Bonds by Type (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 517,844 | $ 592,378 |
Fair Market Value | 543,974 | 600,799 |
States and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 212,011 | 181,900 |
Fair Market Value | 227,739 | 188,265 |
Revenue Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 29,372 | 25,861 |
Fair Market Value | 31,327 | 26,678 |
Revenue Bonds [Member] | Water [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 12,609 | 7,515 |
Fair Market Value | 13,526 | 7,775 |
Revenue Bonds [Member] | Sewer [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,584 | 4,760 |
Fair Market Value | 4,891 | 4,811 |
Revenue Bonds [Member] | Sales Tax [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,083 | 1,949 |
Fair Market Value | 3,308 | 1,995 |
Revenue Bonds [Member] | Lease [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,707 | 3,596 |
Fair Market Value | 2,773 | 3,678 |
Revenue Bonds [Member] | Other Revenue Source [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,389 | 8,041 |
Fair Market Value | $ 6,829 | $ 8,419 |
Loans and Leases - Schedule of
Loans and Leases - Schedule of Participating Mortgage Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans, net | ||
Gross loans and leases | $ 2,463,111 | $ 1,762,565 |
Deferred loan and lease origination (fee) cost, net | (3,147) | 2,896 |
Allowance for loan and lease losses | (17,738) | (9,923) |
Loans, net | 2,442,226 | 1,755,538 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Loans, net | ||
Gross loans and leases | 1,895,923 | 1,402,114 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate [Member] | ||
Loans, net | ||
Gross loans and leases | 1,477,677 | 847,865 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Residential Real Estate [Member] | ||
Loans, net | ||
Gross loans and leases | 288,341 | 410,216 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farm Land Real Estate [Member] | ||
Loans, net | ||
Gross loans and leases | 129,905 | 144,033 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | ||
Loans, net | ||
Gross loans and leases | 44,872 | 48,036 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Commercial and Industrial Loans and Leases [Member] | ||
Loans, net | ||
Gross loans and leases | 209,048 | 115,532 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Mortgage Warehouse Lines [Member] | ||
Loans, net | ||
Gross loans and leases | 307,679 | 189,103 |
Consumer Portfolio Segment [Member] | ||
Loans, net | ||
Gross loans and leases | $ 5,589 | $ 7,780 |
Loans and Leases - Credit Quali
Loans and Leases - Credit Quality Classifications (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 2,463,111 | $ 1,762,565 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 2,307,780 | 1,719,616 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 96,036 | 24,452 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 40,315 | 4,344 |
Impaired [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 18,980 | 14,153 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,895,923 | 1,402,114 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,760,511 | 1,374,870 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 80,542 | 10,735 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 37,431 | 3,763 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Impaired [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 17,439 | 12,746 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family Residential Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 48,565 | 105,979 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family Residential Construction [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 40,044 | 105,979 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family Residential Construction [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 8,521 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family Residential Construction [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family Residential Construction [Member] | Impaired [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 71,980 | 91,413 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 61,809 | 90,761 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 7,478 | 98 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 2,148 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | Impaired [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 545 | 554 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 139,836 | 200,181 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 130,559 | 194,572 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 4,922 | 2,425 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,356 | 164 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | Impaired [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 2,999 | 3,020 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 38,075 | 49,599 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 30,479 | 43,111 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 2,581 | 1,995 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 58 | 72 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | Impaired [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 4,957 | 4,421 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 61,865 | 54,457 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 57,934 | 54,104 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,597 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | Impaired [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 334 | 353 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 343,199 | 343,883 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 308,819 | 334,460 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 21,148 | 4,005 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 5,652 | 3,384 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | Impaired [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 7,580 | 2,034 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,062,498 | 412,569 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,026,041 | 409,289 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 10,827 | 1,164 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 25,048 | 11 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | Impaired [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 582 | 2,105 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 129,905 | 144,033 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 104,826 | 142,594 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 21,468 | 1,048 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,169 | 132 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | Impaired [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 442 | 259 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 44,872 | 48,036 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 39,391 | 47,814 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,617 | 217 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,614 | 0 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | Impaired [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 250 | 5 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Commercial and Industrial Loans and Leases [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 209,048 | 115,532 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Commercial and Industrial Loans and Leases [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 194,876 | 100,584 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Commercial and Industrial Loans and Leases [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 11,819 | 13,415 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Commercial and Industrial Loans and Leases [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,259 | 556 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Commercial and Industrial Loans and Leases [Member] | Impaired [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,094 | 977 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Mortgage Warehouse Lines [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 307,679 | 189,103 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Mortgage Warehouse Lines [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 307,679 | 189,103 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Mortgage Warehouse Lines [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Mortgage Warehouse Lines [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Mortgage Warehouse Lines [Member] | Impaired [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 5,589 | 7,780 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 5,323 | 7,245 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 58 | 85 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | 11 | 25 |
Consumer Portfolio Segment [Member] | Impaired [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 197 | $ 425 |
Loans and Leases - Allowance fo
Loans and Leases - Allowance for Credit Losses - Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 9,923 | $ 9,750 | $ 9,043 |
Charge-offs | (1,833) | (4,873) | (5,308) |
Recoveries | 1,098 | 2,496 | 1,665 |
Provision | 8,550 | 2,550 | 4,350 |
Ending balance | 17,738 | 9,923 | 9,750 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 5,635 | 5,831 | 4,786 |
Charge-offs | 0 | (1,190) | (2,474) |
Recoveries | 87 | 647 | 374 |
Provision | 6,044 | 347 | 3,145 |
Ending balance | 11,766 | 5,635 | 5,831 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 193 | 256 | 208 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 23 |
Provision | 289 | (63) | 25 |
Ending balance | 482 | 193 | 256 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 2,685 | 2,394 | 2,772 |
Charge-offs | (436) | (1,274) | (608) |
Recoveries | 129 | 690 | 148 |
Provision | 2,343 | 875 | 82 |
Ending balance | 4,721 | 2,685 | 2,394 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,278 | 1,239 | 1,231 |
Charge-offs | (1,397) | (2,409) | (2,226) |
Recoveries | 882 | 1,159 | 1,120 |
Provision | (43) | 1,289 | 1,114 |
Ending balance | 720 | 1,278 | 1,239 |
Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 132 | 30 | 46 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provision | (83) | 102 | (16) |
Ending balance | $ 49 | $ 132 | $ 30 |
Loans and Leases - Activity in
Loans and Leases - Activity in Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Individually | $ 18,980 | $ 14,153 | $ 16,072 |
Collectively | 2,444,131 | 1,748,412 | 1,715,856 |
Total Financing Receivables | 2,463,111 | 1,762,565 | |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Individually | 17,439 | 12,745 | 13,501 |
Collectively | 1,878,484 | 1,389,368 | 1,440,429 |
Total Financing Receivables | 1,895,923 | 1,402,114 | |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Individually | 250 | 5 | 6 |
Collectively | 44,622 | 48,031 | 49,097 |
Total Financing Receivables | 44,872 | 48,036 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Individually | 1,094 | 977 | 1,744 |
Collectively | 515,633 | 303,658 | 218,289 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Individually | 197 | 426 | 821 |
Collectively | 5,392 | 7,355 | $ 8,041 |
Total Financing Receivables | $ 5,589 | $ 7,780 |
Loans and Leases - Allowance _2
Loans and Leases - Allowance for Credit Losses - Reserves (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Specific | $ 996 | $ 827 | $ 2,008 | |
General | 16,742 | 9,096 | 7,742 | |
Ending balance | 17,738 | 9,923 | 9,750 | $ 9,043 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Specific | 525 | 493 | 937 | |
General | 11,241 | 5,142 | 4,894 | |
Ending balance | 11,766 | 5,635 | 5,831 | 4,786 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Specific | 250 | 1 | 2 | |
General | 232 | 192 | 254 | |
Ending balance | 482 | 193 | 256 | 208 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Specific | 202 | 219 | 918 | |
General | 4,519 | 2,466 | 1,476 | |
Ending balance | 4,721 | 2,685 | 2,394 | 2,772 |
Consumer Portfolio Segment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Specific | 19 | 114 | 151 | |
General | 701 | 1,164 | 1,088 | |
Ending balance | 720 | 1,278 | 1,239 | 1,231 |
Unallocated [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
General | 49 | 132 | 30 | |
Ending balance | $ 49 | $ 132 | $ 30 | $ 46 |
Loans and Leases - Past Due and
Loans and Leases - Past Due and Nonaccrual Loans - Tabular Disclosure (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 5,378 | $ 5,994 |
Current | 2,457,733 | 1,756,571 |
Total Financing Receivables | 2,463,111 | 1,762,565 |
Non-Accrual Loans | 7,598 | 5,737 |
30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 2,083 | 2,945 |
60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,435 | 617 |
90 Days Or More Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,860 | 2,432 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 4,528 | 5,550 |
Current | 1,891,395 | 1,396,564 |
Total Financing Receivables | 1,895,923 | 1,402,114 |
Non-Accrual Loans | 6,298 | 5,055 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,720 | 2,730 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,435 | 390 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 90 Days Or More Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,373 | 2,430 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family Residential Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 48,565 | 105,979 |
Total Financing Receivables | 48,565 | 105,979 |
Non-Accrual Loans | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family Residential Construction [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family Residential Construction [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family Residential Construction [Member] | 90 Days Or More Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 16 |
Current | 71,980 | 91,397 |
Total Financing Receivables | 71,980 | 91,413 |
Non-Accrual Loans | 0 | 31 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 16 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | 90 Days Or More Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 397 | 1,524 |
Current | 139,439 | 198,657 |
Total Financing Receivables | 139,836 | 200,181 |
Non-Accrual Loans | 1,193 | 741 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 210 | 485 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 37 | 380 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | 90 Days Or More Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 150 | 659 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,960 | 265 |
Current | 36,115 | 49,334 |
Total Financing Receivables | 38,075 | 49,599 |
Non-Accrual Loans | 2,403 | 480 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,409 | 177 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 10 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | 90 Days Or More Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 551 | 78 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 61,865 | 54,457 |
Total Financing Receivables | 61,865 | 54,457 |
Non-Accrual Loans | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | 90 Days Or More Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,366 | 1,640 |
Current | 341,833 | 342,243 |
Total Financing Receivables | 343,199 | 343,883 |
Non-Accrual Loans | 1,678 | 1,440 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 101 | 1,552 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,187 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | 90 Days Or More Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 78 | 88 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 152 | 2,105 |
Current | 1,062,346 | 410,464 |
Total Financing Receivables | 1,062,498 | 412,569 |
Non-Accrual Loans | 582 | 2,105 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 500 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | 90 Days Or More Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 152 | 1,605 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 653 | 0 |
Current | 129,252 | 144,033 |
Total Financing Receivables | 129,905 | 144,033 |
Non-Accrual Loans | 442 | 258 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 211 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | 90 Days Or More Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 442 | 0 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 250 | 0 |
Current | 44,622 | 48,036 |
Total Financing Receivables | 44,872 | 48,036 |
Non-Accrual Loans | 250 | 0 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | 90 Days Or More Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 250 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Commercial and Industrial Loans and Leases [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 562 | 375 |
Current | 208,486 | 115,157 |
Total Financing Receivables | 209,048 | 115,532 |
Non-Accrual Loans | 1,026 | 651 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Commercial and Industrial Loans and Leases [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 325 | 160 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Commercial and Industrial Loans and Leases [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 215 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Commercial and Industrial Loans and Leases [Member] | 90 Days Or More Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 237 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Mortgage Warehouse Lines [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 307,679 | 189,103 |
Total Financing Receivables | 307,679 | 189,103 |
Non-Accrual Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Mortgage Warehouse Lines [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Mortgage Warehouse Lines [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Mortgage Warehouse Lines [Member] | 90 Days Or More Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 38 | 69 |
Current | 5,551 | 7,711 |
Total Financing Receivables | 5,589 | 7,780 |
Non-Accrual Loans | 24 | 31 |
Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 38 | 55 |
Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 0 | 12 |
Consumer Portfolio Segment [Member] | 90 Days Or More Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 0 | $ 2 |
Loans and Leases - Past Due a_2
Loans and Leases - Past Due and Nonaccrual Loans - Additional Information (Details) | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 |
Payment Deferral [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Number of customers | item | 13 | |
Financing Receivable Modifications Recorded Investment | $ 29,500,000 |
Loans and Leases - Individually
Loans and Leases - Individually Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||
With an Allowance Recorded Unpaid Principal Balance | $ 13,338 | $ 9,694 | $ 13,851 |
With an Allowance Recorded Recorded Investment | 13,289 | 9,465 | 13,138 |
With an Allowance Recorded Related Allowance | 996 | 827 | 2,008 |
With an Allowance Recorded Average Recorded Investment | 13,796 | 9,951 | 13,821 |
With an Allowance Recorded Interest Income Recognized | 513 | 503 | 689 |
With no Related Allowance Recorded Unpaid Principal Balance | 6,058 | 6,121 | 3,199 |
With no Related Allowance Recorded Recorded Investment | 5,691 | 4,688 | 2,934 |
With no Related Allowance Recorded Average Recorded Investment | 5,915 | 6,684 | 3,781 |
With no Related Allowance Recorded Interest Income Recognized | 5 | 24 | 4 |
Individually impaired loans Unpaid Principal Balance | 19,396 | 15,815 | 17,050 |
Total impaired loans | 18,980 | 14,153 | 16,072 |
Individually impaired loans Average Recorded Investment | 19,711 | 16,635 | 17,602 |
Individually impaired loans Interest Income Recognized | 518 | 527 | 693 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With an Allowance Recorded Unpaid Principal Balance | 11,908 | 8,310 | 11,308 |
With an Allowance Recorded Recorded Investment | 11,907 | 8,138 | 10,834 |
With an Allowance Recorded Related Allowance | 525 | 493 | 938 |
With an Allowance Recorded Average Recorded Investment | 12,173 | 8,336 | 10,941 |
With an Allowance Recorded Interest Income Recognized | 491 | 439 | 588 |
With no Related Allowance Recorded Unpaid Principal Balance | 5,864 | 6,010 | 2,779 |
With no Related Allowance Recorded Recorded Investment | 5,532 | 4,607 | 2,667 |
With no Related Allowance Recorded Average Recorded Investment | 5,745 | 6,382 | 2,670 |
With no Related Allowance Recorded Interest Income Recognized | 3 | 9 | 3 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family Residential Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With an Allowance Recorded Unpaid Principal Balance | 0 | 0 | |
With an Allowance Recorded Recorded Investment | 0 | 0 | |
With an Allowance Recorded Related Allowance | 0 | 0 | 0 |
With an Allowance Recorded Average Recorded Investment | 0 | 0 | |
With an Allowance Recorded Interest Income Recognized | 0 | 0 | |
With no Related Allowance Recorded Unpaid Principal Balance | 0 | 0 | |
With no Related Allowance Recorded Recorded Investment | 0 | 0 | |
With no Related Allowance Recorded Average Recorded Investment | 0 | 0 | |
With no Related Allowance Recorded Interest Income Recognized | 0 | 0 | |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With an Allowance Recorded Unpaid Principal Balance | 545 | 656 | 593 |
With an Allowance Recorded Recorded Investment | 545 | 537 | 438 |
With an Allowance Recorded Related Allowance | 171 | 157 | 44 |
With an Allowance Recorded Average Recorded Investment | 565 | 563 | 648 |
With an Allowance Recorded Interest Income Recognized | 40 | 32 | 40 |
With no Related Allowance Recorded Unpaid Principal Balance | 114 | 52 | 54 |
With no Related Allowance Recorded Recorded Investment | 0 | 17 | 50 |
With no Related Allowance Recorded Average Recorded Investment | 5 | 577 | 58 |
With no Related Allowance Recorded Interest Income Recognized | 0 | 4 | |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With an Allowance Recorded Unpaid Principal Balance | 2,078 | 2,298 | 3,325 |
With an Allowance Recorded Recorded Investment | 2,077 | 2,298 | 3,325 |
With an Allowance Recorded Related Allowance | 51 | 58 | 75 |
With an Allowance Recorded Average Recorded Investment | 2,141 | 2,365 | 3,182 |
With an Allowance Recorded Interest Income Recognized | 104 | 146 | 175 |
With no Related Allowance Recorded Unpaid Principal Balance | 942 | 755 | 357 |
With no Related Allowance Recorded Recorded Investment | 922 | 722 | 307 |
With no Related Allowance Recorded Average Recorded Investment | 960 | 726 | 375 |
With no Related Allowance Recorded Interest Income Recognized | 0 | 0 | 3 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With an Allowance Recorded Unpaid Principal Balance | 2,875 | 4,173 | 4,603 |
With an Allowance Recorded Recorded Investment | 2,875 | 4,120 | 4,550 |
With an Allowance Recorded Related Allowance | 233 | 252 | 656 |
With an Allowance Recorded Average Recorded Investment | 2,989 | 4,185 | 4,368 |
With an Allowance Recorded Interest Income Recognized | 98 | 200 | 206 |
With no Related Allowance Recorded Unpaid Principal Balance | 2,160 | 326 | 224 |
With no Related Allowance Recorded Recorded Investment | 2,082 | 301 | 166 |
With no Related Allowance Recorded Average Recorded Investment | 2,127 | 310 | 221 |
With no Related Allowance Recorded Interest Income Recognized | 3 | 5 | |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With an Allowance Recorded Unpaid Principal Balance | 334 | 353 | 373 |
With an Allowance Recorded Recorded Investment | 334 | 353 | 373 |
With an Allowance Recorded Related Allowance | 16 | 17 | 25 |
With an Allowance Recorded Average Recorded Investment | 343 | 361 | 359 |
With an Allowance Recorded Interest Income Recognized | 23 | 23 | 20 |
With no Related Allowance Recorded Unpaid Principal Balance | 0 | 0 | |
With no Related Allowance Recorded Recorded Investment | 0 | 0 | |
With no Related Allowance Recorded Average Recorded Investment | 0 | 0 | |
With no Related Allowance Recorded Interest Income Recognized | 0 | 0 | |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With an Allowance Recorded Unpaid Principal Balance | 6,076 | 593 | 842 |
With an Allowance Recorded Recorded Investment | 6,076 | 593 | 723 |
With an Allowance Recorded Related Allowance | 54 | 6 | 135 |
With an Allowance Recorded Average Recorded Investment | 6,135 | 606 | 740 |
With an Allowance Recorded Interest Income Recognized | 226 | 38 | 40 |
With no Related Allowance Recorded Unpaid Principal Balance | 1,624 | 1,560 | 502 |
With no Related Allowance Recorded Recorded Investment | 1,504 | 1,440 | 502 |
With no Related Allowance Recorded Average Recorded Investment | 1,590 | 1,477 | 478 |
With no Related Allowance Recorded Interest Income Recognized | 0 | 0 | |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With an Allowance Recorded Unpaid Principal Balance | 0 | 0 | 1,572 |
With an Allowance Recorded Recorded Investment | 0 | 0 | 1,425 |
With an Allowance Recorded Related Allowance | 0 | 0 | 3 |
With an Allowance Recorded Average Recorded Investment | 0 | 0 | 1,644 |
With an Allowance Recorded Interest Income Recognized | 0 | 0 | 107 |
With no Related Allowance Recorded Unpaid Principal Balance | 582 | 3,295 | |
With no Related Allowance Recorded Recorded Investment | 582 | 2,105 | |
With no Related Allowance Recorded Average Recorded Investment | 617 | 3,267 | |
With no Related Allowance Recorded Interest Income Recognized | 0 | 0 | |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With an Allowance Recorded Unpaid Principal Balance | 0 | 237 | |
With an Allowance Recorded Recorded Investment | 0 | 237 | |
With an Allowance Recorded Related Allowance | 0 | 3 | 0 |
With an Allowance Recorded Average Recorded Investment | 0 | 256 | |
With an Allowance Recorded Interest Income Recognized | 0 | 0 | |
With no Related Allowance Recorded Unpaid Principal Balance | 442 | 22 | 1,642 |
With no Related Allowance Recorded Recorded Investment | 442 | 22 | 1,642 |
With no Related Allowance Recorded Average Recorded Investment | 446 | 25 | 1,538 |
With no Related Allowance Recorded Interest Income Recognized | 0 | 0 | |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With an Allowance Recorded Unpaid Principal Balance | 250 | 5 | 6 |
With an Allowance Recorded Recorded Investment | 250 | 5 | 6 |
With an Allowance Recorded Related Allowance | 250 | 1 | 1 |
With an Allowance Recorded Average Recorded Investment | 250 | 6 | 6 |
With an Allowance Recorded Interest Income Recognized | 0 | 0 | |
With no Related Allowance Recorded Unpaid Principal Balance | 0 | 0 | |
With no Related Allowance Recorded Recorded Investment | 0 | 0 | |
With no Related Allowance Recorded Average Recorded Investment | 0 | 0 | |
With no Related Allowance Recorded Interest Income Recognized | 0 | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With an Allowance Recorded Unpaid Principal Balance | 945 | 915 | 1,724 |
With an Allowance Recorded Recorded Investment | 935 | 896 | 1,534 |
With an Allowance Recorded Related Allowance | 202 | 219 | 918 |
With an Allowance Recorded Average Recorded Investment | 1,152 | 1,140 | 1,965 |
With an Allowance Recorded Interest Income Recognized | 6 | 29 | 40 |
With no Related Allowance Recorded Unpaid Principal Balance | 189 | 102 | 238 |
With no Related Allowance Recorded Recorded Investment | 159 | 81 | 211 |
With no Related Allowance Recorded Average Recorded Investment | 165 | 162 | 838 |
With no Related Allowance Recorded Interest Income Recognized | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With an Allowance Recorded Unpaid Principal Balance | 235 | 464 | 813 |
With an Allowance Recorded Recorded Investment | 197 | 426 | 764 |
With an Allowance Recorded Related Allowance | 19 | 114 | 151 |
With an Allowance Recorded Average Recorded Investment | 221 | 469 | 909 |
With an Allowance Recorded Interest Income Recognized | 16 | 35 | 61 |
With no Related Allowance Recorded Unpaid Principal Balance | 5 | 9 | 182 |
With no Related Allowance Recorded Recorded Investment | 0 | 0 | 56 |
With no Related Allowance Recorded Average Recorded Investment | 5 | 140 | 273 |
With no Related Allowance Recorded Interest Income Recognized | $ 2 | $ 15 | $ 1 |
Loans and Leases - Impaired Tro
Loans and Leases - Impaired Troubled Debt Restructurings (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | $ 0.4 | $ 0.5 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 13 | 8.2 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable Modifications Post Modification Recorded Investment During Period | $ 0.2 | $ 0.4 |
Loans and Leases - Additional C
Loans and Leases - Additional Commitments to Existing Customers with Restructured Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Additional Commitments To Financing Receivable Modifications Amount | $ 50 | $ 40 |
Loans and Leases - Interest Inc
Loans and Leases - Interest Income Recognized on Impaired Loans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | |||
Impaired Financing Receivable, Interest Income, Accrual Method, Total | $ 518,000 | $ 527,000 | $ 693,000 |
Interest income recognized on a cash basis on impaired loans | $ 0 | $ 0 | $ 0 |
Loans and Leases - Schedule o_2
Loans and Leases - Schedule of Loans and Leases Receivable Impaired Interest Income and Lost from Non Accrual Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | |||
Interest that would have been recorded under the loans' original terms | $ 605 | $ 650 | $ 484 |
Less gross interest recorded | 201 | 289 | 167 |
Foregone interest | $ 404 | $ 361 | $ 317 |
Loans and Leases - Loans Pledge
Loans and Leases - Loans Pledged to Secure Short-term Borrowing Arrangements (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | $ 1,100 | $ 777.7 |
Loans and Leases - Deferred Sal
Loans and Leases - Deferred Salaries and Employee Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | |||
Deferred Salaries And Benefits | $ 3.3 | $ 3.7 | $ 4.2 |
Loans and Leases - Troubled Deb
Loans and Leases - Troubled Debt Restructurings, by Type of Loan Modification (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | $ 7,849 | $ 967 | $ 1,304 |
Troubled Debt Restructurings Rate Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 94 | 0 |
Troubled Debt Restructurings Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 7,511 | 771 | 540 |
Troubled Debt Restructurings Interest Only Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 539 |
Troubled Debt Restructurings Rate And Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 102 | 225 |
Troubled Debt Restructurings Term And Interest Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 338 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 7,706 | 507 | 964 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Troubled Debt Restructurings Rate Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Troubled Debt Restructurings Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 7,368 | 507 | 460 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Troubled Debt Restructurings Interest Only Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 504 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Troubled Debt Restructurings Rate And Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Troubled Debt Restructurings Term And Interest Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 338 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 85 | 163 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | Troubled Debt Restructurings Rate Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | Troubled Debt Restructurings Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 85 | 163 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | Troubled Debt Restructurings Interest Only Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | Troubled Debt Restructurings Rate And Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | Troubled Debt Restructurings Term And Interest Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 1,325 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | Troubled Debt Restructurings Rate Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | Troubled Debt Restructurings Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 1,325 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | Troubled Debt Restructurings Interest Only Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | Troubled Debt Restructurings Rate And Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | Troubled Debt Restructurings Term And Interest Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 344 | 964 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | Troubled Debt Restructurings Rate Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | Troubled Debt Restructurings Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 344 | 460 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | Troubled Debt Restructurings Interest Only Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 504 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | Troubled Debt Restructurings Rate And Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | Troubled Debt Restructurings Term And Interest Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | Troubled Debt Restructurings Rate Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | Troubled Debt Restructurings Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | Troubled Debt Restructurings Interest Only Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | Troubled Debt Restructurings Rate And Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | Troubled Debt Restructurings Term And Interest Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 5,853 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | Troubled Debt Restructurings Rate Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | Troubled Debt Restructurings Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 5,515 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | Troubled Debt Restructurings Interest Only Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | Troubled Debt Restructurings Rate And Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | Troubled Debt Restructurings Term And Interest Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 338 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 443 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | Troubled Debt Restructurings Rate Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | Troubled Debt Restructurings Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 443 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | Troubled Debt Restructurings Interest Only Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | Troubled Debt Restructurings Rate And Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | Troubled Debt Restructurings Term And Interest Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | Troubled Debt Restructurings Rate Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | Troubled Debt Restructurings Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | Troubled Debt Restructurings Interest Only Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | Troubled Debt Restructurings Rate And Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | Troubled Debt Restructurings Term And Interest Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 7 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | Troubled Debt Restructurings Rate Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | Troubled Debt Restructurings Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 7 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | Troubled Debt Restructurings Interest Only Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | Troubled Debt Restructurings Rate And Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | Troubled Debt Restructurings Term And Interest Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 143 | 401 | 323 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Troubled Debt Restructurings Rate Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 94 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Troubled Debt Restructurings Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 143 | 255 | 73 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Troubled Debt Restructurings Interest Only Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 25 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Troubled Debt Restructurings Rate And Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 52 | 225 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Troubled Debt Restructurings Term And Interest Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 59 | 10 |
Consumer Portfolio Segment [Member] | Troubled Debt Restructurings Rate Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 0 |
Consumer Portfolio Segment [Member] | Troubled Debt Restructurings Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 9 | 0 |
Consumer Portfolio Segment [Member] | Troubled Debt Restructurings Interest Only Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 0 | 10 |
Consumer Portfolio Segment [Member] | Troubled Debt Restructurings Rate And Term Modifications [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | 0 | 50 | 0 |
Consumer Portfolio Segment [Member] | Troubled Debt Restructurings Term And Interest Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Modifications Post Modification Recorded Investment During Period | $ 0 | $ 0 | $ 0 |
Loans and Leases - Troubled D_2
Loans and Leases - Troubled Debt Restructurings - Tabular Disclosure (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Financing Receivable, Modifications [Line Items] | |||
Pre-Modification Outstanding Recorded Investment | $ 7,850 | $ 967 | $ 1,304 |
Post-Modification Outstanding Recorded Investment | 7,849 | 967 | 1,304 |
Reserve Difference | 61 | (32) | 6 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-Modification Outstanding Recorded Investment | 7,707 | 507 | 964 |
Post-Modification Outstanding Recorded Investment | 7,706 | 507 | 964 |
Reserve Difference | $ 58 | $ 74 | $ 4 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Other construction/land [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 1 | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 86 | $ 163 | $ 0 |
Post-Modification Outstanding Recorded Investment | 85 | 163 | 0 |
Reserve Difference | $ 40 | $ 74 | $ 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | 1-4 Family - Closed-End [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 1 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 1,325 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | 1,325 | 0 | 0 |
Reserve Difference | $ 10 | $ 0 | $ 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Equity Lines [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 2 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 344 | $ 964 |
Post-Modification Outstanding Recorded Investment | 0 | 344 | 964 |
Reserve Difference | $ 0 | $ 0 | $ 4 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Multi-Family Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Reserve Difference | $ 0 | $ 0 | $ 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 4 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 5,853 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | 5,853 | 0 | 0 |
Reserve Difference | $ 8 | $ 0 | $ 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Commercial Real Estate Non Owner Occupied [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 1 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 443 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | 443 | 0 | 0 |
Reserve Difference | $ 0 | $ 0 | $ 0 |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Farmland [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Reserve Difference | $ 0 | $ 0 | $ 0 |
Agricultural Portfolio Segment [Member] | Agricultural Sector [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 7 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 7 |
Reserve Difference | $ 0 | $ 0 | $ 2 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 3 | 7 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 143 | $ 401 | $ 323 |
Post-Modification Outstanding Recorded Investment | 143 | 401 | 323 |
Reserve Difference | $ 3 | $ (59) | $ 0 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 59 | $ 10 |
Post-Modification Outstanding Recorded Investment | 0 | 59 | 10 |
Reserve Difference | $ 0 | $ (47) | $ 0 |
Loans and Leases - Total Allowa
Loans and Leases - Total Allowance for Loan and Lease Losses Specifically Allocated to Troubled Debt Restructurings (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | ||
Allowance for Loan and Lease Losses, Adjustments, Other | $ 0.6 | $ 0.6 |
Loans and Leases - Purchased Cr
Loans and Leases - Purchased Credit Impaired Loans - Tabular Disclosure (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Unpaid Principal Balance, Total | $ 19,396 | $ 15,815 | $ 17,050 |
Impaired Financing Receivable, Carrying Value, Total | 18,980 | 14,153 | $ 16,072 |
Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 78 | 88 | |
Commercial, Residential, and Farm Land Real Estate Portfolio Segment [Member] | Real Estate Sector [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Unpaid Principal Balance, Total | $ 78 | $ 88 |
Loans and Leases - Purchased _2
Loans and Leases - Purchased Credit Impaired Loans - Additional Information (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Credit Quality and Nonperforming Assets [Abstract] | ||
Purchased credit impaired loans acquired | $ 0 | $ 0 |
Premises and Equipment - Premis
Premises and Equipment - Premises and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 63,262 | $ 60,432 |
Less accumulated depreciation and amortization | 35,757 | 33,041 |
Construction in progress | 44 | |
Property, Plant and Equipment, Net, Total | 27,505 | 27,435 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 5,751 | 5,751 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 21,580 | 21,526 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 20,705 | 17,798 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 15,226 | $ 15,357 |
Premises and Equipment - Deprec
Premises and Equipment - Depreciation and Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation and amortization | $ 2.8 | $ 2.8 | $ 3 |
Operating Leases - General Info
Operating Leases - General Information (Details) | Dec. 31, 2020item | Dec. 31, 2020Office | Dec. 31, 2020store | Dec. 31, 2019itemOffice |
Lessee Disclosure [Abstract] | ||||
Number of branch locations | 21 | 21 | 21 | |
Number of ATM locations | 3 | 3 | 3 | |
Number of administration offices | 1 | 1 |
Operating Leases - Lease Expens
Operating Leases - Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income and Expenses, Lessee [Abstract] | |||
Operating lease, expense | $ 2,200 | $ 2,200 | |
Operating Leases, Rent Expense, Net [Abstract] | |||
Rent expense | $ 2,300 |
Operating Leases - Assets and L
Operating Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Assets and Liabilities, Lessee [Abstract] | |||
Right-of-use assets | $ 7,200 | $ 8,300 | $ 10,000 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position | us-gaap:OtherAssets | us-gaap:OtherAssets | us-gaap:OtherAssets |
Operating lease liabilities | $ 7,760 | $ 8,900 | $ 10,000 |
Operating Lease, Liability, Statement of Financial Position | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Operating Leases - Lease Cost (
Operating Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee Disclosure [Abstract] | ||
Weighted average lease term (in years) | 6 years 9 months 18 days | 7 years 1 month 6 days |
Weighted average discount rate (as a percent) | 5.50% | 5.50% |
Lease liabilities from new right-of-use assets obtained during the year | $ 600 | $ 0 |
Variable lease costs | 0 | 0 |
Cash paid on operating leases | $ 2,200 | $ 2,200 |
Operating Leases - Schedule of
Operating Leases - Schedule of Future Undiscounted Lease Payments for Operating Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 2,130 |
2022 | 1,722 |
2023 | 1,269 |
2024 | 910 |
2025 | 750 |
Thereafter | 2,612 |
Total undiscounted lease payments | $ 9,393 |
Operating Leases - Lease Liabil
Operating Leases - Lease Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Operating Lease Liabilities, Gross Difference, Amount [Abstract] | |||
Total undiscounted lease payments | $ 9,393 | ||
Less: imputed interest | (1,633) | ||
Operating lease liabilities | $ 7,760 | $ 8,900 | $ 10,000 |
Operating Leases - Renewal Term
Operating Leases - Renewal Terms (Details) | Dec. 31, 2020 |
Minimum [Member] | |
Lessee, Operating Lease, Description [Abstract] | |
Lessee, Operating Lease, Renewal Term | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Description [Abstract] | |
Lessee, Operating Lease, Renewal Term | 10 years |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Rollforward of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill, Beginning Balance | $ 27,357 | $ 27,357 | $ 27,357 |
Acquired goodwill | 0 | 0 | 0 |
Impairment | 0 | 0 | 0 |
Goodwill, Ending Balance | $ 27,357 | $ 27,357 | $ 27,357 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Goodwill Impairment (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)segment$ / shares | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($)segment | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |||
Number of Operating Segments | segment | 1 | 1 | 1 |
Goodwill and Intangible Asset Impairment [Abstract] | |||
Share Price | $ / shares | $ 23.92 | ||
Impairment | $ | $ 0 | $ 0 | $ 0 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Acquired Intangible Assets (Details) - Core Deposits [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 8,401 | $ 8,401 |
Accumulated Amortization | $ 4,094 | $ 3,020 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amortization [Abstract] | |||
Amortization of Intangible Assets | $ 1,074 | $ 1,074 | $ 1,020 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | $ 1,032 |
2022 | 1,000 |
2023 | 876 |
2024 | 781 |
2025 | 566 |
Thereafter | 52 |
Total | $ 4,307 |
Other Assets - Tabular Disclosu
Other Assets - Tabular Disclosure (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets [Abstract] | ||
Accrued interest receivable | $ 16,074 | $ 8,229 |
Deferred tax assets | 839 | 3,463 |
Investment in qualified affordable housing projects | 3,473 | 4,104 |
Investment in limited partnerships | 1,848 | 2,722 |
Federal Home Loan Bank stock, at cost | 10,727 | 10,727 |
Other | 17,485 | 16,670 |
Other Assets, Total | $ 50,446 | $ 45,915 |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets [Abstract] | ||
Qualified affordable housing projects capital commitment | $ 100 | |
Federal Home Loan Bank stock, at cost | $ 10,727 | $ 10,727 |
Deposits - Interest Bearing Dep
Deposits - Interest Bearing Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Interest-bearing Deposit Liabilities, by Component [Abstract] | ||
Interest bearing demand deposits | $ 109,938 | $ 91,212 |
NOW | 558,407 | 458,600 |
Savings | 368,420 | 294,317 |
Money market | 131,232 | 118,933 |
Time, under $250,000 | 287,530 | 261,916 |
Time, $250,000 or more | 225,415 | 252,446 |
Interest-bearing Deposit Liabilities, Total | $ 1,680,942 | $ 1,477,424 |
Deposits - Maturities of Times
Deposits - Maturities of Times Deposits (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
2021 | $ 453,119 |
2022 | 14,313 |
2023 | 23,481 |
2024 | 20,358 |
2025 | 968 |
Thereafter | 706 |
Time Deposits | $ 512,945 |
Deposits - Interest Expense Rec
Deposits - Interest Expense Recognized on Interest Bearing Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Expense, Deposits [Abstract] | |||
Interest bearing demand deposits | $ 278 | $ 316 | $ 364 |
NOW | 388 | 524 | 478 |
Savings | 221 | 308 | 314 |
Money market | 128 | 181 | 146 |
Time deposits | 2,687 | 8,931 | 5,653 |
Brokered Deposits | 246 | 1,120 | 305 |
Interest Expense, Deposits, Total | $ 3,948 | $ 11,380 | $ 7,260 |
Other Borrowing Arrangements -
Other Borrowing Arrangements - Tabular Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Short-term Debt [Line Items] | ||
Average balance outstanding | $ 88,207 | $ 35,633 |
Amount | 182,038 | 45,711 |
Maximum month-end balance during the year | 236,549 | 91,412 |
Repurchase Agreements [Member] | ||
Short-term Debt [Line Items] | ||
Average balance outstanding | 34,614 | 22,090 |
Amount | $ 39,138 | $ 25,711 |
Average interest rate during the year | 0.40% | 0.40% |
Maximum month-end balance during the year | $ 41,449 | $ 27,712 |
Weighted average interest rate | 0.40% | 0.40% |
Short-term Borrowings [Member] | ||
Short-term Debt [Line Items] | ||
Average balance outstanding | $ 53,593 | $ 13,543 |
Amount | $ 142,900 | $ 20,000 |
Average interest rate during the year | 0.19% | 2.02% |
Maximum month-end balance during the year | $ 195,100 | $ 63,700 |
Weighted average interest rate | 0.12% | 1.69% |
Other Borrowing Arrangements _2
Other Borrowing Arrangements - Additional Information (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | ||
First mortgage loans under a blanket lien arrangement collateralized | $ 1,100,000,000 | |
Maximum borrowing capacity | 642,000,000 | |
Remaining borrowing capacity | 652,100,000 | |
Long-term Line of Credit | 100,000,000 | $ 0 |
Unused lines of Credit [Member] | ||
Short-term Debt [Line Items] | ||
Long-term Line of Credit | 0 | 0 |
Unsecured line of credit facility, amount | 275,000,000 | 80,000,000 |
FRB [Member] | ||
Short-term Debt [Line Items] | ||
First mortgage loans under a blanket lien arrangement collateralized | 75,200,000 | |
Maximum borrowing capacity | 58,100,000 | |
Long-term Line of Credit | $ 0 | $ 0 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal (Current) | $ 7,979 | $ 7,081 | $ 5,780 | ||||||||
Federal (Deferred) | (1,697) | (228) | 179 | ||||||||
Federal | 6,282 | 6,853 | 5,959 | ||||||||
State (Current) | 5,711 | 4,771 | 3,819 | ||||||||
State (Deferred) | (914) | 133 | 129 | ||||||||
State | 4,797 | 4,904 | 3,948 | ||||||||
Income Tax Expense (Benefit), Total | $ 2,936 | $ 3,169 | $ 2,506 | $ 2,468 | $ 2,902 | $ 2,854 | $ 3,169 | $ 2,832 | $ 11,079 | $ 11,757 | $ 9,907 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Allowance for loan and lease losses | $ 5,244 | $ 2,934 |
Foreclosed assets | 126 | 200 |
Deferred compensation | 4,147 | 3,895 |
Accrued reserves | 325 | 312 |
Non accrual loans | 403 | 181 |
Lease Liability | 2,283 | 2,461 |
Loan fair value adjustment | 956 | 1,192 |
Capital losses carried forward | 29 | 87 |
Net operating losses | 1,751 | 1,909 |
State income tax deduction | 1,170 | 1,019 |
Other | 986 | 1,233 |
Total deferred tax assets | 17,420 | 15,423 |
Deferred tax liabilities: | ||
Deferred loan costs | (2,482) | (2,656) |
Right-of-use asset | (2,127) | (2,456) |
Intangibles | (832) | (1,248) |
Premises and equipment | (750) | (325) |
Net unrealized gain on securities available-for-sale | (7,725) | (2,490) |
Other | (2,665) | (2,785) |
Total deferred tax liabilities | (16,581) | (11,960) |
Net deferred tax assets | $ 839 | $ 3,463 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income tax expense at federal statutory rate | $ 9,770 | $ 10,021 | $ 8,313 | ||||||||
State franchise tax expense, net of federal tax effect | 3,790 | 3,872 | 3,390 | ||||||||
Tax exempt municipal income | (1,199) | (952) | (852) | ||||||||
Affordable housing tax credits | (518) | (538) | (632) | ||||||||
Excess tax benefit of stock-based compensation | (90) | (133) | (177) | ||||||||
Other | (674) | (513) | (135) | ||||||||
Income Tax Expense (Benefit), Total | $ 2,936 | $ 3,169 | $ 2,506 | $ 2,468 | $ 2,902 | $ 2,854 | $ 3,169 | $ 2,832 | $ 11,079 | $ 11,757 | $ 9,907 |
Effective tax rate | 23.81% | 24.64% | 25.03% |
Income Taxes - Net Operating Lo
Income Taxes - Net Operating Loss Carry Forwards (Details) $ in Millions | Dec. 31, 2020USD ($) |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 5.6 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 6.9 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Recorded interest or penalties related to uncertain tax positions | $ 0 | $ 0 | $ 0 |
Subordinated Debentures (Detail
Subordinated Debentures (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Jun. 30, 2006 | Mar. 31, 2004 | Dec. 31, 2020 | |
Subordinated Debt [Member] | ||||
Subordinated Borrowings [Line Items] | ||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 7,217,000 | $ 15,464,000 | $ 15,464,000 | |
Subordinated Borrowing, Due Date | Dec. 15, 2037 | Sep. 23, 2036 | Mar. 17, 2034 | |
Subordinated Borrowing, Interest Rate | 1.72% | 1.64% | 2.98% | |
Debt Instrument, Basis Spread on Variable Rate | 1.50% | 1.40% | 2.75% | |
Statutory Trust [Member] | ||||
Subordinated Borrowings [Line Items] | ||||
Trust Preferred Securities Qualified As Tier One Capital | $ 35,100,000 | |||
Sierra Statutory Trust II [Member] | ||||
Subordinated Borrowings [Line Items] | ||||
Floating Rate Capital Trust Pass Through Securities Issued During Period | 15,000 | 15,000 | ||
Floating rate capital trust pass through securities liquidation value per securities | $ 1,000 | $ 1,000 | ||
Proceeds from Issuance of Mandatory Redeemable Capital Securities | $ 15,000,000 | $ 15,000,000 | ||
Payment Deferral Period, Debt | 5 years | |||
Coast Bancorp Statutory Trust II [Member] | ||||
Subordinated Borrowings [Line Items] | ||||
Floating Rate Capital Trust Pass Through Securities Issued During Period | 7,000 | |||
Floating rate capital trust pass through securities liquidation value per securities | $ 1,000 | |||
Proceeds from Issuance of Mandatory Redeemable Capital Securities | $ 7,000,000 | |||
Payment Deferral Period, Debt | 5 years |
Commitments and Contingencies -
Commitments and Contingencies - General Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments And Contingencies [Line Items] | ||
Federal Reserve Bank Reserve Balance | $ 0 | $ 0 |
Letter of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Advances from Federal Home Loan Banks, Total | 104,854,000 | |
Secure Public Deposits [Member] | ||
Commitments And Contingencies [Line Items] | ||
Advances from Federal Home Loan Banks, Total | 100,000,000 | |
Guarantee Financial Performance [Member] | ||
Commitments And Contingencies [Line Items] | ||
Advances from Federal Home Loan Banks, Total | $ 4,854,000 | |
Commercial Real Estate [Member] | ||
Commitments And Contingencies [Line Items] | ||
Concentration Risk, Percentage | 77.00% | |
Real Estate [Member] | ||
Commitments And Contingencies [Line Items] | ||
Concentration Risk, Percentage | 78.00% | |
Residential Real Estate [Member] | ||
Commitments And Contingencies [Line Items] | ||
Concentration Risk, Percentage | 15.00% | |
Farmland [Member] | ||
Commitments And Contingencies [Line Items] | ||
Concentration Risk, Percentage | 7.00% |
Commitments and Contingencies_2
Commitments and Contingencies - Financial Instruments Representing Off-Balance-Sheet Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fixed Rate Commitments to Extend Credit [Member] | ||
Other Commitments [Line Items] | ||
Financial instruments off-balance sheet credit risks | $ 75,291 | $ 80,674 |
Variable Rate Commitments To Extend Credit [Member] | ||
Other Commitments [Line Items] | ||
Financial instruments off-balance sheet credit risks | 366,525 | 411,366 |
Standby Letters of Credit [Member] | ||
Other Commitments [Line Items] | ||
Financial instruments off-balance sheet credit risks | $ 8,104 | $ 8,619 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class Of Stock [Line Items] | ||||
Stock Repurchased During Period, Shares | 112,050 | |||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 268,301 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 495,000 | 458,000 | 453,000 | 455,000 |
Weighted average remaining contractual term | 5 years 8 months 12 days | |||
Exercisable, weighted average remaining contractual term | 6 years 1 month 6 days | |||
Stock Issued During Period Shares Stock Option Exercised | 67,000 | 83,000 | 77,000 | |
Stock Issued During Period, Value, Stock Options Exercised | $ 775 | $ 1,088 | $ 1,131 | |
Pre-tax charge | 400 | $ 500 | $ 400 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 100 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 400 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 4 months 24 days | |||
Stock Options [Member] | ||||
Class Of Stock [Line Items] | ||||
Shares of common stock were not considered in computing diluted earnings per common share | 348,328 | 243,657 | 157,532 | |
2007 Stock Option Plan [Member] | ||||
Class Of Stock [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 323,289 | |||
Percentage of Share Based Compensation Arrangement by Share Based Payment Award Options Exercise Price to Fair Market Value | 100.00% | |||
2017 Plan [Member] | ||||
Class Of Stock [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 850,000 | |||
Number of shares remained available for grant | 408,515 | |||
Percentage of Share Based Compensation Arrangement by Share Based Payment Award Options Exercise Price to Fair Market Value | 100.00% | |||
Stock Issued During Period Shares Stock Option Exercised | 66,470 | |||
Stock Issued During Period, Value, Stock Options Exercised | $ 800 | |||
Deferred Tax Expense from Stock Options Exercised | $ 500 |
Shareholders' Equity - Calculat
Shareholders' Equity - Calculation of Numerator and Denominator in Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share | |||||||||||
Net income (dollars in thousands) | $ 8,979 | $ 10,355 | $ 8,303 | $ 7,807 | $ 9,285 | $ 8,952 | $ 8,829 | $ 8,895 | $ 35,444 | $ 35,961 | $ 29,677 |
Weighted average shares outstanding | 15,216,749 | 15,311,113 | 15,261,794 | ||||||||
Basic earnings per share | $ 2.33 | $ 2.35 | $ 1.94 | ||||||||
Diluted Earnings Per Share | |||||||||||
Net income (dollars in thousands) | $ 8,979 | $ 10,355 | $ 8,303 | $ 7,807 | $ 9,285 | $ 8,952 | $ 8,829 | $ 8,895 | $ 35,444 | $ 35,961 | $ 29,677 |
Weighted average shares outstanding | 15,216,749 | 15,311,113 | 15,261,794 | ||||||||
Effect of dilutive stock options | 63,576 | 125,998 | 170,326 | ||||||||
Weighted average shares outstanding | 15,280,325 | 15,437,111 | 15,432,120 | ||||||||
Diluted earnings per share | $ 0.58 | $ 0.68 | $ 0.54 | $ 0.52 | $ 0.60 | $ 0.58 | $ 0.57 | $ 0.58 | $ 2.32 | $ 2.33 | $ 1.92 |
Shareholders' Equity - Stock Op
Shareholders' Equity - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding (in shares) | 458 | 453 | 455 |
Exercised (in shares) | (67) | (83) | (77) |
Granted (in shares) | 126 | 102 | 84 |
Canceled (in shares) | (21) | (14) | (9) |
Expired (in shares) | (1) | ||
Outstanding (in shares) | 495 | 458 | 453 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding (in dollars per share) | $ 21.08 | $ 18.45 | $ 16.33 |
Exercised (in dollars per share) | 11.65 | 13.07 | 14.67 |
Granted (in dollars per share) | 27.11 | 26.97 | 27.35 |
Canceled (in dollars per share) | 26.01 | 26.77 | 26.73 |
Expired (in dollars per share) | 10.73 | ||
Outstanding (in dollars per share) | $ 23.67 | $ 21.08 | $ 18.45 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Weighted average remaining contractual term | 5 years 8 months 12 days | ||
Aggregate intrinsic value | $ 1,340 | ||
Aggregate intrinsic value, exercised | $ 705 | $ 1,150 | $ 988 |
Exercisable, shares (in shares) | 324 | 322 | 330 |
Exercisable, weighted average exercise price (in dollars per share) | $ 21.97 | $ 18.89 | $ 15.77 |
Exercisable, weighted average remaining contractual term | 6 years 1 month 6 days | ||
Exercisable, aggregate intrinsic value | $ 1,323 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Options Indexed to Issuer Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |||
Weighted-average grant-date fair value per share | $ 4.76 | $ 6.60 | $ 5.94 |
Aggregate intrinsic value, exercised | $ 705 | $ 1,150 | $ 988 |
Total fair value of stock options vested | $ 489 | $ 438 | $ 55 |
Shareholders' Equity - Restrict
Shareholders' Equity - Restricted Stock Grants (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Class Of Stock [Line Items] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 4 months 24 days |
Restricted Stock [Member] | |
Class Of Stock [Line Items] | |
Granted (in shares) | 148,885 |
Unamortized compensation and directors' cost | $ | $ 2.4 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 4 years 1 month 6 days |
Shares | |
Granted (in shares) | 148,885 |
Nonvested shares (in shares) | 149,000 |
Weighted Average Grant-Date Fair Value | |
Granted (in dollars per share) | $ / shares | $ 18 |
Nonvested shares (in dollars per share) | $ / shares | $ 18 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Banking And Thrift [Abstract] | |
Bank Leverage ratio for 2020 | 7.00% |
Bank Leverage ratio for 2021 | 7.50% |
Bank Leverage ratio for 2022 and after | 8.00% |
Regulatory Restrictions on Payment of Dividends | If a California corporation does not have sufficient retained earnings available for the proposed dividend, it may still pay a dividend to its shareholders if immediately after the dividend the value of the company’s assets would equal or exceed the sum of its total liabilities plus any preferred dividend arrears amount. |
Amount Available for Dividend Distribution without Affecting Capital Adequacy Requirements | $ 59.1 |
Regulatory Matters - Compliance
Regulatory Matters - Compliance with Regulatory Capital Requirements under Banking Regulations (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Sierra Bancorp And Subsidiary [Member] | ||
Common Equity Tier 1 Capital Ratio | ||
Actual amount | $ 271,799 | |
Actual ratio | 13.27 | |
Required for Capital Adequacy Purposes, amount | $ 92,143 | |
Required for Capital Adequacy Purposes, ratio | 4.50 | |
To be Well Capitalized Under Prompt Corrective Action Provisions, amount | $ 133,095 | |
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio | 6.50 | |
Tier 1 Risk-Based Capital Ratio | ||
Actual amount | $ 306,744 | |
Actual ratio | 14.98 | |
Required for Capital Adequacy Purposes, amount | $ 122,857 | |
Required for Capital Adequacy Purposes, ratio | 6 | |
To be Well Capitalized Under Prompt Corrective Action Provisions, amount | $ 163,809 | |
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio | 8 | |
Total Risk-Based Capital Ratio | ||
Actual amount | $ 316,981 | |
Actual ratio | 15.48 | |
Required for Capital Adequacy Purposes, amount | $ 163,809 | |
Required for Capital Adequacy Purposes, ratio | 8 | |
To be Well Capitalized Under Prompt Corrective Action Provisions, amount | $ 204,762 | |
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio | 10 | |
Tier 1 (Core) Capital to average total assets | ||
Actual amount | $ 330,200 | $ 306,744 |
Actual ratio | 10.50 | 11.91 |
Required for Capital Adequacy Purposes, amount | $ 103,016 | |
Required for Capital Adequacy Purposes, ratio | 4 | |
To be Well Capitalized Under Prompt Corrective Action Provisions, amount | $ 251,595 | $ 128,769 |
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio | 8 | 5 |
Bank Of Sierra [Member] | ||
Common Equity Tier 1 Capital Ratio | ||
Actual amount | $ 301,963 | |
Actual ratio | 14.75 | |
Required for Capital Adequacy Purposes, amount | $ 92,130 | |
Required for Capital Adequacy Purposes, ratio | 4.50 | |
To be Well Capitalized Under Prompt Corrective Action Provisions, amount | $ 133,077 | |
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio | 6.50 | |
Tier 1 Risk-Based Capital Ratio | ||
Actual amount | $ 301,963 | |
Actual ratio | 14.75 | |
Required for Capital Adequacy Purposes, amount | $ 122,840 | |
Required for Capital Adequacy Purposes, ratio | 6 | |
To be Well Capitalized Under Prompt Corrective Action Provisions, amount | $ 163,787 | |
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio | 8 | |
Total Risk-Based Capital Ratio | ||
Actual amount | $ 312,200 | |
Actual ratio | 15.25 | |
Required for Capital Adequacy Purposes, amount | $ 163,787 | |
Required for Capital Adequacy Purposes, ratio | 8 | |
To be Well Capitalized Under Prompt Corrective Action Provisions, amount | $ 204,734 | |
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio | 10 | |
Tier 1 (Core) Capital to average total assets | ||
Actual amount | $ 318,194 | $ 301,963 |
Actual ratio | 10.12 | 11.73 |
Required for Capital Adequacy Purposes, amount | $ 103,002 | |
Required for Capital Adequacy Purposes, ratio | 4 | |
To be Well Capitalized Under Prompt Corrective Action Provisions, amount | $ 251,572 | $ 128,753 |
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio | 8 | 5 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan annual benefit after retirement or death period | 15 years | ||
Pension and other postretirement benefit contributions, Total | $ 5.1 | $ 5.3 | |
Pension and other postretirement benefit expense, Total | 0.2 | 0.3 | $ 0.4 |
Defined benefit plan, Benefits paid | $ 0.4 | $ 0.3 | $ 0.3 |
Percentage Of Salary Deferred For Tax Deferred Savings Plan Maximum | 15.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 6.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 90.00% | 95.00% | 75.00% |
Defined contribution plan employer matching contribution vesting period | 5 years | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1.1 | $ 1.1 | $ 1 |
Premium Life Insurance Policies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash Surrender Value of Life Insurance | 43.2 | 42.5 | |
Deferred Compensation Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash Surrender Value of Life Insurance | $ 9.3 | $ 8 |
Noninterest Income (Details)
Noninterest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Included in other income: | |||
Amortization of limited partnerships | $ (1,189) | $ (2,079) | $ (2,561) |
Dividends on equity investments | 664 | 789 | 961 |
Unrealized gains recognized on equity investments | 447 | 232 | 1,183 |
Other | 4,638 | 3,223 | 3,071 |
Total other noninterest income | $ 4,560 | $ 2,165 | $ 2,654 |
Other Noninterest Expense (Deta
Other Noninterest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |||
Legal, audit and professional | $ 4,263 | $ 4,039 | $ 3,032 |
Data processing | 4,661 | 4,564 | 5,015 |
Advertising and promotional | 1,889 | 2,568 | 2,748 |
Deposit services | 8,483 | 7,962 | 5,413 |
Stationery and supplies | 446 | 318 | 1,387 |
Telephone and data communication | 1,775 | 1,529 | 1,479 |
Loan and credit card processing | 879 | 675 | 1,142 |
Foreclosed assets expense (income), net | 253 | 35 | (730) |
Postage | 321 | 436 | 997 |
Other | 2,205 | 2,082 | 1,808 |
Assessments | 717 | 525 | 856 |
Total other noninterest expense | $ 25,892 | $ 24,733 | $ 23,147 |
Related Party Transactions - Su
Related Party Transactions - Summary of the Aggregate Activity Involving Related Party Borrowers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |||
Balance, beginning of year | $ 2,731 | $ 2,544 | $ 3,047 |
Disbursements | 7,114 | 18,681 | 13,873 |
Amounts repaid | (8,051) | (18,494) | (14,376) |
Balance, end of year | 1,794 | 2,731 | 2,544 |
Undisbursed commitments to related parties | $ 2,635 | $ 1,829 | $ 2,130 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transactions [Abstract] | ||
Deposit From Related Party | $ 6.1 | $ 7.6 |
Fair Value - Fair Value Measure
Fair Value - Fair Value Measurements - Recurring (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 543,974 | $ 600,799 |
U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,800 | 12,145 |
Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 314,435 | 400,389 |
States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 227,739 | 188,265 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 543,974 | 600,799 |
Other-than-temporary impairment losses on equity securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,800 | 12,145 |
Other-than-temporary impairment losses on equity securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 314,435 | 400,389 |
Other-than-temporary impairment losses on equity securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 227,739 | 188,265 |
Other-than-temporary impairment losses on equity securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 543,974 | 600,799 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,800 | 12,145 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 314,435 | 400,389 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 227,739 | 188,265 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 0 | $ 0 |
Fair Value - Fair Value Measu_2
Fair Value - Fair Value Measurements - Nonrecurring (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | $ 18,980 | $ 14,153 | $ 16,072 |
Foreclosed assets | 971 | 800 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 550 | 1,692 | |
Foreclosed assets | 971 | 800 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 0 | 0 | |
Foreclosed assets | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 550 | 1,692 | |
Foreclosed assets | 971 | 800 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 0 | 0 | |
Foreclosed assets | $ 0 | $ 0 |
Disclosures about Fair Value _3
Disclosures about Fair Value of Financial Instruments - Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Assets: | ||
Securities available-for-sale | $ 543,974 | $ 600,799 |
Financial liabilities: | ||
Repurchase agreements | 39,138 | 25,711 |
Carrying Amount [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 71,417 | 80,077 |
Securities available-for-sale | 543,974 | 600,799 |
Loans and leases, net held for investment | 2,441,676 | 1,753,846 |
Collateral dependent impaired loans | 550 | 1,692 |
Financial liabilities: | ||
Non-interest-bearing | 943,664 | 690,950 |
Interest-bearing | 1,680,942 | 1,477,424 |
Fed funds purchased and repurchase agreements | 39,138 | 25,711 |
Short term borrowings | 142,900 | 20,000 |
Subordinated debentures | 35,124 | 34,945 |
Fair Value [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 71,417 | 80,076 |
Securities available-for-sale | 543,974 | 600,799 |
Loans and leases, net held for investment | 2,450,340 | 1,761,461 |
Collateral dependent impaired loans | 550 | 1,692 |
Financial liabilities: | ||
Non-interest-bearing | 943,664 | 690,950 |
Interest-bearing | 1,680,814 | 1,477,497 |
Fed funds purchased and repurchase agreements | 39,138 | 25,711 |
Short term borrowings | 142,896 | 20,000 |
Subordinated debentures | 24,364 | 30,564 |
Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 71,417 | 80,076 |
Securities available-for-sale | 0 | 0 |
Loans and leases, net held for investment | 0 | 0 |
Collateral dependent impaired loans | 0 | 0 |
Financial liabilities: | ||
Non-interest-bearing | 943,664 | 690,950 |
Interest-bearing | 0 | 0 |
Fed funds purchased and repurchase agreements | 0 | 0 |
Short term borrowings | 0 | 0 |
Subordinated debentures | 0 | 0 |
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 543,974 | 600,799 |
Loans and leases, net held for investment | 0 | 0 |
Collateral dependent impaired loans | 550 | 1,692 |
Financial liabilities: | ||
Non-interest-bearing | 0 | 0 |
Interest-bearing | 1,680,814 | 1,477,497 |
Fed funds purchased and repurchase agreements | 39,138 | 25,711 |
Short term borrowings | 142,896 | 20,000 |
Subordinated debentures | 24,364 | 30,564 |
Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Loans and leases, net held for investment | 2,450,340 | 1,761,461 |
Collateral dependent impaired loans | 0 | 0 |
Financial liabilities: | ||
Non-interest-bearing | 0 | 0 |
Interest-bearing | 0 | 0 |
Fed funds purchased and repurchase agreements | 0 | 0 |
Short term borrowings | 0 | 0 |
Subordinated debentures | $ 0 | $ 0 |
Disclosures about Fair Value _4
Disclosures about Fair Value of Financial Instruments - Off-Balance-Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | $ 441,816 | $ 492,040 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional Amount | $ 8,104 | $ 8,619 |
Qualified Affordable Housing _2
Qualified Affordable Housing Project Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal Home Loan Banks [Abstract] | |||
Investment, book balance | $ 3.5 | $ 4.1 | |
Investment, remaining commitments for additional capital contributions | 0.1 | 1.3 | |
Investment, amortization expense | 0.6 | 1.8 | $ 2.5 |
Investment, tax credit | 0.5 | 0.5 | |
Impairment Loss | $ 0 | $ 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Noninterest income | |||||||||||
Loss on limited partnerships | $ (1,189) | $ (2,079) | |||||||||
Dividends on equity investments | 664 | 789 | $ 961 | ||||||||
Unrealized gains recognized on equity investments | 447 | 232 | 1,183 | ||||||||
Net gains (losses) on sale of securities | 390 | (198) | 2 | ||||||||
Other | 7,050 | 5,407 | |||||||||
Total noninterest income | $ 6,040 | $ 7,104 | $ 6,900 | $ 6,106 | $ 5,847 | $ 5,869 | $ 5,855 | $ 5,906 | 26,150 | 23,477 | 21,564 |
Noninterest expense | |||||||||||
Salaries and employee benefits | 40,178 | 35,978 | 36,133 | ||||||||
Occupancy expense | 9,842 | 9,845 | 10,295 | ||||||||
Gain on sale of OREO | (10) | (107) | |||||||||
Other | 25,902 | 24,862 | |||||||||
Total noninterest expense | $ 20,757 | $ 19,304 | $ 18,033 | $ 17,818 | $ 17,982 | $ 17,088 | $ 17,656 | $ 17,852 | 75,912 | 70,578 | 70,024 |
Deposit Account [Member] | |||||||||||
Noninterest income | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 11,765 | 12,742 | 12,439 | ||||||||
Returned Item and Overdraft Fees [Member] | |||||||||||
Noninterest income | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,078 | 6,854 | |||||||||
Other Service Charges on Deposits [Member] | |||||||||||
Noninterest income | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,687 | 5,888 | |||||||||
Debit Card [Member] | |||||||||||
Noninterest income | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 7,023 | $ 6,584 | $ 5,878 |
Parent Only Condensed Financi_3
Parent Only Condensed Financial Statements - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||||
Cash and due from banks | $ 67,908 | $ 65,556 | ||
Other assets | 50,446 | 45,915 | ||
Total assets | 3,220,742 | 2,593,819 | ||
Liabilities: | ||||
Other liabilities | 35,078 | 35,504 | ||
Subordinated debentures | 35,124 | 34,945 | ||
Total liabilities | 2,876,846 | 2,284,534 | ||
Shareholders' equity | ||||
Common stock | 113,384 | 113,179 | ||
Retained earnings | 208,371 | 186,867 | ||
Accumulated other comprehensive gain, net of taxes | 18,405 | 5,932 | ||
Total shareholders' equity | 343,896 | 309,285 | $ 273,024 | $ 255,942 |
Total liabilities and shareholders' equity | 3,220,742 | 2,593,819 | ||
Parent [Member] | ||||
ASSETS | ||||
Cash and due from banks | 12,000 | 4,818 | ||
Other assets | 22 | 21 | ||
Total assets | 380,181 | 345,433 | ||
Liabilities: | ||||
Other liabilities | 1,161 | 1,203 | ||
Subordinated debentures | 35,124 | 34,945 | ||
Total liabilities | 36,285 | 36,148 | ||
Shareholders' equity | ||||
Common stock | 117,120 | 116,486 | ||
Retained earnings | 208,371 | 186,867 | ||
Accumulated other comprehensive gain, net of taxes | 18,405 | 5,932 | ||
Total shareholders' equity | 343,896 | 309,285 | ||
Total liabilities and shareholders' equity | 380,181 | 345,433 | ||
Parent [Member] | Trust Subsidiaries [Member] | ||||
ASSETS | ||||
Investments in bank subsidiary | 1,145 | 1,145 | ||
Parent [Member] | Subsidiaries [Member] | ||||
ASSETS | ||||
Investments in bank subsidiary | $ 367,014 | $ 339,449 |
Parent Only Condensed Financi_4
Parent Only Condensed Financial Statements - Condensed Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income: | |||||||||||
Gain on sale of securities | $ 390 | $ (198) | $ 2 | ||||||||
Expense | |||||||||||
Salaries and employee benefits | 40,178 | 35,978 | 36,133 | ||||||||
Income before income taxes | $ 11,915 | $ 13,524 | $ 10,809 | $ 10,275 | $ 12,187 | $ 11,806 | $ 11,998 | $ 11,727 | 46,523 | 47,718 | 39,584 |
Income tax benefit | 2,936 | 3,169 | 2,506 | 2,468 | 2,902 | 2,854 | 3,169 | 2,832 | 11,079 | 11,757 | 9,907 |
Net income | $ 8,979 | $ 10,355 | $ 8,303 | $ 7,807 | $ 9,285 | $ 8,952 | $ 8,829 | $ 8,895 | 35,444 | 35,961 | 29,677 |
Parent [Member] | |||||||||||
Income: | |||||||||||
Dividend from subsidiary | 23,000 | 17,200 | 7,750 | ||||||||
Gain on sale of securities | 0 | 0 | 0 | ||||||||
Other operating income | 43 | 0 | 0 | ||||||||
Total income | 23,043 | 17,200 | 7,750 | ||||||||
Expense | |||||||||||
Salaries and employee benefits | 856 | 582 | 516 | ||||||||
Other expenses | 1,971 | 2,664 | 2,533 | ||||||||
Total expenses | 2,827 | 3,246 | 3,049 | ||||||||
Income before income taxes | 20,216 | 13,954 | 4,701 | ||||||||
Income tax benefit | (823) | (1,138) | (1,150) | ||||||||
Income before equity in undistributed income of subsidiary | 21,039 | 15,092 | 5,851 | ||||||||
Equity in undistributed income of subsidiary | 14,405 | 20,869 | 23,826 | ||||||||
Net income | $ 35,444 | $ 35,961 | $ 29,677 |
Parent Only Condensed Financi_5
Parent Only Condensed Financial Statements - Condensed Cash Flow Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||||||||||
Net income | $ 8,979 | $ 10,355 | $ 8,303 | $ 7,807 | $ 9,285 | $ 8,952 | $ 8,829 | $ 8,895 | $ 35,444 | $ 35,961 | $ 29,677 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
(Gain) loss on sales of securities | (390) | 198 | (2) | ||||||||
Increase (decrease) in other assets | (488) | (9,224) | (6,106) | ||||||||
(Decrease) increase in other liabilities | (8,151) | 9,662 | (5,420) | ||||||||
Net cash provided by operating activities | 40,027 | 46,737 | 30,446 | ||||||||
Cash flows from investing activities: | |||||||||||
Net cash used in investing activities | (627,252) | (53,290) | (188,188) | ||||||||
Cash flows from financing activities: | |||||||||||
Stock options exercised | 775 | 1,088 | 1,131 | ||||||||
Repurchases of common stock | (2,562) | (2,544) | |||||||||
Net cash provided by financing activities | 578,565 | 12,498 | 161,737 | ||||||||
Cash and cash equivalents, beginning of year | 80,077 | 74,132 | 80,077 | 74,132 | 70,137 | ||||||
Cash and cash equivalents, end of year | 71,417 | 80,077 | 71,417 | 80,077 | 74,132 | ||||||
Parent [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 35,444 | 35,961 | 29,677 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Undistributed net loss of subsidiary | (14,405) | (20,869) | (23,826) | ||||||||
Increase (decrease) in other assets | 178 | 178 | 183 | ||||||||
(Decrease) increase in other liabilities | (41) | (2) | 28 | ||||||||
Net cash provided by operating activities | 21,176 | 15,268 | 6,062 | ||||||||
Cash flows from investing activities: | |||||||||||
Cash paid from acquisitions, net | 0 | 0 | (6) | ||||||||
Net cash used in investing activities | 0 | 0 | (6) | ||||||||
Cash flows from financing activities: | |||||||||||
Stock options exercised | 775 | 1,088 | 1,131 | ||||||||
Repurchases of common stock | (2,562) | (2,544) | 0 | ||||||||
Dividends paid | (12,207) | (11,332) | (9,757) | ||||||||
Net cash provided by financing activities | (13,994) | (12,788) | (8,626) | ||||||||
Net decrease (increase) in cash and cash equivalents | 7,182 | 2,480 | (2,570) | ||||||||
Cash and cash equivalents, beginning of year | $ 4,818 | $ 2,338 | 4,818 | 2,338 | 4,908 | ||||||
Cash and cash equivalents, end of year | $ 12,000 | $ 4,818 | $ 12,000 | $ 4,818 | $ 2,338 |
Condensed Quarterly Results o_3
Condensed Quarterly Results of Operations (Unaudited)) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||||||||||
Interest income | $ 29,762 | $ 29,044 | $ 25,386 | $ 26,051 | $ 27,775 | $ 27,901 | $ 27,788 | $ 27,483 | $ 110,243 | $ 110,947 | $ 101,638 |
Interest expense | 930 | 970 | 1,244 | 2,264 | 2,953 | 3,526 | 3,589 | 3,510 | 5,408 | 13,578 | 9,244 |
Net interest income | 28,832 | 28,074 | 24,142 | 23,787 | 24,822 | 24,375 | 24,199 | 23,973 | 104,835 | 97,369 | 92,394 |
Provision for loan and lease losses | 2,200 | 2,350 | 2,200 | 1,800 | 500 | 1,350 | 400 | 300 | 8,550 | 2,550 | 4,350 |
Noninterest income | 6,040 | 7,104 | 6,900 | 6,106 | 5,847 | 5,869 | 5,855 | 5,906 | 26,150 | 23,477 | 21,564 |
Noninterest expense | 20,757 | 19,304 | 18,033 | 17,818 | 17,982 | 17,088 | 17,656 | 17,852 | 75,912 | 70,578 | 70,024 |
Net income before taxes | 11,915 | 13,524 | 10,809 | 10,275 | 12,187 | 11,806 | 11,998 | 11,727 | 46,523 | 47,718 | 39,584 |
Provision for income taxes | 2,936 | 3,169 | 2,506 | 2,468 | 2,902 | 2,854 | 3,169 | 2,832 | 11,079 | 11,757 | 9,907 |
Net income | $ 8,979 | $ 10,355 | $ 8,303 | $ 7,807 | $ 9,285 | $ 8,952 | $ 8,829 | $ 8,895 | $ 35,444 | $ 35,961 | $ 29,677 |
Diluted earnings per share | $ 0.58 | $ 0.68 | $ 0.54 | $ 0.52 | $ 0.60 | $ 0.58 | $ 0.57 | $ 0.58 | $ 2.32 | $ 2.33 | $ 1.92 |
Cash dividend (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.18 |