Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 03, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-37391 | |
Entity Registrant Name | Reliant Bancorp, Inc. | |
Entity Incorporation, State or Country Code | TN | |
Entity Tax Identification Number | 37-1641316 | |
Entity Address, Address Line One | 1736 Carothers Parkway, | |
Entity Address, Address Line Two | Suite 100, | |
Entity Address, City or Town | Brentwood, | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 37027 | |
City Area Code | 615 | |
Local Phone Number | 221-2020 | |
Title of 12(b) Security | Common Stock, $1.00 par value per share | |
Trading Symbol | RBNC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,297,676 | |
Entity Central Index Key | 0001606440 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 14,050 | $ 7,953 |
Interest-bearing deposits in financial institutions | 61,349 | 43,644 |
Federal funds sold | 12,273 | 52 |
Total cash and cash equivalents | 87,672 | 51,649 |
Securities available for sale | 273,893 | 260,293 |
Loans | 2,357,898 | 1,409,952 |
Less: Allowance for loan losses | (19,834) | (12,578) |
Loans, net | 2,338,064 | 1,397,374 |
Mortgage loans held for sale, net | 99,587 | 37,476 |
Accrued interest receivable | 14,615 | 7,188 |
Premises and equipment, net | 33,319 | 21,064 |
Operating leases right of use assets | 14,619 | |
Restricted equity securities, at cost | 17,367 | 11,279 |
Other real estate, net | 1,326 | 750 |
Cash surrender value of life insurance contracts | 68,109 | 46,632 |
Deferred tax assets, net | 8,523 | 3,933 |
Goodwill | 51,506 | 43,642 |
Core deposit intangibles | 11,820 | 7,270 |
Other assets | 24,092 | 13,292 |
TOTAL ASSETS | 3,044,512 | 1,901,842 |
Deposits | ||
Noninterest-bearing demand | 538,844 | 260,681 |
Interest-bearing demand | 272,805 | 152,718 |
Savings and money market deposit accounts | 813,001 | 408,724 |
Time | 940,852 | 762,330 |
Total deposits | 2,565,502 | 1,584,453 |
Accrued interest payable | 3,744 | 2,022 |
Federal funds purchased | 5,000 | 0 |
Subordinated debentures | 70,389 | 70,883 |
Federal Home Loan Bank advances | 40,555 | 10,737 |
Operating leases liabilities | 15,756 | |
Other liabilities | 36,480 | 9,994 |
TOTAL LIABILITIES | 2,737,426 | 1,678,089 |
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; 16,634,572 and 11,206,254 shares issued and outstanding at September 30, 2020, and December 31, 2019, respectively | 16,635 | 11,206 |
Additional paid-in capital | 232,738 | 167,006 |
Retained earnings | 55,206 | 40,472 |
Accumulated other comprehensive income | 2,507 | 5,069 |
TOTAL SHAREHOLDERS’ EQUITY | 307,086 | 223,753 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 3,044,512 | $ 1,901,842 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
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) | 16,634,572 | 11,206,254 |
Common stock, shares outstanding (in shares) | 16,634,572 | 11,206,254 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
INTEREST INCOME | ||||
Interest and fees on loans | $ 32,895 | $ 17,502 | $ 86,987 | $ 50,631 |
Interest and fees on loans held for sale | 1,037 | 263 | 2,412 | 614 |
Interest on investment securities, taxable | 399 | 549 | 978 | 1,639 |
Interest on investment securities, nontaxable | 1,186 | 1,576 | 3,874 | 4,944 |
Federal funds sold and other | 250 | 321 | 738 | 918 |
TOTAL INTEREST INCOME | 35,767 | 20,211 | 94,989 | 58,746 |
Deposits | ||||
Demand | 236 | 81 | 554 | 278 |
Savings and money market deposit accounts | 1,162 | 976 | 3,668 | 3,156 |
Time | 2,736 | 4,825 | 9,577 | 12,850 |
Federal Home Loan Bank advances and other | 104 | 66 | 613 | 534 |
Subordinated debentures | 992 | 199 | 2,967 | 590 |
TOTAL INTEREST EXPENSE | 5,230 | 6,147 | 17,379 | 17,408 |
NET INTEREST INCOME | 30,537 | 14,064 | 77,610 | 41,338 |
PROVISION FOR LOAN LOSSES | 1,500 | 606 | 7,400 | 806 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 29,037 | 13,458 | 70,210 | 40,532 |
NONINTEREST INCOME | ||||
Service charges on deposit accounts | 1,583 | 976 | 4,172 | 2,796 |
Gains on mortgage loans sold, net | 3,783 | 1,385 | 7,605 | 3,170 |
Gain on securities transactions, net | 0 | 0 | 327 | 306 |
Other noninterest income | 635 | 399 | 1,602 | 1,124 |
TOTAL NONINTEREST INCOME | 6,001 | 2,760 | 13,706 | 7,396 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 12,184 | 7,634 | 33,885 | 22,605 |
Occupancy | 2,054 | 1,359 | 5,566 | 4,069 |
Data processing and software | 2,240 | 1,553 | 6,085 | 4,538 |
Professional fees | 775 | 404 | 1,933 | 1,836 |
Regulatory Fees | 365 | (17) | 1,356 | 596 |
Merger expenses | 78 | 299 | 6,895 | 302 |
Other operating expense | 2,637 | 1,815 | 6,476 | 4,973 |
TOTAL NONINTEREST EXPENSE | 20,333 | 13,047 | 62,196 | 38,919 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 14,705 | 3,171 | 21,720 | 9,009 |
INCOME TAX EXPENSE | 2,800 | 557 | 3,524 | 1,430 |
CONSOLIDATED NET INCOME | 11,905 | 2,614 | 18,196 | 7,579 |
NONCONTROLLING INTEREST IN NET (INCOME) LOSS OF SUBSIDIARY | (374) | 1,386 | 990 | 4,484 |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 11,531 | $ 4,000 | $ 19,186 | $ 12,063 |
Basic net income attributable to common shareholders, per share (in dollars per share) | $ 0.70 | $ 0.36 | $ 1.27 | $ 1.07 |
Diluted net income attributable to common shareholders, per share (in dollars per share) | $ 0.69 | $ 0.36 | $ 1.27 | $ 1.07 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Consolidated net income | $ 11,905 | $ 2,614 | $ 18,196 | $ 7,579 |
Other comprehensive income (loss) | ||||
Net unrealized gains on available-for-sale securities, net of tax of ($357) and ($973) for the three months ended September 30, 2020 and 2019, respectively, and ($864) and ($3,935) for the nine months ended September 30, 2020 and 2019, respectively | 1,008 | 2,736 | 2,442 | 11,122 |
Net unrealized losses on interest rate swap derivatives net of tax of ($133) and $98 for the three months ended September 30, 2020 and 2019, respectively, and $1,685 and $569 for the nine months ended September 30, 2020 and 2019, respectively | 375 | (275) | (4,762) | (1,606) |
Net unrealized losses on interest rate swap derivatives net of tax of ($133) and $98 for the three months ended September 30, 2020 and 2019, respectively, and $1,685 and $569 for the nine months ended September 30, 2020 and 2019, respectively | (275) | (1,606) | ||
Reclassification adjustment for gains included in net income, net of tax of $0 and $0 for the three months ended September 30, 2020 and 2019, respectively, and $85 and $80 for the nine months ended September 30, 2020 and 2019, respectively | 0 | 0 | (242) | (226) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 1,383 | 2,461 | (2,562) | 9,290 |
TOTAL COMPREHENSIVE INCOME | $ 13,288 | $ 5,075 | $ 15,634 | $ 16,869 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net unrealized gains on available-for-sale securities, tax | $ (357) | $ (973) | $ (864) | $ (3,935) |
Net unrealized loss on interest rate swap derivatives, tax | (133) | 98 | 1,685 | 569 |
Reclassification adjustment for gains included in net income, tax | $ 0 | $ 0 | $ 85 | $ 80 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - UNAUDITED - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | RETAINED EARNINGSCumulative Effect, Period of Adoption, Adjustment | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NONCONTROLLING INTEREST |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of lease standard adoption | $ 208,414 | $ 11,531 | $ 173,238 | $ 27,329 | $ (3,684) | $ 0 | ||
Balance (in shares) at Dec. 31, 2018 | 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 forfeiture (in shares) | (3,750) | |||||||
Restricted stock 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) | ||||||
Cumulative effect of lease standard adoption | 215,119 | $ 11,502 | 172,886 | 30,119 | 612 | 0 | ||
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 | |||||||
Balance at Dec. 31, 2018 | 208,414 | $ 11,531 | 173,238 | 27,329 | (3,684) | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of lease standard adoption | 219,652 | $ 11,195 | 166,512 | 36,339 | 5,606 | 0 | ||
Net income (loss) | 7,579 | |||||||
Other comprehensive income (loss) | 9,290 | |||||||
Balance (in shares) at Sep. 30, 2019 | 11,195,062 | |||||||
Balance at Sep. 30, 2019 | 219,652 | $ 11,195 | 166,512 | 36,339 | 5,606 | 0 | ||
Balance (in shares) at Dec. 31, 2018 | 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] | ||||||||
Cumulative effect of lease standard adoption | $ 208,414 | $ 100 | $ 11,531 | 173,238 | 27,329 | $ 100 | (3,684) | 0 |
Balance (in shares) at Dec. 31, 2019 | 11,206,254 | 11,206,254 | ||||||
Balance at Dec. 31, 2019 | $ 223,753 | 100 | $ 11,206 | 167,006 | 40,472 | 100 | 5,069 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | |||||||
Cumulative effect of lease standard adoption | $ 215,119 | $ 11,502 | 172,886 | 30,119 | 612 | 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) | ||||||
Cumulative effect of lease standard adoption | 213,943 | $ 11,197 | 166,252 | 33,349 | 3,145 | 0 | ||
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] | ||||||||
Cumulative effect of lease standard adoption | 213,943 | $ 11,197 | 166,252 | 33,349 | 3,145 | 0 | ||
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 | 0 | $ 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) | ||||||
Cumulative effect of lease standard adoption | 219,652 | $ 11,195 | 166,512 | 36,339 | 5,606 | 0 | ||
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 | |||||||
Balance at Sep. 30, 2019 | 219,652 | $ 11,195 | 166,512 | 36,339 | 5,606 | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of lease standard adoption | 219,652 | 11,195 | 166,512 | 36,339 | 5,606 | 0 | ||
Cumulative effect of lease standard adoption | $ 223,753 | 100 | $ 11,206 | 167,006 | 40,472 | 100 | 5,069 | 0 |
Balance (in shares) at Dec. 31, 2019 | 11,206,254 | 11,206,254 | ||||||
Balance at Dec. 31, 2019 | $ 223,753 | 100 | $ 11,206 | 167,006 | 40,472 | 100 | 5,069 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock based compensation expense | 349 | 349 | ||||||
Exercise of stock options (in shares) | 868 | |||||||
Exercise of stock options | 8 | $ 1 | 7 | |||||
Restricted stock and dividend forfeiture (in shares) | (3,837) | |||||||
Restricted stock and dividend forfeiture | (73) | $ (4) | (69) | |||||
Conversion shares issued to shareholders (in shares) | 811,210 | |||||||
Conversion shares issued to shareholders | 18,041 | $ 811 | 17,230 | |||||
Noncontrolling interest contributions | 976 | 976 | ||||||
Cash dividend declared to common shareholders | (1,207) | (1,207) | ||||||
Cumulative effect of lease standard adoption | 234,672 | 100 | $ 12,014 | 184,523 | 39,150 | 100 | (1,015) | 0 |
Net income (loss) | (1,191) | (215) | (976) | |||||
Other comprehensive income (loss) | (6,084) | (6,084) | ||||||
Balance (in shares) at Mar. 31, 2020 | 12,014,495 | |||||||
Balance at Mar. 31, 2020 | $ 234,672 | $ 12,014 | 184,523 | 39,150 | (1,015) | 0 | ||
Balance (in shares) at Dec. 31, 2019 | 11,206,254 | 11,206,254 | ||||||
Balance at Dec. 31, 2019 | $ 223,753 | 100 | $ 11,206 | 167,006 | 40,472 | 100 | 5,069 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercise of stock options (in shares) | 6,544 | |||||||
Cumulative effect of lease standard adoption | $ 307,086 | $ 100 | $ 16,635 | 232,738 | 55,206 | $ 100 | 2,507 | 0 |
Net income (loss) | 18,196 | |||||||
Other comprehensive income (loss) | $ (2,562) | |||||||
Balance (in shares) at Sep. 30, 2020 | 16,634,572 | 16,634,572 | ||||||
Balance at Sep. 30, 2020 | $ 307,086 | $ 16,635 | 232,738 | 55,206 | 2,507 | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | |||||||
Cumulative effect of lease standard adoption | $ 234,672 | $ 12,014 | 184,523 | 39,150 | (1,015) | 0 | ||
Balance (in shares) at Mar. 31, 2020 | 12,014,495 | |||||||
Balance at Mar. 31, 2020 | 234,672 | $ 12,014 | 184,523 | 39,150 | (1,015) | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock based compensation expense | 485 | 485 | ||||||
Exercise of stock options (in shares) | 1,021 | |||||||
Exercise of stock options | 15 | $ 1 | 14 | |||||
Employee stock purchase plan stock issuance (in shares) | 8,344 | |||||||
Employee Stock Purchase Plan stock issuance | 116 | $ 8 | 108 | |||||
Restricted stock awards (in shares) | 3,022 | |||||||
Restricted stock awards | 0 | $ 3 | (3) | |||||
Restricted stock and dividend forfeiture (in shares) | (1,697) | |||||||
Restricted stock and dividend forfeiture | 0 | $ (1) | 1 | |||||
Conversion shares issued to shareholders (in shares) | 4,606,419 | |||||||
Conversion shares issued to shareholders | 51,915 | $ 4,607 | 47,308 | |||||
Noncontrolling interest contributions | 388 | 388 | ||||||
Cash dividend declared to common shareholders | (1,667) | (1,667) | ||||||
Cumulative effect of lease standard adoption | 295,543 | $ 16,632 | 232,436 | 45,351 | 1,124 | 0 | ||
Net income (loss) | 7,480 | 7,868 | (388) | |||||
Other comprehensive income (loss) | 2,139 | 2,139 | ||||||
Balance (in shares) at Jun. 30, 2020 | 16,631,604 | |||||||
Balance at Jun. 30, 2020 | 295,543 | $ 16,632 | 232,436 | 45,351 | 1,124 | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of lease standard adoption | 295,543 | $ 16,632 | 232,436 | 45,351 | 1,124 | 0 | ||
Stock based compensation expense | 349 | 349 | ||||||
Exercise of stock options (in shares) | 4,655 | |||||||
Exercise of stock options | 66 | $ 5 | 61 | |||||
Restricted stock units vesting, net of taxes withheld (in shares) | 8,030 | |||||||
Restricted stock units vesting, net of taxes withheld | (6) | $ 8 | (14) | |||||
Restricted stock and dividend forfeiture (in shares) | (9,717) | |||||||
Restricted stock and dividend forfeiture | (103) | $ (10) | (94) | |||||
Noncontrolling interest contributions | (374) | (374) | ||||||
Cash dividend declared to common shareholders | (1,676) | (1,676) | ||||||
Cumulative effect of lease standard adoption | 307,086 | $ 16,635 | 232,738 | 55,206 | 2,507 | 0 | ||
Net income (loss) | 11,905 | 11,531 | 374 | |||||
Other comprehensive income (loss) | $ 1,383 | 1,383 | ||||||
Balance (in shares) at Sep. 30, 2020 | 16,634,572 | 16,634,572 | ||||||
Balance at Sep. 30, 2020 | $ 307,086 | $ 16,635 | 232,738 | 55,206 | 2,507 | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of lease standard adoption | $ 307,086 | $ 16,635 | $ 232,738 | $ 55,206 | $ 2,507 | $ 0 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - UNAUDITED (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Cash dividends declared to common shareholders (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.09 | $ 0.09 | $ 0.09 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
OPERATING ACTIVITIES | ||
Consolidated net income | $ 18,196 | $ 7,579 |
Adjustments to reconcile consolidated net income to net cash (used in) provided by operating activities | ||
Provision for loan losses | 7,400 | 806 |
Deferred income taxes | 2,003 | 3,686 |
Gain on disposal of premises and equipment | (1) | 0 |
Depreciation and amortization of premises and equipment | 2,084 | 1,486 |
Net amortization of securities | 1,980 | 2,302 |
Net realized gains on sales of securities | (327) | (306) |
Gains on mortgage loans sold, net | (7,605) | (3,170) |
Stock-based compensation expense | 1,183 | 867 |
Gain on other real estate | (24) | 0 |
Increase in cash surrender value of life insurance contracts | (1,073) | (838) |
Mortgage loans originated for resale | (327,521) | (106,520) |
Proceeds from sale of mortgage loans | 278,893 | 108,756 |
Cash payments arising from operating leases | 2,327 | |
Other accretion, net of other amortization | (10,748) | (477) |
Change in | ||
Accrued interest receivable | (4,094) | 726 |
Other assets | (4,535) | 508 |
Accrued interest payable | (526) | 547 |
Other liabilities | 6,497 | (6,392) |
TOTAL ADJUSTMENTS | (54,087) | 1,981 |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (35,891) | 9,560 |
INVESTING ACTIVITIES | ||
Cash used to convert shares, and redeem stock options and fractional shares, net of cash received | (8,500) | 0 |
Activities in available for sale securities | ||
Purchases | (31,179) | (47,870) |
Proceeds | 103,901 | 52,434 |
Maturities, prepayments and calls | 10,370 | 8,587 |
(Purchases) redemptions of restricted equity securities | (1,867) | 411 |
Net increase in loans | (146,777) | (118,758) |
Purchase of premises and equipment | (2,709) | (843) |
Proceeds from sale of premises and equipment | 257 | 0 |
Proceeds from sale of other real estate | 2,273 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (74,231) | (106,039) |
FINANCING ACTIVITIES | ||
Net change in deposits | 163,839 | 172,741 |
Proceeds from Federal Home Loan Bank Advances | 444,000 | 163,824 |
Payments on Federal Home Loan Bank Advances | (463,156) | (217,353) |
Proceeds from Federal Funds Purchased | 5,000 | 0 |
Issuance of common stock, net of repurchase of restricted shares | (177) | 272 |
Issuance of common stock related to exercise of stock options and ESPP | 199 | 90 |
Redemption of common stock | 0 | (8,291) |
Noncontrolling interest contributions received | 990 | 4,415 |
Cash dividends paid on common stock | (4,550) | (3,077) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 146,145 | 112,621 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 36,023 | 16,142 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 51,649 | 35,178 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 87,672 | 51,320 |
Cash paid during the period for | ||
Interest | 20,508 | 16,861 |
Taxes | 4,565 | 1,607 |
Non-cash investing and financing activities | ||
Change in due to/from noncontrolling interest | 990 | 4,484 |
Acquired bank facilities no longer in use transferred to other real estate owned and foreclosed assets from premises and equipment | 2,420 | 0 |
Loans foreclosed and transferred to other real estate owned and foreclosed assets | $ 197 | $ 943 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Reliant Bancorp, Inc. is a Tennessee corporation and the holding company for and the sole shareholder of Reliant Bank (the "Bank"), collectively, "the Company". Reliant Bancorp is registered as a financial holding company under the Bank Holding Company Act of 1956, as amended ("Bank Holding Company Act"). Reliant Bank is a commercial bank chartered under Tennessee law and a member of the Federal Reserve System (the "Federal Reserve"). The Bank provides a full range of traditional banking products and services to business and consumer clients throughout Middle Tennessee. Reliant Risk Management, Inc., a wholly-owned insurance captive subsidiary of Reliant Bancorp, that began operations on June 1, 2020, is a Tennessee-based captive insurance company which insures Reliant Bancorp and the Bank against certain risks unique to their operations and for which insurance may not be currently available or economically feasible in today's insurance marketplace. Reliant Risk Management, Inc. pools resources with several other similar insurance company subsidiaries of financial institutions to spread a limited amount of risk among themselves. Reliant Risk Management, Inc. is subject to regulations of the State of Tennessee and undergoes periodic examinations by the Tennessee Department of Commerce and Insurance. 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 accounting principles generally accepted in the United States of America ("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 the Company's consolidated financial statements and related notes appearing in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The consolidated financial statements as of and for the periods presented include Reliant Bancorp, Inc., its wholly-owned direct and indirect subsidiaries and Reliant Mortgage Ventures, LLC ("RMV"), of which the Bank controls 51% of the governance rights. As described in Note 12 to these unaudited consolidated financial statements, Reliant Bancorp, Inc. and TCB Holdings merged effective on January 1, 2020, and Reliant Bancorp, Inc. and FABK merged effective April 1, 2020. 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, 2020, and for the three and nine months ended September 30, 2020 and 2019, 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. The accompanying consolidated financial statements reflect all adjustments which, in the opinion of management, are 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, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Recently Adopted 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 the Company's Annual Report on Form 10-K for the year ended December 31, 2019 for additional information related to previously issued accounting standards updates. ASU 2016-02, “ Leases (Topic 842 ) .” ASU 2016-02 requires 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 went into effect for the Company on January 1, 2020 and the Company elected the prospective application approach provided by ASU 2018-11 and did not adjust prior periods for ASC 842. The Company also elected certain practical expedients within the standard and consistent with such elections did not reassess whether any expired or existing contracts are or contain leases, did not reassess the lease classification for any expired or existing leases, and did not reassess any initial direct costs for existing leases. The effect of implementing this pronouncement resulted in right to use assets of $11,973 and a similar corresponding liability, as of January 1, 2020. 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 was early adopted as of January 1, 2020 and did not have a significant impact on the Company's consolidated financial statements as it simplifies the test of impairment of goodwill. ASU 2020-04, "Reference Rate Reform (Topic 848 ) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting." In March 2020, the FASB issued Topic 848 amendments to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. It provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company has evaluated the effect of the pronouncement on the consolidated financial statements, noting no significant impact. Newly Issued not yet Effective Accounting Standards 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 for the Company on January 1, 2023. We are currently evaluating the potential impact of ASU 2016-13 on the Company's financial statements by 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 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. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Financial Instruments - Credit Losses (ASC 326), Derivatives and Hedging (ASC 815), and Financial Instruments (ASC 825) . The amendments in this ASU improve the codification by eliminating inconsistencies and providing clarifications. The amended guidance in this ASU related to credit losses is expected to be effective for the Company in conjunction with the adoption of the standard on January 1, 2023. The Company is currently evaluating the impact of these ASUs on the Company’s consolidated financial statements. While we are currently unable to |
Securities
Securities | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 and December 31, 2019 were as follows: September 30, 2020 Amortized Gross Gross Estimated U. S. Treasury and other U. S. government agencies $ 12,117 $ 1 $ (1) $ 12,117 State and municipal 175,976 14,717 (70) 190,623 Corporate bonds 15,750 167 (108) 15,809 Mortgage-backed securities 41,240 348 (1,212) 40,376 Asset-backed securities 15,199 — (231) 14,968 Total $ 260,282 $ 15,233 $ (1,622) $ 273,893 December 31, 2019 Amortized Gross Gross Estimated U. S. Treasury and other U. S. government agencies $ 59 $ — $ — $ 59 State and municipal 186,283 10,413 (36) 196,660 Corporate bonds 7,880 97 (132) 7,845 Mortgage-backed securities 38,126 296 (661) 37,761 Asset-backed securities 18,374 — (406) 17,968 Total $ 250,722 $ 10,806 $ (1,235) $ 260,293 Securities pledged at September 30, 2020 and December 31, 2019 had a carrying amount of $43,406 and $46,918, respectively, and were pledged to collateralize Federal Home Loan Bank ("FHLB") advances, Federal Reserve Bank ("FRB") advances and municipal deposits. The fair values of available for sale debt securities at September 30, 2020 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. Results from sales of securities were as follows: Nine months ended September 30, 2020 September 30, 2019 Proceeds $ 103,901 $ 52,434 Gross gains 810 475 Gross losses (483) (169) Amortized Estimated Due within one year $ 12,567 $ 12,565 Due in one to five years 2,175 2,186 Due in five to ten years 17,222 17,965 Due after ten years 171,879 185,833 Mortgage-backed securities 41,240 40,376 Asset-backed securities 15,199 14,968 Total $ 260,282 $ 273,893 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, 2020 and December 31, 2019, respectively: Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized September 30, 2020 U. S. Treasury and other $ 12,066 $ 1 $ — $ — $ 12,066 $ 1 State and municipal 7,319 70 — — 7,319 70 Corporate bonds 9,142 107 500 1 9,642 108 Mortgage-backed securities 6,613 282 20,982 930 27,595 1,212 Asset-backed securities 790 1 14,092 230 14,882 231 Total temporarily impaired $ 35,930 $ 461 $ 35,574 $ 1,161 $ 71,504 $ 1,622 December 31, 2019 U. S. Treasury and other $ — $ — $ — $ — $ — $ — State and municipal 1,960 36 — — 1,960 36 Corporate bonds — — 2,499 132 2,499 132 Mortgage-backed securities 16,104 286 9,081 375 25,185 661 Asset-backed securities — — 17,682 406 17,682 406 Total temporarily impaired $ 18,064 $ 322 $ 29,262 $ 913 $ 47,326 $ 1,235 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. As the fair value is expected to recover as the securities approach their maturity date and/or market rates decline, we do not consider these securities to be other-than-temporarily impaired at September 30, 2020. There were 43 and 47 securities in an unrealized loss position as of September 30, 2020 and December 31, 2019, respectively. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN LOSSES | LOANS AND ALLOWANCE FOR LOAN LOSSES Loans at September 30, 2020 and December 31, 2019 were comprised as follows: September 30, December 31, 2019 Commercial, Industrial and Agricultural $ 477,785 $ 245,515 Real Estate 1-4 Family Residential 334,730 227,529 1-4 Family HELOC 101,492 96,228 Multi-family and Commercial 864,756 536,845 Construction, Land Development and Farmland 366,760 273,872 Consumer 209,071 16,855 Other 8,259 13,180 Gross loans 2,362,853 1,410,024 Less: Deferred loan fees 4,955 72 Less: Allowance for loan losses 19,834 12,578 Loans, net $ 2,338,064 $ 1,397,374 Activity in the allowance for loan losses by portfolio segment was as follows for the three months ended September 30, 2020 and September 30, 2019, respectively: Commercial Industrial and Agricultural Multi-family Construction 1-4 Family 1-4 Family HELOC Consumer Other Total Beginning balance at June 30, 2020 $ 4,675 $ 8,407 $ 2,126 $ 1,454 $ 975 $ 584 $ 16 $ 18,237 Charge-offs — — — (8) — (60) — (68) Recoveries 88 9 4 22 12 30 — 165 Provision 249 (169) (175) 821 498 272 4 1,500 Ending balance at September 30, 2020 $ 5,012 $ 8,247 $ 1,955 $ 2,289 $ 1,485 $ 826 $ 20 $ 19,834 Beginning balance at June 30, 2019 $ 1,881 $ 4,713 $ 2,707 $ 1,455 $ 686 $ 188 $ 36 $ 11,666 Charge-offs (2) — — (12) — (16) (21) (51) Recoveries 48 3 (201) 4 — 16 200 70 Provision 372 472 7 (64) 18 (18) (181) 606 Ending balance at September 30, 2019 $ 2,299 $ 5,188 $ 2,513 $ 1,383 $ 704 $ 170 $ 34 $ 12,291 Activity in the allowance for loan losses by portfolio segment was as follows for the nine months ended September 30, 2020 and September 30, 2019, respectively: Commercial Industrial and Agricultural Multi-family Construction 1-4 Family 1-4 Family HELOC Consumer Other Total Beginning balance at December 31, 2019 $ 2,529 $ 5,285 $ 2,649 $ 1,280 $ 624 $ 177 $ 34 $ 12,578 Charge-offs (507) — (114) (68) (98) (355) — (1,142) Recoveries 126 20 8 769 15 60 — 998 Provision 2,864 2,942 (588) 308 944 944 (14) 7,400 Ending balance at September 30, 2020 $ 5,012 $ 8,247 $ 1,955 $ 2,289 $ 1,485 $ 826 $ 20 $ 19,834 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 The allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2020 were as follows: Commercial Industrial and Agricultural Multi-family Construction 1-4 Family 1-4 Family HELOC Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 764 $ — $ — $ — $ — $ — $ — $ 764 Acquired with credit impairment — — — — — — — — Collectively evaluated for impairment 4,248 8,247 1,955 2,289 1,485 826 20 19,070 Total $ 5,012 $ 8,247 $ 1,955 $ 2,289 $ 1,485 $ 826 $ 20 $ 19,834 Loans Individually evaluated for impairment $ 1,084 $ 2,537 $ 1,777 $ 1,687 $ 316 $ 592 $ — $ 7,993 Acquired with credit impairment 257 1,211 787 934 14 1,330 — 4,533 Collectively evaluated for impairment 476,444 861,008 364,196 332,109 101,162 207,149 8,259 2,350,327 Total $ 477,785 $ 864,756 $ 366,760 $ 334,730 $ 101,492 $ 209,071 $ 8,259 $ 2,362,853 The allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2019 were as follows: Commercial Industrial and Agricultural Multi-family Construction 1-4 Family 1-4 Family HELOC Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 755 $ — $ 17 $ — $ — $ — $ — $ 772 Acquired with credit impairment — — — — — — — — Collectively evaluated for impairment 1,774 5,285 2,632 1,280 624 177 34 11,806 Total $ 2,529 $ 5,285 $ 2,649 $ 1,280 $ 624 $ 177 $ 34 $ 12,578 Loans Individually evaluated for impairment $ 1,154 $ 3,439 $ 1,217 $ 1,536 $ 374 $ 28 $ — $ 7,748 Acquired with credit impairment — 215 813 195 — — — 1,223 Collectively evaluated for impairment 244,361 533,191 271,842 225,798 95,854 16,827 13,180 1,401,053 Total $ 245,515 $ 536,845 $ 273,872 $ 227,529 $ 96,228 $ 16,855 $ 13,180 $ 1,410,024 Non-accrual loans by class of loan were as follows at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Commercial, Industrial and Agricultural $ 791 $ 572 Multi-family and Commercial Real Estate 1,532 1,276 Construction, Land Development and Farmland 1,100 555 1-4 Family Residential Real Estate 1,591 1,344 1-4 Family HELOC 239 296 Consumer 1,485 28 Total $ 6,738 $ 4,071 Performing non-accrual loans totaled $2,926 and $1,332 at September 30, 2020 and December 31, 2019, respectively. Individually impaired loans by class of loans were as follows at September 30, 2020: Unpaid Recorded Recorded Total Related Commercial, Industrial and Agricultural $ 2,575 $ 436 $ 905 $ 1,341 $ 764 Multi-family and Commercial Real Estate 5,837 3,748 — 3,748 — Construction, Land Development and Farmland 3,032 2,564 — 2,564 — 1-4 Family Residential Real Estate 3,322 2,621 — 2,621 — 1-4 Family HELOC 436 330 — 330 — Consumer 3,819 1,922 — 1,922 — Total $ 19,021 $ 11,621 $ 905 $ 12,526 $ 764 Individually impaired loans by class of loans were as follows at December 31, 2019: Unpaid Recorded Recorded Total Related Commercial, Industrial and Agricultural $ 1,154 $ 5 $ 1,149 $ 1,154 $ 755 Multi-family and Commercial Real Estate 3,746 3,654 — 3,654 — Construction, Land Development and Farmland 2,347 1,859 171 2,030 17 1-4 Family Residential Real Estate 1,852 1,731 — 1,731 — 1-4 Family HELOC 376 374 — 374 — Consumer 31 28 — 28 — Total $ 9,506 $ 7,651 $ 1,320 $ 8,971 $ 772 The average balances of impaired loans and the interest income recognized for the three and nine months ended September 30, 2020 and 2019 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Impaired loans with an allowance Commercial, Industrial and Agricultural $ 947 $6 $ 2,435 $112 $ 975 $32 $ 1,384 $342 Multi-family and Commercial Real Estate — — — — — — — — Construction, Land Development and Farmland — — 172 — 43 — 172 — 1-4 Family Residential Real Estate — — — — — — — — 1-4 Family HELOC — — 25 — — — 13 1 Consumer — — — — 1 — — — Subtotal 947 6 2,631 112 1,019 32 1,568 343 Impaired loans with no allowance Commercial, Industrial and Agricultural 594 42 672 9 356 56 537 33 Multi-family and Commercial Real Estate 4,375 63 3,474 46 4,138 278 2,838 141 Construction, Land Development and Farmland 2,949 28 1,797 21 2,471 115 2,399 168 1-4 Family Residential Real Estate 3,002 54 2,124 26 2,631 154 1,924 88 1-4 Family HELOC 331 — 296 — 367 — 148 4 Consumer 2,118 68 15 1 1,076 205 16 2 Subtotal $ 13,369 $255 $ 8,378 $103 $ 11,039 $808 $ 7,862 $ 436 Total $ 14,316 $ 261 $ 11,009 $ 215 $ 12,058 $840 $ 9,430 $ 779 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 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. 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 effected 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. Loans not falling in the criteria above are considered to be pass-rated loans. 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, 2020: Pass Special Substandard Total Commercial, Industrial and Agricultural $ 474,199 $ 1,534 $ 2,052 $ 477,785 1-4 Family Residential Real Estate 331,930 5 2,795 334,730 1-4 Family HELOC 101,176 — 316 101,492 Multi-family and Commercial Real Estate 859,739 663 4,354 864,756 Construction, Land Development and Farmland 365,135 — 1,625 366,760 Consumer 207,016 7 2,048 209,071 Other 6,739 1,520 — 8,259 Total $ 2,345,934 $ 3,729 $ 13,190 $ 2,362,853 Credit quality indicators by class of loan were as follows at December 31, 2019: Pass Special Substandard Total Commercial, Industrial and Agricultural $ 241,089 $ 2,382 $ 2,044 $ 245,515 1-4 Family Residential Real Estate 225,809 — 1,720 227,529 1-4 Family HELOC 95,678 — 550 96,228 Multi-family and Commercial Real Estate 531,055 1,519 4,271 536,845 Construction, Land Development and Farmland 272,440 — 1,432 273,872 Consumer 16,634 — 221 16,855 Other 13,180 — — 13,180 Total $ 1,395,885 $ 3,901 $ 10,238 $ 1,410,024 None of the Company's loans had a risk rating of "Doubtful" or "Loss" as of September 30, 2020 or December 31, 2019. Past due status by class of loan was as follows at September 30, 2020: 30-59 Days 60-89 Days 90+ Days Total Current Total Loans Commercial, Industrial and Agricultural $ 219 $ — $ 412 $ 631 $ 477,154 $ 477,785 1-4 Family Residential Real Estate 1,006 544 318 1,868 332,862 334,730 1-4 Family HELOC — — 198 198 101,294 101,492 Multi-family and Commercial Real Estate — — 1,023 1,023 863,733 864,756 Construction, Land Development and Farmland — 684 205 889 365,871 366,760 Consumer 389 767 617 1,773 207,298 209,071 Other — — — — 8,259 8,259 Total $ 1,614 $ 1,995 $ 2,773 $ 6,382 $ 2,356,471 $ 2,362,853 Past due status by class of loan was as follows at December 31, 2019: 30-59 Days 60-89 Days 90+ Days Total Current Total Loans Commercial, Industrial and Agricultural $ 79 $ 4 $ 572 $ 655 $ 244,860 $ 245,515 1-4 Family Residential Real Estate 501 236 229 966 226,563 227,529 1-4 Family HELOC — — 296 296 95,932 96,228 Multi-family and Commercial Real Estate 485 — 558 1,043 535,802 536,845 Construction, Land Development and Farmland 255 — 339 594 273,278 273,872 Consumer 38 26 64 128 16,727 16,855 Other — — — — 13,180 13,180 Total $ 1,358 $ 266 $ 2,058 $ 3,682 $ 1,406,342 $ 1,410,024 There was one loan past due 90 days or more and still accruing interest at September 30, 2020 totaling $38. At December 31, 2019, there was one loan totaling $64 past due 90 days or more and still accruing interest. The following table presents loans by class modified as troubled debt restructurings ("TDRs") during the first nine months of 2020. There were no modifications in the three months ending September 30, 2020. There were no loans that were modified as TDRs during the three or nine months ended September 30, 2019. Number of Contracts Pre-Modification Outstanding Recorded Investments Post-Modification Outstanding Recorded Investments September 30, 2020 Commercial, Industrial and Agricultural 1 $ 150 $ 150 Multi-family and Commercial Real Estate 1 721 721 1-4 Family Residential 1 394 394 Total 3 $ 1,265 $ 1,265 The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was signed into law on March 27, 2020, and subsequent regulatory guidance provide that financial institutions may elect to account for certain loan modifications due to COVID-19 as not TDRs. The Company had applied this guidance to approve initial modifications in April and May 2020 for loans with principal balances of $530.7 million. The majority of these modifications were for a period of up to three months and contained either interest-only periods or full payment deferrals. Through September 30, 2020, further modifications were approved for $21.8 million of the loans previously modified. Additional modifications of these loans are likely to be executed in the fourth quarter of 2020. The CARES Act provides over $2.0 trillion in emergency economic relief to individuals and businesses impacted by the COVID-19 pandemic. The CARES Act authorized the Small Business Administration (“SBA”) to administer new loan programs including, but not limited to, the guarantee of loans under a new 7(a) loan program called the Paycheck Protection Program (“PPP”). Upon completion of the FABK Transaction as disclosed in Note 12, we assumed their qualified SBA lender status. The Company originated 893 loans amounting to $83 million of PPP loans in 2020 which are included in the commercial, industrial, and agricultural segment. PPP loans do not have a corresponding allowance as they are fully guaranteed by the SBA. Fees range from 1% to 5% of the loan and are deferred and amortized over the life of the loan. As PPP loans are forgiven, any deferred loan fee or cost is recognized related to each individual loan. 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, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Commercial, Industrial and Agricultural $ 989 $ — Multi-family and Commercial Real Estate 2,243 217 Construction, Land Development and Farmland 1,003 1,021 1-4 Family Residential Real Estate 1,211 231 1-4 Family HELOC 18 — Consumer 2,105 — Total outstanding balance 7,569 1,469 Less remaining purchase discount 3,036 246 Allowance for loan losses — — Carrying amount, net of allowance for loan losses and remaining purchase discounts $ 4,533 $ 1,223 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, 2020 and 2019: 2020 2019 Balance at January 1, $ 98 $ 110 New loans purchased 870 — Year-to-date settlements (137) (12) Balance at September 30, $ 831 $ 98 Year-to-date settlements include both loans that were charged-off as well as loans that were paid off. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | LEASES On January 1, 2020, the Company adopted ASU No. 2016-02 “ Leases (Topic 842 )” and all subsequent ASUs that modified Topic 842. The Company elected the prospective application approach provided by ASU 2018-11 and did not adjust prior periods for ASC 842. Leases with initial terms of less than one year are not recorded on the balance sheet. The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The implementation of the new standard resulted in recognition of a right-of-use asset of $12.0 million and a lease liability of $11.9 million at the date of adoption, which is related to the Company’s lease of premises used in operations. The Company used a discount rate of 4.5% in determining the right-of-use asset and lease liability as of January 1, 2020. Information related to the Company's operating leases is presented below: September 30, 2020 Operating leases right of use assets $ 14,619 Operating leases liabilities $ 15,756 Weighted average remaining lease term (in years) 6.14 Weighted average discount rate 4.34 % The components of lease expense included in occupancy expenses for the three and nine months ended September 30, 2020, were as follows: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Operating lease cost $ 851 $ 2,333 Short-term lease cost 2 2 Variable lease cost 98 276 Total lease cost $ 951 $ 2,611 The Company does not separate lease and non-lease components and instead elects to account for them as a single lease component. Variable lease cost primarily represents variable payments such as common area maintenance, utilities, and property taxes. Lease expense for the three and nine months ended September 30, 2019, prior to the adoption of ASU 2016-02, was $669 and $2,039, respectively. A maturity analysis of operating lease liabilities and a reconciliation of undiscounted cash flows to the total operating lease liability is as follows: Lease payments due on or before September 30, 2020 September 30, 2021 $ 3,155 September 30, 2022 2,755 September 30, 2023 2,716 September 30, 2024 2,703 September 30, 2025 2,372 Thereafter 4,289 Total undiscounted cash flows 17,990 Discount on cash flows (2,234) Total lease liability $ 15,756 As of September 30, 2020, the Company entered into a five year lease with a related party that commences January 1, 2021 and has a base annual rental of $211,000, with a 2.5% per year increase. This lease may be terminated December 31, 2021 with a 90-day notice. As the lease has not yet commenced, it is not included in the lease payments due above. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2020 | |
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 $160,000 as of September 30, 2020 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. No gains or losses were reclassified from accumulated other comprehensive income into net income during the periods presented. Summary information related to the interest rate swaps designated as cash flow hedges as of September 30, 2020, is as follows: Notional amounts $ 160,000 Weighted average pay rates 2.050 % Weighted average receive rates 0.390 % Weighted average maturity 3.35 years Unrealized losses $ 8,526 The following table reflects the cash flow hedges included in the Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019, respectively: September 30, 2020 December 31, 2019 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities: Interest rate swaps related to: Subordinated debentures $ 10,000 $ (750) $ 10,000 $ (439) Short-term interest-bearing liabilities 150,000 (7,776) 100,000 (1,639) Total included in other liabilities $ 160,000 $ (8,526) $ 110,000 $ (2,078) The following table presents the net gains (losses) recorded in accumulated other comprehensive income and the Consolidated Statements of Income, net of tax, relating to the cash flow derivative instruments for the three and nine months ended September 30, 2020 and 2019, respectively: Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Interest rate swaps-subordinate debentures $ 51 $ (42) $ (230) $ (264) Interest rate swaps-interest-bearing liabilities 324 (233) (4,532) (1,342) $ 375 $ (275) $ (4,762) $ (1,606) Fair Value Hedges Summary information related to the fair value hedges as of September 30, 2020, is as follows: Notional amounts $ 19,345 Weighted average pay rates 3.51 % Weighted average receive rates 1.21 % Weighted average maturity 8.34 years Unrealized losses $ 1,690 The following table reflects the fair value hedges included in the Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019, respectively: September 30, 2020 December 31, 2019 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities: Interest rate swaps related to investments 19,345 (1,690) 19,605 (630) Total included in other liabilities $ 19,345 $ (1,690) $ 19,605 $ (630) The following table reflects the fair value hedges and the underlying hedged items included in the Consolidated Statements of Income for the three and nine months ended September 30, 2020 and 2019, respectively: Three Months Ended September 30, Nine Months Ended September 30, Item Location 2020 2019 2020 2019 Interest rate swaps - securities Interest on investment securities, nontaxable $ (118) $ (20) $ (243) $ (21) Hedged item - securities Interest on investment securities, nontaxable $ 118 $ 20 $ 243 $ 21 |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
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 Bank common stock to employees and organizers and authorized the issuance of Bank 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 Reliant Bancorp (then known as "Commerce Union Bancshares, Inc.") 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 Reliant Bancorp common stock in the form of stock options. As part of the merger of Commerce Union Bank and Reliant Bank in 2015, all outstanding stock options of Reliant Bank were converted to stock options of Reliant Bancorp (then known as "Commerce Union Bancshares, 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 Reliant Bancorp's common stock on the grant date. On June 18, 2015, the shareholders of Reliant Bancorp (then known as "Commerce Union Bancshares, Inc.") approved the Commerce Union Bancshares, Inc. 2015 Equity Incentive Plan, which reserves up to 900,000 shares of Reliant Bancorp 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 Reliant Bancorp common stock. The Company has recognized stock-based compensation expense, within salaries and employee benefits for employees, and within other non-interest expense for directors, in the consolidated statement of income as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Stock-based compensation expense before income taxes $ 349 $ 337 $ 1,183 $ 867 Less: deferred tax benefit (91) (88) (309) (227) Reduction of net income $ 258 $ 249 $ 874 $ 640 Common Stock Options A summary of stock option activity for the nine months ended September 30, 2020 is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2020 149,293 $ 18.81 6.68 years $ 553 Granted — $ — Exercised (6,544) $ 12.03 26 Forfeited or expired (20,007) $ 21.02 Outstanding at September 30, 2020 122,742 $ 18.81 5.95 years $ 73 Exercisable at September 30, 2020 83,042 $ 16.43 5.03 years $ 73 Shares Weighted Average Non-vested options at January 1, 2020 74,600 $6.08 Granted — $— Vested (23,400) $5.23 Forfeited (11,500) $6.37 Non-vested options at September 30, 2020 39,700 $6.56 As of September 30, 2020, there was $235 of unrecognized future compensation expense to be recognized related to stock options. The cost is expected to be recognized over a weighted-average period of 3.08 years. Restricted Stock and Restricted Stock Unit Awards The following table shows the activity related to non-vested restricted stock and restricted stock unit awards for the nine months ended September 30, 2020: Restricted Stock Units Restricted Stock Underlying Shares Weighted Average Grant-Date Shares Weighted Average Grant-Date Non-vested units/shares at January 1, 2020 47,750 $ 23.30 90,960 $ 25.31 Granted 102,400 14.02 — — Vested (12,500) 22.57 (48,550) 23.99 Forfeited (2,000) 10.25 — Non-vested units/shares at September 30, 2020 135,650 $ 16.55 42,410 $ 26.82 As of September 30, 2020, there was $2,096 of unrecognized compensation cost related to non-vested restricted stock and restricted stock unit awards. The cost is expected to be recognized over a weighted-average period of 2.11 years. The total fair value of shares vested during the nine months ended September 30, 2020 was $970. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 9 Months Ended |
Sep. 30, 2020 | |
Banking and Thrift, Other Disclosures [Abstract] | |
REGULATORY CAPITAL REQUIREMENTS | REGULATORY CAPITAL REQUIREMENTS The Company and the Bank are subject to regulatory capital requirements administered by the federal and state banking agencies. 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 or affect the amount of dividends the Company and the Bank may distribute. Management believes that as of September 30, 2020, the Company and the Bank met all capital adequacy requirements to which they were subject. Capital amounts and ratios for Reliant Bancorp and the Bank (required) are presented below as of September 30, 2020 and December 31, 2019. Actual Minimum Required To Be Well Amount Ratio Amount Ratio Amount Ratio September 30, 2020 Reliant Bancorp Tier I leverage $ 253,534 8.72 % $ 116,300 4.00 % $ 145,375 5.00 % Common equity tier I 241,786 9.77 % 173,235 7.00 % 160,861 6.50 % Tier I risk-based capital 253,534 10.25 % 210,248 8.50 % 197,880 8.00 % Total risk-based capital 332,434 13.44 % 259,714 10.50 % 247,347 10.00 % Bank Tier I leverage $ 304,376 10.48 % $ 116,174 4.00 % $ 145,218 5.00 % Common equity tier I 304,376 12.33 % 172,801 7.00 % 160,458 6.50 % Tier I risk-based capital 304,376 12.33 % 209,829 8.50 % 197,486 8.00 % Total risk-based capital 324,635 13.15 % 259,214 10.50 % 246,871 10.00 % December 31, 2019 Reliant Bancorp Tier I leverage $ 176,748 9.74 % $ 72,586 4.00 % $ 90,733 5.00 % Common equity tier I 165,063 10.55 % 109,520 7.00 % 101,698 6.50 % Tier I risk-based capital 176,748 11.30 % 132,952 8.50 % 125,131 8.00 % Total risk-based capital 249,751 15.97 % 164,207 10.50 % 156,388 10.00 % Bank Tier I leverage $ 186,734 10.30 % $ 72,518 4.00 % $ 90,648 5.00 % Common equity tier I 186,734 11.95 % 109,384 7.00 % 101,571 6.50 % Tier I risk-based capital 186,734 11.95 % 132,823 8.50 % 125,010 8.00 % Total risk-based capital 199,737 12.79 % 163,975 10.50 % 156,167 10.00 % |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 2020 2019 Basic EPS Computation Net income attributable to common shareholders $ 11,531 $ 4,000 $ 19,186 $ 12,063 Weighted average common shares outstanding 16,587,274 11,104,918 15,053,087 11,247,921 Basic earnings per common share $ 0.70 $ 0.36 $ 1.27 $ 1.07 Diluted EPS Computation Net income attributable to common shareholders $ 11,531 $ 4,000 $ 19,186 $ 12,063 Weighted average common shares outstanding 16,587,274 11,104,918 15,053,087 11,247,921 Dilutive effect of stock options, restricted stock shares and units, and employee stock purchase plan 62,399 72,449 67,616 66,445 Adjusted weighted average common shares outstanding 16,649,673 11,177,367 15,120,703 11,314,366 Diluted earnings per common share $ 0.69 $ 0.36 $ 1.27 $ 1.07 |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
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. 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 and fair value hedges 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 an impaired loan 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. Other Real Estate : The fair value of other real estate is generally based on recent real estate appraisals less estimated disposition cost. These appraisals may use 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 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. 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, 2020 and December 31, 2019: Fair Value Quoted Significant Significant September 30, 2020 Assets U. S. Treasury and other U. S. government agencies $ 12,117 $ — $ 12,117 $ — State and municipal 190,623 — 190,623 — Corporate bonds 15,809 — 15,809 — Mortgage backed securities 40,376 — 40,376 — Asset backed securities 14,968 — 14,968 — Liabilities Derivative liabilities $ 10,216 $ — $ 10,216 $ — December 31, 2019 Assets U. S. Treasury and other U. S. government agencies $ 59 $ — $ 59 $ — State and municipal 196,660 — 196,660 — Corporate bonds 7,845 — 7,845 — Mortgage backed securities 37,761 — 37,761 — Asset backed securities 17,968 — 17,968 — Derivative assets 688 — 688 — Liabilities Derivative liabilities $ 3,396 $ — $ 3,396 $ — 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, 2020 and December 31, 2019: Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs September 30, 2020 Assets Impaired loans $ 141 $ — $ — $ 141 Other real estate 1,326 — — 1,326 Other repossessions 1,603 — — 1,603 December 31, 2019 Assets Impaired loans $ 553 $ — $ — $ 553 Other real estate 750 — — 750 Other repossessions — — — — 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, 2020 and December 31, 2019: Valuation Significant Range Impaired loans Appraisal Estimated costs to sell 10% Other real estate Appraisal Estimated costs to sell 10% Other repossessions Third-party guidelines 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, 2020 and December 31, 2019 were as follows: September 30, 2020 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial assets Cash and due from banks $ 14,050 $ 14,050 $ 14,050 $ — $ — Federal funds sold 12,273 12,273 — 12,273 — Loans, net 2,338,064 2,336,300 — — 2,336,300 Mortgage loans held for sale 99,587 99,587 — 99,587 — Accrued interest receivable 14,615 14,615 — 14,615 — Restricted equity securities 17,367 17,367 — 17,367 — Financial liabilities Deposits $ 2,565,502 $ 2,571,305 $ — $ — $ 2,571,305 Accrued interest payable 3,744 3,744 — 3,744 — Subordinate debentures 70,389 69,237 — — 69,237 Federal Home Loan Bank advances 40,555 40,887 — — 40,887 December 31, 2019 Financial assets Cash and due from banks $ 7,953 $ 7,953 $ 7,953 $ — $ — Federal funds sold 52 52 — 52 — Loans, net 1,397,374 1,383,719 — — 1,383,719 Mortgage loans held for sale 37,476 38,379 — 38,379 — Accrued interest receivable 7,188 7,188 — 7,188 — Restricted equity securities 11,279 11,279 — 11,279 — Financial liabilities Deposits $ 1,584,453 $ 1,582,781 $ — $ — $ 1,582,781 Accrued interest payable 2,022 2,022 — 2,022 — Subordinate debentures 70,883 71,454 — — 71,454 Federal Home Loan Bank advances 10,737 10,755 — — 10,755 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. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTINGThe Company has two reportable business segments: commercial 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. Commercial 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 government agency-qualified loans and are of higher risk, such as jumbo loans or senior position home equity lines of credit. The following presents summarized results of operations for the Company’s business segments for the periods indicated: Three Months Ended Commercial Banking Residential Elimination Consolidated Net interest income $ 29,729 $ 808 $ — $ 30,537 Provision for loan losses 1,500 — — 1,500 Noninterest income 2,218 3,797 (14) 6,001 Noninterest expense (excluding merger expense) 16,065 4,190 — 20,255 Merger expense 78 — — 78 Income tax expense (benefit) 2,773 27 — 2,800 Net income (loss) 11,531 388 (14) 11,905 Noncontrolling interest in net income of subsidiary — (388) 14 (374) Net income attributable to common shareholders $ 11,531 $ — $ — $ 11,531 Three Months Ended Commercial 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 Nine Months Ended September 30, 2020 Commercial Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 75,933 $ 1,677 $ — $ 77,610 Provision for loan losses 7,400 — — 7,400 Noninterest income 6,102 7,601 3 13,706 Noninterest expense (excluding merger expense) 44,961 10,340 — 55,301 Merger expense 6,895 — — 6,895 Income tax expense (benefit) 3,593 (69) — 3,524 Net income (loss) 19,186 (993) 3 18,196 Noncontrolling interest in net loss of subsidiary — 993 (3) 990 Net income attributable to common shareholders $ 19,186 $ — $ — $ 19,186 Nine Months Ended September 30, 2019 Commercial 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 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESIncome tax expense for the three and nine months ended September 30, 2020 totaled $2,800 and $3,524, respectively, compared to $557 and $1,430, respectively, for the three and nine months ended September 30, 2019. The effective tax rate for the three and nine months ended September 30, 2020 was 19.0% and 16.2%, respectively, compared to 17.6% and 15.9%, respectively, for the three and nine months ended September 30, 2019. |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS Tennessee Community Bank Holdings, Inc. Effective January 1, 2020, Reliant Bancorp completed the acquisition of TCB Holdings pursuant to the Agreement and Plan of Merger, dated September 16, 2019 (the “TCB Holdings Agreement”), by and among Reliant Bancorp, TCB Holdings, and Community Bank & Trust, a Tennessee-chartered commercial bank and wholly owned subsidiary of TCB Holdings (“CBT”). On the terms and subject to the conditions set forth in the TCB Holdings Agreement, TCB Holdings merged with and into Reliant Bancorp (the “TCB Holdings Transaction”), with Reliant Bancorp as the surviving corporation. Immediately following the TCB Holdings Transaction, CBT merged with and into the Bank, with the Bank continuing as the surviving banking corporation. Pursuant to the TCB Holdings Agreement, at the effective time of the TCB Holdings Transaction, each outstanding share of TCB Holdings common stock, par value $1.00 per share (other than certain excluded shares), was converted into and canceled in exchange for the right to receive (i) $17.13 in cash, without interest, and (ii) 0.769 shares of the Reliant Bancorp’s common stock, par value $1.00 per share (“Reliant Bancorp Common Stock”). The aggregate consideration payable by Reliant Bancorp in respect of shares of TCB Holdings common stock as consideration for the TCB Holdings Transaction was 811,210 shares of Reliant Bancorp Common Stock and approximately $18,073 in cash. Reliant Bancorp did not issue fractional shares of Reliant Bancorp Common Stock in connection with the TCB Holdings Transaction, but paid cash in lieu of fractional shares based on the volume weighted average closing price per share of the Reliant Bancorp Common Stock on The Nasdaq Capital Market for the 10 consecutive trading days ending on and including December 30, 2019 (calculated as $22.36). At the effective time of the TCB Holdings Transaction, each outstanding option to purchase TCB Holdings common stock was canceled in exchange for a cash payment in an amount equal to the product of (i) $34.25 minus the per share exercise price of the option multiplied by (ii) the number of shares of TCB Holdings common stock subject to the option (to the extent not previously exercised). Reliant Bancorp paid aggregate consideration to holders of unexercised options of approximately $430. All shares of Reliant Bancorp’s common stock outstanding immediately prior to the TCB Holdings Transaction were unaffected by the TCB Holdings Transaction. The following table details the financial impact of the TCB Holdings Transaction, 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 Tennessee Community Bank Holdings, Inc. common stock outstanding as of January 1, 2020 1,055,041 Exchange ratio for Reliant Bancorp, Inc. common stock 0.769 Reliant Bancorp, Inc. common stock shares issued 811,210 Reliant Bancorp, Inc. share price at January 1, 2020 $ 22.24 Estimated value of Reliant Bancorp, Inc. shares issued 18,041 Cash settlement for Tennessee Community Bank Holdings, Inc. common stock ($17.13 per share) 18,073 Cash settlement for Tennessee Community Bank Holdings, Inc.'s 26,450 outstanding stock options ($34.25 settlement price less weighted average exercise price of $18.00) 430 Cash settlement for Reliant Bancorp, Inc. fractional shares ($22.36 per pro rata fractional share) 3 Estimated fair value of Tennessee Community Bank Holdings, Inc. $ 36,547 Allocation of Purchase Price Total consideration above $ 36,547 Fair value of assets acquired and liabilities assumed Cash and cash equivalents 11,026 Investment securities available for sale 56,336 Loans, net of unearned income 171,445 Accrued interest receivable 948 Premises and equipment 6,401 Cash surrender value of life insurance contracts 5,629 Restricted equity securities 909 Core deposit intangible 3,617 Other assets 833 Deposits (210,538) Deferred tax liability (337) Borrowings (58) FHLB advances (13,102) Other liabilities (3,682) Total fair value of net assets acquired 29,427 Goodwill $ 7,120 CBT was a Tennessee-based full-service community bank with operations in Ashland City, Kingston Springs, Pegram, Pleasant View, and Springfield, Tennessee. These communities lie on the northwest perimeter of Nashville, Tennessee. First Advantage Bancorp Effective April 1, 2020, Reliant Bancorp completed the acquisition of FABK pursuant to the Agreement and Plan of Merger, dated October 22, 2019 (the “FABK Agreement”), by and among Reliant Bancorp, FABK, and PG Merger Sub, Inc., a Tennessee corporation and wholly owned subsidiary of Reliant Bancorp ("Merger Sub"). On the terms and subject to the conditions set forth in the FABK Agreement, Merger Sub merged with and into FABK (the "FABK Transaction"), with FABK as the surviving corporation, followed immediately by the merger of FABK with and into Reliant Bancorp, with Reliant Bancorp as the surviving corporation. Immediately following the merger of FABK into Reliant Bancorp, First Advantage Bank, a Tennessee-chartered commercial bank and wholly owned subsidiary of FABK ("FAB"), merged with and into the Bank, with the Bank continuing as the surviving banking corporation. Pursuant to the FABK Agreement, at the effective time of the FABK Transaction, each outstanding share of FABK common stock, par value $0.01 per share (the “FABK Common Stock”), other than certain excluded shares, was converted into the right to receive (i) 1.17 shares of Reliant Bancorp Common Stock and (ii) $3.00 in cash, without interest. In lieu of the issuance of fractional shares of Reliant Bancorp Common Stock, Reliant Bancorp agreed to pay cash in lieu of fractional shares based on the volume-weighted average closing price per share of Reliant Bancorp Common Stock on The Nasdaq Capital Market for the 10 consecutive trading days ending on and including March 30, 2020 (calculated as $11.74). Based on the April 1, 2020 opening price for Reliant Bancorp Common Stock of $11.27 per share and 3,935,165 shares of FABK Common Stock outstanding on April 1, 2020, the consideration for the FABK Transaction was approximately $64,094, in the aggregate, or $16.28 per share of FABK Common Stock. The following table details the financial impact of the FABK Transaction, 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 First Advantage Bancorp common stock outstanding as of April 1, 2020 3,935,165 Conversion of restricted stock units to shares of common stock of First Advantage Bancorp as of April 1, 2020 2,000 Total First Advantage Bancorp common stock outstanding as of April 1, 2020 3,937,165 Exchange ratio for Reliant Bancorp, Inc. common stock 1.17 Reliant Bancorp, Inc. common stock shares issued 4,606,483 Remove fractional shares (64) Reliant Bancorp, Inc. common stock shares issued 4,606,419 Reliant Bancorp, Inc. share price at April 1, 2020 $ 11.27 Estimated value of Reliant Bancorp, Inc. shares issued 51,914 Cash settlement for Reliant Bancorp, Inc. fractional shares ($11.74 per pro rata fractional share) 1 Cash settlement for First Advantage Bancorp common stock ($3.00 per share) 11,805 Cash settlement for First Advantage Bancorp restricted stock units ($3.00 per share) 6 Cash settlement for First Advantage Bancorp's 34,800 outstanding stock options ($30.00 settlement price less weighted average exercise price of $19.44) 368 Estimated fair value of First Advantage Bancorp $ 64,094 Allocation of Purchase Price Total consideration above $ 64,094 Fair value of assets acquired and liabilities assumed Cash and cash equivalents 11,159 Investment securities available for sale 35,970 Loans, net of unearned income 622,423 Mortgage loans held for sale, net 5,878 Premises and equipment 7,905 Deferred tax asset 6,024 Cash surrender value of life insurance contracts 14,776 Other real estate and repossessed assets 1,259 Core deposit intangible 2,280 Operating lease right-of-use assets 6,536 Other assets 10,934 Deposits (608,690) Borrowings (35,962) Operating lease liabilities (6,536) Other liabilities (10,606) Total fair value of net assets acquired 63,350 Goodwill $ 744 FAB was a Tennessee-based full-service community bank headquartered in Clarksville, Tennessee. FAB operated branch offices in Montgomery, Davidson and Williamson counties, Tennessee and operated a loan production office in Knoxville, Tennessee primarily originating manufactured housing loans. Supplemental Pro Forma Combined Condensed Statements of Income Pro forma data for the three and nine months ended September 30, 2020 and 2019 in the table below presents information as if the TCB Holdings Transaction and FABK Transaction occurred on January 1, 2019. These results combine the historical results of TCB Holdings and FABK into the Company's consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair value adjustments, they are not indicative of what would have occurred had the acquisitions taken place on the indicated date nor are they intended to represent or be indicative of future results of operations. In particular, no adjustments have been made to eliminate the amount of TCB Holdings' or FABK's provision for credit losses for the first three and nine months of 2019 that may not have been necessary had the acquired loans been recorded at fair value as of the beginning of 2019. Additionally, these financials were not adjusted for non-recurring expenses, such as merger-related charges incurred by either the Company, TCB Holdings or FABK. The Company expects to achieve operating cost savings and other business synergies as a result of the acquisitions which are also not reflected in the pro forma amounts. Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Revenue (1) $ 35,881 $ 29,478 $ 106,771 $ 86,217 Net interest income $ 29,880 $ 25,232 $ 85,741 $ 74,835 Net income attributable to common shareholders $ 11,117 $ 9,182 $ 17,715 $ 28,545 (1) Net interest income plus noninterest income |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Reliant Bancorp, Inc. is a Tennessee corporation and the holding company for and the sole shareholder of Reliant Bank (the "Bank"), collectively, "the Company". Reliant Bancorp is registered as a financial holding company under the Bank Holding Company Act of 1956, as amended ("Bank Holding Company Act"). Reliant Bank is a commercial bank chartered under Tennessee law and a member of the Federal Reserve System (the "Federal Reserve"). The Bank provides a full range of traditional banking products and services to business and consumer clients throughout Middle Tennessee. Reliant Risk Management, Inc., a wholly-owned insurance captive subsidiary of Reliant Bancorp, that began operations on June 1, 2020, is a Tennessee-based captive insurance company which insures Reliant Bancorp and the Bank against certain risks unique to their operations and for which insurance may not be currently available or economically feasible in today's insurance marketplace. Reliant Risk Management, Inc. pools resources with several other similar insurance company subsidiaries of financial institutions to spread a limited amount of risk among themselves. Reliant Risk Management, Inc. is subject to regulations of the State of Tennessee and undergoes periodic examinations by the Tennessee Department of Commerce and Insurance. |
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 accounting principles generally accepted in the United States of America ("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 the Company's consolidated financial statements and related notes appearing in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. |
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, 2020, and for the three and nine months ended September 30, 2020 and 2019, 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. The accompanying consolidated financial statements reflect all adjustments which, in the opinion of management, are 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 |
Recently Adopted Accounting Pronouncements and Newly Issued not yet Effective Accounting Standards | Recently Adopted 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 the Company's Annual Report on Form 10-K for the year ended December 31, 2019 for additional information related to previously issued accounting standards updates. ASU 2016-02, “ Leases (Topic 842 ) .” ASU 2016-02 requires 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 went into effect for the Company on January 1, 2020 and the Company elected the prospective application approach provided by ASU 2018-11 and did not adjust prior periods for ASC 842. The Company also elected certain practical expedients within the standard and consistent with such elections did not reassess whether any expired or existing contracts are or contain leases, did not reassess the lease classification for any expired or existing leases, and did not reassess any initial direct costs for existing leases. The effect of implementing this pronouncement resulted in right to use assets of $11,973 and a similar corresponding liability, as of January 1, 2020. 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 was early adopted as of January 1, 2020 and did not have a significant impact on the Company's consolidated financial statements as it simplifies the test of impairment of goodwill. ASU 2020-04, "Reference Rate Reform (Topic 848 ) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting." In March 2020, the FASB issued Topic 848 amendments to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. It provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company has evaluated the effect of the pronouncement on the consolidated financial statements, noting no significant impact. Newly Issued not yet Effective Accounting Standards 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 for the Company on January 1, 2023. We are currently evaluating the potential impact of ASU 2016-13 on the Company's financial statements by 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 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. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Financial Instruments - Credit Losses (ASC 326), Derivatives and Hedging (ASC 815), and Financial Instruments (ASC 825) . The amendments in this ASU improve the codification by eliminating inconsistencies and providing clarifications. The amended guidance in this ASU related to credit losses is expected to be effective for the Company in conjunction with the adoption of the standard on January 1, 2023. The Company is currently evaluating the impact of these ASUs on the Company’s consolidated financial statements. While we are currently unable to |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 and December 31, 2019 were as follows: September 30, 2020 Amortized Gross Gross Estimated U. S. Treasury and other U. S. government agencies $ 12,117 $ 1 $ (1) $ 12,117 State and municipal 175,976 14,717 (70) 190,623 Corporate bonds 15,750 167 (108) 15,809 Mortgage-backed securities 41,240 348 (1,212) 40,376 Asset-backed securities 15,199 — (231) 14,968 Total $ 260,282 $ 15,233 $ (1,622) $ 273,893 December 31, 2019 Amortized Gross Gross Estimated U. S. Treasury and other U. S. government agencies $ 59 $ — $ — $ 59 State and municipal 186,283 10,413 (36) 196,660 Corporate bonds 7,880 97 (132) 7,845 Mortgage-backed securities 38,126 296 (661) 37,761 Asset-backed securities 18,374 — (406) 17,968 Total $ 250,722 $ 10,806 $ (1,235) $ 260,293 Results from sales of securities were as follows: Nine months ended September 30, 2020 September 30, 2019 Proceeds $ 103,901 $ 52,434 Gross gains 810 475 Gross losses (483) (169) |
Fair Value of Available for Sale Maturities by Contractual Maturity | Amortized Estimated Due within one year $ 12,567 $ 12,565 Due in one to five years 2,175 2,186 Due in five to ten years 17,222 17,965 Due after ten years 171,879 185,833 Mortgage-backed securities 41,240 40,376 Asset-backed securities 15,199 14,968 Total $ 260,282 $ 273,893 |
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, 2020 and December 31, 2019, respectively: Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized September 30, 2020 U. S. Treasury and other $ 12,066 $ 1 $ — $ — $ 12,066 $ 1 State and municipal 7,319 70 — — 7,319 70 Corporate bonds 9,142 107 500 1 9,642 108 Mortgage-backed securities 6,613 282 20,982 930 27,595 1,212 Asset-backed securities 790 1 14,092 230 14,882 231 Total temporarily impaired $ 35,930 $ 461 $ 35,574 $ 1,161 $ 71,504 $ 1,622 December 31, 2019 U. S. Treasury and other $ — $ — $ — $ — $ — $ — State and municipal 1,960 36 — — 1,960 36 Corporate bonds — — 2,499 132 2,499 132 Mortgage-backed securities 16,104 286 9,081 375 25,185 661 Asset-backed securities — — 17,682 406 17,682 406 Total temporarily impaired $ 18,064 $ 322 $ 29,262 $ 913 $ 47,326 $ 1,235 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Summary of Loans and Allowance for Loan Losses | Loans at September 30, 2020 and December 31, 2019 were comprised as follows: September 30, December 31, 2019 Commercial, Industrial and Agricultural $ 477,785 $ 245,515 Real Estate 1-4 Family Residential 334,730 227,529 1-4 Family HELOC 101,492 96,228 Multi-family and Commercial 864,756 536,845 Construction, Land Development and Farmland 366,760 273,872 Consumer 209,071 16,855 Other 8,259 13,180 Gross loans 2,362,853 1,410,024 Less: Deferred loan fees 4,955 72 Less: Allowance for loan losses 19,834 12,578 Loans, net $ 2,338,064 $ 1,397,374 |
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 three months ended September 30, 2020 and September 30, 2019, respectively: Commercial Industrial and Agricultural Multi-family Construction 1-4 Family 1-4 Family HELOC Consumer Other Total Beginning balance at June 30, 2020 $ 4,675 $ 8,407 $ 2,126 $ 1,454 $ 975 $ 584 $ 16 $ 18,237 Charge-offs — — — (8) — (60) — (68) Recoveries 88 9 4 22 12 30 — 165 Provision 249 (169) (175) 821 498 272 4 1,500 Ending balance at September 30, 2020 $ 5,012 $ 8,247 $ 1,955 $ 2,289 $ 1,485 $ 826 $ 20 $ 19,834 Beginning balance at June 30, 2019 $ 1,881 $ 4,713 $ 2,707 $ 1,455 $ 686 $ 188 $ 36 $ 11,666 Charge-offs (2) — — (12) — (16) (21) (51) Recoveries 48 3 (201) 4 — 16 200 70 Provision 372 472 7 (64) 18 (18) (181) 606 Ending balance at September 30, 2019 $ 2,299 $ 5,188 $ 2,513 $ 1,383 $ 704 $ 170 $ 34 $ 12,291 Activity in the allowance for loan losses by portfolio segment was as follows for the nine months ended September 30, 2020 and September 30, 2019, respectively: Commercial Industrial and Agricultural Multi-family Construction 1-4 Family 1-4 Family HELOC Consumer Other Total Beginning balance at December 31, 2019 $ 2,529 $ 5,285 $ 2,649 $ 1,280 $ 624 $ 177 $ 34 $ 12,578 Charge-offs (507) — (114) (68) (98) (355) — (1,142) Recoveries 126 20 8 769 15 60 — 998 Provision 2,864 2,942 (588) 308 944 944 (14) 7,400 Ending balance at September 30, 2020 $ 5,012 $ 8,247 $ 1,955 $ 2,289 $ 1,485 $ 826 $ 20 $ 19,834 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 |
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, 2020 were as follows: Commercial Industrial and Agricultural Multi-family Construction 1-4 Family 1-4 Family HELOC Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 764 $ — $ — $ — $ — $ — $ — $ 764 Acquired with credit impairment — — — — — — — — Collectively evaluated for impairment 4,248 8,247 1,955 2,289 1,485 826 20 19,070 Total $ 5,012 $ 8,247 $ 1,955 $ 2,289 $ 1,485 $ 826 $ 20 $ 19,834 Loans Individually evaluated for impairment $ 1,084 $ 2,537 $ 1,777 $ 1,687 $ 316 $ 592 $ — $ 7,993 Acquired with credit impairment 257 1,211 787 934 14 1,330 — 4,533 Collectively evaluated for impairment 476,444 861,008 364,196 332,109 101,162 207,149 8,259 2,350,327 Total $ 477,785 $ 864,756 $ 366,760 $ 334,730 $ 101,492 $ 209,071 $ 8,259 $ 2,362,853 The allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2019 were as follows: Commercial Industrial and Agricultural Multi-family Construction 1-4 Family 1-4 Family HELOC Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 755 $ — $ 17 $ — $ — $ — $ — $ 772 Acquired with credit impairment — — — — — — — — Collectively evaluated for impairment 1,774 5,285 2,632 1,280 624 177 34 11,806 Total $ 2,529 $ 5,285 $ 2,649 $ 1,280 $ 624 $ 177 $ 34 $ 12,578 Loans Individually evaluated for impairment $ 1,154 $ 3,439 $ 1,217 $ 1,536 $ 374 $ 28 $ — $ 7,748 Acquired with credit impairment — 215 813 195 — — — 1,223 Collectively evaluated for impairment 244,361 533,191 271,842 225,798 95,854 16,827 13,180 1,401,053 Total $ 245,515 $ 536,845 $ 273,872 $ 227,529 $ 96,228 $ 16,855 $ 13,180 $ 1,410,024 |
Non-Accrual Loans By Class of Loan | Non-accrual loans by class of loan were as follows at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Commercial, Industrial and Agricultural $ 791 $ 572 Multi-family and Commercial Real Estate 1,532 1,276 Construction, Land Development and Farmland 1,100 555 1-4 Family Residential Real Estate 1,591 1,344 1-4 Family HELOC 239 296 Consumer 1,485 28 Total $ 6,738 $ 4,071 |
Individually Impaired Loans by Class of Loans | Individually impaired loans by class of loans were as follows at September 30, 2020: Unpaid Recorded Recorded Total Related Commercial, Industrial and Agricultural $ 2,575 $ 436 $ 905 $ 1,341 $ 764 Multi-family and Commercial Real Estate 5,837 3,748 — 3,748 — Construction, Land Development and Farmland 3,032 2,564 — 2,564 — 1-4 Family Residential Real Estate 3,322 2,621 — 2,621 — 1-4 Family HELOC 436 330 — 330 — Consumer 3,819 1,922 — 1,922 — Total $ 19,021 $ 11,621 $ 905 $ 12,526 $ 764 Individually impaired loans by class of loans were as follows at December 31, 2019: Unpaid Recorded Recorded Total Related Commercial, Industrial and Agricultural $ 1,154 $ 5 $ 1,149 $ 1,154 $ 755 Multi-family and Commercial Real Estate 3,746 3,654 — 3,654 — Construction, Land Development and Farmland 2,347 1,859 171 2,030 17 1-4 Family Residential Real Estate 1,852 1,731 — 1,731 — 1-4 Family HELOC 376 374 — 374 — Consumer 31 28 — 28 — Total $ 9,506 $ 7,651 $ 1,320 $ 8,971 $ 772 |
Average Balances of Impaired Loans and Interest Income Recognized | The average balances of impaired loans and the interest income recognized for the three and nine months ended September 30, 2020 and 2019 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Impaired loans with an allowance Commercial, Industrial and Agricultural $ 947 $6 $ 2,435 $112 $ 975 $32 $ 1,384 $342 Multi-family and Commercial Real Estate — — — — — — — — Construction, Land Development and Farmland — — 172 — 43 — 172 — 1-4 Family Residential Real Estate — — — — — — — — 1-4 Family HELOC — — 25 — — — 13 1 Consumer — — — — 1 — — — Subtotal 947 6 2,631 112 1,019 32 1,568 343 Impaired loans with no allowance Commercial, Industrial and Agricultural 594 42 672 9 356 56 537 33 Multi-family and Commercial Real Estate 4,375 63 3,474 46 4,138 278 2,838 141 Construction, Land Development and Farmland 2,949 28 1,797 21 2,471 115 2,399 168 1-4 Family Residential Real Estate 3,002 54 2,124 26 2,631 154 1,924 88 1-4 Family HELOC 331 — 296 — 367 — 148 4 Consumer 2,118 68 15 1 1,076 205 16 2 Subtotal $ 13,369 $255 $ 8,378 $103 $ 11,039 $808 $ 7,862 $ 436 Total $ 14,316 $ 261 $ 11,009 $ 215 $ 12,058 $840 $ 9,430 $ 779 |
Credit Quality Indicators By Class of Loan | Credit quality indicators by class of loan were as follows at September 30, 2020: Pass Special Substandard Total Commercial, Industrial and Agricultural $ 474,199 $ 1,534 $ 2,052 $ 477,785 1-4 Family Residential Real Estate 331,930 5 2,795 334,730 1-4 Family HELOC 101,176 — 316 101,492 Multi-family and Commercial Real Estate 859,739 663 4,354 864,756 Construction, Land Development and Farmland 365,135 — 1,625 366,760 Consumer 207,016 7 2,048 209,071 Other 6,739 1,520 — 8,259 Total $ 2,345,934 $ 3,729 $ 13,190 $ 2,362,853 Credit quality indicators by class of loan were as follows at December 31, 2019: Pass Special Substandard Total Commercial, Industrial and Agricultural $ 241,089 $ 2,382 $ 2,044 $ 245,515 1-4 Family Residential Real Estate 225,809 — 1,720 227,529 1-4 Family HELOC 95,678 — 550 96,228 Multi-family and Commercial Real Estate 531,055 1,519 4,271 536,845 Construction, Land Development and Farmland 272,440 — 1,432 273,872 Consumer 16,634 — 221 16,855 Other 13,180 — — 13,180 Total $ 1,395,885 $ 3,901 $ 10,238 $ 1,410,024 |
Past Due Status By Class of Loan | Past due status by class of loan was as follows at September 30, 2020: 30-59 Days 60-89 Days 90+ Days Total Current Total Loans Commercial, Industrial and Agricultural $ 219 $ — $ 412 $ 631 $ 477,154 $ 477,785 1-4 Family Residential Real Estate 1,006 544 318 1,868 332,862 334,730 1-4 Family HELOC — — 198 198 101,294 101,492 Multi-family and Commercial Real Estate — — 1,023 1,023 863,733 864,756 Construction, Land Development and Farmland — 684 205 889 365,871 366,760 Consumer 389 767 617 1,773 207,298 209,071 Other — — — — 8,259 8,259 Total $ 1,614 $ 1,995 $ 2,773 $ 6,382 $ 2,356,471 $ 2,362,853 Past due status by class of loan was as follows at December 31, 2019: 30-59 Days 60-89 Days 90+ Days Total Current Total Loans Commercial, Industrial and Agricultural $ 79 $ 4 $ 572 $ 655 $ 244,860 $ 245,515 1-4 Family Residential Real Estate 501 236 229 966 226,563 227,529 1-4 Family HELOC — — 296 296 95,932 96,228 Multi-family and Commercial Real Estate 485 — 558 1,043 535,802 536,845 Construction, Land Development and Farmland 255 — 339 594 273,278 273,872 Consumer 38 26 64 128 16,727 16,855 Other — — — — 13,180 13,180 Total $ 1,358 $ 266 $ 2,058 $ 3,682 $ 1,406,342 $ 1,410,024 |
Schedule of Troubles Debt Loans by Class of Loans | The following table presents loans by class modified as troubled debt restructurings ("TDRs") during the first nine months of 2020. There were no modifications in the three months ending September 30, 2020. There were no loans that were modified as TDRs during the three or nine months ended September 30, 2019. Number of Contracts Pre-Modification Outstanding Recorded Investments Post-Modification Outstanding Recorded Investments September 30, 2020 Commercial, Industrial and Agricultural 1 $ 150 $ 150 Multi-family and Commercial Real Estate 1 721 721 1-4 Family Residential 1 394 394 Total 3 $ 1,265 $ 1,265 |
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, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Commercial, Industrial and Agricultural $ 989 $ — Multi-family and Commercial Real Estate 2,243 217 Construction, Land Development and Farmland 1,003 1,021 1-4 Family Residential Real Estate 1,211 231 1-4 Family HELOC 18 — Consumer 2,105 — Total outstanding balance 7,569 1,469 Less remaining purchase discount 3,036 246 Allowance for loan losses — — Carrying amount, net of allowance for loan losses and remaining purchase discounts $ 4,533 $ 1,223 |
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, 2020 and 2019: 2020 2019 Balance at January 1, $ 98 $ 110 New loans purchased 870 — Year-to-date settlements (137) (12) Balance at September 30, $ 831 $ 98 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Schedule of Information Related to Operating Leases | Information related to the Company's operating leases is presented below: September 30, 2020 Operating leases right of use assets $ 14,619 Operating leases liabilities $ 15,756 Weighted average remaining lease term (in years) 6.14 Weighted average discount rate 4.34 % |
Components of Lease Expense Included in Occupancy Expenses | The components of lease expense included in occupancy expenses for the three and nine months ended September 30, 2020, were as follows: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Operating lease cost $ 851 $ 2,333 Short-term lease cost 2 2 Variable lease cost 98 276 Total lease cost $ 951 $ 2,611 |
Schedule of Maturity Analysis of Operating Lease Liabilities | A maturity analysis of operating lease liabilities and a reconciliation of undiscounted cash flows to the total operating lease liability is as follows: Lease payments due on or before September 30, 2020 September 30, 2021 $ 3,155 September 30, 2022 2,755 September 30, 2023 2,716 September 30, 2024 2,703 September 30, 2025 2,372 Thereafter 4,289 Total undiscounted cash flows 17,990 Discount on cash flows (2,234) Total lease liability $ 15,756 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Summary information related to the interest rate swaps designated as cash flow hedges as of September 30, 2020, is as follows: Notional amounts $ 160,000 Weighted average pay rates 2.050 % Weighted average receive rates 0.390 % Weighted average maturity 3.35 years Unrealized losses $ 8,526 The following table presents the net gains (losses) recorded in accumulated other comprehensive income and the Consolidated Statements of Income, net of tax, relating to the cash flow derivative instruments for the three and nine months ended September 30, 2020 and 2019, respectively: Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Interest rate swaps-subordinate debentures $ 51 $ (42) $ (230) $ (264) Interest rate swaps-interest-bearing liabilities 324 (233) (4,532) (1,342) $ 375 $ (275) $ (4,762) $ (1,606) |
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, 2020 and December 31, 2019, respectively: September 30, 2020 December 31, 2019 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities: Interest rate swaps related to: Subordinated debentures $ 10,000 $ (750) $ 10,000 $ (439) Short-term interest-bearing liabilities 150,000 (7,776) 100,000 (1,639) Total included in other liabilities $ 160,000 $ (8,526) $ 110,000 $ (2,078) |
Schedule of Derivative Instruments for Fair Value hedges | Fair Value Hedges Summary information related to the fair value hedges as of September 30, 2020, is as follows: Notional amounts $ 19,345 Weighted average pay rates 3.51 % Weighted average receive rates 1.21 % Weighted average maturity 8.34 years Unrealized losses $ 1,690 |
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, 2020 and December 31, 2019, respectively: September 30, 2020 December 31, 2019 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities: Interest rate swaps related to investments 19,345 (1,690) 19,605 (630) Total included in other liabilities $ 19,345 $ (1,690) $ 19,605 $ (630) The following table reflects the fair value hedges and the underlying hedged items included in the Consolidated Statements of Income for the three and nine months ended September 30, 2020 and 2019, respectively: Three Months Ended September 30, Nine Months Ended September 30, Item Location 2020 2019 2020 2019 Interest rate swaps - securities Interest on investment securities, nontaxable $ (118) $ (20) $ (243) $ (21) Hedged item - securities Interest on investment securities, nontaxable $ 118 $ 20 $ 243 $ 21 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense and Employee Benefit Services | The Company has recognized stock-based compensation expense, within salaries and employee benefits for employees, and within other non-interest expense for directors, in the consolidated statement of income as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Stock-based compensation expense before income taxes $ 349 $ 337 $ 1,183 $ 867 Less: deferred tax benefit (91) (88) (309) (227) Reduction of net income $ 258 $ 249 $ 874 $ 640 |
Share-based Compensation, Stock Options, Activity | A summary of stock option activity for the nine months ended September 30, 2020 is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2020 149,293 $ 18.81 6.68 years $ 553 Granted — $ — Exercised (6,544) $ 12.03 26 Forfeited or expired (20,007) $ 21.02 Outstanding at September 30, 2020 122,742 $ 18.81 5.95 years $ 73 Exercisable at September 30, 2020 83,042 $ 16.43 5.03 years $ 73 |
Schedule of Nonvested Share Activity | Shares Weighted Average Non-vested options at January 1, 2020 74,600 $6.08 Granted — $— Vested (23,400) $5.23 Forfeited (11,500) $6.37 Non-vested options at September 30, 2020 39,700 $6.56 |
Activity Related to Non-Vested Restricted Stock | The following table shows the activity related to non-vested restricted stock and restricted stock unit awards for the nine months ended September 30, 2020: Restricted Stock Units Restricted Stock Underlying Shares Weighted Average Grant-Date Shares Weighted Average Grant-Date Non-vested units/shares at January 1, 2020 47,750 $ 23.30 90,960 $ 25.31 Granted 102,400 14.02 — — Vested (12,500) 22.57 (48,550) 23.99 Forfeited (2,000) 10.25 — Non-vested units/shares at September 30, 2020 135,650 $ 16.55 42,410 $ 26.82 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Actual and Required Capital Amounts and Ratios | Capital amounts and ratios for Reliant Bancorp and the Bank (required) are presented below as of September 30, 2020 and December 31, 2019. Actual Minimum Required To Be Well Amount Ratio Amount Ratio Amount Ratio September 30, 2020 Reliant Bancorp Tier I leverage $ 253,534 8.72 % $ 116,300 4.00 % $ 145,375 5.00 % Common equity tier I 241,786 9.77 % 173,235 7.00 % 160,861 6.50 % Tier I risk-based capital 253,534 10.25 % 210,248 8.50 % 197,880 8.00 % Total risk-based capital 332,434 13.44 % 259,714 10.50 % 247,347 10.00 % Bank Tier I leverage $ 304,376 10.48 % $ 116,174 4.00 % $ 145,218 5.00 % Common equity tier I 304,376 12.33 % 172,801 7.00 % 160,458 6.50 % Tier I risk-based capital 304,376 12.33 % 209,829 8.50 % 197,486 8.00 % Total risk-based capital 324,635 13.15 % 259,214 10.50 % 246,871 10.00 % December 31, 2019 Reliant Bancorp Tier I leverage $ 176,748 9.74 % $ 72,586 4.00 % $ 90,733 5.00 % Common equity tier I 165,063 10.55 % 109,520 7.00 % 101,698 6.50 % Tier I risk-based capital 176,748 11.30 % 132,952 8.50 % 125,131 8.00 % Total risk-based capital 249,751 15.97 % 164,207 10.50 % 156,388 10.00 % Bank Tier I leverage $ 186,734 10.30 % $ 72,518 4.00 % $ 90,648 5.00 % Common equity tier I 186,734 11.95 % 109,384 7.00 % 101,571 6.50 % Tier I risk-based capital 186,734 11.95 % 132,823 8.50 % 125,010 8.00 % Total risk-based capital 199,737 12.79 % 163,975 10.50 % 156,167 10.00 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 2020 2019 Basic EPS Computation Net income attributable to common shareholders $ 11,531 $ 4,000 $ 19,186 $ 12,063 Weighted average common shares outstanding 16,587,274 11,104,918 15,053,087 11,247,921 Basic earnings per common share $ 0.70 $ 0.36 $ 1.27 $ 1.07 Diluted EPS Computation Net income attributable to common shareholders $ 11,531 $ 4,000 $ 19,186 $ 12,063 Weighted average common shares outstanding 16,587,274 11,104,918 15,053,087 11,247,921 Dilutive effect of stock options, restricted stock shares and units, and employee stock purchase plan 62,399 72,449 67,616 66,445 Adjusted weighted average common shares outstanding 16,649,673 11,177,367 15,120,703 11,314,366 Diluted earnings per common share $ 0.69 $ 0.36 $ 1.27 $ 1.07 |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 and December 31, 2019: Fair Value Quoted Significant Significant September 30, 2020 Assets U. S. Treasury and other U. S. government agencies $ 12,117 $ — $ 12,117 $ — State and municipal 190,623 — 190,623 — Corporate bonds 15,809 — 15,809 — Mortgage backed securities 40,376 — 40,376 — Asset backed securities 14,968 — 14,968 — Liabilities Derivative liabilities $ 10,216 $ — $ 10,216 $ — December 31, 2019 Assets U. S. Treasury and other U. S. government agencies $ 59 $ — $ 59 $ — State and municipal 196,660 — 196,660 — Corporate bonds 7,845 — 7,845 — Mortgage backed securities 37,761 — 37,761 — Asset backed securities 17,968 — 17,968 — Derivative assets 688 — 688 — Liabilities Derivative liabilities $ 3,396 $ — $ 3,396 $ — 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, 2020 and December 31, 2019: Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs September 30, 2020 Assets Impaired loans $ 141 $ — $ — $ 141 Other real estate 1,326 — — 1,326 Other repossessions 1,603 — — 1,603 December 31, 2019 Assets Impaired loans $ 553 $ — $ — $ 553 Other real estate 750 — — 750 Other repossessions — — — — |
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, 2020 and December 31, 2019: Valuation Significant Range Impaired loans Appraisal Estimated costs to sell 10% Other real estate Appraisal Estimated costs to sell 10% Other repossessions Third-party guidelines 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, 2020 and December 31, 2019 were as follows: September 30, 2020 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial assets Cash and due from banks $ 14,050 $ 14,050 $ 14,050 $ — $ — Federal funds sold 12,273 12,273 — 12,273 — Loans, net 2,338,064 2,336,300 — — 2,336,300 Mortgage loans held for sale 99,587 99,587 — 99,587 — Accrued interest receivable 14,615 14,615 — 14,615 — Restricted equity securities 17,367 17,367 — 17,367 — Financial liabilities Deposits $ 2,565,502 $ 2,571,305 $ — $ — $ 2,571,305 Accrued interest payable 3,744 3,744 — 3,744 — Subordinate debentures 70,389 69,237 — — 69,237 Federal Home Loan Bank advances 40,555 40,887 — — 40,887 December 31, 2019 Financial assets Cash and due from banks $ 7,953 $ 7,953 $ 7,953 $ — $ — Federal funds sold 52 52 — 52 — Loans, net 1,397,374 1,383,719 — — 1,383,719 Mortgage loans held for sale 37,476 38,379 — 38,379 — Accrued interest receivable 7,188 7,188 — 7,188 — Restricted equity securities 11,279 11,279 — 11,279 — Financial liabilities Deposits $ 1,584,453 $ 1,582,781 $ — $ — $ 1,582,781 Accrued interest payable 2,022 2,022 — 2,022 — Subordinate debentures 70,883 71,454 — — 71,454 Federal Home Loan Bank advances 10,737 10,755 — — 10,755 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 Commercial Banking Residential Elimination Consolidated Net interest income $ 29,729 $ 808 $ — $ 30,537 Provision for loan losses 1,500 — — 1,500 Noninterest income 2,218 3,797 (14) 6,001 Noninterest expense (excluding merger expense) 16,065 4,190 — 20,255 Merger expense 78 — — 78 Income tax expense (benefit) 2,773 27 — 2,800 Net income (loss) 11,531 388 (14) 11,905 Noncontrolling interest in net income of subsidiary — (388) 14 (374) Net income attributable to common shareholders $ 11,531 $ — $ — $ 11,531 Three Months Ended Commercial 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 Nine Months Ended September 30, 2020 Commercial Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 75,933 $ 1,677 $ — $ 77,610 Provision for loan losses 7,400 — — 7,400 Noninterest income 6,102 7,601 3 13,706 Noninterest expense (excluding merger expense) 44,961 10,340 — 55,301 Merger expense 6,895 — — 6,895 Income tax expense (benefit) 3,593 (69) — 3,524 Net income (loss) 19,186 (993) 3 18,196 Noncontrolling interest in net loss of subsidiary — 993 (3) 990 Net income attributable to common shareholders $ 19,186 $ — $ — $ 19,186 Nine Months Ended September 30, 2019 Commercial 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 |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Calculation and Allocation of Purchase Price | The following table details the financial impact of the TCB Holdings Transaction, 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 Tennessee Community Bank Holdings, Inc. common stock outstanding as of January 1, 2020 1,055,041 Exchange ratio for Reliant Bancorp, Inc. common stock 0.769 Reliant Bancorp, Inc. common stock shares issued 811,210 Reliant Bancorp, Inc. share price at January 1, 2020 $ 22.24 Estimated value of Reliant Bancorp, Inc. shares issued 18,041 Cash settlement for Tennessee Community Bank Holdings, Inc. common stock ($17.13 per share) 18,073 Cash settlement for Tennessee Community Bank Holdings, Inc.'s 26,450 outstanding stock options ($34.25 settlement price less weighted average exercise price of $18.00) 430 Cash settlement for Reliant Bancorp, Inc. fractional shares ($22.36 per pro rata fractional share) 3 Estimated fair value of Tennessee Community Bank Holdings, Inc. $ 36,547 Allocation of Purchase Price Total consideration above $ 36,547 Fair value of assets acquired and liabilities assumed Cash and cash equivalents 11,026 Investment securities available for sale 56,336 Loans, net of unearned income 171,445 Accrued interest receivable 948 Premises and equipment 6,401 Cash surrender value of life insurance contracts 5,629 Restricted equity securities 909 Core deposit intangible 3,617 Other assets 833 Deposits (210,538) Deferred tax liability (337) Borrowings (58) FHLB advances (13,102) Other liabilities (3,682) Total fair value of net assets acquired 29,427 Goodwill $ 7,120 Calculation of Purchase Price Shares of First Advantage Bancorp common stock outstanding as of April 1, 2020 3,935,165 Conversion of restricted stock units to shares of common stock of First Advantage Bancorp as of April 1, 2020 2,000 Total First Advantage Bancorp common stock outstanding as of April 1, 2020 3,937,165 Exchange ratio for Reliant Bancorp, Inc. common stock 1.17 Reliant Bancorp, Inc. common stock shares issued 4,606,483 Remove fractional shares (64) Reliant Bancorp, Inc. common stock shares issued 4,606,419 Reliant Bancorp, Inc. share price at April 1, 2020 $ 11.27 Estimated value of Reliant Bancorp, Inc. shares issued 51,914 Cash settlement for Reliant Bancorp, Inc. fractional shares ($11.74 per pro rata fractional share) 1 Cash settlement for First Advantage Bancorp common stock ($3.00 per share) 11,805 Cash settlement for First Advantage Bancorp restricted stock units ($3.00 per share) 6 Cash settlement for First Advantage Bancorp's 34,800 outstanding stock options ($30.00 settlement price less weighted average exercise price of $19.44) 368 Estimated fair value of First Advantage Bancorp $ 64,094 Allocation of Purchase Price Total consideration above $ 64,094 Fair value of assets acquired and liabilities assumed Cash and cash equivalents 11,159 Investment securities available for sale 35,970 Loans, net of unearned income 622,423 Mortgage loans held for sale, net 5,878 Premises and equipment 7,905 Deferred tax asset 6,024 Cash surrender value of life insurance contracts 14,776 Other real estate and repossessed assets 1,259 Core deposit intangible 2,280 Operating lease right-of-use assets 6,536 Other assets 10,934 Deposits (608,690) Borrowings (35,962) Operating lease liabilities (6,536) Other liabilities (10,606) Total fair value of net assets acquired 63,350 Goodwill $ 744 |
Schedule of Operating Cost Savings and Other Business Synergies | The Company expects to achieve operating cost savings and other business synergies as a result of the acquisitions which are also not reflected in the pro forma amounts. Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Revenue (1) $ 35,881 $ 29,478 $ 106,771 $ 86,217 Net interest income $ 29,880 $ 25,232 $ 85,741 $ 74,835 Net income attributable to common shareholders $ 11,117 $ 9,182 $ 17,715 $ 28,545 (1) Net interest income plus noninterest income |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | |
Noncontrolling Interest [Line Items] | |||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | us-gaap:AccountingStandardsUpdate201602Member | |
Operating leases right of use assets | $ 14,619 | $ 11,973 | |
Operating leases liabilities | $ 15,756 | $ 11,900 | |
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, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Total | $ 260,282 | $ 250,722 |
Gross Unrealized Gains | 15,233 | 10,806 |
Gross Unrealized Losses | (1,622) | (1,235) |
Estimated Fair Value | 273,893 | 260,293 |
U. S. Treasury and other U. S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 12,117 | 59 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (1) | 0 |
Estimated Fair Value | 12,117 | 59 |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 175,976 | 186,283 |
Gross Unrealized Gains | 14,717 | 10,413 |
Gross Unrealized Losses | (70) | (36) |
Estimated Fair Value | 190,623 | 196,660 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 15,750 | 7,880 |
Gross Unrealized Gains | 167 | 97 |
Gross Unrealized Losses | (108) | (132) |
Estimated Fair Value | 15,809 | 7,845 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 41,240 | 38,126 |
Gross Unrealized Gains | 348 | 296 |
Gross Unrealized Losses | (1,212) | (661) |
Estimated Fair Value | 40,376 | 37,761 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 15,199 | 18,374 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (231) | (406) |
Estimated Fair Value | $ 14,968 | $ 17,968 |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Thousands | Sep. 30, 2020USD ($)security | Dec. 31, 2019USD ($)security |
Investments, Debt and Equity Securities [Abstract] | ||
Securities pledged, carrying amount | $ | $ 43,406 | $ 46,918 |
Number of securities in unrealized loss position | security | 43 | 47 |
Securities - Results from Sales
Securities - Results from Sales of Securities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds | $ 103,901 | $ 52,434 |
Gross gains | 810 | 475 |
Gross losses | $ (483) | $ (169) |
Securities - Available-for-sa_2
Securities - Available-for-sale Securities Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Due within one year | $ 12,567 | |
Due in one to five years | 2,175 | |
Due in five to ten years | 17,222 | |
Due after ten years | 171,879 | |
Total | 260,282 | $ 250,722 |
Estimated Fair Value | ||
Due within one year | 12,565 | |
Due in one to five years | 2,186 | |
Due in five to ten years | 17,965 | |
Due after ten years | 185,833 | |
Total | 273,893 | 260,293 |
Mortgage-backed securities | ||
Amortized Cost | ||
Securities | 41,240 | |
Total | 41,240 | 38,126 |
Estimated Fair Value | ||
Securities | 40,376 | |
Total | 40,376 | 37,761 |
Asset-backed securities | ||
Amortized Cost | ||
Securities | 15,199 | |
Total | 15,199 | 18,374 |
Estimated Fair Value | ||
Securities | 14,968 | |
Total | $ 14,968 | $ 17,968 |
Securities - Schedule of Tempor
Securities - Schedule of Temporary Impairment Losses, Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Estimated Fair Value | ||
Less than 12 months | $ 35,930 | $ 18,064 |
12 months or more | 35,574 | 29,262 |
Total | 71,504 | 47,326 |
Unrealized Loss | ||
Less than 12 months | 461 | 322 |
12 months or more | 1,161 | 913 |
Total | 1,622 | 1,235 |
U. S. Treasury and other U. S. government agencies | ||
Estimated Fair Value | ||
Less than 12 months | 12,066 | 0 |
12 months or more | 0 | 0 |
Total | 12,066 | 0 |
Unrealized Loss | ||
Less than 12 months | 1 | 0 |
12 months or more | 0 | 0 |
Total | 1 | 0 |
State and municipal | ||
Estimated Fair Value | ||
Less than 12 months | 7,319 | 1,960 |
12 months or more | 0 | 0 |
Total | 7,319 | 1,960 |
Unrealized Loss | ||
Less than 12 months | 70 | 36 |
12 months or more | 0 | 0 |
Total | 70 | 36 |
Corporate bonds | ||
Estimated Fair Value | ||
Less than 12 months | 9,142 | 0 |
12 months or more | 500 | 2,499 |
Total | 9,642 | 2,499 |
Unrealized Loss | ||
Less than 12 months | 107 | 0 |
12 months or more | 1 | 132 |
Total | 108 | 132 |
Mortgage-backed securities | ||
Estimated Fair Value | ||
Less than 12 months | 6,613 | 16,104 |
12 months or more | 20,982 | 9,081 |
Total | 27,595 | 25,185 |
Unrealized Loss | ||
Less than 12 months | 282 | 286 |
12 months or more | 930 | 375 |
Total | 1,212 | 661 |
Asset-backed securities | ||
Estimated Fair Value | ||
Less than 12 months | 790 | 0 |
12 months or more | 14,092 | 17,682 |
Total | 14,882 | 17,682 |
Unrealized Loss | ||
Less than 12 months | 1 | 0 |
12 months or more | 230 | 406 |
Total | $ 231 | $ 406 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Schedule of Loans and Financial Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | $ 2,362,853 | $ 1,410,024 | ||||
Less: Deferred loan fees | 4,955 | 72 | ||||
Less: Allowance for loan losses | 19,834 | $ 18,237 | 12,578 | $ 12,291 | $ 11,666 | $ 10,892 |
Loans, net | 2,338,064 | 1,397,374 | ||||
Commercial, Industrial and Agricultural | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 477,785 | 245,515 | ||||
Less: Allowance for loan losses | 5,012 | 4,675 | 2,529 | 2,299 | 1,881 | 1,751 |
Real Estate | Multi-family and Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 864,756 | 536,845 | ||||
Less: Allowance for loan losses | 8,247 | 8,407 | 5,285 | 5,188 | 4,713 | 4,429 |
Real Estate | Construction, Land Development and Farmland | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 366,760 | 273,872 | ||||
Less: Allowance for loan losses | 1,955 | 2,126 | 2,649 | 2,513 | 2,707 | 2,500 |
Real Estate | 1-4 Family Residential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 334,730 | 227,529 | ||||
Less: Allowance for loan losses | 2,289 | 1,454 | 1,280 | 1,383 | 1,455 | 1,333 |
Real Estate | 1-4 Family HELOC | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 101,492 | 96,228 | ||||
Less: Allowance for loan losses | 1,485 | 975 | 624 | 704 | 686 | 656 |
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 209,071 | 16,855 | ||||
Less: Allowance for loan losses | 826 | 584 | 177 | 170 | 188 | 184 |
Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 8,259 | 13,180 | ||||
Less: Allowance for loan losses | $ 20 | $ 16 | $ 34 | $ 34 | $ 36 | $ 39 |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 18,237 | $ 11,666 | $ 12,578 | $ 10,892 |
Charge-offs | (68) | (51) | (1,142) | (270) |
Recoveries | 165 | 70 | 998 | 863 |
Provision | 1,500 | 606 | 7,400 | 806 |
Ending balance | 19,834 | 12,291 | 19,834 | 12,291 |
Commercial, Industrial and Agricultural | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 4,675 | 1,881 | 2,529 | 1,751 |
Charge-offs | 0 | (2) | (507) | (170) |
Recoveries | 88 | 48 | 126 | 342 |
Provision | 249 | 372 | 2,864 | 376 |
Ending balance | 5,012 | 2,299 | 5,012 | 2,299 |
Real Estate | Multi-family and Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 8,407 | 4,713 | 5,285 | 4,429 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 9 | 3 | 20 | 62 |
Provision | (169) | 472 | 2,942 | 697 |
Ending balance | 8,247 | 5,188 | 8,247 | 5,188 |
Real Estate | Construction, Land Development and Farmland | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2,126 | 2,707 | 2,649 | 2,500 |
Charge-offs | 0 | 0 | (114) | 0 |
Recoveries | 4 | (201) | 8 | 0 |
Provision | (175) | 7 | (588) | 13 |
Ending balance | 1,955 | 2,513 | 1,955 | 2,513 |
Real Estate | 1-4 Family Residential | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,454 | 1,455 | 1,280 | 1,333 |
Charge-offs | (8) | (12) | (68) | (29) |
Recoveries | 22 | 4 | 769 | 220 |
Provision | 821 | (64) | 308 | (141) |
Ending balance | 2,289 | 1,383 | 2,289 | 1,383 |
Real Estate | 1-4 Family HELOC | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 975 | 686 | 624 | 656 |
Charge-offs | 0 | 0 | (98) | 0 |
Recoveries | 12 | 0 | 15 | 11 |
Provision | 498 | 18 | 944 | 37 |
Ending balance | 1,485 | 704 | 1,485 | 704 |
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 584 | 188 | 177 | 184 |
Charge-offs | (60) | (16) | (355) | (37) |
Recoveries | 30 | 16 | 60 | 28 |
Provision | 272 | (18) | 944 | (5) |
Ending balance | 826 | 170 | 826 | 170 |
Other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 16 | 36 | 34 | 39 |
Charge-offs | 0 | (21) | 0 | (34) |
Recoveries | 0 | 200 | 0 | 200 |
Provision | 4 | (181) | (14) | (171) |
Ending balance | $ 20 | $ 34 | $ 20 | $ 34 |
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, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Allowance for loan losses | ||||||
Individually evaluated for impairment | $ 764 | $ 772 | ||||
Acquired with credit impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 19,070 | 11,806 | ||||
Total | 19,834 | $ 18,237 | 12,578 | $ 12,291 | $ 11,666 | $ 10,892 |
Loans | ||||||
Individually evaluated for impairment | 7,993 | 7,748 | ||||
Acquired with credit impairment | 4,533 | 1,223 | ||||
Collectively evaluated for impairment | 2,350,327 | 1,401,053 | ||||
Total | 2,362,853 | 1,410,024 | ||||
Commercial, Industrial and Agricultural | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | 764 | 755 | ||||
Acquired with credit impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 4,248 | 1,774 | ||||
Total | 5,012 | 4,675 | 2,529 | 2,299 | 1,881 | 1,751 |
Loans | ||||||
Individually evaluated for impairment | 1,084 | 1,154 | ||||
Acquired with credit impairment | 257 | 0 | ||||
Collectively evaluated for impairment | 476,444 | 244,361 | ||||
Total | 477,785 | 245,515 | ||||
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 | 8,247 | 5,285 | ||||
Total | 8,247 | 8,407 | 5,285 | 5,188 | 4,713 | 4,429 |
Loans | ||||||
Individually evaluated for impairment | 2,537 | 3,439 | ||||
Acquired with credit impairment | 1,211 | 215 | ||||
Collectively evaluated for impairment | 861,008 | 533,191 | ||||
Total | 864,756 | 536,845 | ||||
Real Estate | Construction, Land Development and Farmland | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | 0 | 17 | ||||
Acquired with credit impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 1,955 | 2,632 | ||||
Total | 1,955 | 2,126 | 2,649 | 2,513 | 2,707 | 2,500 |
Loans | ||||||
Individually evaluated for impairment | 1,777 | 1,217 | ||||
Acquired with credit impairment | 787 | 813 | ||||
Collectively evaluated for impairment | 364,196 | 271,842 | ||||
Total | 366,760 | 273,872 | ||||
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 | 2,289 | 1,280 | ||||
Total | 2,289 | 1,454 | 1,280 | 1,383 | 1,455 | 1,333 |
Loans | ||||||
Individually evaluated for impairment | 1,687 | 1,536 | ||||
Acquired with credit impairment | 934 | 195 | ||||
Collectively evaluated for impairment | 332,109 | 225,798 | ||||
Total | 334,730 | 227,529 | ||||
Real Estate | 1-4 Family HELOC | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Acquired with credit impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 1,485 | 624 | ||||
Total | 1,485 | 975 | 624 | 704 | 686 | 656 |
Loans | ||||||
Individually evaluated for impairment | 316 | 374 | ||||
Acquired with credit impairment | 14 | 0 | ||||
Collectively evaluated for impairment | 101,162 | 95,854 | ||||
Total | 101,492 | 96,228 | ||||
Consumer | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Acquired with credit impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 826 | 177 | ||||
Total | 826 | 584 | 177 | 170 | 188 | 184 |
Loans | ||||||
Individually evaluated for impairment | 592 | 28 | ||||
Acquired with credit impairment | 1,330 | 0 | ||||
Collectively evaluated for impairment | 207,149 | 16,827 | ||||
Total | 209,071 | 16,855 | ||||
Other | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Acquired with credit impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 20 | 34 | ||||
Total | 20 | $ 16 | 34 | $ 34 | $ 36 | $ 39 |
Loans | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Acquired with credit impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 8,259 | 13,180 | ||||
Total | $ 8,259 | $ 13,180 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Narrative (Details) | 2 Months Ended | 3 Months Ended | 9 Months Ended | ||
May 31, 2020USD ($) | Sep. 30, 2020USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-accrual loans | $ 6,738,000 | $ 6,738,000 | $ 4,071,000 | ||
Recorded investment, 90 days past due and still accruing, Number of loans | loan | 1 | 1 | 1 | ||
Recorded investment, 90 days past due and still accruing | $ 38,000 | $ 38,000 | $ 64,000 | ||
Modified loan amount | 0 | $ 0 | |||
CARES Act | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable modification amount | $ 530,700,000 | 21,800,000 | |||
Commercial, Industrial and Agricultural | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-accrual loans | $ 791,000 | $ 791,000 | 572,000 | ||
Number of loans | loan | 893 | 893 | |||
SBA authorizations for PPP loans, amount | $ 83,000,000 | ||||
Performing Financial Instruments | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-accrual loans | $ 2,926,000 | $ 2,926,000 | $ 1,332,000 |
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, 2020 | Dec. 31, 2019 |
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans | $ 6,738 | $ 4,071 |
Commercial, Industrial and Agricultural | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans | 791 | 572 |
Real Estate | Multi-family and Commercial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans | 1,532 | 1,276 |
Real Estate | Construction, Land Development and Farmland | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans | 1,100 | 555 |
Real Estate | 1-4 Family Residential | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans | 1,591 | 1,344 |
Real Estate | 1-4 Family HELOC | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans | 239 | 296 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans | $ 1,485 | $ 28 |
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, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 19,021 | $ 9,506 |
Recorded Investment with no Allowance for Loan Losses Recorded | 11,621 | 7,651 |
Recorded Investment with Allowance for Loan Losses Recorded | 905 | 1,320 |
Total Recorded Investment | 12,526 | 8,971 |
Related Allowance for Loan Losses | 764 | 772 |
Commercial, Industrial and Agricultural | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,575 | 1,154 |
Recorded Investment with no Allowance for Loan Losses Recorded | 436 | 5 |
Recorded Investment with Allowance for Loan Losses Recorded | 905 | 1,149 |
Total Recorded Investment | 1,341 | 1,154 |
Related Allowance for Loan Losses | 764 | 755 |
Real Estate | Multi-family and Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 5,837 | 3,746 |
Recorded Investment with no Allowance for Loan Losses Recorded | 3,748 | 3,654 |
Recorded Investment with Allowance for Loan Losses Recorded | 0 | 0 |
Total Recorded Investment | 3,748 | 3,654 |
Related Allowance for Loan Losses | 0 | 0 |
Real Estate | Construction, Land Development and Farmland | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 3,032 | 2,347 |
Recorded Investment with no Allowance for Loan Losses Recorded | 2,564 | 1,859 |
Recorded Investment with Allowance for Loan Losses Recorded | 0 | 171 |
Total Recorded Investment | 2,564 | 2,030 |
Related Allowance for Loan Losses | 0 | 17 |
Real Estate | 1-4 Family Residential | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 3,322 | 1,852 |
Recorded Investment with no Allowance for Loan Losses Recorded | 2,621 | 1,731 |
Recorded Investment with Allowance for Loan Losses Recorded | 0 | 0 |
Total Recorded Investment | 2,621 | 1,731 |
Related Allowance for Loan Losses | 0 | 0 |
Real Estate | 1-4 Family HELOC | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 436 | 376 |
Recorded Investment with no Allowance for Loan Losses Recorded | 330 | 374 |
Recorded Investment with Allowance for Loan Losses Recorded | 0 | 0 |
Total Recorded Investment | 330 | 374 |
Related Allowance for Loan Losses | 0 | 0 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 3,819 | 31 |
Recorded Investment with no Allowance for Loan Losses Recorded | 1,922 | 28 |
Recorded Investment with Allowance for Loan Losses Recorded | 0 | 0 |
Total Recorded Investment | 1,922 | 28 |
Related Allowance for Loan Losses | $ 0 | $ 0 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Summary of Average Balances of Impaired Loans and Interest Income Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, Average Recorded Investment, Subtotal | $ 947 | $ 2,631 | $ 1,019 | $ 1,568 |
Impaired loans with an allowance, Interest Income Recognized, Subtotal | 6 | 112 | 32 | 343 |
Imparied loans with no allowance, Average Recorded Investment, Subtotal | 13,369 | 8,378 | 11,039 | 7,862 |
Imparied loans with no allowance, Interest Income Recognized, Subtotal | 255 | 103 | 808 | 436 |
Average Recorded Investment, Total | 14,316 | 11,009 | 12,058 | 9,430 |
Interest Income Recognized, Total | 261 | 215 | 840 | 779 |
Commercial, Industrial and Agricultural | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, Average Recorded Investment, Subtotal | 947 | 2,435 | 975 | 1,384 |
Impaired loans with an allowance, Interest Income Recognized, Subtotal | 6 | 112 | 32 | 342 |
Imparied loans with no allowance, Average Recorded Investment, Subtotal | 594 | 672 | 356 | 537 |
Imparied loans with no allowance, Interest Income Recognized, Subtotal | 42 | 9 | 56 | 33 |
Real Estate | Multi-family and Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, Average Recorded Investment, Subtotal | 0 | 0 | 0 | 0 |
Impaired loans with an allowance, Interest Income Recognized, Subtotal | 0 | 0 | 0 | 0 |
Imparied loans with no allowance, Average Recorded Investment, Subtotal | 4,375 | 3,474 | 4,138 | 2,838 |
Imparied loans with no allowance, Interest Income Recognized, Subtotal | 63 | 46 | 278 | 141 |
Real Estate | Construction, Land Development and Farmland | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, Average Recorded Investment, Subtotal | 0 | 172 | 43 | 172 |
Impaired loans with an allowance, Interest Income Recognized, Subtotal | 0 | 0 | 0 | 0 |
Imparied loans with no allowance, Average Recorded Investment, Subtotal | 2,949 | 1,797 | 2,471 | 2,399 |
Imparied loans with no allowance, Interest Income Recognized, Subtotal | 28 | 21 | 115 | 168 |
Real Estate | 1-4 Family Residential | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, Average Recorded Investment, Subtotal | 0 | 0 | 0 | 0 |
Impaired loans with an allowance, Interest Income Recognized, Subtotal | 0 | 0 | 0 | 0 |
Imparied loans with no allowance, Average Recorded Investment, Subtotal | 3,002 | 2,124 | 2,631 | 1,924 |
Imparied loans with no allowance, Interest Income Recognized, Subtotal | 54 | 26 | 154 | 88 |
Real Estate | 1-4 Family HELOC | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, Average Recorded Investment, Subtotal | 0 | 25 | 0 | 13 |
Impaired loans with an allowance, Interest Income Recognized, Subtotal | 0 | 0 | 0 | 1 |
Imparied loans with no allowance, Average Recorded Investment, Subtotal | 331 | 296 | 367 | 148 |
Imparied loans with no allowance, Interest Income Recognized, Subtotal | 0 | 0 | 0 | 4 |
Consumer | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance, Average Recorded Investment, Subtotal | 0 | 0 | 1 | 0 |
Impaired loans with an allowance, Interest Income Recognized, Subtotal | 0 | 0 | 0 | 0 |
Imparied loans with no allowance, Average Recorded Investment, Subtotal | 2,118 | 15 | 1,076 | 16 |
Imparied loans with no allowance, Interest Income Recognized, Subtotal | $ 68 | $ 1 | $ 205 | $ 2 |
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, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 2,362,853 | $ 1,410,024 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,345,934 | 1,395,885 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,729 | 3,901 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 13,190 | 10,238 |
Commercial, Industrial and Agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 477,785 | 245,515 |
Commercial, Industrial and Agricultural | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 474,199 | 241,089 |
Commercial, Industrial and Agricultural | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,534 | 2,382 |
Commercial, Industrial and Agricultural | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,052 | 2,044 |
Real Estate | 1-4 Family Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 334,730 | 227,529 |
Real Estate | 1-4 Family Residential | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 331,930 | 225,809 |
Real Estate | 1-4 Family Residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 5 | 0 |
Real Estate | 1-4 Family Residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,795 | 1,720 |
Real Estate | 1-4 Family HELOC | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 101,492 | 96,228 |
Real Estate | 1-4 Family HELOC | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 101,176 | 95,678 |
Real Estate | 1-4 Family HELOC | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate | 1-4 Family HELOC | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 316 | 550 |
Real Estate | Multi-family and Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 864,756 | 536,845 |
Real Estate | Multi-family and Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 859,739 | 531,055 |
Real Estate | Multi-family and Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 663 | 1,519 |
Real Estate | Multi-family and Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 4,354 | 4,271 |
Real Estate | Construction, Land Development and Farmland | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 366,760 | 273,872 |
Real Estate | Construction, Land Development and Farmland | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 365,135 | 272,440 |
Real Estate | Construction, Land Development and Farmland | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Construction, Land Development and Farmland | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,625 | 1,432 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 209,071 | 16,855 |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 207,016 | 16,634 |
Consumer | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 7 | 0 |
Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,048 | 221 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 8,259 | 13,180 |
Other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 6,739 | 13,180 |
Other | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,520 | 0 |
Other | Substandard | ||
Financing Receivable, Credit Quality Indicator [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, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Past due | $ 6,382 | $ 3,682 |
Current | 2,356,471 | 1,406,342 |
Total | 2,362,853 | 1,410,024 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1,614 | 1,358 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1,995 | 266 |
Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 2,773 | 2,058 |
Commercial, Industrial and Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 631 | 655 |
Current | 477,154 | 244,860 |
Total | 477,785 | 245,515 |
Commercial, Industrial and Agricultural | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 219 | 79 |
Commercial, Industrial and Agricultural | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 4 |
Commercial, Industrial and Agricultural | Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 412 | 572 |
Real Estate | 1-4 Family Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1,868 | 966 |
Current | 332,862 | 226,563 |
Total | 334,730 | 227,529 |
Real Estate | 1-4 Family Residential | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1,006 | 501 |
Real Estate | 1-4 Family Residential | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 544 | 236 |
Real Estate | 1-4 Family Residential | Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 318 | 229 |
Real Estate | 1-4 Family HELOC | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 198 | 296 |
Current | 101,294 | 95,932 |
Total | 101,492 | 96,228 |
Real Estate | 1-4 Family HELOC | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Real Estate | 1-4 Family HELOC | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Real Estate | 1-4 Family HELOC | Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 198 | 296 |
Real Estate | Multi-family and Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1,023 | 1,043 |
Current | 863,733 | 535,802 |
Total | 864,756 | 536,845 |
Real Estate | Multi-family and Commercial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 485 |
Real Estate | Multi-family and Commercial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Real Estate | Multi-family and Commercial | Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1,023 | 558 |
Real Estate | Construction, Land Development and Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 889 | 594 |
Current | 365,871 | 273,278 |
Total | 366,760 | 273,872 |
Real Estate | Construction, Land Development and Farmland | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 255 |
Real Estate | Construction, Land Development and Farmland | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 684 | 0 |
Real Estate | Construction, Land Development and Farmland | Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 205 | 339 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1,773 | 128 |
Current | 207,298 | 16,727 |
Total | 209,071 | 16,855 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 389 | 38 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 767 | 26 |
Consumer | Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 617 | 64 |
Other | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Current | 8,259 | 13,180 |
Total | 8,259 | 13,180 |
Other | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Other | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Other | Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [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, 2020USD ($)security | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Contracts | security | 3 |
Pre-Modification Outstanding Recorded Investments | $ 1,265 |
Post-Modification Outstanding Recorded Investments | $ 1,265 |
Commercial, Industrial and Agricultural | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Contracts | security | 1 |
Pre-Modification Outstanding Recorded Investments | $ 150 |
Post-Modification Outstanding Recorded Investments | $ 150 |
Real Estate | Multi-family and Commercial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Contracts | security | 1 |
Pre-Modification Outstanding Recorded Investments | $ 721 |
Post-Modification Outstanding Recorded Investments | $ 721 |
Real Estate | 1-4 Family Residential | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Contracts | security | 1 |
Pre-Modification Outstanding Recorded Investments | $ 394 |
Post-Modification Outstanding Recorded Investments | $ 394 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - Summary of Carrying Amount of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total outstanding balance | $ 7,569 | $ 1,469 |
Less remaining purchase discount | 3,036 | 246 |
Allowance for loan losses | 0 | 0 |
Carrying amount, net of allowance for loan losses and remaining purchase discounts | 4,533 | 1,223 |
Commercial, Industrial and Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total outstanding balance | 989 | 0 |
Real Estate | Multi-family and Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total outstanding balance | 2,243 | 217 |
Real Estate | Construction, Land Development and Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total outstanding balance | 1,003 | 1,021 |
Real Estate | 1-4 Family Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total outstanding balance | 1,211 | 231 |
Real Estate | 1-4 Family HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total outstanding balance | 18 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total outstanding balance | $ 2,105 | $ 0 |
Loans and Allowance for Loan_14
Loans and Allowance for Loan Losses - Activity Related to Accretable Portion of Loans Acquired (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Beginning balance | $ 98 | $ 110 |
New loans purchased | 870 | 0 |
Year-to-date settlements | (137) | (12) |
Ending balance | $ 831 | $ 98 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Jan. 01, 2020 | |
Leases [Abstract] | |||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | us-gaap:AccountingStandardsUpdate201602Member | |||
Operating leases right of use assets | $ 14,619 | $ 11,973 | |||
Operating leases liabilities | $ 15,756 | $ 11,900 | |||
Discount rate | 4.50% | ||||
Lease expense | $ 669 | $ 2,039 | |||
Operating lease term of contract | 5 years | ||||
Annual rental payments | $ 211 | ||||
Base annual rental percentage increase | 2.50% |
Leases - Operating Lease and Li
Leases - Operating Lease and Liability (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 |
Leases [Abstract] | ||
Operating leases right of use assets | $ 14,619 | $ 11,973 |
Operating leases liabilities | $ 15,756 | |
Weighted average remaining lease term (in years) | 6 years 1 month 20 days | |
Weighted average discount rate | 4.34% |
Leases - Components of Lease Ex
Leases - Components of Lease Expense Included in Occupancy Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 851 | $ 2,333 |
Short-term lease cost | 2 | 2 |
Variable lease cost | 98 | 276 |
Total lease cost | $ 951 | $ 2,611 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liability (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 |
Lease payments due on or before | ||
September 30, 2021 | $ 3,155 | |
September 30, 2022 | 2,755 | |
September 30, 2023 | 2,716 | |
September 30, 2024 | 2,703 | |
September 30, 2025 | 2,372 | |
Thereafter | 4,289 | |
Total undiscounted cash flows | 17,990 | |
Discount on cash flows | (2,234) | |
Total lease liability | $ 15,756 | $ 11,900 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative [Line Items] | ||||
Gain (Loss) reclassified from accumulated other comprehensive income net | $ 0 | $ 0 | $ 0 | $ 0 |
Cash Flow Hedging | Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Notional amounts | $ 160,000,000 | $ 160,000,000 |
Derivatives - Interest Rate Swa
Derivatives - Interest Rate Swaps Designated as Cash Flow Hedges and Fair Value Hedges (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Unrealized losses | $ 118,000 | $ 20,000 | $ 243,000 | $ 21,000 |
Cash Flow Hedging | Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Notional amounts | 160,000,000 | $ 160,000,000 | ||
Weighted average pay rates | 2.05% | |||
Weighted average receive rates | 0.39% | |||
Weighted average maturity | 3 years 4 months 6 days | |||
Unrealized losses for cash flow hedges | 8,526,000 | $ 8,526,000 | ||
Fair Value Hedging | ||||
Derivative [Line Items] | ||||
Notional amounts | $ 19,345,000 | $ 19,345,000 | ||
Weighted average pay rates | 3.51% | |||
Weighted average receive rates | 1.21% | |||
Weighted average maturity | 8 years 4 months 2 days | |||
Unrealized losses | $ 1,690,000 |
Derivatives - Cash Flow Hedges
Derivatives - Cash Flow Hedges and Fair Value Hedges Included in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Cash Flow Hedging | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 160,000 | $ 110,000 |
Derivative Liability, Fair Value | (8,526) | (2,078) |
Cash Flow Hedging | Subordinated debentures | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | 10,000 | 10,000 |
Derivative Liability, Fair Value | (750) | (439) |
Cash Flow Hedging | Federal Home Loan Bank borrowings | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | 150,000 | 100,000 |
Derivative Liability, Fair Value | (7,776) | (1,639) |
Fair Value Hedging | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | 19,345 | 19,605 |
Derivative Liability, Fair Value | (1,690) | (630) |
Fair Value Hedging | Other Liabilities | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | 19,345 | 19,605 |
Derivative Liability, Fair Value | $ (1,690) | $ (630) |
Derivatives - Net Gains (Losses
Derivatives - Net Gains (Losses) Relating to Cash Flow Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 375 | $ (275) | $ (4,762) | $ (1,606) |
Interest rate swaps-subordinate debentures | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 51 | (42) | (230) | (264) |
Interest rate swaps-interest-bearing liabilities | Interest Expense | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 324 | $ (233) | $ (4,532) | $ (1,342) |
Derivatives - Fair Value Hedges
Derivatives - Fair Value Hedges Included in the Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative [Line Items] | ||||
Change in unrealized gain (loss) on fair value hedging instruments | $ 118 | $ 20 | $ 243 | $ 21 |
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Unrealized losses | $ (118) | $ (20) | $ (243) | $ (21) |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) - USD ($) $ in Thousands | Mar. 10, 2015 | Sep. 30, 2020 | 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 | $ 235 | |||
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 | |||
Unrecognized compensation cost, weighted-average period for recognition | 3 years 29 days | |||
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 and Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost, weighted-average period for recognition | 2 years 1 month 9 days | |||
Unrecognized compensation cost, weighted-average period for recognition | $ 2,096 | |||
Fair value of share awards vested | $ 970 |
Stock-based Compensation - Expe
Stock-based Compensation - Expense and Employee Benefit Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | ||||
Stock-based compensation expense before income taxes | $ 349 | $ 337 | $ 1,183 | $ 867 |
Less: deferred tax benefit | (91) | (88) | (309) | (227) |
Reduction of net income | $ 258 | $ 249 | $ 874 | $ 640 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Shares | ||
Outstanding, Beginning (in shares) | shares | 149,293 | |
Granted (in shares) | shares | 0 | |
Exercised (in shares) | shares | (6,544) | |
Forfeited or expired (in shares) | shares | (20,007) | |
Outstanding, Ending (in shares) | shares | 122,742 | 149,293 |
Exercisable (in shares) | shares | 83,042 | |
Weighted Average Exercise Price | ||
Outstanding, Beginning (in dollars per share) | $ / shares | $ 18.81 | |
Granted (in dollars per share) | $ / shares | 0 | |
Exercised (in dollars per share) | $ / shares | 12.03 | |
Forfeited or expired (in dollars per share) | $ / shares | 21.02 | |
Outstanding, Ending (in dollars per share) | $ / shares | 18.81 | $ 18.81 |
Exercisable (in dollars per share) | $ / shares | $ 16.43 | |
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value | ||
Outstanding, Weighted Average Remaining Contractual Term | 5 years 11 months 12 days | 6 years 8 months 4 days |
Exercised, Weighted Average Remaining Contractual Term | ||
Exercisable, Weighted Average Remaining Contractual Term | 5 years 10 days | |
Outstanding, Aggregate Intrinsic Value | $ | $ 73 | $ 553 |
Exercised, Aggregate Intrinsic Value | $ | 26 | |
Exercisable, Aggregate Intrinsic Value | $ | $ 73 |
Stock-based Compensation - Nonv
Stock-based Compensation - Nonvested Stock Option Activity (Details) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Shares | |
Non-vested options, Beginning (in shares) | shares | 74,600 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | (23,400) |
Forfeited (in shares) | shares | (11,500) |
Non-vested options, Ending (in shares) | shares | 39,700 |
Weighted Average Grant-Date Fair Value | |
Non-vested options, beginning (in dollars per share) | $ / shares | $ 6.08 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 5.23 |
Forfeited (in dollars per share) | $ / shares | 6.37 |
Non-vested options, ending (in dollars per share) | $ / shares | $ 6.56 |
Stock-based Compensation - No_2
Stock-based Compensation - Nonvested Restricted Stock Activity (Details) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Restricted Stock Units | |
Shares | |
Non-vested units/shares, Beginning (in shares) | shares | 47,750 |
Granted (in shares) | shares | 102,400 |
Vested (in shares) | shares | (12,500) |
Forfeited (in shares) | shares | (2,000) |
Non-vested units/shares, Ending (in shares) | shares | 135,650 |
Weighted Average Grant-Date Fair Value | |
Non-vested units/shares, Beginning (in dollars per share) | $ / shares | $ 23.30 |
Granted (in dollars per share) | $ / shares | 14.02 |
Vested (in dollars per share) | $ / shares | 22.57 |
Forfeited (in dollars per share) | $ / shares | 10.25 |
Non-vested units/shares, Ending (in dollars per share) | $ / shares | $ 16.55 |
Restricted Stock | |
Shares | |
Non-vested units/shares, Beginning (in shares) | shares | 90,960 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | (48,550) |
Forfeited (in shares) | shares | 0 |
Non-vested units/shares, Ending (in shares) | shares | 42,410 |
Weighted Average Grant-Date Fair Value | |
Non-vested units/shares, Beginning (in dollars per share) | $ / shares | $ 25.31 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 23.99 |
Forfeited (in dollars per share) | $ / shares | |
Non-vested units/shares, Ending (in dollars per share) | $ / shares | $ 26.82 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) $ in Thousands | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier I leverage | $ 253,534 | $ 176,748 |
Tier I leverage, ratio | 0.0872 | 0.0974 |
Tier I leverage, minimum required capital including capital conservation buffer | $ 116,300 | $ 72,586 |
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 | $ 145,375 | $ 90,733 |
Tier I leverage, to be well capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 |
Common equity tier 1 | $ 241,786 | $ 165,063 |
Common equity tier 1, ratio | 0.0977 | 0.1055 |
Common equity tier 1, minimum required capital including capital conservation buffer | $ 173,235 | $ 109,520 |
Common equity tier 1, minimum required capital including capital conservation buffer, ratio | 7.00% | 7.00% |
Common equity tier 1, to be well capitalized under prompt corrective action provisions | $ 160,861 | $ 101,698 |
Common equity tier 1, to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
Tier I risk-based capital | $ 253,534 | $ 176,748 |
Tier I risk-based capital, ratio | 0.1025 | 0.1130 |
Tier I risk-based capital, minimum required capital including capital conservation buffer | $ 210,248 | $ 132,952 |
Tier I risk-based capital, minimum required capital including capital conservation buffer, ratio | 8.50% | 8.50% |
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions | $ 197,880 | $ 125,131 |
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 0.0800 | 0.0800 |
Total risk-based capital | $ 332,434 | $ 249,751 |
Total risk-based capital, ratio | 0.1344 | 0.1597 |
Total risk-based capital, minimum required capital including capital conservation buffer | $ 259,714 | $ 164,207 |
Total risk-based capital, minimum required capital including capital conservation buffer, ratio | 10.50% | 10.50% |
Total risk-based capital, to be well capitalized under prompt corrective action provisions | $ 247,347 | $ 156,388 |
Total risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 0.1000 | 0.1000 |
Reliant Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier I leverage | $ 304,376 | $ 186,734 |
Tier I leverage, ratio | 0.1048 | 0.1030 |
Tier I leverage, minimum required capital including capital conservation buffer | $ 116,174 | $ 72,518 |
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 | $ 145,218 | $ 90,648 |
Tier I leverage, to be well capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 |
Common equity tier 1 | $ 304,376 | $ 186,734 |
Common equity tier 1, ratio | 0.1233 | 0.1195 |
Common equity tier 1, minimum required capital including capital conservation buffer | $ 172,801 | $ 109,384 |
Common equity tier 1, minimum required capital including capital conservation buffer, ratio | 7.00% | 7.00% |
Common equity tier 1, to be well capitalized under prompt corrective action provisions | $ 160,458 | $ 101,571 |
Common equity tier 1, to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
Tier I risk-based capital | $ 304,376 | $ 186,734 |
Tier I risk-based capital, ratio | 0.1233 | 0.1195 |
Tier I risk-based capital, minimum required capital including capital conservation buffer | $ 209,829 | $ 132,823 |
Tier I risk-based capital, minimum required capital including capital conservation buffer, ratio | 8.50% | 8.50% |
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions | $ 197,486 | $ 125,010 |
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 0.0800 | 0.0800 |
Total risk-based capital | $ 324,635 | $ 199,737 |
Total risk-based capital, ratio | 0.1315 | 0.1279 |
Total risk-based capital, minimum required capital including capital conservation buffer | $ 259,214 | $ 163,975 |
Total risk-based capital, minimum required capital including capital conservation buffer, ratio | 10.50% | 10.50% |
Total risk-based capital, to be well capitalized under prompt corrective action provisions | $ 246,871 | $ 156,167 |
Total risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 0.1000 | 0.1000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Basic EPS Computation | ||||
Net income attributable to common shareholders | $ 11,531 | $ 4,000 | $ 19,186 | $ 12,063 |
Weighted average common shares outstanding (in shares) | 16,587,274 | 11,104,918 | 15,053,087 | 11,247,921 |
Basic earnings per common share (in dollars per share) | $ 0.70 | $ 0.36 | $ 1.27 | $ 1.07 |
Diluted EPS Computation | ||||
Net income attributable to common shareholders | $ 11,531 | $ 4,000 | $ 19,186 | $ 12,063 |
Dilutive effect of stock options, restricted stock shares and units and employee stock purchase plan (in shares) | 62,399 | 72,449 | 67,616 | 66,445 |
Adjusted weighted average common shares outstanding (in shares) | 16,649,673 | 11,177,367 | 15,120,703 | 11,314,366 |
Diluted earnings per common share (in dollars per share) | $ 0.69 | $ 0.36 | $ 1.27 | $ 1.07 |
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 ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 273,893 | $ 260,293 |
Other real estate | 1,326 | 750 |
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 | 12,117 | 59 |
State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 190,623 | 196,660 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 15,809 | 7,845 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 40,376 | 37,761 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 14,968 | 17,968 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 688 | |
Derivative liabilities | 10,216 | 3,396 |
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 | 12,117 | 59 |
Recurring | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 190,623 | 196,660 |
Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 15,809 | 7,845 |
Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 40,376 | 37,761 |
Recurring | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 14,968 | 17,968 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
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 | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 688 | |
Derivative liabilities | 10,216 | 3,396 |
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 | 12,117 | 59 |
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 | 190,623 | 196,660 |
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 | 15,809 | 7,845 |
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 | 40,376 | 37,761 |
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 | 14,968 | 17,968 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 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 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 141 | 553 |
Other real estate | 1,326 | 750 |
Other repossessions | 1,603 | 0 |
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 | 0 | 0 |
Other repossessions | 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 | 0 | 0 |
Other repossessions | 0 | 0 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 141 | 553 |
Other real estate | 1,326 | 750 |
Other repossessions | $ 1,603 | $ 0 |
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 - Range (Weighted Average) - Significant Unobservable Inputs (Level 3) - Nonrecurring | Sep. 30, 2020 | Dec. 31, 2019 |
Appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0.10 | 0.10 |
Other real estate | 0.10 | 0.10 |
Third-party guidelines | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other repossessions | 0.10 | 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, 2020 | Dec. 31, 2019 |
Carrying Amount | ||
Financial assets | ||
Cash and due from banks | $ 14,050 | $ 7,953 |
Federal funds sold | 12,273 | 52 |
Loans, net | 2,338,064 | 1,397,374 |
Mortgage loans held for sale | 99,587 | 37,476 |
Accrued interest receivable | 14,615 | 7,188 |
Restricted equity securities | 17,367 | 11,279 |
Financial liabilities | ||
Deposits | 2,565,502 | 1,584,453 |
Accrued interest payable | 3,744 | 2,022 |
Subordinate debentures | 70,389 | 70,883 |
Federal Home Loan Bank advances | 40,555 | 10,737 |
Estimated Fair Value | ||
Financial assets | ||
Cash and due from banks | 14,050 | 7,953 |
Federal funds sold | 12,273 | 52 |
Loans, net | 2,336,300 | 1,383,719 |
Mortgage loans held for sale | 99,587 | 38,379 |
Accrued interest receivable | 14,615 | 7,188 |
Restricted equity securities | 17,367 | 11,279 |
Financial liabilities | ||
Deposits | 2,571,305 | 1,582,781 |
Accrued interest payable | 3,744 | 2,022 |
Subordinate debentures | 69,237 | 71,454 |
Federal Home Loan Bank advances | 40,887 | 10,755 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets | ||
Cash and due from banks | 14,050 | 7,953 |
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 | 12,273 | 52 |
Loans, net | 0 | 0 |
Mortgage loans held for sale | 99,587 | 38,379 |
Accrued interest receivable | 14,615 | 7,188 |
Restricted equity securities | 17,367 | 11,279 |
Financial liabilities | ||
Deposits | 0 | 0 |
Accrued interest payable | 3,744 | 2,022 |
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 | 2,336,300 | 1,383,719 |
Mortgage loans held for sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Restricted equity securities | 0 | 0 |
Financial liabilities | ||
Deposits | 2,571,305 | 1,582,781 |
Accrued interest payable | 0 | 0 |
Subordinate debentures | 69,237 | 71,454 |
Federal Home Loan Bank advances | $ 40,887 | $ 10,755 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 9 Months Ended |
Sep. 30, 2020segment | |
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, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||||||
Net interest income | $ 30,537 | $ 14,064 | $ 77,610 | $ 41,338 | ||||
Provision for loan losses | 1,500 | 606 | 7,400 | 806 | ||||
Noninterest income | 6,001 | 2,760 | 13,706 | 7,396 | ||||
Noninterest expense (excluding merger expense) | 20,255 | 12,748 | 55,301 | 38,617 | ||||
Merger expenses | 78 | 299 | 6,895 | 302 | ||||
Income tax expense (benefit) | 2,800 | 557 | 3,524 | 1,430 | ||||
CONSOLIDATED NET INCOME | 11,905 | $ 7,480 | $ (1,191) | 2,614 | $ 2,684 | $ 2,281 | 18,196 | 7,579 |
Non controlling interest in net (income) loss of subsidiary | (374) | 1,386 | 990 | 4,484 | ||||
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | 11,531 | 4,000 | 19,186 | 12,063 | ||||
Operating Segments | Commercial Banking | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 29,729 | 13,910 | 75,933 | 40,986 | ||||
Provision for loan losses | 1,500 | 606 | 7,400 | 806 | ||||
Noninterest income | 2,218 | 1,375 | 6,102 | 4,226 | ||||
Noninterest expense (excluding merger expense) | 16,065 | 9,726 | 44,961 | 30,300 | ||||
Merger expenses | 78 | 299 | 6,895 | 302 | ||||
Income tax expense (benefit) | 2,773 | 654 | 3,593 | 1,741 | ||||
CONSOLIDATED NET INCOME | 11,531 | 4,000 | 19,186 | 12,063 | ||||
Non controlling interest in net (income) loss of subsidiary | 0 | 0 | 0 | 0 | ||||
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | 11,531 | 4,000 | 19,186 | 12,063 | ||||
Operating Segments | Residential Mortgage Banking | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 808 | 154 | 1,677 | 352 | ||||
Provision for loan losses | 0 | 0 | 0 | 0 | ||||
Noninterest income | 3,797 | 1,377 | 7,601 | 3,187 | ||||
Noninterest expense (excluding merger expense) | 4,190 | 3,022 | 10,340 | 8,317 | ||||
Merger expenses | 0 | 0 | 0 | 0 | ||||
Income tax expense (benefit) | 27 | (97) | (69) | (311) | ||||
CONSOLIDATED NET INCOME | 388 | (1,394) | (993) | (4,467) | ||||
Non controlling interest in net (income) loss of subsidiary | (388) | 1,394 | 993 | 4,467 | ||||
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 | (14) | 8 | 3 | (17) | ||||
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 | (14) | 8 | 3 | (17) | ||||
Non controlling interest in net (income) loss of subsidiary | 14 | (8) | (3) | 17 | ||||
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 2,800 | $ 557 | $ 3,524 | $ 1,430 |
Effective income tax rate | 19.00% | 17.60% | 16.20% | 15.90% |
Business Combinations - Tenness
Business Combinations - Tennessee Community Bank Holdings TCB (Details) - USD ($) | Jan. 01, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | ||
Cash settlement for Tennessee Community Bank Holdings, Inc. common stock | $ 8,500,000 | $ 0 | ||
COMMON STOCK | ||||
Business Acquisition [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 1 | |||
Business combination, shares issued per acquiree share (in shares) | 0.769 | |||
Tennessee Community Bank Holdings | ||||
Business Acquisition [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 1 | |||
Reliant Bancorp, Inc. common stock shares issued (in shares) | 811,210 | |||
Cash settlement for Tennessee Community Bank Holdings, Inc. common stock | $ 18,073,000 | |||
Cash in lieu of fractional shares based on volume weighted average closing consecutive | 22.36 | |||
Exercise of stock option | 34.25 | |||
Aggregate consideration paid to holders of unexercised options | $ 430,000 | $ 430,000 | ||
Tennessee Community Bank Holdings | COMMON STOCK | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, share price (in dollars per share) | $ 17.13 |
Business Combinations - Financi
Business Combinations - Financial Impact of Merger TCB (Details) | Jan. 01, 2020USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Calculation of Purchase Price | ||||
Cash settlement for Tennessee Community Bank Holdings, Inc. common stock ($17.13 per share) | $ 8,500,000 | $ 0 | ||
Allocation of Purchase Price | ||||
Goodwill | 51,506,000 | $ 43,642,000 | ||
Tennessee Community Bank Holdings | ||||
Calculation of Purchase Price | ||||
Shares of Tennessee Community Bank Holdings, Inc. common stock outstanding as of January 1, 2020 (in shares) | shares | 1,055,041 | |||
Exchange ratio for Reliant Bancorp, Inc. common stock | 0.769 | |||
Reliant Bancorp, Inc. common stock shares issued (in shares) | shares | 811,210 | |||
Reliant Bancorp, Inc. share price at January 1, 2020 (in dollars per share) | $ / shares | $ 22.24 | |||
Estimated value of Reliant Bancorp, Inc. shares issued | $ 18,041,000 | |||
Cash settlement for Tennessee Community Bank Holdings, Inc. common stock ($17.13 per share) | 18,073,000 | |||
Cash settlement for Tennessee Community Bank Holdings, Inc.'s 26,450 outstanding stock options ($34.25 settlement price less weighted average exercise price of $18.00) | 430,000 | $ 430,000 | ||
Cash settlement for Reliant Bancorp, Inc. fractional shares ($22.36 per pro rata fractional share) | 3,000 | |||
Estimated fair value of Tennessee Community Bank Holdings, Inc. | $ 36,547,000 | |||
Number of stock options settled (in shares) | shares | 26,450 | |||
Exercise of stock option | $ 34.25 | |||
Stock options weighted average exercise price (in dollars per share) | $ / shares | $ 18 | |||
Cash in lieu of fractional shares based on volume weighted average closing consecutive | $ 22.36 | |||
Allocation of Purchase Price | ||||
Total consideration above | 36,547,000 | |||
Cash and cash equivalents | 11,026,000 | |||
Investment securities available for sale | 56,336,000 | |||
Loans, net of unearned income | 171,445,000 | |||
Accrued interest receivable | 948,000 | |||
Premises and equipment | 6,401,000 | |||
Cash surrender value of life insurance contracts | 5,629,000 | |||
Restricted equity securities | 909,000 | |||
Core deposit intangible | 3,617,000 | |||
Other assets | 833,000 | |||
Deposits | (210,538,000) | |||
Deferred tax liability | (337,000) | |||
Borrowings | (58,000) | |||
FHLB advances | (13,102,000) | |||
Other liabilities | (3,682,000) | |||
Total fair value of net assets acquired | 29,427,000 | |||
Goodwill | $ 7,120,000 | |||
COMMON STOCK | Tennessee Community Bank Holdings | ||||
Calculation of Purchase Price | ||||
Business acquisition, share price (in dollars per share) | $ / shares | $ 17.13 |
Business Combinations - First A
Business Combinations - First Advantage Bancorp FABK (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 01, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | |
Common stock, shares outstanding (in shares) | 16,634,572 | 11,206,254 | |
First Advantage Bancorp | |||
Business Acquisition [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Business combination, shares issued per acquiree share (in shares) | 1.17 | ||
Business acquisition, share price (in dollars per share) | $ 3 | ||
Business combination, cash paid in lieu of fractional shares (in dollars per share) | 11.74 | ||
Reliant Bancorp, Inc. share price at January 1, 2020 (in dollars per share) | $ 11.27 | ||
Common stock, shares outstanding (in shares) | 3,935,165 | ||
Total consideration above | $ 64,094 | ||
Consideration transferred as price per share (in dollars per share) | $ 16.28 |
Business Combinations - Finan_2
Business Combinations - Financial Impact of Merger FABK (Details) | Apr. 01, 2020USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Calculation of Purchase Price | ||||
Cash settlement for First Advantage Bancorp common stock ($3.00 per share) | $ 8,500,000 | $ 0 | ||
Allocation of Purchase Price | ||||
Goodwill | $ 51,506,000 | $ 43,642,000 | ||
First Advantage Bancorp | ||||
Calculation of Purchase Price | ||||
Shares of First Advantage Bancorp common stock outstanding as of April 1, 2020 (in shares) | shares | 3,935,165 | |||
Conversion of restricted stock units to shares of common stock of First Advantage Bancorp as of April 1, 2020 (in shares) | shares | 2,000 | |||
Total First Advantage Bancorp common stock outstanding as of April, 1, 2020 (in shares) | shares | 3,937,165 | |||
Exchange ratio for Reliant Bancorp, Inc. common stock | 1.17 | |||
Reliant Bancorp, Inc. common stock shares issued (in shares) | shares | 4,606,483 | |||
Remove fractional shares (in shares) | shares | (64) | |||
Reliant Bancorp, Inc. common stock shares issued (in shares) | shares | 4,606,419 | |||
Reliant Bancorp, Inc. share price at April 1, 2020 (in dollars per share) | $ / shares | $ 11.27 | |||
Estimated value of Reliant Bancorp, Inc. shares issued | $ 51,914,000 | |||
Cash settlement for Reliant Bancorp, Inc. fractional shares ($11.74 per pro rata fractional share) | 1,000 | |||
Cash settlement for First Advantage Bancorp common stock ($3.00 per share) | 11,805,000 | |||
Cash settlement for First Advantage Bancorp restricted stock units ($3.00 per share) | 6,000 | |||
Cash settlement for First Advantage Bancorp's 34,800 outstanding stock options ($30.00 settlement price less weighted average exercise price of $19.44) | 368,000 | |||
Total consideration above | $ 64,094,000 | |||
Business combination, cash paid in lieu of fractional shares (in dollars per share) | $ / shares | $ 11.74 | |||
Business acquisition, share price (in dollars per share) | $ / shares | $ 3 | |||
Number of stock options settled (in shares) | shares | 34,800 | |||
Exercise of stock option | $ 30 | |||
Stock options weighted average exercise price (in dollars per share) | $ / shares | $ 19.44 | |||
Allocation of Purchase Price | ||||
Total consideration above | $ 64,094,000 | |||
Cash and cash equivalents | 11,159,000 | |||
Investment securities available for sale | 35,970,000 | |||
Loans, net of unearned income | 622,423,000 | |||
Mortgage loans held for sale, net | 5,878,000 | |||
Premises and equipment | 7,905,000 | |||
Deferred tax asset | 6,024,000 | |||
Cash surrender value of life insurance contracts | 14,776,000 | |||
Other real estate and repossessed assets | 1,259,000 | |||
Core deposit intangible | 2,280,000 | |||
Operating lease right-of-use assets | 6,536,000 | |||
Other assets | 10,934,000 | |||
Deposits | (608,690,000) | |||
Borrowings | (35,962,000) | |||
Operating lease liabilities | (6,536,000) | |||
Other liabilities | (10,606,000) | |||
Total fair value of net assets acquired | 63,350,000 | |||
Goodwill | $ 744,000 | |||
First Advantage Bancorp | COMMON STOCK | ||||
Calculation of Purchase Price | ||||
Business acquisition, share price (in dollars per share) | $ / shares | $ 3 | |||
First Advantage Bancorp | Restricted Stock and Restricted Stock Units | ||||
Calculation of Purchase Price | ||||
Business acquisition, share price (in dollars per share) | $ / shares | $ 3 |
Business Combinations - Pro For
Business Combinations - Pro Forma (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Business Combinations [Abstract] | ||||
Revenue | $ 35,881 | $ 29,478 | $ 106,771 | $ 86,217 |
Net interest income | 29,880 | 25,232 | 85,741 | 74,835 |
Net income attributable to common shareholders | $ 11,117 | $ 9,182 | $ 17,715 | $ 28,545 |