Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38314 | |
Entity Registrant Name | MVB Financial Corp | |
Entity Incorporation, State or Country Code | WV | |
Entity Tax Identification Number | 20-0034461 | |
Entity Address, Address Line One | 301 Virginia Avenue | |
Entity Address, City or Town | Fairmont | |
Entity Address, State or Province | WV | |
Entity Address, Postal Zip Code | 26554 | |
City Area Code | 304 | |
Local Phone Number | 363-4800 | |
Title of 12(b) Security | Common stock, $1.00 par value | |
Trading Symbol | MVBF | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,622,335 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Central Index Key | 0001277902 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 19,603 | $ 19,110 |
Interest-bearing balances with banks | 320,013 | 244,783 |
Total cash and cash equivalents | 339,616 | 263,893 |
Certificates of deposit with banks | 11,803 | 11,803 |
Investment securities available-for-sale | 423,122 | 410,624 |
Equity securities | 28,200 | 27,585 |
Loans held-for-sale | 0 | 1,062 |
Loans receivable | 1,694,385 | 1,453,744 |
Allowance for loan losses | (26,214) | (25,844) |
Loans receivable, net | 1,668,171 | 1,427,900 |
Premises and equipment, net | 27,290 | 26,203 |
Bank-owned life insurance | 41,512 | 41,262 |
Equity method investment | 39,883 | 46,494 |
Accrued interest receivable and other assets | 64,142 | 72,300 |
Goodwill | 2,350 | 2,350 |
TOTAL ASSETS | 2,646,089 | 2,331,476 |
Deposits: | ||
Noninterest-bearing | 837,221 | 715,791 |
Interest-bearing | 1,379,332 | 1,266,598 |
Total deposits | 2,216,553 | 1,982,389 |
Accrued interest payable and other liabilities | 36,612 | 55,931 |
Repurchase agreements | 10,613 | 10,266 |
FHLB and other borrowings | 102,185 | 0 |
Subordinated debt | 43,443 | 43,407 |
Total liabilities | 2,409,406 | 2,091,993 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock - par value $1,000; 20,000 shares authorized; no shares issued and outstanding as of March 31, 2021 and 733 shares issued and outstanding as December 31, 2020 | 0 | 7,334 |
Common stock - par value $1; 20,000,000 shares authorized; 12,438,061 and 11,590,045 shares issued and outstanding, respectively, as of March 31, 2021 and 12,374,322 and 11,526,306 shares issued and outstanding, respectively, as of December 31, 2020 | 12,438 | 12,374 |
Additional paid-in capital | 130,337 | 129,119 |
Retained earnings | 112,068 | 105,171 |
Accumulated other comprehensive income (loss) | (1,892) | 2,226 |
Treasury stock - 848,016 shares as of March 31, 2021 and December 31, 2020, at cost | (16,741) | (16,741) |
Total equity attributable to parent | 236,210 | 239,483 |
Noncontrolling interest | 473 | 0 |
Total stockholders' equity | 236,683 | 239,483 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 2,646,089 | $ 2,331,476 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized (in shares) | 20,000 | 20,000 |
Preferred stock, shares issued (in shares) | 0 | 733 |
Preferred stock, shares outstanding (in shares) | 0 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 12,438,061 | 12,374,322 |
Common stock, shares outstanding (in shares) | 11,590,045 | 11,526,306 |
Treasury stock, shares (in shares) | 848,016 | 848,016 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 16,892 | $ 18,939 |
Interest on deposits with banks | 122 | 111 |
Interest on investment securities | 631 | 666 |
Interest on tax-exempt loans and securities | 1,418 | 983 |
Total interest income | 19,063 | 20,699 |
INTEREST EXPENSE | ||
Interest on deposits | 1,048 | 3,910 |
Interest on short-term borrowings | 44 | 583 |
Interest on subordinated debt | 466 | 35 |
Total interest expense | 1,558 | 4,528 |
NET INTEREST INCOME | 17,505 | 16,171 |
Provision for loan losses | 618 | 1,138 |
Net interest income after provision for loan losses | 16,887 | 15,033 |
NONINTEREST INCOME | ||
Payment card and service charge income | 1,493 | 550 |
Mortgage fee income | 0 | 11,219 |
Insurance and investment services income | 224 | 207 |
Gain on sale of available-for-sale securities, net | 1,143 | 276 |
Loss on derivatives, net | 0 | (3,562) |
Holding gain on equity securities, net | 515 | 14 |
Compliance consulting income | 1,281 | 1,009 |
Equity method investment income | 6,469 | 0 |
Other operating income | 1,333 | 1,137 |
Total noninterest income | 12,458 | 10,850 |
NONINTEREST EXPENSES | ||
Salaries and employee benefits | 11,911 | 16,182 |
Occupancy expense | 1,158 | 1,220 |
Equipment depreciation and maintenance | 1,041 | 877 |
Data processing and communications | 909 | 1,163 |
Mortgage processing | 0 | 851 |
Marketing, contributions and sponsorships | 65 | 336 |
Professional fees | 1,742 | 1,331 |
Insurance, tax and assessment expense | 538 | 464 |
Travel, entertainment, dues and subscriptions | 884 | 1,218 |
Other operating expenses | 870 | 1,014 |
Total noninterest expenses | 19,118 | 24,656 |
Income before income taxes | 10,227 | 1,227 |
Income tax expense | 2,169 | 179 |
Net income before noncontrolling interest | 8,058 | 1,048 |
Net loss attributable to noncontrolling interest | 27 | 0 |
Net income attributable to parent | 8,085 | 1,048 |
Preferred dividends | 35 | 114 |
Net income available to common shareholders | $ 8,050 | $ 934 |
Earnings per common shareholder - basic (in dollars per share) | $ 0.70 | $ 0.08 |
Earnings per common shareholder - diluted (in dollars per share) | $ 0.66 | $ 0.08 |
Weighted average shares outstanding - basic (in shares) | 11,530,279 | 11,942,767 |
Weighted average shares outstanding - diluted (in shares) | 12,286,731 | 12,298,092 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 8,058 | $ 1,048 |
Other comprehensive loss: | ||
Unrealized holding gain (loss) on securities available-for-sale | (6,331) | 1,414 |
Income tax effect | 1,483 | (382) |
Reclassification adjustment for gain recognized in income | (1,143) | (276) |
Income tax effect | 268 | 75 |
Change in defined benefit pension plan | 1,705 | (706) |
Income tax effect | (399) | 190 |
Reclassification adjustment for amortization of net actuarial loss recognized in income | 127 | 105 |
Income tax effect | (30) | (28) |
Reclassification adjustment for carrying value adjustment - investment hedge recognized in income | 264 | (1,793) |
Income tax effect | (62) | 484 |
Total other comprehensive loss | (4,118) | (917) |
Comprehensive loss attributable to noncontrolling interest | 27 | 0 |
Comprehensive income | $ 3,967 | $ 131 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Total stockholders' equity attributable to parent | Noncontrolling interest |
Beginning balance (in shares) at Dec. 31, 2019 | 733 | 11,995,366 | 51,077 | ||||||
Beginning balance at Dec. 31, 2019 | $ 211,936 | $ 7,334 | $ 11,995 | $ 122,516 | $ 72,496 | $ (1,321) | $ (1,084) | $ 211,936 | $ 0 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income | 1,048 | 1,048 | 1,048 | ||||||
Other comprehensive loss | (917) | (917) | (917) | ||||||
Dividends on common stock | (1,076) | (1,076) | (1,076) | ||||||
Dividends on preferred stock | (114) | (114) | (114) | ||||||
Stock-based compensation | 498 | 498 | 498 | ||||||
Common stock options exercised (in shares) | 2,500 | ||||||||
Common stock options exercised | 38 | $ 3 | 35 | 38 | |||||
Common stock repurchased (in shares) | 16,300 | ||||||||
Common stock repurchased | (260) | $ (260) | (260) | ||||||
Ending balance (in shares) at Mar. 31, 2020 | 733 | 11,997,866 | (67,377) | ||||||
Ending balance at Mar. 31, 2020 | 211,153 | $ 7,334 | $ 11,998 | 123,049 | 72,354 | (2,238) | $ (1,344) | 211,153 | 0 |
Beginning balance (in shares) at Dec. 31, 2020 | 733 | 12,374,322 | (848,016) | ||||||
Beginning balance at Dec. 31, 2020 | 239,483 | $ 7,334 | $ 12,374 | 129,119 | 105,171 | 2,226 | $ (16,741) | 239,483 | 0 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income | 8,058 | 8,085 | 8,085 | (27) | |||||
Other comprehensive loss | (4,118) | (4,118) | (4,118) | ||||||
Dividends on common stock | (1,153) | (1,153) | (1,153) | ||||||
Dividends on preferred stock | (35) | (35) | (35) | ||||||
Stock-based compensation | 592 | 592 | 592 | ||||||
Redemption of preferred stock (in shares) | (733) | ||||||||
Redemption of preferred stock | (7,334) | $ (7,334) | (7,334) | ||||||
Common stock options exercised (in shares) | 52,584 | ||||||||
Common stock options exercised | 690 | $ 53 | 637 | 690 | |||||
Restricted stock units issued (in shares) | 11,155 | ||||||||
Restricted stock units issued | 0 | $ 11 | (11) | ||||||
Noncontrolling interests due to acquisition | 500 | 500 | |||||||
Ending balance (in shares) at Mar. 31, 2021 | 0 | 12,438,061 | (848,016) | ||||||
Ending balance at Mar. 31, 2021 | $ 236,683 | $ 0 | $ 12,438 | $ 130,337 | $ 112,068 | $ (1,892) | $ (16,741) | $ 236,210 | $ 473 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends paid (in dollars per share) | $ 0.10 | $ 0.09 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net income | $ 8,058 | $ 1,048 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Net amortization and accretion of investments | 898 | 302 |
Net amortization of deferred loan costs | 669 | 114 |
Provision for loan losses | 618 | 1,138 |
Depreciation and amortization | 1,003 | 908 |
Stock-based compensation | 592 | 498 |
Loans originated for sale | 0 | (484,989) |
Proceeds of loans sold | 1,062 | 419,868 |
Holding gain on equity securities | (515) | (14) |
Mortgage fee income | 0 | (11,219) |
Gain on sale of available-for-sale securities | (1,156) | (276) |
Loss on sale of available-for-sale securities | 13 | 0 |
Gain on sale of portfolio loans | 0 | (130) |
Income on bank-owned life insurance | (249) | (223) |
Deferred income taxes | (1,036) | (929) |
Equity method investment income | (6,469) | 0 |
Return on equity method investment | 13,080 | 0 |
Other assets | 10,768 | (18,831) |
Other liabilities | (17,120) | 14,116 |
Net cash from operating activities | 10,216 | (78,619) |
INVESTING ACTIVITIES | ||
Purchases of available-for-sale investment securities | (74,714) | (16,325) |
Maturities/paydowns of available-for-sale investment securities | 13,674 | 18,990 |
Sales of available-for-sale investment securities | 41,037 | 10,318 |
Purchases of premises and equipment | (1,436) | (1,384) |
Loans, net | (241,558) | (16,063) |
Loans, net | (295) | (7,439) |
Redemptions of restricted bank stock | 0 | 13,414 |
Proceeds from sale of other real estate owned | 0 | 52 |
Purchase of bank-owned life insurance | (1) | 0 |
Purchase of equity securities | (100) | (498) |
Net cash from investing activities | (263,393) | 1,065 |
FINANCING ACTIVITIES | ||
Deposits, net | 234,164 | 332,734 |
Repurchase agreements, net | 347 | (826) |
FHLB and other borrowings, net | 102,185 | (192,070) |
Payment of subordinated debt issuance costs | 36 | 0 |
Preferred stock redemption | (7,334) | 0 |
Common stock repurchased | 0 | (260) |
Common stock options exercised | 690 | 38 |
Cash dividends paid on common stock | (1,153) | (1,076) |
Cash dividends paid on preferred stock | (35) | (114) |
Net cash from financing activities | 328,900 | 138,426 |
Increase in cash and cash equivalents | 75,723 | 60,872 |
Cash and cash equivalents, beginning of period | 263,893 | 28,002 |
Cash and cash equivalents, end of period | 339,616 | 88,874 |
Cash payments for: | ||
Interest on deposits, repurchase agreements and borrowings | 1,261 | 5,511 |
Supplemental disclosure of cash flow information: | ||
Fair value of noncontrolling interest at acquisition date | 500 | 0 |
Loans transferred to other real estate owned | 0 | 23 |
Employee stock-based compensation tax withholding obligations | $ 0 | $ 35 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | Note 1 – Nature of Operations and Basis of Presentation Business and Organization MVB Financial Corp. (“MVB” or the “Company”) is a financial holding company organized as a West Virginia corporation that operates principally through its wholly owned subsidiary, MVB Bank, Inc. (the “Bank”). The Bank’s subsidiaries include MVB Insurance, LLC, a title insurance company (“MVB Insurance”), MVB Community Development Corporation (“MVB CDC”), ProCo Global, Inc. (“Chartwell”, which began doing business under the registered trade name Chartwell Compliance), Paladin Fraud, LLC (“Paladin Fraud”) and MVB Technology, LLC (“MVB Technology”). The Company also owns a minority interest in Intercoastal Mortgage Company, LLC (“ICM”) and the Bank owns a majority interest in Flexia Payments, LLC (“Flexia”) The Company conducts a wide range of business activities, primarily commercial and retail (“CoRe”) banking. The Company also continues to be involved in new innovative strategies to provide independent banking to corporate clients throughout the United States by leveraging recent investments in Fintech related companies. The Company considers Fintech companies as those entities that use technology to electronically move funds. COVID-19 Pandemic Throughout 2020 and into 2021, economies throughout the world have been severely disrupted as a result of the outbreak of COVID-19. The outbreak and any preventative or protective actions that the Company or its clients may take in respect of this virus may result in a period of disruption, including the Company’s financial reporting capabilities, its operations generally and could potentially impact the Company’s clients, providers and third parties. The extent to which the COVID-19 pandemic impacts the Company’s future operating results will depend on future developments, which are highly uncertain and cannot be predicted. Principles of Consolidation and Basis of Presentation The financial statements are consolidated to include the accounts of the Company, its subsidiary, the Bank and the Bank’s subsidiaries. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, practices in the banking industry and with instructions to Form 10-Q. All significant inter-company accounts and transactions have been eliminated in the consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. The consolidated balance sheet as of December 31, 2020 has been derived from audited financial statements included in the Company's Annual Report on Form 10-K for the 2020 Form 10-K. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. In February 2021, the Bank entered into an agreement to acquire an 80% interest in Flexia. Flexia owns a license for technology which allows users to access a reloadable account that combines a debit card account and casino gaming accounts into one card, allowing them for non-cash transactions at participating casinos in the United States and Canada. Although the Company owns, through its subsidiary, the Bank, an 80% interest in Flexia, the Company is required to consolidate 100% of Flexia within the consolidated financial statements. The remaining 20% is accounted for separately as noncontrolling interests within the consolidated financial statements. Noncontrolling interest represents the portion of ownership and profit or loss that is attributable to the minority owners of Flexia. In preparing the consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the period. Estimates are based on known facts and circumstances and actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to determination of the allowance for loan losses (“ALL”), purchased credit impaired loans (“PCI loans”), derivative instruments, goodwill and deferred tax assets and liabilities. Unconsolidated investments where the Company has the ability to exercise significant influence over the operating and financial policies of the respective investee are accounted for using the equity method of accounting; those that are not consolidated or accounted for using the equity method of accounting are accounted for under cost or fair value accounting. For these investments accounted for under the equity method, the Company records its investment in non-consolidated affiliates and the portion of income or loss in equity in earnings of non-consolidated affiliates. The Company periodically evaluates these investments for impairment. As of March 31, 2021, the Company holds one equity method investment. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2020 Form 10-K. In certain instances, amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the current presentation. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance in November 2018, ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses , in April 2019, ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments , in May 2019, ASU 2019-05, Financial Instruments – Credit Losses, Topic 326 and in November 2019, ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses , all of which clarifies codification and corrects unintended application of the guidance. The new guidance replaces the incurred loss impairment methodology in current U.S. GAAP with an expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. PCI loans will receive an allowance account at the acquisition date that represents a component of the purchase price allocation. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses, with such allowance limited to the amount by which fair value is below amortized cost. The guidance was initially effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. On November 15, 2019, the FASB issued ASU 2019-10, Financial Investments – Credit Issues (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates , which finalizes a delay in the effective date of the standard for smaller reporting companies until January 2023. The Company expects to recognize a one-time cumulative effect adjustment to the ALL as of the beginning of the first reporting period in which the new standard is effective, but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. In that regard, the Company has formed a cross-functional implementation team. The team is working to develop an implementation plan which will include assessment and documentation of processes, internal controls and data sources; model development and documentation; and system configuration, among other things. The Company is also in the process of implementing a third-party vendor solution to assist it in the application of this standard. The adoption of this standard could result in an increase in the ALL as a result of changing from an “incurred loss” model, which encompasses allowances for current known and inherent losses within the portfolio, to an “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. While the Company is currently unable to reasonably estimate the impact of adopting ASU 2016-13, it expects that the impact of adoption will be significantly influenced by the composition, characteristics and quality of its loan portfolio, as well as the prevailing economic conditions and forecasts as of the adoption date. In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirement for Defined Benefit Plans , which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The updates in this ASU are part of the disclosure framework project ASU 2018-14 and modify the disclosure requirements under Accounting Standards Codification (“ASC”) 715-20 for employers that sponsor defined benefit pension or other postretirement plans. Those modifications include the removal and addition of disclosure requirements as well as clarifying specific disclosure requirements. The ASU removed the following disclosures: 1) the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year; 2) the amount and timing of plan assets expected to be returned to the employer; 3) the disclosures related to the June 2001 amendments to the Japanese Welfare Pension Insurance Law; 4) related party disclosures about the amount of future annual benefits covered by insurance and annuity contracts and significant transactions between the employer or related parties and the plan; 5) for nonpublic entities, the reconciliation of the opening balances to the closing balances of plan assets measured on a recurring basis in Level 3 of the fair value hierarchy; however, nonpublic entities will be required to disclose separately the amounts of transfers into and out of Level 3 of the fair value hierarchy and purchases of Level 3 plan assets and 6) for public entities, the effects of a one-percentage-point change in assumed health care cost trend rates on the (i) aggregate of the service and interest cost components of net periodic benefit costs and (ii) benefit obligation for postretirement health care benefits. The ASU added the following disclosures: 1) the weighted- average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and 2) an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The ASU then clarified the following disclosures: 1) the projected benefit obligation (“PBO”) and fair value of plan assets for plans with PBOs more than plan assets; and 2) the accumulated benefit obligation (“ABO”) and fair value of plan assets for plans with ABOs more than plan assets. ASU 2018-14 is effective for public business entities for fiscal years ending after December 15, 2020. As ASU 2018-14 revises disclosure requirements. As ASU 2018-04 only revises disclosure requirements, the adoption did not have a material impact on the Company's interim consolidated financial statements. The Company's year-end disclosures will be revised to comply with the new requirements. In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 . ASU 2020-01 clarifies the interaction between accounting standards related to equity securities, equity method investments and certain derivatives, including accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The amendments were effective for the Company beginning January 1, 2021 and did not have a material effect on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The amendments provide optional expedients and exceptions for certain contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of rate reform. The guidance is effective from the date of issuance until December 31, 2022. The guidance permits entities to not apply modification accounting or remeasure lease payments in lease contracts if the changes to the contract are related to the discontinuation of the reference rate. If certain criteria are met, the amendments also allow exceptions to the de-designation criteria of the hedging relationship and the assessment of hedge effectiveness during the transition period. In January 2021, ASU 2021-01 was issued by the FASB and clarifies that certain exceptions in reference rate reform apply to derivatives that are affected by the discounting transition. The Company will continue to assess the impact as the reference rate transition occurs over the next two years. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 2 – Investment Securities The following tables present amortized cost and fair values of investment securities available-for-sale as of the periods indicated: March 31, 2021 (Dollars in thousands) Amortized Cost Unrealized Gain Unrealized Loss Fair Value United States government agency securities $ 48,483 $ 446 $ (825) $ 48,104 United States sponsored mortgage-backed securities 90,076 428 (1,297) 89,207 United States treasury securities 56,953 97 (80) 56,970 Municipal securities 206,135 4,607 (1,008) 209,734 Other debt securities 7,500 — — 7,500 Total debt securities 409,147 5,578 (3,210) 411,515 Other securities 11,543 109 (45) 11,607 Total investment securities available-for-sale $ 420,690 $ 5,687 $ (3,255) $ 423,122 December 31, 2020 (Dollars in thousands) Amortized Cost Unrealized Gain Unrealized Loss Fair Value United States government agency securities $ 56,207 $ 995 $ (210) $ 56,992 United States sponsored mortgage-backed securities 94,968 972 (171) 95,769 Municipal securities 223,642 8,327 (82) 231,887 Other debt securities 7,500 — — 7,500 Total debt securities 382,317 10,294 (463) 392,148 Other securities 18,401 146 (71) 18,476 Total investment securities available-for-sale $ 400,718 $ 10,440 $ (534) $ 410,624 The following table presents amortized cost and fair values of available-for-sale debt securities by contractual maturity as of the period indicated: March 31, 2021 (Dollars in thousands) Amortized Cost Fair Value Within one year $ — $ — After one year, but within five years 62,819 63,045 After five years, but within ten years 37,397 37,427 After ten years 308,931 311,043 Total $ 409,147 $ 411,515 The table above reflects contractual maturities. Actual results will differ as the loans underlying the mortgage-backed securities may repay sooner than scheduled. Investment securities with a carrying value of $239.4 million and $229.4 million at March 31, 2021 and December 31, 2020, respectively, were pledged to secure public funds, repurchase agreements and potential borrowings at the Federal Reserve Discount Window. The Company’s investment portfolio includes securities that are in an unrealized loss position as of March 31, 2021, the details of which are included in the following table. Although these securities, if sold at March 31, 2021, would result in a pretax loss of $3.3 million, the Company has no intent to sell the applicable securities at such fair values, and maintains the Company has the ability to hold these securities until all principal has been recovered. It is more likely than not that the Company will not, for liquidity purposes, sell any securities at a loss. Declines in the fair values of these securities can be traced to general market conditions, which reflect the prospect for the economy as a whole. When determining other-than-temporary impairment on securities, the Company considers such factors as adverse conditions specifically related to a certain security or to specific conditions in an industry or geographic area, the time frame securities have been in an unrealized loss position, the Company’s ability to hold the security for a period of time sufficient to allow for anticipated recovery in value, whether or not the security has been downgraded by a rating agency and whether or not the financial condition of the security issuer has severely deteriorated. As of March 31, 2021, the Company considers all securities with unrealized loss positions to be temporarily impaired, and consequently, does not believe the Company will sustain any material realized losses as a result of the current decline in fair value. The following tables presents investments in an unrealized loss position as of the periods indicated: March 31, 2021 (Dollars in thousands) Less than 12 months 12 months or more Description and number of positions Fair Value Unrealized Loss Fair Value Unrealized Loss United States government agency securities (28) $ 23,502 $ (705) $ 11,617 $ (120) United States sponsored mortgage-backed securities (21) 68,695 (1,287) 2,005 (10) United States treasury securities (9) 35,568 (80) — — Municipal securities (86) 73,445 (952) 2,049 (56) Other securities (3) 1,957 (43) 1,013 (2) $ 203,167 $ (3,067) $ 16,684 $ (188) December 31, 2020 (Dollars in thousands) Less than 12 months 12 months or more Description and number of positions Fair Value Unrealized Loss Fair Value Unrealized Loss United States government agency securities (27) $ 19,021 $ (68) $ 12,574 $ (142) United States sponsored mortgage-backed securities (9) 15,331 (155) 3,349 (16) Municipal securities (14) 11,856 (82) — — Other securities (5) 3,947 (71) — — $ 50,155 $ (376) $ 15,923 $ (158) The following table summarizes investment sales and related gains and losses for the periods shown: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Sales of available-for-sale investments $ 41,037 $ 10,318 Gains, gross 1,156 276 Losses, gross 13 — For the three months ended March 31, 2021 and 2020, the Company sold no equity investments. For the three months ended March 31, 2021, the Company recognized unrealized holding gains on equity securities of $0.5 million which are included in noninterest income. Unrealized holding gains on equity securities for the three months ended March 31, 2020 were not material. Qualified Affordable Housing Projects The Company has invested, as a limited partner, in three Section 42 affordable housing investment funds. In exchange for these investments, the Company receives its pro rata share of income, expense, gains and losses, including tax credits, that are received by the projects. As of March 31, 2021 and December 31, 2020, the Company has recognized, as an investment, $2.7 million and $2.8 million in the aggregate between the three affordable housing investment funds and has recognized cumulative losses of $1.3 million and $1.2 million from these funds as of March 31, 2021 and December 31, 2020, respectively. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Note 3 – Loans and Allowance for Loan Losses Prior to the ICM transaction, the Company routinely generated one to four family mortgages for sale into the secondary market. During the three months ended March 31, 2020, the Company received sales proceeds of $419.9 million, resulting in mortgage fee income of $11.2 million. The following table presents the components of loans as of the periods indicated: (Dollars in thousands) March 31, 2021 December 31, 2020 Commercial and non-residential real estate $ 1,353,339 $ 1,141,114 Residential real estate 275,710 240,264 Home equity 28,843 30,828 Consumer 3,149 3,156 Total 1,661,041 1,415,362 Purchased credit impaired loans: Commercial and non-residential real estate 19,834 21,008 Residential real estate 14,306 16,943 Consumer 1,284 1,488 Total purchased credit impaired loans 35,424 39,439 Total Loans $ 1,696,465 $ 1,454,801 Deferred loan origination costs and (fees), net (2,080) (1,057) Loans receivable $ 1,694,385 $ 1,453,744 The Company currently manages its loan portfolios and the respective exposure to credit losses (credit risk) by the following specific portfolio segments which are levels at which the Company develops and documents its systematic methodology to determine the allowance for credit losses attributable to each respective portfolio segment. These segments are as follows: Commercial business loans – Commercial loans are made to provide funds for equipment and general corporate needs, as well as to finance owner occupied real estate, and to finance future cash flows of Federal Government lease contracts. Repayment of these loans primarily uses the funds obtained from the operation of the borrower’s business. Commercial loans also include lines of credit that are utilized to finance a borrower’s short-term credit needs and/or to finance a percentage of eligible receivables and inventory. This segment includes both company originated and purchased participation loans. Credit risk arises from the successful operation of the business which may be affected by competition, rising interest rates, regulatory changes and adverse conditions in the local and regional economy. Commercial real estate loans – Commercial real estate loans consist of non-owner occupied properties, such as investment properties for retail, office and multifamily with a history of occupancy and cash flow. This segment includes both company originated and purchased participation loans. These loans carry the risk of adverse changes in the local economy and a tenant’s deteriorating credit strength, lease expirations in soft markets and sustained vacancies which can adversely impact cash flow. Commercial acquisition, development and construction loans – Commercial acquisition, development and construction loans are intended to finance the construction of commercial and residential properties, including the construction of single-family dwellings, and also includes loans for the acquisition and development of land. Construction loans represent a higher degree of risk than permanent real estate loans and may be affected by a variety of factors such as the borrower’s ability to control costs and adhere to time schedules and the risk that constructed units may not be absorbed by the market within the anticipated time frame or at the anticipated price. The loan commitment on these loans often includes an interest reserve that allows the lender to periodically advance loan funds to pay interest charges on the outstanding balance of the loan. Commercial Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans –This segment includes the loan originated through the recently created SBA PPP loans. Credit risk is heightened as this SBA program mandates that these loans require no collateral and no guarantors of the loans. However, the loans are backed by a full guaranty of the SBA, so long as the loans were originated in accordance with the program guidelines. Additionally, these loans are eligible for full forgiveness by the SBA so long as the borrowers comply with the program guidelines as it pertains to their eligibility to borrow these funds, as well as their use of the funds. Residential mortgage loans – This residential real estate subsegment contains permanent and construction mortgage loans principally to consumers secured by residential real estate. Residential real estate loans are evaluated for the adequacy of repayment sources at the time of approval, based upon measures including credit scores, debt-to-income ratios and collateral values. Credit risk arises from the borrower’s, and where applicable the builder's, continuing financial stability, which can be adversely impacted by job loss, divorce, illness or personal bankruptcy, among other factors. Also impacting credit risk would be a shortfall in the value of the residential real estate in relation to the outstanding loan balance in the event of a default or subsequent liquidation of the real estate collateral. Home equity lines of credit – This segment includes subsegment for senior lien and subordinate lien lines of credit. Credit risk is similar to residential real estate loans described above as it is subject to the borrower’s continuing financial stability and the value of the collateral securing the loan. Consumer loans – This segment of loans includes primarily installment loans and personal lines of credit. Consumer loans include installment loans used by clients to purchase automobiles, boats and recreational vehicles. Credit risk is similar to residential real estate loans described above as it is subject to the borrower’s continuing financial stability and the value of the collateral securing the loan. The following table presents impaired loans by class, excluding PCI loans, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of the periods indicated: Impaired Loans with Specific Allowance Impaired Loans with No Specific Allowance Total Impaired Loans (Dollars in thousands) Recorded Investment Related Allowance Recorded Investment Recorded Investment Unpaid Principal Balance March 31, 2021 Commercial Commercial business $ 3,504 $ 741 $ 3,824 $ 7,328 $ 8,770 Commercial real estate 767 267 956 1,723 1,877 Acquisition and development — — 2,035 2,035 3,441 Total commercial 4,271 1,008 6,815 11,086 14,088 Residential — — 1,927 1,927 2,160 Home equity — — 95 95 95 Consumer — — 3 3 3 Total impaired loans $ 4,271 $ 1,008 $ 8,840 $ 13,111 $ 16,346 December 31, 2020 Commercial Commercial business $ 3,431 $ 1,032 $ 5,653 $ 9,084 $ 10,440 Commercial real estate 772 264 944 1,716 1,864 Acquisition and development — — 2,534 2,534 3,939 Total commercial 4,203 1,296 9,131 13,334 16,243 Residential — — 1,960 1,960 2,232 Home equity — — 95 95 95 Consumer — — 5 5 5 Total impaired loans $ 4,203 $ 1,296 $ 11,191 $ 15,394 $ 18,575 The following table presents the average recorded investment in impaired loans, excluding PCI loans, and related interest income recognized for the periods indicated: Three Months Ended March 31, 2021 2020 (Dollars in thousands) Average Investment in Impaired Loans Interest Income Recognized on Accrual Basis Interest Income Recognized on Cash Basis Average Investment in Impaired Loans Interest Income Recognized on Accrual Basis Interest Income Recognized on Cash Basis Commercial Commercial business $ 6,521 $ — $ — $ 3,261 $ — $ — Commercial real estate 2,278 11 10 2,898 26 23 Acquisition and development 357 — — 2,048 29 19 SBA PPP — — — — — — Total commercial 9,156 11 10 8,207 55 42 Residential 1,944 3 4 2,382 5 5 Home equity 69 — — 101 — — Consumer 3 — — 19 — — Total $ 11,172 $ 14 $ 14 $ 10,709 $ 60 $ 47 As of March 31, 2021, the Bank’s other real estate owned balance totaled $5.2 million, of which $4.1 million was related to the acquisition of The First State Bank (“First State”) in 2020. The Bank held 37 foreclosed residential real estate properties representing $3.5 million, or 67.3%, of the total balance of other real estate owned. The remaining $1.7 million, or 32.7%, of other real estate owned is the result of the foreclosure of seven unrelated commercial loans. There are nine additional consumer mortgage loans collateralized by residential real estate properties in the process of foreclosure, with a total recorded investment of $0.7 million as of March 31, 2021. These include five MVB loans totaling $0.2 million and four First State loans totaling $0.5 million. These loans are included in the table above and have no specific allowance allocated to them. Bank management uses a nine point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized and are aggregated as “Pass” rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. Loans categorized as “Pass” rated have adequate sources of repayment, with little identifiable risk of collection and general conformity to the Bank's policy requirements, product guidelines and underwriting standards. Any exceptions that are identified during the underwriting and approval process have been adequately mitigated by other factors. Loans categorized as “Special Mention” rated have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose the institution to sufficient risk to warrant adverse classification. Loans categorized as “Substandard” rated are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt and are characterized by the distinct possibility that bank will sustain some loss if the deficiencies are not corrected. Loans categorized as “Doubtful” rated have all the weakness inherent in those classified substandard with the added characteristic that the weakness make collections or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. However, these loans are not yet rated as loss because certain events may occur which would salvage the debt. The Special Mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a Substandard classification. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. Any portion of a loan that has been or is expected to be charged off is placed in the Loss category. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Bank has a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as past due status, bankruptcy, repossession or death occurs to raise awareness of a possible credit event. The Bank’s Chief Credit Officer is responsible for the timely and accurate risk rating of the loans in the portfolio at origination and on an ongoing basis. The Credit Department ensures that a review of all commercial relationships of $1.0 million or greater is performed annually. Review of the appropriate risk grade is included in both the internal and external loan review process, and on an ongoing basis. The Bank has an experienced Credit Department that continually reviews and assesses loans within the portfolio. The Bank engages an external consultant to conduct independent loan reviews on at least an annual basis. Generally, the external consultant reviews larger commercial relationships or criticized relationships. The Credit Department compiles detailed reviews, including plans for resolution, on loans classified as Substandard on a quarterly basis. Loans in the Special Mention and Substandard categories that are collectively evaluated for impairment are given separate consideration in the determination of the allowance. The following table represents the classes of the loan portfolio, excluding PCI loans, summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system as of the periods indicated: (Dollars in thousands) Pass Special Mention Substandard Doubtful Total March 31, 2021 Commercial Commercial business $ 523,254 $ 14,114 $ 14,081 $ 962 $ 552,411 Commercial real estate 425,841 31,503 33,774 533 491,651 Acquisition and development 87,603 25,064 4,366 1,683 118,716 SBA PPP 190,561 — — — 190,561 Total commercial 1,227,259 70,681 52,221 3,178 1,353,339 Residential 271,772 933 2,834 171 275,710 Home equity 28,295 380 142 26 28,843 Consumer 3,120 24 5 — 3,149 Total Loans $ 1,530,446 $ 72,018 $ 55,202 $ 3,375 $ 1,661,041 December 31, 2020 Commercial Commercial business $ 496,222 $ 9,529 $ 17,045 $ 1,095 $ 523,891 Commercial real estate 356,544 32,044 34,001 533 423,122 Acquisition and development 80,771 25,001 4,184 2,170 112,126 SBA PPP 81,975 — — — 81,975 Total commercial 1,015,512 66,574 55,230 3,798 1,141,114 Residential 236,250 948 2,896 170 240,264 Home equity 30,277 381 144 26 30,828 Consumer 3,124 32 — — 3,156 Total Loans $ 1,285,163 $ 67,935 $ 58,270 $ 3,994 $ 1,415,362 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. A loan that has deteriorated and requires additional collection efforts by the Bank could warrant non-accrual status. A thorough review is presented to the Chief Credit Officer and/or the SARC, as required with respect to any loan which is in a collection process and to make a determination as to whether the loan should be placed on non-accrual status. The placement of loans on non-accrual status is subject to applicable regulatory restrictions and guidelines. Generally, loans should be placed in non-accrual status when the loan reaches 90 days past due, when it becomes likely the borrower cannot or will not make scheduled principal or interest payments, when full repayment of principal and interest is not expected or when the loan displays potential loss characteristics. Normally, all accrued interest is charged off when a loan is placed in non-accrual status, unless the Company believes it is likely the accrued interest will be collected. Any payments subsequently received are applied to principal. To remove a loan from non-accrual status, all principal and interest due must be paid up to date and the Bank is reasonably sure of future satisfactory payment performance. Usually, this requires t he receipt of six . Removal of a loan from non-accrual status will require the approval of the Chief Credit Officer and/or SARC. The following table presents the classes of the loan portfolio, excluding PCI loans, summarized by aging categories of performing loans and non-accrual loans as of the periods indicated: (Dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Total Loans Non-Accrual 90+ Days Still Accruing March 31, 2021 Commercial Commercial business $ 551,150 $ 23 $ 244 $ 994 $ 1,261 $ 552,411 $ 6,938 $ — Commercial real estate 490,992 69 42 548 659 491,651 956 — Acquisition and development 116,190 578 — 1,948 2,526 118,716 2,036 — SBA PPP 190,561 — — — — 190,561 — — Total commercial 1,348,893 670 286 3,490 4,446 1,353,339 9,930 — Residential 267,500 1,740 5,767 703 8,210 275,710 1,549 — Home equity 28,657 75 16 95 186 28,843 95 — Consumer 3,145 — — 4 4 3,149 3 — Total Loans $ 1,648,195 $ 2,485 $ 6,069 $ 4,292 $ 12,846 $ 1,661,041 $ 11,577 $ — December 31, 2020 Commercial Commercial business $ 521,799 $ 1,040 $ 33 $ 1,019 $ 2,092 $ 523,891 $ 8,601 $ — Commercial real estate 422,343 34 212 533 779 423,122 944 — Acquisition and development 109,686 — — 2,440 2,440 112,126 2534 — SBA PPP 81,975 — — — — 81,975 — — Total commercial 1,135,803 1,074 245 3,992 5,311 1,141,114 12,079 — Residential 235,420 2,058 1,969 817 4,844 240,264 1,534 — Home equity 30,369 289 75 95 459 30,828 95 — Consumer 3,156 — — — — 3,156 5 — Total Loans $ 1,404,748 $ 3,421 $ 2,289 $ 4,904 $ 10,614 $ 1,415,362 $ 13,713 $ — An ALL is maintained to absorb losses from the loan portfolio. The ALL is based on management’s continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience and the amount of non-performing loans. The Bank’s methodology for determining the ALL is based on the requirements of ASC Section 310-10-35 for loans individually evaluated for impairment and ASC Subtopic 450-20 for loans collectively evaluated for impairment, as well as the Interagency Policy Statements on the Allowance for Loan and Lease Losses and other bank regulatory guidance. The total of the two components represents the Bank’s ALL. The Bank’s methodology allows for the analysis of certain impaired loans in homogeneous pools, rather than on an individual basis, when those loans are below specific thresholds based on outstanding principal balance. More specifically, residential mortgage loans, home equity lines of credit and consumer loans, when considered impaired, are evaluated collectively for impairment by applying allocation rates derived from the Bank’s historical losses specific to impaired loans. Total collectively evaluated impaired loans, excluding the PCI loans acquired from First State, were $2.0 million and $2.0 million, while the related reserves were $0.1 million and $0.1 million as of March 31, 2021 and December 31, 2020. Such collectively evaluated impaired loans are included in total loans individually evaluated for impairment and in total impaired loans. Loans that are collectively evaluated for impairment are analyzed with general allowances being made as appropriate. For general allowances, historical loss trends are used in the estimation of losses in the current portfolio. These historical loss amounts are modified by qualified factors. The segments described above, which are based on the federal call code assigned to each loan, provide the starting point for the ALL analysis. Company and Bank management track the historical net charge-off activity at the call code level. A historical charge-off factor is calculated utilizing a defined number of consecutive historical quarters. All pools currently utilize a rolling 12 quarters. “Pass” rated credits are segregated from “Criticized” credits for the application of qualitative factors. Loans in the criticized pools, which possess certain qualities or characteristics that may lead to collection and loss issues, are closely monitored by management and subject to additional qualitative factors. Company and Bank management have identified a number of additional qualitative factors which it uses to supplement the historical charge-off factor because these factors are likely to cause estimated credit losses associated with the existing loan pools to differ from historical loss experience. The additional factors that are evaluated quarterly and updated using information obtained from internal, regulatory and governmental sources are: lending policies and procedures, nature and volume of the portfolio, experience and ability of lending management and staff, volume and severity of problem credits, quality of the loan review system, changes in the value of underlying collateral, effect of concentrations of credit from a loan type, industry and/or geographic standpoint, changes in economic and business conditions, consumer sentiment and other external factors. The combination of historical charge-off and qualitative factors are then weighted for each risk grade. These weightings are determined internally based upon the likelihood of loss as a loan risk grading deteriorates. To estimate the liability for off-balance sheet credit exposures, Bank management analyzed the portfolios of letters of credit, non-revolving lines of credit and revolving lines of credit and based its calculation on the expectation of future advances of each loan category. Letters of credit were determined to be highly unlikely to advance since they are generally in place only to ensure various forms of performance of the borrowers. In the Bank’s history, there have been no letters of credit drawn upon. In addition, many of the letters of credit are cash secured and do not warrant an allocation. Non-revolving lines of credit were determined to be highly likely to advance as these are typically construction lines. Meanwhile, the likelihood of revolving lines of credit advancing varies with each individual borrower. Therefore, the future usage of each line was estimated based on the average line utilization of the revolving line of credit portfolio as a whole. Once the estimated future advances were calculated, an allocation rate, which was derived from the Bank’s historical losses and qualitative environmental factors, was applied in the similar manner as those used for the allowance for loan loss calculation. The resulting estimated loss allocations were totaled to determine the liability for unfunded commitments related to these loans, which management considers necessary to anticipate potential losses on those commitments that have a reasonable probability of funding. As of March 31, 2021 and December 31, 2020, the liability for unfunded commitments related to loans held for investment, excluding loans acquired from First State, was $0.6 million. Bank management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the ALL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. The following table presents the primary segments of the ALL, excluding PCI loans, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of the periods indicated: (Dollars in thousands) Commercial Residential Home Equity Consumer Total ALL balance at December 31, 2020 $ 24,033 $ 1,378 $ 298 $ 51 $ 25,760 Charge-offs (265) — — — (265) Recoveries 10 — 4 3 17 Provision 501 135 (19) (5) 612 ALL balance at March 31, 2021 $ 24,279 $ 1,513 $ 283 $ 49 $ 26,124 Individually evaluated for impairment $ 1,008 $ — $ — $ — $ 1,008 Collectively evaluated for impairment $ 23,271 $ 1,513 $ 283 $ 49 $ 25,116 The following table presents the primary segments of the Company's loan portfolio, excluding PCI loans, as of the periods indicated: (Dollars in thousands) Commercial Residential Home Equity Consumer Total March 31, 2021 Individually evaluated for impairment $ 11,086 $ 1,927 $ 95 $ 3 $ 13,111 Collectively evaluated for impairment 1,342,253 273,783 28,748 3,146 1,647,930 Total Loans $ 1,353,339 $ 275,710 $ 28,843 $ 3,149 $ 1,661,041 The following table presents the primary segments of the ALL, excluding PCI loans, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of the periods indicated: (Dollars in thousands) Commercial Residential Home Equity Consumer Total ALL balance at December 31, 2019 $ 10,098 $ 1,272 $ 327 $ 78 $ 11,775 Charge-offs (1,756) — — — (1,756) Recoveries — — 2 2 4 Provision 1,255 — (93) (24) 1,138 ALL balance at March 31, 2020 $ 9,597 $ 1,272 $ 236 $ 56 $ 11,161 Individually evaluated for impairment $ 532 $ — $ — $ — $ 532 Collectively evaluated for impairment $ 9,065 $ 1,272 $ 236 $ 56 $ 10,629 The following table presents the primary segments of the Company's loan portfolio, excluding PCI loans, as of the periods indicated: (Dollars in thousands) Commercial Residential Home Equity Consumer Total March 31, 2020 Individually evaluated for impairment $ 7,737 $ 2,385 $ 104 $ — $ 10,226 Collectively evaluated for impairment 1,086,757 259,108 36,752 3,763 1,386,380 Total Loans $ 1,094,494 $ 261,493 $ 36,856 $ 3,763 $ 1,396,606 The ALL is based on estimates and actual losses will vary from current estimates. Management believes that the granularity of the homogeneous pools and the related historical loss ratios and other qualitative factors, as well as the consistency in the application of assumptions, result in an ALL that is representative of the risk found in the components of the portfolio at any given date. Troubled Debt Restructurings At both March 31, 2021 and December 31, 2020, the Bank had specific reserve allocations for troubled debt restructurings (“TDRs”) of $0.6 million. Loans considered to be troubled debt restructured loans totaled $8.3 million and $10.2 million as of March 31, 2021 and December 31, 2020, respectively. Of these totals, $1.5 million and $1.6 million, respectively, represent accruing troubled debt restructured loans and represent 11% and 10%, respectively, of total impaired loans. Meanwhile, as of March 31, 2021, $2.8 million represent four loans to two borrowers that have defaulted under the restructured terms. The largest of these loans, $2.2 million, is a commercial loan and the other three of these loans, totaling $0.6 million, are commercial acquisition and development loans that were considered TDRs due to extended interest only periods and/or unsatisfactory repayment structures once transitioned to principal and interest payments. These borrowers have experienced continued financial difficulty and are considered non-performing loans as of March 31, 2021 and December 31, 2020. During the quarter ended March 31, 2021, no additional loans were classified as TDRs and no restructured loan defaulted under their modified terms that were not already classified as non-performing for having previously defaulted under their modified terms. The following table presents the new TDRs as of the period indicated: Three Months Ended March 31, 2020 (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial Commercial business 2 $ 154 $ 149 Commercial real estate 2 159 159 Total commercial 4 313 308 Total 4 $ 313 $ 308 The pre-modification and post-modification balances represent the balances outstanding immediately before and after modification of the loan. Purchased Credit Impaired Loans As a result of the acquisition of First State, the Company has PCI loans. The following table presents the carrying amount of the PCI loan portfolio as of the periods indicated: (Dollars in thousands) March 31, 2021 December 31, 2020 Commercial $ 19,834 $ 21,008 Residential 14,306 16,943 Consumer 1,284 1,488 Outstanding balance $ 35,424 $ 39,439 Carrying amount, net of allowance $ 35,334 $ 39,355 The following table presents the accretable yield, or income expected to be collected, as of the periods indicated: (Dollars in thousands) March 31, 2021 December 31, 2020 Beginning balance $ 8,313 $ — New loans purchased — 11,746 Accretion of income (1,021) (2,945) Other changes in expected cash flows 955 (488) Ending balance $ 8,247 $ 8,313 There were no PCI loans purchased during the three months ended March 31, 2021. Income is not recognized on PCI loans if the Company cannot reasonably estimate cash flows expected to be collected and, as of March 31, 2021, the Company held no such loans. The following table summarizes the primary segments of the ALL, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment for the PCI loan portfolio as of the periods indicated: (Dollars in thousands) Commercial Residential Total December 31, 2020 $ — $ 84 $ 84 Provision 90 (84) 6 ALL balance at March 31, 2021 $ 90 $ — $ 90 Collectively evaluated for impairment $ 90 $ — $ 90 For the PCI loan portfolio disclosed above, the Company increased the ALL by $0.01 million during the three months ended March 31, 2021. There were no PCI as of March 31, 2020 and, accordingly, there was no ALL related to PCI loans for the three months ended March 31, 2020. As of March 31, 2021, the loans in the Company's PCI portfolio were all collectively evaluated for impairment and are segmented into three categories: commercial loans totaling $19.8 million, residential loans totaling $14.3 million, and consumer loans totaling $1.3 million, for a portfolio total of $35.4 million. The following table presents the classes of the PCI loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system as of the periods indicated: (Dollars in thousands) Pass Special Mention Substandard Doubtful Total March 31, 2021 Commercial Commercial business $ 14,678 $ 35 $ 466 $ 2,411 $ 17,590 Commercial real estate 1,220 2 — — 1,222 Acquisition and development 1,022 — — — 1,022 Total commercial 16,920 37 466 2,411 19,834 Residential 11,864 327 861 1,254 14,306 Consumer 1,278 — — 6 1,284 Total Loans $ 30,062 $ 364 $ 1,327 $ 3,671 $ 35,424 December 31, 2020 Commercial Commercial business $ 12,263 $ 136 $ 345 $ 4,860 $ 17,604 Commercial real estate 982 3 263 21 1,269 Acquisition and development 1,900 — — 235 2,135 Total commercial 15,145 139 608 5,116 21,008 Residential 15,157 — 1,665 121 16,943 Consumer 1,256 — — 232 1,488 Total Loans $ 31,558 $ 139 $ 2,273 $ 5,469 $ 39,439 The following table presents the classes of the PCI loan portfolio summarized by aging categories of performing loans and non-accrual loans as of the periods indicated: (Dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Total Loans March 31, 2021 Commercial Commercial business $ 15,907 $ 296 $ 111 $ 1,276 $ 1,683 $ 17,590 Commercial real estate 1,197 — 23 2 25 1,222 Acquisition and development 784 238 — — 238 1,022 Total commercial 17,888 534 134 1,278 1,946 19,834 Residential 11,806 204 493 1,803 2,500 14,306 Consumer 1,278 — — 6 6 1,284 Total Loans $ 30,972 $ 738 $ 627 $ 3,087 $ 4,452 $ 35,424 December 31, 2020 Commercial Commercial business $ 16,264 $ 71 $ 65 $ 1,204 $ 1,340 $ 17,604 Commercial real estate 1,157 — — 112 112 1,269 Acquisition and development 2,135 — — — — 2,135 Total commercial 19,556 71 65 1,316 1,452 21,008 Residential 13,714 710 145 2,374 3,229 16,943 Consumer 1,245 3 1 239 243 1,488 Total Loans $ 34,515 $ 784 $ 211 $ 3,929 $ 4,924 $ 39,439 None of the PCI loans are considered non-accrual as they are all currently accreting interest income under PCI accounting. As the Company's PCI loan portfolio is accounted for in pools with similar risk characteristics in accordance with ASC 310-30, this portfolio is not subject to the impaired loan and TDR guidance. Rather, the revised estimated future cash flows of the individually modified loans are included in the estimated future cash flows of the pool. PPP Loans and CARES Act Deferrals The Company is actively participating in the PPP as a lender, evaluating other programs available to assist its clients and providing deferrals consistent with GSE guidelines. The Company originated 634 PPP loans with outstanding balances of $88.5 million through our internal commercial team and originated PPP loans totaling $102.1 million through our partnership with a Fintech company as of March 31, 2021. |
Premises and Equipment
Premises and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Premises and Equipment | Note 4 – Premises and Equipment The following table presents the components of premises and equipment as of the periods indicated: (Dollars in thousands) March 31, 2021 December 31, 2020 Land $ 3,936 $ 3,936 Buildings and improvements 14,350 14,350 Furniture, fixtures and equipment 17,705 17,451 Software 3,191 1,548 Construction in progress 53 28 Leasehold improvements 3,079 3,079 42,314 40,392 Accumulated depreciation (15,024) (14,189) Net premises and equipment $ 27,290 $ 26,203 The Company leases certain premises and equipment under operating and finance leases. At March 31, 2021, the Company had lease liabilities totaling $18.2 million, of which $18.1 million was related to operating leases and $0.1 million was related to finance leases, and right-of-use assets totaling $17.5 million, of which $17.3 million was related to operating leases and $0.2 million was related to finance leases, related to these leases. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. At March 31, 2021, the weighted-average remaining lease term for finance leases was 2.1 years and the weighted-average discount rate used in the measurement of finance lease liabilities was 2.3%. At March 31, 2021, the weighted-average remaining lease term for operating leases was 12.7 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 2.9%. At December 31, 2020, the Company had lease liabilities totaling $18.4 million, of which $18.3 million was related to operating leases and $0.2 million was related to finance leases, and right-of-use assets totaling $17.7 million, of which $17.5 million was related to operating leases and $0.2 million was related to finance leases, related to these leases. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. For the year ended December 31, 2020, the weighted-average remaining lease term for finance leases was 2.3 years and the weighted-average discount rate used in the measurement of finance lease liabilities was 2.4%. At December 31, 2020, the weighted-average remaining lease term for operating leases was 12.9 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 2.9%. The following table presents lease costs for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Amortization of right-of-use assets, finance leases $ 14 $ 18 Interest on lease liabilities, finance leases 1 1 Operating lease cost 477 544 Short-term lease cost 1 14 Variable lease cost 10 10 Total lease cost $ 503 $ 587 The following table presents future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of March 31, 2021: (Dollars in thousands) Finance Leases Operating Leases 2021 $ 44 $ 1,285 2022 41 1,825 2023 5 1,779 2024 5 1,709 2025 4 1,708 2026 and thereafter — 13,863 Total future minimum lease payments $ 99 $ 22,169 Less: Amounts representing interest (2) (4,045) Present value of net future minimum lease payments $ 97 $ 18,124 |
Premises and Equipment | Note 4 – Premises and Equipment The following table presents the components of premises and equipment as of the periods indicated: (Dollars in thousands) March 31, 2021 December 31, 2020 Land $ 3,936 $ 3,936 Buildings and improvements 14,350 14,350 Furniture, fixtures and equipment 17,705 17,451 Software 3,191 1,548 Construction in progress 53 28 Leasehold improvements 3,079 3,079 42,314 40,392 Accumulated depreciation (15,024) (14,189) Net premises and equipment $ 27,290 $ 26,203 The Company leases certain premises and equipment under operating and finance leases. At March 31, 2021, the Company had lease liabilities totaling $18.2 million, of which $18.1 million was related to operating leases and $0.1 million was related to finance leases, and right-of-use assets totaling $17.5 million, of which $17.3 million was related to operating leases and $0.2 million was related to finance leases, related to these leases. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. At March 31, 2021, the weighted-average remaining lease term for finance leases was 2.1 years and the weighted-average discount rate used in the measurement of finance lease liabilities was 2.3%. At March 31, 2021, the weighted-average remaining lease term for operating leases was 12.7 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 2.9%. At December 31, 2020, the Company had lease liabilities totaling $18.4 million, of which $18.3 million was related to operating leases and $0.2 million was related to finance leases, and right-of-use assets totaling $17.7 million, of which $17.5 million was related to operating leases and $0.2 million was related to finance leases, related to these leases. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. For the year ended December 31, 2020, the weighted-average remaining lease term for finance leases was 2.3 years and the weighted-average discount rate used in the measurement of finance lease liabilities was 2.4%. At December 31, 2020, the weighted-average remaining lease term for operating leases was 12.9 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 2.9%. The following table presents lease costs for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Amortization of right-of-use assets, finance leases $ 14 $ 18 Interest on lease liabilities, finance leases 1 1 Operating lease cost 477 544 Short-term lease cost 1 14 Variable lease cost 10 10 Total lease cost $ 503 $ 587 The following table presents future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of March 31, 2021: (Dollars in thousands) Finance Leases Operating Leases 2021 $ 44 $ 1,285 2022 41 1,825 2023 5 1,779 2024 5 1,709 2025 4 1,708 2026 and thereafter — 13,863 Total future minimum lease payments $ 99 $ 22,169 Less: Amounts representing interest (2) (4,045) Present value of net future minimum lease payments $ 97 $ 18,124 |
Equity Method Investment
Equity Method Investment | 3 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investment | Note 5 – Equity Method Investment In the third quarter of 2020, the Company acquired a portion of ICM and recognizes its ownership as an equity method investment initially recorded at fair value and subsequently adjusted for the Company's share of ICM's earnings. In accordance with Rule 8-03(b)(3) of Regulation S-X, the Company must assess whether its equity method investment is a significant equity method investment. In evaluating the significance of this investment, the Company performed the income, asset and investment tests described in S-X 3-05 and S-X 1-02(w). Rule 8-03(b)(3) of Regulation S-X requires summarized financial information in a quarterly report if any of the three tests exceeds 20%. Under the income test, the Company’s proportionate share of its equity method investee's aggregated net income exceeded the applicable threshold of 20%, and accordingly it is requir ed to provide summarized income statement information for this investee for all periods presented. The Company's share of net income from its equity method investment totaled $6.5 million for the three months ended March 31, 2021 . The following table presents summarized income statement information for the Company's equity method investment for the period indicated. As ICM did not exist prior to July 1, 2020, no historical financial information is presented. Three Months Ended March 31, (Dollars in thousands) 2021 Total revenues $ 50,797 Net income $ 15,864 Gain on sale of loans $ 47,594 Volume of loans sold $ 1,778,090 As of March 31, 2021 and December 31, 2021 , the locked mortgage pipeline was $1.43 billion and $1.54 billion, respectively. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2021 | |
Deposits [Abstract] | |
Deposits | Note 6 – Deposits The following table presents the components of deposits as of the periods indicated: (Dollars in thousands) March 31, 2021 December 31, 2020 Noninterest-bearing demand $ 837,221 $ 715,791 Interest-bearing demand 698,218 496,502 Savings and money markets 520,998 545,501 Time deposits, including CDs and IRAs 160,116 224,595 Total deposits $ 2,216,553 $ 1,982,389 Time deposits that meet or exceed the FDIC insurance limit $ 14,829 $ 16,955 The following table presents the maturities of time deposits as of the period indicated: (Dollars in thousands) March 31, 2021 2021 $ 56,037 2022 66,154 2023 22,254 2024 12,479 2025 3,192 Total $ 160,116 |
Borrowed Funds
Borrowed Funds | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Note 7 – Borrowed Funds The Bank is a member of the FHLB of Pittsburgh, Pennsylvania. As of March 31, 2021, the Bank's maximum borrowing capacity with the FHLB was $451.7 million and the remaining borrowing capacity was $440.4 million, with the difference being deposit letters of credit. The Bank also maintains borrowing capacity with the Federal Reserve Bank under the discount window program and with the Federal Reserve Board under the Federal Reserve's Paycheck Protection Program Liquidity Facility (“PPPLF”) program in the amount of the outstanding pledged PPP loans. As of March 31, 2021 the Bank had borrowed $102.2 million under the PPPLF. As of December 31, 2020, no amounts were outstanding. Short-term borrowings The following table presents information related to short-term borrowings as of and for the periods indicated: (Dollars in thousands) Three Months Ended March 31, 2021 Year Ended December 31, 2020 Balance at end of period $ 102,185 $ — Average balance during the period 46,349 68,407 Maximum month-end balance 102,185 154,248 Weighted-average rate during the period 0.35 % 0.58 % Weighted-average rate at end of period 0.28 % — % Long-term borrowings As of March 31, 2021 and December 31, 2020, the Bank had no long-term borrowings with the FHLB or the Federal Reserve. Repurchase agreements Along with traditional deposits, the Bank has access to securities sold under agreements to repurchase (“repurchase agreements”) with clients representing funds deposited by clients, on an overnight basis, that are collateralized by investment securities owned by the Company. Repurchase agreements with clients are included in borrowings section on the consolidated balance sheets. All repurchase agreements are subject to terms and conditions of repurchase/security agreements between the Company and the client and are accounted for as secured borrowings. The Company’s repurchase agreements reflected in liabilities consist of client accounts and securities which are pledged on an individual security basis. The Company monitors the fair value of the underlying securities on a monthly basis. Repurchase agreements are reflected at the amount of cash received in connection with the transaction. The primary risk with the Company’s repurchase agreements is market risk associated with the investments securing the transactions, as we may be required to provide additional collateral based on fair value changes of the underlying investments. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. All of the Company’s repurchase agreements were overnight agreements at March 31, 2021 and December 31, 2020. These borrowings were collateralized with investment securities with a carrying value of $11.0 million and $10.7 million at March 31, 2021 and December 31, 2020, respectively, and were comprised of United States government agency securities and United States sponsored mortgage-backed securities. Declines in the value of the collateral would require the Company to increase the amounts of securities pledged. The following table presents information related to repurchase agreements as of and for the periods shown: (Dollars in thousands) Three Months Ended March 31, 2021 Year Ended December 31, 2020 Balance at end of period $ 10,613 $ 10,266 Average balance during the period 10,249 9,856 Maximum month-end balance 10,613 10,505 Weighted-average rate during the period 0.13 % 0.23 % Weighted-average rate at end of period 0.13 % 0.14 % Subordinated Debt The following table presents information related to subordinated debt as of and for the periods shown: (Dollars in thousands) Three Months Ended March 31, 2021 Year Ended December 31, 2020 Balance at end of period $ 43,443 $ 43,407 Average balance during the period 43,425 7,568 Maximum month-end balance 43,443 43,524 Weighted-average rate during the period 4.29 % 3.45 % Weighted-average rate at end of period 4.02 % 4.02 % In November 2020, the Company completed the private placement of $40 million fixed-to-floating rate subordinated notes to certain qualified institutional investors. These notes are unsecured and have a ten-year term, maturing December 1, 2030 and will bear interest at a fixed rate of 4.25%, payable semi-annually in arrears, for the first five years of the term. Thereafter, the interest rate will reset quarterly to an interest rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR, plus 401 basis points, payable quarterly in arrears. These notes have been structured to qualify as Tier 2 capital for regulatory capital purposes. In March 2007, the Company completed the private placement of $4 million Floating Rate, Trust Preferred Securities through its MVB Financial Statutory Trust I subsidiary (the “Trust”). The Company established the Trust for the sole purpose of issuing the Trust Preferred Securities pursuant to an Amended and Restated Declaration of Trust. The proceeds from the sale of the Trust Preferred Securities will be loaned to the Company under subordinated Debentures (the “Debentures”) issued to the Trust pursuant to an Indenture. The Debentures are the only asset of the Trust. The Trust Preferred Securities have been issued to a pooling vehicle that will use the distributions on the Trust Preferred Securities to securitize note obligations. The securities issued by the Trust are includable for regulatory purposes as a component of the Company’s Tier 1 capital. The Trust Preferred Securities and the Debentures mature in 2037 and have been redeemable by the Company since 2012. Interest payments are due in March, June, September and December and are adjusted at the interest due dates at a rate of 1.6% over the three-month LIBOR Rate. The obligations of the Company with respect to the issuance of the trust preferred securities constitute a full and unconditional guarantee by the Company of the Trust’s obligations with respect to the trust preferred securities to the extent set forth in the related guarantees. |
Pension and Supplemental Execut
Pension and Supplemental Executive Retirement Plans | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Supplemental Executive Retirement Plans | Note 8 – Pension and Supplemental Executive Retirement Plans The Company participates in a trusteed pension plan known as the Allegheny Group Retirement Plan covering virtually all full-time employees. Benefits are based on years of service and the employee’s compensation. Accruals under the Plan were frozen as of May 31, 2014. Freezing the plan resulted in a re-measurement of the pension obligations and plan assets as of the freeze date. The pension obligation was re-measured using the discount rate based on the Citigroup Above Median Pension Discount Curve in effect on May 31, 2014 of 4.5%. On June 19, 2017, the Company and MVB Mortgage approved a Supplemental Executive Retirement Plan (“SERP”), pursuant to which the Chief Executive Officer of MVB Mortgage is entitled to receive certain supplemental nonqualified retirement benefits. The SERP took effect on December 31, 2017. As the executive completed three years of continuous employment with MVB Mortgage prior to retirement date (which shall be no earlier than the date he attains age 55) he will, upon retirement, be entitled to receive $1.8 million payable in 180 equal consecutive monthly installments of $10 thousand. The liability is calculated by discounting the anticipated future cash flows at 4.0%. The liability accrued for this obligation was $1.2 million as of both March 31, 2021 and December 31, 2020. Service cost was $0.01 million and $0.1 million for each of the three months ended March 31, 2021 and 2020. The following table presents information pertaining to the activity in the Company’s defined benefit plan, using the latest available actuarial valuations with a measurement date of March 31, 2021 and 2020 for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Service cost $ — $ — Interest cost 78 91 Expected return on plan assets (118) (109) Amortization of net actuarial loss 127 105 Amortization of prior service cost — — Net periodic benefit cost $ 87 $ 87 Contributions paid $ 3,835 $ 349 |
Stock Offerings
Stock Offerings | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stock Offerings | Note 9 – Stock Offerings In December 2020, the Company issued a notice of redemption to redeem all of the Company’s outstanding shares of Convertible Noncumulative Perpetual Preferred Stock, Series B, par value $1.00 per share, with a liquidation preference of $1,000 per share (the “Series B Preferred Stock”) and all of the Company’s outstanding shares of Convertible Noncumulative Perpetual Preferred Stock, Series C, par value $1.00 per share, with a liquidation preference of $1,000 per share (the “Series C Preferred Stock, together with the Series B Preferred Stock, referred to herein as the “Preferred Stock”), at a redemption price per share equal to $10,000, plus declared and unpaid dividends of $46.03 per share of Series B Preferred Stock, and $49.86 per share of Series C Preferred Stock, for the period from and including December 31, 2020, to but excluding January 28, 2021 (the “Preferred Stock Redemption”). The Preferred Stock Redemption is in accordance with the terms of the Company’s Articles of Incorporation, as amended. All outstanding shares of the Company's preferred stock were redeemed in January 2021. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 10 – Fair Value of Financial Instruments The following table presents the carrying values and estimated fair values of the Company’s financial instruments are summarized as follows as of the periods indicated: (Dollars in thousands) Carrying Value Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) March 31, 2021 Financial Assets: Cash and cash equivalents $ 339,616 $ 339,616 $ 339,616 $ — $ — Certificates of deposit with banks 11,803 11,986 — 11,986 — Securities available-for-sale 423,122 423,122 — 382,850 40,272 Equity securities 28,200 28,200 543 — 27,657 Loans receivable, net 1,668,171 1,675,631 — — 1,675,631 Mortgage servicing rights 2,886 2,886 — — 2,886 Interest rate swap 8,367 8,367 — 8,367 — Fair value hedge 1,750 1,750 — 1,750 — Accrued interest receivable 8,513 8,513 — 2,819 5,694 Bank-owned life insurance 41,512 41,512 — 41,512 — Financial Liabilities: Deposits $ 2,216,553 $ 2,196,951 $ — $ 2,196,951 $ — Repurchase agreements 10,613 10,613 — 10,613 — FHLB and other borrowings 102,185 102,185 — 102,185 — Interest rate swap 8,367 8,367 — 8,367 — Fair value hedge 1,427 1,427 — 1,427 — Accrued interest payable 869 869 — 869 — Subordinated debt 43,443 45,798 — 45,798 — December 31, 2020 Financial assets: Cash and cash equivalents $ 263,893 $ 263,893 $ 263,893 $ — $ — Certificates of deposits with banks 11,803 11,986 — 11,986 — Securities available-for-sale 410,624 410,624 — 366,945 43,679 Equity securities 27,585 27,585 472 — 27,113 Loans held-for-sale 1,062 1,062 — 1,062 — Loans receivable, net 1,427,900 1,434,275 — — 1,434,275 Mortgage servicing rights 2,942 2,942 — — 2,942 Interest rate swap 13,822 13,822 — 13,822 — Fair value hedge 2,215 2,215 — 2,215 Accrued interest receivable 7,793 7,793 — 2,770 5,023 Bank-owned life insurance 41,262 41,262 — 41,262 — Financial liabilities: Deposits $ 1,982,389 $ 1,964,860 $ — $ 1,964,860 $ — Repurchase agreements 10,266 10,266 — 10,266 — Interest rate swap 13,822 13,822 — 13,822 — Fair value hedge 2,141 2,141 — 2,141 — Accrued interest payable 572 572 — 572 — Subordinated debt 43,407 45,536 — 45,536 — |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 11 – Fair Value Measurements Fair value estimates are made at a specific point in time, based on relevant market 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 market exists for a significant 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. Fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. The methods of determining the fair value of assets and liabilities presented in this footnote are consistent with our methodologies disclosed in Note 1 - Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements included in Item 8, Financial Statements and Supplementary Data , of the Company’s 2020 Annual Report on Form 10-K. Assets Measured on a Recurring Basis As required by accounting standards, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company classified investments in government securities as Level II instruments and valued them using the market approach. The following measurements are made on a recurring basis. Available-for-sale investment securities – Available-for-sale investment securities 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 I securities include those traded on an active exchange, such as the New York Stock Exchange, United States Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level II securities include mortgage-backed securities issued by government sponsored entities and private label entities, municipal bonds and corporate debt securities. There have been no changes in valuation techniques for the three months ended March 31, 2021. Valuation techniques are consistent with techniques used in prior periods. Certain local municipal securities related to tax increment financing (“TIF”) are independently valued and classified as Level III instruments. The Company classified investments in government securities as Level II instruments and valued them using the market approach. Equity securities – Certain equity securities are recorded at fair value on both a recurring and nonrecurring 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. The valuation methodologies utilized may include significant unobservable inputs. There have been no changes in valuation techniques for the three months ended March 31, 2021. Valuation techniques are consistent with techniques used in prior periods. Loans held-for-sale – The fair value of mortgage loans held-for-sale is determined, when possible, using quoted secondary-market prices or investor commitments. If no such quoted price exists, the fair value of a loan is determined using quoted prices for a similar asset or assets, adjusted for the specific attributes of that loan, which would be used by other market participants. Interest rate swap – Interest rate swaps are recorded at fair value based on third party vendors who compile prices from various sources and may determine fair value of identical or similar instruments by using pricing models that consider observable market data. Fair value hedge – Treated like an interest rate swap, fair value hedges are recorded at fair value based on third party vendors who compile prices from various sources and may determine fair value of identical or similar instruments by using pricing models that consider observable market data. The following tables present assets and liabilities reported on the consolidated statements of financial condition at their fair value on a recurring basis as of the periods indicated by level within the fair value hierarchy. March 31, 2021 (Dollars in thousands) Level I Level II Level III Total Assets: United States government agency securities $ — $ 48,104 $ — $ 48,104 United States sponsored mortgage-backed securities — 89,207 — 89,207 United States treasury securities 56,970 — — 56,970 Municipal securities — 169,462 40,272 209,734 Other securities — 11,607 — 11,607 Equity securities 543 — — 543 Interest rate swap — 8,367 — 8,367 Fair value hedge — 1,750 — 1,750 Liabilities: Interest rate swap — 8,367 — 8,367 Fair value hedge — 1,427 — 1,427 December 31, 2020 (Dollars in thousands) Level I Level II Level III Total Assets: United States government agency securities $ — $ 56,992 $ — $ 56,992 United States sponsored mortgage-backed securities — 95,769 — 95,769 Municipal securities — 188,208 43,679 231,887 Other securities — 18,476 — 18,476 Equity securities 472 — — 472 Loans held-for-sale — 1,062 — 1,062 Interest rate swap — 13,822 — 13,822 Fair value hedge — 2,215 — 2,215 Liabilities: Interest rate swap — 13,822 — 13,822 Fair value hedge — 2,141 — 2,141 The following table represents recurring level III assets as of the periods indicated: (Dollars in thousands) Interest Rate Lock Commitments Municipal Securities Total Balance at December 31, 2020 $ — $ 43,679 $ 43,679 Realized and unrealized gains included in earnings — 19 19 Purchase of securities — 1,191 1,191 Maturities/calls — (3,933) (3,933) Unrealized gain included in other comprehensive income (loss) — 1,127 1,127 Unrealized loss included in other comprehensive income (loss) $ — $ (1,811) $ (1,811) Balance at March 31, 2021 $ — $ 40,272 $ 40,272 Balance at December 31, 2019 $ 1,660 $ 37,259 $ 38,919 Realized and unrealized losses included in earnings 4,131 — 4,131 Purchase of securities — 522 522 Unrealized gain included in other comprehensive income (loss) — (1,155) (1,155) Balance at March 31, 2020 $ 5,791 $ 36,626 $ 42,417 Assets Measured on a Nonrecurring Basis The Company may be required, from time to time, to measure certain financial assets, financial liabilities, non-financial assets and non-financial liabilities at fair value on a nonrecurring basis in accordance with U.S. GAAP. These include assets that are measured at the lower of cost or market value that were recognized at fair value below cost at the end of the period. Certain non-financial assets measured at fair value on a nonrecurring basis include foreclosed assets (upon initial recognition or subsequent impairment), non-financial assets and non-financial liabilities measured at fair value in the second step of a goodwill impairment test and intangible assets and other non-financial long-lived assets measured at fair value for impairment assessment. Non-financial assets measured at fair value on a nonrecurring basis during 2021 and 2020 include certain foreclosed assets which, upon initial recognition, were remeasured and reported at fair value through a charge-off to the allowance for possible loan losses and certain foreclosed assets which, subsequent to their initial recognition, were remeasured at fair value through a write-down included in other noninterest expense. Impaired loans – 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 using one of several methods, including collateral value, 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. Collateral values are estimated using Level II inputs based on observable market data or Level III inputs based on customized discounting criteria. For a majority of impaired real estate related loans, the Company obtains a current external appraisal. Other valuation techniques are used as well, including internal valuations, comparable property analysis and contractual sales information. Other real estate owned – Other real estate owned, which is obtained through the Bank’s foreclosure process is valued utilizing the appraised collateral value. Collateral values are estimated using Level II inputs based on observable market data or Level III inputs based on customized discounting criteria. At the time, the foreclosure is completed, the Company obtains a current external appraisal. Other debt securities – Certain debt securities are recorded at fair value on a nonrecurring basis. These other debt securities, which include preferred member interest in an equity method investment, are securities without a readily determinable fair value and are measured at cost minus impairment, if any, plus or minus any changes resulting from observable price changes in orderly transactions, as defined, for identical or similar investments of the same issuer. Equity securities – Certain equity securities are recorded at fair value on a nonrecurring basis. Equity securities without a readily determinable fair value are measured at cost minus impairment, if any, plus or minus any changes resulting from observable price changes in orderly transactions, as defined, for identical or similar investments of the same issuer. The following table presents the fair value of these assets as of the periods indicated: March 31, 2021 (Dollars in thousands) Level I Level II Level III Total Impaired loans $ — $ — $ 12,103 $ 12,103 Other real estate owned — — 5,183 5,183 December 31, 2020 (Dollars in thousands) Level I Level II Level III Total Impaired loans $ — $ — $ 14,098 $ 14,098 Other real estate owned — — 5,730 5,730 Other debt securities — — 7,500 7,500 Equity securities — — 27,113 27,113 There were no changes to the fair value of other debt securities or equity securities measured on a non-recurring basis as of March 31, 2021. The following tables present quantitative information about the Level III significant unobservable inputs for assets and liabilities measured at fair value as of the periods indicated: Quantitative Information about Level III Fair Value Measurements (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range March 31, 2021 Nonrecurring measurements: Impaired loans $ 12,103 Appraisal of collateral 1 Appraisal adjustments 2 20% - 62% Liquidation expense 2 5% - 10% Other real estate owned $ 5,183 Appraisal of collateral 1 Appraisal adjustments 2 20% - 30% Liquidation expense 2 5% - 10% Other debt securities $ 7,500 Net asset value Cost minus impairment —% Equity securities $ 27,657 Net asset value Cost minus impairment —% Recurring measurements: Municipal securities 5 $ 40,272 Appraisal of bond 3 Bond appraisal adjustment 4 5% - 15% December 31, 2020 Nonrecurring measurements: Impaired loans $ 14,098 Appraisal of collateral 1 Appraisal adjustments 2 20% - 62% Liquidation expense 2 5% - 10% Other real estate owned $ 5,730 Appraisal of collateral 1 Appraisal adjustments 2 20% - 30% Liquidation expense 2 5% - 10% Other debt securities $ 7,500 Net asset value Cost minus impairment —% Equity securities $ 27,113 Net asset value Cost minus impairment —% Recurring measurements: Municipal securities 5 $ 43,679 Appraisal of bond 3 Bond appraisal adjustment 4 5% - 15% 1 Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level III inputs which are not identifiable. 2 Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. 3 Fair value determined through independent analysis of liquidity, rating, yield and duration. 4 Appraisals may be adjusted for qualitative factors such as local economic conditions. 5 Municipal securities classified as Level III instruments are comprised of TIF bonds related to certain local municipal securities. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 12 – Earnings per Share The Company determines basic earnings per share (“EPS”) by dividing net income less preferred stock dividends by the weighted-average number of common shares outstanding during the period. Diluted EPS is determined by dividing net income less dividends on convertible preferred stock plus interest on convertible subordinated debt by the weighted-average number of shares outstanding, increased by both the number of shares that would be issued assuming the exercise of stock options under the Company’s 2003 and 2013 Stock Incentive Plans and the conversion of preferred stock and subordinated debt, if dilutive. The following table presents the Company's calculation of EPS for the periods indicated: Three Months Ended March 31, (Dollars in thousands except shares and per share data) 2021 2020 Numerator for basic earnings per share: Net income $ 8,085 $ 1,048 Less: Dividends on preferred stock 35 114 Net income available to common shareholders - basic $ 8,050 $ 934 Numerator for diluted earnings per share: Net income available to common shareholders - diluted $ 8,050 $ 934 Denominator: Total weighted-average shares outstanding 11,530,279 11,942,767 Effect of dilutive stock options and restricted stock units 756,452 355,325 Total diluted weighted-average shares outstanding 12,286,731 12,298,092 Earnings per share - basic $ 0.70 $ 0.08 Earnings per share - diluted $ 0.66 $ 0.08 |
Comprehensive Income
Comprehensive Income | 3 Months Ended |
Mar. 31, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Comprehensive Income | Note 13 – Comprehensive Income The following tables present the components of accumulated other comprehensive income (“AOCI”) as of and for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Details about AOCI components Amount reclassified from AOCI Amount reclassified from AOCI Affected income statement line item Available-for-sale securities Unrealized holding gains $ 1,143 $ 276 Gain (loss) on sale of available-for-sale securities 1,143 276 Total before tax (268) (75) Income tax expense 875 201 Net of tax Defined benefit pension plan items Amortization of net actuarial loss (127) (105) Salaries and benefits (127) (105) Total before tax 30 28 Income tax expense (97) (77) Net of tax Investment hedge Carrying value adjustment (264) 1,793 Interest on investment securities (264) 1,793 Total before tax 62 (484) Income tax expense (202) 1,309 Net of tax Total reclassifications $ 576 $ 1,433 (Dollars in thousands) Unrealized gains (losses) on available for-sale securities Defined benefit pension plan items Investment hedge Total Balance at January 1, 2021 $ 7,586 $ (5,047) $ (313) $ 2,226 Other comprehensive income (loss) before reclassification (4,848) 1,306 — (3,542) Amounts reclassified from AOCI (875) 97 202 (576) Net current period OCI (5,723) 1,403 202 (4,118) Balance at March 31, 2021 $ 1,863 $ (3,644) $ (111) $ (1,892) Balance at January 1, 2020 $ 2,942 $ (4,295) $ 32 $ (1,321) Other comprehensive income (loss) before reclassification 1,032 (516) — 516 Amounts reclassified from AOCI (201) 77 (1,309) (1,433) Net current period OCI 831 (439) (1,309) (917) Balance at March 31, 2020 $ 3,773 $ (4,734) $ (1,277) $ (2,238) |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 14 – Segment Reporting The Company has identified three reportable segments: CoRe banking; mortgage banking; and financial holding company. Revenue from CoRe banking activities consists primarily of interest earned on loans and investment securities and service charges on deposit accounts. The Fintech division, Chartwell and Paladin Fraud reside in the CoRe banking segment. Revenue from the mortgage banking activities is comprised of interest earned on loans and fees received as a result of the mortgage loan origination process. Prior to July 1, 2020, the mortgage banking services were conducted by PMG. In July 2020, the Company announced the completion of PMG’s combination with Intercoastal to form ICM. The Company has recognized its ownership as an equity method investment, initially recorded at fair value. Income related to this equity method investment is included in the Mortgage Banking segment. Revenue from financial holding company activities is mainly comprised of intercompany service income and dividends. The following tables present information about the reportable segments and reconciliation to the consolidated financial statements for the periods indicated: Three Months Ended March 31, 2021 CoRe Banking Mortgage Banking Financial Holding Company Intercompany Eliminations Consolidated (Dollars in thousands) Interest income $ 18,959 $ 104 $ 1 $ (1) $ 19,063 Interest expense 1,092 — 466 — 1,558 Net interest income 17,867 104 (465) (1) 17,505 Provision for loan losses 620 (2) — — 618 Net interest income after provision for loan losses 17,247 106 (465) (1) 16,887 Total noninterest income 6,437 6,407 1,581 (1,967) 12,458 Noninterest Expenses: Salaries and employee benefits 8,842 — 3,069 — 11,911 Other expense 8,029 63 1,083 (1,968) 7,207 Total noninterest expenses 16,871 63 4,152 (1,968) 19,118 Income (loss) before income taxes 6,813 6,450 (3,036) — 10,227 Income tax expense (benefit) 1,149 1,564 (544) — 2,169 Net income before noncontrolling interest 5,664 4,886 (2,492) — 8,058 Net loss attributable to noncontrolling interest 27 — — — 27 Net income attributable to parent $ 5,691 $ 4,886 $ (2,492) $ — $ 8,085 Preferred stock dividends — — 35 — 35 Net income (loss) available to common shareholders $ 5,691 $ 4,886 $ (2,527) $ — $ 8,050 Capital expenditures for the three months ended March 31, 2021 $ 1,936 $ — $ — $ — $ 1,936 Total assets as of March 31, 2021 2,669,092 57,205 280,152 (360,360) 2,646,089 Total assets as of December 31, 2020 2,343,556 58,140 284,943 (355,163) 2,331,476 Goodwill as of March 31, 2021 2,350 — — — 2,350 Goodwill as of December 31, 2020 2,350 — — — 2,350 Three Months Ended March 31, 2020 CoRe Banking Mortgage Banking Financial Holding Company Intercompany Eliminations Consolidated (Dollars in thousands) Interest income $ 18,774 $ 2,418 $ 1 $ (494) $ 20,699 Interest expense 3,838 1,387 35 (732) 4,528 Net interest income 14,936 1,031 (34) 238 16,171 Provision for loan losses 1,132 6 — — 1,138 Net interest income after provision for loan losses 13,804 1,025 (34) 238 15,033 Noninterest income: Mortgage fee income 110 11,347 — (238) 11,219 Other income 3,346 (3,562) 1,504 (1,657) (369) Total noninterest income 3,456 7,785 1,504 (1,895) 10,850 Noninterest Expense: Salaries and employee benefits 5,866 7,884 2,432 — 16,182 Other expense 6,659 2,397 1,075 (1,657) 8,474 Total noninterest expenses 12,525 10,281 3,507 (1,657) 24,656 Income (loss) before income taxes 4,735 (1,471) (2,037) — 1,227 Income tax expense (benefit) 1,012 (349) (484) — 179 Net income before noncontrolling interest 3,723 (1,122) (1,553) — 1,048 Preferred stock dividends — — 114 — 114 Net income (loss) available to common shareholders $ 3,723 $ (1,122) $ (1,667) $ — $ 934 Capital expenditures for the three months ended March 31, 2020 $ 1,295 $ 69 $ 20 $ — $ 1,384 |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisition | Note 15 – Acquisition Flexia Payments, LLC Acquisition In February 2021, the Bank entered into an agreement to acquire an 80% interest in Flexia. The Bank invested approximately $2.5 million for the 80% interest. At the time of acquisition, Flexia had no assets or liabilities. Soon after the Bank's investment, Flexia purchased a license for technology which allows users to access a reloadable account that combines a debit card account and casino gaming accounts into one card, allowing them for non-cash transactions at participating casinos, for approximately $1 million for exclusive use in the United States and Canada. On the acquisition date, $0.5 million was recorded on the consolidated balance sheet for the 20% noncontrolling interest. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 16 – Subsequent Event In April 2021, the Bank entered into a Stock Purchase Agreement with Trabian Technology, Inc. (“Trabian”), a leading software development firm servicing financial institutions. Per the agreement, the Bank acquired a majority interest in Trabian for 17,597 unregistered shares of MVB common stock and an undisclosed amount of cash. In April 2021, the Bank entered into a Purchase and Assumption Agreement with Summit Community Bank, Inc. (“Summit”) pursuant to which Summit will purchase certain assets and assume certain liabilities of four branch locations in West Virginia. Per the agreement, Summit will assume approximately $193 million in deposits and will acquire approximately $57 million in loans, as well as cash, real property, personal property and other fixed assets. The purchase price will be calculated at closing and includes a 6% premium on the deposits assumed. The Bank expects to close the purchase early in the third quarter of 2021. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The financial statements are consolidated to include the accounts of the Company, its subsidiary, the Bank and the Bank’s subsidiaries. |
Basis of Presentation | These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, practices in the banking industry and with instructions to Form 10-Q. All significant inter-company accounts and transactions have been eliminated in the consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. The consolidated balance sheet as of December 31, 2020 has been derived from audited financial statements included in the Company's Annual Report on Form 10-K for the 2020 Form 10-K. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. In February 2021, the Bank entered into an agreement to acquire an 80% interest in Flexia. Flexia owns a license for technology which allows users to access a reloadable account that combines a debit card account and casino gaming accounts into one card, allowing them for non-cash transactions at participating casinos in the United States and Canada. Although the Company owns, through its subsidiary, the Bank, an 80% interest in Flexia, the Company is required to consolidate 100% of Flexia within the consolidated financial statements. The remaining 20% is accounted for separately as noncontrolling interests within the consolidated financial statements. Noncontrolling interest represents the portion of ownership and profit or loss that is attributable to the minority owners of Flexia. In preparing the consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the period. Estimates are based on known facts and circumstances and actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to determination of the allowance for loan losses (“ALL”), purchased credit impaired loans (“PCI loans”), derivative instruments, goodwill and deferred tax assets and liabilities. Unconsolidated investments where the Company has the ability to exercise significant influence over the operating and financial policies of the respective investee are accounted for using the equity method of accounting; those that are not consolidated or accounted for using the equity method of accounting are accounted for under cost or fair value accounting. For these investments accounted for under the equity method, the Company records its investment in non-consolidated affiliates and the portion of |
Reclassification | In certain instances, amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the current presentation. |
Subsequent Events | The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance in November 2018, ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses , in April 2019, ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments , in May 2019, ASU 2019-05, Financial Instruments – Credit Losses, Topic 326 and in November 2019, ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses , all of which clarifies codification and corrects unintended application of the guidance. The new guidance replaces the incurred loss impairment methodology in current U.S. GAAP with an expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. PCI loans will receive an allowance account at the acquisition date that represents a component of the purchase price allocation. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses, with such allowance limited to the amount by which fair value is below amortized cost. The guidance was initially effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. On November 15, 2019, the FASB issued ASU 2019-10, Financial Investments – Credit Issues (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates , which finalizes a delay in the effective date of the standard for smaller reporting companies until January 2023. The Company expects to recognize a one-time cumulative effect adjustment to the ALL as of the beginning of the first reporting period in which the new standard is effective, but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. In that regard, the Company has formed a cross-functional implementation team. The team is working to develop an implementation plan which will include assessment and documentation of processes, internal controls and data sources; model development and documentation; and system configuration, among other things. The Company is also in the process of implementing a third-party vendor solution to assist it in the application of this standard. The adoption of this standard could result in an increase in the ALL as a result of changing from an “incurred loss” model, which encompasses allowances for current known and inherent losses within the portfolio, to an “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. While the Company is currently unable to reasonably estimate the impact of adopting ASU 2016-13, it expects that the impact of adoption will be significantly influenced by the composition, characteristics and quality of its loan portfolio, as well as the prevailing economic conditions and forecasts as of the adoption date. In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirement for Defined Benefit Plans , which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The updates in this ASU are part of the disclosure framework project ASU 2018-14 and modify the disclosure requirements under Accounting Standards Codification (“ASC”) 715-20 for employers that sponsor defined benefit pension or other postretirement plans. Those modifications include the removal and addition of disclosure requirements as well as clarifying specific disclosure requirements. The ASU removed the following disclosures: 1) the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year; 2) the amount and timing of plan assets expected to be returned to the employer; 3) the disclosures related to the June 2001 amendments to the Japanese Welfare Pension Insurance Law; 4) related party disclosures about the amount of future annual benefits covered by insurance and annuity contracts and significant transactions between the employer or related parties and the plan; 5) for nonpublic entities, the reconciliation of the opening balances to the closing balances of plan assets measured on a recurring basis in Level 3 of the fair value hierarchy; however, nonpublic entities will be required to disclose separately the amounts of transfers into and out of Level 3 of the fair value hierarchy and purchases of Level 3 plan assets and 6) for public entities, the effects of a one-percentage-point change in assumed health care cost trend rates on the (i) aggregate of the service and interest cost components of net periodic benefit costs and (ii) benefit obligation for postretirement health care benefits. The ASU added the following disclosures: 1) the weighted- average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and 2) an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The ASU then clarified the following disclosures: 1) the projected benefit obligation (“PBO”) and fair value of plan assets for plans with PBOs more than plan assets; and 2) the accumulated benefit obligation (“ABO”) and fair value of plan assets for plans with ABOs more than plan assets. ASU 2018-14 is effective for public business entities for fiscal years ending after December 15, 2020. As ASU 2018-14 revises disclosure requirements. As ASU 2018-04 only revises disclosure requirements, the adoption did not have a material impact on the Company's interim consolidated financial statements. The Company's year-end disclosures will be revised to comply with the new requirements. In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 . ASU 2020-01 clarifies the interaction between accounting standards related to equity securities, equity method investments and certain derivatives, including accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The amendments were effective for the Company beginning January 1, 2021 and did not have a material effect on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The amendments provide optional expedients and exceptions for certain contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of rate reform. The guidance is effective from the date of issuance until December 31, 2022. The guidance permits entities to not apply modification accounting or remeasure lease payments in lease contracts if the changes to the contract are related to the discontinuation of the reference rate. If certain criteria are met, the amendments also allow exceptions to the de-designation criteria of the hedging relationship and the assessment of hedge effectiveness during the transition period. In January 2021, ASU 2021-01 was issued by the FASB and clarifies that certain exceptions in reference rate reform apply to derivatives that are affected by the discounting transition. The Company will continue to assess the impact as the reference rate transition occurs over the next two years. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Fair Values of Investment Securities Available-for-sale | The following tables present amortized cost and fair values of investment securities available-for-sale as of the periods indicated: March 31, 2021 (Dollars in thousands) Amortized Cost Unrealized Gain Unrealized Loss Fair Value United States government agency securities $ 48,483 $ 446 $ (825) $ 48,104 United States sponsored mortgage-backed securities 90,076 428 (1,297) 89,207 United States treasury securities 56,953 97 (80) 56,970 Municipal securities 206,135 4,607 (1,008) 209,734 Other debt securities 7,500 — — 7,500 Total debt securities 409,147 5,578 (3,210) 411,515 Other securities 11,543 109 (45) 11,607 Total investment securities available-for-sale $ 420,690 $ 5,687 $ (3,255) $ 423,122 December 31, 2020 (Dollars in thousands) Amortized Cost Unrealized Gain Unrealized Loss Fair Value United States government agency securities $ 56,207 $ 995 $ (210) $ 56,992 United States sponsored mortgage-backed securities 94,968 972 (171) 95,769 Municipal securities 223,642 8,327 (82) 231,887 Other debt securities 7,500 — — 7,500 Total debt securities 382,317 10,294 (463) 392,148 Other securities 18,401 146 (71) 18,476 Total investment securities available-for-sale $ 400,718 $ 10,440 $ (534) $ 410,624 The following table presents amortized cost and fair values of available-for-sale debt securities by contractual maturity as of the period indicated: March 31, 2021 (Dollars in thousands) Amortized Cost Fair Value Within one year $ — $ — After one year, but within five years 62,819 63,045 After five years, but within ten years 37,397 37,427 After ten years 308,931 311,043 Total $ 409,147 $ 411,515 |
Investments in an Unrealized Loss Position | The following tables presents investments in an unrealized loss position as of the periods indicated: March 31, 2021 (Dollars in thousands) Less than 12 months 12 months or more Description and number of positions Fair Value Unrealized Loss Fair Value Unrealized Loss United States government agency securities (28) $ 23,502 $ (705) $ 11,617 $ (120) United States sponsored mortgage-backed securities (21) 68,695 (1,287) 2,005 (10) United States treasury securities (9) 35,568 (80) — — Municipal securities (86) 73,445 (952) 2,049 (56) Other securities (3) 1,957 (43) 1,013 (2) $ 203,167 $ (3,067) $ 16,684 $ (188) December 31, 2020 (Dollars in thousands) Less than 12 months 12 months or more Description and number of positions Fair Value Unrealized Loss Fair Value Unrealized Loss United States government agency securities (27) $ 19,021 $ (68) $ 12,574 $ (142) United States sponsored mortgage-backed securities (9) 15,331 (155) 3,349 (16) Municipal securities (14) 11,856 (82) — — Other securities (5) 3,947 (71) — — $ 50,155 $ (376) $ 15,923 $ (158) |
Realized Gain (Loss) on Investments | The following table summarizes investment sales and related gains and losses for the periods shown: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Sales of available-for-sale investments $ 41,037 $ 10,318 Gains, gross 1,156 276 Losses, gross 13 — |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Components of Loans in the Consolidated Balance Sheet | The following table presents the components of loans as of the periods indicated: (Dollars in thousands) March 31, 2021 December 31, 2020 Commercial and non-residential real estate $ 1,353,339 $ 1,141,114 Residential real estate 275,710 240,264 Home equity 28,843 30,828 Consumer 3,149 3,156 Total 1,661,041 1,415,362 Purchased credit impaired loans: Commercial and non-residential real estate 19,834 21,008 Residential real estate 14,306 16,943 Consumer 1,284 1,488 Total purchased credit impaired loans 35,424 39,439 Total Loans $ 1,696,465 $ 1,454,801 Deferred loan origination costs and (fees), net (2,080) (1,057) Loans receivable $ 1,694,385 $ 1,453,744 |
Impaired Loans by Class | The following table presents impaired loans by class, excluding PCI loans, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of the periods indicated: Impaired Loans with Specific Allowance Impaired Loans with No Specific Allowance Total Impaired Loans (Dollars in thousands) Recorded Investment Related Allowance Recorded Investment Recorded Investment Unpaid Principal Balance March 31, 2021 Commercial Commercial business $ 3,504 $ 741 $ 3,824 $ 7,328 $ 8,770 Commercial real estate 767 267 956 1,723 1,877 Acquisition and development — — 2,035 2,035 3,441 Total commercial 4,271 1,008 6,815 11,086 14,088 Residential — — 1,927 1,927 2,160 Home equity — — 95 95 95 Consumer — — 3 3 3 Total impaired loans $ 4,271 $ 1,008 $ 8,840 $ 13,111 $ 16,346 December 31, 2020 Commercial Commercial business $ 3,431 $ 1,032 $ 5,653 $ 9,084 $ 10,440 Commercial real estate 772 264 944 1,716 1,864 Acquisition and development — — 2,534 2,534 3,939 Total commercial 4,203 1,296 9,131 13,334 16,243 Residential — — 1,960 1,960 2,232 Home equity — — 95 95 95 Consumer — — 5 5 5 Total impaired loans $ 4,203 $ 1,296 $ 11,191 $ 15,394 $ 18,575 (Dollars in thousands) March 31, 2021 December 31, 2020 Commercial $ 19,834 $ 21,008 Residential 14,306 16,943 Consumer 1,284 1,488 Outstanding balance $ 35,424 $ 39,439 Carrying amount, net of allowance $ 35,334 $ 39,355 |
Average Recorded Investment in Impaired Loans and Related Interest Income Recognized | The following table presents the average recorded investment in impaired loans, excluding PCI loans, and related interest income recognized for the periods indicated: Three Months Ended March 31, 2021 2020 (Dollars in thousands) Average Investment in Impaired Loans Interest Income Recognized on Accrual Basis Interest Income Recognized on Cash Basis Average Investment in Impaired Loans Interest Income Recognized on Accrual Basis Interest Income Recognized on Cash Basis Commercial Commercial business $ 6,521 $ — $ — $ 3,261 $ — $ — Commercial real estate 2,278 11 10 2,898 26 23 Acquisition and development 357 — — 2,048 29 19 SBA PPP — — — — — — Total commercial 9,156 11 10 8,207 55 42 Residential 1,944 3 4 2,382 5 5 Home equity 69 — — 101 — — Consumer 3 — — 19 — — Total $ 11,172 $ 14 $ 14 $ 10,709 $ 60 $ 47 |
Classes of the Loan Portfolio Summarized by the Aggregate Pass and the Criticized Categories | The following table represents the classes of the loan portfolio, excluding PCI loans, summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system as of the periods indicated: (Dollars in thousands) Pass Special Mention Substandard Doubtful Total March 31, 2021 Commercial Commercial business $ 523,254 $ 14,114 $ 14,081 $ 962 $ 552,411 Commercial real estate 425,841 31,503 33,774 533 491,651 Acquisition and development 87,603 25,064 4,366 1,683 118,716 SBA PPP 190,561 — — — 190,561 Total commercial 1,227,259 70,681 52,221 3,178 1,353,339 Residential 271,772 933 2,834 171 275,710 Home equity 28,295 380 142 26 28,843 Consumer 3,120 24 5 — 3,149 Total Loans $ 1,530,446 $ 72,018 $ 55,202 $ 3,375 $ 1,661,041 December 31, 2020 Commercial Commercial business $ 496,222 $ 9,529 $ 17,045 $ 1,095 $ 523,891 Commercial real estate 356,544 32,044 34,001 533 423,122 Acquisition and development 80,771 25,001 4,184 2,170 112,126 SBA PPP 81,975 — — — 81,975 Total commercial 1,015,512 66,574 55,230 3,798 1,141,114 Residential 236,250 948 2,896 170 240,264 Home equity 30,277 381 144 26 30,828 Consumer 3,124 32 — — 3,156 Total Loans $ 1,285,163 $ 67,935 $ 58,270 $ 3,994 $ 1,415,362 The following table presents the classes of the PCI loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system as of the periods indicated: (Dollars in thousands) Pass Special Mention Substandard Doubtful Total March 31, 2021 Commercial Commercial business $ 14,678 $ 35 $ 466 $ 2,411 $ 17,590 Commercial real estate 1,220 2 — — 1,222 Acquisition and development 1,022 — — — 1,022 Total commercial 16,920 37 466 2,411 19,834 Residential 11,864 327 861 1,254 14,306 Consumer 1,278 — — 6 1,284 Total Loans $ 30,062 $ 364 $ 1,327 $ 3,671 $ 35,424 December 31, 2020 Commercial Commercial business $ 12,263 $ 136 $ 345 $ 4,860 $ 17,604 Commercial real estate 982 3 263 21 1,269 Acquisition and development 1,900 — — 235 2,135 Total commercial 15,145 139 608 5,116 21,008 Residential 15,157 — 1,665 121 16,943 Consumer 1,256 — — 232 1,488 Total Loans $ 31,558 $ 139 $ 2,273 $ 5,469 $ 39,439 |
Classes of the Loan Portfolio Summarized by Aging Categories | The following table presents the classes of the loan portfolio, excluding PCI loans, summarized by aging categories of performing loans and non-accrual loans as of the periods indicated: (Dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Total Loans Non-Accrual 90+ Days Still Accruing March 31, 2021 Commercial Commercial business $ 551,150 $ 23 $ 244 $ 994 $ 1,261 $ 552,411 $ 6,938 $ — Commercial real estate 490,992 69 42 548 659 491,651 956 — Acquisition and development 116,190 578 — 1,948 2,526 118,716 2,036 — SBA PPP 190,561 — — — — 190,561 — — Total commercial 1,348,893 670 286 3,490 4,446 1,353,339 9,930 — Residential 267,500 1,740 5,767 703 8,210 275,710 1,549 — Home equity 28,657 75 16 95 186 28,843 95 — Consumer 3,145 — — 4 4 3,149 3 — Total Loans $ 1,648,195 $ 2,485 $ 6,069 $ 4,292 $ 12,846 $ 1,661,041 $ 11,577 $ — December 31, 2020 Commercial Commercial business $ 521,799 $ 1,040 $ 33 $ 1,019 $ 2,092 $ 523,891 $ 8,601 $ — Commercial real estate 422,343 34 212 533 779 423,122 944 — Acquisition and development 109,686 — — 2,440 2,440 112,126 2534 — SBA PPP 81,975 — — — — 81,975 — — Total commercial 1,135,803 1,074 245 3,992 5,311 1,141,114 12,079 — Residential 235,420 2,058 1,969 817 4,844 240,264 1,534 — Home equity 30,369 289 75 95 459 30,828 95 — Consumer 3,156 — — — — 3,156 5 — Total Loans $ 1,404,748 $ 3,421 $ 2,289 $ 4,904 $ 10,614 $ 1,415,362 $ 13,713 $ — The following table presents the classes of the PCI loan portfolio summarized by aging categories of performing loans and non-accrual loans as of the periods indicated: (Dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Total Loans March 31, 2021 Commercial Commercial business $ 15,907 $ 296 $ 111 $ 1,276 $ 1,683 $ 17,590 Commercial real estate 1,197 — 23 2 25 1,222 Acquisition and development 784 238 — — 238 1,022 Total commercial 17,888 534 134 1,278 1,946 19,834 Residential 11,806 204 493 1,803 2,500 14,306 Consumer 1,278 — — 6 6 1,284 Total Loans $ 30,972 $ 738 $ 627 $ 3,087 $ 4,452 $ 35,424 December 31, 2020 Commercial Commercial business $ 16,264 $ 71 $ 65 $ 1,204 $ 1,340 $ 17,604 Commercial real estate 1,157 — — 112 112 1,269 Acquisition and development 2,135 — — — — 2,135 Total commercial 19,556 71 65 1,316 1,452 21,008 Residential 13,714 710 145 2,374 3,229 16,943 Consumer 1,245 3 1 239 243 1,488 Total Loans $ 34,515 $ 784 $ 211 $ 3,929 $ 4,924 $ 39,439 |
Allowance Activity | The following table presents the primary segments of the ALL, excluding PCI loans, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of the periods indicated: (Dollars in thousands) Commercial Residential Home Equity Consumer Total ALL balance at December 31, 2020 $ 24,033 $ 1,378 $ 298 $ 51 $ 25,760 Charge-offs (265) — — — (265) Recoveries 10 — 4 3 17 Provision 501 135 (19) (5) 612 ALL balance at March 31, 2021 $ 24,279 $ 1,513 $ 283 $ 49 $ 26,124 Individually evaluated for impairment $ 1,008 $ — $ — $ — $ 1,008 Collectively evaluated for impairment $ 23,271 $ 1,513 $ 283 $ 49 $ 25,116 The following table presents the primary segments of the Company's loan portfolio, excluding PCI loans, as of the periods indicated: (Dollars in thousands) Commercial Residential Home Equity Consumer Total March 31, 2021 Individually evaluated for impairment $ 11,086 $ 1,927 $ 95 $ 3 $ 13,111 Collectively evaluated for impairment 1,342,253 273,783 28,748 3,146 1,647,930 Total Loans $ 1,353,339 $ 275,710 $ 28,843 $ 3,149 $ 1,661,041 The following table presents the primary segments of the ALL, excluding PCI loans, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of the periods indicated: (Dollars in thousands) Commercial Residential Home Equity Consumer Total ALL balance at December 31, 2019 $ 10,098 $ 1,272 $ 327 $ 78 $ 11,775 Charge-offs (1,756) — — — (1,756) Recoveries — — 2 2 4 Provision 1,255 — (93) (24) 1,138 ALL balance at March 31, 2020 $ 9,597 $ 1,272 $ 236 $ 56 $ 11,161 Individually evaluated for impairment $ 532 $ — $ — $ — $ 532 Collectively evaluated for impairment $ 9,065 $ 1,272 $ 236 $ 56 $ 10,629 The following table presents the primary segments of the Company's loan portfolio, excluding PCI loans, as of the periods indicated: (Dollars in thousands) Commercial Residential Home Equity Consumer Total March 31, 2020 Individually evaluated for impairment $ 7,737 $ 2,385 $ 104 $ — $ 10,226 Collectively evaluated for impairment 1,086,757 259,108 36,752 3,763 1,386,380 Total Loans $ 1,094,494 $ 261,493 $ 36,856 $ 3,763 $ 1,396,606 The following table summarizes the primary segments of the ALL, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment for the PCI loan portfolio as of the periods indicated: (Dollars in thousands) Commercial Residential Total December 31, 2020 $ — $ 84 $ 84 Provision 90 (84) 6 ALL balance at March 31, 2021 $ 90 $ — $ 90 Collectively evaluated for impairment $ 90 $ — $ 90 |
Troubled Debt Restructurings on Financing Receivables | The following table presents the new TDRs as of the period indicated: Three Months Ended March 31, 2020 (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial Commercial business 2 $ 154 $ 149 Commercial real estate 2 159 159 Total commercial 4 313 308 Total 4 $ 313 $ 308 The pre-modification and post-modification balances represent the balances outstanding immediately before and after modification of the loan. |
Schedule of Accretable Yield | The following table presents the accretable yield, or income expected to be collected, as of the periods indicated: (Dollars in thousands) March 31, 2021 December 31, 2020 Beginning balance $ 8,313 $ — New loans purchased — 11,746 Accretion of income (1,021) (2,945) Other changes in expected cash flows 955 (488) Ending balance $ 8,247 $ 8,313 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Premises and Equipment | The following table presents the components of premises and equipment as of the periods indicated: (Dollars in thousands) March 31, 2021 December 31, 2020 Land $ 3,936 $ 3,936 Buildings and improvements 14,350 14,350 Furniture, fixtures and equipment 17,705 17,451 Software 3,191 1,548 Construction in progress 53 28 Leasehold improvements 3,079 3,079 42,314 40,392 Accumulated depreciation (15,024) (14,189) Net premises and equipment $ 27,290 $ 26,203 |
Summary of Lease Cost | The following table presents lease costs for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Amortization of right-of-use assets, finance leases $ 14 $ 18 Interest on lease liabilities, finance leases 1 1 Operating lease cost 477 544 Short-term lease cost 1 14 Variable lease cost 10 10 Total lease cost $ 503 $ 587 |
Summary of Finance Lease Liability | The following table presents future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of March 31, 2021: (Dollars in thousands) Finance Leases Operating Leases 2021 $ 44 $ 1,285 2022 41 1,825 2023 5 1,779 2024 5 1,709 2025 4 1,708 2026 and thereafter — 13,863 Total future minimum lease payments $ 99 $ 22,169 Less: Amounts representing interest (2) (4,045) Present value of net future minimum lease payments $ 97 $ 18,124 |
Summary of Operating Lease Liability | The following table presents future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of March 31, 2021: (Dollars in thousands) Finance Leases Operating Leases 2021 $ 44 $ 1,285 2022 41 1,825 2023 5 1,779 2024 5 1,709 2025 4 1,708 2026 and thereafter — 13,863 Total future minimum lease payments $ 99 $ 22,169 Less: Amounts representing interest (2) (4,045) Present value of net future minimum lease payments $ 97 $ 18,124 |
Equity Method Investment (Table
Equity Method Investment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | The following table presents summarized income statement information for the Company's equity method investment for the period indicated. As ICM did not exist prior to July 1, 2020, no historical financial information is presented. Three Months Ended March 31, (Dollars in thousands) 2021 Total revenues $ 50,797 Net income $ 15,864 Gain on sale of loans $ 47,594 Volume of loans sold $ 1,778,090 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deposits [Abstract] | |
Schedule of Deposits | The following table presents the components of deposits as of the periods indicated: (Dollars in thousands) March 31, 2021 December 31, 2020 Noninterest-bearing demand $ 837,221 $ 715,791 Interest-bearing demand 698,218 496,502 Savings and money markets 520,998 545,501 Time deposits, including CDs and IRAs 160,116 224,595 Total deposits $ 2,216,553 $ 1,982,389 Time deposits that meet or exceed the FDIC insurance limit $ 14,829 $ 16,955 |
Maturities of Time Deposits | The following table presents the maturities of time deposits as of the period indicated: (Dollars in thousands) March 31, 2021 2021 $ 56,037 2022 66,154 2023 22,254 2024 12,479 2025 3,192 Total $ 160,116 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Information Related to Short-term Borrowings | The following table presents information related to short-term borrowings as of and for the periods indicated: (Dollars in thousands) Three Months Ended March 31, 2021 Year Ended December 31, 2020 Balance at end of period $ 102,185 $ — Average balance during the period 46,349 68,407 Maximum month-end balance 102,185 154,248 Weighted-average rate during the period 0.35 % 0.58 % Weighted-average rate at end of period 0.28 % — % |
Information Related To Repurchase Agreements | The following table presents information related to repurchase agreements as of and for the periods shown: (Dollars in thousands) Three Months Ended March 31, 2021 Year Ended December 31, 2020 Balance at end of period $ 10,613 $ 10,266 Average balance during the period 10,249 9,856 Maximum month-end balance 10,613 10,505 Weighted-average rate during the period 0.13 % 0.23 % Weighted-average rate at end of period 0.13 % 0.14 % |
Information Related to Subordinated Debt | The following table presents information related to subordinated debt as of and for the periods shown: (Dollars in thousands) Three Months Ended March 31, 2021 Year Ended December 31, 2020 Balance at end of period $ 43,443 $ 43,407 Average balance during the period 43,425 7,568 Maximum month-end balance 43,443 43,524 Weighted-average rate during the period 4.29 % 3.45 % Weighted-average rate at end of period 4.02 % 4.02 % |
Pension and Supplemental Exec_2
Pension and Supplemental Executive Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Activity in the Defined Benefit Plan | The following table presents information pertaining to the activity in the Company’s defined benefit plan, using the latest available actuarial valuations with a measurement date of March 31, 2021 and 2020 for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Service cost $ — $ — Interest cost 78 91 Expected return on plan assets (118) (109) Amortization of net actuarial loss 127 105 Amortization of prior service cost — — Net periodic benefit cost $ 87 $ 87 Contributions paid $ 3,835 $ 349 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Carrying Values and Estimated Fair Values of Financial Instruments | The following table presents the carrying values and estimated fair values of the Company’s financial instruments are summarized as follows as of the periods indicated: (Dollars in thousands) Carrying Value Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) March 31, 2021 Financial Assets: Cash and cash equivalents $ 339,616 $ 339,616 $ 339,616 $ — $ — Certificates of deposit with banks 11,803 11,986 — 11,986 — Securities available-for-sale 423,122 423,122 — 382,850 40,272 Equity securities 28,200 28,200 543 — 27,657 Loans receivable, net 1,668,171 1,675,631 — — 1,675,631 Mortgage servicing rights 2,886 2,886 — — 2,886 Interest rate swap 8,367 8,367 — 8,367 — Fair value hedge 1,750 1,750 — 1,750 — Accrued interest receivable 8,513 8,513 — 2,819 5,694 Bank-owned life insurance 41,512 41,512 — 41,512 — Financial Liabilities: Deposits $ 2,216,553 $ 2,196,951 $ — $ 2,196,951 $ — Repurchase agreements 10,613 10,613 — 10,613 — FHLB and other borrowings 102,185 102,185 — 102,185 — Interest rate swap 8,367 8,367 — 8,367 — Fair value hedge 1,427 1,427 — 1,427 — Accrued interest payable 869 869 — 869 — Subordinated debt 43,443 45,798 — 45,798 — December 31, 2020 Financial assets: Cash and cash equivalents $ 263,893 $ 263,893 $ 263,893 $ — $ — Certificates of deposits with banks 11,803 11,986 — 11,986 — Securities available-for-sale 410,624 410,624 — 366,945 43,679 Equity securities 27,585 27,585 472 — 27,113 Loans held-for-sale 1,062 1,062 — 1,062 — Loans receivable, net 1,427,900 1,434,275 — — 1,434,275 Mortgage servicing rights 2,942 2,942 — — 2,942 Interest rate swap 13,822 13,822 — 13,822 — Fair value hedge 2,215 2,215 — 2,215 Accrued interest receivable 7,793 7,793 — 2,770 5,023 Bank-owned life insurance 41,262 41,262 — 41,262 — Financial liabilities: Deposits $ 1,982,389 $ 1,964,860 $ — $ 1,964,860 $ — Repurchase agreements 10,266 10,266 — 10,266 — Interest rate swap 13,822 13,822 — 13,822 — Fair value hedge 2,141 2,141 — 2,141 — Accrued interest payable 572 572 — 572 — Subordinated debt 43,407 45,536 — 45,536 — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair value of assets and liabilities | |
Schedule of Recurring Level III Assets | The following table represents recurring level III assets as of the periods indicated: (Dollars in thousands) Interest Rate Lock Commitments Municipal Securities Total Balance at December 31, 2020 $ — $ 43,679 $ 43,679 Realized and unrealized gains included in earnings — 19 19 Purchase of securities — 1,191 1,191 Maturities/calls — (3,933) (3,933) Unrealized gain included in other comprehensive income (loss) — 1,127 1,127 Unrealized loss included in other comprehensive income (loss) $ — $ (1,811) $ (1,811) Balance at March 31, 2021 $ — $ 40,272 $ 40,272 Balance at December 31, 2019 $ 1,660 $ 37,259 $ 38,919 Realized and unrealized losses included in earnings 4,131 — 4,131 Purchase of securities — 522 522 Unrealized gain included in other comprehensive income (loss) — (1,155) (1,155) Balance at March 31, 2020 $ 5,791 $ 36,626 $ 42,417 |
Quantitative Information About the Level III Significant Unobservable Inputs for Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | The following tables present quantitative information about the Level III significant unobservable inputs for assets and liabilities measured at fair value as of the periods indicated: Quantitative Information about Level III Fair Value Measurements (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range March 31, 2021 Nonrecurring measurements: Impaired loans $ 12,103 Appraisal of collateral 1 Appraisal adjustments 2 20% - 62% Liquidation expense 2 5% - 10% Other real estate owned $ 5,183 Appraisal of collateral 1 Appraisal adjustments 2 20% - 30% Liquidation expense 2 5% - 10% Other debt securities $ 7,500 Net asset value Cost minus impairment —% Equity securities $ 27,657 Net asset value Cost minus impairment —% Recurring measurements: Municipal securities 5 $ 40,272 Appraisal of bond 3 Bond appraisal adjustment 4 5% - 15% December 31, 2020 Nonrecurring measurements: Impaired loans $ 14,098 Appraisal of collateral 1 Appraisal adjustments 2 20% - 62% Liquidation expense 2 5% - 10% Other real estate owned $ 5,730 Appraisal of collateral 1 Appraisal adjustments 2 20% - 30% Liquidation expense 2 5% - 10% Other debt securities $ 7,500 Net asset value Cost minus impairment —% Equity securities $ 27,113 Net asset value Cost minus impairment —% Recurring measurements: Municipal securities 5 $ 43,679 Appraisal of bond 3 Bond appraisal adjustment 4 5% - 15% 1 Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level III inputs which are not identifiable. 2 Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. 3 Fair value determined through independent analysis of liquidity, rating, yield and duration. 4 Appraisals may be adjusted for qualitative factors such as local economic conditions. 5 Municipal securities classified as Level III instruments are comprised of TIF bonds related to certain local municipal securities. |
Recurring | |
Fair value of assets and liabilities | |
Financial Assets and Liabilities Measured at Fair Value | The following tables present assets and liabilities reported on the consolidated statements of financial condition at their fair value on a recurring basis as of the periods indicated by level within the fair value hierarchy. March 31, 2021 (Dollars in thousands) Level I Level II Level III Total Assets: United States government agency securities $ — $ 48,104 $ — $ 48,104 United States sponsored mortgage-backed securities — 89,207 — 89,207 United States treasury securities 56,970 — — 56,970 Municipal securities — 169,462 40,272 209,734 Other securities — 11,607 — 11,607 Equity securities 543 — — 543 Interest rate swap — 8,367 — 8,367 Fair value hedge — 1,750 — 1,750 Liabilities: Interest rate swap — 8,367 — 8,367 Fair value hedge — 1,427 — 1,427 December 31, 2020 (Dollars in thousands) Level I Level II Level III Total Assets: United States government agency securities $ — $ 56,992 $ — $ 56,992 United States sponsored mortgage-backed securities — 95,769 — 95,769 Municipal securities — 188,208 43,679 231,887 Other securities — 18,476 — 18,476 Equity securities 472 — — 472 Loans held-for-sale — 1,062 — 1,062 Interest rate swap — 13,822 — 13,822 Fair value hedge — 2,215 — 2,215 Liabilities: Interest rate swap — 13,822 — 13,822 Fair value hedge — 2,141 — 2,141 |
Non-recurring | |
Fair value of assets and liabilities | |
Financial Assets and Liabilities Measured at Fair Value | The following table presents the fair value of these assets as of the periods indicated: March 31, 2021 (Dollars in thousands) Level I Level II Level III Total Impaired loans $ — $ — $ 12,103 $ 12,103 Other real estate owned — — 5,183 5,183 December 31, 2020 (Dollars in thousands) Level I Level II Level III Total Impaired loans $ — $ — $ 14,098 $ 14,098 Other real estate owned — — 5,730 5,730 Other debt securities — — 7,500 7,500 Equity securities — — 27,113 27,113 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income Per Common Share | The following table presents the Company's calculation of EPS for the periods indicated: Three Months Ended March 31, (Dollars in thousands except shares and per share data) 2021 2020 Numerator for basic earnings per share: Net income $ 8,085 $ 1,048 Less: Dividends on preferred stock 35 114 Net income available to common shareholders - basic $ 8,050 $ 934 Numerator for diluted earnings per share: Net income available to common shareholders - diluted $ 8,050 $ 934 Denominator: Total weighted-average shares outstanding 11,530,279 11,942,767 Effect of dilutive stock options and restricted stock units 756,452 355,325 Total diluted weighted-average shares outstanding 12,286,731 12,298,092 Earnings per share - basic $ 0.70 $ 0.08 Earnings per share - diluted $ 0.66 $ 0.08 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income | The following tables present the components of accumulated other comprehensive income (“AOCI”) as of and for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Details about AOCI components Amount reclassified from AOCI Amount reclassified from AOCI Affected income statement line item Available-for-sale securities Unrealized holding gains $ 1,143 $ 276 Gain (loss) on sale of available-for-sale securities 1,143 276 Total before tax (268) (75) Income tax expense 875 201 Net of tax Defined benefit pension plan items Amortization of net actuarial loss (127) (105) Salaries and benefits (127) (105) Total before tax 30 28 Income tax expense (97) (77) Net of tax Investment hedge Carrying value adjustment (264) 1,793 Interest on investment securities (264) 1,793 Total before tax 62 (484) Income tax expense (202) 1,309 Net of tax Total reclassifications $ 576 $ 1,433 |
Components of Accumulated Other Comprehensive Income | (Dollars in thousands) Unrealized gains (losses) on available for-sale securities Defined benefit pension plan items Investment hedge Total Balance at January 1, 2021 $ 7,586 $ (5,047) $ (313) $ 2,226 Other comprehensive income (loss) before reclassification (4,848) 1,306 — (3,542) Amounts reclassified from AOCI (875) 97 202 (576) Net current period OCI (5,723) 1,403 202 (4,118) Balance at March 31, 2021 $ 1,863 $ (3,644) $ (111) $ (1,892) Balance at January 1, 2020 $ 2,942 $ (4,295) $ 32 $ (1,321) Other comprehensive income (loss) before reclassification 1,032 (516) — 516 Amounts reclassified from AOCI (201) 77 (1,309) (1,433) Net current period OCI 831 (439) (1,309) (917) Balance at March 31, 2020 $ 3,773 $ (4,734) $ (1,277) $ (2,238) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Information About the Reportable Segments and Reconciliation to the Consolidated Financial Statements | The following tables present information about the reportable segments and reconciliation to the consolidated financial statements for the periods indicated: Three Months Ended March 31, 2021 CoRe Banking Mortgage Banking Financial Holding Company Intercompany Eliminations Consolidated (Dollars in thousands) Interest income $ 18,959 $ 104 $ 1 $ (1) $ 19,063 Interest expense 1,092 — 466 — 1,558 Net interest income 17,867 104 (465) (1) 17,505 Provision for loan losses 620 (2) — — 618 Net interest income after provision for loan losses 17,247 106 (465) (1) 16,887 Total noninterest income 6,437 6,407 1,581 (1,967) 12,458 Noninterest Expenses: Salaries and employee benefits 8,842 — 3,069 — 11,911 Other expense 8,029 63 1,083 (1,968) 7,207 Total noninterest expenses 16,871 63 4,152 (1,968) 19,118 Income (loss) before income taxes 6,813 6,450 (3,036) — 10,227 Income tax expense (benefit) 1,149 1,564 (544) — 2,169 Net income before noncontrolling interest 5,664 4,886 (2,492) — 8,058 Net loss attributable to noncontrolling interest 27 — — — 27 Net income attributable to parent $ 5,691 $ 4,886 $ (2,492) $ — $ 8,085 Preferred stock dividends — — 35 — 35 Net income (loss) available to common shareholders $ 5,691 $ 4,886 $ (2,527) $ — $ 8,050 Capital expenditures for the three months ended March 31, 2021 $ 1,936 $ — $ — $ — $ 1,936 Total assets as of March 31, 2021 2,669,092 57,205 280,152 (360,360) 2,646,089 Total assets as of December 31, 2020 2,343,556 58,140 284,943 (355,163) 2,331,476 Goodwill as of March 31, 2021 2,350 — — — 2,350 Goodwill as of December 31, 2020 2,350 — — — 2,350 Three Months Ended March 31, 2020 CoRe Banking Mortgage Banking Financial Holding Company Intercompany Eliminations Consolidated (Dollars in thousands) Interest income $ 18,774 $ 2,418 $ 1 $ (494) $ 20,699 Interest expense 3,838 1,387 35 (732) 4,528 Net interest income 14,936 1,031 (34) 238 16,171 Provision for loan losses 1,132 6 — — 1,138 Net interest income after provision for loan losses 13,804 1,025 (34) 238 15,033 Noninterest income: Mortgage fee income 110 11,347 — (238) 11,219 Other income 3,346 (3,562) 1,504 (1,657) (369) Total noninterest income 3,456 7,785 1,504 (1,895) 10,850 Noninterest Expense: Salaries and employee benefits 5,866 7,884 2,432 — 16,182 Other expense 6,659 2,397 1,075 (1,657) 8,474 Total noninterest expenses 12,525 10,281 3,507 (1,657) 24,656 Income (loss) before income taxes 4,735 (1,471) (2,037) — 1,227 Income tax expense (benefit) 1,012 (349) (484) — 179 Net income before noncontrolling interest 3,723 (1,122) (1,553) — 1,048 Preferred stock dividends — — 114 — 114 Net income (loss) available to common shareholders $ 3,723 $ (1,122) $ (1,667) $ — $ 934 Capital expenditures for the three months ended March 31, 2020 $ 1,295 $ 69 $ 20 $ — $ 1,384 |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation - Narrative (Details) - investment | Mar. 31, 2021 | Feb. 28, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of equity method investments | 1 | |
Flexia | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ownership percentage | 80.00% | |
Flexia | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ownership percentage by noncontrolling owners | 20.00% |
Investment Securities - Availab
Investment Securities - Available-for-sale (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 420,690 | $ 400,718 |
Unrealized Gain | 5,687 | 10,440 |
Unrealized Loss | (3,255) | (534) |
Fair Value | 423,122 | 410,624 |
Total debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 409,147 | 382,317 |
Unrealized Gain | 5,578 | 10,294 |
Unrealized Loss | (3,210) | (463) |
Fair Value | 411,515 | 392,148 |
United States government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 48,483 | 56,207 |
Unrealized Gain | 446 | 995 |
Unrealized Loss | (825) | (210) |
Fair Value | 48,104 | 56,992 |
United States sponsored mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 90,076 | 94,968 |
Unrealized Gain | 428 | 972 |
Unrealized Loss | (1,297) | (171) |
Fair Value | 89,207 | 95,769 |
United States treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 56,953 | |
Unrealized Gain | 97 | |
Unrealized Loss | (80) | |
Fair Value | 56,970 | |
Municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 206,135 | 223,642 |
Unrealized Gain | 4,607 | 8,327 |
Unrealized Loss | (1,008) | (82) |
Fair Value | 209,734 | 231,887 |
Other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,500 | 7,500 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Fair Value | 7,500 | 7,500 |
Other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 11,543 | 18,401 |
Unrealized Gain | 109 | 146 |
Unrealized Loss | (45) | (71) |
Fair Value | $ 11,607 | $ 18,476 |
Investment Securities - Summary
Investment Securities - Summary of Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Available for sale, Amortized Cost | ||
Amortized Cost | $ 420,690 | $ 400,718 |
Available for sale, Fair Value | ||
Fair Value | 423,122 | 410,624 |
Total debt securities | ||
Available for sale, Amortized Cost | ||
Within one year | 0 | |
After one year, but within five years | 62,819 | |
After five years, but within ten years | 37,397 | |
After ten years | 308,931 | |
Amortized Cost | 409,147 | 382,317 |
Available for sale, Fair Value | ||
Within one year | 0 | |
After one year, but within five years | 63,045 | |
After five years, but within ten years | 37,427 | |
After ten years | 311,043 | |
Fair Value | $ 411,515 | $ 392,148 |
Investment Securities - Summa_2
Investment Securities - Summary of Unrealized Loss Positions (Details) $ in Thousands | Mar. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan |
Investments in an unrealized loss position | ||
Carrying value of securities pledged | $ 239,400 | $ 229,400 |
Amount of pretax loss if securities in an unrealized loss position are sold | (3,300) | |
Investments in an Unrealized Loss Position | ||
Less than 12 months, fair value | 203,167 | 50,155 |
Less than 12 months, unrealized loss | (3,067) | (376) |
12 months or more, fair value | 16,684 | 15,923 |
12 months or more, unrealized loss | $ (188) | $ (158) |
United States government agency securities | ||
Description and Number of Positions | ||
Number of investments in an unrealized loss position | loan | 28 | 27 |
Investments in an Unrealized Loss Position | ||
Less than 12 months, fair value | $ 23,502 | $ 19,021 |
Less than 12 months, unrealized loss | (705) | (68) |
12 months or more, fair value | 11,617 | 12,574 |
12 months or more, unrealized loss | $ (120) | $ (142) |
United States sponsored mortgage-backed securities | ||
Description and Number of Positions | ||
Number of investments in an unrealized loss position | loan | 21 | 9 |
Investments in an Unrealized Loss Position | ||
Less than 12 months, fair value | $ 68,695 | $ 15,331 |
Less than 12 months, unrealized loss | (1,287) | (155) |
12 months or more, fair value | 2,005 | 3,349 |
12 months or more, unrealized loss | $ (10) | $ (16) |
United States treasury securities | ||
Description and Number of Positions | ||
Number of investments in an unrealized loss position | loan | 9 | |
Investments in an Unrealized Loss Position | ||
Less than 12 months, fair value | $ 35,568 | |
Less than 12 months, unrealized loss | (80) | |
12 months or more, fair value | 0 | |
12 months or more, unrealized loss | $ 0 | |
Municipal securities | ||
Description and Number of Positions | ||
Number of investments in an unrealized loss position | loan | 86 | 14 |
Investments in an Unrealized Loss Position | ||
Less than 12 months, fair value | $ 73,445 | $ 11,856 |
Less than 12 months, unrealized loss | (952) | (82) |
12 months or more, fair value | 2,049 | 0 |
12 months or more, unrealized loss | $ (56) | $ 0 |
Other securities | ||
Description and Number of Positions | ||
Number of investments in an unrealized loss position | loan | 3 | 5 |
Investments in an Unrealized Loss Position | ||
Less than 12 months, fair value | $ 1,957 | $ 3,947 |
Less than 12 months, unrealized loss | (43) | (71) |
12 months or more, fair value | 1,013 | 0 |
12 months or more, unrealized loss | $ (2) | $ 0 |
Investment Securities - Gains (
Investment Securities - Gains (losses) on sales of investments (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Sales of available-for-sale investments | $ 41,037,000 | $ 10,318,000 |
Gains, gross | 1,156,000 | 276,000 |
Losses, gross | 13,000 | 0 |
Sales of equity investments | 0 | 0 |
Holding gain on equity securities, net | $ 515,000 | $ 14,000 |
Investment Securities - Qualifi
Investment Securities - Qualified Affordable Housing Projects (Details) - Affordable Housing Investment Fund $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($)investment | Dec. 31, 2020USD ($) | |
Summary of Investment Holdings [Line Items] | ||
Number of investments | investment | 3 | |
Affordable housing project investments | $ 2.7 | $ 2.8 |
Income (loss) on affordable housing investment funds | $ 1.3 | $ 1.2 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Loan Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Components of loans | |||
Proceeds of loans sold | $ 1,062 | $ 419,868 | |
Mortgage fee income | 0 | 11,219 | |
Total loans, excluding PCI | 1,661,041 | 1,396,606 | $ 1,415,362 |
Total Loans | 1,696,465 | 1,454,801 | |
Deferred loan origination costs and (fees), net | (2,080) | (1,057) | |
Loans receivable | 1,694,385 | 1,453,744 | |
Purchased credit impaired loans | |||
Components of loans | |||
Total Loans | 35,424 | 39,439 | |
Commercial and non-residential real estate | |||
Components of loans | |||
Total loans, excluding PCI | 1,353,339 | 1,094,494 | 1,141,114 |
Commercial and non-residential real estate | Purchased credit impaired loans | |||
Components of loans | |||
Total Loans | 19,834 | 21,008 | |
Residential real estate | |||
Components of loans | |||
Total loans, excluding PCI | 275,710 | 261,493 | 240,264 |
Residential real estate | Purchased credit impaired loans | |||
Components of loans | |||
Total Loans | 14,306 | 16,943 | |
Home equity | |||
Components of loans | |||
Total loans, excluding PCI | 28,843 | 30,828 | |
Consumer | |||
Components of loans | |||
Total loans, excluding PCI | 3,149 | $ 3,763 | 3,156 |
Consumer | Purchased credit impaired loans | |||
Components of loans | |||
Total Loans | $ 1,284 | $ 1,488 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Impaired loans by class | |||
Impaired loans with specific allowance, recorded investment | $ 4,271 | $ 4,203 | |
Impaired loans with specific allowance, related allowance | 1,008 | 1,296 | |
Impaired loans with no specific allowance, recorded investment | 8,840 | 11,191 | |
Total impaired loans, recorded investment | 13,111 | 15,394 | |
Total impaired loans, unpaid principal balance | 16,346 | 18,575 | |
Average recorded investment in impaired loans and related interest income recognized | |||
Average Investment in Impaired Loans | 11,172 | $ 10,709 | |
Interest Income Recognized on Accrual Basis | 14 | 60 | |
Interest Income Recognized on Cash Basis | 14 | 47 | |
Commercial and non-residential real estate | |||
Impaired loans by class | |||
Impaired loans with specific allowance, recorded investment | 4,271 | 4,203 | |
Impaired loans with specific allowance, related allowance | 1,008 | 1,296 | |
Impaired loans with no specific allowance, recorded investment | 6,815 | 9,131 | |
Total impaired loans, recorded investment | 11,086 | 13,334 | |
Total impaired loans, unpaid principal balance | 14,088 | 16,243 | |
Average recorded investment in impaired loans and related interest income recognized | |||
Average Investment in Impaired Loans | 9,156 | 8,207 | |
Interest Income Recognized on Accrual Basis | 11 | 55 | |
Interest Income Recognized on Cash Basis | 10 | 42 | |
Commercial and non-residential real estate | Commercial business | |||
Impaired loans by class | |||
Impaired loans with specific allowance, recorded investment | 3,504 | 3,431 | |
Impaired loans with specific allowance, related allowance | 741 | 1,032 | |
Impaired loans with no specific allowance, recorded investment | 3,824 | 5,653 | |
Total impaired loans, recorded investment | 7,328 | 9,084 | |
Total impaired loans, unpaid principal balance | 8,770 | 10,440 | |
Average recorded investment in impaired loans and related interest income recognized | |||
Average Investment in Impaired Loans | 6,521 | 3,261 | |
Interest Income Recognized on Accrual Basis | 0 | 0 | |
Interest Income Recognized on Cash Basis | 0 | 0 | |
Commercial and non-residential real estate | Commercial real estate | |||
Impaired loans by class | |||
Impaired loans with specific allowance, recorded investment | 767 | 772 | |
Impaired loans with specific allowance, related allowance | 267 | 264 | |
Impaired loans with no specific allowance, recorded investment | 956 | 944 | |
Total impaired loans, recorded investment | 1,723 | 1,716 | |
Total impaired loans, unpaid principal balance | 1,877 | 1,864 | |
Average recorded investment in impaired loans and related interest income recognized | |||
Average Investment in Impaired Loans | 2,278 | 2,898 | |
Interest Income Recognized on Accrual Basis | 11 | 26 | |
Interest Income Recognized on Cash Basis | 10 | 23 | |
Commercial and non-residential real estate | Acquisition and development | |||
Impaired loans by class | |||
Impaired loans with specific allowance, recorded investment | 0 | 0 | |
Impaired loans with specific allowance, related allowance | 0 | 0 | |
Impaired loans with no specific allowance, recorded investment | 2,035 | 2,534 | |
Total impaired loans, recorded investment | 2,035 | 2,534 | |
Total impaired loans, unpaid principal balance | 3,441 | 3,939 | |
Average recorded investment in impaired loans and related interest income recognized | |||
Average Investment in Impaired Loans | 357 | 2,048 | |
Interest Income Recognized on Accrual Basis | 0 | 29 | |
Interest Income Recognized on Cash Basis | 0 | 19 | |
Commercial and non-residential real estate | SBA PPP | |||
Average recorded investment in impaired loans and related interest income recognized | |||
Average Investment in Impaired Loans | 0 | 0 | |
Interest Income Recognized on Accrual Basis | 0 | 0 | |
Interest Income Recognized on Cash Basis | 0 | 0 | |
Residential real estate | |||
Impaired loans by class | |||
Impaired loans with specific allowance, recorded investment | 0 | 0 | |
Impaired loans with specific allowance, related allowance | 0 | 0 | |
Impaired loans with no specific allowance, recorded investment | 1,927 | 1,960 | |
Total impaired loans, recorded investment | 1,927 | 1,960 | |
Total impaired loans, unpaid principal balance | 2,160 | 2,232 | |
Average recorded investment in impaired loans and related interest income recognized | |||
Average Investment in Impaired Loans | 1,944 | 2,382 | |
Interest Income Recognized on Accrual Basis | 3 | 5 | |
Interest Income Recognized on Cash Basis | 4 | 5 | |
Home Equity | |||
Impaired loans by class | |||
Impaired loans with specific allowance, recorded investment | 0 | 0 | |
Impaired loans with specific allowance, related allowance | 0 | 0 | |
Impaired loans with no specific allowance, recorded investment | 95 | 95 | |
Total impaired loans, recorded investment | 95 | 95 | |
Total impaired loans, unpaid principal balance | 95 | 95 | |
Average recorded investment in impaired loans and related interest income recognized | |||
Average Investment in Impaired Loans | 69 | 101 | |
Interest Income Recognized on Accrual Basis | 0 | 0 | |
Interest Income Recognized on Cash Basis | 0 | 0 | |
Consumer | |||
Impaired loans by class | |||
Impaired loans with specific allowance, recorded investment | 0 | 0 | |
Impaired loans with specific allowance, related allowance | 0 | 0 | |
Impaired loans with no specific allowance, recorded investment | 3 | 5 | |
Total impaired loans, recorded investment | 3 | 5 | |
Total impaired loans, unpaid principal balance | 3 | $ 5 | |
Average recorded investment in impaired loans and related interest income recognized | |||
Average Investment in Impaired Loans | 3 | 19 | |
Interest Income Recognized on Accrual Basis | 0 | 0 | |
Interest Income Recognized on Cash Basis | $ 0 | $ 0 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2021USD ($)categoryloanproperty | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | |
Financing Receivable, Impaired [Line Items] | |||
Foreclosed properties held | $ 5,200,000 | ||
Investment in loans in the process of foreclosure | 700,000 | ||
Investment in loans in the process of foreclosure, related allowance | $ 0 | ||
Number of points in internal risk rating system | category | 9 | ||
Number of categories in internal risk rating system considered as not criticized | category | 6 | ||
Commercial relationship credit review threshold amount | $ 1,000,000 | ||
Past due period before loans placed in non-accrual status | 90 days | ||
Recent loan payment history before removal from non-accrual status | 6 months | ||
Allowance for loan losses, number of evaluation components | loan | 2 | ||
Impaired loans collectively evaluated | $ 2,000,000 | $ 2,000,000 | |
Impaired loans, related reserves | $ 100,000 | 100,000 | |
Number of rolling quarters | loan | 12 | ||
Liability for unfunded commitments | $ 600,000 | $ 600,000 | |
Collectively evaluated for impairment | 1,647,930,000 | $ 1,386,380,000 | |
Purchased credit impaired loans | |||
Financing Receivable, Impaired [Line Items] | |||
Collectively evaluated for impairment | 35,400,000 | ||
Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Foreclosed properties held | $ 3,500,000 | ||
Number foreclosed properties held | property | 37 | ||
Increase (decrease) in impaired loans (as a percentage) | 67.30% | ||
Collectively evaluated for impairment | $ 273,783,000 | 259,108,000 | |
Residential real estate | Purchased credit impaired loans | |||
Financing Receivable, Impaired [Line Items] | |||
Collectively evaluated for impairment | 14,300,000 | ||
Residential real estate | Other Loan Relationships | |||
Financing Receivable, Impaired [Line Items] | |||
Foreclosed properties held | $ 1,700,000 | ||
Increase (decrease) in impaired loans (as a percentage) | 32.70% | ||
Commercial and non-residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Foreclosure of unrelated borrower | loan | 7 | ||
Collectively evaluated for impairment | $ 1,342,253,000 | 1,086,757,000 | |
Commercial and non-residential real estate | Purchased credit impaired loans | |||
Financing Receivable, Impaired [Line Items] | |||
Collectively evaluated for impairment | $ 19,800,000 | ||
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Number of additional collateralized loans in the process of foreclosure | loan | 9 | ||
Investment in loans in the process of foreclosure | $ 200,000 | ||
Collectively evaluated for impairment | 3,146,000 | $ 3,763,000 | |
Consumer | Purchased credit impaired loans | |||
Financing Receivable, Impaired [Line Items] | |||
Collectively evaluated for impairment | 1,300,000 | ||
The First State Bank | |||
Financing Receivable, Impaired [Line Items] | |||
Foreclosed properties held | 4,100,000 | ||
The First State Bank | Purchased credit impaired loans | |||
Financing Receivable, Impaired [Line Items] | |||
Decrease in allowance for credit loss | 10,000 | ||
The First State Bank | Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Investment in loans in the process of foreclosure | $ 500,000 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Internal Risk Rating Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | $ 1,661,041 | $ 1,415,362 | $ 1,396,606 |
Total Loans | 1,696,465 | 1,454,801 | |
SBA PPP | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 102,100 | ||
Commercial and non-residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 1,353,339 | 1,141,114 | 1,094,494 |
Commercial and non-residential real estate | Commercial business | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 552,411 | 523,891 | |
Commercial and non-residential real estate | Commercial real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 491,651 | 423,122 | |
Commercial and non-residential real estate | Acquisition and development | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 118,716 | 112,126 | |
Commercial and non-residential real estate | SBA PPP | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 190,561 | 81,975 | |
Residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 275,710 | 240,264 | 261,493 |
Home Equity | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 28,843 | 30,828 | 36,856 |
Consumer | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 3,149 | 3,156 | $ 3,763 |
Purchased credit impaired loans | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 35,424 | 39,439 | |
Purchased credit impaired loans | Commercial and non-residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 19,834 | 21,008 | |
Purchased credit impaired loans | Commercial and non-residential real estate | Commercial business | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 17,590 | 17,604 | |
Purchased credit impaired loans | Commercial and non-residential real estate | Commercial real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 1,222 | 1,269 | |
Purchased credit impaired loans | Commercial and non-residential real estate | Acquisition and development | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 1,022 | 2,135 | |
Purchased credit impaired loans | Residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 14,306 | 16,943 | |
Purchased credit impaired loans | Consumer | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 1,284 | 1,488 | |
Pass | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 1,530,446 | 1,285,163 | |
Pass | Commercial and non-residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 1,227,259 | 1,015,512 | |
Pass | Commercial and non-residential real estate | Commercial business | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 523,254 | 496,222 | |
Pass | Commercial and non-residential real estate | Commercial real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 425,841 | 356,544 | |
Pass | Commercial and non-residential real estate | Acquisition and development | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 87,603 | 80,771 | |
Pass | Commercial and non-residential real estate | SBA PPP | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 190,561 | 81,975 | |
Pass | Residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 271,772 | 236,250 | |
Pass | Home Equity | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 28,295 | 30,277 | |
Pass | Consumer | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 3,120 | 3,124 | |
Pass | Purchased credit impaired loans | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 30,062 | 31,558 | |
Pass | Purchased credit impaired loans | Commercial and non-residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 16,920 | 15,145 | |
Pass | Purchased credit impaired loans | Commercial and non-residential real estate | Commercial business | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 14,678 | 12,263 | |
Pass | Purchased credit impaired loans | Commercial and non-residential real estate | Commercial real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 1,220 | 982 | |
Pass | Purchased credit impaired loans | Commercial and non-residential real estate | Acquisition and development | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 1,022 | 1,900 | |
Pass | Purchased credit impaired loans | Residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 11,864 | 15,157 | |
Pass | Purchased credit impaired loans | Consumer | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 1,278 | 1,256 | |
Special Mention | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 72,018 | 67,935 | |
Special Mention | Commercial and non-residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 70,681 | 66,574 | |
Special Mention | Commercial and non-residential real estate | Commercial business | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 14,114 | 9,529 | |
Special Mention | Commercial and non-residential real estate | Commercial real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 31,503 | 32,044 | |
Special Mention | Commercial and non-residential real estate | Acquisition and development | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 25,064 | 25,001 | |
Special Mention | Commercial and non-residential real estate | SBA PPP | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 0 | 0 | |
Special Mention | Residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 933 | 948 | |
Special Mention | Home Equity | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 380 | 381 | |
Special Mention | Consumer | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 24 | 32 | |
Special Mention | Purchased credit impaired loans | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 364 | 139 | |
Special Mention | Purchased credit impaired loans | Commercial and non-residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 37 | 139 | |
Special Mention | Purchased credit impaired loans | Commercial and non-residential real estate | Commercial business | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 35 | 136 | |
Special Mention | Purchased credit impaired loans | Commercial and non-residential real estate | Commercial real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 2 | 3 | |
Special Mention | Purchased credit impaired loans | Commercial and non-residential real estate | Acquisition and development | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 0 | 0 | |
Special Mention | Purchased credit impaired loans | Residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 327 | 0 | |
Special Mention | Purchased credit impaired loans | Consumer | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 0 | 0 | |
Substandard | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 55,202 | 58,270 | |
Substandard | Commercial and non-residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 52,221 | 55,230 | |
Substandard | Commercial and non-residential real estate | Commercial business | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 14,081 | 17,045 | |
Substandard | Commercial and non-residential real estate | Commercial real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 33,774 | 34,001 | |
Substandard | Commercial and non-residential real estate | Acquisition and development | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 4,366 | 4,184 | |
Substandard | Commercial and non-residential real estate | SBA PPP | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 0 | 0 | |
Substandard | Residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 2,834 | 2,896 | |
Substandard | Home Equity | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 142 | 144 | |
Substandard | Consumer | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 5 | 0 | |
Substandard | Purchased credit impaired loans | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 1,327 | 2,273 | |
Substandard | Purchased credit impaired loans | Commercial and non-residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 466 | 608 | |
Substandard | Purchased credit impaired loans | Commercial and non-residential real estate | Commercial business | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 466 | 345 | |
Substandard | Purchased credit impaired loans | Commercial and non-residential real estate | Commercial real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 0 | 263 | |
Substandard | Purchased credit impaired loans | Commercial and non-residential real estate | Acquisition and development | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 0 | 0 | |
Substandard | Purchased credit impaired loans | Residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 861 | 1,665 | |
Substandard | Purchased credit impaired loans | Consumer | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 0 | 0 | |
Doubtful | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 3,375 | 3,994 | |
Doubtful | Commercial and non-residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 3,178 | 3,798 | |
Doubtful | Commercial and non-residential real estate | Commercial business | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 962 | 1,095 | |
Doubtful | Commercial and non-residential real estate | Commercial real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 533 | 533 | |
Doubtful | Commercial and non-residential real estate | Acquisition and development | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 1,683 | 2,170 | |
Doubtful | Commercial and non-residential real estate | SBA PPP | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 0 | 0 | |
Doubtful | Residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 171 | 170 | |
Doubtful | Home Equity | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 26 | 26 | |
Doubtful | Consumer | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total loans, excluding PCI | 0 | 0 | |
Doubtful | Purchased credit impaired loans | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 3,671 | 5,469 | |
Doubtful | Purchased credit impaired loans | Commercial and non-residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 2,411 | 5,116 | |
Doubtful | Purchased credit impaired loans | Commercial and non-residential real estate | Commercial business | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 2,411 | 4,860 | |
Doubtful | Purchased credit impaired loans | Commercial and non-residential real estate | Commercial real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 0 | 21 | |
Doubtful | Purchased credit impaired loans | Commercial and non-residential real estate | Acquisition and development | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 0 | 235 | |
Doubtful | Purchased credit impaired loans | Residential real estate | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | 1,254 | 121 | |
Doubtful | Purchased credit impaired loans | Consumer | |||
Classes of the loan portfolio summarized by credit quality indicators: | |||
Total Loans | $ 6 | $ 232 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Aging (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Aging categories of performing loans and nonaccrual loans | |||
Current | $ 1,648,195 | $ 1,404,748 | |
Total Past Due | 12,846 | 10,614 | |
Total loans, excluding acquired | 1,661,041 | 1,415,362 | $ 1,396,606 |
Total Loans | 1,696,465 | 1,454,801 | |
Non-Accrual | 11,577 | 13,713 | |
90 Plus Days Still Accruing | 0 | 0 | |
SBA PPP | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Loans | 102,100 | ||
Commercial and non-residential real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Current | 1,348,893 | 1,135,803 | |
Total Past Due | 4,446 | 5,311 | |
Total loans, excluding acquired | 1,353,339 | 1,141,114 | 1,094,494 |
Non-Accrual | 9,930 | 12,079 | |
90 Plus Days Still Accruing | 0 | 0 | |
Commercial and non-residential real estate | Commercial business | |||
Aging categories of performing loans and nonaccrual loans | |||
Current | 551,150 | 521,799 | |
Total Past Due | 1,261 | 2,092 | |
Total loans, excluding acquired | 552,411 | 523,891 | |
Non-Accrual | 6,938 | 8,601 | |
90 Plus Days Still Accruing | 0 | 0 | |
Commercial and non-residential real estate | Commercial real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Current | 490,992 | 422,343 | |
Total Past Due | 659 | 779 | |
Total loans, excluding acquired | 491,651 | 423,122 | |
Non-Accrual | 956 | 944 | |
90 Plus Days Still Accruing | 0 | 0 | |
Commercial and non-residential real estate | Acquisition and development | |||
Aging categories of performing loans and nonaccrual loans | |||
Current | 116,190 | 109,686 | |
Total Past Due | 2,526 | 2,440 | |
Total loans, excluding acquired | 118,716 | 112,126 | |
Non-Accrual | 2,036 | 2,534 | |
90 Plus Days Still Accruing | 0 | 0 | |
Commercial and non-residential real estate | SBA PPP | |||
Aging categories of performing loans and nonaccrual loans | |||
Current | 190,561 | 81,975 | |
Total Past Due | 0 | 0 | |
Total loans, excluding acquired | 190,561 | 81,975 | |
Non-Accrual | 0 | 0 | |
90 Plus Days Still Accruing | 0 | 0 | |
Residential real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Current | 267,500 | 235,420 | |
Total Past Due | 8,210 | 4,844 | |
Total loans, excluding acquired | 275,710 | 240,264 | 261,493 |
Non-Accrual | 1,549 | 1,534 | |
90 Plus Days Still Accruing | 0 | 0 | |
Home Equity | |||
Aging categories of performing loans and nonaccrual loans | |||
Current | 28,657 | 30,369 | |
Total Past Due | 186 | 459 | |
Total loans, excluding acquired | 28,843 | 30,828 | 36,856 |
Non-Accrual | 95 | 95 | |
90 Plus Days Still Accruing | 0 | 0 | |
Consumer | |||
Aging categories of performing loans and nonaccrual loans | |||
Current | 3,145 | 3,156 | |
Total Past Due | 4 | 0 | |
Total loans, excluding acquired | 3,149 | 3,156 | $ 3,763 |
Non-Accrual | 3 | 5 | |
90 Plus Days Still Accruing | 0 | 0 | |
Purchased credit impaired loans | |||
Aging categories of performing loans and nonaccrual loans | |||
Current | 30,972 | 34,515 | |
Total Past Due | 4,452 | 4,924 | |
Total Loans | 35,424 | 39,439 | |
Purchased credit impaired loans | Commercial and non-residential real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Current | 17,888 | 19,556 | |
Total Past Due | 1,946 | 1,452 | |
Total Loans | 19,834 | 21,008 | |
Purchased credit impaired loans | Commercial and non-residential real estate | Commercial business | |||
Aging categories of performing loans and nonaccrual loans | |||
Current | 15,907 | 16,264 | |
Total Past Due | 1,683 | 1,340 | |
Total Loans | 17,590 | 17,604 | |
Purchased credit impaired loans | Commercial and non-residential real estate | Commercial real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Current | 1,197 | 1,157 | |
Total Past Due | 25 | 112 | |
Total Loans | 1,222 | 1,269 | |
Purchased credit impaired loans | Commercial and non-residential real estate | Acquisition and development | |||
Aging categories of performing loans and nonaccrual loans | |||
Current | 784 | 2,135 | |
Total Past Due | 238 | 0 | |
Total Loans | 1,022 | 2,135 | |
Purchased credit impaired loans | Residential real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Current | 11,806 | 13,714 | |
Total Past Due | 2,500 | 3,229 | |
Total Loans | 14,306 | 16,943 | |
Purchased credit impaired loans | Consumer | |||
Aging categories of performing loans and nonaccrual loans | |||
Current | 1,278 | 1,245 | |
Total Past Due | 6 | 243 | |
Total Loans | 1,284 | 1,488 | |
Financing Receivables, 30 to 59 Days Past Due | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 2,485 | 3,421 | |
Financing Receivables, 30 to 59 Days Past Due | Commercial and non-residential real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 670 | 1,074 | |
Financing Receivables, 30 to 59 Days Past Due | Commercial and non-residential real estate | Commercial business | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 23 | 1,040 | |
Financing Receivables, 30 to 59 Days Past Due | Commercial and non-residential real estate | Commercial real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 69 | 34 | |
Financing Receivables, 30 to 59 Days Past Due | Commercial and non-residential real estate | Acquisition and development | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 578 | 0 | |
Financing Receivables, 30 to 59 Days Past Due | Commercial and non-residential real estate | SBA PPP | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due | Residential real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 1,740 | 2,058 | |
Financing Receivables, 30 to 59 Days Past Due | Home Equity | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 75 | 289 | |
Financing Receivables, 30 to 59 Days Past Due | Consumer | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due | Purchased credit impaired loans | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 738 | 784 | |
Financing Receivables, 30 to 59 Days Past Due | Purchased credit impaired loans | Commercial and non-residential real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 534 | 71 | |
Financing Receivables, 30 to 59 Days Past Due | Purchased credit impaired loans | Commercial and non-residential real estate | Commercial business | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 296 | 71 | |
Financing Receivables, 30 to 59 Days Past Due | Purchased credit impaired loans | Commercial and non-residential real estate | Commercial real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due | Purchased credit impaired loans | Commercial and non-residential real estate | Acquisition and development | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 238 | 0 | |
Financing Receivables, 30 to 59 Days Past Due | Purchased credit impaired loans | Residential real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 204 | 710 | |
Financing Receivables, 30 to 59 Days Past Due | Purchased credit impaired loans | Consumer | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 0 | 3 | |
Financing Receivables, 60 to 89 Days Past Due | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 6,069 | 2,289 | |
Financing Receivables, 60 to 89 Days Past Due | Commercial and non-residential real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 286 | 245 | |
Financing Receivables, 60 to 89 Days Past Due | Commercial and non-residential real estate | Commercial business | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 244 | 33 | |
Financing Receivables, 60 to 89 Days Past Due | Commercial and non-residential real estate | Commercial real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 42 | 212 | |
Financing Receivables, 60 to 89 Days Past Due | Commercial and non-residential real estate | Acquisition and development | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due | Commercial and non-residential real estate | SBA PPP | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due | Residential real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 5,767 | 1,969 | |
Financing Receivables, 60 to 89 Days Past Due | Home Equity | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 16 | 75 | |
Financing Receivables, 60 to 89 Days Past Due | Consumer | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due | Purchased credit impaired loans | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 627 | 211 | |
Financing Receivables, 60 to 89 Days Past Due | Purchased credit impaired loans | Commercial and non-residential real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 134 | 65 | |
Financing Receivables, 60 to 89 Days Past Due | Purchased credit impaired loans | Commercial and non-residential real estate | Commercial business | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 111 | 65 | |
Financing Receivables, 60 to 89 Days Past Due | Purchased credit impaired loans | Commercial and non-residential real estate | Commercial real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 23 | 0 | |
Financing Receivables, 60 to 89 Days Past Due | Purchased credit impaired loans | Commercial and non-residential real estate | Acquisition and development | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due | Purchased credit impaired loans | Residential real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 493 | 145 | |
Financing Receivables, 60 to 89 Days Past Due | Purchased credit impaired loans | Consumer | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 0 | 1 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 4,292 | 4,904 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial and non-residential real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 3,490 | 3,992 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial and non-residential real estate | Commercial business | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 994 | 1,019 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial and non-residential real estate | Commercial real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 548 | 533 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial and non-residential real estate | Acquisition and development | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 1,948 | 2,440 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial and non-residential real estate | SBA PPP | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 0 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Residential real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 703 | 817 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Home Equity | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 95 | 95 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 4 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Purchased credit impaired loans | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 3,087 | 3,929 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Purchased credit impaired loans | Commercial and non-residential real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 1,278 | 1,316 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Purchased credit impaired loans | Commercial and non-residential real estate | Commercial business | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 1,276 | 1,204 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Purchased credit impaired loans | Commercial and non-residential real estate | Commercial real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 2 | 112 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Purchased credit impaired loans | Commercial and non-residential real estate | Acquisition and development | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 0 | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Purchased credit impaired loans | Residential real estate | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | 1,803 | 2,374 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Purchased credit impaired loans | Consumer | |||
Aging categories of performing loans and nonaccrual loans | |||
Total Past Due | $ 6 | $ 239 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Allowance (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Changes in the allowance for loan losses | ||
Beginning balance, excluding PCI loans acquired | $ 25,760 | |
Balance at beginning of period | 25,844 | $ 11,775 |
Charge-offs | (265) | (1,756) |
Recoveries | 17 | 4 |
Provision | 612 | 1,138 |
Ending balance, excluding PCI loans acquired | 26,124 | |
Balance at end of period | 26,214 | 11,161 |
Individually evaluated for impairment | 1,008 | 532 |
Collectively evaluated for impairment | 25,116 | 10,629 |
Purchased credit impaired loans | ||
Changes in the allowance for loan losses | ||
Balance at beginning of period | 84 | |
Provision | 6 | |
Balance at end of period | 90 | |
Collectively evaluated for impairment | 90 | |
Commercial and non-residential real estate | ||
Changes in the allowance for loan losses | ||
Beginning balance, excluding PCI loans acquired | 24,033 | |
Balance at beginning of period | 10,098 | |
Charge-offs | (265) | (1,756) |
Recoveries | 10 | 0 |
Provision | 501 | 1,255 |
Ending balance, excluding PCI loans acquired | 24,279 | |
Balance at end of period | 9,597 | |
Individually evaluated for impairment | 1,008 | 532 |
Collectively evaluated for impairment | 23,271 | 9,065 |
Commercial and non-residential real estate | Purchased credit impaired loans | ||
Changes in the allowance for loan losses | ||
Balance at beginning of period | 0 | |
Provision | 90 | |
Balance at end of period | 90 | |
Collectively evaluated for impairment | 90 | |
Residential real estate | ||
Changes in the allowance for loan losses | ||
Beginning balance, excluding PCI loans acquired | 1,378 | |
Balance at beginning of period | 1,272 | |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 135 | 0 |
Ending balance, excluding PCI loans acquired | 1,513 | |
Balance at end of period | 1,272 | |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 1,513 | 1,272 |
Residential real estate | Purchased credit impaired loans | ||
Changes in the allowance for loan losses | ||
Balance at beginning of period | 84 | |
Provision | (84) | |
Balance at end of period | 0 | |
Collectively evaluated for impairment | 0 | |
Home Equity | ||
Changes in the allowance for loan losses | ||
Beginning balance, excluding PCI loans acquired | 298 | |
Balance at beginning of period | 327 | |
Charge-offs | 0 | 0 |
Recoveries | 4 | 2 |
Provision | (19) | (93) |
Ending balance, excluding PCI loans acquired | 283 | |
Balance at end of period | 236 | |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 283 | 236 |
Consumer | ||
Changes in the allowance for loan losses | ||
Beginning balance, excluding PCI loans acquired | 51 | |
Balance at beginning of period | 78 | |
Charge-offs | 0 | 0 |
Recoveries | 3 | 2 |
Provision | (5) | (24) |
Ending balance, excluding PCI loans acquired | 49 | |
Balance at end of period | 56 | |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | $ 49 | $ 56 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Primary Segments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Components of loans | |||
Individually evaluated for impairment | $ 13,111 | $ 10,226 | |
Collectively evaluated for impairment | 1,647,930 | 1,386,380 | |
Total loans, excluding acquired | 1,661,041 | $ 1,415,362 | 1,396,606 |
Total Loans | 1,696,465 | 1,454,801 | |
Commercial and non-residential real estate | |||
Components of loans | |||
Individually evaluated for impairment | 11,086 | 7,737 | |
Collectively evaluated for impairment | 1,342,253 | 1,086,757 | |
Total loans, excluding acquired | 1,353,339 | 1,141,114 | 1,094,494 |
Residential real estate | |||
Components of loans | |||
Individually evaluated for impairment | 1,927 | 2,385 | |
Collectively evaluated for impairment | 273,783 | 259,108 | |
Total loans, excluding acquired | 275,710 | 240,264 | 261,493 |
Home Equity | |||
Components of loans | |||
Individually evaluated for impairment | 95 | 104 | |
Collectively evaluated for impairment | 28,748 | 36,752 | |
Total loans, excluding acquired | 28,843 | 30,828 | 36,856 |
Consumer | |||
Components of loans | |||
Individually evaluated for impairment | 3 | 0 | |
Collectively evaluated for impairment | 3,146 | 3,763 | |
Total loans, excluding acquired | $ 3,149 | $ 3,156 | $ 3,763 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($)loanborrower | Mar. 31, 2020USD ($)contract | Dec. 31, 2020USD ($) | |
Details related to loans identified as Troubled Debt Restructurings (TDRs): | |||
Specific reserve allocations for TDR's | $ 600 | $ 600 | |
Troubled debt restructuring loans | 8,300 | 10,200 | |
Number of Contracts | contract | 4 | ||
Pre-Modification Outstanding Recorded Investment | $ 313 | ||
Post-Modification Outstanding Recorded Investment | $ 308 | ||
Acquisition and development | |||
Details related to loans identified as Troubled Debt Restructurings (TDRs): | |||
Loans defaulted under the restructured terms | $ 2,800 | ||
Number of loans to defaulted borrowers | loan | 4 | ||
Number of borrower defaulted | borrower | 2 | ||
Commercial and non-residential real estate | |||
Details related to loans identified as Troubled Debt Restructurings (TDRs): | |||
Number of loans to defaulted borrowers | loan | 0 | ||
Number of Contracts | contract | 4 | ||
Pre-Modification Outstanding Recorded Investment | $ 313 | ||
Post-Modification Outstanding Recorded Investment | $ 308 | ||
Commercial and non-residential real estate | Commercial business | |||
Details related to loans identified as Troubled Debt Restructurings (TDRs): | |||
Number of Contracts | contract | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 154 | ||
Post-Modification Outstanding Recorded Investment | $ 149 | ||
Commercial and non-residential real estate | Commercial real estate | |||
Details related to loans identified as Troubled Debt Restructurings (TDRs): | |||
Number of Contracts | contract | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 159 | ||
Post-Modification Outstanding Recorded Investment | $ 159 | ||
Commercial Borrower Two | Acquisition and development | |||
Details related to loans identified as Troubled Debt Restructurings (TDRs): | |||
Loans defaulted under the restructured terms | $ 2,200 | ||
Commercial Borrower One | Acquisition and development | |||
Details related to loans identified as Troubled Debt Restructurings (TDRs): | |||
Loans defaulted under the restructured terms | 600 | ||
Accruing | |||
Details related to loans identified as Troubled Debt Restructurings (TDRs): | |||
Troubled debt restructuring loans | $ 1,500 | $ 1,600 | |
Accruing | Portfolio Risk | Troubled Debt Restructured Loans | |||
Details related to loans identified as Troubled Debt Restructurings (TDRs): | |||
Percentage of total impaired loans | 11.00% | 10.00% |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Carrying Amount of PCI Loans (Details) - Purchased credit impaired loans - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||
Outstanding balance | $ 35,424 | $ 39,439 |
Carrying amount, net of allowance | 35,334 | 39,355 |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Outstanding balance | 14,306 | 16,943 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Outstanding balance | 1,284 | 1,488 |
Commercial and non-residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Outstanding balance | $ 19,834 | $ 21,008 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Accretiable Yield (Details) - Purchased credit impaired loans - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Beginning balance | $ 8,313 | $ 0 |
New loans purchased | 0 | 11,746 |
Accretion of income | (1,021) | (2,945) |
Other changes in expected cash flows | 955 | (488) |
Ending balance | $ 8,247 | $ 8,313 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - PPP Loans and CARES Act Deferrals (Details) $ in Thousands | Mar. 31, 2021USD ($)loan | Dec. 31, 2020USD ($) |
Financing Receivable, Impaired [Line Items] | ||
Total Loans | $ 1,696,465 | $ 1,454,801 |
Commercial and non-residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Loans approved for modification | 34,700 | |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Loans approved for modification | $ 9,000 | |
SBA PPP | ||
Financing Receivable, Impaired [Line Items] | ||
Number of loans | loan | 634 | |
Original balance of loans | $ 88,500 | |
Total Loans | $ 102,100 |
Premises and Equipment - Premis
Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Premises and equipment | ||
Gross premises and equipment | $ 42,314 | $ 40,392 |
Accumulated depreciation | (15,024) | (14,189) |
Net premises and equipment | 27,290 | 26,203 |
Land | ||
Premises and equipment | ||
Gross premises and equipment | 3,936 | 3,936 |
Buildings and improvements | ||
Premises and equipment | ||
Gross premises and equipment | 14,350 | 14,350 |
Furniture, fixtures and equipment | ||
Premises and equipment | ||
Gross premises and equipment | 17,705 | 17,451 |
Software | ||
Premises and equipment | ||
Gross premises and equipment | 3,191 | 1,548 |
Construction in progress | ||
Premises and equipment | ||
Gross premises and equipment | 53 | 28 |
Leasehold improvements | ||
Premises and equipment | ||
Gross premises and equipment | $ 3,079 | $ 3,079 |
Premises and Equipment - Narrat
Premises and Equipment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Lease liability | $ 18,200 | $ 18,400 |
Operating lease liability | 18,124 | 18,300 |
Finance lease liability | 97 | 200 |
Right-of-use asset | 17,500 | 17,700 |
Operating lease, right of use asset | 17,300 | 17,500 |
Finance lease, right of use asset | $ 200 | $ 200 |
Finance lease, weighted average remaining lease term (in years) | 2 years 1 month 6 days | 2 years 3 months 18 days |
Finance lease, weighted average discount rate, (as a percentage) | 2.30% | 2.40% |
Operating lease, weighted average remaining lease term (in years) | 12 years 8 months 12 days | 12 years 10 months 24 days |
Operating lease, weighted average discount rate, (as a percentage) | 2.90% | 2.90% |
Premises and Equipment - Lease
Premises and Equipment - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Amortization of right-of-use assets, finance leases | $ 14 | $ 18 |
Interest on lease liabilities, finance leases | 1 | 1 |
Operating lease cost | 477 | 544 |
Short-term lease cost | 1 | 14 |
Variable lease cost | 10 | 10 |
Total lease cost | $ 503 | $ 587 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Lease Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finance Leases | ||
2021 | $ 44 | |
2022 | 41 | |
2023 | 5 | |
2024 | 5 | |
2025 | 4 | |
2026 and thereafter | 0 | |
Total future minimum lease payments | 99 | |
Less: Amounts representing interest | (2) | |
Present value of net future minimum lease payments | 97 | $ 200 |
Operating Leases | ||
2021 | 1,285 | |
2022 | 1,825 | |
2023 | 1,779 | |
2024 | 1,709 | |
2025 | 1,708 | |
2026 and thereafter | 13,863 | |
Total future minimum lease payments | 22,169 | |
Less: Amounts representing interest | (4,045) | |
Present value of net future minimum lease payments | $ 18,124 | $ 18,300 |
Equity Method Investment (Detai
Equity Method Investment (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment income | $ 6,469 | $ 0 | |
Net income | 8,085 | $ 1,048 | |
Locked mortgage pipeline | 1,430,000 | $ 1,540,000 | |
Intercoastal | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment income | 6,500 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Intercoastal | |||
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | 50,797 | ||
Net income | 15,864 | ||
Gain on sale of loans | $ 47,594 | ||
Volume of loans sold | loan | 1,778,090,000 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Noninterest-bearing demand | $ 837,221 | $ 715,791 |
Interest-bearing demand | 698,218 | 496,502 |
Savings and money markets | 520,998 | 545,501 |
Time deposits, including CDs and IRAs | 160,116 | 224,595 |
Total deposits | 2,216,553 | 1,982,389 |
Time deposits that meet or exceed the FDIC insurance limit | $ 14,829 | $ 16,955 |
Deposits - Maturities (Details)
Deposits - Maturities (Details) | Mar. 31, 2021USD ($) |
Deposits [Abstract] | |
2021 | $ 56,037,000 |
2022 | 66,154,000 |
2023 | 22,254,000 |
2024 | 12,479,000 |
2025 | 3,192,000 |
Total | 160,116,000 |
Overdrawn deposits | $ 10,000 |
Borrowed Funds - Short-term Bor
Borrowed Funds - Short-term Borrowings, Long-term borrowings and Repurchase Agreements (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Borrowed funds | ||
FHLB maximum borrowing capacity | $ 451,700,000 | |
FHLB, remaining borrowing capacity | 440,400,000 | |
Short-term Borrowings and Repurchase Agreements | ||
Long-term notes from the FHLB | 0 | $ 0 |
Paycheck Protection Program Liquidity Facility | ||
Borrowed funds | ||
Long-term debt | 102,200,000 | 0 |
Short-term Borrowings from FHLB | ||
Short-term Borrowings and Repurchase Agreements | ||
Balance at end of period | 102,185,000 | 0 |
Average balance during the period | 46,349,000 | 68,407,000 |
Maximum month-end balance | $ 102,185,000 | $ 154,248,000 |
Weighted-average rate during the period | 0.35% | 0.58% |
Weighted-average rate at end of period | 0.28% | 0.00% |
Investment Securities | ||
Short-term Borrowings and Repurchase Agreements | ||
Investment securities held as collateral | $ 11,000,000 | $ 10,700,000 |
Repurchase Agreements | ||
Short-term Borrowings and Repurchase Agreements | ||
Balance at end of period | 10,613,000 | 10,266,000 |
Average balance during the period | 10,249,000 | 9,856,000 |
Maximum month-end balance | $ 10,613,000 | $ 10,505,000 |
Weighted-average rate during the period | 0.13% | 0.23% |
Weighted-average rate at end of period | 0.13% | 0.14% |
Borrowed Funds - Subordinated D
Borrowed Funds - Subordinated Debt (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2020 | Mar. 31, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Mar. 31, 2007 | |
Subordinated Debt | |||||
Balance at end of period | $ 43,443,000 | $ 43,407,000 | |||
Subordinated Debt | |||||
Subordinated Debt | |||||
Balance at end of period | 43,443,000 | $ 43,407,000 | |||
Average balance during the period | 43,425,000 | $ 7,568,000 | |||
Maximum month-end balance | $ 43,443,000 | $ 43,524,000 | |||
Weighted-average rate during the period | 4.29% | 3.45% | |||
Weighted-average rate at end of period | 4.02% | 4.02% | |||
Face amount of debt issued | $ 40,000,000 | ||||
Term of debt instrument | 10 years | ||||
Interest rate on debt security | 4.25% | ||||
Subordinated Debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Subordinated Debt | |||||
Variable rate basis spread | 4.01% | ||||
Subordinated Debt | Subordinated Debentures | |||||
Subordinated Debt | |||||
Face amount of debt issued | $ 4,000,000 | ||||
Subordinated Debt | Subordinated Debentures | LIBOR | |||||
Subordinated Debt | |||||
Variable rate basis spread | 1.60% |
Pension and Supplemental Exec_3
Pension and Supplemental Executive Retirement Plans - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)installment | Mar. 31, 2020USD ($) | May 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate used to re-measure pension obligation | 4.50% | ||
Service cost | $ 0 | $ 0 | |
Supplemental Employee Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate used to re-measure pension obligation | 4.00% | ||
Employment period | 3 years | ||
Benefit obligation | $ 1,800 | ||
Number of equal consecutive installments | installment | 180 | ||
Consecutive installments, amount | $ 10 | ||
Accrued liability | 1,200 | ||
Service cost | $ 10 | $ 100 |
Pension and Supplemental Exec_4
Pension and Supplemental Executive Retirement Plans - Defined Benefit Plan Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Components of net periodic pension cost | ||
Service cost | $ 0 | $ 0 |
Interest cost | 78 | 91 |
Expected return on plan assets | (118) | (109) |
Amortization of net actuarial loss | 127 | 105 |
Amortization of prior service cost | 0 | 0 |
Net periodic benefit cost | 87 | 87 |
Contributions paid | $ 3,835 | $ 349 |
Stock Offerings (Details)
Stock Offerings (Details) - $ / shares | 1 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Series B Preferred Stock | ||
Subsidiary, Sale of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | 1 | |
Liquidation preference (in dollars per share) | 1,000 | |
Dividends declared (in dollars per share) | 46.03 | |
Series C Preferred Stock | ||
Subsidiary, Sale of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | 1 | |
Liquidation preference (in dollars per share) | 1,000 | |
Dividends declared (in dollars per share) | 49.86 | |
Series B And Series C preferred Stock | ||
Subsidiary, Sale of Stock [Line Items] | ||
Liquidation amount per share (in dollars per share) | $ 10,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial Assets: | ||
Cash and cash equivalents | $ 339,616 | $ 263,893 |
Certificates of deposit with banks | 11,803 | 11,803 |
Investment securities available-for-sale | 423,122 | 410,624 |
Equity securities | 28,200 | 27,585 |
Bank-owned life insurance | 41,512 | 41,262 |
Financial Liabilities: | ||
FHLB and other borrowings | 102,185 | 0 |
Carrying Value | ||
Financial Assets: | ||
Cash and cash equivalents | 339,616 | 263,893 |
Certificates of deposit with banks | 11,803 | 11,803 |
Investment securities available-for-sale | 423,122 | 410,624 |
Equity securities | 28,200 | 27,585 |
Loans held-for-sale | 1,062 | |
Loans receivable, net | 1,668,171 | 1,427,900 |
Mortgage servicing rights | 2,886 | 2,942 |
Accrued interest receivable | 8,513 | 7,793 |
Bank-owned life insurance | 41,512 | 41,262 |
Financial Liabilities: | ||
Deposits | 2,216,553 | 1,982,389 |
Repurchase agreements | 10,613 | 10,266 |
FHLB and other borrowings | 102,185 | |
Accrued interest payable | 869 | 572 |
Subordinated debt | 43,443 | 43,407 |
Estimated Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 339,616 | 263,893 |
Certificates of deposit with banks | 11,986 | 11,986 |
Investment securities available-for-sale | 423,122 | 410,624 |
Equity securities | 28,200 | 27,585 |
Loans held-for-sale | 1,062 | |
Loans receivable, net | 1,675,631 | 1,434,275 |
Mortgage servicing rights | 2,886 | 2,942 |
Accrued interest receivable | 8,513 | 7,793 |
Bank-owned life insurance | 41,512 | 41,262 |
Financial Liabilities: | ||
Deposits | 2,196,951 | 1,964,860 |
Repurchase agreements | 10,613 | 10,266 |
FHLB and other borrowings | 102,185 | |
Accrued interest payable | 869 | 572 |
Subordinated debt | 45,798 | 45,536 |
Interest rate swap | Carrying Value | ||
Financial Assets: | ||
Derivative asset | 8,367 | 13,822 |
Financial Liabilities: | ||
Derivative liability | 8,367 | 13,822 |
Interest rate swap | Estimated Fair Value | ||
Financial Assets: | ||
Derivative asset | 8,367 | 13,822 |
Financial Liabilities: | ||
Derivative liability | 8,367 | 13,822 |
Fair value hedge | Carrying Value | ||
Financial Assets: | ||
Derivative asset | 1,750 | 2,215 |
Financial Liabilities: | ||
Derivative liability | 1,427 | 2,141 |
Fair value hedge | Estimated Fair Value | ||
Financial Assets: | ||
Derivative asset | 1,750 | 2,215 |
Financial Liabilities: | ||
Derivative liability | 1,427 | 2,141 |
Quoted Prices in Active Markets for Identical Assets (Level I) | Estimated Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 339,616 | 263,893 |
Certificates of deposit with banks | 0 | 0 |
Investment securities available-for-sale | 0 | 0 |
Equity securities | 543 | 472 |
Loans held-for-sale | 0 | |
Loans receivable, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Financial Liabilities: | ||
Deposits | 0 | 0 |
Repurchase agreements | 0 | 0 |
FHLB and other borrowings | 0 | |
Accrued interest payable | 0 | 0 |
Subordinated debt | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level I) | Interest rate swap | Estimated Fair Value | ||
Financial Assets: | ||
Derivative asset | 0 | 0 |
Financial Liabilities: | ||
Derivative liability | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level I) | Fair value hedge | Estimated Fair Value | ||
Financial Assets: | ||
Derivative asset | 0 | 0 |
Financial Liabilities: | ||
Derivative liability | 0 | 0 |
Significant Other Observable Inputs (Level II) | Estimated Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposit with banks | 11,986 | 11,986 |
Investment securities available-for-sale | 382,850 | 366,945 |
Equity securities | 0 | 0 |
Loans held-for-sale | 1,062 | |
Loans receivable, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Accrued interest receivable | 2,819 | 2,770 |
Bank-owned life insurance | 41,512 | 41,262 |
Financial Liabilities: | ||
Deposits | 2,196,951 | 1,964,860 |
Repurchase agreements | 10,613 | 10,266 |
FHLB and other borrowings | 102,185 | |
Accrued interest payable | 869 | 572 |
Subordinated debt | 45,798 | 45,536 |
Significant Other Observable Inputs (Level II) | Interest rate swap | Estimated Fair Value | ||
Financial Assets: | ||
Derivative asset | 8,367 | 13,822 |
Financial Liabilities: | ||
Derivative liability | 8,367 | 13,822 |
Significant Other Observable Inputs (Level II) | Fair value hedge | Estimated Fair Value | ||
Financial Assets: | ||
Derivative asset | 1,750 | 2,215 |
Financial Liabilities: | ||
Derivative liability | 1,427 | 2,141 |
Significant Unobservable Inputs (Level III) | Estimated Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposit with banks | 0 | 0 |
Investment securities available-for-sale | 40,272 | 43,679 |
Equity securities | 27,657 | 27,113 |
Loans held-for-sale | 0 | |
Loans receivable, net | 1,675,631 | 1,434,275 |
Mortgage servicing rights | 2,886 | 2,942 |
Accrued interest receivable | 5,694 | 5,023 |
Bank-owned life insurance | 0 | 0 |
Financial Liabilities: | ||
Deposits | 0 | 0 |
Repurchase agreements | 0 | 0 |
FHLB and other borrowings | 0 | |
Accrued interest payable | 0 | 0 |
Subordinated debt | 0 | 0 |
Significant Unobservable Inputs (Level III) | Interest rate swap | Estimated Fair Value | ||
Financial Assets: | ||
Derivative asset | 0 | 0 |
Financial Liabilities: | ||
Derivative liability | 0 | 0 |
Significant Unobservable Inputs (Level III) | Fair value hedge | Estimated Fair Value | ||
Financial Assets: | ||
Derivative asset | 0 | |
Financial Liabilities: | ||
Derivative liability | $ 0 | $ 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair value of assets and liabilities | ||
Investment securities available-for-sale | $ 423,122 | $ 410,624 |
Equity securities | 28,200 | 27,585 |
Recurring | ||
Fair value of assets and liabilities | ||
Equity securities | 543 | 472 |
Loans held-for-sale | 1,062 | |
Recurring | Level I | ||
Fair value of assets and liabilities | ||
Equity securities | 543 | 472 |
Loans held-for-sale | 0 | |
Recurring | Level II | ||
Fair value of assets and liabilities | ||
Equity securities | 0 | 0 |
Loans held-for-sale | 1,062 | |
Recurring | Level III | ||
Fair value of assets and liabilities | ||
Equity securities | 0 | 0 |
Loans held-for-sale | 0 | |
United States government agency securities | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 48,104 | 56,992 |
United States government agency securities | Recurring | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 48,104 | 56,992 |
United States government agency securities | Recurring | Level I | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 0 | 0 |
United States government agency securities | Recurring | Level II | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 48,104 | 56,992 |
United States government agency securities | Recurring | Level III | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 0 | 0 |
United States sponsored mortgage-backed securities | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 89,207 | 95,769 |
United States sponsored mortgage-backed securities | Recurring | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 89,207 | 95,769 |
United States sponsored mortgage-backed securities | Recurring | Level I | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 0 | 0 |
United States sponsored mortgage-backed securities | Recurring | Level II | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 89,207 | 95,769 |
United States sponsored mortgage-backed securities | Recurring | Level III | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 0 | 0 |
United States treasury securities | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 56,970 | |
United States treasury securities | Recurring | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 56,970 | |
United States treasury securities | Recurring | Level I | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 56,970 | |
United States treasury securities | Recurring | Level II | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 0 | |
United States treasury securities | Recurring | Level III | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 0 | |
Municipal securities | Recurring | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 209,734 | 231,887 |
Municipal securities | Recurring | Level I | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 0 | 0 |
Municipal securities | Recurring | Level II | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 169,462 | 188,208 |
Municipal securities | Recurring | Level III | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 40,272 | 43,679 |
Other securities | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 11,607 | 18,476 |
Other securities | Recurring | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 11,607 | 18,476 |
Other securities | Recurring | Level I | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 0 | 0 |
Other securities | Recurring | Level II | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 11,607 | 18,476 |
Other securities | Recurring | Level III | ||
Fair value of assets and liabilities | ||
Investment securities available-for-sale | 0 | 0 |
Interest rate swap | Recurring | ||
Fair value of assets and liabilities | ||
Derivative asset | 8,367 | 13,822 |
Derivative liability | 8,367 | 13,822 |
Interest rate swap | Recurring | Level I | ||
Fair value of assets and liabilities | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Interest rate swap | Recurring | Level II | ||
Fair value of assets and liabilities | ||
Derivative asset | 8,367 | 13,822 |
Derivative liability | 8,367 | 13,822 |
Interest rate swap | Recurring | Level III | ||
Fair value of assets and liabilities | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Fair value hedge | Recurring | ||
Fair value of assets and liabilities | ||
Derivative asset | 1,750 | 2,215 |
Derivative liability | 1,427 | 2,141 |
Fair value hedge | Recurring | Level I | ||
Fair value of assets and liabilities | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Fair value hedge | Recurring | Level II | ||
Fair value of assets and liabilities | ||
Derivative asset | 1,750 | 2,215 |
Derivative liability | 1,427 | 2,141 |
Fair value hedge | Recurring | Level III | ||
Fair value of assets and liabilities | ||
Derivative asset | 0 | 0 |
Derivative liability | $ 0 | $ 0 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Level III Assets (Details) - Level III - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 43,679 | $ 38,919 |
Realized and unrealized gains (losses) included in earnings | 19 | 4,131 |
Purchase of securities | 1,191 | 522 |
Maturities/calls | (3,933) | |
Unrealized gain included in other comprehensive income (loss) | 1,127 | (1,155) |
Unrealized loss included in other comprehensive income (loss) | (1,811) | |
Ending balance | 40,272 | 42,417 |
Interest Rate Lock Commitments | Interest Rate Lock Commitments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 0 | 1,660 |
Realized and unrealized gains (losses) included in earnings | 0 | 4,131 |
Purchase of securities | 0 | 0 |
Maturities/calls | 0 | |
Unrealized gain included in other comprehensive income (loss) | 0 | 0 |
Unrealized loss included in other comprehensive income (loss) | 0 | |
Ending balance | 0 | 5,791 |
Municipal Securities | Total debt securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 43,679 | 37,259 |
Realized and unrealized gains (losses) included in earnings | 19 | 0 |
Purchase of securities | 1,191 | 522 |
Maturities/calls | (3,933) | |
Unrealized gain included in other comprehensive income (loss) | 1,127 | (1,155) |
Unrealized loss included in other comprehensive income (loss) | (1,811) | |
Ending balance | $ 40,272 | $ 36,626 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis (Details) - Non-recurring - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 12,103 | $ 14,098 |
Impaired loans | Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Impaired loans | Level II | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Impaired loans | Level III | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 12,103 | 14,098 |
Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 5,183 | 5,730 |
Other real estate owned | Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Other real estate owned | Level II | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Other real estate owned | Level III | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 5,183 | 5,730 |
Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 7,500 | |
Other debt securities | Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | |
Other debt securities | Level II | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | |
Other debt securities | Level III | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 7,500 | |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 27,113 | |
Equity securities | Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | |
Equity securities | Level II | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | |
Equity securities | Level III | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 27,113 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information About Level III Significant Unobservable Inputs (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Non-recurring | Other debt securities | Level III | ||
Quantitative Information about Level III Fair Value Measurements | ||
Assets, fair value | $ 7,500 | $ 7,500 |
Non-recurring | Equity securities | Level III | ||
Quantitative Information about Level III Fair Value Measurements | ||
Assets, fair value | 27,657 | 27,113 |
Non-recurring | Impaired loans | ||
Quantitative Information about Level III Fair Value Measurements | ||
Assets, fair value | 12,103 | 14,098 |
Non-recurring | Impaired loans | Level III | ||
Quantitative Information about Level III Fair Value Measurements | ||
Assets, fair value | 12,103 | 14,098 |
Non-recurring | Other real estate owned | ||
Quantitative Information about Level III Fair Value Measurements | ||
Assets, fair value | 5,183 | 5,730 |
Non-recurring | Other real estate owned | Level III | ||
Quantitative Information about Level III Fair Value Measurements | ||
Assets, fair value | 5,183 | 5,730 |
Recurring | Municipal Securities | Level III | ||
Quantitative Information about Level III Fair Value Measurements | ||
Assets, fair value | $ 40,272 | $ 43,679 |
Appraisal adjustments | Non-recurring | Impaired loans | Appraisal of collateral | Level III | Minimum | ||
Quantitative Information about Level III Fair Value Measurements | ||
Impaired loans | 0.20 | 0.20 |
Appraisal adjustments | Non-recurring | Impaired loans | Appraisal of collateral | Level III | Maximum | ||
Quantitative Information about Level III Fair Value Measurements | ||
Impaired loans | 0.62 | 0.62 |
Appraisal adjustments | Non-recurring | Other real estate owned | Appraisal of collateral | Level III | Minimum | ||
Quantitative Information about Level III Fair Value Measurements | ||
Other real estate owned | 0.20 | 0.20 |
Appraisal adjustments | Non-recurring | Other real estate owned | Appraisal of collateral | Level III | Maximum | ||
Quantitative Information about Level III Fair Value Measurements | ||
Other real estate owned | 0.30 | 0.30 |
Appraisal adjustments | Recurring | Municipal Securities | Appraisal of bond | Level III | Minimum | ||
Quantitative Information about Level III Fair Value Measurements | ||
Municipal Securities | 0.05 | 0.05 |
Appraisal adjustments | Recurring | Municipal Securities | Appraisal of bond | Level III | Maximum | ||
Quantitative Information about Level III Fair Value Measurements | ||
Municipal Securities | 0.15 | 0.15 |
Liquidation expense | Non-recurring | Impaired loans | Appraisal of collateral | Level III | Minimum | ||
Quantitative Information about Level III Fair Value Measurements | ||
Impaired loans | 0.05 | 0.05 |
Liquidation expense | Non-recurring | Impaired loans | Appraisal of collateral | Level III | Maximum | ||
Quantitative Information about Level III Fair Value Measurements | ||
Impaired loans | 0.10 | 0.10 |
Liquidation expense | Non-recurring | Other real estate owned | Appraisal of collateral | Level III | Minimum | ||
Quantitative Information about Level III Fair Value Measurements | ||
Other real estate owned | 0.05 | 0.05 |
Liquidation expense | Non-recurring | Other real estate owned | Appraisal of collateral | Level III | Maximum | ||
Quantitative Information about Level III Fair Value Measurements | ||
Other real estate owned | 0.10 | 0.10 |
Cost minus impairment | Non-recurring | Equity securities | Net asset value | Level III | ||
Quantitative Information about Level III Fair Value Measurements | ||
Securities | 0 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator for basic earnings per share: | ||
Net income | $ 8,085 | $ 1,048 |
Less: Dividends on preferred stock | 35 | 114 |
Net income available to common shareholders | 8,050 | 934 |
Numerator for diluted earnings per share: | ||
Net income available to common shareholders - diluted | $ 8,050 | $ 934 |
Denominator: | ||
Total weighted-average shares outstanding (in shares) | 11,530,279 | 11,942,767 |
Effect of dilutive stock options and restricted stock units (in shares) | 756,452 | 355,325 |
Total diluted weighted-average shares outstanding (in shares) | 12,286,731 | 12,298,092 |
Earnings per share - basic (in dollars per share) | $ 0.70 | $ 0.08 |
Earnings per share - diluted (in dollars per share) | $ 0.66 | $ 0.08 |
Stock option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded form computation of earnings per share (in shares) | 12,000 | 366,000 |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Comprehensive Income | ||
Gain (loss) on sale of available-for-sale securities | $ 1,143 | $ 276 |
Total before tax | 10,227 | 1,227 |
Income tax expense | (2,169) | (179) |
Net income | 8,085 | 1,048 |
Salaries and benefits | (11,911) | (16,182) |
Interest on investment securities | 631 | 666 |
Amount reclassified from AOCI | ||
Comprehensive Income | ||
Net income | 576 | 1,433 |
Available-for-sale securities | Amount reclassified from AOCI | ||
Comprehensive Income | ||
Gain (loss) on sale of available-for-sale securities | 1,143 | 276 |
Total before tax | 1,143 | 276 |
Income tax expense | (268) | (75) |
Net income | 875 | 201 |
Defined benefit pension plan items | Amount reclassified from AOCI | ||
Comprehensive Income | ||
Total before tax | (127) | (105) |
Income tax expense | 30 | 28 |
Net income | (97) | (77) |
Salaries and benefits | (127) | (105) |
Investment hedge | Amount reclassified from AOCI | ||
Comprehensive Income | ||
Total before tax | (264) | 1,793 |
Income tax expense | 62 | (484) |
Net income | (202) | 1,309 |
Interest on investment securities | $ (264) | $ 1,793 |
Comprehensive Income - Componen
Comprehensive Income - Components of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (AOCI) | ||
Beginning balance | $ 239,483 | |
Other comprehensive income (loss) before reclassification | (3,542) | $ 516 |
Amounts reclassified from AOCI | (576) | (1,433) |
Total other comprehensive loss | (4,118) | (917) |
Ending balance | 236,210 | |
Unrealized gains (losses) on available for-sale securities | ||
Accumulated Other Comprehensive Income (AOCI) | ||
Beginning balance | 7,586 | 2,942 |
Other comprehensive income (loss) before reclassification | (4,848) | 1,032 |
Amounts reclassified from AOCI | (875) | (201) |
Total other comprehensive loss | (5,723) | 831 |
Ending balance | 1,863 | 3,773 |
Defined benefit pension plan items | ||
Accumulated Other Comprehensive Income (AOCI) | ||
Beginning balance | (5,047) | (4,295) |
Other comprehensive income (loss) before reclassification | 1,306 | (516) |
Amounts reclassified from AOCI | 97 | 77 |
Total other comprehensive loss | 1,403 | (439) |
Ending balance | (3,644) | (4,734) |
Investment hedge | ||
Accumulated Other Comprehensive Income (AOCI) | ||
Beginning balance | (313) | 32 |
Other comprehensive income (loss) before reclassification | 0 | 0 |
Amounts reclassified from AOCI | 202 | (1,309) |
Total other comprehensive loss | 202 | (1,309) |
Ending balance | (111) | (1,277) |
Accumulated other comprehensive income (loss) | ||
Accumulated Other Comprehensive Income (AOCI) | ||
Beginning balance | 2,226 | (1,321) |
Ending balance | $ (1,892) | $ (2,238) |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 3 | ||
Interest income | $ 19,063 | $ 20,699 | |
Interest expense | 1,558 | 4,528 | |
NET INTEREST INCOME | 17,505 | 16,171 | |
Provision for loan losses | 618 | 1,138 | |
Net interest income after provision for loan losses | 16,887 | 15,033 | |
Noninterest Income: | |||
Mortgage fee income | 0 | 11,219 | |
Other income | (369) | ||
Total noninterest income | 12,458 | 10,850 | |
Noninterest Expenses: | |||
Salaries and employee benefits | 11,911 | 16,182 | |
Other expense | 7,207 | 8,474 | |
Total noninterest expenses | 19,118 | 24,656 | |
Income before income taxes | 10,227 | 1,227 | |
Income tax expense (benefit) | 2,169 | 179 | |
Net income before noncontrolling interest | 8,058 | 1,048 | |
Net loss attributable to noncontrolling interest | 27 | 0 | |
Net income attributable to parent | 8,085 | 1,048 | |
Preferred dividends | 35 | 114 | |
Net income available to common shareholders | 8,050 | 934 | |
Capital expenditures | 1,936 | 1,384 | |
Assets | 2,646,089 | $ 2,331,476 | |
Goodwill | 2,350 | 2,350 | |
Operating Segments | CoRe Banking | |||
Segment Reporting Information [Line Items] | |||
Interest income | 18,959 | 18,774 | |
Interest expense | 1,092 | 3,838 | |
NET INTEREST INCOME | 17,867 | 14,936 | |
Provision for loan losses | 620 | 1,132 | |
Net interest income after provision for loan losses | 17,247 | 13,804 | |
Noninterest Income: | |||
Mortgage fee income | 110 | ||
Other income | 3,346 | ||
Total noninterest income | 6,437 | 3,456 | |
Noninterest Expenses: | |||
Salaries and employee benefits | 8,842 | 5,866 | |
Other expense | 8,029 | 6,659 | |
Total noninterest expenses | 16,871 | 12,525 | |
Income before income taxes | 6,813 | 4,735 | |
Income tax expense (benefit) | 1,149 | 1,012 | |
Net income before noncontrolling interest | 5,664 | 3,723 | |
Net loss attributable to noncontrolling interest | 27 | ||
Net income attributable to parent | 5,691 | ||
Preferred dividends | 0 | 0 | |
Net income available to common shareholders | 5,691 | 3,723 | |
Capital expenditures | 1,936 | 1,295 | |
Assets | 2,669,092 | 2,343,556 | |
Goodwill | 2,350 | 2,350 | |
Operating Segments | Mortgage Banking | |||
Segment Reporting Information [Line Items] | |||
Interest income | 104 | 2,418 | |
Interest expense | 0 | 1,387 | |
NET INTEREST INCOME | 104 | 1,031 | |
Provision for loan losses | (2) | 6 | |
Net interest income after provision for loan losses | 106 | 1,025 | |
Noninterest Income: | |||
Mortgage fee income | 11,347 | ||
Other income | (3,562) | ||
Total noninterest income | 6,407 | 7,785 | |
Noninterest Expenses: | |||
Salaries and employee benefits | 0 | 7,884 | |
Other expense | 63 | 2,397 | |
Total noninterest expenses | 63 | 10,281 | |
Income before income taxes | 6,450 | (1,471) | |
Income tax expense (benefit) | 1,564 | (349) | |
Net income before noncontrolling interest | 4,886 | (1,122) | |
Net loss attributable to noncontrolling interest | 0 | ||
Net income attributable to parent | 4,886 | ||
Preferred dividends | 0 | 0 | |
Net income available to common shareholders | 4,886 | (1,122) | |
Capital expenditures | 0 | 69 | |
Assets | 57,205 | 58,140 | |
Goodwill | 0 | 0 | |
Operating Segments | Financial Holding Company | |||
Segment Reporting Information [Line Items] | |||
Interest income | 1 | 1 | |
Interest expense | 466 | 35 | |
NET INTEREST INCOME | (465) | (34) | |
Provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | (465) | (34) | |
Noninterest Income: | |||
Mortgage fee income | 0 | ||
Other income | 1,504 | ||
Total noninterest income | 1,581 | 1,504 | |
Noninterest Expenses: | |||
Salaries and employee benefits | 3,069 | 2,432 | |
Other expense | 1,083 | 1,075 | |
Total noninterest expenses | 4,152 | 3,507 | |
Income before income taxes | (3,036) | (2,037) | |
Income tax expense (benefit) | (544) | (484) | |
Net income before noncontrolling interest | (2,492) | (1,553) | |
Net loss attributable to noncontrolling interest | 0 | ||
Net income attributable to parent | (2,492) | ||
Preferred dividends | 35 | 114 | |
Net income available to common shareholders | (2,527) | (1,667) | |
Capital expenditures | 0 | 20 | |
Assets | 280,152 | 284,943 | |
Goodwill | 0 | 0 | |
Intercompany Eliminations | |||
Segment Reporting Information [Line Items] | |||
Interest income | (1) | (494) | |
Interest expense | 0 | (732) | |
NET INTEREST INCOME | (1) | 238 | |
Provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | (1) | 238 | |
Noninterest Income: | |||
Mortgage fee income | (238) | ||
Other income | (1,657) | ||
Total noninterest income | (1,967) | (1,895) | |
Noninterest Expenses: | |||
Salaries and employee benefits | 0 | 0 | |
Other expense | (1,968) | (1,657) | |
Total noninterest expenses | (1,968) | (1,657) | |
Income before income taxes | 0 | 0 | |
Income tax expense (benefit) | 0 | 0 | |
Net income before noncontrolling interest | 0 | 0 | |
Net loss attributable to noncontrolling interest | 0 | ||
Net income attributable to parent | 0 | ||
Preferred dividends | 0 | 0 | |
Net income available to common shareholders | 0 | 0 | |
Capital expenditures | 0 | $ 0 | |
Assets | (360,360) | (355,163) | |
Goodwill | $ 0 | $ 0 |
Acquisition - Flexia Acquisitio
Acquisition - Flexia Acquisition (Details) - USD ($) | 1 Months Ended | ||
Feb. 28, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Noncontrolling interest | $ 473,000 | $ 0 | |
Flexia | |||
Business Acquisition [Line Items] | |||
Payments for software | $ 1,000,000 | ||
Flexia | |||
Business Acquisition [Line Items] | |||
Ownership percentage by noncontrolling owners | 20.00% | ||
Flexia | |||
Business Acquisition [Line Items] | |||
Ownership percentage | 80.00% | ||
Consideration transferred | $ 2,500,000 | ||
Assets acquired | 0 | ||
Liabilities assumed | 0 | ||
Noncontrolling interest | $ 500,000 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event | 1 Months Ended |
Apr. 30, 2021USD ($)numberOfBank | |
Subsequent Event [Line Items] | |
Branch locations held for sale, number | numberOfBank | 4 |
Held-for-sale | |
Subsequent Event [Line Items] | |
Deposits of branches held-for-sale | $ 193,000,000 |
Loans of branches held for sale | $ 57,000,000 |
Purchase price premium on deposits assumed, percent | 6.00% |
Trabian | |
Subsequent Event [Line Items] | |
Consideration transferred (in shares) | $ 17,597 |