Document and Entity Information
Document and Entity Information - $ / shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 30, 2020 | |
Cover [Abstract] | ||
Entity Central Index Key | 0001263762 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-50400 | |
Entity Registrant Name | Select Bancorp, Inc. | |
Entity Incorporation, State or Country Code | NC | |
Entity Tax Identification Number | 20-0218264 | |
Entity Address, Address Line One | 700 W. Cumberland Street | |
Entity Address, City or Town | Dunn | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28334 | |
City Area Code | 910 | |
Local Phone Number | 892-7080 | |
Title of 12(b) Security | Common stock, par value $1.00 per share | |
Entity Listing, Par Value Per Share | $ 1 | |
Trading Symbol | SLCT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,786,552 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 25,068 | $ 19,110 |
Interest-earning deposits in other banks | 249,541 | 50,920 |
Federal funds sold | 8,046 | 9,047 |
Investment securities available for sale, at fair value | 87,434 | 72,367 |
Loans held for sale | 2,945 | 928 |
Loans | 1,283,457 | 1,029,975 |
Allowance for loan losses | (13,561) | (8,324) |
NET LOANS | 1,269,896 | 1,021,651 |
Accrued interest receivable | 4,486 | 4,189 |
Stock in Federal Home Loan Bank of Atlanta ("FHLB"), at cost | 3,059 | 3,045 |
Other non-marketable securities | 718 | 719 |
Foreclosed real estate | 3,237 | 3,533 |
Premises and equipment, net | 20,883 | 17,791 |
Right of use lease asset | 8,756 | 8,596 |
Bank owned life insurance | 30,271 | 29,789 |
Goodwill | 41,914 | 24,579 |
Core deposit intangible ("CDI") | 1,677 | 1,610 |
Other assets | 14,015 | 7,202 |
TOTAL ASSETS | 1,771,946 | 1,275,076 |
Deposits: | ||
Demand | 408,209 | 240,305 |
Savings | 51,629 | 43,128 |
Money market and NOW | 610,275 | 280,145 |
Time | 402,667 | 429,260 |
TOTAL DEPOSITS | 1,472,780 | 992,838 |
Short-term debt | 20,000 | 0 |
Long-term debt | 37,372 | 57,372 |
Lease liability | 9,089 | 8,813 |
Accrued interest payable | 449 | 578 |
Accrued expenses and other liabilities | 18,889 | 2,700 |
TOTAL LIABILITIES | 1,558,579 | 1,062,301 |
Shareholders' Equity: | ||
Preferred stock, no par value, 5,000,000 shares authorized; no preferred shares were issued and outstanding at September 30, 2020 and December 31, 2019 | 0 | 0 |
Common stock, $1 par value, 50,000,000 shares authorized; 17,786,552 and 18,330,058 shares issued and outstanding at September 30, 2020 and December 31, 2019 , respectively | 17,787 | 18,330 |
Additional paid-in capital | 137,130 | 140,870 |
Retained earnings | 56,917 | 52,675 |
Common stock issued to deferred compensation trust, at cost; 263,377 and 319,753 shares outstanding at September 30, 2020 and December 31, 2019, respectively | (2,352) | (2,815) |
Directors' Deferred Compensation Plan Rabbi Trust | 2,352 | 2,815 |
Accumulated other comprehensive income | 1,533 | 900 |
TOTAL SHAREHOLDERS' EQUITY | 213,367 | 212,775 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,771,946 | $ 1,275,076 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Preferred stock | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 17,786,552 | 18,330,058 |
Common stock, shares outstanding (in shares) | 17,786,552 | 18,330,058 |
Deferred Comp Plan | ||
Common stock | ||
Common stock, shares outstanding (in shares) | 263,377 | 319,753 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
INTEREST INCOME | ||||
Loans | $ 15,404 | $ 13,924 | $ 43,079 | $ 40,481 |
Federal funds sold and interest-earning deposits in other banks | 54 | 581 | 255 | 1,580 |
Investments | 367 | 503 | 1,169 | 1,569 |
TOTAL INTEREST INCOME | 15,825 | 15,008 | 44,503 | 43,630 |
INTEREST EXPENSE | ||||
Money market, NOW and savings deposits | 891 | 433 | 1,887 | 1,196 |
Time deposits | 1,415 | 2,248 | 4,922 | 5,986 |
Short-term debt | 145 | 4 | 373 | 56 |
Long-term debt | 263 | 455 | 896 | 1,370 |
TOTAL INTEREST EXPENSE | 2,714 | 3,140 | 8,078 | 8,608 |
NET INTEREST INCOME | 13,111 | 11,868 | 36,425 | 35,022 |
PROVISION FOR LOAN LOSSES | 1,638 | 231 | 5,844 | 136 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 11,473 | 11,637 | 30,581 | 34,886 |
NON-INTEREST INCOME | ||||
Gain on the sale of securities | 48 | 0 | 48 | |
Fees on the sale of mortgages | 517 | 218 | 1,165 | 605 |
Other fees and income | 950 | 874 | 2,613 | 2,462 |
TOTAL NON-INTEREST INCOME | 1,724 | 1,448 | 4,579 | 3,973 |
NON-INTEREST EXPENSE | ||||
Personnel | 5,742 | 5,124 | 17,160 | 15,126 |
Occupancy and equipment | 1,008 | 1,073 | 2,925 | 2,722 |
Deposit insurance | 370 | (30) | 434 | 165 |
Professional fees | 399 | 518 | 1,222 | 1,383 |
CDI amortization | 179 | 208 | 553 | 632 |
Merger/acquisition related expenses | 7 | 128 | 755 | 235 |
Information systems | 1,043 | 852 | 3,053 | 2,518 |
Foreclosure-related expenses | 228 | (9) | 420 | 31 |
Other | 1,091 | 1,067 | 3,294 | 3,234 |
TOTAL NON-INTEREST EXPENSE | 10,067 | 8,931 | 29,816 | 26,046 |
INCOME BEFORE INCOME TAX | 3,130 | 4,154 | 5,344 | 12,813 |
INCOME TAXES | 673 | 915 | 1,102 | 2,819 |
NET INCOME | $ 2,457 | $ 3,239 | $ 4,242 | $ 9,994 |
NET INCOME PER COMMON SHARE | ||||
Basic (in dollars per share) | $ 0.14 | $ 0.17 | $ 0.24 | $ 0.52 |
Diluted (in dollars per share) | $ 0.14 | $ 0.17 | $ 0.23 | $ 0.52 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic (in dollars per share) | 17,847,913 | 19,028,572 | 18,038,345 | 19,219,820 |
Diluted (in dollars per share) | 17,866,822 | 19,073,235 | 18,062,170 | 19,266,480 |
Deposit Account [Member] | ||||
NON-INTEREST INCOME | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 257 | $ 308 | $ 801 | $ 858 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net income | $ 2,457 | $ 3,239 | $ 4,242 | $ 9,994 |
Other comprehensive income (loss): | ||||
Unrealized gains (loss) on investment securities-available for sale | (161) | 196 | 822 | 1,454 |
Tax effect | 38 | (48) | (189) | (334) |
Unrealized gains (loss) on investment securities-available for sale, net | (123) | 148 | 633 | 1,120 |
Reclassification adjustment for (gains) included in net income | (48) | (48) | ||
Tax effect | 11 | 11 | ||
Reclassification adjustment for (gains) included in net income, net | (37) | (37) | ||
Total | (123) | 111 | 633 | 1,083 |
Total comprehensive income | $ 2,334 | $ 3,350 | $ 4,875 | $ 11,077 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional paid-in Capital | Retained Earnings | Deferred Comp Plan | Common Stock Issued to Deferred Compensation Trust | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at Dec. 31, 2018 | $ 19,312 | $ 150,718 | $ 39,640 | $ (2,615) | $ 2,615 | $ (59) | $ 209,611 |
Balance (in shares) at Dec. 31, 2018 | 19,311,505 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 3,307 | 3,307 | |||||
Other comprehensive income (loss) | 360 | 360 | |||||
Stock option exercises | $ 14 | 100 | 114 | ||||
Stock option exercises (in shares) | 14,980 | ||||||
Directors' equity incentive plan, net | (37) | 37 | |||||
Stock-based compensation | 59 | 59 | |||||
Balance at Mar. 31, 2019 | $ 19,326 | 150,877 | 42,947 | (2,652) | 2,652 | 301 | 213,451 |
Balance (in shares) at Mar. 31, 2019 | 19,326,485 | ||||||
Balance at Dec. 31, 2018 | $ 19,312 | 150,718 | 39,640 | (2,615) | 2,615 | (59) | 209,611 |
Balance (in shares) at Dec. 31, 2018 | 19,311,505 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 9,994 | ||||||
Balance at Sep. 30, 2019 | $ 18,513 | 142,878 | 49,634 | (2,730) | 2,730 | 1,024 | 212,049 |
Balance (in shares) at Sep. 30, 2019 | 18,513,078 | ||||||
Balance at Mar. 31, 2019 | $ 19,326 | 150,877 | 42,947 | (2,652) | 2,652 | 301 | 213,451 |
Balance (in shares) at Mar. 31, 2019 | 19,326,485 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 3,448 | 3,448 | |||||
Other comprehensive income (loss) | 612 | 612 | |||||
Stock repurchases | $ (64) | (662) | (726) | ||||
Stock repurchases (in shares) | (64,496) | ||||||
Stock-based compensation | 60 | 60 | |||||
Balance at Jun. 30, 2019 | $ 19,262 | 150,275 | 46,395 | (2,652) | 2,652 | 913 | 216,845 |
Balance (in shares) at Jun. 30, 2019 | 19,261,989 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 3,239 | 3,239 | |||||
Other comprehensive income (loss) | 111 | 111 | |||||
Stock repurchases | $ (749) | (7,456) | (8,205) | ||||
Stock repurchases (in shares) | (748,911) | ||||||
Directors' equity incentive plan, net | (78) | 78 | |||||
Stock-based compensation | 59 | 59 | |||||
Balance at Sep. 30, 2019 | $ 18,513 | 142,878 | 49,634 | (2,730) | 2,730 | 1,024 | 212,049 |
Balance (in shares) at Sep. 30, 2019 | 18,513,078 | ||||||
Balance at Dec. 31, 2019 | $ 18,330 | 140,870 | 52,675 | (2,815) | 2,815 | 900 | 212,775 |
Balance (in shares) at Dec. 31, 2019 | 18,330,058 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 1,104 | 1,104 | |||||
Other comprehensive income (loss) | 562 | 562 | |||||
Stock repurchases | $ (275) | (2,193) | (2,468) | ||||
Stock repurchases (in shares) | (275,366) | ||||||
Stock option exercises | $ 1 | 6 | 7 | ||||
Stock option exercises (in shares) | 1,000 | ||||||
Directors' equity incentive plan, net | 24 | (24) | |||||
Stock-based compensation | 105 | 105 | |||||
Balance at Mar. 31, 2020 | $ 18,056 | 138,788 | 53,779 | (2,791) | 2,791 | 1,462 | 212,085 |
Balance (in shares) at Mar. 31, 2020 | 18,055,692 | ||||||
Balance at Dec. 31, 2019 | $ 18,330 | 140,870 | 52,675 | (2,815) | 2,815 | 900 | 212,775 |
Balance (in shares) at Dec. 31, 2019 | 18,330,058 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 4,242 | ||||||
Balance at Sep. 30, 2020 | $ 17,787 | 137,130 | 56,917 | (2,352) | 2,352 | 1,533 | 213,367 |
Balance (in shares) at Sep. 30, 2020 | 17,786,552 | ||||||
Balance at Mar. 31, 2020 | $ 18,056 | 138,788 | 53,779 | (2,791) | 2,791 | 1,462 | 212,085 |
Balance (in shares) at Mar. 31, 2020 | 18,055,692 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 681 | 681 | |||||
Other comprehensive income (loss) | 194 | 194 | |||||
Stock repurchases | $ (193) | (1,328) | (1,521) | ||||
Stock repurchases (in shares) | (193,138) | ||||||
Directors' equity incentive plan, net | 238 | (238) | |||||
Stock-based compensation | 99 | 99 | |||||
Balance at Jun. 30, 2020 | $ 17,863 | 137,559 | 54,460 | (2,553) | 2,553 | 1,656 | 211,538 |
Balance (in shares) at Jun. 30, 2020 | 17,862,554 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 2,457 | 2,457 | |||||
Other comprehensive income (loss) | (123) | (123) | |||||
Stock repurchases | $ (76) | (490) | (566) | ||||
Stock repurchases (in shares) | (76,002) | ||||||
Directors' equity incentive plan, net | 201 | (201) | |||||
Stock-based compensation | 61 | 61 | |||||
Balance at Sep. 30, 2020 | $ 17,787 | $ 137,130 | $ 56,917 | $ (2,352) | $ 2,352 | $ 1,533 | $ 213,367 |
Balance (in shares) at Sep. 30, 2020 | 17,786,552 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 4,242 | $ 9,994 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for loan losses | 5,844 | 136 |
Depreciation and amortization of premises and equipment | 1,335 | 1,337 |
Amortization and accretion of investment securities | 436 | 543 |
Amortization of right of use asset | 941 | 810 |
Accretion of deferred loan fees and costs | (688) | (590) |
Amortization of core deposit intangible | 553 | 632 |
Accretion of acquisition premium on time deposits | (206) | (7) |
Deferred income taxes | 283 | 0 |
Stock-based compensation | 265 | 178 |
Accretion on acquired loans | (1,075) | (679) |
Increase in cash surrender value of bank-owned life insurance | (482) | (504) |
Proceeds from loans held for sale | 43,904 | 25,388 |
Originations of loans held for sale | (44,756) | (25,917) |
Gain on sales of loans held for sale | (1,165) | 0 |
Net loss on sale and write-downs of foreclosed real estate | 390 | 12 |
Fees on sale of mortgages | 0 | (605) |
Gain on the sale of securities | 0 | (48) |
Loss (gain) on sale of premises and equipment | 0 | 8 |
Loss on assets held for sale | 0 | 8 |
Change in assets and liabilities: | ||
Net change in accrued interest receivable | 41 | (13) |
Net change in other assets | (6,312) | (1,656) |
Net change in accrued expenses and other liabilities | 15,887 | (408) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 19,437 | 8,619 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Redemption (purchase) of FHLB stock | (14) | 238 |
Redemption of non-marketable security | 1 | 43 |
Purchase of investment securities available for sale | (39,794) | (37,948) |
Maturities of investment securities available for sale | 10,511 | 2,883 |
Mortgage-backed securities pay-downs | 14,602 | 9,367 |
Net change in loans outstanding | (149,341) | (28,837) |
Proceeds from sale of foreclosed real estate | 180 | 103 |
Net purchases of premises and equipment | (1,531) | (1,167) |
Proceeds from sale of investment securities available for sale | 0 | 1,125 |
Cash received from branch acquisition | 60,234 | 24,093 |
Proceeds from sale of premises and equipment | 0 | 660 |
NET CASH USED IN INVESTING ACTIVITIES | (105,152) | (29,440) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net change in deposits | 294,665 | (17,786) |
Repayments of short-term debt | 0 | (7,000) |
Repayments of lease liability | (825) | (565) |
Repurchase of common stock | (4,556) | (8,931) |
Proceeds from stock options exercised | 7 | 114 |
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES | 289,291 | (34,168) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 203,578 | (54,989) |
CASH AND CASH EQUIVALENTS, BEGINNING | 79,077 | 139,362 |
CASH AND CASH EQUIVALENTS, ENDING | 282,655 | 84,373 |
Cash paid during the period for: | ||
Interest paid | 8,207 | 8,679 |
Cash paid during the period for: | ||
Taxes paid | 3,202 | 2,496 |
Non-cash transactions: | ||
Unrealized gains (losses) on investment securities available for sale, net of tax | 633 | 1,120 |
Transfers from loans to foreclosed real estate | 274 | 469 |
Acquisition: | ||
Assets acquired (excluding goodwill) | 170,914 | 0 |
Liabilities assumed | 186,416 | 0 |
Goodwill recorded | $ 17,335 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2020 | |
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | NOTE A - BASIS OF PRESENTATION Select Bancorp, Inc. (the “Company”) is a bank holding company whose principal business activity consists of ownership of Select Bank & Trust Company (referred to as the “Bank”). In 2004, the Company formed New Century Statutory Trust I, which issued trust preferred securities to provide additional capital for general corporate purposes, including the current and future expansion of the Company. New Century Statutory Trust I is not a consolidated subsidiary of the Company. On July 25, 2014, the Company changed its name from New Century Bancorp, Inc. to Select Bancorp, Inc. following its acquisition by merger of Select Bancorp, Inc., Greenville, North Carolina (which we refer to herein as “Legacy Select”). The Company is subject to the rules and regulations of the Board of Governors of the Federal Reserve System and the North Carolina Commissioner of Banks. The Bank was originally incorporated as New Century Bank on May 19, 2000 and began banking operations on May 24, 2000. On July 25, 2014, the Company acquired Select Bank & Trust Company, Greenville, North Carolina, and changed the Bank’s legal name to Select Bank & Trust Company. On December 15, 2017, the Company acquired Premara Financial, Inc. (“Premara”) and its subsidiary Carolina Premier Bank (“Carolina Premier”) through the merger of Premara with and into the Company, followed immediately by the merger of Carolina Premier with and into the Bank. The Bank continues as the only banking subsidiary of the Company with its headquarters and operations center located in Dunn, North Carolina. The Bank is engaged in general commercial and retail banking in the State of North Carolina, northwest South Carolina, and the Virginia Beach-Norfolk-Newport News, VA-NC, metropolitan statistical area. The Bank is subject to the supervision and regulation of the Federal Deposit Insurance Corporation and the North Carolina Commissioner of Banks. All significant inter-company transactions and balances have been eliminated in consolidation. In management’s opinion, the financial information, which is unaudited, reflects all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the financial information as of and for the three and nine months ended September 30, 2020 and 2019, in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of consolidated financial statements requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements, as well as the amounts of income and expense during the reporting period. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020. The organization and business of the Company, accounting policies followed by the Company and other relevant information are contained in the notes to the financial statements filed as part of the Company’s 2019 Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 11, 2020. This quarterly report should be read in conjunction with the Annual Report. Certain reclassifications of the information in prior periods were made to conform to the September 30, 2020 presentation. Such reclassifications had no effect on shareholders’ equity or net income as previously reported. COVID-19 to financial institutions through the Federal Reserve Bank. On March 3, 2020, the Federal Open Market Committee reduced the target federal funds rate by 50 basis points to 1.00% to 1.25%. This rate was further reduced to a target range of 0% to 0.25% on March 16, 2020. These reductions in interest rates and other effects of the COVID-19 outbreak may adversely affect the Company’s financial condition and results of operations. As a result of the spread of COVID-19, economic uncertainties have arisen which are likely to negatively impact net interest income and noninterest income. Other financial impact could occur though such potential impact is unknown at this time. |
PER SHARE RESULTS
PER SHARE RESULTS | 9 Months Ended |
Sep. 30, 2020 | |
PER SHARE RESULTS | |
PER SHARE RESULTS | NOTE B - PER SHARE RESULTS Basic net income per share is computed based upon the weighted average number of shares of common stock outstanding during the period. Diluted net income per share includes the dilutive effect of stock options outstanding during the period. At September 30, 2020 and 2019 there were 243,120 and 172,120 anti-dilutive stock options outstanding, respectively. Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Weighted average number of common shares used in computing basic net income per share 17,847,913 19,028,572 18,038,345 19,219,820 Effect of dilutive stock options 18,909 44,663 23,825 46,660 Weighted average number of common shares and dilutive potential common shares used in computing diluted net income per share 17,866,822 19,073,235 18,062,170 19,266,480 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2020 | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE C - RECENT ACCOUNTING PRONOUNCEMENTS The following summarizes recent accounting pronouncements and their expected impact on the Company: In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, In August 2018, the FASB amended ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements December 15, 2019 upon issuance of this ASU and delay adoption of the additional disclosures until their effective date. The adoption of these amendments did not have a material effect on its consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update ("ASU") 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment 2020 In March 2020, the FASB issued Accounting Standards Update ("ASU") 2020-04 - Reference Rate Reform (Topic 848) From time to time, the FASB issues exposure drafts for proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the public, to revisions by the FASB and to final issuance by the FASB as statements of financial accounting standards. Management considers the effect of the proposed statements on the consolidated financial statements of the Company and monitors the status of changes to and proposed effective dates of exposure drafts. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2020 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | NOTE D - FAIR VALUE MEASUREMENTS Accounting Standards Codification (“ASC”) 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements, but clarifies and standardizes some divergent practices that have emerged since prior guidance was issued. ASC 820 creates a three-level hierarchy under which individual fair value estimates are to be ranked based on the relative reliability of the inputs used in the valuation. Fair value estimates are made at a specific moment in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no active market readily exists for a portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, 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 estimates. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Fair Value Hierarchy The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: ● Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. ● Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. ● Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. The following is a description of valuation methodologies used for assets and liabilities recorded at fair value on a recurring basis. Investment Securities Available-for-Sale Investment securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include U.S. government agencies, mortgage-backed securities issued by government sponsored entities, and municipal bonds. There have been no changes in valuation techniques for the three and nine months ended September 30, 2020. Valuation techniques are consistent with techniques used in prior periods. The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 (in thousands): Quoted Prices in Significant Investment securities Active Markets Other Significant available for sale for Identical Observable Unobservable September 30, 2020 Fair value Assets (Level 1) Inputs (Level 2) Inputs (Level 3) U.S. government agencies – GSE’s $ 11,760 $ — $ 11,760 $ — Mortgage-backed securities – GSE’s 41,670 — 41,670 — Corporate Bonds 2,103 — 2,103 — Municipal bonds 31,901 — 31,901 — Total investment available for sale $ 87,434 $ — $ 87,434 $ — Quoted Prices in Significant Investment securities Active Markets Other Significant available for sale for Identical Observable Unobservable December 31, 2019 Fair value Assets (Level 1) Inputs (Level 2) Inputs (Level 3) U.S. government agencies – GSE’s $ 9,996 $ — $ 9,996 $ — Mortgage-backed securities – GSE’s 47,743 — 47,743 — Corporate Bonds 2,299 — 2,299 — Municipal bonds 12,329 — 12,329 — Total investment available for sale $ 72,367 $ — $ 72,367 $ — The following is a description of valuation methodologies used for assets recorded at fair value on a non-recurring basis. Impaired Loans The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and a specific reserve in the allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment in accordance with ASC 310, “Receivables”. The fair value of impaired loans is estimated using one of several methods, including collateral value, market value of similar debt, enterprise value, or liquidation value and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At September 30, 2020 and December 31, 2019, substantially all of the total impaired loans were evaluated based on the fair value of the collateral. Impaired loans where a specific reserve is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the impaired loan as non-recurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company records the impaired loan as non-recurring Level 3. The significant unobservable input used in the fair value measurement of the Company’s impaired loans is the discount applied to appraised values to account for expected liquidation and selling costs. At September 30, 2020, the discounts used are weighted between 3% and 50%. There were no transfers between levels from the prior reporting periods, and there have been no changes in valuation techniques for the three and nine months ended September 30, 2020. Foreclosed Real Estate Foreclosed real estate are properties recorded at the balance of the loan or an estimated fair value of the real estate collateral less estimated selling costs, whichever is less. Inputs include appraised values on the properties or recent sales activity for similar assets in the property’s market. Therefore, foreclosed real estate is classified within Level 3 of the hierarchy. The significant unobservable input used in the fair value measurement of the Company’s foreclosed real estate is the discount applied to appraised values to account for expected liquidation and selling costs. At September 30, 2020, the discounts used ranged between 6% and 10%. There have been no changes in valuation techniques for the three and nine months ended September 30, 2020. Loans held for sale The Company originates fixed and variable rate residential mortgage loans on a service-release basis in the secondary market. Loans closed but not yet settled with an investor are carried in our loans held for sale portfolio. Virtually all of these loans have commitments to be purchased by investors and the majority of these loans were locked in by price with the investors on the same day or shortly thereafter that the loan was locked in with our customers. Therefore, these loans present very little market risk. The Company usually delivers to, and receives funding from, the investor within 30 to 60 days. Commitments to sell these loans to the investor are considered derivative contracts and are sold to investors on a “best efforts” basis. The Company is not obligated to deliver a loan or pay a penalty if a loan is not delivered to the investor. Because of the short-term nature of these derivative contracts, the fair value of the mortgage loans held for sale in most cases is materially the same as the value of the loan amount at its origination . Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated market value in the aggregate. Net unrealized losses are provided for in a valuation allowance by charges to operations as a component of mortgage banking income. Gains or losses on sales of loans are recognized when control over these assets are surrendered and are included in mortgage banking income in the consolidated statements of income. The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a non-recurring basis as of September 30, 2020 and December 31, 2019 (in thousands): Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Asset Category September 30, 2020 Fair value Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Impaired loans $ 7,695 $ — $ — $ 7,695 Foreclosed real estate 3,237 — — 3,237 Total $ 10,932 $ — $ — $ 10,932 Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Asset Category December 31, 2019 Fair value Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Impaired loans $ 5,941 $ — $ — $ 5,941 Foreclosed real estate 3,533 — — 3,533 Total $ 9,474 $ — $ — $ 9,474 The following table presents the carrying values and estimated fair values of the Company’s financial instruments at September 30, 2020 and December 31, 2019: September 30, 2020 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 (dollars in thousands) Financial assets: Cash and due from banks $ 25,068 $ 25,068 $ 25,068 $ — $ — Interest-earning deposits in other banks 249,541 249,541 249,541 — — Federal funds sold 8,046 8,046 8,046 — — Investment securities available for sale 87,434 87,434 — 87,434 — Loans held for sale 2,945 2,945 — 2,945 — Loans, net 1,269,896 1,279,096 — — 1,279,096 Accrued interest receivable 4,486 4,486 — 4,486 — Stock in the FHLB 3,059 3,059 — — 3,059 Other non-marketable securities 718 718 — — 718 Financial liabilities: Deposits $ 1,472,780 $ 1,476,441 $ — $ — $ 1,476,441 Short-term debt 20,000 20,000 — 20,000 — Long-term debt 37,372 34,163 — 34,163 — Accrued interest payable 449 449 — 449 — December 31, 2019 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 (dollars in thousands) Financial assets: Cash and due from banks $ 19,110 $ 19,110 $ 19,110 $ — $ — Interest-earning deposits in other banks 50,920 50,920 50,920 — — Federal funds sold 9,047 9,047 9,047 — — Investment securities available for sale 72,367 72,367 — 72,367 — Loans held for sale 928 928 — 928 — Loans, net 1,021,651 1,016,239 — — 1,016,239 Accrued interest receivable 4,189 4,189 — 4,189 — Stock in the FHLB 3,045 3,045 — — 3,045 Other non-marketable securities 719 719 — — 719 Financial liabilities: Deposits $ 992,838 $ 995,056 $ — $ 995,056 $ — Long-term debt 57,372 55,729 — 55,729 — Accrued interest payable 578 578 — 578 — |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 9 Months Ended |
Sep. 30, 2020 | |
INVESTMENT SECURITIES | |
INVESTMENT SECURITIES | NOTE E - INVESTMENT SECURITIES The amortized cost and fair value of available for sale (“AFS”) investments, with gross unrealized gains and losses, follow: September 30, 2020 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (dollars in thousands) Securities available for sale: U.S. government agencies – GSE’s $ 11,508 $ 276 $ (24) $ 11,760 Mortgage-backed securities – GSE’s 40,195 1,528 (53) 41,670 Corporate bonds 2,101 7 (5) 2,103 Municipal bonds 31,639 333 (71) 31,901 $ 85,443 $ 2,144 $ (153) $ 87,434 As of September 30, 2020, accumulated other comprehensive income included net unrealized gains totaling $2.0 million. Deferred tax assets resulting from these net unrealized losses totaled $458,000. The amortized cost and fair value of “AFS” investments, with gross unrealized gains and losses, follow: December 31, 2019 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (dollars in thousands) Securities available for sale: U.S. government agencies – GSE’s $ 9,839 $ 159 $ (2) $ 9,996 Mortgage-backed securities – GSE’s 46,926 830 (13) 47,743 Corporate bonds 2,282 17 — 2,299 Municipal bonds 12,152 177 — 12,329 $ 71,199 $ 1,183 $ (15) $ 72,367 As of December 31, 2019, accumulated other comprehensive income included net unrealized gains totaling $1.2 million. Deferred tax liabilities resulting from these net unrealized gains totaled $269,000. The amortized cost and fair value of securities available for sale, with gross unrealized gains and losses, follow: September 30, 2020 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (dollars in thousands) Securities available for sale: Due within one year $ 2,757 $ 8 $ (1) $ 2,764 Due after one but within five years 26,947 1,268 (1) 28,214 Due after five but within ten years 5,565 81 (7) 5,639 Due after ten years 50,174 787 (144) 50,817 $ 85,443 $ 2,144 $ (153) $ 87,434 December 31, 2019 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (dollars in thousands) Securities available for sale: Due within one year $ 8,901 $ 19 $ (6) $ 8,914 Due after one but within five years 40,954 695 (7) 41,642 Due after five but within ten years 4,568 94 (1) 4,661 Due after ten years 16,776 375 (1) 17,150 $ 71,199 $ 1,183 $ (15) $ 72,367 Securities with a carrying value of $48.1 million and $18.4 million at September 30, 2020 and December 31, 2019, respectively, were pledged to secure public monies on deposit as required by law, customer repurchase agreements, and access to the Federal Reserve Discount Window. None of the unrealized losses relate to the liquidity of the securities or the issuer’s ability to honor redemption obligations. The Company has the intent and ability to hold these securities to recovery. No other than temporary impairments were identified for these investments having unrealized losses for the periods ended September 30, 2020 and December 31, 2019. The Company has not incurred any losses related to securities sales in the first nine months of 2020 or during the year ended December 31, 2019. The following tables show the gross unrealized losses and fair value of the Company’s investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at September 30, 2020 and December 31, 2019. September 30, 2020 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses (dollars in thousands) Securities available for sale: U.S. government agencies – GSE’s $ 3,478 $ (22) $ 479 $ (2) $ 3,957 $ (24) Mortgage-backed securities–GSE’s 8,044 (51) 1,999 (2) 10,043 (53) Corporate bonds 753 (5) — — 753 (5) Municipal bonds 10,578 (71) — — 10,578 (71) Total temporarily impaired securities $ 22,853 $ (149) $ 2,478 $ (4) $ 25,331 $ (153) At September 30, 2020, the Company had three securities with an unrealized loss for more than twelve months of $4,000 which consisted of two U.S. government agencies-GSEs and one mortgage-backed - GSE bond. Fifteen securities had unrealized losses for less than twelve months totaling $149,000 at September 30, 2020, which consisted of nine Municipal bonds, one corporate bond, one U.S. government agencies - GSEs and four mortgage-backed - GSE bonds. All unrealized losses are attributable to the general trend of interest rates. December 31, 2019 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses (dollars in thousands) Securities available for sale: U.S. government agencies – GSE’s $ 872 $ — $ 621 $ (2) $ 1,493 $ (2) Mortgage-backed securities–GSE’s 2,672 (3) 3,774 (10) 6,446 (13) Corporate bonds — — — — — — Municipal bonds — — — — — — Total temporarily impaired securities $ 3,544 $ (3) $ 4,395 $ (12) $ 7,939 $ (15) At December 31, 2019, the Company had one mortgage-backed GSE and one U.S Government agency – GSE with an unrealized loss for twelve or more consecutive months totaling $12,000. The Company had three securities with a loss for twelve months or less at December 31, 2019. One U.S. government agency GSE and two mortgage-backed GSE’s had unrealized losses for less than twelve months totaling $3,000 at December 31, 2019. All unrealized losses are attributable to the general trend of interest rates. |
LOANS
LOANS | 9 Months Ended |
Sep. 30, 2020 | |
LOANS | |
LOANS | NOTE F - LOANS Following is a summary of the composition of the Company’s loan portfolio at September 30, 2020 and December 31, 2019: September 30, December 31, 2020 2019 Percent Percent Amount of total Amount of total (dollars in thousands) Real estate loans: 1-to-4 family residential $ 195,174 15.21 % $ 151,697 14.73 % Commercial real estate 537,087 41.85 % 459,115 44.58 % Multi-family residential 79,697 6.21 % 69,124 6.71 % Construction 255,718 19.92 % 221,878 21.55 % Home equity lines of credit (“HELOC”) 48,395 3.77 % 44,514 4.32 % Total real estate loans 1,116,071 86.96 % 946,328 91.89 % Other loans: Commercial and industrial 165,766 12.91 % 75,748 7.35 % Loans to individuals 7,017 0.55 % 9,779 0.95 % Overdrafts 80 0.01 % 234 0.02 % Total other loans 172,863 13.47 % 85,761 8.32 % Gross loans 1,288,934 1,032,089 Less deferred loan origination fees, net (5,477) (0.43) % (2,114) (0.21) % Total loans 1,283,457 100.00 % 1,029,975 100.00 % Allowance for loan losses (13,561) (8,324) Total loans, net $ 1,269,896 $ 1,021,651 For Purchased Credit Impaired, or PCI loans, the contractually required payments including principal and interest, cash flows expected to be collected and fair values as of September 30, 2020 and December 31, 2019 were: September 30, 2020 December 31, 2019 Contractually required payments $ 38,279 $ 20,598 Nonaccretable difference 3,401 1,694 Cash flows expected to be collected 34,878 18,904 Accretable yield 4,891 3,191 Carrying value $ 29,987 $ 15,713 Loans are primarily secured by real estate located in the State of North Carolina, southeastern Virginia and northwestern South Carolina. Real estate loans can be affected by the condition of the local real estate market and by local economic conditions. At September 30, 2020, the Company had pre-approved but unused lines of credit for customers totaling $230.2 million. In management’s opinion, these commitments, and undisbursed proceeds on loans reflected above, represent no more than normal lending risk to the Company and will be funded from normal sources of liquidity. The Bank has originated 1,249 loans amounting to $97.0 million during 2020 under the Paycheck Protection Program (“PPP”) which are classified as Commercial and industrial loans in the loan portfolio. As of September 30, 2020 the Bank has 1,242 PPP loans amounting to $95.3 million. The PPP loan program is sponsored by the Small Business Administration (SBA) to primarily facilitate the continuation of paychecks to employees of businesses impacted by the COVID-19 pandemic. These loans are guaranteed by the SBA and can be forgiven and paid off by the SBA if all conditions of the program are met. Loans that do not meet the conditions of the PPP loan program could result in the Bank incurring a charge-off. The extent of this potential loss to the Bank is not known since the conditions of the program have changed and are subject to future changes. A floating lien of $112.6 million of loans was pledged to the FHLB to secure borrowings at September 30, 2020. The following tables present an age analysis of past due loans, segregated by class of loans as of September 30, 2020 and December 31, 2019, respectively: September 30, 2020 30-59 60-89 90+ Non- Total Days Days Days Accrual Past Total Past Due Past Due Accruing Loans Due Current Loans (dollars in thousands) Commercial and industrial $ 2 $ 105 $ 543 $ 3,687 $ 4,337 $ 161,429 $ 165,766 Construction — — — 161 161 255,557 255,718 Multi-family residential — — — — — 79,697 79,697 Commercial real estate 210 — 336 2,489 3,035 534,052 537,087 Loans to individuals & overdrafts 9 — — 145 154 6,943 7,097 1‑to‑4 family residential 200 13 669 950 1,832 193,342 195,174 HELOC 95 31 — 263 389 48,006 48,395 Deferred loan (fees) cost, net — — — — — — (5,477) $ 516 $ 149 $ 1,548 $ 7,695 $ 9,908 $ 1,279,026 $ 1,283,457 December 31, 2019 30-59 60-89 90+ Non- Total Days Days Days Accrual Past Total Past Due Past Due Accruing Loans Due Current Loans (dollars in thousands) Commercial and industrial $ 1,108 $ 34 $ 46 $ 2,824 $ 4,012 $ 71,736 $ 75,748 Construction — — — 181 181 221,697 221,878 Multi-family residential — — — — — 69,124 69,124 Commercial real estate 393 82 321 1,832 2,628 456,487 459,115 Loans to individuals & overdrafts 5 — — 155 160 9,853 10,013 1‑to‑4 family residential 859 810 864 505 3,038 148,659 151,697 HELOC 168 — — 444 612 43,902 44,514 Deferred loan (fees) cost, net — — — — — — (2,114) $ 2,533 $ 926 $ 1,231 $ 5,941 $ 10,631 $ 1,021,458 $ 1,029,975 Impaired Loans The following tables present information on loans that were considered to be impaired as of September 30, 2020 and December 31, 2019: As of September 30, 2020 Three Months Ended Nine Months Ended Contractual September 30, 2020 September 30, 2020 Unpaid Related Average Interest Income Average Interest Income Recorded Principal Allowance Recorded Recognized on Recorded Recognized on Investment Balance for Loan Losses Investment Impaired Loans Investment Impaired Loans (dollars in thousands) 2020 : With no related allowance recorded: Commercial and industrial $ 3,635 $ 5,466 $ — $ 4,818 $ 25 $ 4,475 $ 152 Construction 262 366 — 345 6 291 17 Commercial real estate 5,175 5,448 — 5,265 38 5,661 127 Loans to individuals & overdrafts 261 279 — 271 — 273 14 Multi-family residential — — — — — 99 — HELOC 411 553 — 453 2 575 22 1‑to‑4 family residential 197 207 — 202 22 292 — Subtotal: 9,941 12,319 — 11,354 93 11,666 332 With an allowance recorded: Commercial and industrial 502 521 162 576 19 576 18 Construction — — — — — — — Commercial real estate 977 1,032 325 986 15 208 46 Loans to individuals & overdrafts — — — — — — — Multi-family Residential — — — — — — — HELOC 119 150 9 122 5 264 6 1‑to‑4 family residential 39 107 10 103 — 64 6 Subtotal: 1,637 1,810 506 1,787 39 1,112 76 Totals: Commercial 10,551 12,833 487 11,990 103 11,310 360 Consumer 261 279 — 271 — 273 14 Residential 766 1,017 19 880 29 1,195 34 Grand Total: $ 11,578 $ 14,129 $ 506 $ 13,141 $ 132 $ 12,778 $ 408 Impaired loans at September 30, 2020 were approximately $11.6 million and were composed of $7.7 million in non-accrual loans and $3.9 remaining $9.9 million had no specific allowances recorded at September 30, 2020. Of the $9.9 million with no allowance recorded, $307,000 of those loans have had partial charge-offs recorded. As of December 31, 2019 Three Months Ended Nine Months Ended Contractual September 30, 2019 September 30, 2019 Unpaid Related Average Interest Income Average Interest Income Recorded Principal Allowance Recorded Recognized on Recorded Recognized on Investment Balance for Loan Losses Investment Impaired Loans Investment Impaired Loans (dollars in thousands) 2019 : With no related allowance recorded: Commercial and industrial $ 2,796 $ 4,051 $ — $ 4,010 $ 32 $ 4,397 $ 100 Construction 440 537 — 2,413 12 1,546 20 Commercial real estate 5,585 6,750 — 7,167 70 6,022 218 Loans to individuals & overdrafts 197 197 — 84 6 93 6 Multi-family residential 284 293 — 205 3 209 10 HELOC 543 678 — 1,205 21 1,202 61 1‑to‑4 family residential 395 1,816 — 861 11 944 36 Subtotal: 10,240 14,322 — 15,945 155 14,413 451 With an allowance recorded: Commercial and industrial 731 1,056 403 882 1 572 41 Construction — — — — — 13 — Commercial real estate — — — — — — — Loans to individuals & overdrafts — — — — — — — Multi-family Residential — — — — — — — HELOC 160 222 — 546 14 563 7 1‑to‑4 family residential 81 94 10 162 4 212 10 Subtotal: 972 1,372 413 1,590 19 1,360 58 Totals: Commercial 9,749 12,591 403 14,677 118 12,759 389 Consumer 284 293 — 84 6 93 6 Residential 1,179 2,810 10 2,774 50 2,921 114 Grand Total: $ 11,212 $ 15,694 $ 413 $ 17,535 $ 174 $ 15,773 $ 509 Impaired loans at December 31, 2019 were approximately $11.2 million and included $5.9 million in non-accrual loans and $6.2 million in loans still in accruing status. Recorded investment represents the current principal balance for the loan. Approximately $972,000 of the $11.2 million in impaired loans at December 31, 2019 had specific allowances aggregating $413,000 while the remaining $10.2 million had no specific allowances recorded. Of the $10.2 million with no allowance recorded, partial charge-offs through December 31, 2019 amounted to $438,000. Loans are placed on non-accrual status when it has been determined that all contractual principal and interest will not be received. Any payments received on these loans are applied to principal first and then to interest only after all principal has been collected. In the case of an impaired loan that is still on accrual basis, payments are applied to both principal and interest. Troubled Debt Restructurings The following table presents loans that were modified as troubled debt restructurings (“TDRs”) with a breakdown of the types of concessions made by loan class during the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Pre-Modification Post-Modification Pre-Modification Post-Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded loans Investments Investments loans Investments Investments (dollars in thousands) (dollars in thousands) Extended payment terms: 1-to-4 family residential 2 $ 339 $ 325 6 $ 797 $ 537 Construction — — — 1 157 13 HELOC — — — 2 240 232 Commercial & industrial 2 146 139 4 1,091 1,083 Loans to individuals — — — 1 14 9 Total 4 $ 485 $ 464 14 $ 2,299 $ 1,874 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Pre-Modification Post-Modification Pre-Modification Post-Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded loans Investments Investments loans Investments Investments (dollars in thousands) (dollars in thousands) Extended payment terms: Commercial and industrial 1 $ 103 $ 71 4 $ 931 $ 899 Commercial real estate — — — 1 752 702 Construction 1 259 259 1 259 259 1‑to‑4 family residential 1 174 173 3 233 211 Total 3 $ 536 $ 503 9 $ 2,175 $ 2,071 The following table presents loans that were modified as TDRs within the past twelve months with a breakdown of the types for which there was a payment default during that period together with concessions made by loan class during the twelve month periods ended September 30, 2020 and 2019: Twelve months ended Twelve months ended September 30, 2020 September 30, 2019 Number Recorded Number Recorded of loans investment of loans investment (dollars in thousands) (dollars in thousands) Extended payment terms: Commercial and industrial 4 $ 2,203 — $ — Construction 2 208 — — 1-to-4 family residential 1 10 1 16 Total 7 $ 2,421 1 $ 16 At September 30, 2020, the Bank had forty-nine loans with an aggregate balance of $10.3 million that were considered to be troubled debt restructurings. Of those TDRs, thirty-two loans with a balance totaling $3.9 million were still accruing as of September 30, 2020. The remaining TDRs with balances totaling $6.4 million as of September 30, 2020 were in non-accrual status. In response to the impact of COVID-19, payment deferrals were granted on 497 loans totaling $252.3 million through September 30, 2020 of which 114 loans amounting to $65.6 million remained on deferral at quarter end. The Bank has chosen to apply the CARES Act election for the accounting of TDRs. As permitted by applicable regulatory guidance, these loans were not classified as TDRs at September 30, 2020. At September 30, 2019, the Bank had forty-one loans with an aggregate balance of $8.2 million that were considered to be troubled debt restructurings. Of those TDRs, twenty-eight loans with a balance totaling $6.5 million were still accruing as of September 30, 2019. The remaining TDRs with balances totaling $1.7 million as of September 30, 2019 were in non-accrual status. The following tables present information on risk ratings of the commercial and consumer loan portfolios, segregated by loan class as of September 30, 2020 and December 31, 2019, respectively: Total loans: September 30, 2020 Commercial Credit Exposure By Commercial Commercial Internally and real Multi-family Assigned Grade industrial Construction estate residential (dollars in thousands) Superior $ 96,415 $ — $ 76 $ — Very good 368 162 7,812 — Good 5,538 2,196 67,996 4,866 Acceptable 22,173 24,718 270,857 50,771 Acceptable with care 35,331 228,132 181,384 24,060 Special mention 390 349 2,363 — Substandard 5,551 161 6,599 — Doubtful — — — — Loss — — — — $ 165,766 $ 255,718 $ 537,087 $ 79,697 Consumer Credit Exposure By Internally 1 ‑ to ‑ 4 family Assigned Grade residential HELOC Pass $ 191,984 $ 47,300 Special mention 445 205 Substandard 2,745 890 $ 195,174 $ 48,395 Consumer Credit Exposure Based Loans to On Payment individuals & Activity overdrafts Pass $ 6,806 Special mention 291 $ 7,097 Total Loans: December 31, 2019 Commercial Credit Exposure By Commercial Commercial Internally and real Multi-family Assigned Grade industrial Construction estate residential (dollars in thousands) Superior $ 4,014 $ — $ 337 $ — Very good 349 110 1,245 — Good 5,976 8,674 62,643 4,839 Acceptable 19,197 16,249 255,751 41,113 Acceptable with care 40,579 196,228 133,190 23,172 Special mention 242 436 1,490 — Substandard 5,391 181 4,459 — Doubtful — — — — Loss — — — — $ 75,748 $ 221,878 $ 459,115 $ 69,124 Consumer Credit Exposure By Internally 1 ‑ to ‑ 4 family Assigned Grade residential HELOC Pass $ 147,958 $ 43,585 Special mention 1,246 76 Substandard 2,493 853 $ 151,697 $ 44,514 Consumer Credit Exposure Based Loans to On Payment individuals & Activity overdrafts Pass $ 9,727 Special mention 286 $ 10,013 Determining the fair value of PCI loans at acquisition required the Company to estimate cash flows expected to result from those loans and to discount those cash flows at appropriate rates of interest. For such loans, the excess of cash flows expected to be collected at acquisition over the estimated fair value is recognized as interest income over the remaining lives of the loans and is called the accretable yield. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition reflects the impact of estimated credit losses and is called the nonaccretable difference. In accordance with GAAP, there was no carry-over of previously established allowance for credit losses from the acquired company. The following table documents changes to the amount of the accretable yield on PCI loans for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (dollars in thousands) (dollars in thousands) Accretable yield, beginning of period $ 5,661 $ 3,481 $ 3,191 $ 3,593 Additions — — 2,949 — Accretion (487) (277) (1,209) (855) Reclassification from nonaccretable difference 24 45 67 293 Other changes, net (307) 56 (107) 274 Accretable yield, end of period $ 4,891 $ 3,305 $ 4,891 $ 3,305 The following tables present a roll forward of the Company’s allowance for loan losses by loan class for the three and nine month periods ended September 30, 2020 and September 30, 2019, respectively (dollars in thousands): Three Months Ended September 30, 2020 Commercial 1 to 4 Loans to Multi- and Commercial family individuals & family 2020 industrial Construction real estate residential HELOC overdrafts residential Total Allowance for loan losses Loans – excluding PCI Balance, beginning of period 07/01/2020 $ 2,623 $ 2,284 $ 4,184 $ 1,671 $ 388 $ 108 $ 621 $ 11,879 Provision for (recovery of) loan losses 1,568 212 325 (570) (49) 4 84 1,574 Loans charged-off (98) — (70) — — (23) — (191) Recoveries 40 — 1 7 1 7 4 60 Balance, end of period 9/30/2020 $ 4,133 $ 2,496 $ 4,440 $ 1,108 $ 340 $ 96 $ 709 $ 13,322 PCI Loans Balance, beginning of period 07/01/2020 $ 23 $ 11 $ 44 $ 75 $ 9 $ 4 $ 9 $ 175 Provision for (recovery of) loan losses (23) (11) (44) 164 (9) (4) (9) 64 Loans charged-off — — — — — — — — Recoveries — — — — — — — — Balance, end of period 9/30/2020 $ — $ — $ — $ 239 $ — $ — $ — $ 239 Total Loans Balance, beginning of period 07/01/2020 $ 2,646 $ 2,295 $ 4,228 $ 1,746 $ 397 $ 112 $ 630 $ 12,054 Provision for (recovery of) loan losses 1,545 201 281 (406) (58) — 75 1,638 Loans charged-off (98) — (70) — — (23) — (191) Recoveries 40 — 1 7 1 7 4 60 Balance, end of period 9/30/2020 $ 4,133 $ 2,496 $ 4,440 $ 1,347 $ 340 $ 96 $ 709 $ 13,561 Ending Balance: individually evaluated for impairment $ 162 $ — $ 325 $ 10 $ 9 $ — $ — $ 506 Ending Balance: collectively evaluated for impairment $ 3,971 $ 2,496 $ 4,115 $ 1,337 $ 331 $ 96 $ 709 $ 13,055 Loans: Ending Balance: collectively evaluated for impairment non PCI loans $ 159,585 $ 253,851 $ 518,462 $ 182,926 $ 47,190 $ 6,709 $ 78,646 $ 1,247,369 Ending Balance: collectively evaluated for impairment PCI loans $ 1,557 $ 1,605 $ 12,959 $ 12,013 $ 675 $ 127 $ 1,051 $ 29,987 Ending Balance: individually evaluated for impairment $ 4,624 $ 262 $ 5,666 $ 235 $ 530 $ 261 $ — $ 11,578 Ending Balance $ 165,766 $ 255,718 $ 537,087 $ 195,174 $ 48,395 $ 7,097 $ 79,697 $ 1,288,934 Nine Months Ended September 30, 2020 Commercial 1 to 4 Loans to Multi- and Commercial family individuals & family 2020 industrial Construction real estate residential HELOC overdrafts residential Total Allowance for loan losses Loans – excluding PCI Balance, beginning of period 01/01/2020 $ 1,127 $ 1,731 $ 2,837 $ 1,437 $ 329 $ 175 $ 419 $ 8,055 Provision for (recovery of) loan losses 3,591 765 1,670 (352) (31) (55) 286 5,874 Loans charged-off (628) — (70) — — (42) — (740) Recoveries 43 — 3 23 42 18 4 133 Balance, end of period 9/30/2020 $ 4,133 $ 2,496 $ 4,440 $ 1,108 $ 340 $ 96 $ 709 $ 13,322 PCI Loans Balance, beginning of period 01/01/2020 $ 178 $ 6 $ 14 $ 56 $ — $ — $ 15 $ 269 Provision for (recovery of) loan losses (178) (6) (14) 183 — — (15) (30) Loans charged-off — — — — — — — — Recoveries — — — — — — — — Balance, end of period 9/30/2020 $ — $ — $ — $ 239 $ — $ — $ — $ 239 Total Loans Balance, beginning of period 01/01/2020 $ 1,305 $ 1,737 $ 2,851 $ 1,493 $ 329 $ 175 $ 434 $ 8,324 Provision for (recovery of) loan losses 3,413 759 1,656 (169) (31) (55) 271 5,844 Loans charged-off (628) — (70) — — (42) — (740) Recoveries 43 — 3 23 42 18 4 133 Balance, end of period 9/30/2020 $ 4,133 $ 2,496 $ 4,440 $ 1,347 $ 340 $ 96 $ 709 $ 13,561 Three Months Ended September 30, 2019 Commercial 1 to 4 Loans to Multi- and Commercial family individuals & family 2019 industrial Construction real estate residential HELOC overdrafts residential Total Allowance for loan losses Loans – excluding PCI Balance, beginning of period 07/01/2019 $ 814 $ 1,487 $ 2,818 $ 1,543 $ 432 $ 309 $ 383 $ 7,786 Provision for (recovery of) loan losses 123 212 (44) (111) 18 9 11 218 Loans charged-off (48) — — — (50) (155) — (253) Recoveries 2 — 1 8 21 5 — 37 Balance, end of period 9/30/2019 $ 891 $ 1,699 $ 2,775 $ 1,440 $ 421 $ 168 $ 394 $ 7,788 PCI Loans Balance, beginning of period 07/01/2019 $ 298 $ 6 $ 142 $ 62 $ 1 $ — $ 8 $ 517 Provision for (recovery of) loan losses 10 — — (10) — 13 — 13 Loans charged-off (249) — — — — (13) — (262) Recoveries — — — — — — — — Balance, end of period 9/30/2019 $ 59 $ 6 $ 142 $ 52 $ 1 $ — $ 8 $ 268 Total Loans Balance, beginning of period 07/01/2019 $ 1,112 $ 1,493 $ 2,960 $ 1,605 $ 433 $ 309 $ 391 $ 8,303 Provision for (recovery of) loan losses 133 212 (44) (121) 18 22 11 231 Loans charged-off (297) — — — (50) (168) — (515) Recoveries 2 — 1 8 21 5 — 37 Balance, end of period 9/30/2019 $ 950 $ 1,705 $ 2,917 $ 1,492 $ 422 $ 168 $ 402 $ 8,056 Ending Balance: individually evaluated for impairment $ 230 $ — $ — $ 6 $ 48 $ — $ — $ 284 Ending Balance: collectively evaluated for impairment $ 720 $ 1,705 $ 2,917 $ 1,486 $ 374 $ 168 $ 402 $ 7,772 Loans: Ending Balance: collectively evaluated for impairment non PCI loans $ 74,658 $ 209,464 $ 440,244 $ 145,645 $ 45,170 $ 9,634 $ 60,970 $ 985,785 Ending Balance: collectively evaluated for impairment PCI loans $ 1,154 $ 682 $ 6,033 $ 7,479 $ 47 $ — $ 908 $ 16,303 Ending Balance: individually evaluated for impairment $ 3,874 $ 2,531 $ 6,367 $ 738 $ 1,004 $ 85 $ 202 $ 14,801 Ending Balance $ 79,686 $ 212,677 $ 452,644 $ 153,862 $ 46,221 $ 9,719 $ 62,080 $ 1,016,889 Nine Months Ended September 30, 2019 Commercial 1 to 4 Loans to Multi- and Commercial family individuals & family 2019 industrial Construction real estate residential HELOC overdrafts residential Total Allowance for loan losses Loans – excluding PCI Balance, beginning of period 01/01/2019 $ 762 $ 1,385 $ 3,024 $ 1,663 $ 555 $ 206 $ 471 $ 8,066 Provision for (recovery of) loan losses 422 296 (289) (248) (18) 123 (77) 209 Loans charged-off (305) — (10) — (150) (179) — (644) Recoveries 12 18 50 25 34 18 — 157 Balance, end of period 9/30/2019 $ 891 $ 1,699 $ 2,775 $ 1,440 $ 421 $ 168 $ 394 $ 7,788 PCI Loans Balance, beginning of period 01/01/2019 $ 214 $ — $ 385 $ 4 $ — $ — $ — $ 603 Provision for (recovery of) loan losses 94 6 (243) 48 1 13 8 (73) Loans charged-off (249) — — — — (13) — (262) Recoveries — — — — — — — — Balance, end of period 9/30/2019 $ 59 $ 6 $ 142 $ 52 $ 1 $ — $ 8 $ 268 Total Loans — Balance, beginning of period 01/01/2019 $ 976 $ 1,385 $ 3,409 $ 1,667 $ 555 $ 206 $ 471 $ 8,669 Provision for (recovery of) loan losses 516 302 (532) (200) (17) 136 (69) 136 Loans charged-off (554) — (10) — (150) (192) — (906) Recoveries 12 18 50 25 34 18 — 157 Balance, end of period 9/30/2019 $ 950 $ 1,705 $ 2,917 $ 1,492 $ 422 $ 168 $ 402 $ 8,056 |
LOANS HELD FOR SALE
LOANS HELD FOR SALE | 9 Months Ended |
Sep. 30, 2020 | |
LOANS HELD FOR SALE | |
LOANS HELD FOR SALE | NOTE G – LOANS HELD FOR SALE The Company originates fixed and variable rate residential mortgage loans on a service release basis in the secondary market. Loans closed but not yet settled with an investor are carried in loans held for sale portfolio. Virtually all of these loans have commitments to be purchased by investors and the majority of these loans were locked in by price with the investors on the same day or shortly thereafter that the loan was locked in with customers. Therefore, these loans present very little market risk. The Company usually delivers to, and receive funding from, the investor within 30 to 60 days. Commitments to sell these loans to the investor are considered derivative contracts and are sold to investors on a “best efforts” basis. The Company is not obligated to deliver a loan or pay a penalty if a loan is not delivered to the investor. Because of the short-term nature of these derivative contracts, the fair value of the mortgage loans held for sale in most cases is materially the same as the value of the loan amount at its origination . Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated market value in the aggregate. Net unrealized losses are provided for in a valuation allowance by charges to operations as a component of mortgage banking income. Gains or losses on sales of loans are recognized when control over these assets are surrendered and are included in mortgage banking income in the consolidated statements of operations. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 9 Months Ended |
Sep. 30, 2020 | |
BUSINESS COMBINATIONS | |
BUSINESS COMBINATIONS | NOTE H –BUSINESS COMBINATIONS On December 20, 2019, the Bank entered into a Branch Purchase and Assumption Agreement (the “Purchase Agreement”) with Entegra Bank (“Entegra”), by which the Bank assumed the deposits and acquired the majority of the loans, property, equipment and other selected assets associated with three existing Entegra branch offices. Entegra was merged with and into First-Citizens Bank & Trust Company (“First-Citizens Bank”) on December 31, 2019, and First-Citizens Bank assumed the rights and obligations of Entegra under the Purchase Agreement with the Bank. On April 17, 2020, the Bank completed the acquisition of the three branches located in western North Carolina and pursuant to the terms of the Purchase Agreement. The branches had approximately $170.9 million in assets and $186.4 million in liabilities as of the acquisition date, April 17, 2020. The purchase expanded the Bank’s North Carolina presence with branches in Sylva, Franklin and Highlands, North Carolina. The purchase of the branches was accounted for under the acquisition method. The assets and liabilities of the branches, as of the effective date of the acquisition, are recorded at their respective fair values. For the acquisition of the branches, estimated fair values of assets acquired and liabilities assumed are based on the information that is available, and the Company believes this information provides a reasonable basis for determining fair values. The following table provides the carrying value of acquired assets and assumed liabilities, as recorded by the Company, the fair value adjustments calculated at the time of the merger and the resulting fair value recorded by the Company. April 17, 2020 As recorded by Fair Value As recorded by First Citizens adjustments the Company (Dollars in thousands) Assets Cash and cash equivalents $ 60,234 $ — $ 60,234 Loans 108,236 (4,977) 103,259 Premises and equipment 2,106 790 2,896 Accrued interest receivable 338 — 338 Core deposit intangible — 620 620 Other assets — 974 974 Total assets acquired $ 170,914 $ (2,593) $ 168,321 Liabilities Deposits: Noninterest-bearing $ 41,398 $ — $ 41,398 Interest-bearing 144,845 (760) 144,085 Total deposits 186,243 (760) 185,483 Other liabilities 173 — 173 Total liabilities assumed $ 186,416 $ (760) $ 185,656 Goodwill recorded for branches acquisition $ 17,335 Goodwill recorded for the branches represents future revenues to be derived from the existing customer base, including efficiencies that will result from combining operations. The fair value adjustments remain subject to adjustment within the one year measurement period if there happens to be notable changes in the factors determining the fair value of the assets or liabilities. In determining the acquisition date fair value of purchased credit-impaired (“PCI”) loans, and in subsequent accounting, the Company generally aggregates loans into pools of loans with common risk characteristics. Expected cash flows at the acquisition date in excess of the fair value of loans are referred to as the “accretable yield” and recorded as interest income prospectively. PCI loans acquired totaled $17.0 million at estimated fair value and acquired performing loans totaling $86.2 million at estimated fair value. For PCI loans acquired from First-Citizens Bank, the contractually required payments including principal and interest, cash flows expected to be collected and fair values as of the closing date of the merger were: (Dollars in thousands) April 17, 2020 Contractually required payments $ 22,046 Nonaccretable difference 2,073 Cash flow expected to be collected 19,973 Accretable yield 2,949 Fair value at acquisition date $ 17,024 Merger-related expense in 2020 totaled $755,000 which were recorded as noninterest expense as incurred. The following tables reflect the pro forma total net interest income, noninterest income and net income for the nine months ended September 30, 2020 and 2019 as though the acquisition of the branches had taken place on January 1, 2019. The pro forma results have not been adjusted to remove non-recurring acquisition-related expenses, and are not necessarily indicative of the results of operations that would have occurred had the acquisition actually taken place on January 1, 2019, nor of future results of operations. Nine Months Ended September 30 2020 2019 (Dollars in thousands, except per share) Net interest income $ 38,130 $ 37,350 Non-interest income 4,717 4,161 Net income available to common shareholders 4,834 10,802 Earnings per share, basic $ 0.27 $ 0.56 Earnings per share, diluted $ 0.27 $ 0.56 Weighted average common shares outstanding, basic 18,038,345 19,219,820 Weighted average common shares outstanding, diluted 18,062,170 19,266,480 |
OTHER REAL ESTATE OWNED
OTHER REAL ESTATE OWNED | 9 Months Ended |
Sep. 30, 2020 | |
OTHER REAL ESTATE OWNED | |
OTHER REAL ESTATE OWNED | NOTE I – OTHER REAL ESTATE OWNED The following table explains changes in other real estate owned, or OREO, during the nine months ended September 30, 2020 and 2019: Nine Months Nine Months Ended Ended September 30, September 30, 2020 2019 (Dollars in thousands) Beginning balance January 1 $ 3,533 $ 1,088 Sales (180) (103) Write-downs and loss on sales (390) (12) Transfers 274 469 Ending balance $ 3,237 $ 1,442 At September 30, 2020 and December 31, 2019, the Company had $3.2 million and $3.5 million, respectively, of which $379,000 is foreclosed residential real estate property in OREO. The Company had two loans with a recorded investment in consumer mortgage loans collateralized by residential real estate property in the process of foreclosure in the aggregate amount of $428,000 at September 30, 2020. At December 31, 2019, the Company had 3 loans with recorded investment in the amount of $114,000 in consumer mortgage loans collateralized by residential real estate property in the process of foreclosure. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2020 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE J – SUBSEQUENT EVENTS The Company has evaluated for subsequent events through the date and time the financial statements were issued and has determined there are no reportable subsequent events. |
PER SHARE RESULTS (Tables)
PER SHARE RESULTS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
PER SHARE RESULTS | |
Schedule of earnings per share basic and diluted | Basic net income per share is computed based upon the weighted average number of shares of common stock outstanding during the period. Diluted net income per share includes the dilutive effect of stock options outstanding during the period. At September 30, 2020 and 2019 there were 243,120 and 172,120 anti-dilutive stock options outstanding, respectively. Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Weighted average number of common shares used in computing basic net income per share 17,847,913 19,028,572 18,038,345 19,219,820 Effect of dilutive stock options 18,909 44,663 23,825 46,660 Weighted average number of common shares and dilutive potential common shares used in computing diluted net income per share 17,866,822 19,073,235 18,062,170 19,266,480 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
FAIR VALUE MEASUREMENTS | |
Schedule of fair value on a recurring basis | The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 (in thousands): Quoted Prices in Significant Investment securities Active Markets Other Significant available for sale for Identical Observable Unobservable September 30, 2020 Fair value Assets (Level 1) Inputs (Level 2) Inputs (Level 3) U.S. government agencies – GSE’s $ 11,760 $ — $ 11,760 $ — Mortgage-backed securities – GSE’s 41,670 — 41,670 — Corporate Bonds 2,103 — 2,103 — Municipal bonds 31,901 — 31,901 — Total investment available for sale $ 87,434 $ — $ 87,434 $ — Quoted Prices in Significant Investment securities Active Markets Other Significant available for sale for Identical Observable Unobservable December 31, 2019 Fair value Assets (Level 1) Inputs (Level 2) Inputs (Level 3) U.S. government agencies – GSE’s $ 9,996 $ — $ 9,996 $ — Mortgage-backed securities – GSE’s 47,743 — 47,743 — Corporate Bonds 2,299 — 2,299 — Municipal bonds 12,329 — 12,329 — Total investment available for sale $ 72,367 $ — $ 72,367 $ — |
Schedule of fair value on a non-recurring basis | The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a non-recurring basis as of September 30, 2020 and December 31, 2019 (in thousands): Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Asset Category September 30, 2020 Fair value Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Impaired loans $ 7,695 $ — $ — $ 7,695 Foreclosed real estate 3,237 — — 3,237 Total $ 10,932 $ — $ — $ 10,932 Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Asset Category December 31, 2019 Fair value Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Impaired loans $ 5,941 $ — $ — $ 5,941 Foreclosed real estate 3,533 — — 3,533 Total $ 9,474 $ — $ — $ 9,474 |
Schedule of carrying and fair values | The following table presents the carrying values and estimated fair values of the Company’s financial instruments at September 30, 2020 and December 31, 2019: September 30, 2020 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 (dollars in thousands) Financial assets: Cash and due from banks $ 25,068 $ 25,068 $ 25,068 $ — $ — Interest-earning deposits in other banks 249,541 249,541 249,541 — — Federal funds sold 8,046 8,046 8,046 — — Investment securities available for sale 87,434 87,434 — 87,434 — Loans held for sale 2,945 2,945 — 2,945 — Loans, net 1,269,896 1,279,096 — — 1,279,096 Accrued interest receivable 4,486 4,486 — 4,486 — Stock in the FHLB 3,059 3,059 — — 3,059 Other non-marketable securities 718 718 — — 718 Financial liabilities: Deposits $ 1,472,780 $ 1,476,441 $ — $ — $ 1,476,441 Short-term debt 20,000 20,000 — 20,000 — Long-term debt 37,372 34,163 — 34,163 — Accrued interest payable 449 449 — 449 — December 31, 2019 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 (dollars in thousands) Financial assets: Cash and due from banks $ 19,110 $ 19,110 $ 19,110 $ — $ — Interest-earning deposits in other banks 50,920 50,920 50,920 — — Federal funds sold 9,047 9,047 9,047 — — Investment securities available for sale 72,367 72,367 — 72,367 — Loans held for sale 928 928 — 928 — Loans, net 1,021,651 1,016,239 — — 1,016,239 Accrued interest receivable 4,189 4,189 — 4,189 — Stock in the FHLB 3,045 3,045 — — 3,045 Other non-marketable securities 719 719 — — 719 Financial liabilities: Deposits $ 992,838 $ 995,056 $ — $ 995,056 $ — Long-term debt 57,372 55,729 — 55,729 — Accrued interest payable 578 578 — 578 — |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
INVESTMENT SECURITIES | |
Schedule of amortized cost and fair value of AFS investments | The amortized cost and fair value of available for sale (“AFS”) investments, with gross unrealized gains and losses, follow: September 30, 2020 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (dollars in thousands) Securities available for sale: U.S. government agencies – GSE’s $ 11,508 $ 276 $ (24) $ 11,760 Mortgage-backed securities – GSE’s 40,195 1,528 (53) 41,670 Corporate bonds 2,101 7 (5) 2,103 Municipal bonds 31,639 333 (71) 31,901 $ 85,443 $ 2,144 $ (153) $ 87,434 The amortized cost and fair value of “AFS” investments, with gross unrealized gains and losses, follow: December 31, 2019 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (dollars in thousands) Securities available for sale: U.S. government agencies – GSE’s $ 9,839 $ 159 $ (2) $ 9,996 Mortgage-backed securities – GSE’s 46,926 830 (13) 47,743 Corporate bonds 2,282 17 — 2,299 Municipal bonds 12,152 177 — 12,329 $ 71,199 $ 1,183 $ (15) $ 72,367 |
Schedule of unrealized loss on investments | The following tables show the gross unrealized losses and fair value of the Company’s investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at September 30, 2020 and December 31, 2019. September 30, 2020 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses (dollars in thousands) Securities available for sale: U.S. government agencies – GSE’s $ 3,478 $ (22) $ 479 $ (2) $ 3,957 $ (24) Mortgage-backed securities–GSE’s 8,044 (51) 1,999 (2) 10,043 (53) Corporate bonds 753 (5) — — 753 (5) Municipal bonds 10,578 (71) — — 10,578 (71) Total temporarily impaired securities $ 22,853 $ (149) $ 2,478 $ (4) $ 25,331 $ (153) December 31, 2019 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses (dollars in thousands) Securities available for sale: U.S. government agencies – GSE’s $ 872 $ — $ 621 $ (2) $ 1,493 $ (2) Mortgage-backed securities–GSE’s 2,672 (3) 3,774 (10) 6,446 (13) Corporate bonds — — — — — — Municipal bonds — — — — — — Total temporarily impaired securities $ 3,544 $ (3) $ 4,395 $ (12) $ 7,939 $ (15) |
Schedule of Investments Classified By Contractual Maturity Date | The amortized cost and fair value of securities available for sale, with gross unrealized gains and losses, follow: September 30, 2020 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (dollars in thousands) Securities available for sale: Due within one year $ 2,757 $ 8 $ (1) $ 2,764 Due after one but within five years 26,947 1,268 (1) 28,214 Due after five but within ten years 5,565 81 (7) 5,639 Due after ten years 50,174 787 (144) 50,817 $ 85,443 $ 2,144 $ (153) $ 87,434 December 31, 2019 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (dollars in thousands) Securities available for sale: Due within one year $ 8,901 $ 19 $ (6) $ 8,914 Due after one but within five years 40,954 695 (7) 41,642 Due after five but within ten years 4,568 94 (1) 4,661 Due after ten years 16,776 375 (1) 17,150 $ 71,199 $ 1,183 $ (15) $ 72,367 |
LOANS (Tables)
LOANS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
LOANS | |
Schedule of the composition of the loan portfolio | Following is a summary of the composition of the Company’s loan portfolio at September 30, 2020 and December 31, 2019: September 30, December 31, 2020 2019 Percent Percent Amount of total Amount of total (dollars in thousands) Real estate loans: 1-to-4 family residential $ 195,174 15.21 % $ 151,697 14.73 % Commercial real estate 537,087 41.85 % 459,115 44.58 % Multi-family residential 79,697 6.21 % 69,124 6.71 % Construction 255,718 19.92 % 221,878 21.55 % Home equity lines of credit (“HELOC”) 48,395 3.77 % 44,514 4.32 % Total real estate loans 1,116,071 86.96 % 946,328 91.89 % Other loans: Commercial and industrial 165,766 12.91 % 75,748 7.35 % Loans to individuals 7,017 0.55 % 9,779 0.95 % Overdrafts 80 0.01 % 234 0.02 % Total other loans 172,863 13.47 % 85,761 8.32 % Gross loans 1,288,934 1,032,089 Less deferred loan origination fees, net (5,477) (0.43) % (2,114) (0.21) % Total loans 1,283,457 100.00 % 1,029,975 100.00 % Allowance for loan losses (13,561) (8,324) Total loans, net $ 1,269,896 $ 1,021,651 |
Schedule of Purchased Credit Impaired, or PCI, the contractually required payments including principal and interest, cash flows expected to be collected | For Purchased Credit Impaired, or PCI loans, the contractually required payments including principal and interest, cash flows expected to be collected and fair values as of September 30, 2020 and December 31, 2019 were: September 30, 2020 December 31, 2019 Contractually required payments $ 38,279 $ 20,598 Nonaccretable difference 3,401 1,694 Cash flows expected to be collected 34,878 18,904 Accretable yield 4,891 3,191 Carrying value $ 29,987 $ 15,713 |
Schedule of age analysis of past due loans, segregated by class of loans | The following tables present an age analysis of past due loans, segregated by class of loans as of September 30, 2020 and December 31, 2019, respectively: September 30, 2020 30-59 60-89 90+ Non- Total Days Days Days Accrual Past Total Past Due Past Due Accruing Loans Due Current Loans (dollars in thousands) Commercial and industrial $ 2 $ 105 $ 543 $ 3,687 $ 4,337 $ 161,429 $ 165,766 Construction — — — 161 161 255,557 255,718 Multi-family residential — — — — — 79,697 79,697 Commercial real estate 210 — 336 2,489 3,035 534,052 537,087 Loans to individuals & overdrafts 9 — — 145 154 6,943 7,097 1‑to‑4 family residential 200 13 669 950 1,832 193,342 195,174 HELOC 95 31 — 263 389 48,006 48,395 Deferred loan (fees) cost, net — — — — — — (5,477) $ 516 $ 149 $ 1,548 $ 7,695 $ 9,908 $ 1,279,026 $ 1,283,457 December 31, 2019 30-59 60-89 90+ Non- Total Days Days Days Accrual Past Total Past Due Past Due Accruing Loans Due Current Loans (dollars in thousands) Commercial and industrial $ 1,108 $ 34 $ 46 $ 2,824 $ 4,012 $ 71,736 $ 75,748 Construction — — — 181 181 221,697 221,878 Multi-family residential — — — — — 69,124 69,124 Commercial real estate 393 82 321 1,832 2,628 456,487 459,115 Loans to individuals & overdrafts 5 — — 155 160 9,853 10,013 1‑to‑4 family residential 859 810 864 505 3,038 148,659 151,697 HELOC 168 — — 444 612 43,902 44,514 Deferred loan (fees) cost, net — — — — — — (2,114) $ 2,533 $ 926 $ 1,231 $ 5,941 $ 10,631 $ 1,021,458 $ 1,029,975 |
Schedule of information on loans that were considered to be impaired | As of September 30, 2020 Three Months Ended Nine Months Ended Contractual September 30, 2020 September 30, 2020 Unpaid Related Average Interest Income Average Interest Income Recorded Principal Allowance Recorded Recognized on Recorded Recognized on Investment Balance for Loan Losses Investment Impaired Loans Investment Impaired Loans (dollars in thousands) 2020 : With no related allowance recorded: Commercial and industrial $ 3,635 $ 5,466 $ — $ 4,818 $ 25 $ 4,475 $ 152 Construction 262 366 — 345 6 291 17 Commercial real estate 5,175 5,448 — 5,265 38 5,661 127 Loans to individuals & overdrafts 261 279 — 271 — 273 14 Multi-family residential — — — — — 99 — HELOC 411 553 — 453 2 575 22 1‑to‑4 family residential 197 207 — 202 22 292 — Subtotal: 9,941 12,319 — 11,354 93 11,666 332 With an allowance recorded: Commercial and industrial 502 521 162 576 19 576 18 Construction — — — — — — — Commercial real estate 977 1,032 325 986 15 208 46 Loans to individuals & overdrafts — — — — — — — Multi-family Residential — — — — — — — HELOC 119 150 9 122 5 264 6 1‑to‑4 family residential 39 107 10 103 — 64 6 Subtotal: 1,637 1,810 506 1,787 39 1,112 76 Totals: Commercial 10,551 12,833 487 11,990 103 11,310 360 Consumer 261 279 — 271 — 273 14 Residential 766 1,017 19 880 29 1,195 34 Grand Total: $ 11,578 $ 14,129 $ 506 $ 13,141 $ 132 $ 12,778 $ 408 As of December 31, 2019 Three Months Ended Nine Months Ended Contractual September 30, 2019 September 30, 2019 Unpaid Related Average Interest Income Average Interest Income Recorded Principal Allowance Recorded Recognized on Recorded Recognized on Investment Balance for Loan Losses Investment Impaired Loans Investment Impaired Loans (dollars in thousands) 2019 : With no related allowance recorded: Commercial and industrial $ 2,796 $ 4,051 $ — $ 4,010 $ 32 $ 4,397 $ 100 Construction 440 537 — 2,413 12 1,546 20 Commercial real estate 5,585 6,750 — 7,167 70 6,022 218 Loans to individuals & overdrafts 197 197 — 84 6 93 6 Multi-family residential 284 293 — 205 3 209 10 HELOC 543 678 — 1,205 21 1,202 61 1‑to‑4 family residential 395 1,816 — 861 11 944 36 Subtotal: 10,240 14,322 — 15,945 155 14,413 451 With an allowance recorded: Commercial and industrial 731 1,056 403 882 1 572 41 Construction — — — — — 13 — Commercial real estate — — — — — — — Loans to individuals & overdrafts — — — — — — — Multi-family Residential — — — — — — — HELOC 160 222 — 546 14 563 7 1‑to‑4 family residential 81 94 10 162 4 212 10 Subtotal: 972 1,372 413 1,590 19 1,360 58 Totals: Commercial 9,749 12,591 403 14,677 118 12,759 389 Consumer 284 293 — 84 6 93 6 Residential 1,179 2,810 10 2,774 50 2,921 114 Grand Total: $ 11,212 $ 15,694 $ 413 $ 17,535 $ 174 $ 15,773 $ 509 |
Schedule of loans that were modified as troubled debt restructurings ("TDRs") with a breakdown of the types of concessions made by loan class | The following table presents loans that were modified as troubled debt restructurings (“TDRs”) with a breakdown of the types of concessions made by loan class during the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Pre-Modification Post-Modification Pre-Modification Post-Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded loans Investments Investments loans Investments Investments (dollars in thousands) (dollars in thousands) Extended payment terms: 1-to-4 family residential 2 $ 339 $ 325 6 $ 797 $ 537 Construction — — — 1 157 13 HELOC — — — 2 240 232 Commercial & industrial 2 146 139 4 1,091 1,083 Loans to individuals — — — 1 14 9 Total 4 $ 485 $ 464 14 $ 2,299 $ 1,874 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Pre-Modification Post-Modification Pre-Modification Post-Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded loans Investments Investments loans Investments Investments (dollars in thousands) (dollars in thousands) Extended payment terms: Commercial and industrial 1 $ 103 $ 71 4 $ 931 $ 899 Commercial real estate — — — 1 752 702 Construction 1 259 259 1 259 259 1‑to‑4 family residential 1 174 173 3 233 211 Total 3 $ 536 $ 503 9 $ 2,175 $ 2,071 The following table presents loans that were modified as TDRs within the past twelve months with a breakdown of the types for which there was a payment default during that period together with concessions made by loan class during the twelve month periods ended September 30, 2020 and 2019: Twelve months ended Twelve months ended September 30, 2020 September 30, 2019 Number Recorded Number Recorded of loans investment of loans investment (dollars in thousands) (dollars in thousands) Extended payment terms: Commercial and industrial 4 $ 2,203 — $ — Construction 2 208 — — 1-to-4 family residential 1 10 1 16 Total 7 $ 2,421 1 $ 16 |
Schedule of information on risk ratings of the commercial and consumer loan portfolios, segregated by loan class | The following tables present information on risk ratings of the commercial and consumer loan portfolios, segregated by loan class as of September 30, 2020 and December 31, 2019, respectively: Total loans: September 30, 2020 Commercial Credit Exposure By Commercial Commercial Internally and real Multi-family Assigned Grade industrial Construction estate residential (dollars in thousands) Superior $ 96,415 $ — $ 76 $ — Very good 368 162 7,812 — Good 5,538 2,196 67,996 4,866 Acceptable 22,173 24,718 270,857 50,771 Acceptable with care 35,331 228,132 181,384 24,060 Special mention 390 349 2,363 — Substandard 5,551 161 6,599 — Doubtful — — — — Loss — — — — $ 165,766 $ 255,718 $ 537,087 $ 79,697 Consumer Credit Exposure By Internally 1 ‑ to ‑ 4 family Assigned Grade residential HELOC Pass $ 191,984 $ 47,300 Special mention 445 205 Substandard 2,745 890 $ 195,174 $ 48,395 Consumer Credit Exposure Based Loans to On Payment individuals & Activity overdrafts Pass $ 6,806 Special mention 291 $ 7,097 Total Loans: December 31, 2019 Commercial Credit Exposure By Commercial Commercial Internally and real Multi-family Assigned Grade industrial Construction estate residential (dollars in thousands) Superior $ 4,014 $ — $ 337 $ — Very good 349 110 1,245 — Good 5,976 8,674 62,643 4,839 Acceptable 19,197 16,249 255,751 41,113 Acceptable with care 40,579 196,228 133,190 23,172 Special mention 242 436 1,490 — Substandard 5,391 181 4,459 — Doubtful — — — — Loss — — — — $ 75,748 $ 221,878 $ 459,115 $ 69,124 Consumer Credit Exposure By Internally 1 ‑ to ‑ 4 family Assigned Grade residential HELOC Pass $ 147,958 $ 43,585 Special mention 1,246 76 Substandard 2,493 853 $ 151,697 $ 44,514 Consumer Credit Exposure Based Loans to On Payment individuals & Activity overdrafts Pass $ 9,727 Special mention 286 $ 10,013 |
Schedule of changes to the amount of the accretable yield on PCI loans | The following table documents changes to the amount of the accretable yield on PCI loans for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (dollars in thousands) (dollars in thousands) Accretable yield, beginning of period $ 5,661 $ 3,481 $ 3,191 $ 3,593 Additions — — 2,949 — Accretion (487) (277) (1,209) (855) Reclassification from nonaccretable difference 24 45 67 293 Other changes, net (307) 56 (107) 274 Accretable yield, end of period $ 4,891 $ 3,305 $ 4,891 $ 3,305 |
Schedule of allowance for loan losses by loan class | The following tables present a roll forward of the Company’s allowance for loan losses by loan class for the three and nine month periods ended September 30, 2020 and September 30, 2019, respectively (dollars in thousands): Three Months Ended September 30, 2020 Commercial 1 to 4 Loans to Multi- and Commercial family individuals & family 2020 industrial Construction real estate residential HELOC overdrafts residential Total Allowance for loan losses Loans – excluding PCI Balance, beginning of period 07/01/2020 $ 2,623 $ 2,284 $ 4,184 $ 1,671 $ 388 $ 108 $ 621 $ 11,879 Provision for (recovery of) loan losses 1,568 212 325 (570) (49) 4 84 1,574 Loans charged-off (98) — (70) — — (23) — (191) Recoveries 40 — 1 7 1 7 4 60 Balance, end of period 9/30/2020 $ 4,133 $ 2,496 $ 4,440 $ 1,108 $ 340 $ 96 $ 709 $ 13,322 PCI Loans Balance, beginning of period 07/01/2020 $ 23 $ 11 $ 44 $ 75 $ 9 $ 4 $ 9 $ 175 Provision for (recovery of) loan losses (23) (11) (44) 164 (9) (4) (9) 64 Loans charged-off — — — — — — — — Recoveries — — — — — — — — Balance, end of period 9/30/2020 $ — $ — $ — $ 239 $ — $ — $ — $ 239 Total Loans Balance, beginning of period 07/01/2020 $ 2,646 $ 2,295 $ 4,228 $ 1,746 $ 397 $ 112 $ 630 $ 12,054 Provision for (recovery of) loan losses 1,545 201 281 (406) (58) — 75 1,638 Loans charged-off (98) — (70) — — (23) — (191) Recoveries 40 — 1 7 1 7 4 60 Balance, end of period 9/30/2020 $ 4,133 $ 2,496 $ 4,440 $ 1,347 $ 340 $ 96 $ 709 $ 13,561 Ending Balance: individually evaluated for impairment $ 162 $ — $ 325 $ 10 $ 9 $ — $ — $ 506 Ending Balance: collectively evaluated for impairment $ 3,971 $ 2,496 $ 4,115 $ 1,337 $ 331 $ 96 $ 709 $ 13,055 Loans: Ending Balance: collectively evaluated for impairment non PCI loans $ 159,585 $ 253,851 $ 518,462 $ 182,926 $ 47,190 $ 6,709 $ 78,646 $ 1,247,369 Ending Balance: collectively evaluated for impairment PCI loans $ 1,557 $ 1,605 $ 12,959 $ 12,013 $ 675 $ 127 $ 1,051 $ 29,987 Ending Balance: individually evaluated for impairment $ 4,624 $ 262 $ 5,666 $ 235 $ 530 $ 261 $ — $ 11,578 Ending Balance $ 165,766 $ 255,718 $ 537,087 $ 195,174 $ 48,395 $ 7,097 $ 79,697 $ 1,288,934 Nine Months Ended September 30, 2020 Commercial 1 to 4 Loans to Multi- and Commercial family individuals & family 2020 industrial Construction real estate residential HELOC overdrafts residential Total Allowance for loan losses Loans – excluding PCI Balance, beginning of period 01/01/2020 $ 1,127 $ 1,731 $ 2,837 $ 1,437 $ 329 $ 175 $ 419 $ 8,055 Provision for (recovery of) loan losses 3,591 765 1,670 (352) (31) (55) 286 5,874 Loans charged-off (628) — (70) — — (42) — (740) Recoveries 43 — 3 23 42 18 4 133 Balance, end of period 9/30/2020 $ 4,133 $ 2,496 $ 4,440 $ 1,108 $ 340 $ 96 $ 709 $ 13,322 PCI Loans Balance, beginning of period 01/01/2020 $ 178 $ 6 $ 14 $ 56 $ — $ — $ 15 $ 269 Provision for (recovery of) loan losses (178) (6) (14) 183 — — (15) (30) Loans charged-off — — — — — — — — Recoveries — — — — — — — — Balance, end of period 9/30/2020 $ — $ — $ — $ 239 $ — $ — $ — $ 239 Total Loans Balance, beginning of period 01/01/2020 $ 1,305 $ 1,737 $ 2,851 $ 1,493 $ 329 $ 175 $ 434 $ 8,324 Provision for (recovery of) loan losses 3,413 759 1,656 (169) (31) (55) 271 5,844 Loans charged-off (628) — (70) — — (42) — (740) Recoveries 43 — 3 23 42 18 4 133 Balance, end of period 9/30/2020 $ 4,133 $ 2,496 $ 4,440 $ 1,347 $ 340 $ 96 $ 709 $ 13,561 Three Months Ended September 30, 2019 Commercial 1 to 4 Loans to Multi- and Commercial family individuals & family 2019 industrial Construction real estate residential HELOC overdrafts residential Total Allowance for loan losses Loans – excluding PCI Balance, beginning of period 07/01/2019 $ 814 $ 1,487 $ 2,818 $ 1,543 $ 432 $ 309 $ 383 $ 7,786 Provision for (recovery of) loan losses 123 212 (44) (111) 18 9 11 218 Loans charged-off (48) — — — (50) (155) — (253) Recoveries 2 — 1 8 21 5 — 37 Balance, end of period 9/30/2019 $ 891 $ 1,699 $ 2,775 $ 1,440 $ 421 $ 168 $ 394 $ 7,788 PCI Loans Balance, beginning of period 07/01/2019 $ 298 $ 6 $ 142 $ 62 $ 1 $ — $ 8 $ 517 Provision for (recovery of) loan losses 10 — — (10) — 13 — 13 Loans charged-off (249) — — — — (13) — (262) Recoveries — — — — — — — — Balance, end of period 9/30/2019 $ 59 $ 6 $ 142 $ 52 $ 1 $ — $ 8 $ 268 Total Loans Balance, beginning of period 07/01/2019 $ 1,112 $ 1,493 $ 2,960 $ 1,605 $ 433 $ 309 $ 391 $ 8,303 Provision for (recovery of) loan losses 133 212 (44) (121) 18 22 11 231 Loans charged-off (297) — — — (50) (168) — (515) Recoveries 2 — 1 8 21 5 — 37 Balance, end of period 9/30/2019 $ 950 $ 1,705 $ 2,917 $ 1,492 $ 422 $ 168 $ 402 $ 8,056 Ending Balance: individually evaluated for impairment $ 230 $ — $ — $ 6 $ 48 $ — $ — $ 284 Ending Balance: collectively evaluated for impairment $ 720 $ 1,705 $ 2,917 $ 1,486 $ 374 $ 168 $ 402 $ 7,772 Loans: Ending Balance: collectively evaluated for impairment non PCI loans $ 74,658 $ 209,464 $ 440,244 $ 145,645 $ 45,170 $ 9,634 $ 60,970 $ 985,785 Ending Balance: collectively evaluated for impairment PCI loans $ 1,154 $ 682 $ 6,033 $ 7,479 $ 47 $ — $ 908 $ 16,303 Ending Balance: individually evaluated for impairment $ 3,874 $ 2,531 $ 6,367 $ 738 $ 1,004 $ 85 $ 202 $ 14,801 Ending Balance $ 79,686 $ 212,677 $ 452,644 $ 153,862 $ 46,221 $ 9,719 $ 62,080 $ 1,016,889 Nine Months Ended September 30, 2019 Commercial 1 to 4 Loans to Multi- and Commercial family individuals & family 2019 industrial Construction real estate residential HELOC overdrafts residential Total Allowance for loan losses Loans – excluding PCI Balance, beginning of period 01/01/2019 $ 762 $ 1,385 $ 3,024 $ 1,663 $ 555 $ 206 $ 471 $ 8,066 Provision for (recovery of) loan losses 422 296 (289) (248) (18) 123 (77) 209 Loans charged-off (305) — (10) — (150) (179) — (644) Recoveries 12 18 50 25 34 18 — 157 Balance, end of period 9/30/2019 $ 891 $ 1,699 $ 2,775 $ 1,440 $ 421 $ 168 $ 394 $ 7,788 PCI Loans Balance, beginning of period 01/01/2019 $ 214 $ — $ 385 $ 4 $ — $ — $ — $ 603 Provision for (recovery of) loan losses 94 6 (243) 48 1 13 8 (73) Loans charged-off (249) — — — — (13) — (262) Recoveries — — — — — — — — Balance, end of period 9/30/2019 $ 59 $ 6 $ 142 $ 52 $ 1 $ — $ 8 $ 268 Total Loans — Balance, beginning of period 01/01/2019 $ 976 $ 1,385 $ 3,409 $ 1,667 $ 555 $ 206 $ 471 $ 8,669 Provision for (recovery of) loan losses 516 302 (532) (200) (17) 136 (69) 136 Loans charged-off (554) — (10) — (150) (192) — (906) Recoveries 12 18 50 25 34 18 — 157 Balance, end of period 9/30/2019 $ 950 $ 1,705 $ 2,917 $ 1,492 $ 422 $ 168 $ 402 $ 8,056 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
BUSINESS COMBINATIONS | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | April 17, 2020 As recorded by Fair Value As recorded by First Citizens adjustments the Company (Dollars in thousands) Assets Cash and cash equivalents $ 60,234 $ — $ 60,234 Loans 108,236 (4,977) 103,259 Premises and equipment 2,106 790 2,896 Accrued interest receivable 338 — 338 Core deposit intangible — 620 620 Other assets — 974 974 Total assets acquired $ 170,914 $ (2,593) $ 168,321 Liabilities Deposits: Noninterest-bearing $ 41,398 $ — $ 41,398 Interest-bearing 144,845 (760) 144,085 Total deposits 186,243 (760) 185,483 Other liabilities 173 — 173 Total liabilities assumed $ 186,416 $ (760) $ 185,656 Goodwill recorded for branches acquisition $ 17,335 (Dollars in thousands) April 17, 2020 Contractually required payments $ 22,046 Nonaccretable difference 2,073 Cash flow expected to be collected 19,973 Accretable yield 2,949 Fair value at acquisition date $ 17,024 |
Business Acquisition, Pro Forma Information | Nine Months Ended September 30 2020 2019 (Dollars in thousands, except per share) Net interest income $ 38,130 $ 37,350 Non-interest income 4,717 4,161 Net income available to common shareholders 4,834 10,802 Earnings per share, basic $ 0.27 $ 0.56 Earnings per share, diluted $ 0.27 $ 0.56 Weighted average common shares outstanding, basic 18,038,345 19,219,820 Weighted average common shares outstanding, diluted 18,062,170 19,266,480 |
OTHER REAL ESTATE OWNED (Tables
OTHER REAL ESTATE OWNED (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
OTHER REAL ESTATE OWNED | |
Schedule Of Real Estate Owned Properties | The following table explains changes in other real estate owned, or OREO, during the nine months ended September 30, 2020 and 2019: Nine Months Nine Months Ended Ended September 30, September 30, 2020 2019 (Dollars in thousands) Beginning balance January 1 $ 3,533 $ 1,088 Sales (180) (103) Write-downs and loss on sales (390) (12) Transfers 274 469 Ending balance $ 3,237 $ 1,442 |
PER SHARE RESULTS - Basic net i
PER SHARE RESULTS - Basic net income per share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
PER SHARE RESULTS | ||||
Weighted average shares used for basic net income per share | 17,847,913 | 19,028,572 | 18,038,345 | 19,219,820 |
Effect of dilutive stock options | 18,909 | 44,663 | 23,825 | 46,660 |
Weighted average shares used for diluted net income per share | 17,866,822 | 19,073,235 | 18,062,170 | 19,266,480 |
PER SHARE RESULTS - Additional
PER SHARE RESULTS - Additional information (Details) - shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
PER SHARE RESULTS | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 243,120 | 172,120 |
RECENT ACCOUNTING PRONOUNCEME_2
RECENT ACCOUNTING PRONOUNCEMENTS (Details) | Sep. 30, 2020 |
Accounting Standards Update 2016-13 [Member] | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
Change in Accounting Principle, Accounting Standards Update, Adopted | false |
Accounting Standards Update 2018-13 [Member] | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
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] | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair value measurement on recurring basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale, at fair value | $ 87,434 | $ 72,367 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale, at fair value | 87,434 | $ 72,367 | |
US Government Agencies Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale, at fair value | 11,760 | 9,996 | |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale, at fair value | 11,760 | 9,996 | |
Mortgage-backed securities - GSE's [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale, at fair value | 41,670 | 47,743 | |
Mortgage-backed securities - GSE's [Member] | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale, at fair value | 41,670 | 47,743 | |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale, at fair value | 2,103 | 2,299 | |
Municipal Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale, at fair value | 31,901 | $ 12,329 | |
Municipal Bonds [Member] | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale, at fair value | 31,901 | 12,329 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale, at fair value | 87,434 | 72,367 | |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale, at fair value | 11,760 | 9,996 | |
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed securities - GSE's [Member] | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale, at fair value | 41,670 | 47,743 | |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale, at fair value | 2,103 | 2,299 | |
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale, at fair value | $ 31,901 | $ 12,329 |
FAIR VALUE MEASUREMENTS - Fai_2
FAIR VALUE MEASUREMENTS - Fair value measurement on non-recurring basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 7,695 | $ 5,941 | ||
Foreclosed real estate | 3,237 | 3,533 | $ 1,442 | $ 1,088 |
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,695 | 5,941 | ||
Foreclosed real estate | 3,237 | 3,533 | ||
Total | 10,932 | 9,474 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,695 | 5,941 | ||
Foreclosed real estate | 3,237 | 3,533 | ||
Total | $ 10,932 | $ 9,474 |
FAIR VALUE MEASUREMENTS - Carry
FAIR VALUE MEASUREMENTS - Carrying values and estimated fair values (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Cash and due from banks | $ 25,068 | $ 19,110 |
Interest-earning deposits in other banks | 249,541 | 50,920 |
Federal funds sold | 8,046 | 9,047 |
Investment securities available for sale | 87,434 | 72,367 |
Loans held for sale | 2,945 | 928 |
Loans, net | 1,269,896 | 1,021,651 |
Accrued interest receivable | 4,486 | 4,189 |
Stock in FHLB | 3,059 | 3,045 |
Other non-marketable securities | 718 | 719 |
Financial liabilities: | ||
Deposits | 1,472,780 | 992,838 |
Short-term debt | 20,000 | 0 |
Long-term debt | 37,372 | 57,372 |
Accrued interest payable | 449 | 578 |
Estimated Fair Value [Member] | ||
Financial assets: | ||
Cash and due from banks | 25,068 | 19,110 |
Interest-earning deposits in other banks | 249,541 | 50,920 |
Federal funds sold | 8,046 | 9,047 |
Investment securities available for sale | 87,434 | 72,367 |
Loans held for sale | 2,945 | 928 |
Loans, net | 1,279,096 | 1,016,239 |
Accrued interest receivable | 4,486 | 4,189 |
Stock in FHLB | 3,059 | 3,045 |
Other non-marketable securities | 718 | 719 |
Financial liabilities: | ||
Deposits | 1,476,441 | 995,056 |
Long-term debt | 34,163 | 55,729 |
Accrued interest payable | 449 | 578 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and due from banks | 25,068 | 19,110 |
Interest-earning deposits in other banks | 249,541 | 50,920 |
Federal funds sold | 8,046 | 9,047 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Investment securities available for sale | 87,434 | 72,367 |
Loans held for sale | 2,945 | 928 |
Accrued interest receivable | 4,486 | 4,189 |
Financial liabilities: | ||
Deposits | 995,056 | |
Long-term debt | 34,163 | 55,729 |
Accrued interest payable | 449 | 578 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Loans, net | 1,279,096 | 1,016,239 |
Stock in FHLB | 3,059 | 3,045 |
Other non-marketable securities | 718 | $ 719 |
Financial liabilities: | ||
Deposits | $ 1,476,441 |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional information (Details) | Sep. 30, 2020 |
Minimum [Member] | |
Percentage Of Discount From Impaired Loans | 3.00% |
Minimum [Member] | Fair Value, Measurements, Nonrecurring [Member] | |
Percentage Of Discount From Foreclosed Real Estate | 6.00% |
Maximum [Member] | |
Percentage Of Discount From Impaired Loans | 50.00% |
Maximum [Member] | Fair Value, Measurements, Nonrecurring [Member] | |
Percentage Of Discount From Foreclosed Real Estate | 10.00% |
INVESTMENT SECURITIES - Amortiz
INVESTMENT SECURITIES - Amortized cost and fair value of AFS investments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Securities available for sale: | ||
Amortized cost | $ 85,443 | $ 71,199 |
Gross unrealized gains | 2,144 | 1,183 |
Gross unrealized losses | (153) | (15) |
Fair value | 87,434 | 72,367 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Amortized cost | 11,508 | 9,839 |
Gross unrealized gains | 276 | 159 |
Gross unrealized losses | (24) | (2) |
Fair value | 11,760 | 9,996 |
Mortgage-backed securities - GSE's [Member] | ||
Securities available for sale: | ||
Amortized cost | 40,195 | 46,926 |
Gross unrealized gains | 1,528 | 830 |
Gross unrealized losses | (53) | (13) |
Fair value | 41,670 | 47,743 |
Corporate bonds [Member] | ||
Securities available for sale: | ||
Amortized cost | 2,101 | 2,282 |
Gross unrealized gains | 7 | 17 |
Gross unrealized losses | (5) | |
Fair value | 2,103 | 2,299 |
Municipal Bonds [Member] | ||
Securities available for sale: | ||
Amortized cost | 31,639 | 12,152 |
Gross unrealized gains | 333 | 177 |
Gross unrealized losses | (71) | |
Fair value | $ 31,901 | $ 12,329 |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Scheduled maturities of AFS securities (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
INVESTMENT SECURITIES | ||
Amortized cost, due within one year (remainder of year) | $ 2,757 | |
Gross unrealized gains, due within one year (remainder of year) | 8 | |
Gross unrealized losses, due within one year (remainder of year) | (1) | |
Fair value, due within one year (remainder of year) | 2,764 | |
Amortized cost, Within 1 year | 0 | $ 8,901 |
Gross unrealized gains, Within 1 year | 0 | 19 |
Gross unrealized losses, Within 1 year | 0 | (6) |
Fair value, Within 1 year | 0 | 8,914 |
Amortized cost, After 1 year but within 5 years | 26,947 | 40,954 |
Gross unrealized gains, After 1 year but within 5 years | 1,268 | 695 |
Gross unrealized losses, After 1 year but within 5 years | (1) | (7) |
Fair value, After 1 year but within 5 years | 28,214 | 41,642 |
Amortized cost, After 5 years but within 10 years | 5,565 | 4,568 |
Gross unrealized gains, After 5 years but within 10 years | 81 | 94 |
Gross unrealized losses, After 5 years but within 10 years | (7) | (1) |
Fair value, After 5 years but within 10 years | 5,639 | 4,661 |
Amortized cost, After 10 years | 50,174 | 16,776 |
Gross unrealized gains, After 10 years | 787 | 375 |
Gross unrealized losses, After 10 years | (144) | (1) |
Fair value, After 10 years | 50,817 | 17,150 |
Amortized cost | 85,443 | 71,199 |
Gross unrealized gains | 2,144 | 1,183 |
Gross unrealized losses | (153) | (15) |
Fair value | $ 87,434 | $ 72,367 |
INVESTMENT SECURITIES - Investm
INVESTMENT SECURITIES - Investments gross unrealized losses and fair value (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Securities available for sale: | |||
Less Than 12 Months Unrealized losses | $ (149) | $ (3) | |
12 Months or More Unrealized losses | (4) | $ (12) | |
US Government Agencies Debt Securities [Member] | |||
Securities available for sale: | |||
Less Than 12 Months Fair value | 3,478 | $ 872 | |
Less Than 12 Months Unrealized losses | (22) | ||
12 Months or More Fair value | 479 | 621 | |
12 Months or More Unrealized losses | (2) | (2) | |
Total Fair value | 3,957 | 1,493 | |
Total Unrealized losses | (24) | (2) | |
Mortgage-backed securities - GSE's [Member] | |||
Securities available for sale: | |||
Less Than 12 Months Fair value | 8,044 | 2,672 | |
Less Than 12 Months Unrealized losses | (51) | (3) | |
12 Months or More Fair value | 1,999 | 3,774 | |
12 Months or More Unrealized losses | (2) | (10) | |
Total Fair value | 10,043 | 6,446 | |
Total Unrealized losses | (53) | (13) | |
Corporate bonds [Member] | |||
Securities available for sale: | |||
Less Than 12 Months Fair value | 753 | ||
Less Than 12 Months Unrealized losses | (5) | ||
Total Fair value | 753 | ||
Total Unrealized losses | (5) | ||
Municipal Bonds [Member] | |||
Securities available for sale: | |||
Less Than 12 Months Fair value | 10,578 | ||
Less Than 12 Months Unrealized losses | (71) | ||
Total Fair value | 10,578 | ||
Total Unrealized losses | (71) | ||
Total temporarily impaired securities [Member] | |||
Securities available for sale: | |||
Less Than 12 Months Fair value | 22,853 | 3,544 | |
Less Than 12 Months Unrealized losses | (149) | (3) | |
12 Months or More Fair value | 2,478 | 4,395 | |
12 Months or More Unrealized losses | (4) | (12) | |
Total Fair value | 25,331 | 7,939 | |
Total Unrealized losses | $ (153) | $ (15) |
INVESTMENT SECURITIES - Additio
INVESTMENT SECURITIES - Additional information (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020USD ($)security | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)security | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $ 2,000 | $ 1,200 | |
Deferred Income Taxes and Other Assets | 269 | ||
Deferred Income Taxes and Other Liabilities, Noncurrent | 458 | ||
US Government Securities, at Carrying Value | 48,100 | 18,400 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4 | 12 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 149 | $ 3 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 3 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 15 | 3 | |
Gain (Loss) on Sale of Investments | $ 0 | $ 48 | |
US Government Agencies Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2 | 2 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 22 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 2 | 1 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 1 | 1 | |
Mortgage-backed securities - GSE's [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 2 | 10 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 51 | $ 3 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 1 | 1 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 4 | 2 | |
Corporate Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 1 | ||
Municipal Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 71 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 9 |
LOANS - Loan portfolio (Details
LOANS - Loan portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 1,288,934 | $ 1,032,089 | $ 1,016,889 | |||
Less deferred loan origination fees, net | (5,477) | (2,114) | ||||
Total loans | 1,283,457 | 1,029,975 | ||||
Allowance for loan losses | (13,561) | $ (12,054) | (8,324) | (8,056) | $ (8,303) | $ (8,669) |
Total loans, net | $ 1,269,896 | $ 1,021,651 | ||||
Less deferred loan origination fees, net | (0.43%) | (0.21%) | ||||
Percent of total | 100.00% | 100.00% | ||||
Real Estate Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans, net | $ 1,116,071 | $ 946,328 | ||||
Percent of total | 86.96% | 91.89% | ||||
Other Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans, net | $ 172,863 | $ 85,761 | ||||
Percent of total | 13.47% | 8.32% | ||||
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 537,087 | 452,644 | ||||
Total loans | 537,087 | $ 459,115 | ||||
Allowance for loan losses | (4,440) | (4,228) | (2,851) | (2,917) | (2,960) | (3,409) |
Total loans, net | $ 537,087 | $ 459,115 | ||||
Percent of total | 41.85% | 44.58% | ||||
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 255,718 | 212,677 | ||||
Total loans | 255,718 | $ 221,878 | ||||
Allowance for loan losses | (2,496) | (2,295) | (1,737) | (1,705) | (1,493) | (1,385) |
Total loans, net | $ 255,718 | $ 221,878 | ||||
Percent of total | 19.92% | 21.55% | ||||
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 165,766 | 79,686 | ||||
Total loans | 165,766 | $ 75,748 | ||||
Allowance for loan losses | (4,133) | (2,646) | (1,305) | (950) | (1,112) | (976) |
Total loans, net | $ 165,766 | $ 75,748 | ||||
Percent of total | 12.91% | 7.35% | ||||
Commercial Portfolio Segment [Member] | Other Loan [Member] | Loans to individuals [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans, net | $ 7,017 | $ 9,779 | ||||
Percent of total | 0.55% | 0.95% | ||||
Commercial Portfolio Segment [Member] | Other Loan [Member] | Overdrafts [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans, net | $ 80 | $ 234 | ||||
Percent of total | 0.01% | 0.02% | ||||
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 79,697 | 62,080 | ||||
Total loans | 79,697 | $ 69,124 | ||||
Allowance for loan losses | (709) | (630) | (434) | (402) | (391) | (471) |
Total loans, net | $ 79,697 | $ 69,124 | ||||
Percent of total | 6.21% | 6.71% | ||||
Residential Portfolio Segment [Member] | HELOC [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans, net | $ 48,395 | $ 44,514 | ||||
Percent of total | 3.77% | 4.32% | ||||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 195,174 | 153,862 | ||||
Total loans | 195,174 | $ 151,697 | ||||
Allowance for loan losses | (1,347) | (1,746) | (1,493) | (1,492) | (1,605) | (1,667) |
Total loans, net | $ 195,174 | $ 151,697 | ||||
Percent of total | 15.21% | 14.73% | ||||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 48,395 | 46,221 | ||||
Total loans | 48,395 | $ 44,514 | ||||
Allowance for loan losses | $ (340) | $ (397) | $ (329) | $ (422) | $ (433) | $ (555) |
LOANS - PCI loans - Contractual
LOANS - PCI loans - Contractually required payments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
LOANS | ||
Contractually required payments | $ 38,279 | $ 20,598 |
Nonaccretable difference | 3,401 | 1,694 |
Cash flows expected to be collected | 34,878 | 18,904 |
Accretable yield | 4,891 | 3,191 |
Carrying value | $ 29,987 | $ 15,713 |
LOANS - Unused lines of credit
LOANS - Unused lines of credit (Details) $ in Millions | Sep. 30, 2020USD ($) |
Unused Lines of Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 230.2 |
LOANS - Paycheck Protection Pro
LOANS - Paycheck Protection Program (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($)loan | Dec. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,283,457 | $ 1,029,975 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 165,766 | $ 75,748 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans originated | loan | 1,249 | |
Loans originated | $ 97,000 | |
Number of loans | loan | 1,242 | |
Loans | $ 95,300 |
LOANS - Loans pledged to the FH
LOANS - Loans pledged to the FHLB (Details) $ in Millions | Sep. 30, 2020USD ($) |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures [Abstract] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 112.6 |
LOANS - Age analysis of past du
LOANS - Age analysis of past due loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 1,548 | $ 1,231 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,695 | 5,941 |
Financing Receivable, Past Due | 9,908 | 10,631 |
Total Current | 1,279,026 | 1,021,458 |
Loans | 1,283,457 | 1,029,975 |
Deferred loan (fees) cost, net | (5,477) | (2,114) |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 516 | 2,533 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 149 | 926 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 161 | 181 |
Financing Receivable, Past Due | 161 | 181 |
Total Current | 255,557 | 221,697 |
Loans | 255,718 | 221,878 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 336 | 321 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,489 | 1,832 |
Financing Receivable, Past Due | 3,035 | 2,628 |
Total Current | 534,052 | 456,487 |
Loans | 537,087 | 459,115 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 210 | 393 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 82 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 543 | 46 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,687 | 2,824 |
Financing Receivable, Past Due | 4,337 | 4,012 |
Total Current | 161,429 | 71,736 |
Loans | 165,766 | 75,748 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 2 | 1,108 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 105 | 34 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Loans to individuals & overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 145 | 155 |
Financing Receivable, Past Due | 154 | 160 |
Total Current | 6,943 | 9,853 |
Loans | 7,097 | 10,013 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Loans to individuals & overdrafts [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 9 | 5 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Loans to individuals & overdrafts [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Financing Receivable, Past Due | 0 | |
Total Current | 79,697 | 69,124 |
Loans | 79,697 | 69,124 |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 669 | 864 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 950 | 505 |
Financing Receivable, Past Due | 1,832 | 3,038 |
Total Current | 193,342 | 148,659 |
Loans | 195,174 | 151,697 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 200 | 859 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 13 | 810 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 263 | 444 |
Financing Receivable, Past Due | 389 | 612 |
Total Current | 48,006 | 43,902 |
Loans | 48,395 | 44,514 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 95 | 168 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 31 | 0 |
Unallocated Financing Receivables [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Financing Receivable, Past Due | 0 | |
Total Current | 0 | 0 |
Deferred loan (fees) cost, net | (5,477) | (2,114) |
Unallocated Financing Receivables [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Unallocated Financing Receivables [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | $ 0 | $ 0 |
LOANS - Impaired loans - Record
LOANS - Impaired loans - Recorded investment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
With no related allowance, Recorded Investment | $ 9,941 | $ 10,240 |
With an related allowance, Recorded Investment | 1,637 | 972 |
Impaired Financing Receivable, Recorded Investment, Total | 11,578 | 11,212 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
With no related allowance, Contractual Unpaid Principal Balance | 12,319 | 14,322 |
With an related allowance, Contractual Unpaid Principal Balance | 1,810 | 1,372 |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 14,129 | 15,694 |
Related Allowance | 506 | 413 |
Commercial Portfolio Segment [Member] | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, Recorded Investment, Total | 10,551 | 9,749 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 12,833 | 12,591 |
Related Allowance | 487 | 403 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
With no related allowance, Recorded Investment | 262 | 440 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
With no related allowance, Contractual Unpaid Principal Balance | 366 | 537 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
With no related allowance, Recorded Investment | 5,175 | 5,585 |
With an related allowance, Recorded Investment | 977 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
With no related allowance, Contractual Unpaid Principal Balance | 5,448 | 6,750 |
With an related allowance, Contractual Unpaid Principal Balance | 1,032 | |
Related Allowance | 325 | |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
With no related allowance, Recorded Investment | 3,635 | 2,796 |
With an related allowance, Recorded Investment | 502 | 731 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
With no related allowance, Contractual Unpaid Principal Balance | 5,466 | 4,051 |
With an related allowance, Contractual Unpaid Principal Balance | 521 | 1,056 |
Related Allowance | 162 | 403 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Loans to individuals & overdrafts [Member] | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
With no related allowance, Recorded Investment | 261 | 197 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
With no related allowance, Contractual Unpaid Principal Balance | 279 | 197 |
Consumer Portfolio Segment [Member] | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, Recorded Investment, Total | 261 | 284 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 279 | 293 |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
With no related allowance, Recorded Investment | 284 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
With no related allowance, Contractual Unpaid Principal Balance | 293 | |
Residential Portfolio Segment [Member] | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, Recorded Investment, Total | 766 | 1,179 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 1,017 | 2,810 |
Related Allowance | 19 | 10 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
With no related allowance, Recorded Investment | 411 | 543 |
With an related allowance, Recorded Investment | 119 | 160 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
With no related allowance, Contractual Unpaid Principal Balance | 553 | 678 |
With an related allowance, Contractual Unpaid Principal Balance | 150 | 222 |
Related Allowance | 9 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
With no related allowance, Recorded Investment | 197 | 395 |
With an related allowance, Recorded Investment | 39 | 81 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
With no related allowance, Contractual Unpaid Principal Balance | 207 | 1,816 |
With an related allowance, Contractual Unpaid Principal Balance | 107 | 94 |
Related Allowance | $ 10 | $ 10 |
LOANS - Impaired loans - Averag
LOANS - Impaired loans - Average recorded investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
With no related allowance, Average Recorded Investment | $ 11,354 | $ 15,945 | $ 11,666 | $ 14,413 |
With an related allowance, Average Recorded Investment | 1,787 | 1,590 | 1,112 | 1,360 |
Impaired Financing Receivable, Average Recorded Investment, Total | 13,141 | 17,535 | 12,778 | 15,773 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | ||||
With no related allowance, Interest Income Recognized on Impaired Loans | 93 | 155 | 332 | 451 |
With an related allowance, Interest Income Recognized on Impaired Loans | 39 | 19 | 76 | 58 |
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 132 | 174 | 408 | 509 |
Commercial Portfolio Segment [Member] | ||||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, Average Recorded Investment, Total | 11,990 | 14,677 | 11,310 | 12,759 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | ||||
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 103 | 118 | 360 | 389 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | ||||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
With no related allowance, Average Recorded Investment | 345 | 2,413 | 291 | 1,546 |
With an related allowance, Average Recorded Investment | 13 | |||
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | ||||
With no related allowance, Interest Income Recognized on Impaired Loans | 6 | 12 | 17 | 20 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | ||||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
With no related allowance, Average Recorded Investment | 5,265 | 7,167 | 5,661 | 6,022 |
With an related allowance, Average Recorded Investment | 986 | 208 | ||
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | ||||
With no related allowance, Interest Income Recognized on Impaired Loans | 38 | 70 | 127 | 218 |
With an related allowance, Interest Income Recognized on Impaired Loans | 15 | 46 | ||
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | ||||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
With no related allowance, Average Recorded Investment | 4,818 | 4,010 | 4,475 | 4,397 |
With an related allowance, Average Recorded Investment | 576 | 882 | 576 | 572 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | ||||
With no related allowance, Interest Income Recognized on Impaired Loans | 25 | 32 | 152 | 100 |
With an related allowance, Interest Income Recognized on Impaired Loans | 19 | 1 | 18 | 41 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Loans to individuals & overdrafts [Member] | ||||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
With no related allowance, Average Recorded Investment | 271 | 84 | 273 | 93 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | ||||
With no related allowance, Interest Income Recognized on Impaired Loans | 6 | 14 | 6 | |
Consumer Portfolio Segment [Member] | ||||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, Average Recorded Investment, Total | 271 | 84 | 273 | 93 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | ||||
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 6 | 14 | 6 | |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | ||||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
With no related allowance, Average Recorded Investment | 205 | 99 | 209 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | ||||
With no related allowance, Interest Income Recognized on Impaired Loans | 3 | 10 | ||
Residential Portfolio Segment [Member] | ||||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
Impaired Financing Receivable, Average Recorded Investment, Total | 880 | 2,774 | 1,195 | 2,921 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | ||||
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 29 | 50 | 34 | 114 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | ||||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
With no related allowance, Average Recorded Investment | 453 | 1,205 | 575 | 1,202 |
With an related allowance, Average Recorded Investment | 122 | 546 | 264 | 563 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | ||||
With no related allowance, Interest Income Recognized on Impaired Loans | 2 | 21 | 22 | 61 |
With an related allowance, Interest Income Recognized on Impaired Loans | 5 | 14 | 6 | 7 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | ||||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
With no related allowance, Average Recorded Investment | 202 | 861 | 292 | 944 |
With an related allowance, Average Recorded Investment | 103 | 162 | 64 | 212 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | ||||
With no related allowance, Interest Income Recognized on Impaired Loans | $ 22 | 11 | 36 | |
With an related allowance, Interest Income Recognized on Impaired Loans | $ 4 | $ 6 | $ 10 |
LOANS - Impaired loans - Additi
LOANS - Impaired loans - Additional information (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, Recorded Investment, Total | $ 11,578 | $ 11,212 |
Impaired Financing Receivable, With Related Allowance, Recorded Investment | 1,637 | 972 |
Impaired Financing Receivable, Related Allowance | 506 | 413 |
Impaired Financing Receivable, With No Related Allowance, Recorded Investment | 9,941 | 10,240 |
Allowance for Loan and Lease Losses Write-offs, Net | 307 | 438 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, Recorded Investment, Total | 7,700 | 5,900 |
Financial Asset, 1 to 89 Days Past Due [Member] | ||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||
Impaired Financing Receivable, Recorded Investment, Total | $ 3,900 | $ 6,200 |
LOANS - Troubled debt restructu
LOANS - Troubled debt restructurings - Tabular disclosure (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | loan | 4 | 3 | 14 | 9 | 7 | 1 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 485 | $ 536 | $ 2,299 | $ 2,175 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 464 | $ 503 | $ 1,874 | $ 2,071 | $ 2,421 | $ 16 |
Commercial Portfolio Segment [Member] | Commercial and industrial other loans [Member] | Other Loan [Member] | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | loan | 2 | 1 | 4 | 4 | 4 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 146 | $ 103 | $ 1,091 | $ 931 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 139 | $ 71 | $ 1,083 | $ 899 | $ 2,203 | |
Commercial Portfolio Segment [Member] | Commercial real estate [Member] | Real Estate Loan [Member] | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | loan | 1 | |||||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 752 | |||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 702 | |||||
Commercial Portfolio Segment [Member] | Construction [Member] | Real Estate Loan [Member] | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | loan | 1 | 1 | 1 | 2 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 259 | $ 157 | $ 259 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 259 | $ 13 | $ 259 | $ 208 | ||
Commercial Portfolio Segment [Member] | Loans to individuals [Member] | Other Loan [Member] | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | loan | 1 | |||||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 14 | |||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 9 | |||||
Residential Portfolio Segment [Member] | 1- to- 4 family residential real estate loans [Member] | Real Estate Loan [Member] | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | loan | 2 | 1 | 6 | 3 | 1 | 1 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 339 | $ 174 | $ 797 | $ 233 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 325 | $ 173 | $ 537 | $ 211 | $ 10 | $ 16 |
Residential Portfolio Segment [Member] | HELOC [Member] | Real Estate Loan [Member] | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | loan | 2 | |||||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 240 | |||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 232 |
LOANS - Troubled debt restruc_2
LOANS - Troubled debt restructurings - Additional information (Details) $ in Millions | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Loans, Number | loan | 49 | 41 |
Financing Receivable, Troubled Debt Restructuring | $ 10.3 | $ 8.2 |
Financial Asset, 1 to 89 Days Past Due [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Loans, Number | loan | 32 | 28 |
Financing Receivable, Troubled Debt Restructuring | $ 3.9 | $ 6.5 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | $ 6.4 | $ 1.7 |
LOANS - Troubled debt restruc_3
LOANS - Troubled debt restructurings - CARES Act (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($)loan | |
LOANS | |
Financing Receivable, Not Classified as Troubled Debt Restructuring, CARES Act, Payment Deferrals, Loans, Granted, Number | loan | 497 |
Financing Receivable, Not Classified as Troubled Debt Restructuring, CARES Act, Payment Deferrals, Loans, Granted | $ | $ 252.3 |
Financing Receivable, Not Classified as Troubled Debt Restructuring, CARES Act, Payment Deferrals, Loans, Number | loan | 114 |
Financing Receivable, Not Classified as Troubled Debt Restructuring, CARES Act, Payment Deferrals, Loans | $ | $ 65.6 |
LOANS - Risk ratings (Details)
LOANS - Risk ratings (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 1,283,457 | $ 1,029,975 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 255,718 | 221,878 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | Very Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 162 | 110 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,196 | 8,674 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 24,718 | 16,249 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | Acceptable with Care [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 228,132 | 196,228 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 349 | 436 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 161 | 181 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 537,087 | 459,115 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | Superior [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 76 | 337 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | Very Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,812 | 1,245 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 67,996 | 62,643 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 270,857 | 255,751 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | Acceptable with Care [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 181,384 | 133,190 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,363 | 1,490 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,599 | 4,459 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 165,766 | 75,748 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | Superior [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 96,415 | 4,014 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | Very Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 368 | 349 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,538 | 5,976 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 22,173 | 19,197 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | Acceptable with Care [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 35,331 | 40,579 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 390 | 242 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,551 | 5,391 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Loans to individuals & overdrafts [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,097 | 10,013 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Loans to individuals & overdrafts [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,806 | 9,727 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Loans to individuals & overdrafts [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 291 | 286 |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 79,697 | 69,124 |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | Good [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,866 | 4,839 |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 50,771 | 41,113 |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | Acceptable with Care [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 24,060 | 23,172 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 195,174 | 151,697 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 191,984 | 147,958 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 445 | 1,246 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,745 | 2,493 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 48,395 | 44,514 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 47,300 | 43,585 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 205 | 76 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 890 | $ 853 |
LOANS - PCI loans - Accretable
LOANS - PCI loans - Accretable yield (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Accretable yield, beginning of period | $ 5,661 | $ 3,481 | $ 3,191 | $ 3,593 |
Additions | 2,949 | |||
Accretion | (487) | (277) | (1,209) | (855) |
Reclassification from nonaccretable difference | 24 | 45 | 67 | 293 |
Other changes, net | (307) | 56 | (107) | 274 |
Accretable yield, end of period | $ 4,891 | $ 3,305 | $ 4,891 | $ 3,305 |
LOANS - Allowance for loan loss
LOANS - Allowance for loan losses - Roll forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | $ 12,054 | $ 8,303 | $ 8,324 | $ 8,669 |
Provision for (recovery of) loan losses | 1,638 | 231 | 5,844 | 136 |
Loans charged-off | (191) | (515) | (740) | (906) |
Recoveries | 60 | 37 | 133 | 157 |
Allowance for loan losses, Balance, end of period | 13,561 | 8,056 | 13,561 | 8,056 |
Performing Financial Instruments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 11,879 | 7,786 | 8,055 | 8,066 |
Provision for (recovery of) loan losses | 1,574 | 218 | 5,874 | 209 |
Loans charged-off | (191) | (253) | (740) | (644) |
Recoveries | 60 | 37 | 133 | 157 |
Allowance for loan losses, Balance, end of period | 13,322 | 7,788 | 13,322 | 7,788 |
Nonperforming Financial Instruments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 175 | 517 | 269 | 603 |
Provision for (recovery of) loan losses | 64 | 13 | (30) | (73) |
Loans charged-off | 0 | (262) | 0 | (262) |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Balance, end of period | 239 | 268 | 239 | 268 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 2,295 | 1,493 | 1,737 | 1,385 |
Provision for (recovery of) loan losses | 201 | 212 | 759 | 302 |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 18 |
Allowance for loan losses, Balance, end of period | 2,496 | 1,705 | 2,496 | 1,705 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | Performing Financial Instruments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 2,284 | 1,487 | 1,731 | 1,385 |
Provision for (recovery of) loan losses | 212 | 212 | 765 | 296 |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 18 |
Allowance for loan losses, Balance, end of period | 2,496 | 1,699 | 2,496 | 1,699 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | Nonperforming Financial Instruments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 11 | 6 | 6 | 0 |
Provision for (recovery of) loan losses | (11) | 0 | (6) | 6 |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Balance, end of period | 0 | 6 | 0 | 6 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 4,228 | 2,960 | 2,851 | 3,409 |
Provision for (recovery of) loan losses | 281 | (44) | 1,656 | (532) |
Loans charged-off | (70) | 0 | (70) | (10) |
Recoveries | 1 | 1 | 3 | 50 |
Allowance for loan losses, Balance, end of period | 4,440 | 2,917 | 4,440 | 2,917 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | Performing Financial Instruments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 4,184 | 2,818 | 2,837 | 3,024 |
Provision for (recovery of) loan losses | 325 | (44) | 1,670 | (289) |
Loans charged-off | (70) | 0 | (70) | (10) |
Recoveries | 1 | 1 | 3 | 50 |
Allowance for loan losses, Balance, end of period | 4,440 | 2,775 | 4,440 | 2,775 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | Nonperforming Financial Instruments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 44 | 142 | 14 | 385 |
Provision for (recovery of) loan losses | (44) | 0 | (14) | (243) |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Balance, end of period | 0 | 142 | 0 | 142 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 2,646 | 1,112 | 1,305 | 976 |
Provision for (recovery of) loan losses | 1,545 | 133 | 3,413 | 516 |
Loans charged-off | (98) | (297) | (628) | (554) |
Recoveries | 40 | 2 | 43 | 12 |
Allowance for loan losses, Balance, end of period | 4,133 | 950 | 4,133 | 950 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | Performing Financial Instruments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 2,623 | 814 | 1,127 | 762 |
Provision for (recovery of) loan losses | 1,568 | 123 | 3,591 | 422 |
Loans charged-off | (98) | (48) | (628) | (305) |
Recoveries | 40 | 2 | 43 | 12 |
Allowance for loan losses, Balance, end of period | 4,133 | 891 | 4,133 | 891 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | Nonperforming Financial Instruments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 23 | 298 | 178 | 214 |
Provision for (recovery of) loan losses | (23) | 10 | (178) | 94 |
Loans charged-off | 0 | (249) | 0 | (249) |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Balance, end of period | 0 | 59 | 0 | 59 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Loans to individuals & overdrafts [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 112 | 309 | 175 | 206 |
Provision for (recovery of) loan losses | 0 | 22 | (55) | 136 |
Loans charged-off | (23) | (168) | (42) | (192) |
Recoveries | 7 | 5 | 18 | 18 |
Allowance for loan losses, Balance, end of period | 96 | 168 | 96 | 168 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Loans to individuals & overdrafts [Member] | Performing Financial Instruments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 108 | 309 | 175 | 206 |
Provision for (recovery of) loan losses | 4 | 9 | (55) | 123 |
Loans charged-off | (23) | (155) | (42) | (179) |
Recoveries | 7 | 5 | 18 | 18 |
Allowance for loan losses, Balance, end of period | 96 | 168 | 96 | 168 |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Loans to individuals & overdrafts [Member] | Nonperforming Financial Instruments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 4 | 0 | 0 | 0 |
Provision for (recovery of) loan losses | (4) | 13 | 0 | 13 |
Loans charged-off | 0 | (13) | 0 | (13) |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Balance, end of period | 0 | 0 | 0 | 0 |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 630 | 391 | 434 | 471 |
Provision for (recovery of) loan losses | 75 | 11 | 271 | (69) |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries | 4 | 0 | 4 | 0 |
Allowance for loan losses, Balance, end of period | 709 | 402 | 709 | 402 |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | Performing Financial Instruments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 621 | 383 | 419 | 471 |
Provision for (recovery of) loan losses | 84 | 11 | 286 | (77) |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries | 4 | 0 | 4 | 0 |
Allowance for loan losses, Balance, end of period | 709 | 394 | 709 | 394 |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | Nonperforming Financial Instruments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 9 | 8 | 15 | 0 |
Provision for (recovery of) loan losses | (9) | 0 | (15) | 8 |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Balance, end of period | 0 | 8 | 0 | 8 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 1,746 | 1,605 | 1,493 | 1,667 |
Provision for (recovery of) loan losses | (406) | (121) | (169) | (200) |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries | 7 | 8 | 23 | 25 |
Allowance for loan losses, Balance, end of period | 1,347 | 1,492 | 1,347 | 1,492 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | Performing Financial Instruments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 1,671 | 1,543 | 1,437 | 1,663 |
Provision for (recovery of) loan losses | (570) | (111) | (352) | (248) |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries | 7 | 8 | 23 | 25 |
Allowance for loan losses, Balance, end of period | 1,108 | 1,440 | 1,108 | 1,440 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | Nonperforming Financial Instruments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 75 | 62 | 56 | 4 |
Provision for (recovery of) loan losses | 164 | (10) | 183 | 48 |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Balance, end of period | 239 | 52 | 239 | 52 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 397 | 433 | 329 | 555 |
Provision for (recovery of) loan losses | (58) | 18 | (31) | (17) |
Loans charged-off | 0 | (50) | 0 | (150) |
Recoveries | 1 | 21 | 42 | 34 |
Allowance for loan losses, Balance, end of period | 340 | 422 | 340 | 422 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | Performing Financial Instruments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 388 | 432 | 329 | 555 |
Provision for (recovery of) loan losses | (49) | 18 | (31) | (18) |
Loans charged-off | 0 | (50) | 0 | (150) |
Recoveries | 1 | 21 | 42 | 34 |
Allowance for loan losses, Balance, end of period | 340 | 421 | 340 | 421 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | Nonperforming Financial Instruments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, Balance, beginning of period | 9 | 1 | 0 | 0 |
Provision for (recovery of) loan losses | (9) | 0 | 0 | 1 |
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Balance, end of period | $ 0 | $ 1 | $ 0 | $ 1 |
LOANS - Allowance for loan lo_2
LOANS - Allowance for loan losses - Evaluated for impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Ending Balance | $ 13,561 | $ 12,054 | $ 8,324 | $ 8,056 | $ 8,303 | $ 8,669 |
Ending Balance: individually evaluated for impairment | 506 | 284 | ||||
Ending Balance: collectively evaluated for impairment | 13,055 | 7,772 | ||||
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Ending Balance | 2,496 | 2,295 | 1,737 | 1,705 | 1,493 | 1,385 |
Ending Balance: individually evaluated for impairment | 0 | 0 | ||||
Ending Balance: collectively evaluated for impairment | 2,496 | 1,705 | ||||
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Ending Balance | 4,440 | 4,228 | 2,851 | 2,917 | 2,960 | 3,409 |
Ending Balance: individually evaluated for impairment | 325 | 0 | ||||
Ending Balance: collectively evaluated for impairment | 4,115 | 2,917 | ||||
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Ending Balance | 4,133 | 2,646 | 1,305 | 950 | 1,112 | 976 |
Ending Balance: individually evaluated for impairment | 162 | 230 | ||||
Ending Balance: collectively evaluated for impairment | 3,971 | 720 | ||||
Commercial Portfolio Segment [Member] | Other Loan [Member] | Loans to individuals & overdrafts [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Ending Balance | 96 | 112 | 175 | 168 | 309 | 206 |
Ending Balance: individually evaluated for impairment | 0 | 0 | ||||
Ending Balance: collectively evaluated for impairment | 96 | 168 | ||||
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Ending Balance | 709 | 630 | 434 | 402 | 391 | 471 |
Ending Balance: individually evaluated for impairment | 0 | 0 | ||||
Ending Balance: collectively evaluated for impairment | 709 | 402 | ||||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Ending Balance | 1,347 | 1,746 | 1,493 | 1,492 | 1,605 | 1,667 |
Ending Balance: individually evaluated for impairment | 10 | 6 | ||||
Ending Balance: collectively evaluated for impairment | 1,337 | 1,486 | ||||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Ending Balance | 340 | $ 397 | $ 329 | 422 | $ 433 | $ 555 |
Ending Balance: individually evaluated for impairment | 9 | 48 | ||||
Ending Balance: collectively evaluated for impairment | $ 331 | $ 374 |
LOANS - Loans evaluated for imp
LOANS - Loans evaluated for impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: individually evaluated for impairment | $ 11,578 | $ 14,801 | |
Ending balance | 1,288,934 | $ 1,032,089 | 1,016,889 |
Performing Financial Instruments [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: collectively evaluated for impairment | 1,247,369 | 985,785 | |
Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: collectively evaluated for impairment | 29,987 | 16,303 | |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: individually evaluated for impairment | 262 | 2,531 | |
Ending balance | 255,718 | 212,677 | |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: collectively evaluated for impairment | 253,851 | 209,464 | |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Construction [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: collectively evaluated for impairment | 1,605 | 682 | |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: individually evaluated for impairment | 5,666 | 6,367 | |
Ending balance | 537,087 | 452,644 | |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: collectively evaluated for impairment | 518,462 | 440,244 | |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Commercial real estate [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: collectively evaluated for impairment | 12,959 | 6,033 | |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: individually evaluated for impairment | 4,624 | 3,874 | |
Ending balance | 165,766 | 79,686 | |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: collectively evaluated for impairment | 159,585 | 74,658 | |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Commercial and industrial other loans [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: collectively evaluated for impairment | 1,557 | 1,154 | |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Loans to individuals & overdrafts [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: individually evaluated for impairment | 261 | 85 | |
Ending balance | 7,097 | 9,719 | |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Loans to individuals & overdrafts [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: collectively evaluated for impairment | 6,709 | 9,634 | |
Commercial Portfolio Segment [Member] | Other Loan [Member] | Loans to individuals & overdrafts [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: collectively evaluated for impairment | 127 | 0 | |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: individually evaluated for impairment | 0 | 202 | |
Ending balance | 79,697 | 62,080 | |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: collectively evaluated for impairment | 78,646 | 60,970 | |
Consumer Portfolio Segment [Member] | Real Estate Loan [Member] | Multi-family residential [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: collectively evaluated for impairment | 1,051 | 908 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: individually evaluated for impairment | 235 | 738 | |
Ending balance | 195,174 | 153,862 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: collectively evaluated for impairment | 182,926 | 145,645 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | 1- to- 4 family residential real estate loans [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: collectively evaluated for impairment | 12,013 | 7,479 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: individually evaluated for impairment | 530 | 1,004 | |
Ending balance | 48,395 | 46,221 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: collectively evaluated for impairment | 47,190 | 45,170 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | HELOC [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Ending balance: collectively evaluated for impairment | $ 675 | $ 47 |
BUSINESS COMBINATIONS - General
BUSINESS COMBINATIONS - General information (Details) - First-Citizens Bank and Trust Company, Formerly Entegra Bank, Three Existing Branch Offices, Deposits, Majority of Loans, Property, Equipment and Other Selected Assets [Member] $ in Thousands | Apr. 17, 2020USD ($)store | Dec. 20, 2019store |
Business Acquisition, Date of Acquisition [Abstract] | ||
Business Acquisition, Date of Acquisition Agreement | Dec. 20, 2019 | |
Business Acquisition, Effective Date of Acquisition | Apr. 17, 2020 | |
Business Combination, Description [Abstract] | ||
Number of branches | store | 3 | 3 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||
Assets assumed | $ 168,321 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||
Liabilities assumed | 185,656 | |
Previously Reported [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||
Assets assumed | 170,914 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||
Liabilities assumed | $ 186,416 |
BUSINESS COMBINATIONS - Assets
BUSINESS COMBINATIONS - Assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Apr. 17, 2020 | Dec. 31, 2019 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||
Goodwill | $ 41,914 | $ 24,579 | |
First-Citizens Bank and Trust Company, Formerly Entegra Bank, Three Existing Branch Offices, Deposits, Majority of Loans, Property, Equipment and Other Selected Assets [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||
Cash and cash equivalents | $ 60,234 | ||
Loans | 103,259 | ||
Premises and equipment | 2,896 | ||
Accrued interest receivable | 338 | ||
Core deposit intangible | 620 | ||
Other assets | 974 | ||
Total assets acquired | 168,321 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||
Noninterest-bearing | 41,398 | ||
Interest-bearing | 144,085 | ||
Total deposits | 185,483 | ||
Other liabilities | 173 | ||
Total liabilities assumed | 185,656 | ||
Goodwill | 17,335 | ||
First-Citizens Bank and Trust Company, Formerly Entegra Bank, Three Existing Branch Offices, Deposits, Majority of Loans, Property, Equipment and Other Selected Assets [Member] | Previously Reported [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||
Cash and cash equivalents | 60,234 | ||
Loans | 108,236 | ||
Premises and equipment | 2,106 | ||
Accrued interest receivable | 338 | ||
Total assets acquired | 170,914 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||
Noninterest-bearing | 41,398 | ||
Interest-bearing | 144,845 | ||
Total deposits | 186,243 | ||
Other liabilities | 173 | ||
Total liabilities assumed | 186,416 | ||
First-Citizens Bank and Trust Company, Formerly Entegra Bank, Three Existing Branch Offices, Deposits, Majority of Loans, Property, Equipment and Other Selected Assets [Member] | Revision of Prior Period, Adjustment [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||
Loans | (4,977) | ||
Premises and equipment | 790 | ||
Core deposit intangible | 620 | ||
Other assets | 974 | ||
Total assets acquired | (2,593) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||
Interest-bearing | (760) | ||
Total deposits | (760) | ||
Total liabilities assumed | $ (760) |
BUSINESS COMBINATIONS - Loans a
BUSINESS COMBINATIONS - Loans acquired - General information (Details) - First-Citizens Bank and Trust Company, Formerly Entegra Bank, Three Existing Branch Offices, Deposits, Majority of Loans, Property, Equipment and Other Selected Assets [Member] $ in Thousands | Apr. 17, 2020USD ($) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |
Loans | $ 103,259 |
Nonperforming Financial Instruments [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |
Loans | 17,000 |
Performing Financial Instruments [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |
Loans | $ 86,200 |
BUSINESS COMBINATIONS - Loans_2
BUSINESS COMBINATIONS - Loans acquired - Tabular disclosure (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Apr. 17, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||
Contractually required payments | $ 38,279 | $ 20,598 | |
Nonaccretable difference | 3,401 | 1,694 | |
Cash flows expected to be collected | 34,878 | 18,904 | |
Accretable yield | 4,891 | 3,191 | |
Fair value at acquisition date | $ 29,987 | $ 15,713 | |
First-Citizens Bank and Trust Company, Formerly Entegra Bank, Three Existing Branch Offices, Deposits, Majority of Loans, Property, Equipment and Other Selected Assets [Member] | |||
Business Acquisition [Line Items] | |||
Contractually required payments | $ 22,046 | ||
Nonaccretable difference | 2,073 | ||
Cash flows expected to be collected | 19,973 | ||
Accretable yield | 2,949 | ||
Fair value at acquisition date | $ 17,024 |
BUSINESS COMBINATIONS - Merger-
BUSINESS COMBINATIONS - Merger-related expense (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
First-Citizens Bank and Trust Company, Formerly Entegra Bank, Three Existing Branch Offices, Deposits, Majority of Loans, Property, Equipment and Other Selected Assets [Member] | |
Business Acquisition [Line Items] | |
Merger-related expense | $ 755 |
BUSINESS COMBINATIONS - Pro for
BUSINESS COMBINATIONS - Pro forma information (Details) - First-Citizens Bank and Trust Company, Formerly Entegra Bank, Three Existing Branch Offices, Deposits, Majority of Loans, Property, Equipment and Other Selected Assets [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Net interest income | $ 38,130 | $ 37,350 |
Non-interest income | 4,717 | 4,161 |
Net income available to common shareholders | $ 4,834 | $ 10,802 |
Earnings per share, basic (in dollars per share) | $ 0.27 | $ 0.56 |
Earnings per share, diluted (in dollars per share) | $ 0.27 | $ 0.56 |
Weighted average common shares outstanding, basic (in shares) | 18,038,345 | 19,219,820 |
Weighted average common shares outstanding, diluted (in shares) | 18,062,170 | 19,266,480 |
OTHER REAL ESTATE OWNED - Roll
OTHER REAL ESTATE OWNED - Roll forward (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Repossessed Assets [Abstract] | ||
Beginning balance | $ 3,533 | $ 1,088 |
Sales | (180) | (103) |
Write-downs and loss on sale | (390) | (12) |
Transfers | 274 | 469 |
Ending balance | $ 3,237 | $ 1,442 |
OTHER REAL ESTATE OWNED - Addit
OTHER REAL ESTATE OWNED - Additional information (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Repossessed Assets [Abstract] | ||||
Real Estate Acquired Through Foreclosure | $ 3,237 | $ 3,533 | $ 1,442 | $ 1,088 |
Residential Portfolio Segment [Member] | ||||
Repossessed Assets [Abstract] | ||||
Real Estate Acquired Through Foreclosure | $ 379 | $ 379 |
OTHER REAL ESTATE OWNED - Mortg
OTHER REAL ESTATE OWNED - Mortgage loans in process of foreclosure (Details) $ in Thousands | Sep. 30, 2020USD ($)loan | Dec. 31, 2019USD ($)loan |
Banking and Thrift, Other Disclosures [Abstract] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ | $ 428 | $ 114 |
Mortgage Loans in Process of Foreclosure, Loans, Number | loan | 2 | 3 |