Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 04, 2019 | |
Cover page. | ||
Entity Registrant Name | Reliant Bancorp, Inc. | |
Entity Central Index Key | 0001606440 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 11,195,164 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 51,247 | $ 34,807 |
Federal funds sold | 73 | 371 |
Total cash and cash equivalents | 51,320 | 35,178 |
Securities available for sale | 297,310 | 296,323 |
Loans, net | 1,338,392 | 1,220,184 |
Mortgage loans held for sale, net | 16,757 | 15,823 |
Accrued interest receivable | 7,488 | 8,214 |
Premises and equipment, net | 21,390 | 22,033 |
Restricted equity securities, at cost | 11,279 | 11,690 |
Other real estate, net | 1,943 | 1,000 |
Cash surrender value of life insurance contracts | 46,351 | 45,513 |
Deferred tax assets, net | 456 | 7,428 |
Goodwill | 43,642 | 43,642 |
Core deposit intangibles | 7,507 | 8,219 |
Other assets | 8,652 | 9,091 |
TOTAL ASSETS | 1,852,487 | 1,724,338 |
Deposits | ||
Noninterest-bearing demand | 237,917 | 216,937 |
Interest-bearing demand | 149,442 | 154,218 |
Savings and money market deposit accounts | 397,243 | 401,308 |
Time | 826,031 | 665,440 |
Total deposits | 1,610,633 | 1,437,903 |
Accrued interest payable | 1,610 | 1,063 |
Subordinated debentures | 11,665 | 11,603 |
Federal Home Loan Bank advances | 3,928 | 57,498 |
Dividends payable | 1,012 | 1,036 |
Other liabilities | 3,987 | 6,821 |
TOTAL LIABILITIES | 1,632,835 | 1,515,924 |
Preferred stock, $1 par value; 10,000,000 shares authorized; no shares issued to date | 0 | 0 |
Common stock, $1 par value; 30,000,000 shares authorized; 11,195,062 and 11,530,810 shares issued and outstanding at Sept. 30, 2019, and Dec. 31, 2018, respectively | 11,195 | 11,531 |
Additional paid-in capital | 166,512 | 173,238 |
Retained earnings | 36,339 | 27,329 |
Accumulated other comprehensive income (loss) | 5,606 | (3,684) |
TOTAL STOCKHOLDERS’ EQUITY | 219,652 | 208,414 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,852,487 | $ 1,724,338 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 11,195,062 | 11,530,810 |
Common stock, shares outstanding (in shares) | 11,195,062 | 11,530,810 |
Consolidated Statements of Inco
Consolidated Statements of Income - Unaudited - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
INTEREST INCOME | ||||
Interest and fees on loans | $ 17,502 | $ 14,873 | $ 50,631 | $ 42,497 |
Interest and fees on loans held for sale | 263 | 294 | 614 | 1,101 |
Interest on investment securities, taxable | 549 | 414 | 1,639 | 1,374 |
Interest on investment securities, nontaxable | 1,576 | 1,709 | 4,944 | 4,921 |
Federal funds sold and other | 321 | 280 | 918 | 869 |
TOTAL INTEREST INCOME | 20,211 | 17,570 | 58,746 | 50,762 |
Deposits | ||||
Demand | 81 | 102 | 278 | 263 |
Savings and money market deposit accounts | 973 | 657 | 3,154 | 1,709 |
Time | 4,828 | 2,542 | 12,852 | 6,737 |
Federal Home Loan Bank advances and other | 66 | 606 | 534 | 1,275 |
Subordinated debentures | 199 | 197 | 590 | 526 |
TOTAL INTEREST EXPENSE | 6,147 | 4,104 | 17,408 | 10,510 |
NET INTEREST INCOME | 14,064 | 13,466 | 41,338 | 40,252 |
PROVISION FOR LOAN LOSSES | 606 | 322 | 806 | 759 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 13,458 | 13,144 | 40,532 | 39,493 |
NONINTEREST INCOME | ||||
Service charges on deposit accounts | 976 | 833 | 2,796 | 2,504 |
Gains on mortgage loans sold, net | 1,385 | 1,399 | 3,170 | 4,061 |
Gain on securities transactions, net | 0 | 18 | 306 | 43 |
Gain on sale of other real estate | 0 | 150 | 0 | 259 |
Gain (loss) on disposal of premises and equipment | 0 | 16 | 0 | 16 |
Other | 399 | 361 | 1,124 | 1,139 |
TOTAL NONINTEREST INCOME | 2,760 | 2,777 | 7,396 | 8,022 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 7,634 | 6,913 | 22,605 | 20,480 |
Occupancy | 1,359 | 1,234 | 4,069 | 3,673 |
Information technology | 1,553 | 1,315 | 4,538 | 3,913 |
Advertising and public relations | 387 | 183 | 916 | 413 |
Audit, legal and consulting | 350 | 588 | 1,836 | 2,027 |
Federal deposit insurance | (96) | 210 | 348 | 630 |
Merger expenses | 299 | 82 | 302 | 2,742 |
Other operating | 1,561 | 1,637 | 4,305 | 4,487 |
TOTAL NONINTEREST EXPENSE | 13,047 | 12,162 | 38,919 | 38,365 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 3,171 | 3,759 | 9,009 | 9,150 |
INCOME TAX EXPENSE | 557 | 519 | 1,430 | 1,431 |
CONSOLIDATED NET INCOME | 2,614 | 3,240 | 7,579 | 7,719 |
NONCONTROLLING INTEREST IN NET LOSS OF SUBSIDIARY | 1,386 | 842 | 4,484 | 2,243 |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 4,000 | $ 4,082 | $ 12,063 | $ 9,962 |
Basic net income attributable to common shareholders, per share (in dollars per share) | $ 0.36 | $ 0.36 | $ 1.07 | $ 0.88 |
Diluted net income attributable to common shareholders, per share (in dollars per share) | $ 0.36 | $ 0.36 | $ 1.07 | $ 0.87 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - Unaudited - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Consolidated net income | $ 2,614 | $ 3,240 | $ 7,579 | $ 7,719 |
Other comprehensive income (loss) | ||||
Net unrealized gains (losses) on available-for-sale securities, net of tax of $973 and $712 for the three months ended September 30, 2019 and 2018, respectively, and $3,935 and $2,260 for the nine months ended September 30, 2019 and 2018, respectively | 2,736 | (2,023) | 11,122 | (6,401) |
Net unrealized losses on interest rate swap derivatives net of tax of $98 for the three months ended September 30, 2019 and $569 for the nine months ended September 30, 2019 | (275) | 0 | (1,606) | 0 |
Reclassification adjustment for gains included in net income, net of tax of $4 for the three months ended September 30, 2018 and $80 and $11 for the nine months ended September 30, 2019 and 2018, respectively | 0 | (14) | (226) | (32) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 2,461 | (2,037) | 9,290 | (6,433) |
TOTAL COMPREHENSIVE INCOME | $ 5,075 | $ 1,203 | $ 16,869 | $ 1,286 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income - Unaudited (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net unrealized gains on available-for-sale securities, tax (benefit) | $ 973 | $ 712 | $ 3,935 | $ 2,260 |
Net unrealized losses on interest rate swap derivatives, tax | 98 | 569 | ||
Reclassification adjustment for (gains) included in net income, tax | $ 0 | $ 4 | $ 80 | $ 11 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - Unaudited - USD ($) $ in Thousands | Total | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NONCONTROLLING INTEREST |
BALANCE (in shares) at Dec. 31, 2017 | 9,034,439 | |||||
BALANCE at Dec. 31, 2017 | $ 140,137 | $ 9,034 | $ 112,437 | $ 17,189 | $ 1,477 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock based compensation expense | 224 | 224 | ||||
Exercise of stock options (in shares) | 25,225 | |||||
Exercise of stock options | 340 | $ 25 | 315 | |||
Restricted stock awards (in shares) | 4,500 | |||||
Restricted stock awards | 0 | $ 5 | (5) | |||
Restricted stock forfeiture (in shares) | (1,000) | |||||
Restricted stock forfeiture | 0 | $ (1) | 1 | |||
Conversion shares issued to shareholders' of Community First, Inc. (in shares) | 2,416,444 | |||||
Conversion shares issued to shareholders' of Community First, Inc. | 61,983 | $ 2,417 | 59,566 | |||
Noncontrolling interest contributions | 464 | 464 | ||||
Cash dividend declared to common shareholders | (1,060) | (1,060) | ||||
Net income (loss) | 3,277 | 3,741 | (464) | |||
Other comprehensive income (loss) | (4,414) | (4,414) | ||||
BALANCE (in shares) at Mar. 31, 2018 | 11,479,608 | |||||
BALANCE at Mar. 31, 2018 | 200,951 | $ 11,480 | 172,538 | 19,870 | (2,937) | 0 |
BALANCE (in shares) at Dec. 31, 2017 | 9,034,439 | |||||
BALANCE at Dec. 31, 2017 | 140,137 | $ 9,034 | 112,437 | 17,189 | 1,477 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 7,719 | |||||
Other comprehensive income (loss) | (6,433) | |||||
BALANCE (in shares) at Sep. 30, 2018 | 11,531,094 | |||||
BALANCE at Sep. 30, 2018 | 203,751 | $ 11,531 | 172,930 | 24,246 | (4,956) | 0 |
BALANCE (in shares) at Mar. 31, 2018 | 11,479,608 | |||||
BALANCE at Mar. 31, 2018 | 200,951 | $ 11,480 | 172,538 | 19,870 | (2,937) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock based compensation expense | 148 | 148 | ||||
Exercise of stock options (in shares) | 357 | |||||
Exercise of stock options | 3 | 3 | ||||
Restricted stock awards (in shares) | 3,000 | |||||
Restricted stock awards | 0 | $ 3 | (3) | |||
Noncontrolling interest contributions | 937 | 937 | ||||
Cash dividend declared to common shareholders | (919) | (919) | ||||
Net income (loss) | 1,202 | 2,139 | (937) | |||
Other comprehensive income (loss) | 18 | 18 | ||||
BALANCE (in shares) at Jun. 30, 2018 | 11,482,965 | |||||
BALANCE at Jun. 30, 2018 | 202,340 | $ 11,483 | 172,686 | 21,090 | (2,919) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock based compensation expense | 237 | 237 | ||||
Exercise of stock options (in shares) | 4,419 | |||||
Exercise of stock options | 55 | $ 5 | 50 | |||
Restricted stock awards (in shares) | 43,710 | |||||
Restricted stock awards | 0 | $ 43 | (43) | |||
Noncontrolling interest contributions | 842 | 842 | ||||
Cash dividend declared to common shareholders | (926) | (926) | ||||
Net income (loss) | 3,240 | 4,082 | (842) | |||
Other comprehensive income (loss) | (2,037) | (2,037) | ||||
BALANCE (in shares) at Sep. 30, 2018 | 11,531,094 | |||||
BALANCE at Sep. 30, 2018 | $ 203,751 | $ 11,531 | 172,930 | 24,246 | (4,956) | 0 |
BALANCE (in shares) at Dec. 31, 2018 | 11,530,810 | 11,530,810 | ||||
BALANCE at Dec. 31, 2018 | $ 208,414 | $ 11,531 | 173,238 | 27,329 | (3,684) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock based compensation expense | 250 | 250 | ||||
Exercise of stock options (in shares) | 2,183 | |||||
Exercise of stock options | 28 | $ 2 | 26 | |||
Restricted stock awards (in shares) | 3,000 | |||||
Restricted stock awards | 0 | $ 3 | (3) | |||
Restricted stock and dividend forfeiture (in shares) | (3,750) | |||||
Restricted stock and dividend forfeiture | 1 | $ (4) | 4 | 1 | ||
Common stock shares redeemed (in shares) | (29,958) | |||||
Common stock shares redeemed | (659) | $ (30) | (629) | |||
Noncontrolling interest contributions | 1,543 | 1,543 | ||||
Cash dividend declared to common shareholders | (1,035) | (1,035) | ||||
Net income (loss) | 2,281 | 3,824 | (1,543) | |||
Other comprehensive income (loss) | 4,296 | 4,296 | ||||
BALANCE (in shares) at Mar. 31, 2019 | 11,502,285 | |||||
BALANCE at Mar. 31, 2019 | $ 215,119 | $ 11,502 | 172,886 | 30,119 | 612 | 0 |
BALANCE (in shares) at Dec. 31, 2018 | 11,530,810 | 11,530,810 | ||||
BALANCE at Dec. 31, 2018 | $ 208,414 | $ 11,531 | 173,238 | 27,329 | (3,684) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 27,306 | |||||
Net income (loss) | $ 7,579 | |||||
Other comprehensive income (loss) | $ 9,290 | |||||
BALANCE (in shares) at Sep. 30, 2019 | 11,195,062 | 11,195,062 | ||||
BALANCE at Sep. 30, 2019 | $ 219,652 | $ 11,195 | 166,512 | 36,339 | 5,606 | 0 |
BALANCE (in shares) at Mar. 31, 2019 | 11,502,285 | |||||
BALANCE at Mar. 31, 2019 | 215,119 | $ 11,502 | 172,886 | 30,119 | 612 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock based compensation expense | 280 | 280 | ||||
Exercise of stock options (in shares) | 24,523 | |||||
Exercise of stock options | 323 | $ 25 | 298 | |||
Employee Stock Purchase Plan stock issuance (in shares) | 4,728 | |||||
Employee Stock Purchase Plan stock issuance | 90 | $ 5 | 85 | |||
Restricted stock awards (in shares) | 5,000 | |||||
Restricted stock awards | 0 | $ 5 | (5) | |||
Restricted stock and dividend forfeiture (in shares) | (4,000) | |||||
Restricted stock and dividend forfeiture | 0 | $ (4) | 4 | |||
Common stock shares redeemed (in shares) | (335,973) | |||||
Common stock shares redeemed | (7,632) | $ (336) | (7,296) | |||
Noncontrolling interest contributions | 1,555 | 1,555 | ||||
Cash dividend declared to common shareholders | (1,009) | (1,009) | ||||
Net income (loss) | 2,684 | 4,239 | (1,555) | |||
Other comprehensive income (loss) | 2,533 | 2,533 | ||||
BALANCE (in shares) at Jun. 30, 2019 | 11,196,563 | |||||
BALANCE at Jun. 30, 2019 | 213,943 | $ 11,197 | 166,252 | 33,349 | 3,145 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock based compensation expense | 337 | 337 | ||||
Exercise of stock options (in shares) | 600 | |||||
Exercise of stock options | 9 | $ 1 | 8 | |||
Restricted stock awards (in shares) | 1,500 | |||||
Restricted stock awards | $ 1 | (1) | ||||
Restricted shares withheld for taxes (in shares) | (3,601) | |||||
Restricted shares withheld for taxes | (88) | $ (4) | (84) | |||
Noncontrolling interest contributions | 1,386 | 1,386 | ||||
Cash dividend declared to common shareholders | (1,010) | (1,010) | ||||
Net income (loss) | 2,614 | 4,000 | (1,386) | |||
Other comprehensive income (loss) | $ 2,461 | 2,461 | ||||
BALANCE (in shares) at Sep. 30, 2019 | 11,195,062 | 11,195,062 | ||||
BALANCE at Sep. 30, 2019 | $ 219,652 | $ 11,195 | $ 166,512 | $ 36,339 | $ 5,606 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
OPERATING ACTIVITIES | ||
Consolidated net income | $ 7,579 | $ 7,719 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities | ||
Provision for loan losses | 806 | 759 |
Provision to reflect market value of mortgage loans held for sale | 0 | 196 |
Deferred income taxes (benefit) | 3,686 | (959) |
Loss on disposal of premises and equipment | 0 | (16) |
Depreciation and amortization of premises and equipment | 1,486 | 1,235 |
Net amortization of securities | 2,302 | 2,374 |
Net realized gains on sales of securities | (306) | (43) |
Gains on mortgage loans sold, net | (3,170) | (4,061) |
Stock-based compensation expense | 867 | 609 |
Realization of gain on other real estate | 0 | (259) |
Increase in cash surrender value of life insurance contracts | (838) | (893) |
Mortgage loans originated for resale | (106,520) | (113,481) |
Proceeds from sale of mortgage loans | 108,756 | 150,866 |
Other accretion | (477) | (615) |
Change in: Accrued interest receivable | 726 | (1,123) |
Other assets | 508 | (2,852) |
Accrued interest payable | 547 | 845 |
Other liabilities | (6,392) | 778 |
TOTAL ADJUSTMENTS | 1,981 | 33,360 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 9,560 | 41,079 |
INVESTING ACTIVITIES | ||
Cash received from merger | 0 | 33,128 |
Activities in available for sale securities | ||
Purchases | (47,870) | (103,375) |
Sales | 52,434 | 100,737 |
Maturities, prepayments and calls | 8,587 | 10,125 |
Purchases of restricted equity securities | 0 | (2,181) |
Redemption of restricted equity securities | 411 | 0 |
Net increase in loans | (118,758) | (108,431) |
Purchase of buildings, leasehold improvements, and equipment | (843) | (4,000) |
Proceeds from sale of other real estate | 0 | 1,947 |
NET CASH USED IN INVESTING ACTIVITIES | (106,039) | (72,050) |
FINANCING ACTIVITIES | ||
Net change in deposits | 172,741 | 79,588 |
Net change in advances from Federal Home Loan Bank | (53,529) | (34,020) |
Issuance of common stock, net of repurchase of restricted shares | 272 | 398 |
Issuance of common stock from Employee Stock Purchase Plan | 90 | 0 |
Redemption of common stock | (8,291) | 0 |
Noncontrolling interest contributions received | 4,415 | 1,305 |
Cash dividends paid on common stock | (3,077) | (2,525) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 112,621 | 44,746 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 16,142 | 13,775 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 35,178 | 20,668 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 51,320 | 34,443 |
Cash paid during the period for | ||
Interest | 16,861 | 9,655 |
Taxes | 1,607 | 2,170 |
Non-cash investing and financing activities | ||
Unrealized gain (loss) on securities available-for-sale | 16,134 | (9,742) |
Unrealized gain (loss) on derivatives | (3,558) | 1,038 |
Change in due to/from noncontrolling interest | 4,484 | 2,243 |
Loans foreclosed and transferred to other real estate owned and foreclosed assets | $ 943 | $ 1,060 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting and reporting policies of Reliant Bancorp, Inc. conform to accounting principles generally accepted in the United States of America ("U.S. GAAP") and to general practices within the banking industry. The following is a brief summary of the significant policies. Nature of Operations Reliant Bank began organizational activities in 2005. Reliant Bancorp, Inc. provides financial services through its wholly owned bank subsidiary, Reliant Bank, which has offices in Williamson, Robertson, Davidson, Sumner, Rutherford, Maury, Hickman and Hamilton Counties in Tennessee. Its primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are commercial and residential construction loans, commercial loans, installment loans and lines secured by home equity. Substantially all loans are secured by specific items of collateral including commercial and residential real estate, business assets, and consumer assets. Additionally, on September 16, 2019, Reliant Bancorp, Inc. entered into a definitive agreement to acquire the parent company of Community Bank & Trust headquartered in Ashland City, Tennessee. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions to Quarterly Report on Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with U.S. GAAP. All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods covered by the report have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with Reliant Bancorp, Inc.’s consolidated financial statements and related notes appearing in Reliant Bancorp, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2018 . The consolidated financial statements as of and for the periods presented include the accounts of Reliant Bancorp Inc., Reliant Bank (the "Bank"), Community First Trups Holding Company ("TRUPS"), which is wholly owned by Reliant Bancorp Inc., Reliant Investment Holdings, LLC ("Holdings"), which is wholly owned by the Bank, and Reliant Mortgage Ventures, LLC ("RMV"), of which the Bank controls 51% of the governance rights. Reliant Bancorp Inc., the Bank, TRUPS, Holdings and RMV, are, collectively, referred to herein as the “Company”. All significant inter-company balances and transactions have been eliminated in consolidation. As described in Note 12 to these unaudited consolidated financial statements, Reliant Bancorp, Inc. and Community First, Inc. ("Community First") merged effective on January 1, 2018. The accounting and reporting policies of the Company conform to U.S. GAAP and general practices in the banking industry. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to determination of the allowance for loan losses, the valuation of other real estate, the valuation of debt and equity securities, the valuation of deferred tax assets and fair values of financial instruments. The consolidated financial statements as of September 30, 2019 , and for the three and nine months ended September 30, 2019 and 2018 , included herein have not been audited. The accounting and reporting policies of the Company conform to U.S. GAAP and Article 8 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company believes that the disclosures made are adequate to make the information not misleading. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The accompanying consolidated financial statements reflect all adjustments, which are, in the opinion of management, necessary to present a fair statement of the results for the interim periods presented. Such adjustments are of a normal recurring nature. The Company evaluates subsequent events through the date of filing. Certain prior period amounts have been reclassified to conform to the current period presentation. The results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . Reclassifications Certain reclassifications were made to the September 30, 2018 financial statement presentation in order to conform to the September 30, 2019 financial statement presentation. Total stockholders' equity and net income are unchanged due to these reclassifications. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The amortized cost and fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income at September 30, 2019 and December 31, 2018 were as follows: September 30, 2019 Amortized Gross Gross Estimated U. S. Treasury and other U. S. government agencies $ 310 $ — $ — $ 310 State and municipal 210,537 12,479 — 223,016 Corporate bonds 7,880 64 (122 ) 7,822 Mortgage backed securities 39,143 379 (404 ) 39,118 Asset backed securities 27,577 11 (544 ) 27,044 Total $ 285,447 $ 12,933 $ (1,070 ) $ 297,310 December 31, 2018 Amortized Gross Gross Estimated U. S. Treasury and other U. S. government agencies $ 568 $ — $ (14 ) $ 554 State and municipal 232,589 879 (4,170 ) 229,298 Corporate bonds 3,130 — (113 ) 3,017 Mortgage backed securities 32,172 34 (248 ) 31,958 Asset backed securities 28,635 — (639 ) 27,996 Time deposits 3,500 — — 3,500 Total $ 300,594 $ 913 $ (5,184 ) $ 296,323 Securities pledged at September 30, 2019 and December 31, 2018 had a carrying amount of $58,341 and $70,097 , respectively, and were pledged to collateralize Federal Home Loan Bank ("FHLB") advances, Federal Reserve Bank ("FRB") advances and municipal deposits. At September 30, 2019 and December 31, 2018 , there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity. NOTE 2 - SECURITIES (CONTINUED) The fair values of available for sale debt securities at September 30, 2019 by contractual maturity are provided below. Actual maturities may differ from contractual maturities for mortgage and asset backed securities since the underlying asset may be called or prepaid with or without penalty. Securities not due at a single maturity date are shown separately. Amortized Cost Estimated Fair Value Due within one year $ 500 $ 499 Due in one to five years 1,035 1,035 Due in five to ten years 12,076 12,447 Due after ten years 205,116 217,167 Mortgage backed securities 39,143 39,118 Asset backed securities 27,577 27,044 Total $ 285,447 $ 297,310 The following table shows available for sale securities with unrealized losses and their estimated fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2019 and December 31, 2018 , respectively: Less than 12 months 12 months or more Total Estimated Fair Value Unrealized Loss Estimated Unrealized Estimated Unrealized At September 30, 2019 U. S. Treasury and other U. S. government agencies $ — $ — $ — $ — $ — $ — State and municipal — — — — — — Corporate bonds 499 1 2,509 121 3,008 122 Mortgage backed securities 16,070 224 8,296 180 24,366 404 Asset backed securities 1,990 11 23,056 533 25,046 544 Total temporarily impaired $ 18,559 $ 236 $ 33,861 $ 834 $ 52,420 $ 1,070 At December 31, 2018 U. S. Treasury and other U. S. government agencies $ — $ — $ 555 $ 14 $ 555 $ 14 State and municipal 118,580 2,263 47,223 1,907 165,803 4,170 Corporate bonds 2,526 105 492 8 3,018 113 Mortgage backed securities 17,015 99 5,397 149 22,412 248 Asset backed securities 20,351 383 7,255 256 27,606 639 Total temporarily impaired $ 158,472 $ 2,850 $ 60,922 $ 2,334 $ 219,394 $ 5,184 Management has the intent and ability to hold all securities in an unrealized loss position for the foreseeable future, and the decline in fair value is largely due to changes in interest rates. The fair value is expected to recover as the securities approach their maturity date and/or market rates decline. There were 56 and 242 securities in an unrealized loss position as of September 30, 2019 and December 31, 2018 , respectively. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN LOSSES | LOANS AND ALLOWANCE FOR LOAN LOSSES Loans at September 30, 2019 and December 31, 2018 were comprised as follows: September 30, 2019 December 31, 2018 Commercial, Industrial and Agricultural $ 231,935 $ 213,850 Real Estate 1-4 Family Residential 236,332 225,863 1-4 Family HELOC 93,176 88,112 Multi-family and Commercial 520,297 447,840 Construction, Land Development and Farmland 238,082 220,801 Consumer 17,448 20,495 Other 13,252 14,106 Total 1,350,522 1,231,067 Less Deferred loan fees (cost) (161 ) (9 ) Allowance for possible loan losses 12,291 10,892 Loans, net $ 1,338,392 $ 1,220,184 Activity in the allowance for loan losses by portfolio segment was as follows for the nine months ended September 30, 2019 and September 30, 2018 , respectively: Commercial Industrial and Agricultural Multi-family Construction 1-4 Family 1-4 Family HELOC Consumer Other Total Beginning balance at December 31, 2018 $ 1,751 $ 4,429 $ 2,500 $ 1,333 $ 656 $ 184 $ 39 $ 10,892 Charge-offs (170 ) — — (29 ) — (37 ) (34 ) (270 ) Recoveries 342 62 — 220 11 28 200 863 Provision 376 697 13 (141 ) 37 (5 ) (171 ) 806 Ending balance at September 30, 2019 $ 2,299 $ 5,188 $ 2,513 $ 1,383 $ 704 $ 170 $ 34 $ 12,291 Beginning balance at December 31, 2017 $ 2,538 $ 3,166 $ 2,434 $ 773 $ 595 $ 183 $ 42 $ 9,731 Charge-offs (308 ) (76 ) (144 ) (36 ) (6 ) (24 ) (37 ) (631 ) Recoveries 530 215 44 11 7 29 3 839 Provision (734 ) 813 56 573 24 (2 ) 29 759 Ending balance at September 30, 2018 $ 2,026 $ 4,118 $ 2,390 $ 1,321 $ 620 $ 186 $ 37 $ 10,698 NOTE 3 - LOANS AND ALLOWANCE FOR LOAN LOSSES (CONTINUED) The allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2019 were as follows: Commercial Industrial and Agricultural Multi-family and Commercial Real Estate Construction Land Development and Farmland 1-4 Family Residential Real Estate 1-4 Family HELOC Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 580 $ — $ 17 $ — $ 50 $ — $ — $ 647 Acquired with credit impairment — — — — — — — — Collectively evaluated for impairment 1,719 5,188 2,496 1,383 654 170 34 11,644 Total $ 2,299 $ 5,188 $ 2,513 $ 1,383 $ 704 $ 170 $ 34 $ 12,291 Loans Individually evaluated for impairment $ 5,309 $ 2,428 $ 1,217 $ 1,997 $ 346 $ — $ — $ 11,297 Acquired with credit impairment — 218 822 201 — — — 1,241 Collectively evaluated for impairment 226,626 517,651 236,043 234,134 92,830 17,448 13,252 1,337,984 Total $ 231,935 $ 520,297 $ 238,082 $ 236,332 $ 93,176 $ 17,448 $ 13,252 $ 1,350,522 The allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2018 were as follows: Commercial Industrial and Agricultural Multi-family and Commercial Real Estate Construction Land Development and Farmland 1-4 Family Residential Real Estate 1-4 Family HELOC Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 38 $ — $ 17 $ — $ — $ — $ — $ 55 Acquired with credit impairment — — — — — — — — Collectively evaluated for impairment 1,713 4,429 2,483 1,333 656 184 39 10,837 Total $ 1,751 $ 4,429 $ 2,500 $ 1,333 $ 656 $ 184 $ 39 $ 10,892 Loans Individually evaluated for impairment $ 978 $ 1,160 $ 1,780 $ 1,246 $ — $ 12 $ — $ 5,176 Acquired with credit impairment 40 232 1,751 262 — 11 — 2,296 Collectively evaluated for impairment 212,832 446,448 217,270 224,355 88,112 20,472 14,106 1,223,595 Total $ 213,850 $ 447,840 $ 220,801 $ 225,863 $ 88,112 $ 20,495 $ 14,106 $ 1,231,067 NOTE 3 - LOANS AND ALLOWANCE FOR LOAN LOSSES (CONTINUED) Risk characteristics relevant to each portfolio segment are as follows: Commercial, industrial and agricultural: The commercial, industrial and agricultural loan portfolio segment includes loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases or other expansion projects. Collection risk in this portfolio is driven by the creditworthiness of underlying borrowers, particularly cash flow from customers’ business operations. Commercial, industrial and agricultural loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial and industrial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. Multi-family and commercial real estate: Multi-family and commercial real estate loans are subject to underwriting standards and processes similar to commercial, industrial and agricultural loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties comprising the Company’s commercial real estate portfolio are diverse in terms of type. This diversity helps reduce the Company’s exposure to adverse economic events that affect any single market or industry. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. The Company also utilizes third-party experts to provide insight and guidance about economic conditions and trends affecting the market areas it serves. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied loans. Non-owner occupied commercial real estate loans are loans secured by multifamily and commercial properties where the primary source of repayment is derived from rental income associated with the property (that is, loans for which 50 percent or more of the source of repayment comes from third party, nonaffiliated, rental income) or the proceeds of the sale, refinancing, or permanent financing of the property. These loans are made to finance income-producing properties such as apartment buildings, office and industrial buildings, and retail properties. Owner-occupied commercial real estate loans are loans where the primary source of repayment is the cash flow from the ongoing operations and business activities conducted by the party, or an affiliate of the party, who owns the property. Construction and land development: Loans for non-owner-occupied real estate construction or land development are generally repaid through cash flow related to the operation, sale or refinance of the property. The Company also finances construction loans for owner-occupied properties. A portion of the Company’s construction and land development portfolio segment is comprised of loans secured by residential product types (residential land and single-family construction). With respect to construction loans to developers and builders that are secured by non-owner occupied properties that the Company may originate from time to time, the Company generally requires the borrower to have had an existing relationship with the Company and have a proven record of success. Construction and land development loans are underwritten utilizing feasibility studies, independent appraisal reviews, sensitivity analysis of absorption and lease rates, market sales activity, and financial analysis of the developers and property owners. Construction loans are generally based upon estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions and the availability of long-term financing. NOTE 3 - LOANS AND ALLOWANCE FOR LOAN LOSSES (CONTINUED) 1-4 family residential real estate: Residential real estate loans represent loans to consumers or investors to finance a residence. These loans are typically financed on 15 to 30 year amortization terms, but generally with shorter maturities of 5 to 15 years. Many of these loans are extended to borrowers to finance their primary or secondary residence. Loans to an investor secured by a 1-4 family residence will be repaid from either the rental income from the property or from the sale of the property. This loan segment also includes closed-end home equity loans that are secured by a first or second mortgage on the borrower’s residence. This allows customers to borrow against the equity in their home. Loans in this portfolio segment are underwritten and approved based on a number of credit quality criteria including limits on maximum Loan-to-Value ("LTV"), minimum credit scores, and maximum debt to income. Real estate market values as of the time the loan is made directly affect the amount of credit extended and, in addition, changes in these residential property values impact the depth of potential losses in this portfolio segment. 1-4 family HELOC: This loan segment includes open-end home equity loans that are secured by a first or second mortgage on the borrower’s residence. This allows customers to borrow against the equity in their home utilizing a revolving line of credit. These loans are underwritten and approved based on a number of credit quality criteria including limits on maximum LTV, minimum credit scores, and maximum debt to income. Real estate market values as of the time the loan is made directly affect the amount of credit extended and, in addition, changes in these residential property values impact the depth of potential losses in this portfolio segment. Because of the revolving nature of these loans as well as the fact that many represent second mortgages, this portfolio segment can contain more risk than the amortizing 1-4 family residential real estate loans. Consumer: The consumer loan portfolio segment includes non-real estate secured direct loans to consumers for household, family, and other personal expenditures. Consumer loans may be secured or unsecured and are usually structured with short or medium term maturities. These loans are underwritten and approved based on a number of consumer credit quality criteria including limits on maximum LTV on secured consumer loans, minimum credit scores, and maximum debt to income. Many traditional forms of consumer installment credit have standard monthly payments and fixed repayment schedules of one to five years . These loans are made with either fixed or variable interest rates that are based on specific indices. Installment loans fill a variety of needs, such as financing the purchase of an automobile, a boat, a recreational vehicle, or other large personal items, or for consolidating debt. These loans may be unsecured or secured by an assignment of title, as in an automobile loan, or by money in a bank account. In addition to consumer installment loans, this portfolio segment also includes secured and unsecured personal lines of credit as well as overdraft protection lines. Loans in this portfolio segment are sensitive to unemployment and other key consumer economic measures. Nonaccrual loans by class of loan were as follows at September 30, 2019 and December 31, 2018 : September 30, 2019 December 31, 2018 Commercial, Industrial and Agricultural $ 601 $ 279 Multi-family and Commercial Real Estate 1,310 — Construction, Land Development and Farmland 555 1,294 1-4 Family Residential Real Estate 1,538 2,556 1-4 Family HELOC 346 — Consumer 30 65 Total $ 4,380 $ 4,194 Performing nonaccrual loans totaled $1,076 and $2,010 at September 30, 2019 and December 31, 2018 , respectively. NOTE 3 - LOANS AND ALLOWANCE FOR LOAN LOSSES (CONTINUED) Individually impaired loans by class of loans were as follows at September 30, 2019 : Unpaid Principal Balance Recorded Investment with no Allowance Recorded Recorded Investment with Allowance Recorded Total Recorded Investment Related Allowance Commercial, Industrial and Agricultural $ 5,309 $ 754 $ 4,555 $ 5,309 $ 580 Multi-family and Commercial Real Estate 2,655 2,646 — 2,646 — Construction, Land Development and Farmland 2,356 1,868 171 2,039 17 1-4 Family Residential Real Estate 2,286 2,198 — 2,198 — 1-4 Family HELOC 348 296 50 346 50 Total $ 12,954 $ 7,762 $ 4,776 $ 12,538 $ 647 Individually impaired loans by class of loans were as follows at December 31, 2018 : Unpaid Principal Balance Recorded Investment with no Allowance Recorded Recorded Investment with Allowance Recorded Total Recorded Investment Related Allowance Commercial, Industrial and Agricultural $ 1,247 $ 765 $ 253 $ 1,018 $ 38 Multi-family and Commercial Real Estate 1,670 1,392 — 1,392 — Construction, Land Development and Farmland 3,920 3,359 172 3,531 17 1-4 Family Residential Real Estate 2,243 1,508 — 1,508 — Consumer 29 23 — 23 — Total $ 9,109 $ 7,047 $ 425 $ 7,472 $ 55 The average balances of impaired loans for the nine months ended September 30, 2019 and 2018 were as follows: 2019 2018 Commercial, Industrial and Agricultural $ 1,921 $ 2,661 Multi-family and Commercial Real Estate 2,573 2,610 Construction, Land Development and Farmland 2,570 4,831 1-4 Family Residential Real Estate 1,779 2,708 1-4 Family HELOC 161 90 Consumer 9 72 Total $ 9,013 $ 12,972 The Company utilizes a risk grading system to monitor the credit quality of the Company’s commercial loan portfolio which consists of commercial, industrial and agricultural, commercial real estate and construction loans. Loans are graded on a scale of 1 to 9. Grades 1 to 5 are pass credits, grade 6 is special mention, grade 7 is substandard, grade 8 is doubtful and grade 9 is loss. A description of the risk grades are as follows: Grade 1 - Minimal Risk (Pass) This grade includes loans to borrowers with a strong financial position and history of profits and cash flows sufficient to service the debt. These borrowers have well defined sources of primary/secondary repayment, conservatively leveraged balance sheets and the ability to access a wide range of financing alternatives. Collateral securing these loans is negotiable, of sufficient value and in possession of the Company. Risk of loss is unlikely. NOTE 3 - LOANS AND ALLOWANCE FOR LOAN LOSSES (CONTINUED) Grade 2 - High Quality (Pass) This grade includes loans to borrowers with a strong financial condition reflecting dependable net profits and cash flows. The borrower has verifiable liquid net worth providing above average asset protection. An identifiable market exists for the collateral. Risk of loss is unlikely. Grade 3 - Above Average (Pass) This grade includes loans to borrowers with a balance sheet that reflects a comfortable degree of leverage and liquidity. Borrowers are profitable and have a sustained record of servicing debt. An identifiable market exists for the collateral, but liquidation could take up to one year. Risk of loss is unlikely. Grade 4 - Average (Pass) This grade includes loans to borrowers with a financial condition that is satisfactory and comparable to industry standards. The borrower has verifiable net worth, providing over time, average asset protection. The borrower's cash flows are sufficient to satisfy debt service requirements. Risk of loss is below average. Grade 5 - Acceptable (Management Attention) (Pass) This grade includes loans to borrowers whose loans are performing, but sources of repayment are not documented by the current credit analysis. There are some declining trends in margins, ratios and/or cash flow. Guarantor(s) have strong net worth(s), but assets may be concentrated in real estate or other illiquid investments. Risk of loss is average. Grade 6 - Special Mention Special mention assets have potential weaknesses that may, if not checked or corrected, weaken the asset or inadequately protect the Company’s position at some future date. These assets pose elevated risk, but their weakness does not yet justify a substandard classification. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons for rating a credit exposure special mention include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. The special mention rating is designed to identify a specific level of risk and concern about asset quality . Although a special mention asset has a higher probability of default than a pass asset, its default is not imminent. Grade 7 - Substandard A ‘‘substandard’’ extension of credit is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Extensions of credit so classified should have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard credits, does not have to exist in individual extensions of credit classified substandard. Substandard assets have a high probability of payment default, or they have other well-defined weaknesses. They require more intensive supervision by Company management. Substandard assets are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigation. NOTE 3 - LOANS AND ALLOWANCE FOR LOAN LOSSES (CONTINUED) Grade 8 - Doubtful An extension of credit classified ‘‘doubtful’’ has all the weaknesses inherent in one classified substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors that may work to the advantage of and strengthen the credit, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceedings, capital injection, perfecting liens on additional collateral, or refinancing plans. Generally, the doubtful classification should not extend for a long period of time because in most cases the pending factors or events that warranted the doubtful classification should be resolved either positively or negatively in a reasonable period of time. Grade 9 - Loss Extensions of credit classified ‘‘loss’’ are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the credit has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. Amounts classified loss should be promptly charged off. The Company will not attempt long term recoveries while the credit remains on the Company’s books. Losses should be taken in the period in which they surface as uncollectible. With loss assets, the underlying borrowers are often in bankruptcy, have formally suspended debt repayments, or have otherwise ceased normal business operations. Once an asset is classified loss, there is little prospect of collecting either its principal or interest. Non-commercial purpose loans are initially assigned a default loan grade of 99 (Pass) and are risk graded (Grade 6, 7, or 8) according to delinquency status when applicable. Credit quality indicators by class of loan were as follows at September 30, 2019 : Pass Special Mention Substandard Total Commercial, Industrial and Agricultural $ 225,542 $ 442 $ 5,951 $ 231,935 1-4 Family Residential Real Estate 233,559 — 2,773 236,332 1-4 Family HELOC 92,574 — 602 93,176 Multi-family and Commercial Real Estate 515,570 — 4,727 520,297 Construction, Land Development and Farmland 237,171 — 911 238,082 Consumer 17,217 — 231 17,448 Other 13,252 — — 13,252 Total $ 1,334,885 $ 442 $ 15,195 $ 1,350,522 Credit quality indicators by class of loan were as follows at December 31, 2018 : Pass Special Mention Substandard Total Commercial, Industrial and Agricultural $ 212,761 $ — $ 1,089 $ 213,850 1-4 Family Residential Real Estate 221,546 1,125 3,192 225,863 1-4 Family HELOC 88,112 — — 88,112 Multi-family and Commercial Real Estate 442,127 3,135 2,578 447,840 Construction, Land Development and Farmland 218,053 579 2,169 220,801 Consumer 20,236 — 259 20,495 Other 14,106 — — 14,106 Total $ 1,216,941 $ 4,839 $ 9,287 $ 1,231,067 NOTE 3 - LOANS AND ALLOWANCE FOR LOAN LOSSES (CONTINUED) Past due status by class of loan was as follows at September 30, 2019 : 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans Commercial, Industrial and Agricultural $ 5 $ 133 $ 579 $ 717 $ 231,218 $ 231,935 1-4 Family Residential Real Estate 539 514 426 1,479 234,853 236,332 1-4 Family HELOC 42 — 346 388 92,788 93,176 Multi-family and Commercial Real Estate — 505 558 1,063 519,234 520,297 Construction, Land Development and Farmland 136 — 171 307 237,775 238,082 Consumer 20 29 10 59 17,389 17,448 Other — — — — 13,252 13,252 Total $ 742 $ 1,181 $ 2,090 $ 4,013 $ 1,346,509 $ 1,350,522 Past due status by class of loan was as follows at December 31, 2018 : 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans Commercial, Industrial and Agricultural $ 22 $ 153 $ 279 $ 454 $ 213,396 $ 213,850 1-4 Family Residential Real Estate 1,104 335 1,203 2,642 223,221 225,863 1-4 Family HELOC 50 — — 50 88,062 88,112 Multi-family and Commercial Real Estate — 104 — 104 447,736 447,840 Construction, Land Development and Farmland 214 — 171 385 220,416 220,801 Consumer 11 30 46 87 20,408 20,495 Other — — — — 14,106 14,106 Total $ 1,401 $ 622 $ 1,699 $ 3,722 $ 1,227,345 $ 1,231,067 There was one loan totaling $111 past due 90 days or more and still accruing interest at September 30, 2019 . Additionally, credit card balances totaling $10 were past due 90 days or more and still accruing interest. There was one loan totaling $6 past due 90 days or more and still accruing interest at December 31, 2018 . During the nine months ended September 30, 2019 , there were no loans that were modified to troubled debt restructurings. One previously disclosed troubled debt restructuring with a principal balance of $69 was paid in full during the nine months ended September 30, 2019 . The following table presents loans by class modified as troubled debt restructurings that occurred during the nine months ended September 30, 2018 : Number of Contracts Pre-Modification Outstanding Recorded Investments Post-Modification Outstanding Recorded Investments September 30, 2018 1-4 Family Residential 1 $ 1,254 $ 1,254 Multi-family and Commercial Real Estate 1 $ 661 $ 585 Total 2 $ 1,915 $ 1,839 One modification that occurred during the nine months ended September 30, 2018 , consisted of an interest only monthly payment restructure and had no effect on the allowance for loan losses or interest income. The other modification was a restructure of five loans, including purchased credit impaired loans, in which a charge off occurred of $76 , resulting in one remaining loan of $585 . NOTE 3 - LOANS AND ALLOWANCE FOR LOAN LOSSES (CONTINUED) The Company has acquired loans for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The outstanding balance and carrying amount of the purchased credit impaired loans were as follows at September 30, 2019 and December 31, 2018 : September 30, 2019 December 31, 2018 Commercial, Industrial and Agricultural $ — $ 63 Multi-family and Commercial Real Estate 220 233 Construction, Land Development and Farmland 1,030 1,958 1-4 Family Residential Real Estate 237 324 Consumer — 18 Total outstanding balance 1,487 2,596 Less remaining purchase discount 246 300 Allowance for loan losses — — Carrying amount, net of allowance $ 1,241 $ 2,296 Activity related to the accretable portion of the purchase discount on loans acquired with deteriorated credit quality is as follows for the nine months ended September 30, 2019 and 2018 : 2019 2018 Balance at January 1, $ 171 $ 61 New loans purchased — 261 Year-to-date settlements (7 ) (151 ) Balance at March 31, 164 171 |
Other Real Estate
Other Real Estate | 9 Months Ended |
Sep. 30, 2019 | |
Banking and Thrift [Abstract] | |
OTHER REAL ESTATE | OTHER REAL ESTATE At September 30, 2019 and December 31, 2018 , the balance of other real estate owned includes $1,943 and $1,000 , respectively, of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the properties. During the three and nine months ended September 30, 2019 , $95 and $943 , respectively, were added to other real estate owned. Additionally, at September 30, 2019 , there were five real estate loans to four borrowers with related balances totaling $961 , in the process of foreclosure. In connection with the merger with Community First, the Company acquired three real estate parcels. The Company valued the properties at their estimated fair values less costs to sell which totaled $1,650 . As of September 30, 2019 , only one parcel remains with a related book value of $1,000 . Expenses related to other real estate totaled $15 and $30 for the three and nine months ended September 30, 2019 , respectively, compared to $25 and $38 for the three and nine months ended September 30, 2018 , respectively. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUES OF ASSETS AND LIABILITIES | FAIR VALUES OF ASSETS AND LIABILITIES Financial accounting standards relating to fair value measurements establish a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. NOTE 5 - FAIR VALUES OF ASSETS AND LIABILITIES (CONTINUED) Level 2 Inputs to the valuation methodology include: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in inactive markets; • Inputs other than quoted prices that are observable for the asset or liability; and • Inputs that are derived principally from or corroborated by the observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques should maximize the use of observable inputs and minimize the use of unobservable inputs. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring basis: Securities available for sale: The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The Company obtains fair value measurements for securities available for sale from an independent pricing service. The fair value measurements consider observable data that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, cash flows and reference data, including market research publications, among other things. Interest rate swaps: The fair values of interest rate swaps are determined based on discounted future cash flows. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Assets and liabilities measured at fair value on a nonrecurring basis include the following: Impaired Loans : The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on the present value of expected payments using the loan’s effective rate as the discount rate or recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company’s valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. NOTE 5 - FAIR VALUES OF ASSETS AND LIABILITIES (CONTINUED) The following table sets forth the Company’s major categories of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of September 30, 2019 and December 31, 2018 : Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2019 Assets U. S. Treasury and other U. S. government agencies $ 310 $ — $ 310 $ — State and municipal 223,016 — 223,016 — Corporate bonds 7,822 — 7,822 — Mortgage backed securities 39,118 — 39,118 — Asset backed securities 27,044 — 27,044 — Interest rate swaps — — — — Liabilities Interest rate swaps $ 4,273 $ — $ 4,273 $ — December 31, 2018 Assets U. S. Treasury and other U. S. government agencies $ 554 $ — $ 554 $ — State and municipal 229,298 — 229,298 — Corporate bonds 3,017 — 3,017 — Mortgage backed securities 31,958 — 31,958 — Asset backed securities 27,996 — 27,996 — Time deposits 3,500 3,500 — — Interest rate swaps 467 — 467 — Liabilities Interest rate swaps $ 1,183 $ — $ 1,183 $ — The following table sets forth the Company’s major categories of assets and liabilities measured at fair value on a nonrecurring basis, by level within the fair value hierarchy, as of September 30, 2019 and December 31, 2018 : Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) September 30, 2019 Assets Impaired loans $ 4,129 $ — $ — $ 4,129 Other real estate owned 1,943 — — 1,943 December 31, 2018 Assets Impaired loans $ 370 $ — $ — $ 370 Other real estate owned 1,000 — — 1,000 NOTE 5 - FAIR VALUES OF ASSETS AND LIABILITIES (CONTINUED) The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at September 30, 2019 and December 31, 2018 : Valuation Techniques (1) Significant Unobservable Inputs Range (Weighted Average) Impaired loans Appraisal Estimated costs to sell 10% Other real estate owned Appraisal Estimated costs to sell 10% (1) The fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. Estimated cash flows change and appraised values of the assets or collateral underlying the loans will be sensitive to changes. Carrying amounts and estimated fair values of financial instruments not reported at fair value at September 30, 2019 and December 31, 2018 were as follows: September 30, 2019 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Financial assets Cash and due from banks $ 51,247 $ 51,247 $ 51,247 $ — $ — Federal funds sold 73 73 — 73 — Loans, net 1,338,392 1,326,932 — — 1,326,932 Mortgage loans held for sale 16,757 17,052 — 17,052 — Accrued interest receivable 7,488 7,488 — 7,488 — Restricted equity securities 11,279 11,279 — 11,279 — Financial liabilities Deposits $ 1,610,633 $ 1,612,749 $ — $ — $ 1,612,749 Accrued interest payable 1,610 1,610 — 1,610 — Subordinate debentures 11,665 12,357 — — 12,357 Federal Home Loan Bank advances 3,928 3,954 — — 3,954 December 31, 2018 Financial assets Cash and due from banks $ 34,807 $ 34,807 $ 34,807 $ — $ — Federal funds sold 371 371 — 371 — Loans, net 1,220,184 1,206,574 — — 1,206,574 Mortgage loans held for sale 15,823 15,871 — 15,871 — Accrued interest receivable 8,214 8,214 — 8,214 — Restricted equity securities 11,690 11,690 — 11,690 — Financial liabilities Deposits $ 1,437,903 $ 1,434,652 $ — $ — $ 1,434,652 Accrued interest payable 1,063 1,063 — 1,063 — Subordinate debentures 11,603 11,522 — — 11,522 Federal Home Loan Bank advances 57,498 57,434 — — 57,434 NOTE 5 - FAIR VALUES OF ASSETS AND LIABILITIES (CONTINUED) The methods and assumptions used to estimate fair value are described as follows: Carrying amount is the estimated fair value for cash and cash equivalents, accrued interest receivable and payable, restricted equity securities, federal funds sold or purchased, demand deposits, and variable rate loans or deposits that re-price frequently and fully. For fixed rate loans or deposits and for variable rate loans or deposits with infrequent re-pricing or re-pricing limits, fair value is based on discounted cash flows using current market rates applied to the estimated life and credit risk. Fair value of debt is based on discounted cash flows using current rates for similar financing. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION In 2006, the Board of Directors and shareholders of the Bank (then known as "Commerce Union Bank") approved the Commerce Union Bank Stock Option Plan (the “Plan”). The Plan provided for the granting of stock options, for up to 625,000 shares of common stock to employees and organizers, and authorized the issuance of common stock upon the exercise of such options. As part of the Bank's reorganization into a holding company corporate structure in 2012, all Bank options were replaced with Commerce Union Bancshares, Inc. (now known as "Reliant Bancorp, Inc.") options with no change in terms. On March 10, 2015, the shareholders of the Company approved the Commerce Union Bancshares, Inc. Amended and Restated Stock Option Plan (the “A&R Plan”), which permits the grant of awards with respect to up to 1,250,000 shares of Company common stock in the form of stock options. As part of the merger of Commerce Union Bank and the Bank, all outstanding stock options of the Bank were converted to stock options of Commerce Union Bancshares, Inc. (now known as "Reliant Bancorp, Inc.") under the A&R Plan. Under the A&R Plan, stock option awards may be granted in the form of incentive stock options or non-statutory stock options, and are generally exercisable for up to 10 years following the date such option awards are granted. Exercise prices of incentive stock options must be equal to or greater than the fair market value of the common stock on the grant date. On June 18, 2015, the shareholders of Commerce Union Bancshares, Inc. (now known as "Reliant Bancorp, Inc.") approved the Commerce Union Bancshares, Inc. 2015 Equity Incentive Plan, which reserves up to 900,000 shares of common stock to be subject to awards under the plan, including awards in the form of stock options, restricted stock grants, performance-based awards, and other awards denominated or payable by reference to or based on or related to common stock. Common Stock Options A summary of stock option activity for the nine months ended September 30, 2019 is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2019 159,260 $ 16.72 6.04 years $ 1,146 Granted 27,500 $ 23.28 Exercised (27,306) $ 13.15 Forfeited or expired (2,753) $ 19.34 Outstanding at September 30, 2019 156,701 $ 18.44 6.62 years $ 970 Exercisable at September 30, 2019 81,701 $ 14.89 4.97 years $ 764 Shares Weighted Average Grant-Date Fair Value Non-vested options at January 1, 2019 71,200 $5.28 Granted 27,500 $6.97 Vested (20,947 ) $4.69 Forfeited (2,753 ) $4.89 Non-vested options at September 30, 2019 75,000 $6.08 NOTE 6 - STOCK-BASED COMPENSATION (CONTINUED) As of September 30, 2019 , there was $413 of unrecognized future compensation expense to be recognized related to stock options. Restricted Stock Awards The following table shows the activity related to non-vested restricted stock awards for the nine months ended September 30, 2019 : Shares Weighted Average Grant-Date Non-vested shares at January 1, 2019 110,660 $ 24.28 Granted 9,500 22.01 Vested (21,450 ) 19.31 Forfeited (7,750 ) 23.25 Non-vested shares at September 30, 2019 90,960 $ 25.31 The non-vested restricted stock awards vest over periods ranging from one to three years . Restricted Stock Units On July 23, 2019, 41,250 stock-settled restricted stock units were awarded to certain employees of Reliant Bancorp, Inc. and/or the Bank. Subject to certain special vesting and forfeiture rules set forth in the underlying award agreements, these restricted stock units generally will vest on the third anniversary of the award date and will be settled promptly after vesting. Also, on July 23, 2019, 6,500 stock-settled restricted stock units were awarded to members of the board of directors of Reliant Bancorp. Subject to certain special vesting and forfeiture rules set forth in the underlying award agreements, these restricted stock units generally will vest on the first anniversary of the award date and will be settled promptly after vesting. None of these employee or director restricted stock units have been forfeited or vested during the nine months ended September 30, 2019. As of September 30, 2019 , there was $2,066 of unrecognized compensation cost related to non-vested restricted stock and restricted stock unit awards. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 9 Months Ended |
Sep. 30, 2019 | |
Banking and Thrift [Abstract] | |
REGULATORY CAPITAL REQUIREMENTS | REGULATORY CAPITAL REQUIREMENTS The Bank is subject to regulatory capital requirements administered by the federal and state banking agencies. The Company meets the Small Bank Holding Company regulatory exemption limit presently set at three billion in total assets. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. Management believes as of September 30, 2019 , the Bank meets all capital adequacy requirements to which it is subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If only adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At September 30, 2019 and December 31, 2018 , the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. In July 2013, the Federal Deposit Insurance Corporation (FDIC) approved final rules that substantially amended the regulatory risk-based capital rules applicable to the Company and the Bank. The final rules implement the regulatory capital reforms of the Basel Committee on Banking Supervision reflected in “Basel III: A Global Framework for More Resilient Banks and Banking Systems” ("Basel III") and changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. NOTE 7 - REGULATORY CAPITAL REQUIREMENTS (CONTINUED) Under these rules, the leverage and risk-based capital ratios of bank holding companies may not be lower than the leverage and risk-based capital ratios for insured depository institutions. The final rules implementing Basel III became effective on January 1, 2015, and include new minimum risk-based capital and leverage ratios and a new common equity tier 1 ratio. In addition, these rules refine the definition of what constitutes capital for purposes of calculating those ratios, including the definitions of Tier 1 capital and Tier 2 capital. Basel III establishes a “capital conservation buffer” of 2.5% which began phasing in on January 1, 2016, at a rate of 0.625% per year. The buffer became fully phased in on January 1, 2019. An institution is subject to limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses if capital levels fall below minimum levels plus the buffer. Capital amounts and ratios for the Company and the Bank (required) are presented below as of September 30, 2019 and December 31, 2018 . Actual Regulatory Capital Minimum Required Capital Including Capital Conservation Buffer To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio September 30, 2019 Company Tier I leverage $ 171,789 9.85 % $ 69,762 4.00 % $ 87,203 5.00 % Common equity tier 1 160,124 10.85 % 103,306 7.00 % 95,927 6.50 % Tier I risk-based capital 171,789 11.64 % 125,447 8.50 % 118,068 8.00 % Total risk-based capital 184,505 12.51 % 154,860 10.50 % 147,486 10.00 % Bank Tier I leverage $ 166,265 9.55 % $ 69,654 4.00 % $ 87,067 5.00 % Common equity tier 1 166,265 11.29 % 103,082 7.00 % 95,719 6.50 % Tier I risk-based capital 166,265 11.29 % 125,171 8.50 % 117,808 8.00 % Total risk-based capital 178,981 12.15 % 154,623 10.50 % 147,260 10.00 % December 31, 2018 Company Tier I leverage $ 168,876 10.38 % $ 65,077 4.00 % $ 81,347 5.00 % Common equity tier 1 157,273 11.59 % 86,507 6.38 % 88,203 6.50 % Tier I risk-based capital 168,876 12.44 % 106,905 7.88 % 108,602 8.00 % Total risk-based capital 180,193 13.28 % 133,991 9.88 % 135,688 10.00 % Bank Tier I leverage $ 165,308 10.17 % $ 65,018 4.00 % $ 81,272 5.00 % Common equity tier 1 165,308 12.19 % 86,451 6.38 % 88,146 6.50 % Tier I risk-based capital 165,308 12.19 % 106,792 7.88 % 108,488 8.00 % Total risk-based capital 176,625 13.02 % 133,961 9.88 % 135,657 10.00 % |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following is a summary of the components comprising basic and diluted earnings per common share of stock ("EPS"): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Basic EPS Computation Net income attributable to common shareholders $ 4,000 $ 4,082 $ 12,063 $ 9,962 Weighted average common shares outstanding 11,104,918 11,406,753 11,247,921 11,378,755 Basic earnings per common share $ 0.36 $ 0.36 $ 1.07 $ 0.88 Diluted EPS Computation Net income attributable to common shareholders $ 4,000 $ 4,082 $ 12,063 $ 9,962 Weighted average common shares outstanding 11,104,918 11,406,753 11,247,921 11,378,755 Dilutive effect of stock options, restricted shares and employee stock purchase plan 72,449 91,426 66,445 83,944 Adjusted weighted average common shares outstanding 11,177,367 11,498,179 11,314,366 11,462,699 Diluted earnings per common share $ 0.36 $ 0.36 $ 1.07 $ 0.87 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company has two reportable business segments: retail banking and residential mortgage banking. Segment information is derived from the internal reporting system utilized by management. Revenues and expenses for segments reflect those which can be specifically identified and have been assigned based on internally developed allocation methods. Financial results have been presented, to the extent practicable, as if each segment operated on a stand-alone basis. Retail Banking provides deposit and lending services to consumer and business customers within our primary geographic markets. Our customers are serviced through branch locations, ATMs, online banking, and mobile banking. Residential Mortgage Banking originates traditional first lien residential mortgage loans and first lien home equity lines of credit throughout the United States. The traditional first lien residential mortgage loans are typically underwritten to government agency standards and sold to third-party secondary market mortgage investors. The home equity lines of credit are typically sold to participating banks or other investor groups and are underwritten to their standards. During the second quarter of 2019, RMV began acquiring loans from approved correspondent lenders and reselling them in the secondary market. These loans are not FNMA or FHLMC qualified loans, and are of higher risk, such as, jumbo loans or senior position home equity lines of credit. NOTE 9 - SEGMENT REPORTING (CONTINUED) The following presents summarized results of operations for the Company’s business segments for the periods indicated: Three Months Ended Retail Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 13,910 $ 154 $ — $ 14,064 Provision for loan losses 606 — — 606 Noninterest income 1,375 1,377 8 2,760 Noninterest expense (excluding merger expense) 9,726 3,022 — 12,748 Merger expense 299 — — 299 Income tax expense (benefit) 654 (97 ) — 557 Net income (loss) 4,000 (1,394 ) 8 2,614 Noncontrolling interest in net loss of subsidiary — 1,394 (8 ) 1,386 Net income attributable to common shareholders $ 4,000 $ — $ — $ 4,000 Three Months Ended Retail Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 13,295 $ 171 $ — $ 13,466 Provision for loan losses 322 — — 322 Noninterest income 1,379 1,449 (51 ) 2,777 Noninterest expense (excluding merger expense) 9,614 2,466 — 12,080 Merger expense 82 — — 82 Income tax expense (benefit) 574 (55 ) — 519 Net income (loss) 4,082 (791 ) (51 ) 3,240 Noncontrolling interest in net loss of subsidiary — 791 51 842 Net income attributable to common shareholders $ 4,082 $ — $ — $ 4,082 Nine Months Ended Retail Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 40,986 $ 352 $ — $ 41,338 Provision for loan losses 806 — — 806 Noninterest income 4,226 3,187 (17 ) 7,396 Noninterest expense (excluding merger expense) 30,300 8,317 — 38,617 Merger expense 302 — — 302 Income tax expense (benefit) 1,741 (311 ) — 1,430 Net income (loss) 12,063 (4,467 ) (17 ) 7,579 Noncontrolling interest in net loss of subsidiary — 4,467 17 4,484 Net income attributable to common shareholders $ 12,063 $ — $ — $ 12,063 NOTE 9 - SEGMENT REPORTING (CONTINUED) Nine Months Ended Retail Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 39,529 $ 723 $ — $ 40,252 Provision for loan losses 759 — — 759 Noninterest income 3,966 4,190 (134 ) 8,022 Noninterest expense (excluding merger expense) 28,454 7,169 — 35,623 Merger expense 2,742 — — 2,742 Income tax expense (benefit) 1,578 (147 ) — 1,431 Net income 9,962 (2,109 ) (134 ) 7,719 Noncontrolling interest in net income of subsidiary — 2,109 134 2,243 Net income attributable to common shareholders $ 9,962 $ — $ — $ 9,962 |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and other terms of the individual interest rate swap agreements. Interest Rate Swaps Designated as Cash Flow Hedges Interest rate swaps with notional amounts totaling $60,000 as of September 30, 2019 were designated as cash flow hedges of certain short-term interest bearing liabilities and subordinated debentures, which are fully effective. As such, no amount of ineffectiveness has been included in net income. Therefore, the aggregate fair value of the swaps is recorded in other assets (liabilities) with changes in fair value recorded in other comprehensive income (loss). The amount included in accumulated other comprehensive income (loss) would be reclassified to current earnings should the hedges no longer be considered effective. The Company expects the hedges to remain fully effective during the remaining terms of the swap agreements. Summary information related to the interest rate swaps designated as cash flow hedges as of September 30, 2019 , is as follows: Notional amounts $ 60,000 Weighted average pay rates 3.338 % Weighted average receive rates 2.460 % Weighted average maturity 3.75 years Unrealized losses $ 3,328 Cash Flow Hedges The following table presents the net gains (losses) recorded in accumulated other comprehensive income and the Consolidated Statements of Income relating to the cash flow derivative instruments for the nine months ended September 30, 2019 : Amount of Gain (Loss) Recognized in OCI Amount of Gain (Loss) Reclassified from OCI to Interest Income Amount of Gain (Loss) Recognized in Other Noninterest Income (Ineffective Portion) September 30, 2019 Interest rate contracts $ (2,175 ) $ — $ — NOTE 10 - DERIVATIVES (CONTINUED) The following table reflects the cash flow hedges included in the Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 , respectively: September 30, 2019 December 31, 2018 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities: Interest rate swaps related to: Subordinate debentures $ 10,000 $ 532 $ 10,000 $ 174 Short-term interest bearing liabilities 50,000 2,796 50,000 979 Total included in other liabilities $ 60,000 $ 3,328 $ 60,000 $ 1,153 Fair Value Hedges The following table reflects the fair value hedges included in the Consolidated Statements of Income for the nine months ended September 30, 2019 and 2018 , respectively: Interest rate contracts Location September 30, 2019 September 30, 2018 Change in fair value on interest rate swaps hedging investments Interest income $ (1,382 ) $ 950 The following table reflects the fair value hedges included in the Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 , respectively: September 30, 2019 December 31, 2018 Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Interest rate swaps related to investments $ — $ — $ 16,902 $ 467 Total included in other assets $ — $ — $ 16,902 $ 467 Included in other liabilities: Interest rate swaps related to investments 19,605 945 4,203 30 Total included in other liabilities $ 19,605 $ 945 $ 4,203 $ 30 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income tax expense for the three and nine months ended September 30, 2019 totaled $557 and $1,430 , respectively, compared to $519 and $1,431 , respectively, for the three and nine months ended September 30, 2018 . The effective tax rate for the three and nine months ended September 30, 2019 was 17.6% and 15.9% , respectively, compared to 13.8% and 15.6% , respectively, for the three and nine months ended September 30, 2018 . Merger expenses during the nine months ended September 30, 2018, had the impact of reducing taxable income and increasing the proportion of tax exempt income to total income. |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATION | BUSINESS COMBINATION Effective January 1, 2018, Pioneer Merger Sub, Inc., a wholly owned subsidiary of Reliant Bancorp, Inc., merged with and into Community First, with Community First continuing as the surviving corporation, and immediately thereafter Community First merged with and into Reliant Bancorp, Inc., with Reliant Bancorp, Inc. continuing as the surviving corporation. Pursuant to the merger agreement, each outstanding share of Community First common stock (except for certain excluded shares and dissenting shares) was converted into and canceled in exchange for the right to receive 0.481 shares of Reliant Bancorp, Inc. common stock, together with cash in lieu of any fractional shares. This business combination expanded and further diversified the Company's market area. NOTE 12 - BUSINESS COMBINATION (CONTINUED) The following table details the financial impact of the business combination, including the calculation of the purchase price, the allocation of the purchase price to the fair values of net assets assumed and goodwill recognized: Calculation of Purchase Price Shares of Community First common stock outstanding as of December 31, 2017 5,025,884 Exchange ratio for Reliant Bancorp, Inc. common stock 0.481 Share conversion 2,417,450 Reliant Bancorp, Inc. common stock shares issued 2,416,444 Reliant Bancorp, Inc. share price at December 29, 2017 $ 25.64 Value of Reliant Bancorp, Inc. common stock shares issued $ 61,958 Value of fractional shares $ 25 Estimated fair value of Community First, Inc. $ 61,983 Allocation of Purchase Price Total consideration above $ 61,983 Fair value of assets acquired and liabilities assumed Cash and cash equivalents (33,128 ) Time deposits in other financial institutions (23,309 ) Investment securities available for sale (69,078 ) Loans, net of unearned income (313,040 ) Mortgage loans held for sale, net (910 ) Accrued interest receivable (1,165 ) Premises and equipment (9,585 ) Restricted equity securities (1,726 ) Cash surrender value of life insurance contracts (10,664 ) Other real estate owned (1,650 ) Deferred tax asset, net (4,885 ) Core deposit intangible (7,888 ) Other assets (1,795 ) Deposits—noninterest-bearing 80,395 Deposits—interest-bearing 352,100 Other borrowings 11,522 Payables and other liabilities 5,061 Net liabilities assumed (net assets acquired) (29,745 ) Goodwill $ 32,238 During 2018, as part of the system integration of Community First, the Company determined minor adjustments were appropriate to reduce other assets by $93 and increase payables and other liabilities by $85 effective as of the acquisition date. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Information about certain issued accounting standards updates is presented below. Also refer to Note 1 - Summary of Significant Accounting Policies “Recent Authoritative Accounting Guidance” in our Annual Report on Form 10-K for the year ended December 31, 2018 for additional information related to previously issued accounting standards updates. NOTE 13 - RECENT ACCOUNTING PRONOUNCEMENTS ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606 )” implements a common revenue standard that clarifies the principles for recognizing revenue. The principle element of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 was originally going to be effective for the Company on January 1, 2018; however, the FASB recently issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606 ) – Deferral of the Effective Date" which deferred the effective date of ASU 2014-09 by one year to January 1, 2019. Revenue is comprised of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-09, and noninterest income. The adoption of this standard did not have a significant impact on the Company. ASU 2016-01, “ Financial Instruments – Overall (Subtopic 825-10 ): Recognition and Measurement of Financial Assets and Financial Liabilities ." ASU 2016-01, among other things, (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (viii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities. ASU 2016-01 became effective for us on January 1, 2019 and did not have a significant impact on our financial statements. ASU 2016-02, “ Leases (Topic 842 ) .” ASU 2016-02 will require lessees to recognize a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 will be effective for us on January 1, 2020 and will require transition using a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements. We estimate that the effect of implementing this pronouncement will result in right to use assets of $9,821 and a corresponding liability, using the remaining contractual lease periods. We also estimate the impact on regulatory capital of the Company to be a reduction of seven basis points to the Tier 1 leverage capital ratio. Management is presently evaluating the planned renewals of existing leases. If management determines to utilize the renewals of leases then the right to use assets and corresponding liability will increase. ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available for sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 is expected to be effective on January 1, 2023. We are currently evaluating the potential impact of ASU 2016-13 on our financial statements. We are currently developing an implementation plan to include assessment of processes, portfolio segmentation, model development, system requirements and the identification of data and resource needs, among other things. The adoption of the ASU 2016-13 could result in an increase in the allowance for loan losses as a result of changing from an “incurred loss” model, which encompasses allowances for current known and inherent losses within the portfolio, to an “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. Furthermore, ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for certain debt securities and other financial assets. While we are currently unable to reasonably estimate the impact of adopting ASU 2016-13, we expect that the impact of adoption will be significantly influenced by the composition, characteristics and quality of our loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date. NOTE 13 - RECENT ACCOUNTING PRONOUNCEMENTS ASU 2017-04, “ Intangibles - Goodwill and Other (Topic 350 ) - Simplifying the Test for Goodwill Impairment. ” ASU 2017-04 eliminates Step 2 from the goodwill impairment test which required entities to compute the implied fair value of goodwill. Under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 will be effective for the Company on January 1, 2021, with earlier adoption permitted and is not currently expected to have a significant impact on our financial statements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS ASC 855, Subsequent Events, establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. Reliant Bancorp, Inc. evaluated all events or transactions that occurred after September 30, 2019 through the date of the issued financial statements. On October 7, 2019, Reliant Bancorp, Inc. entered into two additional interest rate swap transactions with a notional amount of $50,000 designated as cash flow hedges. These derivatives are intended to protect against the effects of changing interest rates on short-term funding. On October 22, 2019, Reliant Bancorp, Inc. entered into a definitive agreement to acquire First Advantage Bancorp (“FABK”), the parent company for First Advantage Bank (“FAB”), located in Clarksville, Tennessee. The agreement provides for a cash and stock transaction valued at approximately $123,400 , or $30.67 per share of FABK common stock, based on the closing price for Reliant Bancorp, Inc. common stock of $23.65 per share on October 22, 2019. The definitive agreement provides for the merger of PG Merger Sub, Inc., with and into FABK with FABK to be the surviving company, followed by the merger of FABK with and into Reliant Bancorp, Inc. with Reliant Bancorp, Inc. to be the surviving company. Under the terms of the definitive agreement, shareholders of FABK will receive 1.17 shares of Reliant Bancorp, Inc. common stock and $3.00 cash (subject to adjustment under certain circumstances provided for in the definitive agreement) in exchange for each share of FABK common stock. The definitive agreement has been approved by the boards of directors of both Reliant Bancorp, Inc. and FABK. The parties currently expect to consummate the transaction in the second quarter of 2020, subject to the receipt of required regulatory and shareholder approvals, as well as the satisfaction of certain other customary closing conditions. The Bank and FAB have entered into a separate bank merger agreement providing for the merger of FAB with and into the Bank following the merger of Reliant Bancorp, Inc. and FABK. The combined bank will operate as the Bank. Current FABK board members William Lawson Mabry and Michael E. Wallace are expected to join Reliant Bancorp, Inc.'s Board of Directors upon completion of the transaction. Other than what is noted above, no other events meeting the requirements of disclosure arose during the time period from September 30, 2019 through the date of the issued financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Reliant Bank began organizational activities in 2005. Reliant Bancorp, Inc. provides financial services through its wholly owned bank subsidiary, Reliant Bank, which has offices in Williamson, Robertson, Davidson, Sumner, Rutherford, Maury, Hickman and Hamilton Counties in Tennessee. Its primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are commercial and residential construction loans, commercial loans, installment loans and lines secured by home equity. Substantially all loans are secured by specific items of collateral including commercial and residential real estate, business assets, and consumer assets. Additionally, on September 16, 2019, Reliant Bancorp, Inc. entered into a definitive agreement to acquire the parent company of Community Bank & Trust headquartered in Ashland City, Tennessee. |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions to Quarterly Report on Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with U.S. GAAP. All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods covered by the report have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with Reliant Bancorp, Inc.’s consolidated financial statements and related notes appearing in Reliant Bancorp, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2018 . The consolidated financial statements as of and for the periods presented include the accounts of Reliant Bancorp Inc., Reliant Bank (the "Bank"), Community First Trups Holding Company ("TRUPS"), which is wholly owned by Reliant Bancorp Inc., Reliant Investment Holdings, LLC ("Holdings"), which is wholly owned by the Bank, and Reliant Mortgage Ventures, LLC ("RMV"), of which the Bank controls 51% of the governance rights. Reliant Bancorp Inc., the Bank, TRUPS, Holdings and RMV, are, collectively, referred to herein as the “Company”. All significant inter-company balances and transactions have been eliminated in consolidation. As described in Note 12 to these unaudited consolidated financial statements, Reliant Bancorp, Inc. and Community First, Inc. ("Community First") merged effective on January 1, 2018. The accounting and reporting policies of the Company conform to U.S. GAAP and general practices in the banking industry. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to determination of the allowance for loan losses, the valuation of other real estate, the valuation of debt and equity securities, the valuation of deferred tax assets and fair values of financial instruments. The consolidated financial statements as of September 30, 2019 , and for the three and nine months ended September 30, 2019 and 2018 , included herein have not been audited. The accounting and reporting policies of the Company conform to U.S. GAAP and Article 8 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company believes that the disclosures made are adequate to make the information not misleading. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The accompanying consolidated financial statements reflect all adjustments, which are, in the opinion of management, necessary to present a fair statement of the results for the interim periods presented. Such adjustments are of a normal recurring nature. The Company evaluates subsequent events through the date of filing. Certain prior period amounts have been reclassified to conform to the current period presentation. The results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . |
Reclassifications | Reclassifications Certain reclassifications were made to the September 30, 2018 financial statement presentation in order to conform to the September 30, 2019 financial statement presentation. Total stockholders' equity and net income are unchanged due to these reclassifications. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities | The amortized cost and fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income at September 30, 2019 and December 31, 2018 were as follows: September 30, 2019 Amortized Gross Gross Estimated U. S. Treasury and other U. S. government agencies $ 310 $ — $ — $ 310 State and municipal 210,537 12,479 — 223,016 Corporate bonds 7,880 64 (122 ) 7,822 Mortgage backed securities 39,143 379 (404 ) 39,118 Asset backed securities 27,577 11 (544 ) 27,044 Total $ 285,447 $ 12,933 $ (1,070 ) $ 297,310 December 31, 2018 Amortized Gross Gross Estimated U. S. Treasury and other U. S. government agencies $ 568 $ — $ (14 ) $ 554 State and municipal 232,589 879 (4,170 ) 229,298 Corporate bonds 3,130 — (113 ) 3,017 Mortgage backed securities 32,172 34 (248 ) 31,958 Asset backed securities 28,635 — (639 ) 27,996 Time deposits 3,500 — — 3,500 Total $ 300,594 $ 913 $ (5,184 ) $ 296,323 |
Fair Value of Available for Sale Maturities by Contractual Maturity | The fair values of available for sale debt securities at September 30, 2019 by contractual maturity are provided below. Actual maturities may differ from contractual maturities for mortgage and asset backed securities since the underlying asset may be called or prepaid with or without penalty. Securities not due at a single maturity date are shown separately. Amortized Cost Estimated Fair Value Due within one year $ 500 $ 499 Due in one to five years 1,035 1,035 Due in five to ten years 12,076 12,447 Due after ten years 205,116 217,167 Mortgage backed securities 39,143 39,118 Asset backed securities 27,577 27,044 Total $ 285,447 $ 297,310 |
Securities in Unrealized Loss Position | The following table shows available for sale securities with unrealized losses and their estimated fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2019 and December 31, 2018 , respectively: Less than 12 months 12 months or more Total Estimated Fair Value Unrealized Loss Estimated Unrealized Estimated Unrealized At September 30, 2019 U. S. Treasury and other U. S. government agencies $ — $ — $ — $ — $ — $ — State and municipal — — — — — — Corporate bonds 499 1 2,509 121 3,008 122 Mortgage backed securities 16,070 224 8,296 180 24,366 404 Asset backed securities 1,990 11 23,056 533 25,046 544 Total temporarily impaired $ 18,559 $ 236 $ 33,861 $ 834 $ 52,420 $ 1,070 At December 31, 2018 U. S. Treasury and other U. S. government agencies $ — $ — $ 555 $ 14 $ 555 $ 14 State and municipal 118,580 2,263 47,223 1,907 165,803 4,170 Corporate bonds 2,526 105 492 8 3,018 113 Mortgage backed securities 17,015 99 5,397 149 22,412 248 Asset backed securities 20,351 383 7,255 256 27,606 639 Total temporarily impaired $ 158,472 $ 2,850 $ 60,922 $ 2,334 $ 219,394 $ 5,184 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Summary of Loans and Allowance for Loan Losses | Loans at September 30, 2019 and December 31, 2018 were comprised as follows: September 30, 2019 December 31, 2018 Commercial, Industrial and Agricultural $ 231,935 $ 213,850 Real Estate 1-4 Family Residential 236,332 225,863 1-4 Family HELOC 93,176 88,112 Multi-family and Commercial 520,297 447,840 Construction, Land Development and Farmland 238,082 220,801 Consumer 17,448 20,495 Other 13,252 14,106 Total 1,350,522 1,231,067 Less Deferred loan fees (cost) (161 ) (9 ) Allowance for possible loan losses 12,291 10,892 Loans, net $ 1,338,392 $ 1,220,184 |
Activity in the Allowance for Loan Losses By Portfolio Segment | Activity in the allowance for loan losses by portfolio segment was as follows for the nine months ended September 30, 2019 and September 30, 2018 , respectively: Commercial Industrial and Agricultural Multi-family Construction 1-4 Family 1-4 Family HELOC Consumer Other Total Beginning balance at December 31, 2018 $ 1,751 $ 4,429 $ 2,500 $ 1,333 $ 656 $ 184 $ 39 $ 10,892 Charge-offs (170 ) — — (29 ) — (37 ) (34 ) (270 ) Recoveries 342 62 — 220 11 28 200 863 Provision 376 697 13 (141 ) 37 (5 ) (171 ) 806 Ending balance at September 30, 2019 $ 2,299 $ 5,188 $ 2,513 $ 1,383 $ 704 $ 170 $ 34 $ 12,291 Beginning balance at December 31, 2017 $ 2,538 $ 3,166 $ 2,434 $ 773 $ 595 $ 183 $ 42 $ 9,731 Charge-offs (308 ) (76 ) (144 ) (36 ) (6 ) (24 ) (37 ) (631 ) Recoveries 530 215 44 11 7 29 3 839 Provision (734 ) 813 56 573 24 (2 ) 29 759 Ending balance at September 30, 2018 $ 2,026 $ 4,118 $ 2,390 $ 1,321 $ 620 $ 186 $ 37 $ 10,698 |
Schedule of Allowance for Credit Losses and Recorded Investments in Loans By Portfolio and By Impairment Method | The allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2019 were as follows: Commercial Industrial and Agricultural Multi-family and Commercial Real Estate Construction Land Development and Farmland 1-4 Family Residential Real Estate 1-4 Family HELOC Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 580 $ — $ 17 $ — $ 50 $ — $ — $ 647 Acquired with credit impairment — — — — — — — — Collectively evaluated for impairment 1,719 5,188 2,496 1,383 654 170 34 11,644 Total $ 2,299 $ 5,188 $ 2,513 $ 1,383 $ 704 $ 170 $ 34 $ 12,291 Loans Individually evaluated for impairment $ 5,309 $ 2,428 $ 1,217 $ 1,997 $ 346 $ — $ — $ 11,297 Acquired with credit impairment — 218 822 201 — — — 1,241 Collectively evaluated for impairment 226,626 517,651 236,043 234,134 92,830 17,448 13,252 1,337,984 Total $ 231,935 $ 520,297 $ 238,082 $ 236,332 $ 93,176 $ 17,448 $ 13,252 $ 1,350,522 The allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2018 were as follows: Commercial Industrial and Agricultural Multi-family and Commercial Real Estate Construction Land Development and Farmland 1-4 Family Residential Real Estate 1-4 Family HELOC Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 38 $ — $ 17 $ — $ — $ — $ — $ 55 Acquired with credit impairment — — — — — — — — Collectively evaluated for impairment 1,713 4,429 2,483 1,333 656 184 39 10,837 Total $ 1,751 $ 4,429 $ 2,500 $ 1,333 $ 656 $ 184 $ 39 $ 10,892 Loans Individually evaluated for impairment $ 978 $ 1,160 $ 1,780 $ 1,246 $ — $ 12 $ — $ 5,176 Acquired with credit impairment 40 232 1,751 262 — 11 — 2,296 Collectively evaluated for impairment 212,832 446,448 217,270 224,355 88,112 20,472 14,106 1,223,595 Total $ 213,850 $ 447,840 $ 220,801 $ 225,863 $ 88,112 $ 20,495 $ 14,106 $ 1,231,067 |
Non-Accrual Loans By Class of Loan | Nonaccrual loans by class of loan were as follows at September 30, 2019 and December 31, 2018 : September 30, 2019 December 31, 2018 Commercial, Industrial and Agricultural $ 601 $ 279 Multi-family and Commercial Real Estate 1,310 — Construction, Land Development and Farmland 555 1,294 1-4 Family Residential Real Estate 1,538 2,556 1-4 Family HELOC 346 — Consumer 30 65 Total $ 4,380 $ 4,194 |
Individually Impaired Loans by Class of Loans | Individually impaired loans by class of loans were as follows at September 30, 2019 : Unpaid Principal Balance Recorded Investment with no Allowance Recorded Recorded Investment with Allowance Recorded Total Recorded Investment Related Allowance Commercial, Industrial and Agricultural $ 5,309 $ 754 $ 4,555 $ 5,309 $ 580 Multi-family and Commercial Real Estate 2,655 2,646 — 2,646 — Construction, Land Development and Farmland 2,356 1,868 171 2,039 17 1-4 Family Residential Real Estate 2,286 2,198 — 2,198 — 1-4 Family HELOC 348 296 50 346 50 Total $ 12,954 $ 7,762 $ 4,776 $ 12,538 $ 647 Individually impaired loans by class of loans were as follows at December 31, 2018 : Unpaid Principal Balance Recorded Investment with no Allowance Recorded Recorded Investment with Allowance Recorded Total Recorded Investment Related Allowance Commercial, Industrial and Agricultural $ 1,247 $ 765 $ 253 $ 1,018 $ 38 Multi-family and Commercial Real Estate 1,670 1,392 — 1,392 — Construction, Land Development and Farmland 3,920 3,359 172 3,531 17 1-4 Family Residential Real Estate 2,243 1,508 — 1,508 — Consumer 29 23 — 23 — Total $ 9,109 $ 7,047 $ 425 $ 7,472 $ 55 |
Average Balances of Impaired Loans | The average balances of impaired loans for the nine months ended September 30, 2019 and 2018 were as follows: 2019 2018 Commercial, Industrial and Agricultural $ 1,921 $ 2,661 Multi-family and Commercial Real Estate 2,573 2,610 Construction, Land Development and Farmland 2,570 4,831 1-4 Family Residential Real Estate 1,779 2,708 1-4 Family HELOC 161 90 Consumer 9 72 Total $ 9,013 $ 12,972 |
Credit Quality Indicators By Class of Loan | Credit quality indicators by class of loan were as follows at September 30, 2019 : Pass Special Mention Substandard Total Commercial, Industrial and Agricultural $ 225,542 $ 442 $ 5,951 $ 231,935 1-4 Family Residential Real Estate 233,559 — 2,773 236,332 1-4 Family HELOC 92,574 — 602 93,176 Multi-family and Commercial Real Estate 515,570 — 4,727 520,297 Construction, Land Development and Farmland 237,171 — 911 238,082 Consumer 17,217 — 231 17,448 Other 13,252 — — 13,252 Total $ 1,334,885 $ 442 $ 15,195 $ 1,350,522 Credit quality indicators by class of loan were as follows at December 31, 2018 : Pass Special Mention Substandard Total Commercial, Industrial and Agricultural $ 212,761 $ — $ 1,089 $ 213,850 1-4 Family Residential Real Estate 221,546 1,125 3,192 225,863 1-4 Family HELOC 88,112 — — 88,112 Multi-family and Commercial Real Estate 442,127 3,135 2,578 447,840 Construction, Land Development and Farmland 218,053 579 2,169 220,801 Consumer 20,236 — 259 20,495 Other 14,106 — — 14,106 Total $ 1,216,941 $ 4,839 $ 9,287 $ 1,231,067 |
Past Due Status By Class of Loan | Past due status by class of loan was as follows at September 30, 2019 : 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans Commercial, Industrial and Agricultural $ 5 $ 133 $ 579 $ 717 $ 231,218 $ 231,935 1-4 Family Residential Real Estate 539 514 426 1,479 234,853 236,332 1-4 Family HELOC 42 — 346 388 92,788 93,176 Multi-family and Commercial Real Estate — 505 558 1,063 519,234 520,297 Construction, Land Development and Farmland 136 — 171 307 237,775 238,082 Consumer 20 29 10 59 17,389 17,448 Other — — — — 13,252 13,252 Total $ 742 $ 1,181 $ 2,090 $ 4,013 $ 1,346,509 $ 1,350,522 Past due status by class of loan was as follows at December 31, 2018 : 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans Commercial, Industrial and Agricultural $ 22 $ 153 $ 279 $ 454 $ 213,396 $ 213,850 1-4 Family Residential Real Estate 1,104 335 1,203 2,642 223,221 225,863 1-4 Family HELOC 50 — — 50 88,062 88,112 Multi-family and Commercial Real Estate — 104 — 104 447,736 447,840 Construction, Land Development and Farmland 214 — 171 385 220,416 220,801 Consumer 11 30 46 87 20,408 20,495 Other — — — — 14,106 14,106 Total $ 1,401 $ 622 $ 1,699 $ 3,722 $ 1,227,345 $ 1,231,067 |
Loans By Class Modified as Troubled Debt Restructurings | The following table presents loans by class modified as troubled debt restructurings that occurred during the nine months ended September 30, 2018 : Number of Contracts Pre-Modification Outstanding Recorded Investments Post-Modification Outstanding Recorded Investments September 30, 2018 1-4 Family Residential 1 $ 1,254 $ 1,254 Multi-family and Commercial Real Estate 1 $ 661 $ 585 Total 2 $ 1,915 $ 1,839 |
Outstanding Balance And Carrying Amount of the Purchased Credit Impaired Loans | The outstanding balance and carrying amount of the purchased credit impaired loans were as follows at September 30, 2019 and December 31, 2018 : September 30, 2019 December 31, 2018 Commercial, Industrial and Agricultural $ — $ 63 Multi-family and Commercial Real Estate 220 233 Construction, Land Development and Farmland 1,030 1,958 1-4 Family Residential Real Estate 237 324 Consumer — 18 Total outstanding balance 1,487 2,596 Less remaining purchase discount 246 300 Allowance for loan losses — — Carrying amount, net of allowance $ 1,241 $ 2,296 |
Activity Related to Accretable Portion of the Purchase Discount on Loans Acquired With Deteriorated Credit Quality | Activity related to the accretable portion of the purchase discount on loans acquired with deteriorated credit quality is as follows for the nine months ended September 30, 2019 and 2018 : 2019 2018 Balance at January 1, $ 171 $ 61 New loans purchased — 261 Year-to-date settlements (7 ) (151 ) Balance at March 31, 164 171 |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | The following table sets forth the Company’s major categories of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of September 30, 2019 and December 31, 2018 : Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2019 Assets U. S. Treasury and other U. S. government agencies $ 310 $ — $ 310 $ — State and municipal 223,016 — 223,016 — Corporate bonds 7,822 — 7,822 — Mortgage backed securities 39,118 — 39,118 — Asset backed securities 27,044 — 27,044 — Interest rate swaps — — — — Liabilities Interest rate swaps $ 4,273 $ — $ 4,273 $ — December 31, 2018 Assets U. S. Treasury and other U. S. government agencies $ 554 $ — $ 554 $ — State and municipal 229,298 — 229,298 — Corporate bonds 3,017 — 3,017 — Mortgage backed securities 31,958 — 31,958 — Asset backed securities 27,996 — 27,996 — Time deposits 3,500 3,500 — — Interest rate swaps 467 — 467 — Liabilities Interest rate swaps $ 1,183 $ — $ 1,183 $ — The following table sets forth the Company’s major categories of assets and liabilities measured at fair value on a nonrecurring basis, by level within the fair value hierarchy, as of September 30, 2019 and December 31, 2018 : Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) September 30, 2019 Assets Impaired loans $ 4,129 $ — $ — $ 4,129 Other real estate owned 1,943 — — 1,943 December 31, 2018 Assets Impaired loans $ 370 $ — $ — $ 370 Other real estate owned 1,000 — — 1,000 |
Level 3 input information for Assets Measured at Fair Value on a Nonrecurring Basis | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at September 30, 2019 and December 31, 2018 : Valuation Techniques (1) Significant Unobservable Inputs Range (Weighted Average) Impaired loans Appraisal Estimated costs to sell 10% Other real estate owned Appraisal Estimated costs to sell 10% (1) The fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. Estimated cash flows change and appraised values of the assets or collateral underlying the loans will be sensitive to changes. |
Carrying Amounts And Estimated Fair Values of Financial instruments Not Reported at Fair Value | Carrying amounts and estimated fair values of financial instruments not reported at fair value at September 30, 2019 and December 31, 2018 were as follows: September 30, 2019 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Financial assets Cash and due from banks $ 51,247 $ 51,247 $ 51,247 $ — $ — Federal funds sold 73 73 — 73 — Loans, net 1,338,392 1,326,932 — — 1,326,932 Mortgage loans held for sale 16,757 17,052 — 17,052 — Accrued interest receivable 7,488 7,488 — 7,488 — Restricted equity securities 11,279 11,279 — 11,279 — Financial liabilities Deposits $ 1,610,633 $ 1,612,749 $ — $ — $ 1,612,749 Accrued interest payable 1,610 1,610 — 1,610 — Subordinate debentures 11,665 12,357 — — 12,357 Federal Home Loan Bank advances 3,928 3,954 — — 3,954 December 31, 2018 Financial assets Cash and due from banks $ 34,807 $ 34,807 $ 34,807 $ — $ — Federal funds sold 371 371 — 371 — Loans, net 1,220,184 1,206,574 — — 1,206,574 Mortgage loans held for sale 15,823 15,871 — 15,871 — Accrued interest receivable 8,214 8,214 — 8,214 — Restricted equity securities 11,690 11,690 — 11,690 — Financial liabilities Deposits $ 1,437,903 $ 1,434,652 $ — $ — $ 1,434,652 Accrued interest payable 1,063 1,063 — 1,063 — Subordinate debentures 11,603 11,522 — — 11,522 Federal Home Loan Bank advances 57,498 57,434 — — 57,434 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation, Stock Options, Activity | A summary of stock option activity for the nine months ended September 30, 2019 is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2019 159,260 $ 16.72 6.04 years $ 1,146 Granted 27,500 $ 23.28 Exercised (27,306) $ 13.15 Forfeited or expired (2,753) $ 19.34 Outstanding at September 30, 2019 156,701 $ 18.44 6.62 years $ 970 Exercisable at September 30, 2019 81,701 $ 14.89 4.97 years $ 764 |
Schedule of Nonvested Share Activity | Shares Weighted Average Grant-Date Fair Value Non-vested options at January 1, 2019 71,200 $5.28 Granted 27,500 $6.97 Vested (20,947 ) $4.69 Forfeited (2,753 ) $4.89 Non-vested options at September 30, 2019 75,000 $6.08 |
Activity Related to Non-Vested Restricted Stock | The following table shows the activity related to non-vested restricted stock awards for the nine months ended September 30, 2019 : Shares Weighted Average Grant-Date Non-vested shares at January 1, 2019 110,660 $ 24.28 Granted 9,500 22.01 Vested (21,450 ) 19.31 Forfeited (7,750 ) 23.25 Non-vested shares at September 30, 2019 90,960 $ 25.31 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Banking and Thrift [Abstract] | |
Actual and Required Capital Amounts and Ratios | Capital amounts and ratios for the Company and the Bank (required) are presented below as of September 30, 2019 and December 31, 2018 . Actual Regulatory Capital Minimum Required Capital Including Capital Conservation Buffer To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio September 30, 2019 Company Tier I leverage $ 171,789 9.85 % $ 69,762 4.00 % $ 87,203 5.00 % Common equity tier 1 160,124 10.85 % 103,306 7.00 % 95,927 6.50 % Tier I risk-based capital 171,789 11.64 % 125,447 8.50 % 118,068 8.00 % Total risk-based capital 184,505 12.51 % 154,860 10.50 % 147,486 10.00 % Bank Tier I leverage $ 166,265 9.55 % $ 69,654 4.00 % $ 87,067 5.00 % Common equity tier 1 166,265 11.29 % 103,082 7.00 % 95,719 6.50 % Tier I risk-based capital 166,265 11.29 % 125,171 8.50 % 117,808 8.00 % Total risk-based capital 178,981 12.15 % 154,623 10.50 % 147,260 10.00 % December 31, 2018 Company Tier I leverage $ 168,876 10.38 % $ 65,077 4.00 % $ 81,347 5.00 % Common equity tier 1 157,273 11.59 % 86,507 6.38 % 88,203 6.50 % Tier I risk-based capital 168,876 12.44 % 106,905 7.88 % 108,602 8.00 % Total risk-based capital 180,193 13.28 % 133,991 9.88 % 135,688 10.00 % Bank Tier I leverage $ 165,308 10.17 % $ 65,018 4.00 % $ 81,272 5.00 % Common equity tier 1 165,308 12.19 % 86,451 6.38 % 88,146 6.50 % Tier I risk-based capital 165,308 12.19 % 106,792 7.88 % 108,488 8.00 % Total risk-based capital 176,625 13.02 % 133,961 9.88 % 135,657 10.00 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Summary of the Components Comprising Basic and Diluted Earnings Per Share | The following is a summary of the components comprising basic and diluted earnings per common share of stock ("EPS"): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Basic EPS Computation Net income attributable to common shareholders $ 4,000 $ 4,082 $ 12,063 $ 9,962 Weighted average common shares outstanding 11,104,918 11,406,753 11,247,921 11,378,755 Basic earnings per common share $ 0.36 $ 0.36 $ 1.07 $ 0.88 Diluted EPS Computation Net income attributable to common shareholders $ 4,000 $ 4,082 $ 12,063 $ 9,962 Weighted average common shares outstanding 11,104,918 11,406,753 11,247,921 11,378,755 Dilutive effect of stock options, restricted shares and employee stock purchase plan 72,449 91,426 66,445 83,944 Adjusted weighted average common shares outstanding 11,177,367 11,498,179 11,314,366 11,462,699 Diluted earnings per common share $ 0.36 $ 0.36 $ 1.07 $ 0.87 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Summarized Results of Operations by Business Segment | The following presents summarized results of operations for the Company’s business segments for the periods indicated: Three Months Ended Retail Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 13,910 $ 154 $ — $ 14,064 Provision for loan losses 606 — — 606 Noninterest income 1,375 1,377 8 2,760 Noninterest expense (excluding merger expense) 9,726 3,022 — 12,748 Merger expense 299 — — 299 Income tax expense (benefit) 654 (97 ) — 557 Net income (loss) 4,000 (1,394 ) 8 2,614 Noncontrolling interest in net loss of subsidiary — 1,394 (8 ) 1,386 Net income attributable to common shareholders $ 4,000 $ — $ — $ 4,000 Three Months Ended Retail Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 13,295 $ 171 $ — $ 13,466 Provision for loan losses 322 — — 322 Noninterest income 1,379 1,449 (51 ) 2,777 Noninterest expense (excluding merger expense) 9,614 2,466 — 12,080 Merger expense 82 — — 82 Income tax expense (benefit) 574 (55 ) — 519 Net income (loss) 4,082 (791 ) (51 ) 3,240 Noncontrolling interest in net loss of subsidiary — 791 51 842 Net income attributable to common shareholders $ 4,082 $ — $ — $ 4,082 Nine Months Ended Retail Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 40,986 $ 352 $ — $ 41,338 Provision for loan losses 806 — — 806 Noninterest income 4,226 3,187 (17 ) 7,396 Noninterest expense (excluding merger expense) 30,300 8,317 — 38,617 Merger expense 302 — — 302 Income tax expense (benefit) 1,741 (311 ) — 1,430 Net income (loss) 12,063 (4,467 ) (17 ) 7,579 Noncontrolling interest in net loss of subsidiary — 4,467 17 4,484 Net income attributable to common shareholders $ 12,063 $ — $ — $ 12,063 NOTE 9 - SEGMENT REPORTING (CONTINUED) Nine Months Ended Retail Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 39,529 $ 723 $ — $ 40,252 Provision for loan losses 759 — — 759 Noninterest income 3,966 4,190 (134 ) 8,022 Noninterest expense (excluding merger expense) 28,454 7,169 — 35,623 Merger expense 2,742 — — 2,742 Income tax expense (benefit) 1,578 (147 ) — 1,431 Net income 9,962 (2,109 ) (134 ) 7,719 Noncontrolling interest in net income of subsidiary — 2,109 134 2,243 Net income attributable to common shareholders $ 9,962 $ — $ — $ 9,962 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Swaps Designated as Cash Flow Hedges | Summary information related to the interest rate swaps designated as cash flow hedges as of September 30, 2019 , is as follows: Notional amounts $ 60,000 Weighted average pay rates 3.338 % Weighted average receive rates 2.460 % Weighted average maturity 3.75 years Unrealized losses $ 3,328 |
Net Gain (Losses) Related to Derivative Instruments | Fair Value Hedges The following table reflects the fair value hedges included in the Consolidated Statements of Income for the nine months ended September 30, 2019 and 2018 , respectively: Interest rate contracts Location September 30, 2019 September 30, 2018 Change in fair value on interest rate swaps hedging investments Interest income $ (1,382 ) $ 950 Cash Flow Hedges The following table presents the net gains (losses) recorded in accumulated other comprehensive income and the Consolidated Statements of Income relating to the cash flow derivative instruments for the nine months ended September 30, 2019 : Amount of Gain (Loss) Recognized in OCI Amount of Gain (Loss) Reclassified from OCI to Interest Income Amount of Gain (Loss) Recognized in Other Noninterest Income (Ineffective Portion) September 30, 2019 Interest rate contracts $ (2,175 ) $ — $ — |
Cash Flow Hedges Included in the Consolidated Balance Sheets | The following table reflects the cash flow hedges included in the Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 , respectively: September 30, 2019 December 31, 2018 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities: Interest rate swaps related to: Subordinate debentures $ 10,000 $ 532 $ 10,000 $ 174 Short-term interest bearing liabilities 50,000 2,796 50,000 979 Total included in other liabilities $ 60,000 $ 3,328 $ 60,000 $ 1,153 |
Fair Value Hedging Included in the Consolidated Balance Sheets | The following table reflects the fair value hedges included in the Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 , respectively: September 30, 2019 December 31, 2018 Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Interest rate swaps related to investments $ — $ — $ 16,902 $ 467 Total included in other assets $ — $ — $ 16,902 $ 467 Included in other liabilities: Interest rate swaps related to investments 19,605 945 4,203 30 Total included in other liabilities $ 19,605 $ 945 $ 4,203 $ 30 |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Calculation and Allocation of Purchase Price | The following table details the financial impact of the business combination, including the calculation of the purchase price, the allocation of the purchase price to the fair values of net assets assumed and goodwill recognized: Calculation of Purchase Price Shares of Community First common stock outstanding as of December 31, 2017 5,025,884 Exchange ratio for Reliant Bancorp, Inc. common stock 0.481 Share conversion 2,417,450 Reliant Bancorp, Inc. common stock shares issued 2,416,444 Reliant Bancorp, Inc. share price at December 29, 2017 $ 25.64 Value of Reliant Bancorp, Inc. common stock shares issued $ 61,958 Value of fractional shares $ 25 Estimated fair value of Community First, Inc. $ 61,983 Allocation of Purchase Price Total consideration above $ 61,983 Fair value of assets acquired and liabilities assumed Cash and cash equivalents (33,128 ) Time deposits in other financial institutions (23,309 ) Investment securities available for sale (69,078 ) Loans, net of unearned income (313,040 ) Mortgage loans held for sale, net (910 ) Accrued interest receivable (1,165 ) Premises and equipment (9,585 ) Restricted equity securities (1,726 ) Cash surrender value of life insurance contracts (10,664 ) Other real estate owned (1,650 ) Deferred tax asset, net (4,885 ) Core deposit intangible (7,888 ) Other assets (1,795 ) Deposits—noninterest-bearing 80,395 Deposits—interest-bearing 352,100 Other borrowings 11,522 Payables and other liabilities 5,061 Net liabilities assumed (net assets acquired) (29,745 ) Goodwill $ 32,238 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | Sep. 30, 2019 |
Reliant Mortgage Ventures, LLC | |
Noncontrolling Interest [Line Items] | |
Governance rights control by the Bank (in percent) | 51.00% |
Securities - Available-for-sale
Securities - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 285,447 | $ 300,594 |
Gross Unrealized Gains | 12,933 | 913 |
Gross Unrealized Losses | (1,070) | (5,184) |
Estimated Fair Value | 297,310 | 296,323 |
U. S. Treasury and other U. S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 310 | 568 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (14) |
Estimated Fair Value | 310 | 554 |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 210,537 | 232,589 |
Gross Unrealized Gains | 12,479 | 879 |
Gross Unrealized Losses | 0 | (4,170) |
Estimated Fair Value | 223,016 | 229,298 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,880 | 3,130 |
Gross Unrealized Gains | 64 | 0 |
Gross Unrealized Losses | (122) | (113) |
Estimated Fair Value | 7,822 | 3,017 |
Mortgage backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 39,143 | 32,172 |
Gross Unrealized Gains | 379 | 34 |
Gross Unrealized Losses | (404) | (248) |
Estimated Fair Value | 39,118 | 31,958 |
Asset backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 27,577 | 28,635 |
Gross Unrealized Gains | 11 | 0 |
Gross Unrealized Losses | (544) | (639) |
Estimated Fair Value | $ 27,044 | 27,996 |
Time deposits | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,500 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | $ 3,500 |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Thousands | Sep. 30, 2019USD ($)security | Dec. 31, 2018USD ($)security |
Investments, Debt and Equity Securities [Abstract] | ||
Securities pledged, carrying amount | $ | $ 58,341 | $ 70,097 |
Number of securities of single issuer with book value greater than ten percent of stockholders' equity | 0 | 0 |
Number of securities in unrealized loss position | 56 | 242 |
Securities - Available-for-sa_2
Securities - Available-for-sale Securities Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Due within one year | $ 500 | |
Due in one to five years | 1,035 | |
Due in five to ten years | 12,076 | |
Due after ten years | 205,116 | |
Amortized Cost | 285,447 | $ 300,594 |
Estimated Fair Value | ||
Due within one year | 499 | |
Due in one to five years | 1,035 | |
Due in five to ten years | 12,447 | |
Due after ten years | 217,167 | |
Estimated Fair Value | 297,310 | 296,323 |
Mortgage backed securities | ||
Amortized Cost | ||
Securities | 39,143 | |
Amortized Cost | 39,143 | 32,172 |
Estimated Fair Value | ||
Securities | 39,118 | |
Estimated Fair Value | 39,118 | 31,958 |
Asset backed securities | ||
Amortized Cost | ||
Securities | 27,577 | |
Amortized Cost | 27,577 | 28,635 |
Estimated Fair Value | ||
Securities | 27,044 | |
Estimated Fair Value | $ 27,044 | $ 27,996 |
Securities - Schedule of Tempor
Securities - Schedule of Temporary Impairment Losses, Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Estimated Fair Value | ||
Less than 12 months | $ 18,559 | $ 158,472 |
12 months or more | 33,861 | 60,922 |
Total | 52,420 | 219,394 |
Unrealized Loss | ||
Less than 12 months | 236 | 2,850 |
12 months or more | 834 | 2,334 |
Total | 1,070 | 5,184 |
U. S. Treasury and other U. S. government agencies | ||
Estimated Fair Value | ||
Less than 12 months | 0 | 0 |
12 months or more | 0 | 555 |
Total | 0 | 555 |
Unrealized Loss | ||
Less than 12 months | 0 | 0 |
12 months or more | 0 | 14 |
Total | 0 | 14 |
State and municipal | ||
Estimated Fair Value | ||
Less than 12 months | 0 | 118,580 |
12 months or more | 0 | 47,223 |
Total | 0 | 165,803 |
Unrealized Loss | ||
Less than 12 months | 0 | 2,263 |
12 months or more | 0 | 1,907 |
Total | 0 | 4,170 |
Corporate bonds | ||
Estimated Fair Value | ||
Less than 12 months | 499 | 2,526 |
12 months or more | 2,509 | 492 |
Total | 3,008 | 3,018 |
Unrealized Loss | ||
Less than 12 months | 1 | 105 |
12 months or more | 121 | 8 |
Total | 122 | 113 |
Mortgage backed securities | ||
Estimated Fair Value | ||
Less than 12 months | 16,070 | 17,015 |
12 months or more | 8,296 | 5,397 |
Total | 24,366 | 22,412 |
Unrealized Loss | ||
Less than 12 months | 224 | 99 |
12 months or more | 180 | 149 |
Total | 404 | 248 |
Asset backed securities | ||
Estimated Fair Value | ||
Less than 12 months | 1,990 | 20,351 |
12 months or more | 23,056 | 7,255 |
Total | 25,046 | 27,606 |
Unrealized Loss | ||
Less than 12 months | 11 | 383 |
12 months or more | 533 | 256 |
Total | $ 544 | $ 639 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Schedule of Loans and Financial Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 1,350,522 | $ 1,231,067 | ||
Less | ||||
Deferred loan fees (cost) | (161) | (9) | ||
Allowance for possible loan losses | 12,291 | 10,892 | $ 10,698 | $ 9,731 |
Loans, net | 1,338,392 | 1,220,184 | ||
Commercial, Industrial and Agricultural | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 231,935 | 213,850 | ||
Less | ||||
Allowance for possible loan losses | 2,299 | 1,751 | 2,026 | 2,538 |
Real Estate | 1-4 Family Residential | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 236,332 | 225,863 | ||
Less | ||||
Allowance for possible loan losses | 1,383 | 1,333 | 1,321 | 773 |
Real Estate | 1-4 Family HELOC | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 93,176 | 88,112 | ||
Less | ||||
Allowance for possible loan losses | 704 | 656 | 620 | 595 |
Real Estate | Multi-family and Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 520,297 | 447,840 | ||
Less | ||||
Allowance for possible loan losses | 5,188 | 4,429 | 4,118 | 3,166 |
Real Estate | Construction, Land Development and Farmland | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 238,082 | 220,801 | ||
Less | ||||
Allowance for possible loan losses | 2,513 | 2,500 | 2,390 | 2,434 |
Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 17,448 | 20,495 | ||
Less | ||||
Allowance for possible loan losses | 170 | 184 | 186 | 183 |
Other | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 13,252 | 14,106 | ||
Less | ||||
Allowance for possible loan losses | $ 34 | $ 39 | $ 37 | $ 42 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Schedule of Allowances for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 10,892 | $ 9,731 | ||
Charge-offs | (270) | (631) | ||
Recoveries | 863 | 839 | ||
Provision | $ 606 | $ 322 | 806 | 759 |
Ending balance | 12,291 | 10,698 | 12,291 | 10,698 |
Commercial, Industrial and Agricultural | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,751 | 2,538 | ||
Charge-offs | (170) | (308) | ||
Recoveries | 342 | 530 | ||
Provision | 376 | (734) | ||
Ending balance | 2,299 | 2,026 | 2,299 | 2,026 |
Real Estate | Multi-family and Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 4,429 | 3,166 | ||
Charge-offs | 0 | (76) | ||
Recoveries | 62 | 215 | ||
Provision | 697 | 813 | ||
Ending balance | 5,188 | 4,118 | 5,188 | 4,118 |
Real Estate | Construction, Land Development and Farmland | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2,500 | 2,434 | ||
Charge-offs | 0 | (144) | ||
Recoveries | 0 | 44 | ||
Provision | 13 | 56 | ||
Ending balance | 2,513 | 2,390 | 2,513 | 2,390 |
Real Estate | 1-4 Family Residential | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,333 | 773 | ||
Charge-offs | (29) | (36) | ||
Recoveries | 220 | 11 | ||
Provision | (141) | 573 | ||
Ending balance | 1,383 | 1,321 | 1,383 | 1,321 |
Real Estate | 1-4 Family HELOC | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 656 | 595 | ||
Charge-offs | 0 | (6) | ||
Recoveries | 11 | 7 | ||
Provision | 37 | 24 | ||
Ending balance | 704 | 620 | 704 | 620 |
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 184 | 183 | ||
Charge-offs | (37) | (24) | ||
Recoveries | 28 | 29 | ||
Provision | (5) | (2) | ||
Ending balance | 170 | 186 | 170 | 186 |
Other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 39 | 42 | ||
Charge-offs | (34) | (37) | ||
Recoveries | 200 | 3 | ||
Provision | (171) | 29 | ||
Ending balance | $ 34 | $ 37 | $ 34 | $ 37 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Allowance for Loan Losses and Recorded Investment by Portfolio Segment (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Allowance for loan losses | ||||
Individually evaluated for impairment | $ 647 | $ 55 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 11,644 | 10,837 | ||
Total | 12,291 | 10,892 | $ 10,698 | $ 9,731 |
Loans | ||||
Individually evaluated for impairment | 11,297 | 5,176 | ||
Acquired with credit impairment | 1,241 | 2,296 | ||
Collectively evaluated for impairment | 1,337,984 | 1,223,595 | ||
Total | 1,350,522 | 1,231,067 | ||
Commercial, Industrial and Agricultural | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 580 | 38 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,719 | 1,713 | ||
Total | 2,299 | 1,751 | 2,026 | 2,538 |
Loans | ||||
Individually evaluated for impairment | 5,309 | 978 | ||
Acquired with credit impairment | 0 | 40 | ||
Collectively evaluated for impairment | 226,626 | 212,832 | ||
Total | 231,935 | 213,850 | ||
Real Estate | Multi-family and Commercial | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 0 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 5,188 | 4,429 | ||
Total | 5,188 | 4,429 | 4,118 | 3,166 |
Loans | ||||
Individually evaluated for impairment | 2,428 | 1,160 | ||
Acquired with credit impairment | 218 | 232 | ||
Collectively evaluated for impairment | 517,651 | 446,448 | ||
Total | 520,297 | 447,840 | ||
Real Estate | Construction, Land Development and Farmland | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 17 | 17 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 2,496 | 2,483 | ||
Total | 2,513 | 2,500 | 2,390 | 2,434 |
Loans | ||||
Individually evaluated for impairment | 1,217 | 1,780 | ||
Acquired with credit impairment | 822 | 1,751 | ||
Collectively evaluated for impairment | 236,043 | 217,270 | ||
Total | 238,082 | 220,801 | ||
Real Estate | 1-4 Family Residential | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 0 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,383 | 1,333 | ||
Total | 1,383 | 1,333 | 1,321 | 773 |
Loans | ||||
Individually evaluated for impairment | 1,997 | 1,246 | ||
Acquired with credit impairment | 201 | 262 | ||
Collectively evaluated for impairment | 234,134 | 224,355 | ||
Total | 236,332 | 225,863 | ||
Real Estate | 1-4 Family HELOC | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 50 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 654 | 656 | ||
Total | 704 | 656 | 620 | 595 |
Loans | ||||
Individually evaluated for impairment | 346 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 92,830 | 88,112 | ||
Total | 93,176 | 88,112 | ||
Consumer | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 0 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 170 | 184 | ||
Total | 170 | 184 | 186 | 183 |
Loans | ||||
Individually evaluated for impairment | 0 | 12 | ||
Acquired with credit impairment | 0 | 11 | ||
Collectively evaluated for impairment | 17,448 | 20,472 | ||
Total | 17,448 | 20,495 | ||
Other | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 0 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 34 | 39 | ||
Total | 34 | 39 | $ 37 | $ 42 |
Loans | ||||
Individually evaluated for impairment | 0 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 13,252 | 14,106 | ||
Total | $ 13,252 | $ 14,106 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Narrative (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($)contract | Dec. 31, 2018USD ($) | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Non-accrual loans | $ 4,380 | $ 4,194 | |
Recorded investment, 90 days past due and still accruing | 111 | 6 | |
Previously disclosed troubled debt restructuring paid in full | 69 | ||
Number of modified contracts | contract | 2 | ||
Allowance for loan and lease losses, write-offs | $ 76 | ||
Allowance for loan and lease loss, recovery of bad debts | $ 585 | ||
Performing Financial Instruments | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Non-accrual loans | 1,076 | 2,010 | |
Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Non-accrual loans | 30 | 65 | |
Multi-family and Commercial | Real Estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Non-accrual loans | 1,310 | 0 | |
Number of modified contracts | contract | 1 | ||
1-4 Family Residential | Real Estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Non-accrual loans | 1,538 | $ 2,556 | |
Number of modified contracts | contract | 1 | ||
Credit Card Balances | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Recorded investment, 90 days past due and still accruing | $ 10 | ||
Minimum | Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans and leases receivable repayment period | 1 year | ||
Minimum | Multi-family and Commercial | Real Estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Percentage of loans in repayment | 50.00% | ||
Minimum | 1-4 Family Residential | Real Estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loan facility, amortization period | 15 years | ||
Loans commitment, maturity period | 5 years | ||
Maximum | Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans and leases receivable repayment period | 5 years | ||
Maximum | 1-4 Family Residential | Real Estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loan facility, amortization period | 30 years | ||
Loans commitment, maturity period | 15 years | ||
Interest Only Monthly Payment | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of modified contracts | contract | 1 | ||
Restructured Loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of modified contracts | contract | 5 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Summary of Non-accrual Loans by Class of Loan (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | $ 4,380 | $ 4,194 |
Commercial, Industrial and Agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 601 | 279 |
Real Estate | Multi-family and Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 1,310 | 0 |
Real Estate | Construction, Land Development and Farmland | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 555 | 1,294 |
Real Estate | 1-4 Family Residential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 1,538 | 2,556 |
Real Estate | 1-4 Family HELOC | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 346 | 0 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | $ 30 | $ 65 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Individually Impaired Loans by Class of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Unpaid Principal Balance | $ 12,954 | $ 9,109 |
Recorded Investment with no Allowance Recorded | 7,762 | 7,047 |
Recorded Investment with Allowance Recorded | 4,776 | 425 |
Total Recorded Investment | 12,538 | 7,472 |
Related Allowance | 647 | 55 |
Commercial, Industrial and Agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Unpaid Principal Balance | 5,309 | 1,247 |
Recorded Investment with no Allowance Recorded | 754 | 765 |
Recorded Investment with Allowance Recorded | 4,555 | 253 |
Total Recorded Investment | 5,309 | 1,018 |
Related Allowance | 580 | 38 |
Real Estate | Multi-family and Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Unpaid Principal Balance | 2,655 | 1,670 |
Recorded Investment with no Allowance Recorded | 2,646 | 1,392 |
Recorded Investment with Allowance Recorded | 0 | 0 |
Total Recorded Investment | 2,646 | 1,392 |
Related Allowance | 0 | 0 |
Real Estate | Construction, Land Development and Farmland | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Unpaid Principal Balance | 2,356 | 3,920 |
Recorded Investment with no Allowance Recorded | 1,868 | 3,359 |
Recorded Investment with Allowance Recorded | 171 | 172 |
Total Recorded Investment | 2,039 | 3,531 |
Related Allowance | 17 | 17 |
Real Estate | 1-4 Family Residential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Unpaid Principal Balance | 2,286 | 2,243 |
Recorded Investment with no Allowance Recorded | 2,198 | 1,508 |
Recorded Investment with Allowance Recorded | 0 | 0 |
Total Recorded Investment | 2,198 | 1,508 |
Related Allowance | 0 | 0 |
Real Estate | 1-4 Family HELOC | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Unpaid Principal Balance | 348 | |
Recorded Investment with no Allowance Recorded | 296 | |
Recorded Investment with Allowance Recorded | 50 | |
Total Recorded Investment | 346 | |
Related Allowance | $ 50 | |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Unpaid Principal Balance | 29 | |
Recorded Investment with no Allowance Recorded | 23 | |
Recorded Investment with Allowance Recorded | 0 | |
Total Recorded Investment | 23 | |
Related Allowance | $ 0 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Summary of Average Recorded Investment in Impaired Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Average balance of impaired loans | $ 9,013 | $ 12,972 |
Commercial, Industrial and Agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Average balance of impaired loans | 1,921 | 2,661 |
Real Estate | Multi-family and Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Average balance of impaired loans | 2,573 | 2,610 |
Real Estate | Construction, Land Development and Farmland | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Average balance of impaired loans | 2,570 | 4,831 |
Real Estate | 1-4 Family Residential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Average balance of impaired loans | 1,779 | 2,708 |
Real Estate | 1-4 Family HELOC | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Average balance of impaired loans | 161 | 90 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Average balance of impaired loans | $ 9 | $ 72 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Summary of Credit Quality Indicators by Class of Loan (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 1,350,522 | $ 1,231,067 |
Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,334,885 | 1,216,941 |
Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 442 | 4,839 |
Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 15,195 | 9,287 |
Commercial, Industrial and Agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 231,935 | 213,850 |
Commercial, Industrial and Agricultural | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 225,542 | 212,761 |
Commercial, Industrial and Agricultural | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 442 | 0 |
Commercial, Industrial and Agricultural | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 5,951 | 1,089 |
Real Estate | 1-4 Family Residential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 236,332 | 225,863 |
Real Estate | 1-4 Family Residential | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 233,559 | 221,546 |
Real Estate | 1-4 Family Residential | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 1,125 |
Real Estate | 1-4 Family Residential | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 2,773 | 3,192 |
Real Estate | 1-4 Family HELOC | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 93,176 | 88,112 |
Real Estate | 1-4 Family HELOC | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 92,574 | 88,112 |
Real Estate | 1-4 Family HELOC | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Real Estate | 1-4 Family HELOC | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 602 | 0 |
Real Estate | Multi-family and Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 520,297 | 447,840 |
Real Estate | Multi-family and Commercial | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 515,570 | 442,127 |
Real Estate | Multi-family and Commercial | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 3,135 |
Real Estate | Multi-family and Commercial | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 4,727 | 2,578 |
Real Estate | Construction, Land Development and Farmland | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 238,082 | 220,801 |
Real Estate | Construction, Land Development and Farmland | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 237,171 | 218,053 |
Real Estate | Construction, Land Development and Farmland | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 579 |
Real Estate | Construction, Land Development and Farmland | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 911 | 2,169 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 17,448 | 20,495 |
Consumer | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 17,217 | 20,236 |
Consumer | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Consumer | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 231 | 259 |
Other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 13,252 | 14,106 |
Other | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 13,252 | 14,106 |
Other | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Other | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Summary of Past Due (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | $ 4,013 | $ 3,722 |
Current | 1,346,509 | 1,227,345 |
Total | 1,350,522 | 1,231,067 |
30-59 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 742 | 1,401 |
60-89 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 1,181 | 622 |
Greater Than 90 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 2,090 | 1,699 |
Commercial, Industrial and Agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 717 | 454 |
Current | 231,218 | 213,396 |
Total | 231,935 | 213,850 |
Commercial, Industrial and Agricultural | 30-59 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 5 | 22 |
Commercial, Industrial and Agricultural | 60-89 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 133 | 153 |
Commercial, Industrial and Agricultural | Greater Than 90 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 579 | 279 |
Real Estate | 1-4 Family Residential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 1,479 | 2,642 |
Current | 234,853 | 223,221 |
Total | 236,332 | 225,863 |
Real Estate | 1-4 Family Residential | 30-59 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 539 | 1,104 |
Real Estate | 1-4 Family Residential | 60-89 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 514 | 335 |
Real Estate | 1-4 Family Residential | Greater Than 90 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 426 | 1,203 |
Real Estate | 1-4 Family HELOC | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 388 | 50 |
Current | 92,788 | 88,062 |
Total | 93,176 | 88,112 |
Real Estate | 1-4 Family HELOC | 30-59 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 42 | 50 |
Real Estate | 1-4 Family HELOC | 60-89 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 0 | 0 |
Real Estate | 1-4 Family HELOC | Greater Than 90 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 346 | 0 |
Real Estate | Multi-family and Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 1,063 | 104 |
Current | 519,234 | 447,736 |
Total | 520,297 | 447,840 |
Real Estate | Multi-family and Commercial | 30-59 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 0 | 0 |
Real Estate | Multi-family and Commercial | 60-89 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 505 | 104 |
Real Estate | Multi-family and Commercial | Greater Than 90 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 558 | 0 |
Real Estate | Construction, Land Development and Farmland | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 307 | 385 |
Current | 237,775 | 220,416 |
Total | 238,082 | 220,801 |
Real Estate | Construction, Land Development and Farmland | 30-59 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 136 | 214 |
Real Estate | Construction, Land Development and Farmland | 60-89 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 0 | 0 |
Real Estate | Construction, Land Development and Farmland | Greater Than 90 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 171 | 171 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 59 | 87 |
Current | 17,389 | 20,408 |
Total | 17,448 | 20,495 |
Consumer | 30-59 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 20 | 11 |
Consumer | 60-89 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 29 | 30 |
Consumer | Greater Than 90 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 10 | 46 |
Other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 0 | 0 |
Current | 13,252 | 14,106 |
Total | 13,252 | 14,106 |
Other | 30-59 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 0 | 0 |
Other | 60-89 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | 0 | 0 |
Other | Greater Than 90 Days Past Due | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due | $ 0 | $ 0 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Contracts | contract | 2 |
Pre-Modification Outstanding Recorded Investments | $ 1,915 |
Post-Modification Outstanding Recorded Investments | $ 1,839 |
Real Estate | 1-4 Family Residential | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Contracts | contract | 1 |
Pre-Modification Outstanding Recorded Investments | $ 1,254 |
Post-Modification Outstanding Recorded Investments | $ 1,254 |
Real Estate | Multi-family and Commercial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Contracts | contract | 1 |
Pre-Modification Outstanding Recorded Investments | $ 661 |
Post-Modification Outstanding Recorded Investments | $ 585 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - Summary of Carrying Amount of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Total outstanding balance | $ 1,487 | $ 2,596 |
Less remaining purchase discount | 246 | 300 |
Allowance for loan losses | 0 | 0 |
Carrying amount, net of allowance | 1,241 | 2,296 |
Commercial, Industrial and Agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total outstanding balance | 0 | 63 |
Real Estate | Multi-family and Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total outstanding balance | 220 | 233 |
Real Estate | Construction, Land Development and Farmland | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total outstanding balance | 1,030 | 1,958 |
Real Estate | 1-4 Family Residential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total outstanding balance | 237 | 324 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total outstanding balance | $ 0 | $ 18 |
Loans and Allowance for Loan_14
Loans and Allowance for Loan Losses - Activity Related to Accretable Portion of Loans Acquired (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance | $ 171 | $ 61 |
New loans purchased | 0 | 261 |
Year-to-date settlements | (7) | (151) |
Balance | $ 164 | $ 171 |
Other Real Estate (Details)
Other Real Estate (Details) $ in Thousands | Jan. 01, 2018USD ($)parcel | Sep. 30, 2019USD ($)borrowerloan | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)borrowerloanparcel | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Banking and Thrift [Abstract] | ||||||
Other real estate, net | $ 1,943 | $ 1,943 | $ 1,000 | |||
Other real estate, additions | $ 95 | $ 943 | ||||
Number of loans in process of foreclosure | loan | 5 | 5 | ||||
Number of borrowers with loans in process of foreclosure | borrower | 4 | 4 | ||||
Mortgage loans in process of foreclosure, amount | $ 961 | $ 961 | ||||
Business Acquisition [Line Items] | ||||||
Expenses related to other real estate | 15 | $ 25 | $ 30 | $ 38 | ||
Community First | ||||||
Business Acquisition [Line Items] | ||||||
Other real estate owned, acquired | $ 1,650 | |||||
Community First | Real Estate | ||||||
Business Acquisition [Line Items] | ||||||
Real estate parcels acquired | parcel | 3 | 1 | ||||
Other real estate owned, acquired | $ 1,650 | $ 1,000 | $ 1,000 |
Fair Values of Assets and Lia_3
Fair Values of Assets and Liabilities - Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 297,310,000 | $ 296,323,000 |
Other real estate owned | 1,943,000 | 1,000,000 |
U. S. Treasury and other U. S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 310,000 | 554,000 |
State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 223,016,000 | 229,298,000 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 7,822,000 | 3,017,000 |
Mortgage backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 39,118,000 | 31,958,000 |
Asset backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 27,044,000 | 27,996,000 |
Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,500,000 | |
Recurring | U. S. Treasury and other U. S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 310,000 | 554,000 |
Recurring | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 223,016,000 | 229,298,000 |
Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 7,822,000 | 3,017,000 |
Recurring | Mortgage backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 39,118,000 | 31,958,000 |
Recurring | Asset backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 27,044,000 | 27,996,000 |
Recurring | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0 | 467,000 |
Liabilities | 4,273,000 | 1,183,000 |
Recurring | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,500,000 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U. S. Treasury and other U. S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0 | 0 |
Liabilities | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,500,000 | |
Recurring | Significant Other Observable Inputs (Level 2) | U. S. Treasury and other U. S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 310,000 | 554,000 |
Recurring | Significant Other Observable Inputs (Level 2) | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 223,016,000 | 229,298,000 |
Recurring | Significant Other Observable Inputs (Level 2) | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 7,822,000 | 3,017,000 |
Recurring | Significant Other Observable Inputs (Level 2) | Mortgage backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 39,118,000 | 31,958,000 |
Recurring | Significant Other Observable Inputs (Level 2) | Asset backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 27,044,000 | 27,996,000 |
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0 | 467,000 |
Liabilities | 4,273,000 | 1,183,000 |
Recurring | Significant Other Observable Inputs (Level 2) | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | U. S. Treasury and other U. S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Asset backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0 | 0 |
Liabilities | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,129,000 | 370,000 |
Other real estate owned | 1,943,000 | 1,000,000 |
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,129,000 | 370,000 |
Other real estate owned | $ 1,943,000 | $ 1,000,000 |
Fair Values of Assets and Lia_4
Fair Values of Assets and Liabilities - Summary of Quantitative Information of Assets Measured at Fair Value on Nonrecurring Basis by Utilized Level 3 Inputs (Details) - Estimated costs to sell - Appraisal - Range (Weighted Average) - Significant Unobservable Inputs (Level 3) - Nonrecurring | Sep. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired loans | 0.10 |
Other real estate owned | 0.10 |
Fair Values of Assets and Lia_5
Fair Values of Assets and Liabilities - Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Carrying Amount | ||
Financial assets | ||
Cash and due from banks | $ 51,247 | $ 34,807 |
Federal funds sold | 73 | 371 |
Loans, net | 1,338,392 | 1,220,184 |
Mortgage loans held for sale | 16,757 | 15,823 |
Accrued interest receivable | 7,488 | 8,214 |
Restricted equity securities | 11,279 | 11,690 |
Financial liabilities | ||
Deposits | 1,610,633 | 1,437,903 |
Accrued interest payable | 1,610 | 1,063 |
Subordinate debentures | 11,665 | 11,603 |
Federal Home Loan Bank advances | 3,928 | 57,498 |
Estimated Fair Value | ||
Financial assets | ||
Cash and due from banks | 51,247 | 34,807 |
Federal funds sold | 73 | 371 |
Loans, net | 1,326,932 | 1,206,574 |
Mortgage loans held for sale | 17,052 | 15,871 |
Accrued interest receivable | 7,488 | 8,214 |
Restricted equity securities | 11,279 | 11,690 |
Financial liabilities | ||
Deposits | 1,612,749 | 1,434,652 |
Accrued interest payable | 1,610 | 1,063 |
Subordinate debentures | 12,357 | 11,522 |
Federal Home Loan Bank advances | 3,954 | 57,434 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets | ||
Cash and due from banks | 51,247 | 34,807 |
Federal funds sold | 0 | 0 |
Loans, net | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Restricted equity securities | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
Subordinate debentures | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Federal funds sold | 73 | 371 |
Loans, net | 0 | 0 |
Mortgage loans held for sale | 17,052 | 15,871 |
Accrued interest receivable | 7,488 | 8,214 |
Restricted equity securities | 11,279 | 11,690 |
Financial liabilities | ||
Deposits | 0 | 0 |
Accrued interest payable | 1,610 | 1,063 |
Subordinate debentures | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Loans, net | 1,326,932 | 1,206,574 |
Mortgage loans held for sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Restricted equity securities | 0 | 0 |
Financial liabilities | ||
Deposits | 1,612,749 | 1,434,652 |
Accrued interest payable | 0 | 0 |
Subordinate debentures | 12,357 | 11,522 |
Federal Home Loan Bank advances | $ 3,954 | $ 57,434 |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) - USD ($) $ in Thousands | Jul. 23, 2019 | Mar. 10, 2015 | Sep. 30, 2019 | Jun. 18, 2015 | Dec. 31, 2006 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized future compensation expense related to stock options | $ 413 | ||||
Unrecognized compensation cost related to non-vested restricted share awards | $ 2,066 | ||||
Equity Incentive Plan 2015 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized (in shares) | 900,000 | ||||
Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise period for stock option awards | 10 years | ||||
Employee Stock Option | Commerce Union Bank Stock Option Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized (in shares) | 625,000 | ||||
Employee Stock Option | Commerce Union Bancshares, Inc. Amended and Restated Stock Option Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized (in shares) | 1,250,000 | ||||
Restricted Stock | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 1 year | ||||
Restricted Stock | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Restricted Stock Units | Certain Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock settled restricted stock awards (in shares) | 41,250 | ||||
Restricted Stock Units | Members of the Board of Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock settled restricted stock awards (in shares) | 6,500 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | |
Shares | ||
Outstanding, beginning (in shares) | shares | 159,260 | |
Granted (in shares) | shares | 27,500 | |
Exercised (in shares) | shares | (27,306) | |
Forfeited or expired (in shares) | shares | (2,753) | |
Outstanding, ending (in shares) | shares | 156,701 | 159,260 |
Exercisable (in shares) | shares | 81,701 | |
Weighted Average Exercise Price | ||
Outstanding, beginning (in dollars per share) | $ / shares | $ 16.72 | |
Granted (in dollars per share) | $ / shares | 23.28 | |
Exercised (in dollars per share) | $ / shares | 13.15 | |
Forfeited or expired (in dollars per share) | $ / shares | 19.34 | |
Outstanding, ending (in dollars per share) | $ / shares | 18.44 | $ 16.72 |
Exercisable (in dollars per share) | $ / shares | $ 14.89 | |
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value | ||
Outstanding, Weighted Average Remaining Contractual Term | 6 years 7 months 13 days | 6 years 15 days |
Exercisable, Weighted Average Remaining Contractual Term | 4 years 11 months 19 days | |
Outstanding, Aggregate Intrinsic Value | $ | $ 970 | $ 1,146 |
Exercisable, Aggregate Intrinsic Value | $ | $ 764 |
Stock-based Compensation - Nonv
Stock-based Compensation - Nonvested Stock Option Activity (Details) | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Shares | |
Non-vested options, beginning (in shares) | shares | 71,200 |
Granted (in shares) | shares | 27,500 |
Vested (in shares) | shares | (20,947) |
Forfeited (in shares) | shares | (2,753) |
Non-vested options, ending (in shares) | shares | 75,000 |
Weighted Average Grant-Date Fair Value | |
Non-vested options, beginning (in dollars per share) | $ / shares | $ 5.28 |
Granted (in dollars per share) | $ / shares | 6.97 |
Vested (in dollars per share) | $ / shares | 4.69 |
Forfeited (in dollars per share) | $ / shares | 4.89 |
Non-vested options, ending (in dollars per share) | $ / shares | $ 6.08 |
Stock-based Compensation - No_2
Stock-based Compensation - Nonvested Restricted Stock Activity (Details) - Restricted Stock | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Shares | |
Non-vested shares, Beginning (in shares) | shares | 110,660 |
Granted (in shares) | shares | 9,500 |
Vested (in shares) | shares | (21,450) |
Forfeited (in shares) | shares | (7,750) |
Non-vested shares, Ending (in shares) | shares | 90,960 |
Weighted Average Grant-Date Fair Value | |
Non-vested shares, Beginning (in dollars per share) | $ / shares | $ 24.28 |
Granted (in dollars per share) | $ / shares | 22.01 |
Vested (in dollars per share) | $ / shares | 19.31 |
Forfeited (in dollars per share) | $ / shares | 23.25 |
Non-vested shares, Ending (in dollars per share) | $ / shares | $ 25.31 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier I leverage | $ 171,789 | $ 168,876 |
Tier I leverage, ratio | 9.85% | 10.38% |
Tier I leverage, minimum required capital including capital conservation buffer | $ 69,762 | $ 65,077 |
Tier I leverage, minimum required capital including capital conservation buffer, ratio | 4.00% | 4.00% |
Tier I leverage, to be well capitalized under prompt corrective action provisions | $ 87,203 | $ 81,347 |
Tier I leverage, to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% |
Common equity tier 1 | $ 160,124 | $ 157,273 |
Common equity tier 1, ratio | 10.85% | 11.59% |
Common equity tier 1, minimum required capital including capital conservation buffer | $ 103,306 | $ 86,507 |
Common equity tier 1, minimum required capital including capital conservation buffer, ratio | 7.00% | 6.38% |
Common equity tier 1, to be well capitalized under prompt corrective action provisions | $ 95,927 | $ 88,203 |
Common equity tier 1, to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
Tier I risk-based capital | $ 171,789 | $ 168,876 |
Tier I risk-based capital, ratio | 11.64% | 12.44% |
Tier I risk-based capital, minimum required capital including capital conservation buffer | $ 125,447 | $ 106,905 |
Tier I risk-based capital, minimum required capital including capital conservation buffer, ratio | 8.50% | 7.88% |
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions | $ 118,068 | $ 108,602 |
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% |
Total risk-based capital | $ 184,505 | $ 180,193 |
Total risk-based capital, ratio | 12.51% | 13.28% |
Total risk-based capital, minimum required capital including capital conservation buffer | $ 154,860 | $ 133,991 |
Total risk-based capital, minimum required capital including capital conservation buffer, ratio | 10.50% | 9.88% |
Total risk-based capital, to be well capitalized under prompt corrective action provisions | $ 147,486 | $ 135,688 |
Total risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 10.00% | 10.00% |
Reliant Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier I leverage | $ 166,265 | $ 165,308 |
Tier I leverage, ratio | 9.55% | 10.17% |
Tier I leverage, minimum required capital including capital conservation buffer | $ 69,654 | $ 65,018 |
Tier I leverage, minimum required capital including capital conservation buffer, ratio | 4.00% | 4.00% |
Tier I leverage, to be well capitalized under prompt corrective action provisions | $ 87,067 | $ 81,272 |
Tier I leverage, to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% |
Common equity tier 1 | $ 166,265 | $ 165,308 |
Common equity tier 1, ratio | 11.29% | 12.19% |
Common equity tier 1, minimum required capital including capital conservation buffer | $ 103,082 | $ 86,451 |
Common equity tier 1, minimum required capital including capital conservation buffer, ratio | 7.00% | 6.38% |
Common equity tier 1, to be well capitalized under prompt corrective action provisions | $ 95,719 | $ 88,146 |
Common equity tier 1, to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
Tier I risk-based capital | $ 166,265 | $ 165,308 |
Tier I risk-based capital, ratio | 11.29% | 12.19% |
Tier I risk-based capital, minimum required capital including capital conservation buffer | $ 125,171 | $ 106,792 |
Tier I risk-based capital, minimum required capital including capital conservation buffer, ratio | 8.50% | 7.88% |
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions | $ 117,808 | $ 108,488 |
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% |
Total risk-based capital | $ 178,981 | $ 176,625 |
Total risk-based capital, ratio | 12.15% | 13.02% |
Total risk-based capital, minimum required capital including capital conservation buffer | $ 154,623 | $ 133,961 |
Total risk-based capital, minimum required capital including capital conservation buffer, ratio | 10.50% | 9.88% |
Total risk-based capital, to be well capitalized under prompt corrective action provisions | $ 147,260 | $ 135,657 |
Total risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 10.00% | 10.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Basic EPS Computation | ||||
Net income attributable to common shareholders | $ 4,000 | $ 4,082 | $ 12,063 | $ 9,962 |
Weighted average common shares outstanding (in shares) | 11,104,918 | 11,406,753 | 11,247,921 | 11,378,755 |
Basic earnings per common share (in dollars per share) | $ 0.36 | $ 0.36 | $ 1.07 | $ 0.88 |
Diluted EPS Computation | ||||
Net income attributable to common shareholders | $ 4,000 | $ 4,082 | $ 12,063 | $ 9,962 |
Dilutive effect of stock options, restricted shares and employee stock purchase plan (in shares) | 72,449 | 91,426 | 66,445 | 83,944 |
Adjusted weighted average common shares outstanding (in shares) | 11,177,367 | 11,498,179 | 11,314,366 | 11,462,699 |
Diluted earnings per common share (in dollars per share) | $ 0.36 | $ 0.36 | $ 1.07 | $ 0.87 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 9 Months Ended |
Sep. 30, 2019segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting - Summary of
Segment Reporting - Summary of Results of Operations for Company's Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||||||
Net interest income | $ 14,064 | $ 13,466 | $ 41,338 | $ 40,252 | ||||
Provision for loan losses | 606 | 322 | 806 | 759 | ||||
Noninterest income | 2,760 | 2,777 | 7,396 | 8,022 | ||||
Noninterest expense (excluding merger expense) | 12,748 | 12,080 | 38,617 | 35,623 | ||||
Merger expenses | 299 | 82 | 302 | 2,742 | ||||
Income tax expense (benefit) | 557 | 519 | 1,430 | 1,431 | ||||
CONSOLIDATED NET INCOME | 2,614 | $ 2,684 | $ 2,281 | 3,240 | $ 1,202 | $ 3,277 | 7,579 | 7,719 |
Noncontrolling interest in net loss of subsidiary | 1,386 | 842 | 4,484 | 2,243 | ||||
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | 4,000 | 4,082 | 12,063 | 9,962 | ||||
Operating Segments | Retail Banking | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 13,910 | 13,295 | 40,986 | 39,529 | ||||
Provision for loan losses | 606 | 322 | 806 | 759 | ||||
Noninterest income | 1,375 | 1,379 | 4,226 | 3,966 | ||||
Noninterest expense (excluding merger expense) | 9,726 | 9,614 | 30,300 | 28,454 | ||||
Merger expenses | 299 | 82 | 302 | 2,742 | ||||
Income tax expense (benefit) | 654 | 574 | 1,741 | 1,578 | ||||
CONSOLIDATED NET INCOME | 4,000 | 4,082 | 12,063 | 9,962 | ||||
Noncontrolling interest in net loss of subsidiary | 0 | 0 | 0 | 0 | ||||
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | 4,000 | 4,082 | 12,063 | 9,962 | ||||
Operating Segments | Residential Mortgage Banking | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 154 | 171 | 352 | 723 | ||||
Provision for loan losses | 0 | 0 | 0 | 0 | ||||
Noninterest income | 1,377 | 1,449 | 3,187 | 4,190 | ||||
Noninterest expense (excluding merger expense) | 3,022 | 2,466 | 8,317 | 7,169 | ||||
Merger expenses | 0 | 0 | 0 | 0 | ||||
Income tax expense (benefit) | (97) | (55) | (311) | (147) | ||||
CONSOLIDATED NET INCOME | (1,394) | (791) | (4,467) | (2,109) | ||||
Noncontrolling interest in net loss of subsidiary | 1,394 | 791 | 4,467 | 2,109 | ||||
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | 0 | 0 | 0 | 0 | ||||
Elimination Entries | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 0 | 0 | 0 | 0 | ||||
Provision for loan losses | 0 | 0 | 0 | 0 | ||||
Noninterest income | 8 | (51) | (17) | (134) | ||||
Noninterest expense (excluding merger expense) | 0 | 0 | 0 | 0 | ||||
Merger expenses | 0 | 0 | 0 | 0 | ||||
Income tax expense (benefit) | 0 | 0 | 0 | 0 | ||||
CONSOLIDATED NET INCOME | 8 | (51) | (17) | (134) | ||||
Noncontrolling interest in net loss of subsidiary | (8) | 51 | 17 | 134 | ||||
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) | Sep. 30, 2019USD ($) |
Cash Flow Hedging | Interest rate swaps | |
Derivative [Line Items] | |
Notional amounts | $ 60,000,000 |
Derivatives - Interest Rate Swa
Derivatives - Interest Rate Swaps Designated as Cash Flow Hedges (Details) - Cash Flow Hedging - Interest rate swaps | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Derivative [Line Items] | |
Notional amounts | $ 60,000,000 |
Weighted average pay rates | 3.338% |
Weighted average receive rates | 2.46% |
Weighted average maturity | 3 years 9 months |
Unrealized losses | $ 3,328,000 |
Derivatives - Net Gains (Losses
Derivatives - Net Gains (Losses) Relating to Cash Flow Derivative Instruments (Details) - Cash Flow Hedging - Interest rate swaps $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Derivative [Line Items] | |
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | $ (2,175) |
Amount of Gain (Loss) Reclassified from OCI to Interest Income | 0 |
Amount of Gain (Loss) Recognized in Other Noninterest Income (Ineffective Portion) | $ 0 |
Derivatives - Cash Flow Hedges
Derivatives - Cash Flow Hedges and Fair Value Hedges Included in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Cash Flow Hedging | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 60,000 | $ 60,000 |
Derivative Liability, Fair Value | 3,328 | 1,153 |
Cash Flow Hedging | Subordinate debentures | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | 10,000 | 10,000 |
Derivative Liability, Fair Value | 532 | 174 |
Cash Flow Hedging | Federal Home Loan Bank borrowings | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | 50,000 | 50,000 |
Derivative Liability, Fair Value | 2,796 | 979 |
Fair Value Hedging | Other Assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 0 | 16,902 |
Derivative Asset, Fair Value | 0 | 467 |
Fair Value Hedging | Other Assets | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 0 | 16,902 |
Derivative Asset, Fair Value | 0 | 467 |
Fair Value Hedging | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | 19,605 | 4,203 |
Derivative Liability, Fair Value | 945 | 30 |
Fair Value Hedging | Other Liabilities | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | 19,605 | 4,203 |
Derivative Liability, Fair Value | $ 945 | $ 30 |
Derivatives - Fair Value Hedges
Derivatives - Fair Value Hedges Included in the Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value Hedging | Interest income | Interest rate swaps | ||
Derivative [Line Items] | ||
Change in fair value on interest rate swaps hedging investments | $ (1,382) | $ 950 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 557 | $ 519 | $ 1,430 | $ 1,431 |
Effective income tax rate | 17.60% | 13.80% | 15.90% | 15.60% |
Business Combination - Narrativ
Business Combination - Narrative (Details) - Community First $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | Jan. 01, 2018 | |
Business Acquisition [Line Items] | ||
Exchange ratio for Reliant Bancorp, Inc. common stock | 0.481 | |
Other assets adjustment | $ 93 | |
Accounts payable and other liabilities adjustment | $ 85 |
Business Combination - Financia
Business Combination - Financial Impact of Merger (Details) $ / shares in Units, $ in Thousands | Jan. 01, 2018USD ($)shares | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017shares | Dec. 29, 2017$ / shares |
Allocation of Purchase Price | |||||
Goodwill | $ 43,642 | $ 43,642 | |||
Community First | |||||
Calculation of Purchase Price | |||||
Shares of Community First common stock outstanding as of December 31, 2017 (in shares) | shares | 5,025,884 | ||||
Exchange ratio for Reliant Bancorp, Inc. common stock | 0.481 | ||||
Share conversion (in shares) | shares | 2,417,450 | ||||
Reliant Bancorp, Inc. common stock shares issued (in shares) | shares | 2,416,444 | ||||
Reliant Bancorp, Inc. share price at December 29, 2017 (in dollars per share) | $ / shares | $ 25.64 | ||||
Value of Reliant Bancorp, Inc. common stock shares issued | $ 61,958 | ||||
Value of fractional shares | 25 | ||||
Estimated fair value of Community First, Inc. | 61,983 | ||||
Allocation of Purchase Price | |||||
Total consideration above | 61,983 | ||||
Cash and cash equivalents | (33,128) | ||||
Time deposits in other financial institutions | (23,309) | ||||
Investment securities available for sale | (69,078) | ||||
Loans, net of unearned income | (313,040) | ||||
Mortgage loans held for sale, net | (910) | ||||
Accrued interest receivable | (1,165) | ||||
Premises and equipment | (9,585) | ||||
Restricted equity securities | (1,726) | ||||
Cash surrender value of life insurance contracts | (10,664) | ||||
Other real estate owned | (1,650) | ||||
Deferred tax asset, net | (4,885) | ||||
Core deposit intangible | (7,888) | ||||
Other assets | (1,795) | ||||
Deposits—noninterest-bearing | 80,395 | ||||
Deposits—interest-bearing | 352,100 | ||||
Other borrowings | 11,522 | ||||
Payables and other liabilities | 5,061 | ||||
Net liabilities assumed (net assets acquired) | (29,745) | ||||
Goodwill | $ 32,238 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details) - Scenario, Forecast - Accounting Standards Update 2016-02 $ in Thousands | Jan. 01, 2020USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Right to use asset | $ 9,821 |
Operating lease, liability | $ 9,821 |
Reduction in Tier 1 leverage capital ratio (in basis points) | 0.0007 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event $ / shares in Units, $ in Thousands | 8 Months Ended | ||
Jun. 30, 2020USD ($)$ / sharesshares | Oct. 22, 2019$ / shares | Oct. 07, 2019USD ($)instrument | |
Subsequent Event [Line Items] | |||
Common stock closing price (in dollars per share) | $ 23.65 | ||
Scenario, Forecast | FABK | |||
Subsequent Event [Line Items] | |||
Total consideration | $ | $ 123,400 | ||
Business acquisition, share price (in dollars per share) | $ 30.67 | ||
Business acquisition, shares received in exchange (in shares) | shares | 1.17 | ||
Business acquisition, value of shares in exchange (in dollars per share) | $ 3 | ||
Interest rate swaps | Designated as Hedging Instrument | |||
Subsequent Event [Line Items] | |||
Number of instruments held | instrument | 2 | ||
Notional amount | $ | $ 50,000 |