Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 22, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001624322 | ||
Entity Registrant Name | Business First Bancshares, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-38447 | ||
Entity Incorporation, State or Country Code | LA | ||
Entity Tax Identification Number | 20-5340628 | ||
Entity Address, Address Line One | 500 Laurel Street, Suite 101 | ||
Entity Address, City or Town | Baton Rouge | ||
Entity Address, State or Province | LA | ||
Entity Address, Postal Zip Code | 70801 | ||
City Area Code | 225 | ||
Local Phone Number | 248-7600 | ||
Title of 12(b) Security | Common Stock, par value $1.00 per share | ||
Trading Symbol | BFST | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 296,400,000 | ||
Entity Common Stock, Shares Outstanding | 20,689,574 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and Due from Banks | $ 149,131 | $ 89,371 |
Federal Funds Sold | 174,152 | 61,372 |
Securities Available for Sale, at Fair Values | 640,605 | 278,193 |
Mortgage Loans Held for Sale | 969 | 251 |
Loans and Lease Receivable, Net of Allowance for Loan Losses of $22,024 in 2020 and $12,124 in 2019 | 2,969,331 | 1,698,141 |
Premises and Equipment, Net | 58,593 | 29,280 |
Accrued Interest Receivable | 23,895 | 8,025 |
Other Equity Securities | 12,693 | 12,565 |
Other Real Estate Owned | 9,051 | 4,036 |
Cash Value of Life Insurance | 45,030 | 32,568 |
Deferred Taxes | 5,858 | 2,145 |
Goodwill | 53,862 | 48,495 |
Core Deposit Intangible | 9,734 | 6,694 |
Other Assets | 7,456 | 2,699 |
Total Assets | 4,160,360 | 2,273,835 |
Noninterest Bearing | 1,164,139 | 398,847 |
Interest Bearing | 2,452,540 | 1,383,163 |
Total Deposits | 3,616,679 | 1,782,010 |
Securities Sold Under Agreements to Repurchase | 21,825 | 67,989 |
Short Term Borrowings | 5,020 | 0 |
Federal Home Loan Bank Borrowings | 43,145 | 93,000 |
Subordinated Debt | 25,000 | 25,000 |
Subordinated Debt - Trust Preferred Securities | 5,000 | 0 |
Accrued Interest Payable | 2,499 | 1,533 |
Other Liabilities | 25,229 | 19,206 |
Total Liabilities | 3,750,397 | 1,988,738 |
Commitments and Contingencies (See Notes 19, 21 and 22) | ||
Preferred Stock, No Par Value; 5,000,000 Shares Authorized | 0 | 0 |
Common Stock, $1 Par Value; 50,000,000 Shares Authorized; 20,621,437 and 13,279,363 Shares Issued and Outstanding at December 31, 2020 and 2019, respectively | 20,621 | 13,279 |
Additional Paid-in Capital | 299,540 | 212,505 |
Retained Earnings | 79,174 | 56,700 |
Accumulated Other Comprehensive Income | 10,628 | 2,613 |
Total Shareholders' Equity | 409,963 | 285,097 |
Total Liabilities and Shareholders' Equity | 4,160,360 | 2,273,835 |
Long-term Debt Excluding Federal Reserve Bank Payroll Protection Program Liquidity Facility [Member] | ||
Long Term Borrowings | $ 6,000 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for loan losses | $ 22,024 | $ 12,124 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 20,621,437 | 13,279,363 |
Common stock, shares outstanding (in shares) | 20,621,437 | 13,279,363 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Income: | |||
Interest and Fees on Loans | $ 140,459 | $ 95,433 | $ 69,780 |
Interest and Dividends on Non-taxable Securities | 3,183 | 2,156 | 1,902 |
Interest and Dividends on Taxable Securities | 5,769 | 5,069 | 3,932 |
Interest on Federal Funds Sold and Due From Banks | 344 | 809 | 581 |
Total Interest Income | 149,755 | 103,467 | 76,195 |
Interest Expense: | |||
Interest on Deposits | 17,562 | 19,753 | 11,833 |
Interest on Borrowings | 4,547 | 3,516 | 2,133 |
Total Interest Expense | 22,109 | 23,269 | 13,966 |
Net Interest Income | 127,646 | 80,198 | 62,229 |
Provision for Loan Losses | 11,435 | 2,606 | 2,390 |
Net Interest Income after Provision for Loan Losses | 116,211 | 77,592 | 59,839 |
Other Income: | |||
Service Charges on Deposit Accounts | 5,358 | 4,035 | 2,810 |
Gain on Sales of Securities | 135 | 106 | 7 |
Gain on Sales of Loans | 4,597 | 230 | 87 |
Other Income | 11,474 | 6,337 | 4,875 |
Total Other Income | 21,564 | 10,708 | 7,779 |
Other Expenses: | |||
Salaries and Employee Benefits | 57,394 | 35,126 | 27,862 |
Occupancy and Equipment Expense | 11,380 | 7,628 | 5,865 |
Other Expenses | 32,219 | 15,694 | 16,521 |
Total Other Expenses | 100,993 | 58,448 | 50,248 |
Income Before Income Taxes | 36,782 | 29,852 | 17,370 |
Provision for Income Taxes | 6,788 | 6,080 | 3,279 |
Net Income | $ 29,994 | $ 23,772 | $ 14,091 |
Earnings Per Share: | |||
Basic (in dollars per share) | $ 1.65 | $ 1.79 | $ 1.27 |
Diluted (in dollars per share) | $ 1.64 | $ 1.74 | $ 1.22 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Net Income | $ 29,994 | $ 23,772 | $ 14,091 |
Other Comprehensive Income (Loss): | |||
Unrealized Gain (Loss) on AFS Investment Securities | 9,783 | 7,592 | (2,317) |
Unrealized Gain on Share of Equity Method Investments | 228 | 0 | 0 |
Reclassification Adjustment for Gains on Sale of AFS Included in Net Income | 135 | 106 | 7 |
Income Tax Effect | (2,131) | (1,616) | 485 |
Other Comprehensive Income (Loss) | 8,015 | 6,082 | (1,825) |
Consolidated Comprehensive Income | $ 38,009 | $ 29,854 | $ 12,266 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Beginning of Year at Dec. 31, 2017 | $ 10,232 | $ 144,172 | $ 27,175 | $ (1,644) | $ 179,935 |
Net Income | 0 | 0 | 14,091 | 0 | 14,091 |
Other Comprehensive Income | 0 | 0 | 0 | (1,825) | (1,825) |
Cash Dividends Declared | 0 | 0 | (3,281) | 0 | (3,281) |
Stock Issuance | 2,936 | 67,192 | 0 | 0 | 70,128 |
Stock Based Compensation Cost | 49 | 1,050 | 0 | 0 | 1,099 |
Stock Repurchase | (4) | (3) | 0 | (89) | |
Stock Repurchase, APIC | (82) | ||||
Balance at End of Year at Dec. 31, 2018 | 13,213 | 212,332 | 37,982 | (3,469) | 260,058 |
Net Income | 0 | 0 | 23,772 | 0 | 23,772 |
Other Comprehensive Income | 0 | 0 | 0 | 6,082 | 6,082 |
Cash Dividends Declared | 0 | 0 | (5,054) | 0 | (5,054) |
Stock Issuance | 143 | 1,556 | 0 | 0 | 1,699 |
Stock Based Compensation Cost | 44 | 1,257 | 0 | 0 | 1,301 |
Stock Repurchase | (111) | 0 | 0 | (2,553) | |
Stock Repurchase, APIC | (2,442) | ||||
Surrendered Shares of Stock Based Compensation | (10) | (198) | 0 | 0 | (208) |
Balance at End of Year at Dec. 31, 2019 | 13,279 | 212,505 | 56,700 | 2,613 | 285,097 |
Net Income | 0 | 0 | 29,994 | 0 | 29,994 |
Other Comprehensive Income | 0 | 0 | 0 | 8,015 | 8,015 |
Cash Dividends Declared | 0 | 0 | (7,520) | 0 | (7,520) |
Stock Issuance | 7,947 | 94,097 | 0 | 0 | 102,044 |
Stock Based Compensation Cost | 49 | 2,404 | 0 | 0 | 2,453 |
Stock Repurchase | (481) | 0 | 0 | (5,799) | |
Stock Repurchase, APIC | (5,318) | ||||
Surrendered Shares of Options Exercised | (173) | (4,148) | 0 | 0 | (4,321) |
Balance at End of Year at Dec. 31, 2020 | $ 20,621 | $ 299,540 | $ 79,174 | $ 10,628 | $ 409,963 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash dividends declared (in dollars per share) | $ 0.40 | $ 0.38 | $ 0.30 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows From Operating Activities: | |||
Consolidated Net Income | $ 29,994 | $ 23,772 | $ 14,091 |
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities: | |||
Provision for Loan Losses | 11,435 | 2,606 | 2,390 |
Depreciation and Amortization | 3,164 | 1,588 | 1,172 |
Net Accretion of Purchase Accounting Adjustments | (7,283) | (2,646) | (719) |
Stock Based Compensation Cost | 2,453 | 1,093 | 1,010 |
Net Amortization of Securities | 5,136 | 1,688 | 2,038 |
Gain on Sales of Securities | (135) | (106) | (7) |
Income on Other Equity Securities | (2,658) | (1,684) | (334) |
(Gain) Loss on Sale of Other Real Estate Owned, Net of Writedowns | (30) | 546 | (14) |
Increase in Cash Value of Life Insurance | (940) | (686) | (681) |
Provision (Credit) for Deferred Income Taxes | (58) | 336 | (402) |
Gain on Sale of Branch | 0 | (581) | 0 |
Changes in Assets and Liabilities: | |||
(Increase) Decrease in Accrued Interest Receivable | (10,648) | 198 | (970) |
(Increase) Decrease in Other Assets | (2,655) | (318) | 1,275 |
Increase (Decrease) in Accrued Interest Payable | (1,694) | 159 | 184 |
Increase (Decrease) in Other Liabilities | 3,258 | (1,547) | 243 |
Net Cash Provided by Operating Activities | 29,339 | 24,418 | 19,276 |
Cash Flows From Investing Activities: | |||
Purchases of Securities Available for Sale | (233,566) | (27,223) | (16,106) |
Proceeds from Maturities / Sales of Securities Available for Sale | 66,779 | 25,984 | 11,417 |
Proceeds from Paydowns of Securities Available for Sale | 73,890 | 38,678 | 33,670 |
Net Cash Received (Paid) in Acquisition | 106,000 | 0 | (9,148) |
Net Cash Paid in Sale of Branch | 0 | (17,448) | 0 |
Purchases of Other Equity Securities | (681) | (3,031) | (1,175) |
Redemption of Other Equity Securities | 8,577 | 1,432 | 3,176 |
Net Increase in Loans | (384,962) | (189,361) | (168,371) |
Net Purchases of Premises and Equipment | (2,970) | (3,959) | (919) |
Loss on Disposal of Premises and Equipment | 576 | 774 | 0 |
Proceeds from Sales of Other Real Estate | 3,842 | 1,400 | 654 |
Net Increase in Federal Funds Sold | (112,780) | (19,536) | (23,516) |
Net Cash Used in Investing Activities | (475,295) | (192,290) | (170,318) |
Cash Flows From Financing Activities: | |||
Net Increase in Deposits | 658,388 | 73,319 | 124,471 |
Net Increase (Decrease) in Securities Sold Under Agreements to Repurchase | (48,767) | 55,760 | (5,757) |
Net Advances (Repayments) on Federal Home Loan Bank Borrowings | (89,198) | 38,000 | (25,000) |
Net Proceeds (Repayments) from Short Term Borrowings | 1,369 | 0 | (862) |
Net Repayments from Long Term Borrowings | (1,797) | 0 | (2,700) |
Proceeds from Issuance of Subordinated Debt | 0 | 0 | 25,000 |
Proceeds from Issuance of Common Stock | 3,361 | 823 | 27,652 |
Surrendered Shares of Options Exercised | (4,321) | 0 | 0 |
Repurchase of Common Stock | (5,799) | (2,553) | 0 |
Proceeds from Exercise of Stock Warrants | 0 | 876 | 0 |
Payment of Dividends on Common Stock | (7,520) | (5,054) | (3,281) |
Net Cash Provided by Financing Activities | 505,716 | 161,171 | 139,523 |
Net Increase (Decrease) in Cash and Cash Equivalents | 59,760 | (6,701) | (11,519) |
Cash and Cash Equivalents at Beginning of Period | 89,371 | 96,072 | 107,591 |
Cash and Cash Equivalents at End of Period | 149,131 | 89,371 | 96,072 |
Supplemental Disclosures for Cash Flow Information: | |||
Interest on Deposits | 16,589 | 19,616 | 11,384 |
Interest on Borrowings | 4,554 | 3,494 | 2,098 |
Income Tax Payments | 5,470 | 5,600 | 3,342 |
Supplemental Schedule for Noncash Investing and Financing Activities: | |||
Change in the Unrealized Gain (Loss) on Securities Available for Sale | 9,918 | 7,698 | (2,310) |
Change in the Unrealized Gain on Share of Equity Method Investments | 228 | 0 | 0 |
Change in Deferred Tax Effect on the Unrealized (Gain) Loss on Securities Available for Sale | (2,131) | (1,616) | 485 |
Transfer of Loans to Other Real Estate | 1,506 | 4,102 | 395 |
Transfer of Other Real Estate to Premises and Equipment | 5,900 | 0 | 1,373 |
Acquisitions: | |||
Fair Value of Tangible Assets Acquired | 1,330,940 | 0 | 627,429 |
Other Intangible Assets Acquired | 4,211 | 0 | 6,441 |
Liabilities Assumed | 1,241,834 | 0 | 577,909 |
Net Identifiable Assets Acquired Over Liabilities Assumed | $ 93,317 | $ 0 | $ 55,961 |
Note 1 - Nature of Operations -
Note 1 - Nature of Operations - Summary of Significant Accounting Policies - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 Nature of Operations – Summary of Significant Accounting Policies – The accounting principles followed by Business First Bancshares, Inc. and its wholly-owned subsidiary, b1BANK, Principles of Consolidation The consolidated financial statements include the accounts of Business First Bancshares, Inc. and its wholly-owned subsidiary, b1BANK Nature of Operations The Bank operates out of full-service banking centers in markets across Louisiana and in Dallas/Fort Worth metroplex. As a state bank, it is subject to regulation by the Office of Financial Institutions (“OFI”), State of Louisiana, and the Federal Deposit Insurance Corporation (“FDIC”), and undergoes periodic examinations by these agencies. The Company is also regulated by the Federal Reserve and is subject to periodic examinations. On January 1, 2018, December 31, 2017, two After the close of business on November 30, 2018, November 30, 2018, On May 1, 2020, April 30, 2020, COVID- 19, no 19 In accordance with Financial Accounting Standards Board (FASB) and interagency regulatory guidance issued in March 2020, 19 not 4013 December 31, 2020. Estimates Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may not may not may The Bank’s loans are generally secured by specific items of collateral including real property, business assets, and consumer assets. Although the Bank has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent on local economic conditions in the Bank’s market area. While management uses available information to recognize losses on loans, further reductions in the carrying amounts of loans may may Because of these factors, it is reasonably possible that the estimated losses on loans may Acquisition Accounting Acquisitions are accounted for under the purchase method of accounting. Purchased assets and assumed liabilities are recorded at their respective acquisition date fair values, and identifiable intangible assets are recorded at fair value. If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. The Company generally records provisional amounts of fair value at the time of acquisition based on the information available. The provisional fair values are subject to refinement for up to one Securities Management determines the appropriate classification of debt securities (held to maturity, available for sale or trading) at the time of purchase and re-evaluates this classification quarterly. Securities classified as available for sale are those debt securities the Bank intends to hold for an indefinite period of time but not Securities classified as held to maturity are those debt securities the Bank has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are recorded at cost adjusted for amortization of premium and accretion of discount, computed by various methods approximating the interest method over their contractual lives. The Bank has no securities classified as held to maturity at December 31, 2020 2019. Securities classified as trading are those securities held for resale in anticipation of short-term market movements. These securities are recorded at market value with any market adjustments included in earnings. The Bank has no securities classified as trading at December 31, 2020 2019. The Company evaluates its investment securities portfolio on a quarterly basis for indicators of other than temporary impairment (“OTTI”). Declines in the fair value of individual available for sale or held to maturity securities below their amortized cost basis are reviewed to determine whether the declines are other than temporary. For securities that the Company does not not not not Other Equity Securities The Bank has invested in Federal Home Loan Bank (“FHLB”) stock, and other similar correspondent banks, which is reflected at cost in these financial statements. As a member of the FHLB System, the Bank is required to purchase and maintain stock in an amount determined by the FHLB. The FHLB stock is redeemable at par value at the discretion of the FHLB. The Bank has invested in certain equity investments which are accounted for under the equity method of accounting. Loans Loans are stated at principal amounts outstanding, adjusted for net deferred fees or costs, less the allowance for loan losses. Interest on commercial and consumer loans is accrued daily based on the principal outstanding. Net deferred fees or costs are recognized as an adjustment to yield over the life of the loan. Generally, the Bank discontinues the accrual of interest income when a loan becomes 90 may The Bank classifies loans as impaired when it is probable the Bank will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. The measurement of impaired loans is based on the present value of the expected future cash flows discounted at the loan’s effective interest rate or the loan’s observable market price, or based on the fair value of the collateral if the loan is collateral dependent. Acquired Loans Purchased loans acquired in a business combination are recorded at their estimated fair value as of the acquisition date and there is no The Company accounts for acquired impaired loans in accordance with ASC 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310 - 30” ). not The performing loans are accounted for under ASC 310 20, Nonrefundable Fees and Other Costs (“ASC 310 20” Allowance for Loan Losses The allowance for loan losses is maintained at a level which, in management’s judgment, is adequate to absorb credit losses inherent in the loan portfolio. The allowance for loan losses is based upon management’s review and evaluation of the loan portfolio. Factors considered in the establishment of the allowance for loan losses include management’s evaluation of specific loans; the level and composition of classified loans; historical loss experience; results of examinations by regulatory agencies; an internal asset review process; expectations of future economic conditions and their impact on particular borrowers; and other judgmental factors. Allowances for impaired loans are generally determined based on collateral values or the present value of estimated cash flows. Management obtains independent appraisals for significant collateral in determining collateral values. Although management uses available information to recognize losses on loans, because of uncertainties associated with local economic conditions, collateral values, and future cash flows on impaired loans, it is reasonably possible that a material change could occur in the allowance for loan losses in the near term. However, the amount of the change that is reasonably possible cannot be estimated. Loans acquired in business combinations are initially recorded at fair value, which includes an estimate of credit losses expected to be realized over the remaining lives of the loans and, therefore, no not The allowance for loan losses is based on estimates of probable future losses, and ultimate losses may Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is provided at rates based upon estimated useful service lives using the straight-line method for financial reporting purposes. The costs of assets retired or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts in the year of disposal and the resulting gains or losses are included in current operations. Expenditures for maintenance and repairs are charged to operations as incurred. Costs of major additions and improvements are capitalized and expensed over their estimated depreciable lives. Other Real Estate Owned Real estate properties acquired through or in lieu of loan foreclosure or negotiated settlement are initially recorded at the fair value less estimated selling cost at the date of acquisition. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan losses. After foreclosure, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less cost to sell. Impairment losses on property to be held and used are measured as the amount by which the carrying amount of a property exceeds its fair value. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. Valuations are periodically performed by management, and any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its cost or fair value less cost to sell. Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. Goodwill and other intangible assets deemed to have an indefinite useful life are not Intangible assets with estimable useful lives are amortized over their respective estimated useful lives and reviewed for impairment. If impaired, the asset is written down to its estimated fair value. Core deposit intangibles (“CDI”) representing the value of the acquired core deposit base are generally recorded in connection with business combinations involving banks and branch locations. The Company’s policy is to amortize core deposit intangibles on a straight-line basis over their estimated useful life of 10 years. Core deposit intangibles are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not The Company recognizes the rights to service mortgage and other loans as separate assets, which are recorded in other assets in the consolidated balance sheets, when purchased or when servicing is contractually separated from the underlying loans by sale with servicing rights retained. For loan sales with servicing retained, a servicing right, generally an asset, is recorded at fair value at the time of sale for the right to service the loans sold. All servicing rights are identified by class and amortized over the remaining service life of the loan. Income Taxes The provision for income taxes is based on amounts reported in the statement of income after exclusion of nontaxable income such as interest on state and municipal securities. Also, certain items of income and expense are recognized in different time periods for financial statement purposes than for income tax purposes. Thus, provisions for deferred taxes are recorded in recognition of such temporary differences. Deferred taxes are provided utilizing a liability method whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the reported amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company files a consolidated federal income tax return. Consolidated income tax expense is allocated on the basis of each entity’s income adjusted for permanent differences. The Company evaluates all significant tax positions as required by accounting principles generally accepted in the United States of America. As of December 31, 2020 2019, not The Company files income tax returns in the U.S. federal jurisdiction and applicable states. With few exceptions, the Company is no 2017. not Stock Based Compensation As described in Note 16, Statements of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand and deposits in other financial institutions. Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities or other equity investments, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. The components of comprehensive income are disclosed on the Consolidated Statements of Comprehensive Income for all periods presented. Advertising The Company expenses all costs of advertising and promotion the first December 31, 2020, 2019 2018, Recognition of Revenue from Contracts with Customers Service charges on deposit accounts, broker commissions, ATM/debit card fee income (including interchange), and transactional income from traditional banking services, are the significant noninterest income sources of revenue from contracts with customers. The Company generally acts in a principal capacity in the performance of these services. The Company’s performance obligations are generally satisfied as the services are rendered and typically do not not not Accounting Standards Adopted in 20 20 On January 26, 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 2 not one zero April 1, 2020 no The Company adopted ASU No. 2020 04, Reference Rate Reform (Topic 848 2020 04 January 1, 2020. 848 848 Accounting Standards Not In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 not may first October 18, 2019, January 2023 October 18, 2019. may |
Note 2 - Reclassifications -
Note 2 - Reclassifications - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | Note 2 Certain reclassifications may 2020. no |
Note 3 - Mergers and Acquisitio
Note 3 - Mergers and Acquisitions - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 3 On May 1, 2020, January 22, 2020, May 1, 2020, b1BANK. April 30, 2020, The following table reflects the consideration paid for Pedestal’s net assets and the identifiable assets purchased and liabilities assumed at their estimated fair values as of May 1, 2020. may one Cost and Allocation of Purchase Price for Pedestal Bancshares, Inc. (Pedestal): (Dollars in thousands, except per share data) Purchase Price: Shares Issued to Pedestal Shareholders on May 1, 2020 7,614,506 Closing Stock Price on May 1, 2020 $ 12.96 Total Purchase Price $ 98,684 Net Assets Acquired: Cash and Cash Equivalents $ 106,000 Securities Available for Sale 264,517 Loans and Leases Receivable 893,295 Premises and Equipment, Net 35,983 Cash Value of Life Insurance 11,522 Core Deposit Intangible 4,211 Other Assets 19,623 Total Assets 1,335,151 Deposits 1,177,137 Borrowings 59,399 Other Liabilities 5,298 Total Liabilities 1,241,834 Net Assets Acquired 93,317 Goodwill Resulting from Merger $ 5,367 The Company has recorded approximately $9.6 million of acquisition-related costs within merger and conversion-related expenses and salaries and benefits for the year ended December 31, 2020. The following is a description of the methods used to determine the fair values of significant assets acquired and liabilities assumed presented above. Cash and Cash Equivalents: Securities Available for Sale: not not Loans and Leases Receivable: not not Core Deposit Intangible (CDI) : Deposits: Borrowings: The following unaudited supplemental pro forma information is presented to reflect estimated results assuming Pedestal was acquired as of January 1, 2019. not January 1, 2019 not For The Year Ended December 31, 2020 2019 (Dollars in thousands, except per share data) Interest Income $ 170,619 $ 171,524 Interest Expense 24,288 30,321 Net Interest Income 146,331 141,203 Provision for Loan Losses 11,435 862 Net Interest Income after Provision for Loan Losses 134,896 140,341 Noninterest Income 26,095 21,728 Noninterest Expense 105,474 98,988 Income Before Income Taxes 55,517 63,081 Income Tax Expense 10,722 13,058 Net Income $ 44,795 $ 50,023 Earnings Per Common Share Basic $ 2.17 $ 2.39 Diluted $ 2.17 $ 2.35 This pro forma information combines the historical consolidated results of operations of the Company and Pedestal for the periods presented and gives effect to the following adjustments: Fair value adjustments: December 31, 2019 December 31, 2020 Pedestal’s provision for loan losses: December 31, 2019, December 31, 2020 not Noninterest Expense: December 31, 2020. Provision for Income Taxes |
Note 4 - Earnings Per Common Sh
Note 4 - Earnings Per Common Share - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 4 Basic earnings per share (“EPS”) represents income available to common shareholders divided by the weighted average number of common shares outstanding; no may Years Ended December 31, 2020 2019 2018 (Dollars in thousands, except per share data) Numerator: Net Income Available to Common Shares $ 29,994 $ 23,772 $ 14,091 Denominator: Weighted Average Common Shares Outstanding 18,169,599 13,310,577 11,124,585 Dilutive Effect of Stock Options and Restricted Stock Awards 73,846 360,200 421,358 Weighted Average Dilutive Common Shares 18,243,445 13,670,777 11,545,943 Basic Earnings Per Common Share From Net Income Available to Common Shares $ 1.65 $ 1.79 $ 1.27 Diluted Earnings Per Common Share From Net Income Available to Common Shares $ 1.64 $ 1.74 $ 1.22 |
Note 5 - Cash and Due From Bank
Note 5 - Cash and Due From Bank - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | Note 5 – Cash and Due From Bank – The Bank is required to maintain funds in cash or on deposit with the Federal Reserve Bank. The Bank had no required reserves as of December 31, 2020 2019. |
Note 6 - Securities -
Note 6 - Securities - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 6 – Securities – The amortized cost and fair values of securities available for sale as of December 31, 2020 2019 December 31, 2020 (Dollars in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government Agencies $ 2,567 $ 5 $ - $ 2,572 Corporate Securities 38,738 380 5 39,113 Mortgage-Backed Securities 288,373 6,893 247 295,019 Municipal Securities 296,262 6,097 106 302,253 Other Securities 1,440 208 - 1,648 Total Securities Available for Sale $ 627,380 $ 13,583 $ 358 $ 640,605 December 31, 2019 (Dollars in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government Agencies $ 15,654 $ 303 $ 20 $ 15,937 Corporate Securities 23,774 98 158 23,714 Mortgage-Backed Securities 137,817 2,139 497 139,459 Municipal Securities 97,641 1,447 5 99,083 Other Securities - - - - Total Securities Available for Sale $ 274,886 $ 3,987 $ 680 $ 278,193 The following table is a summary of securities with gross unrealized losses and fair values at December 31, 2020 2019, December 31, 2020 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Government Agencies $ - $ - $ - $ - $ - $ - Corporate Securities 4,995 5 - - 4,995 5 Mortgage-Backed Securities 44,680 246 17 1 44,697 247 Municipal Securities 18,421 106 - - 18,421 106 Other Securities - - - - - - Total Securities Available for Sale $ 68,096 $ 357 $ 17 $ 1 $ 68,113 $ 358 December 31, 2019 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Government Agencies $ 2,486 $ 20 $ - $ - $ 2,486 $ 20 Corporate Securities - - 6,360 158 6,360 158 Mortgage-Backed Securities 950 4 44,366 493 45,316 497 Municipal Securities 948 4 1,261 1 2,209 5 Other Securities - - - - - - Total Securities Available for Sale $ 4,384 $ 28 $ 51,987 $ 652 $ 56,371 $ 680 Management evaluates securities for other than temporary impairment when economic and market conditions warrant such evaluations. Consideration is given to the extent and length of time the fair value has been below cost, the reasons for the decline in value, and the Company’s intent to sell a security or whether it is more likely than not The amortized cost and fair values of securities available for sale as of December 31, 2020 may may Amortized Fair Cost Value (Dollars in thousands) Less Than One Year $ 18,725 $ 18,814 One to Five Years 122,929 125,050 Over Five to Ten Years 294,048 300,897 Over Ten Years 191,678 195,844 Total Securities Available for Sale $ 627,380 $ 640,605 Securities available for sale with a fair value of $301.7 million and $165.9 million, respectively, were pledged as collateral on public deposits and for other purposes as required or permitted by law as of December 31, 2020 2019. There were $293,000, $112,000 and $7,000 realized gross gains from sales or redemptions of securities for the years ended December 31, 2020, 2019 2018, December 31, 2020 2019, December 31, 2018. Other Equity Securities The Company has invested in the Federal Home Loan Bank of Dallas which is included in other equity securities and reflected at cost in these financial statements. The cost of these securities was $3.4 million and $6.1 December 31, 2020 2019. December 31, 2020 2019. December 31, 2020 2019, Additionally, the Company has invested $2.0 million and $1.9 million in McLarty Capital Partners SBIC, L.P., $2.0 million and $1.8 million in McLarty Capital Partners SBIC II, L.P., $1.7 million and $1.6 million in Bluehenge Capital Secured Debt SBIC, L.P., $25,000 and $12,000 in New Louisiana Angel Fund 2, December 31, 2020 2019, December 31, 2020 December 31, 2019. |
Note 7 - Loans and the Allowanc
Note 7 - Loans and the Allowance for Loan Losses - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 7 – Loans and the Allowance for Loan Losses – Loans receivable at December 31, 2020 2019 December 31, 2020 2019 (Dollars in thousands) Real estate loans: Construction and land $ 403,065 $ 244,181 Farmland 55,883 48,681 1-4 family residential 468,650 293,142 Multi-family residential 95,707 36,454 Nonfarm nonresidential 971,603 612,608 Commercial 886,325 390,398 Consumer 110,122 84,801 Total loans held for investment 2,991,355 1,710,265 Less: Allowance for loan losses (22,024 ) (12,124 ) Net loans $ 2,969,331 $ 1,698,141 SBA PPP loans accounted for $313.9 million and $1.6 million of the commercial and consumer portfolios, respectively, as of December 31, 2020. December 31, 2020, none The performing 1 4 December 31, 2020 2019. Net deferred loan origination fees were $10.2 million and $3.0 million at December 31, 2020 2019, December 31, 2020 December 31, 2020 2019, The Bank is the lead lender on participations sold, without recourse, to other financial institutions which amounts are not December 31, 2020 2019, December 31, 2020. The Bank grants loans and extensions of credit to individuals and a variety of businesses and corporations located in its general market areas throughout Louisiana and Texas. Management segregates the loan portfolio into portfolio segments which is defined as the level at which the Bank develops and documents a systematic method for determining its allowance for loan losses. The portfolio segments are segregated based on loan types and the underlying risk factors present in each loan type. Such risk factors are periodically reviewed by management and revised as deemed appropriate. Loans acquired in business combinations are initially recorded at fair value, which includes an estimate of credit losses expected to be realized over the remaining lives of the loans and, therefore, no not Total loans held for investment at December 31, 2020 December 31, 2020 310 30 not 310 30 Total loans held for investment at December 31, 2019 December 31, 2019 310 30 not 310 30 The following tables set forth, as of December 31, 2020 2019, not not Allowance for Credit Losses and Recorded Investment in Loans Receivable December 31, 2020 (Dollars in thousands) Real Estate: Real Estate: Real Estate: Real Estate: Construction Real Estate: 1-4 Family Multi-family Nonfarm and Land Farmland Residential Residential Nonresidential Commercial Consumer Total Allowance for credit losses: Beginning Balance $ 1,868 $ 229 $ 1,888 $ 226 $ 3,882 $ 3,414 $ 617 $ 12,124 Charge-offs (26 ) (2 ) (387 ) - (232 ) (849 ) (467 ) (1,963 ) Recoveries 10 - 53 - 12 203 150 428 Provision 1,732 373 1,899 592 3,707 2,250 882 11,435 Ending Balance $ 3,584 $ 600 $ 3,453 $ 818 $ 7,369 $ 5,018 $ 1,182 $ 22,024 Ending Balance: Individually evaluated for impairment $ 27 $ 93 $ 62 $ - $ 119 $ 609 $ 104 $ 1,014 Collectively evaluated for impairment $ 3,557 $ 507 $ 3,391 $ 818 $ 7,250 $ 4,409 $ 1,078 $ 21,010 Purchased Credit Impaired (1) $ - $ - $ - $ - $ - $ - $ - $ - Loans receivable: Ending Balance $ 403,065 $ 55,883 $ 468,650 $ 95,707 $ 971,603 $ 886,325 $ 110,122 $ 2,991,355 Ending Balance: Individually evaluated for impairment $ 924 $ 300 $ 3,981 $ - $ 7,292 $ 6,997 $ 482 $ 19,976 Collectively evaluated for impairment $ 401,134 $ 55,515 $ 437,216 $ 95,707 $ 935,655 $ 874,131 $ 107,761 $ 2,907,119 Purchased Credit Impaired (1) $ 1,007 $ 68 $ 27,453 $ - $ 28,656 $ 5,197 $ 1,879 $ 64,260 ( 1 December 31, 2019 (Dollars in thousands) Real Estate: Real Estate: Real Estate: Real Estate: Construction Real Estate: 1-4 Family Multi-family Nonfarm and Land Farmland Residential Residential Nonresidential Commercial Consumer Total Allowance for credit losses: Beginning balance $ 1,590 $ 104 $ 1,538 $ 236 $ 2,715 $ 4,453 $ 584 $ 11,220 Charge-offs (2 ) (2 ) (162 ) - (51 ) (1,556 ) (52 ) (1,825 ) Recoveries - - 14 - 4 41 64 123 Provision 280 127 498 (10 ) 1,214 476 21 2,606 Ending Balance $ 1,868 $ 229 $ 1,888 $ 226 $ 3,882 $ 3,414 $ 617 $ 12,124 Ending Balance: Individually evaluated for impairment $ - $ 4 $ 30 $ - $ 52 $ 421 $ 49 $ 556 Collectively evaluated for impairment $ 1,868 $ 225 $ 1,858 $ 226 $ 3,830 $ 2,993 $ 568 $ 11,568 Purchased Credit Impaired (1) $ - $ - $ - $ - $ - $ - $ - $ - Loans receivable: Ending Balance $ 244,181 $ 48,681 $ 293,142 $ 36,454 $ 612,608 $ 390,398 $ 84,801 $ 1,710,265 Ending Balance: Individually evaluated for impairment $ 397 $ 222 $ 2,531 $ - $ 4,101 $ 4,175 $ 421 $ 11,847 Collectively evaluated for impairment $ 243,784 $ 48,324 $ 290,549 $ 36,454 $ 603,891 $ 386,027 $ 84,380 $ 1,693,409 Purchased Credit Impaired (1) $ - $ 135 $ 62 $ - $ 4,616 $ 196 $ - $ 5,009 ( 1 Portfolio Segment Risk Factors Construction and land include loans to small-to-midsized businesses to construct owner-user properties, loans to developers of commercial real estate investment properties and residential developments and, to a lesser extent, loans to individual clients for construction of single-family homes in our market areas. Risks associated with these loans include fluctuations in the value of real estate, project completion risk and change in market trends. We are also exposed to risk based on the ability of the construction loan borrower to finance the loan or sell the property upon completion of the project, which may Farmland loans are often for investments related to agricultural businesses and may One to four first second 1 4 Multi-family residential loans are generally originated to provide permanent financing for multi-family residential income producing properties. Repayment of these loans primarily relies on successful rental and management of the property. Nonfarm nonresidential loans are extensions of credit secured by owner occupied and non-owner occupied collateral. Repayment is generally relied upon from the successful operations of the property. General economic conditions may Commercial loans include general commercial and industrial, or C&I, loans, including commercial lines of credit, working capital loans, term loans, equipment financing, asset acquisition, expansion and development loans, borrowing base loans, letters of credit and other loan products, primarily in our target markets that are underwritten on the basis of the borrower’s ability to service the debt from income. Commercial loan risk is derived from the expectation that such loans generally are serviced principally from the operations of the business, and those operations may not may not Consumer loans include a variety of loans to individuals for personal, family and household purposes, including secured and unsecured installment and term loans. The risk is based on changes in the borrower’s financial condition, which could be affected by numerous factors, including divorce, job loss, illness or other personal hardship, and fluctuations in the value of the real estate or personal property securing the consumer loan, if any. Within the commercial and consumer loans are 100 % Management further disaggregates the loan portfolio segments into classes of loans, which are based on the initial measurement of the loan, risk characteristics of the loan and the method for monitoring and assessing the credit risk of the loan. As of December 31, 2020 2019, Credit Quality Indicators December 31, 2020 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Real Estate Loans: Construction and land $ 400,027 $ 912 $ 1,202 $ 924 $ 403,065 Farmland 53,874 1,642 - 367 55,883 1-4 family residential 450,702 9,290 4,913 3,745 468,650 Multi-family residential 95,359 320 28 - 95,707 Nonfarm nonresidential 949,245 12,810 3,473 6,075 971,603 Commercial 859,851 16,832 7,325 2,317 886,325 Consumer 107,449 1,970 229 474 110,122 Total $ 2,916,507 $ 43,776 $ 17,170 $ 13,902 $ 2,991,355 December 31, 2019 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Real Estate Loans: Construction and land $ 241,519 $ 1,141 $ 1,124 $ 397 $ 244,181 Farmland 46,591 1,737 14 339 48,681 1-4 family residential 284,381 3,175 3,237 2,349 293,142 Multi-family residential 36,422 - 32 - 36,454 Nonfarm nonresidential 594,046 11,077 3,830 3,655 612,608 Commercial 374,500 9,219 4,854 1,825 390,398 Consumer 82,726 1,538 125 412 84,801 Total $ 1,660,185 $ 27,887 $ 13,216 $ 8,977 $ 1,710,265 The above classifications follow regulatory guidelines and can generally be described as follows: ● Pass loans are of satisfactory quality. ● Special mention loans have an existing weakness that could cause future impairment, including the deterioration of financial ratios, past due status, questionable management capabilities and possible reduction in the collateral values. ● Substandard loans have an existing specific and well defined weakness that may may ● Doubtful loans have specific weaknesses that are severe enough to make collection or liquidation in full highly questionable and improbable. As of December 31, 2020 2019, 90 December 31, 2020 2019, 90 The following tables provide an analysis of the aging of loans and leases as of December 31, 2020 December 31, 2019. not 90 Aged Analysis of Past Due Loans Receivable December 31, 2020 (Dollars in thousands) Recorded Greater Investment Over 30-59 Days 60-89 Days Than 90 Days Total Total Loans 90 Days Past Due Past Due Past Due Past Due Past Due Current Receivable and Still Accruing Real Estate Loans: Construction and land $ 874 $ 75 $ 972 $ 1,921 $ 401,144 $ 403,065 $ 72 Farmland - 11 289 300 55,583 55,883 - 1-4 family residential 3,162 1,160 1,927 6,249 462,401 468,650 603 Multi-family residential - - - - 95,707 95,707 - Nonfarm nonresidential 2,651 1,049 2,514 6,214 965,389 971,603 315 Commercial 2,618 549 1,925 5,092 881,233 886,325 511 Consumer 389 33 283 705 109,417 110,122 22 Total $ 9,694 $ 2,877 $ 7,910 $ 20,481 $ 2,970,874 $ 2,991,355 $ 1,523 December 31, 2019 (Dollars in thousands) Recorded Greater Investment Over 30-59 Days 60-89 Days Than 90 Days Total Total Loans 90 Days Past Due Past Due Past Due Past Due Past Due Current Receivable and Still Accruing Real Estate Loans: Construction and land $ 483 $ 17 $ 379 $ 879 $ 243,302 $ 244,181 $ - Farmland 18 16 143 177 48,504 48,681 - 1-4 family residential 1,245 975 1,000 3,220 289,922 293,142 29 Multi-family residential 32 - - 32 36,422 36,454 - Nonfarm nonresidential 181 610 1,529 2,320 610,288 612,608 - Commercial 126 142 1,311 1,579 388,819 390,398 - Consumer 143 34 405 582 84,219 84,801 43 Total $ 2,228 $ 1,794 $ 4,767 $ 8,789 $ 1,701,476 $ 1,710,265 $ 72 Loan Receivables on Nonaccrual Status December 31, 2020 2019 (Dollars in thousands) Real Estate Loans: Construction and land $ 924 $ 397 Farmland 367 339 1-4 family residential 2,603 2,349 Multi-family residential - - Nonfarm nonresidential 3,119 3,655 Commercial 1,753 1,825 Consumer 297 412 Total $ 9,063 $ 8,977 The following is a summary of information pertaining to impaired loans as of December 31, 2020 December 31, 2019. December 31, 2020 2019, December 31, 2020 (Dollars in thousands) Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment With an allowance recorded: Real Estate Loans: Construction and land $ 27 $ 27 $ 27 $ 2 Farmland 109 112 93 27 1-4 family residential 337 361 62 361 Multi-family residential - - - - Nonfarm nonresidential 457 457 119 652 Other Loans: Commercial 2,530 2,636 609 1,655 Consumer 133 145 104 158 Total $ 3,593 $ 3,738 $ 1,014 $ 2,855 With no allowance recorded: Real Estate Loans: Construction and land $ 897 $ 939 $ - $ 520 Farmland 190 197 - 208 1-4 family residential 3,644 4,469 - 3,540 Multi-family residential - - - - Nonfarm nonresidential 6,836 7,468 - 4,452 Other Loans: Commercial 4,467 4,626 - 6,825 Consumer 349 398 - 367 Total $ 16,383 $ 18,097 $ - $ 15,912 Total Impaired Loans: Real Estate Loans: Construction and land $ 924 $ 966 $ 27 $ 522 Farmland 299 309 93 235 1-4 family residential 3,981 4,830 62 3,901 Multi-family residential - - - - Nonfarm nonresidential 7,293 7,925 119 5,104 Other Loans: Commercial 6,997 7,262 609 8,480 Consumer 482 543 104 525 Total $ 19,976 $ 21,835 $ 1,014 $ 18,767 December 31, 2019 (Dollars in thousands) Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment With an allowance recorded: Real Estate Loans: Construction and land $ - $ - $ - $ 1 Farmland 20 21 4 21 1-4 family residential 136 167 30 163 Multi-family residential - - - - Nonfarm nonresidential 721 738 52 601 Other Loans: Commercial 851 926 421 1,053 Consumer 120 123 49 116 Total $ 1,848 $ 1,975 $ 556 $ 1,955 With no allowance recorded: Real Estate Loans: Construction and land $ 397 $ 420 $ - $ 184 Farmland 202 207 - 177 1-4 family residential 2,395 3,041 - 2,531 Multi-family residential - - - - Nonfarm nonresidential 3,381 3,693 - 3,644 Other Loans: Commercial 3,323 4,173 - 4,157 Consumer 301 358 - 192 Total $ 9,999 $ 11,892 $ - $ 10,885 Total Impaired Loans: Real Estate Loans: Construction and land $ 397 $ 420 $ - $ 185 Farmland 222 228 4 198 1-4 family residential 2,531 3,208 30 2,694 Multi-family residential - - - - Nonfarm nonresidential 4,102 4,431 52 4,245 Other Loans: Commercial 4,174 5,099 421 5,210 Consumer 421 481 49 308 Total $ 11,847 $ 13,867 $ 556 $ 12,840 As discussed in Note 3, May 1, 2020. $893.3 no 310 10 310 20. May 1, 2020. 310 30. The following table presents the balances acquired on May 1, 2020 310 30. Purchased Impaired Credits (Dollars in thousands) Contractually required payments $ 133,621 Non-accretable difference (expected losses) (49,828 ) Cash flows expected to be collected at acquisition 83,793 Accretable yield (9,202 ) Basis in acquired loans at acquisition $ 74,591 The following is a summary of changes in the accretable difference for loans accounted for under ASC 310 30 December 31, 2020: Balance at December 31, 2019 $ 1,489 Accretable difference relating to purchased impaired credits acquired in Pedestal acquisition 9,202 Transfers from non-accretable difference to accretable yield 4,762 Accretion (2,801 ) Changes in expected cash flows not affecting non-accretable differences 3,201 Balance at December 31, 2020 $ 15,853 The Bank seeks to assist customers that are experiencing financial difficulty by renegotiating loans within lending regulations and guidelines. The Bank makes loan modifications, primarily utilizing internal renegotiation programs via direct customer contact, that manage customers’ debt exposures held only by the Bank. Additionally, the Bank makes loan modifications with customers who have elected to work with external renegotiation agencies and these modifications provide solutions to customers’ entire unsecured debt structures. During the periods ended December 31, 2020 2019, Once modified in a troubled debt restructuring, a loan is generally considered impaired until its contractual maturity. At the time of the restructuring, the loan is evaluated for an allowance for credit losses. The Bank continues to specifically reevaluate the loan in subsequent periods, regardless of the borrower’s performance under the modified terms. If a borrower subsequently defaults on the loan after it is restructured, the Bank provides an allowance for credit losses for the amount of the loan that exceeds the value of the related collateral or expected cash flows. The following tables present informative data regarding troubled debt restructurings as of December 31, 2020 December 31, 2019. Modifications as of December 31, 2020: Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Troubled Debt Restructuring Real Estate Loans: 1-4 family residential 4 $ 268 $ 215 Nonfarm nonresidential 5 4,627 4,204 Other Loans: Commercial 7 5,150 4,094 Consumer 3 18 8 Total 19 $ 10,063 $ 8,521 Modifications as of December 31, 2019: Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Troubled Debt Restructuring Real Estate Loans: 1-4 family residential 3 $ 235 $ 219 Nonfarm nonresidential 3 2,411 2,044 Other Loans: Commercial 6 5,914 2,755 Consumer 1 11 9 Total 13 $ 8,571 $ 5,027 The Bank had one December 31, 2020 none December 31, 2019. seven December 31, 2020, December 31, 2019, three As of December 31, 2020, 19 December 31, 2020, 4013 19 not December 31, 2020. During 2020, December 31, 2020, not Accrued interest receivable of $8.4 million was outstanding as of December 31, 2020 19 |
Note 8 - Premises and Equipment
Note 8 - Premises and Equipment - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 8 – Premises and Equipment – Bank premises and equipment at December 31, 2020 2019 2020 2019 (Dollars in thousands) Land $ 7,091 $ 2,784 Buildings and Leasehold Improvements 46,226 12,078 Furniture and Equipment 27,219 11,862 Right of Use Asset 12,932 13,242 Total Bank Premises and Equipment 93,468 39,966 Less: Accumulated Depreciation (34,875 ) (10,686 ) Total Bank Premises and Equipment, net $ 58,593 $ 29,280 The provision for depreciation and amortization attributable to bank premises and equipment charged to operating expenses was $3.2 million, $1.6 million and $1.2 million for the years ended December 31, 2020, 2019 2018, |
Note 9 - Goodwill and Other Int
Note 9 - Goodwill and Other Intangible Assets - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 9 - Goodwill and Other Intangible Assets – Goodwill was recorded in acquisitions during the years ended December, 31, 2020, 2018 2015. December 31, 2020 2019 2020. October 1, 2020. not no December 31, 2020. Core deposit intangibles were acquired in conjunction with the business combinations. A summary of the core deposit intangible asset as of December 31, 2020 2019 2020 2019 (Dollars in thousands) Gross Carrying Amount $ 8,917 $ 9,203 Acquired in Pedestal Acquisition 4,211 - Adjustment for Sale of Branch - (286 ) Less: Accumulated Amortization (3,394 ) (2,223 ) Net Carrying Amount $ 9,734 $ 6,694 Amortization expense on the core deposit intangible asset totaled approximately $1.2 million, $905,000 and $559,000 during the years ended December 31, 2020, 2019 2018, December 31, (Dollars in thousands) 2021 $ 1,311 2022 1,311 2023 1,311 2024 1,311 2025 1,104 Thereafter 3,386 Total Core Deposit Intangible $ 9,734 |
Note 10 - Deposits -
Note 10 - Deposits - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 10 – Deposits – Deposit accounts at December 31, 2020 2019 2020 2019 (Dollars in thousands) Noninterest Bearing - DDA $ 1,164,139 $ 398,847 Noninterest Bearing Deposits 1,164,139 398,847 Interest Bearing - DDA 178,999 45,058 NOW and Super NOW Accounts 509,501 295,620 Money Market Accounts 702,512 365,114 Savings Accounts 251,297 81,915 Certificates of Deposit Over $250,000 219,580 152,859 Other Certificates of Deposit 590,651 442,597 Interest Bearing Deposits 2,452,540 1,383,163 Total Deposits $ 3,616,679 $ 1,782,010 Approximately 72.8% of certificates of deposit as of December 31, 2020 2021 2022 At December 31, 2020 2019, three December 31, 2020 2019, December 31, 2020 2019, December 31, 2020 2019, |
Note 11 - Borrowings -
Note 11 - Borrowings - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 1 1 – Borrowings – The Bank had outstanding advances from the FHLB of $43.0 million and $93.0 million at December 31, 2020 2019, One fixed rate loan of $23.0 million at December 31, 2020 2019, 1.59% June 2024. One fixed rate loan of $5.0 million at December 31, 2020, January 2021. One fixed rate loan of $5.0 million at December 31, 2020, February 2021. One fixed rate loan of $5.0 million at December 31, 2020, June 2021. One fixed rate loan of $5.0 million at December 31, 2020, October 2021. One fixed rate loan of $30.0 million at December 31, 2019, November 2022, December 2020. One fixed rate loan of $10.0 million at December 31, 2019, June 2020. One fixed rate loan of $30.0 million at December 31, 2019, June 2022, December 2020. These advances are collateralized by the Bank’s investment in FHLB stock and a blanket lien on qualifying loans in the Bank’s loan portfolio. The blanket lien totaled approximately $1.1 billion at December 31, 2020 As a result of the acquisition of Pedestal, the Bank assumed the outstanding FHLB advances of Pedestal Bank. These advances were recorded at fair value as of acquisition, which totaled $39.2 million, and resulted in a market value adjustment of $1.2 million which is being accreted over the life of the respective advances as a reduction of interest expense on borrowings. The unaccreted market value adjustment totaled $145,000 at December 31, 2020. December 2020, The Bank has outstanding lines of credit with several of its correspondent banks available to assist in the management of short-term liquidity. These agreements provide for interest based upon the federal funds rate on the outstanding balance. Total available lines of credit as of December 31, 2020 2019 no December 31, 2020 2019. The Company has a line of credit with First National Bankers Bank (“FNBB”) and is allowed to borrow on a revolving basis up to $5.0 million. This line of credit, established on September 12, 2016, b1BANK. not December 31, 2019. March 2020, December 31, 2020. January 2021. The Company acquired a $7.0 million note payable with FNBB from Pedestal of which $6.0 million was outstanding at December 31, 2020. August 2026. In December 2018, December 31, 2028 2033. December 31, 2020 2019 2 2028. In the Pedestal acquisition, the Company assumed Pedestal’s obligations of $5.2 million in junior subordinated debentures, which are associated with $5.0 million in trust preferred securities acquired from Pedestal. Interest on the junior subordinated debentures is accrued at an annual rate equal to the 3 20 not September 17, 2033, |
Note 12 - Securities Sold Under
Note 12 - Securities Sold Under Agreements to Repurchase - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | Note 12 At December 31, 2020 2019, one 2022 2045. December 31, 2020 2019, |
Note 13 - Income Taxes -
Note 13 - Income Taxes - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 1 3 – Income Taxes – The consolidated provision (credit) for income taxes consists of the following at December 31, 2020, 2019 2018: 2020 2019 2018 (Dollars in thousands) Provision for Current Taxes - Federal $ 6,730 $ 6,416 $ 3,681 Provision (Credit) for Deferred Taxes 58 (336 ) (402 ) Total Provision for Income Taxes $ 6,788 $ 6,080 $ 3,279 The provision (credit) for federal income taxes differs from the amount computed by applying federal statutory rates to income from operations as indicated in the following analysis at December 31, 2020, 2019 2018: 2020 2019 2018 (Dollars in thousands) Federal Statutory Income Tax $ 7,720 $ 6,269 $ 3,648 Tax Exempt Income (608 ) (556 ) (512 ) Stock Based Compensation (730 ) - - Goodwill write-off - 216 - Other - Net 406 151 143 Total Provision for Income Taxes $ 6,788 $ 6,080 $ 3,279 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of the deferred tax assets and liabilities are as follows: 2020 2019 (Dollars in thousands) State NOL $ 1,235 $ 616 State NOL Valuation Allowance (1,235 ) (616 ) Acquired Loans Fair Market Value Adjustment 7,472 743 Allowance for Loan Losses 4,625 2,546 Right of Use Asset 2,716 2,781 Deferred Compensation 1,216 571 Other 1,247 919 Deferred Tax Assets 17,276 7,560 Unrealized Gain on Securities 2,777 694 Lease Liability 2,716 2,781 Core Deposit Intangible 2,044 1,406 Depreciation 2,022 462 Acquired Securities Difference in Basis 988 (43 ) Other 871 115 Deferred Tax Liabilities 11,418 5,415 Net Deferred Tax Asset $ 5,858 $ 2,145 The Company acquired certain deferred tax attributes and liabilities as a result of a merger during 2015, may December 31, 2020 2033. 2019. |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income (Loss) - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 1 4 – Accumulated Other Comprehensive Income (Loss) – The following is a summary of the changes in the balances of each component of accumulated other comprehensive income (loss) for the years ended December 31, 2020 2019: 2020 2019 (Dollars in thousands) Unrealized Gains (Losses) on AFS Securities and Equity Method Investments: Balance at Beginning of Year $ 2,613 $ (3,469 ) Other Comprehensive Income on AFS Securities Before Reclassifications - Net of Tax 7,728 5,998 Other Comprehensive Income on Equity Method Investments 180 - Reclassification Adjustment for Gains Realized - Net of Tax 107 84 Other Comprehensive Income (Loss) 8,015 6,082 Balance at End of Year $ 10,628 $ 2,613 |
Note 15 - Shareholders' Equity
Note 15 - Shareholders' Equity and Regulatory Matters - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 1 5 – S hare holders’ Equity and Regulatory Matters – Shareholders’ Equity of the Company includes the undistributed earnings of the Bank. The Company pays dividends from its assets, which are provided primarily by dividends from the Bank. Certain restrictions exist regarding the ability of the Bank to pay cash distributions. Louisiana statutes require approval to pay distributions in excess of a bank’s earnings in the current year plus retained net profits for the preceding year. The Company paid quarterly common stock dividends totaling $0.40 per share and $0.38 per share for the years ended December 31, 2020 2019, Common Stock Repurchase Plan On December 13, 2018, 24 not December 31, 2020, 2019 2018, October 22, 2020. On October 22, 2020, December 31, 2021. not December 31, 2020. Regulatory Matters The Company and the Bank are subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum regulatory capital requirements can initiate certain mandatory, and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines involving quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification under the prompt corrective action guidelines are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios. As detailed below, as of December 31, 2020 2019, As of December 31, 2020 2019, December 31, 2020, December 31, 2019, 1 1, 1 no The following is a summary of the Company’s (consolidated) and the Bank’s actual capital amounts and ratios at December 31, 2020 2019. To Be Well Capitalized Under For Capital Prompt Corrective Business First Bancshares, Inc. (Consolidated) Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2020: (Dollars in thousands) Total Capital (to Risk-Weighted Assets) N/A N/A N/A N/A N/A N/A Tier 1 Capital (to Risk-Weighted Assets) N/A N/A N/A N/A N/A N/A Common Equity Tier 1 Capital (to Risk-Weighted Assets) N/A N/A N/A N/A N/A N/A CBLR $ 340,715 8.79 % $ 310,151 8.00 % N/A N/A December 31, 2019: Total Capital (to Risk-Weighted Assets) $ 264,495 13.30 % $ 159,120 8.00 % N/A N/A Tier 1 Capital (to Risk-Weighted Assets) $ 227,265 11.43 % $ 119,340 6.00 % N/A N/A Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 227,265 11.43 % $ 89,505 4.50 % N/A N/A Tier 1 Leveraged Capital (to Average Assets) $ 227,265 10.56 % $ 86,058 4.00 % N/A N/A To Be Well Capitalized Under For Capital Prompt Corrective b1BANK Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2020: (Dollars in thousands) Total Capital (to Risk-Weighted Assets) N/A N/A N/A N/A N/A N/A Tier 1 Capital (to Risk-Weighted Assets) N/A N/A N/A N/A N/A N/A Common Equity Tier 1 Capital (to Risk-Weighted Assets) N/A N/A N/A N/A N/A N/A CBLR $ 358,083 9.24 % $ 310,091 8.00 % N/A N/A December 31, 2019: Total Capital (to Risk-Weighted Assets) $ 254,520 12.80 % $ 159,033 8.00 % $ 198,791 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 242,290 12.19 % $ 119,275 6.00 % $ 159,033 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 242,290 12.19 % $ 89,456 4.50 % $ 129,214 6.50 % Tier 1 Leveraged Capital (to Average Assets) $ 242,290 11.27 % $ 86,015 4.00 % $ 107,518 5.00 % |
Note 16 - Stock Based Compensat
Note 16 - Stock Based Compensation - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 1 6 – Stock Based Compensation – Equity Incentive Plan The Company previously granted options to its employees under its 2006 December 22, 2016. June 29, 2017, 2017 may December 31, 2020, Restricted Stock Awards The Company issues restricted stock under various plans for certain officers and other key employees. The restricted stock awards may not During the years ended December 31, 2020, 2019 2018, three December 31, 2020, 2019 2018, December 31, 2020, 2019 2018, December 31, 2020 The table below summarizes the restricted stock award activity for the period presented. Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Weighted Average Weighted Average Weighted Average Shares Grant Date Fair Value Shares Grant Date Fair Value Shares Grant Date Fair Value Balance, at Beginning of Period 39,971 $ 22.64 31,002 $ 19.58 8,662 $ 17.00 Granted 60,635 24.79 39,994 23.96 39,789 20.00 Forfeited - - (530 ) 19.47 - - Earned and Issued (46,850 ) 23.09 (30,495 ) 21.31 (17,449 ) 19.26 Balance, at End of Period 53,756 $ 24.49 39,971 $ 22.64 31,002 $ 19.58 Stock Grants During the years ended December 31, 2020, 2019 2018, December 31, 2020, December 31, 2019, December 31, 2018. December 31, 2018, December 31, 2020 2019, December 31, 2018. Stock Warrants In connection with the organization of the Company and the Bank, stock warrants were issued to organizers. The warrants were exercisable by their holders for the purchase of 101,000 shares of common stock of the Company at the exercise price of $10 per share (warrant). All warrants were exercised prior to expiration during the year ended December 31, 2019. At December 31, 2018, December 31, 2018, 87,625 no February 1, 2016 February 2, 2019 409A 1986, February 2, 2019 Using the Black-Scholes pricing model for the 87,625 Stock Options In 2006, ten 2006 December 22, 2016 no Compensation expense recognized as a result of vesting was approximately $3,000, $77,000 and $119,000 for the years ended December 31, 2020, 2019 2018, The Company uses the Black-Scholes option pricing model to estimate the calculated value of the various share-based awards for the year ended December 31, 2016. December 31, 2020 2019, December 22, 2016. The following is an analysis of the activity related to the stock options: Years Ended December 31, 2020 2019 2018 Number of Weighted Average Number of Weighted Average Number of Weighted Average Options Exercise Price Options Exercise Price Options Exercise Price Outstanding Options, at Beginning of Period 725,300 $ 12.55 780,080 $ 12.74 831,080 $ 12.73 Granted - - - - - - Exercised (330,000 ) 10.00 (54,780 ) 15.28 (49,000 ) 12.42 Forfeited or Expired (10,000 ) 15.00 - - (2,000 ) 17.11 Outstanding Options, at End of Period 385,300 $ 14.67 725,300 $ 12.55 780,080 $ 12.74 Exercisable, at End of Period 385,300 $ 14.67 724,300 $ 12.55 761,747 $ 12.64 At December 31, 2020, one December 31, 2020 2019 In December 2017, December 2017 January 15, 2021, December 2016, December 2016 January 15, 2020, 409A 1986, |
Note 17 - Employee Benefit Plan
Note 17 - Employee Benefit Plans - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 1 7 – Employee Benefit Plans – Defined Contribution Plan The Bank has a defined contribution plan qualified under Internal Revenue Code 401 may December 31, 2020, 2019 2018, Deferred Compensation The Company has established certain unfunded nonqualified deferred compensation agreements for the purpose of providing deferred compensation as retirement benefits for a select group of management. At December 31, 2020 2019, December 31, 2020, 2019 2018, |
Note 18 - Other Expenses -
Note 18 - Other Expenses - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | Note 1 8 – Other Expenses – An analysis of Other Expenses is as follows for the years ended December 31, 2020, 2019 2018: 2020 2019 2018 (Dollars in thousands) Business Development $ 1,605 $ 1,535 $ 1,239 Communications 1,969 1,063 885 Ad Valorem Shares Tax 2,348 1,423 1,135 Data Processing Fees 5,506 2,049 1,557 Directors' Fees 464 570 436 Insurance 718 347 256 Legal and Professional Fees 2,118 1,319 1,695 Office Supplies and Printing 884 670 578 Regulatory Assessments 1,785 389 1,359 Taxes and Licenses 84 88 201 Merger and Conversion Costs 3,978 330 3,024 Other 10,760 5,911 4,156 Total Other Expenses $ 32,219 $ 15,694 $ 16,521 |
Note 19 - Financial Instruments
Note 19 - Financial Instruments With Off-balance-sheet Risk - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Financial Instruments with Off-Balance Sheet Risk [Text Block] | Note 1 9 – Financial Instruments with Off-Balance-Sheet Risk – In the normal course of business, the Bank is a party to financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby and commercial letters of credit which are not The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby and commercial letters of credit is represented by the contractual amount of those instruments. The Bank’s policy for obtaining collateral, and the nature of such collateral, is essentially the same as that involved in making commitments to extend credit. The Bank uses the same credit policies in making such commitments and conditional obligations as it does for instruments that are included in the balance sheet. In the normal course of business, the Bank has made commitments to extend credit of approximately $621.1 million and standby and commercial letters of credit of approximately $23.9 million at December 31, 2020. |
Note 20 - Concentrations of Cre
Note 20 - Concentrations of Credit - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 20 – Concentrations of Credit – The majority of the Bank’s business activities are with customers in the Bank’s market area, which consists primarily of East and West Baton Rouge, Bossier, Caddo, St. Tammany, Lafayette, Calcasieu, Terrebonne, Jefferson, Webster, Richland and adjacent parishes, and the Dallas, Texas area. The majority of such customers are depositors of the Bank. The concentrations of credit by type of loan are shown in Note 7. not Within the loan portfolio, the Bank has a concentration of credits secured by real estate. The Bank had extended credit secured by non-farm non-residential real estate totaling approximately $971.6 million and $612.6 million, which accounted for 32.5% and 35.8% of total loans held for investment at December 31, 2020 2019, December 31, 2020 2019, The Bank maintains amounts on deposit and federal funds sold with correspondent banks which may |
Note 21 - Leases -
Note 21 - Leases - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 2 1 – Leases – The Bank leases certain branch offices through non-cancelable operating leases with terms that range from one ten December 31, 2020, 2019 2018, December 31, 2020 2019, Future minimum lease payments under these leases are as follows: December 31, (Dollars in thousands) 2021 $ 2,159 2022 1,977 2023 1,869 2024 1,672 2025 1,548 2026 and Thereafter 5,254 Total Future Minimum Lease Payments 14,479 Less Imputed Interest (1,547 ) Present Value of Lease Liabilities $ 12,932 |
Note 22 - Commitments -
Note 22 - Commitments - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | Note 22 SBIC Capital Commitment The SBIC is a program initiated by the SBA in 1958 first The Bank has agreed to participate as an investor with McLarty Capital Partners SBIC, L.P. (McLarty), McLarty Capital Partners SBIC II, L.P. (McLarty II), Bluehenge Capital Secured Debt SBIC, L.P. (Bluehenge), New Louisiana Angel Fund 2, December 31, 2020 McLarty McLarty II Bluehenge New Louisiana Firmament (Dollars in thousands) Total Capital Commitment $ 2,000 $ 2,500 $ 1,500 $ 50 $ 2,500 Capital Called $ 1,802 $ 2,098 $ 1,387 $ 25 $ 242 Remaining Unfunded Capital Commitment $ 198 $ 402 $ 113 $ 25 $ 2,258 Federal Home Loan Bank Letters of Credit The Bank had outstanding letters of credit on behalf of others from the FHLB of $170.2 million and $203.1 million at December 31, 2020 2019, December 31, 2020 Ten letters of credit totaling $93.7 million expires in January 2021. Seven letters of credit totaling $15.8 million expires in February 2021. One letter of credit of $3.6 million expires in March 2021. Three letters of credit totaling $5.7 million expires in April 2021. One letter of credit of $194,000 expires in July 2021. One letter of credit of $157,000 expires in August 2021. One letter of credit of $197,000 expires in November 2021. Three letters of credit totaling $39.3 million expires in December 2021. One letter of credit of $11.5 million expires in January 2022. |
Note 23 - Related Party Transac
Note 23 - Related Party Transactions - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 2 3 – Related Party Transactions – In the ordinary course of business, the Bank has granted loans to directors, officers and their affiliates. Such loans were made on substantially the same terms as those prevailing at the time for comparable transactions with other customers. Such loans amounted to $33.2 million and $24.6 million at December 31, 2020 2019, Related party deposits totaled $40.2 million and $34.4 million as of December 31, 2020 2019, |
Note 24 - Fair Value of Financi
Note 24 - Fair Value of Financial Instruments - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 2 4 – Fair Value of Financial Instruments – Fair Value Disclosures The Company groups its financial assets and liabilities measured at fair value in three three ● Level 1 ● Level 2 ● Level 3 Recurring Basis Fair values of investment securities available for sale were primarily measured using information from a third The fair values of mortgage loans held for sale are based on commitments on hand from investors within the secondary market for loans with similar characteristics. The following tables present the balance of assets and liabilities measured on a recurring basis as of December 31, 2020 2019. not Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) December 31, 2020 Available for Sale: U.S. Government Agency Securities $ 2,572 $ - $ 2,572 $ - Corporate Securities 39,113 - 21,959 17,154 Mortgage-Backed Securities 295,019 - 295,019 - Municipal Securities 302,253 - 274,067 28,186 Other Securities 1,648 - 1,648 - Mortgage Loans Held for Sale 969 - 969 - Servicing Rights 1,439 - 1,439 - Total $ 643,013 $ - $ 597,673 $ 45,340 December 31, 2019 Available for Sale: U.S. Government Agency Securities $ 15,937 $ - $ 15,937 $ - Corporate Securities 23,714 - 23,714 - Mortgage-Backed Securities 139,459 - 139,459 - Municipal Securities 99,083 - 92,496 6,587 Other Securities - - - - Mortgage Loans Held for Sale 251 - 251 - Total $ 278,444 $ - $ 271,857 $ 6,587 Nonrecurring Basis The Company has segregated all financial assets and liabilities that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the table below. The Company did not The fair value of the impaired loans is measured at the fair value of the collateral for collateral-dependent loans. Impaired loans are Level 3 may 3. Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) December 31, 2020 Assets: Impaired Loans $ 18,175 $ - $ - $ 18,175 Other Nonperforming Assets 9,453 - - 9,453 Total $ 27,628 $ - $ - $ 27,628 December 31, 2019 Assets: Impaired Loans $ 15,876 $ - $ - $ 15,876 Other Nonperforming Assets 4,196 - - 4,196 Total $ 20,072 $ - $ - $ 20,072 The following table provides quantitative information for impaired loans measured at fair value on a nonrecurring basis using Level 3 Valuation Unobservable Discounted Range (Weighted Average) Technique Input December 31, 2020 December 31, 2019 Impaired Loans Discounted Appraisals Appraisal Adjustments 10% to 100% (19%) 10% to 80% (16%) Fair Value Financial Instruments The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no not may not may not The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and Short-Term Investments – For those short-term instruments, the carrying amount is a reasonable estimate of fair value. Securities – Fair value of securities is based on quoted market prices. If a quoted market price is not Loans – The fair value for loans is estimated using discounted cash flow analyses, with interest rates currently being offered for similar loans to borrowers with similar credit rates. Loans with similar classifications are aggregated for purposes of the calculations. The allowance for loan losses, which was used to measure the credit risk, is subtracted from loans. Cash Value of Bank-Owned Life Insurance (BOLI) – The carrying amount approximates its fair value. Other Equity Securities – The carrying amount approximates its fair value. Deposits – The fair value of demand deposits and certain money market deposits is the amount payable at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using discounted cash flow analyses, with interest rates currently offered for deposits of similar remaining maturities. Borrowings – The fair value of FHLB advances and other long-term borrowings is estimated using the rates currently offered for advances of similar maturities. The carrying amount of short-term borrowings maturing within ninety Commitments to Extend Credit and Standby and Commercial Letters of Credit – The fair values of commitments to extend credit and standby and commercial letters of credit do not The estimated approximate fair values of the Bank’s financial instruments as of December 31, 2020 2019 Carrying Total Amount Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) December 31, 2020 Financial Assets: Cash and Short-Term Investments $ 323,283 $ 323,283 $ 323,283 $ - $ - Securities 640,605 640,605 - 595,265 45,340 Mortgage Loans Held for Sale 969 969 - 969 - Loans - Net 2,969,331 2,969,619 - - 2,969,619 Servicing Rights 1,439 1,439 - 1,439 - Cash Value of BOLI 45,030 45,030 - 45,030 - Other Equity Securities 12,693 12,693 - - 12,693 Total $ 3,993,350 $ 3,993,638 $ 323,283 $ 642,703 $ 3,027,652 Financial Liabilities: Deposits $ 3,616,679 $ 3,623,253 $ - $ - $ 3,623,253 Borrowings 105,990 127,171 - 127,171 - Total $ 3,722,669 $ 3,750,424 $ - $ 127,171 $ 3,623,253 December 31, 2019 Financial Assets: Cash and Short-Term Investments $ 150,743 $ 150,743 $ 150,743 $ - $ - Securities 278,193 278,193 - 271,606 6,587 Mortgage Loans Held for Sale 251 251 - 251 - Loans - Net 1,698,141 1,696,470 - - 1,696,470 Cash Value of BOLI 32,568 32,568 - 32,568 - Other Equity Securities 12,565 12,565 - - 12,565 Total $ 2,172,461 $ 2,170,790 $ 150,743 $ 304,425 $ 1,715,622 Financial Liabilities: Deposits $ 1,782,010 $ 1,782,692 $ - $ - $ 1,782,692 Borrowings 185,989 202,863 - 202,863 - Total $ 1,967,999 $ 1,985,555 $ - $ 202,863 $ 1,782,692 |
Note 25 - Litigation and Contin
Note 25 - Litigation and Contingencies - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | Note 2 5 – Litigation and Contingencies – In the normal course of business, the Bank is involved in various legal proceedings. In the opinion of management and counsel, the disposition or ultimate resolution of such proceedings would not |
Note 26 - Subsequent Events -
Note 26 - Subsequent Events - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 2 6 – Subsequent Events – There have been no December 31, 2020, |
Note 27 - Financial Statements
Note 27 - Financial Statements - Parent Company Only - | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 2 7 – Financial Statements – Parent Company Only – The balance sheets and statements of income for Business First Bancshares, Inc. (Parent Company) are as follows: BALANCE SHEETS AS OF DECEMBER 31, 2020 2019 (Dollars in thousands) 2020 2019 Assets: Cash $ 13,160 $ 6,154 Investment in Subsidiaries 432,331 300,122 Other Assets 5,747 3,843 Total Assets $ 451,238 $ 310,119 Liabilities: Accrued Interest Payable $ 81 $ 22 Short Term Borrowings 5,020 - Long Term Borrowings 6,000 - Subordinated Debt 25,000 25,000 Subordinated Debt - Trust Preferred Securities 5,155 - Other Liabilities 19 - Total Liabilities 41,275 25,022 Shareholders' Equity: Common Stock 20,621 13,279 Additional Paid-in Capital 299,540 212,505 Retained Earnings 79,174 56,700 Accumulated Other Comprehensive Income 10,628 2,613 Total Shareholders' Equity 409,963 285,097 Total Liabilities and Shareholders' Equity $ 451,238 $ 310,119 STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 2018 (Dollars in thousands) 2020 2019 2018 Income: Dividend Income From Subsidiaries $ 24,295 $ - $ - Interest Income 5 45 46 Expenses: Interest Expense 2,135 1,688 237 Other Operating Expenses 5,943 2,138 3,275 Income (Loss) before Income Taxes and Equity in Undistributed Net Income of Subsidiaries 16,222 (3,781 ) (3,466 ) Income Tax Benefit (1,905 ) (783 ) (623 ) Income (Loss) before Equity in Undistributed Net Income of Subsidiaries 18,127 (2,998 ) (2,843 ) Equity in Undistributed Net Income of Subsidiaries 11,867 26,770 16,934 Net Income $ 29,994 $ 23,772 $ 14,091 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of Business First Bancshares, Inc. and its wholly-owned subsidiary, b1BANK |
Nature of Operations [Policy Text Block] | Nature of Operations The Bank operates out of full-service banking centers in markets across Louisiana and in Dallas/Fort Worth metroplex. As a state bank, it is subject to regulation by the Office of Financial Institutions (“OFI”), State of Louisiana, and the Federal Deposit Insurance Corporation (“FDIC”), and undergoes periodic examinations by these agencies. The Company is also regulated by the Federal Reserve and is subject to periodic examinations. On January 1, 2018, December 31, 2017, two After the close of business on November 30, 2018, November 30, 2018, On May 1, 2020, April 30, 2020, COVID- 19, no 19 In accordance with Financial Accounting Standards Board (FASB) and interagency regulatory guidance issued in March 2020, 19 not 4013 December 31, 2020. |
Use of Estimates, Policy [Policy Text Block] | Estimates Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may not may not may The Bank’s loans are generally secured by specific items of collateral including real property, business assets, and consumer assets. Although the Bank has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent on local economic conditions in the Bank’s market area. While management uses available information to recognize losses on loans, further reductions in the carrying amounts of loans may may Because of these factors, it is reasonably possible that the estimated losses on loans may |
Business Combinations Policy [Policy Text Block] | Acquisition Accounting Acquisitions are accounted for under the purchase method of accounting. Purchased assets and assumed liabilities are recorded at their respective acquisition date fair values, and identifiable intangible assets are recorded at fair value. If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. The Company generally records provisional amounts of fair value at the time of acquisition based on the information available. The provisional fair values are subject to refinement for up to one |
Investment, Policy [Policy Text Block] | Securities Management determines the appropriate classification of debt securities (held to maturity, available for sale or trading) at the time of purchase and re-evaluates this classification quarterly. Securities classified as available for sale are those debt securities the Bank intends to hold for an indefinite period of time but not Securities classified as held to maturity are those debt securities the Bank has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are recorded at cost adjusted for amortization of premium and accretion of discount, computed by various methods approximating the interest method over their contractual lives. The Bank has no securities classified as held to maturity at December 31, 2020 2019. Securities classified as trading are those securities held for resale in anticipation of short-term market movements. These securities are recorded at market value with any market adjustments included in earnings. The Bank has no securities classified as trading at December 31, 2020 2019. The Company evaluates its investment securities portfolio on a quarterly basis for indicators of other than temporary impairment (“OTTI”). Declines in the fair value of individual available for sale or held to maturity securities below their amortized cost basis are reviewed to determine whether the declines are other than temporary. For securities that the Company does not not not not |
Other Equity Securities, Policies [Policy Text Block] | Other Equity Securities The Bank has invested in Federal Home Loan Bank (“FHLB”) stock, and other similar correspondent banks, which is reflected at cost in these financial statements. As a member of the FHLB System, the Bank is required to purchase and maintain stock in an amount determined by the FHLB. The FHLB stock is redeemable at par value at the discretion of the FHLB. The Bank has invested in certain equity investments which are accounted for under the equity method of accounting. |
Financing Receivable [Policy Text Block] | Loans Loans are stated at principal amounts outstanding, adjusted for net deferred fees or costs, less the allowance for loan losses. Interest on commercial and consumer loans is accrued daily based on the principal outstanding. Net deferred fees or costs are recognized as an adjustment to yield over the life of the loan. Generally, the Bank discontinues the accrual of interest income when a loan becomes 90 may The Bank classifies loans as impaired when it is probable the Bank will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. The measurement of impaired loans is based on the present value of the expected future cash flows discounted at the loan’s effective interest rate or the loan’s observable market price, or based on the fair value of the collateral if the loan is collateral dependent. |
Certain Loans and Debt Securities Acquired in Transfer, Recognizing Interest Income on Impaired Loans, Policy [Policy Text Block] | Acquired Loans Purchased loans acquired in a business combination are recorded at their estimated fair value as of the acquisition date and there is no The Company accounts for acquired impaired loans in accordance with ASC 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310 - 30” ). not The performing loans are accounted for under ASC 310 20, Nonrefundable Fees and Other Costs (“ASC 310 20” |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses is maintained at a level which, in management’s judgment, is adequate to absorb credit losses inherent in the loan portfolio. The allowance for loan losses is based upon management’s review and evaluation of the loan portfolio. Factors considered in the establishment of the allowance for loan losses include management’s evaluation of specific loans; the level and composition of classified loans; historical loss experience; results of examinations by regulatory agencies; an internal asset review process; expectations of future economic conditions and their impact on particular borrowers; and other judgmental factors. Allowances for impaired loans are generally determined based on collateral values or the present value of estimated cash flows. Management obtains independent appraisals for significant collateral in determining collateral values. Although management uses available information to recognize losses on loans, because of uncertainties associated with local economic conditions, collateral values, and future cash flows on impaired loans, it is reasonably possible that a material change could occur in the allowance for loan losses in the near term. However, the amount of the change that is reasonably possible cannot be estimated. Loans acquired in business combinations are initially recorded at fair value, which includes an estimate of credit losses expected to be realized over the remaining lives of the loans and, therefore, no not The allowance for loan losses is based on estimates of probable future losses, and ultimate losses may |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is provided at rates based upon estimated useful service lives using the straight-line method for financial reporting purposes. The costs of assets retired or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts in the year of disposal and the resulting gains or losses are included in current operations. Expenditures for maintenance and repairs are charged to operations as incurred. Costs of major additions and improvements are capitalized and expensed over their estimated depreciable lives. |
Financing Receivable, Real Estate Acquired Through Foreclosure [Policy Text Block] | Other Real Estate Owned Real estate properties acquired through or in lieu of loan foreclosure or negotiated settlement are initially recorded at the fair value less estimated selling cost at the date of acquisition. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan losses. After foreclosure, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less cost to sell. Impairment losses on property to be held and used are measured as the amount by which the carrying amount of a property exceeds its fair value. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. Valuations are periodically performed by management, and any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its cost or fair value less cost to sell. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. Goodwill and other intangible assets deemed to have an indefinite useful life are not Intangible assets with estimable useful lives are amortized over their respective estimated useful lives and reviewed for impairment. If impaired, the asset is written down to its estimated fair value. Core deposit intangibles (“CDI”) representing the value of the acquired core deposit base are generally recorded in connection with business combinations involving banks and branch locations. The Company’s policy is to amortize core deposit intangibles on a straight-line basis over their estimated useful life of 10 years. Core deposit intangibles are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not The Company recognizes the rights to service mortgage and other loans as separate assets, which are recorded in other assets in the consolidated balance sheets, when purchased or when servicing is contractually separated from the underlying loans by sale with servicing rights retained. For loan sales with servicing retained, a servicing right, generally an asset, is recorded at fair value at the time of sale for the right to service the loans sold. All servicing rights are identified by class and amortized over the remaining service life of the loan. |
Income Tax, Policy [Policy Text Block] | Income Taxes The provision for income taxes is based on amounts reported in the statement of income after exclusion of nontaxable income such as interest on state and municipal securities. Also, certain items of income and expense are recognized in different time periods for financial statement purposes than for income tax purposes. Thus, provisions for deferred taxes are recorded in recognition of such temporary differences. Deferred taxes are provided utilizing a liability method whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the reported amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company files a consolidated federal income tax return. Consolidated income tax expense is allocated on the basis of each entity’s income adjusted for permanent differences. The Company evaluates all significant tax positions as required by accounting principles generally accepted in the United States of America. As of December 31, 2020 2019, not The Company files income tax returns in the U.S. federal jurisdiction and applicable states. With few exceptions, the Company is no 2017. not |
Share-based Payment Arrangement [Policy Text Block] | Stock Based Compensation As described in Note 16, |
Cash and Cash Equivalents, Policy [Policy Text Block] | Statements of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand and deposits in other financial institutions. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities or other equity investments, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. The components of comprehensive income are disclosed on the Consolidated Statements of Comprehensive Income for all periods presented. |
Advertising Cost [Policy Text Block] | Advertising The Company expenses all costs of advertising and promotion the first December 31, 2020, 2019 2018, |
Revenue from Contract with Customer [Policy Text Block] | Recognition of Revenue from Contracts with Customers Service charges on deposit accounts, broker commissions, ATM/debit card fee income (including interchange), and transactional income from traditional banking services, are the significant noninterest income sources of revenue from contracts with customers. The Company generally acts in a principal capacity in the performance of these services. The Company’s performance obligations are generally satisfied as the services are rendered and typically do not not not |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Adopted in 20 20 On January 26, 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 2 not one zero April 1, 2020 no The Company adopted ASU No. 2020 04, Reference Rate Reform (Topic 848 2020 04 January 1, 2020. 848 848 Accounting Standards Not In June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 not may first October 18, 2019, January 2023 October 18, 2019. may |
Note 3 - Mergers and Acquisit_2
Note 3 - Mergers and Acquisitions - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cost and Allocation of Purchase Price for Pedestal Bancshares, Inc. (Pedestal): (Dollars in thousands, except per share data) Purchase Price: Shares Issued to Pedestal Shareholders on May 1, 2020 7,614,506 Closing Stock Price on May 1, 2020 $ 12.96 Total Purchase Price $ 98,684 Net Assets Acquired: Cash and Cash Equivalents $ 106,000 Securities Available for Sale 264,517 Loans and Leases Receivable 893,295 Premises and Equipment, Net 35,983 Cash Value of Life Insurance 11,522 Core Deposit Intangible 4,211 Other Assets 19,623 Total Assets 1,335,151 Deposits 1,177,137 Borrowings 59,399 Other Liabilities 5,298 Total Liabilities 1,241,834 Net Assets Acquired 93,317 Goodwill Resulting from Merger $ 5,367 |
Business Acquisition, Pro Forma Information [Table Text Block] | For The Year Ended December 31, 2020 2019 (Dollars in thousands, except per share data) Interest Income $ 170,619 $ 171,524 Interest Expense 24,288 30,321 Net Interest Income 146,331 141,203 Provision for Loan Losses 11,435 862 Net Interest Income after Provision for Loan Losses 134,896 140,341 Noninterest Income 26,095 21,728 Noninterest Expense 105,474 98,988 Income Before Income Taxes 55,517 63,081 Income Tax Expense 10,722 13,058 Net Income $ 44,795 $ 50,023 Earnings Per Common Share Basic $ 2.17 $ 2.39 Diluted $ 2.17 $ 2.35 |
Note 4 - Earnings Per Common _2
Note 4 - Earnings Per Common Share - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 2020 2019 2018 (Dollars in thousands, except per share data) Numerator: Net Income Available to Common Shares $ 29,994 $ 23,772 $ 14,091 Denominator: Weighted Average Common Shares Outstanding 18,169,599 13,310,577 11,124,585 Dilutive Effect of Stock Options and Restricted Stock Awards 73,846 360,200 421,358 Weighted Average Dilutive Common Shares 18,243,445 13,670,777 11,545,943 Basic Earnings Per Common Share From Net Income Available to Common Shares $ 1.65 $ 1.79 $ 1.27 Diluted Earnings Per Common Share From Net Income Available to Common Shares $ 1.64 $ 1.74 $ 1.22 |
Note 6 - Securities - (Tables)
Note 6 - Securities - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | December 31, 2020 (Dollars in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government Agencies $ 2,567 $ 5 $ - $ 2,572 Corporate Securities 38,738 380 5 39,113 Mortgage-Backed Securities 288,373 6,893 247 295,019 Municipal Securities 296,262 6,097 106 302,253 Other Securities 1,440 208 - 1,648 Total Securities Available for Sale $ 627,380 $ 13,583 $ 358 $ 640,605 December 31, 2019 (Dollars in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government Agencies $ 15,654 $ 303 $ 20 $ 15,937 Corporate Securities 23,774 98 158 23,714 Mortgage-Backed Securities 137,817 2,139 497 139,459 Municipal Securities 97,641 1,447 5 99,083 Other Securities - - - - Total Securities Available for Sale $ 274,886 $ 3,987 $ 680 $ 278,193 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | December 31, 2020 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Government Agencies $ - $ - $ - $ - $ - $ - Corporate Securities 4,995 5 - - 4,995 5 Mortgage-Backed Securities 44,680 246 17 1 44,697 247 Municipal Securities 18,421 106 - - 18,421 106 Other Securities - - - - - - Total Securities Available for Sale $ 68,096 $ 357 $ 17 $ 1 $ 68,113 $ 358 December 31, 2019 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Government Agencies $ 2,486 $ 20 $ - $ - $ 2,486 $ 20 Corporate Securities - - 6,360 158 6,360 158 Mortgage-Backed Securities 950 4 44,366 493 45,316 497 Municipal Securities 948 4 1,261 1 2,209 5 Other Securities - - - - - - Total Securities Available for Sale $ 4,384 $ 28 $ 51,987 $ 652 $ 56,371 $ 680 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Fair Cost Value (Dollars in thousands) Less Than One Year $ 18,725 $ 18,814 One to Five Years 122,929 125,050 Over Five to Ten Years 294,048 300,897 Over Ten Years 191,678 195,844 Total Securities Available for Sale $ 627,380 $ 640,605 |
Note 7 - Loans and the Allowa_2
Note 7 - Loans and the Allowance for Loan Losses - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2020 2019 (Dollars in thousands) Real estate loans: Construction and land $ 403,065 $ 244,181 Farmland 55,883 48,681 1-4 family residential 468,650 293,142 Multi-family residential 95,707 36,454 Nonfarm nonresidential 971,603 612,608 Commercial 886,325 390,398 Consumer 110,122 84,801 Total loans held for investment 2,991,355 1,710,265 Less: Allowance for loan losses (22,024 ) (12,124 ) Net loans $ 2,969,331 $ 1,698,141 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | December 31, 2020 (Dollars in thousands) Real Estate: Real Estate: Real Estate: Real Estate: Construction Real Estate: 1-4 Family Multi-family Nonfarm and Land Farmland Residential Residential Nonresidential Commercial Consumer Total Allowance for credit losses: Beginning Balance $ 1,868 $ 229 $ 1,888 $ 226 $ 3,882 $ 3,414 $ 617 $ 12,124 Charge-offs (26 ) (2 ) (387 ) - (232 ) (849 ) (467 ) (1,963 ) Recoveries 10 - 53 - 12 203 150 428 Provision 1,732 373 1,899 592 3,707 2,250 882 11,435 Ending Balance $ 3,584 $ 600 $ 3,453 $ 818 $ 7,369 $ 5,018 $ 1,182 $ 22,024 Ending Balance: Individually evaluated for impairment $ 27 $ 93 $ 62 $ - $ 119 $ 609 $ 104 $ 1,014 Collectively evaluated for impairment $ 3,557 $ 507 $ 3,391 $ 818 $ 7,250 $ 4,409 $ 1,078 $ 21,010 Purchased Credit Impaired (1) $ - $ - $ - $ - $ - $ - $ - $ - Loans receivable: Ending Balance $ 403,065 $ 55,883 $ 468,650 $ 95,707 $ 971,603 $ 886,325 $ 110,122 $ 2,991,355 Ending Balance: Individually evaluated for impairment $ 924 $ 300 $ 3,981 $ - $ 7,292 $ 6,997 $ 482 $ 19,976 Collectively evaluated for impairment $ 401,134 $ 55,515 $ 437,216 $ 95,707 $ 935,655 $ 874,131 $ 107,761 $ 2,907,119 Purchased Credit Impaired (1) $ 1,007 $ 68 $ 27,453 $ - $ 28,656 $ 5,197 $ 1,879 $ 64,260 December 31, 2019 (Dollars in thousands) Real Estate: Real Estate: Real Estate: Real Estate: Construction Real Estate: 1-4 Family Multi-family Nonfarm and Land Farmland Residential Residential Nonresidential Commercial Consumer Total Allowance for credit losses: Beginning balance $ 1,590 $ 104 $ 1,538 $ 236 $ 2,715 $ 4,453 $ 584 $ 11,220 Charge-offs (2 ) (2 ) (162 ) - (51 ) (1,556 ) (52 ) (1,825 ) Recoveries - - 14 - 4 41 64 123 Provision 280 127 498 (10 ) 1,214 476 21 2,606 Ending Balance $ 1,868 $ 229 $ 1,888 $ 226 $ 3,882 $ 3,414 $ 617 $ 12,124 Ending Balance: Individually evaluated for impairment $ - $ 4 $ 30 $ - $ 52 $ 421 $ 49 $ 556 Collectively evaluated for impairment $ 1,868 $ 225 $ 1,858 $ 226 $ 3,830 $ 2,993 $ 568 $ 11,568 Purchased Credit Impaired (1) $ - $ - $ - $ - $ - $ - $ - $ - Loans receivable: Ending Balance $ 244,181 $ 48,681 $ 293,142 $ 36,454 $ 612,608 $ 390,398 $ 84,801 $ 1,710,265 Ending Balance: Individually evaluated for impairment $ 397 $ 222 $ 2,531 $ - $ 4,101 $ 4,175 $ 421 $ 11,847 Collectively evaluated for impairment $ 243,784 $ 48,324 $ 290,549 $ 36,454 $ 603,891 $ 386,027 $ 84,380 $ 1,693,409 Purchased Credit Impaired (1) $ - $ 135 $ 62 $ - $ 4,616 $ 196 $ - $ 5,009 |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2020 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Real Estate Loans: Construction and land $ 400,027 $ 912 $ 1,202 $ 924 $ 403,065 Farmland 53,874 1,642 - 367 55,883 1-4 family residential 450,702 9,290 4,913 3,745 468,650 Multi-family residential 95,359 320 28 - 95,707 Nonfarm nonresidential 949,245 12,810 3,473 6,075 971,603 Commercial 859,851 16,832 7,325 2,317 886,325 Consumer 107,449 1,970 229 474 110,122 Total $ 2,916,507 $ 43,776 $ 17,170 $ 13,902 $ 2,991,355 December 31, 2019 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Real Estate Loans: Construction and land $ 241,519 $ 1,141 $ 1,124 $ 397 $ 244,181 Farmland 46,591 1,737 14 339 48,681 1-4 family residential 284,381 3,175 3,237 2,349 293,142 Multi-family residential 36,422 - 32 - 36,454 Nonfarm nonresidential 594,046 11,077 3,830 3,655 612,608 Commercial 374,500 9,219 4,854 1,825 390,398 Consumer 82,726 1,538 125 412 84,801 Total $ 1,660,185 $ 27,887 $ 13,216 $ 8,977 $ 1,710,265 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2020 (Dollars in thousands) Recorded Greater Investment Over 30-59 Days 60-89 Days Than 90 Days Total Total Loans 90 Days Past Due Past Due Past Due Past Due Past Due Current Receivable and Still Accruing Real Estate Loans: Construction and land $ 874 $ 75 $ 972 $ 1,921 $ 401,144 $ 403,065 $ 72 Farmland - 11 289 300 55,583 55,883 - 1-4 family residential 3,162 1,160 1,927 6,249 462,401 468,650 603 Multi-family residential - - - - 95,707 95,707 - Nonfarm nonresidential 2,651 1,049 2,514 6,214 965,389 971,603 315 Commercial 2,618 549 1,925 5,092 881,233 886,325 511 Consumer 389 33 283 705 109,417 110,122 22 Total $ 9,694 $ 2,877 $ 7,910 $ 20,481 $ 2,970,874 $ 2,991,355 $ 1,523 December 31, 2019 (Dollars in thousands) Recorded Greater Investment Over 30-59 Days 60-89 Days Than 90 Days Total Total Loans 90 Days Past Due Past Due Past Due Past Due Past Due Current Receivable and Still Accruing Real Estate Loans: Construction and land $ 483 $ 17 $ 379 $ 879 $ 243,302 $ 244,181 $ - Farmland 18 16 143 177 48,504 48,681 - 1-4 family residential 1,245 975 1,000 3,220 289,922 293,142 29 Multi-family residential 32 - - 32 36,422 36,454 - Nonfarm nonresidential 181 610 1,529 2,320 610,288 612,608 - Commercial 126 142 1,311 1,579 388,819 390,398 - Consumer 143 34 405 582 84,219 84,801 43 Total $ 2,228 $ 1,794 $ 4,767 $ 8,789 $ 1,701,476 $ 1,710,265 $ 72 |
Financing Receivable, Nonaccrual [Table Text Block] | December 31, 2020 2019 (Dollars in thousands) Real Estate Loans: Construction and land $ 924 $ 397 Farmland 367 339 1-4 family residential 2,603 2,349 Multi-family residential - - Nonfarm nonresidential 3,119 3,655 Commercial 1,753 1,825 Consumer 297 412 Total $ 9,063 $ 8,977 |
Impaired Financing Receivables [Table Text Block] | December 31, 2020 (Dollars in thousands) Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment With an allowance recorded: Real Estate Loans: Construction and land $ 27 $ 27 $ 27 $ 2 Farmland 109 112 93 27 1-4 family residential 337 361 62 361 Multi-family residential - - - - Nonfarm nonresidential 457 457 119 652 Other Loans: Commercial 2,530 2,636 609 1,655 Consumer 133 145 104 158 Total $ 3,593 $ 3,738 $ 1,014 $ 2,855 With no allowance recorded: Real Estate Loans: Construction and land $ 897 $ 939 $ - $ 520 Farmland 190 197 - 208 1-4 family residential 3,644 4,469 - 3,540 Multi-family residential - - - - Nonfarm nonresidential 6,836 7,468 - 4,452 Other Loans: Commercial 4,467 4,626 - 6,825 Consumer 349 398 - 367 Total $ 16,383 $ 18,097 $ - $ 15,912 Total Impaired Loans: Real Estate Loans: Construction and land $ 924 $ 966 $ 27 $ 522 Farmland 299 309 93 235 1-4 family residential 3,981 4,830 62 3,901 Multi-family residential - - - - Nonfarm nonresidential 7,293 7,925 119 5,104 Other Loans: Commercial 6,997 7,262 609 8,480 Consumer 482 543 104 525 Total $ 19,976 $ 21,835 $ 1,014 $ 18,767 December 31, 2019 (Dollars in thousands) Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment With an allowance recorded: Real Estate Loans: Construction and land $ - $ - $ - $ 1 Farmland 20 21 4 21 1-4 family residential 136 167 30 163 Multi-family residential - - - - Nonfarm nonresidential 721 738 52 601 Other Loans: Commercial 851 926 421 1,053 Consumer 120 123 49 116 Total $ 1,848 $ 1,975 $ 556 $ 1,955 With no allowance recorded: Real Estate Loans: Construction and land $ 397 $ 420 $ - $ 184 Farmland 202 207 - 177 1-4 family residential 2,395 3,041 - 2,531 Multi-family residential - - - - Nonfarm nonresidential 3,381 3,693 - 3,644 Other Loans: Commercial 3,323 4,173 - 4,157 Consumer 301 358 - 192 Total $ 9,999 $ 11,892 $ - $ 10,885 Total Impaired Loans: Real Estate Loans: Construction and land $ 397 $ 420 $ - $ 185 Farmland 222 228 4 198 1-4 family residential 2,531 3,208 30 2,694 Multi-family residential - - - - Nonfarm nonresidential 4,102 4,431 52 4,245 Other Loans: Commercial 4,174 5,099 421 5,210 Consumer 421 481 49 308 Total $ 11,847 $ 13,867 $ 556 $ 12,840 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | Purchased Impaired Credits (Dollars in thousands) Contractually required payments $ 133,621 Non-accretable difference (expected losses) (49,828 ) Cash flows expected to be collected at acquisition 83,793 Accretable yield (9,202 ) Basis in acquired loans at acquisition $ 74,591 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Table Text Block] | Balance at December 31, 2019 $ 1,489 Accretable difference relating to purchased impaired credits acquired in Pedestal acquisition 9,202 Transfers from non-accretable difference to accretable yield 4,762 Accretion (2,801 ) Changes in expected cash flows not affecting non-accretable differences 3,201 Balance at December 31, 2020 $ 15,853 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Modifications as of December 31, 2020: Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Troubled Debt Restructuring Real Estate Loans: 1-4 family residential 4 $ 268 $ 215 Nonfarm nonresidential 5 4,627 4,204 Other Loans: Commercial 7 5,150 4,094 Consumer 3 18 8 Total 19 $ 10,063 $ 8,521 Modifications as of December 31, 2019: Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Troubled Debt Restructuring Real Estate Loans: 1-4 family residential 3 $ 235 $ 219 Nonfarm nonresidential 3 2,411 2,044 Other Loans: Commercial 6 5,914 2,755 Consumer 1 11 9 Total 13 $ 8,571 $ 5,027 |
Note 8 - Premises and Equipme_2
Note 8 - Premises and Equipment - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2020 2019 (Dollars in thousands) Land $ 7,091 $ 2,784 Buildings and Leasehold Improvements 46,226 12,078 Furniture and Equipment 27,219 11,862 Right of Use Asset 12,932 13,242 Total Bank Premises and Equipment 93,468 39,966 Less: Accumulated Depreciation (34,875 ) (10,686 ) Total Bank Premises and Equipment, net $ 58,593 $ 29,280 |
Note 9 - Goodwill and Other I_2
Note 9 - Goodwill and Other Intangible Assets - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2020 2019 (Dollars in thousands) Gross Carrying Amount $ 8,917 $ 9,203 Acquired in Pedestal Acquisition 4,211 - Adjustment for Sale of Branch - (286 ) Less: Accumulated Amortization (3,394 ) (2,223 ) Net Carrying Amount $ 9,734 $ 6,694 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | December 31, (Dollars in thousands) 2021 $ 1,311 2022 1,311 2023 1,311 2024 1,311 2025 1,104 Thereafter 3,386 Total Core Deposit Intangible $ 9,734 |
Note 10 - Deposits - (Tables)
Note 10 - Deposits - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Summary of Deposits [Table Text Block] | 2020 2019 (Dollars in thousands) Noninterest Bearing - DDA $ 1,164,139 $ 398,847 Noninterest Bearing Deposits 1,164,139 398,847 Interest Bearing - DDA 178,999 45,058 NOW and Super NOW Accounts 509,501 295,620 Money Market Accounts 702,512 365,114 Savings Accounts 251,297 81,915 Certificates of Deposit Over $250,000 219,580 152,859 Other Certificates of Deposit 590,651 442,597 Interest Bearing Deposits 2,452,540 1,383,163 Total Deposits $ 3,616,679 $ 1,782,010 |
Note 13 - Income Taxes - (Table
Note 13 - Income Taxes - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2020 2019 2018 (Dollars in thousands) Provision for Current Taxes - Federal $ 6,730 $ 6,416 $ 3,681 Provision (Credit) for Deferred Taxes 58 (336 ) (402 ) Total Provision for Income Taxes $ 6,788 $ 6,080 $ 3,279 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 2018 (Dollars in thousands) Federal Statutory Income Tax $ 7,720 $ 6,269 $ 3,648 Tax Exempt Income (608 ) (556 ) (512 ) Stock Based Compensation (730 ) - - Goodwill write-off - 216 - Other - Net 406 151 143 Total Provision for Income Taxes $ 6,788 $ 6,080 $ 3,279 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 (Dollars in thousands) State NOL $ 1,235 $ 616 State NOL Valuation Allowance (1,235 ) (616 ) Acquired Loans Fair Market Value Adjustment 7,472 743 Allowance for Loan Losses 4,625 2,546 Right of Use Asset 2,716 2,781 Deferred Compensation 1,216 571 Other 1,247 919 Deferred Tax Assets 17,276 7,560 Unrealized Gain on Securities 2,777 694 Lease Liability 2,716 2,781 Core Deposit Intangible 2,044 1,406 Depreciation 2,022 462 Acquired Securities Difference in Basis 988 (43 ) Other 871 115 Deferred Tax Liabilities 11,418 5,415 Net Deferred Tax Asset $ 5,858 $ 2,145 |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Income (Loss) - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2020 2019 (Dollars in thousands) Unrealized Gains (Losses) on AFS Securities and Equity Method Investments: Balance at Beginning of Year $ 2,613 $ (3,469 ) Other Comprehensive Income on AFS Securities Before Reclassifications - Net of Tax 7,728 5,998 Other Comprehensive Income on Equity Method Investments 180 - Reclassification Adjustment for Gains Realized - Net of Tax 107 84 Other Comprehensive Income (Loss) 8,015 6,082 Balance at End of Year $ 10,628 $ 2,613 |
Note 15 - Shareholders' Equit_2
Note 15 - Shareholders' Equity and Regulatory Matters - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To Be Well Capitalized Under For Capital Prompt Corrective Business First Bancshares, Inc. (Consolidated) Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2020: (Dollars in thousands) Total Capital (to Risk-Weighted Assets) N/A N/A N/A N/A N/A N/A Tier 1 Capital (to Risk-Weighted Assets) N/A N/A N/A N/A N/A N/A Common Equity Tier 1 Capital (to Risk-Weighted Assets) N/A N/A N/A N/A N/A N/A CBLR $ 340,715 8.79 % $ 310,151 8.00 % N/A N/A December 31, 2019: Total Capital (to Risk-Weighted Assets) $ 264,495 13.30 % $ 159,120 8.00 % N/A N/A Tier 1 Capital (to Risk-Weighted Assets) $ 227,265 11.43 % $ 119,340 6.00 % N/A N/A Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 227,265 11.43 % $ 89,505 4.50 % N/A N/A Tier 1 Leveraged Capital (to Average Assets) $ 227,265 10.56 % $ 86,058 4.00 % N/A N/A To Be Well Capitalized Under For Capital Prompt Corrective b1BANK Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2020: (Dollars in thousands) Total Capital (to Risk-Weighted Assets) N/A N/A N/A N/A N/A N/A Tier 1 Capital (to Risk-Weighted Assets) N/A N/A N/A N/A N/A N/A Common Equity Tier 1 Capital (to Risk-Weighted Assets) N/A N/A N/A N/A N/A N/A CBLR $ 358,083 9.24 % $ 310,091 8.00 % N/A N/A December 31, 2019: Total Capital (to Risk-Weighted Assets) $ 254,520 12.80 % $ 159,033 8.00 % $ 198,791 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 242,290 12.19 % $ 119,275 6.00 % $ 159,033 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 242,290 12.19 % $ 89,456 4.50 % $ 129,214 6.50 % Tier 1 Leveraged Capital (to Average Assets) $ 242,290 11.27 % $ 86,015 4.00 % $ 107,518 5.00 % |
Note 16 - Stock Based Compens_2
Note 16 - Stock Based Compensation - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Weighted Average Weighted Average Weighted Average Shares Grant Date Fair Value Shares Grant Date Fair Value Shares Grant Date Fair Value Balance, at Beginning of Period 39,971 $ 22.64 31,002 $ 19.58 8,662 $ 17.00 Granted 60,635 24.79 39,994 23.96 39,789 20.00 Forfeited - - (530 ) 19.47 - - Earned and Issued (46,850 ) 23.09 (30,495 ) 21.31 (17,449 ) 19.26 Balance, at End of Period 53,756 $ 24.49 39,971 $ 22.64 31,002 $ 19.58 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Years Ended December 31, 2020 2019 2018 Number of Weighted Average Number of Weighted Average Number of Weighted Average Options Exercise Price Options Exercise Price Options Exercise Price Outstanding Options, at Beginning of Period 725,300 $ 12.55 780,080 $ 12.74 831,080 $ 12.73 Granted - - - - - - Exercised (330,000 ) 10.00 (54,780 ) 15.28 (49,000 ) 12.42 Forfeited or Expired (10,000 ) 15.00 - - (2,000 ) 17.11 Outstanding Options, at End of Period 385,300 $ 14.67 725,300 $ 12.55 780,080 $ 12.74 Exercisable, at End of Period 385,300 $ 14.67 724,300 $ 12.55 761,747 $ 12.64 |
Note 18 - Other Expenses - (Tab
Note 18 - Other Expenses - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | 2020 2019 2018 (Dollars in thousands) Business Development $ 1,605 $ 1,535 $ 1,239 Communications 1,969 1,063 885 Ad Valorem Shares Tax 2,348 1,423 1,135 Data Processing Fees 5,506 2,049 1,557 Directors' Fees 464 570 436 Insurance 718 347 256 Legal and Professional Fees 2,118 1,319 1,695 Office Supplies and Printing 884 670 578 Regulatory Assessments 1,785 389 1,359 Taxes and Licenses 84 88 201 Merger and Conversion Costs 3,978 330 3,024 Other 10,760 5,911 4,156 Total Other Expenses $ 32,219 $ 15,694 $ 16,521 |
Note 21 - Leases - (Tables)
Note 21 - Leases - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | December 31, (Dollars in thousands) 2021 $ 2,159 2022 1,977 2023 1,869 2024 1,672 2025 1,548 2026 and Thereafter 5,254 Total Future Minimum Lease Payments 14,479 Less Imputed Interest (1,547 ) Present Value of Lease Liabilities $ 12,932 |
Note 22 - Commitments - (Tables
Note 22 - Commitments - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Other Commitments [Table Text Block] | McLarty McLarty II Bluehenge New Louisiana Firmament (Dollars in thousands) Total Capital Commitment $ 2,000 $ 2,500 $ 1,500 $ 50 $ 2,500 Capital Called $ 1,802 $ 2,098 $ 1,387 $ 25 $ 242 Remaining Unfunded Capital Commitment $ 198 $ 402 $ 113 $ 25 $ 2,258 |
Note 24 - Fair Value of Finan_2
Note 24 - Fair Value of Financial Instruments - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) December 31, 2020 Available for Sale: U.S. Government Agency Securities $ 2,572 $ - $ 2,572 $ - Corporate Securities 39,113 - 21,959 17,154 Mortgage-Backed Securities 295,019 - 295,019 - Municipal Securities 302,253 - 274,067 28,186 Other Securities 1,648 - 1,648 - Mortgage Loans Held for Sale 969 - 969 - Servicing Rights 1,439 - 1,439 - Total $ 643,013 $ - $ 597,673 $ 45,340 December 31, 2019 Available for Sale: U.S. Government Agency Securities $ 15,937 $ - $ 15,937 $ - Corporate Securities 23,714 - 23,714 - Mortgage-Backed Securities 139,459 - 139,459 - Municipal Securities 99,083 - 92,496 6,587 Other Securities - - - - Mortgage Loans Held for Sale 251 - 251 - Total $ 278,444 $ - $ 271,857 $ 6,587 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) December 31, 2020 Assets: Impaired Loans $ 18,175 $ - $ - $ 18,175 Other Nonperforming Assets 9,453 - - 9,453 Total $ 27,628 $ - $ - $ 27,628 December 31, 2019 Assets: Impaired Loans $ 15,876 $ - $ - $ 15,876 Other Nonperforming Assets 4,196 - - 4,196 Total $ 20,072 $ - $ - $ 20,072 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Total Amount Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) December 31, 2020 Financial Assets: Cash and Short-Term Investments $ 323,283 $ 323,283 $ 323,283 $ - $ - Securities 640,605 640,605 - 595,265 45,340 Mortgage Loans Held for Sale 969 969 - 969 - Loans - Net 2,969,331 2,969,619 - - 2,969,619 Servicing Rights 1,439 1,439 - 1,439 - Cash Value of BOLI 45,030 45,030 - 45,030 - Other Equity Securities 12,693 12,693 - - 12,693 Total $ 3,993,350 $ 3,993,638 $ 323,283 $ 642,703 $ 3,027,652 Financial Liabilities: Deposits $ 3,616,679 $ 3,623,253 $ - $ - $ 3,623,253 Borrowings 105,990 127,171 - 127,171 - Total $ 3,722,669 $ 3,750,424 $ - $ 127,171 $ 3,623,253 December 31, 2019 Financial Assets: Cash and Short-Term Investments $ 150,743 $ 150,743 $ 150,743 $ - $ - Securities 278,193 278,193 - 271,606 6,587 Mortgage Loans Held for Sale 251 251 - 251 - Loans - Net 1,698,141 1,696,470 - - 1,696,470 Cash Value of BOLI 32,568 32,568 - 32,568 - Other Equity Securities 12,565 12,565 - - 12,565 Total $ 2,172,461 $ 2,170,790 $ 150,743 $ 304,425 $ 1,715,622 Financial Liabilities: Deposits $ 1,782,010 $ 1,782,692 $ - $ - $ 1,782,692 Borrowings 185,989 202,863 - 202,863 - Total $ 1,967,999 $ 1,985,555 $ - $ 202,863 $ 1,782,692 |
Impaired Loans [Member] | |
Notes Tables | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Valuation Unobservable Discounted Range (Weighted Average) Technique Input December 31, 2020 December 31, 2019 Impaired Loans Discounted Appraisals Appraisal Adjustments 10% to 100% (19%) 10% to 80% (16%) |
Note 27 - Financial Statement_2
Note 27 - Financial Statements - Parent Company Only - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | 2020 2019 Assets: Cash $ 13,160 $ 6,154 Investment in Subsidiaries 432,331 300,122 Other Assets 5,747 3,843 Total Assets $ 451,238 $ 310,119 Liabilities: Accrued Interest Payable $ 81 $ 22 Short Term Borrowings 5,020 - Long Term Borrowings 6,000 - Subordinated Debt 25,000 25,000 Subordinated Debt - Trust Preferred Securities 5,155 - Other Liabilities 19 - Total Liabilities 41,275 25,022 Shareholders' Equity: Common Stock 20,621 13,279 Additional Paid-in Capital 299,540 212,505 Retained Earnings 79,174 56,700 Accumulated Other Comprehensive Income 10,628 2,613 Total Shareholders' Equity 409,963 285,097 Total Liabilities and Shareholders' Equity $ 451,238 $ 310,119 |
Condensed Income Statement [Table Text Block] | 2020 2019 2018 Income: Dividend Income From Subsidiaries $ 24,295 $ - $ - Interest Income 5 45 46 Expenses: Interest Expense 2,135 1,688 237 Other Operating Expenses 5,943 2,138 3,275 Income (Loss) before Income Taxes and Equity in Undistributed Net Income of Subsidiaries 16,222 (3,781 ) (3,466 ) Income Tax Benefit (1,905 ) (783 ) (623 ) Income (Loss) before Equity in Undistributed Net Income of Subsidiaries 18,127 (2,998 ) (2,843 ) Equity in Undistributed Net Income of Subsidiaries 11,867 26,770 16,934 Net Income $ 29,994 $ 23,772 $ 14,091 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations - Summary of Significant Accounting Policies - (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May 01, 2020 | Nov. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2020 | Dec. 31, 2017 |
Assets, Total | $ 4,160,360 | $ 2,273,835 | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 2,991,355 | 1,710,265 | ||||||
Deposits, Total | 3,616,679 | 1,782,010 | ||||||
Stockholders' Equity Attributable to Parent, Ending Balance | 409,963 | 285,097 | $ 260,058 | $ 179,935 | ||||
Debt Securities, Held-to-maturity, Total | 0 | 0 | ||||||
Debt Securities, Trading, and Equity Securities, FV-NI, Total | 0 | 0 | ||||||
Advertising Expense | $ 1,600 | $ 1,500 | $ 1,200 | |||||
Core Deposits [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||||
Minden Bancorp [Member] | ||||||||
Assets, Total | 317,400 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 192,700 | |||||||
Deposits, Total | 264,000 | |||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 30,600 | |||||||
Richland State Bancorp [Member] | ||||||||
Assets, Total | $ 316,400 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 190,800 | |||||||
Deposits, Total | 290,000 | |||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 25,400 | |||||||
Minden Bancorp [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 56,200 | |||||||
Business Acquisition, Price Paid Per Share of Common Stock of Acquired Entity (in dollars per share) | $ 23.20 | |||||||
Richland State Bancorp [Member] | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 1,679,559 | |||||||
Business Combination, Consideration Transferred, Total | $ 42,400 | |||||||
Pedestal [Member] | ||||||||
Assets, Total | $ 1,400,000 | |||||||
Deposits, Total | 1,200,000 | |||||||
Stockholders' Equity Attributable to Parent, Ending Balance | 93,300 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 7,614,506 | |||||||
Business Combination, Consideration Transferred, Total | $ 98,684 | |||||||
Assets, Fair Value Disclosure | 1,300,000 | |||||||
Loans Payable, Fair Value Disclosure | 893,300 | |||||||
Deposits, Fair Value Disclosure | $ 1,200,000 |
Note 3 - Mergers and Acquisit_3
Note 3 - Mergers and Acquisitions - (Details Textual) - USD ($) | May 01, 2020 | Dec. 13, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2020 |
Assets, Total | $ 4,160,360,000 | $ 2,273,835,000 | ||||
Deposits, Total | 3,616,679,000 | 1,782,010,000 | ||||
Business Combination, Acquisition Related Costs | $ 3,978,000 | 330,000 | $ 3,024,000 | |||
Core Deposits [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||
Pedestal [Member] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 7,614,506 | |||||
Assets, Total | $ 1,400,000,000 | |||||
Loans Payable, Total | 935,800,000 | |||||
Deposits, Total | $ 1,200,000,000 | |||||
Business Combination, Acquisition Related Costs | $ 9,600,000 | 9,600,000 | ||||
Business Acquisition, Pro Forma Interest Income (Expense), Net, Fair Value Adjustment | 3,100,000 | |||||
Business Acquisition, Pro Forma Provision for Loan and Lease Losses, Total, Adjustment | 650,000 | $ 3,700,000 | ||||
Business Acquisition, Pro Forma Noninterest Expense, Total | $ 98,988,000 | $ 105,474,000 | ||||
Business Acquisition, Pro Forma Income Tax Expense (Benefit), Adjustment, Percent | 21.00% | |||||
Pedestal [Member] | Acquisition-related Costs [Member] | ||||||
Business Acquisition, Pro Forma Noninterest Expense, Total | $ 9,600,000 |
Note 3 - Mergers and Acquisit_4
Note 3 - Mergers and Acquisitions - Schedule of Identifiable Assets Purchased and Liabilities Assumed (Details) - USD ($) $ / shares in Units, $ in Thousands | May 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Net Assets Acquired: | |||
Goodwill, Ending Balance | $ 53,862 | $ 48,495 | |
Pedestal [Member] | |||
Purchase Price: | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 7,614,506 | ||
Closing Stock Price on May 1, 2020 (in dollars per share) | $ 12.96 | ||
Business Combination, Consideration Transferred, Total | $ 98,684 | ||
Net Assets Acquired: | |||
Cash and Cash Equivalents | 106,000 | ||
Securities Available for Sale | 264,517 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 893,295 | ||
Premises and Equipment, Net | 35,983 | ||
Cash Value of Life Insurance | 11,522 | ||
Core Deposit Intangible | 4,211 | ||
Other Assets | 19,623 | ||
Total Assets | 1,335,151 | ||
Deposits | 1,177,137 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Borrowings | 59,399 | ||
Other Liabilities | 5,298 | ||
Total Liabilities | 1,241,834 | ||
Net Assets Acquired | 93,317 | ||
Goodwill, Ending Balance | $ 5,367 |
Note 3 - Mergers and Acquisit_5
Note 3 - Mergers and Acquisitions - Proforma Information (Details) - Pedestal [Member] - USD ($) $ / shares in Units, $ in Thousands | 11 Months Ended | 12 Months Ended |
Dec. 13, 2019 | Dec. 31, 2020 | |
Interest Income | $ 171,524 | $ 170,619 |
Interest Expense | 30,321 | 24,288 |
Net Interest Income | 141,203 | 146,331 |
Provision for Loan Losses | 862 | 11,435 |
Net Interest Income after Provision for Loan Losses | 140,341 | 134,896 |
Noninterest Income | 21,728 | 26,095 |
Business Acquisition, Pro Forma Noninterest Expense, Total | 98,988 | 105,474 |
Income Before Income Taxes | 63,081 | 55,517 |
Income Tax Expense | 13,058 | 10,722 |
Net Income | $ 50,023 | $ 44,795 |
Basic (in dollars per share) | $ 2.39 | $ 2.17 |
Diluted (in dollars per share) | $ 2.35 | $ 2.17 |
Note 4 - Earnings Per Common _3
Note 4 - Earnings Per Common Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Income Available to Common Shares | $ 29,994 | $ 23,772 | $ 14,091 |
Weighted Average Common Shares Outstanding (in shares) | 18,169,599 | 13,310,577 | 11,124,585 |
Dilutive Effect of Stock Options and Restricted Stock Awards (in shares) | 73,846 | 360,200 | 421,358 |
Weighted Average Dilutive Common Shares (in shares) | 18,243,445 | 13,670,777 | 11,545,943 |
Basic Earnings Per Common Share From Net Income Available to Common Shares (in dollars per share) | $ 1.65 | $ 1.79 | $ 1.27 |
Diluted Earnings Per Common Share From Net Income Available to Common Shares (in dollars per share) | $ 1.64 | $ 1.74 | $ 1.22 |
Note 5 - Cash and Due From Ba_2
Note 5 - Cash and Due From Bank - (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Reserve Requirements with Federal Reserve | $ 0 | $ 0 |
Note 6 - Securities - (Details
Note 6 - Securities - (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale, Restricted | $ 301,700,000 | $ 165,900,000 | |
Debt Securities, Available-for-sale, Realized Gain | 293,000 | 112,000 | $ 7,000 |
Debt Securities, Available-for-sale, Realized Loss | 158,000 | 6,000 | $ 0 |
Other Equity Securities, Fair Value Disclosure | 12,693,000 | 12,565,000 | |
The Independent Bankers Bank [Member] | |||
Other Equity Securities, Fair Value Disclosure | 302,000 | 202,000 | |
Bankers Insurance LLC [Member] | |||
Other Equity Securities, Fair Value Disclosure | 562,000 | 310,000 | |
First National Bankers Bank [Member] | |||
Other Equity Securities, Fair Value Disclosure | 2,000,000 | 655,000 | |
Mc Larty Capital Partners SBIC L.P [Member] | |||
Other Equity Securities, Fair Value Disclosure | 2,000,000 | 1,900,000 | |
McLarty Capital Partners SBIC II, L.P. [Member] | |||
Other Equity Securities, Equity Method | 2,000,000 | 1,800,000 | |
Bluehenge Capital Secured Debt SBIC L.P [Member] | |||
Other Equity Securities, Equity Method | 1,700,000 | 1,600,000 | |
New Louisiana Angel Fund 2, LLC [Member] | |||
Other Equity Securities, Equity Method | 25,000 | 12,000 | |
Firmament Capital Partners, SBIC III [Member] | |||
Other Equity Securities, Equity Method | 235,000 | 0 | |
Senior Housing Crime Prevention Foundation [Member] | |||
Other Equity Securities, Equity Method | 504,000 | 0 | |
Federal Home Loan Bank of Dallas [Member] | |||
Other Equity Securities, Fair Value Disclosure | $ 3,400,000 | $ 6,100,000 |
Note 6 - Securities - Securitie
Note 6 - Securities - Securities Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized cost | $ 627,380 | $ 274,886 |
Gross unrealized gains | 13,583 | 3,987 |
Gross unrealized losses | 358 | 680 |
Fair value | 640,605 | 278,193 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 2,567 | 15,654 |
Gross unrealized gains | 5 | 303 |
Gross unrealized losses | 0 | 20 |
Fair value | 2,572 | 15,937 |
Corporate Debt Securities [Member] | ||
Amortized cost | 38,738 | 23,774 |
Gross unrealized gains | 380 | 98 |
Gross unrealized losses | 5 | 158 |
Fair value | 39,113 | 23,714 |
Collateralized Mortgage Backed Securities [Member] | ||
Amortized cost | 288,373 | 137,817 |
Gross unrealized gains | 6,893 | 2,139 |
Gross unrealized losses | 247 | 497 |
Fair value | 295,019 | 139,459 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 296,262 | 97,641 |
Gross unrealized gains | 6,097 | 1,447 |
Gross unrealized losses | 106 | 5 |
Fair value | 302,253 | 99,083 |
Other Debt Obligations [Member] | ||
Amortized cost | 1,440 | 0 |
Gross unrealized gains | 208 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | $ 1,648 | $ 0 |
Note 6 - Securities - Securit_2
Note 6 - Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Less than 12 months, fair value | $ 68,096 | $ 4,384 |
Less than 12 months, gross unrealized losses | 357 | 28 |
12 months or greater, fair value | 17 | 51,987 |
12 months or greater, gross unrealized losses | 1 | 652 |
Total, fair value | 68,113 | 56,371 |
Total, gross unrealized losses | 358 | 680 |
US Government Agencies Debt Securities [Member] | ||
Less than 12 months, fair value | 0 | 2,486 |
Less than 12 months, gross unrealized losses | 0 | 20 |
12 months or greater, fair value | 0 | 0 |
12 months or greater, gross unrealized losses | 0 | 0 |
Total, fair value | 0 | 2,486 |
Total, gross unrealized losses | 0 | 20 |
Corporate Debt Securities [Member] | ||
Less than 12 months, fair value | 4,995 | 0 |
Less than 12 months, gross unrealized losses | 5 | 0 |
12 months or greater, fair value | 0 | 6,360 |
12 months or greater, gross unrealized losses | 0 | 158 |
Total, fair value | 4,995 | 6,360 |
Total, gross unrealized losses | 5 | 158 |
Collateralized Mortgage Backed Securities [Member] | ||
Less than 12 months, fair value | 44,680 | 950 |
Less than 12 months, gross unrealized losses | 246 | 4 |
12 months or greater, fair value | 17 | 44,366 |
12 months or greater, gross unrealized losses | 1 | 493 |
Total, fair value | 44,697 | 45,316 |
Total, gross unrealized losses | 247 | 497 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, fair value | 18,421 | 948 |
Less than 12 months, gross unrealized losses | 106 | 4 |
12 months or greater, fair value | 0 | 1,261 |
12 months or greater, gross unrealized losses | 0 | 1 |
Total, fair value | 18,421 | 2,209 |
Total, gross unrealized losses | 106 | 5 |
Other Debt Obligations [Member] | ||
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, gross unrealized losses | 0 | 0 |
12 months or greater, fair value | 0 | 0 |
12 months or greater, gross unrealized losses | 0 | 0 |
Total, fair value | 0 | 0 |
Total, gross unrealized losses | $ 0 | $ 0 |
Note 6 - Securities - Securit_3
Note 6 - Securities - Securities Available-for-sale by Contractual Maturity (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Less Than One Year, Amortized Cost | $ 18,725 |
Less Than One Year, Fair Value | 18,814 |
One to Five Years, Amortized Cost | 122,929 |
One to Five Years, Fair Value | 125,050 |
Over Five to Ten Years, Amortized Cost | 294,048 |
Over Five to Ten Years, Fair Value | 300,897 |
Over Ten Years, Amortized Cost | 191,678 |
Over Ten Years, Fair Value | 195,844 |
Amortized Cost | 627,380 |
Fair Value | $ 640,605 |
Note 7 - Loans and the Allowa_3
Note 7 - Loans and the Allowance for Loan Losses - (Details Textual) | May 01, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Loans and Leases Receivable, Deferred Income, Total | $ 10,200,000 | $ 3,000,000 | ||
Loans and Leases Receivable Reclassified from Overdraft | 623,000 | 276,000 | ||
Loans Receivable, Unpaid Principal Balance | 430,000,000 | 129,700,000 | ||
Servicing Asset, Total | 1,400,000 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | [1] | 64,260,000 | 5,009,000 | |
Loans and Leases Receivable, Net of Deferred Income, Total | 2,991,355,000 | 1,710,265,000 | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 1,523,000 | 72,000 | ||
Financing Receivable, Nonaccrual | 9,063,000 | 8,977,000 | ||
Impaired Financing Receivable, Interest Income, Accrual Method, Total | $ 516,000 | 292,000 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 1 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 34,000 | $ 0 | ||
Financing Receivable, Modifications, Number of Contracts | 19 | 13 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 8,521,000 | $ 5,027,000 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | 10,063,000 | $ 8,571,000 | ||
Financing Receivable, Principal and Interest, Deferred Payments | 829,100,000 | |||
Financing Receivable Accrued Interest Receivable, Loans Deferrals | $ 8,400,000 | |||
COVID 19 [Member] | ||||
Number of Principal and Interest Payment, Deferrals Within the Deferral Period | 121 | |||
Outstanding Balance of Loans Within the Deferral Period | $ 98,100,000 | |||
Financing Receivable, Interest Only Deferred Payments | $ 94,800,000 | |||
Financing Receivable, Principal and Interest, Deferred Payments, Temporary Payment Period (Day) | 60 days | |||
Hurricane Laura [Member] | ||||
Financing Receivable, Principal and Interest, Deferred Payments | $ 131,500,000 | |||
Financing Receivable, Principal and Interest, Deferred Payments Still in Deferral Periods | $ 20,600,000 | |||
Modified Loans [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 7 | 3 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 4,000,000 | $ 246,000 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | 4,000,000 | 246,000 | ||
Minden Bancorp and Richland State Bancorp [Member] | Performing Financial Instruments [Member] | ||||
Loans and Leases Receivable, Deferred Income, Total | 9,800,000 | 2,000,000 | ||
Loans Receivable, Fair Value Disclosure | 750,600,000 | 180,000,000 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 64,300,000 | 5,000,000 | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 696,200,000 | 177,100,000 | ||
Pedestal [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 893,295,000 | |||
Pedestal [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | Loans and Leases Receivables Acquired [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 818,700,000 | |||
Pedestal [Member] | Financial Asset Acquired with Credit Deterioration [Member] | Loans and Leases Receivables Acquired [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 74,600,000 | |||
Pedestal [Member] | Performing Financial Instruments [Member] | Loans and Leases Receivables Acquired [Member] | ||||
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | $ 11,500,000 | |||
Commercial Real Estate Portfolio Segment [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||||
Loans and Leases Receivable, Gross, Total | 313,900,000 | |||
Consumer Portfolio Segment [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | [1] | 1,879,000 | 0 | |
Loans and Leases Receivable, Net of Deferred Income, Total | 110,122,000 | 84,801,000 | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 22,000 | 43,000 | ||
Financing Receivable, Nonaccrual | $ 297,000 | $ 412,000 | ||
Financing Receivable, Modifications, Number of Contracts | 3 | 1 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 8,000 | $ 9,000 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | 18,000 | $ 11,000 | ||
Consumer Portfolio Segment [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||||
Loans and Leases Receivable, Gross, Total | 1,600,000 | |||
Loans and Leases Receivable, Deferred Income, Total | $ 6,200,000 | |||
[1] | Purchased credit impaired loans are evaluated for impairment on an individual basis. |
Note 7 - Loans and the Allowa_4
Note 7 - Loans and the Allowance for Loan Losses - Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loans | $ 2,991,355 | $ 1,710,265 | |
Allowance for loan losses | (22,024) | (12,124) | $ (11,220) |
Net loans | 2,969,331 | 1,698,141 | |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | |||
Loans | 403,065 | 244,181 | |
Allowance for loan losses | (3,584) | (1,868) | (1,590) |
Commercial Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Loans | 55,883 | 48,681 | |
Allowance for loan losses | (600) | (229) | (104) |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Loans | 971,603 | 612,608 | |
Allowance for loan losses | (7,369) | (3,882) | (2,715) |
Residential Portfolio Segment [Member] | Real Estate Residential One- to Four-Family [Member] | |||
Loans | 468,650 | 293,142 | |
Allowance for loan losses | (3,453) | (1,888) | (1,538) |
Residential Portfolio Segment [Member] | Multi-family Residential [Member] | |||
Loans | 95,707 | 36,454 | |
Allowance for loan losses | (818) | (226) | (236) |
Commercial Portfolio Segment [Member] | |||
Loans | 886,325 | 390,398 | |
Allowance for loan losses | (5,018) | (3,414) | (4,453) |
Consumer Portfolio Segment [Member] | |||
Loans | 110,122 | 84,801 | |
Allowance for loan losses | $ (1,182) | $ (617) | $ (584) |
Note 7 - Loans and the Allowa_5
Note 7 - Loans and the Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investment in Loans Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 01, 2020 | ||||
Beginning Balance | $ 12,124 | $ 11,220 | |||||
Charge-offs | (1,963) | (1,825) | |||||
Recoveries | 428 | 123 | |||||
Provision | 11,435 | 2,606 | $ 2,390 | ||||
Ending Balance | 22,024 | 12,124 | 11,220 | ||||
Allowance for credit losses, individually evaluated for impairment | 1,014 | 556 | |||||
Allowance for credit losses, collectively evaluated for impairment | 21,010 | 11,568 | |||||
Allowance for credit losses, purchased credit impaired | 0 | [1] | 0 | [1] | $ 49,828 | ||
Loans receivable | 2,991,355 | 1,710,265 | |||||
Loans receivable, individually evaluated for impairment | 19,976 | 11,847 | |||||
Loans receivable, collectively evaluated for impairment | 2,907,119 | 1,693,409 | |||||
Loans receivable, purchased credit impaired | [1] | 64,260 | 5,009 | ||||
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | |||||||
Beginning Balance | 1,868 | 1,590 | |||||
Charge-offs | (26) | (2) | |||||
Recoveries | 10 | 0 | |||||
Provision | 1,732 | 280 | |||||
Ending Balance | 3,584 | 1,868 | 1,590 | ||||
Allowance for credit losses, individually evaluated for impairment | 27 | 0 | |||||
Allowance for credit losses, collectively evaluated for impairment | 3,557 | 1,868 | |||||
Allowance for credit losses, purchased credit impaired | [1] | 0 | 0 | ||||
Loans receivable | 403,065 | 244,181 | |||||
Loans receivable, individually evaluated for impairment | 924 | 397 | |||||
Loans receivable, collectively evaluated for impairment | 401,134 | 243,784 | |||||
Loans receivable, purchased credit impaired | [1] | 1,007 | 0 | ||||
Commercial Real Estate Portfolio Segment [Member] | Farmland [Member] | |||||||
Beginning Balance | 229 | 104 | |||||
Charge-offs | (2) | (2) | |||||
Recoveries | 0 | 0 | |||||
Provision | 373 | 127 | |||||
Ending Balance | 600 | 229 | 104 | ||||
Allowance for credit losses, individually evaluated for impairment | 93 | 4 | |||||
Allowance for credit losses, collectively evaluated for impairment | 507 | 225 | |||||
Allowance for credit losses, purchased credit impaired | [1] | 0 | 0 | ||||
Loans receivable | 55,883 | 48,681 | |||||
Loans receivable, individually evaluated for impairment | 300 | 222 | |||||
Loans receivable, collectively evaluated for impairment | 55,515 | 48,324 | |||||
Loans receivable, purchased credit impaired | [1] | 68 | 135 | ||||
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||||||
Beginning Balance | 3,882 | 2,715 | |||||
Charge-offs | (232) | (51) | |||||
Recoveries | 12 | 4 | |||||
Provision | 3,707 | 1,214 | |||||
Ending Balance | 7,369 | 3,882 | 2,715 | ||||
Allowance for credit losses, individually evaluated for impairment | 119 | 52 | |||||
Allowance for credit losses, collectively evaluated for impairment | 7,250 | 3,830 | |||||
Allowance for credit losses, purchased credit impaired | [1] | 0 | 0 | ||||
Loans receivable | 971,603 | 612,608 | |||||
Loans receivable, individually evaluated for impairment | 7,292 | 4,101 | |||||
Loans receivable, collectively evaluated for impairment | 935,655 | 603,891 | |||||
Loans receivable, purchased credit impaired | [1] | 28,656 | 4,616 | ||||
Residential Portfolio Segment [Member] | Real Estate Residential One- to Four-Family [Member] | |||||||
Beginning Balance | 1,888 | 1,538 | |||||
Charge-offs | (387) | (162) | |||||
Recoveries | 53 | 14 | |||||
Provision | 1,899 | 498 | |||||
Ending Balance | 3,453 | 1,888 | 1,538 | ||||
Allowance for credit losses, individually evaluated for impairment | 62 | 30 | |||||
Allowance for credit losses, collectively evaluated for impairment | 3,391 | 1,858 | |||||
Allowance for credit losses, purchased credit impaired | [1] | 0 | 0 | ||||
Loans receivable | 468,650 | 293,142 | |||||
Loans receivable, individually evaluated for impairment | 3,981 | 2,531 | |||||
Loans receivable, collectively evaluated for impairment | 437,216 | 290,549 | |||||
Loans receivable, purchased credit impaired | [1] | 27,453 | 62 | ||||
Residential Portfolio Segment [Member] | Multi-family Residential [Member] | |||||||
Beginning Balance | 226 | 236 | |||||
Charge-offs | 0 | ||||||
Recoveries | 0 | 0 | |||||
Provision | 592 | (10) | |||||
Ending Balance | 818 | 226 | 236 | ||||
Allowance for credit losses, individually evaluated for impairment | 0 | 0 | |||||
Allowance for credit losses, collectively evaluated for impairment | 818 | 226 | |||||
Allowance for credit losses, purchased credit impaired | [1] | 0 | 0 | ||||
Loans receivable | 95,707 | 36,454 | |||||
Loans receivable, individually evaluated for impairment | 0 | 0 | |||||
Loans receivable, collectively evaluated for impairment | 95,707 | 36,454 | |||||
Loans receivable, purchased credit impaired | [1] | 0 | 0 | ||||
Commercial Portfolio Segment [Member] | |||||||
Beginning Balance | 3,414 | 4,453 | |||||
Charge-offs | (849) | (1,556) | |||||
Recoveries | 203 | 41 | |||||
Provision | 2,250 | 476 | |||||
Ending Balance | 5,018 | 3,414 | 4,453 | ||||
Allowance for credit losses, individually evaluated for impairment | 609 | 421 | |||||
Allowance for credit losses, collectively evaluated for impairment | 4,409 | 2,993 | |||||
Allowance for credit losses, purchased credit impaired | [1] | 0 | 0 | ||||
Loans receivable | 886,325 | 390,398 | |||||
Loans receivable, individually evaluated for impairment | 6,997 | 4,175 | |||||
Loans receivable, collectively evaluated for impairment | 874,131 | 386,027 | |||||
Loans receivable, purchased credit impaired | [1] | 5,197 | 196 | ||||
Consumer Portfolio Segment [Member] | |||||||
Beginning Balance | 617 | 584 | |||||
Charge-offs | (467) | (52) | |||||
Recoveries | 150 | 64 | |||||
Provision | 882 | 21 | |||||
Ending Balance | 1,182 | 617 | $ 584 | ||||
Allowance for credit losses, individually evaluated for impairment | 104 | 49 | |||||
Allowance for credit losses, collectively evaluated for impairment | 1,078 | 568 | |||||
Allowance for credit losses, purchased credit impaired | [1] | 0 | 0 | ||||
Loans receivable | 110,122 | 84,801 | |||||
Loans receivable, individually evaluated for impairment | 482 | 421 | |||||
Loans receivable, collectively evaluated for impairment | 107,761 | 84,380 | |||||
Loans receivable, purchased credit impaired | [1] | $ 1,879 | $ 0 | ||||
[1] | Purchased credit impaired loans are evaluated for impairment on an individual basis. |
Note 7 - Loans and the Allowa_6
Note 7 - Loans and the Allowance for Loan Losses - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans | $ 2,991,355 | $ 1,710,265 |
Pass [Member] | ||
Loans | 2,916,507 | 1,660,185 |
Special Mention [Member] | ||
Loans | 43,776 | 27,887 |
Substandard [Member] | ||
Loans | 17,170 | 13,216 |
Doubtful [Member] | ||
Loans | 13,902 | 8,977 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | ||
Loans | 403,065 | 244,181 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | Pass [Member] | ||
Loans | 400,027 | 241,519 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | Special Mention [Member] | ||
Loans | 912 | 1,141 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | Substandard [Member] | ||
Loans | 1,202 | 1,124 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | Doubtful [Member] | ||
Loans | 924 | 397 |
Commercial Real Estate Portfolio Segment [Member] | Farmland [Member] | ||
Loans | 55,883 | 48,681 |
Commercial Real Estate Portfolio Segment [Member] | Farmland [Member] | Pass [Member] | ||
Loans | 53,874 | 46,591 |
Commercial Real Estate Portfolio Segment [Member] | Farmland [Member] | Special Mention [Member] | ||
Loans | 1,642 | 1,737 |
Commercial Real Estate Portfolio Segment [Member] | Farmland [Member] | Substandard [Member] | ||
Loans | 0 | 14 |
Commercial Real Estate Portfolio Segment [Member] | Farmland [Member] | Doubtful [Member] | ||
Loans | 367 | 339 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Loans | 971,603 | 612,608 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | Pass [Member] | ||
Loans | 949,245 | 594,046 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | Special Mention [Member] | ||
Loans | 12,810 | 11,077 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | Substandard [Member] | ||
Loans | 3,473 | 3,830 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | Doubtful [Member] | ||
Loans | 6,075 | 3,655 |
Residential Portfolio Segment [Member] | Real Estate Residential One- to Four-Family [Member] | ||
Loans | 468,650 | 293,142 |
Residential Portfolio Segment [Member] | Real Estate Residential One- to Four-Family [Member] | Pass [Member] | ||
Loans | 450,702 | 284,381 |
Residential Portfolio Segment [Member] | Real Estate Residential One- to Four-Family [Member] | Special Mention [Member] | ||
Loans | 9,290 | 3,175 |
Residential Portfolio Segment [Member] | Real Estate Residential One- to Four-Family [Member] | Substandard [Member] | ||
Loans | 4,913 | 3,237 |
Residential Portfolio Segment [Member] | Real Estate Residential One- to Four-Family [Member] | Doubtful [Member] | ||
Loans | 3,745 | 2,349 |
Residential Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Loans | 95,707 | 36,454 |
Residential Portfolio Segment [Member] | Multi-family Residential [Member] | Pass [Member] | ||
Loans | 95,359 | 36,422 |
Residential Portfolio Segment [Member] | Multi-family Residential [Member] | Special Mention [Member] | ||
Loans | 320 | 0 |
Residential Portfolio Segment [Member] | Multi-family Residential [Member] | Substandard [Member] | ||
Loans | 28 | 32 |
Residential Portfolio Segment [Member] | Multi-family Residential [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans | 886,325 | 390,398 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 859,851 | 374,500 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 16,832 | 9,219 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 7,325 | 4,854 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 2,317 | 1,825 |
Consumer Portfolio Segment [Member] | ||
Loans | 110,122 | 84,801 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 107,449 | 82,726 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 1,970 | 1,538 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 229 | 125 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | $ 474 | $ 412 |
Note 7 - Loans and the Allowa_7
Note 7 - Loans and the Allowance for Loan Losses - Past Due Loans Receivable (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Past due | $ 20,481,000 | $ 8,789,000 |
Current | 2,970,874,000 | 1,701,476,000 |
Loans | 2,991,355,000 | 1,710,265,000 |
Recorded investment over 90 days past due and still accruing | 1,523,000 | 72,000 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 9,694,000 | 2,228,000 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 2,877,000 | 1,794,000 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 7,910,000 | 4,767,000 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | ||
Past due | 1,921,000 | 879,000 |
Current | 401,144,000 | 243,302,000 |
Loans | 403,065,000 | 244,181,000 |
Recorded investment over 90 days past due and still accruing | 72,000 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 874,000 | 483,000 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 75,000 | 17,000 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 972,000 | 379,000 |
Commercial Real Estate Portfolio Segment [Member] | Farmland [Member] | ||
Past due | 300,000 | 177,000 |
Current | 55,583,000 | 48,504,000 |
Loans | 55,883,000 | 48,681,000 |
Recorded investment over 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 18,000 |
Commercial Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 11,000 | 16,000 |
Commercial Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 289,000 | 143,000 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Past due | 6,214,000 | 2,320,000 |
Current | 965,389,000 | 610,288,000 |
Loans | 971,603,000 | 612,608,000 |
Recorded investment over 90 days past due and still accruing | 315,000 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 2,651,000 | 181,000 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 1,049,000 | 610,000 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 2,514,000 | 1,529,000 |
Residential Portfolio Segment [Member] | Real Estate Residential One- to Four-Family [Member] | ||
Past due | 6,249,000 | 3,220,000 |
Current | 462,401,000 | 289,922,000 |
Loans | 468,650,000 | 293,142,000 |
Recorded investment over 90 days past due and still accruing | 603,000 | 29,000 |
Residential Portfolio Segment [Member] | Real Estate Residential One- to Four-Family [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 3,162,000 | 1,245,000 |
Residential Portfolio Segment [Member] | Real Estate Residential One- to Four-Family [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 1,160,000 | 975,000 |
Residential Portfolio Segment [Member] | Real Estate Residential One- to Four-Family [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 1,927,000 | 1,000,000 |
Residential Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Past due | 0 | 32,000 |
Current | 95,707,000 | 36,422,000 |
Loans | 95,707,000 | 36,454,000 |
Recorded investment over 90 days past due and still accruing | 0 | 0 |
Residential Portfolio Segment [Member] | Multi-family Residential [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 32,000 |
Residential Portfolio Segment [Member] | Multi-family Residential [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 0 |
Residential Portfolio Segment [Member] | Multi-family Residential [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Past due | 5,092,000 | 1,579,000 |
Current | 881,233,000 | 388,819,000 |
Loans | 886,325,000 | 390,398,000 |
Recorded investment over 90 days past due and still accruing | 511,000 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 2,618,000 | 126,000 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 549,000 | 142,000 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 1,925,000 | 1,311,000 |
Consumer Portfolio Segment [Member] | ||
Past due | 705,000 | 582,000 |
Current | 109,417,000 | 84,219,000 |
Loans | 110,122,000 | 84,801,000 |
Recorded investment over 90 days past due and still accruing | 22,000 | 43,000 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 389,000 | 143,000 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 33,000 | 34,000 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | $ 283,000 | $ 405,000 |
Note 7 - Loans and the Allowa_8
Note 7 - Loans and the Allowance for Loan Losses - Loan Receivables on Nonaccrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans receivable on nonaccrual status | $ 9,063 | $ 8,977 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | ||
Loans receivable on nonaccrual status | 924 | 397 |
Commercial Real Estate Portfolio Segment [Member] | Farmland [Member] | ||
Loans receivable on nonaccrual status | 367 | 339 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Loans receivable on nonaccrual status | 3,119 | 3,655 |
Residential Portfolio Segment [Member] | Real Estate Residential One- to Four-Family [Member] | ||
Loans receivable on nonaccrual status | 2,603 | 2,349 |
Residential Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Loans receivable on nonaccrual status | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans receivable on nonaccrual status | 1,753 | 1,825 |
Consumer Portfolio Segment [Member] | ||
Loans receivable on nonaccrual status | $ 297 | $ 412 |
Note 7 - Loans and the Allowa_9
Note 7 - Loans and the Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Recorded investment, with an allowance recorded | $ 3,593 | $ 1,848 |
Unpaid principal balance, with an allowance recorded | 3,738 | 1,975 |
Related allowance | 1,014 | 556 |
Average recorded investment, with an allowance recorded | 2,855 | 1,955 |
Recorded investment, with no allowance recorded | 16,383 | 9,999 |
Unpaid principal balance, with no allowance recorded | 18,097 | 11,892 |
Average recorded investment, with no allowance recorded | 15,912 | 10,885 |
Recorded investment | 19,976 | 11,847 |
Unpaid principal balance | 21,835 | 13,867 |
Average recorded investment | 18,767 | 12,840 |
Commercial Real Estate Portfolio Segment [Member] | ||
Related allowance | 609 | 421 |
Recorded investment | 6,997 | 4,174 |
Unpaid principal balance | 7,262 | 5,099 |
Average recorded investment | 8,480 | 5,210 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | ||
Recorded investment, with an allowance recorded | 27 | 0 |
Unpaid principal balance, with an allowance recorded | 27 | 0 |
Related allowance | 27 | 0 |
Average recorded investment, with an allowance recorded | 2 | 1 |
Recorded investment, with no allowance recorded | 897 | 397 |
Unpaid principal balance, with no allowance recorded | 939 | 420 |
Average recorded investment, with no allowance recorded | 520 | 184 |
Recorded investment | 924 | 397 |
Unpaid principal balance | 966 | 420 |
Average recorded investment | 522 | 185 |
Commercial Real Estate Portfolio Segment [Member] | Farmland [Member] | ||
Recorded investment, with an allowance recorded | 109 | 20 |
Unpaid principal balance, with an allowance recorded | 112 | 21 |
Related allowance | 93 | 4 |
Average recorded investment, with an allowance recorded | 27 | 21 |
Recorded investment, with no allowance recorded | 190 | 202 |
Unpaid principal balance, with no allowance recorded | 197 | 207 |
Average recorded investment, with no allowance recorded | 208 | 177 |
Recorded investment | 299 | 222 |
Unpaid principal balance | 309 | 228 |
Average recorded investment | 235 | 198 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Residential One- to Four-Family [Member] | ||
Recorded investment, with an allowance recorded | 337 | 136 |
Unpaid principal balance, with an allowance recorded | 361 | 167 |
Related allowance | 62 | 30 |
Average recorded investment, with an allowance recorded | 361 | 163 |
Recorded investment, with no allowance recorded | 3,644 | 2,395 |
Unpaid principal balance, with no allowance recorded | 4,469 | 3,041 |
Average recorded investment, with no allowance recorded | 3,540 | 2,531 |
Recorded investment | 3,981 | 2,531 |
Unpaid principal balance | 4,830 | 3,208 |
Average recorded investment | 3,901 | 2,694 |
Commercial Real Estate Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Recorded investment, with an allowance recorded | 0 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 |
Recorded investment, with no allowance recorded | 0 | 0 |
Unpaid principal balance, with no allowance recorded | 0 | 0 |
Average recorded investment, with no allowance recorded | 0 | 0 |
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Average recorded investment | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Recorded investment, with an allowance recorded | 457 | 721 |
Unpaid principal balance, with an allowance recorded | 457 | 738 |
Related allowance | 119 | 52 |
Average recorded investment, with an allowance recorded | 652 | 601 |
Recorded investment, with no allowance recorded | 6,836 | 3,381 |
Unpaid principal balance, with no allowance recorded | 7,468 | 3,693 |
Average recorded investment, with no allowance recorded | 4,452 | 3,644 |
Recorded investment | 7,293 | 4,102 |
Unpaid principal balance | 7,925 | 4,431 |
Average recorded investment | 5,104 | 4,245 |
Commercial Portfolio Segment [Member] | ||
Recorded investment, with an allowance recorded | 2,530 | 851 |
Unpaid principal balance, with an allowance recorded | 2,636 | 926 |
Related allowance | 609 | 421 |
Average recorded investment, with an allowance recorded | 1,655 | 1,053 |
Recorded investment, with no allowance recorded | 4,467 | 3,323 |
Unpaid principal balance, with no allowance recorded | 4,626 | 4,173 |
Average recorded investment, with no allowance recorded | 6,825 | 4,157 |
Consumer Portfolio Segment [Member] | ||
Recorded investment, with an allowance recorded | 133 | 120 |
Unpaid principal balance, with an allowance recorded | 145 | 123 |
Related allowance | 104 | 49 |
Average recorded investment, with an allowance recorded | 158 | 116 |
Recorded investment, with no allowance recorded | 349 | 301 |
Unpaid principal balance, with no allowance recorded | 398 | 358 |
Average recorded investment, with no allowance recorded | 367 | 192 |
Recorded investment | 482 | 421 |
Unpaid principal balance | 543 | 481 |
Average recorded investment | $ 525 | $ 308 |
Note 7 - Loans and the Allow_10
Note 7 - Loans and the Allowance for Loan Losses - Loans Acquired (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | May 01, 2020 | Dec. 31, 2019 | ||
Contractually required payments | $ 133,621 | ||||
Non-accretable difference (expected losses) | $ 0 | [1] | (49,828) | $ 0 | [1] |
Cash flows expected to be collected at acquisition | 83,793 | ||||
Accretable yield | $ 15,853 | (9,202) | $ 1,489 | ||
Basis in acquired loans at acquisition | $ 74,591 | ||||
[1] | Purchased credit impaired loans are evaluated for impairment on an individual basis. |
Note 7 - Loans and the Allow_11
Note 7 - Loans and the Allowance for Loan Losses - Changes in Accretable Difference for Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Accretable Yield, Balance | $ 1,489 |
Accretable difference relating to purchased impaired credits acquired in Pedestal acquisition | 9,202 |
Transfers from non-accretable difference to accretable yield | 4,762 |
Accretion | (2,801) |
Changes in expected cash flows not affecting non-accretable differences | 3,201 |
Accretable Yield, Balance | $ 15,853 |
Note 7 - Loans and the Allow_12
Note 7 - Loans and the Allowance for Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of contracts | 19 | 13 |
Pre-modification outstanding recorded investment | $ 10,063 | $ 8,571 |
Post-modification outstanding recorded investment | $ 8,521 | $ 5,027 |
Residential Portfolio Segment [Member] | Real Estate Residential One- to Four-Family [Member] | ||
Number of contracts | 4 | 3 |
Pre-modification outstanding recorded investment | $ 268 | $ 235 |
Post-modification outstanding recorded investment | $ 215 | $ 219 |
Residential Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Number of contracts | 5 | 3 |
Pre-modification outstanding recorded investment | $ 4,627 | $ 2,411 |
Post-modification outstanding recorded investment | $ 4,204 | $ 2,044 |
Commercial Portfolio Segment [Member] | ||
Number of contracts | 7 | 6 |
Pre-modification outstanding recorded investment | $ 5,150 | $ 5,914 |
Post-modification outstanding recorded investment | $ 4,094 | $ 2,755 |
Consumer Portfolio Segment [Member] | ||
Number of contracts | 3 | 1 |
Pre-modification outstanding recorded investment | $ 18 | $ 11 |
Post-modification outstanding recorded investment | $ 8 | $ 9 |
Note 8 - Premises and Equipme_3
Note 8 - Premises and Equipment - (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 3,164 | $ 1,588 | $ 1,172 |
Note 8 - Premises and Equipme_4
Note 8 - Premises and Equipment - Bank Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment, Gross | $ 93,468 | $ 39,966 |
Property, Plant and Equipment, Net | 58,593 | 29,280 |
Less: Accumulated Depreciation | (34,875) | (10,686) |
Land [Member] | ||
Property, Plant and Equipment, Gross | 7,091 | 2,784 |
Building and Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Gross | 46,226 | 12,078 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment, Gross | 27,219 | 11,862 |
Right of Use Asset [Member] | ||
Property, Plant and Equipment, Net | $ 12,932 | $ 13,242 |
Note 9 - Goodwill and Other I_3
Note 9 - Goodwill and Other Intangible Assets - (Details Textual) - USD ($) | May 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill, Ending Balance | $ 53,862,000 | $ 48,495,000 | ||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |||
Amortization of Intangible Assets, Total | $ 1,200,000 | $ 905,000 | $ 559,000 | |
Pedestal [Member] | ||||
Goodwill, Ending Balance | $ 5,367,000 | |||
Goodwill, Acquired During Period | $ 5,400,000 |
Note 9 - Goodwill and Other I_4
Note 9 - Goodwill and Other Intangible Assets - Summary of Core Deposit Intangible Asset (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Gross Carrying Amount | $ 8,917 | $ 9,203 |
Acquired in Pedestal Acquisition | 4,211 | 0 |
Adjustment for Sale of Branch | 0 | (286) |
Less: Accumulated Amortization | (3,394) | (2,223) |
Net Carrying Amount | $ 9,734 | $ 6,694 |
Note 9 - Goodwill and Other I_5
Note 9 - Goodwill and Other Intangible Assets - Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 1,311 | |
2022 | 1,311 | |
2023 | 1,311 | |
2024 | 1,311 | |
2025 | 1,104 | |
Thereafter | 3,386 | |
Total Core Deposit Intangible | $ 9,734 | $ 6,694 |
Note 10 - Deposits - (Details T
Note 10 - Deposits - (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Percentage of Certificate of Deposit Maturities Year One | 72.80% | |
Percentage of Certificate of Deposit Maturities Year Two and Thereafter | 27.20% | |
Deposits, Total | $ 3,616,679 | $ 1,782,010 |
Interest-bearing Domestic Deposit, Brokered | 267,600 | 100,900 |
Interest Bearing Deposits Public Funds Brokered | 87,900 | 35,400 |
Deposits Public Funds Non-brokered | 382,400 | 266,800 |
Interest and Non-interest Bearing Deposits Liability [Member] | Top three customers [Member] | ||
Deposits, Total | $ 158,700 | $ 144,500 |
Percentage of Interest and Non-interest Bearing Domestic Deposits to Deposits | 4.40% | 8.10% |
Note 10 - Deposits - Summary of
Note 10 - Deposits - Summary of Deposit Accounts (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Noninterest Bearing - DDA | $ 1,164,139 | $ 398,847 |
Noninterest Bearing Deposits | 1,164,139 | 398,847 |
Interest Bearing - DDA | 178,999 | 45,058 |
NOW and Super NOW Accounts | 509,501 | 295,620 |
Money Market Accounts | 702,512 | 365,114 |
Savings Accounts | 251,297 | 81,915 |
Certificates of Deposit Over $250,000 | 219,580 | 152,859 |
Other Certificates of Deposit | 590,651 | 442,597 |
Interest Bearing Deposits | 2,452,540 | 1,383,163 |
Total Deposits | $ 3,616,679 | $ 1,782,010 |
Note 11 - Borrowings - (Details
Note 11 - Borrowings - (Details Textual) - USD ($) | May 01, 2020 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 12, 2016 |
Advances from Federal Home Loan Banks, Net of Unaccreted Market Value Adjustment | $ 43,000,000 | $ 43,000,000 | $ 93,000,000 | ||||
Advances from Federal Home Loan Banks, Total | 43,145,000 | 43,145,000 | 93,000,000 | ||||
Pledged Financial Instruments, Not Separately Reported, Loans Receivable, for Federal Home Loan Bank Debt | 1,100,000,000 | 1,100,000,000 | |||||
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 862,800,000 | 862,800,000 | |||||
Business Acquisition, Amortization (Accretion), Fair Market Value Adjustments | (7,283,000) | (2,646,000) | $ (719,000) | ||||
Subordinated Debt, Ending Balance | $ 25,000,000 | 25,000,000 | 25,000,000 | ||||
Subordinated Borrowing, Interest Rate | 6.75% | ||||||
Trust Preferred Securities | $ 5,000,000 | $ 5,000,000 | 5,000,000 | 0 | |||
Junior Subordinated Debt [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Borrowings | $ 5,200,000 | ||||||
Junior Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.05% | ||||||
Federal Home Loan Bank Advances [Member] | |||||||
Extinguishment of Debt, Amount | 74,000,000 | ||||||
Gain (Loss) on Extinguishment of Debt, Total | (2,400,000) | ||||||
Federal Funds Purchased [Member] | |||||||
Line of Credit Facility, Current Borrowing Capacity | 126,000,000 | 126,000,000 | 126,000,000 | ||||
Long-term Line of Credit, Total | 0 | 0 | 0 | ||||
FNBB Line of Credit [Member] | |||||||
Long-term Line of Credit, Total | 5,000,000 | 5,000,000 | 0 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | ||||||
Proceeds from Lines of Credit, Total | $ 5,000,000 | ||||||
Pedestal [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, FHLB advances | $ 39,200,000 | ||||||
Business Acquisition, Amortization (Accretion), Fair Market Value Adjustments | 1,200,000 | ||||||
Business Acquisition, Unaccreted Market Value Adjustment | 145,000 | 145,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Borrowings | 59,399,000 | ||||||
June 2024 [Member] | |||||||
Advances from Federal Home Loan Banks, Total | $ 23,000,000 | $ 23,000,000 | $ 23,000,000 | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 1.59% | 1.59% | 1.59% | ||||
January 2021 [Member] | |||||||
Advances from Federal Home Loan Banks, Total | $ 5,000,000 | $ 5,000,000 | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.42% | 2.42% | |||||
February 2021 [Member] | |||||||
Advances from Federal Home Loan Banks, Total | $ 5,000,000 | $ 5,000,000 | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.63% | 2.63% | |||||
June 2021 [Member] | |||||||
Advances from Federal Home Loan Banks, Total | $ 5,000,000 | $ 5,000,000 | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.90% | 2.90% | |||||
October 2021 [Member] | |||||||
Advances from Federal Home Loan Banks, Total | $ 5,000,000 | $ 5,000,000 | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.03% | 2.03% | |||||
November 2022 [Member] | |||||||
Advances from Federal Home Loan Banks, Total | $ 30,000,000 | ||||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.41% | ||||||
June 2020 [Member] | |||||||
Advances from Federal Home Loan Banks, Total | $ 10,000,000 | ||||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.14% | ||||||
June 2022 [Member] | |||||||
Advances from Federal Home Loan Banks, Total | $ 30,000,000 | ||||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.03% | ||||||
Note Payable with FNBB [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Borrowings | 7,000,000 | ||||||
Notes Payable, Total | $ 6,000,000 | $ 6,000,000 | |||||
Debt Instrument, Periodic Payment, Principal | $ 1,000,000 | ||||||
Debt Instrument, Prime Rate Floor | 4.00% |
Note 12 - Securities Sold Und_2
Note 12 - Securities Sold Under Agreements to Repurchase - (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities Sold under Agreements to Repurchase, Total | $ 21,825 | $ 67,989 |
Minimum [Member] | ||
Interest Rate on Investment Percentage | 0.50% | |
Maximum [Member] | ||
Interest Rate on Investment Percentage | 4.50% |
Note 13 - Income Taxes - (Detai
Note 13 - Income Taxes - (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2015 | |
Operating Loss Carryforwards, Total | $ 115,000 | |
Operating Loss Carryforwards, Expiration Year | 2033 | |
American Gateway Financial Corporation [Member] | ||
Operating Loss Carryforwards, Total | $ 287,000 | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 984,000 |
Note 13 - Income Taxes - Provis
Note 13 - Income Taxes - Provision (Credit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Continuing Operations, Provision (Credit) for Current Taxes - Federal | $ 6,730 | $ 6,416 | $ 3,681 |
Continuing Operations, Provision (Credit) for Deferred Taxes | 58 | (336) | (402) |
Provision for Income Taxes | $ 6,788 | $ 6,080 | $ 3,279 |
Note 13 - Income Taxes - Reconc
Note 13 - Income Taxes - Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal Statutory Income Tax | $ 7,720 | $ 6,269 | $ 3,648 |
Tax Exempt Income | (608) | (556) | (512) |
Stock Based Compensation | (730) | 0 | 0 |
Goodwill write-off | 0 | 216 | 0 |
Other - Net | 406 | 151 | 143 |
Provision for Income Taxes | $ 6,788 | $ 6,080 | $ 3,279 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
State NOL | $ 1,235 | $ 616 |
State NOL Valuation Allowance | (1,235) | (616) |
Acquired Loans Fair Market Value Adjustment | 7,472 | 743 |
Allowance for Loan Losses | 4,625 | 2,546 |
Right of Use Asset | 2,716 | 2,781 |
Deferred Compensation | 1,216 | 571 |
Other | 1,247 | 919 |
Deferred Tax Assets | 17,276 | 7,560 |
Unrealized Gain on Securities | 2,777 | 694 |
Lease Liability | 2,716 | 2,781 |
Core Deposit Intangible | 2,044 | 1,406 |
Depreciation | 2,022 | 462 |
Acquired Securities Difference in Basis | 988 | |
Acquired Securities Difference in Basis | (43) | |
Other | 871 | 115 |
Deferred Tax Liabilities | 11,418 | 5,415 |
Net Deferred Tax Asset | $ 5,858 | $ 2,145 |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance at Beginning of Year | $ 285,097 | $ 260,058 | $ 179,935 |
Other Comprehensive Income (Loss) | 8,015 | 6,082 | (1,825) |
Balance at End of Year | 409,963 | 285,097 | 260,058 |
AOCI Attributable to Parent [Member] | |||
Balance at Beginning of Year | 2,613 | (3,469) | (1,644) |
Other Comprehensive Income on AFS Securities Before Reclassifications - Net of Tax | 7,728 | 5,998 | |
Other Comprehensive Income on Equity Method Investments | 180 | 0 | |
Reclassification Adjustment for Gains (Losses) Realized - Net of Tax | 107 | 84 | |
Other Comprehensive Income (Loss) | 8,015 | 6,082 | (1,825) |
Balance at End of Year | $ 10,628 | $ 2,613 | $ (3,469) |
Note 15 - Shareholders' Equit_3
Note 15 - Shareholders' Equity and Regulatory Matters - (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 22, 2020 | Dec. 13, 2018 | |
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.40 | $ 0.38 | |||
Stock Repurchased and Retired During Period, Value | $ 5,799,000 | $ 2,553,000 | $ 89,000 | ||
The 2018 Stock Repurchase Program [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 15,000,000 | ||||
Stock Repurchased and Retired During Period, Value | 5,000,000 | $ 2,500,000 | $ 0 | ||
The 2020 Stock Repurchase Program [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 30,000,000 | ||||
Stock Repurchased and Retired During Period, Value | $ 798,000 |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity and Regulatory Matters - Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Tier I Leveraged Capital, Amount | $ 340,715 | $ 227,265 |
Tier I Leveraged Capital to Average Assets Ratio | 0.0879 | 0.1056 |
Tier I Leveraged Capital Required for Capital Adequacy, Amount | $ 310,151 | $ 86,058 |
Tier I Leveraged Capital Capital Required for Capital Adequacy, Ratio | 0.0800 | 0.0400 |
Total Capital, Amount | $ 264,495 | |
Total Capital to Risk-Weighted Assets Ratio | 0.1330 | |
Total Capital Required for Capital Adequacy, Amount | $ 159,120 | |
Total Capital Required for Capital Adequacy, Ratio | 0.0800 | |
Tier I Capital, Amount | $ 227,265 | |
Tier I Capital to Risk-Weighted Assets Ratio | 0.1143 | |
Tier I Capital Required for Capital Adequacy, Amount | $ 119,340 | |
Tier I Capital Required for Capital Adequacy, Ratio | 0.0600 | |
Common Equity Tier 1 Capital, Amount | $ 227,265 | |
Common Equity Tier 1 Capital to Risk-Weighted Assets Ratio | 0.1143 | |
Common Equity Tier 1 Capital Required for Capital Adequacy, Amount | $ 89,505 | |
Common Equity Tier 1 Capital Required for Capital Adequacy, Ratio | 4.50% | |
Business First Bank [Member] | ||
Tier I Leveraged Capital, Amount | $ 358,083 | $ 242,290 |
Tier I Leveraged Capital to Average Assets Ratio | 0.0924 | 0.1127 |
Tier I Leveraged Capital Required for Capital Adequacy, Amount | $ 310,091 | $ 86,015 |
Tier I Leveraged Capital Capital Required for Capital Adequacy, Ratio | 0.0800 | 0.0400 |
Total Capital, Amount | $ 254,520 | |
Total Capital to Risk-Weighted Assets Ratio | 0.1280 | |
Total Capital Required for Capital Adequacy, Amount | $ 159,033 | |
Total Capital Required for Capital Adequacy, Ratio | 0.0800 | |
Tier I Capital, Amount | $ 242,290 | |
Tier I Capital to Risk-Weighted Assets Ratio | 0.1219 | |
Tier I Capital Required for Capital Adequacy, Amount | $ 119,275 | |
Tier I Capital Required for Capital Adequacy, Ratio | 0.0600 | |
Common Equity Tier 1 Capital, Amount | $ 242,290 | |
Common Equity Tier 1 Capital to Risk-Weighted Assets Ratio | 0.1219 | |
Common Equity Tier 1 Capital Required for Capital Adequacy, Amount | $ 89,456 | |
Common Equity Tier 1 Capital Required for Capital Adequacy, Ratio | 4.50% | |
Total Capital to be Well Capitalized, Amount | $ 198,791 | |
Total Capital to be Well Capitalized, Ratio | 0.1000 | |
Tier I Capital to be Well Capitalized, Amount | $ 159,033 | |
Tier I Capital to be Well Capitalized, Ratio | 0.0800 | |
Common Equity Tier 1 Capital to be Well Capitalized, Amount | $ 129,214 | |
Common Equity Tier 1 Capital to be Well Capitalized, Ratio | 6.50% | |
Tier I Leveraged Capital to be Well Capitalized, Amount | $ 107,518 | |
Tier I Leveraged Capital to be Well Capitalized, Ratio | 0.0500 |
Note 16 - Stock Based Compens_3
Note 16 - Stock Based Compensation - (Details Textual) | Feb. 01, 2016USD ($)$ / shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2006shares | Jun. 29, 2017shares |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,500,000 | |||||||
Share-based Payment Arrangement, Expense | $ | $ 63,000 | |||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 4,500 | 4,440 | 3,750 | |||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares) | 5,552 | |||||||
Noninterest Expense Directors Fees | $ | $ 464,000 | $ 570,000 | $ 436,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 10 | $ 10 | $ 10 | |||||
Warrants and Rights, Intrinsic Value Upon Exercise | $ | $ 1,100,000 | |||||||
Class of Warrant or Right, Outstanding (in shares) | 87,625 | |||||||
Class of Warrant or Right, Expense Recognized | $ | $ 48,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award Warrants Assumed Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 2.50 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number (in shares) | 385,300 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 14.67 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance (in shares) | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 2,200,000 | $ 9,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 1 year 7 months 6 days | 1 year 4 months 24 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award Options, Amended, Number of Shares (in shares) | 105,250 | 330,000 | ||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 0 | |||||||
Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 10 years | |||||||
Measurement Input, Expected Dividend Rate [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.01 | |||||||
Measurement Input, Expected Term [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 6.5 | |||||||
Measurement Input, Risk Free Interest Rate [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.0504 | |||||||
Measurement Input, Price Volatility [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.1319 | |||||||
Common Stock [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 101,000 | |||||||
Non-employee Directors [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 14.87 | $ 23.96 | $ 20 | |||||
Noninterest Expense Directors Fees | $ | $ 57,000 | $ 197,000 | $ 75,000 | |||||
Employee [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ | $ 140,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 25.16 | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Vesting, Number of Equal Installments | 3 | |||||||
Share-based Payment Arrangement, Expense | $ | $ 2,400,000 | 1,000,000 | $ 766,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 1,600,000 | $ 1,700,000 | $ 1,100,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 24.79 | $ 23.96 | $ 20 | |||||
Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ | $ 168,000 | $ 3,000 | $ 77,000 | $ 119,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year | |||||||
The 2017 Equity Incentive Plan [Member] | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 500,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Grants in Period, Gross (in shares) | 156,346 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 343,654 |
Note 16 - Stock Based Compens_4
Note 16 - Stock Based Compensation - Restricted Stock Award Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance, at Beginning of Period (in shares) | 39,971 | 31,002 | 8,662 |
Balance, at Beginning of Period, weighted average grant date fair value (in dollars per share) | $ 22.64 | $ 19.58 | $ 17 |
Granted (in shares) | 60,635 | 39,994 | 39,789 |
Granted, weighted average grant date fair value (in dollars per share) | $ 24.79 | $ 23.96 | $ 20 |
Forfeited (in shares) | 0 | (530) | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 0 | $ 19.47 | $ 0 |
Earned and Issued (in shares) | (46,850) | (30,495) | (17,449) |
Earned and Issued, weighted average grant date fair value (in dollars per share) | $ 23.09 | $ 21.31 | $ 19.26 |
Balance, at End of Period (in shares) | 53,756 | 39,971 | 31,002 |
Balance, at End of Period, weighted average grant date fair value (in dollars per share) | $ 24.49 | $ 22.64 | $ 19.58 |
Note 16 - Stock Based Compens_5
Note 16 - Stock Based Compensation - Summary of Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding Options, at Beginning of Period (in shares) | 725,300 | 780,080 | 831,080 |
Outstanding Options, at Beginning of Period, weighted average exercise price (in dollars per share) | $ 12.55 | $ 12.74 | $ 12.73 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 |
Granted, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | $ 0 |
Exercised (in shares) | (330,000) | (54,780) | (49,000) |
Exercised, weighted average exercise price (in dollars per share) | $ 10 | $ 15.28 | $ 12.42 |
Forfeited or Expired (in shares) | (10,000) | 0 | (2,000) |
Forfeited or Expired, weighted average exercise price (in dollars per share) | $ 15 | $ 0 | $ 17.11 |
Outstanding Options, at End of Period (in shares) | 385,300 | 725,300 | 780,080 |
Outstanding Options, at End of Period, weighted average exercise price (in dollars per share) | $ 14.67 | $ 12.55 | $ 12.74 |
Exercisable, at End of Period (in shares) | 385,300 | 724,300 | 761,747 |
Exercisable, at End of Period, weighted average exercise price (in dollars per share) | $ 14.67 | $ 12.55 | $ 12.64 |
Note 17 - Employee Benefit Pl_2
Note 17 - Employee Benefit Plans - (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Employee Compensation and Benefits | $ 1,400,000 | $ 967,000 | $ 690,000 |
Deferred Compensation Arrangement with Individual, Recorded Liability | 2,700,000 | 2,500,000 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 285,000 | $ 256,000 | $ 224,000 |
Note 18 - Other Expenses - Sche
Note 18 - Other Expenses - Schedule of Other Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Development | $ 1,605 | $ 1,535 | $ 1,239 |
Communications | 1,969 | 1,063 | 885 |
Ad Valorem Shares Tax | 2,348 | 1,423 | 1,135 |
Data Processing Fees | 5,506 | 2,049 | 1,557 |
Directors' Fees | 464 | 570 | 436 |
Insurance | 718 | 347 | 256 |
Legal and Professional Fees | 2,118 | 1,319 | 1,695 |
Office Supplies and Printing | 884 | 670 | 578 |
Regulatory Assessments | 1,785 | 389 | 1,359 |
Taxes and Licenses | 84 | 88 | 201 |
Merger and Conversion Costs | 3,978 | 330 | 3,024 |
Other | 10,760 | 5,911 | 4,156 |
Total Other Expenses | $ 32,219 | $ 15,694 | $ 16,521 |
Note 19 - Financial Instrumen_2
Note 19 - Financial Instruments With Off-balance-sheet Risk - (Details Textual) $ in Millions | Dec. 31, 2020USD ($) |
Commitments to Extend Credit [Member] | |
Contractual Obligation, Total | $ 621.1 |
Standby and commercial Letters of Credit [Member] | |
Contractual Obligation, Total | $ 23.9 |
Note 20 - Concentrations of C_2
Note 20 - Concentrations of Credit - (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable, Net of Deferred Income, Total | $ 2,991,355 | $ 1,710,265 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 971,603 | $ 612,608 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | Loan Secured by Real Estate [Member] | Credit Concentration Risk [Member] | ||
Concentration Risk, Percentage | 32.50% | 35.80% |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 403,065 | $ 244,181 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | Loan Secured by Real Estate [Member] | Credit Concentration Risk [Member] | ||
Concentration Risk, Percentage | 13.50% | 14.30% |
Note 21 - Leases - (Details Tex
Note 21 - Leases - (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Lease, Expense | $ 2.6 | $ 2.9 | $ 2.5 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 7 years 9 months 18 days | 8 years 3 months 18 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 2.89% | 3.10% | |
Minimum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 10 years |
Note 21 - Leases - Future Minim
Note 21 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 2,159 |
2022 | 1,977 |
2023 | 1,869 |
2024 | 1,672 |
2025 | 1,548 |
2026 and Thereafter | 5,254 |
Total Future Minimum Lease Payments | 14,479 |
Less Imputed Interest | (1,547) |
Other Liabilities [Member] | |
Present Value of Lease Liabilities | $ 12,932 |
Note 22 - Commitments - (Detail
Note 22 - Commitments - (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank Advances [Member] | ||
Letters of Credit Outstanding, Amount | $ 170,200,000 | $ 203,100,000 |
Letters of Credit Expiring January 2021 [Member] | ||
Letters of Credit Outstanding, Amount | 93,700,000 | |
Letters of Credit Expiring in February 2021 [Member] | ||
Letters of Credit Outstanding, Amount | 15,800,000 | |
Letters of Credit Expiring in March 2021 [Member] | ||
Letters of Credit Outstanding, Amount | 3,600,000 | |
Letters of Credit Expiring in April 2021 [Member] | ||
Letters of Credit Outstanding, Amount | 5,700,000 | |
Letters of Credit Expiring in July 2021 [Member] | ||
Letters of Credit Outstanding, Amount | 194,000 | |
Letters of Credit Expiring in August 2021 [Member] | ||
Letters of Credit Outstanding, Amount | 157,000 | |
Letters of Credit Expiring in November 2021 [Member] | ||
Letters of Credit Outstanding, Amount | 197,000 | |
Letters of Credit Expiring in December 2021 [Member] | ||
Letters of Credit Outstanding, Amount | 39,300,000 | |
Letters of Credit Expiring in January 2022 [Member] | ||
Letters of Credit Outstanding, Amount | $ 11,500,000 |
Note 22 - Commitments - Funds L
Note 22 - Commitments - Funds Lent to Small Business Borrowers (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Mc Larty Capital Partners SBIC L.P [Member] | |
Total Capital Commitment | $ 2,000 |
Capital Called | 1,802 |
Remaining Unfunded Capital Commitment | 198 |
McLarty Capital Partners SBIC II, L.P. [Member] | |
Total Capital Commitment | 2,500 |
Capital Called | 2,098 |
Remaining Unfunded Capital Commitment | 402 |
Bluehenge Capital Secured Debt SBIC L.P [Member] | |
Total Capital Commitment | 1,500 |
Capital Called | 1,387 |
Remaining Unfunded Capital Commitment | 113 |
New Louisiana Angel Fund 2, LLC [Member] | |
Total Capital Commitment | 50 |
Capital Called | 25 |
Remaining Unfunded Capital Commitment | 25 |
Firmament Capital Partners, SBIC III [Member] | |
Total Capital Commitment | 2,500 |
Capital Called | 242 |
Remaining Unfunded Capital Commitment | $ 2,258 |
Note 23 - Related Party Trans_2
Note 23 - Related Party Transactions - (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable, Related Parties, Ending Balance | $ 33.2 | $ 24.6 |
Related Party Deposit Liabilities | $ 40.2 | $ 34.4 |
Note 24 - Fair Value of Finan_3
Note 24 - Fair Value of Financial Instruments - (Details Textual) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value, Recurring [Member] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value, Nonrecurring [Member] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value, Nonrecurring [Member] | Measurement Input, Cost to Sell [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Other Real Estate Owned, Measurement Input | 10 |
Note 24 - Fair Value of Finan_4
Note 24 - Fair Value of Financial Instruments - Assets and Liabilities Measured On a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available for sale | $ 640,605 | $ 278,193 |
Fair Value, Recurring [Member] | ||
Mortgage Loans Held for Sale | 969 | 251 |
Servicing Rights | 1,439 | |
Assets, Fair Value Disclosure | 643,013 | 278,444 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Mortgage Loans Held for Sale | 0 | 0 |
Servicing Rights | 0 | |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Mortgage Loans Held for Sale | 969 | 251 |
Servicing Rights | 1,439 | |
Assets, Fair Value Disclosure | 597,673 | 271,857 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Mortgage Loans Held for Sale | 0 | 0 |
Servicing Rights | 0 | |
Assets, Fair Value Disclosure | 45,340 | 6,587 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale | 2,572 | 15,937 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 2,572 | 15,937 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 2,572 | 15,937 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Corporate Debt Securities [Member] | ||
Securities available for sale | 39,113 | 23,714 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 39,113 | 23,714 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 21,959 | 23,714 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 17,154 | 0 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale | 295,019 | 139,459 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 295,019 | 139,459 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 295,019 | 139,459 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 302,253 | 99,083 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 302,253 | 99,083 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 274,067 | 92,496 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 28,186 | 6,587 |
Other Debt Obligations [Member] | ||
Securities available for sale | 1,648 | 0 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 1,648 | 0 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 1,648 | 0 |
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | $ 0 | $ 0 |
Note 24 - Fair Value of Finan_5
Note 24 - Fair Value of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets measured on a nonrecurring basis | $ 27,628 | $ 20,072 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets measured on a nonrecurring basis | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets measured on a nonrecurring basis | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets measured on a nonrecurring basis | 27,628 | 20,072 |
Impaired Loans [Member] | ||
Assets measured on a nonrecurring basis | 18,175 | 15,876 |
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets measured on a nonrecurring basis | 0 | 0 |
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets measured on a nonrecurring basis | 0 | 0 |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets measured on a nonrecurring basis | 18,175 | 15,876 |
Other Nonperforming Assets [Member] | ||
Assets measured on a nonrecurring basis | 9,453 | 4,196 |
Other Nonperforming Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets measured on a nonrecurring basis | 0 | 0 |
Other Nonperforming Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets measured on a nonrecurring basis | 0 | 0 |
Other Nonperforming Assets [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets measured on a nonrecurring basis | $ 9,453 | $ 4,196 |
Note 24 - Fair Value of Finan_6
Note 24 - Fair Value of Financial Instruments - Quantitative Information for Impaired Loans Measured at Fair Value (Details) - Fair Value, Nonrecurring [Member] - Fair Value, Inputs, Level 3 [Member] - Measurement Input, Discount Rate [Member] - Valuation Technique, Discounted Appraisals [Member] | Dec. 31, 2020 | Dec. 31, 2019 |
Minimum [Member] | ||
Impaired Loans | 0.10 | 0.10 |
Maximum [Member] | ||
Impaired Loans | 1 | 0.80 |
Weighted Average [Member] | ||
Impaired Loans | 0.19 | 0.16 |
Note 24 - Fair Value of Finan_7
Note 24 - Fair Value of Financial Instruments - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Assets: | ||
Other Equity Securities | $ 12,693 | $ 12,565 |
Reported Value Measurement [Member] | ||
Financial Assets: | ||
Cash and Short-Term Investments | 323,283 | 150,743 |
Securities | 640,605 | 278,193 |
Mortgage Loans Held for Sale | 969 | 251 |
Loans - Net | 2,969,331 | 1,698,141 |
Servicing Rights | 1,439 | |
Cash Value of BOLI | 45,030 | 32,568 |
Other Equity Securities | 12,693 | 12,565 |
Total | 3,993,350 | 2,172,461 |
Financial Liabilities: | ||
Deposits | 3,616,679 | 1,782,010 |
Borrowings | 105,990 | 185,989 |
Total | 3,722,669 | 1,967,999 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Cash and Short-Term Investments | 323,283 | 150,743 |
Securities | 640,605 | 278,193 |
Mortgage Loans Held for Sale | 969 | 251 |
Loans - Net | 2,969,619 | 1,696,470 |
Servicing Rights | 1,439 | |
Cash Value of BOLI | 45,030 | 32,568 |
Other Equity Securities | 12,693 | 12,565 |
Total | 3,993,638 | 2,170,790 |
Financial Liabilities: | ||
Deposits | 3,623,253 | 1,782,692 |
Borrowings | 127,171 | 202,863 |
Total | 3,750,424 | 1,985,555 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and Short-Term Investments | 323,283 | 150,743 |
Securities | 0 | 0 |
Mortgage Loans Held for Sale | 0 | 0 |
Loans - Net | 0 | 0 |
Servicing Rights | 0 | |
Cash Value of BOLI | 0 | 0 |
Other Equity Securities | 0 | 0 |
Total | 323,283 | 150,743 |
Financial Liabilities: | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Total | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and Short-Term Investments | 0 | 0 |
Securities | 595,265 | 271,606 |
Mortgage Loans Held for Sale | 969 | 251 |
Loans - Net | 0 | 0 |
Servicing Rights | 1,439 | |
Cash Value of BOLI | 45,030 | 32,568 |
Other Equity Securities | 0 | 0 |
Total | 642,703 | 304,425 |
Financial Liabilities: | ||
Deposits | 0 | 0 |
Borrowings | 127,171 | 202,863 |
Total | 127,171 | 202,863 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Cash and Short-Term Investments | 0 | 0 |
Securities | 45,340 | 6,587 |
Mortgage Loans Held for Sale | 0 | 0 |
Loans - Net | 2,969,619 | 1,696,470 |
Servicing Rights | 0 | |
Cash Value of BOLI | 0 | 0 |
Other Equity Securities | 12,693 | 12,565 |
Total | 3,027,652 | 1,715,622 |
Financial Liabilities: | ||
Deposits | 3,623,253 | 1,782,692 |
Borrowings | 0 | 0 |
Total | $ 3,623,253 | $ 1,782,692 |
Note 27 - Financial Statement_3
Note 27 - Financial Statements - Parent Company Only - Balance Sheets for Business First Bancshares, Inc. (Parent Company) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | May 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | |||||
Other Assets | $ 7,456 | $ 2,699 | |||
Total Assets | 4,160,360 | 2,273,835 | |||
Liabilities: | |||||
Accrued Interest Payable | 2,499 | 1,533 | |||
Subordinated Debt | 25,000 | 25,000 | |||
Subordinated Debt - Trust Preferred Securities | 5,000 | $ 5,000 | 0 | ||
Other Liabilities | 25,229 | 19,206 | |||
Total Liabilities | 3,750,397 | 1,988,738 | |||
Shareholders' Equity: | |||||
Common Stock | 20,621 | 13,279 | |||
Additional Paid-in Capital | 299,540 | 212,505 | |||
Retained Earnings | 79,174 | 56,700 | |||
Accumulated Other Comprehensive Income | 10,628 | 2,613 | |||
Total Shareholders' Equity | 409,963 | 285,097 | $ 260,058 | $ 179,935 | |
Total Liabilities and Shareholders' Equity | 4,160,360 | 2,273,835 | |||
Parent Company [Member] | |||||
Assets: | |||||
Cash | 13,160 | 6,154 | |||
Investment in Subsidiaries | 432,331 | 300,122 | |||
Other Assets | 5,747 | 3,843 | |||
Total Assets | 451,238 | 310,119 | |||
Liabilities: | |||||
Accrued Interest Payable | 81 | 22 | |||
Short Term Borrowings | 5,020 | 0 | |||
Long Term Borrowings | 6,000 | 0 | |||
Subordinated Debt | 25,000 | 25,000 | |||
Subordinated Debt - Trust Preferred Securities | 5,155 | 0 | |||
Other Liabilities | 19 | 0 | |||
Total Liabilities | 41,275 | 25,022 | |||
Shareholders' Equity: | |||||
Common Stock | 20,621 | 13,279 | |||
Additional Paid-in Capital | 299,540 | 212,505 | |||
Retained Earnings | 79,174 | 56,700 | |||
Accumulated Other Comprehensive Income | 10,628 | 2,613 | |||
Total Shareholders' Equity | 409,963 | 285,097 | |||
Total Liabilities and Shareholders' Equity | $ 451,238 | $ 310,119 |
Note 27 - Financial Statement_4
Note 27 - Financial Statements - Parent Company Only - Statements of Income for Business First Bancshares, Inc. (Parent Company) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Income | $ 149,755 | $ 103,467 | $ 76,195 |
Interest Expense | 22,109 | 23,269 | 13,966 |
Provision for Income Taxes | 6,788 | 6,080 | 3,279 |
Equity in Undistributed Net Income of Subsidiaries | 2,658 | 1,684 | 334 |
Net Income | 29,994 | 23,772 | 14,091 |
Parent Company [Member] | |||
Dividend Income From Subsidiaries | 24,295 | 0 | 0 |
Interest Income | 5 | 45 | 46 |
Interest Expense | 2,135 | 1,688 | 237 |
Other Operating Expenses | 5,943 | 2,138 | 3,275 |
Income (Loss) before Income Taxes and Equity in Undistributed Net Income of Subsidiaries | 16,222 | (3,781) | (3,466) |
Provision for Income Taxes | (1,905) | (783) | (623) |
Income (Loss) before Equity in Undistributed Net Income of Subsidiaries | 18,127 | (2,998) | (2,843) |
Equity in Undistributed Net Income of Subsidiaries | 11,867 | 26,770 | 16,934 |
Net Income | $ 29,994 | $ 23,772 | $ 14,091 |