Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 02, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
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 | 1676 International Drive, Suite 900 | |
Entity Address, City or Town | McLean | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22102 | |
City Area Code | 703 | |
Local Phone Number | 893-7400 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | FRST | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 24,681,764 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001325670 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Cash and cash equivalents: | ||
Cash and due from financial institutions | $ 23,966 | $ 6,868 |
Interest-bearing deposits in other financial institutions | 69,899 | 70,991 |
Total cash and cash equivalents | 93,865 | 77,859 |
Securities available-for-sale, at fair value (amortized cost of $255,446 and $269,036, respectively) | 216,875 | 236,315 |
Securities held-to-maturity, at amortized cost (fair value of $10,582 and $12,449, respectively) | 11,975 | 13,520 |
Loans held for sale, at fair value | 57,511 | 27,626 |
Loans held for sale, at lower of cost or market | 8,755 | 0 |
Total loans held for sale | 66,266 | 27,626 |
Loans held for investment | 3,145,867 | 2,946,637 |
Less: allowance for credit losses | (35,767) | (34,544) |
Net loans | 3,110,100 | 2,912,093 |
Stock in Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB) | 12,796 | 25,815 |
Bank premises and equipment, net | 24,878 | 25,257 |
Goodwill | 93,459 | 104,609 |
Intangible assets, net | 2,282 | 3,254 |
Bank-owned life insurance | 67,176 | 67,201 |
Deferred tax assets, net | 22,456 | 18,289 |
Other assets | 91,647 | 57,661 |
Total assets | 3,813,775 | 3,569,499 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Noninterest-bearing demand deposits | 490,719 | 582,556 |
Interest-bearing deposits: | ||
NOW accounts | 803,276 | 617,687 |
Money market accounts | 800,951 | 811,365 |
Savings accounts | 746,608 | 245,713 |
Time deposits | 451,850 | 465,057 |
Total interest-bearing deposits | 2,802,685 | 2,139,822 |
Total deposits | 3,293,404 | 2,722,378 |
Securities sold under agreements to repurchase | 3,838 | 6,445 |
FHLB advances | 0 | 325,000 |
Junior subordinated debt | 9,818 | 9,781 |
Senior subordinated notes | 85,706 | 85,531 |
Other liabilities | 38,143 | 27,999 |
Total liabilities | 3,430,909 | 3,177,134 |
Commitments and contingencies (See Note 8) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value. Authorized 5,000,000 shares; no shares issued and outstanding | ||
Common stock, $0.01 par value. Authorized 45,000,000 shares; 24,686,764 and 24,680,097 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 246 | 246 |
Additional paid in capital | 313,052 | 312,722 |
Retained earnings | 100,039 | 105,247 |
Accumulated other comprehensive loss | (30,471) | (25,850) |
Total stockholders' equity | 382,866 | 392,365 |
Total liabilities and stockholders' equity | $ 3,813,775 | $ 3,569,499 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Securities available-for-sale fair value (in dollars) | $ 255,446 | $ 269,036 |
Securities held to maturity fair value (in dollars) | $ 10,582 | $ 12,449 |
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 | 24,686,764 | 24,680,097 |
Common stock, shares outstanding | 24,686,764 | 24,680,097 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 47,771 | $ 30,488 | $ 133,047 | $ 81,548 |
Interest and dividends on taxable securities | 1,491 | 1,417 | 4,423 | 4,082 |
Interest and dividends on tax exempt securities | 102 | 101 | 305 | 311 |
Interest and dividends on other earning assets | 1,122 | 555 | 12,504 | 1,409 |
Total interest and dividend income | 50,486 | 32,561 | 150,279 | 87,350 |
Interest expense: | ||||
Interest on deposits | 21,576 | 3,287 | 61,403 | 7,971 |
Interest on other borrowings | 1,785 | 1,859 | 7,229 | 4,558 |
Total interest expense | 23,361 | 5,146 | 68,632 | 12,529 |
Net interest income | 27,125 | 27,415 | 81,647 | 74,821 |
Provision for credit losses | 1,648 | 2,890 | 11,136 | 3,411 |
Net interest income after provision for credit losses | 25,477 | 24,525 | 70,511 | 71,410 |
Noninterest income: | ||||
Account maintenance and deposit service fees | 1,503 | 1,525 | 4,149 | 4,318 |
Income from bank-owned life insurance | 787 | 394 | 1,601 | 1,147 |
Mortgage banking income | 4,922 | 2,197 | 14,435 | 2,790 |
Gain on sale of loans | 451 | 1,111 | 0 | |
Credit enhancement income | 2,047 | 1,220 | 8,085 | 1,220 |
Other noninterest income | 232 | 284 | 579 | 865 |
Total noninterest income | 9,942 | 5,620 | 29,960 | 10,340 |
Noninterest expenses: | ||||
Salaries and benefits | 13,809 | 12,594 | 44,120 | 32,792 |
Occupancy expenses | 1,633 | 1,402 | 4,671 | 4,277 |
Furniture and equipment expenses | 1,537 | 1,455 | 4,966 | 3,683 |
Amortization of intangible assets | 317 | 326 | 952 | 1,008 |
Virginia franchise tax expense | 849 | 813 | 2,546 | 2,440 |
FDIC insurance assessment | 820 | 199 | 2,254 | 658 |
Data processing expense | 2,250 | 1,528 | 7,329 | 4,311 |
Marketing expense | 377 | 938 | 1,467 | 2,134 |
Telephone and communication expense | 356 | 342 | 1,149 | 1,090 |
Professional fees | 1,118 | 1,261 | 3,055 | 3,182 |
Credit enhancement costs | 337 | 1,725 | ||
Goodwill impairment | 11,150 | 11,150 | ||
Other operating expenses | 2,521 | 2,903 | 9,646 | 7,695 |
Total noninterest expenses | 37,074 | 23,761 | 95,030 | 63,270 |
(Loss) income before income taxes | (1,655) | 6,384 | 5,441 | 18,480 |
Income tax expense | 1,912 | 1,359 | 3,243 | 3,971 |
Net income | (3,567) | 5,025 | 2,198 | 14,509 |
Other comprehensive loss: | ||||
Unrealized loss on available-for-sale securities | (5,557) | (12,068) | (5,850) | (36,167) |
Tax benefit | (1,167) | (2,534) | (1,229) | (7,595) |
Other comprehensive loss | (4,390) | (9,534) | (4,621) | (28,572) |
Comprehensive loss | $ (7,957) | $ (4,509) | $ (2,423) | $ (14,063) |
(Loss) earnings per share, basic (in dollars per share) | $ (0.14) | $ 0.21 | $ 0.09 | $ 0.60 |
(Loss) earnings per share, diluted (in dollars per share) | $ (0.14) | $ 0.20 | $ 0.09 | $ 0.59 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total |
Balance at Dec. 31, 2021 | $ 245 | $ 311,127 | $ 97,632 | $ 1,112 | $ 410,116 |
Balance, shares at Dec. 31, 2021 | 24,574,619 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 14,509 | 14,509 | |||
Other comprehensive loss | (28,572) | (28,572) | |||
Dividends on common stock | (7,387) | (7,387) | |||
Shares retired to unallocated | (538) | ||||
Stock option exercises | $ 1 | 278 | 279 | ||
Stock option exercises (in shares) | 27,500 | ||||
Restricted stock granted | 1,500 | ||||
Repurchase of restricted stock | (8) | (8) | |||
Stock-based compensation expense | 959 | 959 | |||
Shares issued in lieu of bonus, shares | 47,158 | ||||
Balance at Sep. 30, 2022 | $ 246 | 312,356 | 104,754 | (27,460) | 389,896 |
Balance, shares, ending at Sep. 30, 2022 | 24,650,239 | ||||
Balance at Jun. 30, 2022 | $ 246 | 312,240 | 102,194 | (17,926) | 396,754 |
Balance, shares at Jun. 30, 2022 | 24,650,239 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | $ 0 | 0 | 5,025 | 0 | 5,025 |
Other comprehensive loss | 0 | 0 | 0 | (9,534) | (9,534) |
Dividends on common stock | 0 | 0 | (2,465) | 0 | (2,465) |
Stock-based compensation expense | 0 | 116 | 0 | 0 | 116 |
Balance at Sep. 30, 2022 | $ 246 | 312,356 | 104,754 | (27,460) | 389,896 |
Balance, shares, ending at Sep. 30, 2022 | 24,650,239 | ||||
Balance at Dec. 31, 2022 | $ 246 | 312,722 | 105,247 | (25,850) | $ 392,365 |
Balance, shares at Dec. 31, 2022 | 24,680,097 | 24,680,097 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 2,198 | $ 2,198 | |||
Other comprehensive loss | (4,621) | (4,621) | |||
Dividends on common stock | (7,406) | (7,406) | |||
Shares retired to unallocated | (1,033) | ||||
Stock option exercises | 85 | 85 | |||
Stock option exercises (in shares) | 8,000 | ||||
Restricted stock granted | 5,000 | ||||
Restricted stock forfeited | (5,300) | ||||
Repurchase of restricted stock | (12) | (12) | |||
Stock-based compensation expense | 257 | 257 | |||
Balance at Sep. 30, 2023 | $ 246 | 313,052 | 100,039 | (30,471) | $ 382,866 |
Balance, shares, ending at Sep. 30, 2023 | 24,686,764 | 24,686,764 | |||
Balance at Jun. 30, 2023 | $ 246 | 312,976 | 106,075 | (26,081) | $ 393,216 |
Balance, shares at Jun. 30, 2023 | 24,690,064 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | $ 0 | 0 | (3,567) | 0 | (3,567) |
Other comprehensive loss | 0 | 0 | 0 | (4,390) | (4,390) |
Dividends on common stock | $ 0 | 0 | (2,469) | 0 | (2,469) |
Restricted stock forfeited | (3,300) | ||||
Stock-based compensation expense | $ 0 | 76 | 0 | 0 | 76 |
Balance at Sep. 30, 2023 | $ 246 | $ 313,052 | $ 100,039 | $ (30,471) | $ 382,866 |
Balance, shares, ending at Sep. 30, 2023 | 24,686,764 | 24,686,764 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement Of Stockholders Equity [Abstract] | ||||
Common stock dividends per share (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.30 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities: | ||
Net income | $ 2,198 | $ 14,509 |
Adjustments to reconcile net income to net cash and cash equivalents (used in) provided by operating activities: | ||
Depreciation and amortization | 6,943 | 4,941 |
Net amortization of premiums and (accretion of discounts) | (710) | 505 |
Amortization of FDIC indemnification asset | 11 | 0 |
Provision for credit losses | 11,136 | 3,411 |
Origination of loans held for sale | (292,406) | (90,021) |
Proceeds from sale of loans held for sale | 270,852 | 97,326 |
Net gains on mortgage banking | (14,435) | (2,790) |
Net gains on sale of loans | (1,111) | 0 |
Earnings on bank-owned life insurance | (1,571) | (1,147) |
Gain on bank-owned life insurance death benefit | (30) | 0 |
Stock-based compensation expense | 257 | 959 |
Gain on other real estate owned | 0 | (59) |
Credit enhancement income | (8,085) | (1,220) |
Goodwill impairment | 11,150 | |
Deferred income tax benefit | (2,939) | (700) |
Net increase in other assets | (33,189) | (903) |
Net increase (decrease) in other liabilities | 10,144 | (1,662) |
Net cash and cash equivalents (used in) provided by operating activities | (41,785) | 23,149 |
Investing activities: | ||
Proceeds from sales of securities held-to-maturity | 0 | 0 |
Proceeds from sales of securities available-for-sale | 0 | 0 |
Purchases of securities available-for-sale | (10,487) | (32,486) |
Proceeds from paydowns, maturities and calls of securities available-for-sale | 23,496 | 27,650 |
Proceeds from paydowns, maturities and calls of securities held-to-maturity | 1,518 | 8,478 |
Net decrease (increase) of FRB and FHLB stock | 13,019 | (1,168) |
Net increase in loans | (206,714) | (396,983) |
Proceeds from bank-owned life insurance death benefit | 873 | 352 |
Proceeds from sales of other real estate owned, net of improvements | 0 | 181 |
Purchases of bank premises and equipment | 0 | (706) |
Business acquisition, net of cash acquired | 0 | (4,554) |
Net cash and cash equivalents used in investing activities | (178,295) | (399,236) |
Financing activities: | ||
Net (decrease) increase in deposits | 571,026 | (54,896) |
Cash dividends paid on common stock | (7,406) | (7,387) |
Proceeds from exercised stock options | 85 | 279 |
Repurchase of restricted stock | (12) | (8) |
(Repayment) proceeds of short-term FHLB advances | (325,000) | 25,000 |
Repayment of short term-borrowings | 0 | (19,254) |
Decrease in securities sold under agreements to repurchase | (2,607) | (76) |
Net cash and cash equivalents provided by (used in) financing activities | 236,086 | (56,342) |
Net change in cash and cash equivalents | 16,006 | (432,429) |
Cash and cash equivalents at beginning of period | 77,859 | 530,167 |
Cash and cash equivalents at end of period | 93,865 | 97,738 |
Cash payments for: | ||
Interest | 65,430 | 12,286 |
Income taxes | 3,908 | 3,035 |
Non-cash investing and financing activities: | ||
Initial recognition of operating lease right-of-use assets | 6,067 | 0 |
Loans held for investment transferred to loans held for sale | $ 8,755 | $ 0 |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
ACCOUNTING POLICIES | |
ACCOUNTING POLICIES | 1. 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 September 30, 2023, 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 an administrative office in Glen Allen, Virginia and an operations center in Atlee, Virginia. Primis Mortgage Company, a residential mortgage lender 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. A discussion of the Company’s material accounting policies are located in our 2022 Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”) . Principles of Consolidation The consolidated financial statements include the accounts of Primis and its subsidiaries Primis Bank, Primis Mortgage Company 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 U.S. GAAP. 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, are not included in our consolidated financial statements. Operating Segments The Company, through its Bank subsidiary, provides a broad range of financial services. While the Company’s chief operating decision maker monitors 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 10 – Segment Information. Basis of Presentation The unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with U.S. GAAP for interim financial information and instructions for Form 10-Q and follow general practice within the banking industry. Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the consolidated financial statements and footnotes thereto included in the 2022 Form 10-K. Use of Estimates The preparation of the condensed 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, the fair value of investment securities, credit impairment of investment securities, the valuation of goodwill and deferred tax assets. Management monitors and continually reassess these at each reporting period. Interest Rate Swaps The Company is subject to interest rate risk exposure in the normal course of business through its core lending operations. Primarily to help mitigate interest rate risk associated with its loan portfolio, the Company entered into interest rate swaps in May and August 2023 with a large U.S. financial institution as the counterparty. Interest rate swaps are contractual agreements whereby one party pays a floating interest rate on a notional principal amount and receives a fixed-rate payment on the same notional principal, or vice versa, for a fixed period of time. Interest rate swaps change in value with movements in benchmark interest rates, such as Prime or the Secured Overnight Financing Rate (“SOFR”). Interest rate swaps subject the Company to market risk associated with changes in interest rates, changes in interest rate volatility, as well as the credit risk that the counterparty will fail to perform. The Company’s interest rate swaps are pay-fixed and receive-floating whereby the Company receives a variable rate of interest based on SOFR. The Company’s interest rate swaps meet the definition of derivative instruments under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, and are accounted for both initially and subsequently at its fair value. The Company assessed the derivative instruments at inception and determined they met the requirements under ASC 815 to be accounted for as fair value hedges. Fair value hedge relationships mitigate exposure to the change in fair value of the hedged risk in an asset, liability or firm commitment. The Company’s interest rate swaps are fair value hedges that are accounted for using the portfolio layer method, which allows the Company to hedge the interest rate risk of prepayable loans by designating as the hedged item a stated amount of a closed portfolio of consumer and commercial loans that are expected to be outstanding for the designated hedge periods. Under the fair value hedging model, gains or losses attributable to the change in fair value of the derivative instruments, as well as the gains and losses attributable to the change in fair value of the hedged items, are recognized in interest income in the same income statement line item with the hedged item in the period in which the change in fair value occurs. The corresponding adjustment to the hedged asset or liability are included in the basis of the hedged items, while the corresponding change in the fair value of the derivative instruments are recorded as an adjustment to other assets or other liabilities, as applicable. The following table represents the carrying value of the portfolio layer method hedged assets and the cumulative fair value hedging adjustments included in the carrying value of the hedged assets as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 (dollars in thousands) Amortized Cost Basis Hedged Asset Basis Adjustment Amortized Cost Basis Hedged Asset Basis Adjustment Fixed rate assets $ 971,810 $ 244,646 $ (5,354) $ — $ — $ — Goodwill Goodwill is required to be tested for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment level, which is referred to as a component. The Company’s reporting units for goodwill are its two primary operating segments, Primis Bank and Primis Mortgage Company. The Company completed the annual goodwill impairment testing for its two reporting units as of September 30, 2023. The testing for Primis Mortgage Company concluded that the fair value of the reporting unit was in excess of its carrying amount and no impairment charge was required. The Company’s testing of the Primis Bank reporting unit revealed that its carrying amount was in excess of its calculated fair value as of September 30, 2023, resulting in an impairment charge. The Company’s impairment testing included the use of three approaches, each receiving various weightings to determine an ultimate fair value estimate: (1) the comparable transactions method that is based on comparison to pricing ratios recently paid in the sale or merger of comparable banking institutions; (2) the public market peers control premium approach that is based on market pricing ratios of public banking companies adjusted for an industry based control premium, and (3) a discounted cash flow method (an income method), taking into consideration expectations of the Company’s growth and profitability going forward. The results of the combined weighted approaches indicated that the Primis Bank reporting unit’s fair value was approximately 2.4% less than its book value, resulting in a goodwill impairment charge of $11.2 million. This was a non-cash charge to earnings and had no impact on tangible or regulatory capital, cash flows or the Company’s liquidity position. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. As a result, there can be no assurance that the estimates and assumptions made for purposes of the goodwill impairment testing as of September 30, 2023 will prove to be an accurate prediction of the future. Changes in assumptions, market data (for market-based assessments), or the discount rate (for income based assessments) could produce different results that lead to higher or lower fair value determinations compared to the results of the annual impairment testing performed as of September 30, 2023. Transfers of Financial Assets The Company follows the guidance in ASC 860, Transfers and Servicing The Company retained servicing rights on the loans sold and recorded a servicing asset for each of the sold loans at the time of sale. Subsequent to the date of transfer, the Company has elected to measure servicing assets under the amortization method. Under the amortization method, servicing assets are amortized in proportion to, and over the period of, estimated net servicing income. The amortization of servicing assets is analyzed each reporting period and is adjusted to reflect changes in prepayment speeds, as well as other factors. Servicing assets are evaluated for impairment based on the fair value of those assets. Impairment is determined by assessing the servicing assets based on groupings of predominant risk characteristics, such as interest rate and loan type. If, by servicing asset grouping, the carrying amount of the servicing assets exceeds fair value, a valuation allowance is established through a charge to earnings. The valuation allowance is adjusted as the fair value changes. The Company recorded no impairment of its servicing assets during the three and nine months ended September 30, 2023. Servicing assets are included in other assets in the accompanying condensed consolidated balance sheets. During the three and nine months ended September 30, 2023, the Company had the following activity in regard to its servicing assets (amounts in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, (dollars in thousands) 2023 2023 Beginning balance $ 574 $ — Assets acquired 183 792 Amortization (31) (66) Ending Balance $ 726 $ 726 Retained Earnings Revisions During the second quarter of 2023, the Company discovered an employee loan fraud with total exposure of approximately $2.5 million. The fraud dated back to the origination of several loans to a customer in 2010. Management believes, on the advice of its counsel, its insurance broker and a third party forensic auditor, that the losses are recoverable under the Company’s insurance policies and is working through the claims process. The Company has evaluated the effect of the error, both qualitatively and quantitatively, and believes the impact to prior years is immaterial to each respective period assessed. However, the Company’s quantitative and qualitative assessments of the fraud losses on its projected 2023 annual earnings was expected to be material at the time the evaluation was performed as of June 30, 2023. Accordingly, the Company made the decision to report the losses in the respective periods in which they were incurred in its future Form 10-Q and Form 10-K filings by revising impacted periods beginning with the Quarterly Report on Form 10-Q as of June 30, 2023. For all of its filings on and after June 30, 2023, the Company will revise opening retained earnings of the earliest period presented for losses incurred in earlier periods and revise all prior periods presented in the filing for losses incurred related to the period. Accordingly, the Company has revised prior periods presented in this Form 10-Q to reflect the fraud losses in the respective period incurred, with any losses incurred prior to January 1, 2022 adjusted in the January 1, 2022 opening retained earnings balance. The revisions resulted in retained earnings as of January 1, 2022 being $2.0 million lower than previously reported in prior periods. Additionally, the revisions resulted in a decrease in loans held for investment of $2.0 million and a decrease in net income for the three and nine months ended September 30, 2022, of $29 thousand and $147 thousand, respectively. The table below discloses the net change (increase or (decrease)) included in all the consolidated statements of net income (loss) line items in this Form 10-Q, as a result of the revisions discussed above. For the Three Months Ended September 30, For the Nine Months Ended September 30, (dollars in thousands) 2022 2022 Income Statement: Effect to interest income $ (35) $ (89) Effect to noninterest expenses — 92 Effect on income tax expense (benefit) (6) (34) Net effect to net income (loss) $ (29) $ (147) Recent Accounting Pronouncements In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Troubled Debt Restructurings and Vintage Disclosures In March 2022, FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 9 Months Ended |
Sep. 30, 2023 | |
INVESTMENT SECURITIES | |
INVESTMENT SECURITIES | 2. 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 September 30, 2023 Residential government-sponsored mortgage-backed securities $ 113,087 $ — $ (19,222) $ 93,865 Obligations of states and political subdivisions 33,876 — (5,564) 28,312 Corporate securities 16,000 — (2,686) 13,314 Collateralized loan obligations 5,019 — (64) 4,955 Residential government-sponsored collateralized mortgage obligations 32,324 — (2,579) 29,745 Government-sponsored agency securities 16,255 — (3,287) 12,968 Agency commercial mortgage-backed securities 34,391 — (5,111) 29,280 SBA pool securities 4,494 8 (66) 4,436 Total $ 255,446 $ 8 $ (38,579) $ 216,875 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 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 September 30, 2023 Residential government-sponsored mortgage-backed securities $ 9,357 $ — $ (1,219) $ — $ 8,138 Obligations of states and political subdivisions 2,390 — (153) — 2,237 Residential government-sponsored collateralized mortgage obligations 228 — (21) — 207 Total $ 11,975 $ — $ (1,393) $ — $ 10,582 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 Available-for-sale investment securities of $5.5 million and $10.5 million, respectively, were purchased during the three and nine months ended September 30, 2023. During the three and nine months ended September 30, 2022, $4.9 million and $32.5 million, respectively, of available-for-sale investment securities were purchased. No held-to-maturity investments were purchased during the three and nine months ended September 30, 2023 and 2022. No investment securities were sold during the three and nine months ended September 30, 2023 and 2022. The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of September 30, 2023, 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 $ — $ — $ 871 $ 861 Due in one to five years 10,027 9,076 580 557 Due in five to ten years 34,242 28,494 939 819 Due after ten years 26,881 21,979 — — Residential government-sponsored mortgage-backed securities 113,087 93,865 9,357 8,138 Residential government-sponsored collateralized mortgage obligations 32,324 29,745 228 207 Agency commercial mortgage-backed securities 34,391 29,280 — — SBA pool securities 4,494 4,436 — — Total $ 255,446 $ 216,875 $ 11,975 $ 10,582 Investment securities with a carrying amount of approximately $183.2 million and $99.4 million at September 30, 2023 and December 31, 2022, respectively, were pledged to secure public deposits, certain other deposits, a line of credit for advances from the Federal Home Loan Bank (“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 basis 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 September 30, 2023, Primis did not have a material allowance for credit losses on held-to-maturity securities. The unrealized losses related to investment securities available-for-sale as of September 30, 2023 and December 31, 2022, relate to changes in interest rates relative to when the investment securities were purchased, and do not indicate credit-related impairment. Primis performs quantitative and qualitative analysis in this determination. As a result of the Company’s analysis, none of the securities were deemed to require an allowance for credit losses as of September 30, 2023 and December 31, 2022. 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 September 30, 2023 and December 31, 2022 by duration of time in a loss position (in thousands): Less than 12 months 12 Months or More Total September 30, 2023 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-Sale value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 2,643 $ (81) $ 91,222 $ (19,141) $ 93,865 $ (19,222) Obligations of states and political subdivisions 5,915 (198) 21,397 (5,366) 27,312 (5,564) Corporate securities 895 (104) 12,418 (2,582) 13,313 (2,686) Collateralized loan obligations — — 4,955 (64) 4,955 (64) Residential government-sponsored collateralized mortgage obligations 12,186 (281) 17,554 (2,298) 29,740 (2,579) Government-sponsored agency securities — — 12,968 (3,287) 12,968 (3,287) Agency commercial mortgage-backed securities — — 29,280 (5,111) 29,280 (5,111) SBA pool securities 356 — 2,776 (66) 3,132 (66) Total $ 21,995 $ (664) $ 192,570 $ (37,915) $ 214,565 $ (38,579) Less than 12 months 12 Months or More Total September 30, 2023 Fair Unrecognized Fair Unrecognized Fair Unrecognized Held-to-Maturity value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ — $ — $ 8,138 $ (1,219) $ 8,138 $ (1,219) Obligations of states and political subdivisions 1,870 (86) 367 (67) 2,237 (153) Residential government-sponsored collateralized mortgage obligations — — 207 (21) 207 (21) Total $ 1,870 $ (86) $ 8,712 $ (1,307) $ 10,582 $ (1,393) 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) |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended |
Sep. 30, 2023 | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES The following table summarizes the composition of our loan portfolio as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Loans held for sale, at fair value $ 57,511 $ 27,626 Loans held for sale, at lower of cost or market 8,755 — Total loans held for sale $ 66,266 $ 27,626 Loans held for investment Loans secured by real estate: Commercial real estate - owner occupied $ 431,840 $ 459,866 Commercial real estate - non-owner occupied 576,881 579,733 Secured by farmland 5,082 5,970 Construction and land development 172,005 148,690 Residential 1-4 family 600,389 609,694 Multi-family residential 129,586 140,321 Home equity lines of credit 59,996 65,152 Total real estate loans 1,975,779 2,009,426 Commercial loans 592,528 520,741 Paycheck Protection Program loans 2,105 4,564 Consumer loans 569,463 405,278 Total Non-PCD loans 3,139,875 2,940,009 PCD loans 5,992 6,628 Total loans held for investment $ 3,145,867 $ 2,946,637 Accrued Interest Receivable Accrued interest receivable on loans totaled $24.1 million and $13.7 million at September 30, 2023 and December 31, 2022, 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 nine 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 September 30, 2023 and December 31, 2022 (in thousands): 30 - 59 60 - 89 90 Days Days Days Total Loans Not Total September 30, 2023 Past Due Past Due or More Past Due Past Due Loans Commercial real estate - owner occupied $ 801 $ 53 $ — $ 854 $ 430,986 $ 431,840 Commercial real estate - non-owner occupied 225 — 13,066 13,291 563,590 576,881 Secured by farmland — — 479 479 4,603 5,082 Construction and land development 997 682 — 1,679 170,326 172,005 Residential 1-4 family 2,152 408 1,178 3,738 596,651 600,389 Multi- family residential — — — — 129,586 129,586 Home equity lines of credit 551 141 234 926 59,070 59,996 Commercial loans 1,012 — 1,366 2,378 590,150 592,528 Paycheck Protection Program loans 3 — 1,771 1,774 331 2,105 Consumer loans 3,069 2,308 186 5,563 563,900 569,463 Total Non-PCD loans 8,810 3,592 18,280 30,682 3,109,193 3,139,875 PCD loans 1,201 — 1,241 2,442 3,550 5,992 Total $ 10,011 $ 3,592 $ 19,521 $ 33,124 $ 3,112,743 $ 3,145,867 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 — — — — 5,970 5,970 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 2,995 517,746 520,741 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 2,906,052 2,940,009 PCD loans — — 1,328 1,328 5,300 6,628 Total $ 5,136 $ 2,111 $ 28,038 $ 35,285 $ 2,911,352 $ 2,946,637 The amortized cost, by class, of loans and leases on nonaccrual status at September 30, 2023 and December 31, 2022, were as follows (in thousands): 90 Less Than Total Nonaccrual With Days 90 Days Nonaccrual No Credit September 30, 2023 or More Past Due Loans Loss Allowance Commercial real estate - owner occupied $ — $ 427 $ 427 $ 427 Commercial real estate - non-owner occupied 13,066 — 13,066 — Secured by farmland 479 — 479 479 Construction and land development — 24 24 24 Residential 1-4 family 1,178 841 2,019 2,019 Home equity lines of credit 234 483 717 717 Commercial loans 1,366 47 1,413 45 Paycheck Protection Program loans 57 — 57 57 Consumer loans 186 542 728 728 Total Non-PCD loans 16,566 2,364 18,930 4,496 PCD loans 1,241 — 1,241 1,241 Total $ 17,807 $ 2,364 $ 20,171 $ 5,737 90 Less Than Total Nonaccrual With Days 90 Days Nonaccrual No Credit December 31, 2022 or More Past Due Loans Loss Allowance 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 There were $1.7 million and $3.4 million of Paycheck Protection Program (“PPP”) loans greater than 90 days past due and still accruing as of September 30, 2023 and December 31, 2022, respectively . The following table presents nonaccrual loans as of September 30, 2023 by class and year of origination (in thousands): Revolving Loans Revolving Converted 2023 2022 2021 2020 2019 Prior Loans To Term Total Commercial real estate - owner occupied $ — $ — $ — $ — $ — $ 427 $ — $ — $ 427 Commercial real estate - non-owner occupied — — — — — 13,066 — — 13,066 Secured by farmland — — — — — 479 — — 479 Construction and land development — — — — — 24 — — 24 Residential 1-4 family — 589 — 44 162 991 — 233 2,019 Home equity lines of credit — — — — — 54 646 17 717 Commercial loans — — — 2 — 1,411 — — 1,413 Paycheck Protection Program loans — — — 57 — — — — 57 Consumer loans — 379 345 4 — — — — 728 Total non-PCD nonaccruals — 968 345 107 162 16,452 646 250 18,930 PCD loans — — — — — 1,241 — — 1,241 Total nonaccrual loans $ — $ 968 $ 345 $ 107 $ 162 $ 17,693 $ 646 $ 250 $ 20,171 Interest received on nonaccrual loans was zero and $0.6 million for the three months ended September 30, 2023 and 2022, respectively and $0.01 million and $0.9 million for the nine months ended September 30, 2023 and 2022, respectively. Modifications Provided to Borrowers Experiencing Financial Difficulty The assessments of whether a borrower is experiencing financial difficulty at the time a concession has been granted is subjective in nature and management’s judgment is required when determining whether the concession results in a modification that is accounted for as a new loan or a continuation of the existing loan under U.S. GAAP. Although each occurrence is unique to the borrower and is evaluated separately, for all portfolio segments, loans modified as a result of borrowers experiencing financial difficulty are typically modified through reductions 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 quarter ended September 30, 2023, on an amortized cost basis, three other consumer loans totaling $0.3 million were modified to borrowers experiencing financial difficulty. This represents 0.10% of the other consumer loan portfolio. Two of the other consumer loans, totaling $0.2 million in amortized cost, were to one borrower and received payment deferrals for three months, with principal and interest payments resuming in August 2023. Total contractual payments for these loans for the quarter, prior to modification, would have been approximately $11 thousand. Both loans are current on principal and interest following the deferral period. The third other consumer loan modified to a borrower experiencing financial difficulty had an amortized cost of $0.1 million and the Company reduced monthly payments on the loan for the remaining 84-month An existing modification of a 1-4 family residential loan in the first quarter of 2023, with an amortized cost of $0.9 million, resumed contractual payments in August following its payment deferral period and has experienced no payment delinquencies since the deferral period ended. This modification is 0.14% of the 1-4 family residential loan portfolio. Two loans modified in the second quarter of 2023 from our owner occupied commercial real estate portfolio with an amortized cost balance of $0.4 million are paying as agreed following the modifications. These loans represent 0.10% of the owner occupied commercial real estate portfolio. The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. Occasionally, the Company modifies certain loans by providing principal forgiveness. When principal forgiveness is provided, the amortized cost basis of the loan is written off against the allowance. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses. If it is determined that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. At that time, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. 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 or improbable. Primis had no loans classified as Doubtful as of September 30, 2023 or December 31, 2022. 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 September 30, 2023 (in thousands): Revolving Loans Revolving Converted 2023 2022 2021 2020 2019 Prior Loans To Term Total Commercial real estate - owner occupied Pass $ 22,331 $ 89,372 $ 61,246 $ 18,243 $ 21,367 $ 199,826 $ 2,256 $ 6,770 $ 421,411 Special Mention — — 219 — — 5,073 — — 5,292 Substandard — — — — 96 5,041 — — 5,137 Doubtful — — — — — — — — — $ 22,331 $ 89,372 $ 61,465 $ 18,243 $ 21,463 $ 209,940 $ 2,256 $ 6,770 $ 431,840 Current period gross charge offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Weighted average risk grade 3.45 3.31 3.44 3.39 3.28 3.54 3.83 3.97 3.46 Commercial real estate - nonowner occupied Pass $ 1,581 $ 56,242 $ 120,282 $ 43,124 $ 40,817 $ 272,053 $ 2,421 $ 5,067 $ 541,587 Special Mention — — — 1,539 — 20,126 — 601 22,266 Substandard — — — — — 13,028 — — 13,028 Doubtful — — — — — — — — — $ 1,581 $ 56,242 $ 120,282 $ 44,663 $ 40,817 $ 305,207 $ 2,421 $ 5,668 $ 576,881 Current period gross charge offs $ — $ — $ — $ — $ — $ 183 $ — $ — $ 183 Weighted average risk grade 31.21 3.70 3.08 3.83 3.95 3.80 2.91 3.21 3.72 Secured by farmland Pass $ 512 $ — $ 11 $ 108 $ — $ 3,535 $ 271 $ 166 $ 4,603 Special Mention — — — — — — — — — Substandard — — — — — 479 — — 479 Doubtful — — — — — — — — — $ 512 $ — $ 11 $ 108 $ — $ 4,014 $ 271 $ 166 $ 5,082 Current period gross charge offs $ — $ — $ — $ — $ — $ 3 $ — $ — $ 3 Weighted average risk grade 3.86 N/A 4.00 4.00 N/A 4.01 3.99 3.12 3.96 Construction and land development Pass $ 20,833 $ 51,205 $ 74,119 $ 521 $ 2,505 $ 21,075 $ 763 $ 5 $ 171,026 Special Mention — — — — — 955 — — 955 Substandard — — — — — 24 — — 24 Doubtful — — — — — — — — — $ 20,833 $ 51,205 $ 74,119 $ 521 $ 2,505 $ 22,054 $ 763 $ 5 $ 172,005 Current period gross charge offs $ — $ — $ — $ — $ — $ 2 $ — $ — $ 2 Weighted average risk grade 3.45 3.27 3.38 3.37 3.29 3.58 3.39 4.00 3.38 Residential 1-4 family Pass $ 23,985 $ 160,057 $ 152,131 $ 41,421 $ 56,527 $ 155,694 $ 2,654 $ 2,559 $ 595,028 Special Mention — 1,036 — — — 514 — — 1,550 Substandard — 589 — 44 162 2,510 — 506 3,811 Doubtful — — — — — — — — — $ 23,985 $ 161,682 $ 152,131 $ 41,465 $ 56,689 $ 158,718 $ 2,654 $ 3,065 $ 600,389 Current period gross charge offs $ — $ — $ — $ — $ 755 $ — $ — $ — $ 755 Weighted average risk grade 3.14 3.10 3.04 3.07 3.08 3.23 3.72 3.50 3.12 Multi- family residential Pass $ — $ 8,132 $ 21,545 $ 17,893 $ 6,965 $ 68,951 $ 4,520 $ 638 $ 128,644 Special Mention — — — — — — — — — Substandard — — — — — 653 — 289 942 Doubtful — — — — — — — — — $ — $ 8,132 $ 21,545 $ 17,893 $ 6,965 $ 69,604 $ 4,520 $ 927 $ 129,586 Current period gross charge offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Weighted average risk grade N/A 3.70 3.00 3.90 3.00 3.35 4.00 4.62 3.41 Home equity lines of credit Pass $ 317 $ 486 $ 421 $ 49 $ 50 $ 3,087 $ 53,795 $ 865 $ 59,070 Special Mention — — — — — — 113 — 113 Substandard — — — — — 54 742 17 813 Doubtful — — — — — — — — — $ 317 $ 486 $ 421 $ 49 $ 50 $ 3,141 $ 54,650 $ 882 $ 59,996 Current period gross charge offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Weighted average risk grade 3.03 3.00 3.00 3.00 3.00 3.92 3.07 3.93 3.13 Commercial loans Pass $ 139,527 $ 275,889 $ 53,161 $ 6,029 $ 2,623 $ 27,253 $ 78,140 $ 6,641 $ 589,263 Special Mention — — — 11 130 — 967 347 1,455 Substandard — — — 218 60 1,532 — — 1,810 Doubtful — — — — — — — — — $ 139,527 $ 275,889 $ 53,161 $ 6,258 $ 2,813 $ 28,785 $ 79,107 $ 6,988 $ 592,528 Current period gross charge offs $ — $ — $ — $ — $ — $ 1,776 $ — $ — $ 1,776 Weighted average risk grade 2.76 3.10 3.36 3.41 4.01 3.46 3.22 3.81 3.09 Revolving Loans Revolving Converted 2023 2022 2021 2020 2019 Prior Loans To Term Total Paycheck Protection Program loans Pass $ — $ — $ 1,100 $ 948 $ — $ — $ — $ — $ 2,048 Special Mention — — — 57 — — — — 57 Substandard — — — — — — — — — Doubtful — — — — — — — — — $ — $ — $ 1,100 $ 1,005 $ — $ — $ — $ — $ 2,105 Current period gross charge offs $ — $ — $ — $ $ — $ — $ — $ — $ — Weighted average risk grade N/A N/A 2.00 2.23 N/A N/A N/A N/A 2.11 Consumer loans Pass $ 272,384 $ 257,348 $ 26,590 $ 1,032 $ 127 $ 3,904 $ 6,444 $ 372 $ 568,201 Special Mention — — — — — 67 — — 67 Substandard 75 768 349 3 — — — — 1,195 Doubtful — — — — — — — — — $ 272,459 $ 258,116 $ 26,939 $ 1,035 $ 127 $ 3,971 $ 6,444 $ 372 $ 569,463 Current period gross charge offs $ 495 $ 6,305 $ 1,076 $ — $ — $ $ — $ 80 $ 7,956 Weighted average risk grade 3.48 2.66 3.60 4.01 3.96 5.79 2.84 4.00 3.12 PCD Pass $ — $ — $ — $ — $ — $ 2,875 $ — $ — $ 2,875 Special Mention — — — — — 1,601 — — 1,601 Substandard — — — — — 1,516 — — 1,516 Doubtful — — — — — — — — — $ — $ — $ — $ — $ — $ 5,992 $ — $ — $ 5,992 Current period gross charge offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Weighted average risk grade N/A N/A N/A N/A N/A 4.68 N/A N/A 4.68 Total $ 481,545 $ 901,124 $ 511,174 $ 131,240 $ 131,429 $ 811,426 $ 153,086 $ 24,843 $ 3,145,867 Current period gross charge offs $ 495 $ 6,305 $ 1,076 $ — $ 755 $ 1,964 $ — $ 80 $ 10,675 Weighted average risk grade 3.34 3.05 3.21 3.50 3.40 3.58 3.19 3.71 3.30 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 $ — $ — $ 2,279 $ 1,697 $ 85 $ 4,328 Special Mention — — — — — 649 — 112 761 Substandard — — — 6 — 875 — — 881 Doubtful — — — — — — — — — $ 141 $ 16 $ 110 $ 6 $ — $ 3,803 $ 1,697 $ 197 $ 5,970 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 $ 19,830 $ 100,407 $ 17,381 $ 515,937 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 $ 21,508 $ 102,516 $ 17,769 $ 520,741 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 $ 742,564 $ 180,332 $ 34,491 $ 2,946,637 Weighted average risk grade 3.20 3.19 3.48 3.54 3.60 3.57 3.35 3.53 3.36 For the three months ended September 30, 2023 For the nine months ended September 30, 2023 Commercial real estate - owner occupied $ — $ 213 Commercial real estate - non-owner occupied — 2,057 Residential 1-4 family — 124 Commercial loans — 179 Consumer loans 187 371 Total loans $ 187 $ 2,944 The recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure was $0.3 million and $0.1 million as of September 30, 2023 and December 31, 2022, 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 are 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, prim |
FAIR VALUE
FAIR VALUE | 9 Months Ended |
Sep. 30, 2023 | |
FAIR VALUE | |
FAIR VALUE | 4. 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 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) September 30, 2023 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities Residential government-sponsored mortgage-backed securities $ 93,865 $ — $ 93,865 $ — Obligations of states and political subdivisions 28,312 — 28,312 — Corporate securities 13,314 — 13,314 — Collateralized loan obligations 4,955 — 4,955 — Residential government-sponsored collateralized mortgage obligations 29,745 — 29,745 — Government-sponsored agency securities 12,968 — 12,968 — Agency commercial mortgage-backed securities 29,280 — 29,280 — SBA pool securities 4,436 — 4,436 — 216,875 — 216,875 — Loans held for investment 244,646 — — 244,646 Loans held for sale 57,511 — 57,511 — Mortgage banking financial assets 244 — — 244 Mortgage banking derivative assets 1,937 — 1,937 — Interest rate swaps 5,307 — 5,307 — Total assets $ 526,520 $ — $ 281,630 $ 244,890 Liabilities: Mortgage banking derivative liabilities $ 463 $ — $ 463 $ — Total liabilities $ 463 $ — $ 463 $ — 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 Mortgage banking derivative assets 1,410 — 1,386 24 Total assets $ 265,372 $ — $ 265,327 $ 45 Liabilities: Mortgage banking financial liabilities $ 4 $ — $ — $ 4 Mortgage banking derivative liabilities 122 — 115 7 Total liabilities $ 126 $ — $ 115 $ 11 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) September 30, 2023 (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 28,778 $ — $ — $ 28,778 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, 2022 (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 47,832 $ — $ — $ 47,832 Assets held for sale 3,115 — — 3,115 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: September 30, 2023 December 31, 2022 Fair Value Carrying Fair Carrying Fair Hierarchy Level Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 93,865 $ 93,865 $ 77,859 $ 77,859 Securities available-for-sale Level 2 216,875 216,875 236,315 236,315 Securities held-to-maturity Level 2 11,975 10,582 13,520 12,449 Stock in Federal Reserve Bank and Federal Home Loan Bank Level 2 12,796 12,796 25,815 25,815 Preferred investment in mortgage company Level 2 3,005 3,005 3,005 3,005 Net loans Level 3 3,110,100 3,000,499 2,912,093 2,809,163 Loans held for sale Level 2 57,511 57,511 27,626 27,626 Accrued interest receivable Level 2 25,585 25,585 14,938 14,938 Mortgage banking financial assets Level 3 244 244 21 21 Mortgage banking derivative assets Level 2 and 3 1,937 1,937 1,410 1,410 Interest rate swaps Level 2 5,307 5,307 — — Credit enhancement Level 2 5,643 5,643 1,504 1,504 Financial liabilities: Demand deposits and NOW accounts Level 2 $ 1,293,995 $ 1,293,995 $ 1,200,243 $ 1,200,243 Money market and savings accounts Level 2 1,547,559 1,547,559 1,057,078 1,057,078 Time deposits Level 3 451,850 449,733 465,057 462,376 Securities sold under agreements to repurchase Level 1 3,838 3,838 6,445 6,445 FHLB advances Level 1 — — 325,000 325,000 Junior subordinated debt Level 2 9,818 9,070 9,781 9,181 Senior subordinated notes Level 2 85,706 83,380 85,531 84,347 Accrued interest payable Level 2 6,464 6,464 3,261 3,261 Mortgage banking financial liabilities Level 3 — — 4 4 Mortgage banking derivative liabilities Level 2 and 3 463 463 122 122 Carrying amount is the estimated fair value for cash and cash equivalents, loans held for sale, accrued interest receivable and payable, mortgage banking financial assets and liabilities, derivative assets and liabilities, interest rate swaps, demand deposits, savings accounts, money market accounts and FHLB advances and securities sold under agreements to repurchase. Fair value of long-term debt is based on current rates for similar financing. Carrying amount of Federal Reserve Bank and FHLB stock is a reasonable estimate of fair value as these securities are not readily marketable and are based on the ultimate recoverability of the par value. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2023 | |
LEASES | |
LEASES | 5. LEASES The Company leases certain premises 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 September 30, 2023 and December 31, 2022, the Company had operating lease liabilities totaling $12.3 million and $5.8 million, respectively, and right-of-use assets totaling $11.4 million and $5.3 million, respectively, reflected in other liabilities and other assets, respectively, in our consolidated balance sheets related to these leases. We do not currently have any financing leases. For the three months ended September 30, 2023 and 2022, our net operating lease costs were $0.7 million and $0.6 million, respectively, and for the nine months ended September 30, 2023 and 2022, our net operating lease costs were $1.9 million and $1.8 million, respectively. These net operating lease costs are reflected in occupancy expenses on our condensed consolidated statements of income and comprehensive income (loss). The following table presents other information related to our operating leases: For the Nine Months Ended September 30, 2023 September 30, 2022 Other information: Weighted-average remaining lease term - operating leases, in years 7.2 4.5 Weighted-average discount rate - operating leases 3.9 % 2.8 % The following table summarizes the maturity of remaining lease liabilities: As of (dollars in thousands) September 30, 2023 Lease payments due: 2023 $ 551 2024 2,123 2025 1,972 2026 1,925 2027 1,911 Thereafter 5,893 Total lease payments 14,375 Less: imputed interest (2,028) Lease liabilities $ 12,347 As of September 30, 2023, the Company did not have any operating lease that has not yet commenced that will create additional lease liabilities and right-of-use assets for the Company. |
DEBT AND OTHER BORROWINGS
DEBT AND OTHER BORROWINGS | 9 Months Ended |
Sep. 30, 2023 | |
DEBT AND OTHER BORROWINGS | |
DEBT AND OTHER BORROWINGS | 6 DEBT 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, Federal Reserve Board Discount Window and securities sold under agreements to repurchase (“repo”) that mature within one year, which are secured transactions with customers. The balance in repo accounts as of September 30, 2023 and December 31, 2022 was $3.8 million and $6.5 million, respectively. As of September 30, 2023 and December 31, 2022, we had pledged callable agency securities, residential government-sponsored mortgage-backed securities and collateralized mortgage obligations with a carrying value of $6.3 million and $14.2 million, respectively, to customers who require collateral for overnight repurchase agreements and deposits. We repaid our short-term FHLB advances of $325.0 million that were outstanding as of December 31, 2022 and matured in the first quarter of 2023. As a result, we have all of our FHLB capacity available for future liquidity needs. As of September 30, 2023, Primis Bank had lendable collateral value in the form of residential 1-4 family mortgages, HELOCs, commercial mortgage loans, and investment securities supporting borrowing capacity of approximately $558.9 million from the FHLB. In June 2023, the Bank began participating in the Federal Reserve discount window borrowing program. As of September 30, 2023, the Bank had borrowing capacity of $548.9 million within the program. In March 2023, the Federal Reserve established the Bank Term Funding Program (“BTFP”) in response to industry disruption, offering loans with up to one year in maturity to eligible depository institutions in exchange for pledged collateral in the form of U.S. Treasuries, agency debt and mortgage-backed securities and other qualifying assets. Borrowing capacity under the BTFP is based on the par value, not fair value, of the collateral. As of September 30, 2023, we had securities available of $133.8 million for utilization with the BTFP, with no borrowings outstanding under the program as of September 30, 2023. 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. At September 30, 2023 and December 31, 2022, there was $10.3 million outstanding, net of approximately $0.5 million of debt issuance costs. As of September 30, 2023 and December 31, 2022, the interest rate payable on the trust preferred securities was 8.62% and 7.69%, respectively. As of September 30, 2023, 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. Interest is currently payable at an annual floating rate equal to three-month CME Term SOFR plus a tenor spread adjustment of 0.26% until maturity or early redemption. As of September 30, 2023, 60% of these Notes qualified as Tier 2 capital. On August 25, 2020, Primis completed the sale of $60.0 million of its fixed-to-floating rate Subordinated Notes due 2030. Interest is payable at an initial annual fixed rate of 5.40% and after September 1, 2025, at a floating rate equal to a benchmark rate, which is expected to be Three-Month Term SOFR, plus a spread of 531 basis points. As of September 30, 2023, all of these notes qualified as Tier 2 capital. As of September 30, 2023 and December 31, 2022, the remaining unamortized debt issuance costs related to the senior Subordinated Notes totaled $1.3 million and $1.5 million, respectively. |
STOCK- BASED COMPENSATION
STOCK- BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2023 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | 7. 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 financial 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 the nine months ended September 30, 2023 follows: Weighted Weighted Average Aggregate Average Remaining Intrinsic Exercise Contractual Value Shares Price Term (in thousands) Options outstanding, beginning of period 203,300 $ 11.41 1.3 $ 102 Forfeited (4,000) Expired (121,000) Exercised (8,000) Options outstanding, end of period 70,300 $ 11.48 1.7 — Exercisable at end of period 70,300 $ 11.48 1.7 $ — There was no stock-based compensation expense associated with stock options for the three and nine months ended September 30, 2023 and 2022. As of September 30, 2023, we do not have any unrecognized compensation expense associated with the stock options. A summary of time vested restricted stock awards for the nine months ended September 30, 2023 follows: Weighted Weighted Average Average Grant-Date Remaining Fair Value Contractual Shares Per Share Term Unvested restricted stock outstanding, beginning of period 68,700 $ 14.24 2.4 Granted 5,000 7.58 Vested (24,050) 14.36 Forfeited (5,300) 15.31 Unvested restricted stock outstanding, end of period 44,350 $ 13.30 2.2 Stock-based compensation expense for time vested restricted stock awards totaled $0.1 million for the three months ended both September 30, 2023 and 2022, and $0.2 million and $1.0 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, unrecognized compensation expense associated with restricted stock awards was $0.4 million, which is expected to be recognized over a weighted average period of 2.2 years. A summary of performance-based restricted stock units (the “Units”) for the nine months ended September 30, 2023 follows: Weighted Weighted Average Average Grant-Date Remaining Fair Value Contractual Shares Per Share Term Unvested Units outstanding, beginning of period 153,960 $ 13.02 3.6 Forfeited (9,000) 12.89 Unvested Units outstanding, end of period 144,960 13.03 2.4 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 for the three and nine months ended September 30, 2023 and 2022 because it is not probable that these Units will vest. The potential unrecognized compensation expense associated with these Units was $2.9 million and $1.3 million at September 30, 2023 and 2022, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES 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 sheets. 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 $10.6 million and $10.7 million as of September 30, 2023 and December 31, 2022, 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 3 - 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: 2023 2022 Balance as of January 1 $ 1,416 $ 977 Credit loss expense (recovery) (392) 92 Balance as of June 30, $ 1,024 $ 1,069 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 $84.5 million of Primis mortgage loan commitments outstanding as of September 30, 2023, all of which contractually expire within thirty years. At September 30, 2023 and December 31, 2022, we had unfunded lines of credit and undisbursed construction loan funds totaling $467.3 million and $540.6 million, respectively, not all of which will ultimately be drawn. Virtually all of our unfunded lines of credit and undisbursed construction loan funds are variable rate. The amount of certificate of deposit accounts maturing in less than one year was $394.7 million as of September 30, 2023, including $75.0 million of brokered CDs. Management anticipates that funding requirements for these commitments can be met in the normal course. Primis also had commitments on the subscription agreements entered into for investments in non-marketable equity securities of $1.9 million and $3.2 million at September 30, 2023 and December 31, 2022, respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2023 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | 9. EARNINGS PER SHARE The following is a reconciliation of the denominators of the basic and diluted (loss) earnings per share (“EPS”) computations (amounts in thousands, except per share data): Weighted Average Income Shares Per Share (Numerator) (Denominator) Amount For the three months ended September 30, 2023 Basic EPS $ (3,567) 24,642 $ (0.14) Effect of dilutive stock options and unvested restricted stock — — — Diluted EPS $ (3,567) 24,642 $ (0.14) For the three months ended September 30, 2022 Basic EPS $ 5,025 24,577 $ 0.21 Effect of dilutive stock options and unvested restricted stock — 111 (0.01) Diluted EPS $ 5,025 24,688 $ 0.20 For the nine months ended September 30, 2023 Basic EPS $ 2,198 24,636 $ 0.09 Effect of dilutive stock options and unvested restricted stock — — — Diluted EPS $ 2,198 24,636 $ 0.09 For the nine months ended September 30, 2022 Basic EPS $ 14,509 24,548 $ 0.60 Effect of dilutive stock options and unvested restricted stock — 126 (0.01) Diluted EPS $ 14,509 24,674 $ 0.59 The Company had 114,650 anti-dilutive options as of September 30, 2023 and did not have any anti-dilutive options as of September 30, 2022. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2023 | |
SEGMENT INFORMATION | |
SEGMENT INFORMATION | 10. 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 Primis Bank. Primis Mortgage. The following table provides financial information for the Company's reportable segments. The information provided under the caption “Primis Bank” includes 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 three months ended September 30, 2023 As of and for the nine months ended September 30, 2023 Primis Mortgage Primis Bank Consolidated Primis Mortgage Primis Bank Consolidated Interest income $ 873 $ 49,613 $ 50,486 $ 1,971 $ 148,308 $ 150,279 Interest expense — 23,361 23,361 — 68,632 68,632 Net interest income 873 26,252 27,125 1,971 79,676 81,647 Provision for credit losses — 1,648 1,648 — 11,136 11,136 Noninterest income 4,932 5,010 9,942 14,463 15,497 29,960 Noninterest expense 5,108 31,966 37,074 15,366 79,664 95,030 Income (loss) before income taxes 697 (2,352) (1,655) 1,068 4,373 5,441 Income tax expense 174 1,738 1,912 270 2,973 3,243 Net income (loss) $ 523 $ (4,090) $ (3,567) $ 798 $ 1,400 $ 2,198 Assets $ 66,384 $ 3,747,391 $ 3,813,775 $ 66,384 $ 3,747,391 $ 3,813,775 |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
ACCOUNTING POLICIES | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Primis and its subsidiaries Primis Bank, Primis Mortgage Company 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 U.S. GAAP. 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, are not included in our consolidated financial statements. |
Operating Segments | Operating Segments The Company, through its Bank subsidiary, provides a broad range of financial services. While the Company’s chief operating decision maker monitors 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 10 – Segment Information. |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with U.S. GAAP for interim financial information and instructions for Form 10-Q and follow general practice within the banking industry. Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the consolidated financial statements and footnotes thereto included in the 2022 Form 10-K. |
Use of Estimates | Use of Estimates The preparation of the condensed 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, the fair value of investment securities, credit impairment of investment securities, the valuation of goodwill and deferred tax assets. Management monitors and continually reassess these at each reporting period. |
Interest Rate Swaps | Interest Rate Swaps The Company is subject to interest rate risk exposure in the normal course of business through its core lending operations. Primarily to help mitigate interest rate risk associated with its loan portfolio, the Company entered into interest rate swaps in May and August 2023 with a large U.S. financial institution as the counterparty. Interest rate swaps are contractual agreements whereby one party pays a floating interest rate on a notional principal amount and receives a fixed-rate payment on the same notional principal, or vice versa, for a fixed period of time. Interest rate swaps change in value with movements in benchmark interest rates, such as Prime or the Secured Overnight Financing Rate (“SOFR”). Interest rate swaps subject the Company to market risk associated with changes in interest rates, changes in interest rate volatility, as well as the credit risk that the counterparty will fail to perform. The Company’s interest rate swaps are pay-fixed and receive-floating whereby the Company receives a variable rate of interest based on SOFR. The Company’s interest rate swaps meet the definition of derivative instruments under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, and are accounted for both initially and subsequently at its fair value. The Company assessed the derivative instruments at inception and determined they met the requirements under ASC 815 to be accounted for as fair value hedges. Fair value hedge relationships mitigate exposure to the change in fair value of the hedged risk in an asset, liability or firm commitment. The Company’s interest rate swaps are fair value hedges that are accounted for using the portfolio layer method, which allows the Company to hedge the interest rate risk of prepayable loans by designating as the hedged item a stated amount of a closed portfolio of consumer and commercial loans that are expected to be outstanding for the designated hedge periods. Under the fair value hedging model, gains or losses attributable to the change in fair value of the derivative instruments, as well as the gains and losses attributable to the change in fair value of the hedged items, are recognized in interest income in the same income statement line item with the hedged item in the period in which the change in fair value occurs. The corresponding adjustment to the hedged asset or liability are included in the basis of the hedged items, while the corresponding change in the fair value of the derivative instruments are recorded as an adjustment to other assets or other liabilities, as applicable. The following table represents the carrying value of the portfolio layer method hedged assets and the cumulative fair value hedging adjustments included in the carrying value of the hedged assets as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 (dollars in thousands) Amortized Cost Basis Hedged Asset Basis Adjustment Amortized Cost Basis Hedged Asset Basis Adjustment Fixed rate assets $ 971,810 $ 244,646 $ (5,354) $ — $ — $ — |
Goodwill | Goodwill Goodwill is required to be tested for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment level, which is referred to as a component. The Company’s reporting units for goodwill are its two primary operating segments, Primis Bank and Primis Mortgage Company. The Company completed the annual goodwill impairment testing for its two reporting units as of September 30, 2023. The testing for Primis Mortgage Company concluded that the fair value of the reporting unit was in excess of its carrying amount and no impairment charge was required. The Company’s testing of the Primis Bank reporting unit revealed that its carrying amount was in excess of its calculated fair value as of September 30, 2023, resulting in an impairment charge. The Company’s impairment testing included the use of three approaches, each receiving various weightings to determine an ultimate fair value estimate: (1) the comparable transactions method that is based on comparison to pricing ratios recently paid in the sale or merger of comparable banking institutions; (2) the public market peers control premium approach that is based on market pricing ratios of public banking companies adjusted for an industry based control premium, and (3) a discounted cash flow method (an income method), taking into consideration expectations of the Company’s growth and profitability going forward. The results of the combined weighted approaches indicated that the Primis Bank reporting unit’s fair value was approximately 2.4% less than its book value, resulting in a goodwill impairment charge of $11.2 million. This was a non-cash charge to earnings and had no impact on tangible or regulatory capital, cash flows or the Company’s liquidity position. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. As a result, there can be no assurance that the estimates and assumptions made for purposes of the goodwill impairment testing as of September 30, 2023 will prove to be an accurate prediction of the future. Changes in assumptions, market data (for market-based assessments), or the discount rate (for income based assessments) could produce different results that lead to higher or lower fair value determinations compared to the results of the annual impairment testing performed as of September 30, 2023. |
Transfers of Financial Assets | Transfers of Financial Assets The Company follows the guidance in ASC 860, Transfers and Servicing The Company retained servicing rights on the loans sold and recorded a servicing asset for each of the sold loans at the time of sale. Subsequent to the date of transfer, the Company has elected to measure servicing assets under the amortization method. Under the amortization method, servicing assets are amortized in proportion to, and over the period of, estimated net servicing income. The amortization of servicing assets is analyzed each reporting period and is adjusted to reflect changes in prepayment speeds, as well as other factors. Servicing assets are evaluated for impairment based on the fair value of those assets. Impairment is determined by assessing the servicing assets based on groupings of predominant risk characteristics, such as interest rate and loan type. If, by servicing asset grouping, the carrying amount of the servicing assets exceeds fair value, a valuation allowance is established through a charge to earnings. The valuation allowance is adjusted as the fair value changes. The Company recorded no impairment of its servicing assets during the three and nine months ended September 30, 2023. Servicing assets are included in other assets in the accompanying condensed consolidated balance sheets. During the three and nine months ended September 30, 2023, the Company had the following activity in regard to its servicing assets (amounts in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, (dollars in thousands) 2023 2023 Beginning balance $ 574 $ — Assets acquired 183 792 Amortization (31) (66) Ending Balance $ 726 $ 726 |
Retained Earnings Revisions | Retained Earnings Revisions During the second quarter of 2023, the Company discovered an employee loan fraud with total exposure of approximately $2.5 million. The fraud dated back to the origination of several loans to a customer in 2010. Management believes, on the advice of its counsel, its insurance broker and a third party forensic auditor, that the losses are recoverable under the Company’s insurance policies and is working through the claims process. The Company has evaluated the effect of the error, both qualitatively and quantitatively, and believes the impact to prior years is immaterial to each respective period assessed. However, the Company’s quantitative and qualitative assessments of the fraud losses on its projected 2023 annual earnings was expected to be material at the time the evaluation was performed as of June 30, 2023. Accordingly, the Company made the decision to report the losses in the respective periods in which they were incurred in its future Form 10-Q and Form 10-K filings by revising impacted periods beginning with the Quarterly Report on Form 10-Q as of June 30, 2023. For all of its filings on and after June 30, 2023, the Company will revise opening retained earnings of the earliest period presented for losses incurred in earlier periods and revise all prior periods presented in the filing for losses incurred related to the period. Accordingly, the Company has revised prior periods presented in this Form 10-Q to reflect the fraud losses in the respective period incurred, with any losses incurred prior to January 1, 2022 adjusted in the January 1, 2022 opening retained earnings balance. The revisions resulted in retained earnings as of January 1, 2022 being $2.0 million lower than previously reported in prior periods. Additionally, the revisions resulted in a decrease in loans held for investment of $2.0 million and a decrease in net income for the three and nine months ended September 30, 2022, of $29 thousand and $147 thousand, respectively. The table below discloses the net change (increase or (decrease)) included in all the consolidated statements of net income (loss) line items in this Form 10-Q, as a result of the revisions discussed above. For the Three Months Ended September 30, For the Nine Months Ended September 30, (dollars in thousands) 2022 2022 Income Statement: Effect to interest income $ (35) $ (89) Effect to noninterest expenses — 92 Effect on income tax expense (benefit) (6) (34) Net effect to net income (loss) $ (29) $ (147) |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Troubled Debt Restructurings and Vintage Disclosures In March 2022, FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method |
ACCOUNTING POLICIES (Tables)
ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
ACCOUNTING POLICIES | |
Schedule of Hedged Assets and Cumulative Fair Value Hedging Adjustments | The following table represents the carrying value of the portfolio layer method hedged assets and the cumulative fair value hedging adjustments included in the carrying value of the hedged assets as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 (dollars in thousands) Amortized Cost Basis Hedged Asset Basis Adjustment Amortized Cost Basis Hedged Asset Basis Adjustment Fixed rate assets $ 971,810 $ 244,646 $ (5,354) $ — $ — $ — |
Schedule of activity relating to servicing assets | During the three and nine months ended September 30, 2023, the Company had the following activity in regard to its servicing assets (amounts in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, (dollars in thousands) 2023 2023 Beginning balance $ 574 $ — Assets acquired 183 792 Amortization (31) (66) Ending Balance $ 726 $ 726 |
Schedule of Revisions | The table below discloses the net change (increase or (decrease)) included in all the consolidated statements of net income (loss) line items in this Form 10-Q, as a result of the revisions discussed above. For the Three Months Ended September 30, For the Nine Months Ended September 30, (dollars in thousands) 2022 2022 Income Statement: Effect to interest income $ (35) $ (89) Effect to noninterest expenses — 92 Effect on income tax expense (benefit) (6) (34) Net effect to net income (loss) $ (29) $ (147) |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
INVESTMENT SECURITIES | |
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 September 30, 2023 Residential government-sponsored mortgage-backed securities $ 113,087 $ — $ (19,222) $ 93,865 Obligations of states and political subdivisions 33,876 — (5,564) 28,312 Corporate securities 16,000 — (2,686) 13,314 Collateralized loan obligations 5,019 — (64) 4,955 Residential government-sponsored collateralized mortgage obligations 32,324 — (2,579) 29,745 Government-sponsored agency securities 16,255 — (3,287) 12,968 Agency commercial mortgage-backed securities 34,391 — (5,111) 29,280 SBA pool securities 4,494 8 (66) 4,436 Total $ 255,446 $ 8 $ (38,579) $ 216,875 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 |
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 September 30, 2023 Residential government-sponsored mortgage-backed securities $ 9,357 $ — $ (1,219) $ — $ 8,138 Obligations of states and political subdivisions 2,390 — (153) — 2,237 Residential government-sponsored collateralized mortgage obligations 228 — (21) — 207 Total $ 11,975 $ — $ (1,393) $ — $ 10,582 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 |
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 September 30, 2023, 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 $ — $ — $ 871 $ 861 Due in one to five years 10,027 9,076 580 557 Due in five to ten years 34,242 28,494 939 819 Due after ten years 26,881 21,979 — — Residential government-sponsored mortgage-backed securities 113,087 93,865 9,357 8,138 Residential government-sponsored collateralized mortgage obligations 32,324 29,745 228 207 Agency commercial mortgage-backed securities 34,391 29,280 — — SBA pool securities 4,494 4,436 — — Total $ 255,446 $ 216,875 $ 11,975 $ 10,582 |
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 September 30, 2023 and December 31, 2022 by duration of time in a loss position (in thousands): Less than 12 months 12 Months or More Total September 30, 2023 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-Sale value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 2,643 $ (81) $ 91,222 $ (19,141) $ 93,865 $ (19,222) Obligations of states and political subdivisions 5,915 (198) 21,397 (5,366) 27,312 (5,564) Corporate securities 895 (104) 12,418 (2,582) 13,313 (2,686) Collateralized loan obligations — — 4,955 (64) 4,955 (64) Residential government-sponsored collateralized mortgage obligations 12,186 (281) 17,554 (2,298) 29,740 (2,579) Government-sponsored agency securities — — 12,968 (3,287) 12,968 (3,287) Agency commercial mortgage-backed securities — — 29,280 (5,111) 29,280 (5,111) SBA pool securities 356 — 2,776 (66) 3,132 (66) Total $ 21,995 $ (664) $ 192,570 $ (37,915) $ 214,565 $ (38,579) Less than 12 months 12 Months or More Total September 30, 2023 Fair Unrecognized Fair Unrecognized Fair Unrecognized Held-to-Maturity value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ — $ — $ 8,138 $ (1,219) $ 8,138 $ (1,219) Obligations of states and political subdivisions 1,870 (86) 367 (67) 2,237 (153) Residential government-sponsored collateralized mortgage obligations — — 207 (21) 207 (21) Total $ 1,870 $ (86) $ 8,712 $ (1,307) $ 10,582 $ (1,393) 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) |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
Schedule of loans, net of unearned income | The following table summarizes the composition of our loan portfolio as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Loans held for sale, at fair value $ 57,511 $ 27,626 Loans held for sale, at lower of cost or market 8,755 — Total loans held for sale $ 66,266 $ 27,626 Loans held for investment Loans secured by real estate: Commercial real estate - owner occupied $ 431,840 $ 459,866 Commercial real estate - non-owner occupied 576,881 579,733 Secured by farmland 5,082 5,970 Construction and land development 172,005 148,690 Residential 1-4 family 600,389 609,694 Multi-family residential 129,586 140,321 Home equity lines of credit 59,996 65,152 Total real estate loans 1,975,779 2,009,426 Commercial loans 592,528 520,741 Paycheck Protection Program loans 2,105 4,564 Consumer loans 569,463 405,278 Total Non-PCD loans 3,139,875 2,940,009 PCD loans 5,992 6,628 Total loans held for investment $ 3,145,867 $ 2,946,637 |
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 September 30, 2023 and December 31, 2022 (in thousands): 30 - 59 60 - 89 90 Days Days Days Total Loans Not Total September 30, 2023 Past Due Past Due or More Past Due Past Due Loans Commercial real estate - owner occupied $ 801 $ 53 $ — $ 854 $ 430,986 $ 431,840 Commercial real estate - non-owner occupied 225 — 13,066 13,291 563,590 576,881 Secured by farmland — — 479 479 4,603 5,082 Construction and land development 997 682 — 1,679 170,326 172,005 Residential 1-4 family 2,152 408 1,178 3,738 596,651 600,389 Multi- family residential — — — — 129,586 129,586 Home equity lines of credit 551 141 234 926 59,070 59,996 Commercial loans 1,012 — 1,366 2,378 590,150 592,528 Paycheck Protection Program loans 3 — 1,771 1,774 331 2,105 Consumer loans 3,069 2,308 186 5,563 563,900 569,463 Total Non-PCD loans 8,810 3,592 18,280 30,682 3,109,193 3,139,875 PCD loans 1,201 — 1,241 2,442 3,550 5,992 Total $ 10,011 $ 3,592 $ 19,521 $ 33,124 $ 3,112,743 $ 3,145,867 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 — — — — 5,970 5,970 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 2,995 517,746 520,741 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 2,906,052 2,940,009 PCD loans — — 1,328 1,328 5,300 6,628 Total $ 5,136 $ 2,111 $ 28,038 $ 35,285 $ 2,911,352 $ 2,946,637 The amortized cost, by class, of loans and leases on nonaccrual status at September 30, 2023 and December 31, 2022, were as follows (in thousands): 90 Less Than Total Nonaccrual With Days 90 Days Nonaccrual No Credit September 30, 2023 or More Past Due Loans Loss Allowance Commercial real estate - owner occupied $ — $ 427 $ 427 $ 427 Commercial real estate - non-owner occupied 13,066 — 13,066 — Secured by farmland 479 — 479 479 Construction and land development — 24 24 24 Residential 1-4 family 1,178 841 2,019 2,019 Home equity lines of credit 234 483 717 717 Commercial loans 1,366 47 1,413 45 Paycheck Protection Program loans 57 — 57 57 Consumer loans 186 542 728 728 Total Non-PCD loans 16,566 2,364 18,930 4,496 PCD loans 1,241 — 1,241 1,241 Total $ 17,807 $ 2,364 $ 20,171 $ 5,737 90 Less Than Total Nonaccrual With Days 90 Days Nonaccrual No Credit December 31, 2022 or More Past Due Loans Loss Allowance 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 |
Schedule of nonaccrual loans | The following table presents nonaccrual loans as of September 30, 2023 by class and year of origination (in thousands): Revolving Loans Revolving Converted 2023 2022 2021 2020 2019 Prior Loans To Term Total Commercial real estate - owner occupied $ — $ — $ — $ — $ — $ 427 $ — $ — $ 427 Commercial real estate - non-owner occupied — — — — — 13,066 — — 13,066 Secured by farmland — — — — — 479 — — 479 Construction and land development — — — — — 24 — — 24 Residential 1-4 family — 589 — 44 162 991 — 233 2,019 Home equity lines of credit — — — — — 54 646 17 717 Commercial loans — — — 2 — 1,411 — — 1,413 Paycheck Protection Program loans — — — 57 — — — — 57 Consumer loans — 379 345 4 — — — — 728 Total non-PCD nonaccruals — 968 345 107 162 16,452 646 250 18,930 PCD loans — — — — — 1,241 — — 1,241 Total nonaccrual loans $ — $ 968 $ 345 $ 107 $ 162 $ 17,693 $ 646 $ 250 $ 20,171 |
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 September 30, 2023 (in thousands): Revolving Loans Revolving Converted 2023 2022 2021 2020 2019 Prior Loans To Term Total Commercial real estate - owner occupied Pass $ 22,331 $ 89,372 $ 61,246 $ 18,243 $ 21,367 $ 199,826 $ 2,256 $ 6,770 $ 421,411 Special Mention — — 219 — — 5,073 — — 5,292 Substandard — — — — 96 5,041 — — 5,137 Doubtful — — — — — — — — — $ 22,331 $ 89,372 $ 61,465 $ 18,243 $ 21,463 $ 209,940 $ 2,256 $ 6,770 $ 431,840 Current period gross charge offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Weighted average risk grade 3.45 3.31 3.44 3.39 3.28 3.54 3.83 3.97 3.46 Commercial real estate - nonowner occupied Pass $ 1,581 $ 56,242 $ 120,282 $ 43,124 $ 40,817 $ 272,053 $ 2,421 $ 5,067 $ 541,587 Special Mention — — — 1,539 — 20,126 — 601 22,266 Substandard — — — — — 13,028 — — 13,028 Doubtful — — — — — — — — — $ 1,581 $ 56,242 $ 120,282 $ 44,663 $ 40,817 $ 305,207 $ 2,421 $ 5,668 $ 576,881 Current period gross charge offs $ — $ — $ — $ — $ — $ 183 $ — $ — $ 183 Weighted average risk grade 31.21 3.70 3.08 3.83 3.95 3.80 2.91 3.21 3.72 Secured by farmland Pass $ 512 $ — $ 11 $ 108 $ — $ 3,535 $ 271 $ 166 $ 4,603 Special Mention — — — — — — — — — Substandard — — — — — 479 — — 479 Doubtful — — — — — — — — — $ 512 $ — $ 11 $ 108 $ — $ 4,014 $ 271 $ 166 $ 5,082 Current period gross charge offs $ — $ — $ — $ — $ — $ 3 $ — $ — $ 3 Weighted average risk grade 3.86 N/A 4.00 4.00 N/A 4.01 3.99 3.12 3.96 Construction and land development Pass $ 20,833 $ 51,205 $ 74,119 $ 521 $ 2,505 $ 21,075 $ 763 $ 5 $ 171,026 Special Mention — — — — — 955 — — 955 Substandard — — — — — 24 — — 24 Doubtful — — — — — — — — — $ 20,833 $ 51,205 $ 74,119 $ 521 $ 2,505 $ 22,054 $ 763 $ 5 $ 172,005 Current period gross charge offs $ — $ — $ — $ — $ — $ 2 $ — $ — $ 2 Weighted average risk grade 3.45 3.27 3.38 3.37 3.29 3.58 3.39 4.00 3.38 Residential 1-4 family Pass $ 23,985 $ 160,057 $ 152,131 $ 41,421 $ 56,527 $ 155,694 $ 2,654 $ 2,559 $ 595,028 Special Mention — 1,036 — — — 514 — — 1,550 Substandard — 589 — 44 162 2,510 — 506 3,811 Doubtful — — — — — — — — — $ 23,985 $ 161,682 $ 152,131 $ 41,465 $ 56,689 $ 158,718 $ 2,654 $ 3,065 $ 600,389 Current period gross charge offs $ — $ — $ — $ — $ 755 $ — $ — $ — $ 755 Weighted average risk grade 3.14 3.10 3.04 3.07 3.08 3.23 3.72 3.50 3.12 Multi- family residential Pass $ — $ 8,132 $ 21,545 $ 17,893 $ 6,965 $ 68,951 $ 4,520 $ 638 $ 128,644 Special Mention — — — — — — — — — Substandard — — — — — 653 — 289 942 Doubtful — — — — — — — — — $ — $ 8,132 $ 21,545 $ 17,893 $ 6,965 $ 69,604 $ 4,520 $ 927 $ 129,586 Current period gross charge offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Weighted average risk grade N/A 3.70 3.00 3.90 3.00 3.35 4.00 4.62 3.41 Home equity lines of credit Pass $ 317 $ 486 $ 421 $ 49 $ 50 $ 3,087 $ 53,795 $ 865 $ 59,070 Special Mention — — — — — — 113 — 113 Substandard — — — — — 54 742 17 813 Doubtful — — — — — — — — — $ 317 $ 486 $ 421 $ 49 $ 50 $ 3,141 $ 54,650 $ 882 $ 59,996 Current period gross charge offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Weighted average risk grade 3.03 3.00 3.00 3.00 3.00 3.92 3.07 3.93 3.13 Commercial loans Pass $ 139,527 $ 275,889 $ 53,161 $ 6,029 $ 2,623 $ 27,253 $ 78,140 $ 6,641 $ 589,263 Special Mention — — — 11 130 — 967 347 1,455 Substandard — — — 218 60 1,532 — — 1,810 Doubtful — — — — — — — — — $ 139,527 $ 275,889 $ 53,161 $ 6,258 $ 2,813 $ 28,785 $ 79,107 $ 6,988 $ 592,528 Current period gross charge offs $ — $ — $ — $ — $ — $ 1,776 $ — $ — $ 1,776 Weighted average risk grade 2.76 3.10 3.36 3.41 4.01 3.46 3.22 3.81 3.09 Revolving Loans Revolving Converted 2023 2022 2021 2020 2019 Prior Loans To Term Total Paycheck Protection Program loans Pass $ — $ — $ 1,100 $ 948 $ — $ — $ — $ — $ 2,048 Special Mention — — — 57 — — — — 57 Substandard — — — — — — — — — Doubtful — — — — — — — — — $ — $ — $ 1,100 $ 1,005 $ — $ — $ — $ — $ 2,105 Current period gross charge offs $ — $ — $ — $ $ — $ — $ — $ — $ — Weighted average risk grade N/A N/A 2.00 2.23 N/A N/A N/A N/A 2.11 Consumer loans Pass $ 272,384 $ 257,348 $ 26,590 $ 1,032 $ 127 $ 3,904 $ 6,444 $ 372 $ 568,201 Special Mention — — — — — 67 — — 67 Substandard 75 768 349 3 — — — — 1,195 Doubtful — — — — — — — — — $ 272,459 $ 258,116 $ 26,939 $ 1,035 $ 127 $ 3,971 $ 6,444 $ 372 $ 569,463 Current period gross charge offs $ 495 $ 6,305 $ 1,076 $ — $ — $ $ — $ 80 $ 7,956 Weighted average risk grade 3.48 2.66 3.60 4.01 3.96 5.79 2.84 4.00 3.12 PCD Pass $ — $ — $ — $ — $ — $ 2,875 $ — $ — $ 2,875 Special Mention — — — — — 1,601 — — 1,601 Substandard — — — — — 1,516 — — 1,516 Doubtful — — — — — — — — — $ — $ — $ — $ — $ — $ 5,992 $ — $ — $ 5,992 Current period gross charge offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Weighted average risk grade N/A N/A N/A N/A N/A 4.68 N/A N/A 4.68 Total $ 481,545 $ 901,124 $ 511,174 $ 131,240 $ 131,429 $ 811,426 $ 153,086 $ 24,843 $ 3,145,867 Current period gross charge offs $ 495 $ 6,305 $ 1,076 $ — $ 755 $ 1,964 $ — $ 80 $ 10,675 Weighted average risk grade 3.34 3.05 3.21 3.50 3.40 3.58 3.19 3.71 3.30 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 $ — $ — $ 2,279 $ 1,697 $ 85 $ 4,328 Special Mention — — — — — 649 — 112 761 Substandard — — — 6 — 875 — — 881 Doubtful — — — — — — — — — $ 141 $ 16 $ 110 $ 6 $ — $ 3,803 $ 1,697 $ 197 $ 5,970 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 $ 19,830 $ 100,407 $ 17,381 $ 515,937 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 $ 21,508 $ 102,516 $ 17,769 $ 520,741 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 $ 742,564 $ 180,332 $ 34,491 $ 2,946,637 Weighted average risk grade 3.20 3.19 3.48 3.54 3.60 3.57 3.35 3.53 3.36 For the three months ended September 30, 2023 For the nine months ended September 30, 2023 Commercial real estate - owner occupied $ — $ 213 Commercial real estate - non-owner occupied — 2,057 Residential 1-4 family — 124 Commercial loans — 179 Consumer loans 187 371 Total loans $ 187 $ 2,944 |
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 September 30, 2023 and December 31, 2022, calculated in accordance with ASC 326 (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 September 30, 2023 Occupied Occupied Farmland Development Residential Residential Credit Loans Loans Loans Total Modeled expected credit losses $ 4,394 $ 5,686 $ 3 $ 852 $ 4,797 $ 1,321 $ 354 $ 4,424 $ 6,652 $ — $ 28,483 Q-factor and other qualitative adjustments 267 797 28 322 420 442 23 584 — — 2,883 Specific allocations — 960 — — — — — 1,149 377 1,915 4,401 Total $ 4,661 $ 7,443 $ 31 $ 1,174 $ 5,217 $ 1,763 $ 377 $ 6,157 $ 7,029 $ 1,915 $ 35,767 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 Activity in the allowance for credit losses by class of loan for the three months ended September 30, 2023 and 2022 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 Three Months Ended September 30, 2023 Occupied Occupied Farmland Development Residential Residential Credit Loans Loans Loans Total Allowance for credit losses: Beginning balance $ 5,015 $ 9,439 $ 32 $ 1,286 $ 4,452 $ 1,993 $ 326 $ 6,923 $ 7,016 $ 1,932 $ 38,414 Provision (recovery) (354) (1,923) 2 (110) 1,250 (230) 44 (766) 3,752 (17) 1,648 Charge offs — (183) (3) (2) (486) — 7 — (3,844) — (4,511) Recoveries — 110 — — 1 — — — 105 — 216 Ending balance $ 4,661 $ 7,443 $ 31 $ 1,174 $ 5,217 $ 1,763 $ 377 $ 6,157 $ 7,029 $ 1,915 $ 35,767 Three Months Ended September 30, 2022 Allowance for credit losses: Beginning balance $ 4,301 $ 7,917 $ 49 $ 1,024 $ 4,272 $ 2,160 $ 363 $ 6,428 $ 1,569 $ 2,126 $ 30,209 Provision (recovery) 532 (1,287) (23) 116 (273) (219) (59) 2,256 1,884 (37) 2,890 Charge offs — — — — — — — (1,007) (146) — (1,153) Recoveries — — — — 1 — 1 — 8 — 10 Ending balance $ 4,833 $ 6,630 $ 26 $ 1,140 $ 4,000 $ 1,941 $ 305 $ 7,677 $ 3,315 $ 2,089 $ 31,956 Activity in the allowance for credit losses by class of loan for the nine months ended September 30, 2023 and 2022 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 Nine Months Ended September 30, 2023 Occupied Occupied Farmland Development Residential Residential Credit Loans Loans Loans Total Allowance for credit losses: Beginning balance $ 5,558 $ 7,147 $ 25 $ 1,373 $ 4,091 $ 2,201 $ 329 $ 7,853 $ 3,895 $ 2,072 $ 34,544 Provision (recovery) (897) 369 9 (309) 1,719 (438) 46 79 10,715 (157) 11,136 Charge offs — (183) (3) (2) (755) — — (1,776) (7,956) — (10,675) Recoveries — 110 — 112 162 — 2 1 375 — 762 Ending balance $ 4,661 $ 7,443 $ 31 $ 1,174 $ 5,217 $ 1,763 $ 377 $ 6,157 $ 7,029 $ 1,915 $ 35,767 Nine Months Ended September 30, 2022 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) 285 (2,900) (30) 142 354 (1,339) (120) 4,426 2,785 (192) 3,411 Charge offs (14) — — — — — (14) (1,007) (277) — (1,312) Recoveries — 502 — — 58 — 2 170 20 — 752 Ending balance $ 4,833 $ 6,630 $ 26 $ 1,140 $ 4,000 $ 1,941 $ 305 $ 7,677 $ 3,315 $ 2,089 $ 31,956 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 September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Loan Specific Loan Specific Balance Allocations Balance Allocations Commercial real estate - owner occupied $ 5,041 $ — $ 2,795 $ — Commercial real estate - non-owner occupied 13,066 960 19,641 — Secured by farmland 479 — 525 — Residential 1-4 family 2,234 — 9,636 — Multi- family residential 942 — 996 — Home equity lines of credit — — 21 — Commercial loans 1,369 1,149 2,979 2,193 Consumer loans 367 377 259 42 Total non-PCD loans 23,498 2,486 36,852 2,235 PCD loans 5,992 1,915 6,628 2,072 Total loans $ 29,490 $ 4,401 $ 43,480 $ 4,307 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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) September 30, 2023 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities Residential government-sponsored mortgage-backed securities $ 93,865 $ — $ 93,865 $ — Obligations of states and political subdivisions 28,312 — 28,312 — Corporate securities 13,314 — 13,314 — Collateralized loan obligations 4,955 — 4,955 — Residential government-sponsored collateralized mortgage obligations 29,745 — 29,745 — Government-sponsored agency securities 12,968 — 12,968 — Agency commercial mortgage-backed securities 29,280 — 29,280 — SBA pool securities 4,436 — 4,436 — 216,875 — 216,875 — Loans held for investment 244,646 — — 244,646 Loans held for sale 57,511 — 57,511 — Mortgage banking financial assets 244 — — 244 Mortgage banking derivative assets 1,937 — 1,937 — Interest rate swaps 5,307 — 5,307 — Total assets $ 526,520 $ — $ 281,630 $ 244,890 Liabilities: Mortgage banking derivative liabilities $ 463 $ — $ 463 $ — Total liabilities $ 463 $ — $ 463 $ — 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 Mortgage banking derivative assets 1,410 — 1,386 24 Total assets $ 265,372 $ — $ 265,327 $ 45 Liabilities: Mortgage banking financial liabilities $ 4 $ — $ — $ 4 Mortgage banking derivative liabilities 122 — 115 7 Total liabilities $ 126 $ — $ 115 $ 11 |
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) September 30, 2023 (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 28,778 $ — $ — $ 28,778 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, 2022 (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 47,832 $ — $ — $ 47,832 Assets held for sale 3,115 — — 3,115 |
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: September 30, 2023 December 31, 2022 Fair Value Carrying Fair Carrying Fair Hierarchy Level Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 93,865 $ 93,865 $ 77,859 $ 77,859 Securities available-for-sale Level 2 216,875 216,875 236,315 236,315 Securities held-to-maturity Level 2 11,975 10,582 13,520 12,449 Stock in Federal Reserve Bank and Federal Home Loan Bank Level 2 12,796 12,796 25,815 25,815 Preferred investment in mortgage company Level 2 3,005 3,005 3,005 3,005 Net loans Level 3 3,110,100 3,000,499 2,912,093 2,809,163 Loans held for sale Level 2 57,511 57,511 27,626 27,626 Accrued interest receivable Level 2 25,585 25,585 14,938 14,938 Mortgage banking financial assets Level 3 244 244 21 21 Mortgage banking derivative assets Level 2 and 3 1,937 1,937 1,410 1,410 Interest rate swaps Level 2 5,307 5,307 — — Credit enhancement Level 2 5,643 5,643 1,504 1,504 Financial liabilities: Demand deposits and NOW accounts Level 2 $ 1,293,995 $ 1,293,995 $ 1,200,243 $ 1,200,243 Money market and savings accounts Level 2 1,547,559 1,547,559 1,057,078 1,057,078 Time deposits Level 3 451,850 449,733 465,057 462,376 Securities sold under agreements to repurchase Level 1 3,838 3,838 6,445 6,445 FHLB advances Level 1 — — 325,000 325,000 Junior subordinated debt Level 2 9,818 9,070 9,781 9,181 Senior subordinated notes Level 2 85,706 83,380 85,531 84,347 Accrued interest payable Level 2 6,464 6,464 3,261 3,261 Mortgage banking financial liabilities Level 3 — — 4 4 Mortgage banking derivative liabilities Level 2 and 3 463 463 122 122 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
LEASES | |
Schedule of operating lease other information | The following table presents other information related to our operating leases: For the Nine Months Ended September 30, 2023 September 30, 2022 Other information: Weighted-average remaining lease term - operating leases, in years 7.2 4.5 Weighted-average discount rate - operating leases 3.9 % 2.8 % |
Schedule of future minimum rental payments required under non-cancelable operating leases for bank premises | The following table summarizes the maturity of remaining lease liabilities: As of (dollars in thousands) September 30, 2023 Lease payments due: 2023 $ 551 2024 2,123 2025 1,972 2026 1,925 2027 1,911 Thereafter 5,893 Total lease payments 14,375 Less: imputed interest (2,028) Lease liabilities $ 12,347 |
STOCK- BASED COMPENSATION (Tabl
STOCK- BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Schedule of activity in the stock option plan | A summary of stock option activity for the nine months ended September 30, 2023 follows: Weighted Weighted Average Aggregate Average Remaining Intrinsic Exercise Contractual Value Shares Price Term (in thousands) Options outstanding, beginning of period 203,300 $ 11.41 1.3 $ 102 Forfeited (4,000) Expired (121,000) Exercised (8,000) Options outstanding, end of period 70,300 $ 11.48 1.7 — Exercisable at end of period 70,300 $ 11.48 1.7 $ — |
Time Vested Restricted Stock | |
Schedule of activity in the restricted stock plan | A summary of time vested restricted stock awards for the nine months ended September 30, 2023 follows: Weighted Weighted Average Average Grant-Date Remaining Fair Value Contractual Shares Per Share Term Unvested restricted stock outstanding, beginning of period 68,700 $ 14.24 2.4 Granted 5,000 7.58 Vested (24,050) 14.36 Forfeited (5,300) 15.31 Unvested restricted stock outstanding, end of period 44,350 $ 13.30 2.2 |
Performance Based Restricted Stock Units | |
Schedule of activity in the restricted stock plan | A summary of performance-based restricted stock units (the “Units”) for the nine months ended September 30, 2023 follows: Weighted Weighted Average Average Grant-Date Remaining Fair Value Contractual Shares Per Share Term Unvested Units outstanding, beginning of period 153,960 $ 13.02 3.6 Forfeited (9,000) 12.89 Unvested Units outstanding, end of period 144,960 13.03 2.4 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
Schedule of allowance for credit losses off balance sheet exposure | 2023 2022 Balance as of January 1 $ 1,416 $ 977 Credit loss expense (recovery) (392) 92 Balance as of June 30, $ 1,024 $ 1,069 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
EARNINGS PER SHARE | |
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 (loss) earnings per share (“EPS”) computations (amounts in thousands, except per share data): Weighted Average Income Shares Per Share (Numerator) (Denominator) Amount For the three months ended September 30, 2023 Basic EPS $ (3,567) 24,642 $ (0.14) Effect of dilutive stock options and unvested restricted stock — — — Diluted EPS $ (3,567) 24,642 $ (0.14) For the three months ended September 30, 2022 Basic EPS $ 5,025 24,577 $ 0.21 Effect of dilutive stock options and unvested restricted stock — 111 (0.01) Diluted EPS $ 5,025 24,688 $ 0.20 For the nine months ended September 30, 2023 Basic EPS $ 2,198 24,636 $ 0.09 Effect of dilutive stock options and unvested restricted stock — — — Diluted EPS $ 2,198 24,636 $ 0.09 For the nine months ended September 30, 2022 Basic EPS $ 14,509 24,548 $ 0.60 Effect of dilutive stock options and unvested restricted stock — 126 (0.01) Diluted EPS $ 14,509 24,674 $ 0.59 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
SEGMENT INFORMATION | |
Schedule of financial information for the company's segments | As of and for the three months ended September 30, 2023 As of and for the nine months ended September 30, 2023 Primis Mortgage Primis Bank Consolidated Primis Mortgage Primis Bank Consolidated Interest income $ 873 $ 49,613 $ 50,486 $ 1,971 $ 148,308 $ 150,279 Interest expense — 23,361 23,361 — 68,632 68,632 Net interest income 873 26,252 27,125 1,971 79,676 81,647 Provision for credit losses — 1,648 1,648 — 11,136 11,136 Noninterest income 4,932 5,010 9,942 14,463 15,497 29,960 Noninterest expense 5,108 31,966 37,074 15,366 79,664 95,030 Income (loss) before income taxes 697 (2,352) (1,655) 1,068 4,373 5,441 Income tax expense 174 1,738 1,912 270 2,973 3,243 Net income (loss) $ 523 $ (4,090) $ (3,567) $ 798 $ 1,400 $ 2,198 Assets $ 66,384 $ 3,747,391 $ 3,813,775 $ 66,384 $ 3,747,391 $ 3,813,775 |
ACCOUNTING POLICIES (Narrative)
ACCOUNTING POLICIES (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) building segment | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | |
Organization And Significant Accounting Policies [Line Items] | |||||||
Number of branches | building | 32 | ||||||
Goodwill, impairment loss | $ 11,150,000 | $ 11,150,000 | |||||
Number of reportable segments | segment | 2 | ||||||
Number of operating segments | segment | 2 | ||||||
Retained earnings | $ 100,039,000 | $ 100,039,000 | $ 105,247,000 | ||||
Primis Mortgage | |||||||
Organization And Significant Accounting Policies [Line Items] | |||||||
Goodwill, impairment loss | 0 | ||||||
Primis Bank | |||||||
Organization And Significant Accounting Policies [Line Items] | |||||||
Goodwill, impairment loss | $ 11,200,000 | ||||||
Percentage of fair value less than carrying value for segment | 2.40% | ||||||
Revision of Prior Period, Adjustment [Member] | Employee Loan Fraud [Member] | |||||||
Organization And Significant Accounting Policies [Line Items] | |||||||
Fraud Losses | $ 2,500,000 | ||||||
Retained earnings | $ 2,000,000 | ||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | $ (2,000,000) | $ (2,000,000) | |||||
Net income | $ (29,000) | $ (147,000) | |||||
Virginia [Member] | |||||||
Organization And Significant Accounting Policies [Line Items] | |||||||
Number of branches | building | 30 | ||||||
Maryland | |||||||
Organization And Significant Accounting Policies [Line Items] | |||||||
Number of branches | building | 2 |
ACCOUNTING POLICIES (Schedule o
ACCOUNTING POLICIES (Schedule of hedged assets and cumulative fair value adjustments) (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
ACCOUNTING POLICIES | |
Amortized Cost Basis | $ 971,810 |
Hedged Asset | 244,646 |
Basis Adjustment | $ (5,354) |
ACCOUNTING POLICIES (Schedule_2
ACCOUNTING POLICIES (Schedule of transfer of financial assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
ACCOUNTING POLICIES | ||
Loan participations accounted as secured borrowings | $ 0 | |
Loans to third-parties transferred | 25 | |
Servicing assets impairment | $ 0 | $ 0 |
ACCOUNTING POLICIES (Schedule_3
ACCOUNTING POLICIES (Schedule of servicing assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Servicing Assets | ||
Beginning balance | $ 574 | |
Assets acquired | 183 | $ 792 |
Amortization | (31) | (66) |
Ending Balance | $ 726 | $ 726 |
ACCOUNTING POLICIES (Schedule_4
ACCOUNTING POLICIES (Schedule of retained earnings revisions) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Effect of interest income | $ 27,125 | $ 27,415 | $ 81,647 | $ 74,821 |
Effect of noninterest expenses | 37,074 | 23,761 | 95,030 | 63,270 |
Income tax expense | 1,912 | 1,359 | 3,243 | 3,971 |
Net income | $ (3,567) | 5,025 | $ 2,198 | 14,509 |
Revision of Prior Period, Adjustment [Member] | ||||
Effect of interest income | (35) | (89) | ||
Effect of noninterest expenses | 92 | |||
Income tax expense | (6) | (34) | ||
Net income | $ (29) | $ (147) |
INVESTMENT SECURITIES (Narrativ
INVESTMENT SECURITIES (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Called investment securities | $ 23,496,000 | $ 27,650,000 | |||
Purchases of available for sale investment securities | $ 5,500,000 | $ 4,900,000 | 10,487,000 | 32,486,000 | |
Purchases of securities held to maturity | 0 | 0 | 0 | 0 | |
Sale of available-for-sale investment securities | 0 | 0 | 0 | 0 | |
Proceeds from sales of securities held-to-maturity | 0 | $ 0 | 0 | $ 0 | |
Available for sale, amortized cost | 255,446,000 | 255,446,000 | |||
Residential Mortgage Backed Securities [Member] | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Available for sale, amortized cost | 32,324,000 | 32,324,000 | |||
US Government Agencies Debt Securities [Member] | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Available for sale, amortized cost | 113,087,000 | 113,087,000 | |||
Federal Home Loan Bank of Atlanta [Member] | 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 | $ 183,200,000 | $ 183,200,000 | $ 99,400,000 |
INVESTMENT SECURITIES (Schedule
INVESTMENT SECURITIES (Schedule of amortized cost and fair value of securities available-for-sale) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | $ 255,446 | $ 269,036 |
Gross Unrealized Gains | 8 | 16 |
Gross Unrealized Losses | (38,579) | (32,737) |
Available for sale, fair value | 216,875 | 236,315 |
US Government Agencies Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 113,087 | 119,371 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (19,222) | (16,491) |
Available for sale, fair value | 93,865 | 102,881 |
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 | 33,876 | 34,103 |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | (5,564) | (4,927) |
Available for sale, fair value | 28,312 | 29,178 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 16,000 | 16,000 |
Gross Unrealized Losses | (2,686) | (1,172) |
Available for sale, fair value | 13,314 | 14,828 |
Residential Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 32,324 | 28,643 |
Gross Unrealized Losses | (2,579) | (2,048) |
Available for sale, fair value | 29,745 | 26,595 |
Government-Sponsored Agency Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 16,255 | 17,719 |
Gross Unrealized Losses | (3,287) | (3,103) |
Available for sale, fair value | 12,968 | 14,616 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 34,391 | 42,180 |
Gross Unrealized Losses | (5,111) | (4,763) |
Available for sale, fair value | 29,280 | 37,417 |
Collateralized loan obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 5,019 | 5,022 |
Gross Unrealized Losses | (64) | (146) |
Available for sale, fair value | 4,955 | 4,876 |
SBA Pool Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 4,494 | 5,998 |
Gross Unrealized Gains | 8 | 13 |
Gross Unrealized Losses | (66) | (87) |
Available for sale, fair value | $ 4,436 | $ 5,924 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held-to maturity, Amortized Cost, Total | $ 11,975 | $ 13,520 |
Gross Unrecognized Gains | 0 | 3 |
Gross Unrecognized Losses | (1,393) | (1,074) |
Held to maturity fair value | 10,582 | 12,449 |
Residential Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held-to maturity, Amortized Cost, Total | 228 | 277 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | (21) | (21) |
Held to maturity fair value | 207 | 256 |
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 | 2,390 | 2,721 |
Gross Unrecognized Gains | 0 | 3 |
Gross Unrecognized Losses | (153) | (46) |
Held to maturity fair value | 2,237 | 2,678 |
US Government Agencies Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held-to maturity, Amortized Cost, Total | 9,357 | 10,522 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | (1,219) | (1,007) |
Held to maturity fair value | $ 8,138 | $ 9,515 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held to Maturity, due in one year, amortized cost | $ 871 | |
Held to Maturity, due in one to five years, amortized cost | 580 | |
Held to Maturity, due in five to ten years, amortized cost | 939 | |
Held to maturity, due after ten years, amortized cost | 0 | |
Held to maturity, amortized cost | 11,975 | |
Held to Maturity, due in one year, fair value | 861 | |
Held to Maturity, due in one to five years, fair value | 557 | |
Held to Maturity, due in five to ten years, fair value | 819 | |
Held to maturity, due after ten years, fair value | 0 | |
Held to maturity fair value | 10,582 | $ 12,449 |
Available for Sale, due in one year, amortized cost | 0 | |
Available for Sale, due in one to five years, amortized cost | 10,027 | |
Available for Sale, due in five to ten years, amortized cost | 34,242 | |
Available for sale, due after ten years, amortized cost | 26,881 | |
Available for sale, amortized cost | 255,446 | |
Available for Sale, due in one year, fair value | 0 | |
Available for Sale, due in one to five years, fair value | 9,076 | |
Available for Sale, due in five to ten years, fair value | 28,494 | |
Available for sale, due after ten years, fair value | 21,979 | |
Available for sale, Fair value | 216,875 | 236,315 |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, Fair value | 13,314 | 14,828 |
US Government Agencies Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held to maturity, amortized cost | 9,357 | |
Held to maturity fair value | 8,138 | 9,515 |
Available for sale, amortized cost | 113,087 | |
Available for sale, Fair value | 93,865 | 102,881 |
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 | 2,237 | 2,678 |
Available for sale, Fair value | 28,312 | 29,178 |
Residential Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held to maturity, amortized cost | 228 | |
Held to maturity fair value | 207 | 256 |
Available for sale, amortized cost | 32,324 | |
Available for sale, Fair value | 29,745 | 26,595 |
Collateralized loan obligations | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, Fair value | 4,955 | 4,876 |
Government-Sponsored Agency Securities | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, Fair value | 12,968 | 14,616 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held to maturity, amortized cost | 0 | |
Held to maturity fair value | 0 | |
Available for sale, amortized cost | 34,391 | |
Available for sale, Fair value | 29,280 | 37,417 |
SBA Pool Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held to maturity, amortized cost | 0 | |
Held to maturity fair value | 0 | |
Available for sale, amortized cost | 4,494 | |
Available for sale, Fair value | $ 4,436 | $ 5,924 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | $ 21,995 | $ 85,725 |
Available for sale, less than 12 months, unrealized losses | (664) | (5,628) |
Available for sale, 12 months or more, fair value | 192,570 | 146,781 |
Available for sale, 12 months or more, unrealized losses | (37,915) | (27,109) |
Available for sale, total fair value | 214,565 | 232,506 |
Available for sale, total unrealized losses | (38,579) | (32,737) |
Held to maturity, less than 12 months, fair value | 1,870 | 10,787 |
Held to Maturity, Less than 12 months, unrecognized losses | (86) | (1,052) |
Held to Maturity, 12 months or more, fair value | 8,712 | 239 |
Held to Maturity, 12 months or more, unrecognized losses | (1,307) | (22) |
Held to maturity, total fair value | 10,582 | 11,026 |
Held to maturity, total unrecognized losses | 1,393 | 1,074 |
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 | 2,643 | 23,484 |
Available for sale, less than 12 months, unrealized losses | (81) | (2,268) |
Available for sale, 12 months or more, fair value | 91,222 | 79,283 |
Available for sale, 12 months or more, unrealized losses | (19,141) | (14,223) |
Available for sale, total fair value | 93,865 | 102,767 |
Available for sale, total unrealized losses | (19,222) | (16,491) |
Held to maturity, less than 12 months, fair value | 0 | 9,457 |
Held to Maturity, Less than 12 months, unrecognized losses | 0 | (1,002) |
Held to Maturity, 12 months or more, fair value | 8,138 | 58 |
Held to Maturity, 12 months or more, unrecognized losses | (1,219) | (5) |
Held to maturity, total fair value | 8,138 | 9,515 |
Held to maturity, total unrecognized losses | 1,219 | 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 | 5,915 | 10,026 |
Available for sale, less than 12 months, unrealized losses | (198) | (388) |
Available for sale, 12 months or more, fair value | 21,397 | 17,609 |
Available for sale, 12 months or more, unrealized losses | (5,366) | (4,539) |
Available for sale, total fair value | 27,312 | 27,635 |
Available for sale, total unrealized losses | (5,564) | (4,927) |
Held to maturity, less than 12 months, fair value | 1,870 | 1,255 |
Held to Maturity, Less than 12 months, unrecognized losses | (86) | (46) |
Held to Maturity, 12 months or more, fair value | 367 | 0 |
Held to Maturity, 12 months or more, unrecognized losses | (67) | 0 |
Held to maturity, total fair value | 2,237 | 1,255 |
Held to maturity, total unrecognized losses | 153 | 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 | 895 | 14,828 |
Available for sale, less than 12 months, unrealized losses | (104) | (1,172) |
Available for sale, 12 months or more, fair value | 12,418 | 0 |
Available for sale, 12 months or more, unrealized losses | (2,582) | 0 |
Available for sale, total fair value | 13,313 | 14,828 |
Available for sale, total unrealized losses | (2,686) | (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 | 12,186 | 22,343 |
Available for sale, less than 12 months, unrealized losses | (281) | (1,375) |
Available for sale, 12 months or more, fair value | 17,554 | 4,252 |
Available for sale, 12 months or more, unrealized losses | (2,298) | (673) |
Available for sale, total fair value | 29,740 | 26,595 |
Available for sale, total unrealized losses | (2,579) | (2,048) |
Held to maturity, less than 12 months, fair value | 0 | 75 |
Held to Maturity, Less than 12 months, unrecognized losses | 0 | (4) |
Held to Maturity, 12 months or more, fair value | 207 | 181 |
Held to Maturity, 12 months or more, unrecognized losses | (21) | (17) |
Held to maturity, total fair value | 207 | 256 |
Held to maturity, total unrecognized losses | 21 | 21 |
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 | 0 | 1,484 |
Available for sale, less than 12 months, unrealized losses | 0 | (16) |
Available for sale, 12 months or more, fair value | 12,968 | 13,132 |
Available for sale, 12 months or more, unrealized losses | (3,287) | (3,087) |
Available for sale, total fair value | 12,968 | 14,616 |
Available for sale, total unrealized losses | (3,287) | (3,103) |
Collateralized loan obligations | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 0 | 0 |
Available for sale, less than 12 months, unrealized losses | 0 | 0 |
Available for sale, 12 months or more, fair value | 4,955 | 4,876 |
Available for sale, 12 months or more, unrealized losses | (64) | (146) |
Available for sale, total fair value | 4,955 | 4,876 |
Available for sale, total unrealized losses | (64) | (146) |
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 | 0 | 13,031 |
Available for sale, less than 12 months, unrealized losses | 0 | (371) |
Available for sale, 12 months or more, fair value | 29,280 | 24,386 |
Available for sale, 12 months or more, unrealized losses | (5,111) | (4,392) |
Available for sale, total fair value | 29,280 | 37,417 |
Available for sale, total unrealized losses | (5,111) | (4,763) |
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 | 356 | 529 |
Available for sale, less than 12 months, unrealized losses | 0 | (38) |
Available for sale, 12 months or more, fair value | 2,776 | 3,243 |
Available for sale, 12 months or more, unrealized losses | (66) | (49) |
Available for sale, total fair value | 3,132 | 3,772 |
Available for sale, total unrealized losses | $ (66) | $ (87) |
INVESTMENT SECURITIES (Schedu_5
INVESTMENT SECURITIES (Schedule of changes in accumulated other comprehensive income by component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance | $ 393,216 | $ 396,754 | $ 392,365 | $ 410,116 | |
Net current-period other comprehensive income (loss) | (4,390) | (9,534) | (4,621) | (28,572) | |
Balance | 382,866 | 389,896 | 382,866 | 389,896 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (30,471) | (30,471) | $ (25,850) | ||
Accumulated Other Comprehensive Loss | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance | (26,081) | (17,926) | (25,850) | 1,112 | |
Net current-period other comprehensive income (loss) | (4,390) | (9,534) | (4,621) | (28,572) | |
Balance | $ (30,471) | $ (27,460) | $ (30,471) | $ (27,460) |
LOANS AND ALLOWANCE FOR CREDI_3
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 USD ($) contract | Jun. 30, 2023 USD ($) contract | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Recorded Investment, Loans Not Past Due | $ 3,145,867,000 | $ 3,145,867,000 | $ 2,946,637,000 | ||||||
Loans held for investment | 3,145,867,000 | 3,145,867,000 | 2,946,637,000 | ||||||
Mortgage loans in process of foreclosure, amount | 300,000 | 300,000 | 100,000 | ||||||
Additional income from interest if recognized | 0 | $ 600,000 | 10,000 | $ 900,000 | |||||
Financing receivable, allowance for credit loss | 35,767,000 | $ 38,414,000 | 31,956,000 | 35,767,000 | 31,956,000 | 34,544,000 | $ 30,209,000 | $ 29,105,000 | |
Loans Receivable [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Accrued interest receivable | 24,100,000 | 24,100,000 | 13,700,000 | ||||||
Doubtful [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Recorded Investment, Loans Not Past Due | 0 | 0 | 0 | ||||||
Loans held for investment | 0 | 0 | 0 | ||||||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
TDRs during period | contract | 2 | ||||||||
TDR amount | $ 400,000 | ||||||||
Percentage of aggregate loans, modified in period | 0.10% | ||||||||
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Recorded Investment, Loans Not Past Due | 600,389,000 | 600,389,000 | 609,694,000 | ||||||
Loans held for investment | 600,389,000 | 600,389,000 | 609,694,000 | ||||||
TDR amount | $ 900,000 | ||||||||
Financing receivable, allowance for credit loss | 5,217,000 | $ 4,452,000 | 4,000,000 | 5,217,000 | 4,000,000 | 4,091,000 | 4,272,000 | ||
Percentage of aggregate loans, modified in period | 0.14% | ||||||||
Consumer Portfolio Segment [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Recorded Investment, Loans Not Past Due | 569,463,000 | 569,463,000 | 405,278,000 | ||||||
Loans held for investment | $ 569,463,000 | 569,463,000 | 405,278,000 | ||||||
TDRs during period | contract | 3 | ||||||||
Financing receivable, allowance for credit loss | $ 7,029,000 | $ 7,016,000 | $ 3,315,000 | 7,029,000 | $ 3,315,000 | 3,895,000 | $ 1,569,000 | $ 787,000 | |
Consumer Portfolio Segment [Member] | Three Other Loans Modified [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
TDR amount | $ 300,000 | ||||||||
Percentage of aggregate loans, modified in period | 0.10% | ||||||||
Consumer Portfolio Segment [Member] | One Borrower Two of Three Other Loans Modified [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
TDRs during period | contract | 2 | ||||||||
TDR amount | $ 200,000 | ||||||||
Financing receivable expected contractual payment | 11,000 | ||||||||
Consumer Portfolio Segment [Member] | One of Three Other Loans Modified [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
TDR amount | $ 100,000 | ||||||||
Remaining term of loan | 84 months | ||||||||
Financing receivable expected contractual payment | $ 9,000 | ||||||||
Paycheck Protection Program Loans [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Financing receivable, allowance for credit loss | 0 | 0 | |||||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 1,700,000 | $ 1,700,000 | $ 3,400,000 |
LOANS AND ALLOWANCE FOR CREDI_4
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Loans, net of Unearned Income) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for sale, at fair value | $ 57,511 | $ 27,626 |
Loans held for sale, at lower of cost or market | 8,755 | 0 |
Total loans held for sale | 66,266 | 27,626 |
Loans held for investment | 3,145,867 | 2,946,637 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 5,992 | 6,628 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 3,139,875 | 2,940,009 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 1,975,779 | 2,009,426 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 431,840 | 459,866 |
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 | 431,840 | 459,866 |
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] | ||
Loans held for investment | 431,840 | 459,866 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 576,881 | 579,733 |
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 | 576,881 | 579,733 |
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] | ||
Loans held for investment | 576,881 | 579,733 |
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 | 5,082 | 5,970 |
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 | 5,970 | |
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] | ||
Loans held for investment | 5,082 | 5,970 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 172,005 | 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 | 172,005 | 148,690 |
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] | ||
Loans held for investment | 172,005 | 148,690 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 600,389 | 609,694 |
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 | 600,389 | 609,694 |
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] | ||
Loans held for investment | 600,389 | 609,694 |
Residential 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] | ||
Loans held for investment | 129,586 | 140,321 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 59,996 | 65,152 |
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 | 59,996 | 65,152 |
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] | ||
Loans held for investment | 59,996 | 65,152 |
Commercial Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 5,992 | |
Commercial Portfolio Segment [Member] | Paycheck Protection Program Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 2,105 | 4,564 |
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] | ||
Loans held for investment | 2,105 | 4,564 |
Commercial Portfolio Segment [Member] | Paycheck Protection Program Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Uncollateralized [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 2,105 | 4,564 |
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 | 5,082 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 129,586 | 140,321 |
Commercial 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 | 129,586 | 140,321 |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 592,528 | 520,741 |
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] | ||
Loans held for investment | 592,528 | 520,741 |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Uncollateralized [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 592,528 | 520,741 |
Consumer Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 569,463 | 405,278 |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 569,463 | 405,278 |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Uncollateralized [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | $ 569,463 | $ 405,278 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | $ 3,145,867 | $ 2,946,637 |
Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 20,171 | |
Recorded Investment, Nonaccrual Loans | 20,171 | 35,484 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 10,011 | 5,136 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 3,592 | 2,111 |
Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 2,364 | 10,806 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 19,521 | 28,038 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 17,807 | 24,678 |
Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 33,124 | 35,285 |
Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 3,112,743 | 2,911,352 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 431,840 | 459,866 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 576,881 | 579,733 |
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 | 5,082 | 5,970 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 172,005 | 148,690 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 600,389 | 609,694 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 59,996 | 65,152 |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 129,586 | 140,321 |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 592,528 | 520,741 |
Consumer Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 569,463 | 405,278 |
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 2,105 | 4,564 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 5,992 | 6,628 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 1,241 | |
Recorded Investment, Nonaccrual Loans | 1,241 | 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 | 1,201 | |
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 | 1,241 | 1,328 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 1,241 | 1,328 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 2,442 | 1,328 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 3,550 | 5,300 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 5,992 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 3,139,875 | 2,940,009 |
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 | 18,930 | |
Recorded Investment, Nonaccrual Loans | 18,930 | 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 | 8,810 | 5,136 |
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 | 3,592 | 2,111 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 2,364 | 10,806 |
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 | 18,280 | 26,710 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 16,566 | 23,350 |
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 | 30,682 | 33,957 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 3,109,193 | 2,906,052 |
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 | 431,840 | 459,866 |
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 | 427 | |
Recorded Investment, Nonaccrual Loans | 427 | 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 | 801 | 55 |
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 | 53 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 427 | 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 | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 854 | 55 |
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] | ||
Loans held for investment | 430,986 | 459,811 |
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 | 576,881 | 579,733 |
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 | 13,066 | |
Recorded Investment, Nonaccrual Loans | 13,066 | 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 | 225 | 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 | 13,066 | 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, Equal to Greater than 90 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 13,066 | 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 | 13,291 | 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] | ||
Loans held for investment | 563,590 | 559,633 |
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 | 5,970 | |
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 | 479 | |
Recorded Investment, Nonaccrual Loans | 479 | 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] | Financial Asset, 1 to 89 Days Past Due [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, Equal to Greater than 90 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 479 | |
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] | ||
Loans held for investment | 5,970 | |
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 | 172,005 | 148,690 |
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 | 24 | |
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 | 997 | 46 |
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 | 682 | |
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 | 1,679 | 46 |
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] | ||
Loans held for investment | 170,326 | 148,644 |
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 | 600,389 | 609,694 |
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 | 2,019 | |
Recorded Investment, Nonaccrual Loans | 2,019 | 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 | 2,152 | 2,180 |
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 | 408 | 410 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 841 | 8,995 |
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 | 1,178 | 304 |
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] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 1,178 | 304 |
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 | 3,738 | 2,894 |
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] | ||
Loans held for investment | 596,651 | 606,800 |
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 | 59,996 | 65,152 |
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 | 717 | |
Recorded Investment, Nonaccrual Loans | 717 | 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 | 551 | 431 |
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 | 141 | 96 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 483 | 301 |
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 | 234 | 249 |
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] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 234 | 249 |
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 | 926 | 776 |
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] | ||
Loans held for investment | 59,070 | 64,376 |
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 | 5,082 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 479 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial 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 | 479 | |
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] | ||
Loans held for investment | 4,603 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 24 | 29 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 24 | 29 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 129,586 | 140,321 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 129,586 | 140,321 |
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 | 592,528 | 520,741 |
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 | 1,413 | |
Recorded Investment, Nonaccrual Loans | 1,413 | 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 | 1,012 | 39 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 47 | 121 |
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 | 1,366 | 2,956 |
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] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 1,366 | 2,956 |
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 | 2,378 | 2,995 |
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] | ||
Loans held for investment | 590,150 | 517,746 |
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 | 569,463 | 405,278 |
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 | 728 | |
Recorded Investment, Nonaccrual Loans | 728 | 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 | 3,069 | 2,079 |
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 | 2,308 | 1,421 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 542 | 134 |
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 | 186 | 200 |
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] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 186 | 200 |
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 | 5,563 | 3,700 |
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] | ||
Loans held for investment | 563,900 | 401,578 |
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 | 2,105 | 4,564 |
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 | 57 | |
Recorded Investment, Nonaccrual Loans | 57 | 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 | 3 | 16 |
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 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Financial Asset, 1 to 89 Days Past Due [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, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 1,771 | 3,360 |
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] | Nonperforming Financial Instruments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for investment | 57 | |
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 | 1,774 | 3,391 |
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] | ||
Loans held for investment | $ 331 | $ 1,173 |
LOANS AND ALLOWANCE FOR CREDI_6
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of nonaccrual loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Recorded Investment, Loans Not Past Due | $ 3,145,867 | $ 2,946,637 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 481,545 | 1,013,317 |
Year two originated | 901,124 | 529,190 |
Year three originated | 511,174 | 139,928 |
Year four originated | 131,240 | 150,284 |
Year five originated | 131,429 | 156,531 |
Prior | 811,426 | 742,564 |
Revolving Loan | 153,086 | 180,332 |
Revolving Loans Converted to Term | 24,843 | 34,491 |
Total | 3,145,867 | 2,946,637 |
Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 20,171 | |
Recorded Investment, Nonaccrual Loans | 20,171 | 35,484 |
Nonaccrual with No Credit Loss Allowance | 5,737 | 32,493 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year two originated | 968 | |
Year three originated | 345 | |
Year four originated | 162 | |
Year five originated | 107 | |
Prior | 17,693 | |
Revolving Loan | 646 | |
Revolving Loans Converted to Term | 250 | |
Total | 20,171 | |
Total Past Due | ||
Recorded Investment, Loans Not Past Due | 33,124 | 35,285 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 33,124 | 35,285 |
Loans Not Past Due | ||
Recorded Investment, Loans Not Past Due | 3,112,743 | 2,911,352 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 3,112,743 | 2,911,352 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||
Recorded Investment, Loans Not Past Due | 431,840 | 459,866 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 22,331 | 116,545 |
Year two originated | 89,372 | 58,202 |
Year three originated | 61,465 | 19,178 |
Year four originated | 18,243 | 21,985 |
Year five originated | 21,463 | 27,397 |
Prior | 209,940 | 206,430 |
Revolving Loan | 2,256 | 3,389 |
Revolving Loans Converted to Term | 6,770 | 6,740 |
Total | 431,840 | 459,866 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||
Recorded Investment, Loans Not Past Due | 576,881 | 579,733 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 1,581 | 28,128 |
Year two originated | 56,242 | 126,291 |
Year three originated | 120,282 | 46,262 |
Year four originated | 44,663 | 41,631 |
Year five originated | 40,817 | 69,694 |
Prior | 305,207 | 259,888 |
Revolving Loan | 2,421 | 4,173 |
Revolving Loans Converted to Term | 5,668 | 3,666 |
Total | 576,881 | 579,733 |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Recorded Investment, Loans Not Past Due | 5,082 | 5,970 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 512 | 141 |
Year two originated | 16 | |
Year three originated | 11 | 110 |
Year four originated | 108 | 6 |
Prior | 4,014 | 3,803 |
Revolving Loan | 271 | 1,697 |
Revolving Loans Converted to Term | 166 | 197 |
Total | 5,082 | 5,970 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded Investment, Loans Not Past Due | 172,005 | 148,690 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 20,833 | 44,253 |
Year two originated | 51,205 | 73,226 |
Year three originated | 74,119 | 847 |
Year four originated | 521 | 3,006 |
Year five originated | 2,505 | 6,937 |
Prior | 22,054 | 19,582 |
Revolving Loan | 763 | 822 |
Revolving Loans Converted to Term | 5 | 17 |
Total | 172,005 | 148,690 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Recorded Investment, Loans Not Past Due | 600,389 | 609,694 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 23,985 | 152,463 |
Year two originated | 161,682 | 157,233 |
Year three originated | 152,131 | 43,812 |
Year four originated | 41,465 | 69,367 |
Year five originated | 56,689 | 40,707 |
Prior | 158,718 | 140,122 |
Revolving Loan | 2,654 | 1,837 |
Revolving Loans Converted to Term | 3,065 | 4,153 |
Total | 600,389 | 609,694 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded Investment, Loans Not Past Due | 59,996 | 65,152 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 317 | 463 |
Year two originated | 486 | 431 |
Year three originated | 421 | 52 |
Year four originated | 49 | 63 |
Year five originated | 50 | 230 |
Prior | 3,141 | 4,147 |
Revolving Loan | 54,650 | 58,788 |
Revolving Loans Converted to Term | 882 | 978 |
Total | 59,996 | 65,152 |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Recorded Investment, Loans Not Past Due | 129,586 | 140,321 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 9,953 | |
Year two originated | 8,132 | 21,927 |
Year three originated | 21,545 | 18,338 |
Year four originated | 17,893 | 7,064 |
Year five originated | 6,965 | 1,804 |
Prior | 69,604 | 76,072 |
Revolving Loan | 4,520 | 4,192 |
Revolving Loans Converted to Term | 927 | 971 |
Total | 129,586 | 140,321 |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Recorded Investment, Loans Not Past Due | 592,528 | 520,741 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 139,527 | 295,459 |
Year two originated | 275,889 | 60,038 |
Year three originated | 53,161 | 7,401 |
Year four originated | 6,258 | 6,822 |
Year five originated | 2,813 | 9,228 |
Prior | 28,785 | 21,508 |
Revolving Loan | 79,107 | 102,516 |
Revolving Loans Converted to Term | 6,988 | 17,769 |
Total | 592,528 | 520,741 |
Consumer Portfolio Segment [Member] | ||
Recorded Investment, Loans Not Past Due | 569,463 | 405,278 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year originated | 272,459 | 365,912 |
Year two originated | 258,116 | 29,697 |
Year three originated | 26,939 | 1,493 |
Year four originated | 1,035 | 340 |
Year five originated | 127 | 534 |
Prior | 3,971 | 4,384 |
Revolving Loan | 6,444 | 2,918 |
Revolving Loans Converted to Term | 372 | |
Total | 569,463 | 405,278 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Recorded Investment, Loans Not Past Due | 5,992 | 6,628 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 6,628 | |
Total | 5,992 | 6,628 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 1,241 | |
Recorded Investment, Nonaccrual Loans | 1,241 | 1,328 |
Nonaccrual with No Credit Loss Allowance | 1,241 | 1,328 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 1,241 | |
Total | 1,241 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 2,442 | 1,328 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 2,442 | 1,328 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Loans Not Past Due | ||
Recorded Investment, Loans Not Past Due | 3,550 | 5,300 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 3,550 | 5,300 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | ||
Recorded Investment, Loans Not Past Due | 5,992 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 5,992 | |
Total | 5,992 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Recorded Investment, Loans Not Past Due | 3,139,875 | 2,940,009 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 3,139,875 | 2,940,009 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 18,930 | |
Recorded Investment, Nonaccrual Loans | 18,930 | 34,156 |
Nonaccrual with No Credit Loss Allowance | 4,496 | 31,165 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year two originated | 968 | |
Year three originated | 345 | |
Year four originated | 162 | |
Year five originated | 107 | |
Prior | 16,452 | |
Revolving Loan | 646 | |
Revolving Loans Converted to Term | 250 | |
Total | 18,930 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 30,682 | 33,957 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 30,682 | 33,957 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Loans Not Past Due | ||
Recorded Investment, Loans Not Past Due | 3,109,193 | 2,906,052 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 3,109,193 | 2,906,052 |
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 | 431,840 | 459,866 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 431,840 | 459,866 |
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 | 427 | |
Recorded Investment, Nonaccrual Loans | 427 | 509 |
Nonaccrual with No Credit Loss Allowance | 427 | 509 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 427 | |
Total | 427 | |
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 | 854 | 55 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 854 | 55 |
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, Loans Not Past Due | 430,986 | 459,811 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 430,986 | 459,811 |
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 | 576,881 | 579,733 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 576,881 | 579,733 |
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] | ||
Recorded Investment, Loans Not Past Due | 13,066 | |
Recorded Investment, Nonaccrual Loans | 13,066 | 19,641 |
Nonaccrual with No Credit Loss Allowance | 19,641 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 13,066 | |
Total | 13,066 | |
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 | 13,291 | 20,100 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 13,291 | 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, Loans Not Past Due | 563,590 | 559,633 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 563,590 | 559,633 |
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 | 5,970 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 5,970 | |
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 | 479 | |
Recorded Investment, Nonaccrual Loans | 479 | 713 |
Nonaccrual with No Credit Loss Allowance | 479 | 713 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 479 | |
Total | 479 | |
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, Loans Not Past Due | 5,970 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 5,970 | |
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 | 172,005 | 148,690 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 172,005 | 148,690 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 24 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 24 | |
Total | 24 | |
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 | 1,679 | 46 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 1,679 | 46 |
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, Loans Not Past Due | 170,326 | 148,644 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 170,326 | 148,644 |
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 | 600,389 | 609,694 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 600,389 | 609,694 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 2,019 | |
Recorded Investment, Nonaccrual Loans | 2,019 | 9,299 |
Nonaccrual with No Credit Loss Allowance | 2,019 | 9,299 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year two originated | 589 | |
Year four originated | 162 | |
Year five originated | 44 | |
Prior | 991 | |
Revolving Loans Converted to Term | 233 | |
Total | 2,019 | |
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 | 3,738 | 2,894 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 3,738 | 2,894 |
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, Loans Not Past Due | 596,651 | 606,800 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 596,651 | 606,800 |
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 | 59,996 | 65,152 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 59,996 | 65,152 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 717 | |
Recorded Investment, Nonaccrual Loans | 717 | 550 |
Nonaccrual with No Credit Loss Allowance | 717 | 550 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 54 | |
Revolving Loan | 646 | |
Revolving Loans Converted to Term | 17 | |
Total | 717 | |
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 | 926 | 776 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 926 | 776 |
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, Loans Not Past Due | 59,070 | 64,376 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 59,070 | 64,376 |
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 | 5,082 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 5,082 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 479 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 479 | |
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, Loans Not Past Due | 4,603 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 4,603 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Nonaccrual Loans | 24 | 29 |
Nonaccrual with No Credit Loss Allowance | 24 | 29 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Recorded Investment, Loans Not Past Due | 129,586 | 140,321 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 129,586 | 140,321 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Loans Not Past Due | ||
Recorded Investment, Loans Not Past Due | 129,586 | 140,321 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 129,586 | 140,321 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Recorded Investment, Loans Not Past Due | 592,528 | 520,741 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 592,528 | 520,741 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 1,413 | |
Recorded Investment, Nonaccrual Loans | 1,413 | 3,077 |
Nonaccrual with No Credit Loss Allowance | 45 | 121 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year five originated | 2 | |
Prior | 1,411 | |
Total | 1,413 | |
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 | 2,378 | 2,995 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 2,378 | 2,995 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Loans Not Past Due | ||
Recorded Investment, Loans Not Past Due | 590,150 | 517,746 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 590,150 | 517,746 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | ||
Recorded Investment, Loans Not Past Due | 569,463 | 405,278 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 569,463 | 405,278 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 728 | |
Recorded Investment, Nonaccrual Loans | 728 | 334 |
Nonaccrual with No Credit Loss Allowance | 728 | 299 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year two originated | 379 | |
Year three originated | 345 | |
Year five originated | 4 | |
Total | 728 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 5,563 | 3,700 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 5,563 | 3,700 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Loans Not Past Due | ||
Recorded Investment, Loans Not Past Due | 563,900 | 401,578 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 563,900 | 401,578 |
Paycheck Protection Program Loans [Member] | ||
90 Days or More | 1,700 | 3,400 |
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | ||
Recorded Investment, Loans Not Past Due | 2,105 | 4,564 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year two originated | 2,129 | |
Year three originated | 1,100 | 2,435 |
Year four originated | 1,005 | |
Total | 2,105 | 4,564 |
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 | 2,105 | 4,564 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 2,105 | 4,564 |
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 | 57 | |
Recorded Investment, Nonaccrual Loans | 57 | 4 |
Nonaccrual with No Credit Loss Allowance | 57 | 4 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Year five originated | 57 | |
Total | 57 | |
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 | 1,774 | 3,391 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 1,774 | 3,391 |
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, Loans Not Past Due | 331 | 1,173 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | $ 331 | $ 1,173 |
LOANS AND ALLOWANCE FOR CREDI_7
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of the risk category of loans by class of loans) (Details) | 9 Months Ended | ||
Sep. 30, 2023 USD ($) $ / shares | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Credit Quality Information [Abstract] | |||
Year originated | $ 481,545,000 | $ 1,013,317,000 | |
Year two originated | 901,124,000 | 529,190,000 | |
Year three originated | 511,174,000 | 139,928,000 | |
Year four originated | 131,240,000 | 150,284,000 | |
Year five originated | 131,429,000 | 156,531,000 | |
Prior | 811,426,000 | 742,564,000 | |
Revolving Loan | 153,086,000 | 180,332,000 | |
Revolving Loans Converted to Term | 24,843,000 | 34,491,000 | |
Total | 3,145,867,000 | $ 2,946,637,000 | |
Gross Write Off Of Receivable Year One Originated Current Fiscal Year | 495,000 | ||
Gross Write Off Of Receivable Year Two Originated Current Fiscal Year | 6,305,000 | ||
Gross Write Off Of Receivable Year Three Originated Current Fiscal Year | 1,076,000 | ||
Gross Write Off Of Receivable Year Five Originated Current Fiscal Year | 755,000 | ||
Gross Write Off Of Receivable Prior to Year Five Originated Current Fiscal Year | 1,964,000 | ||
Gross Write Off Of Receivable Revolving Loans Converted to Term Loan | 80,000 | ||
Gross charge offs | $ 10,675,000 | ||
Year originated, Weighted average risk grade | 3.34 | 3.20 | |
Year two originated, Weighted average risk grade | 3.05 | 3.19 | |
Year three originated, Weighted average risk grade | 3.21 | 3.48 | |
Year four originated, Weighted average risk grade | 3.50 | 3.54 | |
Year five originated, Weighted average risk grade | 3.40 | 3.60 | |
Prior, Weighted average risk grade | 3.58 | 3.57 | |
Revolving loan, Weighted average risk grade | 3.19 | 3.35 | |
Revolving loans converted to term, Weighted average risk grade | 3.71 | 3.53 | |
Weighted average risk grade | 3.30 | 3.36 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | |||
Revolving loans converted to term loans, during the period | $ 187,000 | $ 2,944,000 | |
Doubtful [Member] | |||
Credit Quality Information [Abstract] | |||
Total | 0 | $ 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Credit Quality Information [Abstract] | |||
Year originated | 22,331,000 | 116,545,000 | |
Year two originated | 89,372,000 | 58,202,000 | |
Year three originated | 61,465,000 | 19,178,000 | |
Year four originated | 18,243,000 | 21,985,000 | |
Year five originated | 21,463,000 | 27,397,000 | |
Prior | 209,940,000 | 206,430,000 | |
Revolving Loan | 2,256,000 | 3,389,000 | |
Revolving Loans Converted to Term | 6,770,000 | 6,740,000 | |
Total | $ 431,840,000 | $ 459,866,000 | |
Year originated, Weighted average risk grade | 3.45 | 3.25 | |
Year two originated, Weighted average risk grade | 3.31 | 3.45 | |
Year three originated, Weighted average risk grade | 3.44 | 3.38 | |
Year four originated, Weighted average risk grade | 3.39 | 3.27 | |
Year five originated, Weighted average risk grade | 3.28 | 3.43 | |
Prior, Weighted average risk grade | 3.54 | 3.50 | |
Revolving loan, Weighted average risk grade | 3.83 | 3.52 | |
Revolving loans converted to term, Weighted average risk grade | 3.97 | 3.96 | |
Weighted average risk grade | 3.46 | 3.42 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | |||
Revolving loans converted to term loans, during the period | 213,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
Year originated | $ 22,331,000 | $ 116,545,000 | |
Year two originated | 89,372,000 | 58,202,000 | |
Year three originated | 61,246,000 | 19,178,000 | |
Year four originated | 18,243,000 | 21,985,000 | |
Year five originated | 21,367,000 | 27,397,000 | |
Prior | 199,826,000 | 202,484,000 | |
Revolving Loan | 2,256,000 | 3,389,000 | |
Revolving Loans Converted to Term | 6,770,000 | 6,740,000 | |
Total | 421,411,000 | 455,920,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Special Mention [Member] | |||
Credit Quality Information [Abstract] | |||
Year three originated | 219,000 | ||
Prior | 5,073,000 | 988,000 | |
Total | 5,292,000 | 988,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
Year five originated | 96,000 | ||
Prior | 5,041,000 | 2,958,000 | |
Total | 5,137,000 | 2,958,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Credit Quality Information [Abstract] | |||
Year originated | 1,581,000 | 28,128,000 | |
Year two originated | 56,242,000 | 126,291,000 | |
Year three originated | 120,282,000 | 46,262,000 | |
Year four originated | 44,663,000 | 41,631,000 | |
Year five originated | 40,817,000 | 69,694,000 | |
Prior | 305,207,000 | 259,888,000 | |
Revolving Loan | 2,421,000 | 4,173,000 | |
Revolving Loans Converted to Term | 5,668,000 | 3,666,000 | |
Total | 576,881,000 | $ 579,733,000 | |
Gross Write Off Of Receivable Prior to Year Five Originated Current Fiscal Year | 183,000 | ||
Gross charge offs | $ 183,000 | ||
Year originated, Weighted average risk grade | 31.21 | 3.36 | |
Year two originated, Weighted average risk grade | 3.70 | 3.16 | |
Year three originated, Weighted average risk grade | 3.08 | 3.82 | |
Year four originated, Weighted average risk grade | 3.83 | 3.95 | |
Year five originated, Weighted average risk grade | 3.95 | 4.01 | |
Prior, Weighted average risk grade | 3.80 | 3.82 | |
Revolving loan, Weighted average risk grade | 2.91 | 2.87 | |
Revolving loans converted to term, Weighted average risk grade | 3.21 | 3.33 | |
Weighted average risk grade | 3.72 | 3.68 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | |||
Revolving loans converted to term loans, during the period | 2,057,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
Year originated | $ 1,581,000 | $ 28,128,000 | |
Year two originated | 56,242,000 | 126,291,000 | |
Year three originated | 120,282,000 | 44,696,000 | |
Year four originated | 43,124,000 | 41,631,000 | |
Year five originated | 40,817,000 | 55,702,000 | |
Prior | 272,053,000 | 228,735,000 | |
Revolving Loan | 2,421,000 | 4,173,000 | |
Revolving Loans Converted to Term | 5,067,000 | 3,065,000 | |
Total | 541,587,000 | 532,421,000 | |
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 | 1,539,000 | ||
Year five originated | 926,000 | ||
Prior | 20,126,000 | 24,580,000 | |
Revolving Loans Converted to Term | 601,000 | 601,000 | |
Total | 22,266,000 | 27,673,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
Year five originated | 13,066,000 | ||
Prior | 13,028,000 | 6,573,000 | |
Total | 13,028,000 | 19,639,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Credit Quality Information [Abstract] | |||
Year originated | 512,000 | 141,000 | |
Year two originated | 16,000 | ||
Year three originated | 11,000 | 110,000 | |
Year four originated | 108,000 | 6,000 | |
Prior | 4,014,000 | 3,803,000 | |
Revolving Loan | 271,000 | 1,697,000 | |
Revolving Loans Converted to Term | 166,000 | 197,000 | |
Total | 5,082,000 | $ 5,970,000 | |
Gross Write Off Of Receivable Prior to Year Five Originated Current Fiscal Year | 3,000 | ||
Gross charge offs | $ 3,000 | ||
Year originated, Weighted average risk grade | 3.86 | 4 | |
Year two originated, Weighted average risk grade | 4 | ||
Year three originated, Weighted average risk grade | 4 | 4 | |
Year four originated, Weighted average risk grade | 4 | 6 | |
Prior, Weighted average risk grade | 4.01 | 4.20 | |
Revolving loan, Weighted average risk grade | 3.99 | 3.98 | |
Revolving loans converted to term, Weighted average risk grade | 3.12 | 3.70 | |
Weighted average risk grade | 3.96 | 4.13 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
Year originated | $ 512,000 | $ 141,000 | |
Year two originated | 16,000 | ||
Year three originated | 11,000 | 110,000 | |
Year four originated | 108,000 | ||
Prior | 3,535,000 | 2,279,000 | |
Revolving Loan | 271,000 | 1,697,000 | |
Revolving Loans Converted to Term | 166,000 | 85,000 | |
Total | 4,603,000 | 4,328,000 | |
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 four originated | 6,000 | ||
Prior | 479,000 | 875,000 | |
Total | 479,000 | 881,000 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Credit Quality Information [Abstract] | |||
Year originated | 20,833,000 | 44,253,000 | |
Year two originated | 51,205,000 | 73,226,000 | |
Year three originated | 74,119,000 | 847,000 | |
Year four originated | 521,000 | 3,006,000 | |
Year five originated | 2,505,000 | 6,937,000 | |
Prior | 22,054,000 | 19,582,000 | |
Revolving Loan | 763,000 | 822,000 | |
Revolving Loans Converted to Term | 5,000 | 17,000 | |
Total | 172,005,000 | $ 148,690,000 | |
Gross Write Off Of Receivable Prior to Year Five Originated Current Fiscal Year | 2,000 | ||
Gross charge offs | $ 2,000 | ||
Year originated, Weighted average risk grade | 3.45 | 3.21 | |
Year two originated, Weighted average risk grade | 3.27 | 3.06 | |
Year three originated, Weighted average risk grade | 3.38 | 3.60 | |
Year four originated, Weighted average risk grade | 3.37 | 3.42 | |
Year five originated, Weighted average risk grade | 3.29 | 3.17 | |
Prior, Weighted average risk grade | 3.58 | 3.69 | |
Revolving loan, Weighted average risk grade | 3.39 | 3.36 | |
Revolving loans converted to term, Weighted average risk grade | 4 | 4 | |
Weighted average risk grade | 3.38 | 3.20 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
Year originated | $ 20,833,000 | $ 44,253,000 | |
Year two originated | 51,205,000 | 73,226,000 | |
Year three originated | 74,119,000 | 847,000 | |
Year four originated | 521,000 | 3,006,000 | |
Year five originated | 2,505,000 | 6,937,000 | |
Prior | 21,075,000 | 19,553,000 | |
Revolving Loan | 763,000 | 822,000 | |
Revolving Loans Converted to Term | 5,000 | 17,000 | |
Total | 171,026,000 | 148,661,000 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 955,000 | ||
Total | 955,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 24,000 | 29,000 | |
Total | 24,000 | 29,000 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Credit Quality Information [Abstract] | |||
Year originated | 23,985,000 | 152,463,000 | |
Year two originated | 161,682,000 | 157,233,000 | |
Year three originated | 152,131,000 | 43,812,000 | |
Year four originated | 41,465,000 | 69,367,000 | |
Year five originated | 56,689,000 | 40,707,000 | |
Prior | 158,718,000 | 140,122,000 | |
Revolving Loan | 2,654,000 | 1,837,000 | |
Revolving Loans Converted to Term | 3,065,000 | 4,153,000 | |
Total | 600,389,000 | $ 609,694,000 | |
Gross Write Off Of Receivable Year Five Originated Current Fiscal Year | 755,000 | ||
Gross charge offs | $ 755,000 | ||
Year originated, Weighted average risk grade | 3.14 | 3.09 | |
Year two originated, Weighted average risk grade | 3.10 | 3.04 | |
Year three originated, Weighted average risk grade | 3.04 | 3.07 | |
Year four originated, Weighted average risk grade | 3.07 | 3.41 | |
Year five originated, Weighted average risk grade | 3.08 | 3.13 | |
Prior, Weighted average risk grade | 3.23 | 3.23 | |
Revolving loan, Weighted average risk grade | 3.72 | 3.92 | |
Revolving loans converted to term, Weighted average risk grade | 3.50 | 3.54 | |
Weighted average risk grade | 3.12 | 3.15 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | |||
Revolving loans converted to term loans, during the period | 124,000 | ||
Residential Portfolio Segment [Member] | 1-4 Family Residential | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
Year originated | $ 23,985,000 | $ 152,178,000 | |
Year two originated | 160,057,000 | 157,233,000 | |
Year three originated | 152,131,000 | 43,812,000 | |
Year four originated | 41,421,000 | 61,268,000 | |
Year five originated | 56,527,000 | 40,707,000 | |
Prior | 155,694,000 | 138,782,000 | |
Revolving Loan | 2,654,000 | 1,837,000 | |
Revolving Loans Converted to Term | 2,559,000 | 3,437,000 | |
Total | 595,028,000 | 599,254,000 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Special Mention [Member] | |||
Credit Quality Information [Abstract] | |||
Year two originated | 1,036,000 | ||
Prior | 514,000 | 30,000 | |
Total | 1,550,000 | 30,000 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
Year originated | 285,000 | ||
Year two originated | 589,000 | ||
Year four originated | 44,000 | 8,099,000 | |
Year five originated | 162,000 | ||
Prior | 2,510,000 | 1,310,000 | |
Revolving Loans Converted to Term | 506,000 | 716,000 | |
Total | 3,811,000 | 10,410,000 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Credit Quality Information [Abstract] | |||
Year originated | 317,000 | 463,000 | |
Year two originated | 486,000 | 431,000 | |
Year three originated | 421,000 | 52,000 | |
Year four originated | 49,000 | 63,000 | |
Year five originated | 50,000 | 230,000 | |
Prior | 3,141,000 | 4,147,000 | |
Revolving Loan | 54,650,000 | 58,788,000 | |
Revolving Loans Converted to Term | 882,000 | 978,000 | |
Total | $ 59,996,000 | $ 65,152,000 | |
Year originated, Weighted average risk grade | 3.03 | 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 | |
Prior, Weighted average risk grade | 3.92 | 3.94 | |
Revolving loan, Weighted average risk grade | 3.07 | 3.05 | |
Revolving loans converted to term, Weighted average risk grade | 3.93 | 3.89 | |
Weighted average risk grade | 3.13 | 3.12 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
Year originated | $ 317,000 | $ 463,000 | |
Year two originated | 486,000 | 431,000 | |
Year three originated | 421,000 | 52,000 | |
Year four originated | 49,000 | 63,000 | |
Year five originated | 50,000 | 230,000 | |
Prior | 3,087,000 | 4,093,000 | |
Revolving Loan | 53,795,000 | 58,312,000 | |
Revolving Loans Converted to Term | 865,000 | 957,000 | |
Total | 59,070,000 | 64,601,000 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | |||
Credit Quality Information [Abstract] | |||
Revolving Loan | 113,000 | ||
Total | 113,000 | ||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 54,000 | 54,000 | |
Revolving Loan | 742,000 | 476,000 | |
Revolving Loans Converted to Term | 17,000 | 21,000 | |
Total | 813,000 | 551,000 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Credit Quality Information [Abstract] | |||
Year originated | 9,953,000 | ||
Year two originated | 8,132,000 | 21,927,000 | |
Year three originated | 21,545,000 | 18,338,000 | |
Year four originated | 17,893,000 | 7,064,000 | |
Year five originated | 6,965,000 | 1,804,000 | |
Prior | 69,604,000 | 76,072,000 | |
Revolving Loan | 4,520,000 | 4,192,000 | |
Revolving Loans Converted to Term | 927,000 | 971,000 | |
Total | $ 129,586,000 | $ 140,321,000 | |
Year originated, Weighted average risk grade | 3.58 | ||
Year two originated, Weighted average risk grade | 3.70 | 3 | |
Year three originated, Weighted average risk grade | 3 | 3.90 | |
Year four originated, Weighted average risk grade | 3.90 | 3 | |
Year five originated, Weighted average risk grade | 3 | 3.21 | |
Prior, Weighted average risk grade | 3.35 | 3.31 | |
Revolving loan, Weighted average risk grade | 4 | 4 | |
Revolving loans converted to term, Weighted average risk grade | 4.62 | 4.61 | |
Weighted average risk grade | 3.41 | 3.37 | |
Commercial 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 | $ 8,132,000 | 21,927,000 | |
Year three originated | 21,545,000 | 18,338,000 | |
Year four originated | 17,893,000 | 7,064,000 | |
Year five originated | 6,965,000 | 1,804,000 | |
Prior | 68,951,000 | 75,370,000 | |
Revolving Loan | 4,520,000 | 4,192,000 | |
Revolving Loans Converted to Term | 638,000 | 676,000 | |
Total | 128,644,000 | 139,324,000 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 653,000 | 702,000 | |
Revolving Loans Converted to Term | 289,000 | 295,000 | |
Total | 942,000 | 997,000 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Credit Quality Information [Abstract] | |||
Year originated | 139,527,000 | 295,459,000 | |
Year two originated | 275,889,000 | 60,038,000 | |
Year three originated | 53,161,000 | 7,401,000 | |
Year four originated | 6,258,000 | 6,822,000 | |
Year five originated | 2,813,000 | 9,228,000 | |
Prior | 28,785,000 | 21,508,000 | |
Revolving Loan | 79,107,000 | 102,516,000 | |
Revolving Loans Converted to Term | 6,988,000 | 17,769,000 | |
Total | 592,528,000 | $ 520,741,000 | |
Gross Write Off Of Receivable Prior to Year Five Originated Current Fiscal Year | 1,776,000 | ||
Gross charge offs | $ 1,776,000 | ||
Year originated, Weighted average risk grade | 2.76 | 3.14 | |
Year two originated, Weighted average risk grade | 3.10 | 3.41 | |
Year three originated, Weighted average risk grade | 3.36 | 3.38 | |
Year four originated, Weighted average risk grade | 3.41 | 3.90 | |
Year five originated, Weighted average risk grade | 4.01 | 3.42 | |
Prior, Weighted average risk grade | 3.46 | 3.70 | |
Revolving loan, Weighted average risk grade | 3.22 | 3.47 | |
Revolving loans converted to term, Weighted average risk grade | 3.81 | 3.33 | |
Weighted average risk grade | 3.09 | 3.29 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | |||
Revolving loans converted to term loans, during the period | 179,000 | ||
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
Year originated | $ 139,527,000 | $ 295,459,000 | |
Year two originated | 275,889,000 | 59,642,000 | |
Year three originated | 53,161,000 | 7,332,000 | |
Year four originated | 6,029,000 | 6,658,000 | |
Year five originated | 2,623,000 | 9,228,000 | |
Prior | 27,253,000 | 19,830,000 | |
Revolving Loan | 78,140,000 | 100,407,000 | |
Revolving Loans Converted to Term | 6,641,000 | 17,381,000 | |
Total | 589,263,000 | 515,937,000 | |
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 four originated | 11,000 | 74,000 | |
Year five originated | 130,000 | ||
Revolving Loan | 967,000 | 519,000 | |
Revolving Loans Converted to Term | 347,000 | 388,000 | |
Total | 1,455,000 | 1,441,000 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
Year three originated | 5,000 | ||
Year four originated | 218,000 | 90,000 | |
Year five originated | 60,000 | ||
Prior | 1,532,000 | 1,678,000 | |
Revolving Loan | 1,590,000 | ||
Total | 1,810,000 | 3,363,000 | |
Consumer Portfolio Segment [Member] | |||
Credit Quality Information [Abstract] | |||
Year originated | 272,459,000 | 365,912,000 | |
Year two originated | 258,116,000 | 29,697,000 | |
Year three originated | 26,939,000 | 1,493,000 | |
Year four originated | 1,035,000 | 340,000 | |
Year five originated | 127,000 | 534,000 | |
Prior | 3,971,000 | 4,384,000 | |
Revolving Loan | 6,444,000 | 2,918,000 | |
Revolving Loans Converted to Term | 372,000 | ||
Total | 569,463,000 | $ 405,278,000 | |
Gross Write Off Of Receivable Year One Originated Current Fiscal Year | 495,000 | ||
Gross Write Off Of Receivable Year Two Originated Current Fiscal Year | 6,305,000 | ||
Gross Write Off Of Receivable Year Three Originated Current Fiscal Year | 1,076,000 | ||
Gross Write Off Of Receivable Revolving Loans Converted to Term Loan | 80,000 | ||
Gross charge offs | $ 7,956,000 | ||
Year originated, Weighted average risk grade | 3.48 | 3.24 | |
Year two originated, Weighted average risk grade | 2.66 | 3.74 | |
Year three originated, Weighted average risk grade | 3.60 | 3.99 | |
Year four originated, Weighted average risk grade | 4.01 | 3.98 | |
Year five originated, Weighted average risk grade | 3.96 | 4 | |
Prior, Weighted average risk grade | 5.79 | 4.02 | |
Revolving loan, Weighted average risk grade | 2.84 | 3.81 | |
Revolving loans converted to term, Weighted average risk grade | 4 | ||
Weighted average risk grade | 3.12 | 3.30 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | |||
Revolving loans converted to term loans, during the period | $ 187,000 | $ 371,000 | |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
Year originated | 272,384,000 | $ 365,842,000 | |
Year two originated | 257,348,000 | 29,184,000 | |
Year three originated | 26,590,000 | 1,493,000 | |
Year four originated | 1,032,000 | 340,000 | |
Year five originated | 127,000 | 534,000 | |
Prior | 3,904,000 | 4,319,000 | |
Revolving Loan | 6,444,000 | 2,918,000 | |
Revolving Loans Converted to Term | 372,000 | ||
Total | 568,201,000 | 404,630,000 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 67,000 | 65,000 | |
Total | 67,000 | 65,000 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
Year originated | 75,000 | 70,000 | |
Year two originated | 768,000 | 513,000 | |
Year three originated | 349,000 | ||
Year four originated | 3,000 | ||
Total | 1,195,000 | 583,000 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 6,628,000 | ||
Total | 5,992,000 | $ 6,628,000 | |
Prior, Weighted average risk grade | 4.54 | ||
Weighted average risk grade | 4.54 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 5,992,000 | ||
Total | $ 5,992,000 | ||
Prior, Weighted average risk grade | 4.68 | ||
Weighted average risk grade | 4.68 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | $ 2,875,000 | $ 3,692,000 | |
Total | 2,875,000 | 3,692,000 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 1,601,000 | 1,320,000 | |
Total | 1,601,000 | 1,320,000 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 1,516,000 | 1,616,000 | |
Total | 1,516,000 | 1,616,000 | |
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | |||
Credit Quality Information [Abstract] | |||
Year two originated | 2,129,000 | ||
Year three originated | 1,100,000 | 2,435,000 | |
Year four originated | 1,005,000 | ||
Total | $ 2,105,000 | $ 4,564,000 | |
Year two originated, Weighted average risk grade | 2.02 | ||
Year three originated, Weighted average risk grade | 2 | 2 | |
Year four originated, Weighted average risk grade | 2.23 | ||
Weighted average risk grade | 2.11 | 2.01 | |
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
Year two originated | $ 2,119,000 | ||
Year three originated | $ 1,100,000 | 2,435,000 | |
Year four originated | 948,000 | ||
Total | 2,048,000 | 4,554,000 | |
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Credit Quality Information [Abstract] | |||
Year four originated | 57,000 | ||
Total | $ 57,000 | ||
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
Year two originated | 10,000 | ||
Total | $ 10,000 |
LOANS AND ALLOWANCE FOR CREDI_8
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of calculation for allowance for credit losses) (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Financing receivable, allowance for credit loss | $ 35,767,000 | $ 38,414,000 | $ 34,544,000 | $ 31,956,000 | $ 30,209,000 | $ 29,105,000 |
Allowances for loan losses | 35,767,000 | 38,414,000 | 34,544,000 | 31,956,000 | 30,209,000 | 29,105,000 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||||||
Financing receivable, allowance for credit loss | 4,661,000 | 5,015,000 | 5,558,000 | 4,833,000 | 4,301,000 | 4,562,000 |
Allowances for loan losses | 4,661,000 | 5,015,000 | 5,558,000 | 4,833,000 | 4,301,000 | 4,562,000 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||||||
Financing receivable, allowance for credit loss | 7,443,000 | 9,439,000 | 7,147,000 | 6,630,000 | 7,917,000 | 9,028,000 |
Allowances for loan losses | 7,443,000 | 9,439,000 | 7,147,000 | 6,630,000 | 7,917,000 | 9,028,000 |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||||||
Financing receivable, allowance for credit loss | 31,000 | 32,000 | 25,000 | 26,000 | 49,000 | 56,000 |
Allowances for loan losses | 31,000 | 32,000 | 25,000 | 26,000 | 49,000 | 56,000 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | ||||||
Financing receivable, allowance for credit loss | 5,217,000 | 4,452,000 | 4,091,000 | 4,000,000 | 4,272,000 | |
Allowances for loan losses | 5,217,000 | 4,452,000 | 4,091,000 | 4,000,000 | 4,272,000 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Financing receivable, allowance for credit loss | 377,000 | 326,000 | 329,000 | 305,000 | 363,000 | |
Allowances for loan losses | 377,000 | 326,000 | 329,000 | 305,000 | 363,000 | |
Commercial Portfolio Segment [Member] | ||||||
Financing receivable, allowance for credit loss | 6,157,000 | 7,853,000 | ||||
Allowances for loan losses | 6,157,000 | 7,853,000 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Financing receivable, allowance for credit loss | 1,174,000 | 1,286,000 | 1,373,000 | 1,140,000 | 1,024,000 | 998,000 |
Allowances for loan losses | 1,174,000 | 1,286,000 | 1,373,000 | 1,140,000 | 1,024,000 | 998,000 |
Commercial Portfolio Segment [Member] | 1-4 Family Residential | ||||||
Financing receivable, allowance for credit loss | 5,217,000 | 4,091,000 | 4,000,000 | 3,588,000 | ||
Allowances for loan losses | 5,217,000 | 4,091,000 | 4,000,000 | 3,588,000 | ||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||||||
Financing receivable, allowance for credit loss | 1,763,000 | 1,993,000 | 2,201,000 | 1,941,000 | 2,160,000 | 3,280,000 |
Allowances for loan losses | 1,763,000 | 1,993,000 | 2,201,000 | 1,941,000 | 2,160,000 | 3,280,000 |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||||||
Financing receivable, allowance for credit loss | 6,157,000 | 6,923,000 | 7,853,000 | 7,677,000 | 6,428,000 | 4,088,000 |
Allowances for loan losses | 6,157,000 | 6,923,000 | 7,853,000 | 7,677,000 | 6,428,000 | 4,088,000 |
Consumer Portfolio Segment [Member] | ||||||
Financing receivable, allowance for credit loss | 7,029,000 | 7,016,000 | 3,895,000 | 3,315,000 | 1,569,000 | 787,000 |
Allowances for loan losses | 7,029,000 | 7,016,000 | 3,895,000 | 3,315,000 | 1,569,000 | 787,000 |
Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | ||||||
Financing receivable, allowance for credit loss | 7,029,000 | 3,895,000 | ||||
Allowances for loan losses | 7,029,000 | 3,895,000 | ||||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Financing receivable, allowance for credit loss | 377,000 | 329,000 | 305,000 | 437,000 | ||
Allowances for loan losses | 377,000 | 329,000 | 305,000 | 437,000 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Financing receivable, allowance for credit loss | 1,915,000 | 1,932,000 | 2,072,000 | 2,089,000 | 2,126,000 | 2,281,000 |
Allowances for loan losses | 1,915,000 | $ 1,932,000 | 2,072,000 | $ 2,089,000 | $ 2,126,000 | $ 2,281,000 |
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 | 28,483,000 | 27,510,000 | ||||
Allowances for loan losses | 28,483,000 | 27,510,000 | ||||
Modeled Expected Credit Losses [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||||||
Financing receivable, allowance for credit loss | 4,394,000 | 5,297,000 | ||||
Allowances for loan losses | 4,394,000 | 5,297,000 | ||||
Modeled Expected Credit Losses [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||||||
Financing receivable, allowance for credit loss | 5,686,000 | 6,652,000 | ||||
Allowances for loan losses | 5,686,000 | 6,652,000 | ||||
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 | 3,000 | 4,000 | ||||
Allowances for loan losses | 3,000 | 4,000 | ||||
Modeled Expected Credit Losses [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | ||||||
Financing receivable, allowance for credit loss | 4,797,000 | 3,579,000 | ||||
Allowances for loan losses | 4,797,000 | 3,579,000 | ||||
Modeled Expected Credit Losses [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Financing receivable, allowance for credit loss | 354,000 | 310,000 | ||||
Allowances for loan losses | 354,000 | 310,000 | ||||
Modeled Expected Credit Losses [Member] | Commercial Portfolio Segment [Member] | ||||||
Financing receivable, allowance for credit loss | 4,424,000 | 5,006,000 | ||||
Allowances for loan losses | 4,424,000 | 5,006,000 | ||||
Modeled Expected Credit Losses [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Financing receivable, allowance for credit loss | 852,000 | 997,000 | ||||
Allowances for loan losses | 852,000 | 997,000 | ||||
Modeled Expected Credit Losses [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||||||
Financing receivable, allowance for credit loss | 1,321,000 | 1,814,000 | ||||
Allowances for loan losses | 1,321,000 | 1,814,000 | ||||
Modeled Expected Credit Losses [Member] | Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | ||||||
Financing receivable, allowance for credit loss | 6,652,000 | 3,851,000 | ||||
Allowances for loan losses | 6,652,000 | 3,851,000 | ||||
Q Factor And Other Qualitative Adjustments [Member] | ||||||
Financing receivable, allowance for credit loss | 2,883,000 | 2,727,000 | ||||
Allowances for loan losses | 2,883,000 | 2,727,000 | ||||
Q Factor And Other Qualitative Adjustments [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||||||
Financing receivable, allowance for credit loss | 267,000 | 261,000 | ||||
Allowances for loan losses | 267,000 | 261,000 | ||||
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 | 797,000 | 495,000 | ||||
Allowances for loan losses | 797,000 | 495,000 | ||||
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 | 28,000 | 21,000 | ||||
Allowances for loan losses | 28,000 | 21,000 | ||||
Q Factor And Other Qualitative Adjustments [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | ||||||
Financing receivable, allowance for credit loss | 420,000 | 512,000 | ||||
Allowances for loan losses | 420,000 | 512,000 | ||||
Q Factor And Other Qualitative Adjustments [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Financing receivable, allowance for credit loss | 23,000 | 19,000 | ||||
Allowances for loan losses | 23,000 | 19,000 | ||||
Q Factor And Other Qualitative Adjustments [Member] | Commercial Portfolio Segment [Member] | ||||||
Financing receivable, allowance for credit loss | 584,000 | 654,000 | ||||
Allowances for loan losses | 584,000 | 654,000 | ||||
Q Factor And Other Qualitative Adjustments [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Financing receivable, allowance for credit loss | 322,000 | 376,000 | ||||
Allowances for loan losses | 322,000 | 376,000 | ||||
Q Factor And Other Qualitative Adjustments [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||||||
Financing receivable, allowance for credit loss | 442,000 | 387,000 | ||||
Allowances for loan losses | 442,000 | 387,000 | ||||
Q Factor And Other Qualitative Adjustments [Member] | Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | ||||||
Financing receivable, allowance for credit loss | 2,000 | |||||
Allowances for loan losses | 2,000 | |||||
Specific Allocation [Member] | ||||||
Financing receivable, allowance for credit loss | 4,401,000 | 4,307,000 | ||||
Allowances for loan losses | 4,401,000 | 4,307,000 | ||||
Specific Allocation [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||||||
Financing receivable, allowance for credit loss | 960,000 | |||||
Allowances for loan losses | 960,000 | |||||
Specific Allocation [Member] | Commercial Portfolio Segment [Member] | ||||||
Financing receivable, allowance for credit loss | 1,149,000 | 2,193,000 | ||||
Allowances for loan losses | 1,149,000 | 2,193,000 | ||||
Specific Allocation [Member] | Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | ||||||
Financing receivable, allowance for credit loss | 377,000 | 42,000 | ||||
Allowances for loan losses | 377,000 | 42,000 | ||||
Specific Allocation [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Financing receivable, allowance for credit loss | 1,915,000 | 2,072,000 | ||||
Allowances for loan losses | $ 1,915,000 | $ 2,072,000 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | $ 38,414 | $ 30,209 | $ 34,544 | $ 29,105 |
Provision for loan losses | 1,648 | 2,890 | 11,136 | 3,411 |
Charge offs | (4,511) | (1,153) | (10,675) | (1,312) |
Recoveries | 216 | 10 | 762 | 752 |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 35,767 | 31,956 | 35,767 | 31,956 |
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 | 5,015 | 4,301 | 5,558 | 4,562 |
Provision for loan losses | (354) | 532 | (897) | 285 |
Charge offs | (14) | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 4,661 | 4,833 | 4,661 | 4,833 |
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 | 9,439 | 7,917 | 7,147 | 9,028 |
Provision for loan losses | (1,923) | (1,287) | 369 | (2,900) |
Charge offs | (183) | (183) | ||
Recoveries | 110 | 110 | 502 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 7,443 | 6,630 | 7,443 | 6,630 |
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 | 32 | 49 | 25 | 56 |
Provision for loan losses | 2 | (23) | 9 | (30) |
Charge offs | (3) | (3) | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 31 | 26 | 31 | 26 |
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 | 4,452 | 4,272 | 4,091 | |
Provision for loan losses | 1,250 | (273) | ||
Charge offs | (486) | |||
Recoveries | 1 | 1 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 5,217 | 4,000 | 5,217 | 4,000 |
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 | 326 | 363 | 329 | |
Provision for loan losses | 44 | (59) | ||
Charge offs, write backs | 7 | |||
Recoveries | 1 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 377 | 305 | 377 | 305 |
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 7,853 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 6,157 | 6,157 | ||
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 | 1,286 | 1,024 | 1,373 | 998 |
Provision for loan losses | (110) | 116 | (309) | 142 |
Charge offs | (2) | (2) | ||
Recoveries | 112 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 1,174 | 1,140 | 1,174 | 1,140 |
Commercial 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 | 4,091 | 3,588 | ||
Provision for loan losses | 1,719 | 354 | ||
Charge offs | (755) | |||
Recoveries | 162 | 58 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 5,217 | 4,000 | 5,217 | 4,000 |
Commercial 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 | 1,993 | 2,160 | 2,201 | 3,280 |
Provision for loan losses | (230) | (219) | (438) | (1,339) |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 1,763 | 1,941 | 1,763 | 1,941 |
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 | 6,923 | 6,428 | 7,853 | 4,088 |
Provision for loan losses | (766) | 2,256 | 79 | 4,426 |
Charge offs | (1,007) | (1,776) | (1,007) | |
Recoveries | 1 | 170 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 6,157 | 7,677 | 6,157 | 7,677 |
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 7,016 | 1,569 | 3,895 | 787 |
Provision for loan losses | 3,752 | 1,884 | 10,715 | 2,785 |
Charge offs | (3,844) | (146) | (7,956) | (277) |
Recoveries | 105 | 8 | 375 | 20 |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 7,029 | 3,315 | 7,029 | 3,315 |
Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 3,895 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 7,029 | 7,029 | ||
Consumer 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 | 329 | 437 | ||
Provision for loan losses | 46 | (120) | ||
Charge offs | (14) | |||
Recoveries | 2 | 2 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 377 | 305 | 377 | 305 |
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 | 1,932 | 2,126 | 2,072 | 2,281 |
Provision for loan losses | (17) | (37) | (157) | (192) |
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 1,915 | $ 2,089 | $ 1,915 | $ 2,089 |
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 ($) | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Ending allowance balance attributable to loans: | ||||||
Financing Receivable, Individually Evaluated for Impairment, Allowance For Credit Losses | $ 4,401,000 | $ 4,307,000 | ||||
Total ending allowance | 35,767,000 | $ 38,414,000 | 34,544,000 | $ 31,956,000 | $ 30,209,000 | $ 29,105,000 |
Loans: | ||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 29,490,000 | 43,480,000 | ||||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||||||
Ending allowance balance attributable to loans: | ||||||
Total ending allowance | 4,661,000 | 5,015,000 | 5,558,000 | 4,833,000 | 4,301,000 | 4,562,000 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||||||
Ending allowance balance attributable to loans: | ||||||
Total ending allowance | 7,443,000 | 9,439,000 | 7,147,000 | 6,630,000 | 7,917,000 | 9,028,000 |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Total ending allowance | 31,000 | 32,000 | 25,000 | 26,000 | 49,000 | 56,000 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | ||||||
Ending allowance balance attributable to loans: | ||||||
Total ending allowance | 5,217,000 | 4,452,000 | 4,091,000 | 4,000,000 | 4,272,000 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Total ending allowance | 377,000 | 326,000 | 329,000 | 305,000 | 363,000 | |
Commercial Portfolio Segment [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Total ending allowance | 6,157,000 | 7,853,000 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Total ending allowance | 1,174,000 | 1,286,000 | 1,373,000 | 1,140,000 | 1,024,000 | 998,000 |
Commercial Portfolio Segment [Member] | 1-4 Family Residential | ||||||
Ending allowance balance attributable to loans: | ||||||
Total ending allowance | 5,217,000 | 4,091,000 | 4,000,000 | 3,588,000 | ||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Total ending allowance | 1,763,000 | 1,993,000 | 2,201,000 | 1,941,000 | 2,160,000 | 3,280,000 |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||||||
Ending allowance balance attributable to loans: | ||||||
Total ending allowance | 6,157,000 | 6,923,000 | 7,853,000 | 7,677,000 | 6,428,000 | 4,088,000 |
Consumer Portfolio Segment [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Total ending allowance | 7,029,000 | 7,016,000 | 3,895,000 | 3,315,000 | 1,569,000 | 787,000 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Ending allowance balance attributable to loans: | ||||||
Total ending allowance | 377,000 | 329,000 | 305,000 | 437,000 | ||
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 | 1,915,000 | 2,072,000 | ||||
Total ending allowance | 1,915,000 | $ 1,932,000 | 2,072,000 | $ 2,089,000 | $ 2,126,000 | $ 2,281,000 |
Loans: | ||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 5,992,000 | 6,628,000 | ||||
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 | 2,486,000 | 2,235,000 | ||||
Loans: | ||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 23,498,000 | 36,852,000 | ||||
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 | 5,041,000 | 2,795,000 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||||||
Ending allowance balance attributable to loans: | ||||||
Financing Receivable, Individually Evaluated for Impairment, Allowance For Credit Losses | 960,000 | |||||
Loans: | ||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 13,066,000 | 19,641,000 | ||||
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] | ||||||
Loans: | ||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 479,000 | 525,000 | ||||
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 | 2,234,000 | 9,636,000 | ||||
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 | 21,000 | |||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||||||
Loans: | ||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 942,000 | 996,000 | ||||
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 | 1,149,000 | 2,193,000 | ||||
Loans: | ||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 1,369,000 | 2,979,000 | ||||
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 | 377,000 | 42,000 | ||||
Loans: | ||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | $ 367,000 | $ 259,000 |
FAIR VALUE (Narrative) (Details
FAIR VALUE (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Allowances for loan losses | $ 35,767 | $ 38,414 | $ 34,544 | $ 31,956 | $ 30,209 | $ 29,105 |
Available for sale, Fair value | 216,875 | 236,315 | ||||
Corporate Debt Securities [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Available for sale, Fair value | $ 13,314 | $ 14,828 |
FAIR VALUE (Schedule of assets
FAIR VALUE (Schedule of assets measured at fair value on a recurring basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financial assets: | ||
Available for sale, Fair value | $ 216,875 | $ 236,315 |
Loans held for sale, at fair value | 57,511 | 27,626 |
US Government Agencies Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 93,865 | 102,881 |
US States and Political Subdivisions Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 28,312 | 29,178 |
Corporate Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 13,314 | 14,828 |
Collateralized loan obligations | ||
Financial assets: | ||
Available for sale, Fair value | 4,955 | 4,876 |
Residential Mortgage Backed Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 29,745 | 26,595 |
Government-Sponsored Agency Securities | ||
Financial assets: | ||
Available for sale, Fair value | 12,968 | 14,616 |
Commercial Mortgage Backed Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 29,280 | 37,417 |
SBA Pool Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 4,436 | 5,924 |
Estimated Fair Value | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 216,875 | 236,315 |
Loans held for sale, at fair value | 57,511 | 27,626 |
Interest rate swaps | 5,307 | 0 |
Estimated Fair Value | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Mortgage banking financial assets | 244 | 21 |
Financial liabilities: | ||
Mortgage banking financial liabilities | 0 | 4 |
Fair Value, Measurements, Recurring [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 216,875 | 236,315 |
Loans held for investment | 244,646 | |
Loans held for sale, at fair value | 57,511 | 27,626 |
Mortgage banking financial assets | 244 | 21 |
Mortgage banking derivative assets | 1,937 | 1,410 |
Interest rate swaps | 5,307 | |
Assets, Fair Value Disclosure | 526,520 | 265,372 |
Financial liabilities: | ||
Mortgage banking financial liabilities | 4 | |
Mortgage banking derivative liabilities | 463 | 122 |
Liabilities, Fair Value Disclosure | 463 | 126 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 93,865 | 102,881 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 28,312 | 29,178 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 13,314 | 14,828 |
Fair Value, Measurements, Recurring [Member] | Collateralized loan obligations | ||
Financial assets: | ||
Available for sale, Fair value | 4,955 | 4,876 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 29,745 | 26,595 |
Fair Value, Measurements, Recurring [Member] | Government-Sponsored Agency Securities | ||
Financial assets: | ||
Available for sale, Fair value | 12,968 | 14,616 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 29,280 | 37,417 |
Fair Value, Measurements, Recurring [Member] | SBA Pool Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 4,436 | 5,924 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Loans held for investment | 0 | |
Loans held for sale, at fair value | 0 | 0 |
Mortgage banking financial assets | 0 | 0 |
Mortgage banking derivative assets | 0 | 0 |
Interest rate swaps | 0 | |
Assets, Fair Value Disclosure | 0 | 0 |
Financial liabilities: | ||
Mortgage banking financial liabilities | 0 | |
Mortgage banking derivative liabilities | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized loan obligations | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Residential Mortgage Backed Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Government-Sponsored Agency Securities | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | SBA Pool Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 216,875 | 236,315 |
Loans held for investment | 0 | |
Loans held for sale, at fair value | 57,511 | 27,626 |
Mortgage banking financial assets | 0 | 0 |
Mortgage banking derivative assets | 1,937 | 1,386 |
Interest rate swaps | 5,307 | |
Assets, Fair Value Disclosure | 281,630 | 265,327 |
Financial liabilities: | ||
Mortgage banking financial liabilities | 0 | |
Mortgage banking derivative liabilities | 463 | 115 |
Liabilities, Fair Value Disclosure | 463 | 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 | 93,865 | 102,881 |
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 | 28,312 | 29,178 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 13,314 | 14,828 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized loan obligations | ||
Financial assets: | ||
Available for sale, Fair value | 4,955 | 4,876 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 29,745 | 26,595 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Government-Sponsored Agency Securities | ||
Financial assets: | ||
Available for sale, Fair value | 12,968 | 14,616 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 29,280 | 37,417 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | SBA Pool Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 4,436 | 5,924 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Loans held for investment | 244,646 | |
Loans held for sale, at fair value | 0 | 0 |
Mortgage banking financial assets | 244 | 21 |
Mortgage banking derivative assets | 0 | 24 |
Interest rate swaps | 0 | |
Assets, Fair Value Disclosure | 244,890 | 45 |
Financial liabilities: | ||
Mortgage banking financial liabilities | 4 | |
Mortgage banking derivative liabilities | 0 | 7 |
Liabilities, Fair Value Disclosure | 0 | 11 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized loan obligations | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Government-Sponsored Agency Securities | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | SBA Pool Securities [Member] | ||
Financial assets: | ||
Available for sale, Fair value | $ 0 | $ 0 |
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] - Carrying (Reported) Amount, Fair Value Disclosure [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | $ 28,778 | $ 47,832 |
Assets held for sale | 3,115 | 3,115 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Assets held for sale | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Assets held for sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 28,778 | 47,832 |
Assets held for sale | $ 3,115 | $ 3,115 |
FAIR VALUE (Schedule of estimat
FAIR VALUE (Schedule of estimated fair values and fair value hierarchy levels of financial instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financial assets: | ||
Securities available for sale | $ 216,875 | $ 236,315 |
Held To Maturity Securities Fair Value | 10,582 | 12,449 |
Loans held for sale, at fair value | 57,511 | 27,626 |
Fair Value, Inputs, Level 1 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 93,865 | 77,859 |
Financial liabilities: | ||
Securities sold under agreements to repurchase | 3,838 | 6,445 |
FHLB advances | 0 | 325,000 |
Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 93,865 | 77,859 |
Financial liabilities: | ||
Securities sold under agreements to repurchase | 3,838 | 6,445 |
FHLB advances | 0 | 325,000 |
Fair Value, Inputs, Level 2 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial assets: | ||
Securities available for sale | 216,875 | 236,315 |
Held To Maturity Securities Fair Value | 11,975 | 13,520 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 12,796 | 25,815 |
Preferred investment in mortgage affiliate | 3,005 | 3,005 |
Loans held for sale, at fair value | 57,511 | 27,626 |
Accrued interest receivable | 25,585 | 14,938 |
Interest rate swaps | 5,307 | 0 |
Credit enhancement | 5,643 | 1,504 |
Financial liabilities: | ||
Demand deposits | 1,293,995 | 1,200,243 |
Money market and savings accounts | 1,547,559 | 1,057,078 |
Junior subordinated debt | 9,818 | 9,781 |
Senior subordinated notes | 85,706 | 85,531 |
Accrued interest payable | 6,464 | 3,261 |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | ||
Financial assets: | ||
Securities available for sale | 216,875 | 236,315 |
Held To Maturity Securities Fair Value | 10,582 | 12,449 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 12,796 | 25,815 |
Preferred investment in mortgage affiliate | 3,005 | 3,005 |
Loans held for sale, at fair value | 57,511 | 27,626 |
Accrued interest receivable | 25,585 | 14,938 |
Interest rate swaps | 5,307 | 0 |
Credit enhancement | 5,643 | 1,504 |
Financial liabilities: | ||
Demand deposits | 1,293,995 | 1,200,243 |
Money market and savings accounts | 1,547,559 | 1,057,078 |
Junior subordinated debt | 9,070 | 9,181 |
Senior subordinated notes | 83,380 | 84,347 |
Accrued interest payable | 6,464 | 3,261 |
Fair Value, Inputs, Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial assets: | ||
Net loans | 3,110,100 | 2,912,093 |
Mortgage banking financial assets | 244 | 21 |
Financial liabilities: | ||
Time deposits | 451,850 | 465,057 |
Mortgage banking financial liabilities | 0 | 4 |
Fair Value, Inputs, Level 3 [Member] | Estimated Fair Value | ||
Financial assets: | ||
Net loans | 3,000,499 | 2,809,163 |
Mortgage banking financial assets | 244 | 21 |
Financial liabilities: | ||
Time deposits | 449,733 | 462,376 |
Mortgage banking financial liabilities | 0 | 4 |
Fair Value Inputs Level 2 and Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial assets: | ||
Derivative asset | 1,937 | 1,410 |
Financial liabilities: | ||
Mortgage banking derivative liabilities | 463 | 122 |
Fair Value Inputs Level 2 and Level 3 [Member] | Estimated Fair Value | ||
Financial assets: | ||
Derivative asset | 1,937 | 1,410 |
Financial liabilities: | ||
Mortgage banking derivative liabilities | $ 463 | $ 122 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
LEASES | |||||
Operating lease liabilities | $ 12,347 | $ 12,347 | $ 5,800 | ||
Operating lease right-of-use assets | 11,400 | 11,400 | $ 5,300 | ||
Operating lease cost | $ 700 | $ 600 | $ 1,900 | $ 1,800 |
LEASES (Schedule of operating l
LEASES (Schedule of operating lease other information) (Details) | Sep. 30, 2023 | Sep. 30, 2022 |
LEASES | ||
Weighted-average remaining lease term - operating leases, in years | 7 years 2 months 12 days | 4 years 6 months |
Weighted-average discount rate - operating leases | 3.90% | 2.80% |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
LEASES | ||
2023 | $ 551 | |
2024 | 2,123 | |
2025 | 1,972 | |
2026 | 1,925 | |
2027 | 1,911 | |
More than five years | 5,893 | |
Total lease payments | 14,375 | |
Less: imputed interest | (2,028) | |
Lease liabilities | $ 12,347 | $ 5,800 |
DEBT AND OTHER BORROWINGS (Narr
DEBT AND OTHER BORROWINGS (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Sep. 30, 2023 | |
DEBT AND OTHER BORROWINGS | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | $ 6.5 | $ 3.8 |
Securities sold under agreements to repurchase, fair value of collateral | 14.2 | 6.3 |
FHLB advances, pledged as collateral | 558.9 | |
Potential amount that could be collateralized | 133.8 | |
FHLB repayment/called | $ 325 | |
Federal reserve program, advances, maximum amount available | $ 548.9 |
DEBT AND OTHER BORROWINGS (Na_2
DEBT AND OTHER BORROWINGS (Narrative 2) (Details) $ in Thousands | 9 Months Ended | ||||
Aug. 25, 2020 USD ($) | Jan. 20, 2017 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2017 USD ($) | |
Debt Instrument [Line Items] | |||||
Junior subordinated notes | $ 9,818 | $ 9,781 | |||
Senior subordinated notes | $ 85,706 | 85,531 | |||
Percentage of subordinated notes considered tier 2 | 60% | ||||
Eastern Virginia Bankshares Inc [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes assumed in merger | $ 10,300 | ||||
Trust preferred securities pooled underwriting amount | $ 650,000 | ||||
Subordinated Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | $ 1,300 | $ 1,500 | |||
Junior Subordinated Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate percentage | 8.62% | 7.69% | |||
Unamortized debt issuance costs | $ 500 | ||||
Junior subordinated notes | $ 10,300 | $ 10,300 | |||
SNBV Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Description of variable rate basis | three-month CME Term SOFR | ||||
Basis spread on LIBOR | 0.26% | ||||
Debt instrument, face amount | $ 27,000 | ||||
SNBV Subordinated Notes [Member] | Subordinated Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
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 |
STOCK- BASED COMPENSATION (Narr
STOCK- BASED COMPENSATION (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized for reservation (in shares) | 750,000 | 750,000 | ||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 0 | $ 0 | $ 0 | $ 0 |
Unrecognized compensation expense associated with the stock options | 0 | 0 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 100,000 | 100,000 | 200,000 | 1,000,000 |
Unrecognized compensation expense associated with the other than options | $ 400,000 | $ 400,000 | ||
Unrecognized compensation cost weighted average recognition period | 2 years 2 months 12 days | |||
Unvested stock outstanding, beginning of period | 68,700 | |||
Weighted Average Exercise Price, Granted, other than options | $ 7.58 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested stock outstanding, beginning of period | 153,960 | |||
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 | $ 2,900,000 | $ 1,300,000 | $ 2,900,000 | $ 1,300,000 |
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Shares | ||
Options outstanding, beginning of period | 203,300 | |
Forfeited | (4,000) | |
Expired | (121,000) | |
Exercised | (8,000) | |
Options outstanding, end of period | 70,300 | 203,300 |
Exercisable at end of period | 70,300 | |
Weighted Average Grant Date Fair Value Per Share | ||
Options outstanding, beginning of period | $ 11.41 | |
Options outstanding, end of period | 11.48 | $ 11.41 |
Exercisable at end of period | $ 11.48 | |
Weighted Average Remaining Contractual Term | ||
Options outstanding | 1 year 8 months 12 days | 1 year 3 months 18 days |
Exercisable at end of period | 1 year 8 months 12 days | |
Options outstanding, Aggregate Intrinsic Value | $ 0 | $ 102 |
Exercisable at end of period - Aggregate Intrinsic Value | $ 0 |
STOCK-BASED COMPENSATION (Sch_2
STOCK-BASED COMPENSATION (Schedule of activity in the restricted stock plan) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Restricted Stock [Member] | ||||
Shares | ||||
Unvested stock outstanding, beginning of period | 68,700 | |||
Granted, other than options | 5,000 | |||
Vested, other than options | (24,050) | |||
Forfeited other than options | (5,300) | |||
Unvested stock outstanding, end of period | 44,350 | 44,350 | 68,700 | |
Weighted Average Exercise Price | ||||
Weighted Average Exercise Price, beginning of period | $ 14.24 | |||
Weighted Average Exercise Price, Granted, other than options | 7.58 | |||
Weighted Average Exercise Price, Vested, other than options | 14.36 | |||
Weighted Average Exercise Price, Forfeited, other than options | 15.31 | |||
Weighted Average Exercise Price, ending of period | $ 13.30 | $ 13.30 | $ 14.24 | |
Weighted Average Remaining Contractual Term | 2 years 2 months 12 days | 2 years 4 months 24 days | ||
Restricted Stock Units (RSUs) [Member] | ||||
Shares | ||||
Unvested stock outstanding, beginning of period | 153,960 | |||
Forfeited other than options | (9,000) | |||
Unvested stock outstanding, end of period | 144,960 | 153,960 | 144,960 | |
Weighted Average Exercise Price | ||||
Weighted Average Exercise Price, beginning of period | $ 13.02 | |||
Weighted Average Exercise Price, Forfeited, other than options | $ 12.89 | |||
Weighted Average Exercise Price, ending of period | $ 13.03 | $ 13.02 | $ 13.03 | |
Weighted Average Remaining Contractual Term | 2 years 4 months 24 days | 3 years 7 months 6 days |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Line of Credit Facility [Line Items] | ||
Off balance sheet commitments | $ 467.3 | $ 540.6 |
Investment in non-marketable equity securities | 1.9 | 3.2 |
Certificate of deposits, due within one year | 394.7 | |
Certificate of deposits, brokered | 75 | |
Loan Origination Commitments [Member] | ||
Line of Credit Facility [Line Items] | ||
Off balance sheet commitments | 84.5 | |
Letter Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding | $ 10.6 | $ 10.7 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Schedule of allowance for credit losses off balance sheet exposure) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
COMMITMENTS AND CONTINGENCIES | ||
Off-Balance Sheet, Credit Loss, Liability, Beginning Balance | $ 1,416 | $ 977 |
Credit loss expense (recovery) | (392) | 92 |
Off-Balance Sheet, Credit Loss, Liability, Ending Balance | $ 1,024 | $ 1,069 |
EARNINGS PER SHARE (Narrative)
EARNINGS PER SHARE (Narrative) (Details) - shares | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive options (in shares) | 114,650 | 0 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
EARNINGS PER SHARE | ||||
Basic EPS - Income (Numerator) (in dollars) | $ (3,567) | $ 5,025 | $ 2,198 | $ 14,509 |
Effect of dilutive stock options and and unvested restricted stock - Income (Numerator) (in dollars) | 0 | 0 | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Diluted, Total | $ (3,567) | $ 5,025 | $ 2,198 | $ 14,509 |
Basic EPS- Weighted Average Shares (Denominator) (in shares) | 24,642 | 24,577 | 24,636 | 24,548 |
Effect of dilutive stock options and and unvested restricted stock- Weighted Average Shares (Denominator) (in shares) | 0 | 111 | 0 | 126 |
Diluted EPS- Weighted Average Shares (Denominator) (in shares) | 24,642 | 24,688 | 24,636 | 24,674 |
Basic EPS - Per Share Amount (in dollars per share) | $ (0.14) | $ 0.21 | $ 0.09 | $ 0.60 |
Effect of dilutive stock options and and unvested restricted stock- Per Share Amount (in dollars per share) | 0 | (0.01) | 0 | (0.01) |
Diluted EPS- Per Share Amount (in dollars per share) | $ (0.14) | $ 0.20 | $ 0.09 | $ 0.59 |
SEGMENT INFORMATION (Financial
SEGMENT INFORMATION (Financial Information) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) segment | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Segment Information | |||||
Interest income | $ 50,486 | $ 32,561 | $ 150,279 | $ 87,350 | |
Interest expense | 23,361 | 5,146 | 68,632 | 12,529 | |
Net interest income | 27,125 | 27,415 | 81,647 | 74,821 | |
Provision for credit losses | 1,648 | 2,890 | 11,136 | 3,411 | |
Noninterest income | 9,942 | 5,620 | 29,960 | 10,340 | |
Noninterest expense | 37,074 | 23,761 | 95,030 | 63,270 | |
Income (loss) before income taxes | (1,655) | 6,384 | 5,441 | 18,480 | |
Income tax expense | 1,912 | 1,359 | 3,243 | 3,971 | |
Net Income (Loss) | (3,567) | $ 5,025 | 2,198 | $ 14,509 | |
Assets | 3,813,775 | $ 3,813,775 | $ 3,569,499 | ||
Number of reportable segments | segment | 2 | ||||
Number of operating segments | segment | 2 | ||||
Primis Mortgage | |||||
Segment Information | |||||
Interest income | 873 | $ 1,971 | |||
Net interest income | 873 | 1,971 | |||
Noninterest income | 4,932 | 14,463 | |||
Noninterest expense | 5,108 | 15,366 | |||
Income (loss) before income taxes | 697 | 1,068 | |||
Income tax expense | 174 | 270 | |||
Net Income (Loss) | 523 | 798 | |||
Assets | 66,384 | 66,384 | |||
Primis Bank | |||||
Segment Information | |||||
Interest income | 49,613 | 148,308 | |||
Interest expense | 23,361 | 68,632 | |||
Net interest income | 26,252 | 79,676 | |||
Provision for credit losses | 1,648 | 11,136 | |||
Noninterest income | 5,010 | 15,497 | |||
Noninterest expense | 31,966 | 79,664 | |||
Income (loss) before income taxes | (2,352) | 4,373 | |||
Income tax expense | 1,738 | 2,973 | |||
Net Income (Loss) | (4,090) | 1,400 | |||
Assets | $ 3,747,391 | $ 3,747,391 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (3,567) | $ 5,025 | $ 2,198 | $ 14,509 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |