Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 23, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001430723 | |
Entity Registrant Name | ServisFirst Bancshares, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-36452 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-0734029 | |
Entity Address, Address Line One | 2500 Woodcrest Place | |
Entity Address, City or Town | Birmingham | |
Entity Address, State or Province | AL | |
Entity Address, Postal Zip Code | 35209 | |
City Area Code | 205 | |
Local Phone Number | 949-0302 | |
Title of 12(b) Security | Common stock, par value $.001 per share | |
Trading Symbol | SFBS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 53,915,245 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | [1] |
ASSETS | |||
Cash and due from banks | $ 70,472 | $ 78,618 | |
Interest-bearing balances due from depository institutions | 1,551,597 | 451,509 | |
Federal funds sold | 1,302 | 100,473 | |
Cash and cash equivalents | 1,623,371 | 630,600 | |
Available for sale debt securities, at fair value | 913,049 | 759,399 | |
Held to maturity debt securities (fair value of $250 at September 30, 2020 and December 31, 2019) | 250 | 250 | |
Mortgage loans held for sale | 21,472 | 6,312 | |
Loans | 8,508,554 | 7,261,451 | |
Less allowance for loan losses | (92,440) | (76,584) | |
Loans, net | 8,416,114 | 7,184,867 | |
Premises and equipment, net | 55,273 | 56,496 | |
Accrued interest and dividends receivable | 36,607 | 26,262 | |
Deferred tax assets | 26,764 | 25,566 | |
Other real estate owned and repossessed assets | 6,976 | 8,178 | |
Bank owned life insurance contracts | 254,045 | 209,395 | |
Goodwill and other identifiable intangible assets | 13,976 | 14,179 | |
Other assets | 26,977 | 26,149 | |
Total assets | 11,394,874 | 8,947,653 | |
Liabilities: | |||
Noninterest-bearing | 2,762,814 | 1,749,879 | |
Interest-bearing | 6,910,969 | 5,780,554 | |
Total deposits | 9,673,783 | 7,530,433 | |
Federal funds purchased | 669,350 | 470,749 | |
Other borrowings | 64,719 | 64,703 | |
Accrued interest payable | 11,915 | 11,934 | |
Other liabilities | 25,518 | 27,152 | |
Total liabilities | 10,445,285 | 8,104,971 | |
Stockholders' equity: | |||
Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at September 30, 2020 and December 31, 2019 | 0 | 0 | |
Common stock, par value $0.001 per share; 100,000,000 shares authorized; 53,915,245 shares issued and outstanding at September 30, 2020, and 53,623,740 shares issued and outstanding at December 31, 2019 | 54 | 54 | |
Additional paid-in capital | 223,280 | 219,766 | |
Retained earnings | 706,924 | 616,611 | |
Accumulated other comprehensive income | 18,831 | 5,749 | |
Total stockholders' equity attributable to ServisFirst Bancshares, Inc. | 949,089 | 842,180 | |
Noncontrolling interest | 500 | 502 | |
Total stockholders' equity | 949,589 | 842,682 | |
Total liabilities and stockholders' equity | $ 11,394,874 | $ 8,947,653 | |
[1] | Derived from audited financial statements. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | [1] |
Held to maturity debt securities, fair value | $ 250 | $ 250 | |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | |
Preferred stock, undesignated (in shares) | 1,000,000 | 1,000,000 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | |
Common stock, shares issued (in shares) | 53,915,245 | 53,623,740 | |
Common stock, shares outstanding (in shares) | 53,915,245 | 53,623,740 | |
[1] | Derived from audited financial statements. |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest income: | ||||
Interest and fees on loans | $ 89,564 | $ 90,767 | $ 268,332 | $ 264,901 |
Taxable securities | 5,858 | 4,367 | 16,104 | 12,306 |
Nontaxable securities | 166 | 316 | 610 | 1,155 |
Federal funds sold | 16 | 1,768 | 327 | 4,985 |
Other interest and dividends | 506 | 3,912 | 2,584 | 9,269 |
Total interest income | 96,110 | 101,130 | 287,957 | 292,616 |
Interest expense: | ||||
Deposits | 9,876 | 24,787 | 37,377 | 71,172 |
Borrowed funds | 1,152 | 3,338 | 4,624 | 9,576 |
Total interest expense | 11,028 | 28,125 | 42,001 | 80,748 |
Net interest income | 85,082 | 73,005 | 245,956 | 211,868 |
Provision for loan losses | 12,284 | 6,985 | 36,151 | 16,754 |
Net interest income after provision for loan losses | 72,798 | 66,020 | 209,805 | 195,114 |
Noninterest income: | ||||
Securities gains | 0 | 34 | 0 | 28 |
Increase in cash surrender value life insurance | 1,733 | 787 | 4,650 | 2,327 |
Other operating income | 262 | 453 | 972 | 1,172 |
Total noninterest income | 8,172 | 6,210 | 21,879 | 16,930 |
Noninterest expenses: | ||||
Salaries and employee benefits | 14,994 | 15,499 | 46,444 | 44,103 |
Equipment and occupancy expense | 2,556 | 2,387 | 7,390 | 6,933 |
Third party processing and other services | 3,281 | 2,923 | 10,360 | 8,058 |
Professional services | 955 | 887 | 2,994 | 3,072 |
FDIC and other regulatory assessments (credits) | 1,061 | (296) | 2,988 | 1,804 |
OREO expense | 119 | 78 | 2,023 | 312 |
Other operating expenses | 3,607 | 3,683 | 11,110 | 12,227 |
Total noninterest expenses | 26,573 | 25,161 | 83,309 | 76,509 |
Income before income taxes | 54,397 | 47,069 | 148,375 | 135,535 |
Provision for income taxes | 11,035 | 9,506 | 29,787 | 27,329 |
Net income | 43,362 | 37,563 | 118,588 | 108,206 |
Preferred stock dividends | 0 | 0 | 31 | 31 |
Net income available to common stockholders | $ 43,362 | $ 37,563 | $ 118,557 | $ 108,175 |
Basic earnings per common share (in dollars per share) | $ 0.80 | $ 0.70 | $ 2.20 | $ 2.02 |
Diluted earnings per common share (in dollars per share) | $ 0.80 | $ 0.69 | $ 2.19 | $ 2 |
Deposit Account [Member] | ||||
Noninterest income: | ||||
Noninterest income | $ 1,818 | $ 1,735 | $ 5,557 | $ 5,223 |
Mortgage Banking [Member] | ||||
Noninterest income: | ||||
Noninterest income | 2,519 | 1,333 | 5,697 | 2,995 |
Credit Card [Member] | ||||
Noninterest income: | ||||
Noninterest income | $ 1,840 | $ 1,868 | $ 5,003 | $ 5,185 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income | $ 43,362 | $ 37,563 | $ 118,588 | $ 108,206 |
Other comprehensive income, net of tax: | ||||
Unrealized net holding gains arising during period from securities available for sale, net of tax of $58 and $3,477 for the three and nine months ended September 30, 2020, respectively, and net of tax of $424 and $2,791 for the three and nine months ended September 30, 2019, respectively | 220 | 1,434 | 13,082 | 10,497 |
Reclassification adjustment for net gains on sale of securities, net of tax of $7 and $5 for the three and nine months ended September 30, 2019, respectively | 0 | 27 | 0 | 23 |
Other comprehensive income (loss), net of tax | 220 | 1,461 | 13,082 | 10,520 |
Comprehensive income | $ 43,582 | $ 39,024 | $ 131,670 | $ 118,726 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Unrealized holding gain (loss) from available for sale securities, tax | $ 58 | $ 424 | $ 3,477 | $ 2,791 |
Reclassification adjustment for net (gains) losses on sale of securities available-for-sale, tax | $ 7 | $ 5 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance (in shares) at Dec. 31, 2018 | 53,375,195 | |||||||
Balance at Dec. 31, 2018 | $ 53 | $ 0 | $ 218,521 | $ 500,868 | $ (4,741) | $ 502 | $ 715,203 | |
Common dividends declared | $ 0 | 0 | 0 | (8,037) | 0 | 0 | (8,037) | |
Issue restricted shares pursuant to stock incentives, net of forfeitures (in shares) | 18,874 | |||||||
Issue restricted shares pursuant to stock incentives, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Issue shares of common stock upon exercise of stock options (in shares) | 185,044 | |||||||
Issue shares of common stock upon exercise of stock options | $ 1 | 0 | 1,674 | 0 | 0 | 0 | 1,675 | |
Shares of common stock withheld in net settlement upon exercise of stock options | 0 | 0 | (1,742) | 0 | 0 | 0 | (1,742) | |
Stock-based compensation expense | 0 | 0 | 781 | 0 | 0 | 0 | 781 | |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 10,520 | 0 | 10,520 | |
Net income | 0 | 0 | 0 | 108,206 | 0 | 108,206 | ||
Net income attributable to noncontrolling interest | 0 | |||||||
Profit loss | 108,206 | |||||||
Common dividends paid | 0 | 0 | 0 | (16,038) | 0 | 0 | (16,038) | |
Preferred dividends paid | $ 0 | 0 | 0 | (31) | 0 | 0 | (31) | |
Other comprehensive income (loss), net of tax | 10,520 | |||||||
Balance (in shares) at Sep. 30, 2019 | 53,579,113 | |||||||
Balance at Sep. 30, 2019 | $ 54 | 0 | 219,234 | 584,968 | 5,779 | 502 | 810,537 | |
Balance (in shares) at Jun. 30, 2019 | 53,526,882 | |||||||
Balance at Jun. 30, 2019 | $ 54 | 0 | 218,658 | 555,425 | 4,318 | 502 | 778,957 | |
Common dividends declared | $ 0 | 0 | 0 | (8,020) | 0 | 0 | (8,020) | |
Issue restricted shares pursuant to stock incentives, net of forfeitures (in shares) | 10,500 | |||||||
Issue restricted shares pursuant to stock incentives, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Issue shares of common stock upon exercise of stock options (in shares) | 41,731 | |||||||
Issue shares of common stock upon exercise of stock options | $ 0 | 0 | 571 | 0 | 0 | 0 | 571 | |
Shares of common stock withheld in net settlement upon exercise of stock options | 0 | 0 | (289) | 0 | 0 | 0 | (289) | |
Stock-based compensation expense | 0 | 0 | 294 | 0 | 0 | 0 | 294 | |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 1,461 | 0 | 1,461 | |
Net income | $ 0 | 0 | 0 | 37,563 | 0 | 37,563 | ||
Net income attributable to noncontrolling interest | 0 | |||||||
Profit loss | 37,563 | |||||||
Other comprehensive income (loss), net of tax | 1,461 | |||||||
Balance (in shares) at Sep. 30, 2019 | 53,579,113 | |||||||
Balance at Sep. 30, 2019 | $ 54 | 0 | 219,234 | 584,968 | 5,779 | 502 | 810,537 | |
Balance (in shares) at Dec. 31, 2019 | 53,623,740 | |||||||
Balance at Dec. 31, 2019 | $ 54 | 0 | 219,766 | 616,611 | 5,749 | 502 | 842,682 | [1] |
Common dividends declared | $ 0 | 0 | 0 | (9,422) | 0 | 0 | (9,422) | |
Issue restricted shares pursuant to stock incentives, net of forfeitures (in shares) | 29,067 | |||||||
Issue restricted shares pursuant to stock incentives, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Issue shares of common stock upon exercise of stock options (in shares) | 262,438 | |||||||
Issue shares of common stock upon exercise of stock options | $ 0 | 0 | 3,172 | 0 | 0 | 0 | 3,172 | |
Shares of common stock withheld in net settlement upon exercise of stock options | 0 | 0 | (627) | 0 | 0 | 0 | (627) | |
Stock-based compensation expense | 0 | 0 | 969 | 0 | 0 | 0 | 969 | |
Net income | 0 | 0 | 0 | 118,588 | 0 | 118,588 | ||
Net income attributable to noncontrolling interest | (2) | |||||||
Profit loss | 118,586 | |||||||
Common dividends paid | 0 | 0 | 0 | (18,822) | 0 | 0 | (18,822) | |
Preferred dividends paid | 0 | 0 | 0 | (31) | 0 | 0 | (31) | |
Other comprehensive income (loss), net of tax | $ 0 | 0 | 0 | 0 | 13,082 | 0 | 13,082 | |
Balance (in shares) at Sep. 30, 2020 | 53,915,245 | |||||||
Balance at Sep. 30, 2020 | $ 54 | 0 | 223,280 | 706,924 | 18,831 | 500 | 949,589 | |
Balance (in shares) at Jun. 30, 2020 | 53,874,276 | |||||||
Balance at Jun. 30, 2020 | $ 54 | 0 | 222,437 | 672,984 | 18,611 | 502 | 914,588 | |
Common dividends declared | $ 0 | 0 | 0 | (9,422) | 0 | 0 | (9,422) | |
Issue restricted shares pursuant to stock incentives, net of forfeitures (in shares) | 3,500 | |||||||
Issue restricted shares pursuant to stock incentives, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Issue shares of common stock upon exercise of stock options (in shares) | 37,469 | |||||||
Issue shares of common stock upon exercise of stock options | $ 0 | 0 | 728 | 0 | 0 | 0 | 728 | |
Shares of common stock withheld in net settlement upon exercise of stock options | 0 | 0 | (225) | 0 | 0 | 0 | (225) | |
Stock-based compensation expense | 0 | 0 | 340 | 0 | 0 | 0 | 340 | |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 220 | 0 | 220 | |
Net income | $ 0 | 0 | 0 | 43,362 | 0 | 43,362 | ||
Net income attributable to noncontrolling interest | (2) | |||||||
Profit loss | 43,360 | |||||||
Other comprehensive income (loss), net of tax | 220 | |||||||
Balance (in shares) at Sep. 30, 2020 | 53,915,245 | |||||||
Balance at Sep. 30, 2020 | $ 54 | $ 0 | $ 223,280 | $ 706,924 | $ 18,831 | $ 500 | $ 949,589 | |
[1] | Derived from audited financial statements. |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Common dividends, per share declared (in dollars per share) | $ 0.175 | $ 0.15 | $ 0.175 | $ 0.15 |
Shares withheld in net settlement upon exercise of stock options (in shares) | 5,831 | 9,069 | 16,862 | 54,256 |
Common dividends, per share (in dollars per share) | $ 0.35 | $ 0.30 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
OPERATING ACTIVITIES | ||
Net income | $ 118,588 | $ 108,206 |
Adjustments to reconcile net income to net cash provided by | ||
Deferred tax (benefit) expense | (4,675) | 2,851 |
Provision for loan losses | 36,151 | 16,754 |
Depreciation | 2,788 | 2,774 |
Accretion on acquired loans | (100) | (91) |
Amortization of core deposit intangible | 203 | 203 |
Net amortization of debt securities available for sale | 3,834 | 2,040 |
Increase in accrued interest and dividends receivable | (10,345) | (1,353) |
Stock-based compensation expense | 969 | 781 |
(Decrease) increase in accrued interest payable | (19) | 1,095 |
Proceeds from sale of mortgage loans held for sale | 194,558 | 90,188 |
Originations of mortgage loans held for sale | (204,021) | (95,764) |
Gain on sale of mortgage loans held for sale | (5,697) | (2,995) |
Net gain on sale of debt securities available for sale | 0 | (28) |
Net gain on sale of other real estate owned and repossessed assets | (8) | (6) |
Write down of other real estate owned and repossessed assets | 1,836 | 288 |
Operating loss (income) of tax credit partnerships | 4 | (16) |
Increase in cash surrender value of life insurance contracts | (4,650) | (2,327) |
Net change in other assets, liabilities, and other operating activities | (11,916) | (19,766) |
Net cash provided by operating activities | 117,500 | 102,834 |
INVESTMENT ACTIVITIES | ||
Purchase of debt securities available for sale | (288,453) | (186,240) |
Proceeds from maturities, calls and paydowns of debt securities available for sale | 148,206 | 100,687 |
Purchase of debt securities held to maturity | 0 | (250) |
Investment in tax credit partnership and SBIC | (636) | 0 |
Increase in loans | (1,269,704) | (505,224) |
Purchase of premises and equipment | (1,565) | (1,522) |
Purchase of bank owned life insurance contracts | (40,000) | (20,000) |
Proceeds from sale of other real estate owned and repossessed assets | 1,780 | 727 |
Net cash used in investing activities | (1,450,372) | (611,822) |
FINANCING ACTIVITIES | ||
Net increase in non-interest-bearing deposits | 1,012,935 | 121,331 |
Net increase in interest-bearing deposits | 1,130,415 | 687,119 |
Net increase in federal funds purchased | 198,601 | 81,506 |
Proceeds from exercise of stock options | 3,172 | 1,675 |
Taxes paid in net settlement of tax obligation upon exercise of stock options | (627) | (1,742) |
Dividends paid on common stock | (18,822) | (16,038) |
Dividends paid on preferred stock | (31) | (31) |
Net cash provided by financing activities | 2,325,643 | 873,820 |
Net increase in cash and cash equivalents | 992,771 | 364,832 |
Cash and cash equivalents at beginning of period | 630,600 | 681,895 |
Cash and cash equivalents at end of period | 1,623,371 | 1,046,727 |
Cash paid for: | ||
Interest | 42,020 | 76,653 |
Income taxes | 38,593 | 34,464 |
Income tax refund | (47) | (86) |
NONCASH TRANSACTIONS | ||
Other real estate acquired in settlement of loans | 2,406 | 1,177 |
Dividends declared | $ 9,422 | $ 8,037 |
Note 1 - General
Note 1 - General | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 The accompanying consolidated financial statements in this report have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, including Regulation S- X 10 not not not may 10 December 31, 2019. All reported amounts are in thousands except share and per share data. Allowance for Loan Losses The Company was prepared to fully adopt Accounting Standards Update (“ASU”) 2016 13, Financial Instruments – Credit Losses (Topic 326 January 1, 2020 19 March 27, 2020, 2016 13. 19 December 31, 2020, January 1, 2020. The allowance for loan losses as of September 30, 2020 19 5 |
Note 2 - Cash and Cash Equivale
Note 2 - Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 2 - CASH AND CASH EQUIVALENTS Cash on hand, cash items in process of collection, amounts due from banks, and federal funds sold are included in cash and cash equivalents. |
Note 3 - Earnings Per Common Sh
Note 3 - Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 3 - EARNINGS PER COMMON SHARE Basic earnings per common share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In Thousands, Except Shares and Per Share Data) Earnings per common share Weighted average common shares outstanding 53,893,753 53,544,747 53,817,928 53,508,710 Net income available to common stockholders $ 43,362 $ 37,563 $ 118,557 $ 108,175 Basic earnings per common share $ 0.80 $ 0.70 $ 2.20 $ 2.02 Weighted average common shares outstanding 53,893,753 53,544,747 53,817,928 53,508,710 Dilutive effects of assumed conversions and exercise of stock options and warrants 339,212 551,621 380,494 578,700 Weighted average common and dilutive potential common shares outstanding 54,232,965 54,096,368 54,198,422 54,087,410 Net income available to common stockholders $ 43,362 $ 37,563 $ 118,557 $ 108,175 Diluted earnings per common share $ 0.80 $ 0.69 $ 2.19 $ 2.00 |
Note 4 - Securities
Note 4 - Securities | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 4 - SECURITIES The amortized cost and fair value of available-for-sale and held-to-maturity securities at September 30, 2020 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Market Cost Gain Loss Value September 30, 2020 (In Thousands) Securities Available for Sale U.S. Treasury securities $ 18,990 $ 436 $ - $ 19,426 Government agencies 15,222 299 - 15,521 Mortgage-backed securities 500,251 17,879 (68 ) 518,062 State and municipal securities 36,922 486 - 37,408 Corporate debt 317,887 5,638 (893 ) 322,632 Total $ 889,272 $ 24,738 $ (961 ) $ 913,049 Securities Held to Maturity State and municipal securities 250 - - 250 Total $ 250 $ - $ - $ 250 December 31, 2019 Securities Available for Sale U.S. Treasury securities $ 48,923 $ 291 $ (4 ) $ 49,210 Government agencies 18,245 143 (2 ) 18,386 Mortgage-backed securities 470,513 4,859 (1,318 ) 474,054 State and municipal securities 56,951 335 (14 ) 57,272 Corporate debt 157,549 3,098 (170 ) 160,477 Total $ 752,181 $ 8,726 $ (1,508 ) $ 759,399 Securities Held to Maturity State and municipal securities 250 - - 250 Total $ 250 $ - $ - $ 250 The amortized cost and fair value of debt securities as of September 30, 2020 December 31, 2019 may may not September 30, 2020 December 31, 2019 Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Debt securities available for sale Due within one year $ 22,531 $ 22,627 $ 58,722 $ 58,975 Due from one to five years 78,998 81,105 90,034 91,005 Due from five to ten years 191,528 194,527 129,501 131,914 Due after ten years 95,964 96,728 3,411 3,451 Mortgage-backed securities 500,251 518,062 470,513 474,054 $ 889,272 $ 913,049 $ 752,181 $ 759,399 Debt securities held to maturity Due from one to five years $ 250 $ 250 $ 250 $ 250 $ 250 $ 250 $ 250 $ 250 All mortgage-backed securities are with government-sponsored enterprises (GSEs) such as Federal National Mortgage Association, Government National Mortgage Association, Federal Home Loan Bank, and Federal Home Loan Mortgage Corporation. The carrying value of debt securities pledged to secure public funds on deposit and for other purposes as required by law as of September 30, 2020 December 31, 2019 The following table identifies, as of September 30, 2020 December 31, 2019, 12 12 September 30, 2020, none 12 Less Than Twelve Months Twelve Months or More Total Gross Gross Gross Unrealized Unrealized Unrealized Losses Fair Value Losses Fair Value Losses Fair Value (In Thousands) September 30, 2020 U.S. Treasury securities $ - $ - $ - $ - $ - $ - Government agency securities - - - - - - Mortgage-backed securities (68 ) 34,639 - - (68 ) 34,639 State and municipal securities (1) - - - - - - Corporate debt (893 ) 87,212 - - (893 ) 87,212 Total $ (961 ) $ 121,851 $ - $ - $ (961 ) $ 121,851 December 31, 2019 U.S. Treasury securities $ (4 ) $ 3,012 $ - $ - $ (4 ) $ 3,012 Government agency securities (2 ) 266 - - (2 ) 266 Mortgage-backed securities (1,206 ) 153,330 (112 ) 24,911 (1,318 ) 178,241 State and municipal securities (4 ) 1,900 (10 ) 2,647 (14 ) 4,547 Corporate debt (170 ) 19,981 - - (170 ) 19,981 Total $ (1,386 ) $ 178,489 $ (122 ) $ 27,558 $ (1,508 ) $ 206,047 |
Note 5 - Loans
Note 5 - Loans | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 5 – LOANS The following table details the Company’s loans at September 30, 2020 December 31, 2019: September 30, December 31, 2020 2019 (Dollars In Thousands) Commercial, financial and agricultural $ 3,466,189 $ 2,696,210 Real estate - construction 530,919 521,392 Real estate - mortgage: Owner-occupied commercial 1,725,222 1,587,478 1-4 family mortgage 671,841 644,188 Other mortgage 2,056,549 1,747,394 Subtotal: Real estate - mortgage 4,453,612 3,979,060 Consumer 57,834 64,789 Total Loans 8,508,554 7,261,451 Less: Allowance for loan losses (92,440 ) (76,584 ) Net Loans $ $ 7,184,867 Commercial, financial and agricultural 40.74 % 37.13 % Real estate - construction 6.24 % 7.18 % Real estate - mortgage: Owner-occupied commercial 20.27 % 21.86 % 1-4 family mortgage 7.90 % 8.87 % Other mortgage 24.17 % 24.07 % Subtotal: Real estate - mortgage 52.34 % 54.80 % Consumer 0.68 % 0.89 % Total Loans 100.00 % 100.00 % In light of the U.S. and global economic crisis brought about by the COVID- 19 500 September 30, 2020, September 30, 2020, three nine September 30, 2020 The credit quality of the loan portfolio is summarized no ● Pass – loans which are well protected by the current net worth and paying capacity of the borrower (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral. ● Special Mention – loans with potential weakness that may, not not not ● Substandard – loans that exhibit well-defined weakness or weaknesses that currently jeopardize debt repayment. These loans are characterized by the distinct possibility that the institution will sustain some loss if the weaknesses are not ● Doubtful – loans that have all the weaknesses inherent in loans classified substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. Loans by credit quality indicator as of September 30, 2020 December 31, 2019 Special September 30, 2020 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 3,374,467 $ 17,955 $ 73,767 $ - $ 3,466,189 Real estate - construction 527,231 3,100 588 - 530,919 Real estate - mortgage: Owner-occupied commercial 1,708,113 14,280 2,829 - 1,725,222 1-4 family mortgage 666,463 2,065 3,313 - 671,841 Other mortgage 2,031,328 12,006 13,215 - 2,056,549 Total real estate mortgage 4,405,904 28,351 19,357 - 4,453,612 Consumer 57,785 49 - - 57,834 Total $ 8,365,387 $ 49,455 $ 93,712 $ - $ 8,508,554 Special December 31, 2019 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 2,629,487 $ 46,176 $ 20,547 $ - $ 2,696,210 Real estate - construction 512,373 4,731 4,288 - 521,392 Real estate - mortgage: Owner-occupied commercial 1,555,283 18,240 13,955 - 1,587,478 1-4 family mortgage 639,959 2,787 1,442 - 644,188 Other mortgage 1,735,869 10,018 1,507 - 1,747,394 Total real estate mortgage 3,931,111 31,045 16,904 - 3,979,060 Consumer 64,789 - - - 64,789 Total $ 7,137,760 $ 81,952 $ 41,739 $ - $ 7,261,451 Loans by performance status as of September 30, 2020 December 31, 2019 September 30, 2020 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 3,447,490 $ 18,699 $ 3,466,189 Real estate - construction 530,332 587 530,919 Real estate - mortgage: Owner-occupied commercial 1,723,384 1,838 1,725,222 1-4 family mortgage 671,227 614 671,841 Other mortgage 2,051,722 4,827 2,056,549 Total real estate mortgage 4,446,333 7,279 4,453,612 Consumer 57,826 8 57,834 Total $ 8,481,981 $ 26,573 $ 8,508,554 December 31, 2019 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 2,681,280 $ 14,930 $ 2,696,210 Real estate - construction 519,803 1,589 521,392 Real estate - mortgage: Owner-occupied commercial 1,576,652 10,826 1,587,478 1-4 family mortgage 641,875 2,313 644,188 Other mortgage 1,740,963 6,431 1,747,394 Total real estate mortgage 3,959,490 19,570 3,979,060 Consumer 64,766 23 64,789 Total $ 7,225,339 $ 36,112 $ 7,261,451 Loans by past due status as of September 30, 2020 December 31, 2019 September 30, 2020 Past Due Status (Accruing Loans) Total Past 30-59 Days 60-89 Days 90+ Days Due Non-Accrual Current Total Loans (In Thousands) Commercial, financial and agricultural $ 721 $ 3,102 $ 63 $ 3,886 $ 18,636 $ 3,443,667 $ 3,466,189 Real estate - construction - - - - 587 530,332 530,919 Real estate - mortgage: Owner-occupied commercial - - - - 1,838 1,723,384 1,725,222 1-4 family mortgage 211 320 - 531 614 670,696 671,841 Other mortgage - - 4,827 4,827 - 2,051,722 2,056,549 Total real estate - mortgage 211 320 4,827 5,358 2,452 4,445,802 4,453,612 Consumer 36 6 8 50 - 57,784 57,834 Total $ 968 $ 3,428 $ 4,898 $ 9,294 $ 21,675 $ 8,477,585 $ 8,508,554 December 31, 2019 Past Due Status (Accruing Loans) Total Past 30-59 Days 60-89 Days 90+ Days Due Non-Accrual Current Total Loans (In Thousands) Commercial, financial and agricultural $ 3,135 $ 344 $ 201 $ 3,680 $ 14,729 $ 2,677,801 $ 2,696,210 Real estate - construction 830 - - 830 1,589 518,973 521,392 Real estate - mortgage: Owner-occupied commercial 917 7,242 - 8,159 10,826 1,568,493 1,587,478 1-4 family mortgage 1,638 567 873 3,078 1,440 639,670 644,188 Other mortgage - - 4,924 4,924 1,507 1,740,963 1,747,394 Total real estate - mortgage 2,555 7,809 5,797 16,161 13,773 3,949,126 3,979,060 Consumer 35 25 23 83 - 64,706 64,789 Total $ 6,555 $ 8,178 $ 6,021 $ 20,754 $ 30,091 $ 7,210,606 $ 7,261,451 The allowance for loan losses (“ALLL”) is maintained at a level which, in management’s judgment, is adequate to absorb credit losses inherent in the loan portfolio. The amount of the allowance is based on management’s evaluation of the collectability of the loan portfolio, including the nature of the portfolio, credit concentrations, trends in historical loss experience, specific impaired loans, economic conditions and other risks inherent in the portfolio. Allowances for impaired loans are generally determined based on collateral values or the present value of the estimated cash flows. The allowance is increased by a provision for loan losses, which is charged to expense, and reduced by charge-offs, net of recoveries. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the allowance for losses on loans. Such agencies may The methodology utilized for the calculation of the allowance for loan losses is divided into four 450 310 Non-Impaired Loans. second 5 Impaired Loans. may may External Qualitative Factors three second 2020 19 June 30, 2020. 19 $11.3 September 30, 2020, $3.6 June 30, 2020, third 2020. Internal Qualitative Factors During the third 2019, The following table presents an analysis of the allowance for loan losses by portfolio segment and changes in the allowance for loan losses for the three nine September 30, 2020 September 30, 2019. Commercial, financial and Real estate - Real estate - agricultural construction mortgage Consumer Total (In Thousands) Three Months Ended September 30, 2020 Allowance for loan losses: Balance at June 30, 2020 $ 47,986 $ 4,531 $ 38,399 $ 591 $ 91,507 Charge-offs (11,146 ) - (200 ) (44 ) (11,390 ) Recoveries 12 - 12 15 39 Provision 12,421 (441 ) 304 - 12,284 Balance at September 30, 2020 $ 49,273 $ 4,090 $ 38,515 $ 562 $ 92,440 Three Months Ended September 30, 2019 Allowance for loan losses: Balance at June, 2019 $ 38,709 $ 3,419 $ 28,783 $ 475 $ 71,386 Charge-offs (3,626 ) - (4,974 ) (172 ) (8,772 ) Recoveries 126 1 - 60 187 Allocation from LGP 4,905 115 2,386 - 7,406 Provision 5,108 (343 ) 2,069 151 6,985 Balance at September 30, 2019 $ 45,222 $ 3,192 $ 28,264 $ 514 $ 77,192 Nine Months Ended September 30, 2020 Balance at December 31, 2019 Allowance for loan losses: $ 43,666 $ 2,768 $ 29,653 $ 497 $ 76,584 Charge-offs (15,144 ) (830 ) (4,397 ) (165 ) (20,536 ) Recoveries 158 2 26 55 241 Provision 20,593 2,150 13,233 175 36,151 Balance at September 30, 2020 $ 49,273 $ 4,090 $ 38,515 $ 562 $ 92,440 Nine Months Ended September 30, 2019 Allowance for loan losses: Balance at December 31, 2018 $ 39,016 $ 3,522 $ 25,508 $ 554 $ 68,600 Charge-offs (10,273 ) - (5,193 ) (453 ) (15,919 ) Recoveries 255 2 11 83 351 Allocation from LGP 4,905 115 2,386 - 7,406 Provision 11,319 (447 ) 5,552 330 16,754 Balance at September 30, 2019 $ 45,222 $ 3,192 $ 28,264 $ 514 $ 77,192 As of September 30, 2020 Allowance for loan losses: Individually Evaluated for Impairment $ 9,204 $ 201 $ 195 $ - $ 9,600 Collectively Evaluated for Impairment 40,069 3,889 38,320 562 82,840 Loans: Ending Balance $ 3,466,189 $ 530,919 $ 4,453,612 $ 57,834 $ 8,508,554 Individually Evaluated for Impairment 73,800 587 19,376 - 93,763 Collectively Evaluated for Impairment 3,392,389 530,332 4,434,236 57,834 8,414,791 As of December 31, 2019 Allowance for loan losses: Individually Evaluated for Impairment $ 6,085 $ 86 $ 3,633 $ - $ 9,804 Collectively Evaluated for Impairment 37,581 2,682 26,020 497 66,780 Loans: Ending Balance $ 2,696,210 $ 521,392 $ 3,979,060 $ 64,789 $ 7,261,451 Individually Evaluated for Impairment 20,843 4,320 17,985 - 43,148 Collectively Evaluated for Impairment 2,675,367 517,072 3,961,075 64,789 7,218,303 The following table presents details of the Company’s impaired loans as of September 30, 2020 December 31, 2019, not For the three months For the nine months ended September 30, ended September 30, September 30, 2020 2020 2020 Interest Interest Unpaid Average Income Average Income Recorded Principal Related Recorded Recognized Recorded Recognized Investment Balance Allowance Investment in Period Investment in Period (In Thousands) With no allowance recorded: Commercial, financial and agricultural $ 50,898 $ 60,687 $ - $ 61,374 $ 442 $ 61,967 $ 1,605 Real estate - construction - - - - - - - Real estate - mortgage: Owner-occupied commercial 1,581 1,581 - 1,582 12 1,600 52 1-4 family mortgage 2,899 2,899 - 2,882 26 2,814 78 Other mortgage 12,200 12,200 - 12,068 122 12,211 396 Total real estate - mortgage 16,680 16,680 - 16,532 160 16,625 526 Consumer - - - - - - - Total with no allowance recorded 67,578 77,367 - 77,906 602 78,592 2,131 With an allowance recorded: Commercial, financial and agricultural 22,902 23,169 9,204 21,648 102 22,237 535 Real estate - construction 587 637 201 954 - 1,012 - Real estate - mortgage: Owner-occupied commercial 1,252 1,392 146 4,563 3 3,915 97 1-4 family mortgage 412 412 49 398 12 406 12 Other mortgage 1,032 1,032 - 1,022 11 1,077 35 Total real estate - mortgage 2,696 2,836 195 5,983 26 5,398 144 Consumer - - - - - - - Total with allowance recorded 26,185 26,642 9,600 28,585 128 28,647 679 Total Impaired Loans: Commercial, financial and agricultural 73,800 83,856 9,204 83,022 544 84,204 2,140 Real estate - construction 587 637 201 954 - 1,012 - Real estate - mortgage: Owner-occupied commercial 2,833 2,973 146 6,145 15 5,515 149 1-4 family mortgage 3,311 3,311 49 3,280 38 3,220 90 Other mortgage 13,232 13,232 - 13,090 133 13,288 431 Total real estate - mortgage 19,376 19,516 195 22,515 186 22,023 670 Consumer - - - - - - - Total impaired loans $ 93,763 $ 104,009 $ 9,600 $ 106,491 $ 730 $ 107,239 $ 2,810 December 31, 2019 For the twelve months ended December 31, 2019 Unpaid Average Interest Income Recorded Principal Related Recorded Recognized in Investment Balance Allowance Investment Period (In Thousands) With no allowance recorded: Commercial, financial and agricultural $ 9,015 $ 10,563 $ - $ 11,284 $ 562 Real estate - construction 2,731 2,735 - 2,063 126 Real estate - mortgage: Owner-occupied commercial 7,150 7,246 - 7,548 618 1-4 family mortgage 287 287 - 289 2 Other mortgage - - - - - Total real estate - mortgage 7,437 7,533 - 7,837 620 Consumer - - - - - Total with no allowance recorded 19,183 20,831 - 21,184 1,308 With an allowance recorded: Commercial, financial and agricultural 11,828 19,307 6,085 19,714 395 Real estate - construction 1,589 1,589 86 1,614 27 Real estate - mortgage: Owner-occupied commercial 7,888 11,028 2,456 13,627 301 1-4 family mortgage 1,153 1,153 176 1,157 1 Other mortgage 1,507 1,507 1,001 1,468 21 Total real estate - mortgage 10,548 13,688 3,633 16,252 323 Consumer - - - - - Total with allowance recorded 23,965 34,584 9,804 37,580 745 Total Impaired Loans: Commercial, financial and agricultural 20,843 29,870 6,085 30,998 957 Real estate - construction 4,320 4,324 86 3,677 153 Real estate - mortgage: Owner-occupied commercial 15,038 18,274 2,456 21,175 919 1-4 family mortgage 1,440 1,440 176 1,446 3 Other mortgage 1,507 1,507 1,001 1,468 21 Total real estate - mortgage 17,985 21,221 3,633 24,089 943 Consumer - - - - - Total impaired loans $ 43,148 $ 55,415 $ 9,804 $ 58,764 $ 2,053 As of September 30, 2020, 19 19 September 30, 2020. Troubled Debt Restructurings (“TDR”) at September 30, 2020, December 31, 2019 September 30, 2019 September 30, 2020, December 31, 2019 September 30, 2019 September 30, 2020, December 31, 2019 September 30, 2019. three nine September 30, 2020 September 30, 2019 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment (In Thousands) Troubled Debt Restructurings Commercial, financial and agricultural 1 $ 214 $ 214 2 $ 564 $ 564 Real estate - construction 1 357 357 1 357 357 Real estate - mortgage: Owner-occupied commercial 1 611 611 1 611 611 1-4 family mortgage - - - - - - Other mortgage - - - - - - Total real estate mortgage 1 611 611 1 611 611 Consumer - - - - - - 3 $ 1,182 $ 1,182 4 $ 1,532 $ 1,532 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment (In Thousands) Troubled Debt Restructurings Commercial, financial and agricultural - $ - $ - 1 $ 2,742 $ 2,742 Real estate - construction - - - - - - Real estate - mortgage: Owner-occupied commercial - - - - - - 1-4 family mortgage - - - - - - Other mortgage - - - - - - Total real estate mortgage - - - - - - Consumer - - - - - - - $ - $ - 1 $ 2,742 $ 2,742 There were no loans which were modified in the previous twelve twelve three nine September 30, 2020. twelve three September 30, 2019. two twelve nine September 30, 2019. 90 |
Note 6 - Leases
Note 6 - Leases | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 6 The Company leases space under non-cancelable operating leases for several of its banking offices and certain office equipment. The leases have remaining terms up to 8.4 years. At September 30, 2020, December 31, 2019 Maturities of operating lease liabilities as of September 30, 2020 September 30, 2020 (In Thousands) 2020 (remaining) $ 839 2021 2,744 2022 2,679 2023 2,205 2024 1,232 thereafter 2,624 Total lease payments 12,323 Less: imputed interest (1,219 ) Present value of operating lease liabilities $ 11,104 As of September 30, 2020, Operating cash flows related to leases were $855,000 and $2.6 million, for the three nine September 30, 2020, three nine September 30, 2019, Lease costs during the three nine September 30, 2020 September 30, 2019 Three Months Ended September 30, 2020 2019 Operating lease cost $ 876 $ 809 Short-term lease cost 13 8 Variable lease cost 77 49 Sublease income (25 ) (23 ) Net lease cost $ 941 $ 843 Nine Months Ended September 30, 2020 2019 Operating lease cost $ 2,623 $ 2,500 Short-term lease cost 45 21 Variable lease cost 165 151 Sublease income (70 ) (35 ) Net lease cost $ 2,763 $ 2,637 |
Note 7 - Employee and Director
Note 7 - Employee and Director Benefits | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 7 - EMPLOYEE AND DIRECTOR BENEFITS Stock Options The Company has a stock-based compensation plan as described below. The compensation cost that has been charged to earnings for the plan was $340,000 and $969,000 for the three nine September 30, 2020 three nine September 30, 2019. The Company’s 2009 ten The Company estimates the fair value of each stock option award using a Black-Scholes-Merton valuation model that uses the assumptions noted in the following table. Expected volatility is based on historical volatilities of the Company’s common stock. The expected term for options granted is based on the short-cut method and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. 2019 Expected volatility 40.00 % Expected dividends 1.74 % Expected term (in years) 6.7 Risk-free rate 2.56 % There were no grants of stock options during the nine September 30, 2020. nine September 30, 2019 The following table summarizes stock option activity during the nine September 30, 2020 September 30, 2019: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (years) Value (In Thousands) Nine Months Ended September 30, 2020: Outstanding at January 1, 2020 965,248 $ 15.19 4.9 $ 21,911 Granted - - - - Exercised (279,300 ) 11.36 3.2 6,330 Forfeited (18,000 ) 30.79 6.4 58 Outstanding at September 30, 2020 667,948 16.37 4.5 $ 11,720 Exercisable at September 30, 2020 209,200 $ 12.41 3.2 $ 4,425 Nine Months Ended September 30, 2019: Outstanding at January 1, 2019 1,238,748 $ 13.02 5.2 $ 23,355 Granted 10,500 34.44 9.4 (14 ) Exercised (239,300 ) 7.02 2.3 6,162 Forfeited (20,200 ) 24.88 6.5 167 Outstanding at September 30, 2019 989,748 14.46 5.0 $ 18,603 Exercisable at September 30, 2019 278,000 $ 7.36 3.1 $ 7,261 As of September 30, 2020, Restricted Stock The Company periodically grants restricted stock awards that vest upon service conditions. Dividend payments are made during the vesting period. The value of restricted stock is determined to be the current value of the Company’s stock, and this total value will be recognized as compensation expense over the vesting period. As of September 30, 2020, The following table summarizes restricted stock activity during the nine September 30, 2020 2019, Shares Weighted Average Grant Date Fair Value Nine Months Ended September 30, 2020: Non-vested at January 1, 2020 71,290 $ 31.53 Granted 29,067 33.20 Vested (19,928 ) 23.64 Forfeited - - Non-vested at September 30, 2020 80,429 34.09 Nine Months Ended September 30, 2019: Non-vested at January 1, 2019 56,576 $ 29.94 Granted 21,274 34.08 Vested (5,200 ) 20.31 Forfeited (2,500 ) 38.17 Non-vested at September 30, 2019 70,150 31.62 |
Note 8 - Derivatives
Note 8 - Derivatives | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 8 - DERIVATIVES The Company periodically enters into derivative contracts to manage exposures to movements in interest rates. The Company purchased an interest rate cap in May 2020 not one September 30, 2020 The Company has entered into agreements with secondary market investors to deliver loans on a “best efforts delivery” basis. When a rate is committed to a borrower, it is based on the best price that day and locked with the investor for the customer for a 30 not no September 30, 2020 December 31, 2019 not |
Note 9 - Recently Adopted Accou
Note 9 - Recently Adopted Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 9 – RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In July 2018, 2018 13, Fair Value Measurement (Topic 820 no 1 2 3 No. 2018 13 January 1, 2020. 2018 13 no |
Note 10 - Recent Accounting Pro
Note 10 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | NOTE 10 In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments The CARES Act gave financial institutions the option to delay adoption of ASU 2016 13. 19 December 31, 2020, January 1, 2020. The Company’s CECL implementation team includes leadership from Accounting, Credit Administration and Risk Management. This group works closely with a third - CECL parallel comparisons were performed at September 30, 2020 19 Credit losses for loans that no one The estimation methodology for credit losses on lending-related commitments were similar to the process for estimating credit losses for loans, with the addition of a probability of draw estimate that will be applied to each commitment amount. Based upon the nature and characteristics of our securities portfolios at September 30, 2020, not In March 2020, 2020 04, Reference Rate Reform (Topic 848 March 12, 2020 December 31, 2022. In August 2020, 2020 06, Debt-Debt with Conversion and Other Options (Topic 470 815 no December 15, 2021, not not |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurement | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 11 - FAIR VALUE MEASUREMENT Measurement of fair value under U.S. GAAP establishes a hierarchy that prioritizes observable and unobservable inputs used to measure fair value, as of the measurement date, into three Level 1: 1 Level 2: not Level 3: no 3 In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and also considers counterparty credit risk in its assessment of fair value. Debt Securities 1 1 not may 2 two 2 not two 3 September 30, 2020 December 31, 2019 Derivative instruments 2 Impaired Loans not not 820 10 3 September 30, 2020 December 31, 2019 three nine September 30, 2020, three nine September 30, 2019, Other Real Estate Owned and repossessed assets not September 30, 2020 December 31, 2019 3 three nine September 30, 2020, three nine September 30, 2019, 3 There were no September 30, 2020, one December 31, 2019. The following table presents the Company’s financial assets and financial liabilities carried at fair value on a recurring basis as of September 30, 2020 December 31, 2019: Fair Value Measurements at September 30, 2020 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Inputs Unobservable Assets (Level 1) (Level 2) Inputs (Level 3) Total Assets Measured on a Recurring Basis: (In Thousands) Available-for-sale debt securities: U.S. Treasury securities $ - $ 19,426 $ - $ 19,426 Government agency securities - 15,521 - 15,521 Mortgage-backed securities - 518,062 - 518,062 State and municipal securities - 37,408 - 37,408 Corporate debt - 316,051 6,581 322,632 Total available-for-sale debt securities - 906,468 6,581 913,049 Interest rate cap derivative - 200 - 200 Total assets at fair value $ - $ 906,668 $ 6,581 $ 913,249 Fair Value Measurements at December 31, 2019 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Inputs Unobservable Assets (Level 1) (Level 2) Inputs (Level 3) Total Assets Measured on a Recurring Basis: (In Thousands) Available-for-sale debt securities: U.S. Treasury securities $ - $ 49,210 $ - $ 49,210 Government agency securities - 18,386 - 18,386 Mortgage-backed securities - 474,054 - 474,054 State and municipal securities - 57,272 - 57,272 Corporate debt - 153,881 6,596 160,477 Total assets at fair value $ - $ 752,803 $ 6,596 $ 759,399 The following table presents the Company’s financial assets and financial liabilities carried at fair value on a nonrecurring basis as of September 30, 2020 December 31, 2019: Fair Value Measurements at September 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Measured on a Nonrecurring Basis: (In Thousands) Impaired loans $ - $ - $ 84,163 $ 84,163 Other real estate owned and repossessed assets - - 6,976 6,976 Total assets at fair value $ - $ - $ 91,139 $ 91,139 Fair Value Measurements at December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Measured on a Nonrecurring Basis: (In Thousands) Impaired loans $ - $ - $ 33,344 $ 33,344 Other real estate owned and repossessed assets - - 8,178 8,178 Total assets at fair value $ - $ - $ 41,522 $ 41,522 The fair value of a financial instrument is the current amount that would be exchanged in a sale between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no not may not may not The estimated fair values of the Company’s financial instruments not September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Carrying Carrying Amount Fair Value Amount Fair Value (In Thousands) Financial Assets: Level 1 inputs: Cash and due from banks $ 1,622,069 $ 1,622,069 $ 530,127 $ 530,127 Level 2 inputs: Federal funds sold 1,302 1,302 100,473 100,473 Mortgage loans held for sale 21,472 22,244 6,302 6,312 Level 3 inputs: Held to maturity debt securities 250 250 250 250 Loans, net 8,331,951 8,232,972 7,151,523 7,099,198 Financial liabilities: Level 2 inputs: Deposits $ 9,673,783 $ 9,687,830 $ 7,530,433 $ 7,534,984 Federal funds purchased 669,350 669,350 470,749 470,749 Other borrowings 64,719 63,840 64,703 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12 On October 21, 2020, October 21, 2030. 1933, June 30 th December 31 st December 31, 2020, may not October 21, 2025. July 15, 2015. |
Note 3 - Earnings Per Common _2
Note 3 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In Thousands, Except Shares and Per Share Data) Earnings per common share Weighted average common shares outstanding 53,893,753 53,544,747 53,817,928 53,508,710 Net income available to common stockholders $ 43,362 $ 37,563 $ 118,557 $ 108,175 Basic earnings per common share $ 0.80 $ 0.70 $ 2.20 $ 2.02 Weighted average common shares outstanding 53,893,753 53,544,747 53,817,928 53,508,710 Dilutive effects of assumed conversions and exercise of stock options and warrants 339,212 551,621 380,494 578,700 Weighted average common and dilutive potential common shares outstanding 54,232,965 54,096,368 54,198,422 54,087,410 Net income available to common stockholders $ 43,362 $ 37,563 $ 118,557 $ 108,175 Diluted earnings per common share $ 0.80 $ 0.69 $ 2.19 $ 2.00 |
Note 4 - Securities (Tables)
Note 4 - Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Market Cost Gain Loss Value September 30, 2020 (In Thousands) Securities Available for Sale U.S. Treasury securities $ 18,990 $ 436 $ - $ 19,426 Government agencies 15,222 299 - 15,521 Mortgage-backed securities 500,251 17,879 (68 ) 518,062 State and municipal securities 36,922 486 - 37,408 Corporate debt 317,887 5,638 (893 ) 322,632 Total $ 889,272 $ 24,738 $ (961 ) $ 913,049 Securities Held to Maturity State and municipal securities 250 - - 250 Total $ 250 $ - $ - $ 250 December 31, 2019 Securities Available for Sale U.S. Treasury securities $ 48,923 $ 291 $ (4 ) $ 49,210 Government agencies 18,245 143 (2 ) 18,386 Mortgage-backed securities 470,513 4,859 (1,318 ) 474,054 State and municipal securities 56,951 335 (14 ) 57,272 Corporate debt 157,549 3,098 (170 ) 160,477 Total $ 752,181 $ 8,726 $ (1,508 ) $ 759,399 Securities Held to Maturity State and municipal securities 250 - - 250 Total $ 250 $ - $ - $ 250 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | September 30, 2020 December 31, 2019 Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Debt securities available for sale Due within one year $ 22,531 $ 22,627 $ 58,722 $ 58,975 Due from one to five years 78,998 81,105 90,034 91,005 Due from five to ten years 191,528 194,527 129,501 131,914 Due after ten years 95,964 96,728 3,411 3,451 Mortgage-backed securities 500,251 518,062 470,513 474,054 $ 889,272 $ 913,049 $ 752,181 $ 759,399 Debt securities held to maturity Due from one to five years $ 250 $ 250 $ 250 $ 250 $ 250 $ 250 $ 250 $ 250 |
Gain (Loss) on Securities [Table Text Block] | Less Than Twelve Months Twelve Months or More Total Gross Gross Gross Unrealized Unrealized Unrealized Losses Fair Value Losses Fair Value Losses Fair Value (In Thousands) September 30, 2020 U.S. Treasury securities $ - $ - $ - $ - $ - $ - Government agency securities - - - - - - Mortgage-backed securities (68 ) 34,639 - - (68 ) 34,639 State and municipal securities (1) - - - - - - Corporate debt (893 ) 87,212 - - (893 ) 87,212 Total $ (961 ) $ 121,851 $ - $ - $ (961 ) $ 121,851 December 31, 2019 U.S. Treasury securities $ (4 ) $ 3,012 $ - $ - $ (4 ) $ 3,012 Government agency securities (2 ) 266 - - (2 ) 266 Mortgage-backed securities (1,206 ) 153,330 (112 ) 24,911 (1,318 ) 178,241 State and municipal securities (4 ) 1,900 (10 ) 2,647 (14 ) 4,547 Corporate debt (170 ) 19,981 - - (170 ) 19,981 Total $ (1,386 ) $ 178,489 $ (122 ) $ 27,558 $ (1,508 ) $ 206,047 |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, 2020 2019 (Dollars In Thousands) Commercial, financial and agricultural $ 3,466,189 $ 2,696,210 Real estate - construction 530,919 521,392 Real estate - mortgage: Owner-occupied commercial 1,725,222 1,587,478 1-4 family mortgage 671,841 644,188 Other mortgage 2,056,549 1,747,394 Subtotal: Real estate - mortgage 4,453,612 3,979,060 Consumer 57,834 64,789 Total Loans 8,508,554 7,261,451 Less: Allowance for loan losses (92,440 ) (76,584 ) Net Loans $ $ 7,184,867 Commercial, financial and agricultural 40.74 % 37.13 % Real estate - construction 6.24 % 7.18 % Real estate - mortgage: Owner-occupied commercial 20.27 % 21.86 % 1-4 family mortgage 7.90 % 8.87 % Other mortgage 24.17 % 24.07 % Subtotal: Real estate - mortgage 52.34 % 54.80 % Consumer 0.68 % 0.89 % Total Loans 100.00 % 100.00 % |
Financing Receivable Credit Quality Indicators [Table Text Block] | Special September 30, 2020 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 3,374,467 $ 17,955 $ 73,767 $ - $ 3,466,189 Real estate - construction 527,231 3,100 588 - 530,919 Real estate - mortgage: Owner-occupied commercial 1,708,113 14,280 2,829 - 1,725,222 1-4 family mortgage 666,463 2,065 3,313 - 671,841 Other mortgage 2,031,328 12,006 13,215 - 2,056,549 Total real estate mortgage 4,405,904 28,351 19,357 - 4,453,612 Consumer 57,785 49 - - 57,834 Total $ 8,365,387 $ 49,455 $ 93,712 $ - $ 8,508,554 Special December 31, 2019 Pass Mention Substandard Doubtful Total (In Thousands) Commercial, financial and agricultural $ 2,629,487 $ 46,176 $ 20,547 $ - $ 2,696,210 Real estate - construction 512,373 4,731 4,288 - 521,392 Real estate - mortgage: Owner-occupied commercial 1,555,283 18,240 13,955 - 1,587,478 1-4 family mortgage 639,959 2,787 1,442 - 644,188 Other mortgage 1,735,869 10,018 1,507 - 1,747,394 Total real estate mortgage 3,931,111 31,045 16,904 - 3,979,060 Consumer 64,789 - - - 64,789 Total $ 7,137,760 $ 81,952 $ 41,739 $ - $ 7,261,451 |
Financing Receivable, Credit Substitute, Credit Quality Indicator [Table Text Block] | September 30, 2020 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 3,447,490 $ 18,699 $ 3,466,189 Real estate - construction 530,332 587 530,919 Real estate - mortgage: Owner-occupied commercial 1,723,384 1,838 1,725,222 1-4 family mortgage 671,227 614 671,841 Other mortgage 2,051,722 4,827 2,056,549 Total real estate mortgage 4,446,333 7,279 4,453,612 Consumer 57,826 8 57,834 Total $ 8,481,981 $ 26,573 $ 8,508,554 December 31, 2019 Performing Nonperforming Total (In Thousands) Commercial, financial and agricultural $ 2,681,280 $ 14,930 $ 2,696,210 Real estate - construction 519,803 1,589 521,392 Real estate - mortgage: Owner-occupied commercial 1,576,652 10,826 1,587,478 1-4 family mortgage 641,875 2,313 644,188 Other mortgage 1,740,963 6,431 1,747,394 Total real estate mortgage 3,959,490 19,570 3,979,060 Consumer 64,766 23 64,789 Total $ 7,225,339 $ 36,112 $ 7,261,451 |
Financing Receivable, Past Due [Table Text Block] | September 30, 2020 Past Due Status (Accruing Loans) Total Past 30-59 Days 60-89 Days 90+ Days Due Non-Accrual Current Total Loans (In Thousands) Commercial, financial and agricultural $ 721 $ 3,102 $ 63 $ 3,886 $ 18,636 $ 3,443,667 $ 3,466,189 Real estate - construction - - - - 587 530,332 530,919 Real estate - mortgage: Owner-occupied commercial - - - - 1,838 1,723,384 1,725,222 1-4 family mortgage 211 320 - 531 614 670,696 671,841 Other mortgage - - 4,827 4,827 - 2,051,722 2,056,549 Total real estate - mortgage 211 320 4,827 5,358 2,452 4,445,802 4,453,612 Consumer 36 6 8 50 - 57,784 57,834 Total $ 968 $ 3,428 $ 4,898 $ 9,294 $ 21,675 $ 8,477,585 $ 8,508,554 December 31, 2019 Past Due Status (Accruing Loans) Total Past 30-59 Days 60-89 Days 90+ Days Due Non-Accrual Current Total Loans (In Thousands) Commercial, financial and agricultural $ 3,135 $ 344 $ 201 $ 3,680 $ 14,729 $ 2,677,801 $ 2,696,210 Real estate - construction 830 - - 830 1,589 518,973 521,392 Real estate - mortgage: Owner-occupied commercial 917 7,242 - 8,159 10,826 1,568,493 1,587,478 1-4 family mortgage 1,638 567 873 3,078 1,440 639,670 644,188 Other mortgage - - 4,924 4,924 1,507 1,740,963 1,747,394 Total real estate - mortgage 2,555 7,809 5,797 16,161 13,773 3,949,126 3,979,060 Consumer 35 25 23 83 - 64,706 64,789 Total $ 6,555 $ 8,178 $ 6,021 $ 20,754 $ 30,091 $ 7,210,606 $ 7,261,451 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Commercial, financial and Real estate - Real estate - agricultural construction mortgage Consumer Total (In Thousands) Three Months Ended September 30, 2020 Allowance for loan losses: Balance at June 30, 2020 $ 47,986 $ 4,531 $ 38,399 $ 591 $ 91,507 Charge-offs (11,146 ) - (200 ) (44 ) (11,390 ) Recoveries 12 - 12 15 39 Provision 12,421 (441 ) 304 - 12,284 Balance at September 30, 2020 $ 49,273 $ 4,090 $ 38,515 $ 562 $ 92,440 Three Months Ended September 30, 2019 Allowance for loan losses: Balance at June, 2019 $ 38,709 $ 3,419 $ 28,783 $ 475 $ 71,386 Charge-offs (3,626 ) - (4,974 ) (172 ) (8,772 ) Recoveries 126 1 - 60 187 Allocation from LGP 4,905 115 2,386 - 7,406 Provision 5,108 (343 ) 2,069 151 6,985 Balance at September 30, 2019 $ 45,222 $ 3,192 $ 28,264 $ 514 $ 77,192 Nine Months Ended September 30, 2020 Balance at December 31, 2019 Allowance for loan losses: $ 43,666 $ 2,768 $ 29,653 $ 497 $ 76,584 Charge-offs (15,144 ) (830 ) (4,397 ) (165 ) (20,536 ) Recoveries 158 2 26 55 241 Provision 20,593 2,150 13,233 175 36,151 Balance at September 30, 2020 $ 49,273 $ 4,090 $ 38,515 $ 562 $ 92,440 Nine Months Ended September 30, 2019 Allowance for loan losses: Balance at December 31, 2018 $ 39,016 $ 3,522 $ 25,508 $ 554 $ 68,600 Charge-offs (10,273 ) - (5,193 ) (453 ) (15,919 ) Recoveries 255 2 11 83 351 Allocation from LGP 4,905 115 2,386 - 7,406 Provision 11,319 (447 ) 5,552 330 16,754 Balance at September 30, 2019 $ 45,222 $ 3,192 $ 28,264 $ 514 $ 77,192 As of September 30, 2020 Allowance for loan losses: Individually Evaluated for Impairment $ 9,204 $ 201 $ 195 $ - $ 9,600 Collectively Evaluated for Impairment 40,069 3,889 38,320 562 82,840 Loans: Ending Balance $ 3,466,189 $ 530,919 $ 4,453,612 $ 57,834 $ 8,508,554 Individually Evaluated for Impairment 73,800 587 19,376 - 93,763 Collectively Evaluated for Impairment 3,392,389 530,332 4,434,236 57,834 8,414,791 As of December 31, 2019 Allowance for loan losses: Individually Evaluated for Impairment $ 6,085 $ 86 $ 3,633 $ - $ 9,804 Collectively Evaluated for Impairment 37,581 2,682 26,020 497 66,780 Loans: Ending Balance $ 2,696,210 $ 521,392 $ 3,979,060 $ 64,789 $ 7,261,451 Individually Evaluated for Impairment 20,843 4,320 17,985 - 43,148 Collectively Evaluated for Impairment 2,675,367 517,072 3,961,075 64,789 7,218,303 |
Impaired Financing Receivables [Table Text Block] | For the three months For the nine months ended September 30, ended September 30, September 30, 2020 2020 2020 Interest Interest Unpaid Average Income Average Income Recorded Principal Related Recorded Recognized Recorded Recognized Investment Balance Allowance Investment in Period Investment in Period (In Thousands) With no allowance recorded: Commercial, financial and agricultural $ 50,898 $ 60,687 $ - $ 61,374 $ 442 $ 61,967 $ 1,605 Real estate - construction - - - - - - - Real estate - mortgage: Owner-occupied commercial 1,581 1,581 - 1,582 12 1,600 52 1-4 family mortgage 2,899 2,899 - 2,882 26 2,814 78 Other mortgage 12,200 12,200 - 12,068 122 12,211 396 Total real estate - mortgage 16,680 16,680 - 16,532 160 16,625 526 Consumer - - - - - - - Total with no allowance recorded 67,578 77,367 - 77,906 602 78,592 2,131 With an allowance recorded: Commercial, financial and agricultural 22,902 23,169 9,204 21,648 102 22,237 535 Real estate - construction 587 637 201 954 - 1,012 - Real estate - mortgage: Owner-occupied commercial 1,252 1,392 146 4,563 3 3,915 97 1-4 family mortgage 412 412 49 398 12 406 12 Other mortgage 1,032 1,032 - 1,022 11 1,077 35 Total real estate - mortgage 2,696 2,836 195 5,983 26 5,398 144 Consumer - - - - - - - Total with allowance recorded 26,185 26,642 9,600 28,585 128 28,647 679 Total Impaired Loans: Commercial, financial and agricultural 73,800 83,856 9,204 83,022 544 84,204 2,140 Real estate - construction 587 637 201 954 - 1,012 - Real estate - mortgage: Owner-occupied commercial 2,833 2,973 146 6,145 15 5,515 149 1-4 family mortgage 3,311 3,311 49 3,280 38 3,220 90 Other mortgage 13,232 13,232 - 13,090 133 13,288 431 Total real estate - mortgage 19,376 19,516 195 22,515 186 22,023 670 Consumer - - - - - - - Total impaired loans $ 93,763 $ 104,009 $ 9,600 $ 106,491 $ 730 $ 107,239 $ 2,810 December 31, 2019 For the twelve months ended December 31, 2019 Unpaid Average Interest Income Recorded Principal Related Recorded Recognized in Investment Balance Allowance Investment Period (In Thousands) With no allowance recorded: Commercial, financial and agricultural $ 9,015 $ 10,563 $ - $ 11,284 $ 562 Real estate - construction 2,731 2,735 - 2,063 126 Real estate - mortgage: Owner-occupied commercial 7,150 7,246 - 7,548 618 1-4 family mortgage 287 287 - 289 2 Other mortgage - - - - - Total real estate - mortgage 7,437 7,533 - 7,837 620 Consumer - - - - - Total with no allowance recorded 19,183 20,831 - 21,184 1,308 With an allowance recorded: Commercial, financial and agricultural 11,828 19,307 6,085 19,714 395 Real estate - construction 1,589 1,589 86 1,614 27 Real estate - mortgage: Owner-occupied commercial 7,888 11,028 2,456 13,627 301 1-4 family mortgage 1,153 1,153 176 1,157 1 Other mortgage 1,507 1,507 1,001 1,468 21 Total real estate - mortgage 10,548 13,688 3,633 16,252 323 Consumer - - - - - Total with allowance recorded 23,965 34,584 9,804 37,580 745 Total Impaired Loans: Commercial, financial and agricultural 20,843 29,870 6,085 30,998 957 Real estate - construction 4,320 4,324 86 3,677 153 Real estate - mortgage: Owner-occupied commercial 15,038 18,274 2,456 21,175 919 1-4 family mortgage 1,440 1,440 176 1,446 3 Other mortgage 1,507 1,507 1,001 1,468 21 Total real estate - mortgage 17,985 21,221 3,633 24,089 943 Consumer - - - - - Total impaired loans $ 43,148 $ 55,415 $ 9,804 $ 58,764 $ 2,053 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment (In Thousands) Troubled Debt Restructurings Commercial, financial and agricultural 1 $ 214 $ 214 2 $ 564 $ 564 Real estate - construction 1 357 357 1 357 357 Real estate - mortgage: Owner-occupied commercial 1 611 611 1 611 611 1-4 family mortgage - - - - - - Other mortgage - - - - - - Total real estate mortgage 1 611 611 1 611 611 Consumer - - - - - - 3 $ 1,182 $ 1,182 4 $ 1,532 $ 1,532 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment (In Thousands) Troubled Debt Restructurings Commercial, financial and agricultural - $ - $ - 1 $ 2,742 $ 2,742 Real estate - construction - - - - - - Real estate - mortgage: Owner-occupied commercial - - - - - - 1-4 family mortgage - - - - - - Other mortgage - - - - - - Total real estate mortgage - - - - - - Consumer - - - - - - - $ - $ - 1 $ 2,742 $ 2,742 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | September 30, 2020 (In Thousands) 2020 (remaining) $ 839 2021 2,744 2022 2,679 2023 2,205 2024 1,232 thereafter 2,624 Total lease payments 12,323 Less: imputed interest (1,219 ) Present value of operating lease liabilities $ 11,104 |
Lease, Cost [Table Text Block] | Three Months Ended September 30, 2020 2019 Operating lease cost $ 876 $ 809 Short-term lease cost 13 8 Variable lease cost 77 49 Sublease income (25 ) (23 ) Net lease cost $ 941 $ 843 Nine Months Ended September 30, 2020 2019 Operating lease cost $ 2,623 $ 2,500 Short-term lease cost 45 21 Variable lease cost 165 151 Sublease income (70 ) (35 ) Net lease cost $ 2,763 $ 2,637 |
Note 7 - Employee and Directo_2
Note 7 - Employee and Director Benefits (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2019 Expected volatility 40.00 % Expected dividends 1.74 % Expected term (in years) 6.7 Risk-free rate 2.56 % |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (years) Value (In Thousands) Nine Months Ended September 30, 2020: Outstanding at January 1, 2020 965,248 $ 15.19 4.9 $ 21,911 Granted - - - - Exercised (279,300 ) 11.36 3.2 6,330 Forfeited (18,000 ) 30.79 6.4 58 Outstanding at September 30, 2020 667,948 16.37 4.5 $ 11,720 Exercisable at September 30, 2020 209,200 $ 12.41 3.2 $ 4,425 Nine Months Ended September 30, 2019: Outstanding at January 1, 2019 1,238,748 $ 13.02 5.2 $ 23,355 Granted 10,500 34.44 9.4 (14 ) Exercised (239,300 ) 7.02 2.3 6,162 Forfeited (20,200 ) 24.88 6.5 167 Outstanding at September 30, 2019 989,748 14.46 5.0 $ 18,603 Exercisable at September 30, 2019 278,000 $ 7.36 3.1 $ 7,261 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Nine Months Ended September 30, 2020: Non-vested at January 1, 2020 71,290 $ 31.53 Granted 29,067 33.20 Vested (19,928 ) 23.64 Forfeited - - Non-vested at September 30, 2020 80,429 34.09 Nine Months Ended September 30, 2019: Non-vested at January 1, 2019 56,576 $ 29.94 Granted 21,274 34.08 Vested (5,200 ) 20.31 Forfeited (2,500 ) 38.17 Non-vested at September 30, 2019 70,150 31.62 |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at September 30, 2020 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Inputs Unobservable Assets (Level 1) (Level 2) Inputs (Level 3) Total Assets Measured on a Recurring Basis: (In Thousands) Available-for-sale debt securities: U.S. Treasury securities $ - $ 19,426 $ - $ 19,426 Government agency securities - 15,521 - 15,521 Mortgage-backed securities - 518,062 - 518,062 State and municipal securities - 37,408 - 37,408 Corporate debt - 316,051 6,581 322,632 Total available-for-sale debt securities - 906,468 6,581 913,049 Interest rate cap derivative - 200 - 200 Total assets at fair value $ - $ 906,668 $ 6,581 $ 913,249 Fair Value Measurements at December 31, 2019 Using Quoted Prices in Active Markets Significant Other Significant for Identical Observable Inputs Unobservable Assets (Level 1) (Level 2) Inputs (Level 3) Total Assets Measured on a Recurring Basis: (In Thousands) Available-for-sale debt securities: U.S. Treasury securities $ - $ 49,210 $ - $ 49,210 Government agency securities - 18,386 - 18,386 Mortgage-backed securities - 474,054 - 474,054 State and municipal securities - 57,272 - 57,272 Corporate debt - 153,881 6,596 160,477 Total assets at fair value $ - $ 752,803 $ 6,596 $ 759,399 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at September 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Measured on a Nonrecurring Basis: (In Thousands) Impaired loans $ - $ - $ 84,163 $ 84,163 Other real estate owned and repossessed assets - - 6,976 6,976 Total assets at fair value $ - $ - $ 91,139 $ 91,139 Fair Value Measurements at December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Measured on a Nonrecurring Basis: (In Thousands) Impaired loans $ - $ - $ 33,344 $ 33,344 Other real estate owned and repossessed assets - - 8,178 8,178 Total assets at fair value $ - $ - $ 41,522 $ 41,522 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2020 December 31, 2019 Carrying Carrying Amount Fair Value Amount Fair Value (In Thousands) Financial Assets: Level 1 inputs: Cash and due from banks $ 1,622,069 $ 1,622,069 $ 530,127 $ 530,127 Level 2 inputs: Federal funds sold 1,302 1,302 100,473 100,473 Mortgage loans held for sale 21,472 22,244 6,302 6,312 Level 3 inputs: Held to maturity debt securities 250 250 250 250 Loans, net 8,331,951 8,232,972 7,151,523 7,099,198 Financial liabilities: Level 2 inputs: Deposits $ 9,673,783 $ 9,687,830 $ 7,530,433 $ 7,534,984 Federal funds purchased 669,350 669,350 470,749 470,749 Other borrowings 64,719 63,840 64,703 |
Note 3 - Earnings Per Common _3
Note 3 - Earnings Per Common Share - Summary of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Weighted average common shares outstanding (in shares) | 53,893,753 | 53,544,747 | 53,817,928 | 53,508,710 |
Net income available to common stockholders | $ 43,362 | $ 37,563 | $ 118,557 | $ 108,175 |
Basic earnings per common share (in dollars per share) | $ 0.80 | $ 0.70 | $ 2.20 | $ 2.02 |
Dilutive effects of assumed conversions and exercise of stock options and warrants (in shares) | 339,212 | 551,621 | 380,494 | 578,700 |
Weighted average common and dilutive potential common shares outstanding (in shares) | 54,232,965 | 54,096,368 | 54,198,422 | 54,087,410 |
Net income available to common stockholders | $ 43,362 | $ 37,563 | $ 118,557 | $ 108,175 |
Diluted earnings per common share (in dollars per share) | $ 0.80 | $ 0.69 | $ 2.19 | $ 2 |
Note 4 - Securities (Details Te
Note 4 - Securities (Details Textual) $ in Millions | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Pledged Financial Instruments, Not Separately Reported, Securities, Total | $ 431 | $ 389.9 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 0 | |
Available for Sale Securities Debt Securities, Number of Positions | 641 |
Note 4 - Securities - Amortized
Note 4 - Securities - Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Available for sale, amortized cost | $ 889,272 | $ 752,181 | |
Available for sale, gross unrealized gain | 24,738 | 8,726 | |
Available for sale, gross unrealized loss | (961) | (1,508) | |
Available for sale debt securities, at fair value | 913,049 | 759,399 | [1] |
Held to maturity, amortized cost | 250 | 250 | |
Held to maturity, gross unrealized gain | 0 | 0 | |
Held to maturity, gross unrealized loss | 0 | 0 | |
Held to maturity debt securities, fair value | 250 | 250 | [1] |
US Treasury Securities [Member] | |||
Available for sale, amortized cost | 18,990 | 48,923 | |
Available for sale, gross unrealized gain | 436 | 291 | |
Available for sale, gross unrealized loss | 0 | (4) | |
Available for sale debt securities, at fair value | 19,426 | 49,210 | |
US Government Agencies Debt Securities [Member] | |||
Available for sale, amortized cost | 15,222 | 18,245 | |
Available for sale, gross unrealized gain | 299 | 143 | |
Available for sale, gross unrealized loss | 0 | (2) | |
Available for sale debt securities, at fair value | 15,521 | 18,386 | |
Collateralized Mortgage Backed Securities [Member] | |||
Available for sale, amortized cost | 500,251 | 470,513 | |
Available for sale, gross unrealized gain | 17,879 | 4,859 | |
Available for sale, gross unrealized loss | (68) | (1,318) | |
Available for sale debt securities, at fair value | 518,062 | 474,054 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Available for sale, amortized cost | 36,922 | 56,951 | |
Available for sale, gross unrealized gain | 486 | 335 | |
Available for sale, gross unrealized loss | 0 | (14) | |
Available for sale debt securities, at fair value | 37,408 | 57,272 | |
Held to maturity, amortized cost | 250 | 250 | |
Held to maturity, gross unrealized gain | 0 | 0 | |
Held to maturity, gross unrealized loss | 0 | 0 | |
Held to maturity debt securities, fair value | 250 | 250 | |
Corporate Debt Securities [Member] | |||
Available for sale, amortized cost | 317,887 | 157,549 | |
Available for sale, gross unrealized gain | 5,638 | 3,098 | |
Available for sale, gross unrealized loss | (893) | (170) | |
Available for sale debt securities, at fair value | $ 322,632 | $ 160,477 | |
[1] | Derived from audited financial statements. |
Note 4 - Securities - Amortiz_2
Note 4 - Securities - Amortized Cost and Fair Value of Contractual Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Due within one year, amortized cost | $ 22,531 | $ 58,722 | |
Due within one year, fair value | 22,627 | 58,975 | |
Due from one to five years, amortized cost | 78,998 | 90,034 | |
Due from one to five years, fair value | 81,105 | 91,005 | |
Due from five to ten years, amortized cost | 191,528 | 129,501 | |
Due from five to ten years, fair value | 194,527 | 131,914 | |
Due after ten years, amortized cost | 95,964 | 3,411 | |
Due after ten years, fair value | 96,728 | 3,451 | |
Mortgage-backed securities, amortized cost | 500,251 | 470,513 | |
Mortgage-backed securities, fair value | 518,062 | 474,054 | |
Available for sale, amortized cost | 889,272 | 752,181 | |
Available for sale, fair value | 913,049 | 759,399 | [1] |
Due from one to five years, amortized cost | 250 | 250 | |
Due from one to five years, fair value | 250 | 250 | |
Held to maturity, amortized cost | 250 | 250 | [1] |
Held to maturity debt securities, fair value | $ 250 | $ 250 | [1] |
[1] | Derived from audited financial statements. |
Note 4 - Securities - Investmen
Note 4 - Securities - Investment Securities Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Less Than Twelve Months, Gross Unrealized Losses | $ (961) | $ (1,386) | |
Less Than Twelve Months, Fair Value | 121,851 | 178,489 | |
Twelve Months or More, Gross Unrealized Losses | 0 | (122) | |
Twelve Months or More, Fair Value | 0 | 27,558 | |
Total, Gross Unrealized Losses | (961) | (1,508) | |
Total, Fair Value | 121,851 | 206,047 | |
US Treasury and Government [Member] | |||
Less Than Twelve Months, Gross Unrealized Losses | 0 | (4) | |
Less Than Twelve Months, Fair Value | 0 | 3,012 | |
Twelve Months or More, Fair Value | 0 | 0 | |
Total, Gross Unrealized Losses | 0 | (4) | |
Total, Fair Value | 0 | 3,012 | |
US Treasury Securities [Member] | |||
Twelve Months or More, Gross Unrealized Losses | 0 | 0 | |
US Government Agencies Debt Securities [Member] | |||
Less Than Twelve Months, Gross Unrealized Losses | 0 | (2) | |
Less Than Twelve Months, Fair Value | 0 | 266 | |
Twelve Months or More, Gross Unrealized Losses | 0 | 0 | |
Twelve Months or More, Fair Value | 0 | 0 | |
Total, Gross Unrealized Losses | 0 | (2) | |
Total, Fair Value | 0 | 266 | |
Collateralized Mortgage Backed Securities [Member] | |||
Less Than Twelve Months, Gross Unrealized Losses | (68) | (1,206) | |
Less Than Twelve Months, Fair Value | 34,639 | 153,330 | |
Twelve Months or More, Gross Unrealized Losses | 0 | (112) | |
Twelve Months or More, Fair Value | 0 | 24,911 | |
Total, Gross Unrealized Losses | (68) | (1,318) | |
Total, Fair Value | 34,639 | 178,241 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Less Than Twelve Months, Gross Unrealized Losses | 0 | (4) | |
Less Than Twelve Months, Fair Value | 0 | [1] | 1,900 |
Twelve Months or More, Gross Unrealized Losses | 0 | (10) | |
Twelve Months or More, Fair Value | 0 | 2,647 | |
Total, Gross Unrealized Losses | 0 | (14) | |
Total, Fair Value | 0 | 4,547 | |
Corporate Debt Securities [Member] | |||
Less Than Twelve Months, Gross Unrealized Losses | (893) | (170) | |
Less Than Twelve Months, Fair Value | 87,212 | 19,981 | |
Twelve Months or More, Gross Unrealized Losses | 0 | 0 | |
Twelve Months or More, Fair Value | 0 | 0 | |
Total, Gross Unrealized Losses | (893) | (170) | |
Total, Fair Value | $ 87,212 | $ 19,981 | |
[1] | The municipal security with an unrealized loss for twelve months or more has an unrealized loss of $129.60. |
Note 5 - Loans (Details Textual
Note 5 - Loans (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Number of Loans Funded, Payroll Protection Plan | 4,900 | 4,900 | ||||
Amount of Loans Funded, Payment Protection Plan | $ 1,050,000,000 | $ 1,050,000,000 | ||||
Provision for Loan and Lease Losses, Total | $ 12,284,000 | $ 6,985,000 | $ 36,151,000 | $ 16,754,000 | ||
Termination of Loan Guaratee, Close-out Payment | 7,400,000 | |||||
Financing Receivable, Number of Payment Deferrals | 42 | 42 | ||||
Financing Receivable, Payment Deferral, Recorded Investment | $ 28,200,000 | $ 28,200,000 | ||||
Financing Receivable, Troubled Debt Restructuring | 2,700,000 | 11,200,000 | 2,700,000 | 11,200,000 | $ 3,300,000 | |
Financing Receivable, Modifications, Recorded Investment, Accruing Interest | $ 1,800,000 | $ 3,500,000 | 1,800,000 | 3,500,000 | 625,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 534,000 | $ 1,800,000 | $ 929,000 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 0 | |||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 2 | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 325,000 | |||||
Principal Only Deferrals [Member] | ||||||
Financing Receivable, Number of Payment Deferrals | 9 | 9 | ||||
Financing Receivable, Payment Deferral, Recorded Investment | $ 5,100,000 | $ 5,100,000 | ||||
Interest Only Deferral [Member] | ||||||
Financing Receivable, Number of Payment Deferrals | 4 | 4 | ||||
Financing Receivable, Payment Deferral, Recorded Investment | $ 3,200,000 | $ 3,200,000 | ||||
Principal and Interest Deferrals [Member] | ||||||
Financing Receivable, Number of Payment Deferrals | 29 | 29 | ||||
Financing Receivable, Payment Deferral, Recorded Investment | $ 19,900,000 | $ 19,900,000 | ||||
COVID-19 [Member] | ||||||
Provision for Loan and Lease Losses, Total | 11,300,000 | $ 14,900,000 | ||||
Increase (Decrease) in Provision for Loan and Lease Losses, Total | (3,600,000) | |||||
Loans Excluding PPP Loans [Member] | ||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | 25,300,000 | 25,300,000 | ||||
PPP Loans [Member] | ||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums During Period | $ 4,000,000 | $ 6,600,000 |
Note 5 - Loans - Summary of Loa
Note 5 - Loans - Summary of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Financing receivable, gross | $ 8,508,554 | $ 7,261,451 | |||||
Less allowance for loan losses | (92,440) | $ (91,507) | (76,584) | [1] | $ (77,192) | $ (71,386) | $ (68,600) |
Net Loans | $ 8,416,114 | $ 7,184,867 | [1] | ||||
Financing receivable, gross percentage | 100.00% | 100.00% | |||||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Financing receivable, gross | $ 3,466,189 | $ 2,696,210 | |||||
Less allowance for loan losses | $ (49,273) | (47,986) | $ (43,666) | (45,222) | (38,709) | (39,016) | |
Financing receivable, gross percentage | 40.74% | 37.13% | |||||
Real Estate Portfolio Segment[Member] | |||||||
Financing receivable, gross | $ 4,453,612 | $ 3,979,060 | |||||
Financing receivable, gross percentage | 52.34% | 54.80% | |||||
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||||||
Financing receivable, gross | $ 530,919 | $ 521,392 | |||||
Less allowance for loan losses | $ (4,090) | (4,531) | $ (2,768) | (3,192) | (3,419) | (3,522) | |
Financing receivable, gross percentage | 6.24% | 7.18% | |||||
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | |||||||
Financing receivable, gross | $ 1,725,222 | $ 1,587,478 | |||||
Financing receivable, gross percentage | 20.27% | 21.86% | |||||
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | |||||||
Financing receivable, gross | $ 671,841 | $ 644,188 | |||||
Financing receivable, gross percentage | 7.90% | 8.87% | |||||
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | |||||||
Financing receivable, gross | $ 2,056,549 | $ 1,747,394 | |||||
Financing receivable, gross percentage | 24.17% | 24.07% | |||||
Consumer Portfolio Segment [Member] | |||||||
Financing receivable, gross | $ 57,834 | $ 64,789 | |||||
Less allowance for loan losses | $ (562) | $ (591) | $ (497) | $ (514) | $ (475) | $ (554) | |
Financing receivable, gross percentage | 0.68% | 0.89% | |||||
[1] | Derived from audited financial statements. |
Note 5 - Loans - Loans by Credi
Note 5 - Loans - Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing receivable, gross | $ 8,508,554 | $ 7,261,451 |
Pass [Member] | ||
Financing receivable, gross | 8,365,387 | 7,137,760 |
Special Mention [Member] | ||
Financing receivable, gross | 49,455 | 81,952 |
Substandard [Member] | ||
Financing receivable, gross | 93,712 | 41,739 |
Doubtful [Member] | ||
Financing receivable, gross | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivable, gross | 3,466,189 | 2,696,210 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing receivable, gross | 3,374,467 | 2,629,487 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing receivable, gross | 17,955 | 46,176 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing receivable, gross | 73,767 | 20,547 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Financing receivable, gross | 0 | 0 |
Real Estate Portfolio Segment[Member] | ||
Financing receivable, gross | 4,453,612 | 3,979,060 |
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | ||
Financing receivable, gross | 530,919 | 521,392 |
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | ||
Financing receivable, gross | 1,725,222 | 1,587,478 |
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | ||
Financing receivable, gross | 671,841 | 644,188 |
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | ||
Financing receivable, gross | 2,056,549 | 1,747,394 |
Real Estate Portfolio Segment[Member] | Pass [Member] | ||
Financing receivable, gross | 4,405,904 | 3,931,111 |
Real Estate Portfolio Segment[Member] | Pass [Member] | Construction Loans [Member] | ||
Financing receivable, gross | 527,231 | 512,373 |
Real Estate Portfolio Segment[Member] | Pass [Member] | Owner Occupied Commercial [Member] | ||
Financing receivable, gross | 1,708,113 | 1,555,283 |
Real Estate Portfolio Segment[Member] | Pass [Member] | One to Four Family [Member] | ||
Financing receivable, gross | 666,463 | 639,959 |
Real Estate Portfolio Segment[Member] | Pass [Member] | Other Mortgages [Member] | ||
Financing receivable, gross | 2,031,328 | 1,735,869 |
Real Estate Portfolio Segment[Member] | Special Mention [Member] | ||
Financing receivable, gross | 28,351 | 31,045 |
Real Estate Portfolio Segment[Member] | Special Mention [Member] | Construction Loans [Member] | ||
Financing receivable, gross | 3,100 | 4,731 |
Real Estate Portfolio Segment[Member] | Special Mention [Member] | Owner Occupied Commercial [Member] | ||
Financing receivable, gross | 14,280 | 18,240 |
Real Estate Portfolio Segment[Member] | Special Mention [Member] | One to Four Family [Member] | ||
Financing receivable, gross | 2,065 | 2,787 |
Real Estate Portfolio Segment[Member] | Special Mention [Member] | Other Mortgages [Member] | ||
Financing receivable, gross | 12,006 | 10,018 |
Real Estate Portfolio Segment[Member] | Substandard [Member] | ||
Financing receivable, gross | 19,357 | 16,904 |
Real Estate Portfolio Segment[Member] | Substandard [Member] | Construction Loans [Member] | ||
Financing receivable, gross | 588 | 4,288 |
Real Estate Portfolio Segment[Member] | Substandard [Member] | Owner Occupied Commercial [Member] | ||
Financing receivable, gross | 2,829 | 13,955 |
Real Estate Portfolio Segment[Member] | Substandard [Member] | One to Four Family [Member] | ||
Financing receivable, gross | 3,313 | 1,442 |
Real Estate Portfolio Segment[Member] | Substandard [Member] | Other Mortgages [Member] | ||
Financing receivable, gross | 13,215 | 1,507 |
Real Estate Portfolio Segment[Member] | Doubtful [Member] | ||
Financing receivable, gross | 0 | 0 |
Real Estate Portfolio Segment[Member] | Doubtful [Member] | Construction Loans [Member] | ||
Financing receivable, gross | 0 | 0 |
Real Estate Portfolio Segment[Member] | Doubtful [Member] | Owner Occupied Commercial [Member] | ||
Financing receivable, gross | 0 | 0 |
Real Estate Portfolio Segment[Member] | Doubtful [Member] | One to Four Family [Member] | ||
Financing receivable, gross | 0 | 0 |
Real Estate Portfolio Segment[Member] | Doubtful [Member] | Other Mortgages [Member] | ||
Financing receivable, gross | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Financing receivable, gross | 57,834 | 64,789 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing receivable, gross | 57,785 | 64,789 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing receivable, gross | 49 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing receivable, gross | 0 | 0 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Financing receivable, gross | $ 0 | $ 0 |
Note 5 - Loans - Loans by Perfo
Note 5 - Loans - Loans by Performance Status (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing receivable, gross | $ 8,508,554 | $ 7,261,451 |
Performing Financial Instruments [Member] | ||
Financing receivable, gross | 8,481,981 | 7,225,339 |
Nonperforming Financial Instruments [Member] | ||
Financing receivable, gross | 26,573 | 36,112 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivable, gross | 3,466,189 | 2,696,210 |
Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Financing receivable, gross | 3,447,490 | 2,681,280 |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Financing receivable, gross | 18,699 | 14,930 |
Real Estate Portfolio Segment[Member] | ||
Financing receivable, gross | 4,453,612 | 3,979,060 |
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | ||
Financing receivable, gross | 530,919 | 521,392 |
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | ||
Financing receivable, gross | 1,725,222 | 1,587,478 |
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | ||
Financing receivable, gross | 671,841 | 644,188 |
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | ||
Financing receivable, gross | 2,056,549 | 1,747,394 |
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | ||
Financing receivable, gross | 4,446,333 | 3,959,490 |
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | Construction Loans [Member] | ||
Financing receivable, gross | 530,332 | 519,803 |
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | Owner Occupied Commercial [Member] | ||
Financing receivable, gross | 1,723,384 | 1,576,652 |
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | One to Four Family [Member] | ||
Financing receivable, gross | 671,227 | 641,875 |
Real Estate Portfolio Segment[Member] | Performing Financial Instruments [Member] | Other Mortgages [Member] | ||
Financing receivable, gross | 2,051,722 | 1,740,963 |
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | ||
Financing receivable, gross | 7,279 | 19,570 |
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | Construction Loans [Member] | ||
Financing receivable, gross | 587 | 1,589 |
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | Owner Occupied Commercial [Member] | ||
Financing receivable, gross | 1,838 | 10,826 |
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | One to Four Family [Member] | ||
Financing receivable, gross | 614 | 2,313 |
Real Estate Portfolio Segment[Member] | Nonperforming Financial Instruments [Member] | Other Mortgages [Member] | ||
Financing receivable, gross | 4,827 | 6,431 |
Consumer Portfolio Segment [Member] | ||
Financing receivable, gross | 57,834 | 64,789 |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Financing receivable, gross | 57,826 | 64,766 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Financing receivable, gross | $ 8 | $ 23 |
Note 5 - Loans - Loans Categori
Note 5 - Loans - Loans Categorized by Past Due Status (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Accrual loans, past due | $ 9,294 | $ 20,754 | |
Non-accrual | 21,675 | 30,091 | |
Current | 8,477,585 | 7,210,606 | |
Total loans | 8,508,554 | 7,261,451 | [1] |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accrual loans, past due | 968 | 6,555 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accrual loans, past due | 3,428 | 8,178 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accrual loans, past due | 4,898 | 6,021 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Accrual loans, past due | 3,886 | 3,680 | |
Non-accrual | 18,636 | 14,729 | |
Current | 3,443,667 | 2,677,801 | |
Total loans | 3,466,189 | 2,696,210 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accrual loans, past due | 721 | 3,135 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accrual loans, past due | 3,102 | 344 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accrual loans, past due | 63 | 201 | |
Real Estate Portfolio Segment[Member] | |||
Accrual loans, past due | 5,358 | 16,161 | |
Non-accrual | 2,452 | 13,773 | |
Current | 4,445,802 | 3,949,126 | |
Total loans | 4,453,612 | 3,979,060 | |
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||
Accrual loans, past due | 0 | 830 | |
Non-accrual | 587 | 1,589 | |
Current | 530,332 | 518,973 | |
Total loans | 530,919 | 521,392 | |
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | |||
Accrual loans, past due | 0 | 8,159 | |
Non-accrual | 1,838 | 10,826 | |
Current | 1,723,384 | 1,568,493 | |
Total loans | 1,725,222 | 1,587,478 | |
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | |||
Accrual loans, past due | 531 | 3,078 | |
Non-accrual | 614 | 1,440 | |
Current | 670,696 | 639,670 | |
Total loans | 671,841 | 644,188 | |
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | |||
Accrual loans, past due | 4,827 | 4,924 | |
Non-accrual | 0 | 1,507 | |
Current | 2,051,722 | 1,740,963 | |
Total loans | 2,056,549 | 1,747,394 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accrual loans, past due | 211 | 2,555 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | |||
Accrual loans, past due | 0 | 830 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Owner Occupied Commercial [Member] | |||
Accrual loans, past due | 0 | 917 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 30 to 59 Days Past Due [Member] | One to Four Family [Member] | |||
Accrual loans, past due | 211 | 1,638 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Other Mortgages [Member] | |||
Accrual loans, past due | 0 | 0 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accrual loans, past due | 320 | 7,809 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Construction Loans [Member] | |||
Accrual loans, past due | 0 | 0 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Owner Occupied Commercial [Member] | |||
Accrual loans, past due | 0 | 7,242 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 60 to 89 Days Past Due [Member] | One to Four Family [Member] | |||
Accrual loans, past due | 320 | 567 | |
Real Estate Portfolio Segment[Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Other Mortgages [Member] | |||
Accrual loans, past due | 0 | 0 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accrual loans, past due | 4,827 | 5,797 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Loans [Member] | |||
Accrual loans, past due | 0 | 0 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Owner Occupied Commercial [Member] | |||
Accrual loans, past due | 0 | 0 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | One to Four Family [Member] | |||
Accrual loans, past due | 0 | 873 | |
Real Estate Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Other Mortgages [Member] | |||
Accrual loans, past due | 4,827 | 4,924 | |
Consumer Portfolio Segment [Member] | |||
Accrual loans, past due | 50 | 83 | |
Non-accrual | 0 | 0 | |
Current | 57,784 | 64,706 | |
Total loans | 57,834 | 64,789 | |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Accrual loans, past due | 36 | 35 | |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Accrual loans, past due | 6 | 25 | |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Accrual loans, past due | $ 8 | $ 23 | |
[1] | Derived from audited financial statements. |
Note 5 - Loans - Analysis of Al
Note 5 - Loans - Analysis of Allowance for Loans Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |||
Balance, beginning of period | $ 91,507 | $ 71,386 | $ 76,584 | [1] | $ 68,600 | ||
Charge-offs | (11,390) | (8,772) | (20,536) | (15,919) | |||
Recoveries | 39 | 187 | 241 | 351 | |||
Provision | 12,284 | 6,985 | 36,151 | 16,754 | |||
Allocation from LGP | 7,406 | 7,406 | |||||
Balance, end of period | 92,440 | 77,192 | 92,440 | 77,192 | |||
Individually Evaluated for Impairment | 9,600 | 9,600 | $ 9,804 | ||||
Collectively Evaluated for Impairment | 82,840 | 82,840 | 66,780 | ||||
Loans | 8,508,554 | 8,508,554 | 7,261,451 | [1] | |||
Individually Evaluated for Impairment | 93,763 | 93,763 | 43,148 | ||||
Collectively Evaluated for Impairment | 8,414,791 | 8,414,791 | 7,218,303 | ||||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Balance, beginning of period | 47,986 | 38,709 | 43,666 | 39,016 | |||
Charge-offs | (11,146) | (3,626) | (15,144) | (10,273) | |||
Recoveries | 12 | 126 | 158 | 255 | |||
Provision | 12,421 | 5,108 | 20,593 | 11,319 | |||
Allocation from LGP | 4,905 | 4,905 | |||||
Balance, end of period | 49,273 | 45,222 | 49,273 | 45,222 | |||
Individually Evaluated for Impairment | 9,204 | 9,204 | 6,085 | ||||
Collectively Evaluated for Impairment | 40,069 | 40,069 | 37,581 | ||||
Loans | 3,466,189 | 3,466,189 | 2,696,210 | ||||
Individually Evaluated for Impairment | 73,800 | 73,800 | 20,843 | ||||
Collectively Evaluated for Impairment | 3,392,389 | 3,392,389 | 2,675,367 | ||||
Real Estate Portfolio Segment[Member] | |||||||
Loans | 4,453,612 | 4,453,612 | 3,979,060 | ||||
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||||||
Balance, beginning of period | 4,531 | 3,419 | 2,768 | 3,522 | |||
Charge-offs | 0 | 0 | (830) | 0 | |||
Recoveries | 0 | 1 | 2 | 2 | |||
Provision | (441) | (343) | 2,150 | (447) | |||
Allocation from LGP | 115 | 115 | |||||
Balance, end of period | 4,090 | 3,192 | 4,090 | 3,192 | |||
Individually Evaluated for Impairment | 201 | 201 | 86 | ||||
Collectively Evaluated for Impairment | 3,889 | 3,889 | 2,682 | ||||
Loans | 530,919 | 530,919 | 521,392 | ||||
Individually Evaluated for Impairment | 587 | 587 | 4,320 | ||||
Collectively Evaluated for Impairment | 530,332 | 530,332 | 517,072 | ||||
Real Estate Portfolio Segment[Member] | Real Estate Loan [Member] | |||||||
Balance, beginning of period | 38,399 | 28,783 | 29,653 | 25,508 | |||
Charge-offs | (200) | (4,974) | (4,397) | (5,193) | |||
Recoveries | 12 | 0 | 26 | 11 | |||
Provision | 304 | 2,069 | 13,233 | 5,552 | |||
Allocation from LGP | 2,386 | 2,386 | |||||
Balance, end of period | 38,515 | 28,264 | 38,515 | 28,264 | |||
Individually Evaluated for Impairment | 195 | 195 | 3,633 | ||||
Collectively Evaluated for Impairment | 38,320 | 38,320 | 26,020 | ||||
Loans | 4,453,612 | 4,453,612 | 3,979,060 | ||||
Individually Evaluated for Impairment | 19,376 | 19,376 | 17,985 | ||||
Collectively Evaluated for Impairment | 4,434,236 | 4,434,236 | 3,961,075 | ||||
Consumer Portfolio Segment [Member] | |||||||
Balance, beginning of period | 591 | 475 | 497 | 554 | |||
Charge-offs | (44) | (172) | (165) | (453) | |||
Recoveries | 15 | 60 | 55 | 83 | |||
Provision | 0 | 151 | 175 | 330 | |||
Allocation from LGP | 0 | 0 | |||||
Balance, end of period | 562 | $ 514 | 562 | $ 514 | |||
Individually Evaluated for Impairment | 0 | 0 | 0 | ||||
Collectively Evaluated for Impairment | 562 | 562 | 497 | ||||
Loans | 57,834 | 57,834 | 64,789 | ||||
Individually Evaluated for Impairment | 0 | 0 | 0 | ||||
Collectively Evaluated for Impairment | $ 57,834 | $ 57,834 | $ 64,789 | ||||
[1] | Derived from audited financial statements. |
Note 5 - Loans - Summary of Imp
Note 5 - Loans - Summary of Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Recorded investment, with no allowance | $ 67,578 | $ 67,578 | $ 19,183 |
Unpaid principal balance, with no allowance | 77,367 | 77,367 | 20,831 |
Average recorded investment, with no allowance | 77,906 | 78,592 | 21,184 |
Interest income recognized in period, with no allowance | 602 | 2,131 | 1,308 |
Average recorded investment, with no allowance | 77,906 | 78,592 | 21,184 |
Recorded investment, with an allowance | 26,185 | 26,185 | 23,965 |
Unpaid principal balance, with an allowance | 26,642 | 26,642 | 34,584 |
Related allowance | 9,600 | 9,600 | 9,804 |
Average recorded investment, with an allowance | 28,585 | 28,647 | 37,580 |
Interest income recognized in period, with an allowance | 128 | 679 | 745 |
Average recorded investment, with an allowance | 28,585 | 28,647 | 37,580 |
Recorded investment | 93,763 | 93,763 | 43,148 |
Unpaid principal balance | 104,009 | 104,009 | 55,415 |
Average recorded investment | 106,491 | 107,239 | 58,764 |
Interest income recognized in period | 730 | 2,810 | 2,053 |
Average recorded investment | 106,491 | 107,239 | 58,764 |
Commercial Real Estate Portfolio Segment [Member] | |||
Recorded investment, with no allowance | 50,898 | 50,898 | 9,015 |
Unpaid principal balance, with no allowance | 60,687 | 60,687 | 10,563 |
Average recorded investment, with no allowance | 61,374 | 61,967 | 11,284 |
Interest income recognized in period, with no allowance | 442 | 1,605 | 562 |
Average recorded investment, with no allowance | 61,374 | 61,967 | 11,284 |
Recorded investment, with an allowance | 22,902 | 22,902 | 11,828 |
Unpaid principal balance, with an allowance | 23,169 | 23,169 | 19,307 |
Related allowance | 9,204 | 9,204 | 6,085 |
Average recorded investment, with an allowance | 21,648 | 22,237 | 19,714 |
Interest income recognized in period, with an allowance | 102 | 535 | 395 |
Average recorded investment, with an allowance | 21,648 | 22,237 | 19,714 |
Recorded investment | 73,800 | 73,800 | 20,843 |
Unpaid principal balance | 83,856 | 83,856 | 29,870 |
Average recorded investment | 83,022 | 84,204 | 30,998 |
Interest income recognized in period | 544 | 2,140 | 957 |
Average recorded investment | 83,022 | 84,204 | 30,998 |
Real Estate Portfolio Segment[Member] | |||
Recorded investment, with no allowance | 16,680 | 16,680 | 7,437 |
Unpaid principal balance, with no allowance | 16,680 | 16,680 | 7,533 |
Average recorded investment, with no allowance | 16,532 | 16,625 | 7,837 |
Interest income recognized in period, with no allowance | 160 | 526 | 620 |
Average recorded investment, with no allowance | 16,532 | 16,625 | 7,837 |
Recorded investment, with an allowance | 2,696 | 2,696 | 10,548 |
Unpaid principal balance, with an allowance | 2,836 | 2,836 | 13,688 |
Related allowance | 195 | 195 | 3,633 |
Average recorded investment, with an allowance | 5,983 | 5,398 | 16,252 |
Interest income recognized in period, with an allowance | 26 | 144 | 323 |
Average recorded investment, with an allowance | 5,983 | 5,398 | 16,252 |
Recorded investment | 19,376 | 19,376 | 17,985 |
Unpaid principal balance | 19,516 | 19,516 | 21,221 |
Average recorded investment | 22,515 | 22,023 | 24,089 |
Interest income recognized in period | 186 | 670 | 943 |
Average recorded investment | 22,515 | 22,023 | 24,089 |
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | |||
Recorded investment, with no allowance | 0 | 0 | 2,731 |
Unpaid principal balance, with no allowance | 0 | 0 | 2,735 |
Average recorded investment, with no allowance | 0 | 0 | 2,063 |
Interest income recognized in period, with no allowance | 0 | 0 | 126 |
Average recorded investment, with no allowance | 0 | 0 | 2,063 |
Recorded investment, with an allowance | 587 | 587 | 1,589 |
Unpaid principal balance, with an allowance | 637 | 637 | 1,589 |
Related allowance | 201 | 201 | 86 |
Average recorded investment, with an allowance | 954 | 1,012 | 1,614 |
Interest income recognized in period, with an allowance | 0 | 0 | 27 |
Average recorded investment, with an allowance | 954 | 1,012 | 1,614 |
Recorded investment | 587 | 587 | 4,320 |
Unpaid principal balance | 637 | 637 | 4,324 |
Average recorded investment | 954 | 1,012 | 3,677 |
Interest income recognized in period | 0 | 0 | 153 |
Average recorded investment | 954 | 1,012 | 3,677 |
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | |||
Recorded investment, with no allowance | 1,581 | 1,581 | 7,150 |
Unpaid principal balance, with no allowance | 1,581 | 1,581 | 7,246 |
Average recorded investment, with no allowance | 1,582 | 1,600 | 7,548 |
Interest income recognized in period, with no allowance | 12 | 52 | 618 |
Average recorded investment, with no allowance | 1,582 | 1,600 | 7,548 |
Recorded investment, with an allowance | 1,252 | 1,252 | 7,888 |
Unpaid principal balance, with an allowance | 1,392 | 1,392 | 11,028 |
Related allowance | 146 | 146 | 2,456 |
Average recorded investment, with an allowance | 4,563 | 3,915 | 13,627 |
Interest income recognized in period, with an allowance | 3 | 97 | 301 |
Average recorded investment, with an allowance | 4,563 | 3,915 | 13,627 |
Recorded investment | 2,833 | 2,833 | 15,038 |
Unpaid principal balance | 2,973 | 2,973 | 18,274 |
Average recorded investment | 6,145 | 5,515 | 21,175 |
Interest income recognized in period | 15 | 149 | 919 |
Average recorded investment | 6,145 | 5,515 | 21,175 |
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | |||
Recorded investment, with no allowance | 2,899 | 2,899 | 287 |
Unpaid principal balance, with no allowance | 2,899 | 2,899 | 287 |
Average recorded investment, with no allowance | 2,882 | 2,814 | 289 |
Interest income recognized in period, with no allowance | 26 | 78 | 2 |
Average recorded investment, with no allowance | 2,882 | 2,814 | 289 |
Recorded investment, with an allowance | 412 | 412 | 1,153 |
Unpaid principal balance, with an allowance | 412 | 412 | 1,153 |
Related allowance | 49 | 49 | 176 |
Average recorded investment, with an allowance | 398 | 406 | 1,157 |
Average recorded investment, with an allowance | 398 | 406 | 1,157 |
Interest income recognized in period, with an allowance | 12 | 12 | 1 |
Recorded investment | 3,311 | 3,311 | 1,440 |
Unpaid principal balance | 3,311 | 3,311 | 1,440 |
Average recorded investment | 3,280 | 3,220 | 1,446 |
Interest income recognized in period | 38 | 90 | 3 |
Average recorded investment | 3,280 | 3,220 | 1,446 |
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | |||
Recorded investment, with no allowance | 12,200 | 12,200 | 0 |
Unpaid principal balance, with no allowance | 12,200 | 12,200 | 0 |
Average recorded investment, with no allowance | 12,068 | 12,211 | 0 |
Interest income recognized in period, with no allowance | 122 | 396 | 0 |
Average recorded investment, with no allowance | 12,068 | 12,211 | 0 |
Recorded investment, with an allowance | 1,032 | 1,032 | 1,507 |
Unpaid principal balance, with an allowance | 1,032 | 1,032 | 1,507 |
Related allowance | 0 | 0 | 1,001 |
Average recorded investment, with an allowance | 1,022 | 1,077 | 1,468 |
Interest income recognized in period, with an allowance | 11 | 35 | 21 |
Average recorded investment, with an allowance | 1,022 | 1,077 | 1,468 |
Recorded investment | 13,232 | 13,232 | 1,507 |
Unpaid principal balance | 13,232 | 13,232 | 1,507 |
Average recorded investment | 13,090 | 13,288 | 1,468 |
Interest income recognized in period | 133 | 431 | 21 |
Average recorded investment | 13,090 | 13,288 | 1,468 |
Consumer Portfolio Segment [Member] | |||
Recorded investment, with no allowance | 0 | 0 | 0 |
Unpaid principal balance, with no allowance | 0 | 0 | 0 |
Average recorded investment, with no allowance | 0 | 0 | 0 |
Interest income recognized in period, with no allowance | 0 | 0 | 0 |
Average recorded investment, with no allowance | 0 | 0 | 0 |
Recorded investment, with an allowance | 0 | 0 | 0 |
Unpaid principal balance, with an allowance | 0 | 0 | 0 |
Related allowance | 0 | 0 | 0 |
Average recorded investment, with an allowance | 0 | 0 | 0 |
Interest income recognized in period, with an allowance | 0 | 0 | 0 |
Average recorded investment, with an allowance | 0 | 0 | 0 |
Recorded investment | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 |
Average recorded investment | 0 | 0 | 0 |
Interest income recognized in period | 0 | 0 | 0 |
Average recorded investment | $ 0 | $ 0 | $ 0 |
Note 5 - Loans - Troubled Debt
Note 5 - Loans - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | |
Number of Contracts | 3 | 4 | 1 | |
Pre- Modification Outstanding Recorded Investment | $ 1,182 | $ 1,532 | $ 2,742 | |
Post- Modification Outstanding Recorded Investment | $ 1,182 | $ 1,532 | $ 2,742 | |
Commercial Real Estate Portfolio Segment [Member] | ||||
Number of Contracts | 1 | 2 | 1 | |
Pre- Modification Outstanding Recorded Investment | $ 214 | $ 564 | $ 2,742 | |
Post- Modification Outstanding Recorded Investment | $ 214 | $ 564 | $ 2,742 | |
Real Estate Portfolio Segment[Member] | ||||
Number of Contracts | 1 | 1 | ||
Pre- Modification Outstanding Recorded Investment | $ 611 | $ 611 | ||
Post- Modification Outstanding Recorded Investment | $ 611 | $ 611 | ||
Real Estate Portfolio Segment[Member] | Construction Loans [Member] | ||||
Number of Contracts | 1 | 1 | ||
Pre- Modification Outstanding Recorded Investment | $ 357 | $ 357 | ||
Post- Modification Outstanding Recorded Investment | $ 357 | $ 357 | ||
Real Estate Portfolio Segment[Member] | Owner Occupied Commercial [Member] | ||||
Number of Contracts | 1 | 1 | ||
Pre- Modification Outstanding Recorded Investment | $ 611 | $ 611 | ||
Post- Modification Outstanding Recorded Investment | $ 611 | $ 611 | ||
Real Estate Portfolio Segment[Member] | One to Four Family [Member] | ||||
Number of Contracts | ||||
Pre- Modification Outstanding Recorded Investment | ||||
Post- Modification Outstanding Recorded Investment | ||||
Real Estate Portfolio Segment[Member] | Other Mortgages [Member] | ||||
Number of Contracts | ||||
Pre- Modification Outstanding Recorded Investment | ||||
Post- Modification Outstanding Recorded Investment | ||||
Consumer Portfolio Segment [Member] | ||||
Number of Contracts | ||||
Pre- Modification Outstanding Recorded Investment | ||||
Post- Modification Outstanding Recorded Investment |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 8 years 4 months 24 days | 8 years 4 months 24 days | |||
Operating Lease, Right-of-Use Asset | $ 10,300,000 | $ 10,300,000 | $ 12,300,000 | ||
Operating Lease, Liability, Total | $ 11,104,000 | $ 11,104,000 | $ 12,400,000 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years | 5 years | |||
Operating Lease, Weighted Average Discount Rate, Percent | 3.20% | 3.20% | |||
Operating Lease, Payments | $ 855,000 | $ 888,000 | $ 2,600,000 | $ 2,500,000 |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
2020 (remaining) | $ 839 | |
2021 | 2,744 | |
2022 | 2,679 | |
2023 | 2,205 | |
2024 | 1,232 | |
thereafter | 2,624 | |
Total lease payments | 12,323 | |
Less: imputed interest | (1,219) | |
Present value of operating lease liabilities | $ 11,104 | $ 12,400 |
Note 6 - Leases - Lease Costs (
Note 6 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating lease cost | $ 876 | $ 809 | $ 2,623 | $ 2,500 |
Short-term lease cost | 13 | 8 | 45 | 21 |
Variable lease cost | 77 | 49 | 165 | 151 |
Sublease income | (25) | (23) | (70) | (35) |
Net lease cost | $ 941 | $ 843 | $ 2,763 | $ 2,637 |
Note 7 - Employee and Directo_3
Note 7 - Employee and Director Benefits (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2014 | |
Share-based Payment Arrangement, Expense | $ 340,000 | $ 294,000 | $ 969,000 | $ 781,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 12.60 | ||||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 10,500 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 815,000 | $ 815,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 10 months 24 days | ||||
Restricted Stock [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,800,000 | $ 1,800,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 10 months 24 days | ||||
The 2009 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 5,550,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 7 - Employee and Directo_4
Note 7 - Employee and Director Benefits - Assumptions Used to Estimate Fair Value of Stock Option Awards (Details) - Share-based Payment Arrangement, Option [Member] | 9 Months Ended |
Sep. 30, 2020 | |
Expected volatility | 40.00% |
Expected dividends | 1.74% |
Expected term (Year) | 6 years 8 months 12 days |
Risk-free rate | 2.56% |
Note 7 - Employee and Directo_5
Note 7 - Employee and Director Benefits - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Granted (in shares) | 0 | |||
Share-based Payment Arrangement, Option [Member] | ||||
Outstanding, shares (in shares) | 965,248 | 1,238,748 | 1,238,748 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 15.19 | $ 13.02 | $ 13.02 | |
Outstanding, weighted average remaining contractual term (Year) | 4 years 6 months | 5 years | 4 years 10 months 24 days | 5 years 2 months 12 days |
Outstanding, aggregate intrinsic value | $ 11,720 | $ 18,603 | $ 21,911 | $ 23,355 |
Granted (in shares) | 0 | 10,500 | ||
Granted, weighted average exercise price (in dollars per share) | $ 0 | $ 34.44 | ||
Granted, aggregate intrinsic value | $ 0 | $ (14) | ||
Exercised (in shares) | (279,300) | (239,300) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 11.36 | $ 7.02 | ||
Exercised, weighted average remaining contractual term (Year) | 3 years 2 months 12 days | 2 years 3 months 18 days | ||
Exercised, aggregate intrinsic value | $ 6,330 | $ 6,162 | ||
Forfeited (in shares) | (18,000) | (20,200) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 30.79 | $ 24.88 | ||
Forfeited, weighted average remaining contractual term (Year) | 6 years 4 months 24 days | |||
Forfeited, aggregate intrinsic value | $ 58 | $ 167 | ||
Exercisable, shares (in shares) | 209,200 | 278,000 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 12.41 | $ 7.36 | ||
Exercisable, weighted average remaining contractual term (Year) | 3 years 2 months 12 days | 3 years 1 month 6 days | ||
Exercisable, aggregate intrinsic value | $ 4,425 | $ 7,261 | ||
Granted, weighted average remaining contractual term (Year) | 9 years 4 months 24 days | |||
Outstanding, shares (in shares) | 667,948 | 989,748 | 965,248 | 1,238,748 |
Outstanding, weighted average exercise price (in dollars per share) | $ 16.37 | $ 14.46 | $ 15.19 | $ 13.02 |
Note 7 - Employee and Directo_6
Note 7 - Employee and Director Benefits - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Non-vested, shares (in shares) | 71,290 | 56,576 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 31.53 | $ 29.94 |
Granted, shares (in shares) | 29,067 | 21,274 |
Granted, weighted average grant date fair value (in dollars per share) | $ 33.20 | $ 34.08 |
Vested, shares (in shares) | (19,928) | (5,200) |
Vested, weighted average grant date fair value (in dollars per share) | $ 23.64 | $ 20.31 |
Forfeited, shares (in shares) | 0 | (2,500) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 0 | $ 38.17 |
Non-vested, shares (in shares) | 80,429 | 70,150 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 34.09 | $ 31.62 |
Note 8 - Derivatives (Details T
Note 8 - Derivatives (Details Textual) - Interest Rate Cap [Member] | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Derivative, Term of Contract (Year) | 3 years |
Derivative, Notional Amount | $ 300,000,000 |
Derivative, Fair Value, Net, Total | $ 200,000 |
Derivative, Remaining Maturity (Year) | 2 years 7 months 6 days |
London Interbank Offered Rate (LIBOR) [Member] | |
Derivative, Cap Interest Rate | 0.50% |
Note 10 - Recent Accounting P_2
Note 10 - Recent Accounting Pronouncements (Details Textual) | 9 Months Ended |
Sep. 30, 2020 | |
Increase in Allowance for Loan Losses, Percent | 5.00% |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurement (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | ||
Debt Securities, Available-for-sale, Total | $ 913,049,000 | $ 913,049,000 | $ 759,399,000 | [1] | ||
Asset Impairment Charges, Total | 11,200,000 | $ 7,700,000 | 20,000,000 | $ 16,100,000 | ||
Real Estate Owned, Amount of Loss at Acquisition | $ 86,000 | $ 58,000 | 2,500,000 | $ 282,000 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 0 | $ 103,000 | ||||
Minimum [Member] | ||||||
Impaired Loans, Fair Value Adjustment, Percent | 0.00% | 0.00% | 0.00% | |||
Real Estate Owned, Fair Value Adjustment, Percent | 5.00% | 5.00% | 5.00% | |||
Minimum [Member] | Measurement Input, Cost to Sell [Member] | ||||||
Impaired Loans, Measurement Input | 0.08 | 0.08 | ||||
Maximum [Member] | ||||||
Impaired Loans, Fair Value Adjustment, Percent | 50.00% | 50.00% | 30.00% | |||
Real Estate Owned, Fair Value Adjustment, Percent | 46.00% | 46.00% | 10.00% | |||
Maximum [Member] | Measurement Input, Cost to Sell [Member] | ||||||
Impaired Loans, Measurement Input | 0.10 | 0.10 | ||||
Weighted Average [Member] | ||||||
Impaired Loans, Fair Value Adjustment, Percent | 17.10% | 17.10% | 5.60% | |||
Real Estate Owned, Fair Value Adjustment, Percent | 10.70% | 10.70% | 8.00% | |||
Corporate Debt Securities [Member] | ||||||
Number of Available-for-sale Debt Securities Acquired | 2 | |||||
Debt Securities, Available-for-sale, Total | $ 322,632,000 | $ 322,632,000 | $ 160,477,000 | |||
Corporate Debt Securities [Member] | Minimum [Member] | ||||||
Debt Securities, Available-for-sale, Total | 87.6222 | 87.6222 | 98,783,600 | |||
Corporate Debt Securities [Member] | Maximum [Member] | ||||||
Debt Securities, Available-for-sale, Total | 116.1915 | 116.1915 | 102,264,800 | |||
Corporate Debt Securities [Member] | Weighted Average [Member] | ||||||
Debt Securities, Available-for-sale, Total | $ 104.0924 | $ 104.0924 | $ 112,230,500 | |||
[1] | Derived from audited financial statements. |
Note 11 - Fair Value Measurem_4
Note 11 - Fair Value Measurement - Financial Assets and Financial Liabilities Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale, Total | $ 913,049 | $ 759,399 | [1] |
Total assets at fair value | 91,139 | 41,522 | |
US Treasury Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 19,426 | 49,210 | |
US Government Agencies Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 15,521 | 18,386 | |
Collateralized Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 518,062 | 474,054 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 37,408 | 57,272 | |
Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 322,632 | 160,477 | |
Fair Value, Recurring [Member] | |||
Debt Securities, Available-for-sale, Total | 913,049 | 759,399 | |
Total assets at fair value | 913,249 | ||
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | |||
Interest rate cap derivative | 200 | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 19,426 | 49,210 | |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 15,521 | 18,386 | |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 518,062 | 474,054 | |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 37,408 | 57,272 | |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 322,632 | 160,477 | |
Fair Value, Inputs, Level 1 [Member] | |||
Total assets at fair value | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |||
Debt Securities, Available-for-sale, Total | 0 | 0 | |
Total assets at fair value | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member] | |||
Interest rate cap derivative | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Total assets at fair value | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||
Debt Securities, Available-for-sale, Total | 906,468 | 752,803 | |
Total assets at fair value | 906,668 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member] | |||
Interest rate cap derivative | 200 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 19,426 | 49,210 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 15,521 | 18,386 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 518,062 | 474,054 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 37,408 | 57,272 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 316,051 | 153,881 | |
Fair Value, Inputs, Level 3 [Member] | |||
Total assets at fair value | 91,139 | 41,522 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||
Debt Securities, Available-for-sale, Total | 6,581 | 6,596 | |
Total assets at fair value | 6,581 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member] | |||
Interest rate cap derivative | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Total | $ 6,581 | $ 6,596 | |
[1] | Derived from audited financial statements. |
Note 11 - Fair Value Measurem_5
Note 11 - Fair Value Measurement - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Impaired loans | $ 84,163 | $ 33,344 |
Other real estate owned and repossessed assets | 6,976 | 8,178 |
Total assets at fair value | 91,139 | 41,522 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | 0 | 0 |
Other real estate owned and repossessed assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | 0 | 0 |
Other real estate owned and repossessed assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 84,163 | 33,344 |
Other real estate owned and repossessed assets | 6,976 | 8,178 |
Total assets at fair value | $ 91,139 | $ 41,522 |
Note 11 - Fair Value Measurem_6
Note 11 - Fair Value Measurement - Financial Assets and Liabilities Carried at Fair Value on Recurring Basis or Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Cash and due from banks | $ 70,472 | $ 78,618 | [1] |
Federal funds sold | 1,302 | 100,473 | [1] |
Mortgage loans held for sale | 21,472 | 6,312 | [1] |
Held to maturity debt securities | 250 | 250 | [1] |
Net Loans | 8,416,114 | 7,184,867 | [1] |
Federal funds purchased | 669,350 | 470,749 | [1] |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and due from banks | 1,622,069 | 530,127 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Federal funds sold | 1,302 | 100,473 | |
Mortgage loans held for sale | 21,472 | 6,302 | |
Deposits | 9,673,783 | 7,530,433 | |
Federal funds purchased | 669,350 | 470,749 | |
Other borrowings | 64,719 | 64,703 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Held to maturity debt securities | 250 | 250 | |
Net Loans | 8,331,951 | 7,151,523 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and due from banks | 1,622,069 | 530,127 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Federal funds sold | 1,302 | 100,473 | |
Mortgage loans held for sale | 22,244 | 6,312 | |
Deposits | 9,687,830 | 7,534,984 | |
Federal funds purchased | 669,350 | 470,749 | |
Other borrowings | 63,840 | 65,048 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Held to maturity debt securities | 250 | 250 | |
Net Loans | $ 8,232,972 | $ 7,099,198 | |
[1] | Derived from audited financial statements. |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Millions | Oct. 21, 2020USD ($) |
The 4.00% Subordinated Notes [Member] | |
Proceeds from Issuance of Debt | $ 34.8 |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% |
The 5.00% Subordinated Notes [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |