Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 06, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Entity File Number | 001-33037 | ||
Entity Registrant Name | PRIMIS FINANCIAL CORP. | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 20-1417448 | ||
Entity Address, Address Line One | 6830 Old Dominion Drive | ||
Entity Address, City or Town | McLean | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 22101 | ||
City Area Code | 703 | ||
Local Phone Number | 893-7400 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | FRST | ||
Security Exchange Name | NASDAQ | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 24,685,458 | ||
Auditor Name | FORVIS, LLP | ||
Auditor Firm ID | 686 | ||
Auditor Location | Greenville, North Carolina | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $ 297.6 | ||
Entity Central Index Key | 0001325670 | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
ICFR Auditor Attestation Flag | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents: | ||
Cash and due from financial institutions | $ 6,868 | $ 8,380 |
Interest-bearing deposits in other financial institutions | 70,991 | 521,787 |
Total cash and cash equivalents | 77,859 | 530,167 |
Securities available for sale, at fair value | 236,315 | 271,332 |
Securities held-to-maturity, at amortized cost (fair value of $12,449 and $23,364, respectively) | 13,520 | 22,940 |
Loans held for sale, at fair value | 27,626 | |
Loans held for investment | 2,948,836 | 2,339,986 |
Less allowance for credit losses | (34,544) | (29,105) |
Net loans | 2,914,292 | 2,310,881 |
Stock in Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB) | 25,815 | 15,521 |
Bank premises and equipment, net | 25,257 | 30,410 |
Assets held for sale | 3,115 | |
Operating lease right-of-use assets | 5,335 | 5,866 |
Goodwill | 104,609 | 101,954 |
Intangible assets, net | 3,254 | 4,462 |
Bank-owned life insurance | 67,201 | 66,724 |
Other real estate owned | 1,163 | |
Deferred tax assets, net | 18,289 | 9,571 |
Other assets | 49,050 | 36,362 |
Total assets | 3,571,537 | 3,407,353 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Noninterest-bearing demand deposits | 582,556 | 530,282 |
Interest-bearing deposits: | ||
NOW accounts | 617,687 | 849,738 |
Money market accounts | 811,365 | 799,759 |
Savings accounts | 245,713 | 222,862 |
Time deposits | 465,057 | 360,575 |
Total interest-bearing deposits | 2,139,822 | 2,232,934 |
Total deposits | 2,722,378 | 2,763,216 |
Securities sold under agreements to repurchase - short term | 6,445 | 9,962 |
FHLB advances | 325,000 | 100,000 |
Junior subordinated debt - long term | 9,781 | 9,731 |
Senior subordinated notes - long term | 85,531 | 85,297 |
Operating lease liabilities | 5,767 | 6,498 |
Other liabilities | 22,232 | 20,768 |
Total liabilities | 3,177,134 | 2,995,472 |
Commitments and contingencies (See Note 15) | ||
Stockholders' equity: | ||
Common stock, $0.01 par value. Authorized 45,000,000 shares; 24,680,097 and 24,574,619 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 246 | 245 |
Additional paid in capital | 312,722 | 311,127 |
Retained earnings | 107,285 | 99,397 |
Accumulated other comprehensive income (loss) | (25,850) | 1,112 |
Total stockholders' equity | 394,403 | 411,881 |
Total liabilities and stockholders' equity | $ 3,571,537 | $ 3,407,353 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Securities held to maturity fair value (in dollars) | $ 12,449 | $ 23,364 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 45,000,000 | 45,000,000 |
Common stock, shares issued | 24,680,097 | 24,574,619 |
Common stock, shares outstanding | 24,680,097 | 24,574,619 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and dividend income: | |||
Interest and fees on loans | $ 117,867 | $ 107,021 | $ 111,647 |
Interest and dividends on taxable securities | 5,552 | 3,977 | 4,244 |
Interest and dividends on tax exempt securities | 412 | 463 | 486 |
Interest and dividends on other earning assets | 2,243 | 1,782 | 1,402 |
Total interest and dividend income | 126,074 | 113,243 | 117,779 |
Interest expense: | |||
Interest on deposits | 13,281 | 13,112 | 20,332 |
Interest on other borrowings | 8,306 | 5,928 | 5,807 |
Total interest expense | 21,587 | 19,040 | 26,139 |
Net interest income | 104,487 | 94,203 | 91,640 |
Provision for (recovery of) for credit losses | 11,271 | (5,801) | 19,450 |
Net interest income after provision for (recovery of) credit losses | 93,216 | 100,004 | 72,190 |
Noninterest income: | |||
Account maintenance and deposit service fees | 5,745 | 7,309 | 6,520 |
Income from bank-owned life insurance | 1,994 | 1,687 | 1,559 |
Gain on debt extinguishment | 0 | 573 | |
Mortgage banking income | 5,054 | ||
Gain on sale of other investment | 4,144 | ||
Credit enhancement income | 3,042 | ||
Realized losses on sales of investment securities | (620) | ||
Other noninterest income | 1,349 | 1,566 | 7,203 |
Total noninterest income | 21,328 | 11,135 | 14,662 |
Noninterest expenses: | |||
Salaries and benefits | 49,005 | 36,741 | 36,675 |
Occupancy expenses | 5,628 | 5,956 | 6,142 |
Furniture and equipment expenses | 5,231 | 3,622 | 2,725 |
Amortization of intangible assets | 1,325 | 1,364 | 1,364 |
Virginia franchise tax expense | 3,254 | 2,899 | 2,457 |
Data processing expense | 6,013 | 3,850 | 3,178 |
Marketing expense | 3,067 | 1,726 | 1,770 |
Telephone and communication expense | 1,433 | 1,790 | 1,497 |
Net loss on other real estate owned | 72 | 87 | 960 |
Loss on bank premises and equipment | 684 | ||
Professional fees | 4,787 | 5,467 | 4,726 |
Credit enhancement costs | 1,369 | ||
Other operating expenses | 10,400 | 7,898 | 6,246 |
Total noninterest expenses | 92,268 | 71,400 | 67,740 |
Income from continuing operations before income taxes | 22,276 | 39,739 | 19,112 |
Income tax expense | 4,535 | 8,721 | 4,228 |
Income from continuing operations | 17,741 | 31,018 | 14,884 |
Income from discontinued operation before income taxes | 294 | 10,789 | |
Income tax expense | 64 | 2,386 | |
Income from discontinued operation | 230 | 8,403 | |
Net income | 17,741 | 31,248 | 23,287 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on available-for-sale securities | (34,129) | (3,193) | 2,789 |
Reclassification of loss on sales of investment securities | 620 | ||
Accretion of amounts previously recorded upon transfer to held-to-maturity from available-for-sale | 151 | 12 | |
Net unrealized gain (loss) | (34,129) | (3,042) | 3,421 |
Tax (benefit) expense | (7,167) | (669) | 719 |
Other comprehensive income (loss) | (26,962) | (2,373) | 2,702 |
Comprehensive income (loss) | $ (9,221) | $ 28,875 | $ 25,989 |
Earnings per share from continuing operations, basic (in dollars per share) | $ 0.72 | $ 1.27 | $ 0.61 |
Earnings per share from discontinued operation, basic (in dollars per share) | 0 | 0.01 | 0.35 |
Earnings per share from continuing operations, diluted (in dollars per share) | 0.72 | 1.26 | 0.61 |
Earnings per share from discontinued operation, diluted (in dollars per share) | $ 0 | $ 0.01 | $ 0.35 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock | Additional Paid-In Capital [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Total |
Balance at Dec. 31, 2019 | $ 241 | $ 306,755 | $ 69,462 | $ 783 | $ 377,241 | |||||||
Balance, shares at Dec. 31, 2019 | 24,181,534 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 23,287 | $ 23,287 | ||||||||||
Changes in other comprehensive loss on investment securities, net of tax | 2,702 | 2,702 | ||||||||||
Dividends on common stock | (9,737) | $ (9,737) | ||||||||||
Issuances of common stock | 93,250 | |||||||||||
Shares retired to unallocated | (8,672) | |||||||||||
Stock option exercises | 1 | 708 | $ 709 | |||||||||
Restricted stock granted | 102,500 | |||||||||||
Vesting of restricted stock | 1 | (1) | ||||||||||
Repurchase of restricted stock | (135) | $ (135) | ||||||||||
Stock-based compensation expense | 1,543 | 1,543 | ||||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2020 | $ (5,056) | $ (5,056) | ||||||||||
Balance at Dec. 31, 2020 | $ 241 | 243 | $ 306,755 | 308,870 | $ 64,406 | 77,956 | $ 783 | 3,485 | $ 372,185 | $ 390,554 | ||
Balance, shares, ending at Dec. 31, 2020 | 24,181,534 | 24,368,612 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 31,248 | $ 31,248 | ||||||||||
Changes in other comprehensive loss on investment securities, net of tax | (2,373) | (2,373) | ||||||||||
Dividends on common stock | (9,807) | $ (9,807) | ||||||||||
Issuances of common stock | 159,000 | |||||||||||
Shares retired to unallocated | (1,043) | |||||||||||
Stock option exercises | 2 | 1,524 | $ 1,526 | |||||||||
Restricted stock granted | 55,250 | |||||||||||
Restricted stock forfeited | (7,200) | |||||||||||
Repurchase of restricted stock | (14) | $ (14) | ||||||||||
Stock-based compensation expense | 747 | 747 | ||||||||||
Balance at Dec. 31, 2021 | 245 | 311,127 | 99,397 | 1,112 | $ 411,881 | |||||||
Balance, shares, ending at Dec. 31, 2021 | 24,574,619 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 17,741 | $ 17,741 | ||||||||||
Changes in other comprehensive loss on investment securities, net of tax | (26,962) | (26,962) | ||||||||||
Dividends on common stock | (9,853) | $ (9,853) | ||||||||||
Issuances of common stock | 60,000 | |||||||||||
Shares retired to unallocated | (780) | |||||||||||
Stock option exercises | 1 | 571 | $ 572 | |||||||||
Restricted stock granted | 1,500 | |||||||||||
Restricted stock forfeited | (2,400) | |||||||||||
Repurchase of restricted stock | (11) | $ (11) | ||||||||||
Stock-based compensation expense | 395 | 395 | ||||||||||
Shares issued in lieu of cash bonus | 640 | $ 640 | ||||||||||
Shares issued in lieu of cash bonus, shares | 47,158 | |||||||||||
Balance at Dec. 31, 2022 | $ 246 | $ 312,722 | $ 107,285 | $ (25,850) | $ 394,403 | |||||||
Balance, shares, ending at Dec. 31, 2022 | 24,680,097 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Stockholders Equity [Abstract] | |||
Tax on change in on investment securities | $ (7,167) | $ (669) | $ 719 |
Common stock dividends per share (in dollars per share) | $ 0.40 | $ 0.40 | $ 0.40 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | |||
Net income from continuing operations | $ 17,741,000 | $ 31,018,000 | $ 14,884,000 |
Adjustments to reconcile net income from continuing operations to net cash and cash equivalents provided by operating activities: | |||
Depreciation and amortization | 7,433,000 | 8,040,000 | 8,194,000 |
Net amortization (accretion) of premiums and discounts | 480,000 | (1,989,000) | (4,346,000) |
Provision for (recovery of) for credit losses | 11,271,000 | (5,801,000) | 19,450,000 |
Origination of loans held for sale | (175,613,000) | ||
Proceeds from sale of loans held for sale | 169,189,000 | ||
Net gains on mortgage banking | (5,054,000) | ||
Loss on bank premises and equipment | 684,000 | ||
Earnings on bank-owned life insurance | (1,542,000) | (1,681,000) | (1,559,000) |
Gain on bank-owned life insurance death benefit | (452,000) | (6,000) | |
Stock-based compensation expense | 395,000 | 747,000 | 1,543,000 |
Loss on sales of investment securities | 0 | 620,000 | |
Loss on other real estate owned | 72,000 | 87,000 | 960,000 |
Gain on debt extinguishment | 0 | (573,000) | |
Gain on sale of other investment | (4,144,000) | ||
Credit enhancement income | (3,042,000) | ||
Provision (benefit) for deferred income taxes | (2,214,000) | 6,054,000 | (1,411,000) |
Net increase in other assets | (1,462,000) | (588,000) | (11,942,000) |
Net increase (decrease) in other liabilities | (637,000) | (7,620,000) | 2,707,000 |
Net cash and cash equivalents provided by operating activities from continuing operations | 13,105,000 | 27,688,000 | 29,100,000 |
Investing activities: | |||
Proceeds from sales of securities held-to-maturity | 0 | 1,660,000 | |
Proceeds from sales of securities available-for-sale | 0 | 1,910,000 | |
Purchases of securities held-to-maturity | 0 | 0 | (15,197,000) |
Purchases of securities available-for-sale | (37,361,000) | (160,531,000) | (38,938,000) |
Proceeds from paydowns, maturities and calls of securities available-for-sale | 36,960,000 | 37,878,000 | 50,068,000 |
Proceeds from paydowns, maturities and calls of securities held-to-maturity | 9,338,000 | 17,652,000 | 44,738,000 |
Net (increase) decrease of FRB and FHLB stock | (10,294,000) | 1,406,000 | 905,000 |
Net (increase) decrease in loans | (613,791,000) | 109,375,000 | (251,000,000) |
Proceeds from bank-owned life insurance death benefit | 586,000 | 371,000 | |
Proceeds from sales of other real estate owned, net of improvements | 1,091,000 | 2,014,000 | 2,663,000 |
Purchases of bank premises and equipment | (1,012,000) | (2,456,000) | (1,082,000) |
Proceeds from sale of other investment | 3,606,000 | ||
Purchases of other investments | (2,080,000) | ||
Business acquisition, net of cash acquired | (4,554,000) | ||
Net cash and cash equivalents (used in) provided by investing activities from continuing operations | (617,511,000) | 5,709,000 | (204,273,000) |
Financing activities: | |||
Net (decrease) increase in deposits | (40,838,000) | 330,610,000 | 307,888,000 |
Cash dividends paid on common stock | (9,853,000) | (9,807,000) | (9,737,000) |
Proceeds from exercised stock options | 572,000 | 1,526,000 | 709,000 |
Repurchase of restricted stock | (11,000) | (14,000) | (135,000) |
Issuance of subordinated notes, net of cost | 0 | 58,600,000 | |
Extinguishment of senior subordinated notes | 0 | (20,000,000) | |
Repayment of FHLB advances, long-term | (100,000,000) | ||
Proceeds from short-term FHLB advances, net of repayments | 325,000,000 | ||
Repayment of short term borrowings acquired | (19,254,000) | (21,640,000) | |
Increase (decrease) in securities sold under agreements to repurchase | (3,518,000) | (6,103,000) | 3,182,000 |
Net cash and cash equivalents provided by financing activities from continuing operations | 152,098,000 | 296,212,000 | 338,867,000 |
Net change in cash and cash equivalents from continuing operations | (452,308,000) | 329,609,000 | 163,694,000 |
Cash flows provided from discontinued operation: | |||
Net cash and cash equivalents used in operating activities | 0 | (373,000) | (2,593,000) |
Net cash and cash equivalents provided by investing activities | 0 | 4,746,000 | 3,156,000 |
Net change in cash and cash equivalents from discontinued operation | 0 | 4,373,000 | 563,000 |
Net change in cash and cash equivalents | (452,308,000) | 333,982,000 | 164,257,000 |
Cash and cash equivalents at beginning of period | 530,167,000 | 196,185,000 | 31,928,000 |
Cash and cash equivalents at end of period | 77,859,000 | 530,167,000 | 196,185,000 |
Cash payments for: | |||
Interest | 20,190,000 | 20,234,000 | 27,988,000 |
Income taxes | 3,046,000 | 6,151,000 | 7,693,000 |
Supplemental schedule of noncash investing and financing activities: | |||
Bank premises transferred to held for sale | 3,667,000 | ||
Shares issued in lieu of cash bonus | 640,000 | ||
Proceeds from sale of other investment included in other assets | 538,000 | ||
Proceeds from bank-owned life insurance death benefit included in other assets | 931,000 | ||
Transfer from loans to other real estate owned | 0 | 186,000 | $ 477,000 |
Notes receivable from discontinued operation, included in loans | 0 | $ 8,500,000 | |
Fair value of tangible assets acquired | 21,947,000 | ||
Other intangible assets acquired | 2,790,000 | ||
Fair value of liabilities assumed | (20,183,000) | ||
Total merger consideration, net of $2,446 of cash acquired | $ 4,554,000 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands | Dec. 31, 2022 USD ($) |
Statement of Cash Flows [Abstract] | |
Cash and due from banks | $ 2,446 |
ORGANIZATION AND SIGNIFICANT AC
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Primis Financial Corp. (“Primis,” “we,” “us,” “our” or the “Company”) is the bank holding company for Primis Bank (“Primis Bank” or the “Bank”), a Virginia state-chartered bank which commenced operations on April 14, 2005. Primis Bank provides a range of financial services to individuals and small and medium-sized businesses. At December 31, 2022, Primis Bank had thirty-two full-service branches in Virginia and Maryland and also provided services to customers through certain online and mobile applications. Thirty full-service retail branches are in Virginia and two full-service retail branches are in Maryland. The Company is headquartered in McLean, Virginia and has administrative offices in Tysons Corner, Virginia and Glen Allen, Virginia and an operations center in Atlee, Virginia. In 2022, Primis successfully launched its new digital bank platform that includes an all-new mobile banking application that provides quick and seamless banking experience all from within the app. Also in the fourth quarter of 2021, Primis launched its new V1BE service, a bank delivery app for on-demand ordering of branch services. V1BE brings in-branch banking services right to the customer’s doorstep, including cash delivery/withdrawals, cash pick-up/deposits, check deposits, change orders, cashier checks, and the instant issue of replacement debit cards. In 2021, V1BE was piloted in the Richmond market but now covers the majority of our footprint including the greater Washington, D.C. region. With V1BE, Primis is able to support any market and grow customer relationships without the need for a large branch presence. The accounting policies and practices of Primis and its subsidiaries conform to U.S. generally accepted accounting principles (“U.S. GAAP”) and to general practice within the banking industry. Major policies and practices are described below: Principles of Consolidation The consolidated financial statements include the accounts of Primis and its subsidiaries Primis Bank and EVB Statutory Trust I (the “Trust”). Significant inter-company accounts and transactions have been eliminated in consolidation. Primis consolidates subsidiaries in which it holds, directly or indirectly, more than 50 percent of the voting rights or where it exercises control. Entities where Primis holds 20 to 50 percent of the voting rights, or has the ability to exercise significant influence, or both, are accounted for under the equity method. Primis owns the Trust which is an unconsolidated subsidiary and the junior subordinated debt owed to the Trust is reported as a liability of Primis. We determine whether we have a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”) under accounting principles generally accepted in the United States. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. We consolidate voting interest entities in which we have all, or at least a majority of, the voting interest. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. The Company has investments in VIE’s for which we are not the primary beneficiary and, as such, their accounts are not included in our consolidated financial statements. On April 28, 2022, Primis Bank entered into a definitive agreement to acquire 100% of the issued and outstanding capital stock of SeaTrust Mortgage Company (“SeaTrust”), a North Carolina corporation. On May 31, 2022, Primis Bank completed the acquisition (the “Acquisition”) of 100% of the outstanding capital stock of SeaTrust from Community First Bank, Inc. (the “Seller”) pursuant to the Stock Purchase Agreement, dated as of April 28, 2022 (the “Purchase Agreement”) by and among the Bank, Seller, and SeaTrust. As a result, SeaTrust became a wholly owned subsidiary of Primis Bank on May 31, 2022. Following the closing of the Acquisition, on June 1, 2022, the Bank changed the name of SeaTrust to Primis Mortgage Company (“Primis Mortgage”). At the time of acquisition, Primis Mortgage originated mortgages primarily in North and South Carolina, Florida and Tennessee from eight offices but has since expanded its ability to originate mortgages to the majority of the U.S. Pursuant to the Purchase Agreement, the Bank paid an aggregate purchase price of $7.0 million in cash to Seller at closing and assumed $19.3 million of SeaTrust’s indebtedness under certain warehouse lending facilities. Discontinued Operation Primis Bank had an interest in one mortgage company, Southern Trust Mortgage, LLC (“STM”). Prior to December 31, 2021, Primis Bank owned 43.28% and 100% of STM’s common and preferred stock, respectively, and STM was considered an unconsolidated affiliate of the Company. On September 23, 2021, Primis Bank entered into an agreement with STM, whereby STM agreed to purchase all of the Bank's common membership interests and a portion of the Bank's preferred interests in STM for a combination of $1.6 million in cash and the assumption of a promissory note in the amount of $8.5 million. The transaction closed on December 31, 2021. Upon closing, STM continued to be a borrower of the Bank, but the Bank is no longer a minority owner of STM and STM is no longer considered an affiliate of the Company. The Company still holds 100% of STM’s preferred stock at December 31, 2022 but no longer has a position on STM’s board of directors and STM no longer represents a reportable operating segment of the Company. Operating Segments The Company, through its Bank subsidiary, provides a broad range of financial services. While the Company’s chief operating decision makers monitor the revenue streams of the various financial products and services, operations are managed and financial performance is evaluated on an organization-wide basis. Management has determined that the Company has two reportable operating segments: Primis Mortgage and Primis Bank, as discussed in Note 18 – Segment Information. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Estimates that are particularly susceptible to change in the near term include: the determination of the allowance for credit losses, fair value of investment securities, credit impairment of investment securities, mortgage banking derivatives, credit enhancement, valuation of goodwill and deferred tax assets. Investment Securities Securities Available-for-Sale and Held-to Maturity Debt securities that Primis has the positive intent and ability to hold to maturity are classified as held-to-maturity and carried at amortized cost. Securities classified as available-for-sale are those debt securities that may be sold in response to changes in interest rates, liquidity needs or other similar factors. Securities available-for-sale are carried at fair value, with unrealized gains or losses net of deferred taxes, included in accumulated other comprehensive income (loss) in stockholders’ equity. Premiums and discounts are generally amortized using the interest method with a constant effective yield without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable securities are amortized to their earliest call date. Gains and losses on the sale of investment securities are recorded on the settlement date and are determined using the specific identification method. Primis purchases amortizing investment securities. The actual principal reduction on these assets varies from the expected contractual principal reduction due to principal prepayments resulting from the borrowers’ election to refinance the underlying mortgage based on market and other conditions. The purchased premiums and discounts associated with these assets are amortized or accreted to interest income over the estimated life of the related assets. The estimated life is calculated by projecting future prepayments and the resulting principal cash flows until maturity. Prepayment rate projections utilize actual prepayment speed experience and available market information on like-kind instruments. The prepayment rates form the basis for income recognition of premiums and discounts on the related assets. Changes in prepayment estimates may cause the earnings recognized on these assets to vary over the term that the assets are held, creating volatility in the net interest margin. Prepayment rate assumptions are monitored and updated monthly to reflect actual activity and the most recent market projections. Non-marketable Equity Securities Primis’ investment in STM’s preferred stock and other investments are considered to be non-marketable equity securities that do not have a readily determinable fair value. Equity securities with no recurring market value data available are reviewed periodically and any observable market value change is adjusted through net income. Primis evaluates these non-marketable equity securities for impairment and recoverability of the recorded investment by considering positive and negative evidence, including the profitability and asset quality, dividend payment history and recent redemption experience. Impairment is assessed at each reporting period and if identified, is recognized in noninterest income. Other investments include stock acquired for regulatory purposes. The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. The Bank is also required to own FRB stock with a par value equal to 6% of capital and FHLB stock of 4.25% of borrowings outstanding. FHLB and FRB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of the par value. Both cash and stock dividends are reported as income. Loans Held for Sale Loans held for sale are originated and held until sold to permanent investors. The Company has elected to carry these loans at fair value on a recurring basis in accordance with the fair value option under FASB ASC 825, Financial Instruments Loans Primis purchases mortgage loans from mortgage loans originators, including the Bank’s wholly-owned subsidiary Primis Mortgage Company. Primis also provides commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by loans secured by real estate throughout its market area. The ability of Primis’ debtors to honor their contracts is in varying degrees dependent upon the real estate market conditions and general economic conditions in this area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding unpaid principal balances, purchased premiums and discounts and any deferred loan fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method without anticipating prepayments. Commercial real estate consists of borrowings secured by owner occupied and non-owner occupied commercial real estate. Repayment of these loans is dependent upon rental income or the subsequent sale of the property for loans secured by non-owner occupied commercial real estate and by cash flows from business operations for owner occupied commercial real estate. Loans for which the source of repayment is rental income are primarily impacted by local economic conditions which dictate occupancy rates and the amount of rent charged. Commercial real estate loans that are dependent on cash flows from operations can also be adversely affected by current market conditions for their product or service. Construction and land development primarily consist of borrowings to purchase and develop raw land into residential and non-residential properties. Construction loans are extended to individuals as well as corporations for the construction of an individual or multiple properties and are secured by raw land and the subsequent improvements. Repayment of the loans to real estate developers is dependent upon the sale or lease of properties to third parties in a timely fashion upon completion. Should there be delays in construction or a downturn in the market for those properties, there may be significant erosion in value which may be absorbed by Primis. Commercial loans consist of borrowings for commercial purposes to individuals, corporations, partnerships, sole proprietorships, and other business enterprises. Commercial loans are generally secured by business assets such as equipment, accounts receivable, inventory, or any other asset excluding real estate and generally made to finance capital expenditures or operations. Primis’ risk exposure is related to deterioration in the value of collateral securing the loan should foreclosure become necessary. Generally, business assets used or produced in operations do not maintain their value upon foreclosure which may require Primis to write-down the value significantly to sell. Commercial loans also include Life Premium Finance loans. These loans are utilized to pay the annual premiums due on the whole or universal life policy. The Life Premium Finance loans are fully secured by the cash value of the policy and personal liquid assets of the borrower or guarantor. Residential real estate loans consist of loans to individuals for the purchase of primary residences with repayment primarily through wage or other income sources of the individual borrower. Primis’ loss exposure to these loans is dependent on local market conditions for residential properties as loan amounts are determined, in part, by the fair value of the property at origination. Other consumer loans are comprised of loans to individuals both unsecured and secured and home equity loans secured by real estate (closed and open-end), with repayment dependent on individual wages and other income. Other consumer loans also include Life Premium Finance loans and Panacea consumer loans comprising of student loan refinancing and pro re nata (“PRN’) loans. PRN loans may be utilized by graduating doctors to fund costs as they move into their chosen professions. The risk of loss on consumer loans is elevated as the collateral securing these loans, if any, may rapidly depreciate in value or may be worthless and/or difficult to locate if repossession is necessary. Losses in this portfolio are generally relatively low, however, due to the small individual loan size and the balance outstanding as a percentage of Primis’ entire portfolio. The accrual of interest on all loans is discontinued at the time the loan is 90 days delinquent unless the credit is well secured and in process of collection. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal and interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual status or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Most of Primis’ business activity is with customers located within Virginia and Maryland. Therefore, our exposure to credit risk is significantly affected by changes in the economy in those areas. We are not dependent on any single customer or group of customers whose insolvency would have a material adverse effect on operations. Primis has purchased, primarily through acquisitions, individual loans and groups of loans, some of which have shown evidence of credit deterioration since origination. These purchased loans are recorded at fair value such that there is no carryover of the seller’s allowance for credit losses. We adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments date, the initial allowance for credit losses determined on a collective basis shall be allocated to individual assets to appropriately allocate any non-credit discount or premium. The non-credit discount or premium, after the adjustment for the allowance for credit losses, shall be accreted to interest income using the interest method based on the effective interest rate determined after the adjustment for credit losses at the adoption date. A purchased financial asset that does not qualify as a PCD asset is accounted for similar to an originated financial asset. Generally, this means that an entity recognizes the allowance for credit losses for non-PCD assets through net income at the time of acquisition. In addition, both the credit discount and non-credit discount or premium resulting from acquiring a pool of purchased financial assets that do not qualify as PCD assets shall be allocated to each individual asset. This combined discount or premium shall be accreted to interest income using the effective yield method. Allowance for Credit Losses Allowance For Credit Losses - Held-to-Maturity Securities Allowance For Credit Losses - Available-for-Sale Securities For available-for-sale securities in an unrealized loss position, we first assess whether (i) we intend to sell or (ii) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either case is affirmative, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither case is affirmative, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Adjustments to the allowance are reported in our income statement as a component of credit loss expense. Management has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Available-for-sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by management or when either of the aforementioned criteria regarding intent or requirement to sell is met. Allowance for Credit Losses – Loans The allowance for credit losses on loans is a contra-asset valuation account, calculated in accordance with ASC 326, which is deducted from the amortized cost basis of loans to present management's best estimate of the net amount expected to be collected. Loans are charged-off against the allowance when deemed uncollectible by management. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Adjustments to the allowance are reported in our income statement as a component of credit loss expense. Management has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses. Further information regarding our policies and methodology used to estimate the allowance for credit losses on loans is presented in Note 4 – Loans and Allowance. Allowance For Credit Losses - Off-Balance-Sheet Credit Exposures The allowance for credit losses on off-balance-sheet credit exposures is a liability account, calculated in accordance with ASC 326, representing expected credit losses over the contractual period for which we are exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if we have the unconditional right to cancel the obligation. The allowance is reported as a component of other liabilities in our consolidated balance sheets. Adjustments to the allowance are reported in our income statement as a component of other expenses. Further information regarding our policies and methodology used to estimate the allowance for credit losses on off-balance-sheet credit exposures is presented in Note 15 – Financial Instruments with Off-Balance-Sheet Risks. Third Party Loan Originations Primis Bank entered into a Loan Origination Agreement with a third party on July 7, 2021 under which the third party will source and service certain loans to be originated by Primis. The Bank will periodically remit payment to third party for the funding of program loans deemed originated and allocated to the Bank. The Bank will retain all interest on each originated loan such that the Bank achieves a margin equal to the lower bound of the Federal Funds Rate plus 5.00% per annum. This rate is periodically adjusted on the last day of each calendar quarter. All interest received above this amount will be paid to the third party to cover the finder’s fee, servicing cost and credit enhancement. The third party will establish and maintain at the Bank a waterfall reserve account (“the Reserve Account”) to serve as collateral for balances owed to Primis under the program. Interest Income: Fees: ● Loan originations: No deferral is necessary as the fee is not paid at the inception of the loan, but is paid over time. Consistent with other loan origination costs, the expense is recognized through loan interest income. ● Credit enhancement: Credit enhancement is purchased on a standalone basis and the cost of the instrument is recognized over the life of the loan as noninterest expense. ● Servicing costs: Costs paid to the third party to service loans that are held for investment are charged as noninterest expenses as they are incurred. Allowance for Credit Losses: With respect to recoveries received from the third party under the credit enhancement, the Bank recognizes a recovery asset through noninterest income and at the same time the Bank recognizes expected credit losses, using assumptions consistent with the loss estimate and giving additional consideration to the third party’s ability and willingness to absorb credit losses and to continue to fund the Reserve Account. As recoveries are received from the third party, the recovery receivable is reduced. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from Primis, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and Primis does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. If the transfer does not satisfy the aforementioned control criteria, the transaction is recorded as a secured borrowing with the transferred loans remaining on the Company’s consolidated balance sheet and proceeds recognized as a liability. Bank Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives of 30 years. Leasehold improvements are amortized on the straight-line method over the shorter of the estimated useful lives of the improvements or the terms of the related leases including lease renewals only when the Company is reasonably assured of the aggregate term of the lease. Furniture, fixtures, equipment and software are depreciated using the straight-line method with useful lives ranging from 3 to 10 years. Assets Held for Sale The Company classifies its assets as held for sale in accordance with FASB ASC 360, Property, Plant, and Equipment The Company assesses the net fair value of assets held for sale each reporting period the assets remain classified as held for sale. Subsequent changes, if any, in the net fair value of the assets held for sale that require an adjustment to the carrying amount are recorded in the condensed consolidated statements of income, unless the adjustment causes the carrying amount of the assets to exceed the net carrying amount upon initial classification as held for sale. If circumstances arise that the Company previously considered unlikely and, as a result, the Company decides not to sell assets previously classified as held for sale, they are reclassified to another classification. Assets that are reclassified are measured at the lower of (a) their carrying amount before they were classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the assets remained in their previous classification, or (b) their fair value at the date of the subsequent decision not to sell. Operating Leases The Company leases certain properties and equipment under operating leases. The Company recognizes a liability to make lease payments, the operating lease liability, and an asset representing the right to use the underlying asset during the lease term, the right-of-use asset. In recognizing lease right-of-use assets and related right-of-use liabilities, we account for lease and non-lease components (such as taxes, insurance, and common area maintenance costs) separately as such amounts are generally readily determinable under our lease contracts. The operating lease liability is measured at the present value of the remaining lease payments, discounted at the Company’s incremental borrowing rate at inception. The right-of-use asset is measured at the amount of the operating lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset. Lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis, variable lease payments not included in the operating lease liability, and any impairment of the right-of-use asset. Lease renewal options are generally not included in the calculation of the operating lease liabilities, unless they are not reasonably certain to be exercised. The Company does not recognize short-term leases on the balance sheet. Goodwill and Intangible Assets The Company follows ASC 350, Goodwill and Other Intangible Assets determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but evaluated for impairment on an annual basis or more frequently if events or circumstances warrant. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our consolidated balance sheet. The Company performs the analysis annually on September 30 of each year at the reporting unit level whereby the Company compares the estimated fair value of the reporting unit to its carrying value. In the second quarter of 2022, the Company added a second reporting unit with the acquisition of Primis Mortgage. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is not considered impaired. The Company engaged a third-party valuation specialist to assist management in performing its annual goodwill impairment analysis on our Bank reporting unit. The Company also performed a qualitative analysis on our Primis Mortgage reporting unit as of December 31, 2022. To determine the fair value of the Bank reporting unit, the Company utilizes a combination of three or four valuation approaches: the comparable transactions approach, the control premium approach, the public market peers control premium approach, and the discounted cash flow approach. The comparable transactions approach is based on pricing ratios recently paid in the sale or merger of comparable banking franchises; the control premium approach is based on the Company’s trading price, adjusted for holding company assets and an industry based control premium; the public market peers control premium approach is based on market pricing ratios of public banking companies adjusted for an industry based control premium; and the discounted cash flow approach considers the earnings and cash flows that a hypothetical acquirer could realize in an acquisition of the Bank reporting unit. Assumptions that are used as part of these calculations include: the selection of comparable publicly-traded companies and selection of market comparable acquisition transactions. In addition, other assumptions include the discount rate, economic conditions, which impact the assumptions related to interest and growth rates, the control premium associated with the reporting unit and a relative weight given to the valuations derived by the valuation methods. Other intangible assets consist of core deposit intangible assets arising from whole-bank and branch acquisitions and other intangibles from Primis Mortgage acquisition and are amortized over their estimated useful lives, which range from 6 to 15 years. Stock-Based Compensation Compensation cost is recognized for stock options issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes option-pricing model is utilized to estimate the fair value of stock options. Compensation cost for grants of restricted shares is accounted for based on the closing price of Primis’ common stock on the date the restricted shares are awarded. Compensation cost for stock options and restricted shares is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Compensation cost for restricted stock unit awards that contain performance conditions is measured based on the grant date fair value of the units, adjusted for the Company’s best estimate of the outcome of vesting conditions at the end of the performance period. Bank-Owned Life Insurance Primis has purchased, and acquired through acquisitions, life insurance policies on certain former and current key executives. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balanc |
BUSINESS COMBINATION
BUSINESS COMBINATION | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination [Abstract] | |
BUSINESS COMBINATION | 2. BUSINESS COMBINATION On April 28, 2022, Primis Bank entered into a definitive agreement to acquire 100% of the issued and outstanding capital stock of SeaTrust. On May 31, 2022, Primis Bank completed the acquisition of 100% of the outstanding capital stock of SeaTrust from the Seller, pursuant to the Purchase Agreement. As a result, SeaTrust became a wholly owned subsidiary of Primis Bank on May 31, 2022. Pursuant to the Purchase Agreement, the Bank paid an aggregate purchase price of $7.0 million in cash to Seller at closing and assumed $19.3 million of SeaTrust’s indebtedness under certain warehouse lending facilities. Following the closing of the Acquisition, on June 1, 2022, the Bank changed the name of SeaTrust to Primis Mortgage Company. In connection with the acquisition, the following table details the consideration paid, the initial estimated fair value of identifiable assets acquired and liabilities assumed as of the date of the acquisition, the subsequent adjustments to estimates, the final valuation of the fair value of identifiable assets acquired and liabilities assumed as of the date of the acquisition, and the resulting goodwill recorded (in thousands): Original Adjustments Final (dollars in thousands) Estimates to Estimates Valuation Consideration paid: Cash $ 7,000 $ — $ 7,000 Value of consideration $ 7,000 $ — $ 7,000 Assets acquired: Cash and due from banks $ 2,446 $ — $ 2,446 Mortgage loans held for sale 20,452 — 20,452 Premises and equipment, net 124 — 124 Leases right-of-use asset 28 — 28 Derivative assets 1,224 — 1,224 Other intangibles — 135 135 Deferred tax asset, net 26 — 26 Other assets 93 — 93 Total assets 24,393 135 24,528 Liabilities assumed: Short term borrowings 19,254 — 19,254 Leases liability 27 — 27 Other liabilities 902 — 902 Total liabilities 20,183 — 20,183 Net identifiable assets acquired $ 4,210 $ 135 $ 4,345 Goodwill resulting from acquisition $ 2,655 The table below illustrates the unaudited pro forma revenue and net income of the combined entities had the acquisition taken place on January 1, 2020. The unaudited combined pro forma revenue and net income combines the historical results of SeaTrust with the Company's consolidated statements of operations for the periods listed below and, while no material adjustments were made for the estimated effect of certain fair value adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition actually taken place on January 1, 2020. The pro forma financial information does not include the impact of possible business model changes, nor does it consider any potential impacts of current market conditions or revenues, expense efficiencies or other factors. For the Year Ended December 31, (dollars in thousands) 2022 2021 2020 Total revenues $ 152,370 $ 134,684 $ 137,204 Net income $ 17,787 $ 31,829 $ 23,636 Included in the Company’s consolidated statements of income for the twelve months ended December 31, 2022 is $5.1 million of mortgage banking income related to Primis Mortgage since its acquisition on May 31, 2022. The Company incurred merger expenses of $0.4 million for the year ended December 31, 2022 related to the acquisition. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | 3. INVESTMENT SECURITIES The amortized cost and fair value of available-for-sale investment securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows (in thousands): Amortized Gross Unrealized Fair Cost Gains Losses Value December 31, 2022 Residential government-sponsored mortgage-backed securities $ 119,371 $ 1 $ (16,491) $ 102,881 Obligations of states and political subdivisions 34,103 2 (4,927) 29,178 Corporate securities 16,000 — (1,172) 14,828 Collateralized loan obligations 5,022 — (146) 4,876 Residential government-sponsored collateralized mortgage obligations 28,643 — (2,048) 26,595 Government-sponsored agency securities 17,719 — (3,103) 14,616 Agency commercial mortgage-backed securities 42,180 — (4,763) 37,417 SBA pool securities 5,998 13 (87) 5,924 Total $ 269,036 $ 16 $ (32,737) $ 236,315 Amortized Gross Unrealized Fair Cost Gains Losses Value December 31, 2021 Residential government-sponsored mortgage-backed securities $ 122,506 $ 740 $ (636) $ 122,610 Obligations of states and political subdivisions 30,728 755 (252) 31,231 Corporate securities 13,000 685 — 13,685 Collateralized loan obligations 5,026 — (16) 5,010 Residential government-sponsored collateralized mortgage obligations 19,671 297 (161) 19,807 Government-sponsored agency securities 17,671 32 (215) 17,488 Agency commercial mortgage-backed securities 52,452 513 (298) 52,667 SBA pool securities 8,870 48 (84) 8,834 Total $ 269,924 $ 3,070 $ (1,662) $ 271,332 The amortized cost, gross unrecognized gains and losses, allowance for credit losses and fair value of investment securities held-to-maturity were as follows (in thousands): Amortized Gross Unrecognized Allowance for Fair Cost Gains Losses Credit Losses Value December 31, 2022 Residential government-sponsored mortgage-backed securities $ 10,522 $ — $ (1,007) $ — $ 9,515 Obligations of states and political subdivisions 2,721 3 (46) — 2,678 Residential government-sponsored collateralized mortgage obligations 277 — (21) — 256 Total $ 13,520 $ 3 $ (1,074) $ — $ 12,449 Amortized Gross Unrecognized Allowance for Fair Cost Gains Losses Credit Losses Value December 31, 2021 Residential government-sponsored mortgage-backed securities $ 13,616 $ 296 $ (1) $ — $ 13,911 Obligations of states and political subdivisions 3,805 93 — — 3,898 Residential government-sponsored collateralized mortgage obligations 519 13 — — 532 Government-sponsored agency securities 5,000 23 — — 5,023 Total $ 22,940 $ 425 $ (1) $ — $ 23,364 During 2022, 2021 and 2020, $37.4 million, $160.5 million and $38.9 million, respectively, of available-for-sale investment securities were purchased. No held-to-maturity investments were purchased in 2022 and 2021. During 2020, $15.2 million of held-to-maturity investments were purchased. No investment securities were sold during 2022 and 2021. During 2020, $1.9 million and $1.7 million, respectively, of available-for-sale investment securities and held-to-maturity investment securities were sold. Realized losses on sales of investment securities of $620 thousand were recorded for the year ended December 31, 2020. The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of December 31, 2022, by contractual maturity were as follows (in thousands). Investment securities not due at a single maturity date are shown separately. Available-for-Sale Held-to-Maturity Amortized Amortized Cost Fair Value Cost Fair Value Due within one year $ 1,500 $ 1,484 $ — — Due in one to five years 10,018 9,100 867 865 Due in five to ten years 29,200 25,909 1,519 1,477 Due after ten years 32,126 27,005 335 336 Residential government-sponsored mortgage-backed securities 119,371 102,881 10,522 9,515 Residential government-sponsored collateralized mortgage obligations 28,643 26,595 277 256 Agency commercial mortgage-backed securities 42,180 37,417 — — SBA pool securities 5,998 5,924 — — Total $ 269,036 $ 236,315 $ 13,520 $ 12,449 Investment securities with a carrying amount of approximately $99.4 million and $180.7 million at December 31, 2022 and 2021, respectively, were pledged to secure public deposits, certain other deposits, a line of credit for advances from the FHLB of Atlanta, and repurchase agreements. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. With regard to U.S. Treasury and residential mortgage-backed securities issued by the U.S. government, or agencies thereof, it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. government. Accordingly, no allowance for credit losses has been recorded for these securities. With regard to securities issued by States and political subdivisions and other held-to-maturity securities, management considers (i) issuer bond ratings, (ii) historical loss rates for given bond ratings, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities and (iv) internal forecasts. As of December 31, 2022, Primis did not have any allowance for credit losses on held-to-maturity securities. The unrealized losses related to investment securities available-for-sale identified as of December 31, 2022 or 2021, relate to changes in interest rates relative to when the investment securities were purchased, and do not indicate credit-related impairment. Primis performs quantitative analysis and if needed, a qualitative analysis in this determination. As a result, none of the securities were deemed to require an allowance for credit losses. Primis has the ability and intent to retain these securities for a period of time sufficient to recover all unrealized losses. The following tables present information regarding investment securities available-for-sale and held-to-maturity in a continuous unrealized loss position as of December 31, 2022 and 2021 by duration of time in a loss position (in thousands): Less than 12 months 12 Months or More Total December 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-Sale value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 23,484 $ (2,268) $ 79,283 $ (14,223) $ 102,767 $ (16,491) Obligations of states and political subdivisions 10,026 (388) 17,609 (4,539) 27,635 (4,927) Corporate securities 14,828 (1,172) — — 14,828 (1,172) Collateralized loan obligations — — 4,876 (146) 4,876 (146) Residential government-sponsored collateralized mortgage obligations 22,343 (1,375) 4,252 (673) 26,595 (2,048) Government-sponsored agency securities 1,484 (16) 13,132 (3,087) 14,616 (3,103) Agency commercial mortgage-backed securities 13,031 (371) 24,386 (4,392) 37,417 (4,763) SBA pool securities 529 (38) 3,243 (49) 3,772 (87) Total $ 85,725 $ (5,628) $ 146,781 $ (27,109) $ 232,506 $ (32,737) Less than 12 months 12 Months or More Total December 31, 2022 Fair Unrecognized Fair Unrecognized Fair Unrecognized Held-to-Maturity value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 9,457 $ (1,002) $ 58 $ (5) $ 9,515 $ (1,007) Obligations of states and political subdivisions 1,255 (46) — — 1,255 (46) Residential government-sponsored collateralized mortgage obligations 75 (4) 181 (17) 256 (21) Total $ 10,787 $ (1,052) $ 239 $ (22) $ 11,026 $ (1,074) Less than 12 months 12 Months or More Total December 31, 2021 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-Sale value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 84,123 $ (636) $ — $ — $ 84,123 $ (636) Obligations of states and political subdivisions 14,472 (252) — — 14,472 (252) Collateralized loan obligations 5,010 (16) — — 5,010 (16) Residential government-sponsored collateralized mortgage obligations 5,589 (161) — — 5,589 (161) Government-sponsored agency securities 15,956 (215) — — 15,956 (215) Agency commercial mortgage-backed securities 20,786 (194) 2,027 (104) 22,813 (298) SBA pool securities — — 4,544 (84) 4,544 (84) Total $ 145,936 $ (1,474) $ 6,571 $ (188) $ 152,507 $ (1,662) Less than 12 months 12 Months or More Total December 31, 2021 Fair Unrecognized Fair Unrecognized Fair Unrecognized Held-to-Maturity value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ — $ — $ 324 $ (1) $ 324 $ (1) Total $ — $ — $ 324 $ (1) $ 324 $ (1) Changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2022, 2021 and 2020 are shown in the tables below. All amounts are net of tax (in thousands). Unrealized Holding Gains (Losses) on Held-to-Maturity For the year ended December 31, 2022 Available-for-Sale Securities Total Beginning balance $ 1,112 $ — $ 1,112 Current period other comprehensive income (loss) (26,962) — (26,962) Ending balance $ (25,850) $ — $ (25,850) Unrealized Holding Gains on Held-to-Maturity For the year ended December 31, 2021 Available-for-Sale Securities Total Beginning balance $ 3,636 $ (151) $ 3,485 Current period other comprehensive income (loss) (2,524) 151 (2,373) Ending balance $ 1,112 $ — $ 1,112 Unrealized Holding Gains on Held-to-Maturity For the year ended December 31, 2020 Available-for-Sale Securities Total Beginning balance $ 943 $ (160) $ 783 Current period other comprehensive income (loss) 2,693 9 2,702 Ending balance $ 3,636 $ (151) $ 3,485 |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 12 Months Ended |
Dec. 31, 2022 | |
LOANS AND ALLOWANCE [Abstract] | |
LOANS AND ALLOWANCE | 4. LOANS AND ALLOWANCE FOR CREDIT LOSSES The following table summarizes the composition of our loan portfolio as of December 31, 2022 and 2021 (in thousands): December 31, 2022 December 31, 2021 Loans held for sale $ 27,626 $ — Loans held for investment Loans secured by real estate: Commercial real estate - owner occupied $ 459,866 $ 387,703 Commercial real estate - non-owner occupied 579,733 588,000 Secured by farmland 7,116 8,612 Construction and land development 148,690 121,444 Residential 1-4 family 609,694 547,560 Multi-family residential 140,321 164,071 Home equity lines of credit 65,152 73,846 Total real estate loans 2,010,572 1,891,236 Commercial loans 521,794 301,980 Paycheck Protection Program loans 4,564 77,319 Consumer loans 405,278 60,996 Total Non-PCD loans 2,942,208 2,331,531 PCD loans 6,628 8,455 Total loans held for investment $ 2,948,836 $ 2,339,986 The accounting policy related to the allowance for credit losses is considered a critical policy given the level of estimation, judgment, and uncertainty in the levels of the allowance required to account for the expected losses in the loan portfolio and the material effect such estimation, judgment, and uncertainty can have on the consolidated financial results. Accrued Interest Receivable Accrued interest receivable on loans totaled $13.8 million and $10.8 million at December 31, 2022 and 2021, respectively, and is included in other assets in the consolidated balance sheets. Nonaccrual and Past Due Loans Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on nonaccrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. In determining whether or not a borrower may be unable to meet payment obligations for each class of loans, we consider the borrower’s debt service capacity through the analysis of current financial information, if available, and/or current information with regards to our collateral position. Regulatory provisions would typically require the placement of a loan on nonaccrual status if (i) principal or interest has been in default for a period of 90 days or more unless the loan is both well secured and in the process of collection or (ii) full payment of principal and interest is not expected. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income on nonaccrual loans is recognized only to the extent that cash payments are received in excess of principal due. A loan may be returned to accrual status when all the principal and interest amounts contractually due are brought current and future principal and interest amounts contractually due are reasonably assured, which is typically evidenced by a sustained period (at least six months) of repayment performance by the borrower. The following tables present the aging of the recorded investment in past due loans by class of loans held for investment as of December 31, 2022 and 2021 (in thousands): 30 - 59 60 - 89 90 Days Days Days Total Loans Not Total December 31, 2022 Past Due Past Due or More Past Due Past Due Loans Commercial real estate - owner occupied $ 55 $ — $ — $ 55 $ 459,811 $ 459,866 Commercial real estate - non-owner occupied 290 169 19,641 20,100 559,633 579,733 Secured by farmland — — — — 7,116 7,116 Construction and land development 46 — — 46 148,644 148,690 Residential 1-4 family 2,180 410 304 2,894 606,800 609,694 Multi- family residential — — — — 140,321 140,321 Home equity lines of credit 431 96 249 776 64,376 65,152 Commercial loans 39 — 2,956 2,995 518,799 521,794 Paycheck Protection Program loans 16 15 3,360 3,391 1,173 4,564 Consumer loans 2,079 1,421 200 3,700 401,578 405,278 Total Non-PCD loans 5,136 2,111 26,710 33,957 2,908,251 2,942,208 PCD loans — — 1,328 1,328 5,300 6,628 Total $ 5,136 $ 2,111 $ 28,038 $ 35,285 $ 2,913,551 $ 2,948,836 30 - 59 60 - 89 90 Days Days Days Total Loans Not Total December 31, 2021 Past Due Past Due or More Past Due Past Due Loans Commercial real estate - owner occupied $ 194 $ 346 $ — $ 540 $ 387,163 $ 387,703 Commercial real estate - non-owner occupied — — — — 588,000 588,000 Secured by farmland 791 — — 791 7,821 8,612 Construction and land development 204 131 4,575 4,910 116,534 121,444 Residential 1-4 family 9,384 254 137 9,775 537,785 547,560 Multi- family residential — — — — 164,071 164,071 Home equity lines of credit 331 — 171 502 73,344 73,846 Commercial loans 387 — 1,246 1,633 300,347 301,980 Paycheck Protection Program loans 4,954 8,559 283 13,796 63,523 77,319 Consumer loans 193 130 2 325 60,671 60,996 Total Non-PCD loans 16,438 9,420 6,414 32,272 2,299,259 2,331,531 PCD loans 1,717 — — 1,717 6,738 8,455 Total $ 18,155 $ 9,420 $ 6,414 $ 33,989 $ 2,305,997 $ 2,339,986 The amortized cost, by class, of loans and leases on nonaccrual status at December 31, 2022 and 2021, were as follows (in thousands): 90 Less Than Total Nonaccrual With Days 90 Days Nonaccrual No Credit December 31, 2022 or More Past Due Loans (1) Loss Allowance (2) Commercial real estate - owner occupied $ — $ 509 $ 509 $ 509 Commercial real estate - non-owner occupied 19,641 — 19,641 19,641 Secured by farmland — 713 713 713 Construction and land development — 29 29 29 Residential 1-4 family 304 8,995 9,299 9,299 Home equity lines of credit 249 301 550 550 Commercial loans 2,956 121 3,077 121 Paycheck Protection Program loans — 4 4 4 Consumer loans 200 134 334 299 Total Non-PCD loans 23,350 10,806 34,156 31,165 PCD loans 1,328 — 1,328 1,328 Total $ 24,678 $ 10,806 $ 35,484 $ 32,493 90 Less Than Total Nonaccrual With Days 90 Days Nonaccrual No Credit December 31, 2021 or More Past Due Loans (1) Loss Allowance (2) Commercial real estate - owner occupied $ — $ 842 $ 842 $ 842 Secured by farmland — 836 836 836 Construction and land development 4,575 34 4,609 4,609 Residential 1-4 family 137 411 548 548 Multi- family residential — 4,301 4,301 4,301 Home equity lines of credit 171 253 424 424 Commercial loans 1,246 476 1,722 745 Consumer loans 2 16 18 10 Total Non-PCD loans 6,131 7,169 13,300 12,315 PCD loans — 1,729 1,729 — Total $ 6,131 $ 8,898 $ 15,029 $ 12,315 (1) Nonaccrual loans include SBA guaranteed amounts totaling $0.6 million and $1.1 million at December 31, 2022 and 2021, respectively. (2) Nonaccrual loans with no credit loss allowance include SBA guaranteed amounts totaling $0.6 million and $1.1 million at December 31, 2022 and 2021, respectively. There were $3.4 million and $0.3 million of Paycheck Protection Program (“PPP”) loans greater than 90 days past due and still accruing at December 31, 2022 and 2021, respectively. The following table presents nonaccrual loans as of December 31, 2022 by class and year of origination (in thousands): Revolving Loans Revolving Converted 2022 2021 2020 2019 2018 Prior Loans To Term Total Commercial real estate - owner occupied $ — $ — $ — $ — $ — $ 509 $ — $ — $ 509 Commercial real estate - non-owner occupied — — — 13,066 6,575 — — 19,641 Secured by farmland — — — 6 — 707 — — 713 Construction and land development — — — — — 29 — — 29 Residential 1-4 family 285 — — 8,099 — 672 — 243 9,299 Multi- family residential — — — — — — — — — Home equity lines of credit — — — — — 53 476 21 550 Commercial loans — — 5 — — 1,482 1,590 — 3,077 Paycheck Protection Program loans — 4 — — — — — — 4 Consumer loans 46 288 — — — — — — 334 Total non-PCD nonaccruals 331 292 5 8,105 13,066 10,027 2,066 264 34,156 PCD loans — — — — — 1,328 — — 1,328 Total nonaccrual loans $ 331 $ 292 $ 5 $ 8,105 $ 13,066 $ 11,355 $ 2,066 $ 264 $ 35,484 Interest received on nonaccrual loans was $1.2 million and $0.5 million for the years ended December 31, 2022 and 2021, respectively. Troubled Debt Restructurings A modification is classified as a TDR if both of the following exist: (1) the borrower is experiencing financial difficulty and (2) the Bank has granted a concession to the borrower. The Bank determines that a borrower may be experiencing financial difficulty if the borrower is currently delinquent on any of its debt, or if the Bank is concerned that the borrower may not be able to perform in accordance with the current terms of the loan agreement in the foreseeable future. Many aspects of the borrower’s financial situation are assessed when determining whether they are experiencing financial difficulty, particularly as it relates to commercial borrowers due to the complex nature of the loan structure, business/industry risk and borrower/guarantor structures. Concessions may include the reduction of an interest rate at a rate lower than current market rates for a new loan with similar risk, extension of the maturity date, reduction of accrued interest, or principal forgiveness. When evaluating whether a concession has been granted, the Bank also considers whether the borrower has provided additional collateral or guarantors and whether such additions adequately compensate the Bank for the restructured terms, or if the revised terms are consistent with those currently being offered to new loan customers. The assessments of whether a borrower is experiencing (or is likely to experience) financial difficulty and whether a concession has been granted is subjective in nature and management’s judgment is required when determining whether a modification is a TDR. Although each occurrence is unique to the borrower and is evaluated separately, for all portfolio segments, TDRs are typically modified through reduction in interest rates, reductions in payments, changing the payment terms from principal and interest to interest only, and/or extensions in term maturity. For the year ended December 31, 2022, there were eighteen TDR loans outstanding in the amount of $3.6 million primarily due to the economic impact of COVID-19 on certain of the Bank’s borrowers. There have been no defaults of TDRs modified during the past twelve months. Credit Quality Indicators Through its system of internal controls, Primis evaluates and segments loan portfolio credit quality using regulatory definitions for Special Mention, Substandard and Doubtful. Special Mention loans are considered to be criticized. Substandard and Doubtful loans are considered to be classified. Special Mention loans are loans that have a potential weakness that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position. Substandard loans may be inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful loans have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Primis had no loans classified Doubtful at December 31, 2022 or 2021. In monitoring credit quality trends in the context of assessing the appropriate level of the allowance for credit losses on loans, we monitor portfolio credit quality by the weighted-average risk grade of each class of loan. The following table presents weighted-average risk grades for all loans, by class and year of origination/renewal as of December 31, 2022 (in thousands): Revolving Loans Revolving Converted 2022 2021 2020 2019 2018 Prior Loans To Term Total Commercial real estate - owner occupied Pass $ 116,545 $ 58,202 $ 19,178 $ 21,985 $ 27,397 $ 202,484 $ 3,389 $ 6,740 $ 455,920 Special Mention — — — — — 988 — — 988 Substandard — — — — — 2,958 — — 2,958 Doubtful — — — — — — — — — $ 116,545 $ 58,202 $ 19,178 $ 21,985 $ 27,397 $ 206,430 $ 3,389 $ 6,740 $ 459,866 Weighted average risk grade 3.25 3.45 3.38 3.27 3.43 3.50 3.52 3.96 3.42 Commercial real estate - nonowner occupied Pass $ 28,128 $ 126,291 $ 44,696 $ 41,631 $ 55,702 $ 228,735 $ 4,173 $ 3,065 $ 532,421 Special Mention — — 1,566 — 926 24,580 — 601 27,673 Substandard — — — — 13,066 6,573 — — 19,639 Doubtful — — — — — — — — — $ 28,128 $ 126,291 $ 46,262 $ 41,631 $ 69,694 $ 259,888 $ 4,173 $ 3,666 $ 579,733 Weighted average risk grade 3.36 3.16 3.82 3.95 4.01 3.82 2.87 3.33 3.68 Secured by farmland Pass $ 141 $ 16 $ 110 $ — $ — $ 3,425 $ 1,697 $ 85 $ 5,474 Special Mention — — — — — 649 — 112 761 Substandard — — — 6 — 875 — — 881 Doubtful — — — — — — — — — $ 141 $ 16 $ 110 $ 6 $ — $ 4,949 $ 1,697 $ 197 $ 7,116 Weighted average risk grade 4.00 4.00 4.00 6.00 N/A 4.20 3.98 3.70 4.13 Construction and land development Pass $ 44,253 $ 73,226 $ 847 $ 3,006 $ 6,937 $ 19,553 $ 822 $ 17 $ 148,661 Special Mention — — — — — — — — — Substandard — — — — — 29 — — 29 Doubtful — — — — — — — — — $ 44,253 $ 73,226 $ 847 $ 3,006 $ 6,937 $ 19,582 $ 822 $ 17 $ 148,690 Weighted average risk grade 3.21 3.06 3.60 3.42 3.17 3.69 3.36 4.00 3.20 Residential 1-4 family Pass $ 152,178 $ 157,233 $ 43,812 $ 61,268 $ 40,707 $ 138,782 $ 1,837 $ 3,437 $ 599,254 Special Mention — — — — — 30 — — 30 Substandard 285 — — 8,099 — 1,310 — 716 10,410 Doubtful — — — — — — — — — $ 152,463 $ 157,233 $ 43,812 $ 69,367 $ 40,707 $ 140,122 $ 1,837 $ 4,153 $ 609,694 Weighted average risk grade 3.09 3.04 3.07 3.41 3.13 3.23 3.92 3.54 3.15 Multi- family residential Pass $ 9,953 $ 21,927 $ 18,338 $ 7,064 $ 1,804 $ 75,370 $ 4,192 $ 676 $ 139,324 Special Mention — — — — — — — — — Substandard — — — — — 702 — 295 997 Doubtful — — — — — — — — — $ 9,953 $ 21,927 $ 18,338 $ 7,064 $ 1,804 $ 76,072 $ 4,192 $ 971 $ 140,321 Weighted average risk grade 3.58 3.00 3.90 3.00 3.21 3.31 4.00 4.61 3.37 Home equity lines of credit Pass $ 463 $ 431 $ 52 $ 63 $ 230 $ 4,093 $ 58,312 $ 957 $ 64,601 Special Mention — — — — — — — — — Substandard — — — — — 54 476 21 551 Doubtful — — — — — — — — — $ 463 $ 431 $ 52 $ 63 $ 230 $ 4,147 $ 58,788 $ 978 $ 65,152 Weighted average risk grade 3.00 3.00 3.00 3.00 3.00 3.94 3.05 3.89 3.12 Commercial loans Pass $ 295,459 $ 59,642 $ 7,332 $ 6,658 $ 9,228 $ 20,883 $ 100,407 $ 17,381 $ 516,990 Special Mention — 396 64 74 — — 519 388 1,441 Substandard — — 5 90 — 1,678 1,590 — 3,363 Doubtful — — — — — — — — — $ 295,459 $ 60,038 $ 7,401 $ 6,822 $ 9,228 $ 22,561 $ 102,516 $ 17,769 $ 521,794 Weighted average risk grade 3.14 3.41 3.38 3.90 3.42 3.70 3.47 3.33 3.29 Paycheck Protection Program loans Pass $ — $ 2,119 $ 2,435 $ — $ — $ — $ — $ — $ 4,554 Special Mention — — — — — — — — — Substandard — 10 — — — — — — 10 Doubtful — — — — — — — — — $ — $ 2,129 $ 2,435 $ — $ — $ — $ — $ — $ 4,564 Weighted average risk grade N/A 2.02 2.00 N/A N/A N/A N/A N/A 2.01 Revolving Loans Revolving Converted 2022 2021 2020 2019 2018 Prior Loans To Term Total Consumer loans Pass $ 365,842 $ 29,184 $ 1,493 $ 340 $ 534 $ 4,319 $ 2,918 $ — $ 404,630 Special Mention — — — — — 65 — — 65 Substandard 70 513 — — — — — — 583 Doubtful — — — — — — — — — $ 365,912 $ 29,697 $ 1,493 $ 340 $ 534 $ 4,384 $ 2,918 $ — $ 405,278 Weighted average risk grade 3.24 3.74 3.99 3.98 4.00 4.02 3.81 N/A 3.30 PCD Pass $ — $ — $ — $ — $ — $ 3,692 $ — $ — $ 3,692 Special Mention — — — — — 1,320 — — 1,320 Substandard — — — — — 1,616 — — 1,616 Doubtful — — — — — — — — — $ — $ — $ — $ — $ — $ 6,628 $ — $ — $ 6,628 Weighted average risk grade N/A N/A N/A N/A N/A 4.54 N/A N/A 4.54 Total $ 1,013,317 $ 529,190 $ 139,928 $ 150,284 $ 156,531 $ 744,763 $ 180,332 $ 34,491 $ 2,948,836 Weighted average risk grade 3.20 3.19 3.48 3.54 3.60 3.57 3.35 3.53 3.36 The following table presents weighted-average risk grades for all loans, by class and year of origination/renewal as of December 31, 2021 (in thousands): Revolving Loans Revolving Converted 2021 2020 2019 2018 2017 Prior Loans To Term Total Commercial real estate - owner occupied Pass $ 58,596 $ 18,411 $ 35,498 $ 28,163 $ 45,013 $ 187,461 $ 3,010 $ 6,937 $ 383,089 Special Mention — — — — 140 1,184 — — 1,324 Substandard — — 475 — — 2,815 — — 3,290 Doubtful — — — — — — — — $ 58,596 $ 18,411 $ 35,973 $ 28,163 $ 45,153 $ 191,460 $ 3,010 $ 6,937 $ 387,703 Weighted average risk grade 3.43 3.42 3.47 3.43 3.55 3.53 3.29 3.96 3.51 Commercial real estate - nonowner occupied Pass $ 107,572 $ 55,956 19,816 $ 76,076 $ 58,883 $ 235,676 $ 3,668 $ — $ 557,647 Special Mention — — — — — 12,097 — — 12,097 Substandard — — — — — 17,655 — 601 18,256 Doubtful — — — — — — — — — $ 107,572 $ 55,956 $ 19,816 $ 76,076 $ 58,883 $ 265,428 $ 3,668 $ 601 $ 588,000 Weighted average risk grade 3.05 3.47 3.83 3.45 3.81 3.81 2.94 6.00 3.59 Secured by farmland Pass $ 320 $ 66 $ — $ — $ 445 $ 3,734 $ 1,955 $ — $ 6,520 Special Mention — — — — 852 404 — — 1,256 Substandard — — 24 — 681 — 131 — 836 Doubtful — — — — — — — — — $ 320 $ 66 $ 24 $ — $ 1,978 $ 4,138 $ 2,086 $ — $ 8,612 Weighted average risk grade 3.17 4.00 6.00 N/A 5.04 3.61 4.09 N/A 4.05 Construction and land development Pass $ 57,320 $ 14,003 $ 13,360 $ 7,061 $ 8,414 $ 15,664 $ 982 $ 31 $ 116,835 Special Mention — — — — — — — — — Substandard — — 4,575 — — 34 — — 4,609 Doubtful — — — — — — — — — $ 57,320 $ 14,003 $ 17,935 $ 7,061 $ 8,414 $ 15,698 $ 982 $ 31 $ 121,444 Weighted average risk grade 3.15 3.56 4.48 3.26 3.91 3.54 3.31 4.00 3.50 Residential 1-4 family Pass $ 165,106 $ 54,037 $ 81,905 $ 49,694 $ 43,173 $ 138,711 $ 1,845 $ 3,484 $ 537,955 Special Mention — — 8,514 — — — — — 8,514 Substandard — — — — — 795 — 296 1,091 Doubtful — — — — — — — — — $ 165,106 $ 54,037 $ 90,419 $ 49,694 $ 43,173 $ 139,506 $ 1,845 $ 3,780 $ 547,560 Weighted average risk grade 3.04 3.06 3.24 3.13 3.07 3.26 3.98 3.30 3.15 Multi- family residential Pass $ 37,030 $ 18,866 $ 7,228 $ 6,328 $ 36,574 $ 42,310 $ 5,031 $ — $ 153,367 Special Mention — — — — — 5,326 — — 5,326 Substandard — — — — — 5,076 — 302 5,378 Doubtful — — — — — — — — — $ 37,030 $ 18,866 $ 7,228 $ 6,328 $ 36,574 $ 52,712 $ 5,031 $ 302 $ 164,071 Weighted average risk grade 3.40 3.90 3.00 3.59 3.00 3.92 4.00 6.00 3.55 Home equity lines of credit Pass $ 715 $ 59 $ 75 $ 235 $ 425 $ 4,337 $ 67,157 $ 143 $ 73,146 Special Mention — — — — — — 276 — 276 Substandard — — — — — — 398 26 424 Doubtful — — — — — — — — — $ 715 $ 59 $ 75 $ 235 $ 425 $ 4,337 $ 67,831 $ 169 $ 73,846 Weighted average risk grade 3.00 3.00 3.00 3.00 3.77 3.79 3.09 4.31 3.14 Commercial loans Pass $ 95,085 $ 10,415 $ 11,923 $ 10,648 $ 10,522 $ 18,284 $ 134,302 $ 5,338 $ 296,517 Special Mention — — — — — — 845 — 845 Substandard — 9 — 1,508 — 1,938 1,163 — 4,618 Doubtful — — — — — — — — — $ 95,085 $ 10,424 $ 11,923 $ 12,156 $ 10,522 $ 20,222 $ 136,310 $ 5,338 $ 301,980 Weighted average risk grade 3.43 3.36 3.79 3.77 2.95 3.96 3.43 3.95 3.48 Paycheck Protection Program loans Pass $ 56,087 $ 21,232 $ — $ — $ — $ — $ — $ — $ 77,319 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — $ 56,087 $ 21,232 $ — $ — $ — $ — $ — $ — $ 77,319 Weighted average risk grade 2.00 2.00 N/A N/A N/A N/A N/A N/A 2.00 Revolving Loans Revolving Converted 2021 2020 2019 2018 2017 Prior Loans To Term Total Consumer loans Pass $ 48,107 $ 2,351 $ 1,002 $ 914 $ 237 $ 5,766 $ 2,519 $ — $ 60,896 Special Mention — — — — — 82 — — 82 Substandard — — — 7 9 2 — — 18 Doubtful — — — — — — — — — $ 48,107 $ 2,351 $ 1,002 $ 921 $ 246 $ 5,850 $ 2,519 $ — $ 60,996 Weighted average risk grade 3.55 3.99 3.99 4.02 4.07 4.01 4.00 N/A 3.65 PCD Pass $ — $ — $ — $ — $ — $ 5,145 $ 30 $ — $ 5,175 Special Mention — — — — — 1,391 — — 1,391 Substandard — — — — 1,717 172 — — 1,889 Doubtful — — — — — — — — — $ — $ — $ — $ — $ 1,717 $ 6,708 $ 30 $ — $ 8,455 Weighted average risk grade N/A N/A N/A N/A 6.00 4.08 3.00 N/A 4.47 Total $ 625,938 $ 195,405 $ 184,395 $ 180,634 $ 207,085 $ 706,059 $ 223,312 $ 17,158 $ 2,339,986 Weighted average risk grade 3.12 3.24 3.50 3.38 3.45 3.64 3.35 3.92 3.39 Revolving loans that converted to term during 2022 and 2021were as follows (in thousands): For the year ended December 31, 2022 For the year ended December 31, 2021 Commercial real estate - owner occupied $ — $ 298 Commercial real estate - non-owner occupied 3,065 601 Secured by farmland 198 — Residential 1-4 family 1,492 1,706 Multi- family residential 676 302 Home equity lines of credit 832 — Commercial loans 13,309 561 Total loans $ 19,572 $ 3,468 The amount of foreclosed residential real estate property held at December 31, 2022 and 2021 was zero and $0.9 million, respectively. The recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure was $0.1 million and zero at December 31, 2022 and 2021, respectively. Allowance For Credit Losses – Loans The allowance for credit losses on loans is a contra-asset valuation account, calculated in accordance with ASC 326 that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The amount of the allowance represents management's best estimate of current expected credit losses on loans considering available information, from internal and external sources, relevant to assessing collectability over the loans' contractual terms, adjusted for expected prepayments when appropriate. In calculating the allowance for credit losses, most loans are segmented into pools based upon similar characteristics and risk profiles. For allowance modeling purposes, our loan pools include but not limited to (i) commercial real estate - owner occupied, (ii) commercial real estate - non-owner occupied, (iii) construction and land development, (iv) commercial, (v) agricultural loans, (vi) residential 1-4 family and (vii) consumer loans. We periodically reassess each pool to ensure the loans within the pool continue to share similar characteristics and risk profiles and to determine whether further segmentation is necessary. For each loan pool, we measure expected credit losses over the life of each loan utilizing a combination of inputs: (i) probability of default, (ii) probability of attrition, (iii) loss given default and (iv) exposure at default. Internal data is supplemented by, but not replaced by, peer data when required, primarily to determine the probability of default input. The various pool-specific inputs may be adjusted for current macroeconomic assumptions. Significant macroeconomic variables utilized in our allowance models include, among other things, (i) VA Gross Domestic Product, (ii) VA House Price Index, and (iii) VA unemployment rates. Management qualitatively adjusts allowance model results for risk factors that are not considered within our quantitative modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. Qualitative factor (“Q-Factor”) adjustments are driven by key risk indicators that management tracks on a pool-by-pool basis. In some cases, management may determine that an individual loan exhibits unique risk characteristics which differentiate the loan from other loans within our loan pools. In such cases, the loans are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. The following tables present details of the allowance for credit losses on loans segregated by loan portfolio segment as of December 31, 2022 and 2021, calculated in accordance with the current expected credit losses (“CECL”) methodology (in thousands). Commercial Commercial Home Real Estate Real Estate Construction Equity Owner Non-owner Secured by and Land 1-4 Family Multi-Family Lines Of Commercial Consumer PCD December 31, 2022 Occupied Occupied Farmland Development Residential Residential Credit Loans Loans Loans Total Modeled expected credit losses $ 5,297 6,652 4 997 3,579 1,814 310 5,006 3,851 — $ 27,510 Q-factor and other qualitative adjustments 261 |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Dec. 31, 2022 | |
FAIR VALUE | |
FAIR VALUE | 5. FAIR VALUE ASC 820 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability The following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy: Assets and Liabilities Measured on a Recurring Basis: Investment Securities Available-for-sale Where quoted prices are available in an active market, investment securities are classified within Level 1 of the valuation hierarchy. Level 1 investment securities include highly liquid government bonds and mortgage products. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of investment securities with similar characteristics or discounted cash flow. Level 2 investment securities include U.S. agency securities, mortgage-backed securities, obligations of states and political subdivisions and certain corporate, collateralized loan obligations and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, investment securities are classified within Level 3 of the valuation hierarchy. Currently, all of Primis’ available-for-sale debt investment securities are considered to be Level 2 investment securities. Loans Held for Sale The fair value of loans held for sale is determined by obtaining prices at which they could be sold in the principal market at the measurement date and are classified within Level 2 of the fair value hierarchy. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Mortgage Banking Derivative and Financial Assets and Liabilities Interest Rate Lock Commitments (“IRLC : Best Efforts Forward Loan Sales Commitments: Mandatory Forward Loan Sales Commitments: observable inputs used by Primis, best efforts mandatory loan sales commitments are classified within Level 3 of the valuation hierarchy. To-Be-Announced Mortgage-Backed Securities Trades: Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Total at Identical Assets Inputs Inputs (dollars in thousands) December 31, 2022 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities Residential government-sponsored mortgage-backed securities $ 102,881 $ — $ 102,881 $ — Obligations of states and political subdivisions 29,178 — 29,178 — Corporate securities 14,828 — 14,828 — Collateralized loan obligations 4,876 — 4,876 — Residential government-sponsored collateralized mortgage obligations 26,595 — 26,595 — Government-sponsored agency securities 14,616 — 14,616 — Agency commercial mortgage-backed securities 37,417 — 37,417 — SBA pool securities 5,924 — 5,924 — 236,315 — 236,315 — Loans held for sale 27,626 — 27,626 — Mortgage banking financial assets 21 — — 21 Derivative assets 1,410 — 1,386 24 Total assets $ 265,372 $ — $ 265,327 $ 45 Liabilities: Mortgage banking financial liabilities $ 4 $ — $ — $ 4 Derivative liabilities 122 — 115 7 Total liabilities $ 126 $ — $ 115 $ 11 Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Total at Identical Assets Inputs Inputs (dollars in thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities Residential government-sponsored mortgage-backed securities $ 122,610 $ — $ 122,610 $ — Obligations of states and political subdivisions 31,231 — 31,231 — Corporate securities 13,685 — 13,685 — Collateralized loan obligations 5,010 — 5,010 — Residential government-sponsored collateralized mortgage obligations 19,807 — 19,807 — Government-sponsored agency securities 17,488 — 17,488 — Agency commercial mortgage-backed securities 52,667 — 52,667 — SBA pool securities 8,834 — 8,834 — Total assets $ 271,332 $ — $ 271,332 $ — Assets and Liabilities Measured on a Non-recurring Basis: Loans We may be required to measure certain financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment. Collateral-dependent loans are measured at fair value on a non-recurring basis and are evaluated individually. These collateral-dependent loans are deemed to be at fair value if there is an associated allowance for credit losses or if a charge-off has been recorded in the previous 12 months. Collateral values are determined using appraisals or other third-party value estimates of the subject property discounted based on estimated selling costs, generally between 5% and 10%, and immaterial adjustments for other external factors that may impact the marketability of the collateral. The weighted average discount for estimated selling costs applied was 6%. Assets Held for Sale Assets held for sale are valued based on third-party appraisals less estimated disposal costs. Primis considers third party appraisals, as well as independent fair value assessments from realtors or persons involved in selling bank premises, furniture and equipment, in determining the fair value of particular properties. Accordingly, the valuation of assets held for sale is subject to significant external and internal judgment. Primis periodically reviews premises, furniture and equipment held for sale to determine if the fair value of the property, less disposal costs, has declined below its recorded book value and records any adjustments accordingly. Other Real Estate Owned OREO is evaluated at the time of acquisition and recorded at fair value as determined by independent appraisal or evaluation less cost to sell. In some cases appraised value is net of costs to sell. Selling costs have been in the range from 5% to 10% of collateral valuation at December 31, 2022 and 2021. Fair value is classified as Level 3 in the fair value hierarchy. OREO is further evaluated quarterly for any additional impairment. At December 31, 2022 and 2021, the total amount of OREO was zero and $1.2 million, respectively. Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Total at Identical Assets Inputs Inputs (dollars in thousands) December 31, 2022 (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 47,832 $ — $ — $ 47,832 Assets held for sale 3,115 — — 3,115 Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Total at Identical Assets Inputs Inputs (dollars in thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 44,331 $ — $ — $ 44,331 Other real estate owned: Construction and land development 266 — — 266 Residential 1-4 family 897 — — 897 Fair Value of Financial Instruments The carrying amount, estimated fair values and fair value hierarchy levels (previously defined) of financial instruments were as follows (in thousands) for the periods indicated: December 31, 2022 December 31, 2021 Fair Value Carrying Fair Carrying Fair Hierarchy Level Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 77,859 $ 77,859 $ 530,167 $ 530,167 Securities available-for-sale Level 2 236,315 236,315 271,332 271,332 Securities held-to-maturity Level 2 13,520 12,449 22,940 23,364 Stock in Federal Reserve Bank and Federal Home Loan Bank Level 2 25,815 25,815 15,521 15,521 Preferred investment in mortgage company Level 2 3,005 3,005 3,005 3,005 Net loans Level 3 2,914,292 2,811,362 2,310,881 2,278,456 Loans held for sale Level 2 27,626 27,626 — — Accrued interest receivable Level 2 14,938 14,938 11,882 11,882 Mortgage banking financial assets Level 3 21 21 — — Derivative assets Level 2 and 3 1,410 1,410 — — Credit enhancement Level 2 1,504 1,504 — — Financial liabilities: Demand deposits and NOW accounts Level 2 $ 1,200,243 $ 1,200,243 $ 1,380,020 $ 1,380,020 Money market and savings accounts Level 2 1,057,078 1,057,078 1,022,621 1,022,621 Time deposits Level 3 465,057 462,376 360,575 362,902 Securities sold under agreements to repurchase Level 1 6,445 6,445 9,962 9,962 FHLB advances Level 1 325,000 325,000 100,000 100,000 Junior subordinated debt Level 2 9,781 9,181 9,731 10,367 Senior subordinated notes Level 2 85,531 84,347 85,297 91,141 Accrued interest payable Level 2 3,261 3,261 1,864 1,864 Mortgage banking financial liabilities Level 3 4 4 — — Derivative liabilities Level 2 and 3 122 122 — — Carrying amount is the estimated fair value for cash and cash equivalents (including federal funds sold), accrued interest receivable and payable, demand deposits, savings accounts, money market accounts and FHLB advances and securities sold under agreements to repurchase. |
BANK PREMISES AND EQUIPMENT
BANK PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
BANK PREMISES AND EQUIPMENT [Abstract] | |
BANK PREMISES AND EQUIPMENT | 6. BANK PREMISES AND EQUIPMENT Bank premises and equipment as of December 31, 2022 and 2021 were as follows (in thousands): 2022 2021 Land $ 7,112 $ 8,139 Land improvements 1,558 1,558 Building and improvements 20,475 23,792 Leasehold improvements 3,033 3,001 Furniture, fixtures, equipment and software 11,341 12,182 Construction in progress 139 12 43,658 48,684 Less accumulated depreciation and amortization 18,401 18,274 Bank premises and equipment, net $ 25,257 $ 30,410 Depreciation and amortization expense related to bank premises and equipment for 2022, 2021 and 2020 was $2.5 million, $2.4 million and $2.0 million, respectively. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
LEASES | 7. LEASES The Company leases certain premises and equipment under operating leases. In recognizing lease right-of-use assets and related liabilities, we account for lease and non-lease components (such as taxes, insurance, and common area maintenance costs) separately as such amounts are generally readily determinable under our lease contracts. At December 31, 2022 and 2021, the Company had operating lease liabilities totaling $5.8 million and $6.5 million, respectively, and right-of-use assets totaling $5.3 million and $5.9 million, respectively, related to these leases. Operating lease liabilities and right-of-use assets are reflected in our consolidated balance sheets. We do not currently have any financing leases. For the year ended December 31, 2022 and 2021, our net operating lease cost was $2.3 million and $2.4 million, respectively. These net operating lease costs are reflected in occupancy expenses on our consolidated statements of income and comprehensive income (loss). The following table presents other information related to our operating leases: For the Year Ended (in thousands except for percent and period data) December 31, 2022 December 31, 2021 Other information: Weighted-average remaining lease term - operating leases, in years 4.9 4.4 Weighted-average discount rate - operating leases 2.9 % 2.5 % The following table summarizes the maturity of remaining lease liabilities: As of (dollars in thousands) December 31, 2022 Lease payments due: 2023 $ 2,106 2024 1,193 2025 629 2026 571 2027 519 Thereafter 1,203 Total lease payments 6,221 Less: imputed interest (454) Lease liabilities $ 5,767 As of December 31, 2022, the Company had two operating leases that have not yet commenced that will create additional lease liabilities and right-of-use assets for the Company. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | 8. GOODWILL AND INTANGIBLE ASSETS Goodwill Primis has recorded $104.6 million and $101.9 Goodwill is evaluated for impairment on an annual basis or more frequently if events or circumstances warrant. Our annual assessment occurs as of September 30th every year. For our annual 2022 assessment, we performed a step one quantitative assessment to determine if the fair value of our Bank reporting unit was less than its carrying amount. We concluded that the fair value of our Bank reporting unit exceeded its carrying amount and no impairment was present based on management’s assessment. No impairment was indicated in 2022, 2021 or 2020. We determined that for Primis Mortgage, we did not need a quantitative assessment and performed a qualitative assessment. No impairment was indicated for 2022 for the Primis Mortgage reporting unit. Intangible Assets Intangible assets were as follows at year end (in thousands): December 31, 2022 Gross Carrying Accumulated Net Carrying Value Amortization Value Amortizable Intangibles $ 17,620 $ (14,366) $ 3,254 December 31, 2021 Gross Carrying Accumulated Net Carrying Value Amortization Value Amortizable intangibles $ 17,503 $ (13,041) $ 4,462 Estimated amortization expense of intangibles for the years ended December 31 were as follows (in thousands): 2023 $ 1,296 2024 1,292 2025 629 2026 27 2027 10 Total $ 3,254 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
DEPOSITS | 9. DEPOSITS The aggregate amount of time deposits in denominations of $250 thousand or more at December 31, 2022 and 2021 was $125.3 million and $128.0 million, respectively. At December 31, 2022, the scheduled maturities of time deposits are as follows (in thousands): 2023 $ 338,326 2024 108,087 2025 7,061 2026 4,049 2027 7,534 Total $ 465,057 The following table sets forth the maturities of certificates of deposit of $250 thousand and over as of December 31, 2022 (in thousands): Within 3 to 6 6 to 12 Over 12 3 Months Months Months Months Total $ 24,971 $ 26,709 $ 32,954 $ 40,709 $ 125,343 For our deposit agreements with certain customers, we hold the collateral in a segregated custodial account. We are required to maintain adequate collateral levels. In the event the collateral fair value falls below stipulated levels, we will pledge additional securities. We closely monitor collateral levels to ensure adequate levels are maintained, while mitigating the potential risk of over-collateralization. |
SECURITIES SOLD UNDER AGREEMENT
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS | 12 Months Ended |
Dec. 31, 2022 | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS [Abstract] | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS | 10. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS Other borrowings can consist of FHLB convertible advances, FHLB of Atlanta overnight advances, FHLB advances maturing within one year, federal funds purchased and securities sold under agreements to repurchase (“repo”) that mature within one year, which are secured transactions with customers. The balance in repo accounts at December 31, 2022 and 2021 was $6.5 million and $10.0 million, respectively. At December 31, 2022 and 2021, we had pledged callable agency securities, residential government-sponsored mortgage-backed securities and collateralized mortgage obligations with a carrying value of $14.2 million and $21.7 million, respectively, to customers who require collateral for overnight repurchase agreements and deposits. Other borrowings consist of the following (in thousands): December 31, 2022 2021 FHLB collateral advances maturing 3/1/2030 $ — $ 100,000 Short-term FHLB advances maturing 1/3/2023 50,000 — Short-term FHLB advances maturing 1/13/2023 100,000 — Short-term FHLB advances maturing 1/23/2023 50,000 — Short-term FHLB advances maturing 1/27/2023 125,000 — Total FHLB advances 325,000 100,000 Securities sold under agreements to repurchase 6,445 9,962 Total $ 331,445 $ 109,962 Weighted average interest rate at year end 4.19 % 0.36 % Our FHLB convertible advances of $100.0 million were called on March 1, 2022. |
JUNIOR SUBORDINATED DEBT AND SE
JUNIOR SUBORDINATED DEBT AND SENIOR SUBORDINATED NOTES | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
JUNIOR SUBORDINATED DEBT AND SENIOR SUBORDINATED NOTES | 11. JUNIOR SUBORDINATED DEBT AND SENIOR SUBORDINATED NOTES In 2017, the Company assumed $10.3 million of trust preferred securities that were issued on September 17, 2003 and placed through a trust in a pooled underwriting totaling approximately $650 million. The trust issuer invested the total proceeds from the sale of the trust preferred securities in Floating Rate Junior Subordinated Deferrable Interest Debentures. At December 31, 2022 and 2021, there was $10.3 million outstanding, net of approximately $0.6 million of debt issuance costs. These securities pay cumulative cash distributions quarterly at a variable rate per annum, reset quarterly, equal to the three-month LIBOR plus 2.95% . As of December 31, 2022 and 2021, the interest rate was 7.69% and 3.17% , respectively. The dividends paid to holders of these securities, which are recorded as interest expense, are deductible for income tax purposes. The trust preferred securities may be included in Tier 1 capital for regulatory capital adequacy determination purposes up to 25% of Tier 1 capital after its inclusion. At December 31, 2022, all of the trust preferred securities qualified as Tier 1 capital. On January 20, 2017, Primis completed the sale of $27.0 million of its fixed-to-floating rate senior Subordinated Notes due 2027. These notes initially bore interest at 5.875% per annum until January 31, 2022; interest is currently payable at an annual floating rate equal to three-month LIBOR plus a spread of 3.95% until maturity or early redemption. At December 31, 2022, 80% of these notes qualified as Tier 2 capital. In 2017, the Company assumed a Senior Subordinated Note Purchase Agreement, dated April 22, 2015, entered into with certain institutional accredited investors, pursuant to which $20.0 million in aggregate principal amount of its 6.50% Fixed-to-Floating Rate Subordinated Notes due 2025 was sold to the investors. On February 1, 2021, the Company redeemed all of these notes. On August 25, 2020, Primis completed the sale of $60.0 million of its fixed-to-floating rate Subordinated Notes due 2030. These notes will bear interest at an initial rate of 5.40% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, commencing on March 1, 2021. From and including September 1, 2025 to, but excluding the maturity date or the date of earlier redemption (the “floating rate period”), the interest rate will reset quarterly to an annual interest rate equal to the Benchmark rate, which is expected to be three-month Term Secured Overnight Financing Rate, plus 531 basis points, for each quarterly interest period during the floating rate period, payable quarterly in arrears on March 1, June 1, September 1, and December 1 of each year, commencing on December 1, 2025. Notwithstanding the foregoing, in the event that the Benchmark rate is less than zero, the Benchmark rate shall be deemed to be zero. At December 31, 2022, all |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 12. INCOME TAXES Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. Net deferred tax assets at December 31, 2022 and 2021 consist primarily of the following (in thousands): 2022 2021 Deferred tax assets: Allowance for credit losses $ 7,796 $ 6,522 Unearned loan fees and other 1,891 1,581 Other real estate owned write-downs 38 450 Lease liability 1,246 1,407 Net unrealized loss on investment securities available for sale 6,920 — Federal low income housing credit carryforward 485 424 Deferred compensation 1,596 1,684 Other 1,348 921 Total deferred tax assets 21,320 12,989 Deferred tax liabilities: Right-of-use assets 1,200 1,315 Net unrealized gain on investment securities available-for-sale — 247 Purchase accounting 917 930 Depreciation 748 926 Other 166 — Total deferred tax liabilities 3,031 3,418 Net deferred tax assets $ 18,289 $ 9,571 No valuation allowance was deemed necessary on deferred tax assets in 2022 or 2021. Management believes that the realization of the deferred tax assets is more likely than not based on the expectation that Primis will generate the necessary taxable income in future periods. We have no unrecognized tax benefits and do not anticipate any increase in unrecognized tax benefits during the next twelve months. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, it is our policy to record such accruals in our income tax accounts; no such accruals existed as of December 31, 2022, 2021 or 2020. Primis and its subsidiaries file a consolidated U.S. federal income tax return, and Primis files a Virginia state income tax return. Primis Bank files a Maryland and an Arkansas state income tax return. These returns are subject to examination by taxing authorities for all years after 2018. The provision for income taxes consists of the following for the years ended December 31, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Current tax expense Federal $ 6,434 $ 2,504 $ 5,319 State 315 163 320 Total current tax expense 6,749 2,667 5,639 Deferred tax expense (benefit) Federal (2,178) 5,937 (1,294) State (36) 117 (117) Total deferred tax expense (benefit) (2,214) 6,054 (1,411) Total income tax expense from continuing operations 4,535 8,721 4,228 Total income tax expense from discontinued operation — 64 2,386 Total income tax expense $ 4,535 $ 8,785 $ 6,614 The income tax expense differed from the amount of income tax determined by applying the U.S. Federal income tax rate of 21% to pretax income for the years ended December 31, 2022, 2021 and 2020 due to the following (in thousands): 2022 2021 2020 Computed expected tax expense at statutory rate $ 4,678 $ 8,345 $ 4,022 Increase (decrease) in tax expense resulting from: Remeasurement of deferred tax assets and liabilities (148) 442 (31) Low income housing tax credits, net of amortization 4 39 225 Income from bank-owned life insurance (419) (354) (327) State taxes, net — 242 200 Other, net 420 7 139 Total income tax expense from continuing operations 4,535 8,721 4,228 Total income tax expense from discontinued operation — 64 2,386 Total income tax expense $ 4,535 $ 8,785 $ 6,614 During 2021, the Company remeasured the beginning of year allowance for credit losses deferred tax asset by $0.4 million, net, to reflect an adjustment in the 2020 adoption of ASU 2016-13. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2022 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFITS | 13. EMPLOYEE BENEFITS Primis has a 401(k) plan that allows employees to make pre-tax contributions for retirement. The 401(k) plan provides for discretionary matching contributions by Primis. The expense for 2022, 2021 and 2020 was $1.3 million, $1.0 million and $0.8 million, respectively. The Bank previously maintained a deferred compensation plan in the form of Supplemental Executive Retirement Plan (“SERP”) for four (4) former executives. Under the plan, the Bank pays each participant, or their beneficiary, compensation deferred plus accrued interest for a period of 15 to 17 years after their retirement or age 62 depending on the terms and conditions of each plan. A liability is accrued for the obligations under these plans. |
STOCK- BASED COMPENSATION
STOCK- BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
STOCK- BASED COMPENSATION [Abstract] | |
STOCK-BASED COMPENSATION | 14. STOCK-BASED COMPENSATION The 2017 Equity Compensation Plan (the “2017 Plan”) has a maximum number of 750,000 shares reserved for issuance. The purpose of the 2017 Plan is to promote the success of the Company by providing greater incentives to employees, non-employee directors, consultants and advisors to associate their personal interests with the long-term financial success of the Company, including its subsidiaries, and with growth in stockholder value, consistent with the Company’s risk management practices. A summary of stock option activity for 2022 follows: Weighted Weighted Average Aggregate Average Remaining Intrinsic Exercise Contractual Value Shares Price Term (in thousands) Options outstanding, beginning of period 283,800 $ 10.98 2.2 $ 1,153 Expired (22,000) 10.13 Exercised (58,500) 9.79 Options outstanding, end of period 203,300 $ 11.41 1.3 $ 102 Exercisable at end of period 203,300 $ 11.41 1.3 $ 102 Stock-based compensation expense associated with stock options was zero, zero and $0.1 million for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, we do not have any unrecognized compensation expense associated with the stock options. A summary of time vested restricted stock awards for 2022 follows: Weighted Weighted Average Average Grant-Date Remaining Fair Value Contractual Shares Per Share Term Unvested restricted stock outstanding, beginning of period 98,050 $ 14.58 3.3 Granted 1,500 13.85 Vested (28,450) 14.52 Forfeited (2,400) 15.38 Unvested restricted stock outstanding, end of period 68,700 $ 14.24 2.4 Stock-based compensation expense for time vested restricted stock awards totaled $0.4 million, $0.7 million and $1.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, unrecognized compensation expense associated with restricted stock awards was $0.7 million, which is expected to be recognized over a weighted average period of 2.4 years. A summary of performance-based restricted stock units (the “Units”) for 2022 follows: Weighted Weighted Average Average Grant-Date Remaining Fair Value Contractual Shares Per Share Term Unvested Units outstanding, beginning of period 59,355 $ 15.00 4.0 Granted 96,105 11.83 Vested (1,500) 15.00 Unvested Units outstanding, end of period 153,960 $ 13.02 3.6 During 2022 and 2021, the Company issued 96,105 and 59,355 non-transferrable Units, respectively, convertible, on a one-on-one basis, into shares of stock to eligible employees, granted pursuant to and subject to the provisions of the 2017 Plan. These Units are subject to service and performance conditions. These Units vest based on the achievement of both conditions. Achievement of the performance condition will be determined at the end of the five-year performance period (the “Performance Period”) by evaluating the: 1) Company’s adjusted earnings per share compound annual growth measured for the Performance Period and 2) performance factor achieved. Payouts between performance levels will be determined based on straight line interpolation. The Company did not recognize any stock-based compensation expense associated with these Units during the years ended December 31, 2022 or 2021 because it is not probable that these Units will vest. The grant date fair value of these Units was $11.83 and $15.00 per Unit for the years ended December 31, 2022 and 2021, respectively. The maximum potential unrecognized compensation expense associated with these Units was $3.0 million and $1.3 million, at December 31, 2022 and 2021, respectively. |
FINANCIAL INSTRUMENT WITH OFF-B
FINANCIAL INSTRUMENT WITH OFF-BALANCE SHEET RISK | 12 Months Ended |
Dec. 31, 2022 | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | 15. FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK Financial Instruments With Off-Balance Sheet Risk Primis is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and guarantees of credit card accounts. These instruments involve elements of credit and funding risk in excess of the amount recognized in the consolidated balance sheet. Letters of credit are written conditional commitments issued by Primis to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. We had letters of credit outstanding totaling $10.7 million and $13.1 million as of December 31, 2022 and 2021, respectively. Our exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and letters of credit is based on the contractual amount of these instruments. We use the same credit policies in making commitments and conditional obligations as we do for on-balance sheet instruments. Unless noted otherwise, we do not require collateral or other security to support financial instruments with credit risk. Allowance For Credit Losses - Off-Balance Sheet Credit Exposures The allowance for credit losses on off-balance-sheet credit exposures is a liability account, calculated in accordance with ASC 326, representing expected credit losses over the contractual period for which we are exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if we have the unconditional right to cancel the obligation. Off-balance-sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit detailed above. For the period of exposure, the estimate of expected credit losses considers both the likelihood that funding will occur and the amount expected to be funded over the estimated remaining life of the commitment or other off-balance-sheet exposure. The likelihood and expected amount of funding are based on historical utilization rates. The amount of the allowance represents management's best estimate of expected credit losses on commitments expected to be funded over the contractual life of the commitment. Estimating credit losses on amounts expected to be funded uses the same methodology as described for loans in Note 4 - Loans and Allowance for Credit Losses, as if such commitments were funded. The allowance for credit losses on off-balance-sheet credit exposures is reflected in other liabilities in our consolidated balance sheets. The following table details activity in the allowance for credit losses on off-balance-sheet credit exposures: 2022 2021 Balance as of January 1 $ 977 $ 740 Credit loss expense 439 237 Balance as of December 31, $ 1,416 $ 977 Commitments Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments are made predominately for adjustable rate loans, and generally have fixed expiration dates of up to three months or other termination clauses and usually require payment of a fee. Since many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. We evaluate each customer’s creditworthiness on a case-by-case basis. We had $52.7 million of loan commitments outstanding as of December 31, 2022, all of which contractually expire within thirty years. At December 31, 2022 and 2021, we had unfunded lines of credit and undisbursed construction loan funds totaling $540.6 million and $411.0 million, respectively. Virtually all of our unfunded lines of credit and undisbursed construction loan funds are variable rate. Primis also had commitments on the subscription agreements entered into for the investments in non-marketable equity securities of $3.2 million and $3.1 million, at December 31, 2022 and 2021, respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 16. EARNINGS PER SHARE The following is a reconciliation of the denominators of the basic and diluted EPS computations for 2022, 2021 and 2020 (amounts in thousands, except per share data): Weighted Average Income Shares Per Share (Numerator) (Denominator) Amount For the year ended December 31, 2022 Basic EPS from continuing operations $ 17,741 24,561 $ 0.72 Effect of dilutive stock options and unvested restricted stock — 108 — Diluted EPS from continuing operations $ 17,741 24,669 $ 0.72 Basic EPS from discontinued operation $ — 24,561 $ 0.00 Effect of dilutive stock options and unvested restricted stock — 108 — Diluted EPS from discontinued operation $ — 24,669 $ 0.00 For the year ended December 31, 2021 Basic EPS from continuing operations $ 31,018 24,438 $ 1.27 Effect of dilutive stock options and unvested restricted stock — 163 (0.01) Diluted EPS from continuing operations $ 31,018 24,601 $ 1.26 Basic EPS from discontinued operation $ 230 24,438 $ 0.01 Effect of dilutive stock options and unvested restricted stock — 163 — Diluted EPS from discontinued operation $ 230 24,601 $ 0.01 For the year ended December 31, 2020 Basic EPS from continuing operations $ 14,884 24,239 $ 0.61 Effect of dilutive stock options and unvested restricted stock — 124 — Diluted EPS from continuing operations $ 14,884 24,363 $ 0.61 Basic EPS from discontinued operation $ 8,403 24,239 $ 0.35 Effect of dilutive stock options and unvested restricted stock — 124 — Diluted EPS from discontinued operation $ 8,403 24,363 $ 0.35 The Company did not have any anti-dilutive options as of December 31, 2022 and 2021 and had 226,300 anti-dilutive options as of December 31, 2020. |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Matters [Abstract] | |
REGULATORY MATTERS | 17. REGULATORY MATTERS Primis Financial Corp. and its subsidiary bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory - and possibly additional discretionary - actions by regulators that, if undertaken, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action (“PCA”), we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. At December 31, 2022 and 2021, the most recent regulatory notifications categorized the Bank as well capitalized under regulatory framework for PCA. Quantitative measures established by regulation to ensure capital adequacy require Primis to maintain minimum amounts and ratios of Total and Tier I capital (as defined in the regulations) to average assets (as defined). Management believes, as of December 31, 2022, that Primis meets all capital adequacy requirements to which it is subject. The following table provides a comparison of the leverage and risk-weighted capital ratios of Primis Financial Corp. and Primis Bank at the periods indicated to the minimum and well-capitalized required regulatory standards: Required For Capital To Be Categorized as Actual Adequacy Purposes Well Capitalized (1) Amount Ratio Amount Ratio Amount Ratio December 31, 2022 Primis Financial Corp. Leverage ratio $ 322,390 9.68 % $ 133,279 4.00 % n/a n/a Common equity tier 1 capital ratio 312,390 10.30 % 136,482 4.50 % n/a n/a Tier 1 risk-based capital ratio 322,390 10.63 % 181,976 6.00 % n/a n/a Total risk-based capital ratio 441,902 14.57 % 242,635 8.00 % n/a n/a Primis Bank Leverage ratio $ 378,659 11.39 % $ 137,290 4.00 % $ 149,830 5.00 % Common equity tier 1 capital ratio 378,659 12.64 % 134,847 4.50 % 194,779 6.50 % Tier 1 risk-based capital ratio 378,659 12.64 % 179,796 6.00 % 239,728 8.00 % Total risk-based capital ratio 414,619 13.84 % 239,728 8.00 % 299,660 10.00 % December 31, 2021 Primis Financial Corp. Leverage ratio $ 314,353 9.41 % $ 133,664 4.00 % n/a n/a Common equity tier 1 capital ratio 304,353 13.09 % 104,598 4.50 % n/a n/a Tier 1 risk-based capital ratio 314,353 13.52 % 139,464 6.00 % n/a n/a Total risk-based capital ratio 430,421 18.52 % 185,952 8.00 % n/a n/a Primis Bank Leverage ratio $ 372,076 11.14 % $ 137,890 4.00 % $ 114,973 5.00 % Common equity tier 1 capital ratio 372,076 16.18 % 103,476 4.50 % 149,465 6.50 % Tier 1 risk-based capital ratio 372,076 16.18 % 137,968 6.00 % 183,957 8.00 % Total risk-based capital ratio 400,836 17.43 % 183,957 8.00 % 229,947 10.00 % (1) Prompt corrective action provisions are not applicable at the bank holding company level. Primis Financial Corp. and Primis Bank are required to meet minimum capital requirements set forth by regulatory authorities. Bank regulatory agencies have approved regulatory capital guidelines (“Basel III”) aimed at strengthening existing capital requirements for banking organizations. The Basel III Capital Rules require Primis Financial Corp. and Primis Bank to maintain (i) a minimum ratio of Common Equity Tier 1 capital to risk-weighted assets of at least 4.5%, plus a 2.5% “capital conservation buffer”, (ii) a minimum ratio of Tier 1 capital to risk-weighted assets of at least 6.0%, plus the capital conservation buffer, (iii) a minimum ratio of Total capital to risk-weighted assets of at least 8.0%, plus the capital conservation buffer and (iv) a minimum leverage ratio of 4.0%. Failure to meet minimum capital requirements may result in certain actions by regulators which could have a direct material effect on the consolidated financial statements. Primis Financial Corp. and Primis Bank remain well-capitalized under Basel III capital requirements. Primis Bank had a capital conservation buffer of 5.84% at December 31, 2022, which exceeded the 2.50% minimum requirement below which the regulators may impose limits on distributions. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
SEGMENT INFORMATION | |
SEGMENT INFORMATION | 18. SEGMENT INFORMATION The Company's management reporting process measures the performance of its operating segment based on internal operating structure, which is subject to change from time to time. Accordingly, the Company operates two reportable segments for management reporting purposes as discussed below: Primis Bank. Primis Mortgage. Prior to the Primis Mortgage acquisition in 2022, we operated as one reportable segment. The following table provides financial information for the Company's segment. The information provided under the caption “Primis Bank” represents operations not considered to be reportable segments and/or general operating expenses of the Company, and includes the parent company and elimination adjustments to reconcile the results of the operating segment to the consolidated financial statements prepared in conformity with GAAP. As of and for the year ended December 31, 2022 Primis Mortgage Primis Bank Consolidated Interest income $ 705 $ 125,369 $ 126,074 Interest expense 2 21,585 21,587 Net interest income 703 103,784 104,487 Provision for loan losses — 11,271 11,271 Noninterest income 5,055 16,273 21,328 Noninterest expense 9,361 82,907 92,268 Income before income taxes (3,603) 25,879 22,276 Income tax expense (benefit) (752) 5,287 4,535 Net income (loss) $ (2,851) $ 20,592 $ 17,741 Assets $ 31,398 $ 3,540,139 $ 3,571,537 |
PARENT COMPANY FINANCIAL INFORM
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | 19. PARENT COMPANY FINANCIAL INFORMATION Condensed financial information of Primis Financial Corp. follows (in thousands): CONDENSED BALANCE SHEETS DECEMBER 31, 2022 2021 ASSETS Cash $ 21,276 $ 23,517 Loans held for investment 2,000 — Investment in subsidiaries 460,982 479,855 Preferred investment in mortgage company 3,005 3,064 Investments in non-marketable equity securities 2,319 430 Other assets 1,637 2,681 Total assets $ 491,219 $ 509,547 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Junior subordinated debt - long term $ 9,781 $ 9,731 Senior subordinated notes - long term 85,531 85,297 Other liabilities 1,504 2,638 Total liabilities 96,816 97,666 Stockholders' equity: Common stock 246 245 Additional paid in capital 312,722 311,127 Retained earnings 107,285 99,397 Accumulated other comprehensive income (loss) (25,850) 1,112 Total stockholders' equity 394,403 411,881 Total liabilities and stockholders' equity $ 491,219 $ 509,547 CONDENSED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2022 2021 2020 Income: Cash dividends received from bank subsidiary $ 15,000 $ — $ 2,500 Interest income 27 — — Gain on debt extinguishment — 573 — Other investment income 150 — — Total income 15,177 573 2,500 Expenses: Interest on junior subordinated debt 536 355 426 Interest on senior subordinated notes 5,111 5,127 3,909 Other operating expenses 1,227 1,236 841 Total expenses 6,874 6,718 5,176 Income (loss) before income tax benefit and equity in undistributed net income of subsidiaries 8,303 (6,145) (2,676) Income tax benefit (1,408) (1,280) (1,084) Equity in undistributed net income of subsidiaries 8,030 36,113 24,879 Net income $ 17,741 $ 31,248 $ 23,287 CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2022 2021 2020 Operating activities: Net income $ 17,741 $ 31,248 $ 23,287 Adjustments to reconcile net income to net cash and cash equivalents (used in) provided by operating activities: Equity in undistributed net income of subsidiaries (23,030) (36,113) (27,379) Gain on debt extinguishment — (573) — Other, net 1,229 1,426 8,766 Net cash and cash equivalents provided by (used in) in operating activities (4,060) (4,012) 4,674 Investing activities: Net (increase) decrease in loans (2,000) — — Increase in preferred investment in mortgage company — (3,064) — Increase in non-marketable equity securities investments (1,889) (430) — Dividend from subsidiaries 15,000 — 2,500 Net cash and cash equivalents provided by (used in) investing activities 11,111 (3,494) 2,500 Financing activities: Issuance of subordinated notes, net of cost — — 58,600 Extinguishment of subordinated debt — (20,000) — Proceeds from exercised stock options 572 1,526 574 Repurchase of restricted stock (11) (14) — Cash dividends paid on common stock (9,853) (9,807) (9,737) Net cash and cash equivalents provided by (used in) financing activities (9,292) (28,295) 49,437 Net change in cash and cash equivalents (2,241) (35,801) 56,611 Cash and cash equivalents at beginning of period 23,517 59,318 2,707 Cash and cash equivalents at end of period $ 21,276 $ 23,517 $ 59,318 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 20. RELATED PARTY TRANSACTIONS During the year, officers, directors, principal shareholders, and their affiliates (related parties) were customers of and had transactions with the Company. Loan activity to related parties is as follows (in thousands): 2022 Balance at January 1, $ 40,595 Principal advances 6,641 Principal paid (4,985) Transfers in (out) of related party status (14,376) Balance at December 31, $ 27,875 Primis has also entered into deposit transactions with its related parties. The aggregate amount of these deposit accounts were $15.9 million and $22.4 million as of December 31, 2022 and 2021, respectively. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2022 | |
VARIABLE INTEREST ENTITIES [Abstract] | |
VARIABLE INTEREST ENTITIES | 21. VARIABLE INTEREST ENTITIES economic performance and the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. Our involvement with VIEs includes our investments in low income housing tax credit funds and non-marketable and other equity securities. Low Income Housing Tax Credits The general purpose of housing equity funds is to encourage and assist participants in investing in low-income residential rental properties located in the Commonwealth of Virginia, develop and implement strategies to maintain projects as low-income housing, deliver Federal Low Income Housing Credits to investors, allocate tax losses and other possible tax benefits to investors, and to preserve and protect project assets. Non-Marketable and Other equity investments The Company also has a limited interest in several funds that focus on providing venture capital to new and emerging financial technology companies, which are accounted for as VIEs. Investments held by the Company in these third-party funds do not have controlling or significant variable interests. The above investments meet the criteria of a VIE, however, the Company is not the primary beneficiary of the entities, as it does not have the power to direct the activities that most significantly impact the economic performance of the entities and their accounts are not included in our consolidated financial statements. The Company’s investment in the unconsolidated VIEs were carried as other assets on the consolidated balance sheets. The non-marketable and other equity investments were carried at $4.4 million and $2.1 million at December 31, 2022 and 2021, respectively. We also make commitments on the subscription agreements entered into for the investments in non-marketable equity securities. For additional details, see Note 15 – Financial Instruments with Off-Balance-Sheet Risks. The Company’s maximum exposure to loss from unconsolidated VIEs is the higher of the investment recorded on the Company’s consolidated balance sheets or the commitment on the investment. As of December 31, 2022 and 2021, the maximum exposure to loss for our unconsolidated VIEs was $11.0 million and $9.4 million, respectively. |
ORGANIZATION AND SIGNIFICANT _2
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Primis and its subsidiaries Primis Bank and EVB Statutory Trust I (the “Trust”). Significant inter-company accounts and transactions have been eliminated in consolidation. Primis consolidates subsidiaries in which it holds, directly or indirectly, more than 50 percent of the voting rights or where it exercises control. Entities where Primis holds 20 to 50 percent of the voting rights, or has the ability to exercise significant influence, or both, are accounted for under the equity method. Primis owns the Trust which is an unconsolidated subsidiary and the junior subordinated debt owed to the Trust is reported as a liability of Primis. We determine whether we have a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”) under accounting principles generally accepted in the United States. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. We consolidate voting interest entities in which we have all, or at least a majority of, the voting interest. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. The Company has investments in VIE’s for which we are not the primary beneficiary and, as such, their accounts are not included in our consolidated financial statements. On April 28, 2022, Primis Bank entered into a definitive agreement to acquire 100% of the issued and outstanding capital stock of SeaTrust Mortgage Company (“SeaTrust”), a North Carolina corporation. On May 31, 2022, Primis Bank completed the acquisition (the “Acquisition”) of 100% of the outstanding capital stock of SeaTrust from Community First Bank, Inc. (the “Seller”) pursuant to the Stock Purchase Agreement, dated as of April 28, 2022 (the “Purchase Agreement”) by and among the Bank, Seller, and SeaTrust. As a result, SeaTrust became a wholly owned subsidiary of Primis Bank on May 31, 2022. Following the closing of the Acquisition, on June 1, 2022, the Bank changed the name of SeaTrust to Primis Mortgage Company (“Primis Mortgage”). At the time of acquisition, Primis Mortgage originated mortgages primarily in North and South Carolina, Florida and Tennessee from eight offices but has since expanded its ability to originate mortgages to the majority of the U.S. Pursuant to the Purchase Agreement, the Bank paid an aggregate purchase price of $7.0 million in cash to Seller at closing and assumed $19.3 million of SeaTrust’s indebtedness under certain warehouse lending facilities. |
Discontinued Operation | Discontinued Operation Primis Bank had an interest in one mortgage company, Southern Trust Mortgage, LLC (“STM”). Prior to December 31, 2021, Primis Bank owned 43.28% and 100% of STM’s common and preferred stock, respectively, and STM was considered an unconsolidated affiliate of the Company. On September 23, 2021, Primis Bank entered into an agreement with STM, whereby STM agreed to purchase all of the Bank's common membership interests and a portion of the Bank's preferred interests in STM for a combination of $1.6 million in cash and the assumption of a promissory note in the amount of $8.5 million. The transaction closed on December 31, 2021. Upon closing, STM continued to be a borrower of the Bank, but the Bank is no longer a minority owner of STM and STM is no longer considered an affiliate of the Company. The Company still holds 100% of STM’s preferred stock at December 31, 2022 but no longer has a position on STM’s board of directors and STM no longer represents a reportable operating segment of the Company. |
Operating Segments | Operating Segments The Company, through its Bank subsidiary, provides a broad range of financial services. While the Company’s chief operating decision makers monitor the revenue streams of the various financial products and services, operations are managed and financial performance is evaluated on an organization-wide basis. Management has determined that the Company has two reportable operating segments: Primis Mortgage and Primis Bank, as discussed in Note 18 – Segment Information. |
Use of Estimates | The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Estimates that are particularly susceptible to change in the near term include: the determination of the allowance for credit losses, fair value of investment securities, credit impairment of investment securities, mortgage banking derivatives, credit enhancement, valuation of goodwill and deferred tax assets. |
Investment Securities | Investment Securities Securities Available-for-Sale and Held-to Maturity Debt securities that Primis has the positive intent and ability to hold to maturity are classified as held-to-maturity and carried at amortized cost. Securities classified as available-for-sale are those debt securities that may be sold in response to changes in interest rates, liquidity needs or other similar factors. Securities available-for-sale are carried at fair value, with unrealized gains or losses net of deferred taxes, included in accumulated other comprehensive income (loss) in stockholders’ equity. Premiums and discounts are generally amortized using the interest method with a constant effective yield without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable securities are amortized to their earliest call date. Gains and losses on the sale of investment securities are recorded on the settlement date and are determined using the specific identification method. Primis purchases amortizing investment securities. The actual principal reduction on these assets varies from the expected contractual principal reduction due to principal prepayments resulting from the borrowers’ election to refinance the underlying mortgage based on market and other conditions. The purchased premiums and discounts associated with these assets are amortized or accreted to interest income over the estimated life of the related assets. The estimated life is calculated by projecting future prepayments and the resulting principal cash flows until maturity. Prepayment rate projections utilize actual prepayment speed experience and available market information on like-kind instruments. The prepayment rates form the basis for income recognition of premiums and discounts on the related assets. Changes in prepayment estimates may cause the earnings recognized on these assets to vary over the term that the assets are held, creating volatility in the net interest margin. Prepayment rate assumptions are monitored and updated monthly to reflect actual activity and the most recent market projections. Non-marketable Equity Securities Primis’ investment in STM’s preferred stock and other investments are considered to be non-marketable equity securities that do not have a readily determinable fair value. Equity securities with no recurring market value data available are reviewed periodically and any observable market value change is adjusted through net income. Primis evaluates these non-marketable equity securities for impairment and recoverability of the recorded investment by considering positive and negative evidence, including the profitability and asset quality, dividend payment history and recent redemption experience. Impairment is assessed at each reporting period and if identified, is recognized in noninterest income. Other investments include stock acquired for regulatory purposes. The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. The Bank is also required to own FRB stock with a par value equal to 6% of capital and FHLB stock of 4.25% of borrowings outstanding. FHLB and FRB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of the par value. Both cash and stock dividends are reported as income. |
Loans | Loans Held for Sale Loans held for sale are originated and held until sold to permanent investors. The Company has elected to carry these loans at fair value on a recurring basis in accordance with the fair value option under FASB ASC 825, Financial Instruments Loans Primis purchases mortgage loans from mortgage loans originators, including the Bank’s wholly-owned subsidiary Primis Mortgage Company. Primis also provides commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by loans secured by real estate throughout its market area. The ability of Primis’ debtors to honor their contracts is in varying degrees dependent upon the real estate market conditions and general economic conditions in this area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding unpaid principal balances, purchased premiums and discounts and any deferred loan fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method without anticipating prepayments. Commercial real estate consists of borrowings secured by owner occupied and non-owner occupied commercial real estate. Repayment of these loans is dependent upon rental income or the subsequent sale of the property for loans secured by non-owner occupied commercial real estate and by cash flows from business operations for owner occupied commercial real estate. Loans for which the source of repayment is rental income are primarily impacted by local economic conditions which dictate occupancy rates and the amount of rent charged. Commercial real estate loans that are dependent on cash flows from operations can also be adversely affected by current market conditions for their product or service. Construction and land development primarily consist of borrowings to purchase and develop raw land into residential and non-residential properties. Construction loans are extended to individuals as well as corporations for the construction of an individual or multiple properties and are secured by raw land and the subsequent improvements. Repayment of the loans to real estate developers is dependent upon the sale or lease of properties to third parties in a timely fashion upon completion. Should there be delays in construction or a downturn in the market for those properties, there may be significant erosion in value which may be absorbed by Primis. Commercial loans consist of borrowings for commercial purposes to individuals, corporations, partnerships, sole proprietorships, and other business enterprises. Commercial loans are generally secured by business assets such as equipment, accounts receivable, inventory, or any other asset excluding real estate and generally made to finance capital expenditures or operations. Primis’ risk exposure is related to deterioration in the value of collateral securing the loan should foreclosure become necessary. Generally, business assets used or produced in operations do not maintain their value upon foreclosure which may require Primis to write-down the value significantly to sell. Commercial loans also include Life Premium Finance loans. These loans are utilized to pay the annual premiums due on the whole or universal life policy. The Life Premium Finance loans are fully secured by the cash value of the policy and personal liquid assets of the borrower or guarantor. Residential real estate loans consist of loans to individuals for the purchase of primary residences with repayment primarily through wage or other income sources of the individual borrower. Primis’ loss exposure to these loans is dependent on local market conditions for residential properties as loan amounts are determined, in part, by the fair value of the property at origination. Other consumer loans are comprised of loans to individuals both unsecured and secured and home equity loans secured by real estate (closed and open-end), with repayment dependent on individual wages and other income. Other consumer loans also include Life Premium Finance loans and Panacea consumer loans comprising of student loan refinancing and pro re nata (“PRN’) loans. PRN loans may be utilized by graduating doctors to fund costs as they move into their chosen professions. The risk of loss on consumer loans is elevated as the collateral securing these loans, if any, may rapidly depreciate in value or may be worthless and/or difficult to locate if repossession is necessary. Losses in this portfolio are generally relatively low, however, due to the small individual loan size and the balance outstanding as a percentage of Primis’ entire portfolio. The accrual of interest on all loans is discontinued at the time the loan is 90 days delinquent unless the credit is well secured and in process of collection. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal and interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual status or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Most of Primis’ business activity is with customers located within Virginia and Maryland. Therefore, our exposure to credit risk is significantly affected by changes in the economy in those areas. We are not dependent on any single customer or group of customers whose insolvency would have a material adverse effect on operations. Primis has purchased, primarily through acquisitions, individual loans and groups of loans, some of which have shown evidence of credit deterioration since origination. These purchased loans are recorded at fair value such that there is no carryover of the seller’s allowance for credit losses. We adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments date, the initial allowance for credit losses determined on a collective basis shall be allocated to individual assets to appropriately allocate any non-credit discount or premium. The non-credit discount or premium, after the adjustment for the allowance for credit losses, shall be accreted to interest income using the interest method based on the effective interest rate determined after the adjustment for credit losses at the adoption date. A purchased financial asset that does not qualify as a PCD asset is accounted for similar to an originated financial asset. Generally, this means that an entity recognizes the allowance for credit losses for non-PCD assets through net income at the time of acquisition. In addition, both the credit discount and non-credit discount or premium resulting from acquiring a pool of purchased financial assets that do not qualify as PCD assets shall be allocated to each individual asset. This combined discount or premium shall be accreted to interest income using the effective yield method. |
Allowance for Credit Losses ("ACL") | Allowance for Credit Losses Allowance For Credit Losses - Held-to-Maturity Securities Allowance For Credit Losses - Available-for-Sale Securities For available-for-sale securities in an unrealized loss position, we first assess whether (i) we intend to sell or (ii) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either case is affirmative, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither case is affirmative, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Adjustments to the allowance are reported in our income statement as a component of credit loss expense. Management has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Available-for-sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by management or when either of the aforementioned criteria regarding intent or requirement to sell is met. Allowance for Credit Losses – Loans The allowance for credit losses on loans is a contra-asset valuation account, calculated in accordance with ASC 326, which is deducted from the amortized cost basis of loans to present management's best estimate of the net amount expected to be collected. Loans are charged-off against the allowance when deemed uncollectible by management. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Adjustments to the allowance are reported in our income statement as a component of credit loss expense. Management has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses. Further information regarding our policies and methodology used to estimate the allowance for credit losses on loans is presented in Note 4 – Loans and Allowance. Allowance For Credit Losses - Off-Balance-Sheet Credit Exposures The allowance for credit losses on off-balance-sheet credit exposures is a liability account, calculated in accordance with ASC 326, representing expected credit losses over the contractual period for which we are exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if we have the unconditional right to cancel the obligation. The allowance is reported as a component of other liabilities in our consolidated balance sheets. Adjustments to the allowance are reported in our income statement as a component of other expenses. Further information regarding our policies and methodology used to estimate the allowance for credit losses on off-balance-sheet credit exposures is presented in Note 15 – Financial Instruments with Off-Balance-Sheet Risks. |
Third Party Loan Originations | Third Party Loan Originations Primis Bank entered into a Loan Origination Agreement with a third party on July 7, 2021 under which the third party will source and service certain loans to be originated by Primis. The Bank will periodically remit payment to third party for the funding of program loans deemed originated and allocated to the Bank. The Bank will retain all interest on each originated loan such that the Bank achieves a margin equal to the lower bound of the Federal Funds Rate plus 5.00% per annum. This rate is periodically adjusted on the last day of each calendar quarter. All interest received above this amount will be paid to the third party to cover the finder’s fee, servicing cost and credit enhancement. The third party will establish and maintain at the Bank a waterfall reserve account (“the Reserve Account”) to serve as collateral for balances owed to Primis under the program. Interest Income: Fees: ● Loan originations: No deferral is necessary as the fee is not paid at the inception of the loan, but is paid over time. Consistent with other loan origination costs, the expense is recognized through loan interest income. ● Credit enhancement: Credit enhancement is purchased on a standalone basis and the cost of the instrument is recognized over the life of the loan as noninterest expense. ● Servicing costs: Costs paid to the third party to service loans that are held for investment are charged as noninterest expenses as they are incurred. Allowance for Credit Losses: With respect to recoveries received from the third party under the credit enhancement, the Bank recognizes a recovery asset through noninterest income and at the same time the Bank recognizes expected credit losses, using assumptions consistent with the loss estimate and giving additional consideration to the third party’s ability and willingness to absorb credit losses and to continue to fund the Reserve Account. As recoveries are received from the third party, the recovery receivable is reduced. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from Primis, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and Primis does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. If the transfer does not satisfy the aforementioned control criteria, the transaction is recorded as a secured borrowing with the transferred loans remaining on the Company’s consolidated balance sheet and proceeds recognized as a liability. |
Bank Premises and Equipment | Bank Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives of 30 years. Leasehold improvements are amortized on the straight-line method over the shorter of the estimated useful lives of the improvements or the terms of the related leases including lease renewals only when the Company is reasonably assured of the aggregate term of the lease. Furniture, fixtures, equipment and software are depreciated using the straight-line method with useful lives ranging from 3 to 10 years. |
Assets Held for Sale | Assets Held for Sale The Company classifies its assets as held for sale in accordance with FASB ASC 360, Property, Plant, and Equipment The Company assesses the net fair value of assets held for sale each reporting period the assets remain classified as held for sale. Subsequent changes, if any, in the net fair value of the assets held for sale that require an adjustment to the carrying amount are recorded in the condensed consolidated statements of income, unless the adjustment causes the carrying amount of the assets to exceed the net carrying amount upon initial classification as held for sale. If circumstances arise that the Company previously considered unlikely and, as a result, the Company decides not to sell assets previously classified as held for sale, they are reclassified to another classification. Assets that are reclassified are measured at the lower of (a) their carrying amount before they were classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the assets remained in their previous classification, or (b) their fair value at the date of the subsequent decision not to sell. |
Operating Leases | Operating Leases The Company leases certain properties and equipment under operating leases. The Company recognizes a liability to make lease payments, the operating lease liability, and an asset representing the right to use the underlying asset during the lease term, the right-of-use asset. In recognizing lease right-of-use assets and related right-of-use liabilities, we account for lease and non-lease components (such as taxes, insurance, and common area maintenance costs) separately as such amounts are generally readily determinable under our lease contracts. The operating lease liability is measured at the present value of the remaining lease payments, discounted at the Company’s incremental borrowing rate at inception. The right-of-use asset is measured at the amount of the operating lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset. Lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis, variable lease payments not included in the operating lease liability, and any impairment of the right-of-use asset. Lease renewal options are generally not included in the calculation of the operating lease liabilities, unless they are not reasonably certain to be exercised. The Company does not recognize short-term leases on the balance sheet. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company follows ASC 350, Goodwill and Other Intangible Assets determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but evaluated for impairment on an annual basis or more frequently if events or circumstances warrant. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our consolidated balance sheet. The Company performs the analysis annually on September 30 of each year at the reporting unit level whereby the Company compares the estimated fair value of the reporting unit to its carrying value. In the second quarter of 2022, the Company added a second reporting unit with the acquisition of Primis Mortgage. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is not considered impaired. The Company engaged a third-party valuation specialist to assist management in performing its annual goodwill impairment analysis on our Bank reporting unit. The Company also performed a qualitative analysis on our Primis Mortgage reporting unit as of December 31, 2022. To determine the fair value of the Bank reporting unit, the Company utilizes a combination of three or four valuation approaches: the comparable transactions approach, the control premium approach, the public market peers control premium approach, and the discounted cash flow approach. The comparable transactions approach is based on pricing ratios recently paid in the sale or merger of comparable banking franchises; the control premium approach is based on the Company’s trading price, adjusted for holding company assets and an industry based control premium; the public market peers control premium approach is based on market pricing ratios of public banking companies adjusted for an industry based control premium; and the discounted cash flow approach considers the earnings and cash flows that a hypothetical acquirer could realize in an acquisition of the Bank reporting unit. Assumptions that are used as part of these calculations include: the selection of comparable publicly-traded companies and selection of market comparable acquisition transactions. In addition, other assumptions include the discount rate, economic conditions, which impact the assumptions related to interest and growth rates, the control premium associated with the reporting unit and a relative weight given to the valuations derived by the valuation methods. Other intangible assets consist of core deposit intangible assets arising from whole-bank and branch acquisitions and other intangibles from Primis Mortgage acquisition and are amortized over their estimated useful lives, which range from 6 to 15 years. |
Stock Based Compensation | Stock-Based Compensation Compensation cost is recognized for stock options issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes option-pricing model is utilized to estimate the fair value of stock options. Compensation cost for grants of restricted shares is accounted for based on the closing price of Primis’ common stock on the date the restricted shares are awarded. Compensation cost for stock options and restricted shares is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Compensation cost for restricted stock unit awards that contain performance conditions is measured based on the grant date fair value of the units, adjusted for the Company’s best estimate of the outcome of vesting conditions at the end of the performance period. |
Bank Owned Life Insurance | Bank-Owned Life Insurance Primis has purchased, and acquired through acquisitions, life insurance policies on certain former and current key executives. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Other Real Estate Owned ("OREO") | Other Real Estate Owned (“OREO”) Real estate acquired through or instead of foreclosure is held for sale and initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. If fair value declines subsequent to foreclosure, a direct charge-off is recorded through expense. Operating costs after acquisition are expensed as incurred. |
Cloud Computing Arrangements | Cloud Computing Arrangements Primis engaged Finxact to define, design, and develop a new cloud-based banking core. The multiple phases of the cloud computing arrangements are assessed and reviewed as the software is placed into production. Total costs paid is capitalized upon initial launch and production rollout and classified in other assets in our consolidated balance sheet. Amortization is based on the estimated life of the core infrastructure as it relates to obsolescence, technology, competition, and the nature of changes in software. Operating costs such as monthly licensing, usage, and storage are expensed as incurred in data processing expense on our consolidated statements of income and comprehensive income. As of December 31, 2022 and 2021, the Company had gross cloud computing arrangements of $11.5 million and $5.8 million, respectively, and accumulated amortization of $1.1 million and $0.1 million, respectively. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Premises and equipment, core deposit intangible assets, right of use assets, and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. |
Mortgage Banking Derivatives and Financial Instruments | Mortgage Banking Derivatives and Financial Instruments Derivative assets and liabilities are recorded at fair value. Mortgage loan commitments known as interest rate lock commitments that relate to the origination of a mortgage that will be held for sale upon funding are considered derivative instruments under the derivatives accounting guidance FASB ASC 815, Derivatives and Hedging . Loan commitments that are classified as derivatives are recognized at fair value on the consolidated balance sheets in other assets and other liabilities with changes in their fair values recorded in mortgage banking income in the statements of income. To-be-announced mortgage-backed securities trades (“TBA”) is a contract to buy or sell mortgage-backed securities on a specific date while the underlying mortgages are not announced until just prior to settlement. These TBA trades provide an economic hedge against the effect of changes in interest rates resulting from interest rate lock commitments. TBAs are accounted for under the derivatives accounting guidance FASB ASC 815, Derivatives and Hedging when either of the following conditions exist: (i) when settlement of the TBA trade is not expected to occur at the next regular settlement date (which is typically the next month) or (ii) a mechanism exists to settle the contract on a net basis. As a result, these instruments are recorded at fair value on the consolidated balance sheets as other assets and other liabilities with changes in their fair values recorded in mortgage banking income in the consolidated statements of income. The fair value of the TBA trades is based on the gain or loss that would occur if the Company were to pair-off the trade at the measurement date. Forward loan sale commitments are commitments to sell individual mortgage loans using both best efforts and mandatory delivery at a fixed price to an investor at a future date. Forward loan sale commitments that are mandatory delivery are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Forward loan sale commitments that are best efforts are not derivatives but can be and have been accounted for at fair value, determined in a similar manner to those that are mandatory delivery. Forward loan sale commitments are recorded on the consolidated balance sheets |
Retirement Plans | Retirement Plans Employee 401(k) plan expense is the amount of matching contributions. Supplemental retirement plan expense allocates the benefits over years of service. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the consolidated financial statements. |
Dividend Restriction | Dividend Restriction Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to Primis or by Primis to shareholders. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. |
Income Taxes | Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. We have no unrecognized tax benefits and do not anticipate any increase in unrecognized tax benefits during the next twelve months. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, it is our policy to record such accruals in our income tax accounts; no such accruals exist as of December 31, 2022 and 2021. |
Restrictions on Cash | Restrictions on Cash No regulatory reserve or clearing requirements with the FRB were needed at December 31, 2022 and 2021. |
Consolidated Statements of Cash Flows | Consolidated Statements of Cash Flows For purposes of reporting cash flows, Primis defines cash and cash equivalents as cash due from financial institutions, interest-bearing deposits and federal funds sold in other financial institutions with maturities less than 90 days. |
Earnings Per Share ("EPS") | Earnings Per Share (“EPS”) Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted EPS reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to net income that would result from the assumed issuance. Potential common shares that may be issued by Primis relate solely to outstanding stock options, restricted stock awards, and restricted stock units and are determined using the treasury stock method. Performance awards cannot be dilutive until the Company’s best estimate of the outcome of vesting conditions become probable. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on investment securities available-for-sale which are also recognized as a separate component of equity. |
Off Balance Sheet Credit Related Financial Instruments | Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, Primis has entered into commitments to extend credit and standby letters of credit. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. |
Fair Value Measurements | Fair Value Measurements In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon observable market-based parameters. Valuation assumptions may be made to ensure that financial instruments are recorded at fair value. These assumptions may reflect assumptions that market participants would use in pricing an asset or liability, among other things, as well as unobservable parameters. Any such valuation assumptions are applied consistently over time. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2022, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 2022-02, Troubled Debt Restructurings and Vintage Disclosures |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination [Abstract] | |
Schedule of Business Acquisitions | Original Adjustments Final (dollars in thousands) Estimates to Estimates Valuation Consideration paid: Cash $ 7,000 $ — $ 7,000 Value of consideration $ 7,000 $ — $ 7,000 Assets acquired: Cash and due from banks $ 2,446 $ — $ 2,446 Mortgage loans held for sale 20,452 — 20,452 Premises and equipment, net 124 — 124 Leases right-of-use asset 28 — 28 Derivative assets 1,224 — 1,224 Other intangibles — 135 135 Deferred tax asset, net 26 — 26 Other assets 93 — 93 Total assets 24,393 135 24,528 Liabilities assumed: Short term borrowings 19,254 — 19,254 Leases liability 27 — 27 Other liabilities 902 — 902 Total liabilities 20,183 — 20,183 Net identifiable assets acquired $ 4,210 $ 135 $ 4,345 Goodwill resulting from acquisition $ 2,655 |
Schedule of unaudited pro forma | For the Year Ended December 31, (dollars in thousands) 2022 2021 2020 Total revenues $ 152,370 $ 134,684 $ 137,204 Net income $ 17,787 $ 31,829 $ 23,636 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and fair value of securities available-for-sale | The amortized cost and fair value of available-for-sale investment securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows (in thousands): Amortized Gross Unrealized Fair Cost Gains Losses Value December 31, 2022 Residential government-sponsored mortgage-backed securities $ 119,371 $ 1 $ (16,491) $ 102,881 Obligations of states and political subdivisions 34,103 2 (4,927) 29,178 Corporate securities 16,000 — (1,172) 14,828 Collateralized loan obligations 5,022 — (146) 4,876 Residential government-sponsored collateralized mortgage obligations 28,643 — (2,048) 26,595 Government-sponsored agency securities 17,719 — (3,103) 14,616 Agency commercial mortgage-backed securities 42,180 — (4,763) 37,417 SBA pool securities 5,998 13 (87) 5,924 Total $ 269,036 $ 16 $ (32,737) $ 236,315 Amortized Gross Unrealized Fair Cost Gains Losses Value December 31, 2021 Residential government-sponsored mortgage-backed securities $ 122,506 $ 740 $ (636) $ 122,610 Obligations of states and political subdivisions 30,728 755 (252) 31,231 Corporate securities 13,000 685 — 13,685 Collateralized loan obligations 5,026 — (16) 5,010 Residential government-sponsored collateralized mortgage obligations 19,671 297 (161) 19,807 Government-sponsored agency securities 17,671 32 (215) 17,488 Agency commercial mortgage-backed securities 52,452 513 (298) 52,667 SBA pool securities 8,870 48 (84) 8,834 Total $ 269,924 $ 3,070 $ (1,662) $ 271,332 |
Schedule of amortized cost, unrecognized gains and losses, and fair value of held to maturity securities | The amortized cost, gross unrecognized gains and losses, allowance for credit losses and fair value of investment securities held-to-maturity were as follows (in thousands): Amortized Gross Unrecognized Allowance for Fair Cost Gains Losses Credit Losses Value December 31, 2022 Residential government-sponsored mortgage-backed securities $ 10,522 $ — $ (1,007) $ — $ 9,515 Obligations of states and political subdivisions 2,721 3 (46) — 2,678 Residential government-sponsored collateralized mortgage obligations 277 — (21) — 256 Total $ 13,520 $ 3 $ (1,074) $ — $ 12,449 Amortized Gross Unrecognized Allowance for Fair Cost Gains Losses Credit Losses Value December 31, 2021 Residential government-sponsored mortgage-backed securities $ 13,616 $ 296 $ (1) $ — $ 13,911 Obligations of states and political subdivisions 3,805 93 — — 3,898 Residential government-sponsored collateralized mortgage obligations 519 13 — — 532 Government-sponsored agency securities 5,000 23 — — 5,023 Total $ 22,940 $ 425 $ (1) $ — $ 23,364 |
Schedule of fair value and carrying amount, if different, of debt securities, by contractual maturity | The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of December 31, 2022, by contractual maturity were as follows (in thousands). Investment securities not due at a single maturity date are shown separately. Available-for-Sale Held-to-Maturity Amortized Amortized Cost Fair Value Cost Fair Value Due within one year $ 1,500 $ 1,484 $ — — Due in one to five years 10,018 9,100 867 865 Due in five to ten years 29,200 25,909 1,519 1,477 Due after ten years 32,126 27,005 335 336 Residential government-sponsored mortgage-backed securities 119,371 102,881 10,522 9,515 Residential government-sponsored collateralized mortgage obligations 28,643 26,595 277 256 Agency commercial mortgage-backed securities 42,180 37,417 — — SBA pool securities 5,998 5,924 — — Total $ 269,036 $ 236,315 $ 13,520 $ 12,449 |
Schedule of present information regarding securities in a continuous unrealized loss position by duration of time in a loss position | The following tables present information regarding investment securities available-for-sale and held-to-maturity in a continuous unrealized loss position as of December 31, 2022 and 2021 by duration of time in a loss position (in thousands): Less than 12 months 12 Months or More Total December 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-Sale value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 23,484 $ (2,268) $ 79,283 $ (14,223) $ 102,767 $ (16,491) Obligations of states and political subdivisions 10,026 (388) 17,609 (4,539) 27,635 (4,927) Corporate securities 14,828 (1,172) — — 14,828 (1,172) Collateralized loan obligations — — 4,876 (146) 4,876 (146) Residential government-sponsored collateralized mortgage obligations 22,343 (1,375) 4,252 (673) 26,595 (2,048) Government-sponsored agency securities 1,484 (16) 13,132 (3,087) 14,616 (3,103) Agency commercial mortgage-backed securities 13,031 (371) 24,386 (4,392) 37,417 (4,763) SBA pool securities 529 (38) 3,243 (49) 3,772 (87) Total $ 85,725 $ (5,628) $ 146,781 $ (27,109) $ 232,506 $ (32,737) Less than 12 months 12 Months or More Total December 31, 2022 Fair Unrecognized Fair Unrecognized Fair Unrecognized Held-to-Maturity value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 9,457 $ (1,002) $ 58 $ (5) $ 9,515 $ (1,007) Obligations of states and political subdivisions 1,255 (46) — — 1,255 (46) Residential government-sponsored collateralized mortgage obligations 75 (4) 181 (17) 256 (21) Total $ 10,787 $ (1,052) $ 239 $ (22) $ 11,026 $ (1,074) Less than 12 months 12 Months or More Total December 31, 2021 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-Sale value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 84,123 $ (636) $ — $ — $ 84,123 $ (636) Obligations of states and political subdivisions 14,472 (252) — — 14,472 (252) Collateralized loan obligations 5,010 (16) — — 5,010 (16) Residential government-sponsored collateralized mortgage obligations 5,589 (161) — — 5,589 (161) Government-sponsored agency securities 15,956 (215) — — 15,956 (215) Agency commercial mortgage-backed securities 20,786 (194) 2,027 (104) 22,813 (298) SBA pool securities — — 4,544 (84) 4,544 (84) Total $ 145,936 $ (1,474) $ 6,571 $ (188) $ 152,507 $ (1,662) Less than 12 months 12 Months or More Total December 31, 2021 Fair Unrecognized Fair Unrecognized Fair Unrecognized Held-to-Maturity value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ — $ — $ 324 $ (1) $ 324 $ (1) Total $ — $ — $ 324 $ (1) $ 324 $ (1) |
Schedule of changes in accumulated other comprehensive income by component | Changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2022, 2021 and 2020 are shown in the tables below. All amounts are net of tax (in thousands). Unrealized Holding Gains (Losses) on Held-to-Maturity For the year ended December 31, 2022 Available-for-Sale Securities Total Beginning balance $ 1,112 $ — $ 1,112 Current period other comprehensive income (loss) (26,962) — (26,962) Ending balance $ (25,850) $ — $ (25,850) Unrealized Holding Gains on Held-to-Maturity For the year ended December 31, 2021 Available-for-Sale Securities Total Beginning balance $ 3,636 $ (151) $ 3,485 Current period other comprehensive income (loss) (2,524) 151 (2,373) Ending balance $ 1,112 $ — $ 1,112 Unrealized Holding Gains on Held-to-Maturity For the year ended December 31, 2020 Available-for-Sale Securities Total Beginning balance $ 943 $ (160) $ 783 Current period other comprehensive income (loss) 2,693 9 2,702 Ending balance $ 3,636 $ (151) $ 3,485 |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
LOANS AND ALLOWANCE [Abstract] | |
Schedule of loans, net of unearned income | The following table summarizes the composition of our loan portfolio as of December 31, 2022 and 2021 (in thousands): December 31, 2022 December 31, 2021 Loans held for sale $ 27,626 $ — Loans held for investment Loans secured by real estate: Commercial real estate - owner occupied $ 459,866 $ 387,703 Commercial real estate - non-owner occupied 579,733 588,000 Secured by farmland 7,116 8,612 Construction and land development 148,690 121,444 Residential 1-4 family 609,694 547,560 Multi-family residential 140,321 164,071 Home equity lines of credit 65,152 73,846 Total real estate loans 2,010,572 1,891,236 Commercial loans 521,794 301,980 Paycheck Protection Program loans 4,564 77,319 Consumer loans 405,278 60,996 Total Non-PCD loans 2,942,208 2,331,531 PCD loans 6,628 8,455 Total loans held for investment $ 2,948,836 $ 2,339,986 |
Schedule of details of aging of the recorded investment in past due loans by class of loans | The following tables present the aging of the recorded investment in past due loans by class of loans held for investment as of December 31, 2022 and 2021 (in thousands): 30 - 59 60 - 89 90 Days Days Days Total Loans Not Total December 31, 2022 Past Due Past Due or More Past Due Past Due Loans Commercial real estate - owner occupied $ 55 $ — $ — $ 55 $ 459,811 $ 459,866 Commercial real estate - non-owner occupied 290 169 19,641 20,100 559,633 579,733 Secured by farmland — — — — 7,116 7,116 Construction and land development 46 — — 46 148,644 148,690 Residential 1-4 family 2,180 410 304 2,894 606,800 609,694 Multi- family residential — — — — 140,321 140,321 Home equity lines of credit 431 96 249 776 64,376 65,152 Commercial loans 39 — 2,956 2,995 518,799 521,794 Paycheck Protection Program loans 16 15 3,360 3,391 1,173 4,564 Consumer loans 2,079 1,421 200 3,700 401,578 405,278 Total Non-PCD loans 5,136 2,111 26,710 33,957 2,908,251 2,942,208 PCD loans — — 1,328 1,328 5,300 6,628 Total $ 5,136 $ 2,111 $ 28,038 $ 35,285 $ 2,913,551 $ 2,948,836 30 - 59 60 - 89 90 Days Days Days Total Loans Not Total December 31, 2021 Past Due Past Due or More Past Due Past Due Loans Commercial real estate - owner occupied $ 194 $ 346 $ — $ 540 $ 387,163 $ 387,703 Commercial real estate - non-owner occupied — — — — 588,000 588,000 Secured by farmland 791 — — 791 7,821 8,612 Construction and land development 204 131 4,575 4,910 116,534 121,444 Residential 1-4 family 9,384 254 137 9,775 537,785 547,560 Multi- family residential — — — — 164,071 164,071 Home equity lines of credit 331 — 171 502 73,344 73,846 Commercial loans 387 — 1,246 1,633 300,347 301,980 Paycheck Protection Program loans 4,954 8,559 283 13,796 63,523 77,319 Consumer loans 193 130 2 325 60,671 60,996 Total Non-PCD loans 16,438 9,420 6,414 32,272 2,299,259 2,331,531 PCD loans 1,717 — — 1,717 6,738 8,455 Total $ 18,155 $ 9,420 $ 6,414 $ 33,989 $ 2,305,997 $ 2,339,986 The amortized cost, by class, of loans and leases on nonaccrual status at December 31, 2022 and 2021, were as follows (in thousands): 90 Less Than Total Nonaccrual With Days 90 Days Nonaccrual No Credit December 31, 2022 or More Past Due Loans (1) Loss Allowance (2) Commercial real estate - owner occupied $ — $ 509 $ 509 $ 509 Commercial real estate - non-owner occupied 19,641 — 19,641 19,641 Secured by farmland — 713 713 713 Construction and land development — 29 29 29 Residential 1-4 family 304 8,995 9,299 9,299 Home equity lines of credit 249 301 550 550 Commercial loans 2,956 121 3,077 121 Paycheck Protection Program loans — 4 4 4 Consumer loans 200 134 334 299 Total Non-PCD loans 23,350 10,806 34,156 31,165 PCD loans 1,328 — 1,328 1,328 Total $ 24,678 $ 10,806 $ 35,484 $ 32,493 90 Less Than Total Nonaccrual With Days 90 Days Nonaccrual No Credit December 31, 2021 or More Past Due Loans (1) Loss Allowance (2) Commercial real estate - owner occupied $ — $ 842 $ 842 $ 842 Secured by farmland — 836 836 836 Construction and land development 4,575 34 4,609 4,609 Residential 1-4 family 137 411 548 548 Multi- family residential — 4,301 4,301 4,301 Home equity lines of credit 171 253 424 424 Commercial loans 1,246 476 1,722 745 Consumer loans 2 16 18 10 Total Non-PCD loans 6,131 7,169 13,300 12,315 PCD loans — 1,729 1,729 — Total $ 6,131 $ 8,898 $ 15,029 $ 12,315 (1) Nonaccrual loans include SBA guaranteed amounts totaling $0.6 million and $1.1 million at December 31, 2022 and 2021, respectively. (2) Nonaccrual loans with no credit loss allowance include SBA guaranteed amounts totaling $0.6 million and $1.1 million at December 31, 2022 and 2021, respectively. |
Schedule of nonaccrual loans | The following table presents nonaccrual loans as of December 31, 2022 by class and year of origination (in thousands): Revolving Loans Revolving Converted 2022 2021 2020 2019 2018 Prior Loans To Term Total Commercial real estate - owner occupied $ — $ — $ — $ — $ — $ 509 $ — $ — $ 509 Commercial real estate - non-owner occupied — — — 13,066 6,575 — — 19,641 Secured by farmland — — — 6 — 707 — — 713 Construction and land development — — — — — 29 — — 29 Residential 1-4 family 285 — — 8,099 — 672 — 243 9,299 Multi- family residential — — — — — — — — — Home equity lines of credit — — — — — 53 476 21 550 Commercial loans — — 5 — — 1,482 1,590 — 3,077 Paycheck Protection Program loans — 4 — — — — — — 4 Consumer loans 46 288 — — — — — — 334 Total non-PCD nonaccruals 331 292 5 8,105 13,066 10,027 2,066 264 34,156 PCD loans — — — — — 1,328 — — 1,328 Total nonaccrual loans $ 331 $ 292 $ 5 $ 8,105 $ 13,066 $ 11,355 $ 2,066 $ 264 $ 35,484 |
Schedule of the risk category of loans by class of loans | The following table presents weighted-average risk grades for all loans, by class and year of origination/renewal as of December 31, 2022 (in thousands): Revolving Loans Revolving Converted 2022 2021 2020 2019 2018 Prior Loans To Term Total Commercial real estate - owner occupied Pass $ 116,545 $ 58,202 $ 19,178 $ 21,985 $ 27,397 $ 202,484 $ 3,389 $ 6,740 $ 455,920 Special Mention — — — — — 988 — — 988 Substandard — — — — — 2,958 — — 2,958 Doubtful — — — — — — — — — $ 116,545 $ 58,202 $ 19,178 $ 21,985 $ 27,397 $ 206,430 $ 3,389 $ 6,740 $ 459,866 Weighted average risk grade 3.25 3.45 3.38 3.27 3.43 3.50 3.52 3.96 3.42 Commercial real estate - nonowner occupied Pass $ 28,128 $ 126,291 $ 44,696 $ 41,631 $ 55,702 $ 228,735 $ 4,173 $ 3,065 $ 532,421 Special Mention — — 1,566 — 926 24,580 — 601 27,673 Substandard — — — — 13,066 6,573 — — 19,639 Doubtful — — — — — — — — — $ 28,128 $ 126,291 $ 46,262 $ 41,631 $ 69,694 $ 259,888 $ 4,173 $ 3,666 $ 579,733 Weighted average risk grade 3.36 3.16 3.82 3.95 4.01 3.82 2.87 3.33 3.68 Secured by farmland Pass $ 141 $ 16 $ 110 $ — $ — $ 3,425 $ 1,697 $ 85 $ 5,474 Special Mention — — — — — 649 — 112 761 Substandard — — — 6 — 875 — — 881 Doubtful — — — — — — — — — $ 141 $ 16 $ 110 $ 6 $ — $ 4,949 $ 1,697 $ 197 $ 7,116 Weighted average risk grade 4.00 4.00 4.00 6.00 N/A 4.20 3.98 3.70 4.13 Construction and land development Pass $ 44,253 $ 73,226 $ 847 $ 3,006 $ 6,937 $ 19,553 $ 822 $ 17 $ 148,661 Special Mention — — — — — — — — — Substandard — — — — — 29 — — 29 Doubtful — — — — — — — — — $ 44,253 $ 73,226 $ 847 $ 3,006 $ 6,937 $ 19,582 $ 822 $ 17 $ 148,690 Weighted average risk grade 3.21 3.06 3.60 3.42 3.17 3.69 3.36 4.00 3.20 Residential 1-4 family Pass $ 152,178 $ 157,233 $ 43,812 $ 61,268 $ 40,707 $ 138,782 $ 1,837 $ 3,437 $ 599,254 Special Mention — — — — — 30 — — 30 Substandard 285 — — 8,099 — 1,310 — 716 10,410 Doubtful — — — — — — — — — $ 152,463 $ 157,233 $ 43,812 $ 69,367 $ 40,707 $ 140,122 $ 1,837 $ 4,153 $ 609,694 Weighted average risk grade 3.09 3.04 3.07 3.41 3.13 3.23 3.92 3.54 3.15 Multi- family residential Pass $ 9,953 $ 21,927 $ 18,338 $ 7,064 $ 1,804 $ 75,370 $ 4,192 $ 676 $ 139,324 Special Mention — — — — — — — — — Substandard — — — — — 702 — 295 997 Doubtful — — — — — — — — — $ 9,953 $ 21,927 $ 18,338 $ 7,064 $ 1,804 $ 76,072 $ 4,192 $ 971 $ 140,321 Weighted average risk grade 3.58 3.00 3.90 3.00 3.21 3.31 4.00 4.61 3.37 Home equity lines of credit Pass $ 463 $ 431 $ 52 $ 63 $ 230 $ 4,093 $ 58,312 $ 957 $ 64,601 Special Mention — — — — — — — — — Substandard — — — — — 54 476 21 551 Doubtful — — — — — — — — — $ 463 $ 431 $ 52 $ 63 $ 230 $ 4,147 $ 58,788 $ 978 $ 65,152 Weighted average risk grade 3.00 3.00 3.00 3.00 3.00 3.94 3.05 3.89 3.12 Commercial loans Pass $ 295,459 $ 59,642 $ 7,332 $ 6,658 $ 9,228 $ 20,883 $ 100,407 $ 17,381 $ 516,990 Special Mention — 396 64 74 — — 519 388 1,441 Substandard — — 5 90 — 1,678 1,590 — 3,363 Doubtful — — — — — — — — — $ 295,459 $ 60,038 $ 7,401 $ 6,822 $ 9,228 $ 22,561 $ 102,516 $ 17,769 $ 521,794 Weighted average risk grade 3.14 3.41 3.38 3.90 3.42 3.70 3.47 3.33 3.29 Paycheck Protection Program loans Pass $ — $ 2,119 $ 2,435 $ — $ — $ — $ — $ — $ 4,554 Special Mention — — — — — — — — — Substandard — 10 — — — — — — 10 Doubtful — — — — — — — — — $ — $ 2,129 $ 2,435 $ — $ — $ — $ — $ — $ 4,564 Weighted average risk grade N/A 2.02 2.00 N/A N/A N/A N/A N/A 2.01 Revolving Loans Revolving Converted 2022 2021 2020 2019 2018 Prior Loans To Term Total Consumer loans Pass $ 365,842 $ 29,184 $ 1,493 $ 340 $ 534 $ 4,319 $ 2,918 $ — $ 404,630 Special Mention — — — — — 65 — — 65 Substandard 70 513 — — — — — — 583 Doubtful — — — — — — — — — $ 365,912 $ 29,697 $ 1,493 $ 340 $ 534 $ 4,384 $ 2,918 $ — $ 405,278 Weighted average risk grade 3.24 3.74 3.99 3.98 4.00 4.02 3.81 N/A 3.30 PCD Pass $ — $ — $ — $ — $ — $ 3,692 $ — $ — $ 3,692 Special Mention — — — — — 1,320 — — 1,320 Substandard — — — — — 1,616 — — 1,616 Doubtful — — — — — — — — — $ — $ — $ — $ — $ — $ 6,628 $ — $ — $ 6,628 Weighted average risk grade N/A N/A N/A N/A N/A 4.54 N/A N/A 4.54 Total $ 1,013,317 $ 529,190 $ 139,928 $ 150,284 $ 156,531 $ 744,763 $ 180,332 $ 34,491 $ 2,948,836 Weighted average risk grade 3.20 3.19 3.48 3.54 3.60 3.57 3.35 3.53 3.36 The following table presents weighted-average risk grades for all loans, by class and year of origination/renewal as of December 31, 2021 (in thousands): Revolving Loans Revolving Converted 2021 2020 2019 2018 2017 Prior Loans To Term Total Commercial real estate - owner occupied Pass $ 58,596 $ 18,411 $ 35,498 $ 28,163 $ 45,013 $ 187,461 $ 3,010 $ 6,937 $ 383,089 Special Mention — — — — 140 1,184 — — 1,324 Substandard — — 475 — — 2,815 — — 3,290 Doubtful — — — — — — — — $ 58,596 $ 18,411 $ 35,973 $ 28,163 $ 45,153 $ 191,460 $ 3,010 $ 6,937 $ 387,703 Weighted average risk grade 3.43 3.42 3.47 3.43 3.55 3.53 3.29 3.96 3.51 Commercial real estate - nonowner occupied Pass $ 107,572 $ 55,956 19,816 $ 76,076 $ 58,883 $ 235,676 $ 3,668 $ — $ 557,647 Special Mention — — — — — 12,097 — — 12,097 Substandard — — — — — 17,655 — 601 18,256 Doubtful — — — — — — — — — $ 107,572 $ 55,956 $ 19,816 $ 76,076 $ 58,883 $ 265,428 $ 3,668 $ 601 $ 588,000 Weighted average risk grade 3.05 3.47 3.83 3.45 3.81 3.81 2.94 6.00 3.59 Secured by farmland Pass $ 320 $ 66 $ — $ — $ 445 $ 3,734 $ 1,955 $ — $ 6,520 Special Mention — — — — 852 404 — — 1,256 Substandard — — 24 — 681 — 131 — 836 Doubtful — — — — — — — — — $ 320 $ 66 $ 24 $ — $ 1,978 $ 4,138 $ 2,086 $ — $ 8,612 Weighted average risk grade 3.17 4.00 6.00 N/A 5.04 3.61 4.09 N/A 4.05 Construction and land development Pass $ 57,320 $ 14,003 $ 13,360 $ 7,061 $ 8,414 $ 15,664 $ 982 $ 31 $ 116,835 Special Mention — — — — — — — — — Substandard — — 4,575 — — 34 — — 4,609 Doubtful — — — — — — — — — $ 57,320 $ 14,003 $ 17,935 $ 7,061 $ 8,414 $ 15,698 $ 982 $ 31 $ 121,444 Weighted average risk grade 3.15 3.56 4.48 3.26 3.91 3.54 3.31 4.00 3.50 Residential 1-4 family Pass $ 165,106 $ 54,037 $ 81,905 $ 49,694 $ 43,173 $ 138,711 $ 1,845 $ 3,484 $ 537,955 Special Mention — — 8,514 — — — — — 8,514 Substandard — — — — — 795 — 296 1,091 Doubtful — — — — — — — — — $ 165,106 $ 54,037 $ 90,419 $ 49,694 $ 43,173 $ 139,506 $ 1,845 $ 3,780 $ 547,560 Weighted average risk grade 3.04 3.06 3.24 3.13 3.07 3.26 3.98 3.30 3.15 Multi- family residential Pass $ 37,030 $ 18,866 $ 7,228 $ 6,328 $ 36,574 $ 42,310 $ 5,031 $ — $ 153,367 Special Mention — — — — — 5,326 — — 5,326 Substandard — — — — — 5,076 — 302 5,378 Doubtful — — — — — — — — — $ 37,030 $ 18,866 $ 7,228 $ 6,328 $ 36,574 $ 52,712 $ 5,031 $ 302 $ 164,071 Weighted average risk grade 3.40 3.90 3.00 3.59 3.00 3.92 4.00 6.00 3.55 Home equity lines of credit Pass $ 715 $ 59 $ 75 $ 235 $ 425 $ 4,337 $ 67,157 $ 143 $ 73,146 Special Mention — — — — — — 276 — 276 Substandard — — — — — — 398 26 424 Doubtful — — — — — — — — — $ 715 $ 59 $ 75 $ 235 $ 425 $ 4,337 $ 67,831 $ 169 $ 73,846 Weighted average risk grade 3.00 3.00 3.00 3.00 3.77 3.79 3.09 4.31 3.14 Commercial loans Pass $ 95,085 $ 10,415 $ 11,923 $ 10,648 $ 10,522 $ 18,284 $ 134,302 $ 5,338 $ 296,517 Special Mention — — — — — — 845 — 845 Substandard — 9 — 1,508 — 1,938 1,163 — 4,618 Doubtful — — — — — — — — — $ 95,085 $ 10,424 $ 11,923 $ 12,156 $ 10,522 $ 20,222 $ 136,310 $ 5,338 $ 301,980 Weighted average risk grade 3.43 3.36 3.79 3.77 2.95 3.96 3.43 3.95 3.48 Paycheck Protection Program loans Pass $ 56,087 $ 21,232 $ — $ — $ — $ — $ — $ — $ 77,319 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — $ 56,087 $ 21,232 $ — $ — $ — $ — $ — $ — $ 77,319 Weighted average risk grade 2.00 2.00 N/A N/A N/A N/A N/A N/A 2.00 Revolving Loans Revolving Converted 2021 2020 2019 2018 2017 Prior Loans To Term Total Consumer loans Pass $ 48,107 $ 2,351 $ 1,002 $ 914 $ 237 $ 5,766 $ 2,519 $ — $ 60,896 Special Mention — — — — — 82 — — 82 Substandard — — — 7 9 2 — — 18 Doubtful — — — — — — — — — $ 48,107 $ 2,351 $ 1,002 $ 921 $ 246 $ 5,850 $ 2,519 $ — $ 60,996 Weighted average risk grade 3.55 3.99 3.99 4.02 4.07 4.01 4.00 N/A 3.65 PCD Pass $ — $ — $ — $ — $ — $ 5,145 $ 30 $ — $ 5,175 Special Mention — — — — — 1,391 — — 1,391 Substandard — — — — 1,717 172 — — 1,889 Doubtful — — — — — — — — — $ — $ — $ — $ — $ 1,717 $ 6,708 $ 30 $ — $ 8,455 Weighted average risk grade N/A N/A N/A N/A 6.00 4.08 3.00 N/A 4.47 Total $ 625,938 $ 195,405 $ 184,395 $ 180,634 $ 207,085 $ 706,059 $ 223,312 $ 17,158 $ 2,339,986 Weighted average risk grade 3.12 3.24 3.50 3.38 3.45 3.64 3.35 3.92 3.39 Revolving loans that converted to term during 2022 and 2021were as follows (in thousands): For the year ended December 31, 2022 For the year ended December 31, 2021 Commercial real estate - owner occupied $ — $ 298 Commercial real estate - non-owner occupied 3,065 601 Secured by farmland 198 — Residential 1-4 family 1,492 1,706 Multi- family residential 676 302 Home equity lines of credit 832 — Commercial loans 13,309 561 Total loans $ 19,572 $ 3,468 |
Schedule of allowance for loan losses and the recorded investment by portfolio segment | The following tables present details of the allowance for credit losses on loans segregated by loan portfolio segment as of December 31, 2022 and 2021, calculated in accordance with the current expected credit losses (“CECL”) methodology (in thousands). Commercial Commercial Home Real Estate Real Estate Construction Equity Owner Non-owner Secured by and Land 1-4 Family Multi-Family Lines Of Commercial Consumer PCD December 31, 2022 Occupied Occupied Farmland Development Residential Residential Credit Loans Loans Loans Total Modeled expected credit losses $ 5,297 6,652 4 997 3,579 1,814 310 5,006 3,851 — $ 27,510 Q-factor and other qualitative adjustments 261 495 21 376 512 387 19 654 2 — 2,727 Specific allocations — — — — — — — 2,193 42 2,072 4,307 Total $ 5,558 $ 7,147 $ 25 $ 1,373 $ 4,091 $ 2,201 $ 329 $ 7,853 $ 3,895 $ 2,072 $ 34,544 Commercial Commercial Home Real Estate Real Estate Construction Equity Owner Non-owner Secured by and Land 1-4 Family Multi-Family Lines Of Commercial Consumer PCD December 31, 2021 Occupied Occupied Farmland Development Residential Residential Credit Loans Loans Loans Total Modeled expected credit losses $ 4,281 $ 8,020 $ 9 $ 540 $ 3,012 $ 1,885 $ 273 $ 2,154 $ 786 $ — $ 20,960 Q-factor and other qualitative adjustments 281 1,008 47 458 576 1,395 164 1,276 — — 5,205 Specific allocations — — — — — — — 658 1 2,281 2,940 Total $ 4,562 $ 9,028 $ 56 $ 998 $ 3,588 $ 3,280 $ 437 $ 4,088 $ 787 $ 2,281 $ 29,105 Activity in the allowance for credit losses by class of loan for the years ended December 31, 2022 and 2021 is summarized below (in thousands): Commercial Commercial Real Estate Real Estate Construction Home Equity Owner Non-owner Secured by and Land 1-4 Family Multi-Family Lines Of Commercial Consumer PCD Year Ended December 31, 2022 Occupied Occupied Farmland Development Residential Residential Credit Loans Loans Loans Total Allowance for credit losses: Beginning balance $ 4,562 $ 9,028 $ 56 $ 998 $ 3,588 $ 3,280 $ 437 $ 4,088 $ 787 $ 2,281 $ 29,105 Provision (recovery) 1,010 2,644 (31) 375 444 (1,079) (97) 3,167 5,047 (209) 11,271 Charge offs (14) (5,027) — — — — (14) (1,040) (1,974) — (8,069) Recoveries — 502 — — 59 — 3 1,638 35 — 2,237 Ending balance $ 5,558 $ 7,147 $ 25 $ 1,373 $ 4,091 $ 2,201 $ 329 $ 7,853 $ 3,895 $ 2,072 $ 34,544 Year Ended December 31, 2021 Allowance for credit losses: Beginning balance $ 6,699 $ 11,426 $ 104 $ 1,815 $ 9,579 $ 1,412 $ 901 $ 1,498 $ 517 $ 2,394 $ 36,345 Provision (recovery) (1,961) (2,398) (48) (817) (5,533) 1,868 (466) 3,291 376 (113) (5,801) Charge offs (176) — — — (469) — — (1,706) (145) — (2,496) Recoveries — — — — 11 — 2 1,005 39 — 1,057 Ending balance $ 4,562 $ 9,028 $ 56 $ 998 $ 3,588 $ 3,280 $ 437 $ 4,088 $ 787 $ 2,281 $ 29,105 The following table presents loans that were evaluated for expected credit losses on an individual basis and the related specific allocations, by loan portfolio segment as of December 31, 2022 and 2021 (in thousands): December 31, 2022 December 31, 2021 Loan Specific Loan Specific Balance (1) Allocations Balance (1) Allocations Commercial real estate - owner occupied $ 2,795 $ — $ 3,291 $ — Commercial real estate - non-owner occupied 19,641 — 18,256 — Secured by farmland 525 — 681 — Construction and land development — — 4,575 — Residential 1-4 family 9,636 — 541 — Multi- family residential 996 — 5,378 — Home equity lines of credit 21 — — — Commercial loans 2,979 2,193 3,688 658 Consumer loans 259 42 7 1 Total non-PCD loans 36,852 2,235 36,417 659 PCD loans 6,628 2,072 8,455 2,281 Total loans $ 43,480 $ 4,307 $ 44,872 $ 2,940 (1) Includes SBA guarantees of $0.5 million and $0.7 million as of December 31, 2022 and 2021, respectively. |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
FAIR VALUE | |
Schedule of assets measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Total at Identical Assets Inputs Inputs (dollars in thousands) December 31, 2022 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities Residential government-sponsored mortgage-backed securities $ 102,881 $ — $ 102,881 $ — Obligations of states and political subdivisions 29,178 — 29,178 — Corporate securities 14,828 — 14,828 — Collateralized loan obligations 4,876 — 4,876 — Residential government-sponsored collateralized mortgage obligations 26,595 — 26,595 — Government-sponsored agency securities 14,616 — 14,616 — Agency commercial mortgage-backed securities 37,417 — 37,417 — SBA pool securities 5,924 — 5,924 — 236,315 — 236,315 — Loans held for sale 27,626 — 27,626 — Mortgage banking financial assets 21 — — 21 Derivative assets 1,410 — 1,386 24 Total assets $ 265,372 $ — $ 265,327 $ 45 Liabilities: Mortgage banking financial liabilities $ 4 $ — $ — $ 4 Derivative liabilities 122 — 115 7 Total liabilities $ 126 $ — $ 115 $ 11 Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Total at Identical Assets Inputs Inputs (dollars in thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities Residential government-sponsored mortgage-backed securities $ 122,610 $ — $ 122,610 $ — Obligations of states and political subdivisions 31,231 — 31,231 — Corporate securities 13,685 — 13,685 — Collateralized loan obligations 5,010 — 5,010 — Residential government-sponsored collateralized mortgage obligations 19,807 — 19,807 — Government-sponsored agency securities 17,488 — 17,488 — Agency commercial mortgage-backed securities 52,667 — 52,667 — SBA pool securities 8,834 — 8,834 — Total assets $ 271,332 $ — $ 271,332 $ — |
Schedule of assets measured at fair value on non recurring basis | Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Total at Identical Assets Inputs Inputs (dollars in thousands) December 31, 2022 (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 47,832 $ — $ — $ 47,832 Assets held for sale 3,115 — — 3,115 Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Total at Identical Assets Inputs Inputs (dollars in thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 44,331 $ — $ — $ 44,331 Other real estate owned: Construction and land development 266 — — 266 Residential 1-4 family 897 — — 897 |
Schedule of estimated fair values and fair value hierarchy levels of financial instruments | The carrying amount, estimated fair values and fair value hierarchy levels (previously defined) of financial instruments were as follows (in thousands) for the periods indicated: December 31, 2022 December 31, 2021 Fair Value Carrying Fair Carrying Fair Hierarchy Level Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 77,859 $ 77,859 $ 530,167 $ 530,167 Securities available-for-sale Level 2 236,315 236,315 271,332 271,332 Securities held-to-maturity Level 2 13,520 12,449 22,940 23,364 Stock in Federal Reserve Bank and Federal Home Loan Bank Level 2 25,815 25,815 15,521 15,521 Preferred investment in mortgage company Level 2 3,005 3,005 3,005 3,005 Net loans Level 3 2,914,292 2,811,362 2,310,881 2,278,456 Loans held for sale Level 2 27,626 27,626 — — Accrued interest receivable Level 2 14,938 14,938 11,882 11,882 Mortgage banking financial assets Level 3 21 21 — — Derivative assets Level 2 and 3 1,410 1,410 — — Credit enhancement Level 2 1,504 1,504 — — Financial liabilities: Demand deposits and NOW accounts Level 2 $ 1,200,243 $ 1,200,243 $ 1,380,020 $ 1,380,020 Money market and savings accounts Level 2 1,057,078 1,057,078 1,022,621 1,022,621 Time deposits Level 3 465,057 462,376 360,575 362,902 Securities sold under agreements to repurchase Level 1 6,445 6,445 9,962 9,962 FHLB advances Level 1 325,000 325,000 100,000 100,000 Junior subordinated debt Level 2 9,781 9,181 9,731 10,367 Senior subordinated notes Level 2 85,531 84,347 85,297 91,141 Accrued interest payable Level 2 3,261 3,261 1,864 1,864 Mortgage banking financial liabilities Level 3 4 4 — — Derivative liabilities Level 2 and 3 122 122 — — |
BANK PREMISES AND EQUIPMENT (Ta
BANK PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
BANK PREMISES AND EQUIPMENT [Abstract] | |
Schedule of bank premises and equipment | Bank premises and equipment as of December 31, 2022 and 2021 were as follows (in thousands): 2022 2021 Land $ 7,112 $ 8,139 Land improvements 1,558 1,558 Building and improvements 20,475 23,792 Leasehold improvements 3,033 3,001 Furniture, fixtures, equipment and software 11,341 12,182 Construction in progress 139 12 43,658 48,684 Less accumulated depreciation and amortization 18,401 18,274 Bank premises and equipment, net $ 25,257 $ 30,410 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of operating lease other information | For the Year Ended (in thousands except for percent and period data) December 31, 2022 December 31, 2021 Other information: Weighted-average remaining lease term - operating leases, in years 4.9 4.4 Weighted-average discount rate - operating leases 2.9 % 2.5 % |
Schedule of future minimum rental payments required under non-cancelable operating leases for bank premises | As of (dollars in thousands) December 31, 2022 Lease payments due: 2023 $ 2,106 2024 1,193 2025 629 2026 571 2027 519 Thereafter 1,203 Total lease payments 6,221 Less: imputed interest (454) Lease liabilities $ 5,767 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of acquired intangible assets | Intangible assets were as follows at year end (in thousands): December 31, 2022 Gross Carrying Accumulated Net Carrying Value Amortization Value Amortizable Intangibles $ 17,620 $ (14,366) $ 3,254 December 31, 2021 Gross Carrying Accumulated Net Carrying Value Amortization Value Amortizable intangibles $ 17,503 $ (13,041) $ 4,462 |
Schedule of estimated amortization expense of intangibles | Estimated amortization expense of intangibles for the years ended December 31 were as follows (in thousands): 2023 $ 1,296 2024 1,292 2025 629 2026 27 2027 10 Total $ 3,254 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Schedule of scheduled maturities of time deposits | At December 31, 2022, the scheduled maturities of time deposits are as follows (in thousands): 2023 $ 338,326 2024 108,087 2025 7,061 2026 4,049 2027 7,534 Total $ 465,057 |
Schedule of maturities of certificates of deposit | The following table sets forth the maturities of certificates of deposit of $250 thousand and over as of December 31, 2022 (in thousands): Within 3 to 6 6 to 12 Over 12 3 Months Months Months Months Total $ 24,971 $ 26,709 $ 32,954 $ 40,709 $ 125,343 |
SECURITIES SOLD UNDER AGREEME_2
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS [Abstract] | |
Schedule of other short-term borrowings | Other borrowings consist of the following (in thousands): December 31, 2022 2021 FHLB collateral advances maturing 3/1/2030 $ — $ 100,000 Short-term FHLB advances maturing 1/3/2023 50,000 — Short-term FHLB advances maturing 1/13/2023 100,000 — Short-term FHLB advances maturing 1/23/2023 50,000 — Short-term FHLB advances maturing 1/27/2023 125,000 — Total FHLB advances 325,000 100,000 Securities sold under agreements to repurchase 6,445 9,962 Total $ 331,445 $ 109,962 Weighted average interest rate at year end 4.19 % 0.36 % |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INCOME TAXES [Abstract] | |
Schedule of net deferred tax assets | Net deferred tax assets at December 31, 2022 and 2021 consist primarily of the following (in thousands): 2022 2021 Deferred tax assets: Allowance for credit losses $ 7,796 $ 6,522 Unearned loan fees and other 1,891 1,581 Other real estate owned write-downs 38 450 Lease liability 1,246 1,407 Net unrealized loss on investment securities available for sale 6,920 — Federal low income housing credit carryforward 485 424 Deferred compensation 1,596 1,684 Other 1,348 921 Total deferred tax assets 21,320 12,989 Deferred tax liabilities: Right-of-use assets 1,200 1,315 Net unrealized gain on investment securities available-for-sale — 247 Purchase accounting 917 930 Depreciation 748 926 Other 166 — Total deferred tax liabilities 3,031 3,418 Net deferred tax assets $ 18,289 $ 9,571 |
Schedule of provision for income taxes | The provision for income taxes consists of the following for the years ended December 31, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Current tax expense Federal $ 6,434 $ 2,504 $ 5,319 State 315 163 320 Total current tax expense 6,749 2,667 5,639 Deferred tax expense (benefit) Federal (2,178) 5,937 (1,294) State (36) 117 (117) Total deferred tax expense (benefit) (2,214) 6,054 (1,411) Total income tax expense from continuing operations 4,535 8,721 4,228 Total income tax expense from discontinued operation — 64 2,386 Total income tax expense $ 4,535 $ 8,785 $ 6,614 |
Schedule of income tax expense determined by applying the U.S. Federal income tax rate | The income tax expense differed from the amount of income tax determined by applying the U.S. Federal income tax rate of 21% to pretax income for the years ended December 31, 2022, 2021 and 2020 due to the following (in thousands): 2022 2021 2020 Computed expected tax expense at statutory rate $ 4,678 $ 8,345 $ 4,022 Increase (decrease) in tax expense resulting from: Remeasurement of deferred tax assets and liabilities (148) 442 (31) Low income housing tax credits, net of amortization 4 39 225 Income from bank-owned life insurance (419) (354) (327) State taxes, net — 242 200 Other, net 420 7 139 Total income tax expense from continuing operations 4,535 8,721 4,228 Total income tax expense from discontinued operation — 64 2,386 Total income tax expense $ 4,535 $ 8,785 $ 6,614 |
STOCK- BASED COMPENSATION (Tabl
STOCK- BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of activity in the stock option plan | Weighted Weighted Average Aggregate Average Remaining Intrinsic Exercise Contractual Value Shares Price Term (in thousands) Options outstanding, beginning of period 283,800 $ 10.98 2.2 $ 1,153 Expired (22,000) 10.13 Exercised (58,500) 9.79 Options outstanding, end of period 203,300 $ 11.41 1.3 $ 102 Exercisable at end of period 203,300 $ 11.41 1.3 $ 102 |
Time Vested Restricted Stock | |
Schedule of activity in the restricted stock plan | Weighted Weighted Average Average Grant-Date Remaining Fair Value Contractual Shares Per Share Term Unvested restricted stock outstanding, beginning of period 98,050 $ 14.58 3.3 Granted 1,500 13.85 Vested (28,450) 14.52 Forfeited (2,400) 15.38 Unvested restricted stock outstanding, end of period 68,700 $ 14.24 2.4 |
Performance Based Restricted Stock Units | |
Schedule of activity in the restricted stock plan | Weighted Weighted Average Average Grant-Date Remaining Fair Value Contractual Shares Per Share Term Unvested Units outstanding, beginning of period 59,355 $ 15.00 4.0 Granted 96,105 11.83 Vested (1,500) 15.00 Unvested Units outstanding, end of period 153,960 $ 13.02 3.6 |
FINANCIAL INSTRUMENT WITH OFF_2
FINANCIAL INSTRUMENT WITH OFF-BALANCE SHEET RISK (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | |
Schedule of allowance for credit losses off balance sheet exposure | 2022 2021 Balance as of January 1 $ 977 $ 740 Credit loss expense 439 237 Balance as of December 31, $ 1,416 $ 977 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of the denominators of the basic and diluted earnings per share | The following is a reconciliation of the denominators of the basic and diluted EPS computations for 2022, 2021 and 2020 (amounts in thousands, except per share data): Weighted Average Income Shares Per Share (Numerator) (Denominator) Amount For the year ended December 31, 2022 Basic EPS from continuing operations $ 17,741 24,561 $ 0.72 Effect of dilutive stock options and unvested restricted stock — 108 — Diluted EPS from continuing operations $ 17,741 24,669 $ 0.72 Basic EPS from discontinued operation $ — 24,561 $ 0.00 Effect of dilutive stock options and unvested restricted stock — 108 — Diluted EPS from discontinued operation $ — 24,669 $ 0.00 For the year ended December 31, 2021 Basic EPS from continuing operations $ 31,018 24,438 $ 1.27 Effect of dilutive stock options and unvested restricted stock — 163 (0.01) Diluted EPS from continuing operations $ 31,018 24,601 $ 1.26 Basic EPS from discontinued operation $ 230 24,438 $ 0.01 Effect of dilutive stock options and unvested restricted stock — 163 — Diluted EPS from discontinued operation $ 230 24,601 $ 0.01 For the year ended December 31, 2020 Basic EPS from continuing operations $ 14,884 24,239 $ 0.61 Effect of dilutive stock options and unvested restricted stock — 124 — Diluted EPS from continuing operations $ 14,884 24,363 $ 0.61 Basic EPS from discontinued operation $ 8,403 24,239 $ 0.35 Effect of dilutive stock options and unvested restricted stock — 124 — Diluted EPS from discontinued operation $ 8,403 24,363 $ 0.35 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Matters [Abstract] | |
Schedule of capital amounts and ratios for southern national and sonabank | The following table provides a comparison of the leverage and risk-weighted capital ratios of Primis Financial Corp. and Primis Bank at the periods indicated to the minimum and well-capitalized required regulatory standards: Required For Capital To Be Categorized as Actual Adequacy Purposes Well Capitalized (1) Amount Ratio Amount Ratio Amount Ratio December 31, 2022 Primis Financial Corp. Leverage ratio $ 322,390 9.68 % $ 133,279 4.00 % n/a n/a Common equity tier 1 capital ratio 312,390 10.30 % 136,482 4.50 % n/a n/a Tier 1 risk-based capital ratio 322,390 10.63 % 181,976 6.00 % n/a n/a Total risk-based capital ratio 441,902 14.57 % 242,635 8.00 % n/a n/a Primis Bank Leverage ratio $ 378,659 11.39 % $ 137,290 4.00 % $ 149,830 5.00 % Common equity tier 1 capital ratio 378,659 12.64 % 134,847 4.50 % 194,779 6.50 % Tier 1 risk-based capital ratio 378,659 12.64 % 179,796 6.00 % 239,728 8.00 % Total risk-based capital ratio 414,619 13.84 % 239,728 8.00 % 299,660 10.00 % December 31, 2021 Primis Financial Corp. Leverage ratio $ 314,353 9.41 % $ 133,664 4.00 % n/a n/a Common equity tier 1 capital ratio 304,353 13.09 % 104,598 4.50 % n/a n/a Tier 1 risk-based capital ratio 314,353 13.52 % 139,464 6.00 % n/a n/a Total risk-based capital ratio 430,421 18.52 % 185,952 8.00 % n/a n/a Primis Bank Leverage ratio $ 372,076 11.14 % $ 137,890 4.00 % $ 114,973 5.00 % Common equity tier 1 capital ratio 372,076 16.18 % 103,476 4.50 % 149,465 6.50 % Tier 1 risk-based capital ratio 372,076 16.18 % 137,968 6.00 % 183,957 8.00 % Total risk-based capital ratio 400,836 17.43 % 183,957 8.00 % 229,947 10.00 % (1) Prompt corrective action provisions are not applicable at the bank holding company level. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SEGMENT INFORMATION | |
Schedule of financial information for the company's segments | As of and for the year ended December 31, 2022 Primis Mortgage Primis Bank Consolidated Interest income $ 705 $ 125,369 $ 126,074 Interest expense 2 21,585 21,587 Net interest income 703 103,784 104,487 Provision for loan losses — 11,271 11,271 Noninterest income 5,055 16,273 21,328 Noninterest expense 9,361 82,907 92,268 Income before income taxes (3,603) 25,879 22,276 Income tax expense (benefit) (752) 5,287 4,535 Net income (loss) $ (2,851) $ 20,592 $ 17,741 Assets $ 31,398 $ 3,540,139 $ 3,571,537 |
PARENT COMPANY FINANCIAL INFO_2
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule of condensed balance sheet of Southern National Bancorp of Virginia, Inc. | 2022 2021 ASSETS Cash $ 21,276 $ 23,517 Loans held for investment 2,000 — Investment in subsidiaries 460,982 479,855 Preferred investment in mortgage company 3,005 3,064 Investments in non-marketable equity securities 2,319 430 Other assets 1,637 2,681 Total assets $ 491,219 $ 509,547 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Junior subordinated debt - long term $ 9,781 $ 9,731 Senior subordinated notes - long term 85,531 85,297 Other liabilities 1,504 2,638 Total liabilities 96,816 97,666 Stockholders' equity: Common stock 246 245 Additional paid in capital 312,722 311,127 Retained earnings 107,285 99,397 Accumulated other comprehensive income (loss) (25,850) 1,112 Total stockholders' equity 394,403 411,881 Total liabilities and stockholders' equity $ 491,219 $ 509,547 |
Schedule of condensed statements of income of Southern National Bancorp of Virginia, Inc. | 2022 2021 2020 Income: Cash dividends received from bank subsidiary $ 15,000 $ — $ 2,500 Interest income 27 — — Gain on debt extinguishment — 573 — Other investment income 150 — — Total income 15,177 573 2,500 Expenses: Interest on junior subordinated debt 536 355 426 Interest on senior subordinated notes 5,111 5,127 3,909 Other operating expenses 1,227 1,236 841 Total expenses 6,874 6,718 5,176 Income (loss) before income tax benefit and equity in undistributed net income of subsidiaries 8,303 (6,145) (2,676) Income tax benefit (1,408) (1,280) (1,084) Equity in undistributed net income of subsidiaries 8,030 36,113 24,879 Net income $ 17,741 $ 31,248 $ 23,287 |
Schedule of condensed statements of cash flows information of Southern National Bancorp of Virginia, Inc. | 2022 2021 2020 Operating activities: Net income $ 17,741 $ 31,248 $ 23,287 Adjustments to reconcile net income to net cash and cash equivalents (used in) provided by operating activities: Equity in undistributed net income of subsidiaries (23,030) (36,113) (27,379) Gain on debt extinguishment — (573) — Other, net 1,229 1,426 8,766 Net cash and cash equivalents provided by (used in) in operating activities (4,060) (4,012) 4,674 Investing activities: Net (increase) decrease in loans (2,000) — — Increase in preferred investment in mortgage company — (3,064) — Increase in non-marketable equity securities investments (1,889) (430) — Dividend from subsidiaries 15,000 — 2,500 Net cash and cash equivalents provided by (used in) investing activities 11,111 (3,494) 2,500 Financing activities: Issuance of subordinated notes, net of cost — — 58,600 Extinguishment of subordinated debt — (20,000) — Proceeds from exercised stock options 572 1,526 574 Repurchase of restricted stock (11) (14) — Cash dividends paid on common stock (9,853) (9,807) (9,737) Net cash and cash equivalents provided by (used in) financing activities (9,292) (28,295) 49,437 Net change in cash and cash equivalents (2,241) (35,801) 56,611 Cash and cash equivalents at beginning of period 23,517 59,318 2,707 Cash and cash equivalents at end of period $ 21,276 $ 23,517 $ 59,318 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Officers and Directors and Principal Shareholders and Their Affiliates [Member]. | |
Related Party Transaction [Line Items] | |
Schedule of changes in the loan amount outstanding during the periods | Loan activity to related parties is as follows (in thousands): 2022 Balance at January 1, $ 40,595 Principal advances 6,641 Principal paid (4,985) Transfers in (out) of related party status (14,376) Balance at December 31, $ 27,875 |
ORGANIZATION AND SIGNIFICANT _3
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended | ||||||||||
Jun. 01, 2022 USD ($) | May 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 07, 2021 | Dec. 31, 2022 USD ($) item segment | Dec. 31, 2021 USD ($) segment | Dec. 31, 2020 USD ($) | Sep. 30, 2022 | Apr. 28, 2022 | Sep. 30, 2021 | Dec. 31, 2019 USD ($) | |
Organization And Significant Accounting Policies [Line Items] | |||||||||||
Number of branches | item | 32 | ||||||||||
Financing receivable, allowance for credit loss | $ 29,105,000 | $ 34,544,000 | $ 29,105,000 | $ 36,345,000 | |||||||
Percentage of capital, par value FRB stock required to own | 6% | ||||||||||
Percentage of federal home loan bank stock required to own | 4.25% | ||||||||||
Goodwill, impairment loss | $ 0 | 0 | 0 | ||||||||
Cumulative effect adjustment | 411,881,000 | $ 394,403,000 | $ 411,881,000 | 390,554,000 | $ 377,241,000 | ||||||
Number of reportable segments | segment | 2 | ||||||||||
Number of operating segments | segment | 2 | 1 | |||||||||
Net income | $ 17,741,000 | $ 31,248,000 | 23,287,000 | ||||||||
Gain (loss) on sale of mortgage loans | 5,054,000 | ||||||||||
Salaries and benefits | 49,005,000 | 36,741,000 | 36,675,000 | ||||||||
Securities available for sale, at fair value | 271,332,000 | 236,315,000 | 271,332,000 | ||||||||
Loans held for investment | 2,339,986,000 | 2,948,836,000 | 2,339,986,000 | ||||||||
Expected margin percentage third party loan origination | 5% | ||||||||||
Bank premises and equipment, gross | 48,684,000 | 43,658,000 | 48,684,000 | ||||||||
Less accumulated depreciation and amortization | 18,274,000 | 18,401,000 | 18,274,000 | ||||||||
Cloud Computing Arrangements [Member] | |||||||||||
Organization And Significant Accounting Policies [Line Items] | |||||||||||
Bank premises and equipment, gross | 5,800,000 | 11,500,000 | 5,800,000 | ||||||||
Less accumulated depreciation and amortization | 100,000 | 1,100,000 | 100,000 | ||||||||
Southern Trust Mortgage [Member] | |||||||||||
Organization And Significant Accounting Policies [Line Items] | |||||||||||
Loans held for investment | 8,500,000 | $ 8,500,000 | |||||||||
Southern Trust Mortgage [Member] | |||||||||||
Organization And Significant Accounting Policies [Line Items] | |||||||||||
Payments to acquire equity method investments | $ 1,600,000 | ||||||||||
Common Stock | Southern Trust Mortgage [Member] | |||||||||||
Organization And Significant Accounting Policies [Line Items] | |||||||||||
Percentage of equity investment and preferred stock of STM | 43.28% | ||||||||||
Preferred Stock | Southern Trust Mortgage [Member] | |||||||||||
Organization And Significant Accounting Policies [Line Items] | |||||||||||
Percentage of equity investment and preferred stock of STM | 100% | 100% | |||||||||
Paycheck Protection Program Loans [Member] | |||||||||||
Organization And Significant Accounting Policies [Line Items] | |||||||||||
Financing receivable, allowance for credit loss | 0 | ||||||||||
Loans held for investment | $ 4,564,000 | ||||||||||
Primis Mortgage (f.k.a. SeaTrust) | |||||||||||
Organization And Significant Accounting Policies [Line Items] | |||||||||||
Payments to acquire business | $ 7,000,000 | $ 7,000,000 | |||||||||
Short term borrowings | $ 19,254,000 | $ 19,254,000 | |||||||||
Voting interest agreed to acquire (as a percent) | 100% | ||||||||||
Capital Stock Acquired (as a percent) | 100% | ||||||||||
Virginia [Member] | |||||||||||
Organization And Significant Accounting Policies [Line Items] | |||||||||||
Number of branches | item | 30 | ||||||||||
Maryland | |||||||||||
Organization And Significant Accounting Policies [Line Items] | |||||||||||
Number of branches | item | 2 | ||||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||||||
Organization And Significant Accounting Policies [Line Items] | |||||||||||
Cumulative effect adjustment | $ (5,056,000) |
ORGANIZATION AND SIGNIFICANT _4
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative 2) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation method | straight-line method |
Useful lives | 30 years |
Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation method | straight-line method |
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
ACCOUNTING POLICIES (Narrative
ACCOUNTING POLICIES (Narrative 3) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Property, gross | $ 43,658 | $ 48,684 |
Accumulated amortization | 18,401 | 18,274 |
Cloud Computing Arrangements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Property, gross | 11,500 | 5,800 |
Accumulated amortization | $ 1,100 | $ 100 |
Core Deposits [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives of intangible assets | 6 years | |
Core Deposits [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives of intangible assets | 15 years |
BUSINESS COMBINATION - Sea Trus
BUSINESS COMBINATION - Sea Trust Acquisition - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 01, 2022 | May 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 28, 2022 | |
Business Combinations | ||||||
Net loss | $ (17,741) | $ (31,248) | $ (23,287) | |||
Merger expenses | 400 | |||||
Primis Mortgage (f.k.a. SeaTrust) | ||||||
Business Combinations | ||||||
Voting interest agreed to acquire (as a percent) | 100% | |||||
Capital Stock Acquired (as a percent) | 100% | |||||
Cash | $ 7,000 | $ 7,000 | ||||
Settlement of liabilities on warehouse lending facilities | $ 19,300 | |||||
Revenue | $ 5,100 |
BUSINESS COMBINATION - Sea Tr_2
BUSINESS COMBINATION - Sea Trust Acquisition (Details) - USD ($) $ in Thousands | Jun. 01, 2022 | Jun. 01, 2022 | May 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 |
Assets acquired: | |||||
Cash and due from banks | $ 2,446 | ||||
Liabilities assumed: | |||||
Goodwill resulting from acquisition | $ 104,609 | $ 101,954 | |||
Primis Mortgage (f.k.a. SeaTrust) | |||||
Consideration paid: | |||||
Cash | $ 7,000 | $ 7,000 | |||
Value of consideration | 7,000 | 7,000 | |||
Assets acquired: | |||||
Cash and due from banks | $ 2,446 | 2,446 | 2,446 | ||
Mortgage loans held for sale | 20,452 | 20,452 | 20,452 | ||
Premises and equipment, net | 124 | 124 | 124 | ||
Leases right-of-use asset | 28 | 28 | 28 | ||
Derivative assets | 1,224 | 1,224 | 1,224 | ||
Other intangibles | 135 | 135 | |||
Deferred tax asset, net | 26 | 26 | 26 | ||
Other assets | 93 | 93 | 93 | ||
Total assets | 24,528 | 24,528 | 24,393 | ||
Liabilities assumed: | |||||
Short term borrowings | 19,254 | 19,254 | 19,254 | ||
Leases liability | 27 | 27 | 27 | ||
Other liabilities | 902 | 902 | 902 | ||
Total liabilities | 20,183 | 20,183 | 20,183 | ||
Net identifiable assets acquired | 4,345 | 4,345 | $ 4,210 | ||
Goodwill resulting from acquisition | 2,655 | $ 2,655 | |||
Assets acquired: | |||||
Other intangibles | 135 | ||||
Total assets | 135 | ||||
Net identifiable assets acquired | $ 135 |
BUSINESS COMBINATION - Proforma
BUSINESS COMBINATION - Proforma (Details) - Primis Mortgage (f.k.a. SeaTrust) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Combinations | |||
Total revenues | $ 152,370 | $ 134,684 | $ 137,204 |
Net income | $ 17,787 | $ 31,829 | $ 23,636 |
INVESTMENT SECURITIES (Narrativ
INVESTMENT SECURITIES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Sale of investment available-for-sale | $ 0 | $ 1,910,000 | |
Proceeds from sales of securities held-to-maturity | 0 | 1,660,000 | |
Called investment securities | $ 36,960,000 | $ 37,878,000 | $ 50,068,000 |
Number of preferred stock sold | 60,000 | 159,000 | 93,250 |
Debt Securities, Unrealized Gain (Loss), Total | $ 0 | $ (620,000) | |
Purchases of available for sale investment securities | 37,361,000 | $ 160,531,000 | 38,938,000 |
Purchases of securities held to maturity | 0 | 0 | 15,197,000 |
Realized losses on sales of investment securities | $ 620,000 | ||
Available for sale, amortized cost | 269,036,000 | ||
Asset Pledged as Collateral [Member] | Secure Public Deposits, Other Deposits and Line of Credit Advances Federal Home Loan Banks [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Available for sale, amortized cost | 99,400,000 | $ 180,700,000 | |
Residential Mortgage Backed Securities [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Available for sale, amortized cost | 28,643,000 | ||
US Government Agencies Debt Securities [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Available for sale, amortized cost | $ 119,371,000 |
INVESTMENT SECURITIES (Schedule
INVESTMENT SECURITIES (Schedule of amortized cost and fair value of securities available-for-sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | $ 269,036 | $ 269,924 |
Gross Unrealized Gains | 16 | 3,070 |
Gross Unrealized Losses | (32,737) | (1,662) |
Available for sale, fair value | 236,315 | 271,332 |
US Government Agencies Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 119,371 | 122,506 |
Gross Unrealized Gains | 1 | 740 |
Gross Unrealized Losses | (16,491) | (636) |
Available for sale, fair value | 102,881 | 122,610 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 34,103 | 30,728 |
Gross Unrealized Gains | 2 | 755 |
Gross Unrealized Losses | (4,927) | (252) |
Available for sale, fair value | 29,178 | 31,231 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 16,000 | 13,000 |
Gross Unrealized Gains | 685 | |
Gross Unrealized Losses | (1,172) | |
Available for sale, fair value | 14,828 | 13,685 |
Residential Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 28,643 | 19,671 |
Gross Unrealized Gains | 297 | |
Gross Unrealized Losses | (2,048) | (161) |
Available for sale, fair value | 26,595 | 19,807 |
Government-Sponsored Agency Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 17,719 | 17,671 |
Gross Unrealized Gains | 32 | |
Gross Unrealized Losses | (3,103) | (215) |
Available for sale, fair value | 14,616 | 17,488 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 42,180 | 52,452 |
Gross Unrealized Gains | 513 | |
Gross Unrealized Losses | (4,763) | (298) |
Available for sale, fair value | 37,417 | 52,667 |
Collateralized loan obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 5,022 | 5,026 |
Gross Unrealized Losses | (146) | (16) |
Available for sale, fair value | 4,876 | 5,010 |
SBA Pool Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 5,998 | 8,870 |
Gross Unrealized Gains | 13 | 48 |
Gross Unrealized Losses | (87) | (84) |
Available for sale, fair value | $ 5,924 | $ 8,834 |
INVESTMENT SECURITIES (Schedu_2
INVESTMENT SECURITIES (Schedule of amortized cost, unrecognized gains and losses, and fair value of held to maturity securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held-to maturity, Amortized Cost, Total | $ 13,520 | $ 22,940 |
Gross Unrecognized Gains | 3 | 425 |
Gross Unrecognized Losses | (1,074) | (1) |
Held to maturity fair value | 12,449 | 23,364 |
Residential Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held-to maturity, Amortized Cost, Total | 277 | 519 |
Gross Unrecognized Gains | 13 | |
Gross Unrecognized Losses | (21) | |
Held to maturity fair value | 256 | 532 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held-to maturity, Amortized Cost, Total | 2,721 | 3,805 |
Gross Unrecognized Gains | 3 | 93 |
Gross Unrecognized Losses | (46) | |
Held to maturity fair value | 2,678 | 3,898 |
US Government Agencies Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held-to maturity, Amortized Cost, Total | 10,522 | 13,616 |
Gross Unrecognized Gains | 296 | |
Gross Unrecognized Losses | (1,007) | (1) |
Held to maturity fair value | $ 9,515 | 13,911 |
Government-Sponsored Agency Securities | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held-to maturity, Amortized Cost, Total | 5,000 | |
Gross Unrecognized Gains | 23 | |
Held to maturity fair value | $ 5,023 |
INVESTMENT SECURITIES (Schedu_3
INVESTMENT SECURITIES (Schedule of fair value and carrying amount, if different, of debt securities, by contractual maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held to Maturity, due in one to five years, amortized cost | $ 867 | |
Held to Maturity, due in five to ten years, amortized cost | 1,519 | |
Held to maturity, due after ten years, amortized cost | 335 | |
Held to maturity, amortized cost | 13,520 | |
Held to Maturity, due in one to five years, fair value | 865 | |
Held to Maturity, due in five to ten years, fair value | 1,477 | |
Held to maturity, due after ten years, fair value | 336 | |
Held to maturity fair value | 12,449 | $ 23,364 |
Available for Sale, due in one year, amortized cost | 1,500 | |
Available for Sale, due in one to five years, amortized cost | 10,018 | |
Available for Sale, due in five to ten years, amortized cost | 29,200 | |
Available for sale, due after ten years, amortized cost | 32,126 | |
Available for sale, amortized cost | 269,036 | |
Available for Sale, due in one year, fair value | 1,484 | |
Available for Sale, due in one to five years, fair value | 9,100 | |
Available for Sale, due in five to ten years, fair value | 25,909 | |
Available for sale, due after ten years, fair value | 27,005 | |
Available for sale, Fair value | 236,315 | 271,332 |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, Fair value | 14,828 | 13,685 |
US Government Agencies Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held to maturity, amortized cost | 10,522 | |
Held to maturity fair value | 9,515 | 13,911 |
Available for sale, amortized cost | 119,371 | |
Available for sale, Fair value | 102,881 | 122,610 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held to maturity fair value | 2,678 | 3,898 |
Available for sale, Fair value | 29,178 | 31,231 |
Residential Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held to maturity, amortized cost | 277 | |
Held to maturity fair value | 256 | 532 |
Available for sale, amortized cost | 28,643 | |
Available for sale, Fair value | 26,595 | 19,807 |
Collateralized loan obligations | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, Fair value | 4,876 | 5,010 |
Government-Sponsored Agency Securities | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held to maturity fair value | 5,023 | |
Available for sale, Fair value | 14,616 | 17,488 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, amortized cost | 42,180 | |
Available for sale, Fair value | 37,417 | 52,667 |
SBA Pool Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, amortized cost | 5,998 | |
Available for sale, Fair value | $ 5,924 | $ 8,834 |
INVESTMENT SECURITIES (Schedu_4
INVESTMENT SECURITIES (Schedule of present information regarding securities in a continuous unrealized loss position by duration of time in a loss position) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | $ 85,725 | $ 145,936 |
Available for sale, less than 12 months, unrealized losses | (5,628) | (1,474) |
Available for sale, 12 months or more, fair value | 146,781 | 6,571 |
Available for sale, 12 months or more, unrealized losses | (27,109) | (188) |
Available for sale, total fair value | 232,506 | 152,507 |
Available for sale, total unrealized losses | (32,737) | (1,662) |
Held to maturity, less than 12 months, fair value | 10,787 | |
Held to Maturity, Less than 12 months, unrecognized losses | (1,052) | |
Held to Maturity, 12 months or more, fair value | 239 | 324 |
Held to Maturity, 12 months or more, unrecognized losses | (22) | (1) |
Held to maturity, total fair value | 11,026 | 324 |
Held to maturity, total unrecognized losses | 1,074 | 1 |
US Government Agencies Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 23,484 | 84,123 |
Available for sale, less than 12 months, unrealized losses | (2,268) | (636) |
Available for sale, 12 months or more, fair value | 79,283 | |
Available for sale, 12 months or more, unrealized losses | (14,223) | |
Available for sale, total fair value | 102,767 | 84,123 |
Available for sale, total unrealized losses | (16,491) | (636) |
Held to maturity, less than 12 months, fair value | 9,457 | |
Held to Maturity, Less than 12 months, unrecognized losses | (1,002) | |
Held to Maturity, 12 months or more, fair value | 58 | |
Held to Maturity, 12 months or more, unrecognized losses | (5) | |
Held to maturity, total fair value | 9,515 | |
Held to maturity, total unrecognized losses | 1,007 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 10,026 | 14,472 |
Available for sale, less than 12 months, unrealized losses | (388) | (252) |
Available for sale, 12 months or more, fair value | 17,609 | |
Available for sale, 12 months or more, unrealized losses | (4,539) | |
Available for sale, total fair value | 27,635 | 14,472 |
Available for sale, total unrealized losses | (4,927) | (252) |
Held to maturity, less than 12 months, fair value | 1,255 | |
Held to Maturity, Less than 12 months, unrecognized losses | (46) | |
Held to maturity, total fair value | 1,255 | |
Held to maturity, total unrecognized losses | 46 | |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 14,828 | |
Available for sale, less than 12 months, unrealized losses | (1,172) | |
Available for sale, total fair value | 14,828 | |
Available for sale, total unrealized losses | (1,172) | |
Residential Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 22,343 | 5,589 |
Available for sale, less than 12 months, unrealized losses | (1,375) | (161) |
Available for sale, 12 months or more, fair value | 4,252 | |
Available for sale, 12 months or more, unrealized losses | (673) | |
Available for sale, total fair value | 26,595 | 5,589 |
Available for sale, total unrealized losses | (2,048) | (161) |
Held to maturity, less than 12 months, fair value | 75 | |
Held to Maturity, Less than 12 months, unrecognized losses | (4) | |
Held to Maturity, 12 months or more, fair value | 181 | 324 |
Held to Maturity, 12 months or more, unrecognized losses | (17) | (1) |
Held to maturity, total fair value | 256 | 324 |
Held to maturity, total unrecognized losses | 21 | 1 |
Government-Sponsored Agency Securities | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 1,484 | 15,956 |
Available for sale, less than 12 months, unrealized losses | (16) | (215) |
Available for sale, 12 months or more, fair value | 13,132 | |
Available for sale, 12 months or more, unrealized losses | (3,087) | |
Available for sale, total fair value | 14,616 | 15,956 |
Available for sale, total unrealized losses | (3,103) | (215) |
Collateralized loan obligations | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 5,010 | |
Available for sale, less than 12 months, unrealized losses | (16) | |
Available for sale, 12 months or more, fair value | 4,876 | |
Available for sale, 12 months or more, unrealized losses | (146) | |
Available for sale, total fair value | 4,876 | 5,010 |
Available for sale, total unrealized losses | (146) | (16) |
Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 13,031 | 20,786 |
Available for sale, less than 12 months, unrealized losses | (371) | (194) |
Available for sale, 12 months or more, fair value | 24,386 | 2,027 |
Available for sale, 12 months or more, unrealized losses | (4,392) | (104) |
Available for sale, total fair value | 37,417 | 22,813 |
Available for sale, total unrealized losses | (4,763) | (298) |
SBA Pool Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 529 | |
Available for sale, less than 12 months, unrealized losses | (38) | |
Available for sale, 12 months or more, fair value | 3,243 | 4,544 |
Available for sale, 12 months or more, unrealized losses | (49) | (84) |
Available for sale, total fair value | 3,772 | 4,544 |
Available for sale, total unrealized losses | $ (87) | $ (84) |
INVESTMENT SECURITIES (Schedu_5
INVESTMENT SECURITIES (Schedule of changes in accumulated other comprehensive income by component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | $ 411,881 | $ 390,554 | $ 377,241 |
Net current-period other comprehensive income (loss) | (26,962) | (2,373) | 2,702 |
Balance | 394,403 | 411,881 | 390,554 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (25,850) | 1,112 | |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 372,185 | ||
Balance | 372,185 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 1,112 | 3,485 | 783 |
Other comprehensive loss before reclassifications | (26,962) | ||
Net current-period other comprehensive income (loss) | (26,962) | (2,373) | 2,702 |
Balance | (25,850) | 1,112 | 3,485 |
Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 783 | ||
Balance | 783 | ||
Unrealized gains (losses) on securities available for sale | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 1,112 | 3,636 | 943 |
Other comprehensive loss before reclassifications | (26,962) | ||
Net current-period other comprehensive income (loss) | (2,524) | 2,693 | |
Balance | $ (25,850) | 1,112 | 3,636 |
AOCI, Accumulated Gain (Loss), Debt Securities, Held To Maturity, Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (151) | (160) | |
Net current-period other comprehensive income (loss) | $ 151 | 9 | |
Balance | $ (151) |
LOANS AND ALLOWANCE FOR CREDI_3
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment, Loans Not Past Due | $ 2,948,836,000 | $ 2,339,986,000 | |
Loans held for investment | $ 2,948,836,000 | 2,339,986,000 | |
TDRs during period | loan | 18 | ||
TDR, subsequent default, number of contracts | loan | 0 | ||
TDR amount | $ 3,600,000 | ||
Additional income from interest if recognized | 1,200,000 | 500,000 | |
Financing receivable, allowance for credit loss | 34,544,000 | 29,105,000 | $ 36,345,000 |
Loans Receivable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Accrued interest receivable | 13,800,000 | 10,800,000 | |
Doubtful [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment, Loans Not Past Due | 0 | 0 | |
Loans held for investment | 0 | 0 | |
Residential Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Mortgage loans on real estate, foreclosures | 0 | 900,000 | |
Consumer Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment, Loans Not Past Due | 60,996,000 | ||
Loans held for investment | 60,996,000 | ||
Mortgage loans in process of foreclosure, amount | 100,000 | 0 | |
Financing receivable, allowance for credit loss | 3,895,000 | 787,000 | $ 517,000 |
Paycheck Protection Program Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment, Loans Not Past Due | 4,564,000 | ||
Loans held for investment | 4,564,000 | ||
Financing receivable, allowance for credit loss | 0 | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 3,400,000 | $ 300,000 |
LOANS AND ALLOWANCE FOR CREDI_4
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Loans, net of Unearned Income) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for sale | $ 27,626 | |
Loans held for investment | 2,948,836 | $ 2,339,986 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 6,628 | 8,455 |
Loans held for investment | 6,628 | 8,455 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 2,942,208 | 2,331,531 |
Loans held for investment | 2,942,208 | 2,331,531 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 2,010,572 | 1,891,236 |
Paycheck Protection Program Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 4,564 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 459,866 | 387,703 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 459,866 | 387,703 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 459,866 | 387,703 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 579,733 | 588,000 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 579,733 | 588,000 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 579,733 | 588,000 |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 7,116 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 8,612 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 7,116 | 8,612 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 148,690 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 148,690 | 121,444 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 148,690 | 121,444 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 609,694 | 547,560 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 609,694 | 547,560 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 609,694 | 547,560 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 140,321 | |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 140,321 | 164,071 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 65,152 | 73,846 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 65,152 | 73,846 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 65,152 | 73,846 |
Commercial Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 8,612 | |
Commercial Portfolio Segment [Member] | Paycheck Protection Program Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 77,319 | |
Commercial Portfolio Segment [Member] | Paycheck Protection Program Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 4,564 | 77,319 |
Loans held for investment | 4,564 | 77,319 |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 7,116 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 121,444 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 164,071 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 140,321 | 164,071 |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 521,794 | 301,980 |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 521,794 | 301,980 |
Loans held for investment | 521,794 | 301,980 |
Consumer Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 60,996 | |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 405,278 | 60,996 |
Loans held for investment | $ 405,278 | $ 60,996 |
LOANS AND ALLOWANCE FOR CREDI_5
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Details of Aging of the Recorded Investment in Past Due loans by Class of Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | $ 2,948,836 | $ 2,339,986 |
Recorded Investment, Nonaccrual Loans | 35,484 | 15,029 |
Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 35,484 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 5,136 | 18,155 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 2,111 | 9,420 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 28,038 | 6,414 |
Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 35,285 | 33,989 |
Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 2,913,551 | 2,305,997 |
Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 10,806 | 8,898 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 459,866 | 387,703 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 579,733 | 588,000 |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 7,116 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 148,690 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 609,694 | 547,560 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 140,321 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 65,152 | 73,846 |
Commercial Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 8,612 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 121,444 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 164,071 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 521,794 | 301,980 |
Consumer Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 60,996 | |
Other Consumer Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 405,278 | |
Paycheck Protection Program Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 4,564 | |
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 77,319 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 6,628 | 8,455 |
Recorded Investment, Nonaccrual Loans | 1,328 | 1,729 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 1,328 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 1,717 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 1,328 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 1,328 | 1,717 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 5,300 | 6,738 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 1,729 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 713 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 713 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 2,942,208 | 2,331,531 |
Recorded Investment, Nonaccrual Loans | 34,156 | 13,300 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 34,156 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 5,136 | 16,438 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 2,111 | 9,420 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 26,710 | 6,414 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 33,957 | 32,272 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 2,908,251 | 2,299,259 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 10,806 | 7,169 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 459,866 | 387,703 |
Recorded Investment, Nonaccrual Loans | 509 | 842 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 509 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 55 | 194 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 346 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 55 | 540 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 459,811 | 387,163 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 509 | 842 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 579,733 | 588,000 |
Recorded Investment, Nonaccrual Loans | 19,641 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 19,641 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 290 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 169 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 19,641 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 20,100 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 559,633 | 588,000 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 8,612 | |
Recorded Investment, Nonaccrual Loans | 836 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 713 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 791 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 791 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 7,821 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 836 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 148,690 | 121,444 |
Recorded Investment, Nonaccrual Loans | 29 | 4,609 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 29 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 46 | 204 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 131 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 4,575 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 46 | 4,910 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 148,644 | 116,534 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 29 | 34 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 609,694 | 547,560 |
Recorded Investment, Nonaccrual Loans | 9,299 | 548 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 9,299 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 2,180 | 9,384 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 410 | 254 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 304 | 137 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 2,894 | 9,775 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 606,800 | 537,785 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 8,995 | 411 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 140,321 | 164,071 |
Recorded Investment, Nonaccrual Loans | 4,301 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 140,321 | 164,071 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 4,301 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 65,152 | 73,846 |
Recorded Investment, Nonaccrual Loans | 550 | 424 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 550 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 431 | 331 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 96 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 249 | 171 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 776 | 502 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 64,376 | 73,344 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 301 | 253 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 7,116 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 7,116 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 521,794 | 301,980 |
Recorded Investment, Nonaccrual Loans | 3,077 | 1,722 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 3,077 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 39 | 387 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 2,956 | 1,246 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 2,995 | 1,633 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 518,799 | 300,347 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 121 | 476 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 405,278 | 60,996 |
Recorded Investment, Nonaccrual Loans | 18 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 334 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 2,079 | 193 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 1,421 | 130 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 200 | 2 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 3,700 | 325 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 401,578 | 60,671 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 16 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Other Consumer Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 334 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Other Consumer Loans | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 134 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 4,564 | 77,319 |
Recorded Investment, Nonaccrual Loans | 4 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 4 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 16 | 4,954 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 15 | 8,559 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 3,360 | 283 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 3,391 | 13,796 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 1,173 | $ 63,523 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | $ 4 |
LOANS AND ALLOWANCE FOR CREDI_6
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of nonaccrual loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Recorded Investment, Loans Not Past Due | $ 2,948,836 | $ 2,339,986 |
Recorded Investment, Nonaccrual Loans | 35,484 | 15,029 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 1,013,317 | 625,938 |
Year two originated | 529,190 | 195,405 |
Year three originated | 139,928 | 184,395 |
Year four originated | 156,531 | 180,634 |
Year five originated | 150,284 | 207,085 |
Prior | 744,763 | 706,059 |
Revolving Loan | 180,332 | 223,312 |
Revolving Loans Converted to Term | 34,491 | 17,158 |
Total | 2,948,836 | 2,339,986 |
Nonperforming Financial Instruments [Member] | ||
90 Days or More | 24,678 | 6,131 |
Recorded Investment, Loans Not Past Due | 35,484 | |
Nonaccrual with No Credit Loss Allowance | 32,493 | 12,315 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 331 | |
Year two originated | 292 | |
Year three originated | 5 | |
Year four originated | 13,066 | |
Year five originated | 8,105 | |
Prior | 11,355 | |
Revolving Loan | 2,066 | |
Revolving Loans Converted to Term | 264 | |
Total | 35,484 | |
Total Past Due | ||
Recorded Investment, Loans Not Past Due | 35,285 | 33,989 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 35,285 | 33,989 |
Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 2,913,551 | 2,305,997 |
Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 10,806 | 8,898 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 10,806 | 8,898 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||
Recorded Investment, Loans Not Past Due | 459,866 | 387,703 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 116,545 | 58,596 |
Year two originated | 58,202 | 18,411 |
Year three originated | 19,178 | 35,973 |
Year four originated | 27,397 | 28,163 |
Year five originated | 21,985 | 45,153 |
Prior | 206,430 | 191,460 |
Revolving Loan | 3,389 | 3,010 |
Revolving Loans Converted to Term | 6,740 | 6,937 |
Total | 459,866 | 387,703 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||
Recorded Investment, Loans Not Past Due | 579,733 | 588,000 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 28,128 | 107,572 |
Year two originated | 126,291 | 55,956 |
Year three originated | 46,262 | 19,816 |
Year four originated | 69,694 | 76,076 |
Year five originated | 41,631 | 58,883 |
Prior | 259,888 | 265,428 |
Revolving Loan | 4,173 | 3,668 |
Revolving Loans Converted to Term | 3,666 | 601 |
Total | 579,733 | 588,000 |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Recorded Investment, Loans Not Past Due | 7,116 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 141 | |
Year two originated | 16 | |
Year three originated | 110 | |
Year five originated | 6 | |
Prior | 4,949 | |
Revolving Loan | 1,697 | |
Revolving Loans Converted to Term | 197 | |
Total | 7,116 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded Investment, Loans Not Past Due | 148,690 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 44,253 | |
Year two originated | 73,226 | |
Year three originated | 847 | |
Year four originated | 6,937 | |
Year five originated | 3,006 | |
Prior | 19,582 | |
Revolving Loan | 822 | |
Revolving Loans Converted to Term | 17 | |
Total | 148,690 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Recorded Investment, Loans Not Past Due | 609,694 | 547,560 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 152,463 | 165,106 |
Year two originated | 157,233 | 54,037 |
Year three originated | 43,812 | 90,419 |
Year four originated | 40,707 | 49,694 |
Year five originated | 69,367 | 43,173 |
Prior | 140,122 | 139,506 |
Revolving Loan | 1,837 | 1,845 |
Revolving Loans Converted to Term | 4,153 | 3,780 |
Total | 609,694 | 547,560 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Recorded Investment, Loans Not Past Due | 140,321 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 9,953 | |
Year two originated | 21,927 | |
Year three originated | 18,338 | |
Year four originated | 1,804 | |
Year five originated | 7,064 | |
Prior | 76,072 | |
Revolving Loan | 4,192 | |
Revolving Loans Converted to Term | 971 | |
Total | 140,321 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded Investment, Loans Not Past Due | 65,152 | 73,846 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 463 | 715 |
Year two originated | 431 | 59 |
Year three originated | 52 | 75 |
Year four originated | 230 | 235 |
Year five originated | 63 | 425 |
Prior | 4,147 | 4,337 |
Revolving Loan | 58,788 | 67,831 |
Revolving Loans Converted to Term | 978 | 169 |
Total | 65,152 | 73,846 |
Commercial Portfolio Segment [Member] | ||
Recorded Investment, Loans Not Past Due | 8,612 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 320 | |
Year two originated | 66 | |
Year three originated | 24 | |
Year five originated | 1,978 | |
Prior | 4,138 | |
Revolving Loan | 2,086 | |
Total | 8,612 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded Investment, Loans Not Past Due | 121,444 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 57,320 | |
Year two originated | 14,003 | |
Year three originated | 17,935 | |
Year four originated | 7,061 | |
Year five originated | 8,414 | |
Prior | 15,698 | |
Revolving Loan | 982 | |
Revolving Loans Converted to Term | 31 | |
Total | 121,444 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Recorded Investment, Loans Not Past Due | 164,071 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 37,030 | |
Year two originated | 18,866 | |
Year three originated | 7,228 | |
Year four originated | 6,328 | |
Year five originated | 36,574 | |
Prior | 52,712 | |
Revolving Loan | 5,031 | |
Revolving Loans Converted to Term | 302 | |
Total | 164,071 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Recorded Investment, Loans Not Past Due | 521,794 | 301,980 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 295,459 | 95,085 |
Year two originated | 60,038 | 10,424 |
Year three originated | 7,401 | 11,923 |
Year four originated | 9,228 | 12,156 |
Year five originated | 6,822 | 10,522 |
Prior | 22,561 | 20,222 |
Revolving Loan | 102,516 | 136,310 |
Revolving Loans Converted to Term | 17,769 | 5,338 |
Total | 521,794 | 301,980 |
Consumer Portfolio Segment [Member] | ||
Recorded Investment, Loans Not Past Due | 60,996 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 48,107 | |
Year two originated | 2,351 | |
Year three originated | 1,002 | |
Year four originated | 921 | |
Year five originated | 246 | |
Prior | 5,850 | |
Revolving Loan | 2,519 | |
Total | 60,996 | |
Other Consumer Loans | ||
Recorded Investment, Loans Not Past Due | 405,278 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 365,912 | |
Year two originated | 29,697 | |
Year three originated | 1,493 | |
Year four originated | 534 | |
Year five originated | 340 | |
Prior | 4,384 | |
Revolving Loan | 2,918 | |
Total | 405,278 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Recorded Investment, Loans Not Past Due | 6,628 | 8,455 |
Recorded Investment, Nonaccrual Loans | 1,328 | 1,729 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year five originated | 1,717 | |
Prior | 6,628 | 6,708 |
Revolving Loan | 30 | |
Total | 6,628 | 8,455 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 1,328 | |
Recorded Investment, Loans Not Past Due | 1,328 | |
Nonaccrual with No Credit Loss Allowance | 1,328 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 1,328 | |
Total | 1,328 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 1,328 | 1,717 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 1,328 | 1,717 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 5,300 | 6,738 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 1,729 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 1,729 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Recorded Investment, Nonaccrual Loans | 713 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Nonperforming Financial Instruments [Member] | ||
Nonaccrual with No Credit Loss Allowance | 713 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 713 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 713 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Recorded Investment, Loans Not Past Due | 2,942,208 | 2,331,531 |
Recorded Investment, Nonaccrual Loans | 34,156 | 13,300 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 2,942,208 | 2,331,531 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 23,350 | 6,131 |
Recorded Investment, Loans Not Past Due | 34,156 | |
Nonaccrual with No Credit Loss Allowance | 31,165 | 12,315 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 331 | |
Year two originated | 292 | |
Year three originated | 5 | |
Year four originated | 13,066 | |
Year five originated | 8,105 | |
Prior | 10,027 | |
Revolving Loan | 2,066 | |
Revolving Loans Converted to Term | 264 | |
Total | 34,156 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 33,957 | 32,272 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 33,957 | 32,272 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 2,908,251 | 2,299,259 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 10,806 | 7,169 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 10,806 | 7,169 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||
Recorded Investment, Loans Not Past Due | 459,866 | 387,703 |
Recorded Investment, Nonaccrual Loans | 509 | 842 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 459,866 | 387,703 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 509 | |
Nonaccrual with No Credit Loss Allowance | 509 | 842 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 509 | |
Total | 509 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 55 | 540 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 55 | 540 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 459,811 | 387,163 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 509 | 842 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 509 | 842 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||
Recorded Investment, Loans Not Past Due | 579,733 | 588,000 |
Recorded Investment, Nonaccrual Loans | 19,641 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 579,733 | 588,000 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 19,641 | |
Recorded Investment, Loans Not Past Due | 19,641 | |
Nonaccrual with No Credit Loss Allowance | 19,641 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year four originated | 13,066 | |
Prior | 6,575 | |
Total | 19,641 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 20,100 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 20,100 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 559,633 | 588,000 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Recorded Investment, Loans Not Past Due | 8,612 | |
Recorded Investment, Nonaccrual Loans | 836 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 8,612 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 713 | |
Nonaccrual with No Credit Loss Allowance | 836 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year five originated | 6 | |
Prior | 707 | |
Total | 713 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 791 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 791 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 7,821 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 836 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 836 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded Investment, Loans Not Past Due | 148,690 | 121,444 |
Recorded Investment, Nonaccrual Loans | 29 | 4,609 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 148,690 | 121,444 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 4,575 | |
Recorded Investment, Loans Not Past Due | 29 | |
Nonaccrual with No Credit Loss Allowance | 29 | 4,609 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 29 | |
Total | 29 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 46 | 4,910 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 46 | 4,910 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 148,644 | 116,534 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 29 | 34 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 29 | 34 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Recorded Investment, Loans Not Past Due | 609,694 | 547,560 |
Recorded Investment, Nonaccrual Loans | 9,299 | 548 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 609,694 | 547,560 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 304 | 137 |
Recorded Investment, Loans Not Past Due | 9,299 | |
Nonaccrual with No Credit Loss Allowance | 9,299 | 548 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 285 | |
Year five originated | 8,099 | |
Prior | 672 | |
Revolving Loans Converted to Term | 243 | |
Total | 9,299 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 2,894 | 9,775 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 2,894 | 9,775 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 606,800 | 537,785 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 8,995 | 411 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 8,995 | 411 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Recorded Investment, Loans Not Past Due | 140,321 | 164,071 |
Recorded Investment, Nonaccrual Loans | 4,301 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 140,321 | 164,071 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Nonperforming Financial Instruments [Member] | ||
Nonaccrual with No Credit Loss Allowance | 4,301 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 140,321 | 164,071 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 4,301 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 4,301 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded Investment, Loans Not Past Due | 65,152 | 73,846 |
Recorded Investment, Nonaccrual Loans | 550 | 424 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 65,152 | 73,846 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 249 | 171 |
Recorded Investment, Loans Not Past Due | 550 | |
Nonaccrual with No Credit Loss Allowance | 550 | 424 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 53 | |
Revolving Loan | 476 | |
Revolving Loans Converted to Term | 21 | |
Total | 550 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 776 | 502 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 776 | 502 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 64,376 | 73,344 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 301 | 253 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 301 | 253 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Recorded Investment, Loans Not Past Due | 7,116 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 7,116 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 7,116 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Recorded Investment, Loans Not Past Due | 521,794 | 301,980 |
Recorded Investment, Nonaccrual Loans | 3,077 | 1,722 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 521,794 | 301,980 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 2,956 | 1,246 |
Recorded Investment, Loans Not Past Due | 3,077 | |
Nonaccrual with No Credit Loss Allowance | 121 | 745 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year three originated | 5 | |
Prior | 1,482 | |
Revolving Loan | 1,590 | |
Total | 3,077 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 2,995 | 1,633 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 2,995 | 1,633 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 518,799 | 300,347 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 121 | 476 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 121 | 476 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | ||
Recorded Investment, Loans Not Past Due | 405,278 | 60,996 |
Recorded Investment, Nonaccrual Loans | 18 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 405,278 | 60,996 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 2 | |
Recorded Investment, Loans Not Past Due | 334 | |
Nonaccrual with No Credit Loss Allowance | 10 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 46 | |
Year two originated | 288 | |
Total | 334 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 3,700 | 325 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 3,700 | 325 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 401,578 | 60,671 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 16 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 16 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Other Consumer Loans | ||
Recorded Investment, Nonaccrual Loans | 334 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Other Consumer Loans | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 200 | |
Nonaccrual with No Credit Loss Allowance | 299 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Other Consumer Loans | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 134 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 134 | |
Paycheck Protection Program Loans [Member] | ||
90 Days or More | 3,400 | 300 |
Recorded Investment, Loans Not Past Due | 4,564 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year two originated | 2,129 | |
Year three originated | 2,435 | |
Total | 4,564 | |
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | ||
Recorded Investment, Loans Not Past Due | 77,319 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 56,087 | |
Year two originated | 21,232 | |
Total | 77,319 | |
Paycheck Protection Program Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | ||
Recorded Investment, Loans Not Past Due | 4,564 | 77,319 |
Recorded Investment, Nonaccrual Loans | 4 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 4,564 | 77,319 |
Paycheck Protection Program Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 4 | |
Nonaccrual with No Credit Loss Allowance | 4 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year two originated | 4 | |
Total | 4 | |
Paycheck Protection Program Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 3,391 | 13,796 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 3,391 | 13,796 |
Paycheck Protection Program Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 1,173 | 63,523 |
Paycheck Protection Program Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 4 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 4 | |
Small Business Administration Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Nonaccrual Loans | 600 | 1,100 |
Nonaccrual with No Credit Loss Allowance | $ 600 | $ 1,100 |
LOANS AND ALLOWANCE FOR CREDI_7
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of the risk category of loans by class of loans) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Credit Quality Information [Abstract] | ||
Year originated | $ 1,013,317,000 | $ 625,938,000 |
Year two originated | 529,190,000 | 195,405,000 |
Year three originated | 139,928,000 | 184,395,000 |
Year four originated | 156,531,000 | 180,634,000 |
Year five originated | 150,284,000 | 207,085,000 |
Prior | 744,763,000 | 706,059,000 |
Revolving Loan | 180,332,000 | 223,312,000 |
Revolving Loans Converted to Term | 34,491,000 | 17,158,000 |
Total | $ 2,948,836,000 | $ 2,339,986,000 |
Year originated, Weighted average risk grade | 3.20 | 3.12 |
Year two originated, Weighted average risk grade | 3.19 | 3.24 |
Year three originated, Weighted average risk grade | 3.48 | 3.50 |
Year four originated, Weighted average risk grade | 3.54 | 3.38 |
Year five originated, Weighted average risk grade | 3.60 | 3.45 |
Prior, Weighted average risk grade | 3.57 | 3.64 |
Revolving loan, Weighted average risk grade | 3.35 | 3.35 |
Revolving loans converted to term, Weighted average risk grade | 3.53 | 3.92 |
Weighted average risk grade | 3.36 | 3.39 |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||
Revolving loans converted to term loans, during the period | $ 19,572,000 | $ 3,468,000 |
Doubtful [Member] | ||
Credit Quality Information [Abstract] | ||
Total | 0 | 0 |
Commercial Mortgage Loan | Loans And Leases Receivable Secured By Farmland [Member] | ||
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||
Revolving loans converted to term loans, during the period | 198,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||
Credit Quality Information [Abstract] | ||
Year originated | 116,545,000 | 58,596,000 |
Year two originated | 58,202,000 | 18,411,000 |
Year three originated | 19,178,000 | 35,973,000 |
Year four originated | 27,397,000 | 28,163,000 |
Year five originated | 21,985,000 | 45,153,000 |
Prior | 206,430,000 | 191,460,000 |
Revolving Loan | 3,389,000 | 3,010,000 |
Revolving Loans Converted to Term | 6,740,000 | 6,937,000 |
Total | $ 459,866,000 | $ 387,703,000 |
Year originated, Weighted average risk grade | 3.25 | 3.43 |
Year two originated, Weighted average risk grade | 3.45 | 3.42 |
Year three originated, Weighted average risk grade | 3.38 | 3.47 |
Year four originated, Weighted average risk grade | 3.27 | 3.43 |
Year five originated, Weighted average risk grade | 3.43 | 3.55 |
Prior, Weighted average risk grade | 3.50 | 3.53 |
Revolving loan, Weighted average risk grade | 3.52 | 3.29 |
Revolving loans converted to term, Weighted average risk grade | 3.96 | 3.96 |
Weighted average risk grade | 3.42 | 3.51 |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||
Revolving loans converted to term loans, during the period | $ 298,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | $ 116,545,000 | 58,596,000 |
Year two originated | 58,202,000 | 18,411,000 |
Year three originated | 19,178,000 | 35,498,000 |
Year four originated | 27,397,000 | 28,163,000 |
Year five originated | 21,985,000 | 45,013,000 |
Prior | 202,484,000 | 187,461,000 |
Revolving Loan | 3,389,000 | 3,010,000 |
Revolving Loans Converted to Term | 6,740,000 | 6,937,000 |
Total | 455,920,000 | 383,089,000 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Year five originated | 140,000 | |
Prior | 988,000 | 1,184,000 |
Total | 988,000 | 1,324,000 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Year three originated | 475,000 | |
Prior | 2,958,000 | 2,815,000 |
Total | 2,958,000 | 3,290,000 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||
Credit Quality Information [Abstract] | ||
Year originated | 28,128,000 | 107,572,000 |
Year two originated | 126,291,000 | 55,956,000 |
Year three originated | 46,262,000 | 19,816,000 |
Year four originated | 69,694,000 | 76,076,000 |
Year five originated | 41,631,000 | 58,883,000 |
Prior | 259,888,000 | 265,428,000 |
Revolving Loan | 4,173,000 | 3,668,000 |
Revolving Loans Converted to Term | 3,666,000 | 601,000 |
Total | $ 579,733,000 | $ 588,000,000 |
Year originated, Weighted average risk grade | 3.36 | 3.05 |
Year two originated, Weighted average risk grade | 3.16 | 3.47 |
Year three originated, Weighted average risk grade | 3.82 | 3.83 |
Year four originated, Weighted average risk grade | 3.95 | 3.45 |
Year five originated, Weighted average risk grade | 4.01 | 3.81 |
Prior, Weighted average risk grade | 3.82 | 3.81 |
Revolving loan, Weighted average risk grade | 2.87 | 2.94 |
Revolving loans converted to term, Weighted average risk grade | 3.33 | 6 |
Weighted average risk grade | 3.68 | 3.59 |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||
Revolving loans converted to term loans, during the period | $ 3,065,000 | $ 601,000 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | 28,128,000 | 107,572,000 |
Year two originated | 126,291,000 | 55,956,000 |
Year three originated | 44,696,000 | 19,816,000 |
Year four originated | 55,702,000 | 76,076,000 |
Year five originated | 41,631,000 | 58,883,000 |
Prior | 228,735,000 | 235,676,000 |
Revolving Loan | 4,173,000 | 3,668,000 |
Revolving Loans Converted to Term | 3,065,000 | |
Total | 532,421,000 | 557,647,000 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Year three originated | 1,566,000 | |
Year four originated | 926,000 | |
Prior | 24,580,000 | 12,097,000 |
Revolving Loans Converted to Term | 601,000 | |
Total | 27,673,000 | 12,097,000 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Year four originated | 13,066,000 | |
Prior | 6,573,000 | 17,655,000 |
Revolving Loans Converted to Term | 601,000 | |
Total | 19,639,000 | 18,256,000 |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | 141,000 | |
Year two originated | 16,000 | |
Year three originated | 110,000 | |
Year five originated | 6,000 | |
Prior | 4,949,000 | |
Revolving Loan | 1,697,000 | |
Revolving Loans Converted to Term | 197,000 | |
Total | $ 7,116,000 | |
Year originated, Weighted average risk grade | 4 | |
Year two originated, Weighted average risk grade | 4 | |
Year three originated, Weighted average risk grade | 4 | |
Year four originated, Weighted average risk grade | 6 | |
Prior, Weighted average risk grade | 4.20 | |
Revolving loan, Weighted average risk grade | 3.98 | |
Revolving loans converted to term, Weighted average risk grade | 3.70 | |
Weighted average risk grade | 4.13 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | $ 141,000 | |
Year two originated | 16,000 | |
Year three originated | 110,000 | |
Prior | 3,425,000 | |
Revolving Loan | 1,697,000 | |
Revolving Loans Converted to Term | 85,000 | |
Total | 5,474,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 649,000 | |
Revolving Loans Converted to Term | 112,000 | |
Total | 761,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Year five originated | 6,000 | |
Prior | 875,000 | |
Total | 881,000 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | 44,253,000 | |
Year two originated | 73,226,000 | |
Year three originated | 847,000 | |
Year four originated | 6,937,000 | |
Year five originated | 3,006,000 | |
Prior | 19,582,000 | |
Revolving Loan | 822,000 | |
Revolving Loans Converted to Term | 17,000 | |
Total | $ 148,690,000 | |
Year originated, Weighted average risk grade | 3.21 | |
Year two originated, Weighted average risk grade | 3.06 | |
Year three originated, Weighted average risk grade | 3.60 | |
Year four originated, Weighted average risk grade | 3.42 | |
Year five originated, Weighted average risk grade | 3.17 | |
Prior, Weighted average risk grade | 3.69 | |
Revolving loan, Weighted average risk grade | 3.36 | |
Revolving loans converted to term, Weighted average risk grade | 4 | |
Weighted average risk grade | 3.20 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | $ 44,253,000 | |
Year two originated | 73,226,000 | |
Year three originated | 847,000 | |
Year four originated | 6,937,000 | |
Year five originated | 3,006,000 | |
Prior | 19,553,000 | |
Revolving Loan | 822,000 | |
Revolving Loans Converted to Term | 17,000 | |
Total | 148,661,000 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 29,000 | |
Total | 29,000 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Credit Quality Information [Abstract] | ||
Year originated | 152,463,000 | 165,106,000 |
Year two originated | 157,233,000 | 54,037,000 |
Year three originated | 43,812,000 | 90,419,000 |
Year four originated | 40,707,000 | 49,694,000 |
Year five originated | 69,367,000 | 43,173,000 |
Prior | 140,122,000 | 139,506,000 |
Revolving Loan | 1,837,000 | 1,845,000 |
Revolving Loans Converted to Term | 4,153,000 | 3,780,000 |
Total | $ 609,694,000 | $ 547,560,000 |
Year originated, Weighted average risk grade | 3.09 | 3.04 |
Year two originated, Weighted average risk grade | 3.04 | 3.06 |
Year three originated, Weighted average risk grade | 3.07 | 3.24 |
Year four originated, Weighted average risk grade | 3.41 | 3.13 |
Year five originated, Weighted average risk grade | 3.13 | 3.07 |
Prior, Weighted average risk grade | 3.23 | 3.26 |
Revolving loan, Weighted average risk grade | 3.92 | 3.98 |
Revolving loans converted to term, Weighted average risk grade | 3.54 | 3.30 |
Weighted average risk grade | 3.15 | 3.15 |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||
Revolving loans converted to term loans, during the period | $ 1,492,000 | $ 1,706,000 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | 152,178,000 | 165,106,000 |
Year two originated | 157,233,000 | 54,037,000 |
Year three originated | 43,812,000 | 81,905,000 |
Year four originated | 40,707,000 | 49,694,000 |
Year five originated | 61,268,000 | 43,173,000 |
Prior | 138,782,000 | 138,711,000 |
Revolving Loan | 1,837,000 | 1,845,000 |
Revolving Loans Converted to Term | 3,437,000 | 3,484,000 |
Total | 599,254,000 | 537,955,000 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Year three originated | 8,514,000 | |
Prior | 30,000 | |
Total | 30,000 | 8,514,000 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | 285,000 | |
Year five originated | 8,099,000 | |
Prior | 1,310,000 | 795,000 |
Revolving Loans Converted to Term | 716,000 | 296,000 |
Total | 10,410,000 | 1,091,000 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | 9,953,000 | |
Year two originated | 21,927,000 | |
Year three originated | 18,338,000 | |
Year four originated | 1,804,000 | |
Year five originated | 7,064,000 | |
Prior | 76,072,000 | |
Revolving Loan | 4,192,000 | |
Revolving Loans Converted to Term | 971,000 | |
Total | $ 140,321,000 | |
Year originated, Weighted average risk grade | 3.58 | |
Year two originated, Weighted average risk grade | 3 | |
Year three originated, Weighted average risk grade | 3.90 | |
Year four originated, Weighted average risk grade | 3 | |
Year five originated, Weighted average risk grade | 3.21 | |
Prior, Weighted average risk grade | 3.31 | |
Revolving loan, Weighted average risk grade | 4 | |
Revolving loans converted to term, Weighted average risk grade | 4.61 | |
Weighted average risk grade | 3.37 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||
Revolving loans converted to term loans, during the period | $ 676,000 | 302,000 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | 9,953,000 | |
Year two originated | 21,927,000 | |
Year three originated | 18,338,000 | |
Year four originated | 1,804,000 | |
Year five originated | 7,064,000 | |
Prior | 75,370,000 | |
Revolving Loan | 4,192,000 | |
Revolving Loans Converted to Term | 676,000 | |
Total | 139,324,000 | |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 702,000 | |
Revolving Loans Converted to Term | 295,000 | |
Total | 997,000 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | 463,000 | 715,000 |
Year two originated | 431,000 | 59,000 |
Year three originated | 52,000 | 75,000 |
Year four originated | 230,000 | 235,000 |
Year five originated | 63,000 | 425,000 |
Prior | 4,147,000 | 4,337,000 |
Revolving Loan | 58,788,000 | 67,831,000 |
Revolving Loans Converted to Term | 978,000 | 169,000 |
Total | $ 65,152,000 | $ 73,846,000 |
Year originated, Weighted average risk grade | 3 | 3 |
Year two originated, Weighted average risk grade | 3 | 3 |
Year three originated, Weighted average risk grade | 3 | 3 |
Year four originated, Weighted average risk grade | 3 | 3 |
Year five originated, Weighted average risk grade | 3 | 3.77 |
Prior, Weighted average risk grade | 3.94 | 3.79 |
Revolving loan, Weighted average risk grade | 3.05 | 3.09 |
Revolving loans converted to term, Weighted average risk grade | 3.89 | 4.31 |
Weighted average risk grade | 3.12 | 3.14 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | $ 463,000 | $ 715,000 |
Year two originated | 431,000 | 59,000 |
Year three originated | 52,000 | 75,000 |
Year four originated | 230,000 | 235,000 |
Year five originated | 63,000 | 425,000 |
Prior | 4,093,000 | 4,337,000 |
Revolving Loan | 58,312,000 | 67,157,000 |
Revolving Loans Converted to Term | 957,000 | 143,000 |
Total | 64,601,000 | 73,146,000 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Revolving Loan | 276,000 | |
Total | 276,000 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 54,000 | |
Revolving Loan | 476,000 | 398,000 |
Revolving Loans Converted to Term | 21,000 | 26,000 |
Total | 551,000 | 424,000 |
Commercial Portfolio Segment [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | 320,000 | |
Year two originated | 66,000 | |
Year three originated | 24,000 | |
Year five originated | 1,978,000 | |
Prior | 4,138,000 | |
Revolving Loan | 2,086,000 | |
Total | 8,612,000 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Year five originated | 852,000 | |
Prior | 404,000 | |
Total | 1,256,000 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Year three originated | 24,000 | |
Year five originated | 681,000 | |
Revolving Loan | 131,000 | |
Total | $ 836,000 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated, Weighted average risk grade | 3.17 | |
Year two originated, Weighted average risk grade | 4 | |
Year three originated, Weighted average risk grade | 6 | |
Year five originated, Weighted average risk grade | 5.04 | |
Prior, Weighted average risk grade | 3.61 | |
Revolving loan, Weighted average risk grade | 4.09 | |
Weighted average risk grade | 4.05 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | $ 320,000 | |
Year two originated | 66,000 | |
Year five originated | 445,000 | |
Prior | 3,734,000 | |
Revolving Loan | 1,955,000 | |
Total | 6,520,000 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | 57,320,000 | |
Year two originated | 14,003,000 | |
Year three originated | 17,935,000 | |
Year four originated | 7,061,000 | |
Year five originated | 8,414,000 | |
Prior | 15,698,000 | |
Revolving Loan | 982,000 | |
Revolving Loans Converted to Term | 31,000 | |
Total | $ 121,444,000 | |
Year originated, Weighted average risk grade | 3.15 | |
Year two originated, Weighted average risk grade | 3.56 | |
Year three originated, Weighted average risk grade | 4.48 | |
Year four originated, Weighted average risk grade | 3.26 | |
Year five originated, Weighted average risk grade | 3.91 | |
Prior, Weighted average risk grade | 3.54 | |
Revolving loan, Weighted average risk grade | 3.31 | |
Revolving loans converted to term, Weighted average risk grade | 4 | |
Weighted average risk grade | 3.50 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | $ 57,320,000 | |
Year two originated | 14,003,000 | |
Year three originated | 13,360,000 | |
Year four originated | 7,061,000 | |
Year five originated | 8,414,000 | |
Prior | 15,664,000 | |
Revolving Loan | 982,000 | |
Revolving Loans Converted to Term | 31,000 | |
Total | 116,835,000 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Year three originated | 4,575,000 | |
Prior | 34,000 | |
Total | 4,609,000 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | 37,030,000 | |
Year two originated | 18,866,000 | |
Year three originated | 7,228,000 | |
Year four originated | 6,328,000 | |
Year five originated | 36,574,000 | |
Prior | 52,712,000 | |
Revolving Loan | 5,031,000 | |
Revolving Loans Converted to Term | 302,000 | |
Total | $ 164,071,000 | |
Year originated, Weighted average risk grade | 3.40 | |
Year two originated, Weighted average risk grade | 3.90 | |
Year three originated, Weighted average risk grade | 3 | |
Year four originated, Weighted average risk grade | 3.59 | |
Year five originated, Weighted average risk grade | 3 | |
Prior, Weighted average risk grade | 3.92 | |
Revolving loan, Weighted average risk grade | 4 | |
Revolving loans converted to term, Weighted average risk grade | 6 | |
Weighted average risk grade | 3.55 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | $ 37,030,000 | |
Year two originated | 18,866,000 | |
Year three originated | 7,228,000 | |
Year four originated | 6,328,000 | |
Year five originated | 36,574,000 | |
Prior | 42,310,000 | |
Revolving Loan | 5,031,000 | |
Total | 153,367,000 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 5,326,000 | |
Total | 5,326,000 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 5,076,000 | |
Revolving Loans Converted to Term | 302,000 | |
Total | 5,378,000 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Credit Quality Information [Abstract] | ||
Year originated | 295,459,000 | 95,085,000 |
Year two originated | 60,038,000 | 10,424,000 |
Year three originated | 7,401,000 | 11,923,000 |
Year four originated | 9,228,000 | 12,156,000 |
Year five originated | 6,822,000 | 10,522,000 |
Prior | 22,561,000 | 20,222,000 |
Revolving Loan | 102,516,000 | 136,310,000 |
Revolving Loans Converted to Term | 17,769,000 | 5,338,000 |
Total | $ 521,794,000 | $ 301,980,000 |
Year originated, Weighted average risk grade | 3.14 | 3.43 |
Year two originated, Weighted average risk grade | 3.41 | 3.36 |
Year three originated, Weighted average risk grade | 3.38 | 3.79 |
Year four originated, Weighted average risk grade | 3.90 | 3.77 |
Year five originated, Weighted average risk grade | 3.42 | 2.95 |
Prior, Weighted average risk grade | 3.70 | 3.96 |
Revolving loan, Weighted average risk grade | 3.47 | 3.43 |
Revolving loans converted to term, Weighted average risk grade | 3.33 | 3.95 |
Weighted average risk grade | 3.29 | 3.48 |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||
Revolving loans converted to term loans, during the period | $ 13,309,000 | $ 561,000 |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | 295,459,000 | 95,085,000 |
Year two originated | 59,642,000 | 10,415,000 |
Year three originated | 7,332,000 | 11,923,000 |
Year four originated | 9,228,000 | 10,648,000 |
Year five originated | 6,658,000 | 10,522,000 |
Prior | 20,883,000 | 18,284,000 |
Revolving Loan | 100,407,000 | 134,302,000 |
Revolving Loans Converted to Term | 17,381,000 | 5,338,000 |
Total | 516,990,000 | 296,517,000 |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Year two originated | 396,000 | |
Year three originated | 64,000 | |
Year five originated | 74,000 | |
Revolving Loan | 519,000 | 845,000 |
Revolving Loans Converted to Term | 388,000 | |
Total | 1,441,000 | 845,000 |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Year two originated | 9,000 | |
Year three originated | 5,000 | |
Year four originated | 1,508,000 | |
Year five originated | 90,000 | |
Prior | 1,678,000 | 1,938,000 |
Revolving Loan | 1,590,000 | 1,163,000 |
Total | 3,363,000 | 4,618,000 |
Consumer Portfolio Segment [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | 48,107,000 | |
Year two originated | 2,351,000 | |
Year three originated | 1,002,000 | |
Year four originated | 921,000 | |
Year five originated | 246,000 | |
Prior | 5,850,000 | |
Revolving Loan | 2,519,000 | |
Total | $ 60,996,000 | |
Year originated, Weighted average risk grade | 3.55 | |
Year two originated, Weighted average risk grade | 3.99 | |
Year three originated, Weighted average risk grade | 3.99 | |
Year four originated, Weighted average risk grade | 4.02 | |
Year five originated, Weighted average risk grade | 4.07 | |
Prior, Weighted average risk grade | 4.01 | |
Revolving loan, Weighted average risk grade | 4 | |
Weighted average risk grade | 3.65 | |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | $ 48,107,000 | |
Year two originated | 2,351,000 | |
Year three originated | 1,002,000 | |
Year four originated | 914,000 | |
Year five originated | 237,000 | |
Prior | 5,766,000 | |
Revolving Loan | 2,519,000 | |
Total | 60,896,000 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 82,000 | |
Total | 82,000 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Year four originated | 7,000 | |
Year five originated | 9,000 | |
Prior | 2,000 | |
Total | 18,000 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||
Revolving loans converted to term loans, during the period | 832,000 | |
Other Consumer Loans | ||
Credit Quality Information [Abstract] | ||
Year originated | 365,912,000 | |
Year two originated | 29,697,000 | |
Year three originated | 1,493,000 | |
Year four originated | 534,000 | |
Year five originated | 340,000 | |
Prior | 4,384,000 | |
Revolving Loan | 2,918,000 | |
Total | $ 405,278,000 | |
Year originated, Weighted average risk grade | 3.24 | |
Year two originated, Weighted average risk grade | 3.74 | |
Year three originated, Weighted average risk grade | 3.99 | |
Year four originated, Weighted average risk grade | 3.98 | |
Year five originated, Weighted average risk grade | 4 | |
Prior, Weighted average risk grade | 4.02 | |
Revolving loan, Weighted average risk grade | 3.81 | |
Weighted average risk grade | 3.30 | |
Other Consumer Loans | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | $ 365,842,000 | |
Year two originated | 29,184,000 | |
Year three originated | 1,493,000 | |
Year four originated | 534,000 | |
Year five originated | 340,000 | |
Prior | 4,319,000 | |
Revolving Loan | 2,918,000 | |
Total | 404,630,000 | |
Other Consumer Loans | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 65,000 | |
Total | 65,000 | |
Other Consumer Loans | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | 70,000 | |
Year two originated | 513,000 | |
Total | 583,000 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Credit Quality Information [Abstract] | ||
Year five originated | 1,717,000 | |
Prior | 6,628,000 | 6,708,000 |
Revolving Loan | 30,000 | |
Total | $ 6,628,000 | $ 8,455,000 |
Year five originated, Weighted average risk grade | 6 | |
Prior, Weighted average risk grade | 4.54 | 4.08 |
Revolving loan, Weighted average risk grade | 3 | |
Weighted average risk grade | 4.54 | 4.47 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | $ 3,692,000 | $ 5,145,000 |
Revolving Loan | 30,000 | |
Total | 3,692,000 | 5,175,000 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 1,320,000 | 1,391,000 |
Total | 1,320,000 | 1,391,000 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Year five originated | 1,717,000 | |
Prior | 1,616,000 | 172,000 |
Total | 1,616,000 | 1,889,000 |
Paycheck Protection Program Loans [Member] | ||
Credit Quality Information [Abstract] | ||
Year two originated | 2,129,000 | |
Year three originated | 2,435,000 | |
Total | $ 4,564,000 | |
Year two originated, Weighted average risk grade | 2.02 | |
Year three originated, Weighted average risk grade | 2 | |
Weighted average risk grade | 2.01 | |
Paycheck Protection Program Loans [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Year two originated | $ 2,119,000 | |
Year three originated | 2,435,000 | |
Total | 4,554,000 | |
Paycheck Protection Program Loans [Member] | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Year two originated | 10,000 | |
Total | $ 10,000 | |
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | 56,087,000 | |
Year two originated | 21,232,000 | |
Total | $ 77,319,000 | |
Year originated, Weighted average risk grade | 2 | |
Year two originated, Weighted average risk grade | 2 | |
Weighted average risk grade | 2 | |
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Year originated | $ 56,087,000 | |
Year two originated | 21,232,000 | |
Total | $ 77,319,000 |
LOANS AND ALLOWANCE FOR CREDI_8
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of calculation for allowance for credit losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financing receivable, allowance for credit loss | $ 34,544 | $ 29,105 | $ 36,345 |
Allowances for loan losses | 34,544 | 29,105 | 36,345 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Financing receivable, allowance for credit loss | 5,558 | 4,562 | 6,699 |
Allowances for loan losses | 5,558 | 4,562 | 6,699 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Financing receivable, allowance for credit loss | 7,147 | 9,028 | 11,426 |
Allowances for loan losses | 7,147 | 9,028 | 11,426 |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Financing receivable, allowance for credit loss | 25 | 56 | |
Allowances for loan losses | 25 | 56 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing receivable, allowance for credit loss | 1,373 | 998 | 1,815 |
Allowances for loan losses | 1,373 | 998 | 1,815 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Financing receivable, allowance for credit loss | 25 | 56 | 104 |
Allowances for loan losses | 25 | 56 | 104 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Financing receivable, allowance for credit loss | 4,091 | 3,588 | 9,579 |
Allowances for loan losses | 4,091 | 3,588 | 9,579 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Financing receivable, allowance for credit loss | 2,201 | 3,280 | 1,412 |
Allowances for loan losses | 2,201 | 3,280 | 1,412 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing receivable, allowance for credit loss | 329 | 437 | 901 |
Allowances for loan losses | 329 | 437 | 901 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing receivable, allowance for credit loss | 1,373 | 998 | |
Allowances for loan losses | 1,373 | 998 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Financing receivable, allowance for credit loss | 7,853 | 4,088 | 1,498 |
Allowances for loan losses | 7,853 | 4,088 | 1,498 |
Consumer Portfolio Segment [Member] | |||
Financing receivable, allowance for credit loss | 3,895 | 787 | 517 |
Allowances for loan losses | 3,895 | 787 | 517 |
Other Consumer Loans | |||
Financing receivable, allowance for credit loss | 3,895 | 787 | |
Allowances for loan losses | 3,895 | 787 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing receivable, allowance for credit loss | 2,072 | 2,281 | |
Allowances for loan losses | 2,072 | 2,281 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | |||
Financing receivable, allowance for credit loss | 2,072 | 2,281 | 2,394 |
Allowances for loan losses | 2,072 | 2,281 | $ 2,394 |
Paycheck Protection Program Loans [Member] | |||
Financing receivable, allowance for credit loss | 0 | ||
Allowances for loan losses | 0 | ||
Modeled Expected Credit Losses [Member] | |||
Financing receivable, allowance for credit loss | 27,510 | 20,960 | |
Allowances for loan losses | 27,510 | 20,960 | |
Modeled Expected Credit Losses [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Financing receivable, allowance for credit loss | 5,297 | 4,281 | |
Allowances for loan losses | 5,297 | 4,281 | |
Modeled Expected Credit Losses [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Financing receivable, allowance for credit loss | 6,652 | 8,020 | |
Allowances for loan losses | 6,652 | 8,020 | |
Modeled Expected Credit Losses [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Financing receivable, allowance for credit loss | 4 | 9 | |
Allowances for loan losses | 4 | 9 | |
Modeled Expected Credit Losses [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Financing receivable, allowance for credit loss | 3,579 | 3,012 | |
Allowances for loan losses | 3,579 | 3,012 | |
Modeled Expected Credit Losses [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Financing receivable, allowance for credit loss | 1,814 | 1,885 | |
Allowances for loan losses | 1,814 | 1,885 | |
Modeled Expected Credit Losses [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing receivable, allowance for credit loss | 310 | 273 | |
Allowances for loan losses | 310 | 273 | |
Modeled Expected Credit Losses [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing receivable, allowance for credit loss | 997 | 540 | |
Allowances for loan losses | 997 | 540 | |
Modeled Expected Credit Losses [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Financing receivable, allowance for credit loss | 5,006 | 2,154 | |
Allowances for loan losses | 5,006 | 2,154 | |
Modeled Expected Credit Losses [Member] | Other Consumer Loans | |||
Financing receivable, allowance for credit loss | 3,851 | 786 | |
Allowances for loan losses | 3,851 | 786 | |
Q Factor And Other Qualitative Adjustments [Member] | |||
Financing receivable, allowance for credit loss | 2,727 | 5,205 | |
Allowances for loan losses | 2,727 | 5,205 | |
Q Factor And Other Qualitative Adjustments [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Financing receivable, allowance for credit loss | 261 | 281 | |
Allowances for loan losses | 261 | 281 | |
Q Factor And Other Qualitative Adjustments [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Financing receivable, allowance for credit loss | 495 | 1,008 | |
Allowances for loan losses | 495 | 1,008 | |
Q Factor And Other Qualitative Adjustments [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Financing receivable, allowance for credit loss | 21 | 47 | |
Allowances for loan losses | 21 | 47 | |
Q Factor And Other Qualitative Adjustments [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Financing receivable, allowance for credit loss | 512 | 576 | |
Allowances for loan losses | 512 | 576 | |
Q Factor And Other Qualitative Adjustments [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Financing receivable, allowance for credit loss | 387 | 1,395 | |
Allowances for loan losses | 387 | 1,395 | |
Q Factor And Other Qualitative Adjustments [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing receivable, allowance for credit loss | 19 | 164 | |
Allowances for loan losses | 19 | 164 | |
Q Factor And Other Qualitative Adjustments [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing receivable, allowance for credit loss | 376 | 458 | |
Allowances for loan losses | 376 | 458 | |
Q Factor And Other Qualitative Adjustments [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Financing receivable, allowance for credit loss | 654 | 1,276 | |
Allowances for loan losses | 654 | 1,276 | |
Q Factor And Other Qualitative Adjustments [Member] | Other Consumer Loans | |||
Financing receivable, allowance for credit loss | 2 | ||
Allowances for loan losses | 2 | ||
Specific Allocation [Member] | |||
Financing receivable, allowance for credit loss | 4,307 | 2,940 | |
Allowances for loan losses | 4,307 | 2,940 | |
Specific Allocation [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Financing receivable, allowance for credit loss | 2,193 | 658 | |
Allowances for loan losses | 2,193 | 658 | |
Specific Allocation [Member] | Other Consumer Loans | |||
Financing receivable, allowance for credit loss | 42 | 1 | |
Allowances for loan losses | 42 | 1 | |
Specific Allocation [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing receivable, allowance for credit loss | 2,072 | 2,281 | |
Allowances for loan losses | $ 2,072 | $ 2,281 |
LOANS AND ALLOWANCE FOR CREDI_9
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Activity for Loan and Lease Losses By Class of Loan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | $ 29,105 | $ 36,345 | |
Provision for loan losses | 11,271 | (5,801) | $ 19,450 |
Charge offs | (8,069) | ||
Recoveries | 2,237 | 1,057 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 34,544 | 29,105 | 36,345 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 4,562 | 6,699 | |
Provision for loan losses | 1,010 | ||
Charge offs | (14) | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 5,558 | 4,562 | 6,699 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 9,028 | 11,426 | |
Provision for loan losses | 2,644 | ||
Charge offs | (5,027) | ||
Recoveries | 502 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 7,147 | 9,028 | 11,426 |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 56 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 25 | 56 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 998 | 1,815 | |
Provision for loan losses | 375 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 1,373 | 998 | 1,815 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 56 | 104 | |
Provision for loan losses | (31) | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 25 | 56 | 104 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 3,588 | 9,579 | |
Provision for loan losses | 444 | ||
Recoveries | 59 | 11 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 4,091 | 3,588 | 9,579 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 3,280 | 1,412 | |
Provision for loan losses | (1,079) | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 2,201 | 3,280 | 1,412 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 437 | 901 | |
Provision for loan losses | (97) | ||
Charge offs | (14) | ||
Recoveries | 3 | 2 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 329 | 437 | 901 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 998 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 1,373 | 998 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 4,088 | 1,498 | |
Provision for loan losses | 3,167 | ||
Charge offs | (1,040) | ||
Recoveries | 1,638 | 1,005 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 7,853 | 4,088 | 1,498 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 787 | 517 | |
Provision for loan losses | 5,047 | ||
Charge offs | (1,974) | ||
Recoveries | 35 | 39 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 3,895 | 787 | 517 |
Other Consumer Loans | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 787 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 3,895 | 787 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 2,281 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 2,072 | 2,281 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 2,281 | 2,394 | |
Provision for loan losses | (209) | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 2,072 | 2,281 | $ 2,394 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Provision for loan losses | (5,801) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Provision for loan losses | (1,961) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Provision for loan losses | (2,398) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Provision for loan losses | (817) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Provision for loan losses | (48) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Provision for loan losses | (5,533) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Provision for loan losses | 1,868 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Provision for loan losses | (466) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Provision for loan losses | 3,291 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Provision for loan losses | 376 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Provision for loan losses | (113) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | (2,496) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | (176) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | (469) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | (1,706) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | $ (145) |
LOANS AND ALLOWANCE FOR CRED_10
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Allowance for Loan Losses and the Recorded Investment by Portfolio Segment) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Ending allowance balance attributable to loans: | |||
Financing Receivable, Individually Evaluated for Impairment, Allowance For Credit Losses | $ 4,307 | $ 2,940 | |
Total ending allowance | 34,544 | 29,105 | $ 36,345 |
Loans: | |||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 43,480 | 44,872 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 5,558 | 4,562 | 6,699 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 7,147 | 9,028 | 11,426 |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 25 | 56 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 1,373 | 998 | 1,815 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 25 | 56 | 104 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 4,091 | 3,588 | 9,579 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 2,201 | 3,280 | 1,412 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 329 | 437 | 901 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 1,373 | 998 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 7,853 | 4,088 | 1,498 |
Consumer Portfolio Segment [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 3,895 | 787 | 517 |
Other Consumer Loans | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 3,895 | 787 | |
Paycheck Protection Program Loans [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 0 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Ending allowance balance attributable to loans: | |||
Financing Receivable, Individually Evaluated for Impairment, Allowance For Credit Losses | 2,072 | 2,281 | |
Total ending allowance | 2,072 | 2,281 | |
Loans: | |||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 6,628 | 8,455 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 2,072 | 2,281 | $ 2,394 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Ending allowance balance attributable to loans: | |||
Financing Receivable, Individually Evaluated for Impairment, Allowance For Credit Losses | 2,235 | 659 | |
Loans: | |||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 36,852 | 36,417 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Loans: | |||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 2,795 | 3,291 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Loans: | |||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 19,641 | 18,256 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Loans: | |||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 525 | 681 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Loans: | |||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 9,636 | 541 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Loans: | |||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 996 | 5,378 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans: | |||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 21 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans: | |||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 4,575 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Ending allowance balance attributable to loans: | |||
Financing Receivable, Individually Evaluated for Impairment, Allowance For Credit Losses | 2,193 | 658 | |
Loans: | |||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 2,979 | 3,688 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | |||
Ending allowance balance attributable to loans: | |||
Financing Receivable, Individually Evaluated for Impairment, Allowance For Credit Losses | 42 | 1 | |
Loans: | |||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 259 | 7 | |
Small Business Administration Loan [Member] | |||
Loans: | |||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | $ 500 | $ 700 |
FAIR VALUE (Narrative) (Details
FAIR VALUE (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Allowances for loan losses | $ 34,544 | $ 29,105 | $ 36,345 |
Other real estate owned | 1,163 | ||
Available for sale, Fair value | 236,315 | 271,332 | |
Corporate Debt Securities [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Available for sale, Fair value | $ 14,828 | $ 13,685 | |
Minimum [Member] | Loans Payable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Fair value of estimated costs related to selling the collateral | 5% | ||
Minimum [Member] | Other Real Estate Owned [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Percentage of discount rate on other real estate owned | 5% | 5% | |
Maximum [Member] | Loans Payable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Fair value of estimated costs related to selling the collateral | 10% | ||
Maximum [Member] | Other Real Estate Owned [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Percentage of discount rate on other real estate owned | 10% | 10% | |
Weighted Average [Member] | Loans Payable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Fair value of estimated costs related to selling the collateral | 6% | ||
Fair Value, Inputs, Level 3 [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Other real estate owned | $ 0 | ||
Covered other real estate owned | $ 1,200 |
FAIR VALUE (Schedule of assets
FAIR VALUE (Schedule of assets measured at fair value on a recurring basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Available for sale, Fair value | $ 236,315 | $ 271,332 |
Loans held for sale, at fair value | 27,626 | |
Mortgage banking financial assets | 21 | |
Derivative asset | 1,410 | |
Assets, Fair Value Disclosure | 265,372 | |
Financial liabilities: | ||
Derivative liabilities | 122 | |
Mortgage banking financial liabilities | 4 | |
US Government Agencies Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 102,881 | 122,610 |
US States and Political Subdivisions Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 29,178 | 31,231 |
Corporate Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 14,828 | 13,685 |
Collateralized loan obligations | ||
Financial assets: | ||
Available for sale, Fair value | 4,876 | 5,010 |
Residential Mortgage Backed Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 26,595 | 19,807 |
Government-Sponsored Agency Securities | ||
Financial assets: | ||
Available for sale, Fair value | 14,616 | 17,488 |
Commercial Mortgage Backed Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 37,417 | 52,667 |
SBA Pool Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 5,924 | 8,834 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 236,315 | |
Loans held for sale, at fair value | 27,626 | |
Derivative asset | 1,386 | |
Assets, Fair Value Disclosure | 265,327 | |
Financial liabilities: | ||
Derivative liabilities | 115 | |
Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Mortgage banking financial assets | 21 | |
Derivative asset | 24 | |
Assets, Fair Value Disclosure | 45 | |
Financial liabilities: | ||
Derivative liabilities | 7 | |
Mortgage banking financial liabilities | 4 | |
Estimated Fair Value | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 236,315 | 271,332 |
Loans held for sale, at fair value | 27,626 | |
Estimated Fair Value | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Mortgage banking financial assets | 21 | |
Financial liabilities: | ||
Mortgage banking financial liabilities | 4 | |
Fair Value, Measurements, Recurring [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 271,332 | |
Financial liabilities: | ||
Liabilities, Fair Value Disclosure | 126 | |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 102,881 | 122,610 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 29,178 | 31,231 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 14,828 | 13,685 |
Fair Value, Measurements, Recurring [Member] | Collateralized loan obligations | ||
Financial assets: | ||
Available for sale, Fair value | 4,876 | 5,010 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 26,595 | 19,807 |
Fair Value, Measurements, Recurring [Member] | Government-Sponsored Agency Securities | ||
Financial assets: | ||
Available for sale, Fair value | 14,616 | 17,488 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 37,417 | 52,667 |
Fair Value, Measurements, Recurring [Member] | SBA Pool Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 5,924 | 8,834 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 271,332 | |
Financial liabilities: | ||
Liabilities, Fair Value Disclosure | 115 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 102,881 | 122,610 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 29,178 | 31,231 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 14,828 | 13,685 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized loan obligations | ||
Financial assets: | ||
Available for sale, Fair value | 4,876 | 5,010 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 26,595 | 19,807 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Government-Sponsored Agency Securities | ||
Financial assets: | ||
Available for sale, Fair value | 14,616 | 17,488 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 37,417 | 52,667 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | SBA Pool Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 5,924 | $ 8,834 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities: | ||
Liabilities, Fair Value Disclosure | $ 11 |
FAIR VALUE (Schedule of Asset_2
FAIR VALUE (Schedule of Assets Measured at Fair Value on Non-recurring Basis) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | $ 47,832 | |
Assets held for sale | 3,115 | |
Fair Value, Inputs, Level 3 [Member] | Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 47,832 | |
Assets held for sale | $ 3,115 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 44,331 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Fair Value, Inputs, Level 3 [Member] | Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 44,331 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 266 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 266 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 897 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Fair Value, Inputs, Level 3 [Member] | Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 897 |
FAIR VALUE (Schedule of estimat
FAIR VALUE (Schedule of estimated fair values and fair value hierarchy levels of financial instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financial assets: | ||
Securities available for sale | $ 236,315 | $ 271,332 |
Held To Maturity Securities Fair Value | 12,449 | 23,364 |
Loans held for sale, at fair value | 27,626 | |
Mortgage banking financial assets | 21 | |
Derivative asset | 1,410 | |
Financial liabilities: | ||
Mortgage banking financial liabilities | 4 | |
Derivative liabilities | 122 | |
Fair Value, Inputs, Level 1 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 77,859 | 530,167 |
Financial liabilities: | ||
Securities sold under agreements to repurchase | 6,445 | 9,962 |
FHLB advances | 325,000 | 100,000 |
Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 77,859 | 530,167 |
Financial liabilities: | ||
Securities sold under agreements to repurchase | 6,445 | 9,962 |
FHLB advances | 325,000 | 100,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Securities available for sale | 236,315 | |
Loans held for sale, at fair value | 27,626 | |
Derivative asset | 1,386 | |
Financial liabilities: | ||
Derivative liabilities | 115 | |
Fair Value, Inputs, Level 2 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial assets: | ||
Securities available for sale | 236,315 | 271,332 |
Held To Maturity Securities Fair Value | 13,520 | 22,940 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 25,815 | 15,521 |
Preferred investment in mortgage affiliate | 3,005 | 3,005 |
Loans held for sale, at fair value | 27,626 | |
Accrued interest receivable | 14,938 | 11,882 |
Credit enhancement | 1,504 | |
Financial liabilities: | ||
Demand deposits | 1,200,243 | 1,380,020 |
Money market and savings accounts | 1,057,078 | 1,022,621 |
Junior subordinated debt | 9,781 | 9,731 |
Senior subordinated notes | 85,531 | 85,297 |
Accrued interest payable | 3,261 | 1,864 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | ||
Financial assets: | ||
Securities available for sale | 236,315 | 271,332 |
Held To Maturity Securities Fair Value | 12,449 | 23,364 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 25,815 | 15,521 |
Preferred investment in mortgage affiliate | 3,005 | 3,005 |
Loans held for sale, at fair value | 27,626 | |
Accrued interest receivable | 14,938 | 11,882 |
Credit enhancement | 1,504 | |
Financial liabilities: | ||
Demand deposits | 1,200,243 | 1,380,020 |
Money market and savings accounts | 1,057,078 | 1,022,621 |
Junior subordinated debt | 9,181 | 10,367 |
Senior subordinated notes | 84,347 | 91,141 |
Accrued interest payable | 3,261 | 1,864 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Mortgage banking financial assets | 21 | |
Derivative asset | 24 | |
Financial liabilities: | ||
Mortgage banking financial liabilities | 4 | |
Derivative liabilities | 7 | |
Fair Value, Inputs, Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial assets: | ||
Net loans | 2,914,292 | 2,310,881 |
Mortgage banking financial assets | 21 | |
Financial liabilities: | ||
Time deposits | 465,057 | 360,575 |
Mortgage banking financial liabilities | 4 | |
Fair Value, Inputs, Level 3 [Member] | Estimated Fair Value | ||
Financial assets: | ||
Net loans | 2,811,362 | 2,278,456 |
Mortgage banking financial assets | 21 | |
Financial liabilities: | ||
Time deposits | 462,376 | $ 362,902 |
Mortgage banking financial liabilities | $ 4 | |
Fair Value Inputs Level 2 and Level 3 [Member] | ||
Financial assets: | ||
Derivative Asset Statement Of Financial Position Extensible Enumeration Not Disclosed Flag | Derivative asset | |
Financial liabilities: | ||
Derivative Liability Statement Of Financial Position Extensible Enumeration Not Disclosed Flag | Derivative liabilities | |
Fair Value Inputs Level 2 and Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial assets: | ||
Derivative asset | $ 1,410 | |
Financial liabilities: | ||
Derivative liabilities | 122 | |
Fair Value Inputs Level 2 and Level 3 [Member] | Estimated Fair Value | ||
Financial assets: | ||
Derivative asset | 1,410 | |
Financial liabilities: | ||
Derivative liabilities | $ 122 |
BANK PREMISES AND EQUIPMENT (Na
BANK PREMISES AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
BANK PREMISES AND EQUIPMENT [Abstract] | |||
Depreciation and amortization expense | $ 2.5 | $ 2.4 | $ 2 |
BANK PREMISES AND EQUIPMENT (Sc
BANK PREMISES AND EQUIPMENT (Schedule of bank premises and equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | $ 43,658 | $ 48,684 |
Less accumulated depreciation and amortization | 18,401 | 18,274 |
Bank premises and equipment, net | 25,257 | 30,410 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 7,112 | 8,139 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 1,558 | 1,558 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 20,475 | 23,792 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 3,033 | 3,001 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 11,341 | 12,182 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | $ 139 | $ 12 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 5,335 | $ 5,866 |
Operating Lease, Liability | 5,767 | 6,498 |
Lease, Cost | $ 2,300 | $ 2,400 |
Lessee, Operating Lease, Lease Not yet Commenced, Existence of Option to Extend [true false] | true |
LEASES (Schedule of operating l
LEASES (Schedule of operating lease other information) (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Weighted-average remaining lease term - operating leases, in years | 4 years 10 months 24 days | 4 years 4 months 24 days |
Weighted-average discount rate - operating leases | 2.90% | 2.50% |
LEASES (Schedule of future mini
LEASES (Schedule of future minimum rental payments required under non-cancelable operating leases for bank premises) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 2,106 | |
2024 | 1,193 | |
2025 | 629 | |
2026 | 571 | |
2026 | 519 | |
Thereafter | 1,203 | |
Total lease payments | 6,221 | |
Less: imputed interest | (454) | |
Lease liabilities | $ 5,767 | $ 6,498 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 104,609,000 | $ 101,954,000 | |
Goodwill, impairment loss | $ 0 | $ 0 | $ 0 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Schedule of acquired intangible assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangibles, net carrying value | $ 3,254 | $ 4,462 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangibles, gross carrying value | 17,620 | 17,503 |
Accumulated Amortization | (14,366) | (13,041) |
Amortizable intangibles, net carrying value | $ 3,254 | $ 4,462 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS (Schedule of estimated amortization expense of intangibles) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
2027 | $ 10 | |
Intangibles, net | 3,254 | $ 4,462 |
Core Deposits and Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2023 | 1,296 | |
2024 | 1,292 | |
2025 | 629 | |
2026 | 27 | |
Intangibles, net | $ 3,254 |
DEPOSITS (Narrative) (Details)
DEPOSITS (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Aggregate amount of time deposits in denominations of $250,000 or more | $ 125.3 | $ 128 |
DEPOSITS (Scheduled maturities
DEPOSITS (Scheduled maturities of time deposits) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Deposits [Abstract] | |
2023 | $ 338,326 |
2024 | 108,087 |
2025 | 7,061 |
2026 | 4,049 |
2027 | 7,534 |
Time deposits, total | $ 465,057 |
DEPOSITS (Scheduled maturitie_2
DEPOSITS (Scheduled maturities of certificates of deposits) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Deposits [Abstract] | |
Within 3 Months | $ 24,971 |
3 to 6 Months | 26,709 |
6 to 12 Months | 32,954 |
Over 12 Months | 40,709 |
Total | $ 125,343 |
SECURITIES SOLD UNDER AGREEME_3
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS (Narrative) (Details) - USD ($) $ in Millions | Mar. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances, Branch Of Fhlb Bank [Line Items] | |||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | $ 6.5 | $ 10 | |
Securities sold under agreements to repurchase, fair value of collateral | 14.2 | 21.7 | |
Potential amount that could be collateralized | 437.7 | ||
Federal Home Loan Bank Advances [Member] | |||
Federal Home Loan Bank, Advances, Branch Of Fhlb Bank [Line Items] | |||
FHLB repayment/called | $ 100 | ||
Home Equity Loan [Member] | Federal Home Loan Bank Advances [Member] | |||
Federal Home Loan Bank, Advances, Branch Of Fhlb Bank [Line Items] | |||
FHLB advances, pledged as collateral | 27.4 | 28.3 | |
1-4 Family Residential | Federal Home Loan Bank Advances [Member] | |||
Federal Home Loan Bank, Advances, Branch Of Fhlb Bank [Line Items] | |||
FHLB advances, pledged as collateral | 405.2 | 382.7 | |
Commercial Mortgage Loan | Commercial Portfolio Segment [Member] | Federal Home Loan Bank Advances [Member] | |||
Federal Home Loan Bank, Advances, Branch Of Fhlb Bank [Line Items] | |||
FHLB advances, pledged as collateral | 169.6 | 155.4 | |
Securities Investment [Member] | Federal Home Loan Bank Advances [Member] | |||
Federal Home Loan Bank, Advances, Branch Of Fhlb Bank [Line Items] | |||
FHLB advances, pledged as collateral | $ 2.3 | $ 3.5 |
SECURITIES SOLD UNDER AGREEME_4
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS (Summary of Other short-term borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Short-term Debt [Line Items] | ||
Amount of advances, FHLB | $ 325,000 | $ 100,000 |
Securities sold under agreements to repurchase | 6,445 | 9,962 |
Total | $ 331,445 | $ 109,962 |
Federal Home Loan Bank Advances [Member] | ||
Short-term Debt [Line Items] | ||
Weighted average interest rate at year end | 4.19% | 0.36% |
FHLB collateral advances maturity 3/1/2030 [Member] | ||
Short-term Debt [Line Items] | ||
Amount of advances, FHLB | $ 100,000 | |
Due date, FHLB | Mar. 01, 2030 | |
Short-term FHLB advances maturing 1/3/2023[Member] | ||
Short-term Debt [Line Items] | ||
Amount of advances, FHLB | $ 50,000 | |
Due date, FHLB | Jan. 03, 2023 | |
Short-term FHLB advances maturing 1/13/2023 [Member] | ||
Short-term Debt [Line Items] | ||
Amount of advances, FHLB | $ 100,000 | |
Due date, FHLB | Jan. 13, 2023 | |
Short-term FHLB advances maturing 1/23/2023 [Member] | ||
Short-term Debt [Line Items] | ||
Amount of advances, FHLB | $ 50,000 | |
Due date, FHLB | Jan. 23, 2023 | |
Short-term FHLB advances maturing 1/27/2023 [Member] | ||
Short-term Debt [Line Items] | ||
Amount of advances, FHLB | $ 125,000 | |
Due date, FHLB | Jan. 27, 2023 |
JUNIOR SUBORDINATED DEBT AND _2
JUNIOR SUBORDINATED DEBT AND SENIOR SUBORDINATED NOTES (Narrative) (Details) $ in Thousands | 12 Months Ended | |||||||
Aug. 25, 2020 USD ($) | Jan. 20, 2017 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2021 USD ($) | Jun. 23, 2017 USD ($) | Apr. 22, 2015 USD ($) | Sep. 17, 2003 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of subordinated long-term debt | $ 0 | $ 58,600 | ||||||
Junior subordinated notes | 9,781 | $ 9,731 | ||||||
Senior subordinated notes - long term | $ 85,531 | $ 85,297 | ||||||
Eastern Virginia Bankshares Inc [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes assumed in merger | $ 10,300 | |||||||
Trust preferred securities pooled underwriting amount | $ 650,000 | |||||||
Junior Subordinated Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Description of variable rate basis | three-month LIBOR | |||||||
Unamortized debt issuance costs | $ 600 | |||||||
Junior subordinated notes | $ 10,300 | |||||||
Junior Subordinated Debt [Member] | Eastern Virginia Bankshares Inc [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate percentage | 7.69% | 3.17% | ||||||
Basis spread on LIBOR | 2.95% | |||||||
Percentage of tier one capital for regulatory capital adequacy | 25% | |||||||
Senior Subordinated Notes [Member] | Eastern Virginia Bankshares Inc [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate percentage | 6.50% | |||||||
Debt instrument, face amount | $ 20,000 | |||||||
SNBV Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate percentage | 5.875% | |||||||
Description of variable rate basis | three-month LIBOR | |||||||
Basis spread on LIBOR | 3.95% | |||||||
Percentage of subordinated notes considered tier 2 | 80% | |||||||
Debt instrument, face amount | $ 27,000 | |||||||
SNBV Subordinated Notes [Member] | Subordinated Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized debt issuance costs | $ 1,500 | $ 1,700 | ||||||
Percentage of subordinated notes considered tier 2 | 100% | |||||||
Debt instrument, face amount | $ 60,000 | |||||||
SNBV Subordinated Notes [Member] | Senior Subordinated Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate percentage | 5.40% | |||||||
Debt instrument basis points spread | 5.31 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INCOME TAXES [Abstract] | |||
Deferred tax assets, valuation allowance | $ 0 | $ 0 | |
Unrecognized tax benefits | 0 | ||
Unrecognized tax benefits, income tax penalties and interest expense | $ 0 | $ 0 | $ 0 |
U.S. Federal income tax rate | 21% | 21% | 21% |
Income Tax Examination, Description | Primis and its subsidiaries file a consolidated U.S. federal income tax return, and Primis files a Virginia state income tax return. Primis Bank files a Maryland and an Arkansas state income tax return. These returns are subject to examination by taxing authorities for all years after 2018. | ||
Allowance for credit losses deferred tax | $ 400,000 |
INCOME TAXES (Schedule of net d
INCOME TAXES (Schedule of net deferred tax assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Allowance for loan losses | $ 7,796 | $ 6,522 |
Unearned loan fees and other | 1,891 | 1,581 |
Other real estate owned write-downs | 38 | 450 |
Lease liability | 1,246 | 1,407 |
Net unrealized loss on investment securities available for sale | 6,920 | |
Federal low income housing credit carryforward | 485 | 424 |
Deferred compensation | 1,596 | 1,684 |
Other | 1,348 | 921 |
Total deferred tax assets | 21,320 | 12,989 |
Deferred tax liabilities: | ||
Right-of-use assets | 1,200 | 1,315 |
Net unrealized gain on investment securities available for sale | 247 | |
Purchase accounting | 917 | 930 |
Depreciation | 748 | 926 |
Other | 166 | |
Total deferred tax liabilities | 3,031 | 3,418 |
Net deferred tax assets | $ 18,289 | $ 9,571 |
INCOME TAXES (Schedule of provi
INCOME TAXES (Schedule of provision for income taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax expense | |||
Federal | $ 6,434 | $ 2,504 | $ 5,319 |
State | 315 | 163 | 320 |
Total current tax expense | 6,749 | 2,667 | 5,639 |
Deferred tax benefit | |||
Federal | (2,178) | 5,937 | (1,294) |
State | (36) | 117 | (117) |
Total deferred tax expense | (2,214) | 6,054 | (1,411) |
Total income tax expense from continuing operations | 4,535 | 8,721 | 4,228 |
Total income tax expense from discontinued operation | 64 | 2,386 | |
Total income tax expense | $ 4,535 | $ 8,785 | $ 6,614 |
INCOME TAXES (Schedule of incom
INCOME TAXES (Schedule of income tax expense determined by applying the U.S. Federal income tax rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INCOME TAXES [Abstract] | |||
Computed expected tax expense at statutory rate | $ 4,678 | $ 8,345 | $ 4,022 |
Increase (decrease) in tax expense resulting from: | |||
Remeasurement of deferred tax assets and liabilities | (148) | 442 | (31) |
Low income housing tax credits, net of amortization | 4 | 39 | 225 |
Income from bank-owned life insurance | (419) | (354) | (327) |
State taxes, net | 242 | 200 | |
Other, net | 420 | 7 | 139 |
Total income tax expense from continuing operations | 4,535 | 8,721 | 4,228 |
Total income tax expense from discontinued operation | 64 | 2,386 | |
Total income tax expense | $ 4,535 | $ 8,785 | $ 6,614 |
EMPLOYEE BENEFITS (Narrative) (
EMPLOYEE BENEFITS (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Employer discretionary matching contributions in 401(k) plan | $ 1.3 | $ 1 | $ 0.8 |
Executive Officer [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred compensation expense | 0.3 | 0.4 | $ 1.3 |
Deferred compensation liability | $ 7.4 | $ 7.8 |
STOCK- BASED COMPENSATION (Narr
STOCK- BASED COMPENSATION (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense associated with the stock options | $ 0 | ||
Stock Option Plan 2017 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for reservation (in shares) | 750,000 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 0 | $ 0 | $ 100,000 |
Time Vested Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 400,000 | 700,000 | $ 1,400,000 |
Unrecognized compensation expense associated with the other than options | $ 700,000 | ||
Unrecognized compensation cost weighted average recognition period | 2 years 4 months 24 days | ||
Unvested stock outstanding, beginning of period | 98,050 | ||
Weighted Average Exercise Price, Granted, other than options | $ 13.85 | ||
Performance Based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense associated with the other than options | $ 3,000,000 | $ 1,300,000 | |
Non transferrable performance-based restricted stock units | 96,105 | 59,355 | |
Unvested stock outstanding, beginning of period | 59,355 | ||
Weighted Average Exercise Price, Granted, other than options | $ 11.83 | $ 15 |
STOCK-BASED COMPENSATION (Sched
STOCK-BASED COMPENSATION (Schedule of Activity in the Stock Option Plan) (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Shares | ||
Options outstanding, beginning of period | 283,800 | |
Expired | (22,000) | |
Exercised | (58,500) | |
Options outstanding, end of period | 203,300 | 283,800 |
Exercisable at end of period | 203,300 | |
Weighted Average Grant Date Fair Value Per Share | ||
Options outstanding, beginning of period | $ 10.98 | |
Expired | 10.13 | |
Exercised | 9.79 | |
Options outstanding, end of period | 11.41 | $ 10.98 |
Exercisable at end of period | $ 11.41 | |
Weighted Average Remaining Contractual Term | ||
Options outstanding | 1 year 3 months 18 days | 2 years 2 months 12 days |
Exercisable at end of period | 1 year 3 months 18 days | |
Options outstanding, Aggregate Intrinsic Value | $ 102 | $ 1,153 |
Exercisable at end of period - Aggregate Intrinsic Value | $ 102 |
STOCK-BASED COMPENSATION (Sch_2
STOCK-BASED COMPENSATION (Schedule of activity in the restricted stock plan) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Time Vested Restricted Stock | ||
Shares | ||
Unvested stock outstanding, beginning of period | 98,050 | |
Granted, other than options | 1,500 | |
Vested, other than options | (28,450) | |
Forfeited other than options | (2,400) | |
Unvested stock outstanding, end of period | 68,700 | 98,050 |
Weighted Average Exercise Price | ||
Weighted Average Exercise Price, beginning of period | $ 14.58 | |
Weighted Average Exercise Price, Granted, other than options | 13.85 | |
Weighted Average Exercise Price, Vested, other than options | 14.52 | |
Weighted Average Exercise Price, Forfeited, other than options | 15.38 | |
Weighted Average Exercise Price, ending of period | $ 14.24 | $ 14.58 |
Weighted Average Remaining Contractual Term | 2 years 4 months 24 days | 3 years 3 months 18 days |
Performance Based Restricted Stock Units | ||
Shares | ||
Unvested stock outstanding, beginning of period | 59,355 | |
Granted, other than options | 96,105 | |
Vested, other than options | (1,500) | |
Unvested stock outstanding, end of period | 153,960 | 59,355 |
Weighted Average Exercise Price | ||
Weighted Average Exercise Price, beginning of period | $ 15 | |
Weighted Average Exercise Price, Granted, other than options | 11.83 | $ 15 |
Weighted Average Exercise Price, Vested, other than options | 15 | |
Weighted Average Exercise Price, ending of period | $ 13.02 | $ 15 |
Weighted Average Remaining Contractual Term | 3 years 7 months 6 days | 4 years |
FINANCIAL INSTRUMENT WITH OFF_3
FINANCIAL INSTRUMENT WITH OFF-BALANCE SHEET RISK (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Off balance sheet commitments | $ 10.7 | $ 13.1 |
Investment in non-marketable equity securities | 3.2 | 3.1 |
Loan Origination Commitments [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Other Commitment | 52.7 | |
Unfunded Lines of Credit and Undisbursed Construction Loans [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Other Commitment | $ 540.6 | $ 411 |
FINANCIAL INSTRUMENT WITH OFF_4
FINANCIAL INSTRUMENT WITH OFF-BALANCE SHEET RISK (Schedule of allowance for credit losses off balance sheet exposure) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | ||
Off-Balance Sheet, Credit Loss, Liability, Beginning Balance | $ 977 | $ 740 |
Credit loss expense | 439 | 237 |
Off-Balance Sheet, Credit Loss, Liability, Ending Balance | $ 1,416 | $ 977 |
EARNINGS PER SHARE (Narrative)
EARNINGS PER SHARE (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive options and warrants (in shares) | 0 | 0 | 226,300 |
EARNINGS PER SHARE (Schedule of
EARNINGS PER SHARE (Schedule of Reconciliation of the Denominators of the Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Basic EPS - Income (Numerator) (in dollars) | $ 17,741 | $ 31,018 | $ 14,884 |
Net Income (Loss) Available to Common Stockholders, Diluted, Total | $ 17,741 | 31,018 | 14,884 |
Basic EPS from discontinued operations | 230 | 8,403 | |
Diluted EPS from discontinued operations | $ 230 | $ 8,403 | |
Basic EPS- Weighted Average Shares (Denominator) (in shares) | 24,561 | 24,438 | 24,239 |
Effect of dilutive stock options and and unvested restricted stock- Weighted Average Shares (Denominator) (in shares) | 108 | 163 | 124 |
Diluted EPS- Weighted Average Shares (Denominator) (in shares) | 24,669 | 24,601 | 24,363 |
Basic EPS - Per Share Amount (in dollars per share) | $ 0.72 | $ 1.27 | $ 0.61 |
Effect of dilutive stock options and and unvested restricted stock- Per Share Amount (in dollars per share) | (0.01) | ||
Diluted EPS- Per Share Amount (in dollars per share) | 0.72 | 1.26 | 0.61 |
Basic EPS - Per Share Amount Discontinued Operations | 0 | 0.01 | 0.35 |
Diluted EPS - Per Share Amount Discontinued Operations | $ 0 | $ 0.01 | $ 0.35 |
REGULATORY MATTERS (Schedule of
REGULATORY MATTERS (Schedule of capital amounts and ratios for southern national and sonabank) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital ratio, Actual Amount | $ 312,390 | $ 304,353 |
Common equity tier 1 capital ratio, Actual Ratio | 0.1030 | 0.1309 |
Common equity tier 1 capital ratio required for capital adequacy purposes amount | $ 136,482 | $ 104,598 |
Common equity tier 1 capital ratio required for capital adequacy purposes ratio | 0.045% | 0.045% |
Tier 1 risk-based capital ratio, Actual Amount | $ 322,390 | $ 314,353 |
Tier 1 risk-based capital ratio, Actual Ratio | 0.1063 | 0.1352 |
Tier 1 risk-based capital ratio, Actual Ratio Required For Capital Adequacy Purposes, Amount | $ 181,976 | $ 139,464 |
Tier 1 risk-based capital ratio, Actual Ratio Required For Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 |
Total risk-based capital ratio, Actual Amount | $ 441,902 | $ 430,421 |
Total risk-based capital ratio, Actual Ratio | 0.1457 | 0.1852 |
Total risk-based capital ratio, Actual Ratio Required For Capital Adequacy Purposes, Amount | $ 242,635 | $ 185,952 |
Total risk-based capital ratio, Actual Ratio Required For Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 |
Leverage ratio, Actual Amount | $ 322,390 | $ 314,353 |
Leverage ratio, Actual Ratio | 0.0968 | 0.0941 |
Leverage ratio, Actual Ratio Required For Capital Adequacy Purposes, Amount | $ 133,279 | $ 133,664 |
Leverage ratio, Actual Ratio Required For Capital Adequacy Purposes, Ratio | 0.0400 | 0.0400 |
Capital conservation buffer | 5.84% | |
Primis Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital ratio, Actual Amount | $ 378,659 | $ 372,076 |
Common equity tier 1 capital ratio, Actual Ratio | 0.1264 | 0.1618 |
Common equity tier 1 capital ratio required for capital adequacy purposes amount | $ 134,847 | $ 103,476 |
Common equity tier 1 capital ratio required for capital adequacy purposes ratio | 0.045% | 0.045% |
Common equity tier 1 capital ratio, To Be Categorized as Well Capitalized Amount | $ 194,779 | $ 149,465 |
Common equity tier 1 capital ratio, To Be Categorized as Well Capitalized Ratio | 0.065% | 0.065% |
Tier 1 risk-based capital ratio, Actual Amount | $ 378,659 | $ 372,076 |
Tier 1 risk-based capital ratio, Actual Ratio | 0.1264 | 0.1618 |
Tier 1 risk-based capital ratio, Actual Ratio Required For Capital Adequacy Purposes, Amount | $ 179,796 | $ 137,968 |
Tier 1 risk-based capital ratio, Actual Ratio Required For Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 |
Tier 1 risk-based capital ratio, To Be Categorized as Well Capitalized, Amount | $ 239,728 | $ 183,957 |
Tier 1 risk-based capital ratio, To Be Categorized as Well Capitalized, Ratio | 0.0800 | 0.0800 |
Total risk-based capital ratio, Actual Amount | $ 414,619 | $ 400,836 |
Total risk-based capital ratio, Actual Ratio | 0.1384 | 0.1743 |
Total risk-based capital ratio, Actual Ratio Required For Capital Adequacy Purposes, Amount | $ 239,728 | $ 183,957 |
Total risk-based capital ratio, Actual Ratio Required For Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 |
Total risk-based capital ratio, To Be Categorized as Well Capitalized, Amount | $ 299,660 | $ 229,947 |
Total risk-based capital ratio, To Be Categorized as Well Capitalized, Ratio | 0.1000 | 0.1000 |
Leverage ratio, Actual Amount | $ 378,659 | $ 372,076 |
Leverage ratio, Actual Ratio | 0.1139 | 0.1114 |
Leverage ratio, Actual Ratio Required For Capital Adequacy Purposes, Amount | $ 137,290 | $ 137,890 |
Leverage ratio, Actual Ratio Required For Capital Adequacy Purposes, Ratio | 0.0400 | 0.0400 |
Leverage ratio, To Be Categorized as Well Capitalized, Amount | $ 149,830 | $ 114,973 |
Leverage ratio, To Be Categorized as Well Capitalized, Ratio | 0.0500 | 0.0500 |
SEGMENT INFORMATION (Financial
SEGMENT INFORMATION (Financial Information) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) segment | Dec. 31, 2020 USD ($) | |
Segment Information | |||
Interest income | $ 126,074 | $ 113,243 | $ 117,779 |
Interest expense | 21,587 | 19,040 | 26,139 |
Net interest income | 104,487 | 94,203 | 91,640 |
Provision for loan losses | 11,271 | (5,801) | 19,450 |
Noninterest income | 21,328 | 11,135 | 14,662 |
Noninterest expense | 92,268 | 71,400 | 67,740 |
Income before income taxes | 22,276 | 39,739 | 19,112 |
Income tax expense (benefit) | 4,535 | 8,721 | 4,228 |
Income from continuing operations | 17,741 | 31,018 | $ 14,884 |
Assets | $ 3,571,537 | $ 3,407,353 | |
Number of reportable segments | segment | 2 | ||
Number of operating segments | segment | 2 | 1 | |
Primis Mortgage | |||
Segment Information | |||
Interest income | $ 705 | ||
Interest expense | 2 | ||
Net interest income | 703 | ||
Noninterest income | 5,055 | ||
Noninterest expense | 9,361 | ||
Income before income taxes | (3,603) | ||
Income tax expense (benefit) | (752) | ||
Income from continuing operations | (2,851) | ||
Assets | 31,398 | ||
Primis Bank | |||
Segment Information | |||
Interest income | 125,369 | ||
Interest expense | 21,585 | ||
Net interest income | 103,784 | ||
Provision for loan losses | 11,271 | ||
Noninterest income | 16,273 | ||
Noninterest expense | 82,907 | ||
Income before income taxes | 25,879 | ||
Income tax expense (benefit) | 5,287 | ||
Income from continuing operations | 20,592 | ||
Assets | $ 3,540,139 |
PARENT COMPANY FINANCIAL INFO_3
PARENT COMPANY FINANCIAL INFORMATION (Schedule of condensed balance sheet of Southern National Bancorp of Virginia, Inc.) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||||
Cash | $ 77,859 | $ 530,167 | ||
Loans held for investment | 2,948,836 | 2,339,986 | ||
Other assets | 49,050 | 36,362 | ||
Total assets | 3,571,537 | 3,407,353 | ||
Liabilities [Abstract] | ||||
Junior subordinated debt - long term | 9,781 | 9,731 | ||
Senior subordinated notes - long term | 85,531 | 85,297 | ||
Other liabilities | 22,232 | 20,768 | ||
Total liabilities | 3,177,134 | 2,995,472 | ||
Stockholders' equity: | ||||
Common stock | 246 | 245 | ||
Additional paid in capital | 312,722 | 311,127 | ||
Retained earnings | 107,285 | 99,397 | ||
Accumulated other comprehensive income (loss) | (25,850) | 1,112 | ||
Total stockholders' equity | 394,403 | 411,881 | $ 390,554 | $ 377,241 |
Total liabilities and stockholders' equity | 3,571,537 | 3,407,353 | ||
Southern National | Reportable Legal Entities | ||||
ASSETS | ||||
Cash | 21,276 | 23,517 | ||
Loans held for investment | 2,000 | |||
Investment in subsidiary | 460,982 | 479,855 | ||
Preferred investment in mortgage company | 3,005 | 3,064 | ||
Investments in non-marketable equity securities | 2,319 | 430 | ||
Other assets | 1,637 | 2,681 | ||
Total assets | 491,219 | 509,547 | ||
Liabilities [Abstract] | ||||
Junior subordinated debt - long term | 9,781 | 9,731 | ||
Senior subordinated notes - long term | 85,531 | 85,297 | ||
Other liabilities | 1,504 | 2,638 | ||
Total liabilities | 96,816 | 97,666 | ||
Stockholders' equity: | ||||
Common stock | 246 | 245 | ||
Additional paid in capital | 312,722 | 311,127 | ||
Retained earnings | 107,285 | 99,397 | ||
Accumulated other comprehensive income (loss) | (25,850) | 1,112 | ||
Total stockholders' equity | 394,403 | 411,881 | ||
Total liabilities and stockholders' equity | $ 491,219 | $ 509,547 |
PARENT COMPANY FINANCIAL INFO_4
PARENT COMPANY FINANCIAL INFORMATION (Schedule of condensed statements of income of Southern National Bancorp of Virginia, Inc.) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||
Gain on debt extinguishment | $ 0 | $ 573 | |
Total interest and dividend income | 126,074 | 113,243 | $ 117,779 |
Merger expenses | 400 | ||
Other operating expenses | 10,400 | 7,898 | 6,246 |
Income from continuing operations before income taxes | 22,276 | 39,739 | 19,112 |
Income tax benefit | (4,535) | (8,721) | (4,228) |
Net income | 17,741 | 31,248 | 23,287 |
Southern National | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash dividends received from Sonabank | 15,000 | 2,500 | |
Interest income | 27 | ||
Gain on debt extinguishment | 573 | ||
Other Investment Income | 150 | ||
Total interest and dividend income | 15,177 | 573 | 2,500 |
Interest on junior subordinated debt | 536 | 355 | 426 |
Interest on senior subordinated notes | 5,111 | 5,127 | 3,909 |
Other operating expenses | 1,227 | 1,236 | 841 |
Total expense | 6,874 | 6,718 | 5,176 |
Income from continuing operations before income taxes | 8,303 | (6,145) | (2,676) |
Income tax benefit | 1,408 | 1,280 | 1,084 |
Equity in undistributed net income of Sonabank | 8,030 | 36,113 | 24,879 |
Net income | $ 17,741 | $ 31,248 | $ 23,287 |
PARENT COMPANY FINANCIAL INFO_5
PARENT COMPANY FINANCIAL INFORMATION (Schedule of condensed statements of cash flows information of Southern National Bancorp of Virginia, Inc.) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | |||
Net income | $ 17,741 | $ 31,248 | $ 23,287 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | |||
Gain on debt extinguishment | 0 | (573) | |
Other, net | (1,462) | (588) | (11,942) |
Investing activities: | |||
Net (increase) decrease in loans | (613,791) | 109,375 | (251,000) |
Business acquisition, net of cash acquired | (4,554) | ||
Financing activities: | |||
Issuance of subordinated notes, net of cost | 0 | 58,600 | |
Extinguishment of senior subordinated notes | 0 | (20,000) | |
Proceeds from exercised stock options | 572 | 1,526 | 709 |
Repurchase of restricted stock | (11) | (14) | (135) |
Cash dividends paid on common stock | (9,853) | (9,807) | (9,737) |
Net cash and cash equivalents provided by (used in) financing activities | 152,098 | 296,212 | 338,867 |
Increase (decrease) in cash and cash equivalents | (452,308) | 333,982 | 164,257 |
Cash and cash equivalents at beginning of period | 530,167 | 196,185 | 31,928 |
Cash and cash equivalents at end of period | 77,859 | 530,167 | 196,185 |
Southern National | Reportable Legal Entities | |||
Operating activities: | |||
Net income | 17,741 | 31,248 | 23,287 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | |||
Equity in undistributed net income of subsidiaries | (23,030) | (36,113) | (27,379) |
Gain on debt extinguishment | (573) | ||
Other, net | 1,229 | 1,426 | 8,766 |
Net cash and cash equivalents provided by (used in) in operating activities | (4,060) | (4,012) | 4,674 |
Investing activities: | |||
Net (increase) decrease in loans | (2,000) | ||
Increase in preferred investment in mortgage company | (3,064) | ||
Increase in non-marketable equity securities investments | (1,889) | (430) | |
Dividend from subsidiary | 15,000 | 2,500 | |
Net cash and cash equivalents provided by investing activities | 11,111 | (3,494) | 2,500 |
Financing activities: | |||
Issuance of subordinated notes, net of cost | 58,600 | ||
Extinguishment of senior subordinated notes | (20,000) | ||
Proceeds from exercised stock options | 572 | 1,526 | 574 |
Repurchase of restricted stock | (11) | (14) | |
Cash dividends paid on common stock | (9,853) | (9,807) | (9,737) |
Net cash and cash equivalents provided by (used in) financing activities | (9,292) | (28,295) | 49,437 |
Increase (decrease) in cash and cash equivalents | (2,241) | (35,801) | 56,611 |
Cash and cash equivalents at beginning of period | 23,517 | 59,318 | 2,707 |
Cash and cash equivalents at end of period | $ 21,276 | $ 23,517 | $ 59,318 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Transactions [Abstract] | ||
Related party deposit liabilities | $ 15.9 | $ 22.4 |
RELATED PARTY TRANSACTIONS (Sch
RELATED PARTY TRANSACTIONS (Schedule of changes in the loan amount outstanding during the periods) (Details) - Officers and Directors and Principal Shareholders and Their Affiliates [Member]. $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |
Loans outstanding at January 1 | $ 40,595 |
Principal advances | 6,641 |
Principal paid | (4,985) |
Transfers in (out) of related party status | (14,376) |
Balance at December 31 | $ 27,875 |
VARIABLE INTEREST ENTITIES (Nar
VARIABLE INTEREST ENTITIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other liabilities | $ 22,232 | $ 20,768 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Tax credits and other tax benefits recognized related to investments | (4) | (39) |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 11,000 | 9,400 |
Other Investment Not Readily Marketable, Fair Value | 4,400 | 2,100 |
Investments [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Other liabilities | 400 | 400 |
Other Assets [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Investments in equity | $ 3,400 | $ 4,200 |